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Michael Saylor proposed the digital asset spectrum framework: BTC represents digital capital, and STRC represents digital credit

The founder of Strategy, Michael Saylor, proposed the concept of the "Digital Assets Monetary Spectrum," categorizing different types of digital assets based on volatility, potential returns, and trading functions.Saylor stated that the digital asset system can be divided into four levels: Bitcoin (BTC): Digital Capital (Digital Capital) STRC: Digital Credit (Digital Credit) SR-strcUSX: Digital Money (Digital Money) USDT: Digital Currency (Digital Currency).He believes that from left to right, asset volatility and potential returns gradually decrease, while stability and trading utility continuously increase. Saylor stated that Bitcoin is the "ultimate value storage asset," possessing high volatility, high potential returns, and the attributes of a digital asset that does not require third-party credit endorsement; whereas stablecoins are the "ultimate medium of exchange," emphasizing stability and payment functionality. In between the two, digital credit and digital currency serve as a bridge connecting capital and currency. Among them, STRC is defined by Saylor as "digital credit," characterized by relative stability, high fixed returns, and certain value storage attributes.He further stated that digital currency combines digital currency technology with digital capital economic attributes, possessing stability, earning capacity, trading convenience, and value storage functions. Saylor noted that digital capital belongs to bearer assets, while assets such as digital credit, digital currency, and digital cash are created and managed by digital financial companies, with their ownership layer corresponding to "Digital Equity." These components together form the future "Digital Finance Stack."

hot_img Tencent's Q2 revenue reached 204.79 billion yuan, an 11% year-on-year increase, with capital expenditure of 52.78 billion yuan exceeding expectations, and rapid growth in WorkBuddy users

Tencent Holdings released its Q2 2026 financial report, with revenue of 204.79 billion yuan, a year-on-year increase of 11%, slightly exceeding market expectations; Non-IFRS net profit was 68.4 billion yuan, a year-on-year increase of 9%; profit attributable to equity holders of the company was 56.022 billion yuan, a year-on-year increase of 0.7%. Capital expenditure was 52.78 billion yuan, a year-on-year increase of 176%, far exceeding the market expectation of 32.14 billion yuan, mainly used for AI infrastructure investment. The free cash flow for the quarter was negative 13.8 billion yuan; excluding prepayments for AI computing power purchases, free cash flow was 37.6 billion yuan.In terms of business, value-added services revenue was 98.4 billion yuan, a year-on-year increase of 8%, with domestic game revenue at 47.3 billion yuan, a year-on-year increase of 17%, significantly contributed by "Delta Action," "Valorant," and "Lock Kingdom: World"; international market game revenue was 18.6 billion yuan, down 0.8% year-on-year due to exchange rate effects, but up 4% year-on-year when calculated at constant exchange rates. Marketing services revenue was 43.6 billion yuan, a year-on-year increase of 22%, making it the fastest-growing segment; financial technology and enterprise services revenue was 60.3 billion yuan, a year-on-year increase of 9%.Regarding AI products, the report specifically mentioned that WorkBuddy achieved rapid user growth and a healthy user retention rate, with strong user willingness to pay. Its market-leading position is attributed to its strong harness engineering capabilities, a rich selection of models, and an industry-leading skill library. The official version of Hy3 saw a more than 68-fold increase in usage in the week following its launch compared to the previous generation, consistently ranking among the top three globally in terms of OpenRouter token consumption, with plans for a larger parameter scale Hy4 to be released soon. The AI agent Xiaowei within WeChat has initiated a small-scale gray testing. Excluding the contribution from new AI products, Non-IFRS operating profit increased by 19% year-on-year to 86.1 billion yuan. By the end of the quarter, the company's net cash decreased from 146.9 billion yuan at the end of March to 58.2 billion yuan.

AI infrastructure startup Trajectory has completed a $40 million financing round, with participation from Sequoia Capital

According to The Information, AI infrastructure startup Trajectory announced the completion of a $40 million financing round, with a post-money valuation of $300 million, co-invested by Sequoia Capital. The specific financing round and other investors have not been disclosed.Trajectory was founded by researchers from tech companies such as Google and Apple, and primarily helps businesses customize open-source AI models for specific business needs, as well as optimize the software toolchain that supports AI Agent operations (referred to as "Agent Harness"). As the costs of using closed-source large models continue to rise, more and more companies are looking for alternatives: on one hand, they are reducing costs by fine-tuning and customizing open-source models, and on the other hand, they are improving the Agent execution framework to enable AI models to more effectively call tools and execute tasks.This trend is driving a new wave of entrepreneurial enthusiasm around model adaptation and Agent infrastructure. Trajectory aims to address key issues faced by enterprises in deploying AI Agents, including model performance optimization, task execution reliability, and adaptation to enterprise scenarios. The company hopes to help businesses build more efficient and cost-effective AI applications by providing model customization and Agent operation infrastructure.Investors believe that as AI evolves from simple chatbots to Agents capable of autonomously executing complex tasks, a new layer of infrastructure around model optimization and Agent engineering will become an important market. In recent years, Sequoia has also continued to increase its investment in the AI infrastructure sector, including investments in AI Agents and enterprise AI applications.

Wintermute: Capital rotation is withdrawing from the Bitcoin narrative, institutions may be accumulating as planned

Wintermute released a report stating that the upcoming U.S. CPI data to be announced on Wednesday will be key in testing whether the recent interest rate repricing can be sustained. The cryptocurrency market has joined the ranks of rising risk appetite. The U.S. spot Bitcoin ETF has seen a net inflow for five consecutive trading days, totaling $853.5 million, marking the best weekly performance since mid-April; the Ethereum ETF has also seen a net inflow for the fifth consecutive week, increasing by $244.9 million, with BlackRock accounting for over 80% of the combined inflow of $1.1 billion for both.These inflows occurred against a backdrop of relatively low trading volume, more characteristic of institutional planned allocations rather than aggressive momentum buying, and reversed the narrative of fund rotation away from Bitcoin over the past two weeks, indicating that ETF demand is being matched by supply from elsewhere.On the institutional front, Wells Fargo announced it will launch a tokenized deposit business this fall, starting with the USD-GBP corridor and operating on its own chain, joining the ranks of JPMorgan and Citigroup to bring settlement rails on-chain.Meanwhile, the Senate Majority Leader submitted a motion to end debate on the CLARITY Act early Saturday morning, which will undergo procedural voting on September 15, requiring support from at least seven non-Republican senators. The improvement in ETF inflows is encouraging but still represents a preliminary signal. A strong weekly performance alone is insufficient to confirm a structural shift; the entire risk asset sector has just been repriced due to one piece of data. If Wednesday's CPI exceeds expectations and pushes the probability of a rate hike in September back above 50%, it could quickly alter the core logic supporting the current upward trend.Recent key catalysts include the CPI on August 12, the PPI on the 13th, retail sales data on the 14th, followed by the Jackson Hole meeting from August 27-29, and the vote to end debate on the CLARITY Act on September 15. Until ETF inflows and digital asset treasury activities prove their sustainability throughout the remainder of the summer, it is advisable to remain cautious, even as the market increasingly trades on institutional terms.
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