Tom Lee's Bitmine bought more ether, added to stock buyback last week

SpaceX will release its first quarterly financial report after the US stock market closes on Tuesday, with a focus on evaluating the performance of its rocket launch, Starlink, and AI infrastructure businesses. SpaceX's stock price once reached a high of $201.80 and its market value was once close to $3 trillion, but it has now dropped to about $1.4 trillion. FactSet data shows that the market expects SpaceX's second quarter revenue to be approximately $6.88 billion, with a loss of 23 cents per share and quarterly EBITDA of approximately $2.1 billion. The full year revenue is expected to be approximately $39 million, with EBITDA of approximately $17.3 million. SpaceX's AI business revenue for the first quarter was approximately $818 million, with an operating loss of $2.5 billion and capital expenditures of $7.7 billion. Starlink reached 10.3 million users in the first quarter. About 20% of the locked in shares will be eligible for sale starting from August 6th. Among the 37 analysts covering SpaceX, 28 gave buy or increase ratings, with an average target price of $236.72.

The final value of the US S&P Global Manufacturing PMI for July was 53.9, with an expected value of 53.8, compared to the previous value of 53.8. Chris Williamson, Chief Business Economist of S&P Global Market Intelligence, stated that the US PMI index remained stable in July, but there are warning signals of future growth trajectory behind the survey data. Production growth slowed down in July, new business growth remained weak for the third consecutive month, supply chain delays intensified, exports declined, and customer resistance to high prices brought pressure. Raw material cost inflation slightly eased, but energy prices and tariffs led to high inflation pressure.

On August 3rd, US President Trump posted on social media: Oil companies, lower your prices.

On August 3rd, Morgan Stanley downgraded its Circle stock rating from holding to underweight and lowered its target price from $106 to $38. Morgan Stanley analyst James Faucette stated that the reasons for the downgrade include the contraction of USDC liquidity and the shift of business towards lower margin trading revenue models. The report has lowered Circle's USDC size forecast by approximately 33% and 44% respectively, and expects GAAP earnings per share to be about 3% and 20% lower than market consensus. Analysts point out that tokenized money market funds and bank deposit products put pressure on USDC balance and revenue sharing ratios, and Circle's USYC product economic model is weak. The transaction volume of proxy payment business has dropped to about $41900 per day, with an implied average transaction amount of about $0.24. Open USD adopts a shared governance and reserve revenue model to increase the cost of maintaining USDC distribution channels for Circle.

Due to compliance reasons, Bitget will cease accepting new Japanese users from November 1st and implement a liquidation only mode for existing accounts. （CoinDesk）