"比特币大户"Strategy(MSTR.US)在过去一周将其现金储备提高至21.9亿美元，并暂停了比特币的购买。 自10月初比特币强势上扬、一举创下超126,000美元的历史峰值之后，其价格便如断崖般急速下挫，这一突如其来的变故让多 头阵营猝不及防，加密资产市场也因而难以企稳，陷入动荡。在此期间，市场成交量持续低迷，投资者信心受挫，纷纷选择撤 离比特币ETF市场。与此同时，衍生品市场也呈现出谨慎观望态势，缺乏押注价格反弹的积极意愿。因此，比特币或将在今年 遭遇历史上第四次年度下跌，也是首次没有伴随重大丑闻或行业崩溃的年度下跌。 与此同时，比特币即将在年末迎来关键考验。期权市场显示，约230亿美元的比特币期权合约将于本周五集中到期，可能在本 已高企的波动基础上进一步放大市场震荡。从期权结构来看，市场情绪仍明显偏空。Forster指出，比特币30日隐含波动率已 回升至接近45%，而期权偏度(skew)维持在-5%左右，显示下行保护需求明显高于上行押注。更长期限的偏度同样维持在负 值区间，表明交易员正在为2026年第一、第二季度的持续下行风险做准备。 值得一提的是，指数编制公司MSCI正考虑将持有比特币或其他数字 ...

作为欧洲金融中心与全球数字资产创新高地，卢森堡凭借前瞻性的监管框架、完善的金融基础设施及明确的数字化国家战略，已成为区块链与加密资产领域 "创新与合规并重" 的标杆 jurisdiction。其法律体系既为数字资产发展提供了稳定预期，也通过国内立法与欧盟规则的协同，构建了覆盖全产业链的监管闭 环，以下结合核心法规与实践应用展开解读。 一、卢森堡数字资产领域的核心定位与生态优势 卢森堡之所以能吸引 Coinbase、XRP 等国际机构落地，以及欧洲投资银行（EIB）、世界银行选择其发行区块链债券，核心源于三大支柱：一是创新友好的 法律环境，通过系列 "区块链法案" 率先将分布式账本技术（DLT）纳入现有金融法律体系；二是强大的金融基础设施，管理着 6000 亿欧元跨境投资基金资 产，持有 8 万亿欧元托管资产，证券交易所是全球最大债务上市平台及 ESG 债券交易场所；三是开放的产业生态，不仅有 The House of Web3 等社群推动 Web3 生态扩张，更聚集了 123 家国际银行、九成美国顶级私募股权机构及七成中国头部银行的欧洲总部，形成了数字资产与传统金融深度融合的产业集 群。 这种生态优势直接转化 ...

Market Overview - The cryptocurrency market has recently come under pressure, with total market capitalization falling below $3 trillion for the third time this month, indicating a continued contraction in overall risk appetite [1][4] - The $3 trillion mark is seen as a significant psychological barrier, reflecting market sentiment and confidence in funds [1][4] Price Performance - Bitcoin has retreated to around $86,000, weakening the continuity of a previous short-term recovery and significantly dragging down the overall cryptocurrency market [1][5] - Ethereum has failed to maintain its position near previous highs, and XRP's rebound has also faced resistance at critical price levels [1][5] Market Dynamics - The current downturn does not exhibit characteristics of a broad-based sell-off; instead, selling pressure is concentrated on large-cap assets like Bitcoin and Ethereum, particularly those with ETF exposure and higher institutional participation [1][5] - This trend suggests that institutional funds are actively reducing risk exposure and rebalancing positions as the year-end approaches, rather than a systemic exit driven by retail investor panic [1][5] Cross-Market Analysis - The weakness in digital assets contrasts with the relative stability of some traditional risk assets, indicating a reallocation of funds across different asset classes [2][5] - The rise of the US dollar index further suppresses the performance of risk assets priced in dollars, adding complexity to the pricing pressures faced by the cryptocurrency market [2][5] Sentiment Indicators - The Fear and Greed Index has fallen into the deep fear zone, indicating a significant hit to short-term confidence [2][6] - This adjustment is longer in duration compared to previous quick recoveries, accompanied by the effective breakdown of several mid-term technical supports, suggesting a more structural consolidation process rather than a simple technical pullback [2][6] Technical Analysis - The $81,000 level is identified as a crucial support area, consolidating previous lows and ranges; if breached, the market may reassess the validity of the historical key range of $60,000 to $70,000 [2][6] - Year-end liquidity tightening and decreased trading depth are likely to amplify price volatility, making short-term movements more susceptible to rapid changes [2][6] Long-Term Outlook - In the short term, the cryptocurrency market may continue to exhibit a weak and volatile trading pattern, with price recovery requiring time and a reestablishment of trading volume [3][6] - However, from a medium to long-term perspective, selective capital allocation is still occurring, indicating that a pullback does not necessarily equate to a trend reversal [3][6]

12月17日，HASHKEY HLDGS(03887)于港交所主板挂牌上市。该股早盘虽一度冲高至约6.6%的涨幅，但随即遭遇显著卖 压，股价迅速回落并全天维持震荡下行态势。截至发稿，股价报6.46港元，较发行价6.68港元跌3.3%，总市值约178.6亿港 元。 相比之下，近期港股IPO市场多只新股上市首日表现突出。如果下科技首日大涨117.91%，宝济药业-B更是飙升138.82%； 图达通、卓越睿新等亦于首日取得不俗表现。HASHKEY HLDGS上市首日呈现"高开低走、资金流出"的格局，反映出市 场在当前宏观与行业环境下对其估值与前景的审慎态度。 行情脉络:从情绪脉冲到价值回归 智通财经APP观察，HASHKEY HLDGS于港交所主板挂牌的首日，上演了一幕经典的新股"定价博弈"。其股价高开低 走、资金净流出超7966万港元的表象之下，是一场机构与散户之间认知与行为分野。 早盘股价约6.6%的脉冲式拉升，可视为打新资金与短线投机盘对上市事件的惯性反应。然而，升势的快速瓦解并放量下 挫，标志着市场迅速转入理性评估阶段。关键节点出现在10:04，股价放量击穿日内均线，成交额骤增至7702万港元。如 此集中的 ...

12月17日，HASHKEY HLDGS（03887）于港交所主板挂牌上市。该股早盘虽一度冲高至约6.6%的涨幅，但随即遭遇显 著卖压，股价迅速回落并全天维持震荡下行态势。截至发稿，股价报6.46港元，较发行价6.68港元跌3.3%，总市值约178.6 亿港元。 相比之下，近期港股IPO市场多只新股上市首日表现突出。如果下科技首日大涨117.91%，宝济药业-B更是飙升138.82%； 图达通、卓越睿新等亦于首日取得不俗表现。HASHKEY HLDGS上市首日呈现"高开低走、资金流出"的格局，反映出市 场在当前宏观与行业环境下对其估值与前景的审慎态度。 行情脉络:从情绪脉冲到价值回归 智通财经APP观察，HASHKEY HLDGS于港交所主板挂牌的首日，上演了一幕经典的新股"定价博弈"。其股价高开低 走、资金净流出超7966万港元的表象之下，是一场机构与散户之间认知与行为分野。 早盘股价约6.6%的脉冲式拉升，可视为打新资金与短线投机盘对上市事件的惯性反应。然而，升势的快速瓦解并放量下 挫，标志着市场迅速转入理性评估阶段。关键节点出现在10:04，股价放量击穿日内均线，成交额骤增至7702万港元。如 此集中的 ...

Core Insights - HashKey Holdings Limited (HASHKEY HLDGS) has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.607 billion through the issuance of 241 million new shares, marking it as the "first cryptocurrency stock in Hong Kong" [1][4] Group 1: Company Overview - HASHKEY HLDGS is a comprehensive digital asset company with a solid foundation in Asia, offering a range of services including digital asset trading facilitation, on-chain services, and asset management [5] - As of September 30, 2025, HASHKEY HLDGS supports 80 types of digital asset tokens across various categories, including major Layer-1 assets, decentralized finance (DeFi) tokens, stablecoins, and emerging ecosystem projects [5] - According to Frost & Sullivan, HASHKEY HLDGS is the largest regional onshore platform in Asia by trading volume projected for 2024, and it is also the largest on-chain service provider and digital asset management institution in Asia by staked assets and assets under management, respectively [5] Group 2: Market Position and Financials - During the IPO, HASHKEY HLDGS received significant investor interest, with the public offering portion being oversubscribed by 393.71 times, and the final offer price set at HKD 6.68 per share [4] - The funds raised from the IPO will be allocated as follows: approximately 40% for technology and infrastructure upgrades, 40% for market expansion and ecosystem partnerships, 10% for operations and risk management, and 10% for working capital and general corporate purposes [4] Group 3: Financial Services Context - Adept Financial, a seasoned financial services institution in the Hong Kong and US markets, played a crucial role in facilitating HASHKEY HLDGS's listing, emphasizing the integration of traditional and digital finance [3] - The company aims to provide a standardized path for global digital financial enterprises to capitalize, leveraging its extensive experience in underwriting and listing coordination [3]

如今，集团是亚洲成熟的综合性数字资产公司，业务遍及全球，通过提供端到端的金融基础设施、技术 及投资管理来构建数字资产生态体系。具体而言，根据弗若斯特沙利文的资料，按2024年交易量计，集 团是亚洲最大的区域性在岸平台。在交易业务之外，根据相同资料来源，按质押资产计，集团同时是亚 洲最大的链上服务提供商及以在管资产计算的最大数字资产管理机构，充分彰显了集团在各业务板块的 领导地位。 公开资料显示，HashKey成立于2018年，目前是香港11家持有虚拟资产交易平台牌照的公司之一，截至 当前，按交易量统计，该平台为亚洲范围内最大的区域性在岸数字资产平台，在香港本地市场的占有率 超过75%。招股书显示，HashKey核心业务分为交易促成、链上服务、资产管理三大板块，形成覆盖数 字资产全产业链的综合服务生态。 HASHKEY HLDGS(03887)首挂上市，公告显示，每股定价6.68港元，共发行2.41亿股股份，每手400 股，所得款项净额为14.79亿港元。截至发稿，涨0.3%，报6.7港元，成交额1.43亿港元。 ...

Core Viewpoint - HashKey Holdings (03887) has successfully listed its shares at a price of HKD 6.68 per share, raising a net amount of HKD 1.479 billion through the issuance of 241 million shares, indicating strong market interest in the company [1] Group 1: Company Overview - HashKey was established in 2018 and is one of the 11 companies in Hong Kong holding a virtual asset trading platform license [1] - The company is recognized as the largest regional onshore digital asset platform in Asia by trading volume, with a market share exceeding 75% in the local Hong Kong market [1] Group 2: Business Segments - HashKey's core business is divided into three main segments: trading facilitation, on-chain services, and asset management, creating a comprehensive service ecosystem covering the entire digital asset industry chain [1] - According to Frost & Sullivan, HashKey is projected to be the largest regional onshore platform in Asia by trading volume in 2024 [1] Group 3: Market Position - In addition to its trading operations, HashKey is also the largest on-chain service provider in Asia by staked assets and the largest digital asset management institution by assets under management, highlighting its leadership position across various business segments [1]

Strategy 股价周一在纽约收盘下跌超 8%，报 162.08 美元;比特币一度挫 3.7% 至 85,171 美元，随后在亚 洲早盘回升至 86,000 美元上方，较 10 月初历史高点 126,000 美元仍下跌约 30%。 智通财经APP获悉，迈克尔·塞勒(Michael Saylor)旗下的Strategy(MSTR.US)连续第二周豪掷近 10 亿美元 买入比特币，这家"数字资产金库"鼻祖趁加密货币价格回落继续加码。根据周一提交的监管文件， Strategy在 12 月 8 日至 14 日期间斥资 9.803 亿美元购入比特币，为 7 月以来最大单周买入量，也是其 连续第二周增持超 1 万枚比特币——自 1 月以来首次出现如此节奏。 最新一轮收购资金的主要来源是公司A类普通股的场内增发。对此，批评者指出，持续发行新股将稀释 现有股东权益，并削弱公司股价相对于其当前约590亿美元比特币持仓资产此前所享有的较高溢价水 平。值得注意的是，这家总部位于弗吉尼亚州泰森斯角的公司还通过出售四类永续优先股中的三类股 份，为收购行动补充了额外资金。 塞勒周一表示："我的公司是为比特币至上主义者打造的。只有相信比 ...

中国供应链产业(03708)发布公告，本公司于2025年12月15日(交易时段后)与黄金能源公司 (GoldEnergyCo.)(黄金能源)签署了黄金数位资产战略合作框架协定(框架协定)，涉及真实世界资产 (RWA)领域及黄金数位资产项目的潜在合作。 根据框架协定，本次合作根植于本集团与黄金能源拟建立的长期稳固的业务关系。双方借此建立定期的 黄金原料及产品供应链往来，积累互信与对彼此资产品质、营运合规性的高度认可。黄金能源在全球黄 金及关键矿产领域佔据重要地位，而黄金能源公司作为该领域的活跃参与者，其资产具备国际公认的高 标准与透明度，为RWA代币化提供了理想的底层资产。 当前，全球金融科技正经历以RWA为核心的结构性变革。通过区块链技术将黄金这类具有稳定内在价 值的实物资产进行数位化确权和分割，能极大提升其流动性，为全球投资者提供一个透明、高效且锚定 实体经济的全新投资管道。本集团精准把握此趋势，拟将传统的供应链合作扩展至数位金融合作层面。 基于上述共识，本集团与黄金能源公司已达成框架协定，拟共同开发以实物黄金为支撑的RWA数字资 产，并拟推出首期专案-"HUGToken"。该简称深度融合了本集团(Hong ...