公开信披露，Bitget的长期目标是打造一家市值1,000亿美元的上市公司。展望2026年，Bitget将围绕 UEX、AI与合规三大战略方向推进业务拓展，持续扩大全球资产覆盖范围，优化交易体验，并加强合 规布局。 Bitget CEO Gracy Chen发布年终公开信，阐述Bitget在2026年的核心战略方向。她在信中表示，UEX理 念最初源自一次团队头脑风暴，现已逐步落地。目前，Bitget 已支持多链加密资产交易，并上线股票代 币、股票期货及TradFi产品。Bitget亦成为全球首家股票期货交易量突破100亿美元的加密交易所， TradFi内测阶段累计交易量同样超过100亿美元。 Gracy Chen进一步表示，2026年将是其担任Bitget CEO的首个完整年度，加密行业正在进入黄金时代， 这一切脱离于传统结构，属于那些敢于拥抱不确定性的勇敢者。父辈的机会在于土地、许可证和资源； 而我们的机会在于代码、共识和流量。历史不会重演，但总会押韵。 ...

| V Filtered By | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Type: All Method: Deploy X | | From: Robinhood: Deployer × | | To: Robinhood: Deployer X | | | | | | | 1000 | | | | | | | | | | | 500 | | | | | | | | | | | 26. May | 9. Jun | 23. Jun | 7. Jul | 21. Jul 4. Aug | 18. Aug 1. Sep | 15. Sep | 29. Sep 13. Oct | 27. Oct | 10. Nov | | A total Of 1,997 transactions found | | | | | | | Download Page Data | ~ Additional Filters | of Pres | | Transaction Hash | Type V | ...

Core Viewpoint - Nasdaq is prioritizing regulatory approval for tokenized stocks, working closely with the SEC to facilitate blockchain-based digital stock trading while ensuring investor protection and settlement standards [1][7]. Group 1: Introduction of "Digital Stocks" under Current Rules - Nasdaq adopts an "evolution rather than disruption" strategy, emphasizing that the essence of stocks remains unchanged, with investors retaining full shareholder rights and ownership [3][9]. - A rule change application submitted in September aims to allow trading of "stock tokens" (digital representations of publicly listed stocks) under existing national market system rules, using the same stock codes and CUSIP identifiers as traditional stocks [3][9]. - Tokenized orders will be processed seamlessly by clearing and depository trust companies, with trading occurring on Nasdaq's order book, adhering to SEC rules and national market system regulations to ensure equivalent investor protection and execution standards [3][9]. Group 2: From Settlement Efficiency to Smart Contract Potential - The value of tokenization will be released in phases: short-term focus on post-trade efficiency through immediate optimization of on-chain settlement; mid-term enhancement of collateral liquidity to release capital efficiency; and long-term support for innovative applications like corporate actions, proxy voting, and smart contracts through blockchain programmability [4][10]. - Nasdaq has integrated the "gold standard" collateral management software from the acquisition of Calypso with blockchain infrastructure to support the transfer of tokenized assets [4][10]. Group 3: SEC's Positive Attitude and Approval Process - Following the September application, the proposal is currently in a public comment period ending in mid-October, with Nasdaq collaborating closely with the SEC to expedite approval [5][11]. - Nasdaq views tokenization as a priority for the current administration, citing positive signals from SEC Chairman Paul Atkins regarding clear classification rules for digital assets and Commissioner Hester Peirce's willingness to work with tokenized companies that fully disclose asset characteristics [5][11]. - Despite not disclosing a specific timeline, Nasdaq emphasizes a "collaborative approach" to mainstream tokenization responsibly and investor-led [5][11]. Group 4: Market Expansion and Institutional Concerns - The global market for tokenized stocks is rapidly expanding, with a market capitalization exceeding $465 million and a monthly transfer volume growth of over 280% [6][12]. - Traditional financial institutions remain cautious, with the World Federation of Exchanges (WFE) urging regulators to strengthen oversight of tokenized stocks, warning that some blockchain products may "mimic" traditional stocks without granting shareholder rights or market protections [6][12]. - Nasdaq's response to these concerns is to "eliminate doubts through compliance," reiterating that tokens are fully interchangeable with traditional stocks, maintaining all rights and protections [6][12].

Core Insights - Ondo Global Markets has seen a significant increase in the market capitalization of its stock tokens deployed on the BNB Chain, growing over 10 times to exceed $16 million within three days since December [1] - The total market capitalization of stock tokens deployed by Ondo Global Markets on both Ethereum and BNB Chain has reached $345 million, capturing over 60% of the market share in mainstream stock tokenization solutions [1] Group 1 - The market capitalization of stock tokens on BNB Chain increased to over $16 million in just three days [1] - Ondo Global Markets' total stock token market capitalization across Ethereum and BNB Chain is $345 million [1] - Ondo Global Markets holds more than 60% market share in the stock tokenization sector [1]

Core Viewpoint - Nasdaq is prioritizing the application for tokenized stocks and aims to expedite communication with the SEC, emphasizing a responsible approach to integrating tokenization within the existing regulatory framework [1] Group 1 - Nasdaq's digital asset head, Matt Savarese, stated that the exchange is moving forward with the tokenized stock application as a priority [1] - The proposal allows for the trading of "stock tokens," which are digital versions of publicly traded company stocks on the blockchain [1] - Nasdaq aims to operate within the SEC's regulatory framework rather than disrupt the existing system [1]

Core Insights - SoloTex, a tokenized stock platform, has received approval from the Financial Industry Regulatory Authority (FINRA) to launch within this year [1] - The platform is a collaboration between Texture Capital and Sologenic, enabling U.S. retail investors to purchase tokenized U.S. stocks using stablecoins like USDC [1] - Each tokenized stock on SoloTex corresponds to actual shares held in custody, providing full shareholder rights including dividends and voting [1] Company Overview - SoloTex is designed to facilitate compliant trading of tokenized stocks for retail investors [1] - The platform will mint stock tokens on-demand for each transaction, ensuring a one-to-one correspondence with actual stocks held by the platform's custodian broker [1]

Group 1 - The core viewpoint of the report is that Robinhood's (HOOD.US) approach to virtual asset-related businesses serves as a reference for Chinese securities firms entering this sector, with potential enhancements in profitability through compliance, licensing, asset tokenization, and exploring PFOF business models [1] - The report highlights the rapid growth of the RWA (Real World Asset) market, which is expected to expand from approximately $5 billion in 2022 to $25.2 billion by July 2025, indicating a shift from experimental phases to large-scale promotion [1][2] - The report maintains an "outperform" rating for the brokerage sector, suggesting that there is still potential for significant gains within this industry [1] Group 2 - The asset tokenization market is projected to reach $16 trillion by 2030, accounting for about 10% of global GDP, driven by rising global interest rates, institutional involvement in crypto assets, and improving regulatory policies [2] - RWA offers advantages such as increased efficiency and reduced costs, facilitating financial globalization and decentralization, allowing institutional funds to access decentralized finance liquidity while maintaining compliance [3] - Tokenized securities transform illiquid assets into essential on-chain tools, enhancing trading efficiency and lowering operational costs through features like payment settlement and programmable compliance [3] Group 3 - The report identifies U.S. Treasury tokenization as a key category due to its low-risk attributes supported by U.S. government credit, alongside the potential for democratizing and globalizing stock ownership through tokenized stocks [4] - Robinhood's and Kraken's approaches to stock tokenization differ, with Robinhood focusing on derivative contracts representing digital certificates of rights, while Kraken's model offers a 1:1 token representation of underlying stock ownership [4]

Investment Rating - The report maintains an "Outperform" rating for the industry [3][5]. Core Insights - The overseas investment banks are increasingly participating in digital finance, with emerging models continuously surfacing. The focus is on the issuance and trading of digital assets, particularly Real World Assets (RWA), which signify a transformation of traditional investment banking into the digital finance realm. The RWA market has grown from approximately $5 billion in 2022 to about $25.2 billion by July 2025, indicating a shift from experimental stages to large-scale promotion [1][12]. - The RWA market is projected to reach $16 trillion by 2030, accounting for about 10% of global GDP, driven by factors such as rising global interest rates, institutional involvement in crypto assets, and improving regulatory policies [1][17]. Summary by Sections RWA: Bridging On-chain Funds and Real Assets - RWA represents tangible or traditional financial assets on blockchain networks, enhancing liquidity and enabling fractional ownership, thus democratizing access to previously high-barrier investments [12][16]. - The RWA market has seen rapid growth, with a total market size reaching $25.4 billion by mid-2025, driven by technological advancements and traditional financial institutions' involvement [12][13]. RWA Token Types and Development Momentum - The RWA token landscape includes various types, with U.S. Treasury tokens being a significant category due to their low-risk profile and established legal framework. The market for tokenized U.S. Treasuries grew from $100 million in January 2023 to $6.74 billion by July 2025 [22][23]. - Private credit tokens have emerged as the largest segment within RWA, with a market size of $15 billion as of July 2025, driven by their high yield and low correlation with other asset classes [27][28]. - Commodity tokens, particularly gold tokens, dominate the commodity tokenization market, which reached $1.75 billion by July 2025 [31][32]. Stock Tokens: Comparison of Tokenization Models - Stock tokenization is rapidly evolving, with platforms like Robinhood and xStocks offering different models. Robinhood's model is based on derivative contracts, while xStocks provides direct ownership representation through compliant third-party custodians [39][50]. - The largest stock token, EXOD, represents a company specializing in crypto wallets, with a market cap of approximately $277.1 million [41]. Investment Recommendations - The report suggests that Robinhood's approach to virtual asset-related business could serve as a reference for Chinese brokerage firms entering this space. The rapid development of RWA may catalyze further market activity in the brokerage sector, indicating potential for significant returns [3][4].

Core Insights - Kraken's overall performance is weaker compared to Robinhood, with Robinhood's revenue doubling year-on-year and its stock price increasing nearly 185% in 2025 [2] - Kraken's revenue decline is attributed to market volatility and the trading off-season, alongside the impact of new tariffs imposed by former President Trump [3] Group 1: Kraken's Financial Performance - Kraken's adjusted EBITDA fell to $79.7 million, a decrease of 6.8% from $85.5 million year-on-year, and a significant drop of 57% from the first quarter's $187 million [3] - In Q2, Kraken's total revenue was $411.6 million, a quarter-over-quarter decrease of 13% from $471.7 million in Q1, but still an 18% increase compared to the same quarter last year [3] - The second quarter is typically a low trading period for the cryptocurrency market, compounded by increased investor caution due to new tariffs, which affected market confidence and led to Bitcoin prices dropping to a yearly low of around $76,000 in early April [3] Group 2: Robinhood's Financial Performance - Robinhood reported a 32% year-on-year increase in cryptocurrency trading volume, reaching $28 billion, with related trading revenue surging 98% to $160 million [4] - The diluted earnings per share for Q2 were $0.42, more than doubling year-on-year, while quarterly revenue grew by 45% to $989 million, both exceeding market expectations [4] - Although trading volume decreased from $46 billion in Q1, it still showed strong growth compared to the same quarter last year, with Q1 cryptocurrency trading revenue at $252 million [4] - Kraken's total trading volume was $186.6 billion, indicating a preference among high-net-worth investors for Kraken as a cryptocurrency investment platform [4]

Group 1 - The Guozheng Securities Leading Index (399437) has seen a strong increase of 1.58%, with constituent stocks such as Hualin Securities (002945) rising by 9.97%, Dongfang Securities (600958) by 4.26%, and GF Securities (000776) by 3.98% [1] - Robinhood has launched "stock tokens" in the European market, allowing EU users to trade over 200 US stocks and ETFs, including Nvidia (NVDA), Apple (AAPL), and Microsoft (MSFT) [1] - Minsheng Securities highlights that cross-border payment scenarios are expected to become an important application for stablecoins, which may enhance efficiency and reduce costs in cross-border payments, benefiting fintech companies related to cross-border payments [1] Group 2 - In the long term, stablecoins are anticipated to promote virtual asset trading and the tokenization of real-world assets (RWA) and security token offerings (STO), facilitating on-chain trading of traditional financial assets [2] - Major Chinese securities firms are accelerating their layout in this area, with Guotai Junan International upgrading its virtual asset trading license and GF Securities (Hong Kong) fully integrating with HashKey Chain for on-chain issuance [2] - As of June 30, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index (399437) account for 78.71% of the index, including Dongfang Wealth (300059), CITIC Securities (600030), and Huatai Securities (601688) [2]