Bitcoin Asia 2025: Bitcoin ecosystem cools down, DAT becomes a hotspot, Lista valuation rises significantly
1. Conference Scene: Contrast of Hot and Cold
At the Bitcoin Asia conference in Hong Kong in September 2025, there were many attendees but a sharp decrease in exhibitors in the main venue. The booth price of 50,000 USD deterred small and medium-sized Bitcoin DeFi projects, with only about 10 booths in the main venue, far less than last year's densely populated ecosystem projects.
The remaining exhibitors were mainly mining machine manufacturers, mining machine distributors, and leading wallets like Unisat and Xverse: the former belongs to the “physical economy” track, with stable profits;
The latter occupies the core entry point of the ecosystem, but Unisat admitted, “the ecosystem is at a low point, and the exhibition is only for brand exposure.”
2. Bitcoin Ecosystem: Decline Apparent
Ecosystem projects are “short-lived”: last year's main venue chain game projects are basically stagnant, and a “play-to-mine” gaming machine was not issued due to its inability to maintain coin prices;
Investment institution ABCDE halted investments in new Bitcoin ecosystem projects in the first half of the year, with its layout of six token projects, including the Merlin chain and Babylon, all plummeting. Jack bluntly stated, “Most are money-grabbing Ponzi schemes, disappearing in a few months.”
The mining track is under pressure: after the Bitcoin halving in 2024, mining rewards are halved, and hash rate is at a new high, with unit income dropping from 0.12 USD/TH to 0.049 USD/TH.
In the first half of 2025, the mining cost for a single Bitcoin exceeded 70,000 USD, and mining companies are turning to IPOs and transforming into crypto treasury companies, making the market a competition for existing stocks.
3. New Hotspot: DAT in Demand
DAT became the focus of the conference, mentioned by guests such as CZ and Adam Back. These types of companies attract traditional financial investors by financing the purchase of cryptocurrencies, linking stock prices to coin prices.
Eric Trump, the second son of Trump, delivered a keynote speech, criticizing Biden and praising the crypto boom during Trump's era, predicting Bitcoin to reach 1 million USD per coin, further heating up the venue.
Additionally, the participation of traditional financial professionals has increased, with multiple brokerage firms in Hong Kong launching crypto businesses this year, and stablecoin pilot projects also gaining attention.
4. Hong Kong: Embrace and Restraint
Hong Kong promotes crypto business in its capacity as a financial center, while also being cautious due to environmental constraints. Securities and Futures Commission's Yip Chi Heng and legislator Ng Kit Cheung withdrew from the conference due to the instruction of “not to engage with Eric Trump.”
Guest speeches at the venue have also become more conservative, such as CZ's criticism of Hong Kong's policies at the University of Hong Kong being more than what was expressed in the main venue.
5. Lista Valuation: Upward Potential 133%-192%
