You guys also realize that yapper UBI hunters are quite literally *not* the target audience for a capital formation platform right?Like there is 0 interest from teams or kaito to give attractive “free money” spots to leaderboard grinders - projects want strong supporters that aren’t going to nuke their chart within 24 hours of joining a sale….Don’t feel yourself into thinking you’re the client of Kaito if you’re a regular leaderboard reward hunter - you’re the product…for one of their verticals. ...

RT Solana (@solana)The future of capital formation is happening on Solana.$600M raised in 12 minutes.Zero bankers.All while Wall Street was closed.Let’s break down what just happened with Pump’s raise. https://t.co/I4e5ChRkmb ...

Summary of NASDAQ's Q1 2025 Conference Call Company Overview - **Company**: NASDAQ - **Quarter**: Q1 2025 - **Key Financials**: - Net revenues: $1.2 billion, up 12.5% year-over-year [2] - Operating income: Increased by 17% [2] - EPS: Grew by 24% [2] - Free cash flow: $674 million [3] Core Financial Performance - **Revenue Breakdown**: - Solutions revenues: $947 million, up 11% year-over-year [2] - Annual Recurring Revenue (ARR): $2.8 billion, up 9% year-over-year [2] - **Divisional Performance**: - Capital Access Platforms: 5% ARR growth, 11% revenue growth [2] - Financial Technology: 10% revenue growth, 12% ARR growth [2] - Market Services: 19% net revenue growth [2] Strategic Initiatives - **Efficiency Programs**: Targeting $140 million in net synergies from the Advanta transaction, with over $100 million actions completed by the end of Q1 [3] - **Cross-Selling**: 19 cross-sells delivered since the acquisition, with a target to surpass $100 million in run rate revenue by the end of 2027 [3] - **New Product Launches**: 30 new index products launched in Q1, contributing to 33% of net inflows over the last five years [5] Market Dynamics - **IPO Activity**: Welcomed 45 operating companies, raising approximately $5 billion [4] - **Listing Transfers**: Continued momentum with marquee switches, including Shopify and Thompson Reuters [4] - **Market Volatility**: Experienced record trading volumes, with five of the six highest trading days in U.S. cash equities history occurring in Q1 [8] Technology and Innovation - **Cloud Transition**: Enhanced ability to navigate market conditions through cloud infrastructure, improving scalability and resiliency [6] - **Partnership with AWS**: Focus on modernizing financial services infrastructure, with plans to serve market operators through hybrid cloud solutions [6] Regulatory and Compliance - **Financial Crime Management**: Robust demand for solutions, with a 25% increase in new client signings [6] - **Regulatory Technology**: Axiom SL signed a large digital bank as a new client, with strong demand for surveillance solutions [7] Capital Allocation and Shareholder Returns - **Dividends**: Paid a dividend of $0.24 per share, with a 13% increase announced to $0.27 per share [15] - **Debt Repurchases**: Repurchased $279 million in debt, reducing gross leverage ratio to 3.4 times [15] Outlook and Challenges - **Macro Environment**: Ongoing policy shifts and potential tariffs creating short-term volatility, impacting corporate decision-making [9] - **Sales Cycle Delays**: Noted delays in client decision-making due to macroeconomic uncertainties, particularly in the financial technology segment [22] Key Takeaways - NASDAQ demonstrated strong financial performance in Q1 2025, with double-digit growth across all divisions and significant free cash flow generation [2][3] - The company is focused on strategic initiatives to enhance efficiency, drive innovation, and expand its product offerings [3][5] - Market conditions remain volatile, but NASDAQ's diversified business model positions it well for continued growth [9][10]

Like it or not, Pumpdotfun's launch further established 'onchain' as the best place for capital formation & price discovery.DeFi will win. https://t.co/dooh3KI0yR ...

Core Insights - Nasdaq achieved the highest volume of listings and capital raised in the first half of 2025 since 2021, with 142 IPOs raising a total of $19.2 billion [1][5] - The exchange maintained a strong leadership position, achieving an 86% win-rate for Nasdaq-eligible listings in the U.S. market, marking 46 consecutive quarters of leadership [1][5] - Nasdaq's market value transferred from exchange transfers since 2005 has crossed $3 trillion, with 11 companies transferring their listings in the first half of 2025 [1][5] Listings and Capital Raise - In the first half of 2025, Nasdaq welcomed 142 IPOs, including marquee listings such as CoreWeave, Chime, and Galaxy Digital [5] - The total capital raised through these IPOs was $19.2 billion, the highest for the first half of the year since 2021 [5] - Nasdaq also facilitated 20 SPAC business combinations, achieving a 95% win-rate in the U.S. for SPAC listings [5] Sector Performance - Nasdaq maintained a 100% win-rate for consumer IPOs and an 89% win-rate for healthcare IPOs, with notable listings including Smithfield Foods and Metsera [5] - The exchange continues to be the leading choice for companies in the financial technology, digital assets, and biotech sectors [2][5] Regulatory Environment - Nasdaq is advocating for smart regulatory reforms to enhance the operating environment for public companies and drive capital formation [5] - A new white paper has been published by Nasdaq calling for modernization of the regulatory environment to support public markets and wealth creation [5] Listing Anniversaries - Nasdaq celebrated significant listing anniversaries for several companies, including Huntington Bancshares Inc (40 years) and Cisco Systems, Inc. (35 years) [5]

Group 1 - Nasdaq supports Texas Senate Bill 29, which codifies the Business Judgment Rule and enhances corporate governance predictability, thereby improving Texas' competitiveness for incorporation and business growth [1][2] - The passage of SB 29 is seen as a significant step for corporate governance in Texas, promoting innovation-focused regulation and reinforcing Texas as a global center for capital formation [2] - Nasdaq has a long-standing commitment to advocating for clients and minimizing complexities in public markets, addressing various regulatory issues including climate disclosure and AI regulation [2] Group 2 - Nasdaq has been part of the Texas community for nearly two decades and is expanding its presence with a new regional headquarters in Dallas, which will serve as a hub for Texas-based clients [3] - The company currently hosts over 200 listed companies in Texas and generates over $750 million in revenues in the region, partnering with approximately 2,000 clients, around 800 of which are based in Texas [3]

Core Points - The Canadian Securities Exchange (CSE) has announced that all its listed securities are now eligible for trading on the Interactive Brokers (IBKR) global platform, enhancing accessibility for global investors [1][2] - This development is expected to increase liquidity, improve price discovery, and support capital formation activities for CSE issuer companies, reflecting strong customer demand [2][3] - Interactive Brokers provides access to over 160 markets worldwide, competitive pricing, and advanced trading technology, which will empower clients to diversify their portfolios [2][3] Company Overview - The CSE is a rapidly growing exchange focused on working with entrepreneurs, innovators, and disruptors to access public capital markets in Canada [3] - The exchange's efficient operating model, advanced technology, and competitive fee structure help listed issuers minimize their cost of capital and enhance global liquidity [3][4] - The CSE aims to provide global investors access to a diverse collection of growing and mature companies [4]