深潮研习社（🐂，🍺）

SWI Group Raises $895 Million to Transform Bitcoin Mining Farms into AI Infrastructure According to a report by The Block on October 12th, following its acquisition of Genesis Digital Assets, a Bitcoin miner under FTX, SWI Group has raised €800 million (approximately $895 million) from institutional investors to expand its AI data centers and high-performance computing infrastructure in the US and Europe. As part of its strategic transformation, the company is converting suitable Bitcoin mining facilities for AI computing purposes, gradually exiting the cryptocurrency mining business. https://www.techflowpost.com/zh-CN/newsletter/139649

Xie Jiayin: The Bubble is Blowing Out, Projects are Starting to De-tokenize Deep Tide TechFlow News, October 12th, Xie Jiayin, Head of Bitget Greater China, shared his thoughts on attending Token2049 in Singapore on Twitter. First, users are becoming increasingly professional, starting to define products in reverse. The demand for amplifying capital efficiency through options, strategy platforms, etc., is user-driven. For institutions, the capital efficiency improvement brought by tokenization is a core need. Second, the bubble is blowing out, and projects are starting to de-tokenize, no longer relying solely on issuing tokens for marketing, but creating real value through payment, asset management, and brokerage services. Third, the industry is entering a clear regulatory framework, which will inevitably be accompanied by short-term pain. In the long run, compliance and institutionalization will drive the industry to mature into a financial infrastructure. https://www.techflowpost.com/zh-CN/newsletter/139648

Bithumb to Launch KGEN Trading Pair According to a TechFlow report on October 12th, Bithumb will launch a KGEN trading pair. https://www.techflowpost.com/zh-CN/newsletter/139647

Kraken Receives Final Regulatory Approval in Dubai, Plans to Launch in UAE Market Within Weeks According to a report by The Block on October 12th, Kraken's parent company, Payward, has received final regulatory approval from Dubai and plans to officially launch its exchange services in the UAE within the next few weeks. Kraken will offer spot and margin trading denominated in AED (UAE Dirham), staking, xStocks, Krak transfers, as well as OTC spot trading and Kraken Prime services for institutions. Crypto derivatives business is still subject to further regulatory approval. https://www.techflowpost.com/zh-CN/newsletter/139646

🌟 Recommended Reading Morgan Stanley Research Report Analysis: S&P Equal Weighted Index Falls 5%, AI Concentration Risk Accumulates Before Year-End https://www.techflowpost.com/article/34504 📖 Related Recommendations Bernstein Research Report Analysis: SpaceX Buys Low-Frequency Spectrum, Tower Companies Regain Catalyst https://www.techflowpost.com/article/34458 Bank of America Research Report Analysis: Low Market Width is a Bubble Feature, AI Deals Will Continue Before Bursting https://www.techflowpost.com/article/34407 Goldman Sachs Research Report Analysis: Constellation Energy Signs 3.6GW Nuclear Power Contract with Google, Contract Signing Rate Rises to 28% https://www.techflowpost.com/article/34403

Morgan Stanley Delays Tokenized Stock Launch to Q1 2027 According to a report by The Block on October 12th, Morgan Stanley has postponed its plan to support tokenized stocks on its Alternative Trading System (ATS) from the previously announced second half of 2026 to the first quarter of 2027. Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, stated, "Q1 is more realistic because it would align with other activities in the broader ecosystem, but the team is currently actively working on the development." https://www.techflowpost.com/zh-CN/newsletter/139645

SkyAI Announces $3/Share Takeover Bid, Rejects Forward Industries' Acquisition Proposal According to a report by GlobeNewswire on October 12, SkyAI (Nasdaq: SKYA) announced plans to launch a takeover bid on October 15, 2026, to repurchase up to 95% of its outstanding common stock and various pre-issued warrants at a cash price of $3.00 per share/warrant, with a maximum total acquisition amount of approximately $201 million. This price represents a 65% premium over the closing price on October 9 and a premium of over 100% over the 60-day volume-weighted average price. The offer period is 10 business days, subject to conditions including a minimum of 50% valid bids for each type of share and the SOL price remaining above $100 during the offer period. The company will pay with cash and proceeds from the sale of approximately 1 million SOL tokens. Meanwhile, SkyAI's board of directors rejected Forward Industries' proposed share swap of 0.306 FWDI shares, arguing that the proposal undervalued the company and was not in the best interests of shareholders. https://www.techflowpost.com/zh-CN/newsletter/139644

Jensen Huang says Chinese AI models are "good enough," and is optimistic about open source driving AI efficiency improvements. According to a report by DeepFlow TechFlow on October 12th, at a forum hosted by DBS Bank on Monday, Jensen Huang stated that the performance of Chinese AI models (including DeepSeek, Kimi, and GLM) is "already good enough." He said, "I am a strong supporter of open source, which is the best way to drive efficiency improvements." He added that the market will determine which models are best suited for different application scenarios. Huang also stated that quantum computing may enter mainstream applications within the next 3 to 5 years, and software will play a crucial role in driving the efficient use of related infrastructure. (Jinshi) https://www.techflowpost.com/zh-CN/newsletter/139643

Bitget Launches Stock Contracts for 5 Stocks Including Kia and LG New Energy According to a TechFlow report on October 12th, Bitget officially announced the launch of perpetual contracts for five stocks: KIA, LG Energy, SSBIOLOGICS, KBFG, and KAKAO. All contracts are settled in USDT, supporting leverage up to 20x and 24/7 trading. Currently, Bitget supports a total of 346 stock contracts. https://www.techflowpost.com/zh-CN/newsletter/139642

Circle minted approximately 3.5 billion USDC on Solana in the past 7 days. According to DeepFlow TechFlow, on October 12th, SolanaFloor (@SolanaFloor), an on-chain data platform, reported that Circle minted approximately 3.5 billion USDC on Solana in the past 7 days. [https://www.techflowpost.com/zh-CN/newsletter/139641](https://www.techflowpost.com/zh-CN/newsletter/139641)

ZachXBT Questions Low XRP Ledger Security Bounty: Only $250,000 Paid to Reporter of Unlimited XRP Deep Tide TechFlow reported on October 12th that blockchain detective ZachXBT publicly questioned the XRP Ledger Foundation's handling of recent security vulnerabilities and its bounty mechanism. ZachXBT stated that for a critical vulnerability that could lead to the unlimited issuance of XRP, the official organization with billions of dollars in reserves only paid a $250,000 bounty to the responsible white-hat hacker who reported the vulnerability. He believes that such a low reward mechanism is unlikely to incentivize security personnel and may instead encourage future attackers to directly exploit high-risk vulnerabilities for hundreds of millions of dollars in profit. He also stated that such practices reduce the industry's trust in XRP Ledger and Ripple. Previous reports indicated that the XRP Ledger Foundation stated that the recent security vulnerability has been fixed and no new XRP has been issued. https://www.techflowpost.com/zh-CN/newsletter/139640

Bybit Stocks Officially Launches, Providing Users with Trading Access to Over 1,000 US Stocks and ETFs DeepTechFlow News, October 12th – It is reported that the new financial platform Bybit officially launched Stocks today. Eligible users can now trade over 1,000 US-listed stocks and ETFs through Bybit, covering many popular US stock and ETF assets. After the Stocks launch, Bybit users who have completed KYC verification and are located in licensed regions can directly use USDC to buy and sell supported US stocks and ETFs. Unlike price derivatives or synthetic instruments, Stocks gives Bybit users access to a wider range of economic benefits from securities. Stocks' current main features include: - Over 1,000 US stocks and ETFs, with fractional share trading available for eligible securities. - Trading in USDC, with direct funding from your Bybit account. - Support for corporate actions, including cash dividends, stock dividends, and stock splits. - 24/5 trading, covering pre-market, intraday, and after-hours trading for US stocks (subject to availability). - Zero commission on eligible stock trading. Eligible holders will receive corresponding financial benefits. Cash dividends will be converted from USD to USDC and deposited into a Unified Trading Account (UTA), while stock dividends will be directly reflected in the user's holdings. Voting rights are planned for a later phase. Orders are routed through Bybit's regulated brokerage infrastructure and executed by the US self-clearing broker Alpaca, with the underlying securities held in custody by Alpaca. In addition to cryptocurrency spot and derivatives trading, Bybit also connects with traditional market opportunities through the MT5 platform, tokenized stocks, and TradeFi perpetual contracts. The launch of Bybit Stocks further completes Bybit's multi-asset platform portfolio. Bybit Stocks service is provided by Infra Capital Limited (introducing broker), which is regulated by the Mauritius Financial Services Commission (GB23202169). Clearing and settlement services for US securities are provided by Alpaca Securities LLC (a FINRA/SIPC member). Specific terms and conditions of this product can be found on the official website. Investment products carry the risk of principal loss; users must read the "Risk Disclosure Statement" before investing. https://www.techflowpost.com/zh-CN/newsletter/139637

Analyst: Bitcoin Miner Fee Revenue Accounts for Less Than 1%, Older Mining Machines Still Face Significant Profit Pressure According to Deep Tide TechFlow, on October 12th, CryptoQuant analyst Axel Adler Jr. stated that over the past 30 days, transaction fees have accounted for only 0.64% of Bitcoin miners' revenue on average, a slight decrease from 0.65% a week earlier, and have remained below 1% since mid-August 2025. This means that current miners' revenue still relies primarily on block rewards, with transaction fees offering limited support for profitability. At an electricity price of $0.05/kWh, the electricity cost to mine 1 BTC using a Bitmain Antminer S19 is approximately $86,700, higher than the current BTC market price; while the corresponding electricity cost for the S21 is approximately $44,300, providing a significantly higher profit buffer. Axel Adler Jr. points out that the rise in BTC price has improved the operating environment for miners, but older equipment still faces significant cost pressures; if transaction fee revenue continues to rise above 1%, it means that on-chain activity is beginning to contribute more to miners' revenue. [https://www.techflowpost.com/zh-CN/newsletter/139639](https://www.techflowpost.com/zh-CN/newsletter/139639)

The IMF Warns of Potential Disruptive Impacts on Employment and Tax Systems According to Deep Tide TechFlow, on October 12th, IMF Managing Director Kristalina Georgieva warned that AI is having a disruptive impact on the labor market and tax system, and policymakers need to rethink the education system and take immediate steps to help society adapt to the changes. Speaking at her first appearance at the IMF and World Bank Annual Meetings in Bangkok on Monday, Georgieva said, "This is a slow-moving tsunami, but it is still a tsunami." At a conference on the impact of AI on employment, she stated that AI has already weakened the demand for some human workers by replacing a large number of repetitive, procedural jobs. At the same time, AI is also driving up low-wage jobs in industries such as construction, which she believes "is not something to celebrate." Georgieva stated that this transformation will have a profound impact on public finances. The risk is that AI may shift the economy from labor to capital, thereby weakening government tax revenue sources, as labor income has traditionally been a crucial basis for taxation. (金十) https://www.techflowpost.com/zh-CN/newsletter/139638

The Smarter Web Company Raises $13.25 Million in IPO According to DeepFlow TechFlow, on October 12th, Bitcoin Treasuries disclosed that the UK-based Bitcoin treasury company The Smarter Web Company (SWC) announced that it has raised $13.25 million through its initial public offering (IPO), launching the UK's first Bitcoin-backed preferred stock (MORE). The MORE preferred stock will begin trading on the London Stock Exchange (LSE) main board this Wednesday, with the first weekly dividend payout scheduled for November 9th. https://www.techflowpost.com/zh-CN/newsletter/139636

Morgan Stanley: S&P 500 Falls 5% on Equal Weight, AI Concentration Risk Accumulates Before Year-End According to Deep Tide TechFlow, Morgan Stanley's research report dated October 9, 2026, points out that the S&P 500 index fell 0.5% in September in terms of market capitalization weight, and 5% on an equal weight basis; the top six contributing stocks contributed approximately 190 basis points, while the remaining constituent stocks dragged down the index by approximately 240 basis points; the median forward P/E ratio for AI and semiconductor stocks is approximately 32 times, higher than the average of approximately 19 times over the past ten years. Morgan Stanley believes that the AI ​​rally is still supported by earnings, but concentration risk is accumulating. It recommends selectively holding AI positions, gradually reducing thematic concentration, tactically increasing positions in low-volatility stocks, and allocating to financially sound value stocks to prepare for a possible turning point from December to early 2027. https://www.techflowpost.com/zh-CN/newsletter/139635

A trader's STONK holdings have yielded a 21-fold profit, and they still hold tokens worth over $610,000. According to TechFlow, on October 12th, based on Arkham data, trader @PyroNFT bought $32,500 worth of STONK tokens two months ago when its market capitalization was $2.28 million. They have since cashed out $29,300. This holding once reached a peak value of $1.5 million, and they currently still hold $617,800 worth of STONK, representing a 21-fold return. [https://www.techflowpost.com/zh-CN/newsletter/139634](https://www.techflowpost.com/zh-CN/newsletter/139634)

🌟 Recommended Reading Podcast Notes｜Conversation with Papertrade Co-builder Jez: The Market Will Rise 10 Times More, You Need to Go All In on the Best Businesses https://www.techflowpost.com/article/34501 📖 Related Recommendations Less Than a Day After Launch, a Wallet Drained $1.28 Million from Papertrade https://www.techflowpost.com/article/34487 Winners Queue Up for Cash, Losers Get Liquidated and Receive Airdrops: Understanding Papertrade's "Losing Money is Mining" Model https://www.techflowpost.com/article/34481 Papertrade Launches Tomorrow: 1000x Leverage, Loss Mining, DeFi's Craziest Casino Experiment is Here https://www.techflowpost.com/article/34469

Bitcoin mining company Genesis Digital Assets to transform into AI data center provider According to a report by The Wall Street Journal on October 12, Bitcoin mining company Genesis Digital Assets will transform into an AI data center provider. SWI Group acquired a significant stake in the company in June for $500 million, becoming its controlling shareholder, and announced on October 12 that it had raised €800 million (approximately $900 million) for data center upgrades and expansion. SWI plans to utilize Genesis Digital's data centers in Texas, North and South Carolina, and Sweden to provide computing power to large cloud computing service providers, and will sell its remaining mining assets in Kazakhstan. https://www.techflowpost.com/zh-CN/newsletter/139633

Tokenized Stocks Reach Record High Market Cap of $3.9 Billion According to TechFlow, on October 12th, data from Token Terminal showed that the total market capitalization of tokenized stocks reached a record high of $3.9 billion. Among them, the three major blockchains, BNB Chain, Ethereum, and Solana, collectively account for approximately 70% of the market share. https://www.techflowpost.com/zh-CN/newsletter/139632

Pando Finance Plans to List Solana ETF on HKEX on October 13th According to a report by The Block on October 12th, Pando Finance plans to list its Solana exchange-traded fund (ETF) on the Hong Kong Stock Exchange (HKEX) on October 13th, with an expected annual management fee of 1.6%. According to its key fact statement, the ETF will hold SOL through a HashKey and will not be pledged, leveraged, or distribute dividends. This fund will become the second Solana ETF in the Hong Kong market, following the ChinaAMC Solana ETF. https://www.techflowpost.com/zh-CN/newsletter/139631

The Financial Stability Board (FSB) has warned of cross-border regulation and AI risks associated with stablecoins, urging the G20 to strengthen safeguards. According to a report by Cointelegraph on October 12th, the FSB warned in a document submitted to G20 finance ministers and central bank governors that cross-border regulation of stablecoins, crisis management mechanisms, and AI-related cybersecurity risks still need further improvement. FSB Chairman Andrew Bailey stated that current cross-border regulation and crisis management mechanisms for stablecoins are "still immature or not yet established." The FSB pointed out that during a run on a stablecoin, risks could be transmitted to traditional financial markets through the forced sale of reserve assets and outflows of bank deposits; multi-issuer stablecoins may also face the problem of redemption demand concentrated on a single issuer while reserves are distributed across different jurisdictions. Furthermore, the FSB has finalized its practices for the responsible adoption of AI by financial institutions, covering governance, AI development and deployment, cybersecurity, and third-party service risks, and warned that sophisticated AI-driven cyberattacks could weaken the resilience of critical financial institutions and market infrastructure. https://www.techflowpost.com/zh-CN/newsletter/139630

The South Korean KOSPI index closed down 3.65%, with Samsung Electronics down 4.38% and SK Hynix down 4.52%. According to Bitget data, on October 12th (Monday), the South Korean KOSPI index closed down 241.69 points, or 3.65%, at 6384.24 points. Samsung Electronics fell 4.38%, and SK Hynix fell 4.52%. [https://www.techflowpost.com/zh-CN/newsletter/139629](https://www.techflowpost.com/zh-CN/newsletter/139629)

Binance to Launch ZCSH, MSTU, SNPS, and RDW U-Margined TradeFi Perpetual Contracts According to DeepTechFlow, on October 12th, Binance Futures will launch ZCSHUSDT, MSTUUSDT, SNPSUSDT, and RDWUSDT U-margined TradeFi perpetual contracts starting at 17:00 (UTC+8) on October 12th, supporting leverage up to 20x. The underlying assets for these contracts are The Zcash ETF Shares (ZCSH), T-Rex 2X Long MSTR Daily Target ETF (MSTU), Synopsys (SNPS), and Redwire (RDW), respectively. All contracts support 24/7 trading, with funding fees settled every 8 hours. https://www.techflowpost.com/zh-CN/newsletter/139628

F2Pool co-founder Chun Wang transferred 2,160 ETH, worth approximately $5.52 million, to Binance. According to DeepFlow TechFlow, on October 12th, based on data from Onchain Lens, Chun Wang, co-founder of F2Pool, transferred 2,160 ETH, worth approximately $5.52 million, from F2Pool's Gnosis Safe to Binance. This includes two separate transfers of 1,150 ETH and 1,010 ETH, worth approximately $2.94 million and $2.58 million respectively. [https://www.techflowpost.com/zh-CN/newsletter/139627](https://www.techflowpost.com/zh-CN/newsletter/139627)

TSMC's Q3 Net Profit Expected to Surge 65% Year-on-Year, Marking Sixth Consecutive Quarter Record High According to DeepTechFlow, TSMC, the world's largest advanced AI chip foundry, will release its Q3 financial report on Thursday, October 12. It is widely predicted that, driven by the AI ​​boom, TSMC is poised to achieve its sixth consecutive quarter of record-high profits. LSEG SmartEstimate, compiling forecasts from 16 analysts, indicates that TSMC's Q3 net profit is expected to surge 65% year-on-year to NT$746.3 billion (US$23.4 billion). If net profit exceeds NT$706.56 billion, it will set a new record for the company's single-quarter net profit, while also achieving 11 consecutive quarters of profit growth. Last Thursday, TSMC released preliminary data showing that its Q3 revenue reached NT$1.49 trillion (approximately US$46.7 billion), a 51% year-on-year increase, exceeding market expectations and setting a new record. (Golden Ten) https://www.techflowpost.com/zh-CN/newsletter/139626

3iQ Receives In-Principle Approval for a Type 4 License from Abu Dhabi's ADGM According to a report by PRNewswire on October 12, 3iQ's UAE entity, 3iQ Middle East Ltd, has received in-principle approval from the Abu Dhabi Global Markets (ADGM) Financial Services Regulatory Authority (FSRA) for a Type 4 license, marking a significant step in establishing a regulated business in the country. 3iQ stated that this approval is part of its efforts to expand its regulatory footprint across major global digital asset markets. Previously, 3iQ had entered into a strategic partnership with UAE digital asset investment management company Further, providing institutional investors with access to digital asset investments through the 3iQ Managed Account Platform (QMAP), which has already attracted $100 million in sovereign capital-related seed funding. https://www.techflowpost.com/zh-CN/newsletter/139625