Meme Coin GAS Market Cap Skyrockets to $37.95 Million in a Short Period, Reaching an All-Time High

Nasdaq-listed Bitcoin treasury firm Empery Digital has sold a total of 1,400 BTC since May 7, at an average price of roughly $62,200, netting approximately $87.1 million in proceeds, cutting its Bitcoin reserve by nearly half. According to announcements, $10 million of the proceeds was used to repay debt on July 7, while the remaining funds will be allocated to previously announced real estate acquisitions for an AI data center, legal fees related to shareholder litigation, and daily operational expenses. The company had earlier announced it would invest $65 million to acquire a 25% stake in an entity developing an AI data center project in the U.S. Midwest. As of July 10, Empery Digital still holds 1,514 BTC, worth around $96.5 million at current prices, plus approximately $73.9 million in cash, with an outstanding debt balance of $45 million. Reports note that an increasing number of public companies holding Bitcoin reserves are starting to use BTC as a liquidity source rather than solely as a long-term holding asset, selling part of their reserves to meet traditional financing needs such as debt repayment, capital expenditures, and corporate operations.

According to CBS, senior U.S. officials disclosed that Iranian officials privately informed Trump administration advisors that Iran’s firing on commercial vessels in the Strait of Hormuz was a "mistake", with the attacks attributed to a "hardline rogue faction" seeking to derail negotiations. Iran reportedly stated its willingness to continue talks. The White House demands Iran publicly acknowledge the error. The Trump administration considers the attacks on commercial vessels a violation of the bilateral ceasefire arrangement. U.S. officials said Trump has tasked a team including Vice President Vance, Trump’s son-in-law Jared Kushner, U.S. Middle East envoy Steve Witkoff, and Secretary of State Marco Rubio to advance negotiations, which will take place in Oman. U.S. officials noted that if Iran persists in hostile actions, the U.S. will respond with military and economic measures.

According to Axios, the Trump administration has demanded that Iran issue a public statement by Saturday at the latest, confirming the Strait of Hormuz remains open and pledging to stop firing at commercial vessels. U.S. officials said the demand was conveyed to Iran via direct channels and regional mediators. The U.S. argues that recent attacks on commercial ships by Iran in and around the Strait of Hormuz violate the memorandum of understanding signed by both sides weeks ago, putting the fragile ceasefire agreement at risk of collapse. The report adds that Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Badr bin Hamad al-Busaidi are set to meet in Muscat, Oman’s capital, on Saturday to discuss the Strait of Hormuz situation. The U.S. wants Iran to release a public statement after the meeting, pledging to halt attacks and confirming the strait’s waterways are open and toll-free. U.S. officials noted that while recent U.S.-Iran nuclear talks have made some progress, the Hormuz crisis has sparked U.S. concerns over Iran’s ability to fulfill more complex agreements. The U.S. has warned that if Iran rejects the demands, it will take further action.

According to Bit.com market data, U.S. stocks closed on Friday: the Dow Jones Industrial Average posted a preliminary gain of 0.29%, the S&P 500 rose 0.42%, and the Nasdaq gained 0.29%. SK Hynix (SKHYV.O) rallied 12.76% in its first day of U.S. trading, lifting most chip stocks: Meta Platforms (META.O) climbed 5.97%, SanDisk (SNDK.O) rose 3.1%, and NVIDIA (NVDA.O) gained 4.03%.

Iranian Foreign Ministry spokesperson Bahaei said on the 10th that Iran has never put forward demands for negotiations with the United States, but agreed to allow mediators to visit Iran. Bahaei noted that the US has made a habit of breaching its commitments. Only 22 days after the signing of the Iran-US Memorandum of Understanding (MoU), the US has repeatedly violated various terms of the document. "In this 14-clause MoU, the US side has violated multiple provisions under various pretexts," Bahaei added. Earlier the same day, US President Donald Trump posted on his social media platform Truth Social that Iran hopes to continue "negotiations" with the US, and the US has agreed to proceed with the talks.

US President Trump stated on social media that Micron is accelerating its spending in the U.S., with plans to invest $250 billion in domestic memory chip manufacturing. "We are bringing manufacturing back to America and securing our supply chain. This means hardworking patriots across the country will gain thousands of high-quality jobs," Trump said. He also retweeted a statement from Micron Technology CEO Sanjay Mehrotra, which read: "Last week, I told President Trump that thanks to his leadership and policies, Micron Technology will announce today – we are not only ahead of schedule, but we will increase our U.S. manufacturing and R&D investment from $200 billion to $250 billion, creating 100,000 American jobs. This is another example of the 'Trump Effect' driving historic private-sector investment, U.S. manufacturing, and job creation."