Financial Data and Key Metrics Changes - Net contribution increased by 28% year over year to $215 million, while adjusted EBITDA rose by 43% to $78 million, resulting in solid operating margins of 36% [3][22] - Assets under administration reached a record high of $20.8 billion, up 76% year over year, and funded accounts grew by 16% to 3.73 million [6][22] Business Line Data and Key Metrics Changes - Net trading contribution from crypto surged by 229% year over year to $56 million, driven by higher invested amounts per trade and increased activity [23] - Net trading contribution from capital markets, equities, commodities, and currencies declined by 21% year over year to $73 million due to a shift in investor activity towards crypto [23] - Net interest income increased by 44% year over year to $62 million, largely due to a 52% rise in higher interest-earning assets [23] Market Data and Key Metrics Changes - Funded accounts in October reached 3.76 million, up 17% year over year, while assets under administration were $20.5 billion, reflecting a 72% year-over-year increase [26][27] Company Strategy and Development Direction - The company is focused on expanding into new frontiers in crypto, tokenization, and AI, while broadening its global reach [4][12] - The strategic pillars include trading, investing, wealth management, and neobanking, with ongoing product innovation [6][12] - The company aims to democratize investing by making it simple, accessible, and social, while enhancing user engagement through AI-driven tools [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable, profitable growth, driven by innovation and market expansion [20][21] - The company anticipates significant growth opportunities from younger generations entering the market, with a focus on digital-first engagement [19][20] Other Important Information - A $150 million share repurchase program was announced, reflecting confidence in long-term growth prospects and commitment to shareholder value [20] - The company is exploring M&A opportunities to drive inorganic growth while maintaining a disciplined approach [21] Q&A Session Summary Question: Why did eToro launch the new subscription offering? - The subscription model was designed to provide premium benefits and consolidate previous models, enhancing user engagement [28][29] Question: Can you discuss account growth and regional contributions? - Account growth has been strong, with early positive signs from new regions and significant strength in core markets [31][34] Question: What are the implications of AI for trading and engagement? - AI tools are expected to enhance user engagement and trading frequency, with a focus on automating strategies [39][40] Question: How does eToro view its strategic focus by geography? - The company aims for long-term growth in the U.S. and Asia while maintaining leadership in Europe through data-driven marketing [45][47] Question: What is the outlook for account growth going forward? - The company aims for double-digit growth in funded accounts, supported by a strong market and product offerings [50][51] Question: Can you elaborate on the strong crypto volumes and their impact? - Strong crypto activity was noted, with a shift in trading dynamics affecting capital markets revenues [54][56] Question: What are the capital allocation priorities? - The company is focused on share buybacks and exploring acquisition opportunities to enhance growth [62][63] Question: How does eToro view banking services in the long term? - The company sees banking as part of a broader strategy to enhance customer engagement and increase share of wallet [90][92]

Financial Data and Key Metrics Changes - Exodus reported Q3 2025 revenue of $30.3 million, representing a 51% year-over-year growth, driven by higher digital asset prices [4][11] - Q3 swap volume reached $1.75 billion, an increase of 82% from the prior year, with B2B swaps contributing $496 million, accounting for 28% of the quarterly volume [11] - Non-exchange-related revenue increased to over 10% of total revenue for the first time, primarily due to improvements in staking, particularly in Solana staking [11][12] - Monthly active users stood at 1.5 million, a 6% decrease year-over-year, while quarterly funded users increased to 1.8 million, up 20% from a year ago [12] Business Line Data and Key Metrics Changes - The acquisition of Grateful is expected to enhance Exodus' payment strategy, providing tools for merchant checkout experiences based on stablecoins [5][12] - Exodus has signed 16 partnerships in the industry, with 10 already producing revenue, indicating growth in its traditional crypto business and ExoSwap [6][12] Market Data and Key Metrics Changes - The company served 37% of exchange provider volume to ExoSwap industry partners in September, up from 26% in the previous month [6] - The price of Bitcoin and Ethereum supported the overall economic environment for the quarter, with stablecoin and real-world asset tokenization adoption seen as key future catalysts [9][10] Company Strategy and Development Direction - Exodus aims to become a comprehensive financial app, integrating payments, investments, and savings, moving beyond just a crypto wallet [4][10] - The company is exploring a Bitcoin dividend for shareholders, which could leverage a core asset to reward stockholders and promote product adoption [14][15] - The Grateful acquisition is part of a broader strategy to enhance capabilities in the traditional payment space and expand into new regions [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential of stablecoins and the importance of integrating Grateful into their platform [5][9] - The company sees significant opportunities in Latin America, particularly in countries like Argentina, where there is a high demand for stablecoin usage due to inflation [29] Other Important Information - Exodus maintains a debt-free position with digital and liquid assets totaling $315 million as of September 30, including 2,123 Bitcoin [13] - The company is actively pursuing a charter amendment to allow for Bitcoin dividends, which is subject to board approval [15] Q&A Session Summary Question: Can you unpack the Grateful acquisition and its integration timeline? - Management confirmed that Grateful will go live next month in Uruguay, focusing on merchant services and checkout experiences [19][20] Question: What does the monetization model for Grateful look like? - The focus is on utility for merchants rather than immediate monetization, with potential for consumer services like loans and yield from stablecoins [27][28] Question: How significant is the opportunity in Latin America for stablecoin payments? - Management highlighted the vast potential in Latin America, especially in Argentina, where stablecoins are in high demand due to economic conditions [29] Question: How will Exodus incentivize users to adopt their platform? - The strategy includes integrating with credit and debit cards, providing a seamless experience for users to manage various assets in one app [35][37]

Financial Data and Key Metrics Changes - Total GAAP revenue for Q3 2025 was $402 million, representing a 27% year-over-year increase, primarily driven by higher crypto trading activity [26] - Adjusted EBITDA reached $28.7 million, compared to a loss of $20.4 million in Q3 2024, indicating significant improvement in operational efficiency [26] - The company ended the quarter with approximately $64 million in cash and no long-term debt, reflecting a strengthened financial foundation [27][28] Business Line Data and Key Metrics Changes - Bakkt Markets serves as the core business, providing institutional-grade infrastructure for digital assets, with a focus on market making, OTC trading, and regulated custody [15][17] - Bakkt Agent is a programmable finance platform that integrates stablecoins and AI, facilitating seamless money movement and targeting the cross-border remittance market [19] - Bakkt Global focuses on international expansion through minority investments, with initial progress in Japan and plans to extend into South Korea and India [20][43] Market Data and Key Metrics Changes - Stablecoins now settle over $30 trillion annually, surpassing Visa, indicating a growing market for digital asset infrastructure [6] - The total addressable market for digital asset infrastructure is estimated to be enormous, with only a small fraction of global assets currently on blockchain rails [5] Company Strategy and Development Direction - The company aims to transform into a pure-play digital asset infrastructure provider, focusing on compliance, security, and scalability [2][4] - The strategy includes simplifying the capital structure by collapsing the UP-C structure, enhancing transparency and governance [12] - Future growth will be driven by three core verticals: Bakkt Markets, Bakkt Agent, and Bakkt Global, each contributing to a diversified revenue model [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in completing the transformation by the end of Q4 2025, with a focus on sustainable growth and profitability [30] - The regulatory environment is seen as favorable, with expectations for the Clarity Act to provide clarity for real-world asset tokenization [41] - The company is positioned to benefit from the increasing participation of large financial institutions in the stablecoin space [42] Other Important Information - The company raised approximately $100 million in new capital between Q2 and Q3 2025, further strengthening its balance sheet [13] - Management emphasized a disciplined approach to future capital raising, focusing on shareholder value [15] Q&A Session Summary Question: Insights on core offerings compared to ZeroHash - Management highlighted that both companies provide regulated infrastructure, but Bakkt aims for sustainable growth without heavy burn [32][33] Question: Key KPIs to monitor progress for 2026 - Key KPIs will include trading volume and spreads for Bakkt Markets, stablecoin transaction volume for Bakkt Agent, and NAV accretion for Bakkt Global [34][35][36] Question: Role of partnerships and M&A in strategy - The focus is on organic growth through distribution partnerships rather than M&A, with updates expected in the coming quarters [38][39] Question: Considerations for macro and policy impacts on growth - The Clarity Act is seen as a potential tailwind, with a positive outlook on stablecoin growth and regulatory clarity [40][41] Question: Competing with major payment networks - Bakkt does not see itself as a direct competitor but rather as a provider of the regulated infrastructure that supports the ecosystem [45][46] Question: Improving shareholder value with new leadership - The new leadership team is focused on restructuring and aligning the company with its core mission to enhance long-term shareholder value [48][49]

Core Insights - BitMine's total crypto and cash holdings amount to $13.2 billion, including 3.5 million ETH tokens and $398 million in unencumbered cash [1][2][3] - The company aims to acquire 5% of the total ETH supply, currently holding 2.9% [1][3] - BitMine is recognized as the largest ETH treasury globally and the second-largest crypto treasury overall, following Strategy Inc. [3] Company Holdings - As of November 9, 2025, BitMine's crypto holdings include 3,505,723 ETH valued at $3,639 per ETH, 192 BTC, and a $61 million stake in Eightco Holdings [2] - The company increased its ETH purchases by 34% over the past week, acquiring 110,288 ETH tokens [3] Trading and Market Position - BitMine is the 48th most traded stock in the US, with an average daily trading volume of $1.6 billion [4] - The combined trading volume share of BitMine and MSTR accounts for 88% of all global DAT trading volume [5] Institutional Support - BitMine is backed by prominent institutional investors, including ARK's Cathie Wood, Founders Fund, and others, which supports its goal of acquiring 5% of ETH [1][3] Industry Context - The recent dip in ETH prices has been viewed as an opportunity for increased purchases, with expectations of improved trading volumes in the upcoming weeks [5] - The company emphasizes the importance of tokenizing assets on the blockchain, which is seen as a transformative trend in financial services [3]

Exodus Movement, Inc. Forward looking statements This presentation contains "forward-looking statements" as that term is defined by the federal securities laws. All forward-looking statements are based upon our current expectations and various assumptions and apply only as of the date made. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will be achi ...

Core Insights - GGBR Inc. has successfully listed its stablecoin "Goldfish" on the global cryptocurrency exchange XT.com, enhancing market access and validating its gold-collateralized tokenization model [1][2][7]. Company Overview - GGBR Inc. is a Wyoming-incorporated C corporation headquartered in Fort Lauderdale, Florida, aiming to redefine gold investment by integrating the value of gold with blockchain technology [5]. - The Goldfish token is designed to provide liquidity, fractional ownership, and verifiable trust on-chain, making it accessible to investors of all sizes [5]. Product Details - Each Goldfish token is collateralized by ION.au's gold-reserve-backed security at a ratio of 1/1000th of an ounce, priced around $4.00 USD based on a $4,000/oz gold price [7]. - The token aims to eliminate traditional barriers to gold ownership, offering liquid and inflation-resistant investment opportunities [7]. Market Impact - The listing on XT.com is expected to enhance liquidity, accessibility, and visibility for the Goldfish token, facilitating trading by global investors, including banks and family offices [7]. - Existing Goldfish token holders can now trade on XT.com, while new investors can open verified accounts to participate in trading [8]. Future Plans - GGBR Inc. plans to conduct investor education webinars, community AMAs, and marketing campaigns to promote the Goldfish token following its listing [8]. - The company aims to create additional exchange listing targets and liquidity pool incentives for Goldfish in Q4 2025 and beyond [8].

Tokenized EUR Market - Startups are tokenizing the euro in anticipation of the ECB's digital euro launch in 2029 [1] - The total value of tokenized EUR onchain is approximately $750 million [1] - Tokenized EUR onchain has increased by approximately 650% since January 2023, from ~$100 million to ~$750 million [1]

Core Insights - Rothschild Investment and PNC Financial Services have disclosed their holdings in Solana ETFs, indicating a significant interest from traditional financial institutions in the Solana ecosystem [1][2][3][4] - The inflows into Solana ETFs have been substantial, with a total of $336 million recorded in just two weeks, highlighting a shift in investor sentiment towards Solana over Bitcoin [5][6] Group 1: Institutional Interest - Rothschild Investment LLC has reported holdings of 6,000 shares in the Volatility Shares Solana ETF (SOLZ), valued at approximately $132,720 [3] - PNC Financial Services has disclosed 1,453 shares in SOLZ, worth around $32,140, showcasing the growing interest from large financial entities [4] - The interest from these institutions comes amid a broader trend of investors moving from Bitcoin ETFs to Solana ETFs for staking rewards [2][6] Group 2: Market Performance - The Solana price has seen a rebound, increasing nearly 5% in the past 24 hours, currently trading at $167, with a trading volume surge of 55% [7] - The total open interest in SOL futures has risen by nearly 3% to $7.80 billion, indicating increased trading activity and interest in Solana [8] - Analysts have noted a buy signal for SOL, with the price holding above the critical support level of $150, suggesting potential for further gains [5]

Core Insights - Broadridge Financial Solutions reported a significant increase in activity on its Distributed Ledger Repo (DLR) platform, processing an average of $385 billion in daily repo transactions in October 2025, marking a 492% year-over-year increase from $65 billion in 2024 [1] - The 2025 Broadridge Tokenization Survey indicates that tokenization is transforming capital markets by enhancing operational efficiency and transparency, with over 80% of early adopters recognizing its potential to improve client engagement [2] - Broadridge is positioned as a leader in tokenized trading, with its DLR solution being the largest institutional platform for the settlement of tokenized real assets, supporting the transition to a digital-first financial ecosystem [3] Company Overview - Broadridge Financial Solutions is a global technology leader that provides transformative technology and expertise to the financial services industry, facilitating operational resiliency and enhancing business performance [5] - The company processes over 7 billion communications annually and supports daily trading of over $15 trillion in various securities globally, employing over 15,000 associates across 21 countries [6]

Market Trends - Startups are tokenizing the euro in anticipation of the ECB's digital euro launch in 2029 [1] - Tokenized EUR onchain has increased significantly from approximately $100 million in January 2023 [1] Tokenized Asset Growth - The total value of tokenized EUR onchain is currently around $750 million [1]