$HACHI Nedir?

On August 18, Unitree Technology is set to officially list and begin trading tomorrow (August 19). Currently, the perpetual contract for Unitree's IPO on Trade.xyz is priced at $100.71, approximately 678.85 yuan, which is about 3.5 times higher than the issuance price of 150.8 yuan. Based on the current off-market price, if one were to secure a subscription at the issuance price, the theoretical floating profit would be around 263,900 yuan. This IPO on the Sci-Tech Innovation Board plans to issue 40.4464 million shares, accounting for 10% of the total share capital post-issuance; one subscription unit consists of 500 shares, requiring a payment of approximately 75,400 yuan. Previously, in the subscription process, accounts on the Shanghai Stock Exchange with an average daily market value of 60,000 yuan or more were eligible to receive 12 allocation numbers and could subscribe for up to 6,000 shares, with the probability of winning being the same for both qualified large investors and retail investors.

On August 18, spot gold fell $20 in the short term, declining over 1% intraday and dropping below $4,370 per ounce.

On August 18, as Bitcoin prices fell and mining yields continued to be under pressure, Bitcoin mining companies shifting to AI and high-performance computing (AI/HPC) are achieving higher valuations and more stable revenue expectations. Over the past year, the stock prices of TerraWulf (WULF), IREN, and Cipher Digital (CIFR) have all more than doubled, while MARA Holdings (MARA), which transitioned to AI later, has seen a decline of about 40% during the same period. Currently, the Bitcoin mining hash price has dropped from about $63 per PH/s in July last year to approximately $31.8, leading to an increasing number of mining companies shutting down equipment. The Bitcoin network's hash rate has also decreased from 1.14 ZH/s to about 900 EH/s, a decline of approximately 21%. According to CoinShares data, as of the first quarter of 2026, mining companies with AI/HPC contracts have an average enterprise value multiple of about 12.3 times, compared to only 5.9 times for pure Bitcoin miners; during the same period, the total value of AI/HPC contracts signed across the industry has reached approximately $70 billion. Recently, the transformation of mining companies towards AI has accelerated further. Riot Platforms signed a 20-year lease agreement with Anthropic last week, valued at approximately $9.1 billion. The market believes that the truly scarce assets for mining companies are not Bitcoin itself, but low-cost electricity, data center infrastructure, and large-scale computing operation capabilities, which can be redirected to high-growth computing businesses such as AI. However, there is still room for recovery in pure Bitcoin mining. CoinShares estimates that if Bitcoin prices return to last October's historical high of about $126,000, the hash price could rebound to about $59 per PH/s, significantly improving the profitability of mining companies.