As filed with the Securities and Exchange Commission on November 10, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ Launchpad Cadenza Acquisition Corp I (Exact name of registrant as specified in its charter) ____________________ | Cayman Islands | 6770 | 98-1877330 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | ...

Core Insights - PayPal is expanding its Buy Now, Pay Later (BNPL) service, Pay in 4, to Canada for the holiday shopping season, allowing consumers to manage cash flow without late fees or hidden costs [2][5] - The service enables shoppers to split eligible purchases between $30 and $1,500 into four equal, interest-free payments over six weeks, appealing to consumers amid economic pressures [5][6] - A significant portion of consumers (60%) who have not previously used BNPL would be encouraged to try it if there were no fees, indicating a demand for transparent payment options [5] Company Strategy - PayPal has been a trusted brand in Canada for over 15 years, and the introduction of Pay in 4 aims to meet the growing demand for flexible payment solutions [5] - The company emphasizes that businesses offering BNPL options can experience increased conversion rates and higher sales, particularly during peak shopping seasons [5] Industry Trends - The BNPL market is seeing increased consumer adoption as individuals seek to manage their finances amid rising economic pressures, with installment financing viewed as a budgeting strategy rather than excessive spending [6][7] - The appeal of fixed installment plans is heightened as credit card rates remain high, making BNPL an attractive alternative for consumers [8] - BNPL is functioning as a financial safety valve for households facing inflation and high interest rates, helping them maintain cash flow and spending stability [9]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][4] - The fintech segment showed a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment experienced a TPV growth of 18% and revenue growth of 10% [3][31] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply issues [3][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7] - Advertising revenue grew by 56% year-over-year [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption impacted GMV by approximately 8% and consolidated income by 3% [5][34] - The overall market environment is expected to improve as supply issues resolve, particularly for smartphones [6][34] Company Strategy and Development Direction - The company is focusing on enhancing its core business performance while navigating external challenges [6][49] - Plans to initiate a $400 million ADS buyback program to return cash to shareholders while investing in growth [4][49] - Emphasis on improving user experience and expanding advertising services to drive revenue growth [13][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply constraints [5][6] - The competitive landscape remains stable, with a focus on quality service delivery rather than traditional competition [56] - Future growth is anticipated as supply issues resolve and the company continues to innovate [34][48] Other Important Information - The company is integrating new payment options and enhancing its advertising capabilities to drive engagement [12][66] - The introduction of innovative payment methods, such as "Pay by Palm," is expected to enhance consumer experience [12][13] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management highlighted the focus on quality products and user experience as key priorities for growth, with no significant need for capital investments anticipated [53][55] Question: Advertising product growth and potential - Management indicated strong growth in advertising services, with expectations for continued acceleration as the company enhances merchant experiences [57][59] Question: Marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Smartphone supply impact and trends - Management confirmed ongoing supply constraints for new smartphone models, with expectations for improvement in the coming months [70][72]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% year-over-year [3][4] - Excluding the impact of smartphone supply issues, GMV growth would have been 20%, with revenue up 32% and net income growth at 16% [3][4][5] - The fintech segment reported a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment showed robust growth with TPV up 18% and revenue growth of 10% [31][32] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply disruptions [33][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7][8] - Advertising revenue grew by 56% year-over-year, indicating strong performance in the marketplace [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption had an 8% impact on GMV and a 3% impact on consolidated income [5][6] - The competitive position in e-commerce remains strong, with expectations for recovery as supply issues resolve [35][36] - The travel segment's GMV grew by 13% in Q3, with a take rate increase of 50 basis points [37] Company Strategy and Development Direction - The company is focusing on enhancing user experience and product quality to drive growth [55][56] - Plans to expand the e-grocery business and integrate more banks into the payment platform [8][9] - The introduction of innovative payment methods, such as "Pay by Palm," aims to enhance consumer flexibility [12][13] Management's Comments on Operating Environment and Future Outlook - Management expects a favorable recovery in smartphone supply starting March 2026, which will positively impact growth [35][49] - The high-interest rate environment is anticipated to normalize, providing additional performance positives for the next year [6][42] - The company is optimistic about the growth potential in advertising services, which are expected to outpace other revenue streams [57][59] Other Important Information - The company announced a $400 million ADS buyback program to return cash to shareholders [4][49] - The introduction of new technologies, such as Kaspi Ai, aims to improve merchant experiences and drive sales [16][22] Q&A Session Summary Question: Updates on Hepsiburada and competitive environment in Turkey - Management emphasized the focus on high-quality products and user experience as key growth drivers, with no significant need for capital investments anticipated [55][56] Question: Insights on advertising product growth and potential - Management highlighted the development of a full range of advertising services, with expectations for faster growth than other revenue streams [57][59] Question: Clarification on marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Current trends regarding smartphone supply impact - Management noted that supply remains constrained, particularly for new models, but expects a favorable comp starting in March 2026 [70][71]

Core Points - Mercurity Fintech Holding Inc. has been included in the MSCI Global Small Cap Indexes, effective November 24, 2025, enhancing its visibility among global institutional investors [1][3] - The company is now part of multiple major small cap indices, including the Russell 2000® Index and the S&P Global Broad Market Index, which signifies its growing market presence [2][3] - The inclusion in these indices is expected to increase investor interest, enhance liquidity, and broaden market recognition, as index-tracking funds and institutional portfolios will gain exposure to the company [3] Company Overview - Mercurity Fintech Holding Inc. operates as a blockchain-powered fintech group, providing technology and financial services through its subsidiaries, including Chaince Securities, LLC [4] - The company's mission is to bridge traditional finance and digital innovation, offering services that encompass digital assets, financial advisory, and capital markets solutions [4]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% year-over-year [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][5] - The fintech segment reported a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][39] Business Line Data and Key Metrics Changes - The marketplace experienced a 12% growth year-over-year, with a 20% GMV growth when excluding smartphone impacts [3][33] - E-grocery GMV grew by 53%, with transaction growth at 55%, reaching 1.3 million customers [7] - Advertising revenue surged by 56% year-over-year, indicating strong growth in this segment [13][36] Market Data and Key Metrics Changes - The smartphone supply disruption had an 8% impact on GMV and a 3% impact on consolidated income [5][33] - The overall e-commerce market remains strong, with GMV growth of 12% in the third quarter, and 19% for the nine-month period, excluding smartphones [33][34] Company Strategy and Development Direction - The company is focusing on enhancing its payment options, marketing, delivery, and user experience to drive growth [25][42] - Plans to expand into new cities and increase the number of dark stores for e-grocery services are underway [7][8] - The introduction of innovative payment methods, such as Pay by Palm, aims to enhance consumer flexibility [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply chain challenges [5][62] - The competitive position in e-commerce remains strong, with expectations for normalization of growth as supply issues resolve [34][62] - The company anticipates a favorable base effect starting in March 2026, which should support growth [46][62] Other Important Information - A $400 million ADS buyback program is set to commence, reflecting strong cash generation and performance [4][47] - The company is also exploring the introduction of dividend payments in the future [47] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management emphasized the focus on quality services and consumer engagement as key priorities for growth, with no significant need for capital investments unless justified [51][52] Question: Insights on advertising product growth - Management highlighted the development of a full range of advertising services, with expectations for faster growth than overall revenue [54] Question: Marketplace take rate increase - The increase in take rate is driven by additional services, particularly advertising and delivery, rather than higher seller fees [56] Question: Smartphone supply impact - Management confirmed ongoing supply constraints for new smartphone models but expects normalization in the coming months, with strong growth in non-smartphone categories [60][62]

Group 1: Q3 Earnings Overview - The Q3 earnings season has started positively, with 91% of S&P 500 companies reporting results, and analysts expect a 13.1% increase in earnings per share, marking the fourth consecutive quarter of double-digit growth [2][9] - Initial expectations were lower, with analysts predicting a 7.9% increase in earnings per share as of September 30 [3] - Companies have reported more positive earnings surprises (82%) than negative ones (18%), with 77% of companies also reporting positive revenue surprises [9] Group 2: Notable Company Earnings - Instacart reported GAAP earnings per share of $0.51, exceeding estimates of $0.50, with revenue of $939 million, surpassing expectations of $933 million [6] - Constellation Energy's stock fell nearly 6% after reporting GAAP earnings per share of $2.97, missing estimates of $3.05, although revenue of $6.57 billion exceeded expectations [12] - Wendy's reported revenue of $549 million, a 3% decline year-over-year but above estimates of $534 million, with earnings per share of $0.24 beating expectations of $0.20 [16][17] - Block's shares fell 15% after reporting earnings per share of $0.54 on revenue of $6.11 billion, missing estimates of $0.68 per share and $6.31 billion in revenue [23] - Airbnb's stock rose 5% as it reported 133.6 million nights booked, a 9% increase year-over-year, driven by international bookings [32][33] Group 3: Industry Trends and Challenges - The earnings growth rate for Q3 is on track to increase from Q2, driven by tech enthusiasm around artificial intelligence and ongoing tariff concerns [10] - Consumer-facing companies are experiencing pressures from affordability and sentiment, with mentions of government shutdown impacts increasing [11] - Under Armour reported a net loss of $0.04 per share, with revenue declining 4.7% year-over-year, attributed to challenging consumer demand [35][36]

Core Insights - Currenc Group Inc. reported its third-quarter financial results for 2025, highlighting a focus on AI solutions and operational efficiency in the fintech sector [1][12]. Financial Performance - Total revenue for the third quarter of 2025 was $10.4 million, a decrease of 3.9% year-over-year from $10.8 million in 2024, primarily due to lower Indonesian airtime revenue [5][6]. - Remittance revenue, excluding TNG Asia and GEA, increased by 54.8% year-over-year to $7.0 million, driven by a 10.1% increase in Total Processing Value (TPV) to $1.41 billion [5][6][12]. - Global airtime transfer revenues decreased by 12.3% year-over-year to $2.0 million, attributed to declining demand due to increased availability of free Wi-Fi in Southeast Asia [6][12]. - Total operating expenses significantly decreased to $0.5 million from $19.1 million in the same period of 2024, largely due to adjustments related to incentive shares [6][12]. Profitability Metrics - The overall gross profit margin improved to 50.8% in Q3 2025, compared to 27.8% in Q3 2024 [6][12]. - Net income for the third quarter was $3.1 million, a significant turnaround from a net loss of $19.9 million in the same period of 2024 [21][12]. - EBITDA for the quarter was reported at $3.6 million, with Tranglo contributing $1.0 million to this figure [10][12]. Strategic Focus - The company is shifting its focus away from lower-margin airtime transfers to invest in technology-driven financial solutions, particularly in AI [12]. - Management anticipates that the proposed reverse merger with Animoca Brands will enhance long-term value for shareholders [12]. Operational Highlights - The total number of transactions processed through Tranglo increased to 3.0 million in Q3 2025, up from 2.7 million in the same period of 2024 [5]. - The direct payout rate for Tranglo's remittance business slightly increased to 0.13% from 0.12% year-over-year [6]. Company Overview - Currenc Group Inc. is positioned as a fintech pioneer, providing AI solutions to financial institutions globally, aiming to enhance operational efficiency and customer satisfaction [13].

Q3 2025 Financial Performance - Kaspi.kz's Total Payment Value (TPV) increased by 18% year-over-year (YoY)[10] - Kaspi.kz's Revenue increased by 10% YoY[10] - Kaspi.kz's Net Income increased by 12% YoY[10] Marketplace Platform Growth - Marketplace purchases increased by 36% YoY in 3Q'25[93] - Excluding smartphones, Marketplace Gross Merchandise Value (GMV) increased by 20% YoY[96] - e-Commerce GMV increased by 25% YoY excluding smartphones[99] Fintech Platform Performance - Total Finance Value (TFV) increased by 16% YoY[114] - Average net loan portfolio increased by 30% YoY[117] - Deposits increased by 18% YoY[117] - Fintech revenue increased by 24% YoY adjusting for higher interest rates[122] Hepsiburada Performance - Hepsiburada purchases increased by 16% in 3Q'25[64, 128] - Hepsiburada GMV increased by 15% in 3Q'25[131] - Hepsiburada revenue increased by 22% YoY[134]

Core Viewpoint - Antalpha Platform Holding Company reported a significant increase in revenue and net income for the third quarter of 2025, driven by growth in the crypto market and the scalability of its Prime lending platform [2][4][5]. Financial Performance - Total revenue for Q3 2025 reached $21.1 million, a 62% increase year over year from $13.0 million in Q3 2024 [4]. - Net income surged to $7.0 million, marking a 440% increase compared to $1.3 million in the same quarter last year [4]. - Non-GAAP net income also saw a substantial rise to $7.5 million, up 479% from $1.3 million year over year [4]. - Adjusted EBITDA increased to $8.5 million, reflecting a 361% growth from $1.8 million in Q3 2024, with an adjusted EBITDA margin of 40%, up 26 percentage points from 14% [4][5]. Operational Highlights - The company financed 77.1 EH of hashrate capacity by the end of Q3 2025, representing approximately 7-8% of the global Bitcoin hashrate [5]. - The number of institutional clients grew by 28% year over year, and the total value of loans facilitated increased by 60% to $2.357 billion [5][4]. - Financing costs on supply chain loans decreased to 5.18%, while the net interest margin on margin loans improved by 44 basis points year over year to 1.63% [5]. Future Outlook - Antalpha anticipates Q4 2025 revenue to be between $26 million and $28 million, indicating a year-over-year growth of 94% to 109% [6]. Strategic Developments - The company is collaborating with Tether to launch a dedicated platform for real-world assets (RWA), enhancing access to Tether Gold [13]. - Antalpha invested $43 million in Prestige Wealth Inc., which will be renamed Aurelion, making it the first Tether Gold RWA-focused company listed on NASDAQ [13].