Stocks

HashKey Group is advancing plans for a Hong Kong public share offering aimed at raising approximately $200 million. The firm recorded $167 billion in spot trading volume as of September. Hong Kong regulators this week cleared the listing to proceed after reviewing the exchange's application.

Cantor Fitzgerald cut its 12-month price target for Strategy (MSTR) to $229 from $560, a 60% reduction, while maintaining its buy rating. The firm rejected liquidation concerns, stating the company holds sufficient cash to cover dividend payments for approximately 21 months and can access equity facilities for additional capital if needed.

Franklin Templeton has launched the Franklin Solana ETF (SOEZ) on NYSE Arca, offering direct exposure to Solana's price movements with integrated staking functionality. The fund, managed by the firm overseeing more than $1.6 trillion in assets, can stake up to 100% of its SOL holdings to generate additional rewards for investors. SOEZ joins five other institutional Solana products currently trading in the market.

MicroStrategy will not be compelled to liquidate its Bitcoin holdings even if removed from MSCI indexes, according to Matt Hougan, Chief Investment Officer at Bitwise. The company holds $60 billion in Bitcoin and $1.4 billion in cash, with no debt conversion scheduled until February 2027. Hougan emphasized that no mechanism exists to force cryptocurrency sales simply because the stock price falls below net asset value.

Strategy Inc. has transferred 11,642 Bitcoin valued at approximately $1 billion to Fidelity's custody services, bringing its total deposits with the asset manager to roughly 177,351 BTC worth around $16.5 billion. Mizuho Financial Group maintained its buy rating on Strategy with a $484 price target. Analyst James E. Thorne identified the stock's approach to its rising 200-week moving average as a potential entry point.

Bitcoin recovered from $86,286 on December 2 to $93,324, gaining 8%, while American Bitcoin (ABTC) shares dropped as much as 50% intraday. The divergence reflects different catalysts: Bitcoin benefited from improved macroeconomic conditions and Vanguard's expanded crypto ETF access. ABTC suffered from a lock-up expiry that flooded the market with previously restricted shares.

Franklin Templeton has received NYSE Arca approval to list its Solana exchange-traded fund, SOEZ, becoming the seventh Solana ETF available to U.S. investors. The approval coincided with a 17% price surge in SOL. SOEZ will track the CF Benchmarks Solana Index and aims to generate staking rewards on up to 100% of its holdings, net of expenses and liabilities.

Strategy, the world's largest corporate Bitcoin holder, is lobbying MSCI to prevent exclusion from major indices ahead of a January 15 decision. MSCI is reviewing whether companies primarily focused on cryptocurrency acquisition should be treated as ineligible investment funds. JPMorgan estimates that exclusion could trigger between $2.8 billion and $8.8 billion in forced outflows from passive funds tracking MSCI indices.

Strategy's management has disclosed that Bitcoin holdings may be sold if balance-sheet conditions deteriorate, departing from its accumulation-only approach. The statement comes as MSCI conducts a consultation on index treatment of firms with digital asset exposure, with feedback due by January 2026. Bitcoin traded near $92,000, up approximately 5% over 24 hours.

Three companies have positioned themselves as leading candidates for S&P 500 inclusion as the index prepares its quarterly rebalance announcement Friday after market close. Ares Management Corporation oversees $596 billion in assets across credit, real estate, and private equity. Vertiv Holdings recorded 60% organic order growth in Q3 driven by data center demand, while AppLovin has surged 92% year-to-date despite facing regulatory scrutiny.