Morning Blockchain Hotspots Focus - September 16th

I. Industry Dynamics

(I) New Trends of Financial Institutions in Blockchain and Digital Assets

• Safety Shot Establishes Digital Asset Strategic Subsidiary and Increases BONK Token Holdings: According to Jinse Finance, NASDAQ - listed Safety Shot, Inc. (stock code: SHOT) announced the establishment of BONK Holdings LLC as a new subsidiary for implementing digital asset strategies. BONK Holdings has actively enriched its capital reserves through two previous share offerings and an additional $5 million acquisition in cooperation with FalconX. The company purchased 228,908,284,661 BONK tokens at an average cost of 0.00002184, currently holding more than 2.5% of the total circulating supply of BONK, with an estimated market value of about $55 million at present. This move shows the layout and confidence of traditional listed companies in the emerging digital asset field. The attention of BONK tokens in a specific market is expected to increase due to the large - scale holdings, and it also provides possibilities for Safety Shot to explore new business growth points.
• pump.fun Deposits a Large Amount of PUMP into Kraken to Increase Liquidity: According to Jinse Finance, Lookonchain monitored that pump.fun has just deposited 13 billion PUMP into the Kraken exchange. Calculated at the current market price, it is worth about $74.24 million, aiming to increase the liquidity of the relevant trading pairs on this exchange. This operation has a positive impact on the market circulation and trading activity of PUMP. The large - scale inflow of funds into the exchange may stimulate more trading behavior, providing investors with a smoother trading experience, and may also affect the price trend of PUMP in the market.
• Swedish Bitcoin Treasury - listed Company to Launch Bitcoin - backed Preferred Shares: Bitcoin Treasury Capital, a Swedish - listed company in the Bitcoin treasury sector, announced plans to launch Bitcoin - backed preferred shares. It is expected to be issued 定向 to institutions and other professional investors in the fourth quarter of 2025, and American depository shares will be allocated to all shareholders in the second half of 2026. It is reported that the issue price of the preferred shares may be set at 120 Swedish kronor, and the funds raised are intended to further increase Bitcoin exposure. This financing plan is a strategic decision made by the company based on the market prospects of Bitcoin. By issuing preferred shares, on the one hand, it raises funds for the company to expand the scale of Bitcoin assets, and on the other hand, it provides investors with a new type of investment tool related to Bitcoin, enriching the choices of cryptocurrency asset investment.
• BlackRock Plans to Tokenize Its Funds: According to Jinse Finance, after the success of Bitcoin ETFs, BlackRock plans to tokenize its funds with real - world assets and stocks and deploy them on the blockchain. This decision reflects the recognition and active exploration of traditional financial giants for the application of blockchain technology in the field of asset digitization. Tokenized funds are expected to enhance asset liquidity and trading efficiency, and enhance investors' trust in assets through the traceability and transparency of the blockchain. At the same time, it may also bring a large number of traditional financial assets to the blockchain financial market, promoting the deep integration of the two fields.
• Paraguay's Largest Bank Deploys Anti - quantum Blockchain Security Technology: Ueno Bank, Paraguay's largest bank, announced the adoption of anti - quantum electronic signature and tamper - proof timestamp technology, taking the lead in introducing post - quantum security technology into the actual production environment. The bank is based on the anti - quantum Layer - 1 hybrid blockchain of QANplatform, combined with the SignQuantum signature extension, to provide mathematically verifiable and non - tamperable records for electronic documents and business files. This measure is in line with the post - quantum encryption standards led by the National Institute of Standards and Technology (NIST) in the United States, providing a practical model for the financial industry to deal with the potential password - cracking risks brought by future quantum computing. As the first bank in the world to deploy such a combination of technologies at a production scale, Ueno Bank's practice provides a reference for other financial institutions to establish a "quantum - safe" system.

(II) Developments Related to the Crypto Market

• Microsoft and OpenAI Reach a Reorganization Framework Agreement: According to Jinse Finance, Microsoft (MSFT.O) and OpenAI announced on Thursday that they have signed a non - binding agreement on new terms of their relationship, which will promote OpenAI's reorganization plan and transform it into a for - profit company. Although the two companies have not yet disclosed the details of the new business arrangements, they said they are working hard to finalize the terms of the final agreement. According to a memorandum from Brett Taylor, the current chairman of OpenAI's non - profit board, OpenAI's existing non - profit parent company will control the company by holding $100 billion worth of shares in a public - benefit company and have the right to make decisions on its behalf. This reorganization plan will have a major impact on OpenAI's future development strategy, fund - raising and business layout, and may also change the competitive landscape in the field of artificial intelligence.
• Multiple Crypto ETFs Listed on DTCC: Market news said that the Depository Trust & Clearing Corporation (DTCC) has listed the Fidelity Solana ETF (FSOL), Canary HBAR ETF (HBR) and Canary XRP ETF (XRPC). It should be noted that listing on the DTCC website does not mean that these ETFs have obtained regulatory approval or that the approval results have been determined, but is only part of the "standard process" for launching new ETFs. Nevertheless, this progress has still attracted market attention, indicating the continuous development trend in the crypto ETF field. Investors are closely watching whether these ETFs can be approved for listing and their impact on the relevant crypto - asset market after listing.
• Gemini Successfully Raises Funds in IPO: According to Jinse Finance, Gemini raised $425 million in its initial public offering (IPO), issuing about 15.2 million shares at a price of $28 per share. The previous pricing range was $24 to $26 per share, and the number of shares issued was reduced. The success of this IPO provides financial support for Gemini to further expand its business and enhance its market competitiveness. In the context of the gradually improving regulation of the cryptocurrency market, Gemini's entry into the public capital market through listing helps to enhance its brand influence and compliance image, and also provides a new model for the financing and development of cryptocurrency - related enterprises.
• Galaxy Digital CEO Optimistic about Crypto Market: Galaxy Digital CEO Mike Novogratz said on CNBC that the crypto market is entering the "Solana season". He believes that the Solana blockchain is particularly suitable for financial market applications due to its high speed and large - capacity transactions. At the same time, the regulatory environment has shown positive changes. SEC Chairman Paul Atkins recently said that he will promote the modernization of securities rules to support the on - chainization of the market and made it clear that "most crypto tokens are not securities". In addition, NASDAQ has applied to the SEC for permission to allow tokenized stocks and ETFs to be traded on the same order book as traditional versions. If approved, blockchain settlement could be enabled as early as the third quarter of 2026. Novogratz also predicted that Bitcoin will show an upward trend in the long - term. His views reflect the judgment of some industry professionals on the current development trend of the crypto market. The improvement of the regulatory environment and the enhanced adaptability of technology may attract more funds to flow into the crypto market.
• REX - Osprey DOGE ETF Launch Delayed Again: Bloomberg ETF analyst Eric Balchunas posted on social media that the REX - Osprey DOGE ETF (DOJE) has been delayed again. The ETF was originally scheduled to be launched on Thursday this week, was first delayed to Friday, and is now delayed to the middle of next week (possibly next Thursday). The uncertainty of the ETF launch time may affect investors' expectations and short - term market fluctuations. For the DOGE market, the delayed launch of the ETF may somewhat suppress the relevant investment enthusiasm in the short term.

(III) Stablecoins and Capital Flows

• USDC Treasury Mints a Large Amount of USDC: According to Whale Alert monitoring data, at 03:56 Beijing time today, USDC Treasury minted 250,000,000 USDC. The change in the minting volume of stablecoins is often closely related to market demand and capital flows. The large - scale minting of USDC may mean that the market demand for stablecoins has increased, or that new funds plan to enter the crypto market and use stablecoins as an intermediate medium for asset allocation.
• CleanCore Solutions Significantly Increases Its Dogecoin Holdings: According to Jinse Finance, CleanCore Solutions has increased its Dogecoin holdings to more than 500 million DOGE in just three days. The company announced on Monday that it plans to acquire up to 1 billion Dogecoin within 30 days and has set a long - term goal of holding 5% of the circulating supply of DOGE. CleanCore Chief Investment Officer Marco Margiotta said that the company's vision is to establish Dogecoin as a high - quality reserve asset and support its applications in areas such as payments and global remittances. At the same time, the first spot Dogecoin ETF (REX - Osprey DOGE ETF, code DOJE) is expected to be listed on Wall Street next week. The 增持 behavior of CleanCore Solutions and the upcoming listing of the Dogecoin ETF may increase the attention and capital inflow of Dogecoin in the market, promoting the expansion of Dogecoin in different application scenarios.
• FBTC Has a Significant Net Inflow of Funds: According to the monitoring data of Farside Investors, FBTC had a net inflow of $134.7 million yesterday. Capital flows are an important indicator of market heat and investors' sentiment. The large - scale net inflow of funds into FBTC shows that the market is optimistic about this asset or the relevant field, and may drive the increase in the activity of the relevant market and attract more investors' attention.
• Galaxy Digital Increases Its SOL Holdings: Lookonchain monitoring shows that Galaxy Digital has increased its SOL holdings by 706,790, with a value of about $100 million. In the past few hours, it has purchased a total of up to SOL, with a value of $486 million. Galaxy Digital's continuous increase in SOL holdings shows its confidence in the Solana ecosystem, which may have a positive impact on the market price and market confidence of SOL, and may also trigger more attention and investment in Solana - ecosystem - related projects in the market.

II. Technological Innovation

• Alibaba Releases Qwen3 - Next Artificial Intelligence Model: According to Jinse Finance, Tongyi Qianwen, a subsidiary of Alibaba, released the next - generation basic model architecture Qwen3 - Next, and open - sourced the Qwen3 - Next - 80B - A3B series of models based on this architecture. Compared with the MoE model structure of Qwen3, Qwen3 - Next has made several core improvements, including the adoption of a hybrid attention mechanism, a high - sparsity MoE structure, a series of training - stability - friendly optimizations, and a multi - token prediction mechanism to improve inference efficiency. Based on this architecture, Alibaba trained the Qwen3 - Next - 80B - A3B - Base model, which has 80 billion parameters but only activates 3 billion parameters. This Base model achieves performance similar to or slightly better than the Qwen3 - 32B dense model, with a training cost (GPU hours) of less than one - tenth of that of Qwen3 - 32B, and its inference throughput in a context of more than 32k is more than ten times that of Qwen3 - 32B, significantly improving the training and inference cost - effectiveness. This technological innovation will promote the development of artificial intelligence in a more efficient and low - cost direction, providing more powerful technical support for relevant application scenarios.