Core Insights - Strategy, led by Michael Saylor, has expanded its Bitcoin treasury by acquiring an additional 390 BTC for $43.4 million, averaging $111,117 per Bitcoin [1] - The total Bitcoin holdings of Strategy now stand at 640,808 BTC, with an aggregate purchase price of $47.44 billion and an average purchase price of $74,032 per Bitcoin [2] Funding Mechanism - The recent Bitcoin purchases were funded through proceeds from Strategy's At-The-Market (ATM) equity programs, raising a total of $43.4 million [3] - Strategy has utilized its ATM offerings to generate capital for Bitcoin acquisitions without incurring additional debt, with access to over $46 billion in potential issuance capacity [4] Investment Philosophy - The approach aligns with Saylor's long-term thesis of using equity capital to accumulate Bitcoin as a superior store of value, minimizing balance-sheet risk while increasing exposure to Bitcoin [5] - Michael Saylor maintains a strong conviction in Bitcoin as "digital property" and "the ultimate treasury reserve asset," positioning Strategy as the largest corporate holder of Bitcoin globally, representing over 3% of Bitcoin's total circulating supply [6] Strategic Vision - Strategy is advancing its "Bitcoin-as-a-Service" vision, providing software, analytics, and capital markets infrastructure to institutions exploring digital assets [7] - The latest purchase reinforces the belief that Bitcoin will outlast inflation and outperform traditional assets, positioning it as a cornerstone of a new global financial paradigm as the next halving cycle approaches in 2026 [8]

Core Insights - Ripple has successfully completed the acquisition of Hidden Road, rebranding it as Ripple Prime, positioning itself as a pioneer in the crypto industry by owning a multi-asset prime broker [2][3] - The acquisition is expected to enhance institutional adoption of digital assets, leveraging synergies between Ripple's existing infrastructure and Ripple Prime's services [3][4] - Ripple aims to improve the utility of its stablecoin, RLUSD, which is gaining traction among derivatives clients and is backed by regulatory compliance [5] Group 1 - Ripple's acquisition of Hidden Road provides a comprehensive suite of services including clearing, prime brokerage, and financing across various asset classes [1] - Ripple Prime's business has shown steady growth since the acquisition announcement, with forecasts indicating further expansion for both new and existing clients [3] - The integration of Ripple's digital asset infrastructure with Ripple Prime is expected to enhance operational efficiency and reduce costs through DLT/blockchain capabilities [4] Group 2 - Ripple has made several strategic acquisitions in recent years, including GTreasury, Standard Custody, and Metaco, all aimed at enhancing technology and operational controls [6] - The collaboration between Ripple and Hidden Road's leadership is focused on seamless integration throughout the year, indicating a strong commitment to the success of Ripple Prime [7]

Core Viewpoint - XRP has experienced a significant decline in value over the past 90 days, dropping 34% from a 52-week high of $3.65 to $2.40, underperforming compared to Bitcoin and Ethereum [1][7] Group 1: Catalysts for Potential Price Increase - The imminent launch of new spot XRP exchange-traded funds (ETFs) is expected to drive up XRP's price, with several investment firms having pending applications with the SEC [3] - The federal government shutdown has disrupted the review process for these ETFs, causing investor sentiment towards XRP to sour as the anticipated influx of new capital is now on hold [4] - The emergence of new digital asset treasury companies that focus on acquiring and holding XRP has been noted, with companies like VivoPower International raising significant funds to accumulate XRP [6][8] Group 2: Market Dynamics - The expectation is that the approval of spot ETFs will mirror the price surge seen with Bitcoin ETFs, although XRP does not have the same level of investor appeal [5] - The buying activity from digital asset treasury companies is anticipated to create a new source of constant demand for XRP, potentially supporting its price in the long term [8]

What You'll Learn Market Overview Following last week's update, expectations for further monetary easing continue to strengthen. We now anticipate 25 basis points of cuts in October and an additional 50 basis points in December. The latest CPI print of 0.3% month-on-month, below the 0.4% consensus, suggests that tariffs are having only a modest inflationary effect. However, the ongoing U.S. government shutdown has effectively frozen most macroeconomic data releases, leaving investors to rely heavily on this ...

Core Insights - Solana Company (Nasdaq: HSDT) has expanded its digital asset treasury operations by partnering with staking providers Twinstake and Helius, holding over 2.2 million SOL worth approximately $396 million [1] - The company has transitioned from developing medical devices to focusing on a Solana-based treasury strategy to stabilize its finances after a significant stock price decline [2] - HSDT's shares have experienced a dramatic drop of over 96% in six months, with a recent 6.4% decline to $6.25 [3] Company Strategy - HSDT aims to leverage its public listing to provide regulated market exposure to the Solana network, adopting its new strategy on September 15 [2] - The new agreements with Twinstake and Helius are intended to enhance institutional infrastructure for staking, voting, and reporting, positioning HSDT as a pioneer in direct staking of Solana through regulated channels [3][4] Financial Developments - The company recently completed a $500 million private raise led by Pantera Capital and Summer Capital to fund its SOL token accumulation [5] - Following the opening of resale for private investors, HSDT's share price dropped by 22% as previously restricted stock became tradable [5] Market Context - The interest in Solana-focused treasury firms is reflected in the recent acquisition of a 4.5% stake in DeFi Development Corp. by billionaire Ken Griffin, indicating ongoing investor interest in the sector [6]

Core Insights - GGBR Inc. has officially launched the Goldfish gold-backed stablecoin, which aims to provide liquidity, physical redemption options, and real-time price stability through proof-of-reserve oracles [1][3] Company Overview - GGBR Inc. is a Wyoming-based digital assets company focused on launching the Goldfish gold-backed stablecoin, designed for stability, transparency, and accessibility [5] - The company aims to democratize access to gold as an asset class, leveraging technology for micro-fractional ownership and seamless liquidity for global investors [5] Product Details - Each Goldfish token (GGBR) is backed by 1/1000th of a troy ounce of LBMA-priced gold, with a collateral coverage ratio of 5:1 through ION's gold-backed assets [2] - The Goldfish platform allows users to buy, hold, and redeem tokenized gold, featuring real-time proof-of-collateral verification [3] Strategic Partnerships and Future Plans - The launch follows a strategic partnership with I-ON Digital Corp., a leader in real-world asset digitization and gold-backed digital securities [1][2] - Future plans for Goldfish include expanding multi-chain interoperability, integrating with leading DeFi platforms, and increasing market exposure through listings on various centralized exchanges [4]

Core Insights - The United States is refining its digital asset frameworks, while jurisdictions like Singapore and the British Virgin Islands (BVI) are showcasing how balanced regulation can foster innovation and investment [1][4] - Many clients are relocating to the BVI from Europe due to the burdensome regulations under MICA, and there is also an influx of businesses from the US as the previous administration largely ignored crypto [2] - The Trump administration's enactment of the GENIUS Act marked a turning point for digital asset regulation in the US [2] Regulation and Market Dynamics - The focus on stablecoins is seen as a priority for US regulators, driven by pressure from large companies like Amazon, which is developing its own stablecoin [3] - The existing US security legislation is viewed as a benchmark for offshore jurisdictions, indicating a desire for compliance and best practices [3] - The BVI looks to Singapore as a model for regulatory and tourism improvements, emphasizing the need for the US to keep pace with global advancements in digital asset regulation [4]

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 - Galaxy Digital Inc. reported a net income of $505 million for Q3 2025, with diluted earnings per share at $1.01, and adjusted EBITDA of $629 million, driven by the Digital Assets division [1][2] - The company experienced a 140% increase in digital asset volumes from Q2, contributing significantly to the profit increase [2] - Total platform assets reached $17 billion, with $8.8 billion in assets under management and $6.6 billion under stake, alongside $1.9 billion in cash and stablecoins [3] Financial Performance - The Global Markets segment achieved a record adjusted gross profit of $295 million, supported by strong spot and derivatives trading, including a $9 billion Bitcoin sale of approximately 80,000 BTC [2] - The asset management and infrastructure solutions departments generated $23 million in adjusted gross profit, attributed to over $2 billion in net inflows into alternatives and ETFs [5] - New digital asset mandates from treasury clients added $4.5 billion in assets, leading to annual recurring fee revenue exceeding $40 million [6] Strategic Developments - Galaxy's Helios Data Center in West Texas is progressing towards operational readiness in 2026, fully leased to CoreWeave for up to 800 MW of capacity, aligning with the company's long-term growth strategy [4] - The recent launch of the GalaxyOne platform in October provides individual US investors access to high-yield cash, cryptocurrency, and equity trading [6] Market Reaction - Following the Q3 report, Galaxy Digital's shares increased by more than 6% within 24 hours, with a trading volume of 16,874,909 shares, reflecting strong market performance in 2025 with an 82.55% year-to-date increase [7]

2 GALAXY Investor.galaxy.com Q3 · 25 As of September 30, 2025 1 GALAXY Disclaimer This document, and the information contained herein, has been provided to you by Galaxy Digital Inc . and its affiliates ("Galaxy Digital" or "Galaxy") solely for informational purposes . This document may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Galaxy Digital .Neither the information, nor any opinion contained in this document, constitutes an offer to buy ...