# Сопутствующие статьи по теме Equity

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Equity", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Crypto's First Reverse Equity Stake in Hong Kong Stock: The New Capital Model Experiment Behind Pharos' $1 Billion Valuation

Crypto Project Pharos Pioneers Reverse Equity Deal with Hong Kong-Listed Company GCLNE at $1 Billion Valuation In a landmark move, the crypto project Pharos has entered a novel capital partnership with Hong Kong-listed GCL New Energy (0451.HK), valuing Pharos at nearly $1 billion. The deal represents a significant innovation in crypto financing, structured as a conditional, performance-based agreement rather than a simple investment. The core of the deal is a two-way, conditional capital injection. GCLNE will invest in Pharos tokens, but the investment is contingent on the performance of the Pharos token post-listing. Simultaneously, Pharos will acquire a stake in GCLNE at a discount. The capital exchanges occur in tranches, with each tranche for both the equity and token portions unlocking only when specific performance milestones for the Pharos token are met. This creates a tightly coupled model where both sides win or lose together based on the token's market success. This structure provides GCLNE, a major Asian solar energy operator, with a risk-controlled entry into the crypto and RWA (Real World Assets) space, offering potential new avenues for capitalizing its physical assets. For Pharos, an institutional-focused Layer 1 blockchain, it delivers a major trust endorsement, a public confidence signal, and a pioneering status as the first crypto project to strategically hold equity in a traditional listed company. The partnership is seen as a natural alignment. GCLNE seeks efficient financial tools to tokenize and monetize its extensive green energy assets, while Pharos aims to be an infrastructure for real-world financial assets. The deal, supported by a Hong Kong Stock Exchange filing, sets a potential precedent for future hybrid capital models between traditional equity and crypto, shifting the industry focus from pure narrative to verifiable performance and兑现力 (fulfillment capability).

marsbit03/19 02:47

Crypto's First Reverse Equity Stake in Hong Kong Stock: The New Capital Model Experiment Behind Pharos' $1 Billion Valuation

marsbit03/19 02:47

Oaktree Capital's Marks: Investors Underestimate the Impact of AI

Oaktree Capital's Howard Marks warns that investors are significantly underestimating the profound and unpredictable impact of artificial intelligence. He argues that AI's transformative power is accompanied by inherent unpredictability—what it will do, what it won't do, and the extent of human job displacement—making traditional investment strategies based on future predictions insufficient. Citing Block's recent layoff of 4,000 employees as an example, Marks highlights the market's failure to grasp the depth of AI's disruption. He expresses caution about the cyclical nature of technology-driven market exuberance, noting that new innovations often hide risks until it's too late. Regarding investment strategy, Marks strongly advocates for equity over debt financing in AI companies. He believes that if investors are taking on fundamental business model risks posed by AI, they should participate as owners to capture the potential rewards, rather than as fixed-income investors.

marsbit03/18 02:00

Oaktree Capital's Marks: Investors Underestimate the Impact of AI

marsbit03/18 02:00

Crypto May No Longer Be Treated Like Penny Stocks Under SEC Plan

The US Securities and Exchange Commission (SEC) has proposed amending Exchange Act Rule 15c2-11 to apply only to equity securities, a move that could significantly impact crypto market structure. The rule, historically used to prevent fraud in over-the-counter equity markets, would no longer broadly apply to other asset classes like cryptocurrencies. This change is seen as a meaningful shift away from forcing crypto into existing securities frameworks. By excluding crypto from these rules—originally designed for penny stocks—the SEC signals a more tailored regulatory approach. The proposal is open for public comment, reflecting the agency's growing willingness to treat crypto differently from traditional equities.

bitcoinist03/17 16:02

Crypto May No Longer Be Treated Like Penny Stocks Under SEC Plan

bitcoinist03/17 16:02

U.S. SEC Clarifies Rule 15c2‑11 Applies Only to Equity Securities

The U.S. Securities and Exchange Commission (SEC) has clarified that Rule 15c2-11 applies only to equity securities, not to other asset classes such as crypto-linked products. The rule aims to prevent manipulative and fraudulent trading in over-the-counter (OTC) equity markets and requires broker-dealers to gather and verify key information before quoting or maintaining a market for OTC securities. Commissioner Hester Peirce expressed support for the amendment, acknowledging that earlier amendments had created confusion regarding the rule’s scope. She encouraged public comments on the proposed revisions, particularly regarding the definition of equity securities, the rule’s applicability to crypto assets, and the establishment of expert markets. This clarification resolves previous uncertainty that led some brokers to halt crypto trading due to legal concerns. The move follows a recent SEC framework focused on developing a token taxonomy to categorize cryptocurrencies and determine their regulatory status.

TheNewsCrypto03/17 14:07

U.S. SEC Clarifies Rule 15c2‑11 Applies Only to Equity Securities

TheNewsCrypto03/17 14:07

Bitcoin Bet Deepens As Metaplanet Raises $255 Million For Future Purchases

Metaplanet raised $255 million through a private share placement to further its Bitcoin acquisition strategy, aiming to build a 210,000 BTC treasury. The firm, which already holds 35,102 BTC, issued shares at a 2% premium along with fixed-strike warrants that could bring an additional $276 million. A separate "moving strike" warrant package, tied to a mNAV (market-to-net-asset value) threshold of 1.01x, could provide another $234 million. This mechanism prevents share issuance at prices that would dilute Bitcoin per share. The funds will be used primarily for continued Bitcoin purchases, following a strategy similar to MicroStrategy, to become one of the largest corporate BTC holders. Investors should monitor the mNAV ratio, as it dictates the company’s ability to raise more capital and buy more Bitcoin.

bitcoinist03/17 09:02

Bitcoin Bet Deepens As Metaplanet Raises $255 Million For Future Purchases

bitcoinist03/17 09:02

80% of Tokens Fall Below Issue Price, IPO Financing Soars 48 Times—Crypto Capital Shift Has Occurred

The crypto industry is witnessing a significant capital shift from token offerings to traditional equity markets. In 2025, over 80% of tokens traded below their initial offering price due to high volatility, weak demand, and poor tokenomics, eroding investor confidence. Conversely, crypto IPOs surged 48x, raising $14.6 billion, while M&A activity hit a five-year high of $42.5 billion. Equity offerings, compared to tokens, demonstrate similar upside potential but with lower volatility and longer-term growth. Stocks command higher valuation premiums (P/S ratios of 7-40x vs. 2-16x for tokens) due to institutional access, index inclusion potential, and richer trading strategies. Key valuation factors include regulatory moats, revenue diversification, and sector sentiment. M&A activity is accelerating, driven by regulatory compliance and strategic expansion, with focus on trading infrastructure, exchanges, and stablecoins/payments. Major acquisitions were led by Coinbase, Kraken, and Ripple. Upcoming IPOs in 2026 include Kraken, Consensys, Ledger, Animoca, and Bithumb. The future lies in blending TradFi validation with crypto innovation, emphasizing sustainable revenue and long-term value creation.

marsbit03/15 07:55

80% of Tokens Fall Below Issue Price, IPO Financing Soars 48 Times—Crypto Capital Shift Has Occurred

marsbit03/15 07:55

Why Did the Star Web3 Project Across Protocol Choose to Abandon the DAO?

Across Protocol, a prominent Web3 project, is proposing to transition from a decentralized autonomous organization (DAO) structure to a private company. Co-founder Hart Lambur explained on the Talking Tokens podcast that the current DAO model has become a bottleneck for growth, particularly as institutional and enterprise demand increases. The protocol, which has facilitated over $35 billion in cross-chain transactions, believes a more traditional corporate structure will allow it to operate more efficiently. The proposal offers two options for ACX token holders: convert their tokens into equity in the new private entity, AcrossCo., or redeem them for USDC at a one-month average market price. Lambur acknowledged limitations due to U.S. securities laws, which restrict the number of shareholders in an S-corporation, necessitating consolidation for larger token holders. This move reflects a broader industry trend of recognizing the operational challenges of DAOs. Lambur cited similar sentiments from Aave's founder and Uniswap's recent proposal to create a legal entity, highlighting the friction and inefficiencies of decentralized governance structures. The proposal will enter a two-week discussion period before a community Snapshot vote.

marsbit03/15 03:08

Why Did the Star Web3 Project Across Protocol Choose to Abandon the DAO?

marsbit03/15 03:08

Buy BTC or MSTR? Analyzing the Capital Flywheel of MicroStrategy

MicroStrategy's mNAV (market cap to Bitcoin holdings ratio) has compressed to near parity, sparking debate about whether the premium will re-expand. The core argument centers on the company's ATM equity issuance strategy. Critics view it as shareholder dilution, while supporters see it as rational Bitcoin accumulation. However, both miss the deeper strategic shift: MicroStrategy is building a layered capital structure that operates differently across mNAV regimes. At ~1x mNAV (current phase), equity issuance is used to buy Bitcoin directly, justified by long-term undervaluation. In high mNAV regimes (3-4x+), equity becomes a tool to repay debt from preferred securities, not just acquire Bitcoin. The introduction of preferred stock attracts yield-seeking investors, creating a continuous funding source for Bitcoin purchases but also dividend obligations. The ATM acts as a proactive de-leveraging tool, building equity ahead of future payment needs. mNAV expansion may return not only from Bitcoin price appreciation but also from the market valuing MicroStrategy as a scalable Bitcoin capital markets platform. The company is evolving from a Bitcoin treasury into a financial engine with distinct investor segments: yield investors in preferred securities and growth investors in equity. This could form a self-reinforcing "capital flywheel": preferred demand funds Bitcoin buys, equity demand values platform growth, and Bitcoin appreciation strengthens the balance sheet. The discussion may shift from *if* mNAV premium returns to *how large* this financial platform can become.

marsbit03/13 11:08

Buy BTC or MSTR? Analyzing the Capital Flywheel of MicroStrategy

marsbit03/13 11:08

Across Protocol Proposes Transition from DAO to U.S. Corporation, Token Holders Can Exchange for Equity

Cross-chain bridge protocol Across Protocol has proposed transitioning from a DAO structure to a U.S. C-Corporation named AcrossCo. ACX token holders are offered two options: a 1:1 swap for equity in the new company or a token buyback at a 25% premium to the 30-day average price in USDC. The team cited the current DAO model as a bottleneck for institutional partnerships, which require enforceable contracts and a clear legal entity. The proposal, which requires a simple majority vote, follows $51 million in funding, including a round led by Paradigm. The announcement caused ACX's price to surge approximately 70%. The underlying protocol will continue to operate permissionlessly.

marsbit03/12 03:32

Across Protocol Proposes Transition from DAO to U.S. Corporation, Token Holders Can Exchange for Equity

marsbit03/12 03:32

Nasdaq Partners With Kraken to Launch Tokenized Stocks in the U.S.

Nasdaq has partnered with Kraken and its parent company Payward to develop infrastructure for tokenized stocks and equity products in the U.S. The collaboration will enable public companies to issue and trade blockchain-based versions of their shares while preserving legal rights and regulatory oversight. Nasdaq will create an equity token design to integrate tokenized stocks and ETPs into its regulated systems, ensuring holders retain voting rights and dividend benefits. Kraken will handle distribution and settlement via its xStocks framework. The initiative, pending regulatory approval, builds on a 2025 SEC proposal and is expected to launch in the first half of 2027.

TheNewsCrypto03/09 14:34

Nasdaq Partners With Kraken to Launch Tokenized Stocks in the U.S.