Bitfire Accelerates Push Into Stablecoin Business Amid Widening Loss

Benzinga05-22 22:03

Once built around crypto trading, the company is accelerating its push into the stablecoin and asset management businesses as it chases a place in the next wave of digital financeimage credit: Bamboo ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2637345189?lang=en_US&edition=fundamental","thumbnail":"https://www.benzinga.com/files/images/story/2026/05/22/-22-5-2026-115336-thebambooworks-com.jpeg","is_english":true,"pubTime":"2026-05-22 22:03","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2637345189","market":"nz","top_or_hot":-1,"title":"Bitfire Accelerates Push Into Stablecoin Business Amid Widening Loss","media":"Benzinga","content":"<div>\n<p>Once built around crypto trading, the company is accelerating its push into the stablecoin and asset management businesses as it chases a place in the next wave of digital financeimage credit: Bamboo ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/05/52744904/bitfire-accelerates-push-into-stablecoin-business-amid-widening-loss\">Source Link</a>\n\n</div>\n","source":"Benzinga","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitfire Accelerates Push Into Stablecoin Business Amid Widening Loss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitfire Accelerates Push Into Stablecoin Business Amid Widening Loss\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-22 22:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/Opinion/26/05/52744904/bitfire-accelerates-push-into-stablecoin-business-amid-widening-loss><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Once built around crypto trading, the company is accelerating its push into the stablecoin and asset management businesses as it chases a place in the next wave of digital financeimage credit: Bamboo ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/05/52744904/bitfire-accelerates-push-into-stablecoin-business-amid-widening-loss\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00863","symbol_name":"OSL集团","start_time":0,"source_url":"https://www.benzinga.com/Opinion/26/05/52744904/bitfire-accelerates-push-into-stablecoin-business-amid-widening-loss","article_id":"2637345189","we_media_id":null,"thumbnails":["https://www.benzinga.com/files/images/story/2026/05/22/-22-5-2026-115336-thebambooworks-com.jpeg"],"rights":{"source":"Benzinga","url":"https://www.benzinga.com/Opinion/26/05/52744904/bitfire-accelerates-push-into-stablecoin-business-amid-widening-loss","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2637345189","pubTimestamp":1779458597,"columns":[],"sourceInfo":{"source_id":"Benzinga","name":"Benzinga Cypto"},"weMediaInfo":null,"summary":" ","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"00863":"OSL集团","BK1612":"加密货币概念","BK1619":"稳定币概念","BK1131":"金融交易所和数据","03887":"HASHKEY HLDGS"},"translate_title":"在亏损扩大的情况下，Bitfire加速进军稳定币业务","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00863":1.75,"03887":1.78},"content_text":"Once built around crypto trading, the company is accelerating its push into the stablecoin and asset management businesses as it chases a place in the next wave of digital financeimage credit: Bamboo WorksKey Takeaways:\nBitfire lost up to HK$245 million in the six months through March, nearly 19 times more than its loss a year earlier\nThe company is accelerating its expansion into the stablecoin and asset management businesses\nAccording to the profit warning, issued last week, Bitfire said it expects to record a net loss of up to HK$245 million ($31.28 million) for the six months through March, the first half of its fiscal year. That represents a nearly 19-fold increase from a loss of about HK$12.3 million the company reported a year earlier.Bitfire blamed the ballooning red ink on a value loss of approximately HK$152 million on its held crypto assets, reflecting weak market conditions. A more noteworthy factor, however, may be rising expenses, with the company's spending on development and customer services up about HK$69.6 million, while R&D expenses rose by roughly HK$13.2 million.The company said the rising expenses owed mainly to its heavier spending on professional and customer service capabilities, while R&D spending was tied to the development of technology infrastructure products and services. The spending blitz suggests Bitfire is moving beyond simply operating a traditional crypto trading platform toward becoming a fintech platform focused more heavily on technology, compliance and blockchain-related services.Compliance takes center stageThis April, the Hong Kong Monetary Authority officially awarded its first batch of stablecoin issuer licenses, with approval granted only to local banking giants HSBC and Standard Chartered Bank. Both of those already hold note-issuing bank status in Hong Kong, which allows them to issue Hong Kong dollar notes, unlike most countries where the issue of paper currency is handled by the government.The extremely low number of new stablecoin licenses — with only two approvals out of 36 applicants — suggests Hong Kong is trying to reposition stablecoins from tools traditionally associated with speculation and crypto trading into part of the next generation of its financial infrastructure.Whether Hong Kong dollar-backed stablecoins can eventually be integrated into the local financial system will be a critical issue. Against this backdrop, Bitfire's increased investment over the past six months appears to reflect a strategic calculation centered on building up its compliance and technology capabilities for the coming stablecoin era.Bitfire CEO Weng Xiaoqi recently said publicly that stablecoin-related demand is rising rapidly. The company plans to establish its own stablecoin trading and asset management businesses within the next six months, while also exploring opportunities linked to clearing licenses and the broader stablecoin ecosystem. It is attempting to position itself within Hong Kong's regulated stablecoin ecosystem by focusing on trading and financial services.That also means Bitfire's future competition with licensed Hong Kong virtual asset traders such as HashKey (3887.HK) and OSL Group (0863.HK) will no longer be limited to traditional virtual asset trading, but will extend into emerging areas including stablecoins, real-world assets (RWA), institutional services and digital financial infrastructure.Among those companies, OSL has been expanding into institutional custody and compliant trading services in recent years, while HashKey, backed by the Wanxiang Group ecosystem, has accelerated its expansion into retail trading, asset management and RWA-related businesses. Bitfire is smaller in scale, but is trying to simultaneously position itself across regulated digital asset markets in both Hong Kong and Japan.Compared with companies such as HashKey and OSL, which established clearer positions as licensed trading platforms in Hong Kong at an earlier stage, Bitfire remains relatively limited in both its scale and market influence.To subscribe to Bamboo Works free weekly newsletter, click hereBenzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.Market News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.To add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2637345189","isCrawlerRequest":true}