Core Insights - Bullish reported a successful third quarter for 2025, launching new trading services and achieving significant trading volumes, indicating strong institutional interest in digital assets [2][7][8]. Financial Performance - Adjusted revenue for Q3 2025 reached $76.5 million, up from $44.6 million in Q3 2024, marking a 71.5% increase [8]. - Adjusted EBITDA was $28.6 million compared to $7.7 million in the previous year, reflecting a substantial improvement in profitability [8]. - The company achieved a net income of $18.5 million, a significant turnaround from a net loss of $67.3 million in Q3 2024 [8][22]. Trading Activities - Bullish launched its crypto options trading, surpassing $1 billion in trading volume shortly after launch [2][8]. - Spot trading volume increased by 77% compared to Q3 2025, indicating robust growth in trading activities [2]. Business Expansion - The company expanded its liquidity services partnerships significantly, more than doubling the number of partners in Q3 compared to Q2 [8]. - Bullish successfully launched U.S. spot trading following the approval of its NY BitLicense in September 2025 [8]. Market Positioning - Bullish is positioned at the intersection of key trends in the crypto market, including regulatory clarity, institutional adoption, and the tokenization of real-world assets [2][8]. - The company is focused on providing market infrastructure and information services, catering to institutional clients in the digital asset space [4].

All right. A check on cryptocurrency Bitcoin briefly falling below 93,007 $14 to erase a more than 30% gain this year. It peaked, of course, as a record of more than 126,000 in October.Bitcoin ether Solana in positive territory as we speak right now. Institutional buyers pulling back after that Bitcoin tumble. Let's get perspective from Zen koan managing partner and CEO at Revel Capital from the office.Also with us as be Powell, head of capital markets and strategic intelligence at search. Good to have you ...

LATEST: 🇭🇰 The Hong Kong Monetary Authority has launched the pilot phase of Project Ensemble, testing real-value transactions using tokenized deposits and digital assets. https://t.co/9qV4TJxkCk ...

Core Insights - The Monetary Authority of Singapore (MAS) is initiating a trial for tokenized bills settled with wholesale central bank digital currency (CBDC) to further integrate blockchain-based finance into the economy [1] - MAS is also drafting legislation for a stablecoin regulatory framework, emphasizing the need for robust and safe settlement assets for global tokenized transactions [2][4] Tokenization and CBDC - Tokenization involves representing real-world assets (RWAs) like bonds or equities as digital tokens on blockchains, which can enhance transaction efficiency [2] - Tokenized bank liabilities are expected to benefit from existing regulatory requirements that ensure value stability, with plans to trial tokenized government debt backed by wholesale CBDC [3] Regulatory Framework - MAS views wholesale CBDC as a foundational element for a system utilizing private settlement assets to meet various market demands [4] - The draft stablecoin regulatory regime will focus on sound reserve backing and reliable redemption, especially if regulated stablecoins become systemic [4] Project Guardian - MAS is leading Project Guardian, initiated in 2022, to explore tokenization use cases in foreign exchange and fixed income, aiming for near-instant settlement with fewer intermediaries [5]

Core Insights - VCI Global Limited has acquired approximately US$100 million in OOB tokens and has been appointed as Treasury Manager for the OOB digital-asset ecosystem, which is primarily owned by Tether Investment Limited [1][2] - The acquisition positions VCI Global as a significant player in the digital-asset ecosystem, enhancing its relationships with key industry leaders [2] - The OOB token will function as a utility and incentive token within the OOBIT platform, which aims to integrate blockchain technology into everyday financial activities [3][5] Company Overview - VCI Global is focused on developing cross-sector platforms that leverage technology, AI, digital assets, and capital markets to create sustainable value [3][4] - The company aims to build scalable platforms that enhance resilience, efficiency, and long-term value across various high-growth sectors [8] Transaction Details - VCI Global acquired US$50 million worth of OOB tokens at a market capitalization of US$200 million (US$0.20 per token) through restricted shares issued to the OOB Foundation, with plans to acquire an additional US$50 million through cash purchases post-launch [5] - The transaction structure includes the establishment of VCI Global's Digital Treasury Division to manage digital-asset initiatives and integrate token utility into its AI, fintech, and data platforms [7] OOB Token and OOBIT Platform Features - The OOB token will enable tap-to-pay crypto transactions, low-cost cross-border remittances, loyalty rewards, and multi-chain interoperability [6] - The platform aims to bridge traditional finance with decentralized ecosystems, enhancing the utility of the OOB token [6]

Core Insights - Digital assets are expected to receive a boost, indicating potential growth in the sector, but investors should prepare for increased volatility [1] Group 1: Market Dynamics - The anticipated boost in digital assets may be driven by regulatory developments and institutional interest, which could enhance market stability [1] - Increased participation from institutional investors is likely to contribute to the overall market growth of digital assets [1] Group 2: Volatility Concerns - Despite the positive outlook, the market is expected to experience significant fluctuations, which could impact investor sentiment and market performance [1] - Historical data suggests that digital assets have been prone to volatility, and this trend may continue as the market evolves [1]

Regulatory Environment - The SEC is focusing on regulatory recalibration to modernize rules that have accumulated over the past four decades, ensuring they are fit for purpose in a rapidly changing financial market [3][4] - There is a need to balance investor protections with the potential overburdening of regulations, as excessive rules can hinder market efficiency [5][6] Digital Assets and Market Integrity - The SEC is embracing digital assets as a critical component of the fourth industrial revolution and aims to provide clarity around regulations governing them [7][8] - Previous approaches by the SEC were criticized for lacking clarity and relying on enforcement rather than proactive regulation, which has led to negative consequences for American innovation and investors [8][9] Access to Private Markets - The SEC is working to ensure retail investors have access to private markets while being cautious of potential pitfalls such as valuation and liquidity issues [10][11] - There is a concern that the number of public companies has decreased significantly, which limits investment opportunities for retail investors [13][14] Market Surveillance and Manipulation - The SEC is actively monitoring market activities to prevent manipulation and ensure a level playing field for all investors, particularly retail investors [15][16] - Surveillance efforts have been enhanced to address concerns about market integrity and to respond to manipulative activities effectively [24][25] Innovations in Securities - The potential for real-world asset tokenization is recognized as a significant innovation that could enhance market efficiency and integrity [21] - The SEC is exploring frameworks for on-chain clearance and settlement of securities to reduce risks and improve safety in the markets [21]

Core Insights - Mogo Inc., a Canadian fintech company, is integrating Warren Buffett's value investing principles into its digital asset strategy, particularly focusing on Bitcoin [2][5][6] - The company has adopted a long-term, disciplined investment approach, moving away from speculative trading, which aligns with Buffett's investment ethos [3][7] Company Strategy - In May 2024, Mogo adopted the "Berkshire Hathaway playbook," emphasizing patience, temperament, and behavioral discipline in its investment strategy [2][3] - Mogo's Bitcoin holdings increased by over 300% quarter-over-quarter in Q3 2025, reaching a total of $4.7 million [4] - The board approved a strategic initiative in July 2025 to allocate up to $50 million in Bitcoin as a long-term reserve asset, indicating a structured approach to crypto investments [4][5] Investment Philosophy - Mogo has designated Bitcoin as a long-term reserve asset and capital benchmark, signaling a treasury-focused approach rather than short-term speculation [5] - The company's Intelligent Investing platform incorporates behavioral science to promote measured, long-term investment decisions, aligning with traditional value investing principles [6] Market Position - Mogo's disciplined approach contrasts with the typical retail crypto market, which is often characterized by high-frequency trading and speculative bets [7] - By treating Bitcoin as a strategic reserve, Mogo demonstrates that long-term investment principles can be successfully applied in the crypto space [7]

Core Insights - Visa Inc. reported strong Q4 fiscal 2025 results, driven by increased processed transactions and payment volumes, indicating stability and growth potential for investors [2][4][19] Financial Performance - Visa's Q4 EPS was $2.98, beating the Zacks Consensus Estimate by $0.01, and grew 10% year over year [4] - Total revenue reached $10.7 billion, exceeding estimates by 1% and reflecting a 12% year-over-year increase [4] - Processed transactions grew 10% year over year to 67.7 billion, surpassing estimates [5] Growth Drivers - Cross-border volumes surged 12% year over year, driven by increased travel activity [5] - Payment volumes increased by 9% year over year on a constant-dollar basis [5] - Value-Added Services (VAS) revenue grew 25% in constant dollars to $3 billion, now approaching 30% of Visa's total revenue [6][7] Strategic Initiatives - Visa is expanding its digital asset infrastructure, managing over $140 billion in crypto and stablecoin flows since 2020 [9] - The company is positioned as a critical player in international payments through its Visa Direct prefund initiatives [8] Regulatory Environment - The passage of the GENIUS Act provides regulatory clarity for digital assets, benefiting Visa's operations [10] - Visa is authorized to settle across four stablecoins and four blockchains, enhancing its competitive edge [10][11] Shareholder Returns - Visa returned $6.1 billion to shareholders in Q4, including $4.89 billion through buybacks and $1.2 billion in dividends [13] - The dividend yield stands at 0.69%, slightly above the industry average [13] Market Position - Visa's market cap is $623.7 billion, providing a strong competitive moat [12] - Analyst estimates suggest an 11.7% and 13.3% increase in EPS for fiscal 2026 and 2027, respectively [14] Competitive Landscape - Visa faces increasing competition from retail giants like Walmart and Amazon exploring stablecoin options [17] - Ongoing legal challenges, including an antitrust lawsuit and regulatory scrutiny in the U.K., pose risks [18] Valuation Metrics - Visa shares have risen 7.6% year to date, underperforming the S&P 500's 16.7% gain [15] - The stock trades at a forward P/E of 26.19, above the industry average of 20.81 [16]

Core Insights - Visa Inc. demonstrated strong performance in fiscal Q4 2025, driven by increased processed transactions and payment volumes, indicating stability for investors [1][2] - Despite a recent 2% decline in share price, Visa's growth potential remains significant, with robust earnings and sales figures [2][3] Financial Performance - Visa's Q4 EPS reached $2.98, exceeding estimates by a penny and reflecting a 10% year-over-year growth [3] - Total revenue for Q4 was $10.7 billion, surpassing consensus estimates by 1% and showing a 12% increase from the previous year [3] Transaction Metrics - Processed transactions grew by 10% year over year, totaling 67.7 billion, which was above the model estimate [4] - Cross-border volumes increased by 12% year over year on a constant-dollar basis, driven by rising travel activity [4] - Payment volumes also rose by 9% year over year on a constant-dollar basis [4] Value-Added Services (VAS) - Revenue from VAS grew by 25% in constant dollars, reaching $3 billion, now accounting for nearly 30% of Visa's total revenue [5][9] - VAS includes services such as advisory, fraud prevention, and risk management, enhancing Visa's integration with banks and merchants [5][6] Digital Asset Initiatives - Visa has managed over $140 billion in crypto and stablecoin flows since 2020, with more than 130 stablecoin-linked card programs across 40+ countries [8] - The company is expanding its Visa Tokenized Asset Platform, allowing banks to issue stablecoins, which enhances cross-border transactions [6][10] Shareholder Returns - Visa returned $6.1 billion to shareholders in Q4, including $4.89 billion through buybacks and $1.2 billion in dividends [13] - The dividend yield stands at 0.69%, slightly above the industry average, reflecting confidence in long-term cash generation [13] Future Outlook - Analyst estimates suggest an 11.7% and 13.3% increase in EPS for fiscal 2026 and 2027, respectively, with revenue growth projected at 10.8% and 10.4% [14] - Visa's shares have increased by 7.6% year to date, outperforming the industry but lagging behind the S&P 500 [15] Competitive Landscape - Visa faces increasing competition from retail giants like Walmart and Amazon, which are exploring their own stablecoins [19] - Ongoing legal challenges, including an antitrust lawsuit and regulatory scrutiny, pose risks to Visa's operations [20][23] Conclusion - Visa's fiscal Q4 results reaffirm its position as a leader in digital payments, with growth in Visa Direct and VAS contributing to its resilience [24] - Despite competitive pressures and regulatory challenges, Visa's strong cash flow and innovative strategies support its long-term growth potential [24]