Core Viewpoint - The recent shift by Harvard's endowment fund from Bitcoin to Ethereum highlights a growing interest in diversifying cryptocurrency investments, particularly in the context of current market conditions where Bitcoin and Ethereum have seen significant declines from their all-time highs [2][3][5]. Group 1: Harvard's Investment Strategy - Harvard's endowment fund, valued at $50 billion, has reduced its Bitcoin holdings by 21%, now owning 5.35 million shares of the iShares Bitcoin Trust worth $265.8 million [3]. - The fund has initiated a new position in Ethereum, acquiring 3.87 million shares of the iShares Ethereum Trust valued at approximately $86.8 million, marking its first investment in Ethereum [3][2]. Group 2: Market Analysis - Bitcoin has decreased by 25% this year and is down 47% from its all-time high, while Ethereum has experienced a 35% decline this year and a 61% drop from its peak, indicating that Ethereum may be oversold and potentially attractive to investors [6][5]. - The move to Ethereum could reflect a broader trend among institutional investors seeking diversified exposure to the cryptocurrency market, as the availability of various crypto ETFs facilitates this diversification [5]. Group 3: Potential for Ethereum - Ethereum's ability to offer "staking yield" presents a significant advantage over Bitcoin, which does not provide this feature due to its proof-of-work structure, potentially making Ethereum a more appealing investment option for generating passive income [7].

Financial Data and Key Metrics Changes - Revenue in Q1 2026 increased more than four times to $21.4 million, compared to $4.6 million in Q1 2025 [16] - Gross margin increased significantly to 78.6% in Q1 2026, compared to 24.5% in Q1 2025 [16] - Net loss for Q1 2026 was approximately $585.6 million, compared to a net loss of $0.7 million in Q1 2025, primarily due to a loss on digital assets [18] Business Line Data and Key Metrics Changes - Forward held approximately 6,962,501 Solana, with more than 99% staked, generating a staking yield between approximately 6.5% and 7.2% [12] - Fully diluted SOL per share increased from 0.0604 at the end of September 2025 to 0.0624 at the end of December 2025, representing a growth of roughly 13% [13][14] Market Data and Key Metrics Changes - Solana continues to lead across key metrics, including decentralized exchange trading volumes, active users, and developer engagement [6] - Institutional engagement has expanded significantly, with major asset managers like WisdomTree launching tokenized funds on Solana [7] Company Strategy and Development Direction - The company aims to build a permanent capital vehicle that participates directly in the growth of the Solana ecosystem, evolving beyond a treasury into an active value-generating business [5] - Forward Industries is focused on compounding SOL per share by participating directly in economic activities occurring on-chain [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in the market but emphasizes the importance of Solana's current performance and real-world applications [6] - The company believes that the opportunity in front of Solana is increasingly clear, with a focus on long-term growth [5] Other Important Information - Forward became one of the first public companies to have its SEC-registered shares live on a public blockchain, with FWDI now issued on Solana [8] - The company launched fwdSOL, a proprietary liquid staking token, representing approximately 25% of its SOL holdings [9] Q&A Session Summary Question: Thoughts on recent token price volatility - Management noted that SOL is down approximately 70% from its all-time high, which is typical in the crypto market, and emphasized maintaining a clean balance sheet [19][20] Question: Potential M&A framework - The company is looking for accretive businesses in both DAT and non-DAT M&A, with a focus on product market fit and scalable unit economics [23] Question: Importance of SOL per share as a KPI - SOL per share growth is considered the North Star KPI, with a target to consistently generate returns greater than the staking yield [24] Question: Capital allocation strategy in different market conditions - The company plans to be adaptive, focusing on balance sheet quality and potential M&A opportunities when trading at discounts [40][41] Question: Staking yields and network usage growth - Management clarified that increased validator participation does not impact staking yields, and they expect yields to increase as network activity grows [44][46] Question: Related party G&A expenses - Related party expenses are associated with the launch of the digital asset treasury strategy and are expected to decrease in the coming months [50]

If you'd like to learn more about how to best position yourself in under valued stocks mispriced by the market to start 2026, consider joining Out Fox The Street .Stone Fox Capital is an RIA from Oklahoma. Mark Holder is a CPA with degrees in Accounting and Finance. He is also Series 65 licensed and has 30 years of investing experience, including 15 years as a portfolio manager. Mark leads the investing group Out Fox The Street where he shares stock picks and deep research to help readers uncover potential ...

arbitrum generates $50m annual revenue at 97.8% margins, holds $200m non-arb treasury assets, processes $17b tvl. arb token gets zero percent of this. no revenue share, no staking yield, nothing. just governance voting that 0.01% of holders care about. protocol prints money, token bleeds forever ...

bitmine accelerating to 96,798 eth per week gets them 5% of supply by q2. eth/btc ratio at 0.035 vs 0.06-0.08 historic range. they're collecting 3-4% staking yield on $12b while eth/btc mean reverts. every eth they stake compounds their position. other miners copying this playbook changes the entire supply dynamic ...

ETF Market Dynamics - Outflows from Bitcoin ETFs are small relative to the massive inflows over the past 18 months, representing only a couple percentage points [1] - Ethereum ETFs have experienced approximately $25 billion outflows, warranting close attention [2] - A significant portion of the outflows is attributed to the basis trade, a strategy favored by hedge funds [3] - The basis trade, involving selling front-month futures contracts and buying spot at the same time, offered an annualized yield that has fluctuated, reaching 20% at times but now below 5% [4][5] - Decreased interest in the basis trade is driving money out of these ETFs, while retail investors and long-term investment advisors continue to buy [5] - The ETF space is experiencing aggressive growth, with inflows exceeding $1 trillion this year [15] Crypto Regulation and Taxation - Uncertainty surrounding regulatory clarity from the SEC and CFTC has been a concern for institutional investors in crypto ETFs and crypto investing [7] - Tax changes, including guidance from the IRS on "good income" versus "bad income," are expected to reshape the crypto landscape [6][8] - The tax treatment of staking yield, where assets are locked up to contribute to the network in return for in-kind Ethereum, is currently unclear [9][10] - Crypto ETFs are starting to allow for staking yield, but some institutional investors are hesitant due to potential tax implications [10] ETF Product Innovation - Hundreds of new crypto ETFs with different variations, leverage, and yield plays are expected to launch [12] - "Manufactured yield" products, using derivatives to generate high yields (sometimes over 80%), are gaining popularity [12][13] - Active ETFs, including "boomer candy" products offering downside protection, are growing rapidly, with legacy asset managers entering the market [13][14] - Goldman Sachs is acquiring a company specializing in buffer products, indicating a significant move into the active ETF space [14][15]

Core Insights - Safello has launched the Safello Bittensor Staked TAO ETP on the SIX Swiss Exchange, aiming to enhance access to Bittensor (TAO) exposure across Europe [1][2] - The ETP is designed to provide a regulated vehicle that mirrors the performance and staking yield of the TAO token, with a management fee of 1.49% [2] - The product offers 100% physical backing through staked TAO, allowing investors to benefit from both price exposure and staking rewards [3][4] Product Structure - The ETP combines appreciation potential of TAO with reinvested staking yields, creating a total return instrument [4] - This structure caters to a growing market preference for regulated, yield-generating crypto products that simplify investor participation [4] Revenue Model - Safello will receive a revenue share based on the ETP's assets under management (AUM), representing a new revenue stream as the company diversifies its product offerings [5] - The long-term financial impact of this listing will depend on market demand for TAO exposure [5] Strategic Collaboration - The partnership with DDA ETP AG aligns with Safello's goal of providing compliant crypto investment options across Europe [6] - The launch of STAO supports Safello's mission to enhance accessibility to digital assets while ensuring regulatory clarity and investor protections [6] Market Context - CoinShares reported that digital asset investment products experienced $2 billion in outflows, marking the heaviest weekly withdrawals since February [7] - This sell-off has resulted in total outflows of $3.2 billion over three consecutive weeks [7]

Core Insights - Onfolio Holdings Inc. has secured up to $300 million in financing through a convertible note facility with a U.S.-based institutional investor, significantly strengthening its financial position and supporting its next phase of expansion [1][2][3] Financing Details - The initial tranche of $6 million is set to close on November 18, 2025, with an additional $2 million expected at a second closing approximately 30 days later [15] - Up to $292 million remains available in potential future tranches, subject to certain conditions [15] Strategic Objectives - The financing will enable Onfolio to build its digital asset treasury, generate yield through staking, strengthen its balance sheet, and accelerate the growth of its operating businesses [2][3] - The company aims to invest directly in Bitcoin, Ethereum, and Solana, utilizing established digital finance platforms to earn returns on invested capital [3][9] Growth Model - Onfolio is developing a modern public holding company model that combines operating cash flow from online businesses with a diversified digital asset treasury designed to generate yield [4][12] - The company believes that pairing a digital asset treasury with scalable operating profits can create long-term value for shareholders [5] Allocation of Proceeds - In future tranches, 75% of net proceeds will be allocated to digital asset purchases, while 25% will support strategic growth initiatives [11] - The proceeds will also be used to strengthen the company's balance sheet, enhance operational efficiency, and fund accretive acquisitions of cash-flowing businesses [14]

ethereum validators in record exit queues. back to april 2024 validator counts. these aren't traders, they're infrastructure providers locking 32 eth minimum who just gave up. 3.5% staking yield minus hardware costs minus slashing risk equals maybe $3k yearly on $110k locked. sky savings pays 4.75% on usds with zero infrastructure. months of forced eth selling ahead as exits process. ...

Core Insights - Solana Company has updated its holdings of Solana (SOL) tokens and cash as of October 29, 2025, reflecting its strategy to maximize SOL per share through disciplined asset management [1][2] Group 1: Holdings and Financials - As of October 29, the Company holds over 2.3 million SOL, an increase of approximately 1 million since the last update on October 6 [2] - The Company and its subsidiaries collectively hold more than $15 million in cash and stablecoins, which will be utilized to further its digital asset strategy [2] Group 2: Staking Performance - For October, the average gross staking yield was 7.03% APY, outperforming the stake-weighted average of the top 10 validators by approximately 36 basis points [3] - The staking yield generates consistent daily on-chain revenue while maintaining full liquidity and custody of the underlying assets [3] Group 3: Strategic Insights - The Company has increased its SOL holdings by roughly 5% in less than a month, with a gross staking yield exceeding 7% [4] - Institutional engagement with Solana Company has accelerated due to key network milestones and ecosystem developments, focusing on transparency and growth [4] Group 4: Market Position - Solana is recognized as one of the fastest-growing blockchain networks, processing over 3,500 transactions per second and maintaining approximately 3.7 million daily active wallets [4] - The network is a leader in transaction revenue and user adoption, offering an estimated 7% native staking yield, positioning SOL as a financially productive asset for long-term treasuries [4] Group 5: Company Overview - Solana Company, in partnership with Pantera Capital and Summer Capital, serves as a dedicated vehicle for institutional participation in the Solana ecosystem [5] - The Company's approach integrates capital markets access, on-chain management, and long-term staking to compound SOL-denominated returns [5]