Key Points Down 20% since July, Strategy still trades at a notable premium to its Bitcoin holdings. Investors appear to be losing faith in the Bitcoin treasury company narrative. The performance gap between Strategy and Bitcoin is likely to tighten as investors recalibrate their expectations. 10 stocks we like better than Strategy › Since January 2024, it's hard to find a better-performing stock than Strategy (NASDAQ: MSTR). It's up a mind-blowing 450%. Using a strategy to accumulate as much Bitc ...

瑞穗银行：将Coinbase(COIN.US)目标价上调至300美元，此前为267美元。 ...

来源：市场资讯 （来源：吴说） 作者：@agintender 原文链接：https://x.com/agintender/status/1955114555685949613?t=8Bj6c7MFn825eboqmSB-iQ&s=19 声明：本文为转载内容，读者可通过原文链接获得更多信息。如作者对转载形式有任何异议，请联系我 们，我们将按照作者要求进行修改。转载仅用于信息分享，不构成任何投资建议，不代表吴说观点与立 场。 永续合约的真实属性并非在其平稳运行时显现，而是在其承受极端压力、濒临崩溃的边缘时刻暴露无 遗。Alpaca Finance（ $ALPACA ）永续合约在被宣布下架后的异常事件，正是揭示这一 "逼空" 本质的 绝佳案例。 "逼空"（Short Squeeze）是一场经典的金融围猎游戏，它将市场结构、资金杠杆和群体心理融合成一门 暴力的艺术。血腥和暴力吸引了一群不明所以的围观者。 传统市场逻辑认为，交易所下架是一个强烈的看跌信号，必然导致资产价格暴跌，因为其流动性将被剥 夺，交易渠道也将关闭。然而，在 ALPACA 事件中，一个基本面上的重大利空消息，却引发了一场数 千个百分点的爆炸性价格飙升 ...

Core Viewpoint - The cryptocurrency "vault company" trend may have peaked, and the next major trend will be the migration of traditional assets to blockchain through Real-World Assets (RWA) [1][4] Group 1: Cryptocurrency Vault Companies - Michael Novogratz, CEO of Galaxy Digital, suggests that the peak of "vault companies" holding cryptocurrencies on their balance sheets has likely been reached [1] - Companies like MicroStrategy have pioneered this model, and new entrants are now diversifying into Ethereum and other lesser-known tokens [2] - Galaxy Digital has partnered with over 20 crypto vault investment firms, generating approximately $2 billion in assets for its custody platform, creating a recurring revenue stream [2] Group 2: Financial Performance of Galaxy Digital - Galaxy Digital reported a net profit of approximately $30.7 million for Q2 2025, a significant recovery from a loss of $177 million in the same period last year [3] - The company's diluted earnings per share for the quarter was $0.08, slightly below analyst expectations, leading to a 4% drop in stock price [3] Group 3: RWA and Tokenization Trends - Novogratz believes that crypto vault companies and cryptocurrency ETFs provide important exposure for hedge funds wary of directly holding tokens [4] - Major financial institutions like Goldman Sachs and JPMorgan are increasingly focusing on RWA as a new business trend [4] - The concept of tokenization involves mapping traditional financial assets onto the blockchain, which could lead to a market size exceeding $18 trillion by 2033, with a projected CAGR of 53% since 2025 [5][6] Group 4: Advantages of RWA for Traditional Banks - RWA offers a more straightforward regulatory framework compared to pure crypto assets, making it easier for traditional banks to adopt [7] - The underlying assets like bonds and loans provide stable cash flows, aligning well with traditional banking business models [7]