据彭博社，摩根士丹利已申请设立一家"新设国家信托银行"牌照，以便为数字资产提供托管服务。根据 2 月 18 日提交给美国货币监理署（OCC）的申请文件，该实体还将用于为其投资客户开展数字资产交 易及质押（staking）服务。该机构总部将设于纽约州 Purchase，但其服务范围覆盖全美。 （来源：吴说） 来源：市场资讯 ...

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 - 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]

Core Viewpoint - HASHKEY HLDGS has officially listed as the first "crypto asset stock" on the Hong Kong Stock Exchange, reflecting Hong Kong's growing acceptance of the virtual currency market [2] Group 1: Company Overview - HASHKEY HLDGS successfully listed on December 17, with an initial share price of HKD 6.68, raising approximately HKD 1.479 billion for technology upgrades, team expansion, and ecosystem partnerships [2] - The company issued about 241 million shares, with 24.057 million shares allocated for the Hong Kong public offering, which was oversubscribed by 393.71 times [3][4] - The company holds a comprehensive license portfolio with 13 licenses and supports 80 types of digital asset tokens, covering various categories including Layer-1 assets and DeFi tokens [4][5] Group 2: Market Performance - Despite being a major player in the Hong Kong digital asset trading platform market with over 75% market share, HASHKEY HLDGS's stock performance on its debut was less impressive compared to other recent IPOs [2][5] - The company reported rapid revenue growth from 2022 to 2024, with projected revenue of HKD 721 million in 2024, marking a nearly 460% increase over two years [5] - However, the company is currently unprofitable, with a projected net loss of HKD 1.19 billion in 2024 and over HKD 500 million in the first half of 2025 [5]

Core Viewpoint - HashKey Holdings (03887) has successfully listed its shares at a price of HKD 6.68 per share, raising a net amount of HKD 1.479 billion through the issuance of 241 million shares, indicating strong market interest in the company [1] Group 1: Company Overview - HashKey was established in 2018 and is one of the 11 companies in Hong Kong holding a virtual asset trading platform license [1] - The company is recognized as the largest regional onshore digital asset platform in Asia by trading volume, with a market share exceeding 75% in the local Hong Kong market [1] Group 2: Business Segments - HashKey's core business is divided into three main segments: trading facilitation, on-chain services, and asset management, creating a comprehensive service ecosystem covering the entire digital asset industry chain [1] - According to Frost & Sullivan, HashKey is projected to be the largest regional onshore platform in Asia by trading volume in 2024 [1] Group 3: Market Position - In addition to its trading operations, HashKey is also the largest on-chain service provider in Asia by staked assets and the largest digital asset management institution by assets under management, highlighting its leadership position across various business segments [1]

Investment Rating - The report initiates coverage with an "Outperform" rating for OSL Group, projecting a target price of HKD 25.33 for 2027 [3][11]. Core Insights - OSL Group is the only listed licensed virtual asset exchange in Asia, benefiting from a unique licensing barrier and diversified product expansion, positioning it advantageously in the market [3][10]. - The company is expected to achieve significant revenue growth driven by the gradual regulatory support in Hong Kong, with anticipated revenues of HKD 6.73 billion, HKD 11.83 billion, and HKD 17.80 billion for 2025, 2026, and 2027 respectively [7][9]. - The management team has been revamped, focusing on strategic positioning in the Hong Kong market and accelerating global expansion through acquisitions in Japan and Europe [3][10]. Financial Summary - Revenue projections indicate a growth of 79% in 2025, 76% in 2026, and 50% in 2027, with a net profit forecast of HKD -0.66 million in 2025, HKD -0.12 million in 2026, and HKD 0.20 million in 2027 [3][7]. - The company is expected to achieve its first profit since its strategic shift to the digital asset sector in 2024, highlighting effective execution of its strategy and improved operational efficiency [3][10]. - The financial outlook includes a gross margin of approximately 91% across the forecast period, indicating strong profitability potential [9][30]. Business Model and Strategy - OSL operates a dual-driven business model focusing on digital asset market services and technology services, catering to high-net-worth individuals, professional investors, and retail clients [24][30]. - The company plans to invest up to USD 30 million to develop its PayFi ecosystem, which will become a key area of focus, encompassing payment services and cross-border transactions [3][8]. - OSL has established itself as a compliance leader in the Hong Kong market, having obtained dual licenses from the SFC and AMLO, ensuring all operations are conducted within a strict regulatory framework [3][48]. Market Position and Competitive Advantage - OSL is positioned as a pioneer in the compliant digital asset exchange space in Hong Kong, leveraging its first-mover advantage to capture market opportunities as regulations evolve [15][48]. - The company has a robust security framework, including a comprehensive asset protection system with insurance coverage of up to USD 1 billion, enhancing its appeal to institutional clients [48][49]. - The management team comprises experienced professionals from both the digital asset and traditional finance sectors, which is expected to drive the company's strategic initiatives and global expansion [19][23].

Core Insights - The strategic investment by JF SmartTrade, a wholly-owned subsidiary of Jiufang Zhitu Holdings, in EX.IO marks a significant step in enhancing the company's overseas digital asset business and establishing a comprehensive on-chain financial service system [3] - The collaboration between Jiufang Zhitu Holdings, EX.IO, and Fangde Securities aims to leverage their respective strengths in the digital finance sector, creating an integrated service loop covering digital asset issuance, trading, custody, and advisory [3][4] Group 1: Strategic Investment and Collaboration - Jiufang Zhitu Holdings has completed a strategic investment in EX.IO, a leading global Web3 innovation group, to deepen its overseas digital asset business [3] - EX.IO operates a compliant digital asset trading platform that received an operational license from the Hong Kong Securities and Futures Commission (SFC) in December 2024 [3] - Fangde Securities has signed a strategic cooperation agreement with EX.IO to jointly explore opportunities in the Hong Kong digital asset market, leveraging their licensing resources and market experience [4][6] Group 2: Market Context and Future Prospects - The collaboration comes in the context of Hong Kong's accelerating development of a robust digital asset ecosystem, as highlighted by the recent release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" [7] - In the first half of 2025, the total trading volume of bank-related digital asset products and tokenized assets in Hong Kong reached HKD 26.1 billion, a 233% increase compared to the same period last year [7] - The partnership is expected to create a strong ecological complementarity among the three parties, enhancing their capabilities in providing comprehensive and diverse investment experiences for clients [6][7]

Group 1 - The core viewpoint of the report is that OSL Group is expected to see significant revenue growth in the coming years, with projected revenues of HKD 6.7 billion, HKD 11.9 billion, and HKD 18.1 billion for 2025, 2026, and 2027 respectively, and a target price of HKD 21, initiating coverage with a "Buy" rating [1] - OSL's revenue composition is primarily driven by digital asset trading income, which accounted for 51% of total revenue in the first half of 2025, achieving a trading volume of HKD 68.2 billion, representing a year-on-year increase of 200% [1] - As of the end of the first half of 2025, OSL's custodial assets reached HKD 5.7 billion, reflecting a year-on-year growth of 50% [1] Group 2 - The company is the first compliant digital asset exchange in Hong Kong, having obtained the first digital asset trading platform license from the SFC, positioning itself favorably in the growing Web 3.0 ecosystem in Hong Kong [1] - OSL is the only platform in the Hong Kong market that offers a full suite of customizable solutions including RFQ and Orderbook, and has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, leading in trading volume market share [1] - As of December 31, 2024, OSL's partnered ETFs accounted for approximately 64% of the managed assets in the Hong Kong digital asset spot ETF market [1] Group 3 - The company is driven by both organic growth and strategic acquisitions, with the new business OSLPay set to launch in April 2025, which generated HKD 55.9 million in revenue in the first half of 2025, accounting for 29% of total revenue, primarily from Europe [2] - OSL is expanding its global exchange footprint, having obtained licenses in Australia, Japan, and Italy, and plans to acquire Banxa, which holds over 40 licenses/registrations globally [2] - In August 2025, OSL officially received a full license for digital asset business from the Bermuda Monetary Authority and launched a global exchange [2]

Core Insights - Bullish reported better-than-expected Q2 earnings and revenue, with EPS at $0.93 compared to a loss of $1.03 a year ago, exceeding the market expectation of -$0.05 [1] - The company’s revenue for Q2 was $57 million, slightly below last year's $60.7 million but above the market forecast of $55.8 million [1] - Digital asset sales reached $58.6 billion, significantly up from $49.6 billion in Q2 2024, with trading volume soaring to $179.6 billion from $133 billion year-over-year [1] Financial Performance - Adjusted operating expenses for the quarter were $48.9 million, up from $46 million a year ago [1] - Adjusted EBITDA was $8.1 million, down from $14.7 million in the same quarter last year [1] - The company expects Q3 2025 adjusted revenue to be between $69 million and $76 million, significantly higher than the analyst consensus of $57.1 million [2] Market Position and Growth - Bullish's digital asset index provider, CoinDesk Indices, reported an AUM of $41 billion, increasing by over $9 billion from Q1 [2] - The company recently obtained a BitLicense from the New York State Department of Financial Services, facilitating its expansion in the U.S. market [3] - Cathie Wood's ARK Invest has increased its stake in Bullish, purchasing over 160,000 shares valued at approximately $8.3 million, continuing to hold a total of over $129 million in Bullish stock across multiple ARK funds [3]

Core Insights - Bullish cryptocurrency exchange (BLSH.US) experienced a significant surge of over 83% on its first day of trading, followed by an additional increase of over 10%, reaching a price of $75 [1] Company Overview - Bullish was established in 2021 and positions itself as a digital asset exchange focused on institutional investors [1] - The trading volume of Bullish is driven by quantitative traders and mid-frequency hedge funds engaging in spot trading [1] - Early investors in Bullish include notable figures such as Peter Thiel, American crypto billionaire Mike Novogratz, and UK hedge fund manager Alan Howard [1] Market Sentiment - Chris Tyrer, the president of Bullish, indicated that the public market is showing a willingness to invest in companies focused on cryptocurrency [1]