Group 1: Market Overview - The market is experiencing a renewed appetite for risk, with Bitcoin (BTCUSD) climbing above $95,000 and reaching $97,000 this week, indicating a resurgence in cryptocurrencies after a period of underperformance [1] - This rally is coinciding with cooling U.S. inflation signals, stable employment figures, and strong inflows into crypto ETFs [1] Group 2: Company Profile - MicroStrategy, now operating as Strategy (MSTR), is heavily investing in Bitcoin, demonstrating strong optimism in digital assets [2] - The company is the world's first and largest Bitcoin treasury company, having pivoted from enterprise analytics software to Bitcoin as its primary treasury reserve asset [3] Group 3: Financial Performance - Strategy's market capitalization stands at $49.1 billion [4] - Over the past 52 weeks, Strategy's stock has declined by 52.67%, and by 61.9% over the past six months, while the S&P 500 Index has increased by 16.89% and 10.8% during the same periods [4] - The stock reached a 52-week high of $457.22 in July 2025 but is currently down 62% from that level; however, it has gained 10.4% over the past five days and is up 16% from its 52-week low of $149.75 [5] Group 4: Valuation Metrics - MSTR's stock is trading at a discount compared to its peers, with a price-to-earnings ratio of 6.25x, significantly lower than the industry average of 32.73x [6] Group 5: Recent Earnings Report - On October 30, Strategy reported its third-quarter results for fiscal 2025, with total revenue increasing by 10.9% year-over-year to $128.69 million, surpassing Wall Street analysts' estimate of $117.10 million [7] - The growth was driven by a 62.9% annual increase in total product licenses and subscription services revenue, which reached $63.35 million [7]

Financial Performance - The company reported a strong fourth quarter with EPS growth of 14% year over year, supported by record quarterly fee and total revenue [7][17] - For the full year, EPS was $10.30, up 19% year over year, with total revenue reaching approximately $14 billion, a 7% increase from the prior year [7][18] - Pre-tax margin improved to approximately 31% in Q4 and 29% for the full year, up from 28% in 2024, indicating positive operating leverage [7][19] Business Line Performance - Investment services surpassed $50 trillion in Assets Under Custody and Administration (AUCA) for the first time, with servicing fee revenue growing by 8% year over year [8][20] - Investment management revenue reached a record with management fees increasing 15% year over year, driven by higher average market levels and net inflows of $85 billion [10][22] - State Street Markets saw solid growth in FX trading services and securities finance, with FX trading revenue up 13% year over year [12][22] Market Data - The company achieved record AUCA of $53.8 trillion, a 16% increase year over year, driven by higher market levels and positive client flows [20] - The private markets business demonstrated strong growth of 12% in 2025, now representing approximately 10% of servicing fees [21] Company Strategy and Industry Competition - The company is focused on leveraging AI-enabled capabilities and enhancing client engagement through strategic initiatives in private markets, wealth services, and digital assets [6][15] - A partnership with Apex Fintech Solutions aims to strengthen market position in wealth services, while the digital asset platform is designed to bridge traditional and digital finance [9][10] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting a focus on technology-led innovation and transformation to enhance operations and client service [15][30] - The company anticipates fee revenue growth of 4%-6% in 2026, driven by servicing and management fees, with expectations for net interest income to increase in low single digits [29][30] Other Important Information - The company returned over $2.1 billion in capital to shareholders in 2025, with a total payout ratio of approximately 80% [14][28] - Productivity savings of $500 million were achieved in 2025, enabling reinvestment in strategic growth initiatives [13][27] Q&A Session Summary Question: Insights on operating leverage and AI's impact - Management discussed balancing investments for growth while maintaining operating leverage, emphasizing that AI will play a larger role in enhancing efficiency and margins in the future [32][36] Question: Digital asset strategy and client interest - Management clarified that the focus is on digitalizing transactions rather than cryptocurrencies, with tokenized money market funds being a key area of interest [44][45] Question: Net interest income (NII) expectations - Management indicated that while Q4 NII was strong, some seasonal factors may moderate expectations for 2026, but net interest margin is expected to grow [54][56] Question: Balance sheet optimization and growth - Management confirmed that balance sheet optimization efforts are ongoing, with expectations for stable deposits and a focus on high-quality lending relationships [62][66]

Financial Performance - The company reported a strong fourth quarter with EPS growth of 14% year over year, supported by record quarterly fee and total revenue [7][17] - For the full year, EPS was $10.30, up 19% year over year, with total revenue reaching approximately $14 billion, a 7% increase from the prior year [7][18] - Pre-tax margin improved to approximately 31% in Q4 and 29% for the full year, up from 28% in 2024, indicating positive operating leverage [7][19] Business Line Performance - Investment services surpassed $50 trillion in AUCA for the first time, with servicing fee revenue growing by 8% year over year [8][20] - Investment management revenue reached a record with management fees increasing 15% year over year, driven by higher average market levels and net inflows of $85 billion [10][22] - State Street Markets saw solid growth in FX trading services and securities finance, with FX trading revenue up 13% year over year [12][22] Market Data - The company achieved record AUCA of $53.8 trillion, a 16% increase year over year, driven by higher market levels and positive client flows [20] - The private markets business grew by 12% in 2025, now representing approximately 10% of servicing fees, up from 9% in 2024 [21] Company Strategy and Industry Competition - The company is focused on leveraging AI-enabled capabilities and enhancing client engagement through strategic initiatives [6][15] - Partnerships and investments in technology, such as the digital asset platform, are aimed at bridging traditional and digital finance [9][10] - The company is advancing its capabilities in wealth services through strategic partnerships, positioning itself for long-term growth [10][12] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about 2026, highlighting the importance of investing in capabilities and technology to drive future growth [15][39] - The company anticipates continued positive operating leverage in 2026, with a pre-tax margin target of approximately 30% [30] - Management acknowledged the uncertainty in market conditions but emphasized the importance of preparing for future growth in digital finance [44][48] Other Important Information - The company returned over $2.1 billion in capital to shareholders in 2025, with a total payout ratio of roughly 80% [14][28] - Productivity savings of $500 million were achieved in 2025, enabling reinvestment in strategic growth initiatives [13][27] Q&A Session Summary Question: Operating leverage and investment for growth - Analyst inquired about the balance between operating leverage and investments for growth, particularly regarding AI's potential impact [32] - Management responded that significant productivity savings would offset ongoing costs while allowing for investments in strategic initiatives [34][39] Question: Digital assets and client interest - Analyst asked about client interest in digital assets and the expected financial impact [41] - Management clarified that the focus is on digitizing transactions rather than cryptocurrencies, with a medium-term financial impact expected [44][50] Question: Net interest income (NII) sustainability - Analyst questioned the sustainability of strong NII growth observed in Q4 [54] - Management indicated that seasonal factors may moderate NII growth but expects continued improvement in net interest margin [56] Question: Balance sheet optimization - Analyst sought clarification on balance sheet growth and optimization strategies for 2026 [62] - Management confirmed a focus on optimizing the balance sheet while maintaining stable deposits and enhancing net interest margin [64][67] Question: Fee growth expectations - Analyst inquired about organic growth expectations in fee businesses for 2026 [70] - Management confirmed expectations for organic growth in servicing and management fees, with a strong momentum heading into 2026 [72][73]

Financial Performance - The company reported a strong fourth quarter with EPS growth of 14% year over year, supported by record quarterly fee and total revenue [6][16] - For the full year, EPS was $10.30, up 19% year over year, with total revenue reaching approximately $14 billion, a 7% increase from the prior year [6][17] - Pre-tax margin improved to approximately 31% in Q4 and 29% for the full year, up from 28% in 2024, indicating positive operating leverage [6][17] Business Line Performance - Investment services surpassed $50 trillion in assets under custody and administration (AUCA) for the first time, with servicing fee revenue growing by 8% year over year [7][18] - Investment management revenue reached a record, with management fees increasing 15% year over year to $662 million, and assets under management (AUM) grew to an all-time high of $5.7 trillion [9][21] - State Street Markets saw double-digit growth in both FX trading services and securities finance, with FX trading revenue up 13% year over year [12][21] Market Performance - The company experienced strong client engagement and onboarding, particularly in private markets, which grew by 12% in 2025 [19] - The digital assets ecosystem was highlighted, with the launch of a digital asset platform aimed at tokenizing assets for institutional investors [8][40] Company Strategy and Industry Competition - The company is focused on leveraging AI-enabled capabilities and technology-led transformation to enhance efficiency and client service [5][14] - Strategic partnerships and investments, such as in Apex Fintech Solutions, are aimed at expanding capabilities in wealth services and private markets [9][11] - The company aims to bridge traditional and digital finance, positioning itself as a leader in the evolving financial landscape [8][40] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about 2026, emphasizing the importance of investing in growth opportunities while maintaining strong financial performance [15][29] - The outlook for 2026 includes expectations for fee revenue growth of 4%-6% and net interest income (NII) growth in low single digits, with a focus on maintaining positive operating leverage [28][29] Other Important Information - The company achieved productivity savings of $500 million in 2025, enabling reinvestment in strategic initiatives [12][25] - A total of $2.1 billion was returned to shareholders in 2025 through share repurchases and dividends, with a payout ratio of approximately 80% [14][26] Q&A Session Summary Question: Insights on operating leverage and AI's impact - Management discussed the balance between investing for growth and delivering operating leverage, indicating that AI will play a significant role in enhancing efficiency and margins in the future [31][35] Question: Digital assets strategy - Management clarified that the focus is on digitizing transactions and enabling the transition from traditional to digital finance, rather than solely on cryptocurrencies [39][40] Question: NII expectations and loan growth - Management noted that while NII showed strong performance in Q4, seasonal factors may moderate growth in 2026, with expectations for stable loan growth [48][50]

Core Insights - BVNK has partnered with Visa to integrate stablecoin capabilities into Visa's payment network, enhancing Visa Direct which processes over $1.7 trillion in transactions annually [1][4] - The collaboration allows Visa Direct users to pre-fund payouts using stablecoins, facilitating direct transfers to digital wallets and addressing the demand for efficient payment solutions [2][9] - The initiative aims to reduce operational friction and improve cross-border transfer efficiency, with plans for international expansion based on customer feedback [3][10] Company Developments - BVNK processes over $30 billion in stablecoin payments annually and serves as a key provider of stablecoin-powered financial tools for enterprises [1][6] - Visa Ventures previously invested in BVNK in May 2025, establishing a foundation for deeper integration and collaboration [3] - The partnership is expected to unlock new revenue streams for businesses in various sectors and enhance cash flow management [9] Industry Trends - The integration of stablecoins into Visa's network is seen as a significant step towards modernizing payment systems and promoting financial inclusion [5][10] - There is a growing interest in blockchain-based financial instruments that offer stability tied to traditional assets while utilizing decentralized ledgers [8] - As regulatory landscapes evolve, this partnership may lead to a hybrid future where fiat and digital currencies coexist, reshaping the global payments ecosystem [10]

Core Viewpoint - Galaxy Digital Inc. is set to report its fourth quarter and full year 2025 financial results on February 3, 2026, before the market opens [1] Group 1: Financial Reporting - The financial results will be announced before the opening of Nasdaq and the Toronto Stock Exchange [1] - A conference call will be hosted by CEO Michael Novogratz and management at 8:30 AM Eastern Time on the same day to update investors and analysts [2] Group 2: Company Overview - Galaxy Digital Inc. is a global leader in digital assets and data center infrastructure, providing solutions that enhance finance and artificial intelligence [3] - The company's digital assets platform offers institutional access to various services including trading, advisory, asset management, staking, self-custody, and tokenization technology [3] - Galaxy operates a significant data center infrastructure, including a 1.6 GW Helios campus in Texas, making it one of the largest and fastest-growing data center developers in North America [3] - The company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia [3]

Core Insights - iPower Inc. has been recognized as a U.S. retail channel partner at an event hosted by Zyla by Ant International, emphasizing its role in enhancing online sales for international merchants in the U.S. market [1][4] Company Overview - iPower Inc. operates at the intersection of digital assets and real-world commerce, leveraging technology and data to support e-commerce operations and emerging digital asset initiatives [5] - The company aims to maximize long-term stockholder value by continuously evaluating its operating and capital structure [5] Partnership and Market Position - Following the event, iPower has received interest from several supply-chain partners looking to explore potential partnerships, indicating a growing recognition of its platform capabilities in cross-border commerce [3] - The company has previously established a partnership with Zyla to assist in the expansion of Zyla's clients into the U.S. e-commerce market [4] Strategic Focus - iPower's platform is designed to help brands and sellers scale across major U.S. online channels through marketplace experience, operational execution, and value-added services [2] - The CEO of iPower highlighted the company's industry-leading expertise and robust operating platform as key factors in supporting brands' execution in the U.S. market [4]

Core Insights - ALT5 Sigma Corporation, a fintech company, reported its financial results for the fiscal quarter ending September 27, 2025, highlighting significant financial, strategic, and operational milestones achieved during the quarter [1]. Financial Performance - The company maintains a strategic digital asset treasury valued at $WLFI, which is integral to its operations [1]. - The financial results indicate meaningful progress in the company's blockchain-powered payment and trading infrastructure for digital assets [1]. Strategic Developments - ALT5 Sigma Corporation is focused on enhancing its card-based payment programs, which are part of its broader strategy to leverage digital assets [1]. - The company has made notable advancements in its operational capabilities, reflecting its commitment to growth in the fintech sector [1].

Group 1: Morgan Stanley - Morgan Stanley is expanding into digital assets with plans to launch a digital wallet in the second half of 2026, which is seen as a positive development for its wealth management business [1] - Analyst Kian Abouhossein from JPMorgan maintained a Neutral rating on Morgan Stanley and raised the price target from $157 to $162 [1] - Morgan Stanley shares fell 0.1% to close at $184.68 [4] Group 2: Leidos Holdings - Leidos Holdings appointed Theodore "Ted" Tanner Jr. as its new chief technology officer on December 15 [2] - Analyst Bill Baruch highlighted the strong chart and balance sheet of Leidos, suggesting a bullish outlook above $200 [2] - Leidos shares fell 0.7% to settle at $195.22 [4] Group 3: Enterprise Products Partners - Enterprise Products Partners has a dividend yield of 6.9%, as noted by Gilman Hill Asset Management CEO Jenny Harrington [2] - Analyst Justin Jenkins from Raymond James downgraded Enterprise Products Partners from Strong Buy to Outperform while maintaining a price target of $36 [3] - Enterprise Products Partners shares rose 0.5% to close at $31.86 [4] Group 4: Amazon - Joshua Brown from Ritholtz Wealth Management selected Amazon.com as his final trade [3] - Jefferies analyst Brent Thill maintained a Buy rating on Amazon and raised the price target from $275 to $300 [3] - Amazon shares rose 1.9% to settle at $246.29 [4]

CAYMAN ISLANDS--(BUSINESS WIRE)--Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for December 2025 on Friday, January 9, 2026. These metrics include trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum. For definitions and additional information regarding these metrics, please refer to the monthly metrics packages available on investors. ...