Key Takeaways Galaxy Digital shares fell 14% after Q3 results amid a broader cryptocurrency market sell-off. GLXY posted Q3 earnings of $1.12 per share, reversing a prior-year loss and beating estimates by 194.74%. Revenues climbed 231.4% year over year to $28.4B, driven by strong Digital Assets and Treasury performance. Galaxy Digital (GLXY) shares have lost 14% since the company reported third-quarter 2025 results on Oct. 21. The broader cryptocurrency market has experienced a sell-off, which has put down ...

Core Insights - FRMO Corp. reported a net loss of $15.9 million for the first quarter of fiscal 2026, a significant decline compared to a net income of $34.5 million in the same quarter of the previous year [4][5]. Financial Highlights - Total book value as of August 31, 2025, was $590.4 million, down from $651.2 million at the end of the previous fiscal year [2]. - Equity attributable to shareholders was $337.2 million ($7.66 per share) as of August 31, 2025, compared to $353.0 million ($8.02 per share) at the end of the previous fiscal year [2]. - Current assets decreased to $409.4 million from $471.8 million, while total liabilities decreased to $58.7 million from $62.2 million [3]. Income Statement Overview - Total revenue for the quarter was a loss of $62.3 million, compared to a revenue of $111.2 million in the same quarter of the previous year [13]. - Unrealized losses from equity securities amounted to $58.1 million, contrasting with unrealized gains of $88.4 million in the prior year [13]. - The diluted loss per share was $0.36, compared to a diluted income per share of $0.78 in the same quarter of the previous year [13]. Investment and Ownership Structure - The company held a 21.80% equity interest in Horizon Kinetics Hard Assets LLC as of August 31, 2025 [8]. - FRMO owns 4.42% of Horizon Kinetics Holding Corporation and earns advisory fees primarily from this entity [8]. Future Outlook - The company is exploring new ways to expand its digital assets mining operations, indicating a focus on growth despite current losses [7].

Core Viewpoint - The U.S. Securities and Exchange Commission (SEC) has indicated it will not take enforcement action against registered investment advisors and crypto fund issuers for using state-chartered trusts to hold digital assets, signaling a shift towards a more accommodating regulatory environment for the crypto industry [1][4]. Group 1: SEC Guidance and Implications - The updated guidance from the SEC's Division of Investment Management allows more organizations, including affiliates of major crypto firms like Coinbase and Ripple, to act as custodians for digital assets [2]. - The SEC's letter clarifies that as long as certain criteria are met, registered advisors and regulated funds can treat state trust companies as banks for the custody of crypto assets and related cash [3]. - This marks a departure from the previous regulatory stance under former Chair Gary Gensler, who aimed to restrict the types of organizations that could hold digital assets [4]. Group 2: Regulatory Framework and Responsibilities - The Investment Advisers Act of 1940 mandates that advisors must maintain client assets with qualified custodians, which crypto advocates have leveraged to broaden crypto initiatives [5]. - Although the SEC's letter does not constitute a formal rule, it emphasizes that advisors must ensure registered trusts are authorized by banking authorities to provide crypto custody services and have adequate policies for asset protection [5]. - Custodial agreements must stipulate that trusts cannot use client funds without consent and that crypto assets will be kept separate from the trust's own assets [6].

Core Points - A group of Republican lawmakers expressed support for the Trump administration's initiative to allow alternative assets, including cryptocurrencies, in 401(k) plans [1][2][6] - The lawmakers believe that this executive order could enhance Americans' retirement savings and have urged the SEC to collaborate with the Labor Department to revise regulations for better accessibility [2][6] - The executive order aims to provide access to alternative investments, potentially benefiting 90 million Americans currently restricted from such options [9] Legislative Support - House Financial Services Committee Chairman French Hill and Subcommittee on Capital Markets Chair Ann Wagner, along with seven other GOP lawmakers, wrote to SEC Chairman Paul Atkins in support of the initiative [1][6] - The letter emphasized the importance of allowing access to alternative assets to improve net risk-adjusted returns for retirement savings [3][6] Executive Order Details - Trump's executive order opens 401(k) plans to various alternative assets, including private market investments, real estate, digital assets, commodities, infrastructure projects, and longevity risk-sharing pools [9][10] - The Labor Department has issued an advisory opinion affirming that lifetime income investment options qualify as a default investment alternative under the Employee Retirement Income Security Act [12][14] Implementation Steps - The SEC is encouraged to expedite assistance to the Labor Department and revise its regulations to facilitate access to alternative assets in participant-directed defined-contribution retirement plans [6][12] - Labor Secretary Lori Chavez-DeRemer stated that the Department of Labor is actively working to implement the executive order, providing plan fiduciaries with more flexibility in designing retirement investment strategies [14]

Core Insights - The U.S. and U.K. have launched a joint Transatlantic Taskforce to enhance cooperation on capital markets and digital assets [1][2] - The task force aims to develop oversight approaches for digital assets and explore opportunities in wholesale digital markets [2][4] - The initiative emphasizes the importance of aligning regulatory frameworks as technology transforms financial markets [3] Group 1: Taskforce Objectives - The task force will report within 180 days, providing recommendations in consultation with the private sector [2] - Short-term measures will focus on facilitating cross-border use cases, while long-term strategies will aim to advance digital market infrastructure [4] Group 2: Industry Implications - The collaboration is seen as a validation of the digital assets industry, promoting higher standards of transparency and accountability [5] - The initiative may set a global benchmark for other jurisdictions if they choose to follow this structured collaboration [5]

Company Overview - BitGo's revenue nearly quadrupled in the first half of 2025, reaching $4.19 billion, compared to $1.12 billion in the same period the previous year [1][4] - The company reported a profit of $12.6 million for the six months ended June 30, down from a profit of $30.9 million a year earlier [4] - BitGo is one of the largest crypto custody firms in the U.S., founded in 2013, and has gained importance as institutional interest in crypto grows [3] Market Context - The U.S. IPO market is expected to be one of the busiest since 2021, with crypto firms leading the way [1] - Recent successful debuts of companies like Circle, Bullish, and Figure have demonstrated strong investor appetite for digital assets [2] - There is a growing acceptance of digital assets as a legitimate asset class rather than merely speculative instruments [3] Future Plans - BitGo intends to list on the New York Stock Exchange under the symbol "BTGO" [4] - Goldman Sachs and Citigroup are the lead underwriters for BitGo's upcoming IPO [4]

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Company Overview & Strategy - Bullish is an international crypto exchange, similar to Coinbase, offering buying and selling of digital assets, and owns media assets like CoinDesk [1] - Bullish focuses on markets outside the US, with a potential opportunity to enter the US market where competition may be less intense [2] - Bullish is more focused on serving institutional clients, such as market makers and algorithmic traders, differentiating it from Coinbase which historically focuses more on retail users [4] Market Dynamics & Opportunities - Institutional penetration in the crypto market has more runway for growth compared to retail, as institutions historically lacked access to crypto exchanges [3] - Equity markets have pent-up demand for crypto companies, as historically equity investors had limited exposure [8] - Several companies have confidentially filed for IPOs, indicating continued interest in the crypto space [9] Competitive Landscape & Pricing - International markets are highly competitive with companies like Binance and OKX, leading to razor-thin fee rates compared to the US [6] - Bullish has been able to grow while competing on pricing, and maintaining a low-cost provider aspect within the US is crucial [6] Valuation & Risks - Valuations for some crypto companies are extended compared to historical levels, suggesting potential for correction [13] - Incumbent financial companies like Stripe, JP Morgan, and Bank of America entering the blockchain industry could impact the moat of larger crypto companies [15] - Circle's stock is trading at over 80 times next year's EBITDA, a wide premium compared to other crypto companies [14] Stablecoin & Investment Strategy - Bullish plans to invest proceeds in stablecoins into the Solana ecosystem to help increase liquidity [17]

Digital Asset Investment Opportunities - Crypto.com Exchange VIP Programme offers secure exposure to digital assets for investor advisors [1] - The program aims to elevate client offerings in the digital asset space [1] Institutional Services - Institutional-grade security is provided [1] - Seamless on- and off-ramps are available in USD, EUR, and AED [1] - Bespoke white-glove service is offered [1] - Direct technical support is available around the clock [1] VIP Programme Benefits - VIP tier two members receive 0% maker fees [1] - Exclusive invites to global VIP events are provided [1] - Additional rewards are available through affiliate and referral programs [1]

Group 1 - Top Win International Limited has partnered with Simon Gerovich and KCGI for a planned investment in SGA Co., Ltd, which has received board approval for a third-party share issuance to this consortium [1][2] - Upon completion of the investment, the consortium will become the largest shareholder of SGA Co., Ltd, with proceeds aimed at strategic asset acquisitions and general corporate purposes [2] - SGA Co., Ltd plans to leverage the consortium's global network and expertise to pursue new initiatives in the digital asset space while maintaining its core business operations [2] Group 2 - Top Win International Limited specializes in the trading, distribution, and retail of luxury watches and has recently ventured into the Web3 ecosystem and digital assets as part of its future business direction [3]