tether Stablecoin issuer Tether USDT announced a $100 million strategic equity investment in Anchorage Digital, expanding an existing relationship between the two firms with a focus on regulated digital asset infrastructure. Anchorage Digital Bank is a federally regulated digital asset bank in the U.S., offering staking, custody, governance, settlement, and stablecoin issuance to institutions and innovators globally. Separately, Anchorage Digital confirmed the investment values the firm at $4.2 billion ...

Core Insights - Charles Schwab reported a record year with significant growth across all retail investor segments, achieving $519 billion in net new assets and an 18% increase in total client assets to $11.9 trillion [2][8] - The company handled 10% of the notional equity market volume in the U.S. and managed 30 million client calls, indicating strong operational performance and client engagement [3][4] - Retail trading activity increased by 30% in 2024, with a further 20% rise reported in the early weeks of 2025, showcasing heightened client engagement and demand for financial services [9][10] Financial Performance - Record revenue for the year was up 22%, reflecting robust growth across various metrics [8] - The company has been actively paying down debt, contributing to its strong financial position [8] Client Engagement and Trends - Retail clients are increasingly seeking comprehensive financial support, with a notable trend towards younger investors who are more educated and investing earlier [11][10] - Key trends identified include the impact of AI on investment behavior, the evolving narrative around digital assets, and the distinction between gambling and investing [11][12][21] Market Outlook - The company maintains a positive outlook on the market, citing strong economic fundamentals and reasonable valuations in certain sectors, despite high overall market valuations [25][26] - Innovation remains a priority for the company, focusing on enhancing capabilities for clients and adapting to changing market dynamics [27][28]

Core Insights - Bitwise has launched seven model portfolios focused on digital assets to cater to different investor risk preferences [2][5] - The portfolios will provide access to various types of ETFs, including spot crypto ETFs, crypto index ETFs, thematic ETFs, and crypto equity ETFs [2][4] - The model portfolios aim to help financial advisors allocate assets effectively in the crypto space, with a significant projected growth in model portfolio assets from $7.7 trillion in Q1 2025 to $13.2 trillion by 2029 [5] Portfolio Details - The "core" portfolios will offer broad exposure to the crypto ecosystem, while thematic portfolios will focus on specific themes such as stablecoins and tokenization [2] - A risk-managed portfolio will invest in two Bitwise funds that rotate between Bitcoin, Ethereum, and Treasuries based on momentum to address concerns about crypto volatility [3][7] - The models will include both Bitwise's own ETFs and third-party funds, enhancing diversification [4] Market Context - Many financial advisors currently rely on model portfolios for asset allocation, indicating a growing trend in the use of such models in the wealth management industry [5] - Bitwise aims to scale its model portfolio business across various platforms, particularly targeting large wealth manager platforms [6] - The portfolios will be systematically monitored and rebalanced to maintain target asset allocations and mitigate single-asset risk [7]

Core Insights - Square has launched the second generation of its Square Register, enhancing speed, power, and reliability for businesses [1] - The new Square Register is 40% faster than its predecessor, designed for high-volume commerce and improved customer experiences [1] Product Improvements - The second generation features a more powerful processor, expanded memory, and upgraded Wi-Fi antenna, resulting in quicker launching, loading, and navigation [1] - The device is built for durability with an IP54 rating and a reinforced card dip slot to withstand spills and dust [1] Market Adoption - In the U.S., 62% of Food and Beverage sellers generating $500k or more in annual GPV utilized the original Square Register last year [1] - The new Square Register is available for purchase starting at $899, compatible with existing Square accessories and the broader Square ecosystem [1] Customer Feedback - Businesses like Kona Coffee Roasters have reported that the enhanced speed and responsiveness of the new Square Register improve service quality and customer satisfaction [1] Strategic Partnerships - Square has partnered with 7 Leaves Cafe to support its expansion across 44 locations in the U.S. using Square's commerce platform [2] - The company has renewed its Corner Store lease in San Francisco's Mission District, launching new programming to support local businesses [2] - Square has expanded its partnership with Thrive to simplify multi-channel inventory management for retailers, integrating with platforms like Shopify [2]

Core Viewpoint - UBS Group AG is positioning itself to offer tokenized services and crypto access to its clients, indicating a strategic shift towards digital assets in the financial system [1][2]. Group 1: Digital Asset Strategy - The CEO, Sergio Ermotti, emphasized a client-led approach to digital assets, focusing on building core infrastructure and exploring offerings such as crypto access for individual clients and tokenized deposit solutions for corporates [2]. - UBS plans to provide select clients in Switzerland with access to Bitcoin and Ethereum, reflecting a growing trend in the banking sector towards digital asset investment [2]. Group 2: Technological Integration - The emergence of digital assets and tokenization is seen as an opportunity to fundamentally change banking operations, with a focus on delivering a seamless technological experience for the next generation of investors [3]. - UBS is implementing AI-enabled capabilities to enhance service efficiency and productivity across its banking operations, indicating a commitment to leveraging technology for competitive advantage [4]. Group 3: Financial Performance and Market Position - UBS reported a profit of approximately $7.9 billion last year, marking a 53% increase year-over-year, and solidified its market position by acquiring Credit Suisse in 2023 [5]. - The Swiss National Bank has increased its exposure to Bitcoin, suggesting a broader institutional interest in digital assets within Switzerland [5].

Core Viewpoint - BBVA has joined a consortium of 11 European banks to create Qivalis, a joint venture aimed at issuing a euro-linked stablecoin to facilitate faster and lower-cost payments and digital asset settlements within a regulated framework [1][2]. Group 1: Joint Venture and Regulatory Framework - Qivalis is established as an Amsterdam-based company and will operate under the EU's Markets in Crypto-Assets framework (MiCA), ensuring compliance with solvency, governance, and customer protection requirements [2]. - The venture is currently awaiting authorization from the Dutch central bank to function as an electronic money institution [4]. Group 2: Collaboration and Innovation - BBVA emphasizes the importance of collaboration among banks to create common standards that foster financial innovation and enhance the future banking model [3]. - The addition of BBVA to the consortium is seen as a significant advancement, bringing the total number of participating banks to twelve, all committed to developing a secure euro stablecoin framework [3]. Group 3: Use Cases and Benefits - A potential use case highlighted by the consortium involves enabling self-employed professionals to make quicker and cheaper payments to overseas suppliers through a euro-linked method integrated into their existing banking services [5]. - The shared stablecoin aims to provide new payment options and facilitate the settlement of tokenized financial assets on blockchain technology [4]. Group 4: BBVA's Commitment to Digital Assets - BBVA's involvement in Qivalis is part of its ongoing efforts to explore digital assets, building on previous initiatives such as a collaboration with SWIFT on a blockchain-based shared registry and participation in the Agorá initiative for improving cross-border payments [6].

Core Insights - IG has completed the acquisition of Independent Reserve, enhancing its digital asset capabilities in the Asia-Pacific region [1][7] - The acquisition was finalized after receiving regulatory approval from the Monetary Authority of Singapore, indicating a strategic move into the growing crypto market [2][3] Company Strategy - The acquisition allows IG to integrate Independent Reserve's regulated crypto infrastructure and expertise, which is essential for serving both retail and institutional clients [3][6] - IG plans to launch new crypto offerings in Singapore, Australia, and the UAE by the second half of 2026, leveraging Independent Reserve's existing systems for quicker scalability [4][6] Market Positioning - The deal is expected to strengthen IG's market reach and distribution capabilities, combining its scale with Independent Reserve's crypto expertise [5][6] - Independent Reserve's CEO highlighted the acquisition as a milestone, enhancing the exchange's resources and reach as part of a larger global group [5][6]

Core Insights - Galaxy Digital reported a net loss of $482 million in Q4, primarily due to a 24% decline in total cryptocurrency market capitalization [1] - For the full year, the company experienced a net loss of $241 million, impacted by lower digital asset prices and $160 million in one-time costs related to bitcoin mining infrastructure and corporate reorganization [2] - Despite losses, Galaxy achieved an adjusted gross profit of $426 million and adjusted EBITDA of $34 million for the full year, indicating operational resilience [3] Financial Performance - In Q4, Galaxy's Global Markets segment generated an adjusted gross profit of $30 million, down from a record quarter earlier, with trading volumes declining by about 40% [4] - The Asset Management and Infrastructure Solutions segment reported $21 million in adjusted gross profit in Q4, with $6.4 billion in assets under management and $5.0 billion in assets under stake [5] - The asset management business recorded $2.0 billion in net inflows during 2025, representing 34% organic growth, alongside the expansion of its institutional staking platform [6]

Investor.galaxy.com Q4 · 25 As of December 31, 2025 1 GALAXY 2 GALAXY Disclaimer This document, and the information contained herein, has been provided to you by Galaxy Digital Inc. and its affiliates ("Galaxy Digital" or "Galaxy") solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Galaxy Digital. Neither the information, nor any opinion contained in this document, constitutes an offer to buy or ...

Core Insights - Galaxy Digital Inc. reported a net loss of $241 million for the full year 2025, with a diluted EPS of $(0.61), primarily due to lower digital asset prices and one-time costs of approximately $160 million [1][2][3] - The company achieved a total equity of $3.0 billion and cash and stablecoin holdings of $2.6 billion as of December 31, 2025, reflecting a 38% year-over-year increase in equity [1][3] - Galaxy's Asset Management business saw $2.0 billion in net inflows, representing 34% organic growth, with total assets on the platform ending the year at $12 billion [1][2] Financial Highlights - For Q4 2025, Galaxy reported a net loss of $482 million, with a diluted EPS of $(1.08), driven by a 24% decrease in total crypto market capitalization [1][2] - The full year 2025 adjusted gross profit was $426 million, while adjusted EBITDA was $34 million [1][2] - Total assets decreased by 2% quarter-over-quarter to $11.35 billion, while total equity decreased by 4% to $3.04 billion [1][2] Segment Performance - Digital Assets segment generated an adjusted gross profit of $51 million in Q4 2025, down 84% from the previous quarter, with adjusted EBITDA of $(29) million [2][3] - Global Markets reported an adjusted gross profit of $30 million in Q4 2025, with a marginal increase in average loan book size to $1.8 billion [2][3] - Asset Management & Infrastructure Solutions generated $21 million of adjusted gross profit in Q4 2025, with $6.4 billion in assets under management [2][3] Corporate Developments - Galaxy completed the acquisition of Alluvial Finance, enhancing its staking platform and positioning itself as a leader in liquid staking protocols [1][2] - The company raised $325 million in equity capital and $1.3 billion through an exchangeable senior notes offering to fund growth initiatives [1][2] - The Helios Data Center campus received ERCOT approval for an additional 830 MW of power capacity, doubling its total approved capacity to over 1.6 gigawatts [1][3]