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News: Driven by oversubscription, SK Hynix will end its $28 billion ADR bookbuilding on Wednesday

According to Reuters, informed sources revealed that due to the subscription scale reaching several times, South Korean chip manufacturer SK Hynix will end its $28 billion American Depositary Receipt (ADR) issuance book-building at 4 PM Eastern Time on Wednesday. It is reported that the final pricing guidance for this issuance will be announced after the close of the Korean stock market on Thursday, and the allocation results will be finalized later on Thursday evening, with plans to officially list on Nasdaq on July 10.The report pointed out that this issuance has attracted strong demand from American investors, with several large orders ranging from $200 million to over $1 billion. The company previously disclosed that institutions such as Baillie Gifford and Coatue Management have expressed interest in purchasing a total of up to $7 billion in ADRs. This transaction is expected to issue 17.79 million new shares, making it the second largest stock issuance in history globally, following SpaceX's record $85.7 billion IPO last month, surpassing the previous records of Saudi Aramco (2019) and Alibaba (2014). As a core supplier of high bandwidth memory (HBM) for companies like Nvidia and Google, SK Hynix stipulates that every 10 ADRs represent 1 share of common stock, with a reference price of 242,500 Korean won per ADR based on the Seoul closing price on July 3.

OpenAI's confidential IPO documents revealed: zero liabilities on the books, off-balance-sheet computing power and infrastructure commitments amounting to $665 billion

According to a report by The Information, the confidential IPO registration draft submitted by OpenAI shows that as of the end of March 2026, OpenAI's balance sheet exhibits "light asset" characteristics, with zero debt on the books and capital expenditures of only $46 million in the first quarter. However, in reality, the company has placed substantial infrastructure expenditures off the books, with future procurement commitments in chips, energy, and data centers reaching up to $665 billion. Financial data indicates that OpenAI's actual net loss in the first quarter was approximately $8.5 billion, with revenue costs amounting to $3.5 billion.Additionally, OpenAI demonstrates a very high characteristic of related-party funding cycles. In the first quarter, 72% of its revenue costs and 45% of total expenditures flowed to related parties (expected to be primarily Microsoft), and it directly used $488 million in equity to settle part of its computing power bills. In the data center joint venture project within its consolidated financial statements, nearly $5 billion in book losses is accounted for as belonging to external partners. The documents also reveal that its main competitor, Anthropic, is similarly engaging in large-scale off-balance-sheet expansion, including $4.5 billion in data center service commitments and $35 billion in chip leasing orders.

Bitget launches the AI strategy workflow GetAgent Playbook, supporting one-click access to the strategy library

Bitget officially launched the AI trading strategy workflow layer GetAgent Playbook, marking the first time the Agent Harness framework is available to users. Users can select, preview, configure, and launch AI trading strategies from the Agent Playbook strategy library without having to write prompts themselves, all running in an isolated sub-account with auditable operations and transparent processes. Currently, this feature is available to GetAgent Plus and Pro users.Bitget CEO Gracy Chen stated that AI trading is evolving from Q&A to workflows, with prompt configuration being the biggest source of complexity. The Playbook allows users to easily transform trading ideas into Agent runnable and adjustable strategies through a ready-to-use strategy library (Agent Playbook).As of now, Bitget's AI trading tools have attracted over 1 million users, with a cumulative trading volume exceeding $1.2 billion. The Agent Hub covers 9 major modules and 57 tools, supporting read-only mode, simulated trading environments, and Agent exclusive sub-accounts, completely isolating agent operational permissions from the main account, and integrating the entire business chain of spot trading, contracts, copy trading, and wealth management, while exclusively supporting trading of tokenized assets in the US stock market.
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