Group 1 - The article highlights a historic breakthrough for tokenized securities in the U.S. capital markets, marked by a fundamental shift in regulatory stance, significant actions from leading institutions, and the proactive attempts of the first publicly listed company [1][2] - SEC Chairman Paul S. Atkins announced a departure from a strict enforcement approach to a supportive stance for digital asset innovation, stating that "most crypto tokens are not securities" and promising clear guidance for on-chain financing [1][2][4] - Nasdaq's CEO Adena Friedman committed to integrating tokenization technology into the core stock market, moving beyond off-exchange trading, and announced a transition to a "24×5" trading model with the ultimate goal of 7-day continuous trading [1][5][6] Group 2 - BlackRock is exploring the conversion of ETFs into blockchain tokens, with its $2 billion tokenized money market fund BUIDL demonstrating market demand, indicating a potential transformation in one of Wall Street's key investment products [1][6] - The tokenization of ETFs is expected to bring three core changes: extended trading hours, easier access for global investors, and new collateral uses within the crypto network [6][7] - Galaxy Digital became the first publicly listed company to actively tokenize SEC-registered stock on the blockchain, allowing shareholders to tokenize their Class A common stock on the Solana network [1][8] Group 3 - Analysts believe these developments signify a critical turning point in the migration of Wall Street infrastructure to blockchain, with advantages such as 24-hour trading and instant settlement moving from concept to reality [1][10] - Goldman Sachs trader Mark Wilson emphasized the significant potential impact of Galaxy Digital's stock tokenization on capital market structure, noting the increasing clarity of blockchain's role in empowering capital markets [1][9][10] - The SEC's new "crypto project" aims to provide certainty regarding the securities status of crypto assets, ensure entrepreneurs can raise funds on-chain without legal concerns, and allow for innovation in trading platforms under a unified regulatory framework [4][5]

Group 1 - The National Natural Science Foundation of China announced a project on global stablecoin risk governance and cross-border regulatory collaboration, aiming to contribute to global digital financial governance with a theoretical framework and policy options [1] - The Guangzhou Intermediate People's Court ruled a virtual currency mining machine sales contract worth 1.024 million yuan invalid, citing that mining activities disrupt financial order and violate public morals [2] - The U.S. August unadjusted core CPI year-on-year rate was reported at 3.1%, with expectations and previous values also at 3.1%, indicating inflation pressures that may not prevent the Federal Reserve from lowering interest rates [3][4] Group 2 - The U.S. Congress introduced a bill requiring the Treasury to assess the feasibility of establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, with a report due within 90 days of enactment [5] - The SEC Chairman stated that most tokens do not qualify as securities, aiming to eliminate legal uncertainties surrounding on-chain financing [6] - Nasdaq submitted a proposal to the SEC to allow trading of tokenized securities on its main market, potentially enabling the first token-settled securities trading by Q3 2026 [7] Group 3 - Ant Digital Technologies is connecting approximately $8.4 billion worth of energy infrastructure to its blockchain platform, tracking data from around 15 million renewable energy devices [7] - BlackRock is exploring the tokenization of ETFs and aims to push traditional assets onto blockchain platforms, having already launched a $2 billion tokenized money market fund [8] - Coinbase's research head indicated that the Digital Asset Treasury has entered a competitive phase, with significant holdings of Bitcoin and Ethereum [9] Group 4 - The amount of ETH queued to exit the Ethereum PoS network reached a new high of 2,646,928 ETH, valued at approximately $11.6 billion, with a waiting time of about 45 days [9] - Several financing events were reported, including Inversion's $26.5 million seed round and Forward Industries' $1.65 billion funding for its SOL treasury strategy [9]

Core Insights - Nasdaq Inc. shares are currently trading at $94.49, reflecting a 1.45% decrease in the current session, a 0.77% decrease over the past month, but a significant 28.17% increase over the past year [1] P/E Ratio Analysis - The P/E ratio is a critical metric for long-term investors, comparing the current share price to the company's earnings per share (EPS), and is used to assess performance against historical data and industry benchmarks [5] - Nasdaq's P/E ratio is lower than the aggregate P/E of 136.48 for the Capital Markets industry, suggesting that the stock may be undervalued despite potential concerns about performance relative to peers [6] - A low P/E ratio can indicate undervaluation but may also reflect weak growth prospects or financial instability, highlighting the need for a comprehensive analysis of various financial metrics and qualitative factors [9]

Company Information - Trading for Ostin Technology Group Co., Ltd. was halted on September 12, 2025, at 12:24:23 Eastern Time due to a request for additional information from Nasdaq [1] - The last sale price of Ostin Technology Group's ordinary shares was $1.695 [1] - Trading will remain halted until the company fully satisfies Nasdaq's request for additional information [1]

Exchange operator Nasdaq fired an employee over a social-media post that appeared to celebrate the fatal shooting of conservative activist Charlie Kirk https://t.co/7qoqwcp9Ed ...

Core Insights - Nasdaq, Inc. is a leading global financial technology firm with a market cap of $54.3 billion, known for operating the Nasdaq Stock Market and providing a wide range of services [1][2] Company Overview - Nasdaq is classified as a "large-cap stock" due to its market cap exceeding $10 billion, highlighting its size and influence in the financial data and stock exchanges industry [2] - The company has a diverse revenue stream from trading, listings, data, and technology services, positioning it as a tech-forward leader in financial markets [2] Stock Performance - Nasdaq's stock has dropped 1.8% from its 52-week high of $97.63 on August 11, but has increased by 10.5% over the past three months, outperforming the S&P 500 Index, which returned 9.4% in the same period [3] - Year-to-date, Nasdaq shares have climbed 24%, significantly outpacing the S&P 500's 12% gain, and over the past 52 weeks, the stock has surged 33%, compared to the S&P 500's 18.6% increase [4] - Nasdaq has consistently traded above its 50-day and 200-day moving averages since early May, indicating strong bullish momentum [4] Financial Performance - Following the release of strong Q2 results on July 24, Nasdaq's stock jumped 5.9%, with revenues net of transaction expenses reported at $1.3 billion, up 12.7% year-over-year, exceeding consensus estimates [5] - Non-GAAP net earnings increased by 23.9% to $492 million, and adjusted EPS of $0.85 surpassed Wall Street expectations by 6.3% [5] Competitive Position - Nasdaq has outperformed its rival, Cboe Global Markets, Inc., which gained 11.6% over the past 52 weeks and 21% in 2025 [6] - The stock has a consensus rating of "Moderate Buy" from 21 analysts, with a mean price target of $103.67, implying an 8.1% upside from current market prices [6]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [18]. Core Insights - Nasdaq has submitted a proposal to the SEC for tokenized trading, aiming to introduce a compliant channel for tokenized securities settlement without disrupting the existing National Market System (NMS) [2][3]. - The proposal emphasizes that tokenization is not about issuing new coins but rather a settlement alternative for traditional securities, marking a significant step in the U.S. capital market's approach to tokenized settlements [3][4]. - If approved, the DTC is expected to launch on-chain settlement functionality in Q3 2026, potentially ushering in an era of "equal rights and quality" for tokenized securities [4]. Summary by Sections Proposal Details - The core of the proposal focuses on on-chain settlement during the clearing phase, requiring technical upgrades at the DTC [4]. - Tokenized securities will share the same order book and have equal matching priority as traditional securities [4]. - Members can indicate their preference for tokenized settlement during order placement, which will be processed by the DTC [4]. Market Implications - The push for a compliant path for tokenization in the U.S. capital market is expected to accelerate similar regulatory and exchange developments globally, with Hong Kong potentially being an early offshore market to respond [4]. - Stakeholders should monitor the Hong Kong SFC, HKEX, and local brokers for developments in the tokenized settlement space [4].

NASDAQ Developments - NASDAQ has requested the SEC to allow trading of clearly labeled equivalent rights tokenized shares as traditional stocks, marking a significant move to integrate blockchain technology into US equity markets [2][3] - Tokenized securities are digital representations of stocks that can enhance liquidity, support fractional ownership, and provide access to overseas investors [3] - The proposal seeks to amend existing rules to permit tokenized stocks to be traded similarly to traditional equities, addressing fundamental questions about stock issuance, definition, and settlement [4][5] Gemini Partnership - NASDAQ has become a strategic investor in Gemini Space Station, a cryptocurrency exchange founded by the Winklevoss twins, as it prepares for an IPO [6][7] - Gemini holds approximately $20 billion in assets and has processed nearly $300 billion in lifetime trading volume, offering various digital asset services [8] - The firm aims to raise around $300 million in its IPO, with NASDAQ investing $50 million in a private placement, enhancing access to Gemini's services for NASDAQ clients [9] CBOE Innovations - CBOE plans to launch continuous Bitcoin and Ether futures contracts later this year, pending regulatory review [10] - These contracts will have 10-year expirations, cash-settled, and aligned to real-time spot market prices, simplifying position management and reducing costs associated with periodic rolling [11] - The new products are expected to attract both retail and institutional traders, offering substantial advantages for long-term crypto exposure [12][13]

Summary of Key Points Core Viewpoint - The total short interest in Nasdaq securities has increased slightly, indicating a potential shift in market sentiment towards bearish positions as of the end of August 2025. Group 1: Nasdaq Global Market - Short interest in 3,315 Nasdaq Global Market securities totaled 13,901,511,651 shares at the end of the settlement date of August 29, 2025, down from 13,965,671,937 shares in the previous period [1] - The mid-August short interest represents an average of 2.39 days compared to 2.34 days for the prior reporting period [1] Group 2: Nasdaq Capital Market - Short interest in 1,673 securities on The Nasdaq Capital Market totaled 3,057,145,541 shares at the end of the settlement date of August 29, 2025, an increase from 2,964,394,253 shares in the previous period [2] - This represents an average daily volume of 1.10 days, up from 1.00 days in the previous reporting period [2] Group 3: Overall Nasdaq Securities - Total short interest in all 4,988 Nasdaq securities reached 16,958,657,192 shares at the August 29, 2025 settlement date, compared to 16,930,066,190 shares in the previous period [3] - This reflects an average of 1.97 days of daily volume, compared to 1.86 days for the prior reporting period [3] Group 4: Short Sale Definition - Open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers, regardless of their exchange affiliations [4]

Market Trends & Investment - Bitcoin climbed following an encouraging inflation reading, and the S&P 500 jumped to a new record after a reading on wholesale prices unexpectedly dropped [1][2] - Institutional interest has been shifting towards Salana, with Soul Strategies uplisting its shares to the NASDAQ [3] - Forward Industries announced a more than $15 billion private investment led by Galaxy Digital, Jump Crypto, and Multicoin Capital [3] - NASDAQ plans to invest $50 million in Gemini, allowing the stock exchange to offer Gemini's custodial services to financial institutions [4] - Gemini aims to sell more than 165 million shares priced between $24 and $26 each in its IPO [5] - Binance is teaming up with Franklin Templeton to develop digital asset products [6] Regulatory Landscape - The SEC crypto task force has been holding meetings with industry participants since early this year, showing a shift towards an open-door policy [10] - The Clarity Act passed by the House was a great first start and a strong signal that Congress can move quickly in this space [8][12] - The Senate is using the Clarity Act as a baseline for its version of a market structure bill, with hopes of having a bill on the president's desk by Christmas [14] - A group of Senate Democrats came out with a set of market structure principles, signaling bipartisan willingness to participate in the process [16] - The Genius Act passage showed that regulation can stimulate innovation, leading to a flood of partnership and new project announcements in the stable coin space [18][20] Future Considerations - Tax policy is the next big area that requires discussion, including topics like minimum dimminimous thresholds for transacting and the treatment of staking rewards [23][24] - The industry is excited to see where the discourse goes as it relates to DeFi, especially if DeFi is not comprehensively covered in market structure [25][26]