Inside Consensus Hong Kong 2026 This series covers the key debates and trends that emerged from Consensus Hong Kong 2026, drawing on main stage sessions, side events, and on-the-ground interviews during the second week of February. The RWA War: Stablecoins, Speed, and Control Crypto’s AI Pivot: Hype, Infrastructure, and a Two-Year Countdown Crypto’s TradFi Moment: Institutions Are In, but on Their Terms The numbers keep getting cited at crypto conferences, but at Consensus Hong Kong 2026, they ca ...

Financial Data and Key Metrics Changes - Revenue in Q1 fiscal 2026 increased more than four times to $21.4 million compared to $4.6 million in Q1 fiscal 2025 [16] - Gross margin increased significantly to 78.6% in Q1 fiscal 2026 from 24.5% in Q1 fiscal 2025, primarily driven by staking revenue from the Solana treasury strategy [16] - Net loss for Q1 fiscal 2026 was approximately $585.6 million, compared to a net loss of $0.7 million in Q1 fiscal 2025, largely due to a decline in the fair value of SOL holdings [18] Business Line Data and Key Metrics Changes - Forward held approximately 6,962,501 Solana as of December 31, 2025, with over 99% staked, generating a staking yield between 6.5% and 7.2% [13] - Fully diluted SOL per share increased from 0.0604 at the end of September 2025 to 0.0624 at the end of December 2025, representing a growth of roughly 13% in the fiscal first quarter [14] Market Data and Key Metrics Changes - Solana continues to lead in key metrics such as decentralized exchange trading volumes, active users, and developer engagement, demonstrating resilience and performance [6][7] - Institutional engagement has expanded significantly, with major financial institutions and payment platforms integrating with Solana [7] Company Strategy and Development Direction - The company aims to build a permanent capital vehicle that participates directly in the growth of the Solana ecosystem, evolving beyond a treasury into an active value-generating business [5] - Forward Industries is focused on compounding SOL per share by engaging directly in economic activities on-chain rather than relying solely on passive exposure [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in the market but emphasizes that Solana is now being evaluated based on actual performance rather than theoretical scalability [6] - The company believes the opportunity in front of Solana is increasingly clear, with a focus on long-term growth and responsible risk management [5][6] Other Important Information - Forward became one of the first public companies to have its SEC-registered shares live on a public blockchain, enhancing its operational capabilities [8] - The company launched fwdSOL, a proprietary liquid staking token, representing approximately 25% of its SOL holdings, allowing for efficient deployment of staked SOL [9] Q&A Session Summary Question: How does the company view recent token price volatility? - Management noted that SOL is down approximately 70% from its all-time high, which is typical in the crypto market, and emphasized maintaining a clean balance sheet [19][20] Question: What is the company's approach to potential M&A? - The company is looking for accretive acquisitions and is well-positioned to capitalize on opportunities due to its lack of institutional debt [23][24] Question: How should shareholders view SOL per share as a performance metric? - SOL per share growth is considered the North Star KPI, with a target to consistently generate returns greater than the staking yield [24] Question: What is the expected trend for staking yields as Solana network usage grows? - Management clarified that increased validator participation does not impact yields for stakers, and they expect yields to increase with network activity [43][44] Question: Can you clarify the nature of related party G&A expenses? - Related party expenses are associated with the launch of the digital asset treasury strategy and are expected to decrease in the coming months [50]

Core Insights - Hyperliquid Strategies Inc reported its financial and operational results for the quarter and six months ended December 31, 2025, highlighting its position as a leading digital asset treasury platform focused on the Hyperliquid ecosystem [1] - The company expressed optimism about its future growth, driven by innovations and the expansion of the Hyperliquid ecosystem, despite facing unrealized losses due to market volatility [1] Financial Highlights - The company reported a net loss of $317.9 million for the six months ended December 31, 2025, primarily due to $262.4 million in unrealized losses on HYPE tokens and a one-time $35.6 million IPR&D write-off [1] - Revenue for the period included $0.9 million in interest income and $0.5 million in staking revenue from HYPE holdings [1] - As of December 31, 2025, the company had total assets of $616.7 million, including $281.9 million in cash and $327.6 million in HYPE tokens [1] Treasury Strategy Progress - The company has $125 million in remaining deployable capital, supported by a $1 billion Equity Line of Credit (ELOC) facility [1] - It has deployed $129.5 million to acquire approximately 5.0 million additional HYPE tokens, increasing total holdings to 17.6 million [1] - The company repurchased approximately 3.0 million PURR shares for $10.5 million, reducing the fully diluted share count to 150.6 million [1] Hyperliquid Ecosystem Momentum - Hyperliquid's decentralized exchange generated over $800 million in annual fees and processed billions in daily trading volumes [1] - Key growth drivers include upcoming innovations like portfolio margin and prediction markets, as well as the rapid adoption of builder codes by major platforms [1] - The company has launched over 100 real-world asset (RWA) perps, enhancing its market offerings [1]

Core Viewpoint - AGM Group Holdings Inc. has signed a Memorandum of Understanding with Amber Premium to explore strategic collaboration in real-world asset tokenization, aiming to bridge traditional finance and blockchain technology [1][2]. Group 1: Collaboration Background - RWA tokenization is identified as a key area in the digital economy, enhancing asset liquidity and reducing transaction costs by converting physical assets into on-chain tokens [2]. - Amber Premium will support blockchain technology architecture, while AGM will focus on integrating hardware and computing capabilities for RWA projects [2]. Group 2: Significance of the Collaboration - The partnership strengthens AGM's full-stack blockchain capabilities, combining its hardware expertise with Amber Premium's digital asset management skills, creating a closed-loop ecosystem [3]. - This collaboration allows AGM to transition from a hardware supplier to a full-stack blockchain solution provider, exploring new asset financing models [4]. Group 3: Future Outlook - Short-term goals include solidifying the technological foundation for RWA, focusing on pilot projects and compliance frameworks [6]. - Medium to long-term strategies involve extending tokenization to AI resources, developing decentralized AI training networks, and creating "computing power finance" products [7]. - The collaboration is seen as a strategic move to integrate blockchain and AI, positioning AGM as a core infrastructure builder for the next generation of the internet [8].

LATEST: ⚡ ETHZilla sold $74.5 million worth of Ethereum to pay off debt and says it will move away from its digital asset treasury strategy, shifting its focus to RWA tokenization instead. https://t.co/ALSW27xSSC ...

ETHZilla sold 24,291 ETH for ~$74.5M to redeem senior secured convertible notes and will discontinue its mNAV dashboard. The company says future value will focus on RWA tokenization revenue, while continuing periodic balance sheet and ETH treasury disclosures. https://t.co/aa9SpgvcqU ...

This week in crypto venture:$176M raised across 22 deals, $1.1B in $BTC DATs, a $100M new fund, and 6 acquisitionsJake (@immutablejacob):Top 5 Crypto Fundraising Rounds this week 👇@lifiprotocol - $29M> API for swaps and bridging across EVM, Solana, and Bitcoin> @multicoin & @coinfund_io@RealFinOfficial - $29M> RWA tokenization network> @Nimbus_Capital_, @Magnus_Fund, & @Frekaz_Group@SurfAI - $15M> AI https://t.co/6WuPi6CnB2 ...

Core Viewpoint - Beijing has intensified its crackdown on cryptocurrencies, particularly focusing on the illegal activities surrounding real-world asset (RWA) tokenization, which has now been explicitly prohibited alongside other crypto activities [1][3]. Group 1: Regulatory Actions - The People's Bank of China (PBoC) has reiterated that virtual currencies do not hold legal status and cannot be used as currency in the market [1]. - In December, seven major financial associations in China declared all RWA tokenization activities illegal, marking a significant regulatory step against this emerging sector [3]. - The coalition of financial associations last mobilized in September 2021 to enforce a ban on exchanges and mining, which drastically reduced China's Bitcoin hashrate from approximately 75% to nearly zero [4]. Group 2: Risks and Concerns - Authorities have expressed concerns that RWA tokenization could lead to serious risks, including the potential for fake assets, project failures, and speculative trading [5]. - There is apprehension that tokenized assets might facilitate capital flight, allowing domestic holders to convert traditional assets into digital tokens and transfer them offshore, circumventing banking and foreign-exchange controls [5]. Group 3: Legal Status of Virtual Currencies - The December notice emphasized that all virtual currencies, including stablecoins, lack legal status and are prohibited from circulation within mainland China [6]. - Individuals and organizations are banned from issuing, exchanging, or raising funds using tokens or stablecoins, even if the issuing company is based offshore but employs staff in China [6].

Core Viewpoint - Linkage Global Inc has entered into a non-binding Letter of Intent to potentially acquire 100% of Cicada Tech Limited for $60 million, which includes $3 million in cash and the remainder in Linkage Global class A ordinary shares [1][2]. Group 1: Company Overview - Linkage Global Inc is a cross-border e-commerce integrated services provider headquartered in Japan, operating through subsidiaries in Japan, Hong Kong, and mainland China [5]. - The company has developed a comprehensive service system that includes cross-border sales and integrated e-commerce services [5]. Group 2: Acquisition Details - The proposed acquisition of Cicada Tech aims to allow Linkage Global to enter the on-chain asset management and RWA tokenization market, enhancing its strategic objectives [2]. - The acquisition is subject to customary financial, technical, and legal due diligence, as well as an independent appraisal of Cicada Tech's enterprise value [2][3]. - The transaction requires negotiation and execution of a definitive purchase agreement, regulatory approvals, and the absence of any material adverse changes [3]. Group 3: Cicada Tech Overview - Cicada Tech Limited specializes in tokenizing real-world assets into liquid, yield-bearing digital instruments, combining proprietary protocol engineering with multi-strategy quantitative portfolios [4]. - The firm emphasizes regulatory compliance and asset security through institutional custody partnerships and smart-contract audits, aiming to bridge traditional capital markets with decentralized finance [4].

RT Gareth Jenkinson (@gazza_jenks)RWA tokenization remains one of the biggest narratives of 2025.I am chatting to @EdwMata from @Brickken about the platform, key trends in RWA tokenization and the future of the world on chainJoin us now on our AMA live on @Cointelegraphhttps://t.co/UtZ32w6YpV ...