Government & Regulation - New York City establishes an Office of Digital Assets and Blockchain under Mayor Eric Adams [1]

Core Viewpoint - Cango Inc. has announced the termination of its American Depository Receipt (ADR) program, with the transition to direct listing of its Class A ordinary shares on the NYSE, aimed at enhancing shareholder rights and reducing fees [1][2]. Group 1: ADR Program Termination - The board of directors approved the termination of the ADR program, which will take effect after market closes on November 14, 2025 [1]. - Upon termination, each holder of one ADS will receive two Class A ordinary shares, and trading of these shares will commence on November 17, 2025, under the existing symbol "CANG" [1][2]. Group 2: Benefits of Direct Listing - The direct listing of Class A ordinary shares is expected to allow U.S. investors to exercise their rights directly as shareholders, eliminating depositary fees associated with ADS holders [2]. - This transition may enhance institutional visibility for the company and support its strategy of becoming a U.S.-centric organization, potentially broadening its investor base [2]. Group 3: Company Overview - Cango Inc. is primarily engaged in Bitcoin mining, with operations across North America, the Middle East, South America, and East Africa, having entered the crypto asset space in November 2024 [4]. - The company also operates an online international used car export business through AutoCango.com, facilitating access to high-quality vehicle inventory from China [4].

💥BREAKING:NEW YORK JUST LAUNCHED ITS 1ST EVER DIGITAL ASSETS OFFICE! https://t.co/crYPi8kHNd ...

Core Insights - Ripple has formed a strategic partnership with Absa Bank to provide digital asset custody services for institutional clients, marking its first major custody partnership in Africa [1][3][9] Group 1: Partnership Details - The agreement allows Absa to integrate Ripple's institutional-grade digital asset custody technology, enabling secure and scalable storage solutions for tokenized assets, including cryptocurrencies [4][9] - This partnership is in response to the rising demand for compliant digital asset infrastructure in emerging markets and the growing regulatory clarity around alternative investments in Africa [4][6] Group 2: Market Context - Africa is undergoing a significant transformation in value storage and exchange, highlighting the potential of digital assets on the continent [5] - Ripple's global custody network now includes regions such as Europe, the Middle East, Asia-Pacific, Latin America, and Africa, supporting financial institutions in adopting tokenization and blockchain-based finance [5][6] Group 3: Regulatory and Compliance Standards - Ripple's custody infrastructure adheres to strict operational, security, and regulatory standards, enabling institutions like Absa to safely enter the digital asset space while ensuring compliance [6][7] - Ripple holds over 60 regulatory licenses and registrations worldwide, positioning itself as a key provider of compliant digital asset infrastructure for banks and payment firms globally [7]

Today, we’re excited to announce that @AbsaSouthAfrica, one of Africa’s leading financial institutions, is now @Ripple’s first major custody partner in Africa: https://t.co/sfW8CJIAYlWe’re bringing institutional digital asset custody to South Africa, providing the secure and compliant infrastructure needed to meet rising institutional demand. 🇿🇦 ...

🇺🇸 LATEST: NYC Mayor Eric Adams establishes the Office of Digital Assets and Blockchain Technology via an executive order, advancing the city's crypto agenda. https://t.co/URZe5V1f0o ...

🚨JUST IN: NEW YORK CITY MAYOR, ERIC ADAMS, SIGNS AN ORDER CREATING THE FIRST-EVER OFFICE OF DIGITAL ASSETS AND BLOCKCHAIN ...

New York City Mayor Eric Adams signed an executive order creating the nation’s first city-level Office of Digital Assets and Blockchain to promote crypto and blockchain development within a regulatory framework. Moises Rendon, with over a year of municipal digital asset experience, will lead the office, coordinating government–industry collaboration, attracting talent, improving public services, and advancing related policies with federal and state authorities. https://t.co/znumoY68pv ...

Core Insights - BlackRock's assets under management reached $13.46 trillion in Q3 2025, up from $11.48 trillion a year earlier, indicating a rapid integration of traditional finance with digital assets [1][2][4] - CEO Larry Fink emphasized the potential of tokenizing traditional investment products, which could attract new investors to the crypto market, marking a significant opportunity for BlackRock [2][3] - The firm's iShares Bitcoin Trust (IBIT) has become the top-earning ETF, generating $244.5 million annually, with assets nearing $100 billion in under 450 days, showcasing the growing institutional interest in Bitcoin ETFs [6] Financial Performance - BlackRock reported long-term net inflows of $171 billion, with revenue rising to $6.5 billion, reflecting an 8% increase in organic base fees [4] - Total expenses increased to $4.6 billion, while private-market inflows reached $13.2 billion and retail inflows rose to $9.7 billion [4] - Technology revenue surged by 28% to $515 million, driven by the Aladdin system, which is increasingly utilized for managing tokenized portfolios [5] Market Trends - Digital-asset exposure in BlackRock's funds has tripled since 2024, indicating a significant rise in demand for Bitcoin ETFs and tokenization initiatives [3] - Fink compared the role of crypto to that of gold, highlighting its function as an alternative store of value amid growing institutional demand [3] - Bitcoin ETFs are projected to attract $30 billion this quarter, reflecting Wall Street's increasing control over crypto liquidity [6]

The @federalreserve's Payments Innovation Conference is hosting @SergeyNazarov and key financial leaders from @BNYglobal, @FireblocksHQ, and @Lead_Bank to discuss how traditional finance and digital assets are converging.Full agenda: https://t.co/MbCuU4H6Q7 ...