Crypto Morning Brief: China and US reach rare earth agreement, Strategy and Coinbase release Q3 earnings
TechFlow Selected TechFlow Selected
Crypto Morning Brief: China and US reach rare earth agreement, Strategy and Coinbase release Q3 earnings
Ethereum developers officially set the Fusaka upgrade time for December 3.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Trump: Reached rare earth agreement with China, cutting fentanyl tariffs on China to 10%
According to CNBC, U.S. President Trump stated that he has reached a one-year agreement with China on rare earths and critical minerals, and halved the fentanyl tariffs on China to 10%. The two leaders held their first meeting in six years in Busan, South Korea, which lasted 1 hour and 40 minutes.
As Trump departed South Korea, he told reporters the meeting was "amazing" and "many decisions were made." He said "the rare earth issue is resolved," referring to a one-year deal subject to annual renegotiation. Export tariffs on China will also drop from 57% to 47%. Trump also revealed plans to visit China in April.
Beckworth: Applauds Fed’s 25 basis point rate cut but dissatisfied with wording
According to Jinshi Data, Beckworth applauded the Federal Reserve's 25 basis point rate cut but expressed dissatisfaction with the statement's language. The second round of interviews for the next Fed chair is about to begin, and a candidate may be confirmed before Christmas.
Hong Kong SFC Chair: Will study issuing guidelines for listed companies investing in cryptocurrencies
According to Hong Kong Wen Wei Po, Hong Kong Securities and Futures Commission (SFC) Chair Wong Tin-yau stated that there are currently no regulations governing listed companies’ participation in cryptocurrency investments. The SFC will monitor market developments and consider whether to provide relevant guidance.
It is reported that HKEX has previously questioned the Digital Asset Treasury (DAT) transformation plans of at least five companies, none of which have received listing approval. Hong Kong currently prohibits listed companies from transforming into entities solely hoarding cryptocurrencies.
Wong noted that after U.S. DAT companies purchase digital assets, their stock prices and market capitalizations often experience over two-fold premium increases. He urged investors to understand the true value of DATs and warned such premiums could "disappear overnight."
Regarding the boundary for listed companies investing in Bitcoin, Wong said it is difficult to define a "red line" before new rules are introduced. He emphasized that listing via DAT in Hong Kong "should be impossible for now" and called on investors to carefully assess associated risks.
zkPass releases tokenomics model: Total supply 1 billion, 48.5% allocated to community
According to privacy protection protocol zkPass, it has released the tokenomics framework for its ZKP token based on the ERC-20 standard, with a total supply of 1 billion tokens.
Token distribution:
Community: 48.5% (12.5% unlocked at TGE, 6% linearly released over first 3 months, 30% monthly released over 5 years post-TGE);
Early investors: 22.5% (linearly released over 18 months after 12-month lock-up);
Core contributors: 14% (linearly released over 24 months after 24-month lock-up);
DAO treasury: 10% (linearly released over 5 years);
Liquidity: 5% (100% unlocked at TGE).
Ethereum developers officially set Fusaka upgrade for December 3
According to CoinDesk, Ethereum Foundation researchers formally confirmed during Thursday’s All Core Developers meeting that the next major mainnet upgrade, Fusaka, will go live on December 3.
The Fusaka hard fork will implement around a dozen Ethereum Improvement Proposals (EIPs), aiming to enhance sustainability, security, and scalability of the base layer and surrounding Layer 2 ecosystems. The upgrade is backward compatible and completed final deployment this week on the Hoodi testnet.
Key features include implementation of Peer Data Availability Sampling (PeerDAS), a technique simplifying data access for validators. This feature was originally scheduled for the February Pectra upgrade but delayed due to additional testing needs.
Fusaka will also increase Ethereum’s block gas limit from 30 million units to 150 million units, expected to rapidly double blob capacity.
Strategy Q3 net profit reaches $2.8 billion, BTC holdings rise to 640,000
According to Cryptobriefing, Strategy released its Q3 2025 financial report, reporting a net profit of $2.8 billion.
The company increased its BTC holdings from 597,325 to 640,031 during Q3, adding over 40,000 BTC. As of October, Strategy’s total BTC holdings reached 640,808.
During Q3, BTC price rose from approximately $107,000 in early July to around $114,000 by end of September, contributing to corporate profits. However, Strategy’s stock price fell nearly 14% during the same period, narrowing its market premium relative to BTC holdings. In the latest report, the company stated it did not issue Class A ordinary shares under its ATM program this month and reiterated its commitment to a prudent approach in raising capital through equity offerings.
Coinbase Q3 net profit hits $432.6 million, shares rise over 3% after hours
According to Reuters, cryptocurrency exchange Coinbase Global released its third-quarter earnings, surpassing analyst expectations. Driven by increased volatility in digital assets boosting trading volumes, the company reported a net profit of $432.6 million ($1.50 per share), far exceeding last year’s $75.5 million ($0.28 per share).
Revenue increased from $1.21 billion a year ago to $1.87 billion, above analysts' expectations of $1.8 billion. Trading revenue rose from $572.5 million to $1.05 billion. Subscription and services revenue grew 34.3% to $746.7 million, including $354.7 million in stablecoin revenue, a significant increase from $246.9 million a year earlier.
CEO Armstrong said Coinbase is integrating prediction markets, tokenized stocks, and other products into its platform as part of its strategy. As the market for various digital assets expands and competition intensifies amid favorable regulatory developments, expanding its business scope is crucial for Coinbase’s future growth. Following the earnings release, Coinbase shares rose over 3% in after-hours trading.
ZachXBT: Garden Finance疑似 hacked, losses exceed $5.5 million
According to on-chain investigator ZachXBT, Garden Finance was likely attacked across multiple blockchains, resulting in losses exceeding $5.5 million. The project team has sent an on-chain message offering a 10% white-hat bounty to the suspected attacker but has not issued any public statement. All freezeable assets have been swiftly converted.
The attacker’s address is 0x98BCc6c34A489CEfdD9DfA8d792CFEFb02Ea2D12. Ironically, just days earlier, security researcher zachxbt pointed out on social media X that Garden Finance had consistently ignored requests to refund victims, and it is estimated that over 25% of Garden Finance’s total activities involved stolen funds, including those from the Bybit hack and platforms like Swissborg.
YZi Labs announces lead investment in AI education agent platform VideoTutor’s $11 million seed round
According to YZi Labs, the firm announced leading the $11 million seed funding round for AI-powered educational agent platform VideoTutor, marking YZi Labs’ first AI software investment since expanding its investment scope this year. Other participants in this round include ByteDance-affiliated fund Jinqiu Fund, Baidu Ventures, Amino Capital, and BridgeOne Capital.
Founded by 20-year-old serial entrepreneur Kai Zhao, VideoTutor can transform any question into personalized animated tutorial videos. Launched in May 2025, the platform attracted over 20,000 users and generated more than 20,000 videos within its first 10 days. It has already received over 1,000 API integration requests from global educational institutions and learning platforms.
Oriental Daily: Truck in Huizhou, Guangdong suspected of carrying over 100 million yuan in cash; owner claims involvement in crypto exchange business
According to Hong Kong media Oriental Daily, on October 27, a light truck in Huizhou City, Guangdong Province carried a large amount of 100-yuan RMB banknotes, estimated to be worth over 100 million RMB.
Footage circulating online shows cargo wrapped in plastic film and tied with ropes in the truck bed, with words like "private money" and a phone number printed on the vehicle. When journalists called the number, a man initially insisted the cash was real and claimed to be engaged in cryptocurrency exchange business, stating the vehicle was parked outside his shop and that police had contacted him without finding anything illegal. However, once informed of the media identity, he immediately changed his story, claiming the cash was merely props.
The incident occurred at the intersection of Maixing Road and Mingzhu Road in Huicheng District, Huizhou. Nearby merchants said they had not noticed the vehicle. Local police said they could not disclose specifics but would pay attention during patrols.
Legal AI startup Harvey raises $150 million led by Andreessen Horowitz
According to Techfunding News, legal tech startup Harvey has raised $150 million in a round led by Andreessen Horowitz, catapulting its valuation to $8 billion. This marks Harvey’s third major funding round in 2025, bringing its total fundraising for the year close to $750 million. Founded in 2022 in San Francisco by Winston Weinberg and Gabriel Pereyra, the company focuses on developing AI legal tools capable of analyzing contracts, drafting documents, and summarizing cases, helping law firms and corporate legal teams improve efficiency.
Market Trends
Suggested Reading
In Memory of My First U.S. Stock: NVIDIA
This article discusses NVIDIA's market capitalization surpassing $5 trillion, highlighting its strategic position in the AI era. From gaming GPUs to AI infrastructure, NVIDIA has achieved dominance in computing power demand through integration of hardware and software ecosystems. The article also explores historical investment opportunities in NVIDIA and its central role in the AI wave.
NVIDIA’s Rise: From Gaming Giant and Crypto Mining King to AI Arms Dealer
This article traces NVIDIA’s evolution from a gaming graphics card company to a winner in the cryptocurrency mining sector, and ultimately a leader in artificial intelligence. Its success stems from relentless technological innovation, keen market insight, and strategic decisions by founder Jensen Huang. The article provides a detailed review of NVIDIA’s development journey, covering its rise and challenges in graphics cards, crypto mining, and as an AI arms dealer.
Through an interview with Peter Schiff, this article explores his views on Bitcoin, gold, and the global economy. He believes Bitcoin has no intrinsic value and will eventually go to zero, while gold remains a more stable store of value. He also predicts the U.S. sovereign debt crisis will be worse than the 2008 financial crisis and advises investors to prepare in advance—such as holding gold and silver, stockpiling daily necessities. Additionally, he mentions tokenized gold could be a future solution to monetary instability.
All15 Demo Day Roundup: What Potential Sectors Do 13 Projects Reveal?
This article covers Alliance DAO’s 15th Demo Day event, showcasing 13 shortlisted projects and their innovative directions. These projects span emerging market payments, decentralized finance (DeFi), social and content creator economies, gaming and entertainment, and blockchain infrastructure, reflecting the crypto industry’s shift from speculation to utility.
Narrative, Sentiment, and Odds: Chinese KOL Dayu’s View on Meme Speculation
From the perspective of Chinese KOL Dayu, this article delves into the speculative nature, developmental stages, investment logic, and positioning within investment frameworks of meme investing. Through multiple real-world case studies, it analyzes both successful and failed experiences in meme investments and summarizes the qualities of top meme investors. It also offers advice for novice meme investors, emphasizing risk management and rational investing.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
深潮TechFlow
