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On December 17, HashKey Holdings Limited (stock code 3887.HK) officially listed on the Hong Kong Stock Exchange main board, becoming the first digital asset enterprise to be publicly issued in Hong Kong, with an opening market capitalization of HKD 18.527 billion (approximately USD 2.38 billion). The global offering was priced at HKD 6.68 per share, close to the upper limit of the offering range, attracting nine cornerstone investors including UBS Asset Management Singapore, Fidelity, and Dinghui Investment. However, beneath the glamorous surface, the issue of valuation bubble is particularly prominent.
The core contradiction lies in the severe disconnect between the company's market capitalization and the valuation of its ecological tokens — its HSK token is currently valued at only USD 290 million, while the market capitalization upon listing is actually 8.2 times the token valuation, with a premium that far exceeds the industry's conventional level. More critically, the earnings fundamentals are unable to support such a high valuation: from 2022 to 2024, the company accumulated a net loss of over HKD 2.35 billion, and in the first half of 2025, it still reported a loss of HKD 507 million, with revenue in the first half declining by 26% year-on-year and trading volume sharply down by 38.4%. Profitability continues to weaken, with gross margin dropping from 97.2% in 2022 to 65% in the first half of 2025, and R&D expenses accounting for as much as 77.2% in 2024, resulting in significant cost pressure.
Market competitiveness is also lacking, with HashKey's global digital asset trading market share at only 1% and on-chain service market share at less than 1%, showing a stark gap compared to leading institutions. In comparison to Coinbase's industry status and user scale corresponding to its market capitalization of USD 72 billion, HashKey's valuation of USD 2.38 billion lacks support, and Hong Kong has already issued 11 virtual asset trading licenses, leading to increasingly fierce industry competition. Although the company is laying out three major businesses: trading facilitation, on-chain services, and asset management, and plans to increase compliance investments, the current high valuation's reasonableness is widely questioned in the context of low token valuation, continuous losses, and limited market share. Whether it can digest the valuation bubble through business synergy remains uncertain.
On December 17, HashKey Holdings Limited (stock code 3887.HK) officially listed on the Hong Kong Stock Exchange main board, becoming the first digital asset enterprise to be publicly issued in Hong Kong, with an opening market capitalization of HKD 18.527 billion (approximately USD 2.38 billion). The global offering was priced at HKD 6.68 per share, close to the upper limit of the offering range, attracting nine cornerstone investors including UBS Asset Management Singapore, Fidelity, and Dinghui Investment. However, beneath the glamorous surface, the issue of valuation bubble is particularly prominent.
The core contradiction lies in the severe disconnect between the company's market capitalization and the valuation of its ecological tokens — its HSK token is currently valued at only USD 290 million, while the market capitalization upon listing is actually 8.2 times the token valuation, with a premium that far exceeds the industry's conventional level. More critically, the earnings fundamentals are unable to support such a high valuation: from 2022 to 2024, the company accumulated a net loss of over HKD 2.35 billion, and in the first half of 2025, it still reported a loss of HKD 507 million, with revenue in the first half declining by 26% year-on-year and trading volume sharply down by 38.4%. Profitability continues to weaken, with gross margin dropping from 97.2% in 2022 to 65% in the first half of 2025, and R&D expenses accounting for as much as 77.2% in 2024, resulting in significant cost pressure.
Market competitiveness is also lacking, with HashKey's global digital asset trading market share at only 1% and on-chain service market share at less than 1%, showing a stark gap compared to leading institutions. In comparison to Coinbase's industry status and user scale corresponding to its market capitalization of USD 72 billion, HashKey's valuation of USD 2.38 billion lacks support, and Hong Kong has already issued 11 virtual asset trading licenses, leading to increasingly fierce industry competition. Although the company is laying out three major businesses: trading facilitation, on-chain services, and asset management, and plans to increase compliance investments, the current high valuation's reasonableness is widely questioned in the context of low token valuation, continuous losses, and limited market share. Whether it can digest the valuation bubble through business synergy remains uncertain.
Account Abstraction: The Invisible Wallet of Web2 Players In the ecosystem of XAI, you might not even realize that you are using blockchain. Through partnerships with companies like Thirdweb, XAI has achieved deep account abstraction. Players can log in using their email or social accounts, with wallets automatically generated and hosted in the background. No anxiety over mnemonic phrases, no cumbersome signatures. This 'seamless' design is the technological confidence that allows XAI to claim 'bringing 1 billion players to Web3.' It is not about adding, but about subtracting, removing all barriers that hinder users. @XAI_GAMES @CZ @Yi He $XAI {spot}(XAIUSDT)
🛡️ Rights Protection Update: Ex Populus has filed a lawsuit against xAI (Elon Musk). Eliminating brand confusion is to ensure that 1 billion users can accurately find us. See details: http://news.expopulus.com.
Success in trading isn’t about predicting the market every time, but about understanding that each decision is a step forward in your journey. It’s about resilience, learning from every loss, and celebrating every win, no matter how small. The market will always be unpredictable, but the true power lies in your ability to stay focused, disciplined, and adaptable. Trust the process, trust yourself, and remember: it’s not the destination but the growth along the way that defines a successful trader.
USDD: Innovative Exploration and Controversial Game of Decentralized Stablecoins
Follow ➕ like and forward In the waves of volatility in the cryptocurrency market, stablecoins have always played a key role as a 'value anchor.' USDD (Decentralized USD), as a decentralized over-collateralized stablecoin dominated by the Tron ecosystem, has occupied an important position in the stablecoin track since its launch in May 2022, thanks to its unique mechanism design and ecological expansion, while also being deeply embroiled in controversy. Its development trajectory reflects the industry's exploration of the balance between 'stability' and 'decentralization' and exposes deep-seated contradictions in the crypto-financial sector.