According to BlockBeats, on August 21, Japan's financial regulator approved Laser Digital Japan's registration as a cryptocurrency trading service provider, making it the first new entrant to obtain this license in Japan in nearly four years, marking the accelerated entry of institutional-grade digital asset services into the Japanese market.

Laser Digital stated that it will initially provide liquidity services to local virtual asset service providers in Japan, and plans to further launch digital asset trading services for institutional investors in the future. The specific launch time and business scope have not yet been announced.

Laser Digital is backed by Nomura Holdings, one of Japan's largest investment banks. Co-founder and CEO Jez Mohideen stated that the Japanese digital asset market is entering a new phase of development, and with increasing interest from institutional investors, the market needs more reliable counterparties and infrastructure.

Previously, a survey of institutional investors released by Nomura and Laser Digital showed that 79% of respondents planned to invest in crypto assets within the next three years.

This regulatory approval comes as Japan pushes forward with its crypto asset regulatory reforms. Japan has previously reclassified cryptocurrencies as financial assets, laying the legal foundation for future crypto asset ETFs and the implementation of an independent tax system; the new regulations are expected to take effect in 2027. Steve Ashley, Executive Chairman of Laser Digital, stated that global institutional investors are increasingly focusing on the digital asset market and seeking specialized infrastructure that meets their institutional needs.

According to BlockBeats, on August 21, investment in AI infrastructure is becoming a new variable in the US bond market. As tech giants expand their data center, chip, and computing power infrastructure, the financing needs of AI companies are growing rapidly, leading them to compete with the US government for funds from core bond buyers such as insurance companies, pension funds, and long-term asset management firms.

Data shows that as of August, the issuance of investment-grade corporate bonds in the United States reached approximately $1.7 trillion, a record high for the same period. Goldman Sachs data shows that the four largest U.S. tech companies have issued over $170 billion in bonds this year, exceeding the total for 2025. Meanwhile, Broadcom is seeking to provide chip and infrastructure financing for AI companies such as Anthropic, with potential debt potentially approaching $100 billion.

Market analysts point out that AI is not only increasing the supply of US Treasury bonds, but also expanding the "duration supply" of the entire bond market. When governments and technology companies simultaneously increase their long-term financing needs, while the size of the long-term funding pool is limited, the market may demand higher yields to attract buyers. St. Louis Fed President Musslump previously stated that a capital competition is emerging between the US government's financing needs and the construction of AI infrastructure.

The US Treasury market has been under continued pressure recently, with the yield on the 30-year Treasury note rising to 5.34%, a new high since 2007, and the yield on the 10-year Treasury note rising to 4.7%. This high-interest-rate environment may further increase corporate financing costs and affect the market pricing of AI companies through valuation discount rates.

Meanwhile, U.S. consumer data showed signs of weakness. Walmart's stock price fell about 9% in a single day, its biggest drop since 2022, as its same-store sales growth slowed to its lowest level in six years, falling short of market expectations and indicating that consumer spending is slowing.

Amid slowing economic growth and persistent inflationary pressures, the Federal Reserve faces a policy dilemma. The U.S. Treasury recently expanded its long-term Treasury repurchase program, raising the single repurchase limit for 10-20 year and 20-30 year Treasury bonds from $2 billion to at least $4 billion. The market believes this move is more of a signal, easing yield pressures in the short term but not changing the long-term supply-demand imbalance.

Analysts believe that the market's focus will shift to US fiscal financing needs, AI capital expenditure expansion, and long-term interest rate trends. If long-term US Treasury yields continue to rise, the market may revisit policy tools such as yield curve control (YCC) or quantitative easing (QE).

According to BlockBeats, on August 21st, the market focus shifted from AI earnings reports to macroeconomics and crypto assets this week. US stocks fluctuated at high levels, with long-term US Treasury yields, fiscal deficits, and Jackson Hole policy signals becoming key variables suppressing risk appetite. However, Bitcoin rebounded rapidly due to improved regulatory expectations, leading to renewed investor interest in Strategy and related preferred stocks. Meanwhile, gold continued to be supported by safe-haven demand and dollar volatility, with GLD following gold price increases. In the A-share market, Unitree Robotics' listing on the STAR Market saw strong trading, making embodied intelligence one of the most watched new themes this week.

MSTR (up about 4.37% this week): Strategy announced that the proceeds from the equity offering will be used for the Bitcoin treasury and that a new US dollar reserve will be established for management. After Bitcoin rebounded from its lows, MSTR's leveraged nature has once again attracted trading funds, and the market continues to price around BTC price, equity financing, and the treasury safety cushion.

STRC (up about 2.53% this week): Strategy expands its variable dividend preferred stock instrument, and STRC fluctuates around liquidation preference; investors are focused on monthly dividends, buyback support, and dollar reserve coverage, and preferred stock yields are becoming a window into the cost of Bitcoin treasury financing.

PURR (up approximately 33.65% this week): PURR followed the warming up of the Hyperliquid ecosystem this week, with the market trading on the HYPE treasury and expectations of a more favorable regulatory environment; its small market capitalization and high volatility are prominent, making it more elastic than mainstream coins, but its price is also more easily affected by news and liquidity amplification.

Unitree Robotics (down approximately 20.42% from its first-day closing price): Debuted on the STAR Market on August 19th, closing at 845 yuan with a total market capitalization of approximately 341.8 billion yuan; closed at 672.41 yuan on August 21st, with a total market capitalization of approximately 271.966 billion yuan. While initial enthusiasm remained high, the high valuation and the pace of commercialization of its proprietary smart technology became points of contention among investors.

GLD (up about 2.63% this week): Gold continues to attract allocation funds amid fiscal deficits, long-term interest rates and dollar volatility; GLD followed the rebound in gold prices this week, with the market awaiting Jackson Hole signals, and safe-haven demand and "currency devaluation trades" remaining the main supports.