以下文章来源于投中网 ，作者蒲凡 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 如果有机会带着今天的记忆穿越回10年前，你会选择投资什么来让自己暴富？ 最有诱惑性的答案，大概就是买比特币了。十年以来，比特币虽然起起伏伏不断经历着"牛市——熊 市"的轮转，但也总能兜兜转转回到一条高昂向上的曲线，一枚比特币的价格从300美元涨到了最近 的11万美元左右，在全球市场所有资产类别中堪称"最靓的仔"。 然而，这个答案在操作性上有两个非常直观的问题。首先比特币不是贵金属也不是什么等价证券， 本质上它是一段算出来的代码。想要获得比特币，就需要足够的算力和足够的电力（也就是"挖 矿"），对于普通人来说成本实在是有点高。其次，加密货币这个资产类别始终游走在法律监管边 缘，也在很长一段时间内没有真实的落地场景，价格波动频繁且巨大。在这个前提下，即使能找到 持有比特币的卖家，双方都应该用什么货币、什么方式来定价交易呢？ 所以有机会穿越回10年前去投资比特币——哪怕是 ...

将投中网设为"星标⭐"，第一时间收获最新推送 这样的公司，有什么必要融资呢？ 作者丨 蒲凡 来源丨 投中网 如果有机会带着今天的记忆穿越回10年前，你会选择投资什么来让自己暴富？ 最有诱惑性的答案，大概就是买比特币了。十年以来，比特币虽然起起伏伏不断经历着"牛市——熊市"的轮转，但也总能兜兜转转回到一条高昂向上 的曲线，一枚比特币的价格从300美元涨到了最近的11万美元左右，在全球市场所有资产类别中堪称"最靓的仔"。 然而，这个答案在操作性上有两个非常直观的问题。首先比特币不是贵金属也不是什么等价证券，本质上它是一段算出来的代码。想要获得比特币， 就需要足够的算力和足够的电力（也就是"挖矿"），对于普通人来说成本实在是有点高。其次，加密货币这个资产类别始终游走在法律监管边缘，也 在很长一段时间内没有真实的落地场景，价格波动频繁且巨大。在这个前提下，即使能找到持有比特币的卖家，双方都应该用什么货币、什么方式来 定价交易呢？ 所以有机会穿越回10年前去投资比特币——哪怕是现在去投资比特币，你会发现大部分人都遵循着这样的流程：先在交易所里，将自己的法定货币 （人民币、美元、欧元等等）换成一种与美元直接挂钩、价值稳定 ...

bnb meme, binance life. Photo by BeInCrypto 币安人生 (Binance Life), a new BNB-based meme coin, has gained traction in the crypto market. Its market value climbed from just a few hundred thousand dollars to over $500 million, generating multi-million-dollar returns for early traders. The token’s meteoric rise is part of a broader ‘BNB meme szn,’ with over 100,000 on-chain traders piling into new tokens and nearly 70% already sitting on profits. 币安人生 (Binance Life) Token’s 1,800× Pump Shakes Up the Meme Coin ...

Core Viewpoint - The future of finance is shifting towards a decentralized model where users have true control over their assets on-chain, moving away from traditional custodial systems [2][3]. Group 1: Why Everything Will Go On-Chain - The transition to on-chain systems is inevitable as the financial landscape evolves, similar to the shift from closed to open systems in mobile communications [3]. - Traditional finance largely operates on closed systems, while decentralized finance (DeFi) offers an open system characterized by transparency and verifiable rules [4]. Group 2: Characteristics of On-Chain Systems - True on-chain systems must be public and transparent, allow for open development, not rely on any single service provider, and be global in nature [4]. Group 3: Readiness for On-Chain Finance - The infrastructure for on-chain finance is fully prepared, with Layer 1 blockchains capable of processing thousands of transactions per second, and Layer 2 solutions processing tens of thousands [5]. - The evolution of crypto assets, such as Bitcoin becoming "digital gold" and stablecoins proving successful, indicates a maturing market [5]. Group 4: The Future of Self-Custody - Self-custody allows users to "verify first, then trust," contrasting with traditional finance's reliance on intermediaries [6][7]. - Advanced on-chain monitoring technologies enhance security and compliance, enabling better anti-money laundering practices compared to traditional finance [7]. Group 5: OKX's Role in Future Finance - OKX has established itself as a leading exchange with strong liquidity and regulatory licenses across multiple jurisdictions [8]. - The company prioritizes self-custody for user assets and has developed OKX Pay, a compliant self-custody wallet for easy transactions [8]. - OKX is actively collaborating with various industry partners to promote the development of on-chain finance, including sponsorships in sports and partnerships with financial and tech companies [9].

Core Insights - Bit Digital has become one of the largest publicly traded holders of Ethereum, with 122,187 ETH valued at approximately $506.6 million as of September 30, 2025, indicating a strategic shift from Bitcoin to Ethereum [1][4][6] Group 1: Ethereum Holdings and Staking - Approximately 81.8% of Bit Digital's Ethereum holdings, or about 99,936 ETH, are actively staked, generating 291 ETH in staking rewards in September, which translates to an annualized yield of around 3.37% [2][5] - The average acquisition cost per ETH for the company is $2,643.27, suggesting significant unrealized profits at current market prices [2] Group 2: Strategic Financial Moves - In September, Bit Digital purchased an additional 653 ETH, further increasing its exposure to Ethereum [3] - The company completed a $150 million convertible notes offering, with proceeds aimed at funding further Ethereum acquisitions and potential infrastructure development [3] Group 3: Strategic Shift and Market Position - The transition to Ethereum is part of a strategic pivot initiated in 2025, where the company sold approximately 280 BTC and utilized proceeds from a $172 million equity raise to diversify into Ethereum [4][6] - Analysts view this pivot as a strong endorsement of Ethereum's economic model, particularly its proof-of-stake system, which allows for passive income generation [5][6] Group 4: Industry Implications - Bit Digital's strategy positions it as a significant player in the institutional adoption of Ethereum, reflecting a broader trend among corporate entities seeking yield and long-term appreciation [6][8] - The company's evolving treasury management strategy highlights a mature approach to digital asset allocation, enhancing its balance sheet resilience and alignment with the Ethereum ecosystem [7][8]

Core Insights - Bitcoin has experienced significant price growth over the past decade, rising from $300 to approximately $110,000, making it a standout asset in global markets [1] - Tether, the issuer of USDT, is seeking to raise $20 billion, valuing the company at over $500 billion, significantly higher than its competitor Circle, which is valued at $30 billion [2] Group 1: Bitcoin and USDT - Bitcoin's journey from skepticism to a widely recognized asset began with its first real-world transaction in 2010, where 10,000 bitcoins were used to purchase two pizzas, marking a pivotal moment in its adoption [4] - Tether was established in 2014 to provide a stable digital currency (USDT) that is pegged to the US dollar, aiming to enhance the safety and regulation of cryptocurrency transactions [6][7] Group 2: Tether's Financial Position - Tether reported a cash reserve of $118.5 billion and a net profit of $5.2 billion for the first half of 2024, indicating its strong financial health [9] - Tether's business model involves earning interest on cash reserves and charging fees for USDT transactions, creating a self-sustaining revenue stream [9] Group 3: Tether's Future Strategy - Tether's new CEO, Paolo Ardoino, is pushing for the company to engage in venture capital investments, particularly in artificial intelligence and brain-computer interface sectors, to diversify and enhance asset growth [10][11] - Tether is confident in its fundraising efforts, offering 3% of its shares as new issuance, and is currently evaluating interest from notable investors [12] Group 4: Regulatory Concerns - Tether has faced scrutiny regarding its ability to maintain a 1:1 dollar backing for USDT, with past allegations of insufficient reserves leading to a $41 million fine from the CFTC [13][14] - The company experienced a significant redemption crisis in 2022, processing over $20 billion in withdrawals within 20 days, raising questions about its stability and market position [14]

导读 2025年5月以后，稳定币在国际金融领域发展风生水起，成为学术界、实务界和媒体聚焦的热点。5月19 日，美国参议院通过了《2025年美国稳定币创新指导与建立法案》（GENIUS），标志着稳定币规范化 取得了重要进展。5月30日，中国香港特别行政区政府在宪报刊登了《稳定币条例》，意味着稳定币在 香港进入法治化轨道。6月5日，稳定币"第一股"圆环公司（Circle）在纽约证券交易所首次公开募股， 开盘价大涨至69美元/股（远超31美元/股的发行价），收盘涨幅达到170%，预示着稳定币股票将成为美 国股市的新军。稳定币的发展给金融发展和金融监管提出了富有挑战性的新课题。 稳定币是以法定货币和正规金融产品为抵押品，依托于区块链分布式账本技术在互联网平台上发行的具 有国际性交易媒介功能的加密货币。它的简要发行流程是：发行人（科技公司等）运用注册资本构建抵 押资产（法定货币、国债等金融产品）→通过合作机制建立无国界发行（或兑付）平台→发行稳定币支 持跨国界的商贸、金融和投资等交易→将销售稳定币获得的资金注入抵押资产→通过合作平台扩展稳定 币的发行规模……如此循环往复。它有三个主要特点。一是稳定币属于加密货币范畴，依 ...

Core Viewpoint - Several cryptocurrency companies are competing to launch tokenized products linked to stocks, raising concerns among traditional financial institutions and regulatory experts about potential risks to investors and market stability [1][2]. Group 1: Market Trends - The cryptocurrency industry is seizing opportunities amid increasing global enthusiasm, particularly following support from former President Trump and favorable regulatory policies [1]. - Companies like Robinhood, Gemini, and Kraken have launched tokenized stock products in Europe, while Coinbase and others seek regulatory approval to introduce similar offerings in the U.S. [1]. - As of September, the total value of tokenized public stocks available to retail investors reached $412 million, a significant increase from just millions a year prior [1]. Group 2: Product Characteristics - Despite marketing claims of being "stock-like," many tokenized products offer fewer shareholder rights, lower disclosure levels, and weaker investor protections compared to traditional stocks, resembling higher-risk derivatives [2][3]. - Some tokenized stocks are issued on blockchain technology, while most remain linked to listed companies and are issued by third-party entities like Ondo Global Markets and Dinari [2]. Group 3: Regulatory Landscape - There is no consensus on the regulatory framework for tokenized stocks, with varying rights and protections across different products [3]. - Tokenized products typically do not grant ownership, voting rights, or traditional dividend income, exposing investors to counterparty risks from token issuers [3]. - The SEC is considering providing securities rule exemptions for potential issuers, but this has faced opposition from major Wall Street firms [5]. Group 4: Investor Protection Concerns - The World Federation of Exchanges has called for stronger regulation of tokenization due to insufficient investor protections and liquidity fragmentation [6]. - Some companies, like Kraken, claim their tokenized products adhere to traditional securities regulations and fulfill investor disclosure obligations [6].

Core Insights - The article discusses the increasing reliance on stablecoins as a new mechanism for financing U.S. national debt, which has surpassed $36.2 trillion, with traditional buyers like China and Japan reducing their purchases [3][5][8] - The introduction of the GENIUS Act in 2025 aims to regulate digital assets while designating stablecoins as a means to support U.S. debt, requiring stablecoin issuers to back their assets with U.S. dollars or short-term U.S. Treasury bonds [5][7][8] - Stablecoins are becoming a strategic tool for the U.S. to manage its debt, with significant implications for global finance and the dollar's dominance [8][19][27] Group 1: U.S. National Debt and Traditional Buyers - The U.S. national debt has reached $36.2 trillion, with annual interest payments nearing $1 trillion, exceeding the military budget [3][5] - Traditional creditors are slowing down their purchases of U.S. debt, prompting the need for new buyers [3][5] Group 2: Role of Stablecoins - Stablecoins are being positioned as a solution to support U.S. debt, with the GENIUS Act mandating that stablecoin reserves be held in U.S. dollars or short-term Treasury bonds [5][8] - The U.S. Treasury Secretary indicated that demand for U.S. debt through digital assets could reach $2 trillion in the coming years [7][8] Group 3: Market Dynamics and Major Players - Tether's USDT holds $171 billion in U.S. bonds, while Circle's USDC has nearly $50 billion in short-term Treasury bills, together controlling 86.5% of the stablecoin market [12][17] - The business model of stablecoin issuers allows them to profit from the interest paid on U.S. debt, exemplified by Tether earning $1 billion in profits in Q1 2025 [15][17] Group 4: Global Impact and Adoption - Stablecoins are facilitating a rapid expansion of the dollar's influence globally, with transaction volumes surpassing traditional payment giants like Visa and Mastercard [20][22] - In emerging markets, particularly in Latin America, over 50% of cryptocurrency received is in stablecoins, indicating a significant shift in payment preferences [24][26]

Core Insights - The cryptocurrency market experienced a significant downturn, with Bitcoin dropping below $121,544.6 after a period of gains, leading to over 165,000 liquidations totaling approximately $606 million [1][3][4]. Market Performance - Major cryptocurrencies saw declines: AVAX fell nearly 9%, DOGE over 7%, and ETH close to 5%. In contrast, BNB rose over 6% [3][4]. - Bitcoin's price fluctuated, reaching a high of $126,000 on October 6, before the recent drop [5]. Liquidation Data - In the last 24 hours, 165,394 traders were liquidated, with the largest single liquidation on OKX-BTC-USDT-SWAP valued at $8.7426 million [4][5]. - The total liquidation amount included $294.719 million in one hour and $460.499 million in four hours [5]. Institutional Interest - On October 6, Bitcoin ETFs in the U.S. saw an inflow of $1.21 billion, marking the largest single-day inflow since the election of Donald Trump in November 2024 [5]. Market Dynamics - Following Bitcoin's price surge, some investors opted to take profits, leading to a significant increase in open contracts for Bitcoin futures [6]. - The current market correction is testing the resilience of long positions, with a focus on buyer engagement and key support levels [6]. Regulatory Developments - Several crypto companies are lobbying the Bank of England to reconsider its restrictions on stablecoin holdings, arguing that the current regulations put the UK at a disadvantage compared to the U.S. and EU [6]. - The Bank of England previously proposed limits on individual stablecoin holdings between £10,000 and £20,000, and corporate holdings at £10 million [6]. Future Projections - JPMorgan forecasts that the adoption of stablecoins could lead to an influx of trillions of dollars into the dollar system over the coming years, with an estimated additional demand of $1.4 trillion by 2027 [6]. New Financial Products - S&P Dow Jones Indices launched the S&P Digital Markets 50, a new index that includes 15 cryptocurrencies and 35 related stocks, marking the first mixed index of its kind [7]. Digital Currency Initiatives - India plans to introduce a central bank-supported digital currency, which will differ fundamentally from private cryptocurrencies, ensuring user safety and maintaining the integrity of the financial system [8].