Core Insights - Ripple has launched a digital asset spot prime brokerage named Ripple Prime for U.S. institutional clients, marking a significant expansion into financial services following the acquisition of Hidden Road [1][3] - The new platform facilitates over-the-counter (OTC) spot trading for various major digital assets, including XRP and Ripple's RLUSD stablecoin, and offers an integrated suite of services including derivatives, swaps, fixed income, and foreign exchange products [2][4] Company Developments - The launch of OTC spot execution capabilities enhances Ripple's existing suite of OTC and cleared derivatives services, positioning the company to meet the trading needs of U.S. institutions [3] - Ripple completed the acquisition of Hidden Road in October 2025, which combined its regulatory licenses with Hidden Road's prime brokerage infrastructure [3] Service Offerings - The new platform allows U.S. clients to cross-margin OTC spot positions with swaps and CME-listed futures and options, providing greater flexibility in managing digital asset portfolios [4] - Ripple's institutional crypto services now encompass payments, custody, and trading, with Ripple Prime joining Ripple Payments and Ripple Custody as part of its offerings [4] Asset Integration - Ripple's native crypto assets, XRP and RLUSD, are integrated into these offerings to improve liquidity and streamline settlement processes for institutional participants [5]

JUST IN: 🇺🇸 Ripple launches digital-asset spot prime brokerage services in the United States. ...

🚨JUST IN: @RIPPLE PRIME LAUNCHES DIGITAL ASSET SPOT PRIME BROKERAGE IN THE U.S. OFFERING OTC TRADING FOR $XRP, $RLUSD, AND OTHER MAJOR TOKENS ...

Collaboration and Integration - FTSE Russell 与 Chainlink 合作，通过 DataLink 首次将其全球领先的全球指数发布到链上 [1] - DataLink 利用 Chainlink 的基础设施，使机构能够无缝地在链上分发和商业化其数据 [5] - 通过将 FTSE Russell 基准引入链上，DataLink 加速了机构对数字资产的采用 [5] Index Overview - FTSE Russell 指数在全球范围内被广泛采用，覆盖全球 98% 的可投资市场 [2] - Russell 1000 指数由约 1000 家最大的美国上市公司组成，代表美国股市的大盘股部分，平均市值超过 12000 亿美元 [2] - Russell 2000 指数追踪约 2000 只美国小盘股，通常被认为是美国小盘股表现的领先基准 [2] - Russell 3000 指数包含约 3000 只美国股票，约占美国可投资股票市场的 98%，是美国股市的广泛基准 [3] - FTSE 100 指数追踪在伦敦证券交易所上市的 100 家市值最大的公司，是英国蓝筹股的主要业绩指标 [3] Data and Benchmarks - WMR FX 基准提供全球认可的外汇基准利率，供机构用于货币估值、交易和指数构建 [4] - FTSE DAR 数字资产价格提供独立计算的数字资产价格，来源于经过审查的交易所，以满足机构数据标准 [4] - FTSE 数字资产为数字资产市场提供机构级基准，覆盖约 95% 的合格数字资产，并按季度进行重新平衡 [4] Impact and Application - DataLink 将基础机构用例引入区块链经济，同时使链上应用程序能够更快地启动新资产和市场 [6] - 通过 DataLink，罗素 1000 指数、罗素 2000 指数、罗素 3000 指数、富时 100 指数、WMR FX 基准、富时 DAR 数字资产价格和富时数字资产指数将在 40 多个区块链上可用 [1]

Core Insights - Cango Inc. reported a decrease in Bitcoin production for October 2025, producing 602.6 Bitcoin compared to 616.6 Bitcoin in September 2025, with an average daily production of 19.44 Bitcoin down from 20.55 Bitcoin [2] - The company’s total Bitcoin holdings increased to 6,412.6 Bitcoin by the end of October, up from 5,810.0 Bitcoin in September [2] - Cango maintained a deployed hashrate of 50 EH/s and improved its average operating hashrate to 46.09 EH/s from 44.85 EH/s in the previous month [2] Company Operations - Cango Inc. is focused on Bitcoin mining, with operations across North America, the Middle East, South America, and East Africa, having entered the crypto asset space in November 2024 [5] - The company is also involved in an online international used car export business through AutoCango.com, enhancing access to high-quality vehicle inventory from China [5] Strategic Developments - The CEO of Cango highlighted the operational maturity achieved, with Bitcoin holdings surpassing 6,400 BTC and an average operating hashrate exceeding 90% [4] - Cango announced the termination of its ADR program and plans for a direct listing of its ordinary shares on the NYSE, expected to be completed in November [4]

Core Insights - The company reported strong individual credit selection and no exposure to high-profile credit issues, with a robust pipeline of pending transactions in private credit deployment [1] - The strategic collaboration with Goldman Sachs aims to provide diversified public and private market solutions tailored for retirement and wealth investors, focusing on model portfolios, multi-asset offerings, and personalized advice solutions [1][5][6] Investment Performance - Fixed income performance was strong, with over 70% of fund assets outperforming peer groups across all reported time periods, while the target date franchise showed 81%, 71%, and 98% of fund assets beating peers over three, five, and ten years respectively [2] - On an asset-weighted basis, 64%, 57%, and 78% of fund assets outperformed peer groups over three, five, and ten years, with a notable improvement in one-year performance, where 53% of fund assets beat peers [3] Assets Under Management - The company reached a record high of $1.77 trillion in assets under management as of September 30, indicating strong growth and client interest [4] - The company introduced new retirement allocation funds in Asia, marking a significant expansion into retail markets in Hong Kong and Singapore [9] Strategic Initiatives - The collaboration with Goldman Sachs will include a co-branded series of model portfolios and multi-asset public-private market solutions, expected to launch by mid-2026 [5][6][7] - The company is developing a managed account platform for independent advisors, combining investment capabilities from T. Rowe Price and Goldman Sachs [7] Financial Results - The adjusted diluted EPS for Q3 2025 was $2.81, reflecting higher revenue driven by increased average AUM, despite experiencing $7.9 billion in net outflows [12] - Investment advisory fees increased to $1.7 billion, up over 4% from Q3 2024, while total adjusted revenues reached $1.9 billion, a 6% increase year-over-year [14] Expense Management - Adjusted operating expenses for Q3 2025 were $1.1 billion, up slightly from the previous year but down from the prior quarter, with a focus on managing costs effectively [15][16] - The company is implementing a broad expense management program to keep controllable expense growth in the low single digits for 2026 and 2027 [16][19] Capital Management - The company maintains a strong financial position with over $4.3 billion in cash and discretionary investments, and has repurchased $158 million worth of shares in Q3 2025 [18] - The company continues to buy back shares, surpassing $525 million year-to-date, indicating a commitment to returning value to shareholders [18]

Core Points - A federal appeals court in Denver upheld the Federal Reserve's right to deny Custodia a master account, affirming a lower court's decision that Custodia is not entitled to one despite being technically eligible [1][4] - The Federal Reserve's Kansas City branch determined that Custodia's crypto-focused business model posed undue risks to the U.S. banking system [2][3] - Master accounts are essential for banks to access Federal Reserve services, yet no crypto-focused banks have been granted such accounts [3] Court Decision - The decision was made by a panel of three judges, with a 2-1 majority, and was written by Judge David Ebel, a Reagan appointee [4][5] - The dissenting opinion by Judge Timothy Tymkovich argued that the relevant statute mandates the Fed to provide payment services to eligible non-member banks, including Custodia [5][6] Company Response - Custodia expressed disappointment over the ruling but noted the strong dissent as a positive aspect, indicating potential for further legal action [6][7] - The company may seek a rehearing by the Tenth Circuit, citing a split decision due to another ruling on a similar issue in the same jurisdiction [7]

Financial Data and Key Metrics Changes - The adjusted diluted EPS for Q3 2025 was $2.81, an increase from the prior quarter and Q3 2024, driven by higher revenue from increased average AUM [13] - Total adjusted revenues reached $1.9 billion, up 6% year-over-year and nearly 10% from the prior quarter [15] - The effective fee rate for Q3 was 39.1 bps, down from Q2 2025 due to a shift towards lower-priced vehicles and strategies [16] Business Line Data and Key Metrics Changes - The target date franchise saw $2.6 billion in net inflows, with strong demand for blend products [14] - The ETF business experienced nearly $2 billion in net inflows, with $19 billion in AUM as of September 30 [11][14] - Fixed income, multi-asset, and alternatives had positive net flows, while U.S. equities continued to drive net outflows [13] Market Data and Key Metrics Changes - The company reached an end-of-period high of $1.77 trillion in assets under management as of September 30 [4] - The company reported $7.9 billion in net outflows for Q3, primarily from retail and intermediary channels, partially offset by institutional wins [13] Company Strategy and Development Direction - The company announced a strategic collaboration with Goldman Sachs to deliver diversified public and private market solutions for retirement and wealth investors [7][9] - New retirement allocation funds were introduced in Asia, marking a significant expansion into retail markets in Hong Kong and Singapore [11] - The company is focused on enhancing its ETF offerings and expanding into the active ETF space, with plans for over a dozen new ETFs [49][50] Management's Comments on Operating Environment and Future Outlook - Management noted that Q4 flows are expected to be weaker, with higher redemptions in equities observed [32] - The company is optimistic about the potential for alpha generation in the future, especially as market concentration peaks [61] - Management emphasized a focus on expense management and strategic investments to drive future growth [45][46] Other Important Information - The company incurred $28.5 million in non-recurring costs in Q3, primarily related to severance [18] - A non-recurring charge of approximately $100 million is expected in Q4 due to real estate portfolio management [18] Q&A Session Summary Question: Discussion on digital assets and crypto ETF - Management highlighted their journey in digital assets since 2022, focusing on building internal expertise and launching a multi-token crypto ETF [22][24] Question: Details on the economic arrangement with Goldman Sachs - Management described the economics of the collaboration as balanced and equitable, emphasizing strong capabilities across liquid public and private market alternatives [27][28] Question: Trends in flows and near-term momentum - Management indicated that gross sales were up substantially, but noted a softer institutional pipeline and higher equity redemptions [32][34] Question: Potential sales from new strategies - Management expressed ambitions for significant growth beyond a couple of billion dollars from the new strategies, emphasizing the large addressable market [38][39] Question: Savings from real estate management - Management discussed ongoing expense management programs and the potential savings from transitioning their real estate portfolio [40][42] Question: ETF offerings and market opportunity - Management noted strong growth in the ETF space and plans for new active ETFs, indicating a significant opportunity for future growth [47][49]

Group 1 - BlackRock CEO Larry Fink predicts that all currencies, ETFs, and assets will be digitized and tokenized, interconnected through a global settlement layer for instant transactions [1][2] - Tokenization represents real-world assets on blockchain ledgers, enabling fractional ownership and reducing intermediaries, which aligns with BlackRock's strategy in digital assets [3][4] - The creation of a global settlement layer could synchronize financial systems, minimizing delays and costs, while democratizing access to high-value assets for retail investors [4][5] Group 2 - Tokenized currencies could incorporate programmable features, enhancing automation in compliance and transactions, while ETFs may benefit from increased liquidity and 24/7 trading capabilities [5][6] - Regulatory frameworks are inconsistent globally, with some countries advancing in digital asset laws while others lag, posing challenges for widespread adoption [6][9] - BlackRock's BUIDL fund has attracted significant institutional interest, indicating a strong demand for tokenized financial products, suggesting that tokenization could transform capital markets [7][8]

Is it over. >> Uh, yeah. >> Woo.>> It's over. >> What the hell is going on in crypto right now. And what comes next.Because rate cuts are here. Quantitative tightening is coming to an end, meaning quantitative easing is just about to begin. Trump and she had a successful meeting. America and China had a successful meeting.But meanwhile, Bitcoin continues to dump while alts bleed to new lows. I'm tired, boss. >> What the hell is going on here.So, let me get this straight. No rate cuts, we see a dump. Rate cu ...