News linked to both this project and an event.
According to Yonhap News Agency, Section Chief Kim Yun-kyung and Investigator Wang Jae-kun of the Bank of Korea’s Investigation Bureau noted in their October 27 report, "Major Characteristics and Risk Assessment of Funding in the AI Industry," that intensifying fundraising competition in the AI sector recently has heightened dependence on external funding and expanded circular finance, fueling growing warnings about financial risks triggered by AI. The report notes that this year, hyperscale data center operators have substantially broadened external financing primarily through long-term corporate bonds, while AI-focused cloud companies have increasingly turned to GPU-backed credit and convertible bonds. AI firms are also actively leveraging off-balance-sheet financing instruments such as special purpose vehicles, joint ventures, and leasing. Meanwhile, the volume of circular transactions between hyperscale firms and AI chipmakers for future sales, facilitated by supply chain investments, continues to grow. The report assesses that while the financial health of major leading enterprises remains solid and the likelihood of AI-related financial risks materializing is currently low, vulnerabilities are steadily building amid rising long-term interest rates. Primary risk factors include delays in AI monetization and the propagation of shocks stemming from circular finance. Particular attention should be directed toward the potential risks posed by AI cloud companies that exhibit inadequate financial buffers and low information transparency. The report emphasizes that as South Korea stands to benefit the most from the AI boom, its deep integration into global supply chains could amplify the transmission intensity of real-economy and financial shocks triggered by AI compared to previous cycles. It is essential to continuously monitor the accumulation of potential vulnerabilities and the likelihood of risks materializing.
QCP stated that credit risk related to AI infrastructure is undergoing accelerated repricing. The yield on CoreWeave bonds has risen to approximately 15% year-to-date, and its stock price fell 10% on October 22 as markets begin to reassess high financing costs and debt sustainability. This pressure has spread from CoreWeave to the broader neocloud infrastructure sector, weighing on tech stocks and crypto assets while driving funds toward long-term US Treasuries.
Odaily reports: White Hair Stock Oracle Serenity stated that the memory chip industry is gaining unprecedented long-term demand visibility, with major cloud service providers such as Google even seeking to sign long-term supply agreements extending to 2035. However, the market remains affected by concerns over the sustainability of AI infrastructure investment and financing risks.Serenity also cited Dell CEO Michael Dell's view that the memory chip supply shortage may last about 4 years, as the construction cycle for new wafer fabs is lengthy, and the relevant capacity is expected to be released only between 2029 and 2030. Dell expects that the supply-demand imbalance in memory chips may further deteriorate in 2027.
Odaily reports: AI research institution DeepSeek plans to lead the seed round funding of robotics AI startup Winverse AI, with an investment amount in the tens of millions of dollars range.Sources say Winverse AI was founded by a former top AI scientist from Tencent and is currently still operating in stealth mode. In addition to DeepSeek, investors including Meituan's investment arm Long-Z Investments also participated in this funding round, bringing the company's post-investment valuation to approximately $400 million.The report notes that DeepSeek will deploy funds from its over $12 billion in financing to support this investment, betting on the rapidly growing field of artificial intelligence and robotics technology.This investment indicates that DeepSeek is further expanding from large model research and development into embodied intelligence and robotics AI. (Bloomberg)
Odaily News: Ripple's Ripple Prime has begun providing funds with leveraged exposure to equities and indices through total return swaps, charging financing fees. After Ripple acquired multi-asset prime broker Hidden Road for $1.25 billion in 2025, it gained the business capabilities to clear trades, finance investment positions, and process transactions in equities, bonds, foreign exchange, and digital assets. The Tradr 2X Long SNDK Daily ETF pays Ripple a fee of the overnight bank funding rate plus 4 percentage points, translating to an annualized financing cost of approximately 8% at current rates.
Odaily Report: Michael Saylor published a long article titled "Prescriptions for Prosperity in the Digital Economy," stating that artificial intelligence will greatly enhance the productive capacity of individuals and enterprises, thus requiring greater freedom to create, finance, own, and trade assets. He proposed establishing a "Digital Bill of Rights" for digital assets, the core of which is to grant individuals and enterprises the rights to Create, Issue, Custody, Transfer, and Use digital assets, and to provide foundational protections in financial privacy, asset ownership, and market access.Saylor believes that digital intelligence will drive the birth of a large number of new enterprises, and that the cost, complexity, and time required for financing should be reduced, while capital formation efficiency should be improved through means such as digital tokens. He proposed aiming to enable 10 million new businesses to access financing, while establishing clear issuance rules and risk-matched information disclosure requirements.Regarding the digital dollar, Saylor advocates allowing banks, fintech companies, and technology platforms to compete more fully in digital dollar products, and permitting issuers to compete on yield. He believes that the United States can further expand the global reach of the dollar by allowing enterprises to develop more competitive digital dollar products.As for Bitcoin, Saylor defines it as "Digital Capital," advocating that banks be allowed to custody Bitcoin under clear rules and provide credit using it as collateral, while establishing a viable path for insurance companies to include digital capital in their balance sheets and product design. He specifically mentioned that the Basel Accord applies a 1250% risk weight to certain crypto asset exposures, and believes that regulators should reassess relevant capital requirements based on the actual risks of digital assets and specific business activities.
Paradigm co-founder Matt Huang posted on the X platform outlining some views on Zcash. He stated that blockchain ecosystems generally face the challenge of long-term funding sources, especially for public goods financing, and that funding developer funds through an inflation mechanism is a viable approach. He believes that amid the backdrop of AI-enhanced cyberattack capabilities and the rapid development of quantum technology, the Zcash developer fund remains highly significant.Matt Huang also stated that as Zcash gains greater acceptance and adoption as a privacy supplement to Bitcoin, governance relying purely on coin-holder voting may introduce unpredictability and affect its ability to build long-term trust as a monetary asset. Therefore, Zcash is better suited to combining coin-holder voting with other governance approaches. Matt Huang also disclosed that Paradigm is an investor in ZEC and ZODL.In the early hours of today, ZEC briefly broke above $1,385, setting a new all-time high.
Odaily News: Digital asset investment platform Rockawayx has acquired digital asset hedge fund Relayer Capital, incorporating its directional long/short strategy into its approximately $2 billion investment platform. Relayer Capital founder Austin Barack will continue to oversee the strategy and assume the role of Chief Investment Officer of the newly renamed Rockawayx Liquid Opportunities Fund.Rockawayx CEO Viktor Fischer stated that the fund will invest in highly liquid crypto tokens and digital asset-related equities, with a focus on identifying assets that are mispriced relative to their business fundamentals, market position, or growth prospects. The fund is currently open to new external investors.Rockawayx disclosed that the strategy's estimated net return from the start of 2026 through August 21 stands at approximately 70%, outperforming a weighted portfolio of Bitcoin, Ethereum, and Solana by 86 percentage points. Major contributing positions include Venice AI, Hyperliquid, Grass Network, Pump.fun, and Zcash, with investment themes centered on AI and tokenized real-world asset markets.The acquisition adds a directional liquid strategy to Rockawayx's venture capital and market-neutral businesses. Rockawayx also operates infrastructure and onchain liquidity divisions, noting that these capabilities support its team in identifying blockchain market opportunities across stages—from early-stage funding and token issuance to public market trading. (Bitcoin.com News)
According to Bitcoin News, which cited an opinion piece from The Wall Street Journal, legendary investor Stanley Druckenmiller criticized U.S. Treasury Secretary Scott Bessent's proposal to increase the size of a single long-term Treasury bond repurchase transaction from $2 billion to at least $4 billion, arguing that the measure could overstep its bounds in liquidity management and cross into intervention aimed at suppressing long-term yields. Druckenmiller pointed out that with inflation still running above target, the U.S. fiscal deficit accounting for roughly 6% of GDP, and federal debt exceeding $40 trillion, rising yields may accurately reflect the bond market's rational pricing of deteriorating U.S. fiscal conditions. He warned that if markets believe the Treasury is defending a specific yield level, traders could repeatedly test the limits of government intervention, forcing the repurchase volume to keep expanding. He also maintained that the Treasury's strategy of buying back long-term Treasuries while simultaneously issuing short-term T-bills effectively strips duration risk from the market, closely resembling a small-scale quantitative easing program executed directly by the Treasury. His advice is to allow the bond market to determine the government's financing costs, and to resolve fundamental fiscal imbalances through deficit reduction, entitlement reform, and enhanced debt management.
According to TechFlow research, Morgan Stanley's August 20 report noted that the U.S. Treasury will increase the size of its liquidity-supporting repo operations for the 10-to-20-year and 20-to-30-year tenors from $2 billion per transaction to at least $4 billion, effective September 9. This marks the first adjustment to the repurchase volume outside of the quarterly refinancing window since the repo program launched in May 2024. The two tenors combined add $1.6 billion in notional amount, corresponding to approximately $19.3 million in DV01 (price change per one-basis-point move in rates), with a risk impact roughly double that of the November 2023 "supply surprise." Morgan Stanley stated that the Treasury's decision to expand repurchases ahead of schedule outside the quarterly refinancing window aims to signal close monitoring of long-end interest rate dynamics to the market, thereby buying time for the November refinancing window. The recent rise in the 10-year Treasury yield and curve steepening primarily reflect the market's repricing of energy prices and central bank policy trajectories, rather than concerns over deficits or supply. Morgan Stanley maintains its recommendation for a 7-year versus 30-year Treasury curve steepening trade, targeting a spread of 100 basis points (currently around 71 basis points). On the FX front, coordinated volatility in gold and the Swiss franc hit an annual peak on August 19; should the U.S. dollar policy narrative reassert itself, EUR/USD is likely to approach 1.2150.
Odaily News "White-Haired Stock God" Serenity shared insights on the AI industry chain on the X platform, noting that AI infrastructure demand is driving multiple sectors—including storage, advanced packaging, computing power financing, optical communications, power supply, and electronic components—into a long-term expansion cycle. The AI supply chain remains in a phase of rapid growth.In the storage sector, Serenity cited UBS forecasts indicating that traditional DRAM manufacturers (such as Micron) could see gross margins reach an unprecedented 95% by 2027, potentially even surpassing the gross margin levels of HBM products. Additionally, SanDisk's long-term agreements already cover approximately two-thirds of its 2028 production capacity, with minimum contracted revenue reaching $93 billion. Given its current market cap of around $239 billion, this suggests its future revenue targets could persist for years, making it difficult to simply classify the company as a traditional cyclical stock.On the cloud computing infrastructure front, CoreWeave has signed agreements to use Nvidia A100 GPUs through 2029. This is a positive development for emerging cloud computing companies such as Nebius and Iren, and it also weakens some investors' bearish thesis centered on the rapid depreciation of older GPUs.AI model companies are also continuing to grow at a pace that exceeds expectations. Frontier AI labs are still maintaining extremely rapid growth rates, and a slowdown in growth would actually be a cause for concern. The market projects that Anthropic's 2028 revenue could reach $190 billion to $200 billion.However, advanced packaging and semiconductor infrastructure remain core bottlenecks. The head of advanced packaging at TSMC has stated that in the coming years, the industry may face not only memory shortages but also tight supply of ABF substrates.Serenity concluded that the AI infrastructure supply chain is continuously expanding. From GPUs, storage, and advanced packaging to power, optical communications, and electronic components, every segment is showing a long-term demand growth trend. The AI supply chain is still in a high-speed development stage.
Odaily News – Bitcoin miner MARA Holdings disclosed in its latest quarterly SEC filing that it has pledged 18,750 BTC as collateral for two Bitcoin-backed loans, totaling $750 million in principal.Among these, financing provided by Coinbase Credit includes a refinancing of the original $150 million credit facility plus an additional $300 million in new funds; Two Prime Lending separately provided a $300 million loan. Both loans have been fully drawn, with a combined financing cost of approximately 7.56%, primarily maturing in August 2028.The pledged 18,750 BTC were valued at approximately $1.2 billion at the time of the transaction. If a decline in Bitcoin's price pushes the collateral ratio below the agreed level, MARA could face margin call requirements; otherwise, the related BTC may be subject to liquidation risk.The new funds will mainly be used for general corporate purposes and to support MARA's acquisition of Long Ridge Energy & Power. The transaction has an enterprise value of approximately $1.5 billion. Long Ridge owns a natural gas power plant in Ohio, USA, with an expected installed capacity of 505 MW, along with over 1,600 acres of industrial land. MARA plans to further develop the site into a base for Bitcoin mining, AI, and high-performance computing infrastructure. (Crowdfund Insider)
Bitcoin analyst Plan B stated on the X platform that the core of Bitcoin's long-term value lies in scarcity, not short-term price fluctuations.Plan B believes that many people focus on Bitcoin's price charts, while the S2F model he uses focuses on the degree of asset scarcity. This model measures scarcity through "existing supply ÷ annual new production," where the S2F for gold is approximately 60. Due to Bitcoin's fixed total supply of 21 million coins and its predictable issuance schedule, its S2F is currently around 120 and continues to rise over time.The Bitcoin halving mechanism is an important driver of the S2F model. Approximately every four years, the Bitcoin network reduces the block reward by half, decreasing new supply and roughly doubling the S2F level, making it the core supply-side event observed by the model.Plan B emphasized that the S2F and its upgraded version, the S2FX model, predict long-term average value rather than precisely forecasting market tops or bottoms. Bitcoin's price typically fluctuates around the model's estimated value, and investors should focus on multi-year cycle averages rather than single-day price highs. Additionally, Plan B believes that as scarcity increases, Bitcoin is undergoing different stages of development, including proof of concept, payment network, "digital gold"/store of value asset, and institutional-grade financial asset. Each increase in scarcity could bring new market narratives and capital inflows.However, Plan B also reiterated that "all models are wrong, but some are useful." He stated that the S2F model is merely a tool for long-term understanding of Bitcoin's scarcity, not a trading signal or a "crystal ball" for price prediction. Although the model has withstood major events such as the COVID-19 pandemic and China's mining ban, it still has limitations.
HTX DeepThink columnist and HTX Research analyst Chloe (@ChloeTalk1) pointed out in her analysis that the core contradiction in the current macro market has shifted from "when the Fed will cut rates" to "whether the Fed needs to raise rates again." Warsh attempted to reduce the impact of single-month data on policy, but since his policy framework has not been fully understood by the market, July and August inflation data have instead become the key variables determining September policy expectations. If core CPI remains at 0.2% or below, the market will re-trade inflation decline and policy pause; if it consecutively exceeds expectations, the Fed will face a binary choice of "raise rates or lose credibility."
: Bitcoin mining company MARA completed two loans on August 4, pledging 18,750 BTC to secure $600 million in new debt for expanding its power generation and AI infrastructure business. The collateralized assets were valued at approximately $1.2 billion at the time of the transaction. The combined principal of the two loans totals $750 million, with Coinbase Credit providing $450 million, including a refinancing of the existing $150 million credit facility and an additional $300 million; Two Prime Lending separately provided $300 million. Both loans have been fully drawn. The Coinbase loan carries an interest rate of the midpoint of the Federal Reserve's target rate range plus 3.875 percentage points, with a maturity date of August 4, 2028; the Two Prime loan carries a fixed interest rate of 7.65%, with a maturity date of August 3, 2028. Assuming the principal remains unchanged, the annual interest expense on the two loans is approximately $56.7 million. MARA stated that the loan proceeds will be used for general corporate purposes, including part of the cash consideration for the acquisition of Long Ridge Energy & Power LLC. The transaction has an enterprise value of approximately $1.5 billion. Long Ridge owns a 505-megawatt gas-fired power plant and more than 1,600 acres of industrial land, which MARA plans to use for power generation, Bitcoin mining, and potential AI and high-performance computing campuses.
According to TechFlow Research, Morgan Stanley's latest research report in August indicates that the Q3 DRAM contract price quarter-over-quarter increase has fallen from an expected 20% to 15%, memory module inventory has risen to 12.5 weeks, and signs of weakness have emerged in China's consumer electronics demand. However, Morgan Stanley believes this is merely a normal cyclical slowdown, not a trend reversal. The capex growth rate of the four major cloud vendors was adjusted up from 14% to 29%, and AI demand remains strong. Samsung aims to place 60% to 70% of its capacity under long-term agreements, SK Hynix has completed LTA negotiations with approximately 10 clients, and Micron's 16 agreements cover approximately $100 billion in minimum revenue. Morgan Stanley maintains an overweight rating on Samsung and SK Hynix, with target prices of 381,000 won and 2.6 million won respectively, implying 74% to 84% upside potential. Samsung's current stock price corresponds to an expected P/E ratio of about 5x for 2026, while SK Hynix is about 5.8x. Morgan Stanley believes LTAs are changing industry earnings visibility; the market has not yet assigned a premium to LTA-supported earnings. If LTAs verify downside protection, the memory valuation system may be reshaped.
Odaily News Crypto analyst Murphy stated on X that on-chain data reveals a rare large-scale movement of coins by Bitcoin long-term holders (LTH) recently. Over the past two days, more than 65,000 BTC have moved on-chain each day (excluding internal transfers within the same entity), leading to a notable decline in LTH net positions.Data shows that LTH net positions had begun to deviate from their previous continuous growth trend since May this year, entering a plateau in July, with the recent large-scale transfers being relatively uncommon over the past year. Among these, approximately 14,000 BTC flowed into exchanges. Some of the funds include a transaction where a company under Trump's umbrella transferred 2,628 BTC to Crypto.com.Currently, aside from the portion flowing into exchanges, the destination and purpose of the remaining coins reduced by long-term holders remain unclear. Murphy stated that potential risks currently affecting the BTC market include: 1) Shifts in Fed monetary policy and rising rate hike expectations; 2) Inflationary pressure from Middle East tensions and oil price changes; 3) Valuation concentration in the AI sector and financing risks behind high capital expenditures; 4) Re-crowding of yen carry trade positions.
According to Odaily, a 26-year-old male trader at Hong Kong's Chee Fu Management Services Limited allegedly misappropriated HK$50 million of company funds as margin to purchase the CSOP Direxion 2x Long SK Hynix ETF using leveraged financing.Due to the double leverage of margin financing combined with the 2x leveraged ETF, the position incurred paper losses of approximately HK$150 million. The ETF had risen to an all-time high of HK$193.65 in late June, but subsequently corrected along with the semiconductor sector, falling over 72% to HK$52.58 as of July 20.The trader has been arrested by police on suspicion of theft. As the position has not yet been closed, the final loss will continue to fluctuate with price movements. (Tencent News)
According to Tencent News "YiXian", a 26-year-old male trader at Hong Kong Zhi Fu Management Services Limited misappropriated 50 million HKD of company funds as margin without authorization between January 9 and July 20 this year, using financing leverage to heavily buy the HKEX-listed CSOP 2x Long SK Hynix ETF (07709.HK), ultimately resulting in paper losses of up to 150 million HKD. Driven by the memory chip theme, the ETF surged to a historical high of HKD 193.65 at the end of June this year, but subsequently the semiconductor sector corrected sharply. As of July 20, it had plummeted to HKD 52.58, a decline of over 72%. Hong Kong financial professionals analyzed that the combination of double leverage from margin financing and the 2x Long ETF was the main reason why the 50 million principal turned into a 150 million huge loss. The incident was uncovered during the company's recent audit. The man involved was arrested by the police on July 20 on suspicion of "theft". Currently, the relevant stock positions have not yet been forcibly liquidated, and the final loss remains uncertain. After the incident, some clients of Zhi Fu Securities made risk-avoidance withdrawals.
BIT US stock options trading will officially launch on July 24. Following its margin trading (securities lending and borrowing) service, BIT is further expanding its derivatives matrix to provide users with lower-cost, risk-controllable tools for US stock trading and hedging.In terms of fees, BIT US stock options charge $0 commission for both buying and selling, with platform usage fees as low as $0.30 per contract—only half the fee charged by similar platforms. The minimum fee per transaction is $0.99, consistent with US stock trading, and options trading incurs no additional markup, helping users enter the market with a lower threshold.The initial launch will cover approximately 2,000 highly liquid US stock underlying assets, and will prioritize opening options buyer trading (Long Call / Long Put), while not yet supporting seller (Short) opening positions. The maximum loss for buyers is locked in as the premium paid at the time of order placement, effectively avoiding liquidation risks in extreme market conditions. The product's coverage scope and trading methods will be gradually expanded based on risk control system validation and market demand.Early bird exclusive offers and experience benefits are now available. By completing your first option trade or inviting a friend to participate, you can receive multiple early bird rewards, including 30 days of free real-time options quotes and popular stocks. For event details, please refer to the BIT US Stock Channel.Risk Warning: Options trading involves risk, which may result in the total loss of the premium paid. Please use investment and financing tools reasonably based on your own investment objectives and risk tolerance.