Edgen Crypto·Oct 06 2025, 12:23
[1] Blockchain infrastructure and staking service provider Figment completes new funding round with C1 Fund participation (https://www.techflowpost.com/newsletter/detai ...)[2] Figment Accelerates its Leadership Position in Web 3 with $110 Million Series C Fundraise (https://vertexaisearch.cloud.google.com/groun ...)[3] C1 Fund Announces Investment in Figment, a Leading Provider of Blockchain Infrastructure (https://vertexaisearch.cloud.google.com/groun ...)
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Nov 29 2025, 10:01
Pando Ethereum Spot ETF to Debut on Hong Kong Exchange, Expanding Digital Asset Offerings
## Executive Summary Pando Financial is scheduled to launch a spot Ethereum exchange-traded fund (ETF) on the Hong Kong Stock Exchange (HKEX) on December 3. The new financial product will trade under the ticker **3085** and is designed to provide investors with direct exposure to Ethereum by physically holding the asset. The ETF's value will be benchmarked against the CME CF Ether-Dollar Reference Rate for the Asia Pacific region. This launch represents a further expansion of Hong Kong's regulated digital asset offerings, joining a group of similar crypto-backed financial products introduced earlier in the year. ## The Event in Detail The Pando Ethereum ETF is a passively managed fund with an investment objective to provide results that closely correspond to the performance of Ethereum. As a spot ETF, the fund will directly acquire and hold **Ethereum (ETH)** as its core underlying asset. This structure allows investors to gain exposure to the cryptocurrency's price movements without the complexities of managing digital wallets and private keys. The fund's benchmark, the **CME CF Ether-Dollar Reference Rate - Asia Pacific Variant**, is a regulated and standardized index, ensuring that the ETF's net asset value is priced according to a consistent and transparent industry metric. The listing on the HKEX will make the ETF accessible to a broad range of investors through their existing securities accounts, significantly lowering the barrier to entry for participating in the digital asset market. ## Market Implications The introduction of the Pando Ethereum ETF is expected to enhance market liquidity and accessibility for Ethereum in the region. By offering a regulated investment vehicle, it caters to both institutional and retail investors seeking compliant exposure to digital assets. The increased competition among ETF providers, including established players like **China Asset Management** and **Harvest Global**, is likely to drive innovation and potentially lead to more competitive management fees over time. While the immediate price impact on ETH will be contingent on initial capital inflows, the creation of another regulated access point is a structurally bullish factor for long-term demand. ## Broader Context and Precedent Pando's ETF is the latest entrant into a developing market for cryptocurrency-based investment products in Hong Kong. In April, the city saw the debut of six spot bitcoin and ether ETFs from managers including **China Asset Management**, **Harvest Global**, **Bosera**, and **HashKey**, marking a significant milestone for the region. The use of the CME CF reference rate as a benchmark is consistent across these products, including the **CHINAAMC ETHER ETF (3046)** and **HARVEST ETHER SPOT ETF (3179)**, pointing to the establishment of an industry standard. This continued expansion of crypto ETFs underscores Hong Kong's strategic effort to position itself as a premier, regulated hub for digital assets in Asia. It also hints at future market evolution, with some participants reportedly planning to launch staked spot Ethereum ETFs in the future, which would offer yield on top of price exposure.
Nov 29 2025, 07:16
Arthur Hayes Reverses Stance on Monad, Citing Token Structure Risks and Sparking Volatility
## Executive Summary Arthur Hayes, the influential co-founder of BitMEX, has publicly reversed his investment thesis on **Monad (MON)**, a new Layer 1 blockchain token. After initially forecasting a price of $10 and triggering a 55% price surge, Hayes issued a strong warning that the token could crash significantly. He attributed this risk to its underlying structure as a "VC coin," which he argues is unsustainable and highly susceptible to sentiment-driven volatility. The event has ignited debate over the influence of prominent figures and the inherent risks of venture-capital-heavy token distributions in the cryptocurrency market. ## The Event in Detail Following the mainnet launch of **Monad**, Arthur Hayes disclosed his investment and issued a bullish price prediction of $10 for the **MON** token. The endorsement from the widely followed investor sparked immediate and aggressive market buying, causing the token's price to rally by 55% from its launch price. However, in a sudden turn, Hayes publicly disavowed his position, describing the project with strong negative language and stating his belief that it was fundamentally flawed. His rationale centered on the concept of it being a "VC coin," implying that its tokenomics are heavily weighted toward early institutional investors. According to Hayes, this structure creates an unstable market environment where small capital inflows or shifts in influencer sentiment can trigger disproportionately large price swings. ## Market Implications The rapid reversal from Hayes has introduced extreme volatility into the **MON** market during its critical early price-discovery phase. For investors, this event serves as a practical case study on the perils of tokens with heavy venture capital backing, where the concentration of tokens among early insiders can lead to instability. The sharp price movements underscore the significant impact that a single influential voice can have on the valuation of an early-stage crypto asset, creating a precarious environment for retail participants. ## Expert Commentary In his analysis, Arthur Hayes warned that **Monad** could potentially "crash 99%," directly linking this outcome to its token structure. He elaborated that the token's design makes it vulnerable to market manipulation and sentiment swings, rather than trading on fundamental value. His commentary suggests a belief that the initial price run-up was not supported by organic demand but was instead a speculative bubble inflated by his own initial endorsement. This public criticism from a notable investor casts significant doubt on the project's short-term viability and tokenomics model. ## Broader Context This specific, project-level bearishness on **Monad** stands in contrast to Hayes's broader macroeconomic outlook. He remains publicly bullish on the cryptocurrency market as a whole, predicting a prolonged bull run lasting into 2026 or 2027. Hayes bases this long-term thesis on the expectation of continued global money printing and fiscal expansion by governments worldwide. His dual stance—macro-bullish on crypto but micro-bearish on projects with what he deems to be poor fundamentals—highlights a sophisticated investment strategy. It reinforces his view that while the broader market tide may rise, not all assets will survive, echoing his previous warnings that up to 99% of all cryptocurrencies could ultimately fail.
Nov 29 2025, 06:17
TF Securities Faces CSRC Probe as Hong Kong Unit Wins Crypto Trading License
## The Event in Detail The China Securities Regulatory Commission (CSRC) has initiated a formal investigation into **TF Securities** for alleged violations related to information disclosure and the illicit provision of financing. This regulatory action on the mainland places the parent company under significant legal and financial scrutiny. In stark contrast, the company's wholly-owned subsidiary, **TF International Securities and Futures Limited**, has successfully obtained a Type 3 license for virtual assets from the Hong Kong Securities and Futures Commission (SFC). This license authorizes the subsidiary to conduct and offer virtual asset trading services, marking a significant step into the regulated digital asset ecosystem in Hong Kong. ## Market Implications The CSRC investigation introduces substantial uncertainty for **TF Securities**. Such probes can result in severe financial penalties, operational disruptions, and a negative impact on the company’s valuation and access to capital. The charge of illegally providing financing is particularly serious, suggesting potential credit and liquidity risks that could concern investors. Conversely, the acquisition of a virtual asset license in Hong Kong is a strategic success. It allows **TF Securities** to tap into new revenue streams by catering to the growing demand for regulated digital asset services. This move aligns with Hong Kong's broader strategy to establish itself as a global hub for the Web3 industry, potentially offering a significant long-term growth avenue for the firm, firewalled from its mainland regulatory issues. ## Expert Commentary This situation exemplifies the increasingly complex and divergent regulatory landscape facing Chinese financial institutions. While mainland China continues a strict enforcement and anti-corruption campaign, Hong Kong is deliberately creating a regulated, pro-business environment for virtual assets. The strategic decision by **TF Securities** to pursue digital asset operations through a Hong Kong subsidiary appears to be a calculated move to isolate risk. This "dual-track" strategy—navigating stringent regulations at home while pursuing growth in more permissive jurisdictions like Hong Kong—may become a standard operating procedure for other Chinese firms aiming to engage with the global digital economy. ## Broader Context The developments at **TF Securities** are a microcosm of the "one country, two systems" principle playing out in the financial sector. Mainland China’s focus remains on market stability and regulatory control, underscored by ongoing investigations and a general aversion to cryptocurrency. Meanwhile, Hong Kong is leveraging its autonomy to build a comprehensive regulatory framework for digital assets, positioning itself as a key bridge between mainland capital and global crypto markets. The licensing of firms like **TF International** is a critical component of this strategy, intended to attract institutional investment and legitimize the virtual asset class within a regulated perimeter.