Group 1 - The core point of the article is that Hengyue Holdings (01723.HK) has purchased approximately 6.12 units of Bitcoin for a total cost of about 5.242 million HKD, indicating the company's continued investment in cryptocurrency [1] - Hengyue Holdings reported a mid-term revenue of approximately 106 million HKD, which represents a year-on-year increase of about 7.65% [2]

Core Insights - Strategy reported a net income of $2.8 billion for Q3 2025, a significant recovery from a $340 million loss in the same quarter last year [1][2] - The company reaffirmed its full-year guidance of $34 billion in operating income and $20 billion in Bitcoin gains, maintaining its status as the largest corporate Bitcoin holder [1][7] Financial Performance - For the three months ending September 30, Strategy achieved a net income of $2.78 billion, or $8.42 per share, compared to a loss of $340.2 million, or $1.72 per share, in the previous year [2] - Operating income for the quarter was reported at $3.9 billion [2] - As of October 26, 2025, the company held 640,808 bitcoins, acquired at a total cost of $47.44 billion, equating to $74,032 per bitcoin, with current trading around $107,833, indicating substantial unrealized gains [2] Business Model - Strategy has evolved into a "Bitcoin treasury company," primarily holding Bitcoin as its treasury reserve asset, which has transformed market valuation [3] - The rising Bitcoin prices positively impact Strategy's stock price, allowing for additional capital raising through equity offerings, which is then reinvested into Bitcoin purchases, creating a self-reinforcing cycle [4] Accounting Changes - Recent accounting changes now allow Strategy to recognize gains from Bitcoin appreciation, which were previously unrealized unless sold [5][6] - This shift has improved the transparency of the company's financial statements, reflecting the market value of its Bitcoin holdings [6] Future Outlook - The company remains committed to its strategy without plans to hedge its Bitcoin position, reaffirming its full-year 2025 guidance [7]

Core Insights - Several exchange-traded funds (ETFs) focused on lesser-known cryptocurrencies were launched in the U.S. on Tuesday, which was unexpected given the ongoing government shutdown [1] Group 1 - The launch of these ETFs indicates a growing interest in alternative cryptocurrencies despite regulatory and economic uncertainties [1] - The decision to proceed with the launch during a government shutdown highlights the resilience of the cryptocurrency market and its investors [1]

Core Insights - The company made its largest Bitcoin purchase in nearly a month, acquiring 390 Bitcoin for $43 million, bringing its total holdings to approximately 640,800 Bitcoin valued at $73.6 billion [1][2] - The recent purchase was funded through proceeds from the issuance of preferred shares, marking a shift in the company's capital-raising strategy [2][4] - The company's stock price rose by 1.9% to $294, although it has decreased by 4.8% over the past month [2] Company Strategy - The company has not issued common shares since late September, focusing instead on preferred shares to fund Bitcoin acquisitions [4][5] - Recent Bitcoin purchases have been relatively smaller, totaling 196, 219, and 390 Bitcoin, indicating a cautious approach [5] - The company has raised $128 million in cash, which it is using for dividend payments and further investments [4] Market Sentiment - Analysts from Citi view the company as a key indicator of Bitcoin's potential price movements, setting a price target of $485 per share [6] - The premium at which the company's stock trades relative to its Bitcoin holdings has decreased from 1.25x to 1.16x over the past month, suggesting changing market dynamics [7] - A majority of respondents in a recent survey believe Bitcoin will regain $120,000, contrasting with a bearish forecast of $100,000 [3]

Group 1 - Strategy added 390 BTC to its holdings, bringing the total to 640,808 BTC at an average purchase price of $74,032 per coin, with an aggregate cost basis of $47.44 billion [1] - For the fourth consecutive week, Strategy did not utilize its at-the-market program for MSTR shares, maintaining a remaining issuance capacity of $15.909 billion [2] - The latest Bitcoin purchases cost $43.4 million at an average of $111,117 per coin, funded through the sale of preferred stock under its STRF, STRK, and STRD ATM programs, with net proceeds of $19.4 million from STRF shares, $17.0 million from STRK shares, and $7.0 million from STRD shares sold [3] Group 2 - The last issuance of MSTR common stock under the ATM occurred in the week of September 22–28, raising $116.4 million in net proceeds primarily for paying dividends on preferred shares [4] - At the time of publication, MSTR shares were up 3.5% during pre-market hours [5]

Group 1 - Hong Kong Stock Exchange data shows that on October 23, shareholders of Haotian International Construction Investment (01341) deposited stocks into Haitong International Securities, with a market value of HKD 171 million, accounting for 7.38% [1] - Haotian International Construction Investment announced that as of the date of the announcement, the company has purchased a total of 646 units of Ethereum through open market transactions, with a total price of approximately USD 2.71 million (excluding transaction costs) [1]

Core Viewpoint - Haotian International Construction Investment (01341) has acquired 646 units of Ethereum through public market transactions for approximately $2.71 million, excluding transaction costs, indicating a strategic investment in cryptocurrency [1] Group 1: Company Actions - The acquisition cost was determined based on the buy and sell prices of Ethereum in the public market and funded by the company's internal resources generated from daily operations [1] - The board of directors has observed a growing trend in the application of cryptocurrencies, particularly in decentralized social networks, as blockchain technology continues to develop and gain widespread adoption [1] Group 2: Market Insights - Ethereum, as a mainstream cryptocurrency, has received legal support from Hong Kong's "Stablecoin Regulation" and recognition from the "Guidance and Establishment of the U.S. National Stablecoin Innovation Act," enhancing its compliance status in two major global financial markets [1] - There is an increasing number of service providers offering virtual asset trading services, making it easier for public investors to access cryptocurrencies, which is expected to lead to a sustained increase in cryptocurrency trading volume in the near future [1] - Given the aforementioned factors, the board believes that there is potential for appreciation in the value of Ethereum [1]

Core Viewpoint - The company Haotian International Construction announced the acquisition of 646 units of Ethereum through open market transactions, totaling approximately 2.71 million USD [1] Group 1 - The total number of Ethereum units acquired by the company is 646 [1] - The total cost of the acquisition is around 2.71 million USD [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 HAO TIAN INTERNATIONAL CONSTRUCTION INVESTMENT GROUP LIMITED 昊天國際建設投資集團有限公 司 由 於 收 購 事 項 乃 於 公 開 市 場 進 行，本 公 司 並 不 知 悉 有 關 賣 方 的 身 份 及 主 要 業 務 活 動。據 董 事 作 出 一 切 合 理 查 詢 後 所 深 知、盡 悉 及 確 信，各 賣 方 及 其 最 終 實 益 擁 有 人（如 適 用）均 為 獨 立 於 本 公 司 及 其 關 連 人 士 的 第 三 方（定 義 見 上 市 規 則）。 – 1 – 收購事項之理由及裨益 自願公告 購買加密貨幣 本 公 告 乃 由 昊 天 國 際 建 設 投 資 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司， 統 稱「本集團」）自 願 作 出 ...

Core Insights - Strategy Inc (MSTR) has raised $27.3 million through its at-the-market equity programs to acquire 220 BTC, increasing total holdings to 640,250 BTC [1][2] - The average purchase price for the recent bitcoin acquisition was $123,561 per coin, funded by net proceeds from the sale of preferred shares [2] - The company's bitcoin treasury is now valued at approximately $47.4 billion, with a weighted-average purchase price of $74,000 per BTC [3] Financing and Investment Strategy - Strategy's financing toolkit includes variable-rate and fixed-rate perpetual preferred equity, with over $46 billion of capacity available for future issuances [4] - The company aims to leverage its equity and debt offerings to solidify its position as the world's first and largest Bitcoin Treasury Company [3][4] - Recently, Robinhood has listed Strategy's preferred stocks, starting with the Variable Rate Perpetual Stretch (STRC) [4]