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• DAICS^® coin coverage: As of 3^rd December, the top 50 coins by average market capitalization across the past 90 days
• DAICS^® market capitalization coverage: 96.98%*
• The % coverage of market capitalization of the 50th ranked coin: 0.048%**
• Member changes within the Top 50 Coins in DAICS^®: eight coins added and nine coins deleted
• Additions: Zcash (ZEC), World Liberty Financial USD (WUSD), PayPalUSD (PYUSD), Memecore (M), Worldcoin (WLD), Story (IP), Arbitrum (ARB), KuCoin (KCS)
• Deletions: Mantra (OM), GateToken (GT), Official Trump (TRUMP), VeChain (VET), Render (RENDER), First Digital USD (FDUSD), Filecoin (FIL), Cosmos (ATOM), Algorand (ALGO)
• 9 Green Coins labelled: Cronos (CRO), Pi (PI), Internet Computer (ICP), Hedera, Sui (SUI), Toncoin (TON), Arbitrum (ARB), Mantle (MNT), Tron (TRX)

Note:
*Special currency treatment of DAICS^® applies, where any wrapped or second-level cryptocurrency is not considered in the calculation for the market capitalization of DAICS^®
**Based on 3rd December 2025
G: Green Coin

The rankings of additions and deletions for the DAICS^® top 50 cryptocurrencies are listed in Appendix 1. All classification changes, including the ixCrypto Infrastructure Index and ixCrypto Stablecoin index, will take effect on 23^rd January 2026, with market capitalization, rankings, and weightings available at www.ix-index.com.

1. Cryptocurrencies

1.1. Structure and Definitions

Tier 1: Industry Changes
The industry groups remain unchanged, with 5 industries and the respective weightings as follows:

Tier 2: Sector Changes
The number of sectors has increased from 17 to 18. There is one new sector added under the industry group “Tech & Data (140)”:

Identification (14040)
Definition: Cryptocurrencies that facilitate decentralized identity authentication and/or blockchain-based validation of digital intellectual property rights. The classification emphasizes trust, data consent, and privacy as core architectural features while the crypto by itself is not an identity token.

1.2. Reclassification Changes
This review doesn’t have any reclassification of the existing coins. The DAICS® 2H 2025 cryptocurrencies classification is available in Appendix 2.

1.3. Green Coin Label
This review identifies 9 Green Coins, classified based on their energy-per-unit-transaction, which is defined as the amount of energy consumed for a successful single unit transaction of the coin in the blockchain network. The coins selected rank in the top 20 percentile of the least energy-consuming cryptocurrencies out of the 50 DAICS^® constituents. The top 20 percentile’s threshold in this review is ≤ 0.150 Wh. The table below lists these low-energy coins.

Note: G as ‘Green Coin‘ labelling for cryptocurrencies that adhere to the principles of sustainability

2. Asset Backed Tokens (ABT)

2.1. Structure and Definitions

Tier 1: Asset Type Changes
The asset types remain unchanged at 6 as follows:
1) Culture (205),
2) Real Estate (215),
3) Financials (235),
4) Entertainment (255),
5) Natural Resources (265), and
6) Green Economy (275)

Tier 2: Branch Changes
The number of branches has increased from 31 to 32, with a new branch added under Financials (235): Tokenized funds (23540).

2.2. Classification Changes
This review doesn’t have any reclassification of the existing assets.

2.3. Coverage of DAICS^®
A classification summary and definition table of both cryptocurrencies and ABTs are available in Appendices 3 and 4. For further information regarding the methodology of the DAICS^®, please refer to the “IX Digital Asset Industry Classification System”- principle and guiding methodology on the company website https://ix-index.com/daics.html.

For more details on DAICS^® qualification criteria, please email [email protected].

Appendix 1

G: Green Coin

Appendix 2

Note:
G as ‘Green Coin‘ for cryptocurrencies that adhere to the principles of sustainability
NEW for newly added sector

Appendix 3

Note: NEW for newly added sector

Appendix 4

Note: NEW for newly added branch

² United Nations 17 sustainable development goals covering 1) No Poverty 2) Zero Hunger 3) Good Health and Well-Being 4) Quality Education 5) Gender Equality 6) Clean Water and Sanitation 7) Affordable And Clean Energy 8) Decent Work and Economic Growth 9) Industry, Innovation and Infrastructure 10) Reduced inequalities 11) Sustainable Cities and Communities 12) Responsible Consumption and Production 13) Climate Action 14) Life Below Water 15) Life on Land 16) Peace, Justice and Strong Institutions and 17) Partnerships for the Goals https://sdgs.un.org/goals

The issuer is solely responsible for the content of this announcement.

About DAICS®

DAICS^® covers both cryptocurrencies and asset-backed tokens (“ABTs”), to be reviewed semi-annually at the end of June and December. On the cryptocurrency side, it is a three-tier system that groups cryptocurrencies into 5 main industries: 1) Payment, 2) Infrastructure, 3) Financial services, 4) Technology & Data, and 5) Media & Entertainment. These industries are further divided into sectors and sub-sectors to be introduced in the future. Under asset-backed tokens, there are 6 asset types: 1) Culture, 2) Real Estate, 3) Financials, 4) Entertainment, 5) Natural Resources, 6) Green Economy. These asset types are further divided into branches and sub-branches to be introduced in the future.

About the IX Asia Tokenization Advisory Committee and Working Group

The establishment of the IX Asia Tokenization Advisory Committee (“Advisory Committee”) is to pursue the goal and vision of formulating a standard for a global tokenization framework in a compliant and transparent way. The key role of the Advisory Committee is to formulate the guidelines and references for tokenization in terms of infrastructure, business, financial stability, sustainability, internal control, and classification. The Advisory Committee is comprised of industry-recognised leaders from blockchain consultancy, sustainable projects, and the field of the Art industry.

The establishment of the Working Group is to identify, evaluate and recommend key directions and founding principles according to their specific industry knowledge and expertise in relating to the creation of the specified token. It will examine and propose improvements to the guidelines and references for tokenization. The working group is formed of a diverse group of market experts representing relevant sectors and markets, to provide input and discuss case studies for creation of tokenization framework, best practices and development of real-world projects.

For more information about IX Asia Tokenization Advisory Committee & Working Group, please visit https://ix-index.com/tokenization-committee.html.

Apple is evaluating the assembly and packaging of iPhone chips in India as part of a broader effort to rebalance its global supply chain, with CG Semi emerging as a potential partner, according to people familiar with the matter and public disclosures by companies involved in India’s semiconductor push. The move would mark a deeper localisation step beyond final device assembly and signal confidence in India’s ability to host advanced backend semiconductor operations.

The discussions centre on outsourced semiconductor assembly and test, a critical stage that follows wafer fabrication and precedes integration into devices. Apple’s A-series and M-series chips are designed in California and fabricated by Taiwan Semiconductor Manufacturing Company. Packaging and testing have largely been concentrated in East Asia, with China playing a central role through specialised facilities. Shifting part of this work to India would reduce geographic concentration risk while aligning with policy incentives offered by New Delhi to attract high-value electronics manufacturing.

CG Semi, the semiconductor arm of CG Power and Industrial Solutions, has been positioning itself as a contender in this space through a joint venture with Japan’s Renesas Electronics and Thailand’s Stars Microelectronics. The consortium has outlined plans for an OSAT facility in Gujarat, supported by central and state incentives under the Semiconductor Mission. While timelines and customer commitments have not been formally disclosed, the venture has been presented by partners as targeting advanced packaging for automotive and consumer electronics chips, an overlap that fits Apple’s requirements.

People tracking the talks caution that Apple’s evaluation remains exploratory. The company typically subjects suppliers to multi-year qualification processes covering yield, reliability, intellectual-property safeguards and environmental standards. Any decision would depend on CG Semi’s ability to meet Apple’s exacting specifications at scale and to integrate with the existing manufacturing ecosystem that includes contract assemblers such as Foxconn and Tata Group entities already producing iPhones in India.

India’s pitch rests on a combination of incentives and momentum. Production-linked incentive schemes have helped lift smartphone assembly volumes, with Apple accounting for a growing share of exports. The government has since widened support to semiconductors, offering capital subsidies, infrastructure backing and fast-tracked approvals. Backend operations are viewed as a pragmatic entry point, requiring lower capital expenditure and shorter build times than wafer fabs, while still delivering skilled jobs and technology transfer.

Industry analysts say Apple’s interest reflects a global trend among chip designers to diversify OSAT footprints amid geopolitical tensions and supply disruptions. Packaging has become more complex as chips move to advanced nodes and heterogeneous integration, raising the strategic value of reliable partners. “Advanced packaging is no longer a commodity step; it’s a differentiator,” said one semiconductor consultant who advises multinational clients on Asia manufacturing strategies. “Design houses want redundancy without sacrificing quality.”

For CG Semi, an Apple engagement would be transformative. CG Power, part of the Murugappa Group, has roots in electrical equipment rather than semiconductors. Its partnership with Renesas brings process know-how and credibility, while Stars Microelectronics contributes OSAT experience from Thailand. Securing a marquee customer would accelerate learning curves and help anchor a local supplier network for substrates, testing equipment and specialised chemicals.

There are constraints. India’s semiconductor ecosystem remains nascent, with gaps in materials, talent depth and logistics that could challenge tight production schedules. Power reliability, water availability and customs efficiency are under scrutiny by global manufacturers. Apple has previously paused or redirected supplier plans when execution risks appeared elevated, underscoring the need for consistent policy implementation at the state level.

Apple has not commented publicly on specific supplier discussions. CG Power has also refrained from naming potential customers, reiterating in filings that its semiconductor venture is at a development stage. Officials involved in the Semiconductor Mission have said backend projects are progressing and that customer announcements will follow commissioning milestones.

SpaceX has signalled a major shift in its financial strategy by setting internal share prices that imply a valuation of about $800 billion and signalling plans for an initial public offering in 2026, according to communication to investors and financial institutions. The insider share sale, priced at roughly $421 per share, more than doubles the company’s valuation from mid-year levels and comes as SpaceX lays the groundwork for what could become one of the largest public market debuts ever.

Chief Financial Officer Bret Johnsen communicated to employees that the rocket and satellite operator founded by Elon Musk is preparing for a potential flotation in 2026, though the precise timing and structure remain contingent on market conditions and business milestones. SpaceX’s statement highlights that the internal valuation proposition is part of broader fundraising and liquidity arrangements rather than a definitive IPO roadmap.

Starlink, SpaceX’s satellite internet arm, underpins much of the valuation optimism. The constellation of thousands of low-Earth orbit satellites has expanded its service footprint significantly, adding millions of users globally and pushing the company’s revenue trajectory upward. Analysts say that this growth, alongside Starlink’s planned expansion into direct-to-mobile services and other connectivity niches, is central to investor enthusiasm for a public listing.

The valuation implied by the secondary offering eclipses previous private market benchmarks. SpaceX had been valued at about $400 billion earlier in 2025, and the $800-billion marker would place it among the most valuable pre-IPO companies globally. OpenAI’s valuation peak of $500 billion has been surpassed by this internal pricing, although that figure is not a public market price. SpaceX remains the second-most valuable private startup after OpenAI.

Despite speculation over the $800 billion figure, Musk has publicly questioned such valuation assertions, describing some of the media characterisations as inaccurate and emphasising the company’s strong cash flow and internal liquidity mechanisms. Musk’s comments reflect the tension between private market hype and management’s more cautious public posture on valuation and IPO timing.

SpaceX’s broader IPO strategy appears to be evolving. Reports indicate that the company has held discussions with investment banks about potentially raising over $25 billion in a 2026 offering, which could value SpaceX at more than $1 trillion. Multiple sources familiar with the talks suggest that a mid- to late-2026 timetable is under consideration, though this could shift depending on market conditions and regulatory factors.

Market participants are weighing the implications of a SpaceX public listing against broader trends in the US equity markets, which are exhibiting renewed IPO activity after a period of subdued issuance. A successful SpaceX listing at the projected scale would not only set new records in terms of funds raised but also provide a benchmark for other high-growth private companies that have been delaying public offerings.

Investors and analysts have reacted to the buildup in valuations with a mix of enthusiasm and caution. EchoStar, a significant stakeholder in SpaceX’s satellite ventures, saw its shares rise on increased IPO chatter, reflecting broader investor appetite for exposure to the commercial space sector. But concerns linger around execution risk and the technical challenges inherent in SpaceX’s ambitious projects, including the Starship launch vehicle and long-term goals such as lunar and Martian missions.

Critics of the current valuation narrative highlight that private share prices do not always translate into market realities once a company lists publicly. They note that factors such as regulatory scrutiny, evolving market sentiment and the inherent risks of aerospace and satellite operations could temper the ultimate IPO trajectory. Nonetheless, the expanded focus on Starlink’s recurring revenue streams and SpaceX’s diversified business portfolio underlines investor interest in the company’s long-term growth potential.

Beyond Developments has launched SIORA, its first beachfront masterplan on Dubai Islands, marking a significant step in the design-led developer’s expansion and reinforcing its alignment with Dubai’s long-term urban development strategy. The project becomes Beyond’s second large-scale community introduced within a year, underscoring the pace at which the company is scaling operations in a competitive real estate market shaped by strong demand for lifestyle-driven coastal living.

Planned across more than two million square feet, SIORA is positioned as a low-density waterfront enclave that blends residential, leisure and public-realm spaces. The development is conceived as a coastal sanctuary, with design cues drawn from Japanese garden philosophies and the concept of Ikigai, which centres on balance, purpose and fulfilment in everyday life. Beyond has said the masterplan aims to integrate natural elements, walkable environments and tranquil waterfront vistas to support wellness-focused living rather than high-intensity urban density.

Dubai Islands, formerly known as Deira Islands, has been earmarked by city planners as a key growth corridor for tourism, hospitality and mixed-use communities. The location offers direct coastal access while remaining closely connected to established commercial districts, ports and transport infrastructure. Authorities have promoted the area as part of a broader effort to diversify beachfront destinations beyond traditional luxury zones, combining residential neighbourhoods with cultural, retail and recreational assets. SIORA is expected to contribute to this repositioning by introducing a master-planned community rather than a standalone residential cluster.

Beyond Developments has framed the launch as part of a wider strategy to deliver future-ready communities that respond to evolving buyer preferences. Demand across Dubai’s residential market has increasingly tilted towards integrated developments that prioritise open space, sustainability and lifestyle amenities, particularly among long-term residents and international buyers seeking primary homes rather than short-stay investments. Waterfront projects, in particular, have continued to command price premiums, driven by limited supply and consistent global interest.

The company’s emphasis on Japanese-inspired design sets SIORA apart from conventional beachfront schemes dominated by high-rise towers and resort-style branding. Landscape-led planning, curated sightlines and quiet communal areas are intended to foster a sense of retreat within an urban context. Developers and architects working on similar concepts have pointed to growing interest in biophilic design and wellness-oriented planning, trends that gained traction as residents placed greater value on liveability, privacy and access to nature.

Beyond’s accelerated project pipeline also reflects confidence in Dubai’s regulatory environment and long-term population growth projections. Government initiatives supporting foreign ownership, long-term residency visas and infrastructure investment have underpinned sustained real estate activity across multiple price segments. Analysts tracking the market note that while transaction volumes have moderated from peak surges, end-user demand for well-located, thoughtfully designed communities remains resilient, particularly in waterfront and master-planned districts.

The launch of SIORA follows Beyond’s earlier community introduction within the same year, signalling a deliberate move to establish brand presence through scale rather than isolated developments. Industry observers note that new entrants adopting a design-led positioning often seek differentiation through master planning, architectural identity and curated amenities to compete with established developers. Delivering multiple large communities in quick succession also places emphasis on execution, construction timelines and long-term community management, factors that influence buyer confidence.