Sakura_3434

#InstitutionalCapitalRotatesFromBTCToHYPEAndXRP
Staking Accounts for 60% of Revenue at an Ethereum Treasury Company
Staking accounts for 60% of the total revenue reported by the Ethereum treasury company
ETHUSD
listed on exchanges in 2025, according to a new study from staking provider Everstake released on Tuesday.
The finding stands in stark contrast to the significant net losses recorded by the ETH treasury company overall, in aggregate.
Staking Contributes 60% of ETH Treasury Revenue
Among companies that separately report staking income, yield results have become a key operational indicator. For example, Bit Digital reported US$7 million in ETH staking rewards in 2025, up 287% compared with the previous year.
Everstake said staking is now a “major contributor to reported revenue performance.” This yield increase is occurring while net losses continue to build up in earnings reports.
Treasury companies that already had available financial reports for fiscal year 2025 recorded a combined loss of US$1.41 billion as the overall crypto asset market declined. A special report shows the extent of those losses.
Sharplink Inc recorded a net loss of US$734.6 million from revenues of US$28.1 million.
Bit Digital posted a net loss of US$80.3 million compared with revenues of US$113.6 million.
BTCS Inc. recorded a net loss of US$33.4 million from revenues of US$16.5 million.
BitMine Immersion Technologies recorded a net loss of US$9.02 billion over six months ending February 28. Other companies in this group also recorded similarly large losses.
Everstake co-founder and COO Bohdan Opryshko said passive holders are facing a structural reassessment. He explained that revenue is now generated primarily from assets that are actively used, not simply held, and that this shift is believed to help sustain the company’s business model.
“Those actively managing capital are now the new standard. This management is no longer limited to staking of standard protocols alone. It now includes liquid staking, integration with DeFi lending markets, and more advanced validator-level strategies such as optimizing block construction and capturing MEV,” he said.
Everstake based its findings on regulatory reports and performance disclosures from 15 listed ETH treasury companies on exchanges through May 2026.
Historically, DAT has been the only regulated route for crypto-asset exposure for public-market investors. However, spot Ethereum exchange-traded funds (ETFs) have erased that dominance, making yield the main differentiator.
At the individual level, many DAT shares trade at a discount to their total crypto asset holdings. This indicates a shift in investor behavior—investors are now less willing to pay a premium just for passive exposure. …In short, staking has become a structural foundation for all DATs that want to stay relevant in 2026 and beyond,” the study explained.
There is a big question as to whether passive aggregators can still survive in a market whose value has shifted so dramatically.

#TradFi交易分享挑战
Xiaomi is currently in a critical valuation compression phase, where the market is no longer pricing it as a pure growth story but instead as a transition-stage mega-cap tech + EV ecosystem company. At HK$29.95, the stock is trading very close to its 52-week lower band around HK$28–30, which places it in a zone historically associated with either deep accumulation or continued corrective pressure depending on earnings confirmation.
The key psychological reality is that Xiaomi has already gone through a full speculative cycle: from EV excitement-driven expansion at HK$50–58 levels down to a full reset of expectations. What remains now is a market waiting for proof of sustainable earnings stability across EV, smartphone, and AI ecosystems simultaneously.
2. Expanded Price Structure and Full Valuation Bands
At current levels, Xiaomi sits inside a multi-layer valuation corridor that can be broken into broader real-world trading zones rather than simple technical support/resistance.
The lower accumulation zone is approximately HK$24–28, where long-term institutional buying interest tends to appear, especially when sentiment is weak but fundamentals remain intact. This zone historically reflects “value entry psychology” where investors assume the EV story remains intact despite short-term earnings noise.
The current equilibrium zone is HK$28–34, where price is currently positioned. This range is defined by uncertainty around Q1–Q2 2026 earnings, DRAM cost pressure, and EV delivery ramp stability. This zone tends to produce high volatility, false breakdowns, and sharp rebounds.
The recovery breakout zone sits at HK$34–40, which represents the first major re-rating trigger area. A sustained break above HK$34 would signal that the market is regaining confidence in EV delivery momentum and margin resilience.
The structural bull zone lies at HK$40–55, where the previous speculative cycle peaked. A return to this region would require strong confirmation of EV scalability above 600K+ annual units and stabilization of smartphone margins despite memory chip inflation.
The extended bullish expansion band is HK$55–65+, which would only become possible under aggressive EV upside scenarios combined with AI monetization acceleration and global ecosystem expansion beyond China.
On the downside, if macro pressure intensifies and earnings disappoint, Xiaomi could re-test HK$24–26 levels, and in extreme stress scenarios where EV margins compress significantly, a temporary move toward HK$22 cannot be fully ruled out.
3. Earnings Power vs Market Discounting
The current valuation disconnect is driven by a conflict between visible earnings strength vs perceived earnings sustainability risk. On one hand, Xiaomi has demonstrated strong revenue expansion, improving gross margins, and the first meaningful profitability phase of its EV business. On the other hand, the market is heavily discounting forward earnings due to expected volatility in Q1–Q2 2026.
Analysts are effectively pricing Xiaomi as a company where earnings may fluctuate between HK$26–44 fair value bands depending on cost structure and EV execution. This is why the stock has compressed from high multiples near 50–60x down to the mid-teens range.
This compression is not purely negative; it reflects a re-rating reset where speculative EV optimism has been replaced by execution-based valuation logic.
4. EV Business as the Primary Valuation Driver
The EV segment is now the dominant swing factor for Xiaomi’s valuation trajectory. The success of the SU7 sedan established Xiaomi as a credible EV manufacturer, but the launch of the YU7 SUV marks a far more important structural shift because the SUV market in China is significantly larger and more profitable than sedan segments.
The early demand spike above 200,000 orders signals strong brand momentum, but the real challenge is not demand—it is production scaling, cost control, and margin preservation under intense EV price competition.
If Xiaomi can maintain EV gross margins above 22–24% while scaling beyond 600,000–700,000 units annually, the market is likely to reprice the company aggressively toward HK$45–60 ranges. However, if EV competition forces margin compression below 20%, the EV segment could shift from a growth driver to a valuation drag despite strong volume growth.
5. Smartphone and IoT Stability Layer
Unlike EVs, Xiaomi’s smartphone and IoT segments function as the stability backbone of the company. Smartphones still contribute the majority of revenue, but margins are highly sensitive to memory pricing cycles, particularly DRAM shortages that are currently impacting 2026 earnings expectations.
IoT and lifestyle products remain one of the most structurally attractive segments because they reinforce Xiaomi’s ecosystem lock-in. Even though margins are lower than internet services, the scale and connectivity of over 500+ smart devices create a long-term ecosystem moat that is not easily replicable by competitors.
This segment acts as a valuation anchor, preventing Xiaomi from collapsing into purely EV-cycle volatility.
6. AI and HyperOS Long-Term Optionality
Xiaomi’s AI strategy and HyperOS ecosystem represent the long-duration optionality layer of valuation, which is not fully priced in yet by the market. With multi-year investment commitments in AI infrastructure and model development, Xiaomi is positioning itself not just as a hardware company but as a connected AI-driven ecosystem platform.
If AI integration successfully enhances monetization across devices, services, and automotive systems, Xiaomi could transition into a higher multiple category closer to global tech platform companies rather than traditional consumer electronics firms.
This is one of the reasons long-term analyst price targets remain significantly higher than current levels, with upper bound estimates extending toward HK$70–80 in optimistic scenarios.
7. Institutional Behavior and Sentiment Flow
Current institutional positioning suggests a divided market structure. Long-term investors are gradually accumulating in the HK$28–32 region, while shorter-term traders are actively exploiting volatility between HK$30–40. Hedge funds appear to be treating Xiaomi as a range-trading volatility asset in the short term while maintaining structural long exposure for the EV transformation story.
The sentiment is not bearish in absolute terms; instead, it is uncertain with asymmetric upside perception, meaning downside is considered limited compared to potential upside if execution improves.
8. Full Scenario-Based Price Outlook (Expanded)
In a conservative scenario where EV growth slows and margins compress due to competition and cost inflation, Xiaomi’s fair value would likely remain anchored in the HK$25–32 range, with occasional downside spikes toward HK$22 during market stress events.
In a balanced scenario where EV execution remains steady around 550,000–600,000 units and margins stabilize without major deterioration, Xiaomi is likely to trade within HK$30–45 over the medium term, gradually recovering lost valuation as earnings visibility improves.
In a strong bullish execution scenario where YU7 demand translates into sustained production scaling and EV unit growth exceeds 650,000–700,000 annually, combined with stable smartphone profitability and early AI monetization, Xiaomi could re-enter HK$45–65+ valuation territory within 12–24 months.
In an extreme upside transformation scenario where Xiaomi successfully integrates EV + AI + IoT into a unified ecosystem platform narrative recognized by global investors, long-term valuation expansion toward HK$70–85 becomes theoretically possible, although this would require near-perfect execution across all segments.
9. Final Strategic Interpretation
At HK$29.95, Xiaomi is neither in a collapse phase nor in a confirmed recovery phase. It is in a high-volatility equilibrium zone where the market is pricing uncertainty rather than failure. The key inflection point will be the next earnings cycle and EV delivery confirmation.
The most important realization is that Xiaomi’s valuation is no longer driven by a single business model but by a multi-layer ecosystem equation where EV growth, smartphone stability, and AI expansion must all align simultaneously. This makes the stock more powerful in upside potential but also more sensitive to execution risks.
In simple structural terms, Xiaomi is currently behaving like a compressed coiled spring asset, where prolonged consolidation around HK$28–32 increases the probability of a directional breakout once macro and earnings clarity improve.@Gate_Square @Gate广场_Official #TradeCFDWinGold

$DOGE Still Meme or Momentum?
Dogecoin is sitting at the $0.10 support level, absorbing selling pressure while quietly loading up on a new kind of fuel. The price action looks sleepy on the chart, but beneath the surface, serious structural shifts are unfolding that could reshape the original meme coin into something far more substantial.
🔹 Whales are accumulating with methodical discipline rarely seen in meme assets. Large holders snapped up over 525 million DOGE in just four days, pushing total whale holdings to record levels above 108.5 billion coins. Derivatives data reveals 70.2% long positioning among top traders on major platforms, and open interest continues climbing — fresh capital entering, not just existing positions reshuffling. When smart money buys into weakness while retail sentiment remains cautious, the divergence tends to resolve upward.
🔹 The ETF door is swinging open. The SEC approved 91 crypto ETFs on March 27, 2026, including Dogecoin spot products. The 21Shares Dogecoin ETF (TDOG) launched on Nasdaq in January, and the SEC-CFTC joint framework officially classified DOGE as a digital commodity in March. The CLARITY Act locked in that status, giving pension funds and institutional desks the regulatory green light they need to allocate. Bitwise and Grayscale filings remain under review, with final deadlines extending into late 2026.
🔹 A protocol upgrade proposal on GitHub aims to slash the block reward from 10,000 to 1,000 DOGE, cutting annual issuance from roughly 5 billion to 500 million. That would reduce inflation from 3.3% to 0.33%, transforming Dogecoin from a steadily dilutive asset into one approaching hard-money territory. The proposal requires community consensus and a hard fork — no timeline is set — but the direction signals a maturing network willing to evolve.
🔹 Adoption is breaking out of screens and into wallets. Revolut launched a physical Dogecoin-branded debit card across the UK and EU, accepted wherever major payment networks operate. Crypto converts at the point of sale based on exchange rates, putting DOGE directly into everyday spending. Payment integration at this scale pushes the token beyond speculation and into genuine utility.
The charts are compressed, the whales are loading, the regulators are nodding, and the network is debating its own supply transformation. Dogecoin is no longer just the people's joke — it is becoming the people's infrastructure. How do you see it: a range-bound meme waiting for the next viral spark, or an undervalued commodity ETF play building quietly at support?
⚠️ Not financial advice.

‍#GateSquareCryptoGiveaway - Coin Math Quiz!
🎁 $5 * 5 winners
How to participate:
1️⃣ Follow @Gate_Square
2️⃣ Like + @ 3 friends
3️⃣ Leave your answers below
Deadline: May 25, 10:00 UTC

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‍#Gate广场披萨节 #BTC
🍕 Pizza Festival officially begins! 🍕
14 years ago, a guy named Laszlo Hanyecz paid 10,000 Bitcoin for two large pizzas.
At the time, he thought he was just getting a sweet deal on some free dinner. Today? Those two pizzas are worth hundreds of millions of dollars.
Let that sink in. That is roughly $300,000,000+ per pizza, depending on how the market is feeling today.
Talk about the most delicious—and most expensive—trade in human history. 😭
So today, as we celebrate Bitcoin Pizza Day, let’s raise a slice to:
The ultimate crypto pioneer.
The most expensive garlic crust to ever exist.
The comforting fact that no matter what financial mistakes you made this week, at least you didn't buy a side of jalapeños for the price of a superyacht.
Go get yourself a slice today. Luckily, your local pizzeria probably still takes regular cash.
Happy Pizza Day, everyone! HODL your crypto, but eat your carbs. 🍕
‍$BTC

🍕 Gate Square Pizza Festival officially kicks off!
14 years ago, someone bought two pizzas with 10,000 BTC.
Today, those two pizzas are worth billions of dollars.
On the occasion of BTC Pizza Day, Gate Square invites the entire community to share BTC stories, memes, wild ideas, and trading perspectives!
🎁 Event Rewards:
✅ Gate Pizza Day themed gift box ×10
✅ 5 lucky pizza rewards of 10 USDT each per day
📌 Post on Gate Square and share to X at the same time:
Meme, BTC stories, pizza creative images, BTC sharing, and more can all participate
Share your BTC story now 👇
👉️ https://www.gate.com/post
📅 Event period: May 18 - May 24
More details: https://www.gate.com/zh/announcements/article/51210
‍#Gate广场披萨节 #BTC

#DailyPolymarketHotspot
SpaceX's anticipated IPO could take place in June
It has been reported that SpaceX will officially begin the IPO process in June. The company is aiming for a $75 billion IPO and a $1.75 trillion valuation.
Wednesday, May 20, 2026: SpaceX's official prospectus is expected to be made public.
June 4, 2026: Roadshow presentations for institutional and retail investors will officially commence.
June 11, 2026: The demand collection process will be completed, and the final share pricing will be determined.
June 12, 2026: The company's shares will start trading on the Nasdaq under the ticker "SPCX."
Most Accurate Prediction and Possible Risks
Since internal preparations are complete and SEC approval is accelerating, the date of June 12, 2026, is the most likely scenario with over a 70% probability. However, considering Elon Musk's management style and geopolitical fluctuations in global markets, there is a small chance that the schedule could be pushed to the end of June (around Musk's birthday on June 28) or early July.