5 Must-Read Evening Articles | Is the Endgame of Web3 a Cyber Nation?

1. From clinging to Trump to transferring assets from one hand to the other, how do ALT5 and WLFI play the capital game? On August 11, 2025, ALT5 Sigma Corporation announced a registered direct offering and concurrent private placement totaling US$1.5 billion to launch World Liberty Financial's (WLFI) treasury strategy. This marks the second company, after BigStrategy Inc., to announce the launch of a WLFI treasury strategy. 2. Bitmine's Stock Price Soars Again: What Are the Risks? Following the announcement on June 30, 2025, of Bitmine's purchase of Ethereum as a treasury reserve, the price of BMNR, a US-listed company, skyrocketed 37-fold to a peak of $161. The stock price subsequently retreated, remaining in the $30s for a month. In recent days, the stock price has rebounded, reaching a high of $69 on August 11. 3. A crude question: Is Ethereum still worth catching up on? Over the past four months, Ethereum has seen a meteoric rise, with its price soaring from $1,380 to $4,360, a 216% increase, making it one of the world's best-performing assets. However, quite paradoxically, this traditionally "retail investor paradise" has now transformed into a frenzy for institutions. The latest data shows that institutional holdings are growing at an unprecedented rate. According to StrategyEthreserve, as of August 12, 70 institutional treasuries and Ethereum ETFs collectively held 9.49 million ETH, representing 7.85% of the circulating supply. Even more strikingly, on-chain data from Glassnode shows that this price surge closely aligns with the movements of "whales": when Ethereum broke through the $4,200 mark, the number of addresses holding over 10,000 ETH soared to 868,886, a nearly 13-month high. This data suggests a fundamental shift in market structure, with institutional investors becoming the primary drivers of this bull market. 4. Some Concerns About the Development of Hong Kong Dollar Stablecoins The topic of Hong Kong dollar stablecoins has been a hot topic over the past six months. From national levels to the grassroots, everyone is eager to try and seize the development opportunities presented by this major trend. However, let's take a moment to think: who will become the customers of Hong Kong dollar stablecoins? Where will Hong Kong dollar stablecoins be used? How can they be rapidly promoted? What is the level of customer acceptance? What is the status of competitors? Only by considering these issues can we determine whether the Hong Kong dollar stablecoin can develop sustainably! Click to read 5. Is the Web3 industry's ultimate goal the construction of a network nation? Renowned investor Balaji first proposed the concept of a network nation in his book "The Network State." A network nation refers to a highly coherent online community with the ability to act collectively, capable of purchasing land globally through crowdfunding and ultimately gaining diplomatic recognition from existing sovereign states. Click to read