News linked to both this project and an event.
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.
CZ stated on the X platform that AI and Bitcoin serve different functions. AI drives productivity improvements, while Bitcoin is used to combat inflation and protect wealth. CZ stated that AI cannot protect users from the effects of inflation, but Bitcoin can. The market often views AI and Bitcoin as two popular investment themes, but their nature is fundamentally different. AI is a technology that enhances corporate efficiency and economic productivity, whereas Bitcoin is a digital asset with a fixed supply.CZ pointed out that the AI industry is developing, with global companies continuously investing billions of dollars in infrastructure such as AI software, data centers, and chips, driving transformation across sectors like healthcare, finance, and manufacturing. However, AI companies can issue more shares to raise funds for expansion, and their investment value still depends on business performance and market competition. In contrast, Bitcoin's total supply is fixed at 21 million coins, meaning holders possess a scarce asset that cannot be diluted. CZ believes that this characteristic gives Bitcoin long-term value storage attributes, providing protection when the purchasing power of fiat currency declines due to inflation.CZ has previously stated that the AI boom might attract some capital that would otherwise flow into the Bitcoin market. As AI companies like OpenAI and Anthropic gain more capital attention, some investors may sell other assets to allocate towards AI-related investments. However, CZ believes that AI and Bitcoin are not in competition; they should be viewed as complementary assets: AI drives technological progress and production efficiency, while Bitcoin offers a store of value unaffected by supply expansion. (News.bitcoin)
According to an official announcement, Bitget has launched trading for over 2,800 U.S. stock options, covering most major U.S. stock underlying assets. Users can trade U.S. stock options on the platform and enjoy a 0 commission promotion, along with 30 days of free real-time options quotes.It is reported that Bitget options trading adopts a T+1 settlement cycle, consistent with U.S. stock spot trading; the trading session is from 9:30 AM to 4:00 PM Eastern Time, and only supports cash transactions (margin buying is not supported), with a margin rate of 100% for Long Call/Put. The system simultaneously provides a pre-trade profit/loss estimation tool, supports order modification, cancellation, and record query, ensuring users achieve more transparent asset allocation.
"White-Haired Stock God" Serenity stated that today, Micron ($MU) announced the signing of a long-term memory supply agreement with Qualcomm ($QCOM). However, the market reaction was somewhat unexpected, with Micron's stock price subsequently falling by 5.37%.Serenity believes that against the backdrop of the AI industry chain continuously signing long-term supply agreements to lock in future demand, current memory and AI-related stocks themselves have not shown any significant signs of fundamental deterioration.He noted that the recent sector adjustment is more likely due to a chain reaction triggered by market deleveraging and margin pressure, rather than a reversal in AI demand or storage industry trends.Serenity pointed out that as AI infrastructure construction continues to advance, companies across the industry chain are strengthening supply security through long-term agreements. Short-term market volatility may more reflect adjustments in capital flows and valuations, rather than a shift in the long-term growth logic.
following the recent launch of margin trading functionality, BIT (formerly Matrixport) today officially announced the上线 of its US stock short selling (short) function, marking a key闭环 in BIT's brokerage business achieving a long/short two-way trading ecosystem for US stocks. This provides investors with tools to hedge risks and profit flexibly in a volatile market, and lays sufficient foundational infrastructure for the upcoming options trading.Regarding this business upgrade, Elio Cui, Head of BIT Brokerage, stated: "With the launch of short selling, BIT Brokerage has become one of the very few trading platforms in the industry that simultaneously supports margin trading, short selling, and options布局 under a real US stock framework. Our product planning has been built from the start to benchmark against the complete investment experience of traditional brokerages. Within a single account, users can seamlessly execute long/short two-way allocation and risk hedging, navigating different market cycles with higher capital efficiency."After this feature goes live, users of BIT's integrated account (margin account) who meet the initial margin requirements can short sell designated US stocks. The platform will dynamically update key risk control indicators such as margin rates, stock borrowing costs, and short pool availability in real-time to ensure transparency and efficiency in trading.As a crucial part of enhancing its US stock brokerage services, BIT also reminds investors that short selling involves market risks and is affected by factors such as market volatility, stock borrowing costs, and interest rate fluctuations. The platform will dynamically adjust the list of stocks available for short selling based on market liquidity and risk control policies, offering investors qualified US stock short selling opportunities within a stable and secure framework.To coincide with the launch of the new service, BIT Brokerage is offering a limited-time "0 fee" promotion.
According to Korean media Etoday, Korean securities firms have shown significant divergence in their assessments of SK Hynix's prospects, with the core divergence centering on whether AI storage demand can drive long-term growth. KB Securities maintains a "Buy" rating for SK Hynix. Based on the case of TSMC's ADR issuance in the US in 1997, it judges that SK Hynix's ADR listing will boost global investor participation and is expected to drive a synchronized revaluation of ADRs and Korean domestic shares. KB Securities also expects that in 2027, global DRAM and NAND wafer capacity growth rates will be only 7% and 4% respectively, lower than demand growth rates of 17% and 19%, and the tight memory supply situation may intensify further compared to 2026. BNK Investment & Securities, however, believes that the logic of hyperscale cloud service providers continuously increasing AI infrastructure investment is weakening, and the ADR listing will not significantly alter SK Hynix's domestic share valuation.
: Bitget US stock options trading is now officially live, with the initial launch offering over 540 popular trading targets. These cover core indices such as the S&P 500, Nasdaq 100, and Dow Jones 30, as well as major ETFs, with plans to progressively expand to cover the full range of stocks and ETFs. To enhance user experience and lower the barrier to entry, all users will enjoy zero commissions when trading US stock options on Bitget.The newly launched options trading adopts a T+1 settlement cycle, consistent with US spot stocks. The trading session runs from 9:30 AM to 4:00 PM Eastern Time. It only supports cash transactions (margin purchases are not supported), and the margin rate for Long Calls/Puts is 100%. The system also provides profit/loss estimation assistance for orders, supporting order modification, cancellation, and record inquiries, ensuring users achieve more transparent asset allocation.Additionally, Bitget has launched a special incentive campaign. During the campaign, eligible users who complete registration and execute their first US stock options trade will receive Nvidia (NVDA) stock worth $15. Users can update the Bitget App to version 2.87.0 to experience the feature.
According to a research report recently released by Goldman Sachs’ China macroeconomics team, the asset allocation of Chinese residents is in the early stages of a structural transformation. As the role of real estate in wealth accumulation gradually diminishes and deposit rates remain low, savings may progressively shift towards a broader range of financial assets, with stocks and insurance expected to be the primary beneficiaries in the medium term. “Chinese residents’ stock allocation remains low relative to its long-term potential.”The Goldman Sachs report indicates that the current share of stocks in residents’ assets is less than 10%, suggesting significant room for further asset reallocation as residents gradually broaden their investment horizons. Goldman Sachs also noted that, given residents’ still cautious risk appetite and the uneven distribution of financial wealth, this adjustment is unlikely to be linear or cover a wide population. Even so, if resident confidence stabilizes and capital market returns become attractive, stocks could account for a larger share of new resident savings in the future. (Shanghai Securities News)