Core Insights - The Hong Kong Financial Secretary welcomed the approval of three warehouses in Yuen Long by the London Metal Exchange (LME) as recognized warehouses, supporting the government's push for commodity trading policies outlined in the Chief Executive's 2025 Policy Address [1] - The total number of recognized warehouses in Hong Kong has increased to 11, enhancing the city's position as a key delivery hub for the LME in Asia [1] - The government plans to implement additional measures to develop commodity trading, including the establishment of a Commodity Strategy Committee and tax incentives for commodity traders [1] Group 1 - The approval of the three warehouses marks strong industry support for the government's commodity trading policy direction [1] - The inclusion of Hong Kong in the LME's global warehouse network has occurred within nine months, with a total of 11 recognized warehouses now operational [1] - The new warehouses will provide efficient delivery options for international metal trading and promote the development of maritime and other services in Hong Kong [1] Group 2 - The government aims to enhance the overall layout for long-term development by coordinating soft and hardware measures [1] - The LME began accepting applications for warehouse operators to store LME-registered metals in January of this year [2]

Core Viewpoint - Coinbase's stock price significantly declined after the release of its latest earnings report, primarily due to second-quarter revenue falling short of analyst expectations despite a year-over-year revenue increase [1][2] Group 1: Financial Performance - Coinbase reported $1.5 billion in revenue for the second quarter, a 3.3% year-over-year increase, but below the market expectation of $1.59 billion and a notable decline from $2 billion in the first quarter [1] - The company's net profit surged to $1.43 billion from $36.13 million in the same period last year, translating to earnings per share of $5.14 compared to $0.14 [1] - Subscription service revenue grew by 9% year-over-year to $655.8 million, but fell short of the expected $705.9 million [2] Group 2: Trading Volume and Market Conditions - Retail trading volume increased by 16% year-over-year to $43 billion, yet it was below the analyst forecast of $48.05 billion [2] - The overall cryptocurrency market capitalization remained stable, leading to a decline in Coinbase's spot trading volume in both the U.S. and global markets [2] - Analysts noted that the market's downturn in the second quarter was anticipated following a strong first quarter driven by favorable regulatory expectations from the Trump administration [2] Group 3: Business Diversification and Strategy - To reduce reliance on cryptocurrency trading volume, Coinbase is actively expanding into new business areas, including traditional stocks, prediction markets, foreign exchange, government bonds, and commodities [3] - The company’s CFO indicated that the technology and regulatory frameworks are maturing, marking a critical turning point for the industry [3] - Following the acquisition of the options exchange Deribit, Coinbase plans to continue its merger and acquisition strategy [4]

Core Viewpoint - Etoro Group Ltd. (ETOR), a fintech company providing trading services for stocks, cryptocurrencies, ETFs, indices, currencies, and commodities, experienced a significant increase in its stock price on its first day of trading following its IPO, opening nearly 34.02% higher at $69.69, compared to the IPO price of $52 per share [1] Company Summary - Etoro Group Ltd. is a financial technology company that offers a wide range of trading services [1] - The company went public in the United States, marking a significant milestone in its growth trajectory [1] Market Performance - On its IPO debut, Etoro's stock opened at $69.69, reflecting a 34.02% increase from the initial offering price [1] - The IPO price was set at $52 per share, indicating strong investor interest and market demand [1]