Core Insights - OwlTing Group has successfully onboarded over 20 enterprise clients onto its OwlPay Harbor platform in the first quarter of 2026, indicating a strong demand for its digital currency settlement infrastructure [3][5] - The aggregate annual payment volume represented by these clients exceeds USD $5 billion, showcasing the scale of enterprise activity that has chosen OwlPay Harbor as a settlement partner [4][13] - The company is transitioning into the monetization phase, where the infrastructure built over several years is expected to convert into revenue through client relationships and payment utilization [5][8] Client Base and Market Position - The contracted client base includes diverse enterprises such as Graph (Oval Technologies), Dexpay, and Hope for Haiti, which are involved in cross-border payments and humanitarian aid [6] - These clients represent active payment corridors extending from the United States to regions including Latin America, Africa, the Middle East, and Asia-Pacific [6] - The breadth of enterprise signings reflects both the infrastructure developed by the company and the increasing market demand for regulated digital currency settlement solutions [7] Revenue Model and Regulatory Compliance - OwlPay Harbor monetizes primarily through transaction-based fees, with a current blended take rate of 25 to 35 basis points across various services [7][14] - The company has established a regulatory footprint with Money Transmitter Licenses in 40 U.S. states, a Virtual Asset Service Provider license in the EU, and an Electronic Payment Intermediary Service Provider license in Japan, positioning it as a trusted cross-border settlement layer [9][14] - The ongoing client onboarding and the associated payment flows are expected to build cumulative revenue opportunities over time as they migrate onto OwlPay Harbor [5][8]

Core Insights - Hope for Haiti has adopted OwlPay Harbor's payment infrastructure to enhance the efficiency and transparency of its humanitarian aid distribution, ensuring that funds reach the intended beneficiaries quickly and securely [8][10][12] Group 1: Humanitarian Aid and Financial Infrastructure - The global humanitarian aid mobilization for 2026 is set at $33 billion, aimed at assisting 136 million people worldwide [15] - Hope for Haiti's integration of OwlPay Harbor allows for the conversion of U.S. dollars to a regulated dollar-pegged digital currency, facilitating secure cross-border fund transfers [9][10] - The collaboration has already processed over $100,000 in pilot transactions, demonstrating the potential for significant improvements in humanitarian funding flows [10][16] Group 2: Impact on Local Communities - More than half of Haiti's population, over 5.7 million people, are experiencing acute food insecurity, highlighting the urgent need for effective aid distribution [11] - Hope for Haiti's initiatives include healthcare, education, and community distribution programs, which are critical for improving the quality of life for vulnerable populations [2][5][7] - The organization provided over 100,000 medical consultations and supported nearly 7,400 students in 2024, emphasizing its commitment to addressing local needs [14] Group 3: Cost Efficiency and Transparency - By utilizing OwlPay Harbor, transaction costs have been reduced by 93% compared to traditional banking methods, allowing more funds to be directed towards relief efforts [11][12] - The use of a public distributed ledger ensures complete traceability of funds, enhancing transparency and accountability for donors [10][11] - Real-time verification of transactions allows for immediate reporting and financial accountability, which is crucial in humanitarian operations [12]

Core Insights - OBOOK Holdings Inc. (OwlTing) is experiencing a significant increase in enterprise adoption of stablecoin-based settlement and tokenized financial infrastructure as companies transition from pilot projects to real production integration [1][2] Industry Momentum - The shift towards stablecoins and tokenization is driven by two global forces: the rising adoption of tokenized assets by major banks and trading platforms, and the demand for compliant, real-time settlement layers for cross-border transactions [4][5] - Analysts predict that the tokenized-equity segment could exceed US$1 trillion if just 1% of global equities migrate on-chain [4] Client Engagement - Since its Nasdaq listing on October 16, OwlTing has seen increased interest from payment companies and financial institutions, with multiple clients in Canada, Europe, Africa, and Asia moving to API integration and live transaction testing with OwlPay Harbor [2][3] - Current clients collectively manage up to US$100 million in monthly cross-border fiat volume, indicating substantial potential for migration to stablecoin systems [3] Product Offerings - OwlTing has introduced OwlPay Stablecoin Checkout, allowing global merchants to accept stablecoin payments and settle instantly, thus reducing card fees and bypassing traditional payment networks [7][8] - The company is preparing to launch x402, an AI-driven settlement engine that automates various processes in cross-border stablecoin settlement, enhancing efficiency [9] Market Potential - Citi projects that the stablecoin and tokenized cash market could reach up to US$4 trillion by 2030, prompting OwlTing to roll out a comprehensive product suite for 2025 aimed at capturing this growth [10]

Core Viewpoint - OWLTING Travel Service Inc. (OBOOK Holdings Inc.) officially listed on NASDAQ under the ticker "OWLS" on October 16, 2025, utilizing a direct listing approach, highlighting its focus on blockchain technology in business operations [1] Group 1: Initial Performance - The company's stock opened at $68 and peaked at $90 on its first trading day, reflecting a surge of over 32%, indicating strong market interest in its unique business model and technological capabilities [2] - The stock closed at $55.55, resulting in a total market capitalization of $4.909 billion, establishing a solid foundation for future market performance [2] Group 2: Core Advantages - Since its establishment in 2010, the company has focused on blockchain technology as its business cornerstone, aiming to create a one-stop payment and industry SaaS ecosystem for cross-border commerce [4] - The company operates across three main sectors: e-commerce, hospitality, and online travel, integrating stablecoin and fiat currency payments to facilitate global transactions [4] - The company has established a forward-looking global structure, with a holding entity in the Cayman Islands since 2011 and a subsidiary in Hong Kong since 2018, supported by multiple financial and payment licenses in the US, EU, and Japan [4] Group 3: Business Matrix - The company's growth is driven by two main engines: "scene deepening" and "technology implementation," forming a clear business matrix [6] - In the hospitality and tourism sector, the company has developed a complete ecosystem from backend management to frontend booking, utilizing blockchain technology to prevent double bookings [7] - The OwlPay payment and fintech core engine, launched in 2023, has become a key growth driver, offering various services including payment solutions and wallet services that support both fiat and USDC stablecoin [8] Group 4: Financial Performance - Financial data indicates that the company is in an active expansion phase, with revenue projected to grow from $6.4 million in 2023 to $7.57 million in 2024, demonstrating steady growth [10] - The net loss is expected to widen from $6.78 million to $10.27 million, primarily due to ongoing high-intensity investments in technology development and global market expansion [10] - To ensure a smooth and compliant listing process, the company has assembled a top-tier professional intermediary team, including KPMG for auditing and legal firms for Cayman and US legal matters [10]

Table of Contents As filed with the U.S. Securities and Exchange Commission on September 24, 2025 Registration No. 333-290018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OBOOK Holdings Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 7372 N/A (Primary Standard Industrial Classification Code Number) (IRS Employ ...