benchmark

On September 1, Anthropic released Claude Fable 5.1 and Claude Mythos 5.1, marking the first update to this model series since the launch of Fable 5 on June 9. Anthropic claims that the new models are the most advanced for programming and knowledge work. In the Terminal-Bench-Science 0.1 benchmark, Fable 5.1 recorded a pass rate of 52.6%, more than doubling Fable 5's 24.7% and surpassing Opus 5's 29%; in Terminal-Bench 4, Fable 5.1 scored 55.8%, higher than Fable 5's 42% and Opus 5's 52.3%.Fable 5.1 and Mythos 5.1 share the same underlying model, differing only in their safety filters. Fable 5.1 is available to all Claude accounts, while Mythos 5.1 remains restricted to professionals vetted through Anthropic's network security verification program and life sciences verification program. In terms of pricing, Fable 5.1 charges $10 per million tokens for input and $50 for output, which is double that of Opus 5. Cache read costs have decreased by 75%, and typical workload costs can drop by about 25%, with high agentic workloads decreasing by up to 45%.

U.S. non-farm payroll benchmark change preliminary value for 2026 (not seasonally adjusted) -79,000, expected 183,000, previous value -862,000.

According to Cointelegraph, CME Group has added Ethena's ENA token to its cryptocurrency benchmark index.Ethena is the protocol that issues the synthetic dollar stablecoin USDe, and ENA is its governance token. As a leading derivatives exchange globally, this move further expands CME Group's cryptocurrency benchmark coverage to this asset.

Serenity published an evaluation of the Yushu IPO event, pointing out that Yushu Technology's market value on its first day of listing was approximately $53.3 billion, making it the first significant public market benchmark in the field of humanoid robots.The next humanoid robot company worth paying attention to is Agility Robotics, which has the support of Nvidia and Amazon, and is expected to go public in Q4 with a valuation of $2.5 billion. Serenity believes that pure humanoid robot companies are experiencing public market demand far exceeding expectations.

According to The Block, Benchmark analysts reiterated their buy rating on the tokenized company Securitize ($SECZ), while lowering its target price from $16 to $10, believing that the company's approximately 29% two-day decline after its first public earnings report was an overreaction.Securitize disclosed a 5% decline in revenue in its first earnings report as a public company and recorded an adjusted EBITDA loss, while also lowering its full-year outlook. Analysts pointed out that despite the short-term performance pressure, they still maintain a positive outlook on its long-term tokenization business prospects, thus maintaining the buy rating.

According to Jinshi reports, Federal Reserve official Kashkari stated at the FOMC meeting that he holds a different opinion and prefers to raise the benchmark interest rate by 0.25 percentage points.

According to Jinshi reports, the Hong Kong Monetary Authority announced that it will maintain the benchmark interest rate at 4%.

Fully Homomorphic Encryption (FHE) company Zama CEO Rand Hindi stated on X on Monday that the company has achieved benchmark results of 1,000 confidential transactions per second on GPUs, an increase of about 5,000 times compared to the 0.2 transactions per second demonstrated at ETHcc in 2022. Hindi mentioned that the cost of running an FHE node is approximately $0.000004 per ERC7984 transaction, significantly lower than zero-knowledge proofs, but this comparison has not been independently verified. The benchmark has not yet been activated on any mainnet, is self-reported data from the company, and the testing methods have not been published, with plans to go live by the end of the year.Hindi also set long-term goals: 10,000 tps by 2028 and 100,000 tps by 2030. Zama has been active recently: on July 24, a confidential RFQ exchange product was launched, which within weeks shielded over $121 million USDT on Ethereum, collaborated with Elliptic to enhance compliance screening for confidential transactions, and co-founded the Confidential Token Association with OpenZeppelin and Inco to standardize encrypted ERC-20 tokens. Zama previously completed a $57 million Series B funding round.

According to The Block, Benchmark Equity Research raised Hut 8's target price from $165 to $195 on Wednesday. This is the second time this month that the agency has raised Hut 8's target price, mainly due to the full commercialization of its Beacon Point AI data center campus located in Texas.Hut 8 previously announced that it had signed a second 15-year lease agreement with existing tenants, with a total value of $9.8 billion, increasing the contracted capacity of the Beacon Point campus to 704 MW and raising the total contract value of this 1 GW campus to $19.6 billion. Benchmark stated that the latest target price still has about 75% upside potential compared to Hut 8's stock price of approximately $111 at that time.In addition, Benchmark's valuation of Hut 8 also includes its holding of 10,278 bitcoins, valued at nearly $680 million at current prices, as well as its 60% stake in American Bitcoin Company.

Benchmark has lowered its second-quarter performance expectations for Coinbase ahead of the earnings report next week, citing weak trading activity in the cryptocurrency market, but still maintains a "Buy" rating and a target price of $270. Based on Coinbase's stock price of about $172 on Wednesday, this target price corresponds to an upside potential of approximately 57%.Benchmark analyst Mark Palmer has revised Coinbase's second-quarter revenue expectation from $1.51 billion to $1.38 billion and has lowered the full-year revenue expectation for 2026 from $6.33 billion to $6 billion. The trading volume on centralized exchanges in the second quarter has decreased by about 28%, and the total market capitalization of the cryptocurrency market has dropped by about 13%. The firm expects Coinbase's trading revenue to decline by more than 5%.However, the market showed initial signs of stabilization in June, with spot trading volume exceeding $1 trillion for the first time since March, which may somewhat alleviate the weak performance in the second quarter.Benchmark believes that if the CLARITY Act is ultimately passed, it could become a more significant catalyst for the stock price than quarterly performance, with Coinbase potentially being one of the main beneficiaries of the act. Trump has previously agreed to the relevant ethical provisions, removing a key obstacle to the advancement of the bill.

The Bank of Korea raised the benchmark interest rate by 25 basis points to 2.75%, marking the first rate hike since January 2023. Among 37 economists surveyed by Reuters, 36 expected the Bank of Korea to raise rates to this level, and the result met market expectations.

RootData has launched the [Stock Perpetual Contract Exchange Ranking](https://cn.rootdata.com/exchanges/stock), covering centralized and decentralized platforms that support stock perpetual contracts and other stock-related derivatives trading, aiming to establish a reliable data benchmark for investors. It is reported that RootData's ranking directly collects primary data through the exchanges' official APIs and public market data sources, rather than relying on third-party data service providers, thus maximizing the originality, timeliness, and accuracy of the data. In addition, this ranking system will continuously track the performance of each platform across multiple dimensions, including trading volume, open interest, liquidity, spreads, depth, trading costs, and contract coverage. Currently, RootData's data submission channel is open, supporting exchanges with stock perpetual contract business to submit official APIs and supplementary data.

According to The Block, Benchmark Equity Research maintains a Buy rating on Strategy and reiterates a target price of $570. This target price still has about a 515% upside compared to Strategy's closing price of $92.68 on Monday.Analyst Mark Palmer stated in the report that the digital credit capital framework launched by Strategy allows it to actively manage both ends of its capital structure based on market conditions, including repurchasing common and preferred stock when needed, selling Bitcoin to meet obligations, and suspending new issuances when the stock price is not at a premium.Palmer believes that this framework marks a shift for Strategy from a past focus on one-way issuance of securities to proactive two-way capital management. He stated, "This is a significant positive for shareholders."The report also noted that this framework addresses market concerns about dilution and enhances flexibility through a structured repurchase plan. Palmer also believes that the authorization to sell up to $1.25 billion worth of Bitcoin is negligible compared to Strategy's reserve of approximately 847,000 BTC.

According to The Block, Benchmark Equity Research maintains a buy rating on Coinbase, with a target price of $270, representing an upside of approximately 59.5% from the current stock price. Analyst Mark Palmer stated that Coinbase's recent system updates clearly demonstrate its rapid transformation from a cyclical crypto broker to an infrastructure platform connecting the on-chain economy with traditional finance.The report highlights Coinbase's product advancements in tokenized U.S. stocks, stock and crypto options, prediction markets, AI investment tools, and agentic payment infrastructure, as well as its prior approval from the CFTC to operate as a Futures Commission Merchant (FCM), allowing it to offer global crypto perpetual contracts and options trading to U.S. clients through Deribit. Benchmark believes these initiatives further confirm that Coinbase is continuously expanding its business boundaries beyond spot crypto trading.

According to The Block, investment bank Benchmark pointed out in its latest research report that the U.S. Securities and Exchange Commission (SEC) proposed to repeal Rule 611 and Rule 610(e) of Regulation NMS, which could become the "most decisive regulatory change" affecting the market structure of cryptocurrencies and tokenized assets in 2026.The proposal was announced on June 11 and aims to eliminate trading protection and quote constraint rules that have been in place for nearly 20 years in the U.S. stock market. The SEC stated that this move is intended to reduce trading costs and provide greater space for market competition and technological innovation.Benchmark's analysis believes that the current Rule 611 (order protection rule) requires trades to adhere to the National Best Bid and Offer (NBBO), while Rule 610(e) restricts "locked/crossed quotes." These mechanisms are effective in traditional matching systems but create structural constraints for automated market maker (AMM) models in decentralized finance (DeFi).The report pointed out that if the relevant rules are repealed, it will significantly lower the compliance barriers for tokenized stocks and on-chain trading systems, making AMM-based trading models easier to access the U.S. capital market system.In terms of potential beneficiaries, Benchmark specifically mentioned Securitize, believing that it will benefit most directly as a provider of tokenized securities infrastructure, while Coinbase and Galaxy Digital will also benefit from the expansion of trading, market-making, and custody infrastructure. However, the report also emphasized that the rule adjustments do not address all core issues, such as the exchange registration system, custody and clearing framework, and the legal positioning of DeFi-native trading still needs further clarification.The industry generally expects that the subsequent "innovation exemption mechanism" will become a key supporting policy. The SEC has currently opened a 60-day public comment period on the proposal, and the market anticipates that the final vote may take place in early 2027.

According to The Block, Benchmark maintains a "Buy" rating on the tokenized infrastructure company Securitize, with a target price of $16, based on its revenue expectation of approximately $178 million in 2027. The U.S. Securities and Exchange Commission (SEC) has announced that the merger registration statement of Securitize and Cantor Equity Partners II is effective, and shareholders will vote on June 29. If approved, the merged company is expected to list on the New York Stock Exchange under the ticker SECZ.The report states that Securitize has a differentiated advantage with its compliance license system across the U.S. and Europe, including registration as a broker-dealer, alternative trading system, transfer agent, and fund service provider in the U.S., and holds trading and settlement licenses under the DLT Pilot regulatory framework in the European Union. Securitize currently manages approximately $3.4 billion in tokenized assets, and the size of its market segment has exceeded $30 billion.

According to The Information, the IPO process of AI chip company Cerebras Systems has once again attracted market attention, with key beneficiaries including Foundation, well-known venture capital firm Benchmark, and OpenAI.Cerebras has long been seen as a potential competitor to Nvidia, dedicated to developing ultra-large-scale AI chips, but its commercialization process has faced setbacks. The company withdrew its IPO prospectus in 2025, causing its listing plans to stall for a time. However, as the AI infrastructure boom continues to heat up, the market is refocusing on its potential listing value and early investor returns. Early investment firms, including Benchmark, as well as OpenAI, which has a partnership with the company, may gain substantial benefits from Cerebras' future listing.

Despite Coinbase reporting a net loss of $394 million in the first quarter, with revenue of only $755.8 million significantly below expectations, leading to a 6% drop in stock price, Benchmark analysts still reiterated their buy rating on Tuesday and raised the target price from $260 to $270. Analysts believe that Coinbase is transforming from a market-dependent crypto broker to a foundational infrastructure platform for the "onchain economy," having achieved net inflows for 12 consecutive quarters, with a global trading volume share reaching a new high of 8.6%, and possessing 12 monetization businesses, each contributing about $100 million in annualized revenue; additionally, the trading volume of stablecoins on the Base chain has increased tenfold year-on-year, and derivatives revenue has reached a new high, combined with an improving regulatory environment, all seen as long-term growth drivers.

CITIC International Auction in Hong Kong kicked off the "Spring Art Treasures Auction (Part Two)", with the core lot Lot 61 "Five Dynasties Chai Kiln Celadon Tombstone Base" achieving a record sale of HKD 660 million. This move not only refreshes the market height of the Chai Kiln system but also marks the official start of a new asset cycle in the art RWA ecosystem centered around $CHAI.Previously, the Chai Kiln system had a transaction record of approximately HKD 380 million, forming the initial price anchor for this system. The hammer price of HKD 660 million is an orderly upward exploration based on the existing anchor point, demonstrating the market's continued recognition of this asset class. Chairman Huang pointed out that continuously establishing a reference system through market mechanisms will further solidify the foundational role of $CHAI in on-chain value mapping and pricing.