Financial Data and Key Metrics Changes - Nasdaq reported net revenue of $1.3 billion, an 11% year-over-year increase, with solutions revenue exceeding $1 billion for the first time, reflecting a 10% growth [6][31] - Annualized recurring revenue (ARR) grew 9% to $3 billion, with operating income increasing by 16% to $732 million and diluted EPS growing by 19% [7][32] - Operating expenses were $583 million, up 5% year-over-year, leading to an operating margin of 56% and EBITDA margin of 58%, both up two percentage points from the prior year [32][42] Business Line Data and Key Metrics Changes - Capital Access Platforms generated 8% revenue growth and 6% ARR growth, with Data and Listings revenue up 6% and Index revenue up 13% [10][33] - Financial Technology delivered 13% revenue growth and 12% ARR growth, with Financial Crime Management Technology revenue growing 22% and Regulatory Technology revenue up 9% [17][36] - Market Services achieved 13% net revenue growth, driven by elevated volumes in U.S. Options and U.S. Equities [21][40] Market Data and Key Metrics Changes - Nasdaq's listed securities represented 53% of total industry volume, up from 49% a year ago, indicating strong market position [24] - The U.S. economy remains resilient, with solid consumer spending and corporate investment in technology and AI contributing to growth [8][9] - European growth remains subdued, but expectations for recovery and renewed investments are improving the outlook [9] Company Strategy and Development Direction - Nasdaq is focused on integrating, innovating, and accelerating its technology platform, with a strong emphasis on AI and digital assets [25][29] - The company aims to enhance its competitive position through AI-enabled solutions and partnerships, particularly in financial crime management and regulatory technology [27][90] - Nasdaq's strategy includes expanding its digital asset offerings and exploring tokenization of securities to enhance market efficiency [50][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Nasdaq's ability to deliver sustainable growth and long-term shareholder value, despite mixed economic signals [8][30] - The company anticipates a meaningful pickup in IPO activity, supported by a robust IPO pipeline and favorable market conditions [12][30] - Management highlighted the importance of understanding the regulatory landscape for digital assets and the potential for growth in this area [52] Other Important Information - Nasdaq completed the sale of Nasdaq Solovus to Insight Partners, indicating a strategic focus on core business areas [17] - The company achieved a gross leverage ratio of 3.1 times at quarter end, with an upgrade in its senior unsecured debt rating from BBB to BBB+ [24][44] - Nasdaq generated free cash flow of $516 million in the third quarter, supporting dividends, deleveraging, and share repurchases [43][44] Q&A Session Summary Question: Digital assets and growth opportunities - Management discussed Nasdaq's involvement in the digital assets ecosystem and the relevance of its FinTech solutions as institutional interest in digital assets grows [48][50] Question: Tokenization proposal details - Management provided a high-level overview of the tokenization filing, explaining how investors could flag orders for tokenized settlements [54][56] Question: 2026 outlook and OpEx growth - Management indicated that ongoing investments are embedded in the guidance for the year, with a consistent trajectory expected [62][68] Question: Financial Crime Management Technology performance - Management noted robust sales in the SMB space and highlighted the potential for growth through partnerships and new AI capabilities [70][72] Question: Capital Markets Technology momentum - Management reported strong demand for connectivity services and data center growth, indicating a healthy environment for the business [78][80] Question: AI's impact on revenue synergy targets - Management confirmed that AI solutions are expected to accelerate revenue synergy targets, with a strong pipeline of cross-sell opportunities [92][94]

Core Insights - The Federal Reserve is hosting a Payments Innovation Conference on October 21, 2025, focusing on the integration of blockchain, stablecoins, and tokenized finance into the U.S. economy [1] - The participation of Web3 leaders, such as Sergey Nazarov from Chainlink, indicates a significant shift in the Fed's approach towards cryptocurrency and digital payments [2][3] - The conference is expected to address critical topics like stablecoin regulation, interoperability between private and public blockchain systems, and the potential for a U.S. digital dollar [3] Industry Implications - The Fed's collaborative approach could facilitate regulated banks' entry into the crypto market, particularly in sectors like stablecoins, potentially reducing resistance from traditional finance [4] - The anticipated growth of tokenized markets, projected to exceed $16 trillion by 2030, suggests a transformative impact on various financial sectors, including bond trading and cross-border settlements [3] - Current market conditions remain volatile, with Bitcoin experiencing a 2% decline amid broader economic uncertainties, including a potential trade war with China [4] Economic Context - The macroeconomic environment is fragile, with a government shutdown delaying essential economic data, leading to uncertainty among policymakers [5] - Weak job growth and slowing consumer demand are juxtaposed with signs of renewed inflation pressure, complicating the economic landscape [5]

Over the last couple weeks, we have been studying what Ripple is doing with a lot of these acquisitions. We've been talking about the big plan behind all of this. We've addressed recently the $1 billion buy of XRP that Ripple was putting together, which we also said, hey, this is going to lead to Ripple doing something pretty big with XRP.They have big plans with XRP. Now, we know exactly what their plans are. We're going to talk about it. We're going to address this.Uh we are also going to go over a few th ...

Core Strengths - Klout's mission focuses on tokenizing social influence, positioning it at the intersection of social media and blockchain technology [1] - Active developer engagement ensures constant updates and improvements to the platform, including new merge phases and UI enhancements [1] - A strong community of creators and early adopters contributes to a vibrant platform ecosystem [1] Competitive Advantages - Being in the early stage provides Klout with an early advantage in the market [1][2] - Klout is redefining how online presence translates into on-chain power, indicating a unique value proposition [1] Future Potential - The combination of social and on-chain elements positions Klout as a key player in the future of influence [1]

Core Viewpoint - The future of finance is seen as a merger of traditional systems with blockchain infrastructure, with tokenization driving a new evolution in global markets [1][3]. Group 1: Tokenization and Market Evolution - Tokenization represents real-world assets as blockchain-based tokens, which is expected to modernize capital markets by enabling atomic swaps and 24/7 trading [2][3]. - The initial focus of tokenization efforts is on U.S. Treasury bills, which are considered low-volatility assets and can be viewed as yield-bearing stablecoins [3][5]. Group 2: Accessibility and Financial Inclusion - Tokenized Treasury bills could provide investment opportunities for individuals in regions with limited access to U.S. dollar-denominated assets, particularly in areas with high inflation or poor banking infrastructure [4][5]. - The demand for tokenized assets is notably strong in Latin America and other regions with volatile local currencies, highlighting the potential for financial inclusion beyond mere speculation [5]. Group 3: Compliance and Focus Areas - Not all assets should be tokenized; compliance with laws, KYC, and AML regulations is essential to ensure investor protection [6]. - The emphasis should be on tokenizing the debt of small and medium enterprises that currently lack access to global capital markets, allowing them to raise capital while providing investors with higher yields [6][7]. Group 4: Future Outlook - Tokenization is viewed as an alternative method for raising capital that could enhance transparency and interoperability in financial markets, with the expectation that this evolution is inevitable [7].

RT Magenta Labs (@Magentalabs_io)From the floor of the @NYSE, @Johnlikes_, Head of Growth at Magenta Labs, breaks down:• @gavofyork's return to @Polkadot is the most underrated event in crypto right now.• The rise of RWAs and tokenization in TradFi• How AI x blockchain unlocks secure, verifiable intelligence• Why U.S. clarity is bringing builders back onshoreThe future of fintech is transparent, decentralized, and already in motion.🎥 Full conversation below. ...

🚨 CMC News: Galaxy Digital Flags AI, Stablecoins, Tokenization as Catalysts for Next Crypto Rally.🔗 https://t.co/TvcMAM8T77 https://t.co/7QTIgct2KF ...

Core Insights - Evernorth is raising over $1 billion to establish what could become the largest institutional XRP treasury, merging with Armada Acquisition Corp II and planning to list on Nasdaq under the ticker XRPN [1][2] - The initiative aims to provide institutional investors with liquid exposure and yield opportunities in both traditional and decentralized finance, with the transaction expected to close in Q1 2026, pending approvals [2][3] - The strategy includes active management of XRP through open-market accumulation, institutional lending, and DeFi strategies, focusing on increasing XRP per share and expanding ecosystem participation [3][5] Financial Commitments - The venture has secured a $200 million commitment from SBI Holdings, along with investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR [4] - Most net proceeds will be allocated for systematic XRP accumulation to build a resilient treasury, while a smaller portion will cover operational expenses [4] Strategic Goals - Evernorth plans to operate XRP Ledger validators to enhance decentralization and integrate Ripple's RLUSD stablecoin as a DeFi bridge [5] - The company aims to support projects that expand XRP's role in payments, tokenization, and capital markets [5]

RT 11AM w/ Seed Club (@11AMdotclub)“The onchain protocols, media, ip, any technology venture can effectively tokenize its revenues onchain and use that as a system for capital formation and bring it to a global audience.”- @meta_hess of @metaplex on Internet Capital Markets. https://t.co/mp71CJETjK ...

Core Insights - Ondo Global Markets launched on Blockchain.com on October 20, enabling non-U.S. users to access over 100 tokenized U.S. stocks and ETFs [1][2] - The platform aims to dismantle barriers that have historically restricted access to U.S. markets for millions of traders [3] - Ondo's dynamic pricing model enhances price transparency and liquidity by interacting directly with traditional exchanges [4] Tokenization Overview - Tokenization represents assets like stocks and funds as digital tokens, allowing fractional ownership and making investments more affordable [2] - The process digitizes traditional finance, enabling 24/7 on-chain trading [2] Market Accessibility - Ondo Global Markets is expected to add hundreds of tokenized assets by the end of the year, enhancing its position as a comprehensive platform for U.S. capital markets [3] - The platform addresses issues such as high fees, restrictive access, slow transfers, fragmented platforms, and geographic exclusions [6] Interoperability and Integration - Ondo's tokenized offerings are interoperable with various wallets, exchanges, and DeFi protocols, promoting composability and integration into the broader crypto economy [5] - This infrastructure aligns with the vision of creating an open and accessible financial ecosystem [5] Industry Impact - The partnership with Blockchain.com is seen as a game changer, providing secure and liquid exposure to U.S. companies for users globally [6] - It empowers individuals with internet access to invest in high-quality assets, contributing to a more inclusive financial system [6]