Core Insights - Mairs & Power Balanced Fund experienced a challenging start to 2025 but rebounded to a 25% increase by the end of the second quarter, despite returning only 2.66% in the first half of the year, underperforming its benchmark indexes [1] Fund Performance - The fund's performance was below benchmark composite indexes, which rose 5.43%, and the Morningstar Moderate Allocation peer group, which increased by 5.67% [1] Fiserv, Inc. Overview - Fiserv, Inc. (NYSE:FI) is a payment and fintech services provider, with a one-month return of -5.91% and a 52-week loss of 26.57%, closing at $129.82 per share on September 23, 2025, with a market capitalization of $70.569 billion [2] Sector Performance - The fund's overweight position in the Financials sector contributed positively to performance in the first half of 2025, but stock selection within the sector, particularly Fiserv, Inc., negatively impacted overall results [3] Fiserv's Challenges - Fiserv, Inc. faced difficulties in the first half of 2025 due to a downward revision of guidance for its Clover product, which is crucial for its growth in merchant acceptance [3] Hedge Fund Interest - Fiserv, Inc. was held by 94 hedge fund portfolios at the end of the second quarter of 2025, an increase from 72 in the previous quarter [4] Revenue Growth - In the second quarter of 2025, Fiserv, Inc.'s adjusted revenue grew by 8% to $5.2 billion [4] Investment Outlook - While Fiserv, Inc. is recognized for its potential, certain AI stocks are considered to offer greater upside potential and less downside risk [4]

Group 1 - Micron reported results exceeding analyst expectations and provided a strong forecast for the current quarter, benefiting from the AI boom due to increased demand for high-tech memory chips [1] - Disney is raising the price of its Disney Plus streaming service, with the ad-free version increasing by $3 to $19 per month and the ad-supported version rising by $2 to $12 per month [3] - The valuation of private fintech company Stripe has reportedly climbed above $106 billion, surpassing its previous high of $95 billion in 2021 [3] Group 2 - The U.S. government is facing a potential shutdown at the end of the month unless a spending deal is reached, with President Trump canceling a planned meeting with top Democrats regarding funding [2] - The General Services Administration (GSA) is looking to rehire potentially hundreds of federal employees who lost their jobs [2]

Table of Contents As filed with the U.S. Securities and Exchange Commission on September 24, 2025 Registration No. 333-290018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OBOOK Holdings Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 7372 N/A (Primary Standard Industrial Classification Code Number) (IRS Employ ...

Core Insights - Long-term investing is essential for sustainable returns in financial markets, particularly in the highly volatile cryptocurrency sector, allowing fundamental stories of assets like XRP to unfold over time [1] Group 1: Cryptocurrency Market Overview - The cryptocurrency industry has evolved significantly since Bitcoin's launch 16 years ago, revealing a clear distinction between blue chip cryptocurrencies that appreciate steadily and more speculative assets that experience erratic booms and busts [2] - XRP, with a market capitalization of $171 billion, ranks as the fourth-largest cryptocurrency, benefiting from its established presence since its inception in 2012, which enhances its brand recognition and trust compared to newer assets [3] Group 2: Real-World Utility of XRP - Valuing cryptocurrencies is challenging as they are not tied to traditional businesses with revenue; however, Ripple Labs has focused on maximizing XRP's real-world utility, particularly in the international payments market [4] - XRP serves as a bridge currency for transferring funds between different fiat currencies, offering a cost-effective alternative to traditional money transfer methods, with transaction fees as low as 0.00001 XRP per transaction [5] Group 3: Integration and Future Prospects - Ripple Labs is expanding its presence in the fintech sector with the introduction of RLUSD, a dollar-pegged stablecoin, which has garnered interest from major financial institutions like DBS Bank for crypto lending products; the adoption of RLUSD could potentially increase demand for XRP due to shared blockchain technology [6]

Walmart-backed Flipkart India has invested $30m in Supermoney, its fintech division, aiming to include offerings such as lending and stock broking services, reported Bloomberg. The investment in Supermoney follows an earlier capital injection of $20m from Flipkart at the time of the fintech unit's spinoff. Supermoney, led by CEO Prakash Sikaria, is seeking to engage with external investors to support its growth plans. Since its inception, Supermoney is currently ranked as the fifth-largest UPI applicati ...

Core Insights - Fnality has raised $136 million in a Series C funding round to expand its DLT-based payment systems beyond the UK Sterling network launched in 2023 [1][2] - The funding round was led by major financial institutions including WisdomTree, Bank of America, and Citi, indicating strong institutional confidence in blockchain-based payment systems [6][7] Company Overview - Fnality aims to create a regulated settlement network that connects traditional financial infrastructure with the emerging world of tokenised assets, offering 24/7 real-time settlement and liquidity optimisation [3][10] - The company launched its first payment system, the Sterling Fnality Payment System (£FnPS), in December 2023, recognized as the world's first regulated DLT-based wholesale payment system [4] Funding and Expansion Plans - The Series C funds will be used to expand Fnality's model to other major currencies and enhance interoperability between stablecoins, tokenised deposits, and institutional tokenised assets [5] - The goal is to establish an institutional-grade settlement layer across capital markets, addressing the need for regulated infrastructure anchored in central bank money [10] Industry Impact - Industry leaders view Fnality as a critical foundation for the tokenised markets, with its systems modernising market structures for faster and more efficient operations [6][8] - The support from a diverse group of institutional investors highlights the growing confidence in blockchain-based wholesale payment systems and their potential to transform financial market infrastructure [7][8] Future Outlook - Fnality's success hinges on balancing innovation with compliance, as each payment system must be supervised by its respective central bank, adding credibility and requiring regulatory collaboration [12] - As financial markets trend towards tokenisation, the demand for settlement layers that combine central bank trust with blockchain speed is expected to increase, positioning Fnality as a foundational element in the future of global finance [13]

Core Insights - Fold is launching a Visa credit card powered by Stripe Issuing that offers bitcoin rewards on every purchase, leading to a significant increase in its share price during pre-market trading [1] - The card provides up to 3.5% back on spending, with 2% unlimited instantly and an additional 1.5% for customers who pay balances from a Fold checking account with qualifying activity [2] - Fold has processed $3.1 billion in transaction volume and distributed $83 million in bitcoin rewards to date, with over 500,000 active users [3] Company Developments - Fold's new credit card is part of its consumer suite, which includes banking, custody, exchange, and debit services [3] - The company has transitioned from a bitcoin gift card business to a crypto rewards model since 2019 [3] Industry Trends - Stripe has expanded its crypto initiatives, including partnerships that allow Shopify merchants to accept USDC, indicating a growing trend in fintech bridging traditional payments and blockchain [4] - Visa reported an estimated $1 billion in annualized stablecoin settlement volume, highlighting the increasing competition in payments-linked digital asset rewards [5] Market Reaction - Fold shares initially rose over 23% in pre-market trading but fell about 10% to $3.46 by mid-afternoon, reflecting challenges in maintaining momentum in the U.S. fintech sector [6]

Group 1 - The company has provided a robust growth outlook for Q1 and the full year of 2026, with specific guidance metrics outlined [1][2] - For Q1, the company anticipates a high end growth of 37% in Gross Merchandise Volume (GMV) and 43% growth in transaction profit [2] - The adjusted operating income margin is projected to be between 23% to 25%, while the GAAP operating income margin is expected to range from 1% to 3% for the quarter [3] Group 2 - The company is establishing a floor for GMV for the full year, following a similar approach taken in previous years [3]

Core Insights - Both OppFi Inc. (OPFI) and Futu Holdings Limited (FUTU) are significant players in the fintech sector, with OPFI focusing on credit access for the underbanked and FUTU providing online brokerage and wealth management services [1] Summary of OppFi - OPFI targets the underbanked demographic, addressing their challenges in accessing credit from traditional banks [2] - In Q2 2025, OPFI reported a 12.8% year-over-year growth in revenue and a 13.8% increase in total net originations, driven by a customer-first and dynamic pricing strategy [3] - The company’s AI and machine learning-based Model 6 improved the loan auto approval rate to 80% from 76% year-over-year, enhancing service quality [3] - OPFI's credit quality strategy led to high customer satisfaction scores, with a net promoter score of 79 and a customer satisfaction score of 89% [4] - The company raised its 2025 revenue guidance to $578-$605 million and adjusted net income guidance to $125-$130 million [5] - Estimates indicate a 49.5% growth in EPS for OPFI in 2025 [9] Summary of Futu Holdings - FUTU operates as a fully digital platform with low fees, competing against traditional brokerage services [6] - In Q2 2025, FUTU experienced a 69.7% year-over-year revenue increase and a 1570-basis-point rise in operating margin [6] - Growth factors included increased funded accounts, robust trading volumes, and a 98% client retention rate [7] - AI plays a crucial role in FUTU's strategy, with tools like Futubull AI and moomoo AI enhancing global reach and investment offerings [8] - Total assets under management surged by 104.4% year-over-year as of Q2 [9] - Estimates suggest a 64.5% growth in EPS for FUTU in 2025 [13] Comparative Analysis - OPFI trades at a forward earnings multiple of 7.95, lower than its median of 8.55, while FUTU trades at 18.81, above its median of 15.87 [14] - OPFI is considered a smarter buy due to its focus on the underbanked market and competitive edge in credit access [16] - Despite both companies being fundamentally strong, OPFI's discounted valuation presents a more attractive opportunity for growth-focused investors [17]

Group 1 - Citigroup has adjusted its rating for Robinhood to Neutral and raised the price target from $120 to $135 [1][6] - The Federal Reserve's interest rate cuts have positively impacted the financial sector, benefiting Robinhood's business model [2][6] - Robinhood is experiencing an increase in new account openings, capital inflows, and trading activity, indicating strong financial momentum [3][5] Group 2 - Robinhood's stock is currently trading at $124.89, with a market capitalization of approximately $111 billion and a trading volume of 33.1 million shares [4][6] - Over the past year, Robinhood's stock has seen a significant increase from a low of $22.05, reflecting strong market confidence [5][6] - The recent trading activity has marked a new high for Robinhood's stock price over the past year, indicating robust performance in the current economic conditions [4][5][6]