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].

Core Insights - Pagaya Technologies Ltd. reported strong financial results for Q3 and the first nine months of 2025, raising full-year guidance for the third consecutive quarter, indicating robust performance and a strong pipeline of opportunities [2][4]. Financial Performance - GAAP Net Income reached $23 million, an increase of $90 million year-over-year [4][5]. - Adjusted EBITDA was $107 million, up 91% year-over-year [4][5]. - Total revenue and other income amounted to $350 million, reflecting a 36% increase year-over-year [4][5]. - Network volume hit a record of $2.8 billion, up 19% year-over-year, driven by growth in Auto and Point-of-Sale verticals [4][5]. Guidance and Outlook - Full-year 2025 guidance for Network Volume is expected to be between $10.5 billion and $10.75 billion [7]. - Total Revenue and Other Income is projected to be between $1,300 million and $1,325 million [7]. - Adjusted EBITDA is anticipated to be between $372 million and $382 million [7]. - GAAP Net Income is expected to range from $72 million to $82 million [7]. Strategic Developments - The company raised $500 million in corporate debt, receiving positive ratings from all three major credit rating agencies, which validates its strategic direction [5]. - Pagaya expanded its Revolving Credit Facility to $132 million, reducing interest rates by nearly 35% [5]. - A partnership with One William Street Capital Management was established to enhance capital efficiency in the auto platform [5]. - An inaugural Auto forward flow agreement with Castlelake was announced, allowing for the purchase of up to $500 million in Auto Loans [5].

Core Insights - PublicSquare is acquiring key software assets from Tandym to enhance its fintech ecosystem, focusing on virtual and private label credit cards [1][2][3] Acquisition Details - The acquisition is a strategic move to evolve PublicSquare into a full-stack fintech platform, expected to close in December 2025 [2] - The deal involves Class A Common Stock valued at $5.75 million and up to $1.0 million in cash [11] Financial and Strategic Impact - The acquisition will enable brands within PublicSquare's network to launch fully branded payment and credit card programs, reducing processing fees to under 1% [5][6] - It is projected to increase Lifetime Value (LTV) by over 25% and unlock new recurring revenue through interchange participation [5] - The integration is expected to enhance merchant retention and create a closed-loop payments environment, improving underwriting and loyalty analytics [5][6] Technology and Integration - Tandym's technology allows merchants to issue digital store cards under their brand, ensuring a consistent customer experience [10] - The platform integrates with major e-commerce platforms like Shopify and Klaviyo, facilitating seamless adoption and creating network effects [9][10] Market Positioning - The acquisition positions Tandym as a branded-payments layer for the next generation of commerce, addressing merchant margin compression and rising customer acquisition costs [8][9] - PublicSquare aims to transform payments into a high-margin growth engine for its merchant partners, focusing on values-aligned relationships [3][7]

Market Overview - Wall Street experienced a weaker close due to concerns over stretched tech valuations, policy paralysis, and deteriorating consumer sentiment, with the Nasdaq 100 down 0.6% [1] - After a year of AI-related optimism, markets are showing signs of valuation fatigue, with analysts noting a fading enthusiasm for AI monetization and corporate cost-savings [2] - The VIX climbed to a two-week high, reflecting increased hedging demand, despite 83% of S&P 500 companies beating Q3 earnings estimates, the highest since 2021 [3] Policy and Macro Backdrop - The longest U.S. government shutdown has created a data vacuum, leaving the Federal Reserve and markets without crucial employment figures, leading to uncertainty ahead of the December FOMC meeting [4] - Consumer sentiment has collapsed to 50.3, the weakest since mid-2022, as households express growing pessimism about job security and inflation [5] Sector and Flow Dynamics Analysis - Institutional investors are rotating into defensive sectors such as utilities, staples, and healthcare, while high-beta tech names and consumer cyclicals are experiencing net outflows [6] - Airline stocks like AAL, DAL, and UAL fell sharply due to a directive to reduce flights amid air-traffic controller shortages, highlighting the shutdown's impact [6] Company-Specific Insights - Tesla's stock fell despite shareholder approval of Elon Musk's pay package, indicating valuation pressures even among established companies [7] - Block's stock plunged 14% after missing profit expectations, suggesting that fintech growth companies are also facing valuation compression [7] Forward View - Upcoming $125 billion Treasury supply will test market risk appetite as yields remain near recent lows, with potential Supreme Court rulings on tariffs possibly affecting Treasury issuance schedules [8] - Until the government reopens, risk-taking is likely to remain constrained, with macro funds preserving cash and favoring quality and duration in their portfolios [8]

Core Insights - GCash has launched the Virtual US Account, allowing Filipinos to receive US dollar payments directly into their GCash wallet without needing an American bank account [1][2] - The service aims to support freelancers by reducing transaction fees and improving access to funds [2][3] Group 1: Service Features - The Virtual US Account does not function as a traditional bank account and is not covered by deposit insurance [2] - It is designed to lower platform fees and foreign exchange costs, enhancing users' take-home pay and remittance receipt [3] - Funds transferred from the US are available instantly in users' e-wallets and can be converted to Philippine pesos at competitive rates [3] Group 2: Market Impact - The service could increase dollar inflows from the US, which accounted for approximately 40% of Philippine cash remittances from January to August 2025 [4] - It aims to facilitate cross-border payments for freelance workers and broaden financial access for Filipinos working with international clients [4] Group 3: User Benefits - GCash users can hold US dollars and convert to Philippine pesos when favorable, avoiding unnecessary fees [5]

Market Overview - The CE 100 Index decreased by 3.5% over the week, with only the Banking segment and the Be Well pillar showing a slight increase of 0.5% [1] - The tech-heavy Nasdaq fell by 3.3%, primarily affecting companies leveraging artificial intelligence (AI) for growth, including major players like Microsoft and Meta, which both dropped over 4% [2] Index Performance - The 5-day performance for major indices showed CE 100 down 3.45%, Nasdaq down 3.29%, S&P 500 down 1.80%, and Dow down 1.27% [3] - Year-to-date (YTD) performance indicated CE 100 up 12.60%, Nasdaq up 19.00%, S&P 500 up 14.28%, and Dow up 10.37% [3] - Over the past year, CE 100 increased by 14.02%, while Nasdaq rose by 18.46%, S&P 500 by 12.45%, and Dow by 7.37% [3] Company Highlights - Pinterest's stock fell by 19.4%, despite CEO Bill Ready's assertion that the company is transforming into an "AI-powered visual-first shopping assistant," with AI integrated into various platform features [5][6] - Pinterest reported a 17% increase in third-quarter revenue to $1 billion, slightly surpassing Wall Street expectations, and a 12% rise in monthly active users to 600 million [7] - Cogent's shares plummeted over 41%, contributing to a 4% decline in the Enablers pillar, which includes several Big Tech companies [7] - Porch Group's Q3 revenue was reported at $115.1 million with an 82% gross margin, but shares dropped more than 30% during the week [8] - Affirm's gross merchandise volume (GMV) surged by 42% to $10.8 billion, with revenue increasing by 34% to $933 million, and active cardholders growing by 500,000 to 2.8 million [9][10] - FIS shares rose by 3.6%, reporting adjusted revenue of $2.7 billion, up 6.3%, with strong performance in banking and digital banking activities [11] - Sezzle achieved its first billion-dollar quarter in Q3, with GMV rising 58.7% year over year to $1 billion and total revenue climbing 67% to $116.8 million [13] - Uber Technologies reported a 22% year-over-year growth in total trips and a 21% increase in gross bookings, although shares fell by 5% [14]

Core Viewpoint - Circle is expected to report its Q3 2025 earnings on November 12, with market expectations for revenue at $710 million and earnings per share at $0.17, driven by improved regulatory conditions and growing demand for stablecoins like USDC [1] Group 1: Performance Expectations - The anticipated Q3 performance is likely to benefit from the stable growth of USDC, which increased from $61.3 billion at the end of Q2 to $65.2 billion by August 10, 2025 [2] - USDC's on-chain transaction volume reached nearly $6 trillion in Q2, a 5.4-fold increase year-over-year, with July's transaction volume hitting $2.4 trillion [2] - The number of active wallets holding over $10 in USDC grew by 68% year-over-year, indicating increased user engagement [2] Group 2: Product and Market Expansion - New products launched in the past year are expected to drive growth in the upcoming quarterly results, with Circle's payment network operational in Hong Kong, Brazil, Nigeria, and Mexico, attracting interest from over 100 financial institutions [3] - The introduction of Circle Gateway in July 2025 facilitates easier transfers of USDC across different blockchains, enhancing user experience [3] - The launch of Arc, a new Layer-1 blockchain designed for payments and financial applications, is also contributing positively to USDC's growth and usage [3] Group 3: Competitive Landscape - Circle has expanded partnerships with major exchanges like Binance and OKX, promoting the use of USDC and Circle's wallet technology on large trading platforms [4] - Collaborations with payment infrastructure companies such as FIS, Corpay, and Matera are integrating stablecoin technology into the traditional financial system [4] - However, Circle faces intense competition from established players like Coinbase, PayPal, and Fiserv, which are launching their own stablecoin and cryptocurrency services [4]

Summary of Conference Call on India's Internet Sector Industry Overview - The conference call focused on the **India Technology – Internet** sector, highlighting recent trends in **PE/VC funding** and the performance of the **internet market cap index** in India [1][3][13]. Key Points Funding Trends - **PE/VC funding** has shown signs of improvement in recent months, with a **123% increase** in total funds raised in October 2025, amounting to **US$1,387 million**, compared to **US$621 million** in September 2025 [28]. - The funding environment is dominated by **mid-stage (57%)** and **early-stage (43%)** investments, with limited late-stage activity [28][55]. - **E-commerce**, **fintech**, and **enterprise tech** were the main sectors attracting investments in October 2025 [28]. Market Performance - The **India internet market cap index** has corrected by **6%** since its peak in September 2025, contrasting with a **1% increase** in the NIFTY index [3][13]. - Other markets, such as **ASEAN** and **China**, have also experienced corrections of **11%** and **6%**, respectively, since their peaks [3]. - The recent correction in stock prices is viewed as healthy, especially after a **38% rally** in the internet index from mid-March to September 2025 [4]. Company Insights - **Eternal** is highlighted as a top pick, benefiting from an improved funding environment and focusing on customer acquisition and retention [5]. - Other companies like **MMYT** and **Cartrade** have shown positive performance post-earnings, while many large-cap stocks have corrected in the past month [4][23]. Performance Metrics - The **MAU/DAU** data indicates stable performance for **Paytm** in the fintech sector, while e-commerce players like **Flipkart** and **Amazon** saw a moderation in app download shares [29]. - The **internet index** has outperformed the NIFTY index since early 2023, but has started to decline from its peak in September 2025 [19][21]. Additional Insights - The divergence in stock prices within the internet sector remains high, indicating varying performance among different companies [1]. - The overall sentiment in the market suggests a cautious but constructive outlook, with opportunities for investment in companies demonstrating strong execution and growth potential [4][5]. Conclusion - The Indian internet sector is experiencing a transitional phase with improving funding trends and a healthy correction in stock prices. Companies focusing on customer acquisition and retention are likely to benefit in the current market environment.

Core Insights - Transak is focusing on modular APIs as a white-labeled offering for established firms to integrate stablecoins into their services, aiming for a more invisible adoption of stablecoins in consumer applications [1][2][3] Company Strategy - Transak has raised a total of $40 million in funding and is positioning itself to facilitate the next wave of stablecoin adoption by making the process less visible to users [2] - The company is transitioning from being known primarily as a "buy crypto" button to offering more white-label and stablecoin use cases, emphasizing onboarding and financial applications rather than speculative crypto purchases [3] Market Context - The legitimacy of dollar-pegged tokens has increased due to the passage of the GENIUS Act in the U.S., with major institutions like Citigroup and Bank of America showing interest [3] - Transak's stablecoin services may operate in the background for users, similar to how certain services do not explicitly mention the underlying technology [5] Use Cases - Transak is exploring white-label use cases for stablecoins, which may include handling KYC procedures for users purchasing stablecoins with cash and facilitating conversions back to cash in different regions [4][5] - The firm is looking to create a "stablecoin sandwich" concept, integrating its services with the traditional financial system while keeping its brand less visible [4]