Core Points - Bitget has launched the public token sale for pump.fun (PUMP), a native token for the popular meme coin platform based on Solana [2][3] - The token sale started on July 10, 2025, at 10:00 (UTC) and will last for 24 hours, ending on July 11, 2025, at 10:00 (UTC) [2] - The fixed exchange price for the token is $0.004, with a minimum purchase of 5 tokens and a maximum of 1,000,000 tokens per transaction [2] - A total of 150 billion PUMP tokens will be sold, with a total supply of 1 trillion tokens, equating to a subscription cap of $600 million [2][3] Company Overview - Bitget, established in 2018, is a leading cryptocurrency exchange and Web3 company, serving over 120 million users across more than 150 countries [5] - The platform has a 24-hour trading volume exceeding 3.56 billion USDT, ranking third among spot exchanges, and supports around 700 tokens [3][5] - Bitget has strategic partnerships for cryptocurrency promotion, including being the official cryptocurrency partner for La Liga in East Asia, Southeast Asia, and Latin America [5]

Group 1 - Total traded volume on the Tradeweb European ETF marketplace reached EUR 60.4 billion [3]

Investment Rating - The investment rating for Hong Kong Exchanges is "Buy" with a 12-month target price of HK$450, indicating an upside potential of 10.2% from the current price of HK$408.20 [3][2]. Core Insights - The report revises the earnings per share (EPS) estimates for Hong Kong Exchanges for 2025E, 2026E, and 2027E down by -1.8%, -1.5%, and -1.2% respectively, based on updated volume data for June 2025 and July 2025 [1][2]. - The investment income estimates have also been updated to reflect the latest HIBOR forecasts, but the overall investment thesis remains unchanged [1]. - The target price is derived from a 3-stage Dividend Discount Model (DDM), implying a price-to-earnings (P/E) ratio of 37X for 2026E [2][3]. Financial Projections - Market capitalization is reported at HK$517.5 billion (approximately $65.9 billion) [3]. - Revenue projections for the upcoming years are as follows: 2024E at HK$22,374 million, 2025E at HK$25,351.9 million, 2026E at HK$26,573 million, and 2027E at HK$28,025.7 million [3]. - EPS estimates are revised to HK$10.32 for 2025E, HK$11.49 for 2026E, and HK$12.04 for 2027E [3]. - The report indicates a dividend per share (DPS) of HK$9.26 for 2025E, with a projected dividend yield of 3.5% [3]. Risks and Methodology - The report identifies potential downside risks including increased competition from onshore capital markets, lower trading velocity in the cash market, fee pressure from reduced fees in China, and a sustained deflationary environment in China [2]. - The methodology for the target price is based on a 3-stage DDM approach, which is a standard valuation method used in the industry [2].

Group 1 - At the end of the settlement date of June 30, 2025, short interest in 3,257 Nasdaq Global Market securities totaled 14,138,758,851 shares, an increase from 13,689,191,607 shares reported for the prior settlement date of June 13, 2025 [1] - Short interest in 1,636 securities on The Nasdaq Capital Market totaled 2,790,159,938 shares at the end of the settlement date of June 30, 2025, compared to 2,687,331,325 shares in the previous reporting period [2] - Overall, short interest in all 4,893 Nasdaq securities totaled 16,928,918,789 shares at the June 30, 2025 settlement date, up from 16,376,522,932 shares at the end of the previous reporting period [3] Group 2 - The mid-June short interest represents 2.59 days compared to 2.32 days for the prior reporting period [1] - The average daily volume for the Nasdaq Capital Market was 1.00 day for both the current and previous reporting periods [2] - The overall average daily volume for all Nasdaq securities was 1.72 days, unchanged from the prior reporting period [3] Group 3 - The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations [4] - A short sale is defined as the sale of a security that the seller does not own or any sale consummated by the delivery of a borrowed security [4]

Core Insights - Coinbase Global (COIN) shares are trading near their 52-week high, closing at $373.85, with a year-to-date increase of 50.5%, significantly outperforming the industry and sector averages [1][9] - The company is strategically positioned to benefit from market volatility and rising crypto asset values, aiming to become the preferred platform for enterprises adopting cryptocurrency [3] - Coinbase is expanding its presence in both U.S. spot and derivatives markets, enhancing product offerings and global reach [4] Expansion and Acquisitions - Coinbase has agreed to acquire Deribit, the leading crypto-options exchange, which handled over $30 billion in open interest and $1 trillion in trading volume in 2024, positioning Coinbase as a leader in global crypto derivatives [5] - The company is entering high-potential markets like Argentina and India, while securing regulatory approvals in major financial centers such as Spain, France, Singapore, and Bermuda, to diversify revenue streams and reduce reliance on the U.S. market [6][9] Product Development and Innovation - Coinbase is launching decentralized finance (DeFi) assets on its Layer 2 solution, Base, and has initiated a $5 million bug bounty program to enhance security [10] - The company is focused on making USDC the premier dollar-backed stablecoin globally, supported by robust liquidity and strategic investments [7] Financial Performance and Valuation - Coinbase demonstrates strong fundamentals with a solid cash balance, improving leverage ratio, and a higher times interest earned ratio [11] - The Zacks Consensus Estimate for 2025 and 2026 earnings has increased by 22.8% and 3.5%, respectively, in the last 30 days [12] - The stock is currently trading at a price-to-earnings multiple of 63.7, which is higher than the industry average of 22, indicating a stretched valuation [14]

Core Insights - CME Group reported a record international average daily volume (ADV) of 9.2 million contracts in Q2 2025, representing an 18% increase year over year [1] - The growth in ADV was driven by record quarterly volumes in various product categories across regions, including EMEA and APAC [1][2] Group 1: Regional Performance - EMEA ADV reached a record 6.7 million contracts, up 15% from the previous year, with significant increases in Equity Index (43%), Energy (15%), Interest Rate products (12%), and Metals (5%) [2][7] - APAC ADV hit 2.2 million contracts, a 30% increase year over year, driven by Energy products (67%), Metals (34%), and Agricultural products (13%) [3][7] - Canada ADV reached 190,000 contracts, up 17% year on year, with Interest Rate and Equity Index products increasing by 19% and 35% respectively [3] - LatAm ADV was 189,000 contracts, a 4% increase from 2024, with Foreign Exchange and Metals products achieving quarterly records, growing by 30% and 3% respectively [4] Group 2: Global Performance - Globally, CME Group reported a record quarterly ADV of 30.2 million contracts in Q2 2025, up 16% year over year, driven by record volumes in Interest Rate, Agricultural, and Metals products [4]

Core Investment Themes - The current market is characterized by significant technological megatrends, including autonomous vehicles, digital assets, AI, and the digital economy, which present exciting investment opportunities [1] - Despite market volatility, these fluctuations are often temporary pauses in a larger upward trend [2] Company Opportunities - Uber Technologies, Coinbase Global, and Micron Technology are highlighted as top investment opportunities for the second half of 2025, each linked to high-growth secular themes and showing strong market performance [3][4] Uber Technologies - Uber is positioned as a leader in automated transportation, with a vision to integrate autonomous vehicles, which could enhance efficiency and profit margins [6] - The company has transitioned from operating losses to generating significant profits and free cash flow, with a projected earnings growth rate of 27.2% annually over the next three to five years [7] - Uber's stock is currently trading at 33 times forward earnings, which is considered reasonable given its growth potential, and it ranks sixth among S&P 500 performers year-to-date [8] Micron Technology - Micron is emerging as a key player in the AI infrastructure sector, providing essential high-bandwidth memory chips and DRAM solutions [10] - The stock has seen a significant increase in value, with analysts projecting a 46.5% sales growth this year and over 500% earnings growth, while trading at a reasonable valuation of 16 times forward earnings [12] - Micron's fundamentals are improving, and it is well-positioned to benefit from the ongoing AI-driven semiconductor cycle [13] Coinbase Global - Coinbase, the largest cryptocurrency exchange in the US, is benefiting from renewed institutional interest in digital assets and is positioned at the center of the evolving crypto-financial system [16] - The platform remains a leader in the market, offering various services for both retail and institutional investors, despite operating in a volatile sector [17] - Technically, Coinbase's stock is forming a bullish continuation pattern, with a potential breakout above the $365 resistance level [18] Conclusion - Uber, Micron, and Coinbase are not only trend followers but also core enablers of future growth in their respective sectors, making them attractive options for long-term tech-driven investment strategies [20][21]

Group 1 - Nasdaq reported monthly volumes for June 2025, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended June 30, 2025 [1] - A data sheet with detailed information is available on Nasdaq's Investor Relations website [1] Group 2 - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators [2] - The company aims to deliver world-leading platforms that enhance liquidity, transparency, and integrity in the global economy [2] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services [2]

Group 1 - Coinbase stock has surged approximately 134% over the past three months, making it the top performer among S&P 500 constituents [1] - As of July 8, 2025, Coinbase shares closed at $354.17, up from $151.47 on April 8, 2025 [1] - The S&P 500 index rose approximately 6.3% during the same period, currently trading at $6,234 [3] Group 2 - Wall Street analysts have a "Moderate Buy" consensus on Coinbase, with 13 "Buy" ratings, 10 "Hold" ratings, and no "Sell" ratings based on 23 analyst ratings [3] - The average 12-month price target for Coinbase is $299.47, indicating a potential downside of 15.83% from the current price of $355.80 [5] - Price forecasts for Coinbase range from a high of $510.00 to a low of $190.00 [5]

Core Insights - MarketAxess Holdings Inc. achieved over $1 trillion in total credit trading volume in Q2 2025, marking a historic milestone for the company with a 20% year-over-year increase [1][9] - The rates trading business also reached a new high of $2 trillion in total volume for the quarter, reflecting a 55% increase from the previous year [1][9] Trading Performance - High-yield and Eurobonds credit businesses experienced 25% year-over-year growth [2] - Emerging markets saw a 20% increase in average daily volume (ADV) compared to the same period last year [2] - Agency and other government bonds in rates trading surged by 81%, while U.S. government bonds grew by 54% [2] Transaction Fees - Total credit average transaction fees per million (FPM) declined by 7% year-over-year due to protocol mix [3] - Total rates FPM fell by 12% as a result of changes in product mix [3] Market Demand - The total trading ADV was recorded at $49 billion, up 43% year-over-year, indicating strong demand for MarketAxess's electronic trading services [4] - The estimated market share of U.S. credit portfolio trading increased to 17.5%, up from 15.1% a year ago [4] Strategic Developments - MarketAxess is diversifying beyond core fixed-income trading, including acquiring a majority stake in RFQ-hub Holdings LLC [5] - The company launched the first fully electronic trading workflow for Indian Government Bonds accessible to Foreign Portfolio Investors [5] Peer Comparison - CME Group is set to launch CME FX Tape+, aiming to provide an unbiased view of the FX market [6] - Intercontinental Exchange acquired the American Financial Exchange to complement its global index business and mortgage technology network [7] Valuation and Estimates - MarketAxess shares have declined by 1.8% year-to-date, contrasting with the industry's growth of 21.1% [8] - The forward price-to-earnings ratio for MarketAxess is 27.86X, higher than the industry average [11] - The Zacks Consensus Estimate for Q2 2025 earnings suggests an 11.1% year-over-year rise, with a full-year earnings prediction of a 2.9% increase [12]