Core Insights - SuRo Capital anticipates a net asset value between $9.00 and $9.50 per share as of September 30, 2025 [4] - The company invested $5 million in HL Digital Assets, Inc., which is involved in the digital token HYPE [3] - Strong portfolio momentum is attributed to investments in AI and AI infrastructure [2] Investment Portfolio Update - As of September 30, 2025, SuRo Capital held positions in 37 portfolio companies, including 33 privately held and 4 publicly held [5] - Recent investments include a $0.3 million convertible note in Supplying Demand, Inc. and $5 million in preferred shares of HL Digital Assets, Inc. [5] - The company realized $7.2 million from CW Opportunity 2 LP and $0.7 million from GrabAGun Digital Holdings Inc. during the quarter [5] Financial Performance - SuRo Capital's liquid assets were approximately $58.3 million as of September 30, 2025 [7] - The company sold 1,230,984 shares under its at-the-market offering for gross proceeds of approximately $10.8 million [8] - An initial cash dividend of $0.25 per share was declared at the beginning of the third quarter [3][9] Market Position - OpenAI's recent secondary share sale valued the company at $500 billion, reinforcing its status as the most valuable private company globally [3] - SuRo Capital remains committed to investing in next-generation companies, particularly in the AI sector [3]

Market Overview - Q3季度塑造加密市场的主要趋势分析 [1] - Q4季度可能出现的三大积极催化剂 [1] CoinDesk 指数表现 - 在比特币主导地位下降的情况下，CoinDesk 5 和 CoinDesk 20 指数表现优于其他指数 [1] 主要加密资产分析 - 深入分析 BTC、ETH、Solana、Cardano 和 XRP [1]

Core Insights - The Bank of England (BoE) is planning to grant exemptions to its proposed limits on stablecoin holdings for certain firms, particularly crypto exchanges [1] - The BoE intends to allow the use of stablecoins for settlement in its Digital Securities Sandbox [1] - Previous reports indicated that the BoE was considering caps on stablecoin holdings, with limits set at £10,000-£20,000 ($13,400-$26,800) for individuals and £10 million ($13.4 million) for firms [2] - The digital asset industry has criticized the proposed caps as unworkable [2] - BoE Governor Andrew Bailey has expressed skepticism about stablecoins, citing potential threats to financial stability [3] - The approach of the BoE appears to be out of sync with other major financial jurisdictions that are embracing stablecoins [4]

Core Insights - The adoption of stablecoins could lead to an additional $1.4 trillion demand for U.S. dollars by 2027 if overseas investors show interest in these digital assets [1][2] - The growth of the stablecoin market is expected to reinforce the dollar's role in global finance rather than accelerate de-dollarisation [2] Market Overview - The current stablecoin market is valued at $260 billion and could potentially grow to $2 trillion in a high-end scenario [3] - Approximately 99% of stablecoins, like Tether, are pegged 1:1 to the dollar, indicating that converting local currency into stablecoins would create new demand for U.S. dollars [3][5] Contextual Information - Stablecoins are digital tokens with stable values against traditional currencies, primarily the dollar, and are backed by reserves such as currency or other assets like Treasuries [4] - Euro zone finance ministers are set to discuss the support for euro-denominated stablecoins, highlighting the growing interest in stablecoin development [4]

Core Viewpoint - The partnership between 21Shares and Stratiphy marks a significant shift in the UK's regulatory stance on digital assets, allowing retail investors regulated access to crypto Exchange Traded Notes (ETNs) for the first time [1][2]. Group 1: Partnership and Product Offering - 21Shares has partnered with UK wealth management app Stratiphy to enable retail investors to buy and hold crypto ETNs following the Financial Conduct Authority's (FCA) lifting of its four-year ban on these products [1]. - Stratiphy will be the first UK wealth manager to list 21Shares' products, which include physically backed Bitcoin and Ethereum ETNs [2]. Group 2: Market Context and Demand - The FCA's decision represents a significant change in the UK's approach to digital assets, with 12% of UK adults already holding cryptoassets through largely unregulated platforms [4]. - Investor demand for digital assets is increasing, as highlighted by Daniel Gold, CEO of Stratiphy, who noted that this partnership will provide regulated access to crypto as soon as FCA approval is effective [3]. Group 3: Financial Performance and Growth - 21Shares manages over $11 billion in assets across 50 crypto exchange-traded products listed in Europe, with €26 billion worth of crypto ETPs traded on European exchanges in 2024, reflecting a 300% increase from the previous year [3]. - The regulated nature of these ETNs is expected to make them eligible for inclusion in ISA and SIPP portfolios, providing tax-efficient exposure to cryptoassets [5].

Daily News 🗞 | Oct 8• Grayscale stakes $150M ETH as SEC altcoin ETF deadlines approach• Over 61% of BTC hasn’t moved in a year• SharpLink Ether holdings near $1B in unrealized gains• S&P unveils Digital Markets 50 index, offering diversified exposure to digital assets• BNB surpasses XRP as third-largest cryptocurrency by market value#CryptoNews #PoloniexNEWS ...

The Bank of England is preparing to allow exemptions to proposed limits on stablecoin holdings, a move that signals a more flexible stance on digital assets as global competition intensifies. Bloomberg reported Tuesday that the UK’s Bank of England plans to grant waivers to certain firms, such as crypto exchanges that may need to hold large amounts of stablecoins for liquidity and settlement. The bank also intends to permit the use of stablecoins as settlement assets in its Digital Securities Sandbox, of ...

U.S. SEC Chair Paul Atkins said SEC plans to formally initiate rulemaking for an “Innovation Exemption” by the end of 2025 or early 2026 to encourage companies to develop digital assets and related technologies in the U.S. He emphasized that while the government shutdown has slowed the SEC’s rulemaking process, the exemption remains a top priority. https://t.co/yfgC4yPXoV ...

Core Viewpoint - Calamos Investments has launched three Bitcoin Structured Alt Protection ETFs, providing investors with exposure to Bitcoin while offering defined downside protection levels of 100%, 90%, and 80% [1][2][8]. Fund Details - The initial cap rates for the ETFs are as follows: - Calamos Bitcoin Structured Alt Protection ETF® – October (CBOO) with 100% downside protection has an initial cap rate of 8.47% [3][8]. - Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October (CBXO) with 90% downside protection has an initial cap rate of 23.43% [3][8]. - Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October (CBTO) with 80% downside protection has an initial cap rate of 41.62% [3][8]. - All three ETFs will be managed by Co-CIO Eli Pars and the Alternatives Team, and they began trading on October 8, 2025 [3][5]. Investment Strategy - The Structured Protection ETFs reset annually, providing investors with a new upside cap and refreshed protection against negative returns over a 12-month period [4]. - The funds aim to track the positive price return of the CME CF Bitcoin Reference Rate while protecting against 100% of losses of Spot Bitcoin over the outcome period [12]. Company Overview - Calamos Investments is a diversified global investment firm with over $45 billion in assets under management, including more than $20 billion in liquid alternatives as of September 30, 2025 [6]. - The firm offers a range of investment strategies through various fund structures, catering to financial advisors, pension funds, and individual investors globally [6].

Market Analysis & Trends - Bitcoin has outperformed the S&P 500 since 2020, which is up 100%, while Bitcoin is down 90% when priced in Bitcoin, highlighting the importance of the reference point [4][5] - Gold is up 50% year-to-date, while Bitcoin is up 35% year-to-date; however, over the past year, gold is up 50% and Bitcoin is up 100%; over five years, gold is up 100% and Bitcoin is up 1,000% [6][7] - Institutions are recognizing debasement, inflation, and currency manipulation, leading them to invest in Bitcoin and gold [9] - Gold and Bitcoin have been the top two performing assets globally, driven by the realization that governments will continue printing money [10] - Bitcoin's market cap is expected to surpass gold's, as digital assets tend to be larger than analog versions; currently, gold has a market cap of $26-27 trillion, while Bitcoin's is $2.5 trillion, approximately 10% of gold's [12][13] - Morgan Stanley's global investment committee suggests allocating 2-4% of portfolios to Bitcoin [16] - The average return of Bitcoin in Q4 since 2015 is 59%, approximately 60% [29] Institutional Adoption & Influence - Major banks and institutions are capitulating and embracing Bitcoin due to client demand [19][20] - BlackRock's Bitcoin ETF is their most profitable ETF, positioning BlackRock as a Bitcoin company [21][22][23] - Bitcoin has transitioned from a contrarian to a consensus trade, with figures like Paul Tudor Jones and Ken Griffin becoming bullish [24] Investment Strategies & Perspectives - Individuals are allocating more than 1% to Bitcoin, with some hedge fund managers holding 20% (15% gold, 5% Bitcoin) [25] - Investors should consider Bitcoin as a savings technology and a resilient asset, rather than just a trading position [27][53][55] - Investors should prepare for market downturns and allocate assets in a way that allows them to "sleep through a storm," balancing asymmetric upside with downside resilience [32][33][39][50] - Investors need to become investors to protect themselves from the effects of continuous money printing [51][52]