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According to a report by Jinse Finance, BitGo Holdings, the parent company of the cryptocurrency custody firm BitGo, announced on Monday that it has confidentially filed for an IPO amid a wave of optimism in the digital asset market. Founded in 2013, BitGo is one of the largest cryptocurrency custodians in the United States, providing storage and protection services for clients’ digital assets. The crypto industry’s market capitalization has surged to $4 trillion, with Bitcoin recently reaching a new all-time high, surpassing the $120,000 mark. Matt Kennedy, Senior Strategist at Renaissance Capital, commented, “These are the best market conditions the crypto sector has seen in years, and companies are eager to take advantage. Crypto startups know that the IPO window can close unexpectedly, especially in such a volatile sector, so they want to strike while the iron is hot.”

According to a report by Jinse Finance, international rating agency Fitch stated on the 21st that policy risks are casting a shadow over the U.S. credit outlook. In its mid-year update, Fitch downgraded the outlook for 25% of U.S. industries in 2025 to "deteriorating," citing increased uncertainty, slowing economic growth, and expectations that interest rates will remain high for an extended period. Fitch noted that recently passed tax and spending bills highlight the long-term challenges facing the U.S. fiscal outlook and will put pressure on healthcare-related industries. The combination of the tax bill and the extension of previous tax cuts is likely to keep the total U.S. government deficit above 7% of GDP and push the debt-to-GDP ratio to 135% by 2029. Fitch forecasts that by 2025, the default rates for U.S. high-yield bonds and leveraged loans will rise to 4.0%-4.5% and 5.5%-6.0%, respectively. Policy developments and industry-specific risks will remain the main drivers of rating trends this year.