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Financial Data and Key Metrics Changes - In Q2 2025, the company generated $299 million in adjusted gross profit, with a GAAP net income of $31 million, reflecting a significant increase in equity capital to $2.6 billion, up more than $700 million quarter over quarter [13][15][16] - The firm-wide adjusted EBITDA for Q2 was $211 million, with total operating expenses of $133 million [15][16] - The company recorded a negative mark to market adjustment of $125 million due to stock price performance, which will not impact future quarters following the reorganization [15][16] Business Line Data and Key Metrics Changes - The digital assets segment generated $71 million in adjusted gross profit, a 10% increase quarter over quarter, despite a 30% decline in industry-wide spot crypto trading volumes [13][17] - The Global Markets business saw adjusted gross profit rise to $55 million from $43 million in Q1, while the asset management segment generated $16 million in adjusted gross profit, down from $22 million in Q1 [13][17][19] - The data center segment is not expected to report financial results until 2026, with all expenditures currently capitalized [14] Market Data and Key Metrics Changes - The company reported a 20% decline in its crypto trading volumes, outperforming the overall market [17] - The asset management business ended the quarter with nearly $9 billion in total assets under management, reflecting market appreciation and organic growth [19] - The company experienced approximately $175 million in net inflows during the quarter, driven by its venture fund and treasury management solutions [19] Company Strategy and Development Direction - The company is focused on long-term growth, with plans to build out its data center capacity to 3.5 gigawatts, positioning itself as a major player in the AI and HPC sectors [7][36] - The firm is actively pursuing partnerships with over 20 digital asset treasury companies, providing integrated solutions across trading, asset management, and advisory services [22][23] - The management emphasized the importance of regulatory clarity and technological investment to bridge traditional finance and digital assets [23] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the future, highlighting July as the best month in the company's history, with all business lines performing well [5][9] - The CEO noted the importance of upcoming regulatory developments and the potential for significant growth in the digital asset space [8][23] - The management acknowledged the challenges posed by market volatility but remains committed to disciplined growth and capital management [16][23] Other Important Information - The company announced the successful completion of its NASDAQ listing and raised nearly $500 million in common equity capital [12][13] - The firm is expanding its partnership with CoreWeave, which has committed to the full 800 megawatts of power at the Helios Data Center [27][36] - The company is also exploring additional land acquisitions to further enhance its data center capabilities [36] Q&A Session Summary Question: Outlook for growth of non-US dollar stablecoins - Management expects limited short-term growth for non-US dollar stablecoins but sees long-term potential as digital currencies replace traditional currencies [41] Question: Update on expected financing cost range for project debt - The expected yield for Phase one financing is projected to be in the 10% to 11% range, with ongoing negotiations for Phase two [42][43] Question: Conversations with hyperscalers and AI companies - Management reported strong demand from hyperscalers and noted that existing partnerships are progressing well [47][50] Question: Competitive environment for treasury strategies - The company is seeing a significant number of opportunities in the treasury space, with expectations of saturation in new company issuance [90]

Digital Assets Opportunity - Global assets have significant growth potential in global wealth allocation, with over $700 trillion in assets potentially tokenized by blockchain technology[28] - As of July 31, 2025, Bitcoin's market cap is $2 trillion, the global crypto market cap is $4 trillion, gold is $141 trillion, global equities are $128 trillion, global bonds are $95 trillion, and real estate is $23 trillion[28, 30] - Galaxy's Asset Management & Infrastructure Solutions has $9 billion combined assets on platform[42] - Balance sheet net digital asset and investment exposure includes $748 million in Bitcoin, $196 million in Ether, $330 million in other token exposure, and $718 million in venture & fund investments[45] - Euro stablecoins could capture approximately 20% of the global stablecoin market[47] Data Center Opportunity - Global data center demand is expected to quadruple by 2030, representing a 298% growth from 55 GW in 2023 to 219 GW in 2030[32] - Hyperscalers are projected to invest over $350 billion in data center CapEx in 2025[34] - Helios is unlocking 4x expansion in load capacity, with +2,700 MW additional load capacity under study[35] Financial Performance - Q2 2025 Net Income is $299 million[16] - Q2 2025 Adjusted Gross Profit is $299,232[16, 58] - Anticipated average annual revenue for combined phases of Helios is over $1 billion, with 90% anticipated EBITDA margins[54, 55]

Core Viewpoint - Eco Bright Future Inc. (EBFI) has announced a strategic partnership with Vault.ist to integrate tokenized digital gold into mainstream financial systems, allowing users to make payments using gold through traditional debit cards and mobile payment platforms like Apple Pay and Google Pay [1][6]. Group 1: Partnership and Product Launch - The collaboration aims to launch a product that makes digital assets backed by physical commodities spendable and compliant, bridging alternative finance with everyday convenience [2]. - Vault.ist has set a revenue target of $180 million and aims to lead the $50 billion digital banking and crypto market, viewing the integration of EBFI's tokenized assets as essential for delivering compliant, asset-backed financial experiences [6][7]. Group 2: Company Developments and Achievements - EBFI has a strong track record in asset tokenization, having completed a PCAOB audit, filed a Form 10, and become a USSEC 1934 Act Reporting Company in 2025, along with obtaining digital asset licenses in El Salvador and gold trading licenses in the UAE [3]. - The company has also entered a collaboration with Goldex to facilitate cash-to-gold and gold-to-cash transactions through automated gold ATMs, and is preparing for a Nasdaq uplisting [5]. Group 3: Market Position and Future Outlook - EBFI's share price has increased over 20 times since December 2023, indicating strong investor confidence in its vertically integrated digital asset model [5]. - The founder of EBFI emphasized the importance of integrating stable real-world assets with digital interfaces, highlighting the potential for tokenized gold to be used in everyday transactions [6].

中信证券主要观点如下： 监管指引重点阐述针对稳定币发行人资格及后续运营相关要求，包括7部分，分别是①储备资产管理② 发行、赎回及分销③业务活动④财政资源⑤风险管理⑥企业管制⑦经营手法及操守，重点内容如下： 储备资产：目前限于现金管理类资产，要求全额储备。①需满足全额支持；②合格储备资产范围包括现 金、期限不超过3个月的银行存款、符合特定要求的有价债务证券、由符合要求债券作为抵押品的且具 有最低对手方风险的隔夜逆回购协议、投资以上资产的专设投资基金和其他被认可的资产。③需明确稳 定币参照货币，若涉及多种货币需明确比例，货币错配需金管局批准。④须设立有效信托安排确保储备 资产隔离，若产生收益/损失归属持牌人，托管人需满足最低标准。⑤持牌人不得就其发行稳定币支付 利息。⑥明确向公众披露信息范围，每日准备报表并每周披露，聘请合格独立审计师按金管局要求频率 提交并公开报告。 发行、赎回及分销：重点关注客户适当性管理，无论发行人或第三方分销均不应涉及在禁止交易稳定币 的司法管辖区展业。①须确保收费合理性，考虑因素包括但不限于运营成本和行业管理；②分销方面， 持牌人应考虑有关司法管辖区的法律及法规，以及所涉及的第三方实体的 ...

Group 1 - The U.S. Congress passed the landmark legislation "GENIUS Act" on July 17, 2023, which was signed into law by President Trump on July 18, marking the beginning of federal-level stablecoin regulation in the U.S. [1] - The law allows institutions with "Permitted Payment Stablecoin Issuer" licenses to issue stablecoins, requiring them to maintain a one-to-one reserve of U.S. dollars or high liquidity assets, with monthly reserve disclosures and prohibitions on systemic risk non-compliance [1][2] - The legislation clarifies that stablecoins are not considered securities or commodities and subjects them to the Bank Secrecy Act, providing a regulatory pathway for issuers including banks, credit unions, and non-bank entities [1][2] Group 2 - The U.S. House of Representatives passed three cryptocurrency-related bills, including the "Anti-CBDC Surveillance State Act" and the "Digital Asset Market Clarity Act," establishing a regulatory framework for stablecoin issuance, central bank digital currency restrictions, and digital asset oversight [2] - The new laws focus on the issuance licenses for dollar-pegged stablecoins and the transparency of custodial funds, with the U.S. Treasury and CFTC requiring regular audits and compliance reports [2] - The legislation imposes higher requirements on issuers regarding asset backing and user redemption mechanisms, injecting clear expectations into the market [2] Group 3 - Following the clarity in regulations, investor interest in the connection between digital assets and traditional capital markets has significantly increased, with "U.S. stock account opening process" becoming a trending search term [5] - The XBIT decentralized exchange platform has implemented upgrades based on the Ethereum Pectra protocol, allowing for transactions without KYC, platform controls, or audits, with assets stored in user-controlled wallets [5] - The Ethereum Pectra upgrade, set to be activated on May 7, 2025, will enhance smart contract execution efficiency and cross-chain capabilities, aligning with rising market demands for asset control and volatility management [5] Group 4 - Following the announcement of the new regulations, searches and inquiries related to the "U.S. stock account opening process" surged by nearly 40% compared to the previous week, indicating a rapid response from investors [7] - The XBIT platform has seen an average of nearly 120,000 daily transactions, with stablecoin trading pairs accounting for 67% of total trading volume, reflecting growing interest from cross-border investors [7] - The "U.S. stock account opening process" is evolving from reliance on traditional banking and SWIFT to integrating on-chain stablecoin mechanisms, optimizing identity verification and fund settlement processes [7]

Upsized PIPE offering with potential to deliver up to $1.25 billion of gross proceeds Reflecting significant demand for BNB exposure, the PIPE included over 140 subscribers from around the world, led by institutional and crypto-native investors including YZi Labs, Pantera Capital, Arche Capital, GSR, Borderless, Arrington Capital, Blockchain.com, Hypersphere Capital, Kenetic, dao5, Protocol Ventures, Reciprocal Ventures, G-20 Group, Three Point Capital, Propel Horizon, Exinity, Winone, Nano Labs, and severa ...

Core Viewpoint - Immutable Holdings Inc. is advancing its strategic initiatives, focusing on a digital asset treasury approach centered around HBAR tokens, while also implementing senior management changes to support its evolving business [1][2][5]. Strategic Initiatives - The company is developing a digital asset treasury approach that emphasizes HBAR tokens, with Immutable Asset Management LLC currently holding over 48 million HBAR [2][3]. - HBAR is viewed as a high-quality digital asset with long-term potential due to its enterprise-grade performance, low transaction costs, and growing adoption [3][4]. - Immutable plans to engage in a broader range of business activities, including partnerships and technology initiatives aligned with digital assets [5][6]. Management Update - Melyssa Charlton has been appointed as the new Interim Chief Executive Officer, previously serving as the Interim Chief Financial Officer since November 2021 [7][8]. - William "Billy" Baxter has been appointed as the new Interim Chief Financial Officer, having previously led corporate development and operations at the company [9][10]. - The leadership changes are expected to enhance the execution of Immutable's long-term vision and digital asset initiatives [10]. Company Overview - Immutable Holdings Inc. operates within the digital assets ecosystem, focusing on increasing awareness, access, and adoption of digital assets, including HBAR [11]. - The company engages in various activities such as product development, digital asset infrastructure, and asset management [11].

Core Viewpoint - Galaxy Digital Inc. has successfully executed one of the largest notional bitcoin transactions in crypto history, selling over 80,000 bitcoin valued at over $9 billion for a Satoshi-era investor as part of an estate planning strategy [1][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's digital assets platform offers institutional access to various services including trading, advisory, asset management, staking, self-custody, and tokenization technology [3]. - Galaxy also invests in and operates advanced data center infrastructure to support AI and high-performance computing, addressing the increasing demand for scalable energy and computing solutions in the U.S. [3]. - The company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia [3].

Core Insights - OSL Group secured $300 million in equity financing to accelerate global expansion [1][2] - The new capital will be used for licensing, acquisitions, partnerships, and developing new payment and stablecoin initiatives [2][5] - OSL Group is expanding its regulated services across Japan, Australia, Europe, and potentially Southeast Asia [3][4] Company Expansion Plans - OSL Group has acquired regulated platforms in Japan, Indonesia, and Canada, with plans to expand into Vietnam, Thailand, Turkey, and Latin America [4] - The company is exploring partnerships with stablecoin issuers ahead of Hong Kong's stablecoin licensing regime launch [4][5] Services and Infrastructure - OSL Group offers regulated services including OTC brokerage, custody, retail trading channels, and wealth management solutions [3] - The company’s payments division, OSL Pay, aims to enhance regulated fiat-to-crypto infrastructure [5][6] - OSL Wealth, launched in April, focuses on traditional investors managing crypto assets, providing access to tokenized treasury assets and crypto-structured products [6]