Instant surge "HYPE trading volume surged 12 times

[CZ Confirms Aster Employs Several Former Binance Employees and YZi Labs Holds Minority Stake] According to a report by Jinse Finance, Binance co-founder CZ reposted a tweet on the X platform and confirmed that the perpetual contract DEX Aster employs several former Binance employees and that YZi Labs holds a minority stake in Aster.

[Bombay Stock Exchange Rejects Jetking Infotrain's Listing Application Due to Digital Asset Investment Plan] The Bombay Stock Exchange (BSE) has rejected the listing application of IT training company Jetking Infotrain, citing its plan to allocate approximately 60% of the raised funds for investment in digital assets. The company had initially planned to raise over 600 million rupees through an IPO, with the primary funds intended for purchasing Bitcoin. In response, Jetking Infotrain stated that it is assessing the situation and considering filing an appeal with the Securities Appellate Tribunal. This decision highlights India's current regulatory stance, which allows companies to invest internal profits in crypto assets but prohibits raising public funds specifically for such investments. Due to speculative risks and the lack of clear fund management guidelines, this marks the first case in India where a company has been denied listing by an exchange because of a digital asset investment plan.

**[OKX Executive Warns Governments Against Establishing Bitcoin Reserves, Citing Potential Market and Macroeconomic Risks]** OKX Global Managing Partner for Government and Investor Relations, Haider Rafique, stated that governments establishing strategic Bitcoin reserves could have negative impacts on both Bitcoin and the US dollar. He pointed out that large-scale government holdings of Bitcoin might manipulate prices through market sell-offs, thereby undermining Bitcoin's core characteristics of decentralization and neutrality. Citing the example of the German government selling 50,000 Bitcoins in 2024, which led to prices remaining below $60,000, he emphasized that the uncertainty of government policies could introduce liquidation risks. Rafique further noted that while Bitcoin proponents believe national reserves could help it become a global reserve currency, such a move might weaken confidence in the US dollar and drive investors toward safe-haven assets like gold or the Swiss franc. This, in turn, could lead to sell-offs of risk assets and significant market downturns. He warned that national Bitcoin reserves could pose systemic risks to the global financial system.

1. The probability of the Federal Reserve cutting interest rates by 25 basis points in October has risen to 87.7% 2. The probability of a US government shutdown before October 1st has risen to 71% 3. UAE royal family invests over $700 million in Bitcoin mining 4. Linea mainnet bridges over 1 million ETH coins 5. Norwegian Bitcoin holding company Ace Digital approved for listing 6. Hyperdrive suspends all currency markets to investigate THBILL market anomalies 7. Bitcoin governance debate heats up, community splits 8. NYDIG calls on Bitcoin treasury companies to abandon 'misleading' mNAV metrics The above is a selection of hot topics from the past 24 hours. Click to see the full article: https://www.aicoin.com/article/489675

**[NYDIG Calls on Bitcoin Treasury Companies to Abandon "Misleading" mNAV Metric]** According to The Block, Strive Asset Management has acquired Semler Scientific through an all-stock transaction to create a merged company holding over 10,900 BTC. In response, NYDIG's Global Head of Research, Greg Cipolaro, pointed out in a report that the commonly used "mNAV" metric (defined as market capitalization divided by cryptocurrency holdings) should be removed from industry reports. This acquisition highlights the potential issues with the "mNAV" metric, which is used to evaluate the value of Bitcoin treasury companies but may be misleading or dishonest. NYDIG noted two key points: 1. mNAV does not take into account the operational businesses or other assets that Digital Asset Treasury (DAT) companies may own, while most large Bitcoin asset reserve companies indeed have value-creating businesses. 2. mNAV often uses "assumed shares outstanding," which may include convertible bonds that have not yet met conversion conditions. Convertible bondholders may demand cash repayment, making this liability much heavier for DATs compared to simply issuing shares. Moreover, convertible bonds are essentially volatility arbitrage tools, giving DATs an incentive to maximize equity volatility.