Group 1 - Genflow Biosciences Ltd is reporting positive early results from its clinical trial on aged dogs, with all treatment groups outperforming the control in muscle mass and quality of life, and no safety issues reported [1] - KEFI Gold and Copper PLC has secured full project financing of US$340 million for the Tulu Kapi project in Ethiopia, allowing for full mobilization at the site while minimizing equity dilution [2] - Valereum PLC has partnered with RWA.io to bridge traditional finance and digital assets, focusing on creating a toolkit for easier trading of tokenized products [3] - Seeing Machines Ltd has exceeded minimum volume guarantees in Q2, with expectations of reaching cash flow breakeven soon as automotive royalties increase [3] - Arecor Therapeutics PLC is advancing its ultra-rapid-acting insulin and preparing for a major phase II study, with a cash runway extending into 2027 [4] - S&U PLC is experiencing a significant recovery in confidence, anticipating substantial growth in receivables, particularly in its Advantage motor finance business [4]

Core Viewpoint - Hong Kong, a significant financial hub, is facing competitive pressure from the UAE, which has established a robust regulatory framework for cryptocurrency and blockchain technology [1][2]. Group 1: Regulatory Environment - The UAE has created a solid regulatory framework for virtual assets, with dedicated regulatory authorities in regions like Dubai and Abu Dhabi [3]. - Hong Kong's regulatory approach is characterized by transparency, certainty, and predictability, which has remained consistent even during market fluctuations [5]. - Under Hong Kong's mandatory licensing regime for virtual asset trading platforms (VATPs), 11 licenses have been granted since the framework's implementation two and a half years ago [5]. Group 2: Future Developments - The stablecoin regulatory regime initiated in August is expected to issue its first batch of licenses in the first quarter of this year [6]. - A licensing regime for digital asset dealers and custodians is anticipated to be proposed by Hong Kong's financial secretary later this year, following necessary consultations and legislative readings [6][7]. - The regulatory process, while lengthy, is deemed important for ensuring industry participants are informed and can voice their concerns, minimizing surprises [7].

Summary of the Conference Call Industry Overview - The conference featured discussions on the digital assets and cryptocurrency industry, highlighting the involvement of key players such as WisdomTree, Galaxy Digital, and Helix [1][2]. Key Points and Arguments Macro Update on Cryptocurrency - A sharp correction in crypto prices occurred in the second half of 2025, continuing into 2026, despite a supportive regulatory environment from the White House [5][6]. - The correction was attributed to a mini credit correction in October 2025, resulting in $19 billion of leverage unwinding, which negatively impacted retail and crypto-native market participants [6]. - The current market is characterized by less demand for speculation and a higher bar for crypto to meet investment narratives [7]. - The infrastructure for crypto is seen as a bull market, with a belief that the narrative will follow once prices stabilize [7]. Regulatory Environment - The current administration is viewed positively regarding digital assets compared to the previous one, with the CLARITY Act expected to provide more regulatory clarity [11][12]. - WisdomTree's Tokenized Money Market Fund received recognition from the SEC for 24/7 trading and settlement on-chain, marking a significant innovation in the market [12]. - Galaxy Digital has engaged with the SEC to explore tokenizing its equity, indicating a shift towards regulatory collaboration [13][14]. Tokenization of Real-World Assets - There is a strong belief that eventually, all assets will be tokenized on-chain, with WisdomTree already offering a broad portfolio of tokenized real-world assets [15][16]. - The growth of stablecoins is seen as a critical driver for the on-chain economy, which will lead to increased demand for tokenized assets [17][18]. - The NYSE's decision to allow tokenized stocks to trade 24/7 is viewed as a significant advancement in financial infrastructure [19]. Future of ETFs and Investment Products - WisdomTree aims to be a leader in tokenizing ETFs, with expectations that this will happen sooner rather than later [22][26]. - The integration of blockchain technology into traditional financial products is anticipated to enhance efficiency and create new investment opportunities [24][25]. - The convergence of traditional finance and blockchain is expected to evolve over the next few years, with first movers likely to gain significant advantages [24][26]. Institutional Adoption and Market Dynamics - Institutional adoption of digital assets is progressing, with major banks exploring tokenized deposits and other blockchain initiatives [63][64]. - The wealth market in the U.S., valued at over $50 trillion, remains underpenetrated by crypto technology, presenting a significant opportunity for growth [65]. Other Important Insights - The discussion emphasized the importance of regulatory clarity and the need for financial institutions to adapt to the evolving landscape of digital assets [51][55]. - There is a recognition that the infrastructure for crypto is becoming a top priority for many financial institutions, indicating a shift from pilot programs to full-scale integration [29][30]. - The conversation highlighted the competitive landscape, where firms must either innovate or risk losing market share to more agile competitors [28][59]. This summary encapsulates the key discussions and insights from the conference call, focusing on the evolving landscape of digital assets, regulatory developments, and the future of tokenization in the financial industry.

Core Viewpoint - NxGen Brands, Inc. is launching the CAND Token on PancakeSwap, marking a significant step in its strategy to integrate digital products and community engagement within the Candy Crew ecosystem [1][2]. Group 1: CAND Token Launch - The CAND Token launch is scheduled for February 13th at 10:00 am EST, with its initial listing on PancakeSwap.Finance [1]. - This launch represents the first decentralized exchange (DEX) listing for the CAND Token, aimed at creating a vibrant community around candy-themed digital assets [1][2]. - The CAND Token is designed to blend meme culture with real-world candy themes, making it suitable for trading and gifting during Valentine's [1][2]. Group 2: Strategic Importance - The launch is part of NxGen's broader strategy to connect traditional candy manufacturing with blockchain technology, enhancing brand engagement [2]. - The company aims to expand community participation and prepare for future platform integrations and brand activations [2]. - NxGen Brands is committed to responsibly combining brand engagement with emerging blockchain technologies, emphasizing the excitement of the Valentine's theme [2]. Group 3: Company Overview - NxGen Brands, Inc. focuses on building branded consumer experiences across various sectors, including confectionery and digital engagement [3]. - The company seeks to create interactive ecosystems that link physical products with digital communities, enhanced by blockchain initiatives [3].

Core Viewpoint - Empery Digital (EMPD) has made significant progress in its share repurchase program, repurchasing over 15 million shares while also managing its cryptocurrency holdings and debt obligations [1] Share Repurchase Program - As of February 6, 2026, the company has repurchased 15,403,738 shares under its $200 million share repurchase program at an average price of $6.71 per share, including fees and commissions [1] - The current number of shares outstanding is 36,016,497, accounting for the potential exercise of 870,240 pre-funded warrants [1] Cryptocurrency Transactions - During the week ending February 6, 2026, the company sold 357.7 BTC at an average price of $67,907 per BTC, generating approximately $24 million in gross proceeds [1] - The company currently holds 3,723.7 BTC in its treasury [1] Debt Management - Management plans to allocate a portion of the sale proceeds from BTC to partially repay outstanding debt, aiming to manage risk prudently amid increased volatility in bitcoin [1]

Core Viewpoint - Galaxy Digital Inc. has received approval from the Toronto Stock Exchange (TSX) for a Normal Course Issuer Bid (NCIB) to repurchase up to $200 million of its Class A common stock, which is expected to enhance shareholder value and address any disconnect between share price and intrinsic value [1][6]. Group 1: NCIB Details - The NCIB will allow Galaxy to purchase up to 14,798,021 Class A common stock, representing approximately 10% of the public float as of January 31, 2026, over a period from February 12, 2026, to February 11, 2027 [2][3]. - The company may acquire up to 284,225 Class A common stock per day on the TSX, which is 25% of the average daily trading volume for the preceding six months [4]. - Purchases will be made at prevailing market prices, and all repurchased shares will be cancelled [5]. Group 2: Strategic Rationale - Galaxy believes that the current market conditions present opportunities to repurchase shares at attractive prices, which could be an effective use of cash resources [6]. - The NCIB is expected to enhance liquidity for shareholders looking to sell and increase the proportionate interests of those wishing to maintain their positions [6]. Group 3: Company Overview - Galaxy Digital Inc. is a global leader in digital assets and data center infrastructure, providing solutions that accelerate progress in finance and artificial intelligence [9]. - The company operates a digital assets platform that offers institutional access to various services, including trading, advisory, and asset management, and has a significant data center infrastructure in North America [9].

Valereum PLC (AQSE:VLRM, FRA:6TJ) Gary Cottle and RWA.io co-founder and chief strategy officer Adam Bouktil joined Proactive's Stephen Gunnion with more on the companies' newly-announced partnership. The collaboration aims to create a complete bridge between traditional financial markets and digital asset infrastructure, addressing persistent gaps in investor access and secondary market liquidity. Cottle explained that while tokenisation technology has advanced, the full toolkit to structure, administer, a ...

Core Viewpoint - Chinese regulators are tightening control over digital assets, specifically banning unauthorized issuance of yuan-pegged stablecoins and extending restrictions to tokenized real-world assets linked to the yuan [1][3][4]. Regulatory Actions - The People's Bank of China (PBOC) and seven government agencies have stated that individuals and companies cannot issue renminbi-linked stablecoins without official approval, as these tokens could threaten monetary sovereignty [3][4]. - The new rules also target services related to tokenized financial assets, including blockchain representations of bonds or equities, and prohibit overseas entities from offering such products to users in China without regulatory permission [4][6]. Stance on Cryptocurrency - China has reaffirmed its position that cryptocurrencies like Bitcoin and Ether do not have legal tender status, and facilitating transactions involving these assets is considered illegal [5][9]. - The restrictions apply to both onshore and offshore versions of the renminbi, with the offshore yuan (CNH) designed for foreign exchange flexibility while maintaining capital controls [6]. Promotion of Digital Yuan - The measures align with a broader strategy to limit privately issued digital currencies while promoting the state-backed digital yuan, known as e-CNY [6][7]. - China has been developing the e-CNY and has recently allowed commercial banks to share interest with users holding digital yuan wallets to encourage adoption [7]. Regional Policy Context - In contrast to China's tightening regulations, Japan and Hong Kong are moving towards regulated stablecoin markets, indicating a policy divide in the region [8][9].

Core Viewpoint - Galaxy Digital Inc. has announced a share repurchase program authorized to buy up to $200 million of its Class A common stock, reflecting confidence in the company's long-term prospects and a strong balance sheet [1][2]. Group 1: Share Repurchase Program - The share repurchase program allows Galaxy to buy back shares through various means, including open market purchases and privately negotiated transactions, subject to compliance with securities laws and stock exchange requirements [2]. - The program will last for 12 months and can be suspended or discontinued at any time, with no obligation for the company to acquire any specific amount of common stock [2]. - Repurchases through Nasdaq will not exceed 5% of the common stock issued and outstanding at the start of the program, and the timing and total amount of repurchases will depend on various market conditions [2]. Group 2: Company Overview - Galaxy Digital Inc. is a global leader in digital assets and data center infrastructure, providing solutions that enhance progress in finance and artificial intelligence [3]. - The company operates a digital assets platform that offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology [3]. - Galaxy's Helios campus in Texas, with a capacity of 1.6 GW, positions it among the largest and fastest-growing data center developers in North America [3].

As filed with the Securities and Exchange Commission on February 5, 2026. Registration No. 333-291488 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________________ Subversive Bitcoin Acquisition Corp. (Exact name of registrant as specified in its charter) ____________________________ Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard ...