SeaOfCloudsWithoutMountains

#Gate上线港股交易
On June 11, 2026, the cryptocurrency exchange Gate officially launched Hong Kong stock trading services. Users who upgrade the app to version v8.23.5 or above can directly trade over 1,000 Hong Kong Stock Exchange-listed stocks through a unified account.
This is not simply an expansion of product variety—Gate is transforming from a single cryptocurrency exchange into a multi-asset investment platform covering crypto assets, US stocks, and Hong Kong stocks.
Unlike traditional brokerages, the core of Gate’s Hong Kong stock trading is “stablecoin settlement”:
· Trade directly with USDT: no need to exchange for Hong Kong dollars, no need to open a traditional brokerage account. Users can transfer USDT from their spot account to their stock account to place orders.
· Real stocks, not tokenized derivatives: Gate offers actual stocks listed on HKEX, not synthetic assets or CFDs.
· Unified account system: Hong Kong stocks and US stocks share the same account, supporting unified fund and position management.
· Trading rules: Hong Kong stocks are priced in HKD, only support intraday trading (Hong Kong time 9:30-16:00), with no pre-market or after-hours trading.
Strategic significance: Why are crypto platforms rushing into “stock business”?
1. Break down asset class barriers and unleash stablecoin liquidity
Global stablecoin market is huge, but most of it has been idle in wallets or savings. Gate directly uses USDT to buy Hong Kong stocks, essentially channeling liquidity from the crypto world into traditional capital markets—crypto users don’t need to redeem assets into fiat or transfer out of exchanges; they can achieve cross-market allocation within the same ecosystem.
2. Fill the global equity asset landscape
Gate previously supported trading over 10k US stocks and ETFs. After launching Hong Kong stocks, its coverage expanded from a single US market to both major core markets—US and Hong Kong. US stocks are known for global tech growth stocks, while Hong Kong stocks feature Chinese internet giants (Tencent, Meituan, Xiaomi), new energy leaders (BYD, CATL), and high-dividend blue chips (HSBC, AIA), forming a complementary ecosystem.
3. The ultimate form of a one-stop ecosystem
Gate has established a complete “Pre-IPO → IPO subscription → Secondary market trading” chain. Users can hold crypto assets, US stocks, and Hong Kong stocks simultaneously on one platform, and participate in investments before and after company listings—something that traditionally requires multiple accounts and brokerages.
Risks and challenges: “Hidden reefs” behind convenience
1. Ownership and regulatory risks
Some market opinions suggest that stocks purchased through crypto platforms may not be directly owned but are instead derivative rights representing stock value. Users might not have voting rights or other shareholder privileges. Additionally, different regions have varying regulatory attitudes toward crypto platforms offering stock trading, with some countries potentially facing compliance hurdles.
2. Behavioral risk: Don’t treat stocks as “coins” to speculate
When crypto assets and stocks are on the same interface, users may mistakenly apply the high volatility mindset of cryptocurrencies to stock investing. Stock valuation is driven by fundamentals such as company earnings, interest rates, and policies, which are fundamentally different from crypto market logic.
3. Fees and investor protection
Compared to traditional brokerages (~0.05%), Gate’s stock trading fee rate is about 0.2%, which is relatively high. Meanwhile, crypto platforms usually do not offer investor protection mechanisms like SIPC. In extreme platform scenarios, user rights and interests may be at risk.
The launch of Hong Kong stock trading on Gate marks one of the milestone events in the integration of crypto finance and traditional finance in 2026. Using USDT as a stablecoin bridge, it connects two long-separate markets, providing users with unprecedented cross-asset allocation convenience.
But convenience does not mean simplicity. The barrier to cross-market investing is lowered, but the cognitive demands on investors are actually higher—you need to understand both the volatility logic of crypto markets and the fundamentals of stock markets, and maintain clear distinctions within the same interface.
When “buying Bitcoin” and “buying Tencent” are just a click apart, the real test has only just begun.

#PolicyPivotWatch
FOMC Opens A New Chapter As Warsh Chairs First Meeting, Rate Path In Focus
The decision desk has a new voice. The Federal Open Market Committee convened with Kevin Warsh presiding as Chair for the first time. The consensus view going into the meeting is that the federal funds target range will stay unchanged at 3.5% to 3.75%. Attention is on forward guidance, the dot plot, and any shift in how the Committee talks about the balance of risks.
Policy Read
• Leadership Shift: Warsh succeeded Jerome Powell late last month, with Powell remaining on the Board as a governor. The handoff matters because Warsh has a record of favoring price stability and has been critical of forward guidance that limits policy options. • Bias Debate: Minutes from the prior meeting showed a majority of members opposed the easing bias in the policy statement. A move to a neutral bias would give the FOMC more room to hold or hike if inflation proves sticky, instead of signaling cuts by default. • Market Link: Bitcoin and risk assets trade as liquidity proxies. A hawkish tone or dots that pencil in hikes would tighten financial conditions and pressure speculative trades. A balanced message, helped by easing oil prices, would keep the path clear for risk to grind higher.
Investor Playbook
Until the press conference clears, keep duration risk light and beta hedged. If the Committee drops the easing bias, front-end yields could reprice higher and equity multiples compress, especially in high-growth names.
Positioning ideas: 1) Hold cash or short-duration debt for optionality post-release, 2) In crypto, trim leverage and use 64,000 dollars on Bitcoin as a line in the sand, 3) In equities, favor cash-flow positive firms over long-duration growth if the dot plot turns more restrictive.
Clarity on the framework will set the tone for the rest of the quarter. Watch the statement language, the dots, and the Q&A for any change in reaction function.

#SpaceXMarketCapSurpassesMicrosoftRanksTopFiveGlobally
SpaceX Market Capitalization Surpasses Microsoft, Enters Global Top 5
This news carries earthquake-level significance in the global financial world. Elon Musk's company SpaceX recorded a milestone on June 16, 2026 that nobody had imagined. SpaceX's market value leapt to 2.94 trillion dollars, overtaking Microsoft's 2.93 trillion dollar valuation. This multinational software giant that took decades of relentless effort to reach this position was surpassed by SpaceX in just a few days.
The story of SpaceX's IPO itself became a record. On June 12, 2026, SpaceX made its historic debut on Nasdaq under ticker SPCX. The company entered the market at a valuation of 1.75 trillion dollars with a share price of 135 dollars. On the first day itself it surged 19 percent, the share reached 160.95 dollars, and the market cap went to 2.1 trillion dollars. On the second day it climbed another 20 percent, and 412 billion dollars of market value was added in a single day. According to Yahoo Finance, this was the third largest one-day gain among the current largest US public companies going back to 2019. On the third day, June 16, the share reached 225.64 dollars, pushing the market cap to approximately 2.97 trillion dollars. Within a few days after the IPO, 1 trillion dollars of value was added.
Now the list of the world's largest companies has reshaped like this. NVIDIA stands at number one with 5.079 trillion dollars. Alphabet is at number two with 4.469 trillion dollars. Apple holds number three with 4.343 trillion dollars. SpaceX has arrived at number four with 2.94 trillion dollars, Microsoft follows it at 2.93 trillion dollars. Amazon is at number six with 2.658 trillion dollars, TSMC at 2.271 trillion dollars, Broadcom at 1.849 trillion dollars, Saudi Aramco at 1.71 trillion dollars, and Tesla at number ten with 1.53 trillion dollars. Forbes reported that SpaceX's IPO has ended Big Tech's Magnificent 7 era, and Wall Street started crafting new acronyms like MANGOS and Fab 10.
The most astonishing fact is that SpaceX's unparalleled valuation runs completely opposite to its financial results. In 2025, Amazon generated 78 billion dollars net profit on 717 billion dollars revenue. Microsoft reached this position through decades of consistent earnings. But SpaceX reported a 4.9 billion dollar net loss on 18.7 billion dollars revenue in 2025. Across 2025 and the start of 2026, the company absorbed over 9 billion dollars in losses. In just the first quarter of 2025, SpaceX's spending hit 10.1 billion dollars, with 7.7 billion dollars going to AI alone. Over the past four quarters the company burned roughly 30 billion dollars in free cash flow.
But the mystery reveals itself when you see what investors are thinking. They are ignoring SpaceX's current financial state and betting on its future potential. SpaceX is no longer just a space company, it has also become an AI titan. Elon Musk merged his AI company xAI into SpaceX, and now it stands as a combined tech empire. xAI's Colossus supercomputer carries a million H100 equivalent computing capacity, and it is the world's largest AI data center complex.
On June 16, 2026, SpaceX announced another major move. Acquiring AI coding tool Cursor in a 60 billion dollar all-stock deal. Cursor is an AI coding startup with 7 million developers, and it will help SpaceX compete against Anthropic and OpenAI. xAI's Grok chatbot had been lagging in competition so far, its position in the coding sector was weak, and the Cursor acquisition was the strategy to eliminate that weakness. This deal is expected to close during the third quarter of 2026. SpaceX planned to give Cursor shareholders 60 billion dollars worth of SpaceX shares. In April, SpaceX had obtained the option to either acquire Cursor for 60 billion dollars or pay 10 billion dollars for a partnership, and now the acquisition decision has been made.
SpaceX has also struck compute leasing deals with Anthropic and Google. These deals come with favorable termination clauses, meaning if SpaceX's enterprise AI efforts succeed and see high demand, compute resources can be reallocated from competitors directly to SpaceX and the Cursor team. This strategy shows that Musk is not just spending on AI blindly, but is controlling resources in an intelligent way.
Starlink is SpaceX's biggest revenue stream. In 2025, Starlink generated the majority of SpaceX's estimated 15.6 billion dollars revenue. This satellite internet service is now running with over six hundred thousand subscribers worldwide, and its demand keeps growing in remote areas, shipping, aviation, and military sectors. Starlink's revenue growth has assured investors that SpaceX's core business is solid.
Another notable feature of SpaceX's market cap is that only 4 percent of shares are available for trading. This creates extreme volatility. With few shares available, the price rises and falls quickly, but investors have taken this situation as a positive signal too, because it shows that demand is very high and supply is low. In the premarket trading on June 16, 1.76 billion dollars worth of shares were exchanged, which was several times the combined trading volume of NVIDIA, Microsoft, Tesla, and Apple.
After this IPO, Elon Musk became the world's first trillionaire. According to the Bloomberg rich list, Musk's net worth reached 1.11 trillion dollars. The IPO raised nearly 86 billion dollars for Musk's company, making it the largest IPO in US history. Axios noted that SpaceX's 1.77 trillion dollar market cap nearly equaled the combined value of the 29 largest US IPOs since 2000 adjusted for inflation.
Yahoo Finance calculated that if SpaceX shares reach 343 dollars, it would surpass Alphabet's current market value and become the world's second most valuable company. And at 395 dollars, it would overtake NVIDIA as the world's most valuable company. Based on current market cap data, this tells us that for SpaceX, the sky truly is the limit.
Market sentiment is extraordinarily positive. Investors and traders are placing confidence in SpaceX. They see that Elon Musk has built a combined empire of space technology, satellite internet, AI supercomputing, and enterprise AI tools. This is a complex that has no parallel competitor. SpaceX rockets are rising in the market with their achievements, Starlink is providing connectivity worldwide, Colossus is the world's most powerful AI computing machine, Cursor is shaping the future of coding, and the Grok AI assistant is expanding.
Some critical voices exist too. The question is whether 2.94 trillion dollars valuation is truly justified. When a company reports a 4.9 billion dollar loss, burns 30 billion dollars in cash, and only 4 percent of shares are available for trade, this is an extreme volatility situation. But the market prices future potential, not current profit. Looking at SpaceX's future potential, this question resolves itself. Starlink revenue keeps growing, AI sector investment demand is immense, and SpaceX's monopoly position in space technology no other company holds.
June 16, 2026 will be remembered as a golden day in financial history. SpaceX proved that the companies of the future are those that build multi-domain empires, not just profit and loss figures but the power of vision and execution determines market value. Microsoft took decades to grasp this position, SpaceX did it in days. This is the beginning of a new era, where the combination of AI and space technology is pushing the old guard behind, and new titans are rising. Market signs are extremely positive, and investors are betting on the world's fifth largest company because they see that SpaceX's journey has just begun, far ahead there are many more milestones to cross.
@Gate_Square #MyGateTradeStory