来源：市场资讯 （来源：吴说） Berachain 被披露曾在 2024 年的 Series B 融资中给予 Brevan Howard 旗下 Nova Digital 一项 2,500 万美 元"退款权"，可在 2025 年 2 月 6 日 TGE 后一年内要求返还全部投资本金；根据附加条款，Nova 需在 TGE 后 30 天内向 Berachain 存入 500 万美元方可行使该权利。这一罕见条款未向其他投资者披露，引 发是否违反 MFN 条款及信息披露义务的质疑，而 BERA 价格亦较 Nova 的 3 美元投资价格下跌约 66%。Berachain 联合创始人 Smokey the Bera 回应称各方均使用相同文件参与本轮融资，但未回答具体 问题，也未说明相关商业协议。（Unchained） ...

Core Insights - Real World Assets (RWA) are becoming a hot trend, bridging traditional finance and the crypto world through tokenization of physical assets like real estate and art [2][3] - The market for tokenized assets is projected to reach $45 trillion by 2030, but current engagement levels are low, with many RWA tokens having fewer than 10 active addresses monthly [2][4] Definition and Market Overview - RWA refers to physical assets that are tokenized and entered into the blockchain, including financial assets like government bonds and tangible assets like real estate and art [3] - The tokenization of non-liquid assets could create a market worth $16 trillion, representing nearly 10% of global GDP by 2030 [3] Market Growth and Composition - As of mid-2025, $24 to $25 billion of RWA has been successfully migrated to blockchain, a significant increase from under $5 billion in early 2023 [4] - Private credit and tokenized U.S. government bonds dominate the RWA market, with BlackRock's BUIDL token valued at $2.42 billion and Ondo Finance's OUSG token at $1.76 billion, together accounting for nearly 20% of the market [4] Liquidity Challenges - Despite the impressive market size, liquidity remains a significant issue, with BlackRock's BUIDL token having only 85 holders and 30 active addresses monthly [6] - Tokenized real estate and art face severe liquidity constraints, often being illiquid "digital specimens" with minimal trading activity [4][6] Driving Factors Behind RWA Interest - The recent surge in interest for RWA is driven by yield differentials, with U.S. Treasury yields rising from 0.3% to 5%, attracting capital to safer, higher-yielding assets [5] - Traditional financial institutions are increasingly entering the RWA space, providing legitimacy and support for the market [5] Structural Barriers to Development - Regulatory challenges exist, as many RWA tokens are classified as securities, limiting market participation to accredited investors and complicating cross-border transactions [8] - The market is fragmented, with various decentralized exchanges and platforms creating liquidity "islands," hindering efficient price discovery [9] Future Development Pathways - A hybrid market structure combining centralized and decentralized elements may be the best approach, allowing for compliant issuance and trading of tokenized assets [12] - Emphasizing collateralized lending as a means to enhance liquidity, allowing RWA holders to access funds without selling their assets [13][14] Ecosystem Improvement Strategies - Regulatory innovation and the establishment of standardized asset disclosure and valuation frameworks are essential to reduce information asymmetry [15] - Industry self-regulation and the involvement of rating agencies can enhance market credibility and transparency [15] Investment Strategies - Investors should focus on liquid asset classes and compliant platforms, recognizing the inherent risks and diversifying investments across different RWA categories [16] - Advanced investors may consider participating in the foundational aspects of the RWA ecosystem, such as market-making or governance [17]

Summary of Figure Technology Solutions Conference Call Company Overview - **Company**: Figure Technology Solutions (NasdaqGS:FIGR) - **Event Date**: November 18, 2025 - **Key Speakers**: Mike Cagney (Executive Chairman), Michael Tannenbaum (CEO), Macrina Gill (CFO), Claire Hovey (COO) Key Industry and Company Developments - **Launch of Blockchain-Native Public Equity Security**: Figure announced the first-ever blockchain-native public equity security, enhancing how public securities can be issued, traded, and financed [4][10] - **Advantages of Blockchain-Native Equity**: - Faster bilateral settlement - 24/7 trading capabilities - Cross-collateralization of securities - Transparent lending and borrowing of stock [4][6][8] - **Non-Dilutive Offering**: The offering will be non-dilutive, involving existing shareholders selling their shares while Figure mints new blockchain stock, keeping the total share count unchanged [5][7] Market Infrastructure and Trading Model - **Decentralized Trading Model**: The blockchain-native equity will trade on an alternative trading system (ATS) without reliance on traditional intermediaries like DTCC or prime brokers, allowing for direct trades between self-custody wallets [6][15] - **Cost Savings and User Experience**: The new model is expected to deliver material cost savings, better stock loan economics, and an improved user experience [6][9] - **Integration with Democratized Prime**: The blockchain-native equity will serve as a foundational element for the Democratized Prime DeFi platform, enhancing liquidity and market efficiency [10][12] Regulatory and Compliance Aspects - **SEC Registration**: The blockchain-native equity will be fully registered with the SEC, ensuring compliance with investor protections and governance frameworks [7][8] - **KYC and AML Compliance**: The same KYC requirements will apply as with traditional brokerages, ensuring regulatory compliance [30][34] Market Dynamics and Future Outlook - **Liquidity Mechanism**: A mechanism will allow swapping between blockchain and NASDAQ securities, expected to enhance liquidity across both platforms [20][21] - **Potential for Premium Trading**: The blockchain-native equity may trade at a premium due to its enhanced utility and cross-collateralization capabilities [21][50] - **Expansion into Other Asset Classes**: Figure aims to extend its blockchain model into other asset classes, including commodities and currencies, beyond just equity [16][41] Competitive Landscape - **Disruption of Traditional Markets**: Figure's approach is seen as a direct competitive challenge to traditional equity markets, potentially leading to a shift away from reliance on intermediaries [15][24][48] - **Interest from Other Market Participants**: There is significant interest from asset managers and broker-dealers in adopting this blockchain-based approach, indicating a shift in market dynamics [22][24] Conclusion - **Ambitious Undertaking**: Figure is positioning itself at the forefront of transforming capital markets through blockchain technology, aiming to restore economics to asset holders and disrupt traditional intermediation [78]

Today's Presenters Blockchain-Native Follow-On Non-Dilutive Secondary Offering November 18, 2025 Mike Cagney Co-Founder, Executive Chairman Michael Tannenbaum Chief Executive Officer Macrina Kgil Chief Financial Officer Clare Hove Chief Operating Officer 2 Disclaimer Figure Technology Solutions, Inc. ("Figure") has filed a registration statement (including a prospectus) with the SEC for this proposed offering to which this communication relates. Before you invest, you should read the prospectus in that regi ...

| 代码 | 名称 | | 涨跌幅 ^ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 00434 | 博雅互动 | 0 | -6.99% | 4.390 | 33.85亿 | 2.72% | | 00442 | 域能控股 | | -6.03% | 1.090 | 1.88亿 | 36.25% | | 00863 | OSL集团 | | -5.88% | 16.000 | 127.14亿 | 100.00% | | 01611 | 新火科技控股 | | -3.80% | 3.800 | 28.59亿 | 101.06% | | 02440 | 迷策略 | | -3.27% | 2.070 | 7.62亿 | 133.28% | | 00376 | 云锋金融 | | -3.03% | 3.840 | 155.88亿 | 269.23% | | 00290 | 国富量子(二千) | | -3.02% | 1.930 | 175.63 7 | 144.30% | | 01499 | 欧科云链 | | -2.80% | 0.24 ...

Group 1: Circle Internet Group, Inc (CRCL) - Circle is transitioning from a single product provider to a comprehensive platform service provider, leveraging its compliance advantages and strong ecosystem partnerships[8] - The target price for Circle is set at $125.00, indicating a potential upside of 27.2% from the current price of $98.30[3] - The company expects total revenue to grow from $1.45 billion in 2023 to $4.30 billion by 2027, reflecting a compound annual growth rate (CAGR) of 38.54%[12] Group 2: HIMS & HERS HEALTH (HIMS) - HIMS reported a 49% year-over-year revenue increase in Q3 2025, reaching $600 million[14] - The target price for HIMS is set at $56.80, representing a 43% upside from the current price of $39.75[16] - The company aims to achieve $1 billion in revenue for its HERS segment by 2026, with a long-term goal of $6.5 billion by 2030[16] Group 3: 贝壳 (BEKE) - 贝壳's total transaction volume for Q3 2025 was approximately 736.7 billion RMB, showing a stable year-over-year performance[22] - The target price for 贝壳 is set at 60.00 HKD, indicating a potential upside of 38.3% from the current price of 43.54 HKD[27] - The company has successfully reduced operational costs, with a 1.8% decrease in overall operating expenses in Q3 2025[22]

Financial Data and Key Metrics Changes - USDC in circulation grew 108% year-over-year to $73.7 billion, indicating strong market share expansion [8][23] - Total revenue and reserve income increased 66% year-on-year to $740 million, with adjusted EBITDA growing 78% year-on-year to $166 million, reflecting a 57% adjusted EBITDA margin [9][25] - Reserve return rate was 4.15%, down 96 basis points year-on-year due to a decline in SOFR [23] Business Line Data and Key Metrics Changes - Circle Payments Network (CPN) saw significant growth in transaction volumes, with over 100x growth in monthly total payment volume since its launch [21][20] - CCTP (Cross-Chain Transfer Protocol) volume grew approximately 640% year-over-year to $31.3 billion in Q3 [12][13] - Subscription and services revenue reached $23.6 million, primarily from blockchain network partnerships, with strong growth in underlying recurring revenues [24][83] Market Data and Key Metrics Changes - The stablecoin market continued to grow, with Circle's share increasing to 29% in Q3, up from 28% in the previous quarter [10][42] - Stablecoin transaction volumes grew approximately 130% year-over-year, with USDC's share expanding to 40% [11] - On-chain transactions using USDC grew 580% year-over-year to $9.6 trillion in Q3 [9] Company Strategy and Development Direction - Circle aims to build a full-stack Internet financial platform, focusing on blockchain networks, digital assets, and application utilities [5][8] - The company is exploring the launch of a native token on the Arc network to drive utility, incentives, and governance [10][18] - Circle continues to expand its stablecoin network across more chains, with five new chain launches and a total of 28 supported chains [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of USDC circulation and the overall stablecoin market, driven by regulatory clarity and technological advancements [26][43] - The company is focused on building partnerships with quality participants to enhance the value of its network [32][60] - Management does not provide detailed quarterly guidance but has increased full-year guidance for other revenue to $90-$100 million [26][27] Other Important Information - The Arc public testnet launched with over 100 major participants from various sectors, indicating strong interest and collaboration [17] - The company has seen strong early momentum for Circle Payments Network, with a growing pipeline of financial institutions seeking to join [19][20] - Circle has closed three M&A deals this year, focusing on accelerating its core offerings rather than diversifying [68][69] Q&A Session Summary Question: Insights on Circle Payments Network (CPN) pipeline and monetization - Management highlighted the focus on quality participants and operational capabilities for CPN, emphasizing the importance of meaningful flows [30][32] - Monetization will focus on growing the network rather than extracting immediate value, with potential for small fees in the future [34][35] Question: Reaction to Fed's involvement in payments and crypto - Management expressed alignment with the Fed's view, stating that Circle's infrastructure is fundamental to the emerging on-chain financial system [40][41] Question: Market share gains and regulatory impact - Management noted that growth in market share is driven by regulatory clarity and advancements in technology, leading to increased adoption by major financial institutions [42][43] Question: Exploration of a native token for Arc - Management discussed the potential benefits of a native token for Arc, focusing on stakeholder incentives and governance [48][50] Question: Demand-side insights and M&A interest - Management indicated that strong direct liquidity and efficient capital movement are critical for firms looking to build on stablecoin payments [65][68] Question: Subscription revenue growth and transaction revenue decline - Management explained that subscription revenue growth is driven by blockchain partnerships, while the decline in transaction revenue was due to a spike in the previous quarter related to redemptions [84][85]

Group 1: Metropolis - Metropolis completed a $500 million equity financing and secured an $1.1 billion loan facility, aiming to monetize offline space access through computer vision and payment infrastructure [1] Group 2: Ripple - Ripple raised $500 million in financing led by traditional Wall Street giants like Citadel Securities, marking a shift in institutional interest towards blockchain financial infrastructure [2] - The financing aims to support the expansion of its compliant stablecoin RLUSD, transitioning from a cross-border payment network to a full-stack financial infrastructure [2] - Ripple holds over $80 billion in nominal value of XRP tokens, with some investors viewing the company as a special purpose acquisition company (SPAC) due to its substantial asset pool [2] Group 3: 时的科技 - 时的科技 announced a B+ round financing and secured a bank credit of 700 million yuan, symbolizing strategic support for the low-altitude economy [3] - The company aims to compete with international giants by focusing on tilt-rotor technology and has signed a letter of intent for 100 E20 aircraft with ICBC [3] Group 4: 众凌科技 - 众凌科技 completed a 400 million yuan C round financing, highlighting confidence in domestic alternatives for critical materials in the semiconductor display industry [4] - The company achieved mass production of a 20μm thick FMM used in OLED screens, breaking overseas monopolies in core materials [5] Group 5: 雷鸟创新 - 雷鸟创新 completed a C round financing, raising a total of 800 million yuan in 2025, setting a record in the AI+AR glasses sector [6] - The funds will be used for core technology development and global market expansion [6] Group 6: 中通云仓 - 中通云仓 completed a 200 million yuan A round financing to enhance its smart warehousing network and supply chain systems [7] - The company focuses on integrated supply chain services for e-commerce platforms and has over 200 warehouses nationwide [7] Group 7: 蔚能电池 - 蔚能电池 successfully raised 670 million yuan in C round financing, attracting local state-owned capital [8] - The funds will be used to expand battery asset scale and enhance lifecycle management technology [8] Group 8: 九章云极 - 九章云极 completed a 300 million yuan D1 round financing, supported by state-owned and market institutions, to advance its AI foundational software strategy [9] - The company provides comprehensive AI foundational services and has a significant presence in key industries [9] Group 9: 深朴智能 - 深朴智能 announced a total of 200 million yuan in seed and seed+ round financing within three months, reflecting strong market interest in embodied intelligence [10] - The funds will focus on developing algorithms and hardware for embodied robots [10] Group 10: Douzone Bizon - Douzone Bizon received a strategic investment of approximately $930 million from EQT, aimed at accelerating its market expansion in ERP systems and digital transformation services [11] - The company specializes in ICT solutions for enterprises, including ERP implementation and cloud computing [11]

Core Insights - The global financial technology sector is experiencing a significant turning point in 2025, with the Real World Asset (RWA) market surpassing $29.5 billion and a remarkable growth rate of 178% from January to September, indicating a shift from conceptual exploration to scalable development [1] Market Growth and Participation - Traditional financial institutions are deeply involved in the current market growth, with BlackRock's on-chain treasury ETF managing over $3.5 billion and Blackstone's tokenized money market fund BUIDL expanding to a multi-chain ecosystem with a size of $2.9 billion [2] - The number of issuers has increased by 300% since the beginning of the year, and the number of holder accounts has exceeded 310,000, reflecting a trend of market participation expanding from institutions to qualified investors [2] Efficiency Revolution - RWA's core value lies in reconstructing traditional asset trading processes, with cross-border real estate transaction times reduced from 90 days to 72 hours and financing costs lowered by 40% through the optimization of five key areas [2][3] - Key areas of optimization include standardized asset screening and due diligence, modular innovation in legal structure design, automated execution of token issuance, global access to secondary market trading, and intelligent management of profit distribution [3] Application Expansion - The application scenarios of RWA are extending from financial assets to the real economy, with government bonds and corporate bonds remaining mainstream, while innovative cases in real estate and renewable energy equipment are emerging [5] - Examples include a Hong Kong office project that improved liquidity by 300% through RWA transformation, and a successful financing of renewable energy charging piles by Longxin Group [5] Regulatory Collaboration - Hong Kong is establishing itself as a compliant gateway for mainland Chinese assets, with the Hong Kong Monetary Authority's "Ensemble" project achieving a cross-border compliance agreement with Singapore, reducing compliance costs by 65% [5] - Shenzhen Futian Investment Holdings successfully issued a digital bond in Hong Kong that integrates public issuance, exchange listing, and public chain RWA, providing a replicable compliance path for mainland assets [5] Challenges and Future Prospects - Despite rapid development, RWA faces challenges such as fragmented regulation, standardization of technology, and market liquidity, with varying regulatory requirements across countries complicating cross-border projects [7] - The deepening participation of institutions and ongoing technological innovation are driving industry growth, with the RWA market expected to reach trillions of dollars by 2030, with a compound annual growth rate of approximately 53% [7] Conclusion - The rapid development of RWA signifies the arrival of the asset digitization era, presenting new opportunities for companies with quality underlying assets to enhance asset efficiency while emphasizing compliance and technological adaptability [7]

Core Insights - Origin is revolutionizing the investment landscape by democratizing finance, allowing individuals to invest with as little as $1, contrasting sharply with traditional financial barriers [1][3] - The platform has achieved significant user engagement, with over 1.6 million addresses participating, 82% of which are ordinary investors, and a monthly growth rate of 15% [3][5] - Origin operates with a high level of transparency, having published operational data for 269 consecutive days, including key metrics such as treasury assets and staking rates [5][7] - The project has successfully integrated digital assets into everyday life through products like VISA cards and Wbekey phones, expanding its ecosystem and user engagement [7] Investment Accessibility - The minimum investment threshold is set at $1, enabling 82% of ordinary investors to access global quality assets for the first time [3] - The user-friendly interface allows even those unfamiliar with blockchain technology to complete their first investment in an average of 7 minutes [3] Operational Transparency - Origin has maintained a "glass house" operational model, providing daily updates on critical metrics, with a current staking rate of 86% [5] - The treasury assets amount to $446 million, supporting the system's stability and reflecting investor confidence [5] Ecosystem Expansion - The platform is building a comprehensive financial service system covering payments, lending, and trading, with 3-5 new application scenarios added monthly [7] - User activity has shown a 20% month-over-month growth, indicating a robust and expanding user base [7]