Group 1 - The 2025 Financial Street Forum Annual Conference focused on advancing financial development through legal frameworks, emphasizing the need for a multi-faceted enforcement mechanism in Hong Kong to address various risks and violations [1] - The Hong Kong government has implemented a licensing system for virtual asset trading platforms (VATP) to protect investors and mitigate risks to the traditional financial system, effective from June 2023 [1] Group 2 - The rise of stablecoins has prompted the introduction of the "Stablecoin Ordinance" in August 2023, requiring anyone issuing fiat-backed stablecoins in Hong Kong to obtain a license from the Financial Management Commissioner [2] - The Stablecoin Ordinance aims to enhance the regulatory framework for digital asset activities in Hong Kong, ensuring monetary and financial stability while reinforcing Hong Kong's status as an international financial center [2] - A joint consultation by the Financial Services and the Treasury Bureau and the Securities and Futures Commission was initiated to empower the SFC to regulate virtual asset service providers and custodians, with plans to revise laws to prevent misleading titles that may confuse investors [2]

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，概不對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。 Moon Inc. 1723 須予披露交易－ 進一步購買加密貨幣（比特幣） 及 業務最新進展 茲提述恆月控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）日期為二零二五年 二月十六日、二零二五年二月二十三日、二零二五年三月二十一日及二零二五年四月十 四日之公告（「該等公告」），據此，本集團已於公開市場購買約28.88個單位的比特幣，總 代價（包括所有相關交易成本）約為19,653,000港元（相當於約2,520,000美元）（「過往比特幣 購買事項」）。除文義另有所指外，本公告所用詞彙與該等公告所界定者具有相同涵義。 董事會欣然宣佈，於二零二五年十月二十八日（交易時段後），本集團在公開市場進一步 購入約0.6個單位的比特幣，總代價約為533,000港元（相當於約68,000美元）（「進一步比特 幣購買事項」，連同過往比特幣購買事項統稱「比特幣購買事項」）。進一步比特幣購買事 項的代價以現金支付，並 ...

Core Insights - Value investor Mike Alfred acquired over 1 million shares of Strive Asset Management (ASST), with an initial investment of nearly $1 million [1] - Following Alfred's announcement, ASST shares surged, closing up 27% on the day of the announcement and jumping another 33% the following Monday [2][3] - Since October 22, ASST shares have increased by 86%, rising from $0.78 to $1.47 per share [3] Company Developments - Strive Asset Management is in the process of acquiring Semler Scientific at a 210% premium, which indicates aggressive growth strategies [5] - The leadership of Strive Asset Management actively engaged with the market by retweeting Alfred's announcement, which contributed to the stock's rally [2] Investor Background - Mike Alfred is recognized for his successful investments, including a significant position in IREN, a Bitcoin mining and AI data center company, which has seen a year-to-date increase of over 500% [4] - Alfred's recent appointment to the Board of Bakkt (BKKT) has also led to a doubling of BKKT shares since his involvement [4]

Core Viewpoint - Digital asset stocks in the U.S. saw a general increase in pre-market trading on Friday, indicating positive market sentiment towards the sector [1] Group 1: Digital Asset Companies - Stablecoin issuer Circle, Bitcoin reserve and software company Strategy, and crypto-focused trading firm Galaxy Digital all experienced stock price increases of nearly 2% [1] - Cryptocurrency mining stocks, including Riot Platforms and Cleanspark, rose approximately 2% and 4% respectively in pre-market trading [1]

Investment Rating - The report initiates coverage with an "Outperform" rating for OSL Group, projecting a target price of HKD 25.33 for 2027 [3][11]. Core Insights - OSL Group is the only listed licensed virtual asset exchange in Asia, benefiting from a unique licensing barrier and diversified product expansion, positioning it advantageously in the market [3][10]. - The company is expected to achieve significant revenue growth driven by the gradual regulatory support in Hong Kong, with anticipated revenues of HKD 6.73 billion, HKD 11.83 billion, and HKD 17.80 billion for 2025, 2026, and 2027 respectively [7][9]. - The management team has been revamped, focusing on strategic positioning in the Hong Kong market and accelerating global expansion through acquisitions in Japan and Europe [3][10]. Financial Summary - Revenue projections indicate a growth of 79% in 2025, 76% in 2026, and 50% in 2027, with a net profit forecast of HKD -0.66 million in 2025, HKD -0.12 million in 2026, and HKD 0.20 million in 2027 [3][7]. - The company is expected to achieve its first profit since its strategic shift to the digital asset sector in 2024, highlighting effective execution of its strategy and improved operational efficiency [3][10]. - The financial outlook includes a gross margin of approximately 91% across the forecast period, indicating strong profitability potential [9][30]. Business Model and Strategy - OSL operates a dual-driven business model focusing on digital asset market services and technology services, catering to high-net-worth individuals, professional investors, and retail clients [24][30]. - The company plans to invest up to USD 30 million to develop its PayFi ecosystem, which will become a key area of focus, encompassing payment services and cross-border transactions [3][8]. - OSL has established itself as a compliance leader in the Hong Kong market, having obtained dual licenses from the SFC and AMLO, ensuring all operations are conducted within a strict regulatory framework [3][48]. Market Position and Competitive Advantage - OSL is positioned as a pioneer in the compliant digital asset exchange space in Hong Kong, leveraging its first-mover advantage to capture market opportunities as regulations evolve [15][48]. - The company has a robust security framework, including a comprehensive asset protection system with insurance coverage of up to USD 1 billion, enhancing its appeal to institutional clients [48][49]. - The management team comprises experienced professionals from both the digital asset and traditional finance sectors, which is expected to drive the company's strategic initiatives and global expansion [19][23].

Core Insights - SharpLink Gaming (SBET) has made its first ether (ETH) purchase since late August, acquiring over $75 million worth of tokens [1] - The company raised $76.5 million through a direct stock offering, using the proceeds to purchase 19,271 ETH at an average price of $3,892, bringing its total ETH holdings to 859,853, valued at approximately $3.5 billion [2] - The stock price of SharpLink has remained flat at around $14.70, reflecting a decline of about 66% since July and nearly 90% from its peak in May [2] Company Actions - SharpLink recently repurchased its common shares after its stock price fell below the net asset value of its ETH and cash reserves [4] - The last disclosed ETH purchase prior to this was in late August, where the company acquired slightly more than 39,000 tokens [4] - Since June, the firm has earned 5,671 ETH, valued at around $22 million, through staking its holdings [4] Industry Context - The acquisition by SharpLink comes during a challenging period for corporate crypto treasuries, which are struggling to accumulate digital assets while facing declining stock prices [3] - Many companies in the sector are experiencing significant drops in stock value, which limits their ability to fund further crypto acquisitions [3]

Core Viewpoint - Tianzhou Culture (300148.SZ) is actively involved in the digital asset and digital governance sectors through its subsidiary Tianhe Guoyun, which has successfully launched multiple projects in these fields [1] Group 1 - The company has a stake in Tianhe Guoyun, which focuses on digital assets and digital governance [1] - Tianhe Guoyun has multiple projects that have already been implemented [1] - Tianhe Wenchain, a subsidiary, has developed an NFT digital product issuance platform, indicating significant efforts in the digital cultural and creative sector [1]

Group 1: Market Overview - In 2025, the global financial market is experiencing a significant asset value divergence, with Bitcoin, gold, crude oil, and the US dollar showing contrasting performances, reflecting different economic paradigms [1] - Bitcoin has surged by 158.9% over the past year, reaching a historical high of $97,050, indicating its transition from a speculative asset to a potential "hard currency" [1] - In contrast, crude oil prices have declined to around $50 per barrel, highlighting a pessimistic market sentiment and the impact of global energy transition on traditional fossil fuels [1] Group 2: Asset Pricing Dynamics - The traditional dollar-centric asset pricing model is being challenged by the rise of digital assets like Bitcoin, which is redefining the concept of value [3][5] - Bitcoin's purchasing power has appreciated by 42% against a basket of goods over the past year, positioning it as a potential competitor to gold as a safe-haven asset [5] - Financial institutions are adapting their asset valuation models to incorporate new dimensions such as the purchasing power and decentralized nature of digital assets [5] Group 3: Economic Factors Influencing Asset Performance - The US government's fiscal deficit reached $5.7 trillion in Q2 2025, accounting for 16% of GDP, contributing to a decline in confidence in the US dollar [7] - The personal savings rate has dropped from 33.7% during the pandemic to 17.8%, exacerbating the "double deficit" situation and further weakening the dollar [7] - In contrast, gold has gained strength as central banks collectively increase their reserves, with gold's share in global foreign exchange reserves rising by 8.4 percentage points over the past decade [7][9] Group 4: Oil Market Dynamics - The decline in crude oil prices is driven by both supply and demand pressures, with OPEC+ increasing production and a shift towards electric vehicles reducing demand for traditional fuels [9][10] - Countries are beginning to reduce their reliance on oil imports, adding further downward pressure on oil prices and highlighting the divergence between oil and other assets [10] Group 5: Changing Asset Relationships - The traditional negative correlation between the dollar and oil prices has broken down, with the dollar index falling 11% while oil prices also declined [12] - Bitcoin has shown a strong negative correlation with the dollar, with a 1% drop in the dollar index correlating to an average 3.2% increase in Bitcoin prices [14] - The interaction between assets is becoming more complex, with discussions among OPEC members about pricing oil in Bitcoin, indicating a shift away from the dollar-based pricing system [14] Group 6: Future Financial Landscape - The global oil market is expected to reach a supply and demand peak by 2030, with a gradual decline in oil prices becoming the new norm [16] - The diversification of the monetary system is evident, with initiatives like the EU's dual currency settlement and the expansion of China's digital yuan [16] - The simultaneous rise of gold and Bitcoin reflects a market shift towards multi-faceted value storage methods, indicating a growing distrust in a single currency system [16][18]

智通财经APP获悉，德林控股(01709)盘中涨超6%，截至发稿，涨4.44%，报3.28港元，成交额1.03亿港 元。 为配合该集团与Antalpha的战略合作，于2025年10月16日透过其全资附属公司DL HODL Limited与 Antalpha的一间附属公司订立购买协议，购买价值约500万美元的XAU₮。 消息面上，德林控股发布公告，于2025年10月16日，公司与 Antalpha Platform Holding Company(Antalpha)订立不具约束力的战略合作协议。订约双方均认可结合Antalpha于数字资产领域的机 构级能力与集团于传统金融专业及监管基础方面的深厚经验，将可共同开发创新型金融解决方案，并于 数字资产生态体系中释放可观的市场潜力。因此，公司与Antalpha将建立一项全面的战略合作框架，借 以发挥各自竞争优势，携手推动数字资产领域的业务增长及市场拓展。 待公司与Antalpha进行进一步协商并达成协议，且符合所有适用法律及法规的前提下，公司与Antalpha 已同意建立以多个核心领域为重点的战略合作框架，以充分发挥双方在传统金融、区块链技术及数字资 产方面的优势。该 ...

Core Insights - SharpLink Gaming, Inc. has raised $76.5 million through a registered direct equity offering priced at $17 per share, which is a 12% premium to its closing price on October 15 [1][2] - The offering involved 4.5 million shares and is notable for being conducted at both market and net asset value (NAV) premiums within the digital asset treasury ecosystem [2] - A unique 90-day premium purchase contract (PPC) was introduced, allowing the investor to acquire an additional 4.5 million shares at $17.50 per share, representing a 19% premium to the closing price [3] Capital Deployment and Financial Impact - If the PPC is fully exercised before its expiration on January 15, 2026, it could generate an additional $78.8 million, raising total capital to over $155 million [4] - The funds raised will be used to enhance SharpLink's ETH-per-share ratio and expand its Ethereum treasury holdings, supporting the company's growth strategy under the ticker $SBET [7] Strategic Vision and Market Outlook - SharpLink's Co-CEO emphasized the importance of this equity raise as a reflection of strong institutional confidence in the company's long-term vision, aiming to accumulate more ETH and increase ETH-per-share for investors [5] - The company is optimistic about the accelerating adoption of Ethereum across various sectors, including stablecoins and DeFi, reinforcing its bullish stance on ETH as a core treasury asset [6] - At the Digital Assets Summit 2025, the Co-CEO highlighted that future institutional adoption will be driven by fundamentals rather than market hype [8]