Core Points - Immutable Holdings Inc. announced the voting results from its Annual General and Special Meeting of Shareholders held on December 31, 2025 [1] Group 1: Election of Directors - All nominees for election as directors were elected for the upcoming year or until their successors are appointed [2] Group 2: Reappointment of Auditors - Shareholders approved the reappointment of Richter LLP as auditors for the upcoming year and authorized the directors to fix the auditors' remuneration and terms of engagement [3] Group 3: Renewal of Stock Option Plan - Shareholders ratified and confirmed the renewal of the Corporation's rolling stock option plan as detailed in the management information circular [4] Group 4: Company Overview - Immutable Holdings is focused on building businesses and products that enhance awareness, access, and adoption of digital assets, with ventures in asset management, NFTs, media, and education [5]

Group 1: Digital Token Distribution - Trump Media and Technology Group plans to distribute a new digital token to shareholders of its publicly traded stock, DJT, in partnership with Crypto.com [1] - The distribution will utilize Crypto.com's infrastructure, with the token expected to operate on the Cronos blockchain, which supports high transaction throughput and interoperability [2] - Each beneficial owner of DJT shares will be eligible to receive one digital token for every whole share owned, starting from a future record date [3] Group 2: Token Characteristics and Rewards - The token is not intended to function as equity or a financial security, and it will not represent ownership in the company or any other entity [5] - Token holders may receive periodic rewards throughout the year, which could include benefits or discounts related to Trump Media's products, such as Truth Social and Truth+ [4] - The company indicated that the token may be non-transferable and cannot be exchanged for cash [5] Group 3: Financial Performance - Trump Media reported revenue of $3.67 million for the trailing twelve months of 2025, a slight increase of about 1.6% from 2024's revenue of $3.61 million [7] - This revenue figure remains below the $4.13 million reported in 2023, indicating that revenue growth has largely stalled [8] - The company is facing challenges in meaningfully expanding its income base [8] Group 4: Management Insights - Trump Media's CEO Devin Nunes stated that the token is a way to reward shareholders while navigating improving regulatory clarity [6] - Further details regarding the token's issuance are expected to be released in the new year [6] - The stock of DJT recently traded at about $13.30, reflecting a 5.85% increase on the day following the token announcement [6]

Core Insights - Warren Buffett will step down as CEO of Berkshire Hathaway on December 31, 2025, after 60 years in the role, transitioning leadership to current Vice Chairman Greg Abel [1][2][3] - Under Buffett's leadership, Berkshire Hathaway evolved from a struggling textile manufacturer to a global conglomerate, now ranked as the world's 11th largest company with a market capitalization exceeding $1 trillion [1][3] Company Developments - Buffett's tenure has seen Berkshire Hathaway invest across various sectors, including technology and insurance, but the company has largely avoided exploring digital assets, reflecting Buffett's public skepticism towards cryptocurrencies [4][5] - Berkshire Hathaway divested its entire stake in Nu Holdings, a crypto-friendly digital bank, in Q1 2025, marking a complete exit from crypto-related investments and realizing approximately $250 million in gains from this divestment [6][8]

Core Insights - Spot Bitcoin ETFs experienced a return to net inflows, attracting $355 million after a week of losses, indicating a potential recovery in market sentiment [1][2] - The inflow ended a seven-day outflow streak that saw $1.12 billion withdrawn from these funds, reflecting a shift in investor behavior amid low trading volumes and weak prices [2][3] Inflows and Performance - BlackRock's iShares Bitcoin Trust led the inflow with $143.75 million, followed by Ark 21Shares Bitcoin ETF with $109.56 million, and Fidelity's Wise Origin Bitcoin Fund with $78.59 million [3] - December has been challenging overall, with total outflows for the month reaching $744 million, as traders reduced exposure during the year-end slowdown [4] Market Liquidity and Sentiment - The shift in Spot Bitcoin ETFs flow is linked to improvements in global liquidity, with indications that dollar liquidity reached its lowest point in November and has been improving since [5] - The Federal Reserve is set to inject over $8 billion into markets through upcoming US Treasury bill purchases, which may further support market sentiment [6] Broader Market Trends - Spot Ethereum ETFs also saw a reversal, ending a four-day outflow streak with $67.8 million in net inflows after earlier losses exceeding $196 million [6] - Spot XRP ETFs continued to show strong demand, extending their inflow streak to 30 days with an additional $15 million added [7]

Core Viewpoint - SRx Health Solutions, Inc. has initiated a $10 million investment in various digital assets, including Bitcoin and Ethereum, reflecting a long-term, model-driven investment strategy rather than a focus on short-term market fluctuations [1][2][3] Investment Strategy - The investment encompasses Bitcoin, Ethereum, and a select group of high-conviction digital assets, executed based on internally developed models aimed at preserving long-term optionality amid market volatility [2] - The company has chosen not to disclose specific asset allocations or position sizes, adhering to its disciplined treasury management policies [2] Management Philosophy - Michael Young, a Board Member, emphasized that the $10 million deployment is a reflection of a measured and model-driven approach, designed to compound over time rather than react to market noise [3] - SRx Health Solutions plans to provide periodic updates on its treasury operations while prioritizing operational execution and system development over short-term disclosures [3]

Core Insights - OFA Group has successfully completed application testing for its next-generation intelligent building platform QikBIM, with commercial launch milestones set for early 2026 [1][2] - The QikBIM platform is expected to be a core technology pillar for OFA's future operations, supporting long-term revenue growth [2][3] - The RWA platform is also progressing well, with an official launch scheduled for January 26, 2026, aimed at enabling compliant, data-driven digital representation of real-estate assets [6][8] QikBIM Platform - QikBIM is a cloud-based intelligent building platform designed to support the full lifecycle of architectural and real-estate assets through high-precision data modeling and artificial intelligence [3] - The platform has passed all internal testing requirements for architectural and structural functions and is set to enter commercial operation on January 15, 2026 [2][3] - QikBIM serves as a "technical truth engine," transforming design and construction data into verifiable, finance-ready facts, enhancing investor trust and compliance [5] RWA Platform - The RWA platform is designed to digitally represent real-estate assets with enhanced transparency and financial functionality, with testing progressing smoothly [4][6] - The integration of AI valuation capabilities from QikBIM into the RWA platform enhances its functionality and supports secondary market liquidity [5] - The official launch of the RWA platform is a significant milestone in OFA's strategy to expand global market access through technology innovation [6][8] Leadership Statement - Larry Wong, CEO of OFA Group, emphasized the company's ability to execute complex technology initiatives, highlighting the completion of a sustainable and scalable foundational platform [7]

Core Viewpoint - Mogo Inc. has rebranded as Orion Digital Corp., reflecting its transformation into a multi-engine digital finance platform focused on wealth, payments, and digital assets [1][8] Group 1: Company Overview - Orion Digital operates on a foundation of recurring platform revenues and a capital framework emphasizing disciplined capital allocation [2] - The company is structured around three integrated engines: Intelligent Investing, Carta Worldwide, and a Bitcoin treasury strategy [8] - The name change was approved by the board and became effective on December 29, 2025, with trading under the new ticker symbol ORIO starting on January 2, 2026 [7] Group 2: Business Strategy - The Intelligent Investing platform aims to promote durable long-term investing practices through behavioral design, education, and automation [2] - Carta Worldwide supports billions in annual processing volume and is designed to scale with customer demand, reaching approximately 7 million end consumers [3] - The company has a structured treasury strategy for expanding its Bitcoin reserves, demonstrating early conviction in digital assets [4] Group 3: Leadership and Shareholder Alignment - The founders of Orion Digital have not sold any shares since the company's inception, indicating strong alignment with shareholders [6] - The company emphasizes founder-led stewardship and a disciplined approach to capital allocation to compound value over time [6]

Core Viewpoint - iPower Inc. has initiated a $30 million convertible note financing to launch its Digital Asset Treasury strategy, aiming to integrate digital assets with real-world commerce [1][3]. Group 1: Financing Details - The financing includes an initial $9 million commitment, with approximately $4.4 million allocated to establish a digital asset treasury that will hold Bitcoin and Ethereum [2]. - The proceeds will also be used to repay existing short-term loans and enhance working capital [2]. Group 2: Strategic Intent - This financing marks a significant step in iPower's broader crypto strategy, leveraging its established business with $59 million in trailing 12-month revenue as of September 30, 2025 [3]. - The company aims to create a digital asset treasury that serves as a bridge between e-commerce and digital assets, focusing on long-term value creation rather than short-term speculation [3]. Group 3: Future Plans - iPower plans to evaluate strategic acquisitions and investment opportunities to generate positive Return on Invested Capital (ROIC) using its enhanced balance sheet [4]. - The company intends to collaborate with licensed digital asset product providers to develop compliant consumer-facing products, utilizing its existing platforms and analytics capabilities [4].

Core Insights - The SEC has established criteria for digital assets to be eligible for commodity-based trusts, requiring them to trade on surveilled markets and have a six-month history of futures trading [1][2] - The approval of generic listing standards for commodity-based trusts is expected to significantly increase the number of available ETF products for investors [8] ETF Market Dynamics - Spot Ethereum ETFs have seen $12.6 billion in net inflows since their launch, with a peak inflow of $1 billion in a single day as Ethereum approached an all-time high [4] - Spot Bitcoin ETFs generated $57.7 billion in net inflows since their debut in January 2024, marking a 59% increase from $36.2 billion at the beginning of the year [6] - Investors invested $1.2 billion into spot Bitcoin ETFs on October 6, as Bitcoin neared an all-time high above $126,000, but withdrew $900 million when the price fell below $90,000 on November 11 [5] Emerging Cryptocurrencies - ETFs tracking XRP and Solana have been introduced, with XRP generating approximately $883 million and Solana $92 million in net inflows since their respective launches [13][11] - The debut of Solana ETFs was notable for sharing staking rewards with investors, following new guidance from the U.S. Treasury Department and IRS [13] Institutional Interest - Vanguard plans to allow its 50 million customers to trade some spot crypto ETFs, indicating a shift in institutional interest towards crypto assets [16] - The transition from retail to institutional investors is seen as beneficial for the long-term sustainability of the asset class, potentially leading to reduced volatility [22] Index ETFs - Hashdex launched the first spot ETF tracking multiple digital assets in the U.S., which holds various cryptocurrencies, including Cardano and Chainlink [17] - A group of index ETFs now offers exposure to 19 digital assets, with several asset managers debuting similar products [18]

Core Viewpoint - The future of exchanges will be shaped by increased volatility, supportive U.S. economic policies, higher acceptance of digital assets, and increased retail trading, with a focus on comparing Coinbase Global Inc. (COIN) and CME Group (CME) for long-term growth potential [1] Group 1: Coinbase Global Inc. (COIN) - Coinbase is strategically positioned to benefit from President Trump's pro-crypto stance and aims to transform into an "everything exchange" offering a comprehensive range of financial services [3] - The company is expanding its product ecosystem, including enabling Solana on Base, launching decentralized exchange trading, and introducing new offerings like prediction markets and tokenized equities [4][5] - Coinbase's strategy extends beyond trading, promoting stablecoins for online payments and collaborating with Kalshi for prediction markets, reflecting efforts to diversify revenue streams [5][6] - The company is acquiring The Clearing Company to strengthen its presence in prediction markets, marking its tenth acquisition this year [6] - Coinbase has deepened integration with traditional finance by partnering with major institutions and discussing pilot programs for stablecoins and crypto trading services [7] - Despite facing profitability pressure from high operating costs and market volatility, Coinbase's expanding ecosystem and improving regulatory outlook support a long-term growth narrative [8] Group 2: CME Group (CME) - CME Group is the largest futures exchange globally, benefiting from a strong global presence, compelling product portfolio, and focus on over-the-counter clearing services [2] - The company supports global risk management across various asset classes, including digital assets, and is well-positioned for long-term growth through ongoing product innovation [10] - CME is experiencing rising electronic trading volumes and growing adoption of crypto-related products, supported by a favorable regulatory environment under President Trump [11] - The company's ability to grow organically and benefit from heightened market volatility translates into higher trading volumes and revenues [12] - CME's strong network effects and disciplined cost management enhance margins, allowing for regular capital returns through dividends and share repurchases [14] - However, CME faces concentration risk as interest rate and equity products account for a significant portion of revenues, and increasing competition from crypto platforms poses challenges [15] Group 3: Financial Estimates and Performance - The Zacks Consensus Estimate for COIN's 2025 revenues implies a 13.5% year-over-year increase, while EPS is expected to rise 4.7% [16] - In contrast, CME's 2025 revenues are projected to increase by 5.1%, but EPS is expected to decline by 4.3% [18] - COIN shares have lost 3.5% year-to-date, while CME shares have rallied 19% in the same period [21] - Coinbase is trading at a forward P/E multiple of 40.6, lower than its median of 46.1, while CME's forward P/E is at 23.8, higher than its median of 22.4 [22] Group 4: Conclusion - Coinbase benefits from a diversified revenue base, including trading fees, staking, custodial services, and derivatives, driven by growing institutional demand [23] - CME Group is well-positioned for growth through its efforts to expand futures products, diversify derivative offerings, and maintain a strong liquidity position [24]