Core Insights - Circle Internet Group (CRCL) is making significant progress in reducing its reliance on interest-rate-driven reserve income as non-interest revenues grow rapidly [1][4] - Other revenues surged to $29 million in Q3 2025 from less than $1 million a year ago, driven by subscriptions, services, and transaction fees [1][10] - Subscription and services revenues reached $23.6 million, primarily from blockchain network partnerships, indicating a shift towards higher-margin, recurring revenue streams [2][10] - Management raised its full-year 2025 other revenue guidance to $90-$100 million, reflecting improved visibility into non-reserve income [3][10] - Despite reserve income being the largest contributor currently, the growth in non-interest revenues suggests a more durable revenue base is being established [4] Competitive Landscape - Visa and Mastercard represent advanced stages of the payment-network ecosystem, monetizing large transaction volumes through fees, which is a model Circle aims to adopt [5][6] - Visa generates $40 billion in fiscal 2025 revenues primarily from processing and service fees, operating at a larger global scale compared to Circle [6] - Mastercard competes with Circle by focusing on transaction and services-driven platforms, generating growth from value-added services that scale with network usage [7] Financial Performance - Circle's stock has declined 59.7% over the past six months, underperforming the broader Zacks Finance sector's return of 7.7% and the Zacks Financial - Miscellaneous Services industry's decline of 16% [8] - Circle appears overvalued with a forward 12-month price-to-sales ratio of 5.92, higher than the industry's average of 3.36 [12] - The Zacks Consensus Estimate for 2025 loss is pegged at 87 cents per share, with the 2026 earnings estimate at 90 cents per share, reflecting slight downward adjustments [15][16]

Group 1 - Applied Digital designs, builds, and operates data centers for AI, cloud, networking, and blockchain workloads, contributing to an average annual gain of 77% over the past decade and a 232% gain over the past year [2] - The demand for data center capacity is projected to triple worldwide by 2030, with Applied Digital signing deals worth $11 billion for data center capacity [2] - The company's price-to-sales ratio has increased from around 5 in 2024 to 38, indicating a lack of margin of safety, and it has been incurring losses due to high spending to meet demand [3] Group 2 - Despite the growth potential, there are concerns about the stock being overvalued and the company not being profitable at the moment [5] - Analysts have identified 10 stocks that are considered better investment opportunities than Applied Digital [6]

Group 1: Digital Asset Strategy Overview - South Korea has unveiled a comprehensive digital asset strategy as part of its "2026 Economic Growth Strategy," marking a shift towards institutional adoption and industry development [1] - The strategy includes stablecoin legislation, spot ETF approvals, and blockchain-based government payments, representing the most significant overhaul since the Terra-Luna collapse in 2022 [1] Group 2: Stablecoin Legislation - The Financial Services Commission (FSC) will finalize the "Digital Asset Phase 2 legislation" by Q1 2026, establishing a regulatory framework for stablecoins [2] - Stablecoin issuers will need government authorization, maintain reserve assets equivalent to at least 100% of issued tokens, and guarantee users' redemption rights [2][3] - The framework aims to prevent incidents similar to the 2022 Terra-Luna crisis, which resulted in a loss of approximately $40 billion in market value [3] Group 3: Spot Crypto ETFs - South Korea plans to introduce spot digital asset ETFs in 2024, following successful launches in the United States and Hong Kong [4] - This regulatory change will allow domestic investors access to cryptocurrency ETFs, which were previously not recognized as eligible underlying assets [4] - Market observers anticipate that this approval will accelerate institutional participation, including investments from pension funds and corporate treasuries [5] Group 4: Blockchain in Public Finance - The strategy includes integrating blockchain technology into government operations, with a goal of executing one-quarter of national treasury disbursements using digital currency by 2030 [6] - A pilot program will launch in H1 2026, applying deposit tokens to subsidies for electric vehicle charging infrastructure, with potential expansion to other vouchers and subsidies [7] - This approach aims to enable real-time tracking of fund usage, reduce administrative costs, and eliminate subsidy fraud [7]

Core Insights - Wyoming has transitioned from a state known for traditional industries to a hub for cryptocurrency, embracing digital assets and creating a favorable legal environment for crypto companies [1][2] Group 1: Legal Framework and Innovation - Wyoming has established itself as a leader in drafting comprehensive crypto laws, creating a legal "bridge" between traditional law and digital assets, which provides specific protections for crypto companies [2] - The state has launched the Frontier Stable Token (FRNT), the first stablecoin issued by a US state, aimed at providing a stable digital currency pegged to the U.S. dollar [3] Group 2: Financial Structure and Management - FRNT is backed by cash and short-term US Treasuries, with state law requiring additional reserves, ensuring that the stablecoin is overcollateralized with a +2% buffer [4] - The reserves for FRNT will be managed by Franklin Templeton, a major investment firm with over $1 trillion in assets, while custody will be handled by Fiduciary Trust Company International [4] Group 3: Market Position and Profit Utilization - The stablecoin market is currently valued at over $312 billion, with significant profits generated by stablecoin issuers like Tether, which reported over $10 billion in profits by Q3 2025 [6] - Unlike other stablecoin issuers, Wyoming plans to allocate all profits from FRNT to fund education through the Wyoming School Foundation Program, rather than distributing profits to shareholders [7]

Major financial institutions, including JPMorgan and Visa, are increasingly turning to for real-world money settlements. In December 2025, Visa launched its USDC settlement program in the United States, enabling U.S. banks to settle obligations using Circle’s USDC stablecoin directly on the Solana blockchain. Early participants such as Cross River Bank and Lead Bank helped the program reach more than $3.5 billion in annualized settlement volume by late 2025, with Visa planning a wider rollout to additional ...

As filed with the U.S. Securities and Exchange Commission on January 8, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 CYBERSCOPE WEB3 SECURITY INC. (Exact name of registrant as specified in its charter) Cayman Islands 7372 Not Applicable (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) 71 Fort Street, PO Box 500, George Town ...

Core Viewpoint - JPMorgan aims to create a "regulated, interoperable digital money" through its JPM Coin, facilitating secure and near-instant transactions across financial markets [1] Group 1: JPM Coin Development - JPMorgan plans to expand JPM Coin beyond the Ethereum Layer 2 network, Base, to include Digital Asset's Canton Network and other blockchain platforms, aiming for a multichain settlement system for institutional payments [2] - The introduction of JPM Coin on multiple blockchain networks is intended to establish a foundation for regulated digital money, allowing institutions on Canton to transact with JPM Coin securely and instantly [3] Group 2: Operational Details - JPM Coin functions as a deposit token representing U.S. dollar deposits at JPMorgan, enabling institutional clients to make payments using a digital token on distributed ledgers [3] - Currently, JPM Coin is available to institutional clients on Base, allowing secure and near-instant value transfers, but only to whitelisted wallet addresses to ensure compliance [4] - Unlike JPMorgan's private Kinexys network, JPM Coin operates entirely on public blockchain infrastructure, recording transactions directly on-chain [5][6] Group 3: Use Cases and Benefits - The bank's Kinexys Digital Payments network allows institutional clients to conduct cross-border foreign exchange payments, enhancing efficiency and reliability in multi-currency transactions [5][6] - For instance, Siemens utilizes Blockchain Deposit Accounts for near-instant USD-to-EUR payments, improving liquidity management within its treasury platform [6]

Core Viewpoint - Bank of America analysts upgraded Coinbase to "Buy" from "Neutral," citing its leadership in tokenization and potential benefits from its blockchain network [1] Group 1: Product Developments - Coinbase recently launched Coinbase Tokenize, which offers asset managers services like issuance, custody, compliance, and access to a large client base [3] - The exchange's product offerings are expanding, including stock trading and prediction markets, which could enhance revenue streams [1][3] - Coinbase's Ethereum layer-2 scaling network, Base, is being utilized to expand its blockchain infrastructure, supporting products like Bitcoin-backed lending [4] Group 2: Market Position and Growth Potential - Analysts believe Coinbase is uniquely positioned in the market as asset managers show interest in digital representations of securities, highlighting a non-consumer-facing product [2] - The growth areas for Coinbase's tokenization vision include stocks, ETFs, real estate, and private companies [3] - The potential launch of a native currency for Base could provide significant financial benefits to Coinbase, with analysts estimating it could raise billions of dollars [5][6] Group 3: Stock Performance - Coinbase shares were trading around $248, reflecting a 1% increase, but are approximately 40% below their July high of $444 [4] - Analysts noted an increase in the exchange's "product velocity," indicating a positive outlook for future performance [4]

Group 1 - In 2025, nearly 75,000 new Chinese blockchain startups emerged, bringing the total to just under 290,000, marking the highest growth rate since 2021 [1] - The growth of blockchain startups is largely driven by government initiatives, with special blockchain zones established in various cities to support these ventures [2] - South China accounted for 32.5% of the newly registered blockchain companies, indicating a regional concentration of growth in the sector [3] Group 2 - The blockchain industry in China is projected to nearly double in size by 2027, reaching a total value of $1.4 billion [4] - Chinese firms are increasingly applying blockchain technology across various sectors, including food, supply chain financing, and legal services, with implications for AI expansion as well [5] - Traditional financial institutions in China, such as Huaxia Bank, are utilizing blockchain for digital currency transactions, exemplified by the issuance of over $637 million in bonds to digital yuan investors [5]

Company Overview - Troops (TROO) is valued at $489 million and operates as a conglomerate involved in money lending, property investment, and the management of an online financial marketplace that offers financial technology solutions [2]. Stock Performance - Since the Trend Seeker issued a "Buy" signal on December 8, 2022, TROO has surged by 179% [3][5]. - The stock has increased nearly 140% over the past 52 weeks and reached a new three-year high of $4.89 on January 8, 2023 [4][5]. - TROO has a Weighted Alpha of +187.32 and a 100% "Buy" opinion from Barchart [6]. Valuation Insights - Despite the significant price increase, Morningstar estimates that TROO is still 44% undervalued, with a fair value of $7.80 [5]. Technical Indicators - The stock recently traded at $4.30, with a 50-day moving average of $1.81 [6]. - TROO has made 15 new highs and gained 172.08% in the last month, with a Relative Strength Index (RSI) of 84.24 [6]. - There is a technical support level around $3.96 [6].