Tony Pasquariello: Suggest simplifying US stock positions, optimistic about the long-term value of gold allocation

As of July 25, 2026, a total of 10 listed companies hold over 1 million BTC. Strategy holds 843775 BTC worth approximately $58 billion. Twenty One Capital holds 43514 BTC, Metaplanet holds 43000 BTC, Mara Holdings holds 36303 BTC, Bullish holds 24300 BTC, Strike holds 19921 BTC, SpaceX holds 18712 BTC, Coinbase Global holds 16492 BTC, Riot Platforms holds 15680 BTC, and Cleanspark holds 13924 BTC. SpaceX went public on NASDAQ on June 12, 2026, raising approximately $85.7 billion through its IPO. Since 2026, Riot Platforms' stock price has risen by 73%, Cleanspark has risen by 39%, Mara Holdings has risen by 31%, Strategy has fallen by 40%, Metaplanet has fallen by 49%, Twenty One Capital has fallen by 48%, and Coinbase Global has fallen by 31%.

Chainalysis CEO told CNBC that North Korea is actively stealing Bitcoin to fund nuclear weapons development. （The Bitcoin Historian）

Andrej Karpathy responded to speculation about his resignation from Anthropic, stating that the rumors were false and explicitly stating that he did not resign.

[Galaxy Research Director: BIP-110 Signal Support Rate Will Fall Below the 55% Threshold] The Galaxy Research Director stated on the X platform that, based on the current growth rate, even if the recent acceleration continues, the BIP-110 signal support rate will still be more than 51 percentage points below the 55% mandatory threshold by the activation block.

Tony Pasquariello, head of hedge fund business at Goldman Sachs, said that the difficulty of operating the US stock market is extremely high, and suggested simplifying the investment portfolio. He is optimistic about the long-term allocation value of gold, believing that gold prices will receive support around $4000, and the global government debt burden will support the long-term logic. In terms of AI, the related credit supply reached $489 billion this year, and the market needs to confirm whether capital expenditures can be converted into revenue growth. In addition, with expectations of a Federal Reserve interest rate hike and intensified volatility in the US stock market due to the situation in Iran, Brent crude oil has risen 33% this month, and stock buybacks are expected to accelerate in August.