Core Insights - Bitcoin has reached the anticipated $100,000 mark before experiencing a decline, with many cryptocurrencies losing value over the past year despite 2025 being a significant year for digital assets [1] - The focus for the crypto industry in 2026 is expected to shift from price cycles to structural developments, driven by regulatory clarity and institutional participation [2][8] Regulatory Developments - Positive regulations in the U.S., including the passage of the Clarity Act and the implementation of the EU's MiCA framework, are anticipated to act as growth catalysts for the crypto space in 2026 [2][3] - The U.S. is expected to create a regulated environment that enhances dollar dominance, transforming digital assets into a fully integrated asset class [4][5] - The GENIUS Act is expected to provide clarity on stablecoins, which will facilitate institutional participation in the crypto market [8] Market Trends - There is a consensus that growth in the crypto market will come from infrastructure developments, particularly those that enable safe investment in yield-bearing cryptocurrencies [9][10] - Projects that focus on liquidity infrastructure and yield strategies are predicted to attract significant institutional and retail investment [11] Emerging Themes - Key themes for investors in 2026 include the rise of prediction markets, the launch of a euro stablecoin by a consortium of European banks, and the convergence of identity and payments through blockchain technology [13][14] - The integration of open-source AI on-chain is expected to gain traction, providing a competitive edge over closed models [14] Industry Challenges - The crypto industry still faces challenges in educating the public about its value proposition compared to traditional financial services [15] - There is a need for applications that demonstrate real usage and value creation to drive adoption and retention in the market [16][17] - The success of projects in 2026 will depend on their ability to merge utility and scalability with real-world relevance [18]

qivalis consortium of 10 european banks with €4.5t in assets launching euro stablecoin h2 2026. bnp paribas, ing, unicredit serving 200m customers directly. circle's usdc faces first real competition from tradfi using crypto rails not fighting them. euro stablecoins capturing 25% of market proportional to gdp means $15b headwind for usdc growth. banks learned they can't kill crypto so they're building it ...

🚨JUST IN: NINE EUROPEAN BANKS INCLUDING ING, UNICREDIT, AND CAIXABANK TEAM UP TO LAUNCH A MICA-COMPLIANT EURO STABLECOIN BY H2 2026 ...

Financial Data and Key Metrics Changes - In Q2, the company generated $299 million in adjusted gross profit, with a GAAP net income of $31 million, reflecting a significant increase in equity capital to $2.6 billion, up more than $700 million quarter over quarter [15][17][19]. - The firm-wide adjusted EBITDA for Q2 was $211 million, with total operating expenses of $133 million [17]. - The company recorded a negative mark to market adjustment of $125 million due to stock price performance, which will not impact future quarters following the reorganization [17][19]. Business Line Data and Key Metrics Changes - The digital assets segment generated $71 million in adjusted gross profit, a 10% increase quarter over quarter, despite a 30% decline in industry-wide spot crypto trading volumes [15][20]. - The Global Markets business saw adjusted gross profit rise to $55 million from $43 million in Q1, while the asset management segment generated $16 million in adjusted gross profit, down from $22 million in Q1 [15][20][21]. - The data center segment is not expected to report financial results until 2026, as expenditures are being capitalized [15][16]. Market Data and Key Metrics Changes - The company reported a 20% decline in its crypto trading volumes, outperforming the overall market [20]. - The asset management business ended the quarter with nearly $9 billion in total assets under management, reflecting market appreciation and organic growth [21]. - The company experienced approximately $175 million in net inflows in the asset management segment, driven by venture fund and treasury management solutions [21]. Company Strategy and Development Direction - The company is focused on long-term growth, with plans to build out its data center capacity to 3.5 gigawatts, positioning itself as a major player in the AI and HPC data center market [9][39]. - The firm is actively pursuing partnerships with over 20 digital asset treasury companies, providing integrated solutions across trading, asset management, and advisory services [24][25]. - The company aims to bridge traditional finance and digital assets, investing in technology and product innovation to capitalize on emerging market opportunities [26]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting July as the best month in the company's history, with all business lines performing well [6][11]. - The management noted the importance of regulatory clarity and the potential for significant growth in the digital asset ecosystem as traditional finance integrates with digital currencies [26]. - The company is preparing for a future where digital currencies replace traditional currencies, with expectations of increased demand for non-US dollar stablecoins over time [45]. Other Important Information - The company completed its domestication and reorganization in the U.S., listing on NASDAQ and raising nearly $500 million in common equity capital [14][15]. - The firm announced the acquisition of 160 acres of land adjacent to its Helios campus, which could provide additional power capacity [28][39]. Q&A Session Summary Question: Outlook for growth of non-US dollar stablecoins - Management expects limited short-term growth for non-US dollar stablecoins, but sees long-term potential as digital currencies replace traditional currencies [45]. Question: Update on expected financing cost range for project debt - The expected yield for Phase one financing is projected to be in the 10% to 11% range, with ongoing negotiations for Phase two financing [46][48]. Question: Conversations with hyperscalers and AI adjacent companies - Management indicated strong demand from hyperscalers, with ongoing discussions about power delivery timelines extending into 2027 and beyond [52][55]. Question: Competitive environment for treasury companies - The company is seeing a significant number of opportunities in the treasury space, with expectations of saturation in the market but potential for existing companies to grow substantially [92].

Financial Data and Key Metrics Changes - In Q2 2025, the company generated $299 million in adjusted gross profit, with a GAAP net income of $31 million, reflecting a significant increase in equity capital to $2.6 billion, up more than $700 million quarter over quarter [13][15][16] - The firm-wide adjusted EBITDA for Q2 was $211 million, with total operating expenses of $133 million [15][16] - The company recorded a negative mark to market adjustment of $125 million due to stock price performance, which will not impact future quarters following the reorganization [15][16] Business Line Data and Key Metrics Changes - The digital assets segment generated $71 million in adjusted gross profit, a 10% increase quarter over quarter, despite a 30% decline in industry-wide spot crypto trading volumes [13][17] - The Global Markets business saw adjusted gross profit rise to $55 million from $43 million in Q1, while the asset management segment generated $16 million in adjusted gross profit, down from $22 million in Q1 [13][17][19] - The data center segment is not expected to report financial results until 2026, with all expenditures currently capitalized [14] Market Data and Key Metrics Changes - The company reported a 20% decline in its crypto trading volumes, outperforming the overall market [17] - The asset management business ended the quarter with nearly $9 billion in total assets under management, reflecting market appreciation and organic growth [19] - The company experienced approximately $175 million in net inflows during the quarter, driven by its venture fund and treasury management solutions [19] Company Strategy and Development Direction - The company is focused on long-term growth, with plans to build out its data center capacity to 3.5 gigawatts, positioning itself as a major player in the AI and HPC sectors [7][36] - The firm is actively pursuing partnerships with over 20 digital asset treasury companies, providing integrated solutions across trading, asset management, and advisory services [22][23] - The management emphasized the importance of regulatory clarity and technological investment to bridge traditional finance and digital assets [23] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the future, highlighting July as the best month in the company's history, with all business lines performing well [5][9] - The CEO noted the importance of upcoming regulatory developments and the potential for significant growth in the digital asset space [8][23] - The management acknowledged the challenges posed by market volatility but remains committed to disciplined growth and capital management [16][23] Other Important Information - The company announced the successful completion of its NASDAQ listing and raised nearly $500 million in common equity capital [12][13] - The firm is expanding its partnership with CoreWeave, which has committed to the full 800 megawatts of power at the Helios Data Center [27][36] - The company is also exploring additional land acquisitions to further enhance its data center capabilities [36] Q&A Session Summary Question: Outlook for growth of non-US dollar stablecoins - Management expects limited short-term growth for non-US dollar stablecoins but sees long-term potential as digital currencies replace traditional currencies [41] Question: Update on expected financing cost range for project debt - The expected yield for Phase one financing is projected to be in the 10% to 11% range, with ongoing negotiations for Phase two [42][43] Question: Conversations with hyperscalers and AI companies - Management reported strong demand from hyperscalers and noted that existing partnerships are progressing well [47][50] Question: Competitive environment for treasury strategies - The company is seeing a significant number of opportunities in the treasury space, with expectations of saturation in new company issuance [90]