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RT @redbullracing: 🏁 IN THE MOMENT 🏁 Drop 2 is on the way 🔜 Six more FREE iconic moments from our history, featuring guest artists @Timper…

Hong Kong Securities and Futures Commission: The total market value of 6 virtual asset spot ETFs has increased by 95% since their launch in April last year The Hong Kong Securities and Futures Commission released the 2024-2025 fiscal year report, pointing out that as of May, the cumulative net capital inflow of the Hong Kong Stock Connect exceeded 4.35 trillion yuan, and the proportion of southbound transactions in the Hong Kong market turnover reached 22.5%, reflecting the continued deepening of the interconnection between mainland China and Hong Kong. The report pointed out that thanks to the reform measures introduced last year, the listing of new stocks and the rebound in secondary market trading have made Hong Kong once again a top global fundraising platform. The tokenization of virtual assets and securities has accelerated in the past year, driving Hong Kong towards the goal of a future financial hub. The Hong Kong Securities and Futures Commission released the "ASPIRe" roadmap at the beginning of this year, aiming to promote the development of Hong Kong's virtual asset ecosystem, and subsequently allowed two virtual asset exchange-traded funds (ETFs) to be pledged. At the same time, the total market value of the six virtual asset spot ETFs listed in Hong Kong has increased by 95% since their launch in April last year, and the average daily trading volume has also increased by 16%. In terms of virtual asset trading platforms, the Securities and Futures Commission has issued licenses to a total of 11 institutions. (Jinshi)

GameStop has raised another $450 million through a follow-on sale of zero-coupon convertible senior notes, pushing its total fundraising to $2.7 billion in just under two weeks. The company made the disclosure in a filing to the US Securities and Exchange Commission on Tuesday. This second chunk was brought in after the initial $2.25 billion raised last month through a private placement. The notes were offered under a 13-day option that gave the original buyer the right to purchase more, and that option got exercised in full. The notes are due in 2032 and can be converted into GameStop Class A shares at a rate of $28.91 per share, which is a 32.5% premium compared to the stock’s volume-weighted average price as of June 12—the day the first offering launched. GameStop says the money is going into general business use and “making investments in a manner consistent with GameStop’s Investment Policy,” which includes buying Bitcoin to hold on the company’s balance sheet. GameStop started buying Bitcoin in May, picking up 4,710 coins with part of the proceeds from a $1.3 billion convertible note it sold earlier this year. That first round of buying cost around $500 million. The company is now copying the same strategy that Michael Saylor’s company, Strategy (formerly MicroStrategy), used to build up its massive crypto holdings. Strategy became the biggest corporate owner of Bitcoin by selling equity and issuing debt to keep loading up. That tactic also brought heavy price swings to its stock over the past few years. Strategy used different types of securities, including convertible debt, to buy Bitcoin. GameStop is now using the same approach. CEO Ryan Cohen told shareholders the move to stack Bitcoin is about macroeconomic risks, and called the asset’s fixed supply and decentralized structure a possible hedge against those risks. Ryan is also close friends with Saylor now, as per their X accounts. Shares of GameStop were priced at $23.16 as of Tuesday, down 0.56% on the day, continuing to underperform as market focus shifts toward companies with cleaner financials and stronger growth outlooks. The decision to buy Bitcoin hasn’t done much to lift the share price, and now analysts are questioning whether the strategy actually makes sense. On the same day the company filed details of the second note sale, it also reported a 17% drop in revenue for the fiscal first quarter, down to $732.4 million. Demand for digital games is rising while foot traffic in physical stores continues to slide. GameStop’s core business, retail sales of new and used games and consoles, is still bleeding out slowly. Wedbush analyst Michael Pachter wasn’t impressed. He reiterated his underperform rating on GameStop, saying the company is just appealing to “greater fools” who are willing to pay more than double the value of the company’s assets. Pachter added that GameStop is already trading at 2.4 times cash, and sees no upside from using that cash to buy Bitcoin. “The strategy makes little sense,” he said. That’s not exactly glowing support from Wall Street. Still, Cohen is pushing the company in new directions. At the annual meeting on Thursday, he said GameStop is expanding its collectibles business, calling trading cards a “natural extension” of the brand. He described it as a segment with high margins and said it’s deeply rooted in retail. While games may be going digital, cardboard isn’t. GameStop said its collectibles revenue jumped 54% in the first quarter compared to last year. Most of that growth came from sales of Pokémon Trading Cards, which are clearly still pulling weight among buyers who aren’t just kids. A survey from Circana showed that 19% of adults had bought Pokémon cards for themselves within the last six months. Most buyers said they’re collecting them for fun or as room decoration. Circana also noted that adults were the biggest spenders across all age groups when it came to toys in the first quarter. So GameStop is stacking Bitcoin and Pokémon cards. Whether that works out remains to be seen. But for now, the company has $2.7 billion in its pocket, Bitcoin on its balance sheet, and a CEO betting on collectibles and crypto in equal measure. KEY Difference Wire helps crypto brands break through and dominate headlines fast

QCP: War risks cool down, and the market turns to risk appetite mode QCP released an analysis today saying, "Although Israel resumed limited air strikes hours after the temporary ceasefire, financial markets were barely affected. Far from showing a "risk-off mode", the market has turned to a "risk preference" across the board - the Nasdaq 100 hit a record high, and the S&P 500 is less than 1% away from its all-time closing high in February 2020. At the same time, oil prices have fully retreated to pre-conflict levels, further fueling the shift in market sentiment. Among the S&P 500 components, Coinbase (COIN) soared 12% on Tuesday to close at $344.94, its highest level in more than six months. On the other hand, institutional interest in Bitcoin continues to heat up. The ProCap fund managed by Anthony Pompliano has attracted market attention and recently purchased $386 million worth of Bitcoin. This is its clear strategy to use Bitcoin as a "corporate fiscal reserve asset." Since the beginning of June, the number of companies that have included Bitcoin in their balance sheets has almost doubled, and now more than 240 companies hold a total of $345. If this trend continues, Bitcoin is not only expected to rival gold as a macro hedging tool, but may even compete in terms of total market value. In this environment where the three forces of macro, military and currency converge, traditional risk premiums are changing from "hedging tools" to "market benchmark assumptions." The market's ability to withstand geopolitical fluctuations is undergoing an unprecedented test. "

Metaplanet Skyrockets 300% in Six Months: Why Are Japanese Retail Investors Willing to Pay a High Premium to "Buy the Dip"?