The well-known digital asset platform Amber Group's subsidiary Amber International Holding Limited successfully went public on NASDAQ in March through a merger with iClick Interactive Asia Group Limited. At the end of April, Amber's accelerator amber.ac issued an AI platform concept called AgentFi, and the token of the platform's first "AI person" MIA has risen nearly 100 times since completing fundraising at the end of April, but there are only about 1,300 on-chain holders.

With Amber International Holding Limited announcing the appointment of MIA as the ambassador for Amber, MIA will also participate in the earnings conference call for $AMBR and speak at investor and community events. This marks the first time an AI Agent has become an ambassador for a NASDAQ-listed company. As MIA gradually unveils her mysterious veil, what kind of layout does Amber Group have behind her?

AI CMO, what is $MIA trading?

According to the words of Amber Group founder and CEO, $MIA is both a currency and equity, and it is also the economic engine of the AI Agent Mia "This is her way to incentivize the community, pay service fees, develop the brand, and acquire value."

MIA is the first agent launched by the AIAC platform, with a clear role setting and growth path. Her core goal is to become an AI CMO Agent capable of independently managing brands, coordinating communities, and operating assets. Overall, MIA's structure is closer to a "growing virtual enterprise."

As the spokesperson for this "growing virtual enterprise," Mia, the CMO Agent, has already learned functionalities including creating meme images, launching bilingual podcasts, managing her own treasury, and dynamically adjusting the liquidity of Tokens.

Thanks to the support of the underlying technical architecture, MIA has a broader self-learning space, and her system is composed of four collaborative layers. The Agent Layer integrates large language models and multimodal capabilities, granting her basic intelligence; the Workflow Layer embeds the workflow for content generation and community operation, enabling her to independently carry out brand operations and community interactions; the Knowledge Layer incorporates rich CMO expertise, providing her with judgment and strategic capabilities in marketing and brand management; while the Capability Layer connects on-chain operational tools, allowing her to autonomously call wallets, execute tasks, and connect to platform interfaces, thereby truly possessing the ability to act and execute.

Although creating Meme images, managing Twitter, producing podcasts, and managing the treasury may not seem like very novel concepts in a market dominated by AI Agents, there still exists a significant disconnect between MIA's operational style on X and the style of MIA's website, leading to an unpredictable project vibe. However, if multiple dimensional functionalities can be integrated effectively, becoming a qualified CMO is indeed worth looking forward to, as the demand for CMOs in Crypto projects is quite substantial.

AIAC? The "Frankenstein" of Virutal + KAITO

But what is more worth mentioning at present is actually the mechanism of her Token launch model. The Amber team refers to the launch platform for MIA, AIAC, as the AgentFi platform and has proposed a new concept called "AICO," which is an ICO platform designed for long-term coordination of AI.

According to MIA's description of "myself", MIA's AICO Token adopts a unique unlocking mechanism that ensures the tokens are not casually sold off but are steadily released as the project develops. Its fundraising mechanism is divided into two phases.

First, for its 30-day "Seeding Round", Mia needs to raise 16 ETH at a fixed market value of 160 ETH FDV, selling 100 million $MIA, which accounts for 10% of its total supply of 1 billion. During this period, at least 10 people participated, with each address having a minimum amount limit of 0.16 ETH and a maximum of 1.6 ETH. If the conditions are not met, the raised funds will be returned. The tokens will be divided into twelve equal parts and gradually unlocked, with each part accounting for approximately 0.83% of the total supply.

If the first phase is completed smoothly, the second phase, which is also limited to 30 days, will be initiated as the "Acceleration Round". The second phase will change to a Bonding Curve issuance mechanism (equivalent to the internal market of Pumpfun), and during this phase, 400 million $MIA (40% of the total supply) will be distributed, with a maximum fundraising of 256 ETH. Each wallet can deposit a maximum of 10.24 ETH and a minimum of no less than 0.16 ETH, with the same requirement of at least 25 addresses making an investment. The chips for this phase will be unlocked in ten equal parts, each part accounting for 4%.

If any of the above rounds of investment fails, all raised funds will be fully refunded. Regardless of which stage the release is in, each unlocking must meet two strict conditions: first, at least 30 days must have passed since the last unlocking or initial issuance; second, the volume-weighted average price (VWAP) in the last 7 days must be significantly higher than 150% of the VWAP in the past 30 days.

This model ensures that the subsequent shares can only be unlocked when the $MIA price continues to rise, market demand remains strong and stable, and there is market consensus and price support, thus achieving a dynamic balance of growth and value release.

After the conclusion of AICO, Mia deposited the 500 million unissued Tokens along with 272 ETH into her self-custody vault, officially entering the on-chain "Permanent Prosperity Phase" (Thriving). To activate liquidity in the secondary market, she injected 40 million MIA (approximately 4% of the total supply) and 68 ETH into the liquidity pool of Aerodrome V2 DEX.

This model of replacing time-locked tokens with a mechanism that only unlocks tokens when the price steadily rises benefits the Agent project, early investors, and later investors alike.

When asked the same question by the community, Amber's CEO Michael replied that "AIAC is a launchpad for AI Agents, not a token launcher".

The boundary between the two is indeed quite blurred, because even if we say AIAC is not a "Token Launchpad", it still has a token. Although at first glance the token issuance process of AIAC seems similar to that of platforms like Virtual, its cumbersome issuance and unlocking processes indicate that its essential positioning is completely different. AIAC is not just a simple token launch platform, but an incubation and deployment platform for AI Agents, with the token being just an ancillary tool rather than the ultimate goal.

Virtual's logic leans towards "Meme finance," which drives token circulation, community consensus, and financial gameplay through creative narratives, while AIAC emphasizes the "Agent First" core focused on building, training, and releasing AI Agents with autonomous action capabilities. These Agents are not just virtual images or narrative carriers, but are "digital life forms" with intelligent decision-making abilities, social/execution capabilities, and even the identity of economic activity subjects.

Therefore, the role of the Token in AIAC is to provide an incentive structure, autonomy mechanism, and on-chain execution capability for the Agent, rather than being a speculative tool. Each "launch" of AIAC revolves around the construction of an AI Agent's personality, skill definition, and operational strategy, with the Token serving as a tool to support the long-term survival and evolution of this Agent.

Additionally, AIAC has introduced a very interesting feature on the website called "Emoji Points," similar to the Yap points exclusive to specific AI Agents. When someone discusses or interacts with an AI Agent on X, they can earn Emoji Points, and these points may have the opportunity to receive airdrops. This type of feature will be very helpful for the community in defining the contribution "POW" to a certain AI Agent.

Amber's "Micro Strategy Mode"

When the community was discussing MIA, crypto KOL RUI "YeruiZhang" expressed amazement in a post, stating that the current market capitalization of Amber Group "AMBR" has already reached three times that of Antalpha, but its daily trading volume is only one-third of Antalpha's. What is even more intriguing is that the on-chain trading volume and liquidity of the AI project MIA "$MIA" launched by Amber have even surpassed that of its main board stocks in the US, becoming a "high liquidity anchor point" in Amber's capital narrative.

Data from marketchameleon and DexScreen, trading volumes for ANTA, AMBR, and MIA are $308k, $204k, and $534k respectively.

However, just today, after Amber officially appointed MIA as the official AgentFi ambassador, the trading volume surged, nearly doubling compared to the previous trading day. This also increased Amber's trading volume from the original approximately 1/3 of Antalpha to 2/3. This "coin-stock dual movement" inevitably reminds people of MicroStrategy's transformation through Bitcoin.

Before 2020, MicroStrategy, as a business intelligence software company, had a long history of weak stock prices and low trading volume. However, after it announced a large-scale purchase of BTC with company assets, the capital market's perception of it shifted from "established software company" to "Bitcoin ETF alternative on the U.S. stock market." The result of this strategy was significant: not only did its market value skyrocket, but trading volume also surged explosively, fundamentally reshaping its valuation logic on Wall Street.

Amber is conducting a similar but more complex experiment; it is not just buying coins, but also issuing tokens and building an AI Agent ecosystem, thereby reshaping the boundaries of its business. One of the core motivations is to hope that Wall Street values it as an "AI company" rather than as a "asset management platform."

Mango Labs founder Dov bluntly stated that "Amber Group has become the next MicroStrategy," and he believes that "some companies, if they don't engage in AI, won't have a 20 times PE Ratio, and once they get into AI, they can't stop at 100 times PS."

The price-to-earnings ratio (PE) of traditional asset management companies typically ranges between 15 to 20 times. In contrast, the valuation of AI companies places more emphasis on the price-to-sales ratio (PS), with common PS multiples ranging from 50 to 100 times. This difference mainly stems from the high growth potential and network effects of AI companies. Therefore, if the market views Amber as a composite of "AI + crypto," its valuation model may shift from traditional PE to a higher PS multiple, resulting in a significant increase in market capitalization.

Note:

PE "Price Earnings Ratio" = Stock Price ÷ Earnings Per Share, used to measure how much the market is willing to pay for every 1 yuan of profit, commonly used in the valuation of mature, profitable traditional enterprises. If a company's PE is 20 times, it means that investors are willing to pay 20 yuan to obtain 1 yuan of profit from the company.

The PS (Price-to-Sales ratio) = Stock Price ÷ Earnings per Share, applicable to growth companies that are not yet profitable, such as AI or SaaS, where valuation is more focused on growth potential. If a company's PS is 100 times, it means investors are willing to pay 100 yuan to obtain 1 yuan of the company's sales.

Amber Group CEO's reply to netizens' questions

As Nasdaq seeks to go on-chain, and the business of Crypto aims to go to Nasdaq, regardless of whether this 'experiment' will succeed, unlike many US-listed companies that imitate MicroStrategy's purchase of Bitcoin to save their stock prices, Amber has found a path that is different from others. This path may not be correct, but it is indeed worth looking forward to.

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