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According to BBX data, last weekend, global asset management giants, traditional financial groups, and listed treasury departments disclosed the latest official updates on cryptocurrency asset allocation, licensing access, and merger adjustments. The core information is as follows:BlackRock ETF increased its holdings of BTC and ETH by over $1.1 billion in two days: On-chain data tracking shows that the world's largest asset management giant BlackRock's ETF address has continuously accumulated large amounts over the past two days, purchasing a total of 11,098 Bitcoins (worth approximately $852 million) and 132,769 Ethereum (worth approximately $316 million), with the total net purchase amount of these two core cryptocurrency assets exceeding $1.168 billion in a single day.Nomura's Laser Digital Japan approved for cryptocurrency trading license in Japan: Laser Digital Japan, the digital asset subsidiary of Japan's top financial group Nomura Holdings, has officially completed the registration procedures for cryptocurrency trading operators, with registration number Kanto Financial Bureau No. 00032. This is the first new exchange to successfully obtain this registration in Japan since 2022, nearly four years ago. The cryptocurrencies supported for trading on the platform initially include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and SHIB, totaling six assets.Adam Back's BSTR terminates business merger agreement with Cantor: BSTR Holdings, the Bitcoin treasury company founded by Adam Back, announced that it has amicably agreed with Cantor Equity Partners I (NASDAQ: $CEPO) to officially terminate the SPAC business merger agreement signed on July 16, 2025. BSTR's official statement pointed out that Bitcoin and publicly listed Bitcoin treasury tools currently face significant market pricing pressure, and macro misalignment has limited the effective implementation of leveraged strategy tools such as convertible bonds and perpetual preferred stocks; however, the company firmly believes that as the market stabilizes, opportunities for Bitcoin treasury allocation and leveraged investments in the public capital market will re-emerge.

Nomura Securities has initiated coverage on Yushu Technology, assigning a valuation of 25 times the 2027 sales multiple, expecting revenue growth rates of 101% and 144% for the fiscal years 2027 and 2028, respectively, with a compound annual growth rate of approximately 122% from 2026 to 2028. The research report highlights two major investment theses: the full-stack mechanical design and self-developed hardware provide Yushu with structural cost advantages, with outsourced components accounting for only 10% to 20% of total costs, and gross margins increasing from 44% in the fiscal year 2022 to 60% in the fiscal year 2025; rapid product iteration allows Yushu to repeatedly lead the industry into new application scenarios, launching four humanoid product series within 26 months.The report also notes that on July 28, 2026, the U.S. FCC included it in the Covered List, and while authorized models can still be sold, new models under development will face restrictions, constituting structural entry constraints. Currently, 73.6% of humanoid robot revenue still comes from research institutions, and catalysts for growth in new terminal markets remain scarce. Nomura suggests paying attention to the progress of the "brain"—the commercialization of WVLA2.0 and the industrial deployment of UnifoLM-X1-0, which may be key to unlocking new application scenarios. The views expressed in this research report are those of Nomura Securities and do not constitute investment advice.

Nomura Securities stated that the scale of the intervention by the Japanese Ministry of Finance may exceed the levels seen from late April to early May, with an estimated intervention scale of approximately 14.1 trillion yen (equivalent to 88 billion USD) during the period from July 30 to August 3, surpassing the total intervention amount of 11.7349 trillion yen on April 30, May 4, and May 6.

According to CoinDesk, Laser Digital, the digital asset division of Japanese financial group Nomura, announced a strategic investment in the UAE Layer1 blockchain project ZIGChain. The two parties will collaborate to promote the on-chain development of the private credit market in the Gulf region, including asset products that comply with Sharia financial rules.The specific investment amount has not been disclosed, but market sources indicate that the investment scale reaches the high single-digit millions of dollars. ZIGChain has currently partnered with Standard Chartered and the crypto-friendly fund service provider Apex Group, focusing on on-chain asset management and private credit infrastructure development.

The domestic DRAM leader Changxin Technology (688825.SH) today listed on the Sci-Tech Innovation Board for the first time, opening at 49.5 yuan, a 471.59% increase from the issue price of 8.66 yuan, with a market value reaching 3.3 trillion yuan, ranking first in A-shares. This IPO raised approximately 57.9 billion yuan (before the full exercise of the over-allotment option), making it the largest IPO on the Sci-Tech Innovation Board to date. Based on the opening price, investors who subscribed earned 20,000 yuan.Nomura Securities simultaneously initiated coverage on Changxin Technology, giving a target price of 116 yuan, based on an expected earnings per share of 5.8 yuan in 2028 and a target price-to-earnings ratio of 20 times, implying an approximate 13.4 times increase from the issue price, with an implied market value of about 7.76 trillion yuan. Nomura believes this valuation is about twice that of Micron, primarily based on expectations of market share growth for Changxin Memory and the valuation premium in the Chinese market.

According to Jinshi reports, Nomura Securities believes in its latest report that the core contradiction in the global storage industry is still a severe supply shortage, and the AI-driven structural demand growth has not yet peaked.Recently, investors' concerns about oversupply have been clearly exaggerated, and the market's extreme reaction may provide a window for reassessing valuations in the storage sector. Nomura Securities bluntly stated in the report that the market's worries are greatly overstated; the cycle for semiconductor investment to translate into actual capacity is extremely long. South Korea's investment plan of up to 480 trillion won will take at least 5 to 10 years to translate into actual capacity, and the high-profit HBM (High Bandwidth Memory) is squeezing general storage capacity, which is leading to a serious supply shortage in the market.Nomura Securities emphasized that Meta's decision is by no means a turning point for the reduction in demand for AI-related hardware. On the contrary, due to the current shortage of computing power leading to an upward trend in the price of a single token, Meta's entry into the computing power market is expected to stabilize token prices downward.

According to CoinDesk, stablecoin issuer Circle and Japanese financial giant Nomura Holdings have announced a partnership, with plans to launch corporate digital asset payment settlement services in Japan as early as 2027.Under the cooperation agreement, Japanese companies can use the platform to exchange yen for USDC for scenarios such as cross-border supplier payments, fund transfers between overseas affiliates, and foreign exchange settlements. The average daily trading volume in Japan's foreign exchange market reaches up to $440 billion, while traditional bank wire transfers typically take 2 to 3 business days to settle, and blockchain solutions are expected to significantly shorten this time.Previously, the Financial Services Agency of Japan approved the use of USDC among Japanese companies under updated payment regulations, making it the first globally recognized dollar stablecoin authorized to conduct corporate business locally. Circle will operate the related network through its local branch Circle Japan, which has previously collaborated with SBI Holdings to carry out USDC distribution business.

According to Jinshi reports, Naoki Tamura, a member of the Bank of Japan's Policy Board, stated that if the risk of inflation exceeding expectations arises, they may need to accelerate the pace of interest rate hikes.

According to Jinshi News, Nomura Securities expects that due to rising inflation and a weakening of support from Federal Reserve officials for policy easing, the likelihood of a rate cut in the near term has decreased, and the Federal Reserve will maintain interest rates unchanged in 2026. In a report on May 21, Nomura stated that the incoming Federal Reserve Chairman Kevin Walsh may still have the motivation to ease policy, but recent data and statements from Federal Reserve officials have led them to doubt whether he can persuade the majority of members of the Federal Open Market Committee to support a rate cut.

According to Jinshi reports, Nomura Securities expects the Federal Reserve to keep interest rates unchanged in 2026, after previously predicting that the Federal Reserve would cut rates once in September and once in December this year.

Nomura published a report indicating that AI-driven demand is growing exponentially, while memory supply is limited, suggesting that memory stocks are set for a valuation reassessment. The firm significantly raised the target prices for Samsung Electronics and SK Hynix, with Samsung's target price soaring from 340,000 KRW to 590,000 KRW, and SK Hynix's target price rising from 2,340,000 KRW to 4,000,000 KRW, both rated as "Buy." Nomura stated that as AI semiconductor demand shifts from training to inference workloads, memory demand is entering a period of exponential expansion.In contrast, the firm believes that industry supply growth during the same period may still be constrained to about 5 to 6 times (with a compound annual growth rate of about 30%), raising serious questions about whether the structural supply-demand imbalance can truly be resolved. The firm mentioned that currently, the industry is attempting to narrow this widening supply-demand gap through various software and architectural optimizations, but Nomura believes these solutions can only slow the growth rate rather than reverse the trend.

The RWA tokenization protocol KAIO officially announces the launch of its governance token KAIO, with a fixed total supply of 10 billion tokens, and simultaneously establishes the KAIO Foundation, responsible for ecological governance, treasury management, and protocol development.KAIO is incubated by Nomura Group's digital asset division Laser Digital and has received strategic investments from institutions such as Tether (the world's largest stablecoin issuer), BH Digital Assets, and Further. The platform currently has 5 institutional-grade funds launched, with a TVL of approximately 100 million USD, spanning over 10 blockchains. The supported asset managers include BlackRock, Brevan Howard, Hamilton Lane, and Laser Digital, with a collaboration with Mubadala Capital set to be announced soon.In terms of token distribution, the community and liquidity incentives account for the highest proportion at 37.5%; the foundation holds 17%; the team, investors, and Pre-TGE sales collectively account for 45.5%, with a lock-up ratio of zero on the day of TGE. Unlocking has a cliff period of 6 to 12 months, followed by monthly linear releases, with a maximum period of up to 60 months.The core uses of the token include: access to protocol products, participation in staking to earn rewards, and governance voting rights on key protocol decisions and treasury allocations. The protocol will generate revenue by charging basis points on tokenized assets, but token holders do not have statutory rights to fee distribution. The KASH product aimed at retail users is planned to launch in the second quarter of 2026, aiming to provide ordinary users with exposure to RWA returns.

Arkham stated that trader Murad's portfolio has rebounded to about $12 million, up approximately 50% from the previous low of $7.8 million, but still down about 82% from the historical peak. During this period, Murad did not sell his holdings in SPX and other meme coins.

The Japan Securities Clearing Corporation (JSCC), a clearing institution under the Japan Exchange Group, has partnered with Mizuho Bank, Nomura Securities, and Digital Asset to launch a proof-of-concept trial aimed at exploring the use of blockchain technology for collateral management of Japanese Government Bonds (JGBs).According to a joint statement released on Monday, the trial will integrate existing systems from multiple institutions through the Canton Network to test the on-chain transfer and management of JGBs. This initiative aims to assess the feasibility of achieving real-time collateral trading while ensuring compliance with relevant financial instruments and trading laws. The trial will also investigate cross-border use cases involving clearinghouses, institutional investors, and other market participants.JSCC stated that this trial is part of a broader initiative under the Financial Services Agency's "Payment Innovation Project." As overseas markets like the United States make progress in testing similar infrastructures, advancing JGBs collateral management has become an "urgent priority." Previously, the Depository Trust & Clearing Corporation (DTCC) in the U.S. launched a pilot to tokenize U.S. Treasury securities, and South Korea is also conducting related tests.

The "2026 Digital Asset Institutional Investor Survey" released by financial giant Nomura Securities shows that nearly 80% of institutional investors plan to allocate 2% - 5% of their total managed assets to the cryptocurrency sector. 65% of the surveyed institutions view cryptocurrencies as a diversification tool on par with stocks, bonds, and commodities.The survey covered institutional investors and family offices managing over $60 billion in assets. In terms of investment direction, more than two-thirds of respondents hope to earn returns through DeFi mechanisms such as staking, 65% are focused on lending and tokenized assets, and 63% are exploring derivatives and stablecoins. Additionally, 63% of respondents believe that stablecoins have practical uses for managing cash, cross-border payments, and investing in tokenized assets, with stablecoins issued by major financial institutions being the most trusted.Nomura Securities stated that regulatory clarity, increased awareness, and improved risk control frameworks are key to expanding investments. Although challenges such as the lack of clear methods for asset valuation and regulatory uncertainties still exist, the development of diversified investment products and improvements in risk management practices are accelerating institutional adoption.

According to Jinshi News, Nomura Securities has postponed the Federal Reserve's interest rate cut expectations to September and December, citing new inflation risks arising from the Middle East conflict. Nomura's Chief U.S. Economist Jeremy Schwartz pointed out that the delay in the confirmation process for Federal Reserve Chair nominee Kevin Walsh is also a reason for his revision of the interest rate cut timetable. Although price pressures are viewed as transitory, the Federal Reserve may remain cautious in the short term, with policymakers still maintaining a preference for easing.

According to Jinshi reports, Nomura Securities expects the Federal Reserve to cut interest rates by 25 basis points in September and December, while the previous forecast was for June and September.

Nomura Securities expects the Bank of England to cut interest rates by 25 basis points in April and July, whereas the previous forecast was for cuts in March and June.

According to Nikkei News, Japan's Nomura Holdings and Daiwa Securities Group are collaborating with Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group to jointly promote a pilot project for securities trading based on stablecoins, aiming to achieve 24-hour real-time settlement on the blockchain.The project plans to convert assets such as stocks, government bonds, corporate bonds, investment trusts, and ETFs into digital securities. After investors place orders through brokers, transactions will be settled in real-time using yen stablecoins jointly issued by the three major banks, with asset rights simultaneously transferred to the buyer. The experiment is expected to start as early as this month after notifying financial regulatory authorities, and may attract more financial institutions in the future.The project aims to support round-the-clock trading through the tamper-proof characteristics of blockchain, extending trading hours and shortening settlement cycles to invigorate the markets for stocks, bonds, and investment trusts. However, implementation still faces compliance and practical challenges related to broker order verification and other operational processes, and the pilot will focus on identifying and addressing related obstacles.