智通财经APP讯，新火科技控股(01611)发布公告，本集团预期于截至2025年9月30日止年度将取得净亏 损不多于1000万港元，而截至2024年9月30日止年度(去年同期)则取得纯利约5630万港元。预期亏损主 要归因一项非常重大收购事项产生的预计议价收购收益约6090万港元及合并收购事项的财务业绩取得净 亏损约5860万港元。由去年同期的纯利转为本期间的净亏损亦归因于：未有就FTX存款产生一次性减值 拨备拨回约8590万港元;因收回款项而取得一次性拨回其他应收款项减值拨备约1030万港元;及加密货币 公允价值变动的浮动导致本期间收益较去年同期减少的净影响所致。 ...

每经AI快讯，据港交所12月1日披露，HashKey Holdings Limited(简称：HashKey)通过港交所主板上市聆 讯，摩根大通、国泰海通及国泰君安国际为其联席保荐人。 ...

Core Insights - Bitcoin has experienced a significant drop, with a decline of up to $11,000 within 24 hours, leading to over 390,000 liquidations in the market [1][2] - The overall cryptocurrency market has seen a total market cap reduction of over $1 trillion, indicating a severe downturn in investor sentiment [1][2] Market Performance - Bitcoin reached a low of $81,111, marking its lowest point since April 7 [1] - Major cryptocurrencies such as Ethereum and SOL also saw declines of 10.8% and 11.7% respectively, contributing to a broader market downturn [2] Liquidation Events - In the past 24 hours, the total liquidation in the cryptocurrency market amounted to $1.914 billion, with 392,000 traders affected [2] - Long positions accounted for $1.78 billion of the liquidations, while short positions contributed $130 million [2] Macro Factors - The expectation of a Federal Reserve interest rate cut has significantly diminished, leading to increased selling pressure on Bitcoin and other risk assets [2] - Morgan Stanley no longer anticipates a rate cut in December, with current futures indicating only a 40% chance of such an event [2] Institutional Movements - Bitcoin ETFs have seen substantial outflows, with a record outflow of $866.7 million on November 13, followed by a total outflow of nearly $2.5 billion for the week [3][5] - Whale investors have sold over $20 billion in assets since September, contributing to the current market conditions [6] Market Sentiment - The fear index has reached extreme levels, indicating a rare low in market sentiment not seen in nearly a decade [7] - Despite the prevailing fear, some analysts suggest that the current situation may lead to a "panic bottom" and risk clearance [7] Diverging Institutional Views - Morgan Stanley's investment strategist suggests that Bitcoin is in a "fall" phase of its four-year cycle, advising investors to prepare for a potential crypto winter [8][9] - Conversely, Standard Chartered's digital asset research head believes the recent adjustments may have ended, indicating that Bitcoin could have reached its bottom [10] Long-Term Investor Behavior - Long-term holders have increased their Bitcoin holdings significantly, from 159,000 BTC to 345,000 BTC since October 6, indicating a potential accumulation phase amidst market pessimism [11] - Predictions suggest that Bitcoin could drop to $75,000 by year-end, although a rebound is expected shortly thereafter [11][12]

Group 1 - Bitcoin price has dropped below $81,000, experiencing a nearly 10% decline in a single day, reaching a new intraday low [1] - Matrixport's market analysis indicates that Bitcoin is currently in an extreme fear zone, with market pessimism at a level rarely seen in the past decade [1] - The prevailing sentiment suggests a potential illusion of "panic bottom and risk clearance," despite ongoing macro pressures that have not eased [1] Group 2 - The upcoming weeks will be crucial in determining whether Bitcoin stabilizes or enters a deeper phase of correction [1]

Core Viewpoint - The global financial markets are experiencing a significant downturn, driven by rising risk aversion and a decline in U.S. interest rate cut expectations, leading to widespread asset sell-offs [1][4]. Market Performance - Asian markets saw substantial declines, with the MSCI Asia Emerging Markets Index dropping 2.78%, and major indices in South Korea and Japan falling by 3.79% and 2.4% respectively [2]. - The A-share market also faced turbulence, with the Shanghai Composite Index down 2.45% and the Shenzhen Component Index down 3.41% [2]. - European markets opened lower, with major indices like the Euro Stoxx 50, FTSE 100, CAC 40, and DAX 30 all declining over 1% [1]. - Cryptocurrency markets were heavily impacted, with Bitcoin dropping over 9% at one point, falling below $82,000 [1][2]. Economic Indicators - The U.S. labor market showed stronger-than-expected growth, with non-farm payrolls increasing by 119,000 in September, surpassing the forecast of 50,000 [3]. - The probability of a 25 basis point rate cut by the Federal Reserve in December has decreased to 35.1%, with a 64.9% chance of maintaining current rates [3][4]. Investment Outlook - Vanguard predicts that the ongoing investment in AI infrastructure will bolster U.S. economic growth, leading to fewer rate cuts than the market anticipates [4][5]. - The firm expects the U.S. GDP growth to rise from 1.9% this year to 2.25% by 2026 due to sustained AI spending [5]. - Concerns have been raised about potential vulnerabilities in private credit asset valuations and their implications for the financial system [5]. Market Sentiment - High volatility and risk aversion have led investors to adopt a protective stance, focusing on hedging against market risks [5][6]. - Goldman Sachs predicts that regardless of market movements, CTA funds will act as net sellers, with significant programmatic selling likely if the S&P 500 index falls below 6457 points [6].

Financial Data and Key Metrics Changes - In Q3 2025, Fold Holdings reported transaction volumes of $235 million, representing a 43% increase year-over-year [7] - Net revenues reached $7.4 million, up 41% year-over-year, with GAAP net income just under $1 million [7][18] - Year-to-date revenues through September 30 were $22.7 million, reflecting a 48% increase compared to the same period in 2024 [17] - Operating expenses increased to $13.3 million from $9.4 million in Q3 2024, primarily due to higher costs associated with increased sales volumes [18] Business Line Data and Key Metrics Changes - The company added over 7,500 new accounts in Q3 2025, contributing to a total of approximately 625,000 active accounts [7][52] - The upcoming Bitcoin Rewards credit card is expected to enhance customer engagement and drive revenue growth [8][10] - The Bitcoin gift card is now available in 2,000 Kroger locations, with significant early interest and healthy transaction volumes anticipated [11][26] Market Data and Key Metrics Changes - The company noted that nearly $80 trillion is expected to shift into the hands of millennials, who are anticipated to be significant buyers of Bitcoin [7] - Fold's Bitcoin treasury strategy includes holding 1,526 Bitcoin valued at approximately $154 million, a 53% increase since going public [14][20] Company Strategy and Development Direction - Fold aims to position itself as a leading provider of Bitcoin financial services, leveraging partnerships with Visa and Stripe for its credit card offerings [8][10] - The company is focused on creating a synergistic user experience across its product lines, including banking and exchange products [12][14] - Future product expansions may include loan and mortgage products, retirement plans, and insurance offerings [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growing demand for Bitcoin financial services and the company's ability to meet this demand [6][7] - The upcoming holiday season is expected to drive significant transaction volumes, with Q4 historically being the highest revenue quarter [17][45] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [20][22] Other Important Information - The company has established a $250 million equity purchase facility and a $45 million revolving credit facility to support its growth strategy [21][22] - Fold's credit card is anticipated to launch in early 2026, with a waitlist exceeding 80,000 customers [10][33] Q&A Session Summary Question: Early data on Bitcoin gift card engagement - Management reported high excitement and healthy volume from the Bitcoin gift card rollout, with significant interest from retailers and customers [25][26] Question: Expansion plans for gift card distribution - The company is exploring various retail and promotional opportunities, including partnerships with sports venues and loyalty programs [30][31] Question: Credit card demand and waitlist trends - The waitlist for the credit card has surpassed 80,000, indicating strong demand from both existing and new customers [33][34] Question: Impact of capital raise on growth strategy - Management clarified that the revolving credit facility allows access to Bitcoin value without selling, aligning with long-term growth goals [39][40] Question: Customer acquisition costs and lifecycle - The introduction of the gift card has resulted in negative acquisition costs, generating revenue while acquiring new customers [36][41] Question: Future banking services and partnerships - Management confirmed plans to expand banking services, including high-yield savings accounts and Bitcoin lending [55]

Core Insights - The global crypto asset management scale (AUM) has surpassed $120 billion in 2024, with the stablecoin market projected to reach $2.8 trillion by 2028 and real-world asset (RWA) tokenization expected to hit $16 trillion by 2030 [1][2] - HashKey Group has launched a one-stop service platform called HashKey Crypto-as-a-Service (CaaS) aimed at lowering the entry barriers for Web3 and connecting traditional finance with digital finance [1][2] Group 1 - HashKey CaaS will leverage the group's focus on RWA and the financial blockchain HashKey Chain to integrate on-chain services, asset tokenization, liquidity, institutional-grade custody, and security systems [1] - The platform aims to help financial institutions establish digital asset operations with lower costs, shorter timelines, and higher efficiency [1] Group 2 - The CaaS service provides full lifecycle support from legal structure design, smart contract development, asset issuance, distribution, to ongoing management, significantly simplifying the on-chain deployment process [2] - HashKey Group has obtained digital asset licenses in key markets such as Singapore, Dubai, Japan, and Bermuda, with plans to expand into Europe and the UAE [1]

Market Reaction - The announcement of a 100% tariff on Chinese products by Donald Trump led to a sharp decline in the S&P 500 index, which fell by 2.7% [1] - This news triggered widespread volatility across global equities, particularly affecting crypto-related stocks as investor risk appetite weakened [1] Crypto Stocks Performance - Leading digital-asset companies experienced significant declines, with Coinbase (COIN) closing at $357.01, down 7.75% from the previous close of $387 [2] - Bullish (BLSH) stock dropped 9.42% to $60.37 from a prior close of $66.65, reflecting broader market weakness [3] - Metaplanet (MTPLF) ended 2.25% lower at $3.48, compared to the previous close of $3.56, despite briefly rising to $3.65 intraday [4] - MARA Holdings, Inc. (MARA) saw a decline of 7.67%, finishing at $18.65, with further after-hours trading losses [5] - Strategy (MSTR) closed at $304.79, down 4.84% from $320.29, indicating high volatility during the session [6] Fundamental Valuation Concerns - Analysts noted a shift in focus from short-term stock declines to concerns over fundamental valuation metrics, with Strategy's multiple-to-net asset value (mNAV) dropping below 1.180, its lowest level in nearly two years [7]

Core Viewpoint - OSL Group has partnered with the Solana Foundation to promote the global compliant development of tokenization of real-world assets (RWA) to meet the increasing market demand from institutional investors [1] Group 1: Stock Performance - OSL Group's stock rose over 14% in the afternoon, with a current increase of 12.91%, trading at 17.32 HKD, with a transaction volume of 101 million HKD [1] Group 2: Partnership and Offerings - The OSL Tokenworks platform will provide a secure and compliant channel for the tokenization of traditional assets such as funds and bonds, leveraging Solana's high-performance network [1] - Several financial institutions have expressed interest in deploying tokenized financial products through OSL on the Solana network [1]

Core Viewpoint - OSL Group has announced a partnership with the Solana Foundation to promote the global compliant development of tokenization of real-world assets (RWA) to meet the growing market demand from institutional investors [1] Group 1: Company Developments - OSL Group's stock price increased by over 14%, currently trading at 17.32 HKD with a trading volume of 101 million HKD [1] - The OSL Tokenworks platform will provide a secure and compliant channel for the tokenization of traditional assets such as funds and bonds [1] Group 2: Market Implications - The collaboration aims to leverage Solana's high-performance network for the deployment of tokenized financial products [1] - Several financial institutions have already expressed interest in utilizing OSL to deploy tokenized financial products on the Solana network [1]