BTC Digital SEC Filings

BTC Digital Ltd. (Nasdaq: BTCT) has filed a preliminary prospectus supplement for a direct offering of ordinary shares and pre-funded warrants to unnamed institutional investors. Aegis Capital Corp. will act as placement agent on a best-efforts basis and will receive a 7.0 % cash fee plus expense reimbursement. Key economic terms—including the number of shares, warrant count, and offering price—are still bracketed and subject to finalisation.

The pre-funded warrants carry a de minimis exercise price of US$0.00001 per share, are exercisable immediately, and feature customary anti-dilution protections. All directors, officers and 10 % shareholders will enter 90-day lock-ups, and the company itself is subject to the same stand-still period for new equity issuance (with limited exceptions). Closing is targeted for 16 July 2025, subject to customary conditions.

Use of proceeds: net proceeds are earmarked for the purchase of Ethereum, indicating an intention to diversify beyond the company’s core bitcoin-mining focus. Management highlights prior takedowns under the same shelf (US$8.87 m in shares and US$12.95 m in pre-funded warrants sold in December 2024).

Business snapshot: BTC Digital is a Cayman-incorporated crypto-asset technology company with operations in the United States. Revenue for FY-2024 was “substantially” derived from bitcoin mining and mining-machine resale. Counsel confirms the transaction does not trigger PRC CSRC filing requirements.

Risk considerations flagged include crypto-market volatility, use-of-proceeds concentration in Ethereum, potential dilution, and general crypto regulatory uncertainty. All quantitative dilution, capitalization and pricing tables remain incomplete pending final terms.

On 07/10/2025, Cambium Networks Corporation (CMBM) Senior VP, Products Vivek Vibhu filed a Form 4 reporting a single insider transaction.

• Transaction type: Code F – shares withheld to cover tax obligations related to equity vesting.
• Volume: 3,579 ordinary shares disposed at $0.4408 per share.
• Remaining ownership: 117,279 shares held directly after the transaction.

No derivative securities were involved and no additional transactions were disclosed. The disposal represents roughly 3 % of the insider’s direct stake, suggesting a routine administrative event with limited market significance.

MerQube US Large-Cap Vol Advantage Index (MQUSLVA) – July 2025 performance update

The rules-based index provides 0-500% leveraged exposure to E-Mini S&P 500 futures, re-targeting 35% volatility and applying a 6.0% p.a. daily deduction. It was launched on 11 Feb 2022; data before that date are back-tested.

Performance snapshot: Over Jun 2015-Jun 2025 the index recorded a 10-year annualised return of 11.15% with 30.24% volatility, versus the S&P 500’s 11.64% return and 18.48% volatility. The most recent 1-year return is –10.71% compared with the S&P 500’s +13.63%, underscoring performance dispersion. Monthly returns range from +10.44% (Jun 2016) to –19.13% (Feb 2020).

Current leverage profile: End-of-day exposure fluctuated sharply between 62.5% and 252.2% during Apr-Jun 2025, reflecting the index’s dynamic volatility control.

Structural features & principal risks:

• 6.0% annual fee drag directly reduces index level.
• Use of significant leverage (up to 5×) amplifies gains and losses.
• Excess-return construction excludes cash reinvestment income.
• Methodology may be adjusted at MerQube’s discretion; JPMS co-designed the index and licenses it for structured notes.
• Index has <4 years of live history; back-tested data may not predict future results.

Investments linked to the index are unsecured, not FDIC-insured, and subject to equity, futures, liquidity and concentration risks. Past and hypothetical performance are not indicative of future returns.