资产代币化通过区块链技术把实体资产（如股票、不动产等）的所有权转化为可分割、可交易的数字代 币。 虚拟资产和现实资产打通了。 在这个过程中，代币化打破了传统金融壁垒，让更多人可以低门槛、跨地域的参与到原本无法触达的资 产类别，传统金融的市场规模也将被指数级放大。 目前，链上金融跑在最前面的是Robinhood，它今年推出的股票代币化平台，已向欧洲市场推出了 200+支美股及ETF的代币化交易。 靠着代币化的宏大叙事，Robinhood自二季度以来累计涨超1.5倍，涨幅比另一个当红炸子鸡Coinbase还 要高出一倍。 应该如何理解Robinhood的价值？ 本文持有以下观点： 1、Robinhood传统业务难撼头部券商。Robinhood靠佣金价格战打出了一席之地，但核心客群人均账户 资产不到1万美元，导致其在资产管理、财富业务上无法和头部券商竞争。 2、代币让Robinhood有了新故事。Robinhood正在发行跨地区、品种的资产代币，模式类似资产代币化 的央行。生意一旦成型，其将实现更多元的资产类别（现实世界资产代币化）与更强的网络效应（无国 界、跨品种交易），届时其价值将远超现阶段所有的金融机构。 0 ...

Group 1 - The Hong Kong government is conducting public consultations for the 2025 Policy Address, with PwC advocating for the utilization of Hong Kong's unique position as a super connector between mainland China and global markets to boost economic growth and market vitality [1] - PwC suggests that the government should take decisive actions to enhance global competitiveness and financial resilience through strategic partnerships, technological innovation, and stable financial market development [1] - Recommendations include extending stock trading hours and various measures to enhance the growth potential, openness, and international competitiveness of Hong Kong's capital markets [1][2] Group 2 - PwC proposes expanding the OTC market to provide early-stage financing platforms for innovative and startup companies, facilitating their future listings under specific Hong Kong listing rules [2] - Suggestions also include implementing "New Stock Connect" to allow cross-border investment between mainland and Hong Kong IPOs, and broadening the types of RMB financial products available in Hong Kong [2] - Long-term goals include gradually eliminating stock transaction stamp duty to align trading costs with other major stock markets [2] Group 3 - The asset and wealth management industry in Hong Kong is substantial, with assets under management reaching $4.5 trillion by the end of 2024, prompting PwC to recommend strategic measures to reinforce Hong Kong's position as a regional and global hub [3] - Specific measures include expanding the Wealth Management Connect program and considering the relaxation of eligibility criteria for southbound ETFs [3] - PwC emphasizes the need for a clear roadmap to allow retail investors to diversify into alternative assets while ensuring investor protection and effective liquidity management [3] Group 4 - Hong Kong is positioned as an ideal location for a robust secondary debt trading market due to its advanced financial infrastructure and stable regulatory framework [4] - PwC recommends government investment in improving clearing and settlement systems to simplify trading processes and enhance market liquidity [4] - The creation of a supportive legal, tax, and regulatory environment for private equity funds and the securitization of assets and receivables is also suggested [4]

Group 1 - RWA (Real World Asset) refers to the process of digitizing traditional assets through blockchain technology, becoming a hot topic in the blockchain field [1][3] - Public blockchain serves as the key infrastructure for the digitization of RWA, acting as an immutable public ledger [4] Group 2 - RWA includes various valuable assets such as real estate, financial assets, commodities, and other assets like art and intellectual property [3][4] - Traditional assets face issues like high investment thresholds, complex transaction processes, low liquidity, and limited transparency [4] Group 3 - The combination of RWA and public blockchain involves "asset tokenization," which transforms physical asset rights into digital tokens on the blockchain [4][6] - Key steps in this process include asset confirmation and custody, digital mapping, and trading and circulation of tokens [4][6] Group 4 - This integration offers new possibilities for traditional finance, including lowering investment thresholds, enhancing asset liquidity, and increasing transparency and efficiency [7][6] - The RWA and public blockchain combination is an innovative practice in its early stages, showcasing the potential of blockchain technology in transforming traditional financial processes [6][8]

Core Viewpoint - Bitmine Immersion Technologies has transitioned from a Bitcoin mining company to a leading Ethereum reserve company, aiming to hold 5% of the global circulating supply of Ethereum, driven by the strategy of leveraging Ethereum's growth potential [1][3]. Group 1: Company Strategy and Growth - Bitmine has raised significant capital through stock issuance, expanding its operations to acquire Ethereum, and has become the largest Ethereum reserve institution with 1.15 million ETH valued at $5.2 billion [2][3]. - The company’s strategy mirrors that of Michael Saylor's Strategy, focusing on leveraging Ethereum's price appreciation to enhance shareholder value [3]. - As of August 11, Bitmine increased its Ethereum holdings by 316,863 ETH in one week, showcasing its aggressive accumulation strategy [2]. Group 2: Market Position and Valuation - Bitmine's total market capitalization stands at $6.33 billion, with its Ethereum holdings alone accounting for a significant portion of its asset value [2]. - Analysts believe that as Bitmine's Ethereum reserves grow, its net asset value will increase, potentially leading to a premium over its asset value if Ethereum continues to rise [1][2]. - The company is positioned to benefit from the increasing institutional interest in Ethereum, as evidenced by significant purchases from firms like BlackRock and SharpLink Gaming [5]. Group 3: Industry Context and Future Outlook - Ethereum is recognized as a decentralized platform that supports smart contracts and decentralized applications (dApps), making it a core player in the cryptocurrency ecosystem [4]. - The recent passage of the GENIUS Act establishes a federal regulatory framework for stablecoins, which could enhance Ethereum's liquidity and its role in asset tokenization [5]. - Tom Lee predicts that Ethereum could reach $25,000 by 2028, highlighting its potential as a major macro trading opportunity in the coming years [8].

Core Viewpoint - Company plans to apply for a funding limit of up to 3 billion HKD for potential cryptocurrency purchases, aiming to enhance its "Global Enhanced Ethereum (ETH) Treasury" strategy and accelerate the tokenization ecosystem of medical innovation drug intellectual property [1] Group 1: Strategic Upgrade - The board previously approved a maximum of 880 million HKD for purchasing Ethereum as a strategic reserve, with the first batch of 5,190 ETH acquired for a total price of 149 million HKD at an average cost of approximately 28,798 HKD (3,661 USD) per ETH [2] - The new announcement seeks to increase the funding limit to 3 billion HKD, positioning the company as a leader in Ethereum reserves among listed companies in Hong Kong and globally [2] - The company emphasizes adherence to the regulatory framework for virtual assets in Hong Kong, ensuring asset safety and liquidity through compliant channels [2] Group 2: Ecological Synergy - The cryptocurrency strategy is closely tied to the company's core business of tokenizing medical innovation drug assets, utilizing its self-developed Web3 exchange ivd.xyz to convert high-value medical assets into tradable digital certificates [3] - Ethereum serves as the underlying infrastructure, providing value anchoring for RWA and generating staking income to support treasury growth [3] - The company has implemented a "seven-fold downside protection mechanism" and a "three-tier income enhancement engine" to safeguard shareholder interests amid market volatility [3] Group 3: Market Response - Following the announcement of the first ETH purchase, the company's stock price surged over 91% within a month, with a market capitalization exceeding 15 billion HKD, making it a focal point in the Hong Kong medical sector [4] - Market analysis indicates that the dual-driven model of "crypto treasury + medical RWA" aligns with valuation logic seen in leading Ethereum companies in the US, while offering greater industrial synergy [4] - The company has established a strategic partnership with BGI Win-Win Fund to acquire quality innovative drug pipelines, enhancing the asset depth of the ivd.xyz exchange [4] Group 4: Compliance First - The company reiterates that all cryptocurrency transactions will be conducted on regulated platforms, seeking independent approval at the shareholder meeting to ensure transparency [5] - If the 3 billion HKD application is approved, the authorization will be valid for 36 months, allowing the board to execute the purchase plan in phases based on market conditions [5] - The innovative model of "Ethereum treasury + medical RWA" opens new pathways for asset allocation and value reassessment in the industry, with market anticipation on whether the company can become the "Hong Kong version of MicroStrategy" [5]

Core Insights - Ethereum is facing a profound debate regarding its core identity, questioning whether it should compete directly with emerging high-performance competitors or solidify its position as the most secure and decentralized settlement layer for its thriving Layer 2 ecosystem [1][11] - Layer 2 transactions now account for 85% of the total, yet a significant amount of capital remains on the Ethereum mainnet, indicating a tension between transaction volume and capital retention [1][5] Group 1: Ecosystem Dynamics - Tomasz Stańczak emphasized that unifying the ecosystem, enhancing interoperability, and improving user experience have been the primary focus over the past 18 months [2][9] - Polygon Labs' CEO Marc Boiron warned that competing on execution speed with newer blockchains like Solana is "dangerous" [2][11] - Dune Analytics co-founder Fredrik Haga noted that the introduction of Blobs in March 2024 has reduced Layer 2 settlement fees to nearly zero, which is a technical breakthrough but poses economic challenges for Layer 1 validators [2][5] Group 2: Technological Advancements - Ethereum's evolution since 2015 has involved significant trade-offs, transitioning from Proof of Work (PoW) to Proof of Stake (PoS) through "The Merge," fundamentally altering the protocol's operation [3] - The community has adopted a Layer 2-centric scaling roadmap to address performance bottlenecks, utilizing innovations like zero-knowledge proofs (ZK-proofs) to optimize scale, speed, and cost [5] - The Dencun upgrade in 2024 introduced the "Blobs" feature, leading to a 90% drop in Layer 2 transaction fees, which has pressured the incentive income of Layer 1 validators [5] Group 3: Strategic Choices - The debate over Ethereum's future boils down to a strategic choice: whether to compete on execution with high-performance chains or focus on its core strengths [11] - Polygon co-founder Sandeep Nailwal asserted that Ethereum's core value proposition lies in being a highly decentralized, censorship-resistant settlement layer [11] - Despite criticisms, discussions at the EthCC conference conveyed a generally optimistic outlook for Ethereum's future, supported by real utility and on-chain metrics [12] Group 4: Institutional Adoption - Major asset management firms like BlackRock are tokenizing assets on Ethereum, with over 90% of real-world asset (RWA) tokenization projects choosing to build on the platform [2][12] - Robinhood announced the launch of its Ethereum-based Layer 2 network during the conference, targeting RWA and securities tokenization [12] - These actions indicate that large traditional financial institutions prioritize Ethereum's security and decentralization as a settlement layer over mere transaction speed [12]

Financial Data and Key Metrics Changes - The company's net contribution for Q2 2025 increased by 26% year over year to $210 million, while adjusted EBITDA grew by 31% year over year to $72 million, with an adjusted EBITDA margin of 34%, expanding 140 basis points from the previous year [13][24][23] - Assets Under Administration (AUA) increased by 54% year over year to $7.5 billion, and funded accounts grew by 14% year over year to 3.63 million [24][23] - Adjusted EPS for the quarter was $0.56 compared to $0.51 in Q2 2024 [26] Business Line Data and Key Metrics Changes - Net trading contribution from equities, commodities, and currencies grew by 37% year over year to $114 million, driven by a 54% increase in invested amount per trade [24][25] - Net contribution from crypto increased by 34% year over year to $27 million, primarily due to higher invested amounts per trade, despite lower overall crypto activity [24][25] - Interest earning assets contributed $46 million, up 1% year over year, while eToro Money contribution grew by 17% year over year to $18 million [25] Market Data and Key Metrics Changes - The company expanded its global footprint by activating its license in Singapore, positioning itself to serve Asia's growing investor base [13] - The U.S. market saw significant expansion in crypto offerings, now providing access to over 100 different crypto assets [15][24] Company Strategy and Development Direction - eToro aims to be a leading trading investment platform, focusing on product development across four strategic pillars: trading, investing, wealth management, and neo banking [12] - The company is committed to leveraging AI technology to enhance the investing experience and democratize access to quantitative trading tools [19][20] - eToro is exploring the tokenization of assets, anticipating a significant transfer of wealth as traditional assets move onto the blockchain [15][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in the U.S. and Asia, particularly with the recent regulatory developments around crypto [15][70] - The company is focused on sustainable, profitable revenue growth through diversification of revenue streams and disciplined cost management [22][23] - Management noted that while Q2 saw elevated trading activity, normalization is expected in subsequent months, with a positive outlook for crypto activity in July [27][34] Other Important Information - The company launched the eToro MoneyCard across Europe, which offers a 4% stockbroker reward on purchases [18] - eToro is actively working on expanding its product offerings, including the introduction of staking and CopyTrader for U.S. customers [48][70] Q&A Session Summary Question: When does eToro plan to provide calls and puts options to European investors? - eToro plans to expand options trading to Europe, UAE, Singapore, and Australia over the next twelve months, following initial launches in the U.S. and the UK [28] Question: Can you provide insights on the cadence throughout the quarter? - Elevated trading activity was observed in April, normalizing towards the end of Q2, with a noted increase in crypto trading in July [31][34] Question: What is the revenue opportunity from tokenized stocks? - eToro anticipates a significant process of digitization and tokenization of assets, expecting $100 trillion of assets to move on-chain over the next twenty years [38][39] Question: What is the update on CopyTrader in the U.S.? - eToro plans to launch CopyTrader for U.S. customers later this year, with significant progress made in expanding crypto offerings [48][70] Question: How is account growth dynamics across regions? - Growth is balanced across regions, with notable growth in the UAE, and overall funded accounts are expected to continue growing [51] Question: What is the outlook for funded account growth in the APAC region? - The company sees significant growth opportunities in Asia, particularly through its new license in Singapore [64] Question: What is the percentage mix from CFDs in net trading income? - The company does not break down net trading income by transaction type but aims to reach a 20% mark for CFDs in the coming months [94]

Group 1 - China Rare Earth Group denies any collaboration regarding the so-called "Rare Earth RMB Stablecoin," stating that the information is fabricated and misleading [1] - Ethereum's price has increased approximately 29% in 2025, surpassing Bitcoin's 28% increase, with recent prices reaching $4311.58, the highest in eight months [2][3] - Institutional demand for Ethereum has surged, with significant inflows into Ethereum spot ETFs, totaling around $50 billion in net inflows last month [2][3] Group 2 - Truth Social has submitted a revised S-1 registration statement for its Bitcoin spot ETF to the SEC, but details on management fees and trading codes remain undisclosed [2] - Stripe is collaborating with Paradigm to develop a Layer 1 blockchain named "Tempo," focusing on payment solutions and compatible with Ethereum programming languages [3] - Blue Origin, Jeff Bezos's aerospace company, has partnered with Shift4 to accept cryptocurrency payments for space travel, including Bitcoin and Ethereum [4] Group 3 - Chainlink has partnered with Intercontinental Exchange (ICE) to integrate global forex and precious metals pricing data into Chainlink Data Streams, enhancing data accuracy for blockchain applications [4] - CryptoQuant indicates Ethereum's short-term support range is between $3980 and $4020, with resistance between $4450 and $4550, amid high market leverage [5] - Singapore Exchange is considering launching cryptocurrency perpetual futures contracts by the end of the year, targeting institutional demand [6] Group 4 - BitMine Immersion Technologies has attracted $259 million from South Korean retail investors since July, becoming a popular overseas stock due to its significant Ethereum holdings [6] - CME's Ethereum futures trading volume reached a record high of $118 billion in July, marking an 82% month-over-month increase [6] - CoinShares reports a total inflow of $572 million into digital asset investment products last week, with Ethereum ETP leading the market [7] Group 5 - MicroStrategy, now known as Strategy, has seen its stock price increase by over 2600% since it began purchasing Bitcoin in 2020, making it the largest corporate holder of Bitcoin [8]

Abaxx Technologies (ABXX.F) Update Summary Company Overview - **Company**: Abaxx Technologies - **Date of Call**: August 11, 2025 - **Context**: Special presentation in APEX Technologies' midyear investor call focusing on strategic updates rather than financial metrics Key Industry and Company Insights Industry Context - The call emphasizes the highly regulated nature of the commodities and financial markets, particularly in relation to new product offerings and technology integration Core Company Developments 1. **Strategic Update Focus**: The call is a strategic update, not a financial quarter-end call, with no discussion of financial reporting metrics or guidance [2] 2. **Pilot Programs**: Introduction of AbEx digital title and AbEx US dollar trust network technology pilots, which will initially occur outside of the regulated clearinghouse [3][4] 3. **Regulatory Status**: Abaxx Singapore is recognized as a market operator exchange and approved clearinghouse in Singapore, with revenue-generating futures products trading [4] 4. **Product Milestones**: Successful trading of physical delivery LNG and the first VCM carbon futures contracts, along with a new Singapore kilobar gold contract generating daily trading volume [4][5] 5. **Commercial Transition**: The company is transitioning into an operating and growth stage, ramping up commercial operations and revenues [5] Technology and Innovation 1. **Technological Vision**: The technology aims to upgrade the global post-trade and commodity financing collateral ecosystem, addressing structural inefficiencies [9] 2. **Digital Title and Trust Network**: The AbEx digital title and trust network are central to the long-term mission of building smarter markets [8][9] 3. **Identity and Legal Finality**: The technology focuses on establishing trusted digital identities and legal finality, which are critical for institutional adoption [20][28] 4. **Privacy and Compliance**: The system is designed to ensure privacy and compliance without relying on central surveillance, addressing a significant barrier for institutional participation [30][31] Financial and Market Opportunities 1. **Revenue Generation**: The company plans to monetize through SaaS licensing fees and transaction fees based on assets managed within the AbEx trust network [45][61] 2. **Market Potential**: The addressable market is estimated at 1,000,000 lots per day ADV, translating to potential annual revenues between $300 million and $500 million [79] 3. **Future Products**: Plans to introduce additional products, including money market funds, contingent on regulatory approval [70][76] Important Milestones and Achievements 1. **Trading Volume Growth**: Average daily volume for gold contracts increased from 200 lots in June to over 1,000 lots in August, indicating strong market adoption [54] 2. **Successful Transactions**: Completion of the first physical delivery of a regulated exchange-cleared voluntary carbon contract, validating the end-to-end infrastructure [55] 3. **Institutional Engagement**: Ongoing discussions with major players and regulators to ensure the technology meets market needs and regulatory standards [39][40] Conclusion - Abaxx Technologies is positioned at a transformative juncture, with significant advancements in technology and market engagement. The focus on regulatory compliance, innovative product offerings, and strategic partnerships is expected to drive future growth and market share expansion.

Group 1 - The "Anchor" Web3.0 Future Summit was held in Hong Kong, promoting the compliant development of the Web3.0 ecosystem [1] - The RWA (Real World Assets) one-stop issuance standardized platform, Ferion, was officially launched by AlloyX, aiming to provide end-to-end digital asset solutions for the global RWA industry [3] - Ferion platform utilizes AI and big data technology to offer a comprehensive service for tokenization, compliance issuance, and management of real-world assets, enhancing liquidity and promoting industry innovation [3] Group 2 - AlloyX Limited focuses on integrating traditional banking services with blockchain technology, aiming to become the largest stablecoin service provider in Asia [4] - The company provides secure fiat-to-stablecoin exchange solutions, embedded wallet services, and infrastructure covering various blockchain scenarios, facilitating efficient management and innovative applications of digital assets [4]