在数字经济浪潮席卷全球的今天，一个名为iCanX的数字资产交易平台正以其独特的市场定位和强大的功能生态，迅速成为加密货币领域备受瞩目的焦点。 尽管市场环境风云变幻，iCanX凭借其卓越的安全性能与创新的一站式服务，展现出强劲的增长潜力，被视为投资者布局未来的重要窗口。 iCanX致力于打破传统交易的壁垒，提供多元化的交易渠道。无论是便捷的C2C（点对点）交易、国际信用卡购买，还是核心的加密货币交易服务，平台都 进行了极致优化。特别是其移动端应用，支持App Store、Google Play及APK全渠道下载，让用户能够随时随地掌控资产。 iCanX不仅仅是一个交易场所，更是一个致力于"让科学与财富互联"的创新型生态系统。平台依托先进的技术架构，为全球用户提供了一个安全、无缝的交 易环境。其核心品牌理念"安全至上，值得信赖"，为初入币圈的新手和寻求高效工具的专业交易员构建了坚实的信任基石。 值得一提的是，iCanX深知教育是普及数字资产的关键。平台特别设立了加密知识学习板块，通过视频教程和防骗指南，帮助用户在波动的市场中保持理 性，提升风险防范意识。这种"交易+教育"双轮驱动的模式，不仅增强了用户粘性，也为平 ...

富兰克林邓普顿与币安宣布推出一项机构级场外抵押品计划，符合条件的客户可在币安进行交易时，使 用通过富兰克林邓普顿 Benji 平台发行的代币化货币市场基金份额作为场外抵押品。该计划允许机构交 易者在不将相关资产存放于交易所的情况下，将受监管的货币市场基金份额用于数字资产交易抵押。 （来源：吴说） ...

Investment Rating - The report assigns a rating of "Buy" for HashKey Holdings [4]. Core Insights - HashKey is positioned as a leading player in the digital asset market in Hong Kong, with a comprehensive licensing framework and a focus on compliance, which is becoming increasingly critical as the digital asset landscape evolves [2][8]. - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 7.82 billion, HKD 12.11 billion, and HKD 23.38 billion, representing year-on-year growth rates of 11%, 55%, and 90% respectively [8]. - HashKey's net profit is projected to improve significantly, moving from a loss of HKD 1.08 billion in 2025 to a profit of HKD 594 million by 2028 [8]. Summary by Sections 1. HashKey: Compliance First, Building a Full Ecosystem - HashKey was established with a "compliance first" strategy, obtaining full licenses from the Hong Kong Securities and Futures Commission, making it a leading licensed virtual asset trading platform in Hong Kong [17][24]. - The company has developed a comprehensive ecosystem that includes trading facilitation, on-chain services, and asset management, catering to both institutional and retail clients [24][29]. 2. Focus on Institutional Trading Business, Gradual Improvement in Profitability - HashKey has shifted its focus towards institutional clients, with institutional trading volume increasing significantly, accounting for 68% of total trading volume in the first half of 2025 [30][34]. - The company has seen its trading volume grow from HKD 4.2 billion in 2022 to HKD 638.4 billion in 2024, driven by the launch of its trading platforms [30][34]. 3. Steady Progress on the Compliance Path, Attracting Institutional Participation - The tightening of global digital asset regulations has created a clear framework that enhances investor protection and promotes sustainable development in the digital asset industry [43]. - HashKey's comprehensive licensing and compliance strategy positions it as a preferred partner for institutions looking to engage in the digital asset space [8][43]. 4. Profit Forecast and Valuation Analysis - The report utilizes a price-to-sales (P/S) valuation method, comparing HashKey to peers like Coinbase and OSL, resulting in a valuation of HKD 28.1 billion and a target price of HKD 10.14 per share [8]. - HashKey's revenue is expected to grow significantly, with total revenues projected to reach HKD 3.415 billion by 2028, reflecting a robust growth trajectory [4][8].

Investment Rating - The report assigns an "Accumulate" rating to HashKey Holdings with a target price of HKD 10.14, corresponding to a valuation of HKD 28.1 billion [4][8]. Core Insights - HashKey is positioned as a leading player in the digital asset market in Hong Kong, benefiting from comprehensive licensing and a closed-loop digital asset ecosystem. The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 7.82 billion, HKD 12.11 billion, and HKD 23.38 billion, representing year-on-year growth rates of 11%, 55%, and 90% respectively [2][8]. - The company has established a strong focus on institutional trading, with institutional revenue accounting for 85.52% of total income as of the first half of 2025, reflecting a strategic shift towards institutional clients [30][37]. - HashKey's business model is built around three main segments: trading facilitation, on-chain services, and asset management, which together create a comprehensive digital asset ecosystem [24][29]. Financial Summary - Total revenue is projected to grow from HKD 721 million in 2024 to HKD 3.415 billion by 2028, with a gross profit forecasted to increase from HKD 533 million to HKD 2.615 billion over the same period [4][9]. - The net profit is expected to improve significantly, moving from a loss of HKD 1.189 billion in 2024 to a profit of HKD 594 million by 2028, indicating a turnaround in profitability [4][9]. - The company’s financial ratios, including PE and PB, reflect a transition from negative values to positive as profitability improves, with a PE ratio projected to reach 34.76 by 2028 [4][10]. Business Model and Operations - HashKey operates as a centralized exchange, focusing on digital asset trading, on-chain services, and asset management, with a market share exceeding 75% in Hong Kong [24][27]. - The trading facilitation segment is the primary revenue source, supported by on-chain services and asset management, which together enhance the overall ecosystem [29][30]. - The company has made significant investments in compliance and technology to meet regulatory requirements across multiple jurisdictions, which is expected to enhance customer retention and operational efficiency [41][43].

Core Viewpoint - The Hong Kong stock market is facing liquidity challenges due to macroeconomic factors and structural issues, but these challenges also present opportunities for innovation through financial technology and capital integration [3][6]. Group 1: Market Challenges - The Hong Kong stock market has experienced liquidity fluctuations, influenced by global monetary policy tightening, geopolitical uncertainties, and uneven economic recovery post-pandemic [3]. - Internal structural issues, such as low trading activity in certain sectors and insufficient liquidity in small-cap stocks, have exacerbated market fragmentation [6]. Group 2: Opportunities for Innovation - The liquidity issues in the Hong Kong market have spurred a wave of financial technology and capital innovation, particularly through the collaboration between 盈证国际 (Prime Intelligence Solutions Group) and Deepro Exchange [6][12]. - The BTM (Blockchain Trading Management) protocol serves as the foundation for this collaboration, aiming to enhance market liquidity by integrating traditional financial assets with digital assets [7][12]. Group 3: BTM Protocol and Its Impact - The BTM protocol incorporates smart contracts, decentralized clearing, and real-time data synchronization to address traditional trading inefficiencies, thereby revitalizing the market [7][16]. - Historical advancements in financial markets have often been driven by technological breakthroughs, with blockchain technology now seen as a core component of the next generation of financial infrastructure [7]. Group 4: Implementation and Results - The collaboration has already shown results, with a liquidity enhancement plan for small-cap stocks leading to a 30% increase in average daily trading volume within three months of the protocol's implementation [16][19]. - The BTM protocol allows for the creation of innovative financial products, such as liquidity mining and automated market-making, attracting more quantitative funds and tech-driven investors to the Hong Kong market [13][19]. Group 5: Future Outlook - The partnership aims to build a sustainable digital ecosystem for the Hong Kong stock market, focusing on compliance, academic research, and cross-border capital flow [28]. - As technology matures and market acceptance grows, the BTM protocol could expand to include a wider range of asset classes, enhancing trading efficiency and risk management capabilities [29].

Core Viewpoint - The Thai Securities and Exchange Commission (SEC) has filed criminal charges against five individuals for engaging in digital asset trading without a license, specifically related to the buying and exchanging of Worldcoin (WLD) [1] Regulatory Actions - The SEC's investigation revealed that the individuals promoted and provided WLD trading and exchange services through Thai social media, operating outside the compliant digital asset exchange framework [1] - The actions of these individuals are considered a violation of the Digital Asset Business Act of 2018, specifically Article 26, and will be prosecuted under Article 66 of the same act and Article 83 of the Criminal Code [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 就 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。 Metaspacex Limited 中國數智科技集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰1796） 自願性公告 業務最新消息 中 國 數 智 科 技 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）謹 此 發 表 自 願 性 公 告，向 本 公 司 股 東 及 有 意 投 資 者 提 供 有 關 本 集 團 最 新 業 務 發 展 的 最 新 情 況。 訂立合作協議 – 1 – • 為 客 戶 開 發 公 共 區 塊 鏈、電 子 錢 包、區 塊 鏈 瀏 覽 器 及 加 密 貨 幣 交 易 平 台； 及 • 提 供 有 關 取 得 加 密 貨 幣 交 易 所 牌 照 的 諮 詢 服 務。 金 融 科 技 結 合，符 合 全 球 金 ...

Core Viewpoint - Coinbase is undergoing its largest transformation to reposition itself as a mainstream trading and financial platform, expanding beyond cryptocurrency into broader retail investment areas [2][12]. Group 1: New Product Offerings - Coinbase announced the launch of significant new products aimed at creating a "one-stop financial app," which will include stocks, advanced trading tools, and prediction markets [2][12]. - The company is also increasing its investment in its on-chain ecosystem and providing new tools for enterprises, developers, and automated finance [2][12]. Group 2: Market Competition - The prediction market space is becoming crowded, with competitors like DraftKings, FanDuel, and Polymarket entering the market, highlighting the competition between regulated channels and crypto-native liquidity [4][14]. - Coinbase's CEO emphasized that the appeal of prediction markets lies not only in trading but also in insights into public sentiment and future developments [4][14]. Group 3: Tokenization Strategy - Coinbase is developing a tokenization roadmap to bring more traditional assets, including stocks, onto the blockchain, with the launch of Coinbase Tokenize aimed at supporting real-world asset tokenization [5][15]. - The CEO stated that trading stocks is a "good first step," but the ultimate goal is to enable tokenized stocks, democratizing access to markets [6][16]. Group 4: Business Expansion - Coinbase is broadening its narrative to include not just retail trading but also services for enterprises and developers, with Coinbase Business opening to qualified clients in the U.S. and Singapore [8][18]. - The company is launching an expanded API suite covering custody, payments, trading, and stablecoins [8][18]. Group 5: Industry Perspective - The CEO argues that cryptocurrency is not a niche category but part of an upgrade cycle for the financial system, suggesting that all major asset classes will eventually transition to the blockchain [9][19]. - Coinbase is positioned as a central platform in this transformation, with signals from major asset management firms indicating a desire to move funds onto the blockchain [9][19]. Group 6: Strategic Focus - The overarching strategy for Coinbase is "retention" and "diversification," aiming to keep its large crypto-native audience engaged across all asset classes, even as cryptocurrency trading volumes decline [10][20].

Core Viewpoint - Coinbase is undergoing its largest transformation to reposition itself as a mainstream trading and financial platform, expanding beyond cryptocurrency into broader retail investment areas [1] Group 1: New Product Launches - Coinbase announced the launch of significant new products aimed at creating a "one-stop financial app," expanding its offerings to include stocks, advanced trading tools, and prediction markets [1] - The company is also increasing its investment in its on-chain ecosystem and providing new tools for enterprises, developers, and automated finance [1] - The CEO, Brian Armstrong, aims to make the platform a place where users can trade "everything," including stocks and tokenized traditional assets [1][4] Group 2: Competitive Landscape - The prediction market space is becoming crowded, with competitors like DraftKings acquiring their own exchanges and FanDuel collaborating with CME [2] - Armstrong highlighted the appeal of prediction markets not just for trading but for insights into public sentiment and future developments [2] Group 3: Tokenization Strategy - Coinbase is launching Coinbase Tokenize, a technology stack aimed at supporting the tokenization of real-world assets (RWA) [3] - The ultimate goal is to democratize access to tokenized stocks and unlock new market structures, including more robust futures markets linked to stocks [4] Group 4: Broader Financial System Integration - Armstrong emphasized that cryptocurrency is not a niche category but part of an upgrade cycle for the financial system, suggesting that all major asset classes will eventually transition to on-chain [6] - Coinbase is positioning itself as a central platform in this transformation, with signals from major asset management firms indicating a desire to move funds on-chain [6] Group 5: Retention and Diversification Strategy - The overarching strategy for Coinbase is to retain its large crypto-native audience while diversifying across asset classes, even as cryptocurrency trading volumes cool and trading revenues compress [7]

Core Viewpoint - HashKey Holdings has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded digital asset company in Asia, marking a new development phase for the company and strengthening its global strategy foundation [1] Group 1: Listing Details - HashKey issued approximately 241 million shares at an offering price of HKD 6.68 per share, raising a net amount of approximately HKD 1.479 billion, which will be used for technology upgrades, infrastructure expansion, and ecosystem partnerships [1] - The public offering was highly successful, with a subscription rate of 393.71 times for the Hong Kong portion and 5.46 times for the international offering, attracting nine cornerstone investors including UBS AM Singapore and Fidelity [1] Group 2: Business Strategy and Growth - Since its establishment in 2018, HashKey has adhered to a development strategy focused on compliance and technology, forming three core business areas: trading facilitation, on-chain services, and asset management [2] - HashKey is recognized as a "carrier-level" participant in the Hong Kong digital asset trading platform, supporting 80 types of digital asset tokens by September 30, 2025, and is projected to be the largest regional onshore platform in Asia by trading volume in 2024 [2] - The company has experienced rapid revenue growth, with revenues of HKD 129 million, HKD 208 million, and HKD 721 million projected for 2022, 2023, and 2024 respectively [2] - With Hong Kong's policy framework promoting the tokenization of physical assets and the development of digital financial infrastructure, HashKey aims for steady growth and continuous innovation within a compliant framework [2]