Catch Scott Lucas, Managing Director, Head of Markets Digital Assets from J.P. Morgan at Solana Breakpoint on Day 3. https://t.co/tRdRI2bOqe ...

asia crypot, digital asset asia, apac, sygnum. Photo by BeInCrypto According to a recent report, 87% of surveyed high-net-worth individuals (HNWIs) in Asia hold digital assets, and 60% plan to increase allocations. This reveals a maturing digital asset space across the region. Wealthy investors in key markets are increasingly viewing crypto as an essential component of their portfolios. Digital Asset Adoption Accelerates Among Asian Wealthy Investors The findings come from Sygnum’s APAC HNWI Report 202 ...

Crypto asset manager CoinShares said digital assets are shifting from an outside-the-system experiment to a core layer of financial infrastructure as large institutions build on public blockchains. In its 2026 Digital Asset Outlook published Monday, the investment firm argued that the next phase will be defined by convergence, not disruption, dubbing it “hybrid finance” — crypto rails merging with traditional finance to create new market plumbing. “Digital assets are no longer operating outside the tradi ...

Core Insights - Major market shifts begin with foundational changes that lead to the reorganization of previously independent industries [1] Industry Summary - The article emphasizes that foundational changes in the market are catalysts for significant shifts across various industries [1]

Core Insights - ThreeD Capital Inc. reported its unaudited quarterly results for the three months ending September 30, 2025, highlighting a focus on opportunistic investments in junior resources and disruptive technologies [1][5] Financial Performance - As of September 30, 2025, the company had cash, investments, and digital assets totaling $26.5 million [1] - The net asset value per share decreased to $0.31 from $0.40 as of June 30, 2025 [2] - Financial highlights for the three months ended September 30, 2025, include: - Net investment and digital assets losses of $1,952,447 compared to losses of $118,701 in the same period of 2024 - Operating, general, and administrative expenses of $995,799, slightly down from $1,043,448 in 2024 - A net loss for the period of $2,827,082, contrasting with a net income of $1,098,580 in 2024 - Total comprehensive loss for the period was $2,827,455 compared to a comprehensive income of $1,098,329 in 2024 - Basic and diluted loss per common share was $0.03, up from $0.02 in 2024 [2] Asset and Liability Overview - As of September 30, 2025, the company reported: - Cash of $62,341, a significant increase from $5,286 - Investments at fair value of $22,431,320, down from $25,603,448 - Digital assets at fair value less cost to sell of $3,977,195, up from $3,214,059 - Total assets of $29,662,332, down from $31,429,715 - Total liabilities of $899,984, down from $977,781 - A deficit of $129,408,687, compared to $126,581,605 [2] Strategic Focus - The company emphasized its strategy of increasing investments in digital assets, noting that key digital token holdings have been rising in value [2]

Core Insights - Bitwise Chief Investment Officer Matt Hougan emphasizes the mispricing of Digital Asset Treasury Companies (DATs) and the need for investors to look beyond simple crypto holdings to understand their valuation [1][2] Group 1: Valuation Challenges - DATs currently manage over $130 billion in digital assets, acting as crucial intermediaries between traditional capital markets and cryptocurrency [1] - The unique financial dynamics of DATs create new valuation challenges that differentiate them from other investment vehicles [1] Group 2: Reasons for Discounted Valuation - Hougan identifies three primary reasons why most DATs trade at a discount, including operational expenses and market risks [3] - An example provided illustrates that $100 of Bitcoin minus $10 of expenses per share results in a 10% discount [3] - The certainty of reasons for discounted trading contrasts with the uncertainty of factors that could lead to premium trading [3] Group 3: Strategies for Premium Valuation - Some DATs can achieve premium valuations by increasing crypto-per-share through specific strategies [4] - Scale is highlighted as a structural advantage, allowing larger DATs to access debt more easily and capitalize on lending and M&A opportunities [4] Group 4: Factors Affecting Valuation - Illiquidity leads investors to demand a 5–10% discount if assets are not immediately accessible [5] - Operational costs and executive compensation directly impact the value of DATs [5] Group 5: Growth Strategies - Issuing debt to purchase crypto can enhance per-share holdings if prices rise [6] - Lending crypto generates interest, compounding the assets held by the company [6] - Utilizing derivatives can create additional assets, although it may limit potential upside [6] - Acquiring undervalued assets or repurchasing shares can efficiently increase crypto-per-share [6]

Core Insights - Franklin Resources (BEN) is actively expanding through acquisitions and partnerships to enhance its alternative investments and multi-asset solutions offerings [2][11] - The acquisition of Apera Asset Management significantly increased BEN's alternative credit assets under management (AUM) by over $90 billion, bringing total alternative asset strategies to nearly $270 billion as of September 30, 2025 [3] - The company is focusing on higher-growth asset classes, particularly alternatives, to capture incremental flows and support long-term AUM expansion [7] Strategic Acquisitions and Partnerships - In October 2025, Franklin Resources completed the acquisition of Apera Asset Management, enhancing its position in the alternative credit market [3] - In September 2025, Franklin partnered with Copenhagen Infrastructure Partners, DigitalBridge, and Actis to expand its private infrastructure platform [4] - In July 2024, Franklin collaborated with SBI Holdings to enter the ETF and digital assets space, targeting younger investors [5] - The acquisition of Putnam Investments in January 2024 boosted Franklin's defined-contribution AUM above $100 billion [5] Market Position and Competitiveness - Franklin's strategic moves have strengthened its presence in the separately managed account (SMA) market and expanded its capabilities across private debt, real estate, hedge funds, and private equity [6] - The company's focus on alternatives aligns with industry trends, enhancing its competitive positioning and potential for sustained revenue growth [7] - Peers like BlackRock and T. Rowe Price are also pursuing similar inorganic growth strategies through acquisitions and partnerships [8][12] Financial Performance and Valuation - Franklin's shares have increased by 1.7% over the past three months, contrasting with an 18.2% decline in the industry [14] - The company trades at a forward price-to-earnings (P/E) ratio of 8.71X, below the industry average of 13.98 [16] - The Zacks Consensus Estimate indicates year-over-year earnings growth of 12.6% and 12.5% for 2026 and 2027, respectively, although recent estimates have been revised downward [18]

Core Insights - The fifth annual Palm Beach CorpGov Forum took place on November 5-6, featuring discussions on corporate governance, activism, IPOs, private equity, and venture capital [1] - The event attracted over 300 attendees, including institutional investors, board directors, family offices, attorneys, investment bankers, and key advisors [3] Digital Assets Discussion - Panelists discussed the functioning of digital assets, recent regulatory changes that enhance coin stability, and the simplification of debt through bond conversion [2] - Topics included managing volatility and risk, the future of the internet, and the market structure for digital assets [2] Speaker Lineup - Keynote speaker was Josh Frank, Partner and Co-Investment Officer at Trian Fund Management, with other notable speakers from various sectors including technology finance and corporate governance [4][5][6] - The diverse lineup included professionals from investment firms, legal practices, and educational institutions, highlighting the interdisciplinary nature of the discussions [4][5][6]

Core Insights - Galaxy Digital (GLXY) shares have declined 14% since the company reported its third-quarter 2025 results on October 21, amid a broader sell-off in the cryptocurrency market [1][8] - In Q3 2025, GLXY reported earnings of $1.12 per share, a significant improvement from a loss of $0.10 per share in the same quarter last year, exceeding the Zacks Consensus Estimate by 194.74% [1][8] - Revenues reached $28.4 billion, marking a 231.4% year-over-year increase and surpassing the consensus estimate by 43.12% [1][8] Financial Performance - Adjusted gross profit for Q3 2025 was $728 million, a 143% increase from $299 million in Q2 2025 [3] - The Digital Assets segment reported an adjusted gross profit of $318 million, up 345% sequentially from $71.4 million [3] - Operating expenses rose 227% year over year to $28.67 billion, while general and administrative expenses decreased slightly [4] - Net income for the quarter was $505 million, a substantial increase from a loss of $33.3 million in the prior year, representing a 1,546% sequential increase [4] EBITDA and Cash Position - Galaxy Digital achieved an adjusted EBITDA of $629 million in Q3 2025, a 198% increase compared to $211 million in Q2 2025 [5] - As of September 30, 2025, the company had cash and cash equivalents of $1.13 billion, up from $691.3 million as of June 30, 2025 [6] - Total equity reported was $3.2 billion, with holdings of $1.9 billion in cash and stablecoins [6] Market Performance - Year-to-date, Galaxy Digital shares have gained 63.8%, outperforming the Zacks Finance sector's return of 12.8% [2]

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].