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]

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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]

Core Viewpoint - Morgan Stanley's diverse business model has led to solid performance, with RBC Capital raising its price target to $207 from $185 while maintaining a Sector Perform rating [1][3]. Group 1: Financial Performance - Morgan Stanley achieved a return on tangible common equity (ROTCE) exceeding 20% [3]. - The Wealth Management segment reported a record pre-tax margin of 31.0%, highlighting its strong performance [3]. Group 2: Business Strategy and Future Outlook - The company plans to leverage operating efficiencies with a projected tax rate of 22-23% in 2026 [4]. - Continued investments in technology and client competencies are anticipated, focusing on artificial intelligence and digital assets [4]. - Morgan Stanley operates as a global financial services company, offering investment banking, securities, wealth management, and investment management services [4].

Core Viewpoint - Mawson Infrastructure Group Inc. has adopted a limited-duration stockholder rights agreement to protect the interests of its stockholders amid a potential takeover attempt by Endeavor Blockchain, LLC and associated parties [2][3]. Group 1: Rights Agreement Details - The Rights Agreement allows stockholders to realize long-term value and protects them from actions deemed not in the best interests of the company [2]. - The Rights become exercisable if a person or group acquires 20% or more of Mawson's outstanding common stock without Board approval [3]. - Each Right entitles its holder to purchase shares at a price equal to twice the exercise price, with certain conditions applied to triggering parties [3]. - The Rights Agreement is effective immediately and will expire on February 1, 2027, unless terminated or redeemed earlier [4]. Group 2: Endeavor's Actions - Endeavor acquired over 5% of Mawson's common stock before filing an initial Schedule 13D on December 22, 2025, and reported ownership of 31.6% as of January 6, 2026, although actual records indicated 19.5% [5]. - Following a rejected proposal for a Tender Offer and Series A Preferred Equity Financing, Endeavor called for changes in Mawson's leadership and strategy, indicating intentions to solicit votes for director nominees [5]. - As of January 28, 2026, Endeavor reported purported ownership of 48.0% of shares outstanding, which Mawson's records indicated was actually 29.7% [5]. Group 3: Company Overview - Mawson is a U.S.-based technology company focused on next-generation digital infrastructure, including services in AI, high-performance computing, and digital assets [6]. - The company emphasizes sustainability by powering operations with carbon-free energy resources, including nuclear power, and has 129 megawatts of capacity online [7].

Core Viewpoint - Auri Inc is actively expanding its portfolio through strategic partnerships, mergers and acquisitions, and the integration of digital and in-ground assets [1] Group 1 - Auri Inc is a cutting-edge incubating holding company [1] - The company has released a current report detailing the activities of its subsidiaries [1] - The business development plan of Auri Inc is centered around strategic partnerships, mergers and acquisitions, and the addition of digital and in-ground assets [1]

Core Viewpoint - Nomura Holdings Inc. is reducing its cryptocurrency positions and tightening risk controls in response to financial setbacks in its European subsidiary, Laser Digital Holdings, during Q3 of fiscal year 2025 [1][3]. Group 1: Company Actions - The decision to reduce cryptocurrency holdings and implement stricter risk management reflects the challenges faced by traditional financial institutions in the volatile crypto market [2][7]. - Nomura's Chief Financial Officer, Hiroyuki Moriuchi, announced these changes during an earnings call on January 30, 2026, highlighting the impact of market volatility on the company's net income [2][3]. - Despite the adjustments, Nomura remains committed to the digital asset sector, planning to expand its business in the medium to long term [4][9]. Group 2: Subsidiary Operations - Laser Digital, Nomura's dedicated crypto arm launched in 2022, offers services such as trading, asset management, and venture investments, leveraging quantitative-driven strategies for market making [4][5]. - The subsidiary is licensed in the UAE and aims to bridge traditional banking with the digital economy, providing crypto funds and treasury management tools [5]. Group 3: Market Context - The digital asset sector has experienced significant volatility due to regulatory changes, macroeconomic factors, and investor sentiment, with late 2025 setbacks attributed to global economic uncertainties [6]. - Nomura's experience is part of a broader trend where financial institutions are recalibrating their crypto strategies to balance innovation with caution [7]. Group 4: Future Plans - Laser Digital has applied for a national trust bank charter with the U.S. Office of the Comptroller of the Currency, which, if approved, would allow it to offer cryptocurrency custody and trading services under federal oversight [8]. - This application indicates Nomura's intent to strengthen its presence in the U.S. market while focusing on institutional clients rather than retail deposits [8]. Group 5: Financial Health - Despite challenges in the crypto sector, Nomura's overall financial health remains strong, as evidenced by a ¥60 billion share buyback program, reflecting confidence in its core operations [9].

Core Insights - Bit Digital Inc has made a significant strategic shift in 2025, moving away from bitcoin mining to focus on Ethereum and high-performance computing (HPC) [1][4] - The HPC division has been spun off into a new company called WhiteFiber, in which Bit Digital retains a 70% stake [1][4] - The company has sold all its bitcoin holdings and invested approximately half a billion dollars in Ethereum [4] Strategic Goals - The company is not satisfied with its current share price performance and aims to pursue mergers and acquisitions (M&A) or other strategies to generate proper EBITDA by 2026 [5][6] - The goal is to enable investors to apply earnings multiples rather than solely valuing the company based on net asset value (NAV) [6] Self-Funding and Shareholder Value - Bit Digital has decided not to sell its shares in WhiteFiber despite the lock-up expiration, believing in the future potential of WhiteFiber [7] - The company is exploring business acquisitions or operational strategies to achieve self-funding, as current Ethereum staking yields are insufficient [8] AI Business Development - WhiteFiber, which focuses on AI, has been performing well since its IPO in August last year, with increasing reverse inquiries [9] - The company has a competitive edge in retrofitting facilities into data centers quickly and cost-effectively, recently signing an $865 million contract with Nscale [10]

Core Viewpoint - Tokenwell Platforms Inc. is conducting a non-brokered private placement to raise between $1,200,000 and $1,500,000 through the sale of 10,000,000 to 12,500,000 units at a price of $0.12 per unit [1][4]. Group 1: Offering Details - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at $0.20 for 24 months [2]. - The offering is available to purchasers in Canada (excluding Quebec) and certain jurisdictions outside Canada, under the Listed Issuer Financing Exemption [3]. - The expected closing date for the offering is around February 13, 2026, subject to regulatory approvals [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for the development of the company's digital asset platform, marketing efforts, and general working capital [4]. Group 3: Additional Information - The company may pay finders' fees to parties that assist in introducing subscribers to the offering [5]. - An offering document will be available on the company's SEDAR+ profile and website for prospective investors [6].

Core Insights - Neptune Digital Assets Corp. has released its financial statements for the three months ending November 30, 2025, and confirmed the completion of its strategic investment in xAI, an artificial intelligence company [1][2][4] Financial Performance - For the quarter ended November 30, 2025, Neptune reported mining revenue of CAD 146,758, down from CAD 224,761 in the same period of 2024, while staking revenue increased to CAD 243,997 from CAD 227,642 [5] - Total earnings for the quarter were CAD 238,141, a decrease from CAD 385,982 year-over-year [7] - The company ended the quarter with total assets of CAD 74.6 million, a decline attributed to falling digital asset prices [6] Investment Activities - Neptune completed a strategic investment of approximately USD 300,000 in xAI, acquiring an equity interest through an arm's length transaction [4] - The investment in xAI is seen as a significant milestone, providing shareholders with exposure to a leading private AI company, complementing existing holdings in SpaceX and digital assets [4][3] Asset Holdings - Neptune expanded its Bitcoin treasury to 417 BTC, valued at approximately USD 50 million, and holds around 36,500 Solana (SOL) [6] - The company's private-market investment in SpaceX is valued at approximately CAD 18.8 million, and it continues to evaluate further acquisitions in light of potential IPO news [6] Revenue Sources - Gross revenues for the quarter were CAD 0.4 million, sourced from Bitcoin mining, staking, and other activities, reflecting a decline from CAD 0.5 million in the previous year due to reduced market values [6]