South Korea's KOSPI Index closes up 1.4%

Beating AI Insight News Brief: AI video and world model company Runway has acquired Paris-based AI research firm Kinetix. Seven Kinetix employees are joining Runway, with the acquisition amount undisclosed. Kinetix specializes in research on 3D human motion and physics-compliant video generation. The team will join Runway’s Paris research center, focusing on developing world models for robotics.

Beating AI News reports: Anastasis Germanidis, co-founder and co-CEO of AI video and world model firm Runway, stated that the company’s annual recurring revenue (ARR) topped $200 million last week, doubling from $100 million in April over five months. Bloomberg, citing insiders, noted Runway expects its ARR to exceed $350 million by the end of this year. A large portion of recent growth stems from enterprise clients. Runway disclosed in August its net revenue retention (NRR) surpassed 300%, with one Fortune 20 client seeing usage grow 17 times this year. Enterprises including Amazon, Microsoft, Adobe, and Robinhood are all using Runway.

According to GMGN data, Venice (VVV) has hit a new all-time high of $29.75, and is currently trading at $27.96, with a 60.09% gain in the past 24 hours. On the news front, Venice’s official team announced on social media that it has executed its latest discretionary VVV token burn, totaling approximately $391,000 worth of VVV tokens — the largest such burn to date.

According to TradingBeats monitoring, LIT’s ongoing rally is squeezing short sellers’ position space. The large whale with the wallet address starting with 0x9996 has already closed out approximately $3.6652 million in short positions in batches, realizing $622,600 in trading losses, while its remaining positions are still approaching the liquidation line. The whale has initiated a 5-hour TWAP (Time-Weighted Average Price) buy order, planning to cover 969,900 LIT tokens. Prior to launching the order, it held 1.8422 million LIT in short positions; as of press time, it has covered 703,600 tokens, completing roughly 72.55% of the plan. Currently, the whale holds 1.1386 million LIT short positions with 4x isolated margin leverage, worth approximately $6.0431 million, at an average entry price of $4.324, with an unrealized loss of around $1.119 million. At press time, LIT is trading at $5.30, only about $0.1373 (or 2.59%) away from its liquidation price of $5.4450. The TWAP order is still in progress, with 266,300 tokens left to cover, originally scheduled to end around 17:16 today; subsequent position reductions or margin adjustments may alter the liquidation price.

Bankless co-founder David Hoffman announced on May 21 that he liquidated all his Ethereum (ETH) holdings, subsequently purchasing VVV, NEAR, ZEC, HYPE, and LIT, and disclosing their entry prices: “NEAR at approximately $1.40, HYPE at ~$45, ZEC at ~$560, LIT at ~$1.35.” As of press time, the performance of Hoffman’s portfolio assets is as follows: LIT up 288%, ZEC up 121%, HYPE up 55%, VVV up 55%, NEAR up 33%; over the same period, ETH’s gain was only around 17%. The May operation of “selling ETH to reallocate to other crypto assets” has now delivered overall returns significantly outperforming ETH, with LIT’s rally being particularly notable.

According to disclosures from BitcoinTreasuries, Bitcoin mining firm CleanSpark reduced its Bitcoin holdings by 228, bringing its total current Bitcoin reserves to 13,703.