Core Viewpoint - Virtune is enhancing its Exchange-Traded Product (ETP) offerings by adding BitGo Europe GmbH as an additional custodian for selected ETPs, starting March 31, 2026 [1][2][3] Group 1: Company Overview - Virtune is a regulated Swedish digital asset manager and issuer of crypto exchange-traded products on regulated European exchanges [14] - BitGo Europe GmbH is a limited liability company under German law, known for providing digital asset infrastructure and security solutions [3][7] - BitGo has transitioned to a public company in 2026, listing on the New York Stock Exchange, and focuses on delivering regulated infrastructure for global institutions [13] Group 2: Custodian Change Details - The addition of BitGo as a custodian will apply to the Virtune Stablecoin Index ETP (ISIN: SE0026821282) [3] - The change will take effect on March 31, 2026, and will be reflected in the updated final terms published on the same day [3] - Prior to this change, Coinbase Custody Trust Company was the custodian for the ETP [6][11] Group 3: Impact on Investors - The change in custodians does not affect investors or trading in Virtune's ETPs, and no action is required from investors [4]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $6.2 billion, representing a 440% year-over-year increase, while full-year revenue reached $16.2 billion, up 424% year-over-year [23][24] - Net loss for Q4 was $50 million compared to a net income of $129.4 million in the prior year, and for the full year, the net loss was $14.8 million compared to a net income of $156.5 million in the prior year [30][31] - Adjusted EBITDA for Q4 was $12.1 million, an increase of 188% year-over-year, while full-year adjusted EBITDA was $32.4 million, growing 904% year-over-year [31] Business Line Data and Key Metrics Changes - Digital asset sales in Q4 were $6.0 billion, increasing 531% year-over-year, and for the full year, digital asset sales were $15.6 billion, up 513% year-over-year [25] - Staking revenue in Q4 was $58.3 million, down 64% year-over-year, while full-year staking revenue was $385.0 million, a decrease of 16% year-over-year [26] - Subscriptions and services revenue in Q4 was $39.3 million, up 75% year-over-year, and for the full year, it reached $121.5 million, growing 57% year-over-year [27] Market Data and Key Metrics Changes - Assets on platform decreased 9% year-over-year to $81.6 billion, while assets staked decreased 51% year-over-year to $15.6 billion [24] - On a normalized price basis, assets on platform grew 16% year-over-year, while assets staked declined only 7% [25][12] Company Strategy and Development Direction - The company aims to expand its product offerings and market presence, focusing on regulatory progress in international markets, particularly in APAC [15][16] - The growth strategy includes increasing client engagement through new integrations and expanding functionality across the platform [13][14] - The company is positioned as a digital asset infrastructure provider, emphasizing security and compliance for institutional clients [9][10] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the long-term growth of digital assets despite short-term price volatility, highlighting a strong client pipeline and healthy underlying metrics [34][38] - The macro environment remains challenging, with digital asset prices under pressure, but the company is optimistic about its growth strategy and client engagement [34][38] Other Important Information - The company launched its derivatives business in Q1 2026, which is expected to drive significant trading volume and revenue growth [84][87] - The company has secured partnerships with major firms like Fidelity and Bitmain, enhancing its market profile [19] Q&A Session Summary Question: Impact of the CLARITY Act on the business - Management is optimistic about the CLARITY Act, believing it will provide a clearer regulatory framework and encourage traditional finance firms to engage with digital assets [40][41] Question: Client pipeline and focus on traditional finance - The client pipeline is strong, with significant interest from traditional financial institutions that were previously not involved in digital assets [43][44] Question: Segments affected by digital asset price fluctuations - Management acknowledged that while some segments are affected by price volatility, areas like stablecoins and trading volume remain less correlated to asset prices [48][49] Question: Agentic wallets and subscription services - The company believes its product offerings are well-suited for agentic needs, with a focus on security and institutional-grade capabilities [51][52] Question: Launch of derivatives trading and its impact - The derivatives trading launched on January 1, 2026, has seen substantial client interest and is expected to be a major growth driver [84][87]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $6.2 billion, representing a 440% year-over-year increase, while full-year revenue reached $16.2 billion, up 424% year-over-year [23][24] - Net loss for Q4 was $50 million compared to a net income of $129.4 million in the prior year, and for the full year, the net loss was $14.8 million compared to a net income of $156.5 million in the prior year [30][31] - Adjusted EBITDA for Q4 was $12.1 million, an increase of 188% year-over-year, while full-year adjusted EBITDA was $32.4 million, growing 904% year-over-year [31] Business Line Data and Key Metrics Changes - Digital asset sales in Q4 were $6.0 billion, increasing 531% year-over-year, and for the full year, digital asset sales totaled $15.6 billion, up 513% year-over-year [25] - Staking revenue in Q4 was $58.3 million, down 64% year-over-year, while full-year staking revenue was $385.0 million, a decrease of 16% year-over-year [26] - Subscriptions and services revenue in Q4 was $39.3 million, up 75% year-over-year, and for the full year, it reached $121.5 million, growing 57% year-over-year [27] Market Data and Key Metrics Changes - Assets on the platform decreased 9% year-over-year to $81.6 billion, while assets staked declined 51% year-over-year to $15.6 billion [24] - On a normalized price basis, assets on the platform grew 16% year-over-year, while assets staked decreased only 7% [25][12] Company Strategy and Development Direction - The company aims to expand its product offerings and market presence, focusing on regulatory progress in international markets, particularly in APAC [15][16] - The growth strategy includes increasing client engagement through new integrations and expanding functionality across the platform [13][14] - The company is positioned as a digital asset infrastructure provider, emphasizing security and compliance to empower institutional clients [9][10] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the long-term growth of digital assets despite short-term price volatility, highlighting a strong client pipeline and healthy underlying metrics [34] - The macro environment remains challenging, with digital asset prices under pressure, but the company is optimistic about its growth strategy and client engagement [34][38] - The management noted that regulatory developments, such as the CLARITY Act, could significantly impact the business and the broader industry [40][41] Other Important Information - The company launched its derivatives business in Q1 2026, which is expected to drive future growth [84][87] - The company has secured partnerships with major firms like Fidelity and Bitmain, enhancing its market profile [19] Q&A Session Summary Question: Impact of the CLARITY Act on the business - Management is optimistic about the CLARITY Act and believes it will provide a clearer regulatory framework, which is essential for traditional finance participation in digital assets [40][41] Question: Client pipeline and focus on traditional finance - The client pipeline is strong, with significant interest from traditional financial institutions that were previously not involved in digital assets [43][44] Question: Segments affected by digital asset price declines - Management acknowledged that while lower digital asset prices affect the business, segments like stablecoins and trading volume may still see growth [48][49] Question: Agentic wallets and subscription services - The company believes its product offerings are well-suited for agentic needs, with a focus on security and institutional-grade capabilities [51][53] Question: Launch of derivatives trading and its impact - The derivatives trading launched on January 1, 2026, has seen substantial client interest and is expected to be a significant growth driver [84][87]

Core Insights - BitGo Holdings reported significant total revenue growth of 440% in Q4 2025 and 424% for the full year 2025, driven by digital asset sales and subscription services [1][3] - The company successfully expanded its market share and executed its strategy focused on global expansion, client growth, and product innovation [1][2] Financial Highlights - Q4 2025 total revenue reached $6.2 billion, a 439.9% increase year-over-year, attributed to higher digital asset trading activity and subscription revenue [4] - Full year 2025 total revenue was $16.2 billion, up 424.3% year-over-year, driven by digital asset sales and gains in subscriptions and services [3][4] - Net loss for Q4 2025 was $(50.0) million compared to a net income of $129.4 million in the prior year, primarily due to declines in digital asset prices affecting the Bitcoin treasury [4][31] - Adjusted EBITDA for Q4 2025 was $12.1 million, an increase of 188.0% year-over-year, indicating strong operating leverage [4][43] Product Financial Highlights - Subscriptions and services revenue for Q4 2025 totaled $39.3 million, a 75.2% increase year-over-year [5] - Full year 2025 subscriptions and services revenue reached $121.5 million, a 56.9% increase year-over-year [5] - Stablecoin-as-a-Service revenue for the full year was $66.7 million [6] Operational Metrics - The number of clients grew by 103.5% year-over-year to 5,322 from 2,615 clients [14] - The number of users increased by 14.0% year-over-year to 1.2 million from 1.0 million [14] - Assets on the platform decreased by 9.2% year-over-year to $81.6 billion from $89.9 billion [14] - Assets staked decreased by 51.1% year-over-year to $15.6 billion from $31.9 billion [14] Strategic Developments - In January 2026, BitGo became the first public, federally chartered digital asset infrastructure company, enhancing its value proposition [2] - The company announced partnerships with SoFi and Susquehanna Crypto to support stablecoins and provide institutional clients access to prediction markets [2] - BitGo launched its derivatives business in Q1 2026, achieving approximately $3 billion in notional trading volume and over $3 million in revenue [2]

Core Insights - BitGo Europe GmbH has launched its Crypto-as-a-Service (CaaS) offering across the European Economic Area (EEA), expanding from its previous availability in the United States [1][2] - The CaaS framework is designed to support fintechs and banks in launching compliant crypto products using BitGo's modular APIs and webhooks [1][2] Group 1: Service Expansion - The CaaS offering enables regulated businesses in Europe to bring crypto products to market more quickly while maintaining security and operational resilience [2][3] - Businesses can integrate crypto functionality directly into their user interfaces, allowing clients to buy, sell, and hold digital assets securely [2][3] Group 2: Features and Benefits - BitGo's CaaS includes qualified custody, configurable policy controls, and enterprise-grade operational support, ensuring governance and protection for customers [3] - The service allows for seamless integration of crypto onboarding, custody, trading, and on/off ramps through BitGo's APIs and webhooks [3][5] Group 3: Infrastructure and Support - BitGo provides multi-asset wallets backed by qualified custody and offers custodial wallets insured up to $250 million [5] - The platform includes programmatic onboarding with API-based KYC flows, enabling secure user verification and onboarding [5] - Users can trade cryptocurrency pairs with fast settlement and connect fiat and crypto via SEPA [5] - Customizable permissions and safeguards are available through a flexible policy engine, along with 24/7 dedicated account management and global technical support [5]

Core Viewpoint - Bakkt, Inc. has announced a registered direct offering of shares and pre-funded warrants, aiming to raise approximately $48.125 million for working capital and strategic initiatives [1]. Group 1: Offering Details - The offering consists of 3,024,799 shares of Class A common stock and pre-funded warrants for 2,475,201 shares, priced at $8.75 per share and $8.7499 per warrant [1]. - The offering is expected to close on or around March 2, 2026, pending customary closing conditions [1]. - Cohen & Company Capital Markets is acting as the sole placement agent for this offering [2]. Group 2: Regulatory and Compliance Information - The offering is made under a shelf registration statement on Form S-3, effective since July 3, 2025 [3]. - A final prospectus supplement will be filed with the SEC, and the securities are offered only through a written prospectus [3]. Group 3: Company Overview - Bakkt, founded in 2018, focuses on building financial infrastructure for digital assets, including Bitcoin and stablecoin payments [5]. - The company aims to facilitate institutional participation in the digital asset economy, emphasizing security and regulatory compliance [5]. - Bakkt is headquartered in New York, NY [6].

Core Insights - Coinbase is expanding its services beyond cryptocurrency trading to include stock and ETF trading, aiming to become an "everything exchange" [1][5] - The launch of stock and ETF trading is a significant step in integrating traditional markets with the digital asset economy [3][4] Group 1: Stock and ETF Trading Launch - Coinbase officially launched stock and ETF trading for U.S. customers, allowing 24/5 trading [2] - Over 8,000 stocks and ETFs are available at launch, with fractional shares starting at $1 and instant funding options [3] - The trading is commission-free and can be managed within the Coinbase app, creating a unified portfolio of equities and cryptocurrencies [3] Group 2: Future Plans and Features - Coinbase plans to expand its offerings with thousands more stocks and introduce 24/7 trading for U.S. equities for international users [4] - Future features include leveraging equity holdings as on-chain collateral and enabling instant payments backed by stock value [5] Group 3: Partnership with Yahoo! Finance - Coinbase has partnered with Yahoo Finance to enhance user experience, allowing users to trade stocks and ETFs directly from Yahoo's platform [6] - The partnership includes a free one-month trial of Coinbase One Basic for Yahoo Finance users, aiming to provide deeper crypto data and insights [7] - This collaboration addresses the growing interest in digital assets alongside traditional investments, creating a more intuitive investment experience [8]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenue of $1 billion, which represents a 5% decline year-over-year on an adjusted basis [6][33] - Adjusted earnings per share (EPS) for Q4 was $0.45, compared to $0.40 in the same quarter a year ago, reflecting improved cost management [8][34] - Full-year GAAP revenue was $4.1 billion, with adjusted revenue growth excluding Iraq down 2% [33] Business Line Data and Key Metrics Changes - Consumer Money Transfer (CMT) transactions declined by 2% in Q4, with adjusted revenue down 9% [36] - The Branded Digital Business saw a 13% increase in transactions and a 6% rise in adjusted revenue, marking nine consecutive quarters of growth [37] - Consumer Services adjusted revenue grew by 26% in Q4 and approximately 30% for the full year, driven by Travel Money and bill payments [9][35] Market Data and Key Metrics Changes - The Americas retail business faced headwinds due to geopolitical factors, particularly affecting the U.S. to Mexico corridor, although there was a slight improvement in transaction growth [8][19] - Transaction growth in corridors like Brazil, Guatemala, Jamaica, and the Philippines showed positive trends, while others like Nicaragua and Venezuela continued to struggle [19][66] - The company noted that the Bank of Mexico data indicated a potential stabilization in the U.S. to Mexico corridor, which had previously seen significant declines [19][65] Company Strategy and Development Direction - The company is focused on building a digital-first, retail-enabled consumer services model, aiming to leverage its global brand and payment capabilities [5][10] - The strategy includes expanding everyday financial services to moderate fluctuations in the core remittance business [6][10] - The company plans to have all markets on the Beyond platform by the end of 2027, enhancing its digital infrastructure [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook, anticipating improvements in the core retail remittance business as migration patterns normalize [5][11] - The macroeconomic environment remains dynamic, with inflation rates declining in key markets, but geopolitical changes could disrupt operations [11][12] - The company expects adjusted revenue growth of 6%-9% for 2026, including contributions from the anticipated acquisition of Intermex [42] Other Important Information - The company returned over $500 million to shareholders through dividends and share buybacks in 2025 [10][41] - The launch of the Vigo Money Wallet has onboarded over 30,000 customers, with a significant portion coming from money transfer redirects [13][14] - The company is expanding its wallet capabilities in various countries, including Australia and Mexico, pending regulatory approvals [16][17] Q&A Session Summary Question: Outlook regarding January and February trends and assumptions for Intermex - Management noted improvements relative to Q4 performance and indicated that Intermex's results would align with current trends observed in the North America-centric business [45][48] Question: Retail agent wins and their impact on revenue - Management confirmed that exclusive deals with partners like Canada Post and Deutsche Post are expected to generate at least $100 million in incremental revenue when fully ramped [50][53] Question: Digital transaction growth and revenue spread - Management acknowledged the 13% growth in digital transactions and discussed the widening spread between transaction growth and revenue growth due to lower revenue per transaction from new partnerships [57][62] Question: Stability in corridors impacted by U.S. migration policies - Management indicated that while there are signs of stabilization in key corridors like Mexico, fluctuations remain possible due to geopolitical changes [66][67] Question: Demand for stablecoin and digital asset strategies - Management highlighted that while there is no strong demand for sending stablecoins, there is interest in on-ramps and off-ramps for digital assets among existing customer bases [81][82]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenue of $1 billion, representing a 5% decline year-over-year on an adjusted basis [5][31] - Adjusted earnings per share (EPS) for Q4 was $0.45, up from $0.40 a year ago, benefiting from cost management and fewer shares outstanding [6][32] - Full-year GAAP revenue was $4.1 billion, with adjusted revenue growth down 2% excluding Iraq, driven by challenges in the Americas retail business [31][32] Business Line Data and Key Metrics Changes - Consumer Money Transfer (CMT) adjusted revenue declined 9% in Q4, with transactions down 2%, reflecting ongoing challenges in the retail business [34] - Consumer Services adjusted revenue grew 26% in Q4 and nearly 30% for the full year, driven by growth in Travel Money and bill payments [8][33] - The Branded Digital Business saw a 6% increase in adjusted revenue and a 13% increase in transactions, marking nine consecutive quarters of growth [35] Market Data and Key Metrics Changes - The Americas retail business faced headwinds due to geopolitical factors, particularly affecting the U.S. to Mexico corridor, although there were signs of stabilization [6][18] - Transaction growth improved in several corridors, including Brazil and Guatemala, while others like Nicaragua and Venezuela continued to struggle [18][64] - The company noted a shift towards digital channels, particularly among younger demographics, with digital business now accounting for over 40% of global principal [21] Company Strategy and Development Direction - The company is focused on building a digital-first, retail-enabled consumer services model, leveraging its global brand and payment capabilities [4][9] - A key element of the strategy is to expand everyday financial services to moderate fluctuations in the core remittance business [5] - The company plans to have all markets on the Beyond platform by the end of 2027, aiming to modernize technology and enhance customer experience [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook, anticipating improvements in the core retail remittance business as migration patterns normalize [4] - The macroeconomic environment remains dynamic, with inflation rates declining and GDP outlooks strong, but geopolitical changes could impact operations [10][11] - The company expects adjusted revenue growth of 6%-9% for 2026, including contributions from the anticipated acquisition of Intermex [40] Other Important Information - The company returned over $500 million to shareholders in 2025 through dividends and share buybacks, maintaining a strong commitment to capital return [9][39] - The launch of the Vigo Money Wallet has onboarded over 30,000 customers, highlighting the effectiveness of customer acquisition strategies [12][13] - The company is expanding its wallet capabilities in various regions, including Australia, Singapore, and the Philippines, in 2026 [14][15] Q&A Session Summary Question: Impact of January and February trends on outlook - Management noted improvements relative to Q4 performance and indicated that the remittance tax has not yet had a material impact [43][47] Question: Retail agent wins and exclusivity - Management confirmed that exclusive deals with partners like Canada Post and Deutsche Post are expected to generate incremental revenue and enhance distribution [49][50] Question: Digital transaction growth sustainability - Management highlighted the potential for acceleration in digital transactions, particularly in the Middle East, while addressing the spread between transaction and revenue growth [56][60] Question: Stability of corridors impacted by U.S. migration policies - Management observed stabilization in key corridors like U.S. to Mexico, although geopolitical changes could still disrupt trends [64][66] Question: Intermex acquisition and revenue assumptions - Management remains confident in achieving the $0.10 EPS accretion target from Intermex, with integration synergies expected to enhance performance [75][77]

RT Linea.eth (@LineaBuild)This past week on @BloombergTV, @ethereumJoseph discussed the digital asset economy and how institutions are preparing:"Financial institutions are soon to migrate to Layer 2s. Our Linea technology is going to be used by any financial institution that wants to use stablecoins, RWAs, and DeFi on Ethereum."Institutions are coming. ...