Headline

▌Changxin Memory has begun small-batch production of HBM3E and plans to expand production in 2027

According to The Information, citing two sources familiar with the matter, Changxin Memory has begun small-batch production of HBM3E and plans to expand production in 2027. HBM is a high-speed memory placed next to AI chips, responsible for rapidly transmitting data to the chips. The United States has restricted the export of HBM2 and higher-level products to China since 2024, and it has always been a key weakness of domestic AI chips. Domestic chip teams such as Cambricon and Alibaba's Pingtouge are already testing Changxin's HBM, and if progress goes smoothly, it could be used in products as early as next year. HBM3E is also the generation of memory used in Nvidia's H200 and Blackwell. In terms of product generations, Changxin is currently only one generation behind SK Hynix, Samsung, and Micron's HBM4, which is currently in mass production.

However, small-batch production is still far from mature mass production. Changxin's HBM3E yield is still relatively low, and its speed and reliability are not as good as the three major manufacturers. SK Hynix began mass production of HBM3E as early as 2024, and the three major manufacturers have now entered the HBM4 stage and have begun sending samples of HBM4E. Changxin has overcome the hurdle of "whether it can be made," and the next hurdle is to truly increase yield and production volume. On August 31, in response to criticism from Stanley Druckenmiller, US Treasury Secretary Scott Bessenter defended his intervention in the US bond market. Bessenter stated that the veteran investor suffered losses before and after publishing his critical op-ed. He also defended the Treasury's market performance, stating that US bonds have been the best-performing market since President Trump took office. As of press time, according to CoinGecko data: BTC price is $78,525.09, a 24-hour change of -0.1%; ETH price is $2,465.25, a 24-hour change of -0.5%; BNB price is $690.93, a 24-hour change of -0.8%. The price of SOL is $103.04, a 24-hour change of -1.2%; the price of DOGE is $0.08281, a 24-hour change of -1.8%; the price of XRP is $1.38, a 24-hour change of -1.0%; and the price of ZEC is $846.96, a 24-hour change of -2.9%. The price of TRX is $0.3324, a 24-hour change of -1.9%; the price of WLFI is $0.05748, a 24-hour change of -0.6%; and the price of HYPE is $84.18, a 24-hour change of +3.1%.

Policy

▌Japan's Financial Services Agency plans to revise stablecoin tax rules

On August 31, Japan's Financial Services Agency (FSA) plans to revise tax rules to address the technical issue of cumbersome paperwork required for each transfer of stablecoins.

▌OpenAI's Advertising Revenue Reaches $1 Billion Annualized, Accelerating IPO Narrative

August 31st news, according to CNBC, OpenAI announced that its advertising business has reached $1 billion annualized revenue. The company stated that advertising has become a significant revenue engine in addition to enterprise services, consumer subscriptions, and API billing, helping to support its valuation of approximately $852 billion and its upcoming IPO. OpenAI began testing advertising in ChatGPT in the US in February of this year. Currently, "ChatGPT Ads" covers more than 40 countries and offers self-service placement in regions such as India, Europe, and the Middle East and North Africa. The ads will be shown to ChatGPT Go subscribers and free users, reaching its approximately 1 billion weekly active users; OpenAI also emphasized that the ads will be clearly labeled, will not affect ChatGPT responses, and advertisers will not be able to access users' private chat content.

... **Dragoneer Raises $1 Billion Continuation Fund, Originally Aiming for $2 Billion** According to Bloomberg, investment firm Dragoneer Investment Group has raised $1 billion for a new continuation fund through its stakes in OpenAI, SpaceX, Databricks, and Creative Planning. The fund's initial target was $2 billion. **Cryptocurrency** **JPMorgan Chase Expands Crypto Asset Team at Chase Retail Banking** According to NADA NEWS, JPMorgan Chase is expanding its crypto asset and blockchain expertise team at its retail banking division, Chase, extending its business from institutional investors to personal finance. The new team will be responsible for developing digital asset strategies, collaborating with crypto asset companies, and developing new products, with commercialization methods including in-house research and development, external partnerships, and acquisitions.

▌Crypto Funds See $3.2 Billion Net Inflow in a Single Week, a Nearly Ten-Month High

On August 31st, industry data showed that crypto assets recorded approximately $3.2 billion in net inflows last week, the highest weekly level since October 2025.

▌Michael Saylor: STRC's BTC Credit Model Assumes a 10% Annualized BTC Return

Michael Saylor stated on the X platform that STRC's BTC Credit model assumes a 10% annualized BTC return, a volatility of 40%, and a BTC price of $77,558.

... **Strategy Added 4,603 BTC Last Week at an Average Price of $80,318** On August 31st, Strategy added 4,603 BTC to its holdings last week at an average price of $80,318. **Strive Purchased 1,800 Bitcoins, Bringing Total Holdings to 23,200** On August 31st, Strive's CEO stated on the X platform that Strive purchased 1,800 Bitcoins for $143 million, with an average cost of $79,431 per Bitcoin, increasing its total holdings to 23,156.

▌Strategy holds 845,050 BTC with a paper profit of $2.542 billion

Bitcoin treasury company Strategy currently holds 845,050 BTC, with an average cost of $75,412, resulting in a paper profit of approximately $2.542 billion. Ethereum treasury company Bitmine bought 53,501 ETH last week at approximately $2,464, and currently holds approximately 5.9 million ETH, with an average cost of $3,351, resulting in a paper loss of approximately $5.293 billion.

▌An institution transferred 52,739 ETH (approximately $129 million) to six centralized exchanges (CEXs) including Binance and OKX in the past two days.

On August 31, according to Ember Monitoring, an institution has transferred 52,739 ETH (approximately $129 million) to six centralized exchanges (CEXs) including Binance and OKX since yesterday. Currently, the address still holds 101,561 ETH (approximately $249 million). The ETH originated from withdrawals from Coinbase between 2021 and 2022 at an average price of approximately $1,700, was deposited as Ethereum staked in 2023, and redeemed from the staked account in January of last year. In the past two days, the ETH has been consolidated into two wallets and then transferred to multiple CEXs.

... According to on-chain analyst Ai Yi, a whale deposited 88,200 HYPE tokens into Coinbase between June 11 and August 13 at an average price of $64.5, totaling $18.06 million. This whale then deposited 88,216 HYPE tokens into Coinbase, worth $7.23 million. If sold, the whale is expected to make a profit of $1.538 million. **Important Economic Developments** On August 31, US Treasury Secretary Bessenter stated that he shares the same views as Federal Reserve Chairman Warsh on bond issues, noting that the 10-year Treasury yield has remained largely unchanged since President Trump took office. Bessenter emphasized that he has never attempted to change the bond market's trajectory and believes the government cannot alter the equilibrium price of bonds, and he will not speculate on the Fed's next move. He stated that core inflation remains relatively moderate, and traditionally, the Fed does not raise interest rates when faced with supply shocks. Bessenter also revealed that he has not yet purchased any bonds and is working with Budget Director Warsh to develop a fiscal consolidation plan. He indicated that the US may become a top global bond market due to its bond buyback program, and noted that hedge fund managers like to "speed things up." Regarding Stanley Druckenmiller, an investor who recently criticized the U.S. Treasury's bond repurchase policy, Bessant said he spoke with him after Druckenmiller published his op-ed and stated, "I think Druckenmiller lost money on the day he published that editorial." Furthermore, Bessant pointed out that Fitch has reaffirmed the U.S. credit rating.

▌Federal Reserve Chairman Warsh at G20: Saying Goodbye to "Secular Stagnation," the World is Ushering in an Investment Wave

On August 31, Federal Reserve Chairman Kevin Warsh delivered a brief address at the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina. In his speech, Warsh expressed strong optimism about the U.S. economy and the global macroeconomic outlook. Warsh reiterated the core views he presented at the Jackson Hole Global Central Bank Annual Meeting.

... He pointed out that on his 100th day in office, he could clearly assert that "secular stagnation" was a thing of the past, and the current economy was entering a new cycle of "secular growth." Furthermore, Warsh defined the current macroeconomic climate as a "global investment surge." This view is consistent with his repeated emphasis in recent months—that the explosion of artificial intelligence (AI) technology is a key driver propelling massive capital flows to businesses, thereby stimulating a new round of business growth and capital expansion. According to the Iranian Students' News Agency, Iran's Deputy Foreign Minister Gambari, who is in charge of economic diplomacy, stated regarding the new US sanctions that even foreign media acknowledge that the sanctions are unlikely to achieve the effects claimed by the US. He emphasized that if the sanctions aim to force Iran to change its policies based on law and public opinion, they will never succeed. Gambari pointed out that given that major sectors of the Iranian economy are already under sanctions, this round of measures will not involve new economic sectors. The US focus is on strengthening the enforcement of existing sanctions, blocking circumvention channels, and responding to countermeasures. He also warned that the media is exaggerating the impact of sanctions, and we must be highly vigilant about this. (Jinshi)

Golden Encyclopedia

▌Can Bitcoin Still Be Called "Digital Gold" During Geopolitical Crises?

Every geopolitical crisis causes gold prices to rise while Bitcoin prices plummet. After six tests, the claim of "digital gold" has never been supported by data. Countries hoard gold but exclude Bitcoin from their reserves. For investors, Bitcoin exhibits asymmetry: it falls with stocks but does not rise with them. Three structural asymmetries prevent Bitcoin from achieving safe-haven status: an oversupply of derivatives (market structure), the dominance of leveraged traders (participant composition), and a lack of repeatable behavioral records (behavioral accumulation).

Bitcoin is not a safe-haven asset, but it is a "crisis-useful asset," which can indeed function when borders are closed and banks fail. If these three asymmetries are reduced, Bitcoin may no longer be a replica of gold but rather a completely new "next-generation gold."

Generational shifts and the widespread application of algorithms are key factors that could accelerate this process.