Financial Data and Key Metrics Changes - Total revenue reached $21.1 million, up 62% year-over-year, marking the third consecutive quarter of acceleration [11][12] - Adjusted EBITDA margin reached 40% in Q3, compared to 14% a year ago, excluding non-recurring items [15] - Net interest margin on margin loans improved 44 basis points to 1.63% [12][15] Business Line Data and Key Metrics Changes - Tech financing fee on supply chain loans reached $15.6 million, up 51% year-over-year, driven by strong hash rate loan growth [11] - Tech platform fee on margin loans roughly doubled year-over-year to $5.5 million [11] - Total loans facilitated on NLPaaS Prime reached $2.4 billion, up 60% year-over-year [12] Market Data and Key Metrics Changes - The number of institutional clients increased 28% year-over-year in Q3 [12] - Total value of loans (TVL) per customer on a 12-month rolling basis increased 55% year-over-year [12] Company Strategy and Development Direction - Company is focusing on globalization and the NLPaaS RWA hub as strategic priorities for growth [5][6] - The acquisition of Prestige Wealth, renamed Aurelion, is a pivotal milestone in the company's treasury strategy [9] - Aurelion aims to become a $10 billion Tether Gold DATT over time, enhancing the company's collateral resiliency [9][17] Management's Comments on Operating Environment and Future Outlook - Management expects fourth quarter revenue to range between $26 million and $28 million, representing 94%-109% growth year-over-year [15] - The company is leveraging its platform to drive sustainable revenue growth and expand margins while positioning for long-term global expansion [15][16] Other Important Information - The company facilitated a $206 million bridge loan to Nakamoto for their digital asset treasury [5] - Funding costs on supply chain loans declined to 5.18%, down 29 basis points from a year ago [12] Q&A Session Summary Question: Is the fourth quarter guidance assuming any benefit from Aurelion, or is it all organic? - Management clarified that they do not derive revenue from Aurelion; instead, Aurelion raises capital and lends gold to strengthen the company's balance sheet [21][22] Question: Can you expand on pricing power in the business? - Management noted that despite the Fed decreasing interest rates, they have maintained tech fees and improved margins due to branding power and scale [24] Question: What is the proper range for net interest margin, and what is the average loan per customer? - The average loan amount for supply chain loans is roughly $32 million, and for margin loans, it is approximately $47 million, both growing over 50% year-over-year [33]

Core Viewpoint - The emergence of Real-World Assets (RWA) in the hotel industry reflects both the challenges faced by traditional hotel operations and the potential for democratizing investment opportunities through blockchain technology [1][2][3] Group 1: RWA Overview - RWA stands for Real-World Assets, which refers to the tokenization of tangible and intangible assets using blockchain technology, allowing for ownership, trading, and fractionalization [3][4] - The hotel RWA model allows for the division of hotel assets into smaller, tradable units, enabling investors to hold shares starting from as low as $100 [1][3] Group 2: Strategic Development - A "three-step" strategy has been agreed upon to advance the digitalization of hotel assets, with the first phase aiming to complete the on-chain confirmation of $500 million in hotel properties by Q4 2025 [2] - The issuance of compliant hotel REITs tokens is planned for Q1 2026, followed by the integration of DeFi protocols by Q2 2026 [2] Group 3: Industry Challenges - The traditional hotel industry faces significant structural challenges, including low asset liquidity, limited financing channels, and high investment thresholds, which hinder effective capital allocation [9][10] - The hotel asset market is characterized by long investment cycles and difficulties in converting high-value properties into liquid capital, especially during economic downturns [9][10] Group 4: Regulatory Environment - Hong Kong's regulatory framework for digital assets has evolved, with the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0," indicating a shift towards a more structured approach to digital asset management [6][7] - Compliance with the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) is essential for RWA issuance, which typically involves special purpose vehicles (SPVs) and cross-border tokenization [6][12] Group 5: Market Opportunities - The RWA model is seen as a means to enhance liquidity and democratize investment in the hotel sector, potentially allowing for a broader range of investors to participate [10][13] - The integration of RWA technology could lead to more accurate asset valuations and improved market recognition of hotel assets, transforming them from mere properties into investment vehicles [13][14]

Group 1 - The Hong Kong FinTech Summit highlighted significant advancements in cryptocurrency regulation, showcasing Hong Kong's leading position in the Web3 space through initiatives like the licensing regime for virtual asset trading platforms and the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" and "Stablecoin Regulations" [1] - Professor Wang Yang emphasized the need for a regulatory approach that empowers businesses rather than merely enforcing rules, advocating for a flexible and transparent regulatory framework to foster innovation and balance regulation with market vitality [1] Group 2 - New Fire Technology (1611.HK) reported substantial growth since its strategic shift to a "private banking-level digital asset custodian," with a significant increase in high-net-worth clients and an expected rise in asset management scale from $40 million to $500 million [2] - The launch of the new international business brand "Bitfire" aims to establish a global licensed trading matrix, drawing inspiration from the compliant exchange BitTrade in Japan, and will include various trading platforms such as Bitfire Exchanges and Bitfire Prime [2] Group 3 - The panel discussion on "Asset Tokenization" addressed core challenges such as transparency and legal integration, while the topic of "Institutional Liquidity and Future Exchange Forms" highlighted concerns over fragmented liquidity and opaque risk management, calling for collaborative efforts to build liquidity hubs [3] - Discussions on the integration of traditional capital with digital assets provided practical advice on areas like cognitive alignment, asset collaboration, and cross-jurisdictional compliance, emphasizing the importance of a secure framework for high-net-worth clients entering the crypto space [3]

Core Insights - Datavault AI Inc. announced the Dream Bowl 2026 event, featuring a unique selection of top athletes and esports competitions, scheduled for January 11, 2026, at AT&T Stadium in Dallas, Texas [1][2] - The company will distribute a special commemorative meme coin to shareholders of Datavault AI and Scilex, aimed at enhancing shareholder value and celebrating the upcoming Dream Bowl [2][3] - The CEO of Datavault AI emphasized the innovative approach of integrating token economics and AI systems to identify talent and achievements, marking a significant step towards the Web 3.0 era [3] Company Initiatives - Datavault AI is collaborating with Scilex Holding Company to distribute a unique digital collectible to eligible shareholders, which will include immutable ownership certificates and exclusive content related to the event [2][3] - The distribution of the meme coin is set to occur after the final athlete list is confirmed, with a snapshot date of November 14, 2025, and the airdrop to occur post-confirmation [2] - The company aims to leverage its DataScore® and DataValue® systems to revolutionize data valuation and monetization, aligning with industry leaders' strategies for asset tokenization [3] Industry Context - The Dream Bowl event will not only feature traditional sports but also include professional drone racing and esports championships, showcasing a blend of athletic and digital competition [1] - The integration of blockchain and AI technologies is expected to create a more equitable selection experience for college athletes, reflecting a shift towards transparency and opportunity in sports [3] - Datavault AI's focus on data platforms and immersive technologies positions it as a key player in the growing digital economy, with applications across various sectors including sports, entertainment, and finance [4][5]

Core Insights - The global crypto asset management scale (AUM) has surpassed $120 billion in 2024, with the stablecoin market projected to reach $2.8 trillion by 2028 and real-world asset (RWA) tokenization expected to hit $16 trillion by 2030 [1][2] - HashKey Group has launched a one-stop service platform called HashKey Crypto-as-a-Service (CaaS) aimed at lowering the entry barriers for Web3 and connecting traditional finance with digital finance [1][2] Group 1 - HashKey CaaS will leverage the group's focus on RWA and the financial blockchain HashKey Chain to integrate on-chain services, asset tokenization, liquidity, institutional-grade custody, and security systems [1] - The platform aims to help financial institutions establish digital asset operations with lower costs, shorter timelines, and higher efficiency [1] Group 2 - The CaaS service provides full lifecycle support from legal structure design, smart contract development, asset issuance, distribution, to ongoing management, significantly simplifying the on-chain deployment process [2] - HashKey Group has obtained digital asset licenses in key markets such as Singapore, Dubai, Japan, and Bermuda, with plans to expand into Europe and the UAE [1]

Core Insights - The emergence of "on-chain debt" in the U.S. signifies a shift in the country's debt output strategy, leveraging blockchain technology to tokenize U.S. Treasury products, which have surged from under $1.3 billion to over $7 billion recently [1][3] - The rapid growth of stablecoins, particularly Tether's USDT, which has become a significant buyer of U.S. debt, indicates a new phase in the U.S. financial hegemony and raises concerns about the global financial order [1][5] Group 1: On-Chain U.S. Debt Growth - The market for tokenized U.S. Treasury bonds reached a new high of $7.45 billion by late August 2023, up from less than $1.3 billion in mid-2022 [3] - Asset tokenization, particularly of U.S. Treasuries, is seen as a bridge between traditional finance and decentralized finance, with major firms like BlackRock launching tokenized funds [3][6] - The U.S. Senate's passage of the "Genius Act" in June 2023 aims to regulate stablecoins, further integrating them into the financial system [5] Group 2: Role of Stablecoins - Tether's USDT, with a market cap nearing $150 billion, and Circle's USD Coin, exceeding $60 billion, have significant portions of their reserves invested in U.S. Treasuries [5][6] - Tether became the seventh largest foreign buyer of U.S. debt in 2024, net purchasing $33.1 billion, highlighting the growing influence of stablecoins in U.S. debt markets [5][6] Group 3: Implications for Global Financial Order - The rise of "on-chain debt" reflects a transformation in U.S. debt distribution, utilizing blockchain as an efficient infrastructure for global financing [6][8] - The integration of stablecoins as collateral in on-chain lending and their increasing use as a benchmark for interest rates may reinforce the dollar's dominance [7][8] - The "Genius Act" could lead to a rapid rise in decentralized payment activities, potentially disrupting existing global payment systems [8]

Group 1 - The Federal Reserve's payment innovation meeting is the focal point of the week, with attention on regulatory stances regarding digital currencies, AI, and fintech [1] - The speeches by Governors Waller and Barr may signal new policy directions, providing clues for future decision-making [1] - The CPI data to be released on Friday is a key market indicator; a cooling core CPI could weaken dollar support, benefiting gold and risk assets [1] Group 2 - The API and EIA inventory reports, along with drilling data, will guide the supply-demand dynamics in the energy market [2] - Rising inventories may pressure oil prices, while declining inventories or heightened geopolitical risks could lead to short-term rebounds [2] - Market volatility is expected to increase due to inflation data and Federal Reserve officials' speeches; investors are advised to maintain light positions and respond flexibly to sudden fluctuations [2]

Core Insights - The first Finternet 2025 Asia Digital Finance Summit will be held on November 4 in Hong Kong, focusing on three main pillars: regulatory dialogue, institutional participation trends, and application scenarios [1] - The summit aims to connect the real economy with the Web3 world, promoting a vision of building a global compliant network for efficient collaboration among ecosystem partners [2] Group 1: Event Details - The summit will cover industry hot topics such as regulatory compliance, cross-border payments, asset tokenization, and digital asset investment [1] - Notable industry leaders, including Alex Manson from SC Ventures and Lily Liu from the Solana Foundation, will be in attendance, along with representatives from BlackRock, Franklin Templeton, Visa, and Circle [1] Group 2: Objectives and Vision - The brand vision of the Finternet Asia Digital Finance Summit is encapsulated in the phrase "Bridge Ideas with Solutions," aiming to serve the real economy and connect the Web3 world [1] - The agenda will focus on compliance opportunities, regulatory paths for digital assets, institutional participation, application scenarios, and the development of Digital Asset Treasuries (DAT) and Real World Assets (RWA) [2]

Core Viewpoint - The strategic partnership between Derin Holdings and Antalpha aims to leverage their respective strengths in traditional finance and digital assets to develop innovative financial solutions and unlock significant market potential in the digital asset ecosystem [1][3]. Group 1: Strategic Cooperation Framework - The partnership will focus on several core areas, including a Bitcoin mining strategic alliance to support Derin Holdings' goal of becoming a leading publicly listed Bitcoin mining company in Asia [1]. - The collaboration will also enhance and expand the Tether Gold (XAU) global ecosystem, aiming to create a comprehensive infrastructure that connects traditional precious metal markets with innovative digital asset solutions [1]. Group 2: Antalpha's Role - Antalpha is a leading fintech company listed on NASDAQ, specializing in providing financing, technology, and risk management solutions for the digital asset industry [2]. - Through its Antalpha Prime technology platform, Antalpha offers Bitcoin supply chain and margin lending services, enabling clients to initiate and manage digital asset loans with near-instant data monitoring of collateral holdings [2]. Group 3: Investment in XAU - Derin Holdings plans to purchase approximately $5 million worth of XAU through its wholly-owned subsidiary DL HODL Limited, reflecting the company's strategic confidence in gold as a long-term store of value and its applicability for tokenization and financial innovation [2]. - Holding XAU aims to diversify the risks associated with digital assets on the balance sheet, increase participation in the growing tokenized gold ecosystem, and gain practical experience in integrating gold-backed tokens into structured finance and wealth management products [2]. Group 4: Industry Implications - The strategic cooperation marks a significant milestone in the integration of traditional finance and the digital asset ecosystem, aligning with global trends in asset tokenization and supporting Hong Kong's vision to become a leading regulated digital finance hub [3]. - The partnership is expected to enhance Derin Holdings' competitive advantage in the digital asset and real-world asset (RWA) sectors, driving sustainable growth and creating value for shareholders [3]. - By collaborating with Antalpha, Derin Holdings can more effectively allocate financial and operational resources to expand its Bitcoin mining capabilities, optimizing operations through Antalpha's expertise in financing, infrastructure, and technology support [3].

Core Viewpoint - The company has entered into a non-binding strategic cooperation agreement with Antalpha Platform Holding Company to leverage their respective strengths in traditional finance and digital assets, aiming to develop innovative financial solutions and unlock significant market potential in the digital asset ecosystem [1][3]. Summary by Sections Strategic Cooperation Framework - The strategic cooperation framework will focus on multiple core areas, including a Bitcoin mining strategic alliance and the development of the Tether Gold (XAU₮) ecosystem [2]. - The goal of the Bitcoin mining alliance is to support the company in becoming a leading publicly listed entity in Asia with significant Bitcoin mining power [2]. - The collaboration aims to enhance and expand the global ecosystem of Tether Gold, connecting traditional precious metals markets with innovative digital asset solutions [2]. Investment in Tether Gold - The company plans to purchase approximately $5 million worth of XAU₮ through its wholly-owned subsidiary, demonstrating confidence in gold as a long-term store of value and a basis for tokenization and financial innovation [3]. - Holding XAU₮ is intended to diversify risks associated with digital assets, increase participation in the growing tokenized gold ecosystem, and gain practical experience in integrating gold-backed tokens into structured finance and wealth management products [3]. Importance of the Cooperation - The strategic cooperation marks a significant milestone in the integration of traditional finance with the digital asset ecosystem, aligning with the company's vision of combining traditional financial expertise with cutting-edge digital asset innovations [3]. - This partnership is expected to drive sustainable development, enhance the company's competitive advantage in the digital asset and real-world asset (RWA) sectors, and create value for shareholders by expanding business opportunities [3]. - The collaboration supports the global trend of asset tokenization and aligns with the Hong Kong government's vision of establishing the region as a leading regulated digital financial center [3]. Operational Efficiency - Through the partnership with Antalpha, the company can more effectively allocate financial and operational resources to expand its Bitcoin mining capabilities [4]. - Antalpha's expertise in financing, infrastructure, and technical support will optimize the company's mining operations, including hardware selection, site hosting, energy management, and real-time software, thereby enhancing operational efficiency and competitiveness in Bitcoin mining [4]. - Continuous support from Antalpha will enable the company to maximize mining performance, reduce downtime, and promote long-term accumulation of digital assets as a core business [4].