U.S. Stock Market Opens, Futu Holdings and UP Fintech Both Drop Over 30%
May 22. According to Bitget data, when U.S. stock markets opened that day, the Dow Jones Industrial Average climbed 0.58%, the S&P 500 Index rose 0.41%, and the Nasdaq Composite advanced 0.37%. Futu Holdings (FUTU) plummeted by 34.93%, while Up Fintech Holding Limited (TIGR) plunged 30.82%.
Earlier, the China Securities Regulatory Commission (CSRC) issued a statement noting that illegal cross-border business activities carried out by Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Chongyang Securities (Hong Kong) Limited violated Chinese securities, fund, and futures laws and regulations, disrupted market order, and required firm enforcement action. Per relevant regulations, the CSRC intends to confiscate all illegal gains from Tiger, Futu, and Chongyang, and impose strict legal penalties against the three firms.
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Source: Unnamed Official: Qatari Negotiator Arrives in Tehran to Help Facilitate US-Iran Agreement
May 22 — A source familiar with the matter told Reuters on Friday that a Qatari negotiating team arrived in Tehran that same day under U.S. coordination to help broker a deal to end the U.S.-Iran war and address unresolved issues. Doha has previously acted as a mediator in the Gaza war and other international crises, but has so far avoided playing a mediating role in the Iran conflict, according to the source, following recent Iranian missile and drone attacks that escalated tensions.
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ONDO Breaks Above $0.46, Surging Over 15% in 24 Hours
May 22, per HTX market data, ONDO surged past $0.46, currently trading at $0.465, with a more than 15% jump over the past 24 hours.
This ONDO rally comes as news of the China Securities Regulatory Commission (CSRC) stepping up its crackdown on illegal cross-border operations by institutions including Tiger Brokers has escalated, with market participants zeroing in on real-world assets (RWA) and concepts like on-chain equities.
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Analysis: SpaceX IPO Could Expand Nasdaq's Bitcoin Exposure, But May Create Short-Term Selling Pressure on Tech Stocks and Bitcoin Funds
May 22. Analyst Yashu Gola reported that SpaceX is targeting a June initial public offering (IPO) valued at $75 billion. If its post-listing valuation ranges between $17.5 trillion and $20 trillion, SpaceX could be added to the Nasdaq 100 Index within 15 trading days under the index’s "Fast Entry" rule, an expansion that would increase the benchmark’s exposure to Bitcoin.
According to SpaceX’s latest S-1 filing, the aerospace and space transport firm holds 18,712 Bitcoin (BTC) tokens, worth approximately $1.45 billion. When combined with Tesla’s 11,509 BTC holdings, Musk’s two major companies would become top Bitcoin holders among Nasdaq 100 constituents. Phong Le, CEO of Strategy, stated: "With SpaceX’s IPO, the Magnificent Seven will become the Magnificent Eight, with 25% of the index’s corporate balance sheets holding Bitcoin." However, analyst Nic Puckrin contends the SpaceX IPO could be "bad news" for tech stocks: once SpaceX is included in the Nasdaq 100, passive funds will be f
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Tiger Global: Mainland Chinese Clients Account for Approximately 10% of Assets
On May 22, BlockBeats reported that the China Securities Regulatory Commission (CSRC)—alongside eight other ministries—has issued the “Notice on Regulating Cross-Border Securities and Futures Fund Management Activities for Mainland Chinese Investors,” further clarifying regulatory requirements for the industry’s related operations. Tiger Brokers stated it will strictly follow the comprehensive industry standards set by regulators and steadily advance corresponding compliance work.
The company announced that it has completely stopped opening accounts for mainland Chinese users since 2023, while also halting external advertising, marketing campaigns, and related activities. It has simultaneously strengthened account reviews, identity verification processes, and anti-fraud management mechanisms. As of the end of the first quarter of 2026, assets belonging to mainland Chinese clients account for approximately 10% of the group’s total global assets.
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