（来源：吴说） 美国参议员 Elizabeth Warren 公开呼吁美联储和财政部不要使用纳税人资金或联邦后盾机制救助加密货 币行业的亿万富翁。在近期加密市场出现波动的背景下，Warren 强调，如果缺乏足够的监管约束，内 部人士和加密亿万富翁（包括特朗普家族等）极易在危机中保全自身，并将所有损失转嫁给散户交易员 或退休人员。为此，她强烈敦促美国财政部针对 GENIUS Act 出台严格的配套规则，并明确发布指导意 见，禁止动用外汇稳定基金或美联储紧急贷款工具等联邦资源来为稳定币及加密行业兜底。 (Cointelegraph) ...

【美国参议员沃伦警告美联储与财政部：严禁救助加密货币亿万富翁】美国民主党参议员沃伦 （Elizabeth Warren）督促财政部和美联储做出明确保证，严禁动用纳税人的钱去救助"加密货币亿万富 翁及高杠杆投资者"。 沃伦指出，任何稳定比特币的干预行为都可能直接让特朗普总统及其家族旗下的加密公司World Liberty Financial获益。 ...

Group 1 - The U.S. military is preparing for potential military action against Iran, with indications that an attack could occur as early as the upcoming weekend, although President Trump has not made a final decision [1] - The U.S. has significantly increased its military presence in the Middle East, deploying an aircraft carrier strike group and over 150 military transport flights to move weapons and ammunition [2] - Analysts suggest that a potential military operation against Iran could be a large-scale action lasting several weeks, posing a significant threat to Iran and having profound implications for the region [1] Group 2 - The Israeli government is preparing for the possibility of a breakdown in negotiations between the U.S. and Iran, as they perceive the talks to be at a critical stage with clear divisions between the two parties [2] - U.S. stock indices experienced gains, with the Nasdaq rising by 0.78%, the S&P 500 by 0.56%, and the Dow Jones by 0.26%, amid the backdrop of military developments [2] - The oil and petrochemical sectors saw strong performance, with ExxonMobil up 3.04%, Shell up 2.48%, and Chevron up 1.8%, as international crude oil futures surged over 4% [2]

加密借贷平台 Ledn 已售出规模约 1.88 亿美元的比特币抵押证券化债券，该交易包含两只债券，其中投 资级部分定价利差约为基准利率上方 335 个基点。S&P Global 相关信息显示，该交易以约 4,078.87 枚 BTC（公允价值约 3.569 亿美元）作抵押，在近期价格波动背景下，部分抵押贷款曾触发强平。（The Block） （来源：吴说） ...

来源：环球市场播报 2月19日热门中概股涨跌不一 富途控股涨2.40%，华住酒店集团跌1.31% 国际油价大涨，美副总统称伊朗无视美国关键要求，军事打击选项犹存 金价涨约2%，白银涨约5% 欧洲股市升至纪录新高 受强劲的财报提振 宏观 美联储会议纪要显示：联储官员对利率走向存在分歧 欲览更多环球财经资讯，请移步7×24小时实时财经新闻 市场 2月19日收盘：美股收高科技股领涨 市场关注联储会议纪要 2月19日美股成交额前20：谷歌进军AI音乐创作领域 公司 美联储会议纪要透出鹰派气味 一些官员考虑潜在加息可能性 美联储会议纪要显示分歧，1月暂停之下仍有加息言论 美国官员：美国将从叙利亚撤出所有部队 美国对数名伊朗官员实施签证限制 加大谈判施压 特朗普再次改变立场 称英国的查戈斯群岛协议是个"错误" 法国国家银行账户档案系统遭非法访问 以色列提升全国警戒级别 加紧军事准备 尹锡悦涉嫌发动内乱案明日一审宣判 尹锡悦将出席 美国计划建立绕过欧洲和其他地区内容禁令的在线门户网站 谷歌与苹果加码生成式人工智能 进军音乐创作领域 高盛CEO承认持有比特币 尽管长期对加密货币持怀疑态度 李飞飞的人工智能初创公司World ...

由卡梅伦・文克莱沃斯与泰勒・文克莱沃斯创立、在比特币暴跌前夕完成上市的加密货币交易所 Gemini 太空站公司（Gemini Space Station Inc．）周二宣布，在本月早些时候大规模裁员后，公司迎来 重大管理层调整，三名高管已离职。 总部位于纽约的 Gemini 在一份监管文件中表示，公司首席运营官马歇尔・比尔德、首席财务官陈丹、 首席法务官泰勒・米德均已立即离职。文件补充称，同时辞去 Gemini 董事职务的比尔德，并非因与公 司存在分歧而辞职。 Gemini 表示，目前暂无任命比尔德继任者的计划，其部分职责将由总裁卡梅伦・文克莱沃斯接管。公 司首席会计官丹尼耶拉・斯托亚诺维奇被任命为临时首席财务官，凯特・弗里德曼将出任临时总法律顾 问。 此次人事变动前，Gemini 本月初宣布计划裁员至多 25%，并逐步缩减在英国、欧盟及澳大利亚的业 务。此举标志着这家加密行业历史最悠久的交易所之一、及其身为行业最具知名度人物的亿万富翁联合 创始人，正进行重大战略收缩。 文克莱沃斯兄弟已向支持唐纳德・特朗普及共和党的事业捐赠数百万美元，其中包括去年向自家政治筹 款团体捐赠价值 2100 万美元的比特币，以支持 ...

Financial Data and Key Metrics Changes - In Q4 2025, net contribution increased 6% sequentially to $227 million, with a 10% increase year-over-year to $868 million for the full year [5][22] - Adjusted EBITDA grew 11% quarter-over-quarter to $87 million, achieving a 38% adjusted EBITDA margin in Q4 [6][22] - Assets Under Administration (AUA) increased 11% year-over-year to $18.5 billion, driven by record net deposits [22] Business Line Data and Key Metrics Changes - Net trading contribution from capital markets (equities, commodities, currencies) rose 43% year-over-year to $116 million, while net trading contribution from crypto declined 72% year-over-year to $26 million [23] - Net interest income increased 18% year-over-year to $59 million, attributed to a 29% rise in higher interest-earning assets [24] - eToro Money's contribution decreased 6% year-over-year to $23 million due to higher cash redemptions in crypto [24] Market Data and Key Metrics Changes - The company expanded its trading capabilities to 24/5 for all S&P 500 and NASDAQ 100 stocks, contributing to a doubling of total stock trading volume over the past two years [7] - In the U.S., the crypto offering was broadened to over 100 coins, enhancing staking capabilities [8] - The company plans to support over 100,000 tradable assets across equities and crypto by the end of 2026 [8] Company Strategy and Development Direction - eToro aims to build a financial super app, focusing on AI adoption, expanding access to global markets, and enhancing its product offerings [3][4] - The company is committed to democratizing investing and providing tools for users to grow their knowledge and wealth [5] - eToro is positioned to lead the shift to on-chain market infrastructure, with plans to introduce tokenized real-world assets in 2026 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing significant opportunities in 2026, driven by technology innovation and global expansion [21] - The company highlighted the ongoing structural increase in retail participation in markets and the largest generational transfer of wealth in history [4][19] - Management noted that the current crypto market environment is expected to stabilize, with a focus on diversifying product offerings [33] Other Important Information - The company repurchased 1.5 million shares for $59.5 million and announced an additional $100 million authorization under its share repurchase program [26][27] - eToro plans to increase sales and marketing investment from 21% to 25% of net contribution to drive growth [25] Q&A Session Summary Question: How has eToro managed the current volatility in commodities? - eToro has seen high trading volumes in commodities, particularly in October and January, as customers engage actively during periods of volatility [30] Question: Can you provide context on the current crypto market backdrop? - Management remains bullish on crypto and is focusing on product development and marketing shifts to adapt to market conditions [33] Question: What is the expected timeline for increased marketing spending? - The increase to 25% is expected to occur gradually throughout the year, with flexibility to adjust based on market conditions [36][38] Question: What is the outlook for AI integration and its impact on trading? - Significant advancements in AI are expected to lead to increased automated trading activity, enhancing trading volumes over time [41] Question: What is the current customer traction in the U.S.? - eToro has seen significant uptake in the U.S. since launching CopyTrader and plans to introduce Smart Portfolios in H1 2026 [67] Question: What is the appetite for M&A in 2026? - eToro has a high appetite for M&A and is in discussions with several target companies, focusing on selective and accretive opportunities [51][52]

Group 1 - Standard Chartered Bank has significantly reduced its year-end price target for XRP from $8 to $2.8, a decrease of approximately 65%, and expects the cryptocurrency market to remain under pressure in the short term [1] - The bank also lowered its year-end price targets for Bitcoin to $100,000 (previously $150,000), Ethereum to $4,000 (previously $7,000), and Solana to $135 (previously $250) [1] Group 2 - Bank of America reported that investor short positions on the dollar have fallen to the lowest level since 2012, indicating a historically low allocation to the dollar [2] - Traditionally, a weaker dollar benefits risk assets like Bitcoin; however, since early 2025, Bitcoin has shown an unusual positive correlation with the dollar index, with a 90-day correlation coefficient reaching 0.60 [2] - If this correlation persists, further declines in the dollar may not benefit Bitcoin and could instead exert pressure on it [2] Group 3 - Data indicates that 85% of tokens issued in 2025 have seen their prices drop below their issuance prices, reflecting a decline in venture capital-supported project returns [2] - Despite a significant increase in venture capital investment in the previous quarter, the number of new funds has dropped to a five-year low, with fundraising only 12% of what it was in Q2 2022 [2] - The traditional venture capital model of "investment—token issuance—retail sell-off" is declining, with future project success increasingly dependent on real users and actual revenue [2] Group 4 - Robert Kiyosaki, author of "Rich Dad Poor Dad," has warned that the largest stock market crash in history is still forthcoming and is "imminent" [3] - Kiyosaki has stated that he holds physical gold, silver, Ethereum, and Bitcoin, and plans to continue buying Bitcoin as its price declines, viewing market panic selling as an opportunity to acquire quality assets at discounted prices [3]

三菱日联 银行的Lee Hardman在一份报告中称，与比特币等其他加密货币相比，稳定币更适合满足货币 的主要职能。他说，商户和用户更愿意接受稳定币作为交易媒介，因为其价值更稳定。"这降低了资产 在交易窗口期内贬值的风险。"他说，稳定币还能实现快速的全球支付，而且费用通常低于银行或银行 卡网络。稳定币与传统货币挂钩，这使其成为一种更可预测的记账单位。不过，他表示，一个令人担忧 的方面是稳定币挂钩的可靠性，这完全取决于其发行方或背后的支持机制。 ...

据 DL News，俄罗斯拘留一名来自达吉斯坦卡斯皮斯克的男子，指控其在土耳其居住期间（2022 年 10 月至 2023 年 10 月）通过社交媒体发布加密钱包地址募捐，累计约 6,500 美元等值加密货币，并将资金 转给非法武装团体用于购买武器弹药等；FSB称已以"协助恐怖组织"立案，嫌疑人已被羁押，案件仍在 调查中。 （来源：吴说） ...