Senator Cynthia Lumis of Wyoming. Thank you very much for sitting down with us here at the Wyoming Blockchain Symposium. It's great to be with you, Talia.And I understand you have some Wyoming in your past. Absolutely. I lived here for a couple of years as I started my TV career.It was my first on air job and I'm so thrilled to be back and to be interviewing you, the senator of Wyoming here in person. And I want to talk to you about Wyoming because it's no surprise you wanted to participate in the Wyoming b ...

Group 1 - The company Top Win International Limited has rebranded to AsiaStrategy, effective August 22, 2025, with a new ticker symbol SORA on Nasdaq [1][2] - AsiaStrategy has started accepting Bitcoin as payment for its luxury watch business, highlighting its commitment to innovation and digital asset integration [2] - The company specializes in trading, distribution, and retail of luxury watches and operates through its subsidiary, Top Win International Trading Limited, serving a global B2B network [3] Group 2 - AsiaStrategy aims to venture into the Web3 ecosystem and focus on digital assets as part of its future business direction [3]

Market Trend - Digital assets are becoming mainstream, according to Franklin Templeton CEO Jennifer Johnson [1]

Digital Assets - Franklin Templeton CEO 表示数字资产正成为主流 [1]

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Industry Shift & Technology - The financial space is shifting from paper-based to digital-based processes [1] - Swift lacks the technology to support this shift [1] - Ripple and XRP are key players in the new technology space [1] - ISO 20022 enables new technology adoption, including digital assets and blockchain [20] Swift's Position & Challenges - Swift, established in 1973, has over 11,500 institutional players across 200 countries [1] - The US has weaponized the Swift network, leading nations to seek alternatives [1] - Swift does not clear and settle payments; it's a messaging network [10] - Swift's dominance is being challenged, but it's not collapsing yet [1] Ripple's Strategy & Acquisitions - Ripple is creating an institutional infrastructure stack around blockchain and tokenized assets [4] - Ripple acquired Hidden Road, aiming to move $3 trillion per year over the XRP ledger [3] - Ripple acquired Rail, which powers 10%+ of all B2B stablecoin volume [5] - Rail's acquisition is a strategic play that could reshape how businesses move money globally, reducing costs by 80% and settling payments in minutes [7][8] Stablecoins & Future Trends - Stablecoins are becoming a dominant piece of the crypto space, making up over 1% of the global M2 supply [5] - Stablecoins could eventually make up over 10% (and potentially 100%) of the global M2 supply [6] - Everything is moving on-chain and being tokenized [6] Ripple & Swift Coexistence - Ripple's main focus is improving the way money moves globally, not necessarily replacing Swift [18] - There is a world where Ripple and Swift can coexist [14][15] - Swift should tap into what Ripple is trying to do and adopt digital assets for settlement and clearing [11][12] - Swift is showing interest in innovating and tapping into digital assets and tokenization [24]

Digital Asset Treasury & Market Dynamics - The market exhibits a strong appetite for new IPOs and cryptocurrencies, influenced by macro perspectives and interest rate trends [1] - Digital asset treasuries are experiencing significant buy pressure, with approximately $500 million allocated for hyper-liquid assets, including those soon to be listed on NASDAQ [1] - The market faces a potential shortage of ETH due to over $4 billion in treasuries entering the market to purchase it [2] - MicroStrategy's strategy of holding Bitcoin and other assets like Solana on balance sheets as treasury is extending to riskier assets [3] - There's a growing trend of publicly traded entities acquiring crypto assets, even those with limited trading availability [3][4] - The crypto market demonstrates strong demand, with entities raising $300 million to $400 million, even for assets with market capitalization below $1 billion [5] Institutional & Retail Investment - Crypto funds, retail investors, and institutional investors are increasingly participating in digital asset treasuries, seeking exposure to assets like Solana, which lack ETF options [6] - Concerns arise about potential pump-and-dump schemes transferring from the crypto market to Wall Street, questioning exit liquidity [7] - Top banking CEOs are showing interest in cross-chain stablecoins and settlement platforms, indicating potential for widespread adoption [9] - The industry anticipates approximately 20 IPOs of top companies in the next year and a half, including potential stablecoin initiatives from companies like Robinhood, Facebook, and Instagram [10] Investment Strategy & Risk Management - Fundamental investment principles in digital assets remain focused on technology and scalability [12] - Institutional adoption and the ability for founders to integrate solutions with top banks are crucial factors [13] - The digital asset treasuries trend is expected to continue, driven by increasing demand from Hong Kong, the U_K_, and other European and Asian markets [14] - Due diligence is essential to assess the tradability and future potential of digital assets [11]

Market Trends & Cryptocurrency Performance - Bitcoin reclaimed the $120,283 level, climbing more than 1% [1][2] - Ether rose more than 2%, breaking the $4,000 level for the first time since December 2024 [2] - Chainlink partnered with Intercontinental Exchange (ICE) to bring foreign exchange and precious metals pricing data to the blockchain [4] - August has historically proven to be a weak month for trading, including in the crypto market [4] IPO & Investment - Bullish is boosting its US IPO target to a nearly $5 billion valuation, aiming to raise up to $990 million by selling 30 million shares priced between $32 to $33 each [5][6] - The Peter Thiel-backed Bullish confidentially filed to go public, driven by crypto treasuries and Circle's successful IPO [7] - President Trump signed an executive order meant to open retirement plans to alternative assets, including digital assets [7] Crypto Payments & Adoption - BitPay supports all major stablecoins and will add new stablecoins as they gain adoption [11][12] - BitPay is seeing new companies ready to accept crypto payments, including brands like LVMH, Joeop, Gucci, and Newegg [14] - The Genius Act clarifies rules around stablecoin issuers and could spur a new wave of tokens, which is an opportunity for BitPay [10][18] - Companies issuing US dollar-denominated stablecoins need to maintain a one-for-one backing, with $1 in reserve for every dollar issued, and comply with KYC and anti-money laundering regulations [20] Company Strategy - BitPay has been private since 2011 and does not currently have plans to go public [22] - BitPay has employed a Bitcoin treasury strategy since 2011 [22][23] - BitPay treats Bitcoin as its cost of capital, requiring investments to outperform Bitcoin's approximately 50% ARR [26]

Financial Performance - Total revenues were $577.9 million, a 13.3% year-over-year increase, but down 46.2% quarter-over-quarter due to market conditions[45, 58] - Crypto services revenue was $568.1 million[45, 69] - Loyalty services revenue was $9.8 million, down 23.3% year-over-year but up 6.8% quarter-over-quarter[46, 69] - Total operating expenses were $596.4 million, up 12.1% year-over-year and down 45.5% quarter-over-quarter[54, 58] - Adjusted EBITDA loss was $12.6 million, improved 29.9% year-over-year[62, 63] Key Metrics - Crypto trading volume increased 14% year-over-year and 69% since Q2 2023[36] - Quarterly notional crypto traded volume reached $565 million in Q2 2025[39, 42] - Assets under custody were $1,355 million[44] Strategic Initiatives - Bakkt is realigning as a pure-play crypto infrastructure company, including the divestiture of non-core assets like the Custody business[10] - The company is focusing on three pillars: Brokerage-in-a-box, Stablecoin Payments, and Bitcoin treasury strategy[11, 12] - Bakkt initiated a Bitcoin treasury strategy with a 30% ownership stake in MarushoHotta Co (MHT), rebranding it to bitcoin.jp[26, 27, 30]

Core Insights - Exodus Movement, Inc. reported a revenue of $25.8 million for Q2 2025, representing a 16% increase from $22.3 million in Q2 2024 [2] - The company achieved a net income of $37.7 million, a significant turnaround from a net loss of $9.6 million in the same quarter last year, marking a 493% improvement [2] - The CEO highlighted the growing global expansion of Bitcoin, stablecoins, and digital assets, emphasizing the company's ability to reach a broad audience [2][4] Financial Highlights - Revenue for Q2 2025 was $25.8 million, up from $22.3 million in Q2 2024, reflecting a 16% increase [2] - Technology, development, and user support expenses rose to $14.7 million, a 36% increase from $10.8 million in Q2 2024 [2] - General and administrative expenses surged to $18.8 million, a 107% increase from $9.1 million in Q2 2024 [2] - The net loss on digital assets was reported at $(52.5) million, a drastic decline from a gain of $17.2 million in Q2 2024, representing a 405% change [2] Operational Highlights - The company processed a volume of $1.38 billion in Q2 2025, which is a 37% decrease from Q1 2025 [5] - Monthly active users remained stable at 1.5 million as of June 30, 2025, unchanged from the previous year [5] - Quarterly funded users increased by 13% to 1.7 million from 1.5 million as of June 30, 2024 [5] - Digital and liquid assets totaled $291.2 million, including 2,058 units of Bitcoin valued at $220.5 million and 2,729 units of Ether valued at $6.8 million as of June 30, 2025 [5] Upcoming Events - Exodus will participate in the KeyBanc Technology Leadership Forum on August 12, 2025, and the Canaccord Genuity 45th Annual Growth Conference on August 13, 2025 [5]