Strategy's (MSTR) perpetual preferred stock STRC falls to $73, 27% below par value of $100. June 30 brings ex-dividend date and monthly dividend rate reset, with investors expecting a rate hike from 11.50% to 12%-12.5%.
Trade.xyz’s launch of the xyz:CXMT pre-IPO perpetual on Hyperliquid has put a 24/7 tradable price on Changxin Technology before its planned STAR Market debut, but that price is not a stock quote in the conventional sense. The contract, deployed under Hyperliquid’s HIP-3 framework, began with a discretionary $5 reference price, supports up to 5x leverage, and settles in USDC. After listing on July 14, it traded through $6, $7.2, and $8.64, while on-chain data at 02:13 UTC on July 16 showed a mark price near $7.37, roughly $50.56 million in 24-hour volume, and about $23.07 million in open interest notional. Changxin Technology, meanwhile, has set its A-share IPO price at RMB 8.66 per share, implying a valuation of RMB 579.18 billion, with listing expected on July 27. Using an exchange rate of about 6.77 yuan per dollar, the $7.37 contract price equates to roughly RMB 49.9 per share, or about 5.76 times the IPO price, implying a market value near RMB 3.34 trillion based on roughly 66.88 billion shares after issuance. Reuters reported that some investors expect Changxin’s post-listing valuation to fall in the RMB 3 trillion to RMB 5 trillion range. The gap is the point: CXMT is a cash-settled derivative tied to market expectations for Changxin’s future public-market price, not ownership in the company. Its price is shaped by a chain-native order book, an internal oracle, mark-price calculations, funding mechanics, and dynamic discovery bounds rather than a live spot stock market.
A seven-day comparison of US equity exposure products across five centralized exchanges shows Binance leading both tokenized stock spot trading and stock perpetuals. The review covered Binance, Bybit, Gate, Kraken and Bitget, using public API data from July 8 to July 14, 2026, on a full UTC-day basis. To keep the comparison consistent, the spot sample used four 1:1 tokenized equities — NVDA, TSLA, META and GOOGL — while the perpetual sample used AAPL, NVDA, TSLA and GOOGL. The figures only include turnover that can be clearly attributed to each exchange’s CEX order books. They do not include wallet aggregation flows, DeFi trading volume, broader underlying US stock market activity, broker-routed execution that was not disclosed, or market data that cannot be separated from actual customer execution. On the main scoreboard, Binance posted about $15.50 million in tokenized stock spot volume and about $1.006 billion in stock perpetual notional volume over the seven-day period. Gate ranked second in representative spot volume through gStocks at about $12.43 million, while Bitget ranked second in perpetuals at about $137 million. Across the five exchanges and the shared ticker set, stock perpetual turnover was about 32.8 times larger than tokenized stock spot turnover. The review also noted that weekend activity dropped sharply even though many products advertise 24/7 trading.
ChangXin Memory Technologies has not yet listed on Shanghai’s STAR Market, but a 24/7 tradable price for the company is already live on Hyperliquid. On July 14, Trade.xyz launched the xyz:CXMT pre-IPO perpetual contract through Hyperliquid’s HIP-3 framework, using $5 as the initial reference price, allowing up to 5x leverage, and settling in USDC. After launch, the contract traded as high as $6, $7.2, and $8.64. As of 02:13 UTC on July 16, on-chain data on Hyperliquid showed a mark price of about $7.37, roughly $50.56 million in 24-hour volume, and about $23.07 million in open interest notional value. The contract does not represent ownership of ChangXin shares, IPO allocation rights, dividends, or voting power. Instead, it tracks the market’s expected U.S. dollar value of one future A-share after listing. The article explains that the price is produced by a combination of the on-chain order book, an internal oracle, mark price construction, funding, and a 20% discovery bound that can be re-anchored up to seven times in either direction. Once ChangXin starts trading and enough external market data exists, the oracle is expected to switch to the company’s A-share price converted from CNY into USD. That handoff could create a mark-price jump and, in some cases, trigger liquidations if the on-chain contract price and the actual stock price differ materially.
Despite a brief price uptick, comprehensive analysis using price action, on-chain data, and derivatives reveals Bitcoin remains in a clear downtrend. The Japanese charting method integrates multiple indicators to confirm bearish dominance.
Paris-listed bitcoin treasury firm Capital B raised €15.2 million in a private placement, with Blockstream CEO Adam Back and TOBAM among investors. Proceeds will fund the purchase of 182 BTC, pushing total holdings to 3,125 BTC, targeting 15,000 BTC by 2027.
Bitcoin attempts to stabilize near $69,000 after a brutal 30% drop from $97,900. Technical indicators remain bearish, with key support at $65,000-$65,800. A breakdown below that could trigger a move toward $60,000.
Bitcoin stabilizes near $69,383 after a brutal 30% crash from $97,900. Technical indicators remain bearish with moving averages stacked overhead. Key support at $65,000; a breakdown could open doors to $60,000.
