Morning Report | U.S. August CPI annual rate rebounds to 2.9%; Figure U.S. stock IPO rises 44% on first day; JPMorgan: S&P 500's cold reception of Strategy is a warning to Bitcoin treasury companies
Overview of Important Market Events on September 11Organizer: Zhou, ChainCatcher
Important News:
- Gemini raised $425 million in IPO, with a reduced issuance
- BlackRock is exploring the tokenization of traditional assets like ETFs through blockchain
- US August CPI year-on-year rebounded to 2.9%, a new high since January
- JPMorgan: The S&P 500's cold reception of Strategy is a warning for Bitcoin treasury companies
- Data: BlackRock's IBIT Bitcoin holdings market value exceeds $85 billion
- Ant Group CEO Han Xinyi: Firmly not issuing virtual currencies, not participating in any form of speculation
What important events happened in the past 24 hours?
Stablecoin issuer Figure Technology Solutions' US stock IPO rose 44% on its first day
According to ChainCatcher, Figure Technology Solutions, a stablecoin issuer, saw its US stock IPO open up 44% on its first day, trading at $36, after an IPO price of $25 per share.
Gemini raised $425 million in IPO, with a reduced issuance
ChainCatcher reports that Gemini raised $425 million in its IPO, issuing approximately 15.2 million shares at a price of $28 per share, with the previous pricing range set at $24 to $26 per share, and the number of shares issued was also reduced.
BlackRock is exploring the tokenization of traditional assets like ETFs through blockchain
According to ChainCatcher, Bloomberg reports that BlackRock is researching how to tokenize traditional assets like ETFs through blockchain, aiming for round-the-clock trading, improved overseas accessibility, and providing new types of collateral for crypto networks. Previously, BlackRock launched a tokenized money market fund worth over $2 billion, testing related products on platforms like JPMorgan. This initiative still requires regulatory approval, and the current market size for tokenized assets is about $28 billion, far below the total size of the US ETF industry.
Ant Group and Longxin Technology announced the establishment of Ant Chain Trust Company
According to ChainCatcher, Ant Group announced on September 10 at the New Energy Digital Asset Community Autumn Summit that it has jointly established "Ant Chain Trust" with Longxin Technology Group. The company will provide product services such as green asset management and dynamic rating pricing based on core technologies like blockchain, IoT, and AI.
US August CPI year-on-year rebounded to 2.9%, a new high since January
JPMorgan: The S&P 500's cold reception of Strategy is a warning for Bitcoin treasury companies
According to ChainCatcher, CoinDesk reports that despite meeting technical requirements, Strategy was still rejected from inclusion in the S&P 500 index, highlighting the index committee's reluctance to include companies acting as Bitcoin funds. JPMorgan warns that this rejection may prompt other index providers to reconsider including Bitcoin-heavy companies.
Data: BlackRock's IBIT Bitcoin holdings market value exceeds $85 billion
Figure set the IPO issue price at $25 per share, with a pre-listing valuation exceeding $5 billion
According to ChainCatcher, Figure Technology Solutions, a blockchain-native lending company led by SoFi co-founder Mike Cagney, announced its IPO pricing on Wednesday evening: issuing 31,500,000 shares of Class A common stock. The company set the issue price at $25 per share—higher than the previously disclosed range of $20 to $22 per share in the S-1 filing submitted to the SEC earlier that day. At the announced price, Figure plans to raise $787.5 million through the IPO (previously estimated at $693 million), with a company valuation of about $5.3 billion (previously $4.7 billion).
According to ChainCatcher, Caixin reports that major internet companies in China may gradually exit cryptocurrency-related businesses, and several state-owned enterprises and Chinese banks in Hong Kong may also be absent from the ongoing Hong Kong stablecoin license applications. Additionally, actions by internet platforms to participate in cryptocurrency investments and exchanges overseas will also face restrictions, requiring a focus on developing the real economy.
According to ChainCatcher, MOGU Inc.'s board approved a strategic allocation of up to $20 million of company assets to digital currencies, primarily including Bitcoin, Ethereum, and Solana, along with related securities and investment products. The board believes that by integrating digital assets into core assets, the company can not only diversify its treasury holdings but also enhance the operational capabilities needed for next-generation AI products and services.
UPBIT lists Pump.fun (PUMP) and supports KRW, USDT trading
Forward Industries completes $1.65 billion private placement to advance Solana financial strategy
According to ChainCatcher, Businesswire reports that Forward Industries, Inc. (NASDAQ: FORD) announced the successful completion of its previously announced private equity investment (PIPE), led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This PIPE financing brought the company approximately $1.65 billion in total proceeds.
According to ChainCatcher, Sina Technology reports that during the 2025 Inclusion Conference, Ant Group CEO Han Xinyi stated regarding token economics that in exploring the path of tokenization, the exploration of the value of token economics and risk prevention should be placed on an equal footing. He emphasized, "Compliance is the lifeline of innovation." From the beginning of exploration, Ant Group has clearly defined its boundaries: firmly not issuing virtual currencies, not participating in any form of speculation; focusing on technological infrastructure, serving the industry rather than disrupting it; striving to create new value rather than competing for the old cake. "Today, our understanding of both value and risk may still be far from sufficient, and we need to continue long-term exploration and research. Steady progress is much more important than simply seeking speed and novelty," Han Xinyi said.
According to ChainCatcher, Liquid Capital (formerly LD Capital) founder Yili Hua posted on platform X, stating: consistent in believing that ETH will continue its bull market trend after fluctuations, noting that ETH has risen from over $1,000, and the pattern is that for every $1,000 increase, it consolidates for a while before continuing to rise. Additionally, in diversified investments, except for ENA, none have outperformed ETH; overall, it seems that diversified investments are not as good as concentrating on ETH. Earlier, ChainCatcher reported that a suspected Trend Research address leveraged to buy 9,377 ETH again. Yili Hua retweeted that post.
According to ChainCatcher, the Guangzhou Intermediate People's Court held a press conference on the effectiveness of foreign-related civil and commercial trial work, announcing that a sales contract involving the operation of overseas virtual currency "mining machines" was deemed invalid due to disrupting China's financial order.
Avalanche plans to raise $1 billion to establish treasury companies, discount purchasing AVAX
According to ChainCatcher, FT reports that the Avalanche Foundation is negotiating with investors to establish two "digital asset treasury companies" in the US, planning to raise a total of $1 billion, with funds used for discount purchases of millions of AVAX held by the foundation.
The first project, led by Hivemind Capital, aims to raise up to $500 million from publicly listed companies on Nasdaq, with crypto investor and former White House press secretary Anthony Scaramucci serving as an advisor; the second project is initiated by Dragonfly Capital, targeting the same amount of $500 million.
Ethereum co-founder: LINEA token holders will enjoy future additional token rewards
According to ChainCatcher, Consensys founder and Ethereum co-founder Joseph Lubin revealed that holding LINEA tokens will provide users with more reward opportunities, primarily distributed in the form of other tokens. These rewards will come from Consensys and its partner agreements. It is reported that MetaMask and Linea are jointly developing new projects to promote the development of the Linea token economy.
According to ChainCatcher, Coinbase research head David Duong stated that the current digital asset treasury (DAT) has entered a "player versus player" competitive stage, with early scarcity premiums fading and the market demanding increased execution and differentiation.
BTC exclusive DAT holdings have exceeded 1 million coins, accounting for about 5% of circulation; ETH exclusive DAT holdings are approximately 4.9 million coins, valued at about $21.3 billion, accounting for over 4% of circulation. Early participants like MicroStrategy had previously enjoyed net asset premiums, but as competition intensified and regulatory constraints increased, the premiums have narrowed.
According to ChainCatcher, on-chain analyst Yu Jin monitored that SharpLink Gaming received $379 million in stablecoins in the past 45 minutes, subsequently transferring these funds to Galaxy Digital's OTC wallet, possibly preparing to continue purchasing ETH through Galaxy Digital.
According to ChainCatcher, Caixin reports that the Hong Kong Monetary Authority has issued a consultation draft for a new module CRP-1 "Cryptocurrency Classification" in the "Banking Regulatory Policy Manual" (SPM) to clarify regulatory guidelines for the new bank capital requirements under the Basel Committee's cryptocurrency regulatory standards, which will be implemented in early 2026.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of September 12, 09:00,
The top five popular ETH tokens in the past 24 hours are: PEPD, LINK, Xiaobai, ETHAL, TRENDBOT
The top five popular Solana tokens in the past 24 hours are: CHARLIE, CHARLIE, CHARLIE, CHARLIE, CHARLIE
The top five popular Base tokens in the past 24 hours are: EURC, R, HOPELESS, $BANANAGUY, AERO
What are some noteworthy articles to read in the past 24 hours?
Various capital sources are seriously allocating resources to the prediction market sector. According to crypto data platform RootData, there are currently over 130 prediction market projects, half of which were established this year, and the total financing amount in this sector has exceeded $200 million this year, making it the highest financing year to date, contrasting sharply with the overall decline in the financing market.
MYX Parabola and "Killing Move": A slaughter of longs and shorts triggered by spot control
MYX used exaggerated price increases as a gimmick to capture the traffic center of various media and data platforms, leading all eager warriors to invest their real money, contributing to a firework of liquidations. MYX is like a powder keg, with the trigger in the hands of large holders, making it a one-way trip for both bulls and bears. The market lacks opportunities, but it is the "survivor bias" willing to take risks that is missing.
Hyperliquid Stablecoin War: In-depth analysis of ecology, technology, market, and regulation
The Hyperliquid platform recently witnessed a "stablecoin war" for its USDH issuance rights, attracting industry giants like Paxos, Frax, and Ethena to invest billions, creating an unprecedented spectacle. Behind this is Hyperliquid's monthly trading volume of up to $400 billion and its enormous ecological appeal. However, beneath this capital feast lies a more severe issue: the combination of known security vulnerabilities of the Hyperliquid platform with the high-risk, high-reward stablecoin model is brewing a potential systemic risk that could threaten the entire ecosystem.
Pascal Protocol: The liquidation layer of DeFi
In recent years, DeFi has been building high-throughput trading venues, complex yield primitives, and on-chain currency markets. However, a critical function has been largely missing: a neutral liquidation layer that can balance risks between different positions and venues.
In traditional markets, clearing institutions like LCH and CME sit between counterparties, responsible for net exposure, executing margin rules, and sharing risks.
The Next Chapter of Public Chain Landscape: New Perspectives on Web3 Driven by Stablecoins and RWA
To understand the future of the public chain landscape, we must first review the "giants" that defined the past and present. Each of them has seized market opportunities at different times with their unique "core competencies," collectively shaping today's Web3 world.
Risk warning
Risk warning
