# Artikel Terkait Crypto Assets

Pusat Berita HTX menyediakan artikel terbaru dan analisis mendalam mengenai "Crypto Assets", mencakup tren pasar, pembaruan proyek, perkembangan teknologi, dan kebijakan regulasi di industri kripto.

Ionic Digital, Celsius's Mining Successor, Debuts on Nasdaq with a 25% Rise

Ionic Digital, a company created in 2024 to acquire the bitcoin mining assets of bankrupt crypto lender Celsius Network, debuted on Nasdaq on July 28, 2026, under the ticker IOND. Its shares started trading at $50 and closed at $62.9, marking a 25.8% gain. The direct listing gave an initial valuation of approximately $2.25 billion. Formed as part of Celsius's court-approved restructuring plan, Ionic issued about 37 million Class A shares to Celsius creditors. The company acquired significant assets, including mining hardware (ASICs), real estate, cash, and 540 BTC. Initially managed by Hut 8, Ionic now operates independently. Its core business includes operating a flagship 234 MW facility in Ward County, Texas, leased to hyper scaler Nscale under a long-term contract expected to generate up to $2 billion in revenue. Ionic also continues crypto mining operations across four sites in Midland, Texas, holding 2,861 BTC on its balance sheet. The move reflects a broader industry trend of mining companies diversifying into high-performance computing for sectors like AI.

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Ionic Digital, Celsius's Mining Successor, Debuts on Nasdaq with a 25% Rise

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USDT Market Cap Approaches Ethereum's: What Signal Does This Convey?

The market capitalization of USDT has nearly reached that of Ethereum, making it the second-largest cryptocurrency after Bitcoin. This prompts an examination of what this signifies and what it does not. Firstly, this does not relate to economic security. Unlike some Web3 systems where a governance token's value must underpin the security of its applications (e.g., oracles), USDT's stability is not backed by the value of the underlying blockchains it operates on. Tether, the issuer, controls the assets, and can freeze, reissue, or abandon tokens on a compromised chain. While stablecoins require functional blockchains, a chain's native token market cap does not provide direct security for the stablecoin. Secondly, USDT's growth does not inherently reflect poorly on Ethereum. USDT is a dollar-pegged store of value, while ETH represents a claim on future Ethereum network revenue. Their valuations are driven by different factors. USDT's rising market cap simply indicates strong demand for stablecoin utility, independent of Ethereum's technological merits or competitive position. The core insight is the overwhelming market demand for permissionless dollar transfers. This is the most established and essential use case in crypto. It requires minimal technological sophistication—essentially just a trusted issuer's promise of redemption on a functional chain. This explains why stablecoin supply has grown exponentially while the combined market cap of major non-stablecoin cryptocurrencies like Bitcoin, Ethereum, and others has stagnated for years. Users primarily seek accessible dollar-denominated assets. They largely disregard the issuer's credibility (as seen with Tether's dominance over more credible alternatives like USDC or BlackRock's BUIDL) and are indifferent to the governance or decentralization of the underlying blockchain. As long as a stablecoin is widely accepted and easy to transfer, users will adopt it across any chain. The trend suggests that the market for permissionless stablecoins could continue to expand far beyond the total value of the smart contract platforms that host them, driven by this singular, powerful use case.

Foresight News07/10 06:09

USDT Market Cap Approaches Ethereum's: What Signal Does This Convey?

Foresight News07/10 06:09

10% Position Limit Proposed: UK Retail Authorized Funds to Gain Indirect Exposure to Crypto Assets

The UK Financial Conduct Authority (FCA) is consulting on a proposal (CP26/17) that would allow retail funds, including UCITS and most Non-UCITS Retail Schemes (NURS), to invest up to 10% of their total assets in cryptoasset exchange-traded notes (crypto ETNs). This would enable indirect exposure to cryptoassets for mainstream investors through regulated funds. The rule maintains the existing prohibition on funds holding underlying cryptocurrencies like Bitcoin or Ethereum directly. The proposal introduces a strict 10% cap, positioning crypto ETNs as a potential satellite holding within diversified portfolios. Funds must ensure these investments align with their stated objectives and risk profiles. Notably, the cap does not apply to Qualified Investor Schemes (QIS) for professional clients, while Long-Term Asset Funds (LTAFs) would be prohibited from holding crypto ETNs. This move builds on the FCA's 2025 decision to permit retail trading of crypto ETNs on UK regulated exchanges. However, significant compliance burdens fall on fund managers, who must conduct thorough due diligence, assess liquidity, and provide clear risk disclosures to investors. The FCA emphasizes that even a small allocation can significantly impact a fund's risk profile. The policy's practical impact remains uncertain. Widespread adoption depends on whether asset managers deem the potential benefits worth the operational costs, disclosure requirements, and reputational risks. The consultation is open for feedback until July 13, 2026. Ultimately, the proposal represents a cautious, incremental step toward integrating cryptoassets into the regulated fund landscape, rather than a broad opening.

Foresight News06/11 08:10

10% Position Limit Proposed: UK Retail Authorized Funds to Gain Indirect Exposure to Crypto Assets

Foresight News06/11 08:10

Variant: Three L1 Assets Most Likely to Become Major Stores of Value

The core thesis of this article from Variant is that first-layer blockchain (L1) assets can be effectively analyzed as value stores (SOV). A good SOV is defined by several key traits: technological durability, scarcity, censorship resistance, economic productivity, strong memetics, and liquidity. The total addressable market for SOV assets is massive, exemplified by gold's $31 trillion market cap. The article identifies three L1 assets with high potential to become primary SOVs, each excelling in different dimensions. Bitcoin (BTC) dominates in memetic strength and widespread belief as "digital gold." Ethereum (ETH) stands out for its technological durability and adaptability, evidenced by its ability to upgrade and navigate significant challenges. ZCash (ZEC) excels in censorship resistance and privacy via its shielded pool feature, offering a long-term path for asset protection. The author concludes that despite these digital assets possessing superior fundamentals in many aspects compared to traditional SOVs like gold, they still represent a small fraction of the total SOV market, presenting a significant opportunity.

marsbit06/02 05:19

Variant: Three L1 Assets Most Likely to Become Major Stores of Value

marsbit06/02 05:19

The Age of Decoupling Has Arrived: Bitcoin is No Longer the Sole Compass of Crypto

The era of the cryptocurrency market moving in lockstep with Bitcoin is ending, as the industry splits into two distinct asset categories: endogenous and exogenous. Endogenous assets, like Bitcoin, derive value purely from the crypto market's cycles. Their narratives swing between being "interstellar money" in bull markets and "digital collectibles" in bear markets. Exogenous assets, however, are nominally crypto but operate with independent value drivers. Examples include: * **Venice:** An AI inference service using tokens for payments; its consumer-AI business model is decoupled from crypto price swings. * **Figure:** A fintech lender using blockchain to speed up loan approvals; its core value is in credit, not crypto. * **Stablecoin firms like BVNK:** Acquired by traditional finance giants (Mastercard, Stripe), their growth is tied to payment infrastructure, not market cycles. Hybrid projects like **Hyperliquid** (a decentralized exchange) show a shift, with a growing share of non-crypto trading (e.g., prediction markets). This divergence is fundamental. Endogenous assets remain highly correlated to Bitcoin, similar to gold miners to gold. Exogenous assets are evolving to have their own fundamentals, like the weak correlation between gold and the S&P 500. This changes investment analysis. Evaluating exogenous assets requires traditional fundamental research—assessing user bases, unit economics, and moats—more akin to fintech investing than charting Bitcoin. Promising exogenous sectors include: on-chain exchanges/brokers, AI-crypto fusion, privacy-focused digital banks, lending (institutional/private credit), stablecoins/real-world asset tokenization, payment rails, and non-financial crypto-consumer products. Currently, investing via equity is often safer than via tokens, as token value accrual mechanisms need further regulatory and industry development (e.g., the CLARITY Act). Nonetheless, the core trend is clear: crypto market drivers are diversifying from a single factor (Bitcoin) to multiple fundamentals, ending the era of uniform market moves.

marsbit06/01 13:06

The Age of Decoupling Has Arrived: Bitcoin is No Longer the Sole Compass of Crypto

marsbit06/01 13:06

Gate Officially Launches Real Stock Trading, Bridging the Gap Between Crypto Assets and Traditional Financial Markets

Gate has officially launched real stock trading, allowing users to directly trade stocks and ETFs from major U.S. markets using USDT. This move bridges the gap between crypto assets and traditional finance. Unlike tokenized stocks or RWA mapping, the service provides direct access to real securities via licensed and SIPC-member brokerage partners like Alpaca, ensuring compliance and investor protection. It supports over 10,000 stocks and ETFs from exchanges such as NYSE and Nasdaq. The feature is integrated into the existing Gate app, enabling users with a unified account to seamlessly manage crypto and stock investments. Initially supporting intraday trading, it plans to expand to 24/7 operation. This development positions Gate as a comprehensive multi-asset trading platform, evolving from a crypto exchange into a global financial market infrastructure.

链捕手06/01 03:45

Gate Officially Launches Real Stock Trading, Bridging the Gap Between Crypto Assets and Traditional Financial Markets

链捕手06/01 03:45

Japan To Recognize Foreign Stablecoins As Electronic Payment Instruments Starting June 1

Japan's Financial Services Agency (FSA) will officially recognize certain foreign trust-issued stablecoins as "electronic payment instruments" under its Payment Services Act, effective June 1, 2026. This amendment excludes qualifying foreign stablecoins from being classified as securities, allowing domestic licensed operators to handle them. To qualify, foreign issuers must be licensed under laws equivalent to Japan's, cooperate with FSA oversight, manage reserve assets under foreign law with proper audits, maintain anti-crime systems, and ensure the stablecoin and its reserves are in the same currency. Eligibility for reliable redemption at face value will be assessed case-by-case. This move expands Japan's stablecoin regulatory framework established in 2022, part of broader efforts to regulate crypto assets. Recent steps include classifying crypto as financial instruments, proposing a 20% flat tax on crypto income, and issuing joint guidance for crypto use in real estate transactions, emphasizing KYC and anti-money laundering checks.

bitcoinist05/20 11:08

Japan To Recognize Foreign Stablecoins As Electronic Payment Instruments Starting June 1

bitcoinist05/20 11:08

Fu Peng's First Public Speech in 2026: What Exactly Are Crypto Assets? Why Did I Join the Crypto Asset Industry?

Fu Peng, a renowned macroeconomist and now Chief Economist at New火 Group, delivered his first public speech of 2026 at the Hong Kong Web3 Festival. He explained his perspective on crypto assets and why he joined the industry, framing it within the context of macroeconomic trends and financial evolution. Fu emphasized that crypto assets are transitioning from an early, belief-driven phase to a mature, institutionally integrated asset class. He drew parallels to the 1970s-80s, when technological advances (like computing) revolutionized traditional finance, leading to the rise of FICC (Fixed Income, Currencies, and Commodities). Similarly, current advancements in AI, data, and blockchain are reshaping finance, with crypto assets becoming part of a new "FICC + C" (C for Crypto) framework. He noted that institutional capital, including traditional hedge funds, avoided early crypto due to its speculative nature but are now engaging as regulatory clarity emerges (e.g., stablecoin laws, CFTC classifying crypto as a commodity). Fu predicted that 2025-2026 marks a turning point where crypto becomes a standardized, financially viable asset for diversified portfolios, akin to commodities or derivatives in traditional finance. Fu defined Bitcoin not as "digital gold" in a simplistic sense but as a value-preserving, financially tradable asset. He highlighted that crypto's future lies in regulated, institutional adoption, moving away from retail-dominated trading. His entry into crypto signals this maturation, where traditional finance integrates crypto into mainstream asset management.

marsbit04/23 06:09

Fu Peng's First Public Speech in 2026: What Exactly Are Crypto Assets? Why Did I Join the Crypto Asset Industry?

marsbit04/23 06:09

Goldman Sachs Applies for Bitcoin Covered Call Options ETF, Wall Street Accelerates Taming of Crypto Assets

Goldman Sachs Asset Management has filed with the SEC to launch a Bitcoin covered call options ETF, marking the bank's first direct move into cryptocurrency investments. The fund will hold Bitcoin exposure and sell associated call options to generate premium income, distributed to investors as monthly yield. This strategy caps upside potential during significant Bitcoin price rallies in exchange for steady income, targeting cautious investors seeking crypto exposure with reduced volatility. The product mirrors a well-established equity ETF structure that has grown rapidly, with the covered call category now holding over $180 billion in assets. Similar Bitcoin yield-generating strategies have been filed by BlackRock and offered by firms like Roundhill. This development underscores Wall Street’s ongoing integration of crypto into mainstream finance, exemplified by Goldman CEO David Solomon’s recent acknowledgment of personally holding Bitcoin. However, the product’s downside protection remains limited—premium income may not fully offset severe Bitcoin price declines, highlighting the persistent volatility of crypto assets.

华尔街日报04/16 04:16

Goldman Sachs Applies for Bitcoin Covered Call Options ETF, Wall Street Accelerates Taming of Crypto Assets

华尔街日报04/16 04:16

Goldman Sachs Applies for Bitcoin ETF, The Last Wall Street Fortress Falls

Goldman Sachs has applied for a Bitcoin ETF, marking a dramatic shift in Wall Street's stance toward cryptocurrency. The proposed "Goldman Sachs Bitcoin Premium Income ETF" is not a spot ETF but uses a covered call strategy, holding spot Bitcoin ETF shares (like BlackRock's IBIT) while selling call options to generate premium income. This product targets institutional investors seeking yield rather than speculative gains, effectively packaging Bitcoin's volatility into a tradable income asset. This move follows Morgan Stanley's launch of its own spot Bitcoin ETF (MSBT), which attracted $34 million on its first day. With 16,000 financial advisors managing $9.3 trillion in assets, Morgan Stanley's entry signals a broader institutional adoption phase. Meanwhile, Kevin Warsh, a Fed Chair nominee, disclosed investments in crypto infrastructure like Polymarket and Solana, highlighting deepening political and institutional acceptance. Wall Street's reversal—from JPMorgan CEO Jamie Dimon calling Bitcoin a "fraud" in 2017 to major banks now developing crypto products—underscores a pursuit of profit over ideology. The focus has shifted from debating Bitcoin's legitimacy to monetizing its volatility and integrating it into traditional finance, attracting conservative capital and reshaping the asset’s role in portfolios.

marsbit04/15 01:31

Goldman Sachs Applies for Bitcoin ETF, The Last Wall Street Fortress Falls