____________________ Aperture AC As filed with the U.S. Securities and Exchange Commission on November 17, 2025. Registration No. 333-[ ] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Exact name of registrant as specified in its charter) ____________________ Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer ...

Core Insights - Mastercard Incorporated (MA) demonstrated strong quarterly performance with a 17% year-over-year increase in total net revenues, driven by resilient consumer spending and robust cross-border activity [1][9] - The company's Service segment, which includes cybersecurity, data analytics, and fraud solutions, reported a 25% year-over-year growth in net revenues, contributing to high-margin growth [2][9] - Regulatory scrutiny remains a significant concern, particularly in the U.S. and Europe, while adjusted operating expenses increased by 14.5% year-over-year in the first nine months of 2025 [3][9] Financial Performance - In Q3 2025, MA's net revenue growth was supported by broad-based volume gains, particularly from cross-border travel demand and rising switched transactions [1][9] - The Zacks Consensus Estimate for Mastercard's 2025 earnings suggests a 12.6% growth compared to the previous year [11] Competitive Landscape - Competitors like Visa Inc. and PayPal Holdings, Inc. are also performing well, with Visa reporting an 11% year-over-year growth in net revenues and PayPal achieving a 4.5% growth in the first nine months of 2025 [6][7] Strategic Initiatives - Mastercard is investing in tokenization, real-time payments, open banking, and AI-driven fraud prevention, aiming to enhance its role in the global payments landscape and expand into emerging areas like B2B payments and digital identity [4][5] Valuation Metrics - MA's shares have gained 3.7% year-to-date, contrasting with a 12.1% decline in the industry [8] - The company trades at a forward price-to-earnings ratio of 29.12, above the industry average of 20.25, and carries a Value Score of D [10]

Core Viewpoint - Singapore Exchange Derivatives will launch Bitcoin and Ethereum perpetual futures on November 24, becoming the first major Asian exchange to offer exchange-cleared crypto perpetual futures [1] Product Specifications - Bitcoin contracts will be sized at 0.2 BTC with a minimum price fluctuation of $1, while Ethereum contracts will be sized at 5 ETH with the same tick value [2] - The perpetual futures will utilize a funding rate mechanism to rebalance supply and demand, with funding rates capped at plus or minus 35 basis points and an average spread of 3 basis points when trading remains within defined parameters [3] Trading Sessions - Trading will occur in two sessions under Singapore time: the T session from 7:05 a.m. to 4:00 p.m. and the T+1 session from 4:05 p.m. to 5:15 a.m. the following day, with both contracts cash-settled in USD [4] Access and Regulation - Access to the contracts is limited to qualified participants, including institutional entities and expert investors, with accredited investors required to have net personal assets exceeding S$2 million or an annual income over S$300,000 [4][5] Market Context - Perpetual futures account for over $187 billion in daily trading volume globally, primarily on offshore, unregulated platforms, with SGX's launch following similar products introduced by Bitnomial Exchange, Coinbase Derivatives, and One Trading [6] - The launch aligns with Singapore's broader tokenization initiatives as the Monetary Authority of Singapore continues to develop regulated digital asset infrastructure [5] Institutional Perspective - Michael Syn, President of SGX Group, emphasized that the launch applies institutional discipline to crypto's most traded derivative structure, providing institutions with the trust and scalability required for crypto exposure [7]

🚨UPDATE: TRUMP'S FIRM PARTNERS WITH DAR GLOBAL TO TOKENIZE ULTRA-LUXURY TRUMP INTERNATIONAL HOTEL MALDIVES ...

🔥 BIG: UBS and Ant International are partnering to tokenize deposits for real-time cross-border payments and liquidity across jurisdictions. https://t.co/q9l1WszyGj ...

Group 1 - Financial service companies Robinhood and Coinbase are shifting towards tokenizing the stock market, aiming to convert real-world assets into digital tokens on a blockchain [1][2] - Robinhood has already implemented tokenized stocks in the EU, allowing trading of tokens representing shares of over 200 U.S. companies, with trading available 24/5 and a 0.1% foreign exchange fee [5][8] - The tokenization plan includes expanding trading hours to 24/7 and launching a custom blockchain called the Robinhood Chain for off-platform asset trading [6][4] Group 2 - Coinbase has established significant partnerships with major firms like Circle and Blackrock, enhancing its reputation in the crypto space, while Robinhood lacks similar institutional partnerships [7] - Both companies are competing for market share among individual and institutional investors, with the expectation that the benefits of tokenized stocks will attract customers [2][8] - Robinhood's early lead in tokenized U.S. stocks positions it favorably as traditional equities transition to blockchain technology [8]

Crypto Crossroads: Unraveling Regulatory Futures in South Korea, Malaysia, and IndonesiaRegulators from all three markets outlined accelerated frameworks for digital-asset supervision, including Korea’s push toward ETPs and tokenization, Malaysia’s shift to a more autonomous exchange regime with institutional custody, and Indonesia’s overhaul under OJK with stronger risk controls and sandbox-driven tokenization pilots. Read More https://t.co/xH36yoBM5f ...

Trump Firm and Saudi partner Dar Global plan to develop Trump International Hotel Maldives, an 80-villa luxury resort, and intend to tokenize the hotel development as part of the project’s financing and ownership structure. The partners said the project will be built in phases. https://t.co/7x28uMCexo ...

Core Viewpoint - NatGold Digital Ltd. has received its first official supply-side submission for tokenization approval, marking a significant milestone in its operations and the anticipated launch of the NatGold Token in early 2026 [1][3]. Group 1: Project Overview - The Cahuilla Gold Project has a rich exploration history spanning over three decades, with significant contributions from major mining companies [2]. - The project involves the tokenization of subsurface mineral rights associated with specific land parcels in California, which will undergo a formal due diligence and certification process [1][2]. Group 2: Tokenization and Demand - As of October 23, 2025, over 10,500 participants have reserved 80,135 NatGold Tokens, equating to a Baseline Intrinsic Value of over US$205 million [3]. - The anticipated tokenization event is set for the first quarter of 2026, with a focus on establishing a robust supply-side pipeline of gold resources [3][4]. Group 3: Resource Estimates - The Cahuilla Gold Project's Parcels 45 and 46 contain an estimated 122,211 ounces of indicated gold resources and 6,650 ounces of inferred resources [3]. - Using NatGold's tokenization ratios, the estimated number of NatGold Tokens from these resources is approximately 50,214, subject to the certification process [3][4]. Group 4: Token Distribution - The negotiated distribution of the estimated 50,214 NatGold Tokens includes approximately 73% to NatBridge Resources, 20% to NatGold Digital, 5% to the NatGold Contingency Fund, and 2% to the NatGold Custodian & Social Giveback Program [6][7]. - The total estimated token value is approximately US$129.65 million, with specific allocations reflecting the commercial terms agreed upon between NatBridge and NatGold Digital [10]. Group 5: Technological and Environmental Aspects - NatGold's digital mining process is supported by 11 pending patents, focusing on digital extraction, verification, and resource integrity [4][5]. - The approach aims to redefine gold's value capture through tokenization, minimizing environmental and financial costs associated with traditional mining [5][8].

Even with the market essentially crashing and burning, we are still witnessing more and more announcements from Hideera with major developments, major partnerships, and even new expansions. And I think that this is something so important to focus on. I keep stressing that. I keep trying to tell you guys that the biggest thing to focus on during the downtrend in the market is focusing on the fundamentals. Focus on what's happening with some of these projects. And with Hideera, it's almost never a boring day. ...