Hong Kong Web3 Daily Must-Read: The Ethereum Foundation will sell 10,000 ETH to support the ecosystem, Fosun Wealth Holdings promotes $328 million stock tokenization.
Fear and Greed Index: 44 (Greed)
Bitcoin Price: $111,754
BTC/ETH Spot ETF Fund Flow (9.3)
BTC Net Inflow: $10.69 M
ETH Net Inflow: $113.14 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (9.2)
BTC Net Inflow: 0 BTC
ETH Net Inflow: 0 ETH
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During an interview with RTHK, the head of the Hong Kong Foundation for Unity's Greater Bay Area Development Research, Mai Yingcong, stated that the clear regulatory direction for stablecoins in Hong Kong is attracting numerous institutions. Currently, the intention to apply for licenses far exceeds expectations, and it is believed that large tech companies will tend to use stablecoins in payment scenarios, while traditional financial institutions may apply them for cross-border settlements. If the first batch of licensed stablecoin institutions operates well, it will promote the Hong Kong Monetary Authority to issue more licenses in the future.
<div class=)[Fosun Wealth Holdings plans to tokenize $328 million worth of shares in Israeli medical company Sisram Medical, which has successfully integrated with multiple chains such as Vaulta, Solana, Ethereum, and Sonic, becoming a "Hong Kong stock performance-linked token" that supports multiple chains. Fosun Wealth Holdings plans to tokenize more stocks and bond instruments.
]( Sisram Medical's $328 million stock tokenization
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[]( Sisram Medical's $328 million stock tokenization
<p class=)[DAT
]( Selected Activities in Hong Kong for September
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for September, which will open a window to the future of Web3 for you.
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[]( Selected Activities in Hong Kong for September
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for September, which will open a window to the future of Web3 for you.
It is important to know that cryptocurrency has extremely high short-term volatility, which not only increases the difficulty of corporate allocation but also raises the financial risks of DAT. Additionally, DAT generally adopts leverage strategies to expand returns by issuing convertible bonds or increasing stock issuance to acquire digital assets.
<div class=)[Currently, 172 listed companies hold BTC, and the corporate treasury at the public offering level manages over 6% of the total Bitcoin supply. Ethereum has also evolved from a testing ground to a second reserve option, with dozens of institutions holding over 4 million ETH, and even Solana has begun to emerge on the corporate side. A common allocation method is long-term holding and participating in staking to earn protocol rewards.
Regulation/Macro
]( DAT Company
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[]( DAT Company<p data-start=)[European Central Bank President Lagarde stated on Wednesday that EU lawmakers should require foreign stablecoin issuers to adopt "safeguards" and "strong equivalent regulatory frameworks" to prevent reserve run risks within the EU. She said at a regulatory meeting: "European legislation should ensure that such schemes cannot operate within the EU unless supported by strong equivalent frameworks from other jurisdictions, as well as safeguards related to asset transfers between EU and non-EU entities." She added: "This also highlights why international cooperation is indispensable. Without a fair global regulatory environment, risks will always seek the weakest links."
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[](<p class=)[After the U.S. Congress returned to work following its recess, cryptocurrency market structure legislation is set to become a focal point. The Senate Banking Committee is expected to mark up a discussion draft on market structure by the end of September, while the Senate Agriculture Committee will also release a draft covering CFTC regulatory aspects soon. Senator Cynthia Lummis stated that the market structure bill is expected to be signed into law by President Trump before Christmas this year. Additionally, the Small Business Administration has ordered banking institutions to restore services to customers who were illegally "debanked" and has requested corrections to related policies by December 5. The Consumer Financial Protection Bureau has also publicly acknowledged instances of power abuse against certain companies during the Biden administration.
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[Project/Company Updates](<p class=)
[Gemini co-founders Winklevoss brothers-backed Dutch company Treasury BV has completed a €126 million (approximately $147 million) financing round, led by Winklevoss Capital and Nakamoto Holdings, with the funds intended for the purchase of over 1,000 Bitcoins. The company plans to go public on the Amsterdam Euronext through a reverse merger with MKB Nedsense NV, aiming to become a Bitcoin treasury company, with the stock code expected to be TRSR.
]( Treasury BV completes $147 million financing for the purchase of over 1,000 Bitcoins<p class=)
[]( Treasury BV completes $147 million financing for the purchase of over 1,000 Bitcoins<p class=)[Global commercial real estate loan servicing company Trimont Real Estate Advisors Inc. is using JPMorgan's blockchain Kinexys digital payment network to help accelerate and automate loan payments and is working with the bank to expand its use next year. The system allows Trimont to automatically identify incoming payments, check if the received amounts are sufficient, and allocate funds to lenders. This will reduce the entire process time from about two days to a few minutes.
]( Using JPMorgan blockchain to help accelerate and automate loan payments<p class=)
[]( Using JPMorgan blockchain to help accelerate and automate loan payments<p class=)[Linea will have its TGE on September 10. LINEA mimics Ethereum's initial distribution scheme: 85% of tokens are allocated to the ecosystem. Of this, 10% is allocated to early users and builders (fully unlocked), and 75% is included in the largest ecosystem fund in cryptocurrency history, with an additional 4% allocated to liquidity provider community airdrops. The project team and venture capital firms have not allocated shares, focusing solely on sustainable long-term ecosystem development. The claim window will open on September 10 and last until December 9 (a total of 90 days). All airdropped tokens are fully unlocked with no vesting period. Unclaimed tokens will return to the ecosystem fund after December 9.
]( TGE on September 10, all airdrops fully unlocked<p class=)
[]( TGE on September 10, all airdrops fully unlocked<p class=)[
Cryptocurrency exchange Kraken is investigating issues related to the Mina funding gateway, and there may be delays in deposits and withdrawals.
]( Investigating Mina funding gateway issues, deposits and withdrawals may be delayed<div data-v-f233673d=)
[Paradigm's Ethereum Reth execution client encountered an error yesterday, causing nodes to stall. Paradigm's CTO Konstantopoulos shared a set of commands to recover nodes, but the root cause of the bug has not yet been determined. According to a post on Paradigm's GitHub page, the bug occurred at block height 2327426, affecting Ethereum mainnet versions 1.6.0 and 1.4.8. According to Ethernodes data, the latest bug seems to only affect a small portion of nodes running on Ethereum, as 5.4% of total execution layer clients use Reth.
]( Reth client encountered a bug yesterday, causing a brief interruption of some Ethereum nodes<p class=)
[]( Reth client encountered a bug yesterday, causing a brief interruption of some Ethereum nodes<p class=)[Cryptocurrency exchange OKX was fined €2.25 million (approximately $2.6 million) by the Dutch central bank (DNB) for providing cryptocurrency services locally without being registered with the Dutch financial regulator. This penalty pertains to the period from July 2023 to August 2024, prior to the EU's Markets in Crypto-Assets Regulation (MiCA) coming into effect. An OKX representative stated that this fine relates to a registration issue that has long been rectified and has not affected customers. This fine is the minimum imposed by the Dutch central bank on large exchanges and was reduced due to the corrective measures we have taken, including migrating Dutch users to our European entity that holds a full MiCA license.
]( Fined $2.6 million by the Netherlands for not being registered with the Dutch central bank<p class=)
[]( Fined $2.6 million by the Netherlands for not being registered with the Dutch central bank<p class=)[The U.S. Securities and Exchange Commission (SEC) cryptocurrency working group met with Robinhood on September 2 to discuss regulatory issues surrounding crypto assets. The discussions included tokenizing securities and non-securities crypto assets, as well as considerations for tokenizing traditional securities under various regulatory frameworks.
]( SEC meets with Robinhood to discuss crypto asset regulation issues<p class=)
[]( SEC meets with Robinhood to discuss crypto asset regulation issues<p class=)
Cryptocurrency exchange Coinbase has launched a new futures index trading product. The product, named Mag7 + Crypto Stock Index Futures, will officially go live on September 22. This marks Coinbase's first offering of a trading variety that goes beyond a single asset on a U.S. derivatives platform. The new index product combines top tech stocks with BlackRock's Bitcoin and Ethereum spot ETFs, using an equal-weighting method, with each of the 10 components accounting for 10% of the weight. The index components include Coinbase stock, Apple, Microsoft, Alphabet (Google's parent company), Amazon, Nvidia, Meta, and Tesla, as well as BlackRock's Bitcoin and Ethereum ETFs.
]( Mag7 + Crypto Index Futures launching on September 22<div data-v-f233673d=)
[The Ethereum Foundation posted on X that over the course of several weeks this month, it will convert 10,000 Ethereum through centralized exchanges to continuously support research and development, funding, and donation efforts. These conversions will be conducted in multiple small orders rather than completing a large transaction all at once.
]( 10,000 Ethereum for supporting research, funding, and donation efforts<p class=)
[]( 10,000 Ethereum for supporting research, funding, and donation efforts<p class=)[The Conflux Foundation announced on September 2 that it proposed to authorize the Conflux Eco Fund to seek partnerships with publicly listed companies to promote ecosystem development and attract more funding and partners. This collaboration will focus on areas such as Digital Asset Treasury (DAT) and ecosystem development, including POS node operations, on-chain liquidity, and RWA asset management. According to the announcement, the CFX tokens injected into the listed company's digital asset treasury will have a lock-up period of no less than 4 years. The foundation plans to initiate a community governance vote on this matter soon to gather opinions from community members. Voting announcements will be released in due course.
]( Foundation proposes to authorize Eco Fund for strategic cooperation with listed companies<p class=)
[In-Depth & Outlook]( Foundation proposes to authorize Eco Fund for strategic cooperation with listed companies<p class=)
[In less than two months, Yunfeng Financial has demonstrated remarkable strategic execution by establishing a Web3 strategy and substantially acquiring 10,000 Ethereum as reserve assets. Behind this series of actions is the company's "aristocratic gene," which continues to provide an irreplicable competitive barrier and strategic depth in the uncertain field of innovation.
]( ETH Layout: Yunfeng Financial's Web3 "Blitzkrieg" and "Aristocratic Chess Game"<p class=)
[]( ETH Layout: Yunfeng Financial's Web3 "Blitzkrieg" and "Aristocratic Chess Game"<p class=)[In the past six months, Hyperliquid has generated $409 million in user fees. This figure is 1.23 times that of Ethereum and 1.75 times that of Solana. However, the trading price of the HYPE token (on a fully diluted basis) is approximately 88% discounted compared to ETH and about 62% discounted compared to SOL. This raises a key question: Is HYPE undervalued?
Opinion
]( Over $400 million in revenue in six months surpassing Ethereum and Solana, is HYPE undervalued?<p class=)
[]( Over $400 million in revenue in six months surpassing Ethereum and Solana, is HYPE undervalued?
The strong alliance between Jupiter and Fluid is precisely aimed at filling this gap. Through Jupiter Lend, Jupiter fully leverages its deep foundation and user network in the Solana ecosystem, while Fluid provides underlying technical architecture and liquidity solutions based on its successful experience in the integrated DEX + lending market in the EVM space. The combination of the two creates a new soil that can truly support large-scale lending for LPs and users.
