You can catch Trader Talk on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts. The crypto markets may be wobbling, but the real story is what comes next. On this episode of Trader Talk, Kenny Polcari sits down with Mo Shaikh, former Aptos Labs co-founder and a key voice in US digital asset policy, to break down bitcoin’s volatility, the rise of stablecoins, and how AI and blockchain are converging. Shaikh explains how institutional adoption, new US regulation, and AI-driven financial auto ...

Core Insights - Kraken is expanding its services with the launch of the Krak app and Krak Card in the UK and EU, aiming to become a primary financial account for consumers managing both digital assets and traditional currencies [1][6] Product Features - The Krak Card offers a market-leading debit product with 1% cash back on every purchase and instant settlement in fiat currencies and Bitcoin [2] - Customers can spend from over 400 supported assets, allowing transactions funded by multiple assets, which is highlighted as a unique feature [3] Market Positioning - The expansion is driven by a gap between consumer expectations and the offerings of traditional banks and neobanks, with Kraken aiming to meet modern financial interaction needs [4] - Kraken has achieved over 450,000 downloads since June and has gained regulatory strength through its Markets in Crypto Assets license, positioning itself to compete with both established banks and digital-only financial platforms [6] Additional Features - Krak Vaults will provide users access to audited decentralized finance lending protocols targeting double-digit yields on eligible assets [5] - Upcoming features include salary deposits for UK and EU users, enhancing the integration of earning, wealth building, and spending directly from the app [5]

NASDAQ's Digital Asset Strategy - NASDAQ has been involved in digital assets since 2021, launching the NASDAQ crypto index and further immersing in the space [1] - NASDAQ filed an application with the SEC for a proposed rules change to allow for the trading of tokenized stocks and ETPs [1] - The primary goal is to bridge the digital asset world and the traditional world, prioritizing investor-first principles [3] - NASDAQ aims to integrate tokenized assets into current market structures, applying current securities laws [7] Tokenized Assets and Market Impact - Tokenized shares will trade under the same ticker and CUSIP, fully fungible with their traditional counterparts, offering investors a choice in holding [5] - The trading of tokenized assets on NASDAQ aims to improve efficiency and enhance audit trails [12] - Near-term benefits include process efficiencies on the post-trade side, with potential for atomic instant settlement in the long term [13][14] - Mid-term benefits include collateral mobility for assets, enhancing capital efficiency by allowing equity to be used in collateral pools [15] - Tokenization enhances utility beyond the trade itself, with potential for better access for proxy and enhancements around corporate actions [17] Convergence of Traditional Finance (TradFi) and Decentralized Finance (DeFi) - The convergence of TradFi and DeFi is seen as a combination of traditional risk management, compliance, and regulation with the programmability of DeFi [36] - Stablecoins gained significantly in 2025, and their use in collateral management, along with tokenized treasuries, money market funds, and equities, could drive the next phase of adoption [37][38] NASDAQ's Infrastructure and Offerings - NASDAQ offers exchange technology, powering over 130 markets globally, including crypto markets using their matching engine technology [28] - NASDAQ has a crypto index and reference rates used globally for benchmarking [29] - NASDAQ acquired Calypso through the Adenza acquisition, integrating it with blockchain rails for collateral mobility [29] - NASDAQ offers data products and a surveillance business used globally to monitor markets for manipulation, including crypto markets [31][32]

Core Viewpoint - NASDAQ is advancing its involvement in digital assets by filing an application with the SEC to allow trading of tokenized stocks and ETPs, aiming to bridge the digital and traditional asset worlds while prioritizing investor rights and protections [1][3][4]. Group 1: Tokenized Assets and Investor Choice - The proposed rule change allows investors to choose between holding assets in tokenized form on the blockchain or in traditional accounts, emphasizing investor-first principles [3][4]. - The tokenized stocks will maintain the same ticker and be fully fungible with their traditional counterparts, ensuring that investors retain full rights and titles [5][6]. Group 2: Market Structure and Trading Process - The trading of tokenized assets will occur under existing SEC rules, ensuring that the current market structure remains intact while integrating new technologies [9][10]. - NASDAQ aims to maintain liquidity and depth in the market, avoiding fragmentation that could disrupt trading during stress periods [11][12]. Group 3: Benefits of Tokenization - Near-term benefits include process efficiencies in post-trade operations, with potential for faster settlement times in the future [13][14]. - Long-term advantages involve enhanced collateral mobility and capital efficiency, allowing for better utilization of assets in various financial applications [15][16]. Group 4: Regulatory Environment and Industry Collaboration - NASDAQ is committed to evolving the system responsibly, working within regulatory guidelines while promoting innovation in tokenization [19][21]. - The company is collaborating with other firms to mainstream tokenization, ensuring that the transition is beneficial for all market participants [22][24]. Group 5: Historical Context and Future Outlook - NASDAQ has a long history in digital assets, having launched various products and technologies to support the crypto ecosystem, including a crypto custody business and market technology for over 130 markets globally [27][28][29]. - The convergence of traditional finance and DeFi is anticipated, with stable coins and tokenized assets expected to play a significant role in capital efficiency and risk management by 2026 [35][38].

Core Insights - Prenetics Global Limited is actively participating in upcoming investor conferences, showcasing its commitment to investor engagement and transparency [2][3]. Group 1: Investor Conferences - The company will attend The Benchmark Company's 14th Annual Discovery One-on-One Conference on December 4, 2025, where CEO Danny Yeung will hold one-on-one meetings with investors [2]. - Prenetics will also participate in Sidoti's Year End Virtual Investor Conference on December 10-11, 2025, with a formal presentation by CEO Danny Yeung on December 10 at 10:00 a.m. Eastern Time, followed by one-on-one meetings with CFO Stephen Lo [3]. Group 2: Company Overview - Prenetics is a leading health sciences company known for its IM8 brand, which has achieved $108 million in Annual Recurring Revenue (ARR) within 12 months of launch, marking the fastest growth in the supplement industry [5]. - The company has established a Bitcoin Treasury, purchasing 1 Bitcoin per day, totaling 501 BTC as of November 24, 2025, indicating its innovative approach at the intersection of health and digital assets [6]. Group 3: IM8 Brand - IM8, co-founded with David Beckham, offers a premium core nutrition product, Daily Ultimate Essentials, which replaces 16 different supplements in a single drink and is NSF Certified for Sport, non-GMO, and vegan [7].

Core Insights - The investment philosophy focuses on deep fundamentals, impactful narratives, and Austrian economics, with a primary emphasis on long-horizon research in digital assets and macroeconomic trends [1] - Short-horizon research is directed towards options and volatility for income generation and hedging purposes [1] Digital Assets - Long-horizon research will prioritize digital assets as a key area for investment opportunities, reflecting a global macro view [1] Macroeconomic Considerations - A global, long-run macro perspective serves as the foundation for investment considerations, indicating the importance of macroeconomic factors in shaping investment strategies [1] Derivatives - Short-horizon strategies will utilize options and volatility to generate income and provide hedging against market fluctuations [1]

Core Insights - Mawson Infrastructure Group Inc. reported unaudited revenue results for October 2025, indicating a transitional period for the company [1][2] - The company is focusing on diversifying its operations beyond Bitcoin mining into high-performance computing (HPC) and artificial intelligence (AI) workloads, which are seen as significant long-term opportunities [2][4] Financial Performance - Total monthly revenue for October 2025 was $3.3 million, representing a 30% decrease year-over-year (Y/Y) from October 2024 and a 36% decrease month-over-month (M/M) from September 2025 [9] - Digital colocation revenue was $1.6 million, down 59% Y/Y from October 2024 and down 56% M/M from September 2025 [9] - Energy management revenue reached $1.6 million, showing a substantial increase of 191% Y/Y from October 2024 and a 29% increase M/M from September 2025 [9] - Revenue from digital assets mining through self-mining operations was $0.1 million, down 55% Y/Y from October 2024 and down 62% M/M from September 2025 [9] Strategic Initiatives - The extension of the Bellefonte lease is viewed as a strong foundation for future operations [2] - The GPU pilot program is progressing as planned, which is a critical component of the company's strategy to diversify its offerings [2][4] - Mawson is committed to using carbon-free energy resources, including nuclear power, to support sustainable growth in the digital economy [5]

Core Points - Cango Inc. plans to release its third quarter 2025 financial results on December 1, 2025, after market close [1] - A conference call to discuss the financial results will be held on December 1, 2025, at 8:00 P.M. Eastern Time [2] - Cango Inc. is primarily engaged in Bitcoin mining and operates an online international used car export business [3] Financial Results Announcement - The earnings release will be available on the Company's investor relations website [1] - The conference call can be accessed through various international and toll-free numbers [2] - A replay of the conference call will be available until December 8, 2025 [3] Company Overview - Cango Inc. entered the crypto asset space in November 2024, focusing on Bitcoin mining across multiple regions [3] - The Company also operates AutoCango.com, facilitating access to high-quality vehicle inventory from China [3]

CoreWeave Trade - Ark Invest's ARK Innovation ETF and ARK Next Generation Internet ETF purchased 437,345 shares of CoreWeave, valued at approximately $32.2 million, reflecting the company's recent market momentum [2] - CoreWeave's stock surged following Nvidia's impressive earnings report, benefiting from increased interest in AI technologies [3] ARK 21Shares Bitcoin ETF Trade - ARK Blockchain And Fintech Innovation ETF and ARKW funds acquired 36,638 shares of ARK 21Shares Bitcoin ETF, totaling around $1.08 million, during a turbulent period for the cryptocurrency market [4] - Bitcoin's price fell to approximately $87,000, down about 30% from its October peak of near $126,000, contributing to a total crypto market cap of roughly $2.9 trillion [5] Bullish Trade - ARKK acquired 13,402 shares of Bullish, valued at approximately $556,183, following the company's third-quarter earnings report [6] - Bullish reported revenue of $76.5 million, exceeding estimates, with adjusted earnings of $0.10 per share; however, digital asset sales declined to $41.6 billion from $54.2 billion a year earlier [7] - Ark has been consistently purchasing Bullish stock, particularly around earnings releases [8] Kodiak AI Trade - Ark Invest's ARKQ fund purchased 35,329 shares of Kodiak AI, totaling approximately $215,507, positioning itself in the autonomous trucking market [9] - Kodiak AI went public via a SPAC merger and secured over $110 million in financing from institutional investors, including ARK Investments and Soros Fund Management [9] - The autonomous vehicle market is estimated to be worth $4 trillion, indicating significant growth potential [10]

Market Opportunity - Digital assets are gaining traction [1] - Global trading platforms are in demand [1] Company Positioning - Real businesses are choosing Avalanche [2]