Regulatory Developments - The CFTC Chairman announced that the crypto market structure bill is "about to be signed into law," aiming to establish a legislative framework for crypto to prevent future disruptions [1] - SEC Chairman Paul S. Atkins indicated that the SEC will collaborate with the CFTC on Project Crypto, focusing on regulatory proposals for tokenized securities and clarifying registration requirements for wallets and user interfaces [1] Market Structure and Stablecoins - The White House expressed support for a market structure bill that allows limited stablecoin rewards, emphasizing that it should not threaten bank deposit businesses [2] - The bill's focus is on modifying the stablecoin reward clause in the GENIUS Act, with ongoing discussions among stakeholders [2] Institutional Investments - Strategy and Bitmine have continued to increase their holdings in BTC and ETH, with Strategy holding 717,131 BTC valued at approximately $48.765 billion and Bitmine holding 4,371,497 ETH valued at around $8.673 billion, both showing significant unrealized losses [2][3] - Major Wall Street firms, including Morgan Stanley and BlackRock, have significantly increased their positions in Bitmine stocks despite a 48% drop in its share price, with Morgan Stanley raising its stake by 26% to over 12.1 million shares [3] Ethereum Developments - The Ethereum Foundation released a priority update for 2026, focusing on scaling, user experience improvements, and enhancing security and resilience [4] - The total market size of tokenized real-world assets (RWA) on the Ethereum mainnet has surpassed $17 billion, reflecting a year-on-year growth of approximately 315% [5] Market Trends - There has been a significant sell-off in altcoins, with a net outflow of $209 billion over the past 13 months, indicating a lack of buying pressure and a potential long-term trend of sustained selling [6] - Several DeFi projects have shut down in 2025 due to low usage and liquidity issues, highlighting challenges in the DeFi sector [6] Economic Predictions - Robert Kiyosaki, author of "Rich Dad Poor Dad," warned of an impending major stock market crash, suggesting that current market conditions present opportunities to buy quality assets like Bitcoin and Ethereum [7] Funding Events - Software startup Temporal completed a $300 million Series D funding round led by a16z [8] - Financial technology company Newity announced a strategic funding of $11 million [8]

（来源：吴说） 1.美国至 2 月 14 日当周初请失业金人数 20.6 万人，预期 22.5 万人 4.香港议员吴杰庄建议向市民空投稳定币"消费券" 香港立法会议员吴杰庄在 78 HOY 资讯台《财经 CHAT》节目中表示，香港预计于 3 月发放首批稳定币 发行人牌照，建议在牌照发放后以"稳定币空投/消费券"方式向合资格市民发放，用于本地中小企消费 （如餐饮、娱乐等），以推动采用并带动经济，相关行政费用可由获牌公司承担。 5.黑客归还韩国检方 320.8 枚被盗比特币，价值约 2140 万美元 韩国光州地方检察厅已全额追回此前被盗的 320.8 枚比特币，价值约 2140 万美元。这些比特币原本是 检方从一个非法赌博网站运营家族处查封的资产，但在去年 8 月因检方资产管理人员误入钓鱼网站而被 黑客盗走。检方随后追踪黑客并冻结了国内外相关交易所的账户以阻止资金清算。由于变现全面受阻， 黑客于 2 月 17 日主动将 320.8 枚比特币全数退还至检方的电子钱包。黑客身份仍未知。 2.SEC 主席 Paul S. Atkins：与 CFTC 联合推进 Project Crypto，拟推出代币化证券"创新豁免" ...

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]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued regulatory guidelines to manage the issuance of tokenized securities abroad that are backed by domestic assets, aiming to prevent speculative risks associated with virtual currencies and maintain financial order and public asset safety [2]. Regulatory Scope - The new regulations cover tokenized equity certificates issued abroad that are backed by cash flows generated from domestic assets. Such activities must comply with cross-border investment, foreign exchange management, and data security regulations, and require necessary approvals and safety reviews [2]. Prohibited Circumstances - Six specific scenarios are explicitly prohibited, including: - Entities or assets that are banned from financing by the state - Activities that may endanger national security - Entities with criminal records related to corruption in the past three years - Ongoing investigations for major illegal activities that are unresolved - Assets with ownership disputes or that are legally non-transferable - Types of domestic asset securitization that are restricted [2]. Core Regulatory Mechanism - The core of the regulation is a filing management system, requiring entities that control relevant assets domestically to submit complete and truthful filing reports and issuance materials to the CSRC. Approved filings will be publicly disclosed, and non-compliant entities will not be allowed to file [2]. Risk Reporting and Collaboration - After filing is completed, any significant risks or major events must be reported promptly. Additionally, the CSRC will enhance collaboration with overseas regulatory bodies to share information and prevent cross-border risk transmission, while legally combating violations [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued regulatory guidelines to manage the issuance of tokenized securities abroad that are backed by domestic assets, aiming to prevent speculative risks associated with virtual currencies and protect financial order and public property safety [1] Regulatory Scope - The new regulations cover tokenized equity certificates issued abroad that are backed by cash flows generated from domestic assets [1] - Businesses engaging in such activities must comply with cross-border investment, foreign exchange management, and data security regulations, and must complete necessary approvals, filings, and security reviews [1] Prohibited Activities - Six specific scenarios are explicitly prohibited, including: - Entities or assets that are explicitly banned from financing by the state - Activities that may endanger national security - Entities with criminal records related to corruption or bribery in the past three years - Entities currently under investigation for major illegal activities that are unresolved - Assets with ownership disputes or that are legally non-transferable - Types of domestic asset securitization that are prohibited [1] Core Regulatory Mechanism - The core of the regulation is a filing management system, requiring entities that control relevant assets domestically to submit complete and truthful filing reports and issuance materials to the CSRC [1] - Upon approval, relevant information will be publicly disclosed, and non-compliant entities will not be allowed to file [1] - After filing, any significant risks or major events must be reported promptly [1] International Cooperation - The CSRC will enhance collaboration with overseas regulatory bodies to share information and prevent cross-border risk transmission, while also legally combating illegal activities to strengthen financial security [1]

来源：市场资讯 美联储主席 Jerome Powell 表示，近期外界更多询问是否存在一种情形，使美联储下一步政策行动从降 息转为加息。他指出，虽然美联储不希望事先排除任何可能性，但"下一步是加息"并不在任何人的基准 预期之中。 2.美国至 1 月 24 日当周初请失业金人数 20.9 万人，预期 20.5 万人 美国至 1 月 24 日当周初请失业金人数 20.9 万人，预期 20.5 万人，前值由 20 万人修正为 21 万人。 3.SEC 明确：第三方代币化证券或需注册，并可能适用证券型掉期监管 SEC 明确将代币化证券划分为两类：一是发行人主导的代币化证券，由发行人或其授权方直接将证券 以加密资产形式发行或记录，其法律属性、注册与信息披露义务与传统证券一致，上链形式不影响证券 法适用；二是第三方主导的代币化证券，由与发行人无关的机构进行代币化，主要包括托管型代币化证 券（代币代表对托管标的证券的间接权益）和合成型代币化证券（仅提供价格敞口、不赋予任何底层证 券权利，在法律上可能被认定为证券型掉期）。SEC 强调，第三方代币化产品可能引入额外对手方和 破产风险，并在部分情况下适用更严格的证券型掉期监管规 ...

Financial Data and Key Metrics Changes - Nasdaq achieved annual net revenues of $5.2 billion, a 12% increase year-over-year, and solutions revenue grew 11% to $4 billion, marking a significant milestone as it surpassed $5 billion in annual net revenue for the first time [4][6][21] - Operating income for the year was $2.9 billion, up 16%, with diluted EPS growth of 24% [6][22] - In Q4, net revenue was $1.4 billion, up 13% year-over-year, with solutions revenue of $1.1 billion, also up 12% [6][22] Business Line Data and Key Metrics Changes - Capital access platforms delivered quarterly revenue of $572 million, up 12%, and annual revenue of $2.1 billion, up 10% [21][24] - Financial technology revenue in Q4 was $498 million, up 12%, with annual revenue of $1.85 billion, also up 11% [28][30] - Market services achieved record annual net revenue of $1.2 billion, up 17%, driven by elevated volumes in U.S. equities and options [17][31] Market Data and Key Metrics Changes - Nasdaq's index franchise saw record net inflows of $99 billion over the last 12 months, including a record $35 billion in Q4 [12][25] - The average ETP AUM reached a record $860 billion in Q4, reflecting a 36% increase [25] - The listings business had the strongest IPO year since 2021, with eligible operating companies raising over $24 billion [10][24] Company Strategy and Development Direction - Nasdaq's strategic priorities focus on integrating, innovating, and accelerating, with a strong emphasis on AI and cross-selling initiatives [7][9] - The company aims to enhance its digital asset initiatives and is preparing to launch 23x5 trading in the Nasdaq Stock Market in 2026, pending regulatory approval [8][9] - Nasdaq is positioned to capitalize on key growth areas, particularly in AI and digital infrastructure, to drive future growth [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver durable growth, citing a healthy pipeline of late-stage private companies and signs of accelerating capital markets activity [11][12][18] - The company anticipates an active new issuance year in 2026, supported by recent Fed cuts and strong investor interest in public markets [11][12] - Management highlighted the importance of managing risk and advancing market structure as key industry priorities [18][19] Other Important Information - Nasdaq's gross leverage ratio improved to 2.9x, outperforming expectations, and both Moody's and S&P upgraded the company's senior unsecured debt ratings [7][22] - The company generated free cash flow of approximately $2.2 billion in 2025, with a conversion ratio of 109% [34][35] - Nasdaq paid dividends totaling $601 million in 2025 and repurchased 7.2 million shares for $616 million [34][35] Q&A Session Summary Question: Expectations for expanded options expirations and market volumes - Management expressed optimism about the new options expirations providing clients with more choices to manage risk, which is expected to drive market volumes and participation [36][37] Question: Growth in equity options volumes and structural shifts - Management noted a broadening investor base in both retail and institutional markets, contributing to strong growth in equity options volumes [38][39] Question: Pipeline and pace expectations for the data and listings segment - Management indicated momentum for new issuances and active dialogue with late-stage private companies looking to enter public markets, despite some delays due to external factors [40][41] Question: Financial crime management outlook and growth expectations - Management highlighted strong sales execution and a healthy pipeline for financial crime management technology, with expectations for continued growth [42][44] Question: Nasdaq's interest in off-exchange trading and potential M&A - Management expressed interest in having more flexibility in offering solutions to clients and the potential for M&A in the off-exchange space, depending on regulatory changes [46][48] Question: Capital allocation strategy and potential for opportunistic deals - Management emphasized a focus on organic growth, dividends, share repurchases, and evaluating bolt-on acquisitions as part of their capital allocation strategy [49][50] Question: Financial technology growth targets and momentum - Management acknowledged strong momentum in the financial technology business and expressed optimism about continued growth, although they noted potential variability in revenue due to implementation timing [51][52] Question: Proxy modernization and Nasdaq's role - Management discussed their focus on policy reform and modernization of proxy infrastructure to streamline processes for public companies [54][56] Question: Tokenization of equity securities and integration with existing infrastructure - Management outlined their approach to tokenization, emphasizing the importance of integrating with existing market infrastructure while ensuring investor protection [58][60]

Core Insights - Ark Invest projects that the overall market capitalization of crypto assets could grow to approximately $28 trillion by 2030, with Bitcoin's market cap expected to reach around $16 trillion, accounting for about 60%-70% of the total market [1] - Under the assumption of a fixed supply of 21 million Bitcoins, this would imply a Bitcoin price of approximately $762,000 [1] - The remaining market capitalization outside of Bitcoin is anticipated to be primarily driven by smart contract platforms, with a combined market cap of around $6 trillion by 2030 [1] Market Drivers - Growth sources for the crypto market include on-chain financial activities, tokenized securities, and decentralized applications [1] - Market share is expected to be concentrated among 2 to 3 Layer 1 platforms [1]

Core Insights - Intercontinental Exchange, Inc. (ICE) announced plans to develop a platform for round-the-clock trading of tokenized securities, marking a significant step in integrating blockchain technology into traditional financial markets [1][7] - The initiative aims to enhance market access and liquidity by enabling continuous trading and settlement of securities represented as digital tokens on a blockchain [2][4] Group 1: Platform Development - The proposed platform will allow for continuous trading and settlement, aligning capital markets with the always-on nature of digital asset markets [2] - Tokenization is expected to streamline post-trade processes, reducing settlement times and operational complexity [2] Group 2: Industry Positioning - ICE's initiative reflects a growing trend among large financial institutions to explore blockchain-driven solutions, positioning itself to shape compliant models for digital securities [3][4] - The project indicates ICE's intent to adapt to evolving investor preferences and technological changes, viewing blockchain as an infrastructure layer to enhance market operations [4][5] Group 3: Market Performance - Over the past 12 months, ICE's shares increased by 16.7%, compared to a 15.2% rise in its Zacks sub-industry, while peers Cboe Global Markets, Inc. (CBOE) and CME Group Inc. (CME) saw increases of 40.5% and 20.1%, respectively [6]

Group 1 - The New York Stock Exchange (NYSE) is developing a trading platform utilizing blockchain technology to enable 24/7 trading of tokenized stocks and exchange-traded funds [1] - The NYSE plans to combine its existing matching technology with a private blockchain network to provide real-time trading support for tokenized securities, with the new digital trading platform expected to launch later this year, pending regulatory approval [1] - The initiative aims to broaden investor participation and create new opportunities for retail investors, particularly in markets funded by stablecoins [1] Group 2 - The platform is designed to meet the growing demand from retail investors for more flexible trading options, allowing them to complete transactions and reinvest funds almost instantaneously, which traditional trading infrastructures cannot accommodate [2] - The NYSE's efforts are focused on redefining the core aspects of stock definition, issuance, and settlement, which could determine the integration of tokenization into Wall Street's financial system [2] - As the largest stock exchange operator in the U.S. by trading volume, the NYSE's initiatives could significantly impact the future of trading in the financial markets [2]