Financial Data and Key Metrics Changes - For the full year 2025, the company achieved net revenues of $5.2 billion, an increase of 12% year-over-year [6][24] - Solutions revenue grew 11% to $4 billion, representing 76% of total net revenue [23] - Annual operating income was $2.9 billion, up 16%, with diluted EPS growth of 24% [6][24] - Fourth quarter net revenue was $1.4 billion, up 13% year-over-year, with solutions revenue of $1.1 billion, up 12% [7][24] - Operating expenses for the fourth quarter were $609 million, up 8% year-over-year, leading to an operating margin of 56% [7][36] Business Line Data and Key Metrics Changes - Capital access platforms delivered quarterly revenue of $572 million, up 12%, with annual revenue of $2.1 billion, up 10% [25] - Index revenue increased by 23% in the fourth quarter, with net inflows of $99 billion over the last 12 months [26] - Financial technology revenue in the quarter was $498 million, up 12%, with annual revenue of $1.85 billion, up 11% [29] - Market services achieved record annual net revenue of $1.2 billion, up 17% year-over-year [19][32] Market Data and Key Metrics Changes - The company secured three of the five top IPOs of 2025, including the largest IPO of the year, Medline [11] - The Nordic markets welcomed the largest IPO in Europe, Verisure, contributing to strong performance in the region [11] - The index franchise achieved record average AUM, with ETP AUM reaching $882 billion, an all-time high [14] Company Strategy and Development Direction - The company focuses on three strategic pillars: integrate, innovate, and accelerate, which have driven strong results [8] - Plans to launch 23x5 trading in the Nasdaq Stock Market in the second half of 2026, subject to regulatory approval [9] - The company aims to leverage AI across its business and has begun rolling out new AI-enabled products [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to build on its strong foundation and deliver durable growth in 2026 [21] - The company sees signs of accelerating capital markets activity, supported by recent Fed cuts and a healthy pipeline of late-stage private companies [12] - Management highlighted the importance of managing risk and advancing market structure as key industry priorities [20] Other Important Information - The company generated free cash flow of approximately $2.2 billion in 2025, with a conversion ratio of 109% [37] - The company paid dividends totaling $601 million in 2025 and repurchased 7.2 million shares for $616 million [38] Q&A Session Summary Question: Expectations for expanded options expirations and market volumes - Management noted that expanded options expirations provide clients with more choices for managing risk and are expected to drive market volumes [39][40] Question: Growth in equity options volumes and structural shifts - Management indicated that growth in equity options volumes is driven by a broadening investor base and increased engagement from both retail and institutional investors [42][44] Question: Pipeline and pace expectations for the data and listing segment - Management highlighted momentum in new issuances and active dialogue with late-stage private companies looking to go public, with expectations for increased activity in 2026 [45][46] Question: Outlook for financial crime management growth - Management discussed the variability in revenue due to implementation timing for enterprise deals but expressed optimism about the pipeline of opportunities in 2026 [47][49] Question: Nasdaq's ambitions in the proxy market - Management emphasized the focus on policy reform and modernization of proxy infrastructure to streamline processes for public companies [58] Question: Tokenization of equity securities - Management explained that the goal is to integrate tokenization with existing infrastructure while ensuring investor protection and issuer choice [60][62]

Hang Seng Investment, one of Hong Kong’s asset managers, recently debuted its physical gold-pegged exchange traded fund (ETF). The ”Hang Seng Gold ETF” was launched on January 29 on the Hong Kong Stock Exchange under the ticker “03170.” The new fund has a conventional approach as well as a tokenized class of units. Hang Seng Gold ETF Records 9% Boost The new Hang Seng Gold ETF tracks the LBMA Gold Price AM while holding bullion stashed in designated vaults in Hong Kong, per the product disclosures. I ...

Key Takeaways Tom Lee has urged investors not to let the rally in gold and silver divert attention from Ethereum. BitMine continues to build its Ethereum position. Lee maintains a bullish long-term outlook for Ethereum and Bitcoin. BitMine chairman Tom Lee urged investors not to overlook Ethereum (ETH) despite a powerful rally in precious metals, reiterating his long-held view that Ethereum is the “future of finance.” His comments follow recent remarks in which Lee said the surge in gold and silv ...

As Exxon Mobil Corp. (NYSE:XOM) prepares to report fourth-quarter earnings on Jan. 30, the energy giant faces a complex landscape defined by softening crude prices and a sudden geopolitical shift.While lower upstream realizations are expected to weigh on results, analysts forecast that robust refining and record production volumes in Guyana and the Permian Basin will provide a critical earnings buffer.Refining Resilience Meets Market HeadwindsWall Street consensus estimates project fourth-quarter Earnings P ...

Better late than never. UBS will reportedly allow certain clients to trade bitcoin and Ether in the near future, although the banking behemoth is still determining how the program will be rolled out, according to a Bloomberg report last week. The Zurich-based firm would join the likes of JPMorgan and Morgan Stanley, which have both opened up access to crypto for clients in recent years. The move also signals the bank’s willingness to continue building on its tokenization programs. “We have seen that mor ...

Core Insights - XRP is positioned for potential price appreciation in 2026, supported by the launch of spot exchange-traded funds (ETFs), a new stablecoin, and expanding tokenization capabilities on its ledger [1] - The performance of XRP will depend on sustained regulatory clarity in the US and strong investor demand for XRP-linked products [1] Group 1: XRP ETFs and Market Demand - A report by 21Shares predicts a 30% chance of XRP reaching $2.69 in 2026, contingent on successful milestones achieved in 2025 [2] - Following the conclusion of SEC litigation in August 2025, XRP reopened to US-based institutions, leading to SEC approval for US XRP spot ETFs [3] - XRP ETFs amassed over $1.3 billion in assets under management within a month of launch, fundamentally changing the asset's demand profile [4] Group 2: Record Inflows and Growth Catalysts - XRP ETFs set a world record for the largest consecutive period of net inflows across all asset classes, with over 50 days of consecutive net inflows [5] - Other product launches alongside the ETF have acted as catalysts for growth in XRP [5] Group 3: Future of Tokenized Finance - By 2030, global finance is expected to operate on hybrid rails combining tokenized bank deposits, regulated fiat-backed stablecoins, and interoperable settlement layers [6] - The XRP Ledger (XRPL) is positioned as a neutral settlement layer that bridges liquidity, speed, and compliance in a tokenizing global financial system [6] - Recent network activity has focused on programmable infrastructure, enabling institutions to manage complex real-world assets [7] - The performance of XRP's stablecoin, RLUSD, as a liquidity vehicle supports the view that XRP has further upside potential with continued adoption [7]

Core Insights - WisdomTree has launched a full suite of tokenized fund products on the Solana blockchain, allowing users to access various fund types directly through its platform [1][2] Group 1: Product Launch and Features - The new tokenized funds include money market, equities, fixed income, alternatives, and asset allocation funds, accessible via WisdomTree's stablecoin USDC and PYUSD conversion service [1] - Existing WisdomTree tokenized funds can now be minted directly on Solana, enhancing ecosystem support through a B2B/B2B2C tokenization platform [2] - Retail investors and Wisdom Prime users can transfer USDC directly from Solana into the WisdomTree Prime app, facilitating seamless investing with minimal network fees and full self-custody support [3] Group 2: Market Context and Stock Performance - The launch coincides with a stabilization period in the cryptocurrency market, with Bitcoin trading just below $90K and Solana experiencing a slight decline [4] - WisdomTree's stock reached a 10-year high of $16.89 following the announcement, before slightly decreasing to $16.82, marking an increase of nearly 4% for the week and over 35% in the past 30 days [4] - The stock has rebounded significantly from a recent low of around $11.00 after the firm canceled plans to launch an XRP ETF and withdrew its registration statement with the SEC [5]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved organic revenue growth of over 10%, adjusted EBITDA growth of over 13%, and adjusted EPS growth of almost 12% for the quarter and nearly 14% for the full year [6][7] - The total run rate reached over $3.3 billion, growing 13%, with total asset-based fees (ABF) run rate of $852 million, growing 26%, and recurring subscription run rate of over $2.4 billion, growing over 9% [8][9] - The company has delivered 11 consecutive years of double-digit adjusted EPS growth [7] Business Line Data and Key Metrics Changes - In the Index segment, Q4 was the best quarter ever for new recurring subscription sales, with a growth rate of 18% [9] - Analytics posted the second-best Q4 on record for new subscription sales, with subscription run rate growth of over 8% [19] - Private Capital Solutions saw recurring sales growth of 86%, supported by innovative new products [9][20] - Sustainability and climate new subscription sales were lower than last year's levels, particularly in the Americas [10] Market Data and Key Metrics Changes - Total ETF and non-ETF AUM linked to MSCI indices reached approximately $7 trillion, driven by record inflows into clients' ETF products linked to MSCI indices, especially in Europe [9] - Equity ETFs linked to MSCI indexes captured a record $67 billion of inflows during Q4, totaling $204 billion for the full year [17] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance its capabilities across various product lines, including analytics and custom index creation [11][35] - MSCI aims to have a fully integrated company where each product line benefits from and contributes to every other product line, amplifying financial growth [23][24] - The company is committed to delivering long-term targets of low double-digit revenue growth and adjusted EBITDA growth of low to mid-teens [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on favorable long-term secular trends and the momentum across product lines and client segments [6][11] - The company is seeing significant opportunities in high-growth client segments, particularly among hedge funds and wealth managers [11][13] - There is optimism regarding the recovery of ESG-related sales in Europe, although challenges remain in the Americas [70] Other Important Information - The company repurchased nearly $958 million of its shares in Q4 at an average price of about $560 per share, reflecting strong conviction in its prospects [7] - Baer Pettit, the president, announced his retirement, effective March 1, which may impact future leadership dynamics [25][26] Q&A Session Summary Question: AI Adoption and Growth Impact - Management highlighted that AI has been integrated into various operations and products, enhancing efficiency and client service [31][35] Question: International Flows and Sales Opportunities - Management confirmed that there has been a significant uptick in activity in Europe and EMEA, with subscription run rates now higher than in the Americas [42][43] Question: Private Assets and Trends - The company noted strong sales in Private Capital Solutions, driven by new offerings and increased client interest [48][49] Question: Free Cash Flow Dynamics - Management discussed the impact of higher cash taxes and interest expenses on free cash flow, while projecting strong double-digit collection growth [54][56] Question: ESG Market Recovery - Management indicated that recovery in Europe is underway, albeit slower than desired, while challenges persist in the U.S. market [67][70]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved organic revenue growth of over 10%, adjusted EBITDA growth of over 13%, and adjusted EPS growth of almost 12% for the quarter and nearly 14% for the full year [6][7] - The total run rate reached over $3.3 billion, growing 13%, with total asset-based fees (ABF) run rate of $852 million, growing 26%, and recurring subscription run rate of over $2.4 billion, growing over 9% [8][9] - The company has delivered 11 consecutive years of double-digit adjusted EPS growth [7] Business Line Data and Key Metrics Changes - The index business had its best quarter ever for new recurring subscription sales, with a growth rate of 18% [8] - In analytics, the company posted its second-best Q4 on record for new subscription sales, with subscription run rate growth of over 8% [19] - Private Capital Solutions saw recurring sales growth of 86%, supported by innovative new products [9][19] Market Data and Key Metrics Changes - Total ETF and non-ETF AUM linked to MSCI indices reached approximately $7 trillion, driven by record inflows into clients' ETF products, particularly in Europe [9] - Equity ETFs linked to MSCI indexes captured a record $67 billion of inflows during Q4, totaling $204 billion for the full year [17] - The company observed significant uptick in activity in Europe and EMEA, with subscription run rate in EMEA now higher than in the Americas [39] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance its capabilities across various product lines, including analytics and custom index creation [10][31] - MSCI aims to have a fully integrated company where each product line benefits from and contributes to every other product line, amplifying financial growth [22] - The company will no longer maintain product line-specific long-term targets to better reflect its focus on integrated growth [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on favorable long-term secular trends and the resilience of its all-weather franchise [6][7] - The company is optimistic about the recovery in Europe and the potential for growth in sustainability and climate solutions, despite current challenges [66][70] - Management highlighted the importance of adapting to emerging risks and opportunities beyond traditional ESG factors, including AI and supply chain disruptions [10][70] Other Important Information - The company repurchased nearly $958 million of its shares at an average price of about $560 per share in Q4 [7] - Baer Pettit, the president, announced his retirement, effective March 1, and will be succeeded by Alvise Munari and Jorge Mina [24][26] Q&A Session Questions and Answers Question: Discussion on AI adoption and its impact on growth - Management highlighted that AI has been integrated into various operations and product lines, with significant projects aimed at enhancing analytics and custom index capabilities [30][31][34] Question: Insights on international flows and pricing opportunities - Management confirmed that there has been a significant uptick in activity in Europe and EMEA, with subscription run rates exceeding those in the Americas, indicating a positive trend in international flows [39][40] Question: Performance of private assets and future trends - Management noted strong sales in Private Capital Solutions, driven by new offerings and a positive outlook for growth in this segment [46][49] Question: Free cash flow dynamics and projections - Management discussed expected increases in cash taxes and interest expenses impacting free cash flow in 2026, but emphasized strong underlying business dynamics [51][54][56] Question: Recovery in ESG market and future expectations - Management indicated that while recovery in Europe is underway, the U.S. market remains challenging, but there is potential for growth in sustainability solutions [66][70]

Group 1: Ethereum's New AI Agent Standard - Ethereum developers are set to introduce ERC-8004, a new standard aimed at enabling software agents to identify, authenticate, and establish trust across different systems [1] - The proposal emphasizes the need for AI agents to have persistent identities and a shared credibility framework, similar to users, wallets, or smart contracts [1] - ERC-8004 includes three registries: an identity registry for unique on-chain identifiers, a reputation registry for performance feedback, and a validation registry for independent checks of agent work [1] Group 2: Solana's Focus on Financial Infrastructure - Solana is shifting its focus towards building financial infrastructure, moving away from the previous emphasis on NFTs and games [2] - The network is positioning itself around high-throughput on-chain trading and market structure, reflecting a maturation in the ecosystem [2] - Despite subdued crypto prices, institutional interest in Solana has increased, with Wall Street showing strong bullish sentiment towards tokenization and on-chain settlement [2]