In recent months, Twitter has mainly shared factual results. This is because the desire to share has decreased significantly.
People say that the 'sense of being alive' is composed of the desire to share, individual emotions, and so on. I recall the happiest times playing CT, where I could leverage the potential value of information from my perspective for like-minded individuals.
It's been a while since I wrote a long article. Today, I want to share two interesting pieces of information I came across today. The underlying trends they reflect are what I find more fascinating.
1. The trend of integration between crypto and stocks: Crypto companies like Gemini are vying for an IPO on the US stock market, while on the other hand, traditional finance (Tradfi) stock exchanges are opening up to trading crypto. This trend has become increasingly evident during the Trump Administration, especially after the SEC relaxed regulations. This is not only reflected in the case of Guotai Junan International but also in Tiger Brokers $TIGR.
This is due to the SEC 13G filing released today: Huobi Founder Li Lin acquired 10,667,580 ADS (5.9%) through a three-tier structure: Avenir Tech → Avenir View → Avenir Investment.
Tiger Brokers holds dual licenses in the US from FINRA & in Singapore from MAS, but there is a lack of compliance in crypto. Li Lin should hold VASP licenses in Hong Kong, Dubai, and Singapore, reinforcing this regulatory aspect.
On the stock front, $TIGR itself is not too bad; it saw a small increase of 18% today, with trading volume reaching four times the average over the past three months, indicating that some funds have begun to enter. The fundamentals are also quite impressive, with a YOY revenue growth of +55% for Q1 2025, EPS doubling, and client assets increasing by +48% YOY. Compared to Futu's market value of 16 billion, Tiger currently has a valuation of 1.54 billion, providing a 10x growth potential, and TTM revenue for TIGR is already 1/4 of Futu's. PS 3.1, Futu is close to 7.8.
Anyway, analyzing finances and these data is not the main focus of this article. Friends who understand more are welcome to discuss; I won't elaborate here. The focus is on the narrative space brought by the integration trend of crypto and stocks after this investment. This is also an important insight that $CRCL and today’s sentiment event from Guotai Junan brought to me (dog head).
2. About Arthur Hayes' interview on bitcoin 2025 with Bonnie and David Lin.
I really liked this interview, shout out to @TheBonnieChang because in the fragmented information flow of Crypto every day, it’s easy to lose sight of the big picture. Arthur Hayes' identity as a Crypto Native practitioner, combined with macro interpretation, helps me understand some macro-level issues, such as:
1. The trend of housing prices in Taipei and the reasonableness of liquidity.
2. Why the upward movement of $BTC is indisputable from both HTF and macro perspectives.
This deserves further writing later; I will digest it slowly and immerse myself in it.
Feel free to DM and comment to discuss.
