Everyone talks “real world assets”If @integra_layer mirrors Ethereum’s 40x FDV/RWA multiple, it implies a $480B ecosystem potential, a $100B+ opportunity on day 1.With $12B in RWAs, $200M in annualized cashflows, and a consortium of real-estate & tokenization leaders…This might be the most fundamentally backed chain launch ever.integra. (@integra_layer):Meet Integra, a full-stack, layer 1 blockchain built by real estate asset managers with $12B+ AuM and the world’s leading tokenization companies.#Integra is ...

Bullish AF on tokenization 🫡For the first time, tokenized U.S. stocks and ETFs are available directly through https://t.co/h6nChkZymH, powered by our partnership with Ondo Finance.In our latest episode of Blockchain Bylines, @OndoFinance's Ian de Bode joins us to chat about how tokenization is a game changer for global wealth🌍 ...

🎥SPOTLIGHT: @WorldLibertyFi & @ABTC Co-Founder @EricTrump on betting on $1M BTC, fighting to make big banks "totally irrelevant," and confirming his plan to tokenize real estate.1:47 - Eric Trump's First Memory of Money3:42 - How "Debanking" Led Eric Trump to Crypto8:28 - The Danger of Hard Assets vs. Crypto's Liquidity12:18 - 'Michael Saylor Told Me to Mortgage Mar-A-Lago for Bitcoin'13:29 - Building American Bitcoin16:32 - Eric Trump's $1 Million Bitcoin Prediction20:17 - Why Eric Says the "Dam is Breakin ...

Financial Data and Key Metrics Changes - Galaxy Digital reported a record GAAP net income of $505 million for Q3 2025, with an adjusted gross profit of $728 million, indicating strong performance across its diversified model [9][10] - The firm achieved a firm-wide adjusted EBITDA of $629 million, significantly up from $211 million in Q2 2025 [11] - Cash and stablecoins on the balance sheet increased to $1.9 billion, up approximately $700 million from Q2 2025 [12] Business Line Data and Key Metrics Changes - The digital asset segment generated a record adjusted gross profit of $318 million, driven by strong trading, investment banking, asset management, and staking activities [10][15] - Assets under management and assets under stake reached over $15 billion, nearly doubling from the previous quarter, with asset management growing to approximately $9 billion [17][18] - The lending book grew to over $1.8 billion, reflecting new clients and market appreciation [16] Market Data and Key Metrics Changes - Galaxy Digital's trading volumes increased by 140% from Q2 2025, with record crypto trading volumes achieved during the quarter [15] - The firm executed a significant transaction involving the sale of over $9 billion of Bitcoin on behalf of a single client, marking one of the largest notional Bitcoin transactions ever completed [15] Company Strategy and Development Direction - Galaxy Digital is focused on expanding its digital asset offerings and enhancing its data center capabilities, with the launch of Galaxy One aimed at individual investors [7][24] - The company is strategically positioning itself to capture a broader market by integrating traditional finance with blockchain infrastructure [22][76] - The Helios data center project is a cornerstone of Galaxy's infrastructure strategy, with plans for multi-tenant capabilities and significant power capacity [36][71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of building trust and relationships in the crypto community [4][5] - The company acknowledged the challenges posed by forced liquidations in the crypto ecosystem but noted that it performed well during this period [39][41] - Galaxy Digital is committed to disciplined risk management and maintaining sufficient capital and liquidity to support long-term growth [14] Other Important Information - The firm secured a $460 million PIPE deal from a large institutional investor, which will support the development of its data center [8][13] - Galaxy Digital's asset management business is now run rate profitable, providing a solid foundation for future growth [18] Q&A Session Summary Question: Impact of forced liquidations on market structure - Galaxy Digital performed well during the liquidation events, with no credit losses and quick responses from the trading desk [39] - Market makers and leveraged retail traders were significantly impacted, leading to reduced liquidity and wider bid-ask spreads [39][40] Question: Aspirations for Galaxy One - Galaxy One aims to serve high-net-worth consumers, providing a seamless platform for managing traditional and digital assets [42][44] - The target audience includes individuals with significant wealth who have historically been underserved by traditional platforms [46][47] Question: Update on data center approvals and demand - Approval timelines for additional capacity in Texas remain uncertain, but there is positive traction in demand from large customers [50][54] - The company is optimistic about securing additional interconnection capacity and has seen increasing proactive inquiries from potential clients [53][54] Question: Financing and refinancing opportunities - Galaxy Digital expects to unlock significant capital through refinancing once the Helios project stabilizes and generates revenue [56][58] - The refinancing could potentially unlock multi-hundreds of millions of dollars of equity for future developments [58] Question: Competitive positioning in the data center market - The company is focused on execution and delivering projects on time and on budget, which is critical for long-term customer demand [66][68] - Galaxy Digital is strategically positioned with existing land and infrastructure, differentiating itself from competitors [66][68]

Financial Data and Key Metrics Changes - Nasdaq reported net revenue of $1.3 billion, an 11% year-over-year increase, with operating income rising 16% to $732 million and diluted EPS growing 19% [6][24] - Annualized recurring revenue (ARR) grew 9% to $3 billion, marking a significant milestone [6][25] - Operating expenses were $583 million, up 5% year-over-year, leading to an operating margin of 56% and EBITDA margin of 58%, both up 2 percentage points from the previous year [24][33] Business Line Data and Key Metrics Changes - Capital Access Platforms generated revenue of $546 million, up 8%, with ARR growth of 6% [25][31] - Financial Technology delivered revenue of $457 million, up 13%, with ARR growth of 12% [28][29] - Market Services achieved net revenue of $303 million, reflecting a 13% growth driven by elevated market volumes [32] Market Data and Key Metrics Changes - Nasdaq welcomed operating companies that raised $6 billion in proceeds during the quarter, with over $14 billion raised year-to-date [10] - The index franchise recorded $91 billion in net inflows over the last 12 months, including $17 billion in the third quarter [12][26] - Nasdaq-listed securities represented 53% of total industry volume, up from 49% a year ago, indicating strong market presence [18] Company Strategy and Development Direction - Nasdaq is focused on integrating technology and AI into its solutions, enhancing client engagement and operational efficiency [9][20] - The company aims to leverage its existing trading infrastructure to enable tokenized securities trading, reflecting a commitment to innovation in the digital asset space [20][40] - Nasdaq's strategic priorities include integrating, innovating, and accelerating growth across its diversified business segments [19][23] Management's Comments on Operating Environment and Future Outlook - The U.S. economy remains resilient, with mixed economic signals, but overall consumer spending has picked up [8] - Nasdaq anticipates a meaningful pickup in IPO activity in the coming quarters, supported by a robust IPO pipeline [10][11] - Management expressed confidence in achieving strategic objectives and delivering sustainable growth despite a dynamic operating environment [36] Other Important Information - Nasdaq's gross leverage ratio improved to 3.1 times, with a commitment to deleveraging and maintaining strong cash flow [34][36] - The company has surpassed its net expense efficiency target, achieving over $150 million in cost reductions [33] Q&A Session Summary Question: Digital assets and growth opportunities - Management highlighted Nasdaq's involvement in the digital assets ecosystem, emphasizing the relevance of financial technology solutions as institutional interest in digital assets grows [39][40] Question: Tokenization initiative details - The tokenization proposal aims to allow investors to settle shares in a tokenized form, with ongoing collaboration with DTCC to develop settlement paths [43][45] Question: Operating expenses and future spending - Management indicated that ongoing investments are embedded in the guidance for the year, with a consistent trajectory expected [52][53] Question: Financial crime management business performance - Management acknowledged variability in ARR growth due to implementation phases for new enterprise clients but expressed confidence in future growth [58][59] Question: Capital markets technology momentum - Strong demand for connectivity services and robust client engagement were noted as key drivers of growth in capital markets technology [64] Question: AI's impact on revenue and expenses - Management sees AI as an opportunity to drive efficiency and enhance client experiences, with a focus on product development and automation [66][70] Question: BioCatch partnership and Verafin's platform potential - Management views Verafin as a platform with the ability to integrate modern APIs, enhancing its capabilities in the anti-financial crime space [79]

Financial Data and Key Metrics Changes - Nasdaq reported net revenue of $1.3 billion, an 11% year-over-year increase, with operating income rising 16% to $732 million and diluted EPS growing by 19% [6][24][36] - Annualized recurring revenue (ARR) grew 9% to $3 billion, marking a significant milestone [6][25] - Operating expenses were $583 million, up 5% year-over-year, leading to an operating margin of 56% and EBITDA margin of 58%, both up 2 percentage points from the previous year [24][33] Business Line Data and Key Metrics Changes - Capital Access Platforms generated revenue of $546 million, up 8%, with ARR growth of 6% [25][31] - Financial Technology delivered revenue of $457 million, up 13%, with ARR growth of 12% [28][29] - Market Services achieved net revenue of $303 million, reflecting a 13% growth driven by elevated market volumes [32] Market Data and Key Metrics Changes - Nasdaq welcomed operating companies that raised $6 billion in proceeds during the quarter, with over $14 billion raised year-to-date [10] - The index franchise recorded $91 billion in net inflows over the last 12 months, with $17 billion in the third quarter [12][26] - Nasdaq-listed securities represented 53% of total industry volume, up from 49% a year ago, indicating strong market presence [18] Company Strategy and Development Direction - Nasdaq is focused on integrating technology and AI into its solutions, enhancing its competitive position and providing value to clients [9][20] - The company aims to leverage its existing trading infrastructure to enable tokenized securities trading, reflecting a commitment to innovation in the digital asset space [20][40] - Nasdaq's strategic priorities include Integrate, Innovate, and Accelerate, with a focus on cross-selling and enhancing client engagement [19][23] Management's Comments on Operating Environment and Future Outlook - The U.S. economy remains resilient, with mixed economic signals, but overall consumer spending has picked up [8] - Nasdaq anticipates a meaningful pickup in IPO activity in the coming quarters, supported by a robust IPO pipeline [10][11] - Management expressed confidence in achieving strategic objectives and delivering sustainable growth despite a dynamic operating environment [36] Other Important Information - Nasdaq's gross leverage ratio improved to 3.1x, with a commitment to deleveraging and maintaining strong cash flow [34][36] - The company completed the sale of Nasdaq Solovis, which was deemed not a strategic fit, allowing for a more focused portfolio [15] Q&A Session Summary Question: Digital assets and growth opportunities - Management highlighted Nasdaq's long-standing involvement in the digital assets ecosystem and the relevance of its financial technology solutions as institutional interest in digital assets grows [39][40] Question: Tokenization proposal details - The tokenization initiative aims to allow investors to settle orders in a tokenized form, with collaboration with DTCC for settlement paths [44][46] Question: Operating expenses and 2026 outlook - Management indicated a consistent trajectory in operating expenses, aligned with strong revenue growth and ongoing investments in technology [52][53] Question: Financial crime management business performance - Management acknowledged variability in ARR growth due to implementation phases for new enterprise clients but expressed confidence in future growth [58][60] Question: Capital markets technology momentum - Strong demand for connectivity services and data center growth were noted as key drivers for the Capital Markets Technology business [62][64] Question: AI's impact on revenue synergy targets - Management confirmed that AI solutions are expected to accelerate cross-sell efforts and enhance client workflows, supporting revenue synergy targets [75][76] Question: BioCatch partnership implications - The partnership with BioCatch is seen as a strategic move to enhance Verafin's platform capabilities and expand its market reach [79]

Financial Data and Key Metrics Changes - Nasdaq reported net revenue of $1.3 billion, an 11% year-over-year increase, with operating income rising 16% to $732 million and diluted EPS growing 19% to $0.88 [4][22][34] - Annualized recurring revenue (ARR) grew 9% to $3 billion, marking a significant milestone for the company [4][23] - Operating expenses were $583 million, up 5% year-over-year, leading to an operating margin of 56% and EBITDA margin of 58%, both up 2 percentage points from the previous year [22][32] Business Line Data and Key Metrics Changes - Capital Access Platforms generated revenue of $546 million, up 8%, with ARR growth of 6% [22][24] - Financial Technology revenue reached $457 million, up 13%, with ARR growth of 12% [22][26] - Market Services net revenue was $303 million, reflecting a 13% growth driven by elevated market volumes [30] Market Data and Key Metrics Changes - Nasdaq welcomed operating companies that raised $6 billion in proceeds during the quarter, with over $14 billion raised year-to-date [7] - The index franchise achieved record net inflows of $91 billion over the last 12 months, including $17 billion in the third quarter [9][24] - Nasdaq-listed securities represented 53% of total industry volume, up from 49% a year ago, indicating strong market presence [14] Company Strategy and Development Direction - Nasdaq is focused on integrating technology and data to enhance client services, particularly through AI-enabled solutions [5][6] - The company aims to deepen its competitive advantage by driving innovation across the financial industry [5][6] - Nasdaq's strategic priorities include integrating, innovating, and accelerating growth, with a focus on cross-selling and expanding its technology platform [15][20] Management's Comments on Operating Environment and Future Outlook - The U.S. economy remains resilient, with mixed economic signals, but overall consumer spending has picked up [5] - Nasdaq anticipates a meaningful pickup in IPO activity in the coming quarters, supported by a robust IPO pipeline [7][8] - Management expressed confidence in achieving strategic objectives and delivering sustainable growth despite a dynamic operating environment [34] Other Important Information - Nasdaq completed the sale of Nasdaq Solovis to Insight Partners, which was deemed not a strategic fit within its portfolio [11] - The company has surpassed its net expense efficiency target, achieving over $150 million in cost reductions [32] - Nasdaq's senior unsecured debt rating was upgraded from BBB to BBB+ by S&P, reflecting progress in deleveraging [15] Q&A Session Summary Question: Digital assets and growth opportunities - Management highlighted Nasdaq's long-standing involvement in the digital assets ecosystem and the relevance of its financial technology solutions as institutional interest in digital assets grows [36] Question: Tokenization proposal details - The tokenization initiative involves allowing investors to flag orders for tokenized securities, with two settlement paths being developed in collaboration with DTCC [39][40] Question: 2026 outlook and operating expenses - Management indicated a consistent trajectory in revenue growth, with ongoing investments embedded in the guidance for the full year [48][49] Question: Financial crime management business performance - The anti-financial crime business is experiencing variability in ARR growth due to the implementation of solutions for new enterprise clients [51][53] Question: Capital markets technology momentum - Strong demand for connectivity services and robust client engagement are driving growth in the Capital Markets Technology segment [55][59] Question: AI's impact on revenue and expenses - Management views AI as an opportunity to drive efficiency and enhance client experiences, with significant potential for revenue growth [60][62]

Nasdaq (NasdaqGS:NDAQ) Q3 2025 Earnings Call October 21, 2025 08:00 AM ET Speaker0Good day, and thank you for standing by. Welcome to Nasdaq Third Quarter twenty twenty five Results Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded.I'd now like to hand the conference over to your first speaker, Atto Garrett, Senior Vice President and Investor Rel ...

Core Insights - The Federal Reserve is hosting a Payments Innovation Conference on October 21, 2025, focusing on the integration of blockchain, stablecoins, and tokenized finance into the U.S. economy [1] - The participation of Web3 leaders, such as Sergey Nazarov from Chainlink, indicates a significant shift in the Fed's approach towards cryptocurrency and digital payments [2][3] - The conference is expected to address critical topics like stablecoin regulation, interoperability between private and public blockchain systems, and the potential for a U.S. digital dollar [3] Industry Implications - The Fed's collaborative approach could facilitate regulated banks' entry into the crypto market, particularly in sectors like stablecoins, potentially reducing resistance from traditional finance [4] - The anticipated growth of tokenized markets, projected to exceed $16 trillion by 2030, suggests a transformative impact on various financial sectors, including bond trading and cross-border settlements [3] - Current market conditions remain volatile, with Bitcoin experiencing a 2% decline amid broader economic uncertainties, including a potential trade war with China [4] Economic Context - The macroeconomic environment is fragile, with a government shutdown delaying essential economic data, leading to uncertainty among policymakers [5] - Weak job growth and slowing consumer demand are juxtaposed with signs of renewed inflation pressure, complicating the economic landscape [5]

Over the last couple weeks, we have been studying what Ripple is doing with a lot of these acquisitions. We've been talking about the big plan behind all of this. We've addressed recently the $1 billion buy of XRP that Ripple was putting together, which we also said, hey, this is going to lead to Ripple doing something pretty big with XRP.They have big plans with XRP. Now, we know exactly what their plans are. We're going to talk about it. We're going to address this.Uh we are also going to go over a few th ...