Financial Data and Key Metrics Changes - For the second quarter, total revenue was approximately $8.1 million, an increase of approximately $4 million or just over 100% compared to $4 million in the prior year quarter [17] - The net loss for the quarter was approximately $178.9 million or approximately $2.94 per share, primarily driven by $164.5 million of unrealized losses on digital assets [18] - The company had approximately $1.6 million in cash and 2.17 million Solana tokens as of December 31st [15] Business Line Data and Key Metrics Changes - Digital asset revenue for the six months ended December 31st, 2025, was approximately $11.2 million, reflecting the addition of the digital asset Treasury business [15] - The Treasury had an unrealized loss on digital assets of approximately $86.4 million, reflective of the Solana price per token of $124.48 at December 31st, 2025 [16] Market Data and Key Metrics Changes - The price of Solana fell 40% during the quarter and has fallen a further 31% since the quarter end [4] - The Spot Solana ETFs launched and have seen over $850 million of net inflows since [12] Company Strategy and Development Direction - The company aims to increase yield, hedge positions using a maturing options market, and capitalize on top opportunities created by market volatility [9] - The strategic plan includes raising capital above NAV to increase digital assets per share and issuing in-kind convertible notes at a premium to NAV [20] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the future despite a turbulent start to 2026, believing that the subsector will work through oversupply through M&A or asset sales [6] - The company is focused on growing Solana's holdings on a per-share basis through disciplined capital activities and maintaining prudent leverage and risk management [18] Other Important Information - The company became shelf-eligible during the quarter and filed a shelf registration statement on Form S-3 with the SEC [13] - A $50 million share repurchase program was announced, adding another tool for capital management [13] Q&A Session Summary Question: With the recent pressure on Solana, is there any change in terms of your capital raising strategy? - Management stated that they have not changed their perspective and continue to aim for raising capital above NAV [24] Question: How do you weigh buying SOL versus keeping a reserve? - Management emphasized the importance of maintaining cash reserves due to market volatility and indicated a cautious approach to capital allocation [26] Question: Can you elaborate on generating additional yield outside of staking? - Management is exploring a strategy that can generate high yield in a low-risk way, focusing on familiar market activities rather than on-chain options [30][37]

Group 1: Digital Asset Market Overview - The digital asset market experienced a significant downturn in Q4 2025, with a total market capitalization of approximately $2.93 trillion as of January 31, 2026, reflecting a decline of about 27.1% from the end of Q3 2025 [3][4] - Bitcoin's closing price was $84,100, down approximately 26.4%, while Ethereum fell to around $2,702, a decrease of about 35.9% [3][4] - The market adjustment was influenced by changes in liquidity expectations, delays in key regulatory legislation in the U.S., and a shift in market sentiment towards caution [3][4] Group 2: Stablecoin Market Dynamics - The stablecoin market showed a significant slowdown in growth, with a total market capitalization of $293.29 billion as of January 31, 2026, representing a mere 2.3% increase from the previous quarter [5] - The dominance of USD stablecoins remains strong, with USDT and USDC maintaining a duopoly, accounting for approximately 59.7% and 22.8% of the market, respectively [5] Group 3: Regulatory Developments - The U.S. regulatory landscape for digital assets is characterized by a dual focus on institutional integration and risk prevention, with the legislative process for the "CLARITY Act" stalled due to industry conflicts [2][8] - The People's Bank of China has initiated a new generation of the digital RMB system, marking a transition towards a more systematic development phase [2][13] - The U.S. Office of the Comptroller of the Currency (OCC) has granted temporary national bank charters to several stablecoin issuers, integrating them into the federal banking regulatory framework [7] Group 4: Real World Assets (RWA) Growth - The market capitalization of Real World Assets (RWA) grew by 41.1% from the end of Q3 2025 to approximately $23.7 billion as of January 31, 2026, with U.S. Treasury RWA accounting for 40% of this total [15][16] - Traditional financial institutions are actively promoting the tokenization of compliant products, indicating a shift towards integrating RWA into blockchain ecosystems [16] Group 5: Future Regulatory Scenarios - The ongoing negotiations surrounding the "CLARITY Act" may lead to three potential outcomes: a conservative version favoring banking interests, a middle-ground version facilitating compliance for crypto-native platforms, or a complete failure of the act, resulting in continued regulatory uncertainty [11][12] - The Chinese regulatory framework has clarified the definition and stance on RWA, emphasizing compliance and the need for regulatory approval for tokenization activities [17][18]

Market Overview - The digital asset market experienced a significant downturn in Q4 2025, with the total market capitalization dropping approximately 27.1% to $2.93 trillion by January 31, 2026 [1][3] - Bitcoin's closing price was $84,100, reflecting a decline of about 26.4%, while Ethereum fell to approximately $2,702, down 35.9% [1][3] - The contraction in the market was influenced by changes in liquidity expectations, delays in key regulatory legislation in the U.S., and a cautious shift in market sentiment [1][3] Stablecoin Market - The stablecoin market saw a slowdown in growth, with total market capitalization increasing only 2.3% to $293.29 billion by January 31, 2026 [1][5] - USDT and USDC continue to dominate the market, with USDT's market cap at approximately $184.8 billion, accounting for about 59.7% of the total [1][5] Regulatory Developments - Global regulatory frameworks are evolving to integrate digital assets while simultaneously addressing risk prevention [1][8] - The U.S. legislative process for the Digital Asset Market Structure Bill (CLARITY Act) has been stalled due to industry conflicts, highlighting the struggle for control over market infrastructure between new crypto entities and traditional financial capital [1][10] - The U.K. has proposed new regulations to align digital assets with traditional securities, indicating a move towards stricter compliance for crypto service providers [1][9] Real World Assets (RWA) - The market for Real World Assets (RWA) has seen a substantial increase, with a 41.1% growth to approximately $23.7 billion from Q3 2025 to January 31, 2026 [2][17] - U.S. Treasury securities represent the largest segment of RWA, accounting for 40% of the total [2][17] Digital Currency Developments in China - The People's Bank of China has initiated a new generation of the digital yuan, transitioning from digital cash to digital deposit currency, marking a significant development in its operational framework [1][15] - The new system emphasizes a dual-layer operational structure involving central banks and commercial institutions, enhancing the integration of digital currency into the existing financial system [1][15][16]

今天分享的是：中欧陆家嘴国际金融研究院：2025年全球资产管理中心评价指数报告 报告共计：76页 《2025全球资产管理中心评价指数报告》由中欧陆家嘴国际金融研究院发布，本次首次将"资管科技"纳入二级评价指标，从多维度解析 了全球资管行业的格局变化与发展趋势。2025年全球经济调整、地缘政治摩擦等背景下，全球资管中心竞争呈现"一超多强"特征，纽约 凭借资金、底层资产与资管科技的一体化优势稳居首位，巴黎依托ESG与另类资产优势跃居第二，伦敦则因人才和税收政策竞争力减弱 退居第三，北美波士顿、多伦多实现弯道超车，亚洲市场分化显著，上海升至第五且在资管科技等领域表现亮眼，孟买成为新兴市场黑 马，香港、新加坡排名有所回落。 在细分领域，资金来源持续向美国城市集中，亚洲在税收激励与人才供给上展现追赶势头，底层资产市场多数中心与纽约差距缩小，孟 买表现突出，而资管规模与开放式基金业务受资金"美股化"影响向美国进一步集聚，ESG与另类资产业务则呈现欧美各有优势、亚洲短 期波动的特点。本次报告的指标体系创新成为重要亮点，通过基础层、市场层、创新层与应用层构建资管科技全链条评价框架，纽约、 伦敦、上海等各资管中心依托自身禀赋在 ...

2025年7月，香港财库局宣布提速数字资产交易平台牌照审批，截至月初已发牌11家、处理9家申请，金管局Ensemble项目同步推动基金、电动车充电站收 益流等RWA代币化落地；纳斯达克也在积极完善数字资产披露规则，探索RWA与上市企业服务的深度结合，为中资企业带来新机遇。君威资本依托香港 全牌照及跨境服务优势，重点布局RWA代币化赛道，精准衔接港美上市核心需求。 一、政策红利：港美共建数字资产生态，适配上市新需求 香港证监会的"迅速发牌程序"已扩展至所有新申请者，核心特征包括风险为本的现场视察（证监会直接与申请方高层沟通，缩短审批时间）、监管沙盒升 级（允许测试代币化、生成式AI等创新用例），为RWA代币化提供合规土壤。纳斯达克则通过完善数字资产相关披露规则，认可合规RWA代币化对企业 资产流动性的提升作用，为持有RWA资产的企业上市提供估值支撑。此举与君威资本的9号（资产管理）牌照业务形成协同——可将私募股权基金份额、 知识产权等资产代币化，既提升企业资产活力，又契合港交所、纳斯达克对科创企业核心资产的估值逻辑，吸引境外投资者关注。 二、君威资本RWA实践：从非标资产到链上流通，衔接港美上市标准 三、合规风 ...

Core Insights - The article highlights the increasing demand for digital asset management driven by the rapid development of blockchain technology, emphasizing the importance of selecting a secure and convenient blockchain wallet for users [1] Group 1: UKey Wallet - UKey Wallet scores 9.8/10, focusing on "security first + simplified experience" with dual business segments for digital asset management and daily payments [3] - It employs bank-grade AES-256 encryption and EAL 6+ security chips, utilizing multi-signature and MPC technology for offline private key storage [3] - The wallet supports over 10,000 bank accounts via Plaid for daily payments, integrating AI shopping and social payment features, and supports hundreds of public chains for asset management [3] Group 2: Ledger Nano X - Ledger Nano X is recognized as a benchmark hardware wallet, known for Bluetooth connectivity and multi-device management [5] - It features a Secure Element chip for offline private key storage and supports over 1,800 digital assets, including major tokens and NFTs [5] - The accompanying Ledger Live software offers an intuitive asset tracking interface for managing investment portfolios on mobile or PC [5] Group 3: Trezor Model T - Trezor Model T receives a rating of 9.3/10, highlighting its open-source design and touchscreen interaction [7] - It employs passphrase encryption and a hierarchical deterministic wallet structure, with private key generation and signing conducted offline [7] - The Trezor Suite software provides asset holding analysis, appealing to users who prioritize privacy and transparency [7] Group 4: MetaMask - MetaMask is rated 9.0/10 and is recognized as a leading browser extension wallet with deep integration into the Web3 ecosystem [8] - It supports direct interaction with Ethereum and compatible chain DApps, allowing users to conduct token transactions and contract authorizations within the browser [8] - The latest version includes hardware wallet connectivity, balancing convenience and security, making it a preferred tool for DeFi users [8] Group 5: Trust Wallet - Trust Wallet scores 8.8/10 and is the official software wallet of Binance, focusing on mobile multi-chain support [9] - Its non-custodial architecture ensures users have complete control over their private keys, supporting asset management across over 70 public chains [9] - The built-in DApp browser allows direct access to decentralized exchanges and NFT markets, with credit card payment options for purchasing cryptocurrencies [9]

美联储理事沃勒将于十分钟后就数字资产发表讲话。 来源：金融界AI电报 ...

万维集团联合创始人谭隽永表示，获得新牌照得以将家族办公室及外部资产管理人的模式扩展至数字资 产，并保留集团一贯的受托理念，同时将可透过可持续扩展的平台为客户提供点对点的服务，满足超高 净值人士及家族日益增长的需求。 万方家族办公室首席行政总裁关志敏表示，是次获发香港证监会牌照是万方家族办公室的又一重要里程 碑。深信相关牌照将促进银行、托管人和虚拟资产交易平台间的营运和协调愈趋成熟，并为未来建立更 具韧性的数字资产生态系统奠定基础。 2月9日，万方家族办公室旗下万维数字家族办公室有限公司宣布，已获香港证监会批出第4类(就证券提 供意见)和第9类(提供资产管理)牌照，意味将可提供包含传统资产及数字资产的受监管投资组织者服 务，进一步强化面向财富管理客户的多元化专业投资服务。 最新获发的牌照将进一步深化万维数字家办有限公司于香港的业务范畴，让其能够同时就客户的证劵及 数字资产组合提供专业意见。万维数字家办有限公司的客户现可透过其全权委托帐户将数字资产纳入至 原有投资组合当中，而其数字资产仍将持有于安全的平台或托管机构。资产组合将按照机构投资级别标 准进行构建、风险管理及调整，务求为客户提供可靠及具透明度的服务。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Insights - The regulatory framework for Real World Assets (RWA) has been established in China, expanding the scope from virtual currencies to include tokenization of both virtual currencies and real-world assets [2] - The new regulations emphasize cross-border supervision, prohibiting domestic entities from issuing stablecoins linked to the Renminbi abroad without consent, and restricts foreign entities from providing RWA-related services to domestic subjects [2] - The policy aims to facilitate the orderly development of RWA by allowing domestic entities and financial institutions to operate abroad under clear regulatory requirements, enhancing Hong Kong's position as a hub for asset outflow and promoting the normalization of RWA practices [2] Summary by Sections - **Regulatory Developments**: The recent notification from multiple Chinese regulatory bodies defines RWA and outlines a clear framework for domestic enterprises to engage in overseas RWA activities, categorizing them into four types: external debt RWA, asset securitization RWA, equity RWA, and other forms of RWA [3] - **Operational Guidelines**: The guidelines require domestic entities to file with the China Securities Regulatory Commission (CSRC) before engaging in RWA activities abroad, ensuring compliance with necessary reporting and documentation [3] - **Market Participants**: Key participants in the Hong Kong RWA industry include digital asset exchanges, intermediary institutions (especially domestic financial institutions' overseas subsidiaries), and technology service providers [4]

Core Viewpoint - HashKey is positioned to become a significant player in the digital asset market due to its comprehensive licensing and a closed-loop ecosystem, amidst increasing compliance requirements and active institutional participation [1][2]. Group 1: Investment Highlights - The initial coverage gives HashKey a "Buy" rating with a valuation of HKD 28.1 billion, corresponding to a target price of HKD 10.14 per share. Revenue projections for 2025-2027 are HKD 0.782 billion, HKD 1.211 billion, and HKD 2.338 billion, reflecting year-on-year growth of 11%, 55%, and 90% respectively, while net profits are projected at -HKD 1.084 billion, -HKD 0.717 billion, and -HKD 0.047 billion [1]. - HashKey holds full licenses from the Hong Kong Securities and Futures Commission, making it the leading licensed institution in Hong Kong's digital asset market with over 75% market share [1]. - The company has established three synergistic business segments: trading facilitation, on-chain services, and asset management, creating a compliant and secure digital asset ecosystem [1]. Group 2: Institutional Focus and Profitability - HashKey's institutional business is gaining traction, with institutional trading volume accounting for 68% in the first half of 2025, and Omnibus client transaction volume increasing nearly fivefold. Institutional business revenue now represents 85.52% of total revenue [2]. - The company is currently not profitable due to a low-fee customer acquisition strategy and high R&D and sales expenses to meet regulatory requirements, but profitability is expected to improve as the business ecosystem matures and customer loyalty increases [2]. - The tightening of global digital asset regulations is driving institutional demand, positioning HashKey as a preferred partner for institutions seeking to navigate compliance and risk [2].