The Smarter Web Company completes $13.25 million preferred stock offering of MORE.

Solana-based treasury firm SkyAI (SKYA) announced plans to launch a cash tender offer to acquire up to 95% of its outstanding common shares and warrants at $3 per share. The offer covers up to approximately 46.4 million common shares and 20.7 million warrants, with a maximum total acquisition value of around $201 million. The company expects to fund the acquisition using its existing cash and proceeds from the sale of its Solana assets. SkyAI stated that the tender offer is scheduled to launch on Thursday, will run for 10 business days, though it may be extended or terminated early. Additionally, SkyAI’s board of directors has rejected a non-binding all-stock acquisition proposal from Forward Industries (FWDI). The proposal would have exchanged 0.306 Forward Industries shares for each SkyAI share, but the board deemed the exchange ratio undervalued the company.

According to Bitget market data, Hong Kong stocks closed with the Hang Seng Index up 0.25% and the Hang Seng Tech Index down 0.67%. Sectors including mainland banks and biopharmaceuticals were active, while optical communication stocks have been declining for consecutive days; Changfei Optical Fiber and Cable fell more than 7%.

CryptoQuant analyst Axel Adler Jr. noted that over the past 30 days, Bitcoin transaction fee revenue has averaged just 0.64% of miners’ total income, a slight dip from 0.65% the prior week. This metric has stayed below 1% since mid-August 2025. Currently, miners’ income still relies mainly on newly minted Bitcoin, with transaction fees contributing minimally to their profitability. As a result, miners’ operational performance largely depends on Bitcoin’s price and the energy efficiency of their mining rigs. While Bitcoin’s price has rebounded from around $59,000 to $84,000, improving miners’ operating conditions, older mining machines still face significant profitability pressure at current electricity costs. If Bitcoin’s price continues to rise, the electricity cost losses for older rigs are expected to narrow, while profit margins for energy-efficient miners could expand further. Conversely, a drop in the coin’s price would hit miners’ income. Additionally, a fee revenue share below 1% does not directly indicate that miners are shutting down operations en masse or selling off reserves. If the fee revenue share rebounds consistently above 1% in the future, it may signal an improved contribution of transaction fees to miners’ income. It is important to note that the above costs only account for electricity, and do not include other expenses such as mining rig purchases, cooling facilities, and maintenance.

Beating AI Express (from Dongcha) – Bloomberg’s interviews with multiple corporate CFOs show that U.S. companies are tightening control over AI spending. Some firms have set token limits for employees, track individual expenditures in real time, and prioritize low-cost models for simple tasks. Match Group, parent company of Tinder, allocated a $5 million AI budget at the start of this year, which doubled to $10 million in May. The company logs each employee’s spending in real time; to exceed the limit, staff must first demonstrate the use case is valuable. Cybersecurity firm Sysdig’s CFO checks token consumption daily. Bloomberg data indicates S&P 500 companies mentioned “token” 157 times in their latest quarterly earnings calls, nearly four times the count from a year prior. EY’s survey found 82% of surveyed executives at AI-investing companies worry about related costs, but only 64% said their firms already monitor usage and set clear budgets. EY also estimates that the total cost of deploying AI agents – including subscriptions, infrastructure, and management fees – is roughly three times the token bill. Still, cost pressures have not prompted companies to collectively cut AI investments. In EY’s survey, 37% of relevant executives said their firms are considering expanding AI deployments, while only 15% plan to scale back. Companies are stepping up cost controls while continuing to increase AI investment, and are starting to more rigorously evaluate which use cases are worth the expenditure.

According to TradingBeats monitoring, Hyperliquid whale address 0xec4a…cf62 opened new long positions in BTC, ETH and NEAR today. Estimated based on average entry price, the nominal position size is approximately $28.8 million; current position value stands at around $29.04 million, nearly reaching $30 million, with an unrealized profit of about $243,000. Specifically, the address first bought 200 BTC in batches earlier today, at an average entry price of roughly $83,604.5, using 40x full leverage. It then purchased 4,000 ETH at an average entry price of ~$2,536.23, applying 25x full leverage. Meanwhile, it opened and added to NEAR long positions, now holding around 332,000 NEAR at an average entry price of ~$5.81, with 10x full leverage.

Regarding the XRP Ledger Foundation’s response to the security fix incident, on-chain detective ZachXBT stated: "The treasury holds billions of dollars, yet it only paid white-hat hackers $250,000 for discovering a critical vulnerability that could have led to the infinite minting of XRP. This will undoubtedly encourage attackers to directly exploit the flaw to steal hundreds of millions of dollars next time, rather than reporting it proactively out of goodwill. That’s why people don’t take the XRPL or Ripple seriously as an organization." Earlier reports noted that the XRP Ledger has fixed a payment engine vulnerability that had existed for over a decade, to prevent the over-issuance of XRP.