Hong Kong Web3 Daily Must-Read: The third batch of tokenized bonds in Hong Kong may connect to central bank digital currency subscriptions, and BlackRock launches a new type of Bitcoin yield ETF.
Fear and Greed Index: 39 (Fear)
Bitcoin Price: $112,274
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Outflow: $902.50 M
ETH Net Outflow: $795.56 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
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Judy Zhu, Chief Corporate Development Officer of Hong Kong Cyberport, revealed that over 30% of the projects in Cyberport are from mainland China. Currently, strategic cooperation agreements have been signed with places like Beijing Zhongguancun, Shanghai Lingang, and Shenzhen Qianhai, aiming to bring high-quality projects in AI, big data, blockchain, and other high-tech fields to Hong Kong.
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Hong Kong Financial Secretary Paul Chan published an essay titled "Contributing to the Construction of a Financial Power." Chan pointed out that artificial intelligence and blockchain are not only innovating technological tools but also reshaping the flow of capital and the boundaries of financial services, bringing new opportunities for the development of financial markets. We are fully committed to making emerging sectors such as fixed income, money markets, commodities, and digital assets strong pillars of growth, striving to build a more resilient and comprehensive financial ecosystem.
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According to data disclosed by the Assistant Chief Executive (External Affairs) of the Hong Kong Monetary Authority, Xu Huaizhi, the Hong Kong SAR government has issued bonds worth approximately HKD 386 billion in RMB, HKD, EUR, and USD through the "Government Sustainable Bond Program" and the "Infrastructure Bond Program" since 2019. In February 2023 and February 2024, two batches of tokenized green bonds were successfully issued, amounting to USD 100 million and USD 750 million, respectively. The third batch of tokenized bonds will not only consider asset-side tokenization but also the implementation of fund-side tokenization. Given that the development of fund-side tokenization in Hong Kong is early and most mature with central bank digital currency (CBDC), the funding side of these tokenized bonds may connect to CBDC subscriptions.
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[]( 1 Bitcoin
Hong Kong-listed company Zhiyun International disclosed that its wholly-owned subsidiary Zhiyun Kuangshi Limited has completed the opening of a Bitcoin account on a regulated virtual asset trading platform in Hong Kong and has purchased over one Bitcoin through internal resources of the group, with an average purchase price of approximately USD 118,000 (equivalent to about HKD 918,000).
Sebastian Paredes, CEO of DBS Bank Hong Kong, warned that the new anti-money laundering (AML) and know your customer (KYC) regulations for stablecoins in Hong Kong will significantly restrict their use in on-chain derivatives trading. Paredes stated that the bank will monitor relevant developments but will focus on building broader stablecoin capabilities in Hong Kong. A new regulatory framework for stablecoins was launched in Hong Kong on August 1, immediately criminalizing the promotion of unlicensed stablecoins and establishing a public registry for authorized issuers.
Hang Seng Bank CEO Rose Lee stated at the Hong Kong Bankers Summit 2025 that stablecoins are still in the early stages of application, with wholesale and retail being two distinctly different areas. The wholesale level is easier to develop stablecoin use cases than the retail level, which may involve multiple livelihoods, and banks need to assess whether the use cases are sustainable, how to implement them, and how to protect customers.
Hong Kong-listed company New Town Development (stock code 1030) announced that the board has decided not to proceed with the previously announced subscription due to current market conditions. On September 25, the company and the subscriber signed a termination agreement, terminating the subscription agreement, effective from that date, and neither party may make any claims against the other regarding any matters arising from or related to the subscription agreement. The board believes that terminating the subscription agreement will not have any significant adverse impact on the company's business operations and financial condition.
BiyaPay responded to being listed on the warning list by the Hong Kong Securities and Futures Commission, stating that the company has not yet obtained stock trading and cryptocurrency trading licenses in Hong Kong and strictly complies with the relevant laws and regulations of the Hong Kong Securities and Futures Commission, clearly stating that BiyaPay does not provide stock and cryptocurrency trading services to residents of Hong Kong.<div class=)[
]( As of June 30, holding 4,880 SOL
Hong Kong-listed company MemeStrategy (formerly known as HAOJING Technology) released its interim report, stating that the group is undergoing a strategic transformation, focusing on artificial intelligence, digital assets, and Web3 to complement its existing expertise in the Internet of Things, and connecting traditional finance with the new economy through investments in AI, blockchain, and culture. As of June 30, the group has used internal funds to purchase 4,880 SOL.
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[DAT
]( Selected Events in Hong Kong for September
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for September, which will open a window to the future of Web3 for you.
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[]( Selected Events in Hong Kong for September
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for September, which will open a window to the future of Web3 for you.
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The narrative of crypto vaults continues, but the threshold is rising, regulations are tightening, and the bubble is clearing simultaneously. For investors, it is essential to see through the logic and arbitrage paths behind the financial structure while remaining vigilant about the risk accumulation behind the narrative—this "on-chain alchemy" cannot be performed indefinitely; the winners will prevail, and the losers will exit.
]( SEC begins to take action against crypto vault companies, does the DAT narrative continue?
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[Regulation/Macro]( SEC begins to take action against crypto vault companies, does the DAT narrative continue?
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[South Korean actress Hwang Jung-eum was sentenced to two years of probation for embezzling $3 million from her management company to invest in cryptocurrency. If she does not reoffend within the next four years, she will not have to serve time. The prosecution had previously sought a three-year sentence, but the Jeju District Court reduced the sentence due to Hwang's full repayment of the embezzled funds and her status as a first-time offender.
]( Sentenced to two years of probation for embezzling $3 million to invest in cryptocurrency
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[]( Sentenced to two years of probation for embezzling $3 million to invest in cryptocurrency
<p class=)[According to the Wall Street Journal, citing informed sources, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra) have launched investigations into over 200 companies that announced this year they would adopt cryptocurrency as a core strategy. Some companies experienced unusual stock price fluctuations before announcing related plans, and regulators have contacted these companies to closely examine their trading patterns and information disclosure.
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[Project/Company Dynamics](<p class=)
[]( Attackers repeatedly exploited arbitrary call contracts in routers to steal approximately $782,000
According to CertiK monitoring, Hyperdrive was attacked, with attackers repeatedly exploiting arbitrary call contracts in routers to steal 672,934 USDT0 and 110,244 thBILL, totaling approximately $782,000.
NASDAQ-listed Baiya International Group has acquired Starfish and its decentralized liquidity protocol UpTop based on BNB Chain. According to the terms of the acquisition agreement, Baiya will issue 2,320,000 new Class A common shares in exchange for all issued equity of Starfish, with specific amounts not disclosed. The transaction is expected to be completed in the fourth quarter of 2025, subject to customary closing conditions.
The digital asset management platform Grayscale's Near Trust has begun trading on the OTC Markets Group's U.S. secondary trading market OTCQB platform, with the trading code "GSNR." This ETF has been privately placed to qualified investors since May last year and is one of the first investment tools allowing investors to invest in Near platform tokens NEAR.
According to Bloomberg ETF analyst Eric Balchunas, BlackRock has applied to launch a new product called iShares Bitcoin Premium ETF, which is a fund that uses a covered call option strategy. Unlike traditional spot ETFs that passively track Bitcoin prices, this product will earn premiums by selling covered call options while holding Bitcoin or related instruments, distributing these earnings as income to investors, thus converting Bitcoin's volatility into investment returns. Balchunas noted that this move could impact competitors already developing yield-based Bitcoin products.
The ETF Store President Nate Geraci stated on X that "another wave of S-1 amendments for spot SOL ETFs has been submitted today, involving institutions including Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary. The documents include staking (yes, this is a good sign for staking in spot Ethereum ETFs), and it is speculated that these products will be approved in the next two weeks."
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Theta Capital Management is seeking to raise $200 million for its latest blockchain fund of funds, aimed at capturing early blockchain opportunities. The new fund, named Theta Blockchain Ventures V, will allocate capital to 10 to 15 venture capital firms specializing in digital assets. The fund targets a net internal rate of return of 25%. A spokesperson for Theta confirmed the details of the fund's fundraising plans.
]( Capital plans to raise $200 million to establish a new blockchain fund of funds<div class=)
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]( Gaming will issue tokenized stock SBET on Ethereum through Superstate
Ethereum treasury company SharpLink Gaming announced that it is collaborating with Superstate to issue tokenized stock SBET on Ethereum through Superstate's Opening Bell platform.
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[In-depth & Outlook]( Gaming will issue tokenized stock SBET on Ethereum through Superstate
Ethereum treasury company SharpLink Gaming announced that it is collaborating with Superstate to issue tokenized stock SBET on Ethereum through Superstate's Opening Bell platform.
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[On one hand, Tether is reluctant to give up the significant advantages of USDT's accessibility and low fees to meet the demands and risk preferences of a broader user base in the remaining market; on the other hand, it wants to secure a place in the compliant stablecoin market in the U.S. and even aims to capture a dominant position in the market.
]( Strategic blueprint revealed: seeking $20 billion in financing, launching compliant USAT to target dominance in the U.S. stablecoin market<p class=)
[]( Strategic blueprint revealed: seeking $20 billion in financing, launching compliant USAT to target dominance in the U.S. stablecoin market<p class=)[
Views
]( Q3 Research Report: $3.5 trillion market cap new heights, Bitcoin gives way to "Altcoin Season"
Based on volatility-adjusted price returns, the top 20 tokens in the third quarter highlight the importance of stablecoin legislation and adoption, the rise in centralized exchange trading volume, and the trend of digital asset treasuries (DATs).
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[]( Q3 Research Report: $3.5 trillion market cap new heights, Bitcoin gives way to "Altcoin Season"
Based on volatility-adjusted price returns, the top 20 tokens in the third quarter highlight the importance of stablecoin legislation and adoption, the rise in centralized exchange trading volume, and the trend of digital asset treasuries (DATs).
Overall, Base remains the most active public chain among Ethereum L2s, even though there has been a decline in daily active user data, it still holds advantages across various metrics.
