Taiwan Odin Group listed on NASDAQ "big pump triggered circuit breaker", followed by a rapid price drop.

Taiwan's blockchain infrastructure company OwlTing began trading on NASDAQ on the 16th of this week, with the stock code OWLS. On its first day, the price surged by as much as 800%, but later faced selling pressure, resulting in a pullback. (Background: Taiwan's blockchain company “OwlTing Group” plans to list on NASDAQ: has applied to the SEC for the stock code OWLS) (Additional background: OwlTing's blockchain booking site “Owlnest” leaked the privacy data of 760,000 guests, beware of phishing scams!) OwlTing's parent company OBOOK Holdings started trading on NASDAQ through a direct listing method on October 16, New York time, with the stock code OWLS. On the first day, the opening price was $68.00 per share, up 580% from the reference price of $10.00, and even reached $90 at one point, triggering the circuit breaker mechanism multiple times; however, selling pressure emerged later, closing at $55.55 on the 16th and continuing to decline to $39.5 on the 17th. Based on the current closing price, OBOOK's market capitalization is approximately $3.49 billion. OwlTing Group's founder and CEO Darren Wang stated: “We are very honored to officially list on NASDAQ, which is an important milestone for OBOOK. This strong market performance fully reflects investors' trust and support for our compliance-driven stablecoin infrastructure built with blockchain technology and our innovation in promoting the global payment system.” Overall, OwlTing made a strong debut in this listing, but whether the company's revenue and development can continue to grow steadily will be subject to stricter market scrutiny. Business Model: Compliance-driven cross-border payment channel OwlTing was founded in 2010 in Taipei, originally operating in e-commerce and accommodation SaaS, but has recently transformed into blockchain payment services. Its core product is OwlPay, which offers a hybrid interface of Web2 and Web3, allowing businesses to accept various stablecoins and settle in USD, addressing the pain points of B2B cross-border payments. Public data shows that OwlTing's revenue reached $7.6 million in 2024, an 18% year-on-year increase; total payment volume surged by 62% to $218 million. The accommodation system OwlNest serves over 2,500 hotels, with a net retention rate of 108% in USD. It currently has subsidiaries in the US, Japan, Poland, Singapore, and holds 36 state Money Transmitter Licenses, meeting the requirements of the GENIUS Act for reserves, identification, and compliance audits. Related Reports: From Luna to USDe, why do algorithmic stablecoins repeat the “death spiral”? USDe depegged to a low of $0.65 in the early morning! Chain liquidation exposes the fragility of synthetic stablecoins. The dual oligopoly era of USDT and USDC begins to unravel: the landscape of stablecoins is being reshuffled. This article was first published in BlockTempo, the most influential blockchain news media.