Core Insights - Nasdaq CEO Adena Friedman believes blockchain will transform the traditional financial system by enhancing post-trade infrastructure, improving collateral mobility, and facilitating faster payments [1][3]. Group 1: Post-Trade Infrastructure - The current post-trade processes are fragmented and rely on outdated infrastructure, which creates unnecessary friction and ties up capital [2][4]. - Blockchain technology has the potential to unify and streamline these workflows, reducing inefficiencies and accelerating financial activities [2][4]. Group 2: Collateral Management - Digital assets can enhance the movement and management of collateral, allowing for quicker transfers across platforms and borders [3]. - Friedman emphasizes the importance of creating a collateral mobility effort to free up significant amounts of capital [3]. Group 3: Payment Systems - The existing payment infrastructure is seen as a bottleneck that hinders capital flow [4]. - Improving or rebuilding payment systems using blockchain could unlock substantial capital currently trapped in outdated processes, facilitating easier fund movement across various platforms and asset classes [4]. Group 4: Nasdaq's Initiatives - Nasdaq has initiated steps towards integrating blockchain by filing with the U.S. Securities and Exchange Commission to support trading of tokenized securities [5]. - The proposed framework allows for tokenized settlement, enabling trades to be routed for delivery into digital wallets while maintaining the existing securities structure [5].

ZCash Co-Founder: 'The World is Demanding MorePrivacy'@Zcash & @Starknet co-founder @EliBenSasson joins @lawmaster & @NamikMuduroglu to share why financial privacy matters, and how blockchain enables trustless verification of integrity 🔐Watch now: https://t.co/YPotW8T5T1 ...

RT Hinkal (@hinkal_protocol)It's time to be private on a public blockchain.Hinkal's Wallet is now open to everyone.Shield your wallet’s assets, actions, and dApp interactions from the public view.It's time to use crypto with confidence. https://t.co/7MUOhe1MLo ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $84.2 million, with adjusted pre-tax income of $16.4 million, representing 19.4% of total revenue [6][12] - Year-to-date total revenue through September 30, 2025, was $172.8 million, with adjusted pre-tax income of $23.2 million, representing 13.4% of total revenue [6][12] - Net income attributable to shareholders for Q3 was $4.6 million, or $2.58 per fully diluted share, compared to $1.4 million or $0.81 per share in the prior quarter [13] Business Line Data and Key Metrics Changes - Cohen & Company Capital Markets (CCM) generated $133 million in revenue for the first nine months of 2025, up from $22.7 million in the full year of 2021 [8] - CCM accounted for 77% of total company revenue for the first nine months of 2025, up from 15% in 2021 [8] - New issue and advisory revenue for Q3 was $228 million, primarily driven by SPAC M&A activity and IPO transactions [14] Market Data and Key Metrics Changes - CCM has underwritten 18 SPAC IPOs year-to-date, with a gross pipeline of possible transactions valued at $300 million [9][10] - The company raised over $12 billion with crypto clients, placing CCM in the top three firms on Wall Street in the digital asset space [8] Company Strategy and Development Direction - The company aims to be the advisor of choice in the growth and frontier technology sectors, including blockchain, fintech, and rare earth metals [9] - The focus on SPACs and digital assets is expected to continue, with plans to enhance liquidity through an equity trading team [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating more than $50 million in revenue for Q4 2025 and over $220 million for the full year [11] - The declining interest rate environment has positively impacted trading revenue, which was up 26% in Q3 from the previous quarter [10] Other Important Information - Compensation and benefits expense for Q3 was $53.7 million, representing 64% of revenue [17] - The company declared a quarterly dividend of $0.25 per share, payable on December 3, 2025 [19] Q&A Session Summary - There were no questions during the Q&A session, and management concluded the call without further inquiries [23][25]

RT jussy (@jussy_world)That's exactly why no other chain will survive1 chain = 100 AppsAs example, Founder of Addicted:“We spent 4 years building on ethereum and base. nothing took off.6 months ago, we moved to @solana, launched addicted and hit $3.5M in revenue in 48h”Solana Apps has more revenue and users then all other chainsEverything new/meta/tech is starting on Solana, other trying to copy it, but can't ...

New episode of Blockchain Bylines. Watch here: https://t.co/1MWCLfCkw4 ...

RT StrategicHash (@StrategicHash)Recent Solana fud on the TL is a slight to behold. I believe Solana is back to being extremely undervalued again -- 100 M CU blocks- Multiple concurrent leaders potentially solving the price discovery problem of blockchains- Solana's privacy roadmap to be revealed soon (hinted by @0xMert_)- Spot trade execution already competing with centralized exchange- Market makers writing HFT logic directly on chain- Institutional demand slowly going up- Multiple perp dexes coming onlin ...

Market Trends & Cryptocurrency Performance - Crypto majors experienced a decline of 3-8%, with Bitcoin (BTC) at $104,000, Ethereum (ETH) at $3,520, Binance Coin (BNB) at $955, and Solana (SOL) at $162 [1] - DCR (+111%), DASH (+50%) and ICP (+30%) led top movers [1] - Memecoins showed significant losses, including DOGE (-5%), SHIB (-5%), PEPE (-6%), PENGU (-9%), BONK (-9%), TRUMP (-7%), SPX (-17%), and FARTCOIN (-18%) [2] - Jelly Jelly (+77% to $195 million) led Solana movers [2] - Crypto Fear & Greed Index entered Extreme Fear [1] Security Incidents & Protocol Halts - Balancer was exploited for approximately $128 million [1] - Berachain halted its blockchain due to cascading pool drains related to the Balancer hack [1] - Stream Finance paused withdrawals after acknowledging a $93 million loss [2] Corporate & Regulatory Actions - Ripple launched prime brokerage services for digital assets in the US [1] - Strategy plans to issue 35 million shares of 10% Series A Perpetual Stream Preferred Stock ($STRE), with proceeds earmarked for Bitcoin purchases [1] - US prosecutors are seeking the maximum 5-year sentence against Samurai Wallet founders [1] - Nasdaq reprimanded TON Strategy for its $558 million stock-for-crypto raise lacking shareholder approval [1] Investment Products & Fund Flows - Bitcoin ETFs saw $1855 million in net outflows, while ETH ETFs experienced $1357 million in outflows [1] - Solana Bitwise ETFs saw $70 million in net inflows despite SOL's 8% price decrease [1] - MegaETH will refund $13 billion over the next 2 days coming out of its ICO oversubscription [2] Company Treasury Updates - Strategy added 397 BTC last week (approximately $456 million), bringing its treasury to approximately 641,205 BTC [1] - BitMine bought 82,353 ETH last week (approximately $294 million) [1]

RT Hinkal (@hinkal_protocol)It's time to be private on a public blockchain.Hinkal's Wallet is now open to everyone.Shield your wallet’s assets, actions, and dApp interactions from the public view.It's time to use crypto with confidence. https://t.co/7MUOhe1MLo ...

Tradeweb & Chainlink Collaboration - Tradeweb 与 Chainlink 合作，首次将其美国国债数据发布在链上，通过 DataLink 实现 [1] - Tradeweb 是全球领先的电子市场之一，机构投资者使用该平台，提供超过 50 种产品，遍布全球 85 多个国家，平均每日交易量达 2.4 万亿美元 [1] - Tradeweb 连接了 3000 多个客户，形成了一个由全球最大的银行、资产管理公司、对冲基金、保险公司、财富管理公司和零售客户组成的全球网络 [1] DataLink & Onchain Applications - DataLink 正在向 Chainlink 生态系统中 60 多个公共和私有区块链上的 2000 多个链上应用提供 Tradeweb 的 FTSE 美国国债基准收盘价 [2] - DataLink 推动了由老牌机构和链上创新者发起的新一轮 Token 化浪潮 [2] - DataLink 将基础机构用例引入区块链经济，同时使链上应用能够更快地启动新资产和市场 [4] Tokenization & Market Modernization - Token 化代表了当今市场中增长最快的机会之一，与 Chainlink 的合作是利用区块链应用实现传统金融市场现代化进程中的重要一步 [3] - 通过将 Tradeweb FTSE 美国国债基准收盘价发布在链上，旨在为全球金融生态系统释放新的创新机会和全天候访问 [3] - DataLink 利用 Chainlink 基础设施，使提供商能够无缝地在链上分发和商业化其数据，同时保留完全控制权，并消除构建和维护区块链基础设施的需求 [3]