Group 1 - The core point of the article is that International Commercial Settlement (0147.HK) announced its joint venture Keen Golden acquired 105.88972 bitcoins for approximately 12 million USD [1] - The acquisition is intended to fulfill a purchase agreement for cryptocurrency mining supercomputers with Bitmain Group [1] - The bitcoins will be pledged to pay for the equipment [1]

来源：市场资讯 （来源：吴说） 吴说获悉，据 Onchain Lens 报道，一名鲸鱼地址从 Gate 提取 2600 万枚 ASTER，价值 5900 万美元。目 前该地址共持有 5000 万枚 ASTER，总价值约 1.155 亿美元，已实现利润 992 万美元。 ...

吴说获悉，据 Lookonchain 监测，在美联储宣布降息 25 个基点后，OTC 鲸鱼地址 0xd8d0 使用 1.1234 亿枚 USDC 购入 2.5 万枚 ETH，平均成本为 4,493 美元。 来源：市场资讯 （来源：吴说） ...

Core Insights - Bitget, a leading global cryptocurrency exchange and Web3 company, will host the 2025 "Smart Trading Awards" on September 25, marking its third annual event to recognize outstanding traders in performance, innovation, and contributions to the cryptocurrency ecosystem [2][3] - The awards ceremony will be held as an online live event, reflecting on the past year in the cryptocurrency industry and featuring discussions on "The Wisdom of Trading in Cryptocurrency" [2][3] - The event will be co-hosted by Bitget's CEO Gracy Chen and notable cryptocurrency influencers, with the judging panel currently finalizing evaluations based on trading data [2][3] Award Categories - The awards focus on four core trading categories: "On-Chain Igniter" for top performers in on-chain trading, "Endurance Alpha" for traders achieving steady growth through Bitget's financial products, "Signal Maker" for leaders in copy trading, and "Rising Gear" for outstanding new traders since October 2024 [3] - The "Smart Trading Awards" has become a hallmark event for recognizing excellence in cryptocurrency trading, with 32 outstanding traders honored last year across various categories [3] Community Engagement - As part of the event, Bitget encourages global community participation through the TradeSmarter campaign on social media, rewarding notable participants with details to be announced closer to the event [4] - Bitget has achieved significant milestones this year, surpassing 120 million global users and monthly derivatives trading volume exceeding 500 billion, recognized for its leading liquidity in ETH and SOL markets [4] Company Overview - Founded in 2018, Bitget serves over 120 million users across more than 150 countries, offering innovative copy trading features and other trading solutions [5] - Bitget Wallet supports over 130 blockchains and millions of tokens, facilitating multi-chain trading, staking, and payments, and connects to over 20,000 decentralized applications [6] - The company has strategic partnerships for cryptocurrency promotion, including being the official cryptocurrency partner for La Liga in East Asia, Southeast Asia, and Latin America, and collaborating with UNICEF for blockchain education support [6]

Company Overview - MIAX operates multiple trading exchanges, including MIAX Options, Miami International Securities Exchange, Bermuda Stock Exchange, and International Stock Exchange, with a focus on electronic trading in various markets [1][3] - The company was founded in 2007 and is recognized for its innovative technology in digital trading, providing low latency and customizable risk protections [2][3] IPO Activity - MIAX went public on August 14, 2023, with an IPO priced at $23 per share, raising $396.75 million in gross proceeds by offering 15 million shares [7] - The stock opened at $31 and has since gained over 18% [7] Market Position and Growth - MIAX's market share in the US options market has increased from 7% in 2015 to 16% in 2025, attributed to superior technology and product innovation [8] - The company is expected to sustain approximately 20% top-line growth and significant margin expansion potential [8] Analyst Ratings - Analyst Chris Brendler from Rosenblatt has given MIAX a Buy rating with a price target of $50, indicating a potential upside of 36% [8] - The stock currently has a Moderate Buy consensus rating based on 7 reviews, with 4 Buys and 3 Holds, and is trading at $36.81 [8] Bullish Overview - Bullish is a fintech company providing a global digital asset trading platform, focusing on institutional investors, and operates regulated trading exchanges [10][11] - The company launched in 2021 and has a reserve of Bitcoin, Ethereum, and stablecoins valued at $3.5 billion, positioning it to compete with Coinbase [11] Bullish IPO Details - Bullish priced its IPO at $37 per share, raising over $1 billion, with shares opening at $90 and closing at $68 on the first day of trading [13] - Despite a 40% decline since the IPO, Bullish maintains a market cap of $7.8 billion [13] Analyst Outlook for Bullish - Brendler sees potential for Bullish to benefit from improved political conditions and increasing institutional adoption of cryptocurrencies [15] - The analyst has given Bullish a Buy rating with a price target of $60, suggesting a 12% upside potential [16] - The stock has a Moderate Buy consensus rating with 4 Buys and 6 Holds, currently trading at $53.39 [17]

吴说获悉，据 @mlmabc 监测，Anchorage 仍在通过 Bybit 大量买入 HYPE，今日从 Bybit 提取了 45.5 万 枚 HYPE，价值 2530 万美元，并向一个很可能属于 a16z 的新钱包转入 21 万枚 HYPE，价值 1170 万美 元。目前，a6z 相关钱包总计持有 163.8 万枚 HYPE，价值 9100 万美元。上周，Anchorage 已为 a16z 买 入 142.8 万枚 HYPE，价值 7900 万美元。 来源：市场资讯 （来源：吴说） ...

Binance US has slashed fees to near-zero as its U.S. market share collapsed to just 0.20%. According to an official X post earlier today, the exchange now offers 0% maker fees and 0.01% taker fees on more than 20 crypto pairs, including Ethereum, Solana, BNB, and Cardano, with no subscription or volume requirements. Despite the aggressive fee cuts, trading volumes remain negligible, with the platform’s share of U.S. dollar-supporting exchange volume falling from around 10% previously to about 0.20% as of ...

Coinglass 数据显示，近 24 小时，Hyperliquid XPL/USD 空头爆仓金额达 1,657 万美元；全网 XPL/USD 合约在近 24 小时成交额达 3.47 亿美元，增长 92.11%，其中 Binance 和 Hyperliquid 均超 1 亿美元；全 网 XPL/USD 合约持仓量 1.42 亿美元。 吴说获悉，据分析师 @mlmabc 推测，一名巨鲸在 Hyperliquid 上大额做多 XPL，扫清订单簿并引发大 量爆仓，XPL 价格在两分钟内暴涨逾 200% 至 1.80 美元。该地址随后开始平仓，在一分钟内实现约 1,600 万美元利润，目前仍持有 1,520 万枚 XPL，市值约 1,020 万美元。 来源：市场资讯 （来源：吴说） ...

Core Insights - Robinhood reported strong quarterly results driven by a surge in cryptocurrency trading, with total revenue increasing by 45% year-over-year to $989 million, surpassing market expectations of $908 million [2] - The company's net profit soared by 105% to $386 million, and diluted earnings per share (EPS) grew by 100% to $0.42 [2] - Cryptocurrency trading revenue was a standout, growing by 98% to $160 million, marking the fifth consecutive quarter of triple-digit growth [2][4] Revenue Growth - Robinhood's impressive performance is attributed to significant increases in trading volumes across stocks, options, and cryptocurrencies [4] - Trading revenue, interest income, and other income are the primary revenue sources, with trading revenue being the core component [4] - Options trading revenue rose by 46% to $265 million, while stock trading revenue increased by 65% to $66 million [5] - Net interest income grew by 25% to $357 million, driven by an expansion in interest-earning assets and active securities lending [5] User Growth and Engagement - The platform saw a substantial increase in user engagement, with 2.3 million new funded accounts in Q2 2025, bringing the total to 26.5 million, exceeding expectations [5] - The average revenue per user increased by 34% year-over-year to $151, indicating enhanced user value [5] Long-term Financial Management - Robinhood has made significant strides in long-term investment management, with retirement account assets surpassing $20 billion and 1.5 million customers holding retirement accounts [6] - The total asset scale of the platform surged by 99% year-over-year to $279 billion, supported by strong net deposits and rising valuations in stocks and cryptocurrencies [6] Future Outlook - Management expressed optimism for the future, noting strong performance in July with record trading volumes for stocks and options [7] - The company is exploring partnerships rather than pursuing a banking license, collaborating with Coastal Community Bank to launch bank-like products [9]

Group 1 - Robinhood reported a strong quarterly performance with total net revenue increasing by 45% year-over-year to $989 million, surpassing analyst expectations of $921.5 million [1] - Cryptocurrency trading revenue was a significant highlight, soaring by 98% to $160 million, just below the analyst forecast of $162.1 million, ending a streak of five consecutive quarters of triple-digit growth [1] - The company's net profit doubled to $386 million, equating to earnings of $0.42 per share, exceeding market expectations [1] Group 2 - CFO Jason Warnick expressed optimism about the company's future, noting a strong start to the third quarter with net customer deposits accelerating to approximately $6 billion and robust trading activity [3] - Robinhood has accelerated its innovation in the cryptocurrency space, launching "tokenized" stocks in 30 European countries, which has drawn regulatory scrutiny [3] - The tokenized stock trading allows retail investors in Europe to purchase tokens linked to shares of private companies like OpenAI and SpaceX, but has faced opposition from OpenAI and investigation from European regulators [3] Group 3 - Robinhood is opting for a partnership model with banks rather than applying for a banking license, as CEO Vlad Tenev believes the drawbacks of obtaining a banking license outweigh the benefits [4] - The company is collaborating with Coastal Community Bank to launch bank-like products, reflecting a strategy to balance rapid expansion with compliance risks [4]