Core Insights - Major Wall Street banks are rapidly embracing cryptocurrency, shifting from previous skepticism to active participation in the crypto market [1][4] Group 1: Wall Street's Crypto Initiatives - Morgan Stanley plans to launch crypto trading for E*Trade clients and develop a blockchain wallet solution [2] - The political environment, particularly the Trump administration's pro-crypto stance, is driving Wall Street's engagement with cryptocurrencies [2][3] - The removal of regulatory barriers has facilitated the introduction of new crypto products by major financial institutions [4] Group 2: Merging Financial Systems - There is a growing consensus that a merger between traditional finance and decentralized finance (DeFi) is inevitable [5][6] - Wall Street's acceptance of stablecoins represents a significant shift in financial institutions' approach to digital currencies [7] - Stablecoins, pegged to the U.S. dollar, could evolve into a $2 trillion industry within a few years, according to Treasury Secretary Scott Bessent [8]

Core Viewpoint - Vanguard Group Inc. is considering allowing trading of cryptocurrency-focused exchange-traded funds (ETFs) on its platform, indicating a potential shift in its previously restrictive stance towards cryptocurrencies [1][3]. Company Summary - If Vanguard proceeds with this change, it would provide over 50 million investors access to digital assets, managing approximately $11 trillion in assets [2]. - Currently, Vanguard does not manage any crypto ETFs, and its clients cannot trade Bitcoin and Ether ETFs from other firms on its platform [2]. - Vanguard has historically opposed cryptocurrencies, labeling Bitcoin as unsuitable for long-term investors and describing the asset class as "immature" [3]. - The new CEO, Salim Ramji, has shown interest in blockchain technology and Bitcoin, contrasting with the previous leadership's views [3]. Industry Summary - The launch of spot Bitcoin ETFs in January 2024 has led to significant fund inflows, with Bitcoin ETFs managing over $142 billion, including BlackRock's IBIT with around $84 billion [4]. - The appetite for digital assets remains strong, with substantial investments from hedge funds, pensions, and banks [5]. - BlackRock's Ether fund, ETHA, has accumulated $15 billion in assets, reflecting the growing interest in cryptocurrency products [5].

Core Insights - The SEC has issued a No-Action Letter to DoubleZero, confirming that the programmatic transfers of its 2Z token will not be classified as securities transactions, marking a significant regulatory development for blockchain-based Decentralized Physical Infrastructure Networks (DePIN) [1][4] - The SEC's decision is based on specific disclosures from DoubleZero, indicating that different circumstances could lead to different regulatory outcomes [4] - The ruling allows contributors and users to engage with the DoubleZero network without concerns about securities violations [4] Regulatory Framework - The SEC stated it will not recommend enforcement action if DoubleZero conducts 2Z transfers as outlined by the company's counsel, and the token does not need to be registered as a class of equity securities under Section 12(g) of the Exchange Act [2] - SEC Chairman emphasized that the agency is not attempting to regulate all digital assets but is focusing on tokens that clearly fall under securities laws [3] Token Characteristics - The design of the 2Z token, which is used for value transfer, incentives, and network security rather than equity-like ownership, was crucial to the SEC's position [5] - Commissioner Hester Peirce noted that DePIN projects differ from traditional fundraising, as tokens are distributed as compensation for services rather than as investments seeking profit [6] Economic Reality - Peirce argued that the economic reality of DePIN projects does not meet the criteria of the Howey Test, which defines securities under U.S. law, and treating these tokens as securities could hinder the growth of networks relying on distributed providers [6] - She also stated that blockchain technology should not be forced into regulatory frameworks designed for financial markets, advocating for market-driven success of infrastructure-based projects [7]

Core Insights - SWIFT's development of its own blockchain ledger in partnership with Consensys may hinder the global adoption of digital challengers like Ripple and Stellar [2][7] - Despite the promise of blockchains like Ripple and Stellar as alternatives to SWIFT, they have not significantly impacted SWIFT's market share in cross-border payments [1][5] Group 1: SWIFT's Position and Innovations - SWIFT has been upgrading its infrastructure to meet consumer expectations for faster money transfers, integrating systems like FedNow, but transfers can still take up to five business days [5][6] - SWIFT's innovation labs have been working on blockchain solutions since at least 2022, exploring the integration of central bank digital currencies (CBDCs) and tokenized assets into existing financial systems [6][8] - The organization is positioning itself as an intermediary that connects banks with emerging blockchain platforms, indicating a commitment to blockchain technology [7][8] Group 2: Competitors' Perspectives - Ripple has positioned itself as a direct competitor to SWIFT, arguing that blockchain technology can eliminate the need for intermediaries in financial transactions [3][4] - Stellar also critiques SWIFT's inefficiencies, suggesting that a faster and cheaper blockchain solution should replace the incumbent payment network [4]

Core Insights - The stablecoin market is projected to grow significantly, with Citi forecasting issuance could reach $1.9 trillion by 2030, up from a previous estimate of $1.6 trillion, and potentially soar to $4 trillion in a bull case [2] - Stablecoins are increasingly utilized in various sectors, including crypto trading and e-commerce, with their market cap rising from $200 billion to $280 billion this year [3] - The growth of stablecoins may indicate a breakthrough in blockchain technology's adoption by large institutions, likening it to the early days of the dotcom boom [4] Market Projections - Citi's base case estimates stablecoin issuance at $1.9 trillion by 2030, supporting nearly $100 trillion in annual transactions, although this is small compared to the $5 to $10 trillion moved daily by leading banks [2][4] - The report highlights strong growth in 2025 and numerous project announcements from both crypto-native firms and traditional financial players [2] Adoption and Challenges - Despite the growth potential, many corporate firms remain cautious, showing curiosity rather than enthusiasm towards stablecoins, preferring "bank tokens" that offer safety and regulatory oversight [5] - Significant developments in the stablecoin space have occurred this year, with companies like PayPal expanding their offerings and retailers like Walmart and Amazon considering proprietary stablecoins [5]

Core Insights - Nine major European banks are collaborating to launch a euro-backed stablecoin under the EU's MiCA framework, aiming for a rollout in the second half of 2026 [1] - The initiative is expected to provide a European alternative to US dollar-denominated stablecoins, enhancing Europe's strategic autonomy in payments [1] - The stablecoin will facilitate near-instant, low-cost payments and settlements, enabling 24/7 access to efficient cross-border payments and improvements in supply chain management [1] Group 1 - The collaboration is open to additional banks, indicating potential growth in participation beyond the initial nine [2] - The stablecoin aims to establish a trusted European payment standard in the digital ecosystem, leveraging blockchain technology [2] - The project is led by a newly formed company in the Netherlands, seeking licensing from the Dutch Central Bank as an "e-money institution" [3] Group 2 - Digital payments are highlighted as crucial for new euro-denominated payments and financial market infrastructure, offering efficiency and transparency [3] - A 2024 analysis by Kaiko Research indicates a growing demand for euro-backed stablecoins in European markets, suggesting a shift in crypto trading dynamics [4]

Table of Contents As filed with the U.S. Securities and Exchange Commission on September 24, 2025 Registration No. 333-290018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OBOOK Holdings Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 7372 N/A (Primary Standard Industrial Classification Code Number) (IRS Employ ...

Core Viewpoint - Hedge fund manager Eric Jackson has shifted focus to Better Home & Finance Holding, predicting significant upside potential and likening it to "the Shopify of mortgages" [1][2] Company Overview - Better Home is positioned to revolutionize the $15 trillion mortgage industry by utilizing artificial intelligence (AI) and blockchain technology [2] - The company offers various loan products, including GSE conforming loans, FHA-insured loans, and VA-guaranteed loans, along with real estate and insurance services [4] Financial Performance - Better Home's Q2 results showed a 25% year-over-year increase in funded loan volume to $1.2 billion and a 37% rise in sales to $44.1 million, despite challenging macroeconomic conditions [5] - The direct-to-consumer business has a 13% contribution margin with revenue per loan at $78.86, while the Tinman AI platform for retail loan officers boasts a 40% contribution margin [7] Technology and Efficiency - The company's AI assistant "Betsy" processed 600,000 consumer interactions in Q2, improving lead-to-lock conversion rates from 3.3% to 4.4% [6] - AI underwriting now manages 43% of locked loans, with a target of 75% penetration, significantly reducing the cost to originate to about half the industry average [6] Market Position and Valuation - Better Home is currently trading at 1x forward sales, in stark contrast to Figure Technology Solutions at 19x, despite Better Home's faster growth rate [2] - Jackson predicts that Better Home could become a "350-bagger" within two years, similar to early investments in Carvana and Opendoor [3]

Core Insights - Archetype has launched a new $100 million venture fund focused on early-stage blockchain companies, marking a return to the market after previous fundraising efforts during a crypto boom [1][4] - The founder, Ash Egan, believes blockchain technology is on the brink of mainstream adoption, comparing the current phase to the internet's evolution from "post-AOL, pre-Uber" [2] - The firm has experienced significant successes in its portfolio, including the acquisition of wallet provider Privy by Stripe and a reverse merger involving US Bitcoin Corp [5] Fundraising and Investment Strategy - Archetype's previous funds include a $55 million fund raised in 2021 and a $155 million fund in 2022, with the current fund being intentionally smaller at $100 million to ensure quality backers [4] - The investor base for the new fund includes pensions, endowments, sovereign wealth funds, and notable venture firms like Accolade Partners, TrueBridge Capital, and Sapphire Ventures [4] - The firm has distributed around $10 million from its first fund back to investors, emphasizing a long-term investment approach [6] Market Context and Future Outlook - The current regulatory environment and institutional interest from Wall Street are seen as favorable conditions for the crypto sector to achieve a breakthrough [3] - Egan's experience in the crypto space dates back to 2015, when he first invested in blockchain technology, indicating a deep understanding of market trends [7] - Archetype currently manages approximately $350 million in assets, with significant liquid investments in cryptocurrencies such as Solana and Ethereum [5]

Core Insights - Institutional demand for blockchain technology has led to the emergence of a new unicorn, Zerohash, which raised $104 million at a $1 billion valuation [1][4] - Zerohash specializes in providing infrastructure for financial institutions and fintechs to develop products related to stablecoins, crypto trading, and tokenization [2] - The significant increase in Zerohash's valuation from $340 million in 2022 to $1 billion indicates a resurgence in the crypto market, supported by traditional finance institutions [4][5] Company Overview - Zerohash is a crypto and stablecoin infrastructure company based in Chicago, focusing on enabling financial institutions to create their own stablecoin and crypto trading products [1][2] - The company has evolved through various names and has consistently aimed to build crypto infrastructure for financial institutions since its inception [7] - The founder and CEO, Edward Woodford, has a background in finance and has been involved in the crypto space for nearly a decade [6][8] Investment Landscape - The funding round was led by Interactive Brokers, with participation from major financial players like Morgan Stanley, Apollo Global Management, and fintech SoFi [1][3] - The backing from traditional finance institutions reflects a shift in Wall Street's approach to digital assets, moving beyond initial skepticism [5][8] - The current regulatory environment under President Donald Trump is seen as favorable for financial institutions to engage more actively in the crypto space [8]