On August 30, 2025, PandoFinance will hold the "Pando Web3 Future Night" in Hong Kong, focusing on discussions around artificial intelligence, asset tokenization, Decentralized Finance, and new regulations for stablecoins. The event will promote industry communication and collaboration, providing direction for the development of digital finance.

The US SEC has postponed its decision on the applications for the Canary Spot PENGU ETF and the Grayscale Spot Cardano ETF. Meanwhile, the acting chair of the CFTC may join MoonPay after the confirmation of a new chair. CZ clarified the financing details of the B Strategy, while Canary Capital submitted a new ETF application, and Sequans announced a $200 million equity plan to support Bitcoin reserves. Heritage Distilling completed a $223.8 million private sale financing for its digital asset strategy.

Source: Pantera Capital
Compiled & Edited by: Janna, ChainCatcher
Original Title: Pantera Capital In-depth Interpretation: The Value Creation Logic of Digital Asset Treasury DATs
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This article was written by Cosmo Jiang, General Partner and Portfolio Manager at Pantera Capital. The investment in digital assets has long surpassed the stage of merely hoarding coins in anticipation of price increases. Digital Asset Treasuries (DATs), with their unique logic of "enhancing net asset value per share and earning more underlying tokens," have become highly sought after by institutions. Pantera has heavily invested 300 million in DATs, while BitMine has made a remarkable entry relying on its ETH reserves. This article will help you decode the value of DATs and understand the deeper reasons why leading institutions in the industry are choosing this track.

The US stock market is thriving, driven by technology stocks, with Nvidia's market capitalization exceeding 4 trillion, accounting for 8% of the S&P 500 index. The concentration of technology stocks is extremely high, increasing risk exposure. Although many companies are currently profitable, the market will face significant pressure if it encounters setbacks, and investors need to approach potential reversals with caution.

Author: Joseph Ayoub, former Head of Encryption Research at Citigroup
Compiled by: Deep Tide TechFlow
Original Title: Encryption Treasury Company Bubble Warning: From "Financial Alchemy" to Liquidation Countdown
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Introduction The last time cryptocurrency experienced a "traditional" bubble was in the fourth quarter of 2017, when the market saw astonishing double-digit and even triple-digit percentage daily increases. Exchanges were overwhelmed by the surge in demand, new participants flocked in, speculative ICOs (Initial Coin Offerings) emerged one after another, trading volumes hit historical highs, and the market welcomed a new paradigm, new heights, and even a first-class luxurious experience. This was the last mainstream, traditional retail bubble in the cryptocurrency space, nine years after the birth of the first "trustless" peer-to-peer currency.
Four years later, the cryptocurrency industry迎来了 its second major bubble, which is larger in scale, and.