Core Insights - Bank of America is witnessing increased investor interest in the tokenization of real-world assets (RWAs) [1][2] - Tokenization is seen as a means to enhance access to previously illiquid asset classes through fractional ownership, while also posing risks to traditional financial institutions [2] - The tokenization of RWAs is driving a significant transformation in capital markets, enabling easier trading and liquidity [3][4] Industry Developments - The President's Working Group on Digital Asset Markets has released a report emphasizing the need for digital asset governance and innovation in tokenized financial instruments [5] - Major financial institutions, including BlackRock, JPMorgan, Kraken, and Robinhood, are actively developing services to tokenize various assets, indicating a trend towards integrating traditional financial services with blockchain technology [6][7]

For over four years, I talked about how we must be focused on utility-based projects. And in 2025, we started to really put a focus on US-based crypto projects. And even though some of these are not technically US-based because they are decentralized by node territory, but these are still technically in the top made in America category, which of course does include XRP, Salana, and a ton of other, you know, projects.Now, the big ones that I personally have been focused on is like Ono, HAR, Stellar, XRP. I m ...

Today, the crypto market slides as the new month kicks off with weaker thanex expected jobs data and global tariffs. Coinbase reports earnings and says it's launching tokenized stocks. Plus, Leah Wald of Soul Strategies discusses the strengthening ties between Wall Street and blockchain.Welcome to CNBC's Crypto World. I'm Tana McKiel. The crypto market wobbling to start the month of August after President Trump unveiled his modified reciprocal tariffs on dozens of countries last night and the market weighed ...

Financial Data and Key Metrics Changes - The company reported revenues of $112.6 million for the quarter, an increase of 4.2% from the first quarter and up approximately 5.2% year-over-year driven by higher average AUM [24] - Year-to-date revenues have grown 8.3% due to higher average AUM and increased other revenues from European listed products, partially offset by lower average fee capture [25] - Adjusted net income for the quarter was $25.9 million or $0.18 per share, excluding $2 million of acquisition-related costs [25] Business Line Data and Key Metrics Changes - The company generated $6.6 billion of inflows year-to-date through June, with approximately $3 billion into U.S. listed products, $3.3 billion into European products, and over $300 million in digital assets [21][22] - The European Defense Fund, with AUM of approximately $3.5 billion, attracted nearly $2.1 billion of flows in the quarter and over $2.8 billion year-to-date [23] - AUM in digital assets has more than doubled since last quarter, reaching $350 million at June 30 and approximately $500 million today [24] Market Data and Key Metrics Changes - The company’s AUM reached a record high of $126 billion at June 30, with U.S. listed AUM at $85.2 billion and European AUM at $40.5 billion, both all-time highs [23] - The acquisition of Cerus Partners is expected to raise at least $750 million into farmland-focused strategies by 2030, which would more than double their current base [7][20] Company Strategy and Development Direction - The acquisition of Cerus Partners is aimed at expanding the company’s platform into U.S. farmland investment management, which is seen as a stable and underpenetrated asset class [6][9] - The company plans to leverage its institutional capabilities across distribution, product structuring, and technology to broaden access to farmland investing [11] - The company is focused on accretive capital deployment opportunities, including share repurchases and other strategic initiatives [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of farmland as an asset class, highlighting its historical performance during market downturns [12][13] - The company anticipates that the acquisition will diversify revenue, support operating margins, and provide new ways to serve clients [15] - Management is optimistic about the digital assets segment, with significant growth expected in the stablecoin market [34][81] Other Important Information - The company has received several accolades in 2025, including being ranked one of America's most innovative companies and recognized for its digital asset processing solutions [36] - The acquisition consideration includes $275 million upfront in cash and an earn-out of up to $225 million contingent on achieving specific revenue growth targets [18] Q&A Session Summary Question: Where does Cerus raise funds from and what is the fund structure? - The fund is a combination of an Evergreen fund, designed to be a long-term partner for farmers, rather than a traditional drawdown fund [41][42] Question: How durable and predictable are performance fees from Cerus? - Performance fees are driven by rental income and the mark-to-market of the farmland portfolio, with historical appreciation rates providing a stable basis for these fees [44][46] Question: Which end customer market will be targeted first for the farmland opportunity? - The RIA channel is expected to be the primary focus for distributing farmland investments, leveraging existing client relationships [88] Question: What are the key growth drivers for digital assets in the second half of 2025? - The focus will be on regulatory compliance and expanding functionality, with significant growth anticipated in the stablecoin market [90][92]

Financial Data and Key Metrics Changes - The company reported revenues of $112.6 million for the quarter, an increase of 4.2% from the first quarter and up approximately 5.2% year-over-year driven by higher average AUM [24] - Year-to-date revenues have grown 8.3% due to higher average AUM and increased other revenues from European listed products, partially offset by lower average fee capture [25] - Adjusted net income for the quarter was $25.9 million or $0.18 per share, excluding $2 million of acquisition-related costs [25] Business Line Data and Key Metrics Changes - The company generated $6.6 billion of inflows year-to-date through June, with approximately $3 billion into U.S. listed products, $3.3 billion into European products, and over $300 million in digital assets [21][22] - The European Defense Fund, with AUM of approximately $3.5 billion, attracted nearly $2.1 billion of flows in the quarter and over $2.8 billion year-to-date [23] - AUM in digital assets has more than doubled since last quarter, reaching $350 million at June 30 and approximately $500 million today [24] Market Data and Key Metrics Changes - The company’s AUM reached a record high of $126 billion at June 30, with U.S. listed AUM at $85.2 billion and Europe at $40.5 billion, both all-time highs [23] - The farmland investment market is valued at $3.5 trillion, which is highly fragmented and under-institutionalized, presenting a significant growth opportunity [8] Company Strategy and Development Direction - The acquisition of Cerus Partners is aimed at enhancing the company’s capabilities in farmland investment, which is seen as a stable and underpenetrated asset class [5][7] - The company plans to raise at least $750 million into farmland-focused strategies by 2030, which would more than double current performance fee revenues [6][20] - The company is focused on leveraging its distribution capabilities to scale the farmland investment business and expects to manage $10 billion in farmland assets within ten years [10][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of farmland investments, highlighting its low correlation with traditional asset classes and its role in risk mitigation and inflation protection [11][12] - The company is optimistic about the integration of Cerus and the potential for significant revenue growth driven by the farmland investment strategy [15][70] - Management noted that the stablecoin market is projected to grow significantly, and the company is well-positioned to benefit from this trend [34][80] Other Important Information - The acquisition consideration includes $275 million upfront in cash and an earn-out of up to $225 million contingent on achieving a five-year revenue CAGR of 12% to 22% [17] - The company is monitoring foreign exchange headwinds that could impact expense guidance, but overall impacts are expected to be immaterial [26] Q&A Session Summary Question: Inquiry about Cerus' fund structure and fundraising plans - Management clarified that Cerus operates a combination of evergreen funds and has a strong distribution team to help raise capital [42][44] Question: Durability of performance fees from Cerus - Management explained that performance fees are driven by rental income and market appreciation of farmland, with historical stability in the asset class [45][50] Question: Competitive landscape in farmland investment - Management acknowledged minimal competition from major asset managers and highlighted the opportunity to scale in a fragmented market [56] Question: Digital asset strategy and growth expectations - Management expressed excitement about the growth potential in digital assets, particularly in stablecoins and tokenized funds, and emphasized the importance of regulatory compliance [87][90] Question: Distribution strategy for farmland investments - Management indicated that the RIA channel is expected to be a primary focus for distributing farmland investments, leveraging existing client relationships [84][85] Question: Regulatory changes needed for Cerus' assets - Management confirmed that no regulatory changes are necessary to distribute Cerus' assets [95] Question: Mark-to-market process for farmland assets - Management detailed that Cerus marks their farms annually using a structured appraisal process [96] Question: Inclusion of private equity investments in the acquisition - Management clarified that while some private equity investments will remain with the former sellers, the water strategy will be retained [100]

Q2 2025 Results Highlights - WisdomTree reported record global AUM of $126.1 billion as of June 30, 2025[31] - The company experienced net inflows of $3.5 billion in Q2 2025, resulting in a year-to-date total of $6.6 billion through June 30, 2025[31] - Q2 adjusted revenues increased by 4.2% compared to Q1 2025 due to higher average AUM[36] - Adjusted earnings per share (EPS) was $0.18 in Q2 2025[33] Ceres Partners Acquisition - WisdomTree agreed to acquire Ceres Partners, LLC, which manages approximately $1.85 billion in farmland assets[7, 23] - The acquisition consideration includes $275 million in cash at closing and a potential earn-out of up to $225 million in 2030, contingent on Ceres achieving specific revenue growth targets[24] - The company targets over $750 million of fundraising by year-end 2030, doubling Ceres' base fees from current levels[7] Digital Assets Platform - Total WisdomTree tokenized AUM reached $350 million, a 10x growth compared to year-end 2024[63] - WisdomTree Connect has expanded to several different blockchains and gathered over $500 million in assets in 2025 so far through July 2025[70] - WisdomTree Prime AUM reached $4.3 million[63] Model AUA Growth - Model Assets Under Advisement (AUA) reached over $5.2 billion as of Q2 2025, up nearly 40% versus year-end 2024[53]

Financial Data and Key Metrics Changes - The company's assets under management (AUM) ended the quarter at $1,610 billion, an increase from the prior quarter due to positive market impacts and strengthening flows, partially offset by long-term outflows at Western Asset Management [18][19] - Adjusted operating income was $378 million, flat from the prior quarter, driven by lower compensation expenses, offset by the impact of Western outflows and lower average AUM [34] Business Line Data and Key Metrics Changes - Long-term net outflows totaled $9.3 billion, representing a marked improvement from the prior quarter's outflows of $26.2 billion. Excluding Western Asset Management, long-term net inflows were $7.8 billion this quarter [19][20] - Multi-asset and alternatives generated another quarter of positive net flows, resulting in a combined $4.3 billion for the quarter, with multi-asset flows being positive for 16 consecutive quarters [20] - Fixed income net outflows improved to $13 billion this quarter, while excluding Western, fixed income net inflows were $3.5 billion, driven by Franklin Templeton fixed income and Brandywine Global [21][22] Market Data and Key Metrics Changes - The S&P 500 posted a recovery, rising 25% from its April lows and ending the quarter up nearly 11%, with large-cap growth stocks leading the recovery [9][10] - International markets outperformed the US, with the MSCI EAFE up 19% through June, aided by a weaker US dollar [10] Company Strategy and Development Direction - The company aims to manage local businesses combined with global scale, focusing on local investing and client needs, with approximately 30% of AUM in countries outside the US [8] - The company is committed to growing its global alternatives platform, with a recent agreement to acquire a majority interest in Apira Asset Management, expanding direct lending capabilities across Europe's lower middle market [24][25] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously constructive on the outlook for the US equity market, citing solid fundamentals but caution due to geopolitical and policy uncertainties [11][12] - The company continues to expect at most one more rate cut by the Fed this year, with additional monetary easing possible should growth begin to deteriorate [14] Other Important Information - The company has seen cash management net inflows for four out of the last five quarters, with $2.7 billion in each of the last two quarters, increasing cash management AUM to $72 billion [23] - The ETF platform achieved its fifteenth consecutive quarter of positive net flows, attracting $4.3 billion and reaching a new high of $44.1 billion in AUM, reflecting a 19% growth from the prior quarter [28] Q&A Session Summary Question: Integration and Growth of Private Credit - Management emphasized the importance of integrating acquisitions like Apira into the broader private credit platform, aiming for a unified private credit group rather than standalone entities [37][40] Question: Tokenization's Economic Value Proposition - Management believes tokenization will fundamentally change the financial system, enhancing capabilities and reducing costs through blockchain technology [44][48] Question: Regulatory Conversations and Capital Deployment - Management reiterated the strength of their fixed income franchise and noted ongoing cooperation with regulators regarding Western Asset Management, while focusing on organic growth and share repurchases [51][56] Question: Outlook for Private Markets Growth - Management expects alternative fundraising to be in the range of $13 to $20 billion, with a focus on expanding the wealth channel and increasing distributor relationships [62][66]

Financial Data and Key Metrics Changes - Assets under management (AUM) increased to $1,610 billion, driven by positive market impacts and strengthening flows, partially offset by long-term outflows at Western Asset Management [18] - Long-term net outflows totaled $9.3 billion, a significant improvement from the previous quarter's outflows of $26.2 billion [19] - Adjusted operating income remained flat at $378 million from the prior quarter, influenced by lower compensation expenses and the impact of Western outflows [33] Business Line Data and Key Metrics Changes - Multi-asset and alternatives generated positive net flows of $4.3 billion for the quarter, with multi-asset flows positive for 16 consecutive quarters [20] - Fixed income net outflows improved to $13 billion, with positive net inflows of $3.5 billion excluding Western [22] - Cash management AUM grew to $72 billion, with net inflows of $2.7 billion in each of the last two quarters [23] Market Data and Key Metrics Changes - Global equity markets rebounded sharply, with the S&P 500 rising 25% from its April lows and ending the quarter up nearly 11% [7] - International markets outperformed the US, with the MSCI EAFE up 19% through June [9] - The US dollar experienced its largest quarterly decline since 2022, contributing to the performance of non-US markets [12] Company Strategy and Development Direction - The company aims to manage local businesses with global scale, focusing on local investing and client needs, with approximately 30% of AUM in countries outside the US [6] - The acquisition of Appira Asset Management is intended to expand direct lending capabilities across Europe's lower middle market, reflecting a commitment to growing the global alternatives platform [24] - The company continues to emphasize innovation and the integration of new technologies, such as blockchain, to enhance service delivery and reduce costs [46] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously constructive on the US equity market outlook, citing solid fundamentals but caution due to geopolitical and policy uncertainties [10] - The company expects to see continued positive net flows and client engagement, particularly in fixed income and alternatives [19][20] - Management highlighted the importance of diversification and active management in mitigating risks and maximizing returns in a volatile market environment [17] Other Important Information - The company has seen a significant increase in its institutional pipeline, with a record $24.4 billion in won but unfunded mandates [19] - The ETF platform achieved its fifteenth consecutive quarter of positive net flows, reaching a new high of $44.1 billion in AUM, reflecting a 19% growth from the prior quarter [28] - The company is focused on expanding its wealth management channel, with expectations that it could represent 20% to 30% of AUM over time [72] Q&A Session Summary Question: Integration and growth of private credit platform with Appira - Management emphasized the importance of integrating Appira into the broader private credit platform, aiming for a unified private credit group rather than standalone entities [40] Question: Economic value proposition of tokenization - Management believes tokenization will fundamentally change the financial system, enhancing capabilities and reducing costs for clients [46] Question: Regulatory conversations and capital deployment - Management reiterated the strength of the fixed income franchise and noted ongoing cooperation with regulators regarding Western Asset Management [56] Question: Outlook for private markets growth - Management expects alternative fundraising to be in the range of $13 to $20 billion, with a focus on expanding the wealth channel [66] Question: Expense guidance for fiscal year 2026 - Management indicated expectations for $200 million in cost savings entering fiscal 2026, with expenses potentially flat to slightly higher [82]

Financial Data and Key Metrics Changes - Cboe reported a 14% year-over-year increase in net revenue, reaching a record $587 million, and adjusted diluted EPS also rose by 14% to $2.46 [6][20] - Adjusted operating expenses increased by 8% year-over-year to $213 million, while adjusted operating EBITDA grew by 19% to $387 million, resulting in an adjusted operating EBITDA margin expansion of 2.3 percentage points to 65.8% [20][24] Business Line Data and Key Metrics Changes - Derivatives markets net revenues grew by 17%, with options volumes increasing significantly due to heightened market volatility [7][20] - The Options segment achieved a record net revenue growth of 19% year-over-year, with a 20% increase in total Options average daily volume [21] - DataVantage business net revenue improved by 11% year-over-year, driven by strong new subscription and unit sales [14][23] Market Data and Key Metrics Changes - The European cash equities business drove an 11% increase in cash and spot markets net revenue, with Europe and Asia Pacific segments achieving a 30% year-over-year growth [12][22] - Net transaction and clearing fees in the Europe and APAC segment rose by 39% year-over-year, reflecting strong industry volumes [12][22] Company Strategy and Development Direction - The company is focused on optimizing growth in core businesses while exploring organic and inorganic investment opportunities [31][32] - Cboe's decision to close its Japan equities business reflects a strategy to redirect resources to higher potential return activities [13][26] - The management emphasizes the importance of capital allocation and is committed to assessing the business portfolio for long-term shareholder returns [32][78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of options as an asset class, driven by continued uncertainty in monetary and trade policy [11][31] - The company remains committed to enhancing its product offerings and expanding its global presence, particularly in the Asia Pacific region [15][66] Other Important Information - Cboe expects to record a pretax charge of approximately $5 million related to the wind down of its Japanese equities business, which will be excluded from adjusted operating expenses [26] - The company repurchased $35 million in shares during the quarter, with year-to-date repurchases totaling $65 million [28] Q&A Session Summary Question: Key priorities for the new CEO - The new CEO emphasized optimizing growth in core businesses and exploring compelling inorganic growth opportunities, while maintaining a flexible balance sheet [38][39] Question: Evaluation of business footprint - The CEO indicated that the company is rigorously evaluating all business operations to ensure capital is allocated to the best growth opportunities [42] Question: DataVantage revenue guidance - Management remains confident in the full-year guidance for DataVantage, noting strong momentum in new subscription sales and international demand [46][49] Question: Long-term growth for index options volume - The management highlighted the sustainability of zero DTE volumes and the potential for growth through retail broker partnerships and international expansion [51][53] Question: Competitive environment for single stock zero DTE - Management sees single stock zero DTEs as complementary to index options, with retail traders likely to migrate to index options as their sophistication increases [55][56] Question: Relationship with S&P Global - The CEO reaffirmed the long-term partnership with S&P Global and the importance of mutual growth and innovation [60][63] Question: Globalization strategy - The company is focused on importing flow from outside the U.S. into its markets, leveraging data as a key driver for growth [66] Question: Industry evolution and retail engagement - Management views the growth in retail engagement as a long-term trend and is committed to remaining relevant in a dynamic environment [71][73]

Financial Data and Key Metrics Changes - The adjusted diluted earnings per share for Q2 2025 was $2.24, consistent with Q1 2025's $2.23 and slightly down from Q2 2024's $2.26 [15] - The company reported $14.9 billion in net outflows, similar to the previous quarter, primarily driven by U.S. equities [15][16] - Adjusted net revenue for Q2 2025 was $1.76 billion, flat compared to Q2 2024 and down marginally from Q1 2025 [20] - Adjusted operating expenses for Q2 2025 were slightly over $1.1 billion, up 1% from Q1 2025 and up 3.7% from Q2 2024 [20][21] Business Line Data and Key Metrics Changes - Positive net flows were observed across fixed income, multi-asset, and alternatives, with $2.5 billion in net flows into ETFs [16][11] - The target date suite surpassed $520 billion in assets under management, maintaining top quartile performance over three, five, and ten-year periods [11][12] - Fixed income performance remained strong, with a majority of funds beating peer group medians across all time horizons [10] Market Data and Key Metrics Changes - The company experienced a challenging quarter due to equity market volatility, with average equity AUM down 5% and overall average AUM down 2% from Q1 2025 [19] - The ETF franchise reached $16.2 billion in AUM as of June 30, with 11 ETFs scaling over $500 million [12] - The retirement solutions segment saw inflows of $1.7 billion in the second quarter, marking the sixth consecutive quarter of positive net flows in fixed income [49] Company Strategy and Development Direction - The company is focused on reducing expense growth while investing in capabilities and client reach, aiming for efficiency to fund future investments [6][21] - There is a strong emphasis on enhancing retirement solutions and exploring the integration of private assets into defined contribution plans [27][29] - The company is expanding its ETF product line and private market alternatives, with plans to launch additional diversified equity ETFs [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term headwinds but expressed confidence in the company's positioning to capitalize on future opportunities [6] - The company is optimistic about the potential for private investments in defined contribution plans, pending regulatory clarity [29] - Management expects outflows to continue in the second half of the year but anticipates lower levels than the first half [49] Other Important Information - The company has implemented a multi-year plan to align expense growth with anticipated revenue growth, targeting low single-digit growth in non-market driven expenses [21] - The balance sheet remains strong with $3.8 billion in cash and discretionary investments, and the company returned over $395 million to shareholders in 2025 [22][23] Q&A Session Summary Question: Update on the 401(k) business and potential for private markets - Management emphasized a client-first approach and the potential for integrating private assets into retirement solutions, with ongoing evaluations of product design and commercial viability [27][29] Question: Insights on expense initiatives and technology advancements - Management discussed a multi-year plan focused on efficiency and leveraging technology, including AI, to drive productivity and cost savings [35][36] Question: Analysis of retirement channel flows and fee rates - Management noted that the majority of flows in defined contribution have shifted towards target date funds, with less churn in retirement accounts compared to standalone strategies [50][51] Question: Impact of model delivery on AUM and growth pipeline - Management explained the decision to include model delivery assets in AUM, highlighting the growth potential and the importance of delivering value to clients [79][81] Question: Opportunities in blockchain and tokenization - Management expressed interest in digital asset investing and the potential for active management to play a role as the regulatory landscape evolves [75][76]