according to market news: White House AI and Crypto Chief David Sacks stated that after the passage of the crypto market structure bill, banks will fully enter the cryptocurrency sector.
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David Sacks: Banks will fully enter the cryptocurrency field after the Market Structure Act is passed.
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On October 27, Galaxy Digital (Nasdaq: GLXY) submitted an 8-K to the U.S. Securities and Exchange Commission and released its Q3 2026 performance: for the quarter ending September 30, the net profit was $323 million, with a diluted earnings per share of $0.66 and an adjusted earnings per share of $0.83, compared to a net loss of $85 million in the second quarter; adjusted gross profit was $569 million, and adjusted EBITDA was $455 million (compared to a negative $77 million in the second quarter). Total assets at the end of the period were $16.4 billion, a 51% increase quarter-over-quarter; total equity was $3 billion, a 10% increase; cash, stablecoins, and U.S. Treasury bills totaled $4.9 billion, a 99% increase; net digital assets and investments reached $1.7 billion, a 48% increase. Year-to-date, the company has repurchased 9.8 million shares, and the board has approved an additional $200 million repurchase authorization. The company stated that the total power pipeline for its data centers has exceeded 5.7 GW and completed the issuance of $3.5 billion in senior secured notes for the construction of Helios I Phase II. -
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NAVER Signs $9 Billion Computing Power Contract with Brookfield; NVIDIA to Become Third Largest Shareholder with $1 Billion Investment
On October 27, NAVER announced that it has signed a $9 billion (approximately 12 trillion KRW) contract for computing power infrastructure acquisition with global alternative asset management firm Brookfield, fulfilling the precondition for NVIDIA's strategic equity investment. NAVER's $1 billion (approximately 1.3 trillion KRW) third-party share issuance process aimed at NVIDIA is expected to be completed soon, after which NVIDIA will become NAVER's third-largest shareholder. The three parties announced a total of $10 billion (approximately 13.3 trillion KRW) global AI factory construction plan in July this year: NAVER is responsible for building GPU clusters and operating data centers, NVIDIA will provide technical collaboration with next-generation high-performance computing platforms such as DSX, and Brookfield will handle infrastructure financing. On October 24 (local time), NAVER Chairman Lee Hae-jin and NVIDIA CEO Jensen Huang signed a $1 billion strategic investment agreement at NVIDIA's headquarters in California, USA. NAVER stated that this division of labor allows it to avoid directly bearing large capital expenditures for data center construction and GPU procurement, enabling it to focus on AI infrastructure operations and customer acquisition. -
US Robotics Company Bedrock Raises $600 Million, Valued at $4.1 Billion
On October 27, Tech in Asia reported that US robotics startup Bedrock Robotics has completed a $600 million Series C funding round, achieving a valuation of $4.1 billion. The round was co-led by CapitalG and Emergence Capital, with participation from Valor Equity Partners, 8VC, NVentures (a subsidiary of NVIDIA), Eclipse, Georgian, Perry Creek Capital, and Temasek. The company has raised nearly $1 billion in total funding. Bedrock develops autonomous excavators and other construction machinery, and has been undertaking paid construction projects at commercial sites since August. The new funds will be used to expand the scale of paid deployments. The company's valuation was $1.75 billion during its funding round in February this year, and its co-founder and CEO is Boris Sofman. The article also cites Caterpillar, noting a continued shortage of heavy equipment operators. -
BlackRock Fixed Income CIO: High-Quality AI Bonds More Attractive than U.S. Long-Term Treasuries
On October 27, BlackRock's Global Fixed Income Chief Investment Officer Rick Rieder stated in an interview with Bloomberg TV that the scale of debt financing for AI infrastructure expansion is unprecedented, making related high-quality bonds more attractive than U.S. long-term Treasuries. He mentioned that he spent the entire weekend reviewing relevant transactions and is participating directly on a significant scale, focusing on high-quality bonds issued to finance GPUs, data centers, and other infrastructure. Due to the large scale of new corporate bond issuances, the terms are more favorable than before. He noted that while the yield on U.S. 10-year Treasuries has exceeded 5%, Treasuries have 'taken a back seat' and are increasingly viewed as a 'market benchmark' for measuring the stock market rather than a core investment target. Investors can achieve around a 7% yield by purchasing short-duration single-A bonds while avoiding the duration risk of long bonds. He also mentioned that the global scale of high-quality AI-related financing has exceeded $300 billion this year, approximately three times that of the entire previous year. Currently, major data center operators are issuing corporate bonds at an unprecedented scale to raise hundreds of billions of dollars. -
South Korea's Ruling Party to Gather More Opinions on Cryptocurrency Taxation, Aims for Quick Conclusion
On October 27, South Korea's ruling Democratic Party announced that it will further collect internal opinions on whether to postpone the taxation of virtual assets and will determine its position soon. Spokesperson Jeon Eun-soo stated to reporters after a general meeting of lawmakers that opinions will be gathered before a decision is made. Policy Committee Chairman Kwon Chil-seung conveyed various opinions regarding the taxation during the meeting, including views in favor of postponement. Lawmaker Ahn Doo-jae argued that taxation should be implemented alongside the establishment of the Digital Basic Asset Law, highlighting the differences in opinions at the meeting. Jeon Eun-soo emphasized that no party position was established that day, noting that there are about 60 days left until the tax implementation, and a decision will be made promptly. Since its establishment in 2020, the virtual asset taxation system has been postponed three times; if there is no further delay, it will be imposed starting January next year on annual income generated from the transfer and rental of virtual assets, taxed at a combined rate of 22% after a basic deduction of 2.5 million won. -
South Korean Speaker of the National Assembly Meets British Ambassador: Anticipates Strengthened Cooperation in Future Industries such as AI and Energy
On October 27, according to Yonhap News Agency, South Korean National Assembly Speaker Kim Jin-pyo met with British Ambassador to South Korea Colin Crooks at the National Assembly. The two discussed the development of future industries in both countries and plans for parliamentary exchanges and cooperation. Kim expressed hope that the improvements from last year's Korea-UK Free Trade Agreement (FTA) negotiations would take effect soon. He looks forward to close cooperation in future industries such as artificial intelligence and offshore wind power. Crooks responded that both sides expect to sign the free trade agreement within the next month or two and hope that the approval bill will be processed swiftly after being submitted to the South Korean National Assembly.
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