eToro Group (NasdaqGS:ETOR) Q4 2025 Earnings call February 17, 2026 08:30 AM ET Company ParticipantsBrett Knoblauch - Head of Digital Asset ResearchBrian Bedell - DirectorCraig Siegenthaler - Managing DirectorDaniel Amir - Head of Investor RelationsDevin Ryan - Director of Financial Technology ResearchJames Yaro - Managing Director of Equity ResearchJohn Todaro - Managing DirectorMeron Shani - CFORobin Holby - Equity Research AssociateYoni Assia - CEOConference Call ParticipantsAlex Kramm - Equity Research ...

Hyperliquid Strategies Inc. has released its financial results, detailing an aggressive expansion of its treasury alongside substantial paper losses linked to crypto market volatility. The publicly listed digital asset treasury (DAT) confirmed that it deployed $129.5 million to acquire approximately 5 million additional HYPE tokens at an average price of about $25.9. Hyperliquid Strategies Expands HYPE Treasury Despite Volatility and Q4 Losses The purchase brings Hyperliquid’s total holdings to roughly ...

Core Insights - Chainlink has launched the 24/5 U.S. Equities Streams, providing continuous market data for U.S. equities and ETFs, available 24 hours a day, 5 days a week [1][3] - The new data streams are built on Chainlink's Data Standard, which has facilitated over $27 trillion in transaction value and delivered more than 19 billion verified messages on-chain [2] - The 24/5 U.S. Equities Streams aim to resolve issues related to pricing gaps and stale reference prices, offering reliable sub-second pricing across various trading sessions [4] Group 1 - The 24/5 U.S. Equities Streams are accessible on over 40 blockchains, allowing protocols to create on-chain equity markets beyond standard trading hours [1][2] - Several protocols, including Lighter, BitMEX, and ApeX, are already utilizing the 24/5 U.S. Equities Streams [2] - The data provided includes bid and ask prices, volumes, mid prices, last traded prices, and market status flags, enhancing the overall market data available for DeFi applications [3][4] Group 2 - The introduction of the 24/5 U.S. Equities Streams is expected to unlock the approximately $80 trillion U.S. stock market on-chain [3] - Chainlink's technology is increasingly being adopted by governments, banks, and asset managers, positioning the company as a standard infrastructure for on-chain finance by 2025 [5] - The new streams offer expanded coverage and enhanced data schemas, enabling a variety of on-chain use cases [6]

Core Insights - JPMorgan Chase has launched a $100 million tokenized money-market fund on the Ethereum blockchain, indicating strong Wall Street support for Ethereum [1][2] - The OnChain Net Yield Fund is aimed at high-net-worth individuals and institutions, with minimum investment thresholds set at $5 million and $25 million respectively [2] - The demand for tokenization is increasing as regulatory clarity improves, with JPMorgan executives noting a rise in client interest [3][4] Fund Details - The tokenized money-market fund wraps traditional low-risk cash products in blockchain-based tokens, allowing for faster settlement and 24/7 operation [3] - JPMorgan's fund is part of a broader trend, with other firms like BlackRock and Franklin Templeton also launching tokenized funds, contributing to a growing market valued between $5 billion and $9 billion [5] Market Context - Ethereum currently hosts over 70% of the tokenized real-world asset value, highlighting its dominance in the space [6] - The launch of JPMorgan's fund is seen as a potential catalyst for Ethereum's price growth, with analysts suggesting it could significantly enhance Ethereum's market position [7]

Core Insights - Flow Traders has launched as an operator on Cap, a private credit marketplace built on the EigenLayer mainnet, marking a significant step for institutional finance to transition on-chain [1] - The integration of Flow Traders with EigenLayer demonstrates that major firms can engage with decentralized protocols while maintaining accountability and risk management standards [2] Group 1: Cap and EigenLayer Features - Cap operates as an autonomous verifiable service (AVS) on the EigenLayer network, allowing Flow Traders to utilize EigenLayer's slashing, redistribution, and unique stake features [2] - Unlike traditional credit markets that depend on contracts and collateral, Cap employs EigenLayer's slashing and redistribution to create self-enforcing financial guarantees executed transparently through code [3] - EigenLayer's slashing mechanism penalizes operators for failing to meet loan terms, which can then be redistributed, providing a form of protocol-level insurance for institutional DeFi [4] Group 2: Institutional Adoption and Trust - The infrastructure offers customizable, automated financial tools that are transparent and as secure as traditional finance, providing institutions with both trust and protection [5] - On-chain data enhances transparency compared to traditional finance, with Flow Traders' use of Cap validating the maturity of crypto infrastructure for production-grade institutional finance [6] - The transition of traditional finance onto verifiable rails backed by cryptoeconomic guarantees is exemplified by Cap's onboarding process, with EigenLayer being the sole infrastructure capable of supporting this use case [6]

Core Insights - Coinbase Global (COIN) is acquiring Vector.fun to enhance access to Solana and integrate broader on-chain trading capabilities [1][8] - The acquisition aligns with COIN's vision of becoming a leading "everything exchange" and reflects its commitment to expanding crypto utility [4][8] - COIN's acquisition strategy is aggressive, marking its ninth deal in the current year, which includes previous acquisitions like Echo and Liquifi [3][8] Acquisition Details - Vector.fun is an on-chain trading platform built on Solana, which will facilitate broader access to on-chain markets for COIN users [1][2] - The timing of the acquisition is strategic, as Solana's decentralized exchange (DEX) volume is projected to exceed $1 trillion by 2025 [2] Competitive Landscape - Other companies in the industry, such as Robinhood Markets (HOOD) and Interactive Brokers Group (IBKR), are also pursuing strategic acquisitions to enhance their offerings and expand their market reach [5][6] - Robinhood's acquisitions focus on international markets and AI innovation, while Interactive Brokers has strengthened its competitiveness through various strategic moves [5][6] Financial Performance - COIN's stock has seen a year-to-date decline of 0.5%, although it has outperformed the industry [7] - The company currently trades at a price-to-earnings ratio of 39.51, significantly higher than the industry average of 22.87 [10] Earnings Estimates - The Zacks Consensus Estimate for COIN's fourth-quarter 2025 and first-quarter 2026 EPS has remained unchanged over the past week, with projected revenues indicating year-over-year increases [12][13]

Core Insights - UBS has completed its first end-to-end tokenized fund transaction using the Chainlink Digital Transfer Agent (DTA) technical standard, highlighting the integration of blockchain technology into institutional finance [1][2] - The transaction involved the UBS USD Money Market Investment Fund Token (uMINT) and demonstrated the automation of fund lifecycles entirely on-chain [3][4] Group 1: Transaction Details - The live transaction was executed through UBS Tokenize in collaboration with DigiFT, showcasing automated fund operations on blockchain [2][3] - DigiFT acted as the on-chain fund distributor for uMINT, successfully completing subscription and redemption requests [3][7] Group 2: Operational Efficiency - The new tokenized fund workflow provides a secure, compliant, and scalable model for real-time investment fund operations [4] - The DTA protocol standardizes communication between on-chain and off-chain systems, ensuring transparency and operational efficiency [4] Group 3: Industry Impact - This transaction marks a significant milestone in enhancing fund operations and the investor experience through smart contract-based technologies [5][6] - The collaboration between UBS and DigiFT sets a new benchmark for institutional finance on-chain, demonstrating secure and scalable workflows for tokenized assets [6][7]

Core Insights - Franklin Templeton is expanding its Benji Technology Platform to BNB Chain, enhancing its presence in on-chain finance [1][3] - The Benji platform supports the Franklin OnChain US Government Money Fund (FOBXX), which has achieved $742 million in assets and distributed over $51 million in dividends [2][6] - The integration with BNB Chain aims to reduce transaction costs and improve accessibility for both institutional and retail investors [3][4] Group 1 - The Benji platform allows for daily subscriptions, peer-to-peer transfers, and real-time net asset values, with each share represented as one BENJI token [2] - BNB Chain is recognized for its low fees and high transaction speed, processing over 200 transactions per second [3][4] - The move is part of a broader trend where institutional interest in tokenized assets is growing, with a reported 224% increase in tokenized assets since early 2024 [6][7] Group 2 - Franklin Templeton's partnership with Binance and other integrations indicate a strategic push into digital asset projects [5] - The macroeconomic environment is driving demand for innovative asset management solutions, with tokenized assets offering transparency and efficiency [7] - The success of these initiatives will depend on regulatory clarity and infrastructure reliability, as well as investor interest beyond traditional safe-haven assets [8]

Core Insights - Y Combinator is collaborating with Base and Coinbase Ventures to foster the development of "Fintech 3.0" companies [1] - The initiative aims to expand the use of stablecoins, tokenize assets, and create consumer-facing applications [2] - This effort aligns with ongoing regulatory developments in the U.S. regarding cryptocurrency and stablecoin legislation [4] Group 1 - Y Combinator, Base, and Coinbase Ventures are seeking applications for "Fintech 3.0" companies [1][2] - Themes of interest include expanding stablecoins into local currencies and tokenizing various assets [2] - The collaboration aims to enhance on-chain business models and promote global economic participation [3] Group 2 - The GENIUS Act is a new U.S. law aimed at providing clarity for stablecoin regulations [4] - U.S. lawmakers are also working on broader legislation to structure the cryptocurrency market [4]

Company Overview - Grvt, a decentralized exchange (DEX) focused on privacy in on-chain finance, has raised $19 million in Series A funding [1] - The funding round was co-led by ZKsync, Further Ventures, EigenCloud, and 500 Global [1] Technology and Architecture - Grvt is built on the ZKsync Validium L2 and utilizes zero-knowledge (ZK) proofs to ensure Ethereum-level security while maintaining transaction privacy and low settlement costs [2] - The architecture addresses key barriers to mainstream adoption of on-chain finance, including privacy, scalability, and accessibility [2] Cryptographic Methodology - Zero-knowledge technology allows one party to prove the truth of information to another without revealing the information itself, which is crucial for blockchain-based finance [3] Vision and Market Position - The co-founder and CEO, Hong Yea, emphasized the importance of privacy for the future of on-chain trading and investing, aiming for Grvt to set the standard for zero-knowledge cryptography in financial markets [4] - The funding comes during a resurgence in Ethereum activity, with August's on-chain volume exceeding $320 billion, the highest since mid-2021 [5] - Backers view Grvt as a potential liquidity hub for a trillion-dollar on-chain finance market, with applications in cross-exchange vaults, cross-chain interoperability, real-world assets, and structured options [5]