My strongest impression this year is that Web3 is becoming more "real". Technologies that once existed primarily within niche, developer-driven communities are now entering real-world scenarios and facing broader market and user validation. Whether in on-chain performance, cross-chain capabilities, or user experience, the gap compared to a few years ago has narrowed fundamentally. Many issues once considered "unstable" or "hard to use" are gradually being resolved, giving Web3 realistic conditions to scale ...

Core Insights - Lion Group Holding Ltd. (LGHL) has acquired 88.49 units of Bitcoin (BTC) for $8 million, reinforcing its strategy to diversify and strengthen its digital assets treasury [1][2] - The acquisition positions Bitcoin as a core reserve asset within LGHL's portfolio, reflecting its commitment to leveraging Bitcoin's status as a leading digital currency [1][2] Company Strategy - The CEO of LGHL, Wilson Wang, emphasized that Bitcoin is a cornerstone of the digital asset ecosystem, providing security, scarcity, and global adoption, which contribute to its long-term value [2] - The strategic acquisition aims to fortify LGHL's treasury against macroeconomic uncertainties and align its platform's innovation with Bitcoin, which is viewed as essential for sustainable growth in trading operations [2] Treasury Holdings - As of December 11, 2025, LGHL's treasury includes 88.49 BTC, 194,727 Hyperliquid (HYPE) tokens, and 10,820 Solana (SOL) tokens, indicating a diversified digital asset portfolio [5]

Core Insights - Solmate Infrastructure has signed a non-binding term sheet for a business combination with RockawayX, indicating a strategic shift towards becoming an integrated infrastructure, liquidity, and asset management business [1] Transaction Highlights - The transaction involves Solmate purchasing all of the equity of RockawayX, marking a significant transformation from a passive digital asset treasury [1]

Core Viewpoint - CoinShares International Limited is preparing for its U.S. public listing and aims to leverage its institutional-grade research capabilities, crypto expertise, and active management to introduce innovative products in the U.S. market [1][2]. Group 1: Strategic Approach - The company plans to apply successful European strategies to the U.S. market, focusing on differentiated products rather than single-asset crypto ETPs, which have become commoditized [2][3]. - CoinShares has a history of product innovation, including launching the world's first bitcoin ETP in 2015, which has helped maintain strong margins [2]. Group 2: Product Development - Over the next 12-18 months, CoinShares aims to launch innovative products in three core categories: crypto equity exposure vehicles, thematic baskets targeting blockchain trends, and actively managed strategies combining crypto with other assets [5][6]. - The CoinShares Bitcoin Miners ETF (WGMI) has shown strong market demand, growing to over $250 million in assets under management with a management fee of 0.75%, indicating the potential for premium pricing and sustainable margins [4][6]. Group 3: Market Positioning - The company is streamlining its U.S. product lineup by discontinuing the CoinShares Bitcoin Futures Leveraged product to focus on higher-margin opportunities [7]. - CoinShares positions itself as a disciplined, high-value player in the U.S. public markets, aiming to create sustainable shareholder value through its differentiated expertise [8].

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [19] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-Bitcoin halving [8][19] - Adjusted EBITDA exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, reflecting a net margin of about 40% [20] - The company produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [19][20] Business Line Data and Key Metrics Changes - The Bitcoin treasury grew by nearly 62% to over 13,000 Bitcoin, generated entirely from the company's own hash rate [9] - The operational hash rate reached 50 exahash per second, with 100% U.S.-based infrastructure [8] - The company is deploying 19,000 S21 XP immersion units, expected to be completed in Q1 2026 [9][10] Market Data and Key Metrics Changes - CleanSpark's operational efficiency improved significantly, contributing to consistent gross margins despite market fluctuations [20] - The company is strategically positioned to support the growing demand for AI compute alongside Bitcoin mining [7][8] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company aims to diversify revenue streams and enhance margins through a blended approach to monetizing its portfolio [8] - A significant focus is on securing tenants for AI campuses while expanding land and power capabilities [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the HPC-AI space, citing strong inquiries for their facilities [43] - The company is confident in its ability to navigate market volatility and capitalize on opportunities due to its strong financial position [44] - CleanSpark is committed to maintaining operational excellence and leveraging its infrastructure-first model to maximize value [36][38] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million [17][33] - The company has secured a 285 MW site in Texas for AI factory development, with a multi-gigawatt pipeline of additional opportunities [12][13] Q&A Session Summary Question: Can you provide insight into client conversations and demand outlook for HPC-AI? - Management reported extensive discussions with potential clients, including strong interest in their Texas and Georgia sites, indicating robust demand in the HPC-AI space [43][44] Question: How does the company view pairing Bitcoin mining with HPC campuses? - Management sees potential in blending Bitcoin mining with HPC to provide power usage versatility, which could enhance operational flexibility [45][48] Question: What key milestones should investors look for in 2026 regarding HPC strategy? - Management highlighted the importance of the Texas and Sandersville sites, which are positioned for rapid deployment to meet 2026 demand [51][52] Question: What are the near-term expansion plans for Bitcoin mining? - The company plans to migrate Bitcoin mining operations to more remote locations, prioritizing efficiency and favorable utility rates [56][58] Question: How does the company plan to utilize its Bitcoin balance strategically? - Management intends to monetize the Bitcoin stack through yield strategies and opportunistic borrowing, maintaining flexibility in capital management [66] Question: What is the economic impact of the MOU with Submer? - The partnership with Submer is expected to enhance speed to market and reduce costs for AI and HPC infrastructure development [70][71]

Financial Data and Key Metrics Changes - The company concluded Q3 2025 with $182,000 in cash and cash equivalents, down from $612,000 as of December 31, 2024 [14] - Stockholders' equity increased to $77 million compared to a deficit of $203,000 as of December 31, 2024 [14] - The net loss for Q3 2025 was $77.7 million, significantly higher than the $3.1 million loss in Q3 2024, primarily due to a $74.4 million non-cash charge related to derivative liability remeasurement [14] - Revenue for Q3 2025 was $3.6 million, relatively unchanged from $3.9 million in the same period in 2024 [14] Business Line Data and Key Metrics Changes - General and administrative expenses rose to $2.6 million in Q3 2025 from $1.5 million in Q3 2024, mainly due to professional and consulting fees [15] - Operating expenses for operations and R&D were $529,000 in Q3 2025, slightly down from $535,000 in Q3 2024 [15] - Operating expenses for sales and marketing increased to $133,000 in Q3 2025 from $73,000 in Q3 2024 [15] Market Data and Key Metrics Changes - The global AI infrastructure spending is projected to reach $2.8 trillion by 2029, indicating a significant growth opportunity for the company [8][26] - The AI infrastructure market is expected to grow at a CAGR of approximately 40% through 2030, highlighting a supply-demand imbalance exceeding 1,000% [26] Company Strategy and Development Direction - The company has initiated a digital asset treasury strategy focused on Aethir's ATH token, aiming to create a strategic compute reserve to address AI infrastructure needs [3][4] - The investment in ATH tokens is expected to generate new revenue streams and long-term value for the company and its shareholders [7] - The company plans to leverage its ATH tokens for GPU leasing and other revenue-generating activities, aiming for a high single-digit yield on ATH tokens for fiscal year 2026 [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the partnership with Aethir and the potential to democratize access to AI infrastructure [8][40] - The company aims to generate cash flow while building a sustainable business model that aligns with market demands [22][40] - The management highlighted the importance of addressing the current supply chain constraints in AI infrastructure to capture market opportunities [27][29] Other Important Information - The company holds approximately 5.7 billion ATH tokens valued at approximately $145.9 million as of November 10, 2025 [17] - The strategic compute reserve is expected to facilitate access to high-performance AI infrastructure, significantly lowering costs compared to traditional cloud providers [7][23] Q&A Session Summary Question: What is the company's strategy regarding the ATH token? - The company aims to actively manage ATH tokens through staking, GPU leasing, and token rotation to maximize returns and drive cash flow [18][20] Question: How does the company plan to address the supply-demand imbalance in AI infrastructure? - The company plans to monetize its ATH holdings by renting GPUs on the Aethir network and providing AI infrastructure directly to enterprises [29][30] Question: What are the expected revenue streams from the digital asset strategy? - The company anticipates multiple revenue streams from staking, leasing, and token rotation, targeting a high single-digit yield on ATH tokens for fiscal year 2026 [20][22]

Core Viewpoint - Predictive Oncology has initiated a digital asset treasury strategy focused on the Aethir ecosystem and its native utility token, ATH, aiming to enhance access to affordable AI infrastructure and drive innovation in drug discovery [3][5][11]. Q3 2025 and Recent Highlights - The company reported a significant development in September 2025, launching a digital asset treasury strategy centered on ATH, which is expected to democratize AI access and address the demand for advanced computing power [3][5]. - Predictive Oncology's partnership with Aethir aims to leverage the latter's decentralized GPU network to provide enterprise-grade AI solutions at lower costs [3][5]. - The company appointed Shawn Matthews to its Board of Directors, enhancing its leadership team [5]. Q3 2025 Financial Summary - The company raised approximately $50.8 million in cash and received in-kind contributions of ATH valued at about $292.7 million through private placements [5]. - As of November 10, 2025, Predictive Oncology held approximately 5.70 billion ATH, with a market value of around $152.8 million, based on a price of $0.0268 per ATH [5]. - The company aims to utilize ATH to create a Strategic Compute Reserve, facilitating enterprise demand for computing power [5][11]. Q3 2025 Financial Results - For the quarter ended September 30, 2025, the company reported revenue of $3,618, a slight decrease from $3,907 in the same period of 2024 [10][17]. - General and administrative expenses increased to $2.6 million, primarily due to higher legal fees and stock-based compensation [10][17]. - The company recorded a net loss of $77.65 million for the quarter, significantly higher than the loss of $3.09 million in Q3 2024, largely due to a derivative liability of $74.4 million related to the digital asset strategy [10][17]. Balance Sheet Overview - As of September 30, 2025, the company had total assets of approximately $3.14 billion, down from $4.97 billion as of December 31, 2024 [14][15]. - Current liabilities increased significantly to approximately $79.49 million, compared to $3.59 million at the end of 2024 [15]. - The stockholders' deficit improved to $77.43 million from $202.61 million as of December 31, 2024 [15].

Core Insights - SBI Holdings has made a strategic investment in AI2 Incubator Fund III to enhance its access to emerging AI technologies and foster collaboration with early-stage startups [2][3] - The investment aligns with SBI's long-term strategy to integrate artificial intelligence into its Web3 and digital asset businesses [1][4] Investment Overview - The investment was announced on October 23 and was made through SBI Holdings USA, Inc. [2] - AI2 Incubator focuses on commercializing advanced AI research, particularly in areas like natural language processing and autonomous AI agents [3] Strategic Positioning - SBI is the only strategic investor from Japan in the AI2 Incubator, gaining joint investment rights in promising AI startups [3] - The investment provides access to a network of entrepreneurs and venture capital partners in the US, including connections through the Seattle-based "AI House" [7] AI and Blockchain Integration - The investment may have implications for SBI's Web3 initiatives, as the company is already active in Japan's blockchain sector [4] - Analysts suggest that AI capabilities could enhance decentralized finance (DeFi) and digital asset management, combining blockchain transparency with AI analytics [5][6] Industry Trends - The investment reflects a global trend where financial institutions are leveraging AI and blockchain to improve competitiveness and infrastructure reliability [8]

Core Insights - CleanCore Solutions, Inc. has established partnerships with U.S. Triestina 1918 and HC Sierre Hockey Club, marking a strategic move to integrate Dogecoin into global sports and everyday payments [1][2] - The investments aim to connect digital assets with sports, allowing fans to use Dogecoin for tickets, concessions, and merchandise, thereby enhancing fan experiences and promoting community ownership [2][3] - The Official Dogecoin Treasury, backed by CleanCore and the Dogecoin Foundation, is designed to provide stability and transparency to the Dogecoin ecosystem, facilitating institutional participation and real-world use cases for Dogecoin [3][5] Company Overview - CleanCore Solutions, Inc. focuses on revolutionizing cleaning practices through patented aqueous ozone technology, aiming for sustainable and cost-effective solutions [4] - House of Doge, the corporate arm of the Dogecoin Foundation, is dedicated to advancing Dogecoin as a decentralized global currency, investing in infrastructure for everyday commerce and developing financial products [5]

Core Insights - CleanCore Solutions, Inc. has established partnerships with U.S. Triestina 1918 and HC Sierre Hockey Club, marking a strategic move to integrate Dogecoin into global sports and everyday payments [1][2] - The investments aim to connect digital assets with sports, allowing fans to use Dogecoin for tickets, concessions, and merchandise, thereby enhancing fan experiences and promoting community ownership [2][3] - The Official Dogecoin Treasury, backed by CleanCore and the Dogecoin Foundation, is designed to provide stability and transparency to the Dogecoin ecosystem, facilitating institutional participation and real-world use cases for Dogecoin [3][5] Company Overview - CleanCore Solutions, Inc. focuses on revolutionizing cleaning practices through patented aqueous ozone technology, aiming for sustainable and cost-effective solutions [4] - House of Doge, the corporate arm of the Dogecoin Foundation, is dedicated to advancing Dogecoin as a decentralized global currency, investing in infrastructure for everyday commerce and developing financial products [5]