Hong Kong Web3 Daily Must-Read: Citibank plans to launch cryptocurrency asset custody services next year, with approximately $486 million liquidated across the network in 24 hours.
Fear and Greed Index: 37 (Neutral)
Bitcoin Price: $112,769
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Hong Kong
BTC/ETH Spot ETF Fund Flow (10.14)
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[]( Exchange collaborates with Malaysian digital asset exchange HATA to enhance trading experience for Southeast Asian users
Hong Kong licensed virtual asset exchange HashKey Exchange today announced the signing of a memorandum of understanding (MOU) with HATA, Malaysia's leading compliant licensed digital asset exchange.
We have specially curated noteworthy events in the crypto space in Hong Kong for October, which will open a window to the future of Web3 for you.
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[Project/Company Updates]( Selected Events in Hong Kong for October
We have specially curated noteworthy events in the crypto space in Hong Kong for October, which will open a window to the future of Web3 for you.
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[Chinese new energy infrastructure supplier Jiuzi Holdings (NASDAQ: JZXN) has acquired 100 bitcoins through a private placement. The funds raised will be specifically used for two major strategies: building a technology-driven digital asset custody platform and developing a cutting-edge technology-based crypto storage system.
]( 100 bitcoins
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[]( 100 bitcoins<p class=)[TAO Synergies Inc. (Nasdaq: TAOX) completed a $11 million private placement, with participation from DCG and individual investor James Altucher. The pricing is above the five-day moving average, involving the sale of 11,000 newly issued E-series convertible preferred shares at a par value of $1,000 each, convertible into common stock of the company, along with a five-year common stock purchase warrant. The conversion price for the E-series preferred shares is $8.00 per share, and the exercise price for the warrants is $8.00 per share of common stock. The transaction is expected to be completed around October 15, 2025, subject to the satisfaction of customary closing conditions.
]( TAO Synergies Inc. completes $11 million private placement<p class=)
[]( TAO Synergies Inc. completes $11 million private placement<p class=)[Metaplanet Inc.'s enterprise value has fallen below its bitcoin reserves. This Tokyo-listed hotel group began accumulating bitcoin in April 2024, and its market value was once significantly higher than its net asset value in bitcoin. Data released by the company shows that its stock price hit an all-time high in mid-June but has since dropped about 70%, causing its market value to debt and token holdings ratio (mNAV) to fall to 0.99 on Tuesday.
]( Market value has fallen below its bitcoin reserve value<p class=)
[]( Market value has fallen below its bitcoin reserve value<p class=)[Europe's largest asset management company Amundi, managing over $20 trillion in assets, will launch a bitcoin ETF in Europe.
]( Amundi will launch a bitcoin ETF in Europe<p class=)
[]( Amundi will launch a bitcoin ETF in Europe<p class=)[Citi's Global Partnerships and Innovation Head Biswarup Chatterjee stated that as Wall Street giants increase their presence in the digital currency space, the bank plans to launch cryptocurrency asset custody services in 2026. Progress has been made over the past two to three years, and it hopes to offer reliable and trustworthy custody solutions to clients such as asset managers in the coming quarters. The upcoming custody service will hold native cryptocurrencies.
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[In-Depth & Outlook](<p class=)
[Huaxing Capital is in deep discussions with Binance co-founder Zhao Changpeng's family office YZi Labs, planning to jointly raise about $600 million to establish a publicly listed digital asset treasury company in the U.S. focused on investing in Binance's ecosystem token BNB. If the cooperation goes smoothly, both parties will jointly invest $200 million to further strengthen their strategic layout for BNB.
]( BNB: "Self-redemption in the Post-Bao Fan Era" and a Bet on Web3<p class=)
[]( BNB: "Self-redemption in the Post-Bao Fan Era" and a Bet on Web3<p class=)["Technology makes the world more efficient, but currency makes individuals poorer. Only when the monetary system no longer dilutes individual value can the prosperity brought by technology be widely shared. Bitcoin, with its deflationary monetary logic, provides a new possibility for this balance — it is moving from an emotional bubble to a part of macro order."
Perspective
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Through this flash crash event, crypto investors can also draw some lessons, needing to learn from the experiences of traditional finance rather than relying solely on market narratives and personal emotions to formulate investment strategies. In the current context where the industry is closely linked to the macro market, if the entire industry and investors cannot timely shift their thinking perspective, similar events may occur again.