Market Overview - The Hang Seng Index closed at 26,381, down 1.44% for the day and up 2.93% year-to-date[3] - The Hang Seng Tech Index fell 2.87%, reaching a new low since July of the previous year[9] - The Shanghai Composite Index remained stable, closing at 4,147, with a slight decrease of 0.01% for the day and a year-to-date increase of 4.48%[3] Sector Performance - Major tech stocks in Hong Kong saw significant declines, with Bilibili and Baidu dropping over 4%, and Alibaba falling more than 3%[9] - The biopharmaceutical sector faced heavy losses, with BeiGene down over 9% and WuXi Biologics down over 7%[9] - Conversely, the power equipment sector experienced gains, with Dongfang Electric rising over 15%[9] Investment Insights - Storage concept stocks surged, with Southern Double Long Samsung Electronics up over 15% and Southern Double Long SK Hynix up over 14%[9] - Cryptocurrency stocks collectively rose, with Jin Yong Investment increasing by 29.28%[9] - Nvidia's earnings report did not alleviate market concerns, leading to a decline in tech stocks, with the Nasdaq dropping over 1%[9] Economic Indicators - The U.S. jobless claims increased less than expected, indicating relatively low layoffs[12] - The Federal Reserve's officials suggested potential interest rate cuts if inflation decreases[12] - Ongoing discussions between the U.S. and Iran in Geneva showed positive progress, with further negotiations scheduled[12]

在风险偏好阶段性回暖、科技股小幅反弹的带动下，加密资产市场迎来一轮明显修复行情。 智通财经APP获悉，比特币周三一度逼近7万美元关口，终结此前连续三个交易日的跌势，而稳定币、 加密概念股及部分金融科技公司股价亦同步走强，显示资金情绪有所回暖。 在纽约交易时段，比特币盘中最高上涨8.5%至约6.95万美元，创下自2月6日以来的最大单日涨幅；以太 坊则一度上涨约12%至 2085美元附近。此前，比特币上一次触及7万美元是在2月16日。 市场人士指出，加密资产的反弹与美股企稳密切相关。美国总统特朗普昨日在为经济表现辩护后，风险 资产情绪有所改善。此前，美国最高法院裁定特朗普政府无权依据紧急权力法征收所谓"互惠关税"，引 发市场动荡，随后特朗普改用其他法律依据，表示将推动15%的全球关税，成为本周早些时候加密市场 大幅下挫的重要诱因之一。不过，在最新讲话中，特朗普并未提及数字资产。 ZeroStack首席执行官Daniel Reis-Faria表示，近期美国市场对加密资产的需求整体偏弱，但资金正在向 山寨币轮动，部分品种的表现已开始跑赢比特币。Orbit Markets联合创始人Caroline Mauron认为，本 ...

Group 1 - The core viewpoint is that global emerging markets are significantly undervalued, with a prediction that international stock markets will outperform the US market after 2025 [1] - The US stock market is currently overvalued by more than 40% compared to other global markets, raising concerns about the sustainability of returns from high capital expenditures driven by AI and data centers [2] - Emerging market companies often operate as monopolies or oligopolies, providing them with more protection and less urgency to chase AI investments, thus avoiding potential risks [2] Group 2 - Mexico is highlighted as a strong investment opportunity due to its focus on strengthening ties with the US, low corporate valuations, and dominant positions in various industries [2] - Argentina is expected to see significant upside following the consolidation of power by President Javier Milei, which may lead to further policy reforms [2] - The company continues to short digital asset firms, including MicroStrategy, as their valuations were previously deemed unreasonable, especially after Bitcoin's significant decline [3]

Core Insights - Metaplanet, a Japanese Bitcoin treasury company, reported a revenue of 8.905 billion yen for the fiscal year 2025, representing a year-on-year increase of 738% [1] - The operating profit for the same period was 6.287 billion yen, showing a significant year-on-year growth of 1,694% [1] - As of December 31, 2025, the company held 35,102 BTC, a substantial increase from 1,762 BTC at the end of 2024 [1]

Core Insights - Bitcoin's price has nearly halved since reaching a peak of $126,000 in October 2025, leading to significant losses for Vietnamese crypto investors and local companies [1] Industry Summary - Approximately 55% of individual crypto investors in Vietnam reported losses last year, indicating a challenging environment for retail investors [1] - Many local startups in the crypto sector have faced bankruptcy, layoffs, or downsizing, reflecting the broader industry contraction [1] - Vietnamese crypto projects, including those focused on NFTs, blockchain lending, and trading services, have been severely impacted by the downturn [1] - Ninety Eight, a blockchain company, has laid off nearly one-third of its workforce since last year, highlighting the operational challenges faced by firms in the sector [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的內容概不負責，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分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 Linekong Interactive Group Co., Ltd. 藍港互動集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8267） 董事會謹此載列本集團的投資政策及目標。本集團的投資目的旨在實現中長 期資本增值，並達致戰略協同效益，以支持本集團的長期發展及戰略方向。 有關加密貨幣的持有量及LK Crypto資產管理 及募資計劃的補充公告 茲提述本公司日期為二零二五年八月十三日的公告，內容有關其加密貨幣的 持有量及LK Crypto資產管理及募資計劃（「該公告」）。除另有指明外，本補充公 告所用詞彙與該公告所界定者具有相同涵義。 建議資產管理及募資計劃的情況 誠如先前所披露，本公司一直尋求設立資產管理及募資計劃，以便LK Crypto事 業部可透過總規模為1億美元的該計劃參與管理外部投資者的資金。 該計劃是以市場為導向的資產管理措施，旨在於遵守適用監管規定的前提下， 透過投資於優質加密 ...

Core Insights - Japan is becoming a significant player in the global cryptocurrency market, with over 12 million accounts and user deposits exceeding 5 trillion yen, indicating a growing interest from institutional investors and a demand for regulatory transparency [2][3]. Tax System and Cryptocurrency Tax Treatment - Japan's tax system primarily consists of direct taxes, including corporate tax, personal income tax, and consumption tax, with specific regulations for cryptocurrency-related taxes [3][4]. - Corporate tax in Japan has a standard rate of 23.2%, with a reduced rate of 15% for small corporations on income up to 8 million yen [3]. - Personal income tax rates range from 5% to 45%, depending on the income bracket, with cryptocurrency income classified under miscellaneous income [4][5]. - Consumption tax is generally set at 10%, with a reduced rate of 8% for certain goods and services [5][6]. - Inheritance and gift taxes in Japan have progressive rates ranging from 10% to 55%, depending on the value of the assets [6][12]. Cryptocurrency Tax Treatment - The tax treatment for cryptocurrency transactions includes capital gains tax on sales, usage for purchases, and exchanges, with specific calculations for taxable income based on transfer prices and costs [8][9]. - Taxable income from cryptocurrency transactions is recognized in the year of sale or contract signing, and losses cannot offset other income types [10][11]. - The acquisition cost of cryptocurrencies is determined by the purchase price, and for inherited or gifted assets, the market price at the time of acquisition is used for tax purposes [12][13]. Regulatory Framework - Japan has established a dual regulatory framework for cryptocurrencies through the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA), focusing on registration, asset custody, anti-money laundering, and investor protection [15][16]. - The Financial Services Agency (FSA) oversees the regulatory environment, while self-regulatory organizations like JVCEA and JCBA play crucial roles in industry standards and compliance [16][17]. - Recent amendments to the PSA and FIEA have strengthened regulations on cryptocurrency exchanges, including mandatory registration and enhanced consumer protection measures [19][20]. Reform Trends - Proposed reforms for the 2026 fiscal year aim to simplify tax treatment for cryptocurrencies, including a flat tax rate of 20% on capital gains and allowing loss carryforwards [13][14]. - The reforms also seek to reduce barriers for donations and inheritance of cryptocurrencies, potentially increasing their use in charitable activities and wealth transfer [14][25]. - The regulatory landscape is evolving to address new risks and market dynamics, with a focus on enhancing Japan's competitiveness in the global cryptocurrency and blockchain sectors [25].

Stock Performance - On February 13, Btc Digital Ltd. saw a significant stock price increase of 8.62%, closing at $1.26 with a trading volume of $69,400 and a turnover rate of 0.59%. The stock reached a high of $1.28 and a low of $1.19, with a volatility of 7.75% [1] Reasons for Stock Movement - Bitcoin stabilized and rebounded, trading between $65,800 and $68,800 on February 13, with a reduced decline of 1.63%, alleviating previous market panic. This stabilization supports the stock prices of related companies [2] - The computer hardware sector rose by 1.94%, and the Nasdaq index increased by 0.29%, indicating a recovery in overall tech stock sentiment. Btc Digital, as a company related to crypto assets, benefited from this influx of sector funds [2] Company Fundamentals - Btc Digital has announced its exit from Bitcoin mining, shifting its focus entirely to Ethereum and AI infrastructure. As of October 31, 2025, the company holds 153,547 ETH valued at approximately $590.5 million, generating stable income through staking, which amounted to $29 million in Q3 2025 [3] - Following the issuance of $150 million in convertible bonds after September 2025, the funds are being used to increase Ethereum holdings, enhancing its positioning as an "Ethereum treasury." Market expectations for improved cash flow post-transition are rising [3] Financial and Technical Aspects - Prior to February 13, Btc Digital experienced a cumulative decline of 20.75% over the last 20 trading days, indicating a short-term technical oversold condition. In a low liquidity environment (with average daily trading volume below $100,000), even a small amount of buying pressure can lead to a stock price rebound [4]

Core Insights - Upexi reported a significant increase in quarterly revenue, doubling to $8.1 million year-over-year, but faced a substantial net loss of approximately $179 million due to the decline in Solana prices [1] - The loss was primarily attributed to an unrealized loss of about $164.5 million in cryptocurrency assets and $8.3 million in stock-based compensation, both of which are non-cash accounting adjustments [1] - Upexi's stock price has fallen to around $0.9, a significant drop from its peak of over $22 following its strategic shift towards a cryptocurrency treasury [1] - As of the end of the quarter, Upexi held approximately 2.17 million SOL, with about 95% of it staked [1]

Core Insights - The cryptocurrency market is showing clear signs of stabilizing institutional demand, with a net inflow of $371 million recorded last Friday and an additional $145 million on Monday, indicating a recovery in the U.S. spot Bitcoin ETF [1][3] - Despite a total redemption amount of approximately $1.9 billion this year, the sharp decline in outflow speed is seen as a turning point in market sentiment, suggesting that institutional allocation is regaining control after weeks of selling pressure [1][3] Market Participant Analysis - Early holders remain steadfast, with their belief unshaken by institutional involvement. The recent price pullback is characterized as one of the mildest adjustments in Bitcoin's history, without significant systemic collapse in the industry [1][3] - Early holders are employing a tiered profit-taking strategy rather than panic selling, with many having initial costs in the thousands of dollars, allowing them to cash out millions while maintaining solid positions [1][3] Altcoin Performance - Alongside strong performance in mainstream assets, altcoin ETFs are also showing signs of recovery, with Ethereum (ETH) and XRP attracting inflows of $57 million and $6.3 million, respectively [2][4] - This broad-based rebound reflects a growing investor recognition of the overall scarcity narrative of crypto assets, as the influence of large asset management firms expands [2][4] Market Outlook - The combination of slowing inflows and early holders' reluctance to sell is supporting the current recovery in the digital asset market. It is anticipated that Bitcoin ETFs may initiate a new round of valuation recovery at the current $70,000 level [2][4] - Future volatility will largely depend on changes in macro liquidity, but the existing consensus among funds has significantly enhanced the market's risk resilience [2][4]