Financial Data and Key Metrics Changes - As of September 30, the company reported Assets Under Management (AUM) of $989.1 million, with Q3 average AUM increasing to $950.7 million from $760.2 million in Q2 and $789 million in Q1, driven by crypto price movements and positive cash flows into ETP products [3][10] - Q3 revenue was $22.5 million, bringing cumulative IFRS revenues for the nine months ended September 30 to $80 million [3][10] - Q3 effective staking and lending income yield was 3.1%, down from 3.6% in Q2, attributed to lower protocol rewards [3][4] - Q3 operating income was $9 million, with a net income after tax of $3.9 million for the quarter and $33.8 million for the nine months [7][10] Business Line Data and Key Metrics Changes - The company staked approximately 58% of its AUM at the end of Q3, adjusting staking percentages in line with market conditions [4] - The effective management fee yield increased to 1.2% from 1.1% in Q2 due to new management fee-bearing products [4] - Valour was highlighted as a major performance driver, achieving net inflows every month year-to-date, with $38.8 million of inflows during Q3 [10][11] Market Data and Key Metrics Changes - The company noted a bullish outlook for cryptocurrency prices, with Bitcoin holding around $100,000, and increasing institutional and retail participation expected to drive prices higher [7][10] - The company is optimistic about expanding its addressable market in Europe, particularly with increasing institutional participation [22][45] Company Strategy and Development Direction - The company plans to focus on maximizing AUM and monetization through new product launches and expanding into new capital pools [41][42] - The recent $100 million equity raise is intended to support growth initiatives, including increasing staking and facilitating ETP market making [8][9] - The company is actively seeking M&A opportunities to strengthen its infrastructure and long-term growth prospects [9][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the core revenue forecast of $116.6 million for 2025, contingent on a modest rally in cryptocurrency prices [5][6] - The transition in leadership with Johan Wattenstrom stepping in as CEO is expected to maintain the company's growth trajectory and operational focus [15][18] - Management acknowledged the challenges posed by the proliferation of digital asset treasury companies but remains optimistic about future opportunities [5][25] Other Important Information - The company has a venture portfolio consisting of 12 private investments, with Amina Bank being the largest, representing 83% of the portfolio's fair value [8] - The company repurchased nearly one million shares for $2.44 million during the quarter, indicating a commitment to returning value to shareholders [12] Q&A Session Summary Question: Do Alpha trades carry a liquidity or price liability? - Johan Wattenstrom explained that all market risk for core operations is hedged, with some profit retained in tokens, leading to potential fluctuations based on market conditions [35][36] Question: What key message do you want to give long-term shareholders? - Johan Wattenstrom emphasized the focus on maximizing AUM and monetization through new products and vehicles aimed at tapping into new capital pools [41][42] Question: Can you comment on the investment pipeline? - Johan Wattenstrom noted that the company is looking at various opportunities but remains selective, ensuring that any potential acquisition aligns with long-term strategic goals [59][60]

Financial Data and Key Metrics Changes - As of September 30, 2025, the company reported Assets Under Management (AUM) of $989.1 million, with Q3 average AUM increasing to $950.7 million from $760.2 million in Q2 and $789 million in Q1, driven by crypto price movements and positive cash flows into ETP products [3][10] - Q3 revenue was $22.5 million, bringing cumulative IFRS revenues for the nine months ended September 30 to $80 million [3][10] - The effective staking and lending income yield decreased to 3.1% from 3.6% in Q2, attributed to lower protocol rewards [3][4] - Operating income for Q3 was $9 million, with a net income after tax of $3.9 million for the quarter [6][10] Business Line Data and Key Metrics Changes - The company staked approximately 58% of its AUM at the end of Q3, adjusting staking percentages in line with market conditions [4] - The effective management fee yield increased slightly to 1.2% from 1.1% in Q2 due to new management fee-bearing products [4] - The company closed Q3 with 99 products and reached its goal of 100 products in October 2025 [4] Market Data and Key Metrics Changes - The company noted a bullish outlook for cryptocurrency prices, with Bitcoin holding around $100,000, and expects increased institutional and retail participation [6][10] - The venture portfolio consists of 12 private investments, with Amina Bank being the largest, representing 83% of the portfolio's fair value [7] Company Strategy and Development Direction - The company aims to maximize AUM and monetization through new product launches and expanding into new markets, particularly in Europe [39][40] - The recent $100 million equity financing will support increased staking and facilitate ETP market making [8][9] - The company is actively seeking creative M&A opportunities to strengthen its position and expand its offerings [9][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the core revenue forecast of $116.6 million for 2025, despite delays in DeFi Alpha opportunities [5][13] - The company is optimistic about the potential for institutional participation in Europe, which could expand the addressable market [43] - Management highlighted the importance of maintaining a strong balance sheet to capitalize on growth opportunities and provide downside protection [9][12] Other Important Information - The company repurchased nearly one million shares for $2.44 million during the quarter [12] - The transition of CEO leadership from Olivier Roussy Newton to Johan Wattenstrom was announced, with a focus on continuing the company's growth trajectory [14][15] Q&A Session Summary Question: Do Alpha trades carry a liquidity or price liability? - The company has hedged all market risk for core operations, retaining some profit in tokens which may fluctuate with the market [34][35] Question: What key message do you want to give long-term shareholders? - The long-term core strategy remains focused on maximizing AUM and monetization through new products and vehicles for capital participation [39][40] Question: Can you provide insight on the investment pipeline? - The company is actively looking at various opportunities but remains selective, ensuring that any potential acquisition aligns with long-term strategic goals [56][58]