Core Viewpoint - Delaware Life Insurance Company has become the first U.S. insurer to offer a cryptocurrency-linked investment within a fixed index annuity (FIA) by partnering with BlackRock, allowing investors to access bitcoin returns while protecting their principal [1] Group 1: Product Offering - The new FIA product will include the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index, which combines U.S. equities with bitcoin exposure through BlackRock's iShares Bitcoin Trust ETF (IBIT) [2] - The index targets a 12% volatility level using dynamic cash allocations to limit bitcoin's price swings, appealing to investors nearing retirement who typically avoid crypto markets due to risk and complexity [2] Group 2: Market Context - This launch is a response to the significant success and client demand for IBIT, enabling insurance clients to add bitcoin exposure as part of a broader indexed annuity strategy [3] - The move by Delaware Life reflects a broader trend among legacy financial institutions engaging with digital assets, bridging traditional retirement products with the crypto market [4]

Core Insights - Billionaire investor Ray Dalio warns that the global monetary system is under strain, with eroding confidence in fiat currencies and debt as stores of value [1][6] - Dalio's comments have ignited discussions among crypto traders regarding the potential impact on Bitcoin's price [1][5] Group 1: Dalio's Analysis - Dalio highlighted structural changes in the global financial order, citing shifting capital flows and central bank behavior as indicators of weakening confidence in traditional monetary assets [2] - He noted that the gold market outperformed tech markets last year, suggesting that U.S. markets lagged behind foreign markets due to changes in central bank reserve allocations [3] - Dalio warned of escalating tensions around trade imbalances potentially leading to "capital wars," where countries may become reluctant to hold each other's debt [4] Group 2: Market Reactions - The billionaire's remarks prompted mixed reactions among crypto traders, with some viewing the weakening confidence in fiat currencies as a bullish signal for Bitcoin and other digital assets [5] - Dalio previously connected the rally in gold to central bank liquidity and declining real yields, indicating a broader trend in asset performance [6]

Core Insights - Asia Broadband Inc. has completed the development of its next generation AABB Wallet App, which is set for formal launch in the first week of February 2026 [1][2][3] Group 1: AABB Wallet App - The new AABB Wallet App underwent a complete redesign and rebranding to enhance functionality and speed, with plans for future feature additions [1][3] - The digital assets development team expressed excitement about the wallet's capability to grow alongside the company's expansion plans [3] Group 2: Corporate Updates - AABB will provide a corporate update next week, detailing the status of its various projects and corporate initiatives [2] Group 3: Company Overview - Asia Broadband Inc. focuses on precious metals production and the accumulation of physical gold and silver holdings, leveraging its geographic expertise and industry contacts in Mexico [4] - The company integrates its industry operations with a disciplined financial strategy to achieve sustainable long-term growth [4] - AABB also has a digital assets segment, including a gold-backed cryptocurrency and unique NFT collections, aiming to establish its token as a stable and trusted standard of exchange [4]

Group 1: Fund Launch and Strategy - Galaxy is launching a $100 million hedge fund in Q1 2023, taking both long and short positions as Bitcoin experiences a decline from its October peak [1] - The fund will allocate up to 30% of its assets in crypto tokens, with the remainder invested in financial services stocks influenced by digital asset technologies and regulations [1] - The hedge fund represents a strategic pivot for Galaxy amid increasing volatility in digital asset markets [4] Group 2: Investment and Market Sentiment - The fund has secured $100 million in investments from family offices, high-net-worth individuals, and larger institutions, with potential for additional commitments [2] - The mix of tokens and financial services stocks in the fund is seen as a prudent investment strategy, focusing on successful crypto tokens with real-world use cases [3] - Current market sentiment is turning bearish, with a 70% chance predicted for Bitcoin's next move to reach $100,000, down from 84% earlier in the week [7] Group 3: Market Conditions and Influences - Bitcoin is trading around $88,375, reflecting a 3.1% decline on the day and a 7.1% drop over the past week [4] - The market is influenced by external factors, including trade tensions and potential tariffs, which have contributed to Bitcoin's recent price drop from $95,000 [6] - Despite the bearish sentiment, there remains a bullish outlook on Bitcoin and major cryptocurrencies like Ethereum and Solana, particularly in the context of potential Federal Reserve interest rate cuts [5]

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.26, an increase of approximately 18% year-over-year on an adjusted basis [4] - Net interest income increased by 3.3% year-over-year, supported by strong consumer deposit growth [4] - Total net revenue for the fourth quarter was $7.4 billion, a 5.1% increase, while full-year net revenue reached $28.7 billion [4][13] - The return on tangible common equity was 18.4%, and the efficiency ratio improved to 57.4% year-over-year [15] Business Line Data and Key Metrics Changes - Fee income represented 42% of total net revenues and grew by 6.7% year-over-year, with broad-based strength across most fee businesses [7][16] - The Global Fund Services business generated strong fee revenue growth, with total net revenue growing at a healthy 11% CAGR since 2021 [9] - Commercial loans grew by 10.1% year-over-year, while credit card loans increased by 5.7% [15] Market Data and Key Metrics Changes - Total average deposits increased by 0.7% linked quarter to $515 billion, with non-interest-bearing deposits stable at approximately 16% of total average deposits [15] - The company experienced modest growth in commercial real estate loans after 11 quarters of decline [11] Company Strategy and Development Direction - The company is focused on restoring investor confidence and executing on three key priorities, including expense management and strategic investments in technology, sales, and marketing [4][6] - The acquisition of BTIG is expected to capture considerable revenue synergies and enhance the capital markets franchise [7][8] - The company aims to drive organic growth and maintain high returns while managing risks effectively [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic backdrop going into 2026, highlighting strong consumer performance and improving credit quality metrics [20][88] - The company anticipates total net revenue growth in the range of 4%-6% for 2026, with positive operating leverage of 200 basis points or more [18][19] Other Important Information - The company has made significant investments in digital capabilities over the past six years, which are expected to drive productivity and support future growth [71] - The company is actively monitoring potential regulatory changes that could impact the banking industry [88] Q&A Session Summary Question: Share repurchase pace and capital ratios - Management plans to gradually increase share repurchases from $100 million to $200 million, focusing on client and loan growth first [24] Question: Impact of credit card rate caps - Management estimates that over 90% of clients would be negatively impacted by a 10% rate cap on credit cards, emphasizing the importance of financial education [25][26] Question: Revenue growth expectations for 2026 - Management expects mid-single-digit growth for both net interest income and fee revenue, driven by strong business momentum [30][31] Question: Balance sheet growth outlook - Management anticipates 3%-4% loan growth in 2026, with a focus on commercial and card loans [40] Question: Digital assets organization and revenue potential - The company is exploring opportunities in digital assets, with a focus on capital markets and custody capabilities [51] Question: BTIG acquisition and capital call - The acquisition is expected to be PPNR neutral initially, with potential for margin expansion post-merger costs [100]

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.26, an increase of approximately 18% year-over-year on an adjusted basis [3] - Net interest income increased by 3.3% year-over-year, supported by strong consumer deposit growth [3] - Total net revenue for the fourth quarter was $7.4 billion, a 5.1% increase year-over-year, while full-year net revenue reached $28.7 billion [3][11] - The return on tangible common equity was 18.4%, and the efficiency ratio improved to 57.4% year-over-year [12] Business Line Data and Key Metrics Changes - Fee income represented 42% of total net revenues and grew by 6.7% year-over-year, with broad-based strength across most fee businesses [5][12] - The global fund services business generated strong fee revenue growth, with total net revenue growing at a healthy 11% CAGR since 2021 [8] - Commercial and credit card loans grew by 10.1% and 5.7% year-over-year, respectively, contributing to an overall loan growth of 1.4% from the prior quarter [12] Market Data and Key Metrics Changes - The company experienced record consumer deposits this quarter, with a stable percentage of non-interest-bearing deposits at approximately 16% [12] - The investment portfolio remained at $171 billion as of December 31 [13] - The company expects total net revenue growth in the range of 4%-6% for 2026, excluding the impact of the BTIG acquisition [15] Company Strategy and Development Direction - The company is focused on restoring investor confidence and delivering strong financial results through three key priorities: expense management, organic growth, and strategic investments in technology, sales, and marketing [4][5] - The acquisition of BTIG is expected to capture considerable revenue synergies and enhance the capital markets franchise [5][6] - The company aims to drive organic growth and high returns while maintaining strong risk management practices [17] Management's Comments on Operating Environment and Future Outlook - The economic backdrop going into 2026 is broadly constructive, with expectations of continued consumer spending and improving credit quality metrics [17][86] - Management expressed confidence in the ability to achieve positive operating leverage of 200 basis points or more for the full year of 2026 [15][30] - The company is closely monitoring potential policy changes that could impact the banking industry, particularly regarding capital and digital assets [87] Other Important Information - The company has made significant investments in digital capabilities over the past six years, which are expected to drive productivity and support future growth [30][70] - The company is committed to increasing share repurchases gradually, starting from $100 million to $200 million [20] Q&A Session Summary Question: Share repurchase pace and capital ratios - Management indicated plans to gradually increase share repurchases while focusing on client and loan growth [20] Question: Impact of credit card rate caps - Management estimated that a 10% rate cap on credit cards would negatively impact over 90% of clients, but they are exploring options to assist customers [22] Question: Revenue growth expectations for 2026 - Management expects mid-single-digit growth for both net interest income and fee revenue, driven by strong business momentum [27] Question: Balance sheet growth outlook - Management anticipates loan growth of 3%-4% in 2026, with a focus on commercial and card loans [36] Question: Drivers of deposit growth - Management highlighted steady growth in consumer deposits, particularly through the Bank Smartly product, and a reduction in CDs [46] Question: Digital assets organization and revenue potential - Management is actively exploring opportunities in digital assets, particularly in capital markets and custody services, but noted that the revenue model is still developing [50] Question: BTIG acquisition and capital markets strategy - Management clarified that the BTIG acquisition is expected to enhance their capital markets capabilities and is aligned with client demand [100]

Core Viewpoint - Wix.com Ltd. (WIX) is assigned a buy rating due to solid execution, particularly in the Creative Subscriptions revenue segment and accelerating revenue in the Business Solutions segment [1] Company Performance - The Creative Subscriptions revenue segment shows steady revenue performance, indicating a stable business model [1] - The Business Solutions segment is experiencing accelerating revenue growth, suggesting strong demand and effective service offerings [1] Analyst Perspective - The analysis focuses on future-oriented industries where culture, technology, and valuation intersect, highlighting the importance of these factors in investment decisions [1] - The approach combines discounted cash flow (DCF) and relative valuation with macroeconomic and narrative context, aiding in identifying early investment opportunities [1]

Core Insights - Bit Digital Inc. (NASDAQ:BTBT) is positioned as a leading cryptocurrency and blockchain stock, with significant holdings in Ethereum (ETH) and a focus on high-performance computing and AI infrastructure [1][4] Group 1: Financial Performance - As of the end of 2025, Bit Digital holds approximately 155,227.3 ETH, valued at about $460.5 million based on a closing price of $2,967 [2] - The company staked an additional 642 ETH, increasing its total staked ETH holdings to 138,263, which constitutes 89% of its total ETH holdings, generating 389.6 ETH in rewards with an annualized yield of about 3.5% [2] Group 2: Leadership and Strategy - On December 22, Bit Digital appointed Amanda Cassatt, founder and CEO of Serotonin, to its Board, enhancing its leadership with expertise in digital assets and product strategy [3] - Cassatt expressed commitment to making Ethereum and AI compute accessible to public markets, aligning with Bit Digital's long-term vision for digital assets and infrastructure [4] Group 3: Business Operations - Bit Digital operates at the intersection of AI and digital assets, engaging in Bitcoin mining, AI cloud services, data center colocation, and Ethereum staking [4]

Core Viewpoint - Digital assets are transitioning from niche experiments to a structural financial layer, with 2026 anticipated as a pivotal year for broader market recognition [1] Group 1: Industry Transformation - The financial industry has been quietly retooling its infrastructure, regulatory frameworks, and institutional workflows in preparation for a breakout year in 2026 [2] - Major banks and brokerages have made significant announcements in 2025, indicating a commitment to developing digital asset capabilities [3] - The cultural shift in 2025 marked the first year where market participants ceased to declare bitcoin "dead," reflecting a broader acceptance of digital assets [3] Group 2: Integration with Capital Markets - Digital assets are moving closer to integration with capital markets through exchange-traded products (ETPs), derivatives, tokenization, and evolving legal frameworks [4] - Tokenization involves converting real-world assets into blockchain-based tokens, enhancing accessibility for a broader investor base [4] Group 3: Institutional Demand - Institutions are expected to drive the evolution of digital assets, expanding synthetic exposure and participation in digital asset returns through derivatives and structured products [5] - Despite the growth of synthetic exposure, bitcoin will maintain its traditional appeal as a reserve asset [5]

Financial Performance - Total revenue reached $13.9 billion, or $14.0 billion ex-notables, marking a 7% increase[4, 11] - Fee revenue totaled $11.0 billion, up 8%, or 9% ex-notables, demonstrating broad-based strength[4, 11] - Net interest income (NII) amounted to $3.0 billion, a 1% increase, driven by an 11% growth in average interest-earning assets, partially offset by a 10bps decline in net interest margin (NIM)[11] - Expenses totaled $10.2 billion, up 7%, or $9.8 billion ex-notables, up 5%, primarily due to business and technology investments[11] - Diluted EPS, excluding notable items, reached $10.30, a 19% increase[4, 7] Business Segments - Record Assets Under Custody and/or Administration (AUC/A) of $53.8 trillion at quarter-end[4, 18] - New servicing fee revenue wins in FY2025 totaled $333 million[4, 18] - Record Assets Under Management (AUM) of $5.7 trillion at quarter-end, with total net inflows of $181 billion in FY2025[4] - Foreign exchange (FX) trading volumes increased by 14%, and securities on loan increased by 17% in FY2025[4] Capital and Liquidity - Capital return of $635 million to common shareholders, resulting in a total payout ratio of 92%[56] - Standardized CET1 ratio at quarter-end was 11.7%, a 0.4%pts increase QoQ[56]