equity

According to a report by Reuters, artificial intelligence company Zhipu has launched a Hong Kong stock placement of approximately 2 billion USD and a convertible bond issuance of about 3 billion USD, totaling a financing scale of around 5 billion USD. Zhipu will issue 21.97 million new shares at a placement price of 714 HKD per share, which is about a 10% discount compared to the closing price of 793 HKD; at the same time, it will issue 20.14 billion RMB (approximately 3 billion USD) zero-coupon convertible bonds, maturing in September 2027. The issuance price of the convertible bonds is 100% to 100.5% of face value, corresponding to a yield of -0.5% to 0%, with an initial conversion price of 892.5 HKD, which is a 25% premium over the placement price.The proceeds from the financing will mainly be used for research and development, computing power resources, and related infrastructure, as well as for business expansion, strategic investments, potential mergers and acquisitions, working capital, and other corporate purposes. This stock placement and convertible bond issuance will occur simultaneously, but the settlement of the two transactions is not interdependent.

Centrifuge, in a post on X, announced that the governance proposal CP172 has been approved. The official statement indicates that this is the first time in history that tokens will be converted into tokenized equity. After necessary approvals and legal analysis are completed, Centrifuge will proceed with the proposed restructuring.According to the governance forum proposal, the Centrifuge Network Foundation plans to restructure and re-register as a Cayman Islands exempt limited liability company, Centrifuge, Inc., to issue equity. Eligible CFG token holders can exchange 1 CFG for 1 share of tokenized equity through the Centrifuge platform, with no additional fees. Qualified holders with 100,000 CFG or more will be directly registered as shareholders, while those with less than 100,000 will participate through a trust structure in collaboration with CoinList.The conversion is voluntary, and non-participating holders can continue to hold or sell their tokens on the open market. Centrifuge will strive to maintain market liquidity during the conversion period. The proposal is legally guided by Ogier, with advisory support from Galaxy Digital Labs LLC and The Tokenized Asset Coalition.

The CEO of Bitcoin Reserve Company Metaplanet, Simon Gerovich, posted on the X platform in response to the controversy surrounding the company's equity incentive plan and MMXX Ventures. Gerovich admitted that the company "failed to adequately explain" the incentive arrangement known as "Series 10 Stock Options" and stated that he is a "significant but non-controlling shareholder" of MMXX's parent company, not involved in its trading decisions.The controversy stems from a stock rights plan established in December 2022, with a reward pool set at 20% of Metaplanet's fully diluted equity. After shifting to a Bitcoin reserve strategy in April 2024, the company dilutes existing shareholders with each new share issuance, while Gerovich's option rights increase accordingly. On August 18, the board canceled the floating adjustment mechanism, fixing the Series 10 pool at 319 million shares and setting a five-year lock-up period, but did not restore the reward pool to the level it was at when the Bitcoin strategy was initiated. On August 28, Gerovich exercised 92,000 Series 10 options, acquiring 64 million new shares, and currently holds about 6.2% of the company; he and MMXX together hold over 27% of the fully diluted equity.Shareholders expressed dissatisfaction. A shareholder using the pseudonym The Bitcoin Pharaoh stated on X that the adjustments in August were "a step in the right direction," but demanded that Gerovich address the issues that have arisen, disclose the owners of MMXX, and restore the reward pool to the level it was at when the Bitcoin strategy was initiated.

a16z's AI infrastructure team has successfully backed two acquisitions within five days: Cursor has been acquired by SpaceX, and Stripe announced the acquisition of OpenRouter. According to The Information, the total value of a16z's holdings corresponding to these two investments has exceeded $8 billion.In 2024, a16z participated in Cursor's $60 million Series A round, when the company's valuation was only $400 million. Now, SpaceX is acquiring Cursor for $60 billion. Bloomberg previously reported that a16z is Cursor's largest external shareholder, holding about 10%, which is valued at approximately $6 billion based on the acquisition price.In 2024, a16z established its first $1.25 billion infrastructure-focused fund. The Information states that the two transactions involving Cursor and OpenRouter are enough for the related fund to return all principal to LPs and also provide additional profits. This year, a16z raised another $1.7 billion for its infrastructure fund and recently raised an additional $1.1 billion specifically for AI hardware. Martin Casado, head of AI infrastructure, noted that a few years ago, only about 5% of the startup projects he encountered were in hardware, and now that figure is close to 20%.

According to The Defiant, Securitize has announced a partnership with Socios.com, where Securitize will provide regulated securities issuance, investor onboarding, and ownership record services for Socios.com’s plan to sell tokenized minority equity in professional sports clubs.The token product branded as Socios Equity Tokens will be subject to applicable securities laws, league requirements, club approvals, and jurisdictional restrictions. Fan Tokens and Socios Equity Tokens will function as separate products, with the former used for participation and utility, while the latter represents regulated financial rights.Carlos Domingo, co-founder and CEO of Securitize, stated that professional sports clubs represent an important asset class that has largely remained private and difficult to access. Securitize's regulated infrastructure in the U.S. and Europe can provide clubs and their owners with new ways to issue and manage equity. Alexandre Dreyfus, founder and CEO of Chiliz Group, mentioned that the collaboration with Securitize will explore entering the next phase through regulated tokenized equity.It is reported that this plan is expected to become the first tokenized project launched by Securitize under the EU DLT pilot regime, which only accepts issuers with a market capitalization of less than 500 million euros. Securitize received authorization from Spain's CNMV for DLT trading and settlement systems in November 2025.

According to SolanaFloor, the supply of tokenized equity on the Solana chain has reached a historic high, with the scale of tokenized equity deposited in lending protocols also hitting a new high of $60 million. $NVDAx and $SPYx rank at the top by the number of holders.

Hyperliquid's native treasury company Hyperliquid Strategies announced that it has expanded its equity purchase agreement with Chardan Capital Markets from $1 billion to $2.5 billion.After the initial $1 billion is sold, further stock sales below $12.02 will be subject to the Nasdaq 19.99% exchange cap limit, unless approved by shareholders.

According to Bloomberg, investment firm Dragoneer Investment Group is raising approximately $1 billion for a new continuation fund using equity from its star assets such as OpenAI, SpaceX, Databricks, and wealth management firm Creative Planning as "chips." However, sources indicate that Dragoneer's initial fundraising target was $2 billion, and it is currently unclear what specific assets are included in the final $1 billion fund raised.It is reported that Dragoneer hopes to enhance the fund's appeal to investors by establishing a continuation fund that allows for the continued holding of some existing assets for a longer period. This fundraising also reflects that, as the valuations of popular private tech companies like OpenAI and SpaceX continue to attract market attention, holding early or private equity in these companies is becoming an important chip for asset management firms in fundraising and asset restructuring.

Ripple's multi-asset brokerage business Ripple Prime has launched the Delta One service aimed at institutional investors, officially expanding into the U.S. equity derivatives market. This service allows clients to execute total return swaps linked to U.S. listed stocks, indices, and digital assets, and supports cross-asset margin calculations.Noel Kimmel, President of Ripple Prime, stated that this is an important step in the development of Ripple Prime and a natural extension of the platform. The service is primarily aimed at financial institutions such as hedge funds and asset management companies, allowing clients to trade around the clock through a single counterparty. Ripple Prime currently has over $1 billion in regulatory net capital.Ripple Prime was renamed after Ripple's $1.25 billion acquisition of Hidden Road completed in October 2025. In August of this year, Ripple Prime completed a $275 million private placement of senior unsecured notes, and in May, it secured $200 million in debt financing from a fund managed by Neuberger Specialty Finance to expand its institutional lending capabilities.

SK Group plans to sell a 49% stake in its Ulsan artificial intelligence data center in South Korea to several private equity firms. SK Telecom and SK Broadband intend to approve the transaction at the board meeting on August 27.KKR will acquire a 29% stake, while a consortium formed by IMM Investment and Stonebridge Capital will acquire a 20% stake. The transaction is valued at approximately 3 trillion won, which includes about 1.2 trillion won in capital increase.

Citigroup expects that by 2026, the issuance scale of South Korean companies in the global bond and stock markets will reach a record high. Companies are raising growth funds through international investors, with SK Hynix's $26.5 billion U.S. listing being the most prominent. Jangho Park, CEO of Citigroup Global Markets Korea, stated that South Korea has an increasing number of world-class companies and emerging industry leaders, who are increasingly utilizing capital markets with competitive financing conditions to raise funds for their growth objectives.As Citigroup makes this forecast, the two major chip manufacturers in South Korea are becoming the main beneficiaries of global artificial intelligence infrastructure construction. South Korea is seeking to encourage companies, including Samsung Electronics and SK Hynix, to invest at least 135 trillion won ($975 billion) in chip and data center construction, although many projects are still in the early planning stages.

According to the Form D document disclosed by the U.S. Securities and Exchange Commission (SEC), the prediction market platform Kalshi Inc. is conducting a private equity offering under Rule 506(b) exemption, with a total issuance size of approximately $1.499998 billion, of which approximately $1.12001 billion has been sold, leaving approximately $379.99 million remaining for sale. The document shows that the first sale date is April 3, 2026, and 71 investors have already participated.

EntropyIO announced the launch of the first liquidity trading method for Anthropic, aimed at making cutting-edge assets that were previously accessible to only a select few available to a broader audience. The project has completed a $14 million financing round led by Ribbit Capital and received $40 million in HYPE staking support to build improved and new markets.EntropyIO stated that the first related markets have gone live on Hyperliquid. EntropyIO focuses on providing liquidity trading and market infrastructure for cutting-edge assets.

Hyperliquid Policy Center (HPC) submitted a letter of opinion to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) stating that eligible equity perpetual contracts can be classified as securities futures. This category is jointly regulated by the two agencies, allowing exchanges to compete on execution quality rather than jurisdiction.HPC pointed out that there is still no clear classification for perpetual contracts under U.S. law (whether futures or swaps), and this fundamental issue remains unresolved. They possess characteristics of futures such as standardized terms, the ability to hedge positions, and forward value, although they do not have a fixed expiration date, but prices converge continuously through funding rates.The letter of opinion proposed four points: confirm that the definition of securities futures can encompass cash-settled equity perpetuals with futures characteristics; retain flexibility for product listings at trading venues; maintain consistency in classification between the two agencies; modernize the securities futures framework to accommodate new structures. HPC stated that in the past 10 months, the trading volume of Hyperliquid perpetual contracts has exceeded $48 billion, and a clear framework would help relevant products enter the U.S. market.

According to businesswire, Bitcoin treasury company BSTR Holdings announced that it has reached an agreement with Cantor Equity Partners to terminate the business combination agreement signed by both parties on July 16, 2025.The reason for termination is that under the current market environment, the valuation of Bitcoin and publicly listed Bitcoin treasury companies continues to be under pressure, leading to a mismatch in the capital market, which restricts the amplifying effect of financing tools such as convertible bonds and perpetual preferred stocks in Bitcoin treasury strategies.BSTR stated that it will continue to promote institutional-level Bitcoin asset management business once the market environment stabilizes.

Asset management giant Franklin Templeton announced that its first mortgage fund obligation (CFO) product, Franklin Templeton Structured Solutions 2026, has successfully completed fundraising of $1.5 billion. The aim is to provide investors with diversified and more efficient private market investment channels, with a portfolio covering strategies such as the private equity secondary market, continuation vehicles, and direct loans to U.S. mid-sized enterprises.As of the end of July 2026, Franklin Templeton's alternative asset management scale reached $295 billion, with its alternative investment platform covering multiple fields including the private equity secondary market, private real estate, private credit, venture capital, hedge strategies, and digital assets.

Japan's Bitcoin treasury company Metaplanet will inject 2,100 bitcoins and $2.5 million in cash into the Nasdaq-listed company Super League Enterprise, with a total initial investment of approximately $134.6 million. After the transaction is completed, Super League Enterprise will be renamed Superplanet Inc. and become a subsidiary of Metaplanet; Metaplanet is expected to hold about 93.6% of its issued common stock and acquire 44.86 million shares of common stock, preferred stock, and warrants.Superplanet will continue to be listed on Nasdaq and retain its original gaming and media business, with the transaction adopting a private placement structure. Metaplanet has agreed to a five-year lock-up period, and Superplanet will raise funds from U.S. investors, while Metaplanet continues to finance through the Japanese market. Metaplanet currently holds 43,000 bitcoins, and this injection accounts for approximately 4.9% of its holdings. After the transaction is completed, Superplanet will operate as its Bitcoin treasury platform aimed at the U.S. market.

Centrifuge released governance proposal CP172 on August 18, exploring the feasibility of converting CFG tokens into company equity. The proposal states that Centrifuge's current business has shifted towards institutional infrastructure, and the original token structure restricts partner expansion and capital raising. It proposes to offer eligible CFG holders the option to convert their tokens into equity.The core details of the proposal include: 1 CFG can be exchanged for 1 share of Centrifuge Inc. equity, which will be recorded in a tokenized form; qualified holders with more than 100,000 CFG can directly enter the shareholder register, while holders below this threshold are proposed to participate through CoinList's trust structure, with no additional fees or minimum requirements; holders who do not participate in the conversion can continue to hold or sell their tokens, and the team, community, and partners will receive the same class of shares. The proposal is currently in the Request for Comments (RFC) stage for 14 days and will proceed only after board approval and governance voting.It is reported that Centrifuge is an open decentralized infrastructure for on-chain asset management and real-world asset (RWA) tokenization. The platform enables asset management companies to tokenize institutional-grade assets (such as credit, real estate, and government bonds) into freely transferable tokens for use in the DeFi ecosystem. Its core components include a compliant asset origination framework, Anemoy (a full-service fund architecture asset management division), and index proof (PoI) infrastructure for tokenizing structured financial products (such as S&P 500 index funds).

According to CryptoSlate, Nasdaq-listed GD Culture Group disclosed in its financial report for the first half of 2026 that the fair value of its 7,500 BTC (original cost of $842 million) had decreased to $451.2 million as of June 30, resulting in a non-cash unrealized loss of $211.8 million, accounting for 97.9% of the company's net loss of $216.2 million for the first half of the year.It is worth noting that the company did not sell its core BTC reserves but maintained liquidity through large-scale equity financing—after a 1:250 reverse stock split adjustment, the number of shares outstanding surged from 229,000 at the beginning of the year to 4.1625 million, an increase of 18 times, of which 99.65% was cash issuance. The company raised approximately $47.5 million through ATM placements and targeted placements, and as of June 30, the book operating capital was $36.6 million. Management stated that the existing liquidity is sufficient to cover operational obligations for at least the next 12 months.