Crypto Morning Report: HashKey Discloses IPO Details, SEC Ends Two-Year Investigation into Ondo
TechFlow Selected TechFlow Selected
Crypto Morning Report: HashKey Discloses IPO Details, SEC Ends Two-Year Investigation into Ondo
CFTC launches "Digital Assets Pilot," allowing Bitcoin, ETH, and USDC as collateral in derivatives markets.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Hassett: Trump to Announce Significant Pro-Economic Measures
Kevin Hassett, Director of the White House National Economic Council: Trump will announce a large number of pro-economic measures. The yield on 10-year Treasury bonds may follow a downward trend similar to that seen in the 1990s.
In addition, Hassett stated that Powell might also view rate cuts as prudent. Regarding President Trump’s potential nominee for the Federal Reserve, Hassett said, “If I were asked to serve in that role, I would be very happy to work for him.”
U.S. CFTC Launches "Digital Asset Pilot," Allowing Bitcoin, ETH, and USDC as Collateral in Derivatives Markets
According to Theblock, Caroline Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), announced the launch of a "Digital Asset Pilot Program," permitting specific cryptocurrencies to be used as collateral in derivatives markets.
The pilot program will initially be limited to Bitcoin, ETH, and the stablecoin USDC. Pham stated that embracing responsible innovation ensures U.S. markets remain global leaders and helps unlock economic growth. Futures Commission Merchants (FCMs) participating in the crypto collateral program must report weekly the total amount of digital assets held in customer accounts, including futures and cleared swaps, and disclose any significant operational or system issues affecting digital asset collateral.
Bloomberg: Top U.S. Bank Executives to Meet with Senators This Thursday to Discuss Cryptocurrency Market Legislation
According to Bloomberg, Bank of America CEO Brian Moynihan, Citigroup CEO Jane Fraser, and Wells Fargo CEO Charlie Scharf plan to meet with bipartisan senators this Thursday to discuss upcoming cryptocurrency market legislation up for vote.
The discussion is organized by the Financial Services Forum, a coalition of major banks, and is expected to focus on bankers’ opposition to allowing interest-bearing stablecoins, banks’ competitiveness in the crypto space, and preventing cryptocurrency from being used in illegal activities.
U.S. SEC Ends Two-Year Investigation into Ondo Finance Without Filing Charges
According to Crypto in America, the U.S. Securities and Exchange Commission (SEC) has concluded its two-year investigation into tokenization firm Ondo Finance without recommending any charges. The probe, initiated in October 2023, primarily examined whether Ondo complied with U.S. securities laws when tokenizing U.S. Treasury products and whether the ONDO token should be classified as a security. An Ondo spokesperson confirmed the company received formal notice at the end of November confirming the investigation's closure. This marks another reversal of regulatory actions against digital asset firms during the Biden administration. Since the appointment of pro-crypto SEC Chair Paul Atkins, the agency has shut down most crypto-related investigations and dismissed high-profile cases against companies like Coinbase, Ripple, and Kraken.
Bittensor to Undergo First Halving on December 14, TAO Daily Emission to Drop to 3,600 Tokens
According to Cointelegraph, decentralized machine learning network Bittensor is set to undergo its first token halving event around December 14. At that time, the daily issuance of its native token TAO will be reduced from the current 7,200 tokens to 3,600 tokens.
Bittensor is a decentralized open-source machine learning network built around specialized "subnets" and uses incentive mechanisms to create a market for AI services. William Ogden Moore, analyst at Grayscale Research, described this event as a "key milestone toward network maturity," as Bittensor progresses toward a fixed supply cap of 21 million tokens, following a model similar to Bitcoin.
Binance Confirms Employee Misused Internal Information for Personal Gain, Suspended and Legal Action Pursued
Binance officially announced on December 8 that it confirmed an employee misused internal information by posting content on social media for personal gain. Investigations revealed the employee launched a token on-chain at 05:29 UTC on December 7, and less than a minute later, a related tweet was posted via the @BinanceFutures official account. Binance has immediately suspended the employee and will cooperate with relevant authorities on legal proceedings. Additionally, Binance announced it will distribute a $100,000 reward equally among five whistleblowers who provided valid leads through official reporting channels.
HASHKEY Discloses IPO Details: Plans to Raise Up to HK$1.67 Billion, Expected Listing on December 17
According to Hong Kong Economic Times, HASHKEY HLDGS (new stock code: 03887) will open its public offering from December 9 to 12. HASHKEY, parent company of licensed virtual asset exchange Hashkey Exchange, plans to issue 240 million shares, with 10% offered publicly in Hong Kong. The offer price ranges from HK$5.95 to HK$6.95 per share, aiming to raise up to HK$1.67 billion. Each lot consists of 400 shares, requiring a minimum investment of HK$2,808. HASHKEY expects to list on December 17. JPMorgan, Cathay Capital-Haitong, and Guotai Junan International are joint sponsors.
As of October 31, the company held HK$1.48 billion in cash and cash equivalents and HK$570 million in digital assets, of which 89% were major tokens including ETH, BTC, USDC, USDT, and SOL.
As of the end of September, platform assets exceeded HK$19.9 billion, with 3.1% stored in hot wallets and 96.9% in cold wallets. Cumulative spot trading volume on the exchange reached HK$1.3 trillion. Core business is transaction facilitation services, accounting for nearly 70% of revenue. HASHKEY reported losses of HK$590 million, HK$580 million, and HK$1.19 billion over the past three years, respectively. For the first six months of this year, net loss attributable to equity holders was HK$510 million, narrowing by 34.8% year-on-year, while revenue dropped 26.1% to HK$280 million.
In terms of equity structure, Lu Weiding, investor in HASHKEY and chairman of Wanxiang Group, is one of the controlling shareholders, holding 43.2% of shares and having voting rights over 22.9% of shares under the employee stock ownership plan; Hashkey founder Xiao Feng holds 16.3%; other investors hold 17.6%. HASHKEY has secured nine cornerstone investors: UBS AM Singapore, Fidelity Funds, CDH, Xinting Fund, Infini, Zhiyuan Holdings (00990), Lianton, Space Z PTE. LTD., and Shining Light Grace Limited, investing a total of $75 million (approximately HK$590 million).
Net proceeds allocation:
-
40%: Technology and infrastructure upgrades
-
40%: Market expansion and ecosystem partnerships
-
10%: Operations and risk management
-
10%: Working capital and general corporate purposes
UAE National Security Official: Bitcoin Has Become a Key Pillar for Future Financing
According to Bitcoin Magazine, UAE National Security Director Mohamed Al-Shamsi recently made a significant statement, calling Bitcoin "a key pillar for future financing" and stating that the UAE is actively preparing for this shift.
Beijing Business Today: Beware of Unregulated Innovation in the Virtual Currency Sector, Domestic Room for Operation Further Shrinks
Beijing Business Today published an article titled "Behind the Joint Risk Alert from Seven Associations: Beware of Unregulated Innovation in the Virtual Currency Sector," highlighting that the joint risk alert emphasized risks associated with innovation activities in the virtual currency domain. Wang Peng, associate researcher at Beijing Academy of Social Sciences, noted that activities such as stablecoins and real-world asset tokenization carry non-negligible risks beneath their innovative appearance, easily becoming tools for illicit financial activities and posing real threats to financial security. Therefore, clearly defining and intensifying crackdowns on such activities is imperative. The operating space for virtual currencies and related activities within China continues to shrink effectively, and further improvement of cross-sector regulatory frameworks remains necessary.
Metaplanet to Issue New Class of Stock Similar to Strategy’s $STRC
According to Bitcoin Magazine, Japanese-listed company Metaplanet announced it will issue a new class of stock similar to Strategy’s $STRC, specifically designated for purchasing additional Bitcoin.
Strategy Adds Another 10,624 Bitcoins, Total Holdings Reach 660,624
According to an official announcement, Strategy purchased 10,624 bitcoins at approximately $962.7 million (around $90,615 per bitcoin). As of December 7, 2025, the company’s total Bitcoin holdings have reached 660,624 bitcoins, with cumulative investments totaling about $49.35 billion and an average acquisition cost of $74,696 per bitcoin.
In addition, Strategy CEO Phong Le stated the company intends to hold its Bitcoin until at least 2065, maintaining its long-term accumulation strategy. Despite the rise of spot ETFs, MSTR stock continues to serve as a key proxy tool for BTC exposure.
Ripple Completes $500 Million Share Sale, Investors Receive Special Protection Clauses
According to Bloomberg, Ripple completed a $500 million share sale in November, setting a new record for privately held digital asset companies at a $40 billion valuation. Wall Street heavyweights including Citadel Securities and Fortress Investment Group participated in the funding round. Notably, the deal includes special protection clauses allowing investors to sell shares back to Ripple with guaranteed returns and granting them preferential treatment in events such as bankruptcy or acquisition.
Market Performance
Suggested Reading
Luo Yonghao at the Crossroads: Podcasts, Youth, and the AI Wave
This article centers on Luo Yonghao’s podcast “Luo Yonghao at the Crossroads,” exploring his reflections and practices regarding podcasts, the AI wave, and interactions with young entrepreneurs. Luo shares lessons learned from past failures, his commitment to innovation, observations on young entrepreneurs, and his outlook on future technological development.
Bloomberg: Stablecoins May Not Help U.S. Escape Debt and Deficit Quagmire
This article examines the potential impact of stablecoins on U.S. debt and deficit issues. Although the stablecoin market may expand in the future, its actual effect on boosting demand for Treasuries remains controversial. Analysts differ in their views on stablecoins as support for the dollar’s status, and concerns about their risks and limitations persist.
Profit Pressure Mounts for Crypto Miners—Can Tax Planning Be the Solution?
This article discusses how profits in the crypto mining sector continue to decline due to multiple factors, signaling that the global mining industry is entering a new cycle. It explores the causes behind shrinking miner profits and potential responses, particularly the possibility of tax planning as a way to alleviate pressure and enhance competitiveness.
BNB Chain Annual Review: Leading L1 in Daily Active Addresses, Stablecoin Supply Doubles
This article highlights 2025 as a landmark year for BNB Chain, marking a pivotal transition from rapid growth to deeper ecosystem development. BNB Chain achieved notable successes across multiple areas, including daily active user count, DEX trading volume, stablecoin supply, RWA tokenization, and meme coin ecosystems.
This article is a retrospective piece by Jill Gunter, co-founder of Espresso, reflecting on her decade-long journey in the crypto industry. Drawing from personal experience, she recounts her original motivations for leaving Wall Street and entering crypto, along with her evolving observations and reflections on the sector. The article analyzes crypto technology’s potential to address monetary mismanagement, financial barriers, and outdated systems, while also addressing challenges such as market volatility, uncertain regulation, and the financialization of the industry into a “casino-like” environment.
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
