Bitcoin Outlook & Market Drivers - Michael Saylor is bullish on Bitcoin in 2026, driven by bank acceptance and credit development within the banking network [4] - Half of the large US banks have started extending credit against IBIT in the past six months, with Charles Schwab and City planning to custody Bitcoin and extend credit against it in the first half of 2026 [4] - The impact of the Bitcoin halving is diminishing, with its $20 million impact being a third-order issue compared to the $50 billion daily liquidity [7] - Structural developments, such as banks extending $50 billion in credit and the SEC loosening restrictions on derivatives trading on IBIT (leading to open interest increasing from $10 billion to $50 billion), are the primary drivers of Bitcoin [8] Digital Asset Treasury (DAT) Companies & Digital Credit - Strategy was the first company to purchase Bitcoin as digital capital, with over 21,000 Bitcoin for $250 million in 2020 [9] - The number of companies holding Bitcoin as digital capital has grown significantly, from a handful to over 200 [11] - Strategy has evolved into the largest issuer of digital credit, with only a few other companies like Strive and MetaPlanet also in the digital credit market [12][13] - The rise of DATs is attributed to a supportive administration, fair value accounting, and Bitcoin's 50% annual growth rate [16][17][19] - Digital credit, offering yields of 600-800 basis points (6-8%) above risk-free rates, is seen as a compelling product powered by digital capital [22] Crypto Company IPOs & Regulatory Environment - The current administration's embrace of digital assets has facilitated crypto company IPOs, including Galaxy Digital, Circle, American Bitcoin, and Gemini [24][25] - Constructive legislation, such as the Genius Act legitimizing stablecoins, has opened the way for crypto exchanges to go public [25] - The industry seeks clarity on tokenizing securities and currencies, raising capital with crypto tokens, and engaging in decentralized finance, with expectations for resolution in the Clarity Act [41][42] Bitcoin vs Altcoins & Institutional Adoption - Bitcoin is positioned as digital capital competing with gold, real estate, and public equity, while stablecoins are digital currency competing with traditional credit card networks [34][35] - Institutional adoption of crypto is expected to continue progressively, driven by positive guidance from banking regulators and banks announcing plans to custody and hold Bitcoin [46][47] - Banks moving into offering credit on digital assets, especially Bitcoin, is seen as beneficial for both banks and Bitcoin, acknowledging the $2 trillion of unbanked wealth [45]

Core Insights - The article discusses the resurgence of convertible bonds, highlighting their growing popularity among both institutional and individual investors, with over $300 billion in outstanding convertible bonds, indicating a potential "golden age" for this asset class [1] Summary by Sections What Are Convertible Bonds? - Convertible bonds are hybrid investments that combine features of both bonds and stock options, providing regular interest payments while allowing conversion into a fixed number of shares of the issuing company's stock [3] Benefits of Convertible Bonds - They offer a steady income stream from interest payments and the potential for profit if the company's stock rises, allowing investors to convert bonds into shares at potentially discounted prices [4] - Convertible bonds are less sensitive to interest rate changes compared to traditional bonds, making them attractive in volatile markets, especially with the potential for interest rates to decline further into 2026 [5] - The convertible bond market is expanding, valued at over $306 billion as of mid-2025, with many tech and AI companies issuing new convertibles to raise capital without immediate equity dilution [6] - They provide access to high-growth companies, as firms like MicroStrategy utilize convertible debt for financing, allowing investors to engage with growth opportunities while mitigating risk [6] - Convertible bonds enhance portfolio diversification by combining equity and debt investments, spreading risk while ensuring steady income [6]

Core Insights - Guofu Quantum (00290) reported a revenue of HKD 1.027 billion for the six months ending September 30, 2025, representing a year-on-year increase of 4564.52% [1] - The profit attributable to the company's owners was HKD 207 million, with basic earnings per share of HKD 0.029 [1] - The group's revenue and net fair value gains from investments recognized in profit or loss amounted to approximately HKD 1.181 billion, a 31.76-fold increase compared to HKD 37.174 million for the six months ending September 30, 2024 [1] Revenue Drivers - The significant increase in revenue was primarily driven by growth in trade and supply chain operations, as well as increased income from securities brokerage and margin financing businesses [1] - The group's equity investment business also contributed to the net fair value gains recognized in profit or loss [1] Profitability Factors - The profitability during the period was mainly due to the increase in revenue and net fair value gains compared to the same period in 2024 [1] - Additional profit was generated from the sale of cryptocurrencies and increased operating profit from the group's main businesses, including securities brokerage and margin financing [1] Future Outlook - The company plans to leverage its traditional financial advantages, focusing on "quantum technology + digital assets" as dual core engines [1] - The strategy involves using quantum technology as a foundation to innovate in digital assets, aiming to advance financial infrastructure and promote financial innovation [1]

Group 1 - The investment philosophy focuses on deep fundamentals, impactful narratives, and Austrian economics, with a primary emphasis on long-horizon research in digital assets, macroeconomic factors, and general value opportunities [1] - Short-horizon research is directed towards options and volatility, aimed at income generation and hedging strategies [1] Group 2 - A global, long-run macro view serves as the foundation for investment considerations in the digital asset space [1]

Turkmenistan has passed a new law legalizing and regulating digital assets, introducing licensing for crypto exchanges and mining companies. The framework will be effective on Jan 1, 2026 and aims to attract investment and support economic diversification, according to government officials. https://t.co/qzKJMgZqaP ...

Product Launch - Binance introduces Binance Prestige, a tailored service for institutional and affluent investors entering the crypto market [1] - The service aims to provide a bespoke, end-to-end experience for clients [1] Target Audience - The service targets institutional and affluent investors [1] - These investors are taking their first steps into crypto [1] Platform Positioning - Binance positions itself as the world's largest and most regulated exchange [1]

Core Viewpoint - Bitcoin has experienced significant volatility and is currently facing a downturn, marking the first negative year since 2023, which raises concerns for investors [1] Industry Insights - Bitcoin has been in existence for 15 years and has undergone 15 major drawdowns, but it has consistently rebounded to new all-time highs, indicating a normal cycle for an emerging asset class [3] - The involvement of Wall Street has contributed to reduced volatility in Bitcoin, which has seen its volatility decrease from 80% to around 50% over the years [5] - Bitcoin is currently about 1.5 times as volatile as the S&P index but also performs 1.5 times better, suggesting a maturing asset class [6] Company Performance - The company has achieved a 70% annual growth rate over the past five years, while Bitcoin has grown at 50% annually during the same period [9] - The company is well-capitalized with over $50 billion in equity and is considered a financial powerhouse within the crypto economy [10] - The company raises capital through selling digital credit or equity to invest in Bitcoin, which is expected to appreciate at 30% annually over the next 20 years [11] - The company offers credit instruments with a 10% dividend yield, which is tax-deferred, creating a strong business model as long as Bitcoin appreciates by at least 1.25% annually [12] - The company's structure is designed to withstand an 80-90% drawdown in Bitcoin prices, maintaining operational stability [13]

LATEST: 📈 Franklin Templeton's head of digital assets, Roger Bayston, says diversified crypto ETFs will be the next major trend, with Bloomberg predicting over 100 new crypto ETFs will launch in the next six months. https://t.co/UFOTzXVjwe ...

As filed with the Securities and Exchange Commission on November 26, 2025. Registration No. 333-291488 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________________ Subversive Bitcoin Acquisition Corp. (Exact name of registrant as specified in its charter) ____________________________ Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standar ...

RT Nick Szabo (@NickSzabo4)Digitally centralized assets have poor deep safety. They were designed in & only work in a legally stable environment.Real estate & gold have deeper safety, assuming strong local security.Trust-minimized Bitcoin uses computer science to achieve unprecedentedly deep safety. ...