News linked to this event type.
Hong Kong Securities and Futures Commission (SFC) Chairman Wong Tin-yau revealed in a recent speech that Hong Kong has systematically expanded the scope of products and services available from licensed institutions. This includes offering more diversified product options for professional investors, piloting secondary market trading of tokenized products, launching virtual asset-related financing services, and establishing a regulatory framework for virtual asset leveraged products. The 12 licensed virtual asset trading platforms in Hong Kong recorded a total trading volume exceeding HKD 640 billion in 2025, with the trading volume in the first quarter of this year surging nearly threefold year-on-year. Additionally, brokerage firms engaged in virtual asset-related businesses saw their corresponding commission income grow by over 80% year-on-year last year.On the institutional front, Hong Kong will optimize its comprehensive regulatory framework for virtual assets, covering key areas such as custody, trading, asset management, and investment advisory. The public consultation on the relevant licensing regime has been completed, and legislative proposals will be finalized with the Hong Kong Treasury Bureau. The target is to submit a bill to the Legislative Council in 2026, aiming to establish a regulatory system that is fully aligned with international standards and strictly adheres to the principle of "same business, same risks, same rules."
According to the UK’s Financial Times, as prices of crypto assets such as Bitcoin weaken, some crypto treasury firms—whose core business is holding crypto assets—have begun pivoting to a new financing instrument dubbed “Digital Credit” following declines in their stock prices. This strategy, promoted by the firm, offers investors high-yield perpetual preferred shares, with proceeds used to continue purchasing Bitcoin. Since its launch roughly 10 months ago, the initiative has attracted approximately $10.5 billion in inflows. Several crypto reserve companies are now planning to emulate this model, including Strive Asset Management, The Smarter Web Company, and Capital B.
According to Viet Nam News, Vietnam’s Ministry of Finance has proposed in the draft amendment to the Law on Support for Small and Medium Enterprises (SMEs) that SMEs be permitted to use digital assets, virtual assets, intellectual property, intangible assets, and future-formed assets as collateral for bank loans—aiming to improve access to financing for private enterprises and tech startups. The draft also encourages credit institutions to base lending decisions more heavily on credit ratings, business plans, market expansion potential, and corporate cash flow, thereby reducing reliance on traditional forms of collateral such as real estate. The Ministry of Finance stated that this policy seeks to unlock resources within the private economy and align with Resolution No. 68-NQ/TW.
: Billionaire investor and founder of hedge fund Third Point, Dan Loeb, stated in a podcast that current market concerns over an AI "bubble" are greatly exaggerated, and the development phase of the AI industry is completely different from the dot-com bubble era.Loeb pointed out that the combined capital expenditures of tech giants including Alphabet, Microsoft, Amazon, and Meta have already exceeded $700 billion this year, and could reach $1 trillion next year, with the vast majority allocated to AI infrastructure construction. He indicated that not believing these capital expenditures can yield returns is equivalent to believing these companies are "burning cash for nothing," but currently these companies have strong profitability and ample cash flow, allowing them to rely on their own balance sheets to support investments.Loeb emphasized that this is different from the dot-com bubble period when "valuations were detached from fundamentals," and does not constitute a traditional valuation bubble. He also noted that AI companies like Anthropic are experiencing rapid revenue growth and accelerating product deployment, indicating the industry is still in its early expansion phase.According to reports, Anthropic's latest funding round valuation has approached nearly $965 billion, with annualized revenue surging from $14 billion to $47 billion, further strengthening market confidence in the commercialization potential of AI.However, some investors in the market, including Michael Burry, have expressed concerns about AI valuations overheating, believing that massive investments may struggle to generate corresponding returns. Loeb stated, "We haven't even scratched the surface of AI development," and believes it remains in the early stages of long-term growth. (BusinessInsider)
Peter Berezin, Chief Global Strategist at BCA Research, believes the current AI boom resembles a “profit bubble” rather than a valuation bubble. Although semiconductor sector valuations have not yet spiraled out of control, market expectations for future earnings growth may be overly optimistic; investors should instead focus on shifts in AI demand indicators.
According to Bloomberg, citing sources familiar with the matter, Ripple is pursuing a SPAC merger to raise at least $1 billion to create a publicly listed treasury company focused on XRP. If completed, the deal would become the largest XRP treasury vehicle to date.
Driven by strong market demand, quantum computing company Quantinuum is considering expanding its IPO offering size and raising its price range, potentially increasing the fundraising amount by several hundred million dollars.
: Texas Deputy Comptroller Kelly Hancock has officially appointed four external members to the Strategic Bitcoin Reserve Advisory Committee. Established pursuant to Senate Bill 21, the committee includes CleanSpark President and CFO Gary Vecchiarelli, Bitcoin mining firm Cormint founder and CEO Jamie McAvity, Southern Methodist University law professor Carla Reyes, and investment executive Laurie Dotter. They will advise the Comptroller on Bitcoin valuation, custody, and risk management. (The Block)
According to Finance Feeds, Grayscale is in talks with Hyper Holdings Global LP to sell its proposed Hyperliquid ETF shares in exchange for approximately 2 million HYPE tokens—valued at roughly $115 million at current prices—as seed capital ahead of the fund’s listing. Meanwhile, Grayscale has renamed the product the “Grayscale Hyperliquid Staking ETF,” planning to list it on the Nasdaq under the ticker symbol HYPG. The addition of staking functionality distinguishes it from spot ETFs that merely track token price performance.
private equity giants Apollo Global Management and Blackstone Group are bringing in more investors for a debt financing deal worth approximately $36 billion to help Anthropic build its artificial intelligence infrastructure.According to insiders, this debt financing will be used to purchase Google's custom TPU (Tensor Processing Unit) chips, which will then be leased by Anthropic. Broadcom, which assisted Google in developing the chip, will provide guarantees for the majority of this deal. This move is expected to become one of the largest private credit transactions in history and potentially the biggest debt financing deal for chips to date. The plan aims to leverage Broadcom's credit standing to provide computing power support for Anthropic.
BIT has pointed out that the market is repricing around SpaceX's potential largest-ever IPO, with a target valuation of approximately $1.75 trillion. However, expectations in the secondary market have already been revised upwards to around $2.3 trillion, corresponding to a premium of approximately 34% on the Pre-IPO contracts traded on Binance and Hyperliquid.The market pricing logic has shifted from a "rocket company" to an "AI + Global Connectivity + Space Infrastructure Platform." As SpaceX integrates into the xAI asset system, its total addressable market (TAM) has expanded to approximately $28.5 trillion. This includes an AI-related market of roughly $26.5 trillion, a global connectivity network of about $1.6 trillion, while traditional space business accounts for only $400 billion. The core business, Starlink, generated $11.4 billion in revenue in 2025, a 50% year-over-year increase, with an EBITDA margin of 63%. However, its ARPU has declined from $99 to $66, reflecting the rebalancing pressure between growth and profitability structure.In the long term, the core of the market's bet remains the expansion of the space economy. The global space economy is expected to grow from $630 billion in 2023 to $1.8 trillion by 2033, with the integration of satellite networks, orbital data, and AI computing infrastructure seen as the main growth driver. SpaceX's current valuation is already highly discounting future expectations. In the short term, attention must be paid to valuation and liquidity constraints. However, looking at the medium to long term, the "AI + Space + Communications Infrastructure" convergence narrative it represents could still become one of the core themes in the next phase of the tech capital market.
Odaily News “1011 Insider Whale” agent Garrett Jin pointed out in his latest market commentary that, against the backdrop of the Middle East conflict, the Strait of Hormuz has been effectively “blockaded” for three months. However, the market has already become “desensitized” to this geopolitical risk, and the AI narrative is reshaping traditional risk pricing logic. As a result, AI is significantly weakening the market's sensitivity to oil prices and geopolitical shocks. Since the emergence of ceasefire signals, U.S. stocks have “decoupled” from energy shocks, with gains in chip and tech stocks offsetting the impact from the energy sector, leading the market to gradually overlook the Strait of Hormuz risk. Nevertheless, he cautioned that the AI sector faces short-term risks of overvaluation and crowded trades, and a pullback could occur at any time.In the energy market, the earlier assessment that the Strait of Hormuz risk had not been fully priced in has proven correct. Oil prices had risen due to supply shock expectations, but peaked and then declined following the release of strategic reserves and the U.S. intervention as a “supplier of last resort.” A successful exit was achieved on April 29-30. He believes the current risk-reward ratio for oil prices is no longer attractive.On the macro and equity market front, U.S. households' holdings of stocks as a percentage of financial assets have reached approximately 47%, surpassing the level seen during the internet bubble era. This means a market downturn would, in turn, constrain policy. The VIX volatility index triggered different policy shift thresholds around 30 and 50, reflecting a “risk-off driven policy” characteristic.In the gold market, the recent pullback in gold is not due to the fading of a war premium but rather changes in long-term structural demand. Since 2022, central banks globally have been purchasing gold at an average annual rate of over a thousand tons, primarily for de-dollarization and hedging against sanctions risks. He defines gold as “an ultimate exit tool outside the dollar system” rather than a mere safe-haven asset.In the crypto market, the liquidity inflection point occurred last October, with funds flowing more toward AI assets, leading to a periodic drain from the crypto market. However, he believes the market is currently in a cyclical bear phase. Rebound rallies exist, but they do not equate to the start of a new bull run. The market must wait for liquidity to restart in a new cycle. The AI era is emerging as the dominant capital narrative. Even if a bubble exists, the structural opportunities it brings represent “a rare window of opportunity for ordinary investors.” Nevertheless, market cycle discipline should not be overlooked.
SpaceX officially filed its IPO prospectus last week. However, CEO Elon Musk's recent social media posts detailing the company's computing power leasing agreement with Anthropic have shown clear discrepancies with the prospectus's content. The prospectus states the collaboration will last until 2029, with a monthly rent of $125 million; Musk claims the agreement is merely a 180-day short-term lease, with either party able to terminate the partnership with 90 days' notice.This divergence makes it difficult for investors to assess the company's valuation, and industry experts have raised questions about the standardization of information disclosure. Furthermore, analysts point out that the prospectus is missing several key data points. SpaceX is expected to go public on June 12. The company is currently valued at over one trillion dollars and continues to operate at a loss. (CNBC)
AI Agent security platform Geordie has announced the completion of a $30 million Series A funding round, led by Balderton Capital, with participation from Crosspoint Capital, General Catalyst, and Ten Eleven Ventures. The company focuses on AI Agent governance and security, helping enterprises monitor the behavior, permissions, data access, and potential risks of internal AI agents in real time, while limiting non-deterministic AI agent decision-making behaviors. (Techfundingnews)
: STRC once fell to $97.11, then rebounded and closed at $98.57. Attention is being paid to Strategy's ability to continue using this preferred security as a financing tool through ATM issuance.After repurchasing $1.5 billion in convertible debt, Strategy's cash reserves dropped to approximately $871 million, only covering about six months of its estimated $1.7 billion annual preferred dividend obligations. Strive's perpetual preferred security SATA remains near its $100 par value, supported by an approximately 13% dividend yield and the company's plan to launch daily dividend payments.
According to TechFundingNews, stablecoin payments company NALA announced it has secured a $50 million credit facility from Liquidity through Mars Growth Capital, its joint venture with Japan’s Mitsubishi UFJ Financial Group (MUFG). The new capital will be used to develop its stablecoin payment infrastructure, with a focus on expanding cross-border payments in emerging markets—including Africa and Asia—by offering real-time stablecoin-based payments and collections, pre-funded accounts, and treasury management services. Earlier, in July 2024, NALA closed a $40 million Series A round led by investors including Acrew Capital, DST Global, Norrsken22, HOF Capital, and Amplo, as well as angel investors Vlad Tenev, co-founder of Robinhood, and Ryan King, co-founder of Chime.
According to Fortune, David Trainer, CEO of research firm New Constructs, stated that investors should avoid participating in SpaceX’s initial public offering (IPO), arguing that its estimated valuation of approximately $1.75 trillion is clearly excessive.
According to Hyperinsight monitoring, the Anthropic contract deployed by Hyperliquid on Ventuals is currently trading at $1,471 (implying a valuation of approximately $1.48 trillion). Meanwhile, per today’s news, Anthropic’s post-money valuation following its Series H funding round stands at $965 billion. This means that long positions on this contract are betting on a bullish outcome priced roughly $515 billion above the official valuation—representing a ~53% premium over the primary-market valuation.
Odaily Seer monitoring shows that the prediction market Predict.fun has launched a new prediction event: "What will be the market cap ranking of CXMT at close on its IPO day," with total trading volume currently at $93,000.On May 27, ChangXin Memory Technologies (CXMT), a leading domestic memory chip company, successfully passed its IPO review on the STAR Market (SSE STAR) and plans to raise 29.5 billion yuan, which would mark the second-largest IPO in the history of the STAR Market. Benefiting from the memory industry upcycle, CXMT reported a Q1 2026 revenue of 50.8 billion yuan and a net profit attributable to parent company of 24.762 billion yuan for the single quarter, achieving a dramatic turnaround from losses to profits year-over-year. This strong earnings potential has sparked extremely high market expectations for its post-listing valuation, with some suggesting it could challenge the top tier of A-share market capitalizations. According to the settlement rules, this event will ultimately be settled based on the descending order of total market capitalization from the "Shanghai-Shenzhen-Beijing A-shares" section of East Money (东方财富网) at market close.Odaily Seer continues to monitor prediction markets, observing changes before prices are set.
: Anthropic officially announced the completion of a $65 billion Series H funding round, with a post-money valuation of $965 billion, led by @AltimeterCap, Dragoneer, @Greenoaks, and @sequoia.It is reported that the funds will be used to advance research and expand production capacity to meet the growing demand for Claude. Additionally, the company stated that earlier this month, its annualized revenue had exceeded $47 billion.