Core Viewpoint - Coinbase is expected to report strong third-quarter earnings, with analysts predicting a significant increase in both earnings per share and revenue compared to the previous year [1] Revenue Expectations - Analysts estimate Coinbase will report earnings per share (EPS) of $1.14, up from $0.28 in Q3 last year, and revenue of $1.8 billion, an increase from $1.2 billion in the same period of 2024 [1] Analyst Perspectives - JP Morgan's Kenneth Worthington is optimistic, upgrading Coinbase to "Overweight" with a price target of $404 for December 2026, driven by the potential launch of a Base token that could add significant equity value [3] - Barclays' Benjamin Budish shares a positive revenue outlook but maintains an "Equal Weight" rating, forecasting adjusted EBITDA to be 6% above consensus, with total Q3 transaction revenue estimated at $1.05 billion [5][6] - Compass Point's Ed Engel is more cautious, maintaining a "Sell" rating due to concerns over lower-margin subscription revenues and the impact of USDC and staking payouts on profitability [7] Market Dynamics - Worthington believes the Base token could command a market cap between $12 billion to $34 billion, potentially adding $14 to $42 per share in equity value for Coinbase [3] - Engel expresses skepticism about the Base token's potential, indicating a lack of conviction in its long-term impact [8]

美国证券交易委员会 （SEC）的诉讼阴云已然散去，长期以区块链支付公司自居，却鲜有实际业务的瑞波实验室 （Ripple Labs）终于踏上一条收购之 路，向打造价值数十亿美元、货真价实的加密货币帝国迈进。 瑞波实验室首席执行官布拉德·加林豪斯（Brad Garlinghouse）。图片来源：Stephen McCarthy/Sportsfile/Collision/Getty Images 原文标题：《瑞波实验室的1800亿美元转型之路》 2024年3月，我们曾发布一篇关于"僵尸区块链"的报道，列出至少50个市值超十亿美元，主要靠投机而非实际应用支撑的加密货币项目。力图取代全球银 行信息服务系统SWIFT，却壮志未酬的瑞波名列榜首。当时其市值达360亿美元，年手续费收入却仅为58.3万美元。 但近来瑞波实验室发展势头迅猛。 在私募市场，该公司股价目前在135美元至170美元之间波动，较年初上涨约2至3倍，估值介于220亿至300亿美元之间。作为参考，这一估值已接近稳定币 发行商Circle。瑞波欲与Circle展开竞争，还曾试图在其6月首次公开募股（IPO）前将其收购。目前 Circle的估值约为340亿美元 ...

It’s a busy start to the week for crypto today, with Bitcoin quietly heating up just as markets brace for the news on the upcoming FOMC meeting. Most traders are betting on a 25 bps rate cut, and that tiny policy tweak could end up lighting a serious spark across crypto. Right now, the prediction on bitcoin price floating around hopes that if Jerome Powell hints at easier conditions ahead, Bitcoin could finally push into a new zone of strength. Bitcoin sits at above $113,000, still down about 0.7% since y ...

Core Insights - Zhao Changpeng, the founder of Binance, is ranked 13th on the 2025 Hurun Rich List with an estimated wealth of 190 billion RMB, which he disputes, suggesting it should be divided by 100 [1][4] - There is a debate within the crypto community regarding the true valuation of Zhao's wealth, with some arguing that Binance's profits are significantly underestimated, comparing them to Alibaba's [1][6] Wealth Estimation - The 2025 Hurun Rich List estimates Zhao Changpeng's wealth at 190 billion RMB, but the methodology for valuing private companies like Binance is complex and less transparent [4] - Zhao's comment about dividing his wealth by 100 challenges the credibility of the Hurun list and has sparked discussions about whether his wealth is overestimated or if he is intentionally downplaying it [4] Community Perspectives - Some crypto community leaders argue that the Hurun list's valuation is intentionally misleading and does not accurately reflect Zhao's wealth [6] - An analysis suggests that Zhao's family office, YZi Labs, manages around 10 billion USD, and Binance's revenue for 2024 is projected to reach 16.8 billion USD [6] Profit Calculation Controversy - Binance's token burn mechanism indicates that the company may have a quarterly profit of approximately 6.4 billion USD, based on the recent token burn valued at about 1.208 billion USD [6] - This profit estimation is compared to Alibaba's second-quarter profit of 4.678 billion USD, suggesting Binance's profitability could be higher [6] Valuation Methodology Issues - The core of the valuation debate lies in the assumption that the value of burned BNB tokens directly correlates with Binance's profits, which may not hold true if the company has altered its token burn policy [8] - Critics point out that Binance may have modified its white paper regarding the token burn rules, making it difficult to accurately estimate profits based on token burns [8][12] Financial Transparency - The lack of audited financial statements for Binance complicates the ability to ascertain its true financial status, making any estimates based on public data speculative [12]

Core Viewpoint - The article discusses the wealth estimation of Zhao Changpeng, the founder of Binance, as reported in the 2025 Hurun Rich List, highlighting the controversy surrounding the accuracy of this estimation and the implications for the cryptocurrency industry [3][8][10]. Group 1: Wealth Estimation and Rankings - Zhao Changpeng ranks 13th on the 2025 Hurun Rich List with an estimated wealth of 190 billion RMB, which has increased by 41% [3][4]. - The list includes other notable figures, with the top position held by Zhong Teng Teng at 530 billion RMB, reflecting significant wealth growth among the top earners [4]. - Zhao's wealth estimation has sparked debate, with some in the crypto community suggesting it is significantly underestimated [7][10]. Group 2: Controversy and Response - Zhao Changpeng publicly disputed the wealth estimation, suggesting it should be divided by 100, which would drastically alter perceptions of his financial status [6][9]. - The controversy has led to discussions about the transparency and accuracy of the Hurun Rich List, particularly for private companies like Binance [8][21]. Group 3: Profitability and Valuation - Analysis from the crypto community suggests that Binance's profits may be underestimated, with claims that the company's family office manages around 10 billion USD and projected revenues for 2024 reaching 16.8 billion USD [14]. - Binance's recent token burn, valued at approximately 1.208 billion USD, implies a quarterly profit of around 6.4 billion USD, surpassing Alibaba's reported profit of 4.678 billion USD for the same period [15][16]. - However, the methodology linking token burn value to profit has been questioned, as Binance may have altered its token burn rules, complicating accurate profit estimations [19][20].

Core Viewpoint - Four Chinese concept stocks have been suspended from trading by the U.S. Securities and Exchange Commission (SEC) due to allegations of stock price manipulation shortly after their IPOs [1] Group 1: QMMM Holdings (QMMM.US) - The SEC suspended trading of QMMM Holdings Ltd. after its stock price surged over 100 times in less than a week [2] - The company announced plans to establish a "diversified cryptocurrency vault" with an initial scale of $100 million, targeting Bitcoin, Ethereum, and Solana [2] - Following the announcement, the stock price skyrocketed, but the SEC's intervention indicates potential market manipulation [2] Group 2: Smart Digital Group Ltd. (SDM.US) - The SEC also suspended trading of Smart Digital Group Ltd. for similar reasons related to stock price manipulation [2] - The company had announced plans to create a "diversified cryptocurrency asset pool" focused on Bitcoin and Ethereum, but its stock price has since declined [2] Group 3: Etoiles Capital (EFTY.US) - The SEC decided to suspend trading of Etoiles Capital Group Co., Ltd. due to signs of market manipulation through social media recommendations [5] - The company went public on August 8 with an IPO price of $4 per share, raising $5.6 million, and its stock price has risen to $15, giving it a market cap of $300 million [5] Group 4: Pitanium Limited (PTNM.US) - The SEC suspended trading of Pitanium Limited based on similar concerns of market manipulation via social media [7] - The company completed its IPO on May 30 at $4 per share, raising $7 million, and its stock price has increased to $10.39, resulting in a market cap of $239 million [7] Group 5: Platinum Analytics (PLTS.US) - The SEC suspended trading of Platinum Analytics due to indications of market manipulation through social media recommendations [11] - The company went public on September 19 with an IPO price of $4, raising $8 million, and its stock price has risen to $17.5, leading to a market cap of $316 million [11]

对于胡润百富榜的财富排名，赵长鹏本人随即否认称："胡说，除以100差不多吧"。与赵长鹏的回应相反，有社媒分析依据币安最新的BNB销毁数据推 算，其季度利润或达64亿美元，可能已超过阿里巴巴。不过，币安可能已经修改了其白皮书中关于BNB销毁的规则。而赵长鹏的财富依然是个谜。 在最新发布的《2025胡润百富榜》中，最大加密货币交易所币安创始人——赵长鹏的名字排在十分显眼的位置，他以1900亿元财富位列榜单第13位。 尽管他本人立即对此提出异议表示："胡说，除以100差不多吧。"但关于他的真实财富的猜测仍然不绝于耳。 与赵长鹏的低调表态形成鲜明对比的是，加密社区出现了认为其财富被严重低估的声音，甚至将币安的利润与阿里巴巴相提并论。 伴随着加密货币资产的火热行情，赵长鹏近来也频繁活跃在新闻头条中。 | 排名 | 排名 | 姓名 | 财富(亿元人 | 涨幅 | 公司 | 居住地 | 主业 | 年龄 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 变化 | | 民币) | | | | | | | 1 | 1 | 钟滕陵 | 5,300 | 56% ...

Core Insights - Ethereum has increased by 0.62%, surpassing the $4000 per coin mark [1] Group 1 - The price movement indicates a positive trend in Ethereum's market performance [1]

Core Insights - Several exchange-traded funds (ETFs) focused on lesser-known cryptocurrencies were launched in the U.S. on Tuesday, which was unexpected given the ongoing government shutdown [1] Group 1 - The launch of these ETFs indicates a growing interest in alternative cryptocurrencies despite regulatory and economic uncertainties [1] - The decision to proceed with the launch during a government shutdown highlights the resilience of the cryptocurrency market and its investors [1]

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