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On May 12, economist Ma Guangyuan published an article stating that the current market indeed resembles the period just before the 1999 bubble burst. The reason for comparing it to the 1999 market is that 1999 marked the peak of the internet frenzy, with the Nasdaq index rising approximately 400% from 1995 to 2000, and a staggering 150% increase in just 18 months from 1999 to 2000. Companies like Cisco, Yahoo, AOL, and Amazon had price-to-earnings ratios commonly between 100 to 300 times, with numerous concept-based companies going public and experiencing surges of 300% to 1000% upon listing, despite having no revenue or profits. After the internet bubble burst, the Nasdaq index experienced a terrifying decline. After reaching a historical peak of 5048.62 points in March 2000, it plummeted to 1114.11 points by October 2002, resulting in a cumulative drop of 78% and evaporating over $5 trillion in market value. Therefore, today, as everyone discusses AI narratives and valuations, one cannot help but recall the stories and narratives from that time, which are almost identical to what is being said today. (Dongxin News Agency)

[Ma Guangyuan: The Current Market Resembles the Pre-Bubble Burst of 1999]On May 12, economist Ma Guangyuan published an article stating that the current market indeed resembles the period just before the 1999 bubble burst. The reason for comparing it to the 1999 market is that 1999 marked the peak of the internet frenzy, with the Nasdaq index rising approximately 400% from 1995 to 2000, and a staggering 150% increase in just 18 months from 1999 to 2000. Companies like Cisco, Yahoo, AOL, and Amazon had price-to-earnings ratios commonly between 100 to 300 times, with numerous concept-based companies going public and experiencing surges of 300% to 1000% upon listing, despite having no revenue or profits. After the internet bubble burst, the Nasdaq index experienced a terrifying decline. After reaching a historical peak of 5048.62 points in March 2000, it plummeted to 1114.11 points by October 2002, resulting in a cumulative drop of 78% and evaporating over $5 trillion in market value. Therefore, today, as everyone discusses AI narratives and valuations, one cannot help but recall the stories and narratives from that time, which are almost identical to what is being said today. (Dongxin News Agency)

Ma Guangyuan: The Current Market Resembles the Pre-Bubble Burst of 1999

On May 12, Japanese Finance Minister Katsunobu Kato stated that he held a two-hour meeting with US Treasury Secretary Janet Yellen last night to discuss the financial market situation, including foreign exchange. He reaffirmed the close cooperation based on last year's joint statement. The discussions also covered critical mineral supply chains and broad international cooperation on artificial intelligence. (Dongxin News Agency)

[Japanese Finance Minister Discusses Financial Market Conditions with US Treasury Secretary]On May 12, Japanese Finance Minister Katsunobu Kato stated that he held a two-hour meeting with US Treasury Secretary Janet Yellen last night to discuss the financial market situation, including foreign exchange. He reaffirmed the close cooperation based on last year's joint statement. The discussions also covered critical mineral supply chains and broad international cooperation on artificial intelligence. (Dongxin News Agency)

Japanese Finance Minister Discusses Financial Market Conditions with US Treasury Secretary

On May 12, court documents revealed that in early 2023, Microsoft set a $92 billion return target during its initial large-scale investment in OpenAI. Microsoft CEO Satya Nadella confirmed this target while testifying in a federal court in Oakland, California, regarding Elon Musk's lawsuit against OpenAI and Microsoft. Nadella stated that these investments 'worked out very well because we took risks' and expressed pride in the collaboration between the two companies. As of early 2023, Microsoft had invested approximately $13 billion in OpenAI. Following a significant surge in OpenAI's valuation, which exceeded $850 billion by the end of March this year, the value of Microsoft's shares in OpenAI has reached about $135 billion, far surpassing the initially set $92 billion return target. As part of OpenAI's restructuring last year, Microsoft acquired a 27% ownership stake in the company.

[Microsoft's Investment in OpenAI Set a $92 Billion Return Target, Now Shares Exceed Expectations]On May 12, court documents revealed that in early 2023, Microsoft set a $92 billion return target during its initial large-scale investment in OpenAI. Microsoft CEO Satya Nadella confirmed this target while testifying in a federal court in Oakland, California, regarding Elon Musk's lawsuit against OpenAI and Microsoft. Nadella stated that these investments 'worked out very well because we took risks' and expressed pride in the collaboration between the two companies. As of early 2023, Microsoft had invested approximately $13 billion in OpenAI. Following a significant surge in OpenAI's valuation, which exceeded $850 billion by the end of March this year, the value of Microsoft's shares in OpenAI has reached about $135 billion, far surpassing the initially set $92 billion return target. As part of OpenAI's restructuring last year, Microsoft acquired a 27% ownership stake in the company.

Microsoft's Investment in OpenAI Set a $92 Billion Return Target, Now Shares Exceed Expectations

On May 12, according to official news, following an update on the Arbitrum DAO proposal, on May 1, a plaintiff in an unrelated case served an injunction to the Arbitrum DAO regarding ETH frozen after the rsETH incident. Days later, Aave LLC filed an emergency motion to lift the injunction. On May 8, the court modified the injunction, allowing for on-chain Arbitrum voting and permitting the transfer of the frozen ETH to Aave LLC. After the transfer, the injunction will be attached to Aave LLC. The revised constitutional AIP retains the asset recovery intent approved by Arbitrum DAO, and the ETH will still be used for the recovery from the rsETH incident. Aave LLC will comply with all court obligations during the litigation process.

[Arbitrum DAO Proposal Update: Court Modifies Injunction, Allows ETH Transfer to Aave LLC]On May 12, according to official news, following an update on the Arbitrum DAO proposal, on May 1, a plaintiff in an unrelated case served an injunction to the Arbitrum DAO regarding ETH frozen after the rsETH incident. Days later, Aave LLC filed an emergency motion to lift the injunction. On May 8, the court modified the injunction, allowing for on-chain Arbitrum voting and permitting the transfer of the frozen ETH to Aave LLC. After the transfer, the injunction will be attached to Aave LLC. The revised constitutional AIP retains the asset recovery intent approved by Arbitrum DAO, and the ETH will still be used for the recovery from the rsETH incident. Aave LLC will comply with all court obligations during the litigation process.

Arbitrum DAO Proposal Update: Court Modifies Injunction, Allows ETH Transfer to Aave LLC

On May 12, according to official news, the meme trading app Zap will officially shut down on June 1. Zap reminds users to log into their Zap accounts and export their private keys before the shutdown, recommending that they import the private keys into the Phantom wallet to continue managing all assets. Zap emphasizes that anyone who obtains the private keys can fully control the assets. Detailed operational guidelines will be released by Zap in the coming days. Launched last year, Zap aimed to allow users to register and purchase their first meme coin within 30 seconds, but it failed to gain the expected market attention.

[Meme Trading App Zap to Shut Down on June 1, Users Urged to Export Private Keys]On May 12, according to official news, the meme trading app Zap will officially shut down on June 1. Zap reminds users to log into their Zap accounts and export their private keys before the shutdown, recommending that they import the private keys into the Phantom wallet to continue managing all assets. Zap emphasizes that anyone who obtains the private keys can fully control the assets. Detailed operational guidelines will be released by Zap in the coming days. Launched last year, Zap aimed to allow users to register and purchase their first meme coin within 30 seconds, but it failed to gain the expected market attention.

Meme Trading App Zap to Shut Down on June 1, Users Urged to Export Private Keys

President Trump privately complained last month to acting Attorney General Todd Blanche about media leaks that emerged after a war with Iran, prompting the Justice Department to actively advance related investigations, the Wall Street Journal reported on May 12, citing informed administration officials. During one meeting, an official said, Trump handed Blanche a stack of news articles that he and other senior officials believed threatened national security, with a sticky note on top that read 'Treason.' According to informed officials, senior Justice Department officials have met with their Pentagon counterparts to discuss the investigation. On April 3, a U.S. warplane was shot down over Iran, followed by a large-scale rescue operation to find two missing pilots. Shortly thereafter, Trump publicly vowed to pursue the sources of leaks regarding the downed warplane, stating that the government would take action against an unnamed news outlet that reported the information. An administration official said the stack of news articles Trump provided to the acting Attorney General was precisely about these rescue operations. The official stated that the President and other officials believed the leaks could jeopardize the success of the rescue.

[Trump Labels Leaks 'Treason,' Urges AG to Advance Investigations]President Trump privately complained last month to acting Attorney General Todd Blanche about media leaks that emerged after a war with Iran, prompting the Justice Department to actively advance related investigations, the Wall Street Journal reported on May 12, citing informed administration officials. During one meeting, an official said, Trump handed Blanche a stack of news articles that he and other senior officials believed threatened national security, with a sticky note on top that read 'Treason.' According to informed officials, senior Justice Department officials have met with their Pentagon counterparts to discuss the investigation. On April 3, a U.S. warplane was shot down over Iran, followed by a large-scale rescue operation to find two missing pilots. Shortly thereafter, Trump publicly vowed to pursue the sources of leaks regarding the downed warplane, stating that the government would take action against an unnamed news outlet that reported the information. An administration official said the stack of news articles Trump provided to the acting Attorney General was precisely about these rescue operations. The official stated that the President and other officials believed the leaks could jeopardize the success of the rescue.

Trump Labels Leaks 'Treason,' Urges AG to Advance Investigations

On May 12, MARA announced its Q1 financial and operational data for 2026, reporting a net loss of $1.3 billion (diluted loss per share of $3.31), compared to a net loss of $533.4 million in the same period last year. The loss was primarily due to a $1 billion loss from changes in the fair value of digital assets. During the quarter, the company produced 2,247 BTC at an average cost of $76,288 and sold 20,880 BTC at an average price of $70,137. Additionally, MARA stated that it will continue to advance its evolution into a leading digital infrastructure company, aiming to convert energy into high-value computing capabilities in AI, HPC, critical IT workloads, and Bitcoin mining.

[MARA Reports Q1 Net Loss of $1.3 Billion, Sells 20,880 Bitcoins at Average Price of $70,137]On May 12, MARA announced its Q1 financial and operational data for 2026, reporting a net loss of $1.3 billion (diluted loss per share of $3.31), compared to a net loss of $533.4 million in the same period last year. The loss was primarily due to a $1 billion loss from changes in the fair value of digital assets. During the quarter, the company produced 2,247 BTC at an average cost of $76,288 and sold 20,880 BTC at an average price of $70,137. Additionally, MARA stated that it will continue to advance its evolution into a leading digital infrastructure company, aiming to convert energy into high-value computing capabilities in AI, HPC, critical IT workloads, and Bitcoin mining.

MARA Reports Q1 Net Loss of $1.3 Billion, Sells 20,880 Bitcoins at Average Price of $70,137

On May 12, CleanSpark announced its Q1 revenue of $136.4 million, a 24.9% decrease from $181.7 million in the same period last year. The net loss was $378.3 million (basic loss per share of $1.52), compared to a net loss of $138.8 million in the previous year. Adjusted EBITDA was -$241.2 million, compared to -$57.8 million in the same period last year. 

As of March 31, 2026, the balance sheet shows the company held $260.3 million in cash and Bitcoin holdings valued at $925.2 million (including current Bitcoin, non-current Bitcoin, and Bitcoin held by counterparties in collateral arrangements). Total current assets amounted to $1 billion, with total assets reaching $2.9 billion. Total long-term debt (net of discounts and issuance costs) was $1.8 billion, total liabilities were $1.9 billion, total shareholders' equity was $1 billion, and working capital was $1 billion.

[CleanSpark Reports Q1 Net Loss of $378.3 Million, Bitcoin Holdings Valued at $925.2 Million]On May 12, CleanSpark announced its Q1 revenue of $136.4 million, a 24.9% decrease from $181.7 million in the same period last year. The net loss was $378.3 million (basic loss per share of $1.52), compared to a net loss of $138.8 million in the previous year. Adjusted EBITDA was -$241.2 million, compared to -$57.8 million in the same period last year. 

As of March 31, 2026, the balance sheet shows the company held $260.3 million in cash and Bitcoin holdings valued at $925.2 million (including current Bitcoin, non-current Bitcoin, and Bitcoin held by counterparties in collateral arrangements). Total current assets amounted to $1 billion, with total assets reaching $2.9 billion. Total long-term debt (net of discounts and issuance costs) was $1.8 billion, total liabilities were $1.9 billion, total shareholders' equity was $1 billion, and working capital was $1 billion.

CleanSpark Reports Q1 Net Loss of $378.3 Million, Bitcoin Holdings Valued at $925.2 Million

On May 12, according to official news, following an update on the Arbitrum DAO proposal, on May 1, a plaintiff in an unrelated case delivered an injunction to Arbitrum DAO concerning the ETH frozen after the rsETH incident. A few days later, Aave LLC filed an emergency motion for its dismissal. On May 8, the court modified the injunction, allowing for on-chain Arbitrum voting and permitting the transfer of the frozen ETH to Aave LLC. After the transfer, the injunction will be attached to Aave LLC. The revised constitutional AIP retains the asset recovery intent already approved by Arbitrum DAO, and the ETH will still be used for the recovery related to the rsETH incident. Aave LLC will comply with all court obligations during the litigation process.

[Arbitrum DAO Proposal Update: Court Modifies Injunction, Allows Transfer of Frozen ETH to Aave LLC]On May 12, according to official news, following an update on the Arbitrum DAO proposal, on May 1, a plaintiff in an unrelated case delivered an injunction to Arbitrum DAO concerning the ETH frozen after the rsETH incident. A few days later, Aave LLC filed an emergency motion for its dismissal. On May 8, the court modified the injunction, allowing for on-chain Arbitrum voting and permitting the transfer of the frozen ETH to Aave LLC. After the transfer, the injunction will be attached to Aave LLC. The revised constitutional AIP retains the asset recovery intent already approved by Arbitrum DAO, and the ETH will still be used for the recovery related to the rsETH incident. Aave LLC will comply with all court obligations during the litigation process.

Arbitrum DAO Proposal Update: Court Modifies Injunction, Allows Transfer of Frozen ETH to Aave LLC

After a strong 2021 in which it passed the $1 billion valuation mark and raised $910 million across two funding rounds, blockchain gaming platform Forte is now looking to branch out to other Web3 verticals through a partnership with startup venture studio SuperLayer.The Forte platform allows game publishers to easily integrate blockchain technologies into their titles, including features such as token wallets and non-fungible token (NFT) transactions. Under the strategic partnership, Forte will serve as SuperLayer's preferred crypto payment and liquidity services provider for projects. SuperLayer will, in turn, provide the infrastructure support to expand Forte’s verticals.

Detail

【Gaming Platform Forte Partners With Venture Studio SuperLayer to Expand Beyond Web3 Gaming】After a strong 2021 in which it passed the $1 billion valuation mark and raised $910 million across two funding rounds, blockchain gaming platform Forte is now looking to branch out to other Web3 verticals through a partnership with startup venture studio SuperLayer.The Forte platform allows game publishers to easily integrate blockchain technologies into their titles, including features such as token wallets and non-fungible token (NFT) transactions. Under the strategic partnership, Forte will serve as SuperLayer's preferred crypto payment and liquidity services provider for projects. SuperLayer will, in turn, provide the infrastructure support to expand Forte’s verticals.

Gaming Platform Forte Partners With Venture Studio SuperLayer to Expand Beyond Web3 Gaming

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Gaming Platform Forte Partners With Venture Studio SuperLayer to Expand Beyond Web3 Gaming

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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