📢 Volatility High? Stay Steady!Our latest guide covers how stablecoins like USDT, USDC, and DAI offer security in bear markets, and how Bybit Earn products can boost your returns with low-risk options. ...

Market Share & Stablecoins - Polygon holds 50-60% market share of non-USD stablecoins [1] - Global non-USD stablecoins comprise approximately 30% of volumes in active cross-border corridors [1] Partnerships & Expansion - Polygon Labs partnered with Dubai-based Cypher Capital to expand institutional access to POL across the Middle East [1] Technology & Use Cases - Polygon's fast finality makes it suitable for merchant payments, remittances, and cross-border settlement [1]

Investment Thesis - Multicoin Capital's liquid fund invests in ENA, the native token for Ethena Protocol, a leading synthetic dollar issuer [1] - Ethena is positioned at the intersection of stablecoins, perpification, and tokenization, representing powerful trends in modern finance [2][13] - Ethena generates yield by monetizing the market's demand for leverage via basis trade [1] Ethena's Unique Position - Ethena is the only synthetic dollar with significant distribution and liquidity outside of USDC and USDT [2] - USDe is integrated as a core form of collateral on major centralized exchanges like Binance and Bybit [3] - Ethena exhibits a mild negative correlation with Fed Funds rates; as rates fall, demand for crypto leverage increases [4] Financial Performance - The protocol has generated close to $600 million in revenue, with over $450 million produced in the past twelve months [4] Tokenization and Market Opportunity - Crypto is democratizing access to basis trades through tokenization, traditionally reserved for accredited investors [9] - Ethena is initially tokenizing the basis trade but can diversify its yield sources over time [11] - The global equity market is approximately $100 trillion, about 25 times larger than the crypto market, indicating a substantial opportunity for perpification [5] Risk Management and Team - Ethena's team has demonstrated strong execution and risk management, surviving significant market events without losses [12] - There is a clear path to fee switch activation, which is expected to be viewed favorably by the market [13]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $30.5 million, up from $25.7 million in the prior quarter and $22.8 million year-over-year [9] - Net income for Q3 2025 was $146.7 million, or $0.47 per diluted share, compared to a net loss of $38.8 million in the same period last year [11] - Adjusted EBITDA increased to $166.8 million from $27.8 million in Q2 2025 and a loss of $19.7 million a year ago [11] Business Line Data and Key Metrics Changes - Ethereum staking revenue grew to approximately $2.9 million in Q3 2025, up over 542% year-over-year [9][10] - Digital asset mining revenue was $7.4 million, compared to $6.6 million in the prior quarter and $10.1 million in the same period last year [10] - The company produced 65 Bitcoin in Q3 2025, down from 83 in the prior quarter [5] Market Data and Key Metrics Changes - The company held approximately 122,000 ETH at the end of Q3 2025, with about 100,000 ETH staked, representing roughly 82% of total holdings [9] - By the end of October 2025, ETH holdings increased to over 153,000, with approximately 132,000 actively staked [4] Company Strategy and Development Direction - The company aims to grow its Ethereum holdings and staking activity responsibly, focusing on long-term value creation rather than rapid expansion [3] - The strategy includes disciplined capital allocation and careful risk management, with a focus on staking income as a recurring cash flow source [5][7] - The company emphasizes its unique position in the digital asset space, combining Ethereum exposure with AI infrastructure through its ownership of WhiteFiber [13][14] Management's Comments on Operating Environment and Future Outlook - Management believes Ethereum's role as a foundation for digital assets and decentralized finance will continue to strengthen [7] - The company is confident in its long-term strategy and the value of its assets, including a commitment not to sell WhiteFiber shares in 2026 [14][52] - Management acknowledges the challenges in negotiating large contracts but remains optimistic about future revenue growth from WhiteFiber [60] Other Important Information - The company completed a $150 million convertible notes offering to support continued ETH accumulation [4][12] - General and administrative expenses increased to $33.1 million, primarily due to higher share-based compensation and consulting costs related to the WhiteFiber IPO [11][73] Q&A Session Summary Question: How does the company view Ethereum relative to other blockchain options? - Management believes Ethereum has no downtime and is the best blockchain for security, making it the preferred choice for institutional backing [18][19] Question: Is there a limit on the percentage of ETH that will be staked? - The company can stake 100% of its ETH, currently at about 85% due to external management strategies [20][21] Question: What sets Bit Digital apart from competitors? - The company highlights its successful business history, unique financial engineering capabilities, and deep involvement in Ethereum technology [26][28][30] Question: What are the expectations for staking yields going forward? - Current native staking yield is about 3%, with goals to achieve 4% through external managers [53][55] Question: What challenges has WhiteFiber faced in ramping revenue? - The main challenges are the complexity and time required for negotiating large contracts [58][60]

Adoption & Usage - Avalanche boasts approximately $980 million in tokenized Real World Assets (RWAs) [2] - Stablecoins on Avalanche amount to around $2 billion [2] - Total Value Locked (TVL) on Avalanche is approximately $14 billion [2] - DEX volume on Avalanche reached about $194 billion in the past week [2] - Over 15 million transactions occurred on Avalanche in the past week [2] - Avalanche saw 12 million active addresses in the last week [2] Institutional Interest - FISGlobal and Intainft announced Digital Liquidity Gateway, a tokenized loan marketplace built on Avalanche [1] Market Perception - Despite claims to the contrary, Avalanche is actively used and is expected to see wider adoption [1]

Tokenized Assets Overview - Token Terminal highlights three emerging categories of tokenized assets beyond dollar stablecoins [1] Report Author - The Snapshot edition is authored by @f9s216 [1]

RT Binance Research (@BinanceResearch)Stablecoins are crypto’s killer app and key to global adoption.Explore the major players and emerging themes shaping the stablecoin landscape in our latest report.Read here 🔽https://t.co/37WJAUddw9 ...

Industry Overview - Stablecoins have existed for 10 years [1] - The industry is finally focusing on everyday payments [1] - This development aims to reach 8 billion people [1]

Stablecoin & Regulatory Landscape - Stablecoins are expanding across multiple blockchains, introducing new risks [1] - Regulatory pressure is increasing on stablecoins [1] Transparency & Compliance - Maintaining Proof of Reserve transparency is crucial across multiple jurisdictions [1] - Resilient and compliant infrastructure is essential for stablecoin operations [1] Webinar Focus - Apex Group Ltd is hosting a webinar to provide a blueprint for compliant infrastructure [1]

Stablecoin Earning Opportunity - Trust Wallet offers a Stablecoin Earn feature for USDT, USDC, and other stablecoins [1] - Users can earn competitive yield by utilizing the Stablecoin Earn feature [1] Resource - A video tutorial is available to guide users on how to use the Stablecoin Earn feature [1]