Financial Data and Key Metrics Changes - Assets under management (AUM) reached a record $144.5 billion, up 5% from the third quarter and over 30% year-over-year [4] - Adjusted revenues for the quarter were $147.4 million, an increase of 17% from the third quarter and up approximately 33% year-over-year [7] - Adjusted net income for the quarter was $41.2 million, or $0.29 per share, with an adjusted operating margin expanding almost 300 basis points to finish the year at 36.5% [9] Business Line Data and Key Metrics Changes - European-listed products saw AUM increase from $30.7 billion to a record $53.3 billion, supported by over $6 billion of net inflows [5] - U.S. AUM increased to a record $88.5 billion, with $1.4 billion of net inflows for the year, driven primarily by U.S. equity offerings [6] - Digital assets platform AUM reached approximately $770 million at year-end, reflecting strong inflows into the digital money market fund [6] Market Data and Key Metrics Changes - Global AUM today stands at $160.8 billion, up $16 billion or 11% from year-end, driven by favorable market conditions and almost $2 billion of net inflows [7] - Thematic strategies, particularly in metals, saw AUM increase by 83% with more than $1 billion in net inflows [15] Company Strategy and Development Direction - The company aims to deliver differentiated products that perform and persist, focusing on thematic investments and private markets [16][19] - The acquisition of Ceres Partners is expected to add a long-duration, diversifying revenue stream, with AUM growing to about $1.9 billion since the acquisition [18] - The company is committed to maintaining tight expense discipline while investing in growth, demonstrating that margin expansion and investment can coexist [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve financial and business plans, highlighting the importance of organic growth and disciplined execution [14][20] - The company is well-positioned to capture market share in thematic investments, particularly in Europe, and is optimistic about the growth potential in digital assets and private markets [15][19] Other Important Information - The company forecasts a compensation to revenue ratio of 26%-28% for 2026, reflecting planned hires and compensation adjustments [10] - Discretionary spending guidance is forecasted to range from $80 million-$86 million, driven by increased marketing and sales expenses [11] Q&A Session Summary Question: What are the biggest opportunities for WisdomTree in 2026 and 2027? - Management highlighted the success of the European defense fund and the growth in thematic investments, particularly in rare earths and industrial metals, as key opportunities [24][25] Question: What are the major categories for the discretionary spending increase? - The increase is largely driven by marketing and sales-related expenses tied to growth initiatives [31] Question: Is WisdomTree's approach to growing its digital asset base focused on education or capturing existing clients? - The focus is on capturing clients who are already familiar with digital assets and tokenization [52] Question: Can you provide insights on the integration of Ceres and future growth opportunities? - The integration has gone smoothly, and management sees significant synergies and growth potential from the acquisition [61][62]

Core Insights - The market capitalization of yield-bearing, on-chain Treasury products has more than doubled in 2025, exceeding nine billion dollars by December [1][6] - Different tokenized Treasury platforms exhibit varying performance, with some yielding higher returns than others [2][6] Tokenized Treasury Platforms - Tokenized Treasury products can be categorized into two classes: fixed net asset value (NAV) products and floating price tokens [3][4] - Fixed-NAV products, such as traditional money market funds, distribute dividends by issuing new tokens, while floating price tokens automatically accrue yield as underlying assets appreciate [3][4] Treasury Token Returns in 2025 - Among floating-price Treasury tokens, Superstate's USTB achieved the highest yield, with a $1,000 investment growing to $1,038.1, resulting in an annualized return of 4.11% [5] - Yields for various floating-price tokens range from 2.3% to 4.2% [6] Fixed-Price Treasury Tokens - Fixed-price tokenized MMFs and yield-bearing stablecoins have more complex comparisons, with limited data available for year-to-date returns from only a few providers [7] - Adjusted annualized returns for fixed-price Treasury tokens show varying performance, with YLDS at 2.56% and BENJI at 4.0% [9]

RT Ondo Finance (@OndoFinance)Ondo Finance has joined with State Street Investment Management and Galaxy Asset Management to announce plans for SWEEP, a new private tokenized liquidity fund bringing traditional cash management onchain.OUSG, Ondo’s flagship tokenized fund, plans to serve as the lead anchor investor in SWEEP, utilizing the fund to further diversify its reserves and enhance access to 24/7 liquidity for OUSG investors.OUSG holds a diversified basket of institutional tokenized U.S. Treasury fund ...

RT Token Terminal 📊 (@tokenterminal)The largest tokenized funds, ranked by market cap:1. BUIDL @Securitize2. USYC @circle3. JAAA @centrifuge4. USTB @SuperstateInc5. OUSG @OndoFinance6. WTGXX @WisdomTreePrime7. USDY Ondo8. USD0++ @usualmoney9. USCC Superstate10. EUTBL @Spiko_finance https://t.co/wBypbmbA4Z ...

RT Token Terminal 📊 (@tokenterminal)Top 3 tokenized fund deployments, based on market cap:🥇 USYC on @BNBCHAIN, issued by @circle🥈 JAAA on @ethereum, issued by @centrifuge🥉 WTGXX on @ethereum, issued by @WisdomTreeFunds https://t.co/Kb0eC6GMGj ...

Top 3 tokenized fund deployments, based on market cap:🥇 USYC on @BNBCHAIN, issued by @circle🥈 JAAA on @ethereum, issued by @centrifuge🥉 WTGXX on @ethereum, issued by @WisdomTreeFunds https://t.co/Kb0eC6GMGj ...

Real World Assets (RWA) Growth - Token Terminal identifies the fastest growing Real World Assets (RWAs) [1] - The list includes both USD and EUR denominated RWAs [1] Top RWAs by Growth - USCC (Superstate) leads the list of fastest growing RWAs [1] - EURA (Angle Protocol) ranks second in RWA growth [1] - XAUT (Tether) is the third fastest growing RWA [1] - PYUSD (PayPal) is listed as a fast-growing RWA [1] - VBILL (VanEck/Securitize) is among the fastest growing RWAs [1] - USYC (Circle) is identified as a fast-growing RWA [1] - USTB (Superstate) is also on the list [1] - GHO (Aave) is recognized as a fast-growing RWA [1] - RLUSD (Ripple) is included in the list [1] - thBILL (Theo Network) is listed as a fast-growing RWA [1] - EURC (Circle) is identified as a fast-growing RWA [1] - WTGXX (WisdomTree) is among the fastest growing RWAs [1]

Key Issuers & Chains - The report identifies issuers and chains as two 'investable' columns, with Ethereum being present on each row [1] Fastest Growing RWAs (Real World Assets) - USCC from Superstate Inc is identified as the fastest growing RWA [1] - EURA from Angle Protocol is among the fastest growing RWAs [1] - XAUT from Tether is listed as a fast-growing RWA [1] - PYUSD from PayPal is included in the list of fastest growing RWAs [1] - VBILL from Vaneck US and Securitize is noted as a fast-growing RWA [1] - USYC from Circle is identified as one of the fastest growing RWAs [1] - USTB from Superstate is listed among the fastest growing RWAs [1] - GHO from Aave is included in the list of fastest growing RWAs [1] - RLUSD from Ripple is noted as a fast-growing RWA [1] - thBILL from Theo Network is identified as one of the fastest growing RWAs [1] - EURC from Circle is listed among the fastest growing RWAs [1] - WTGXX from WisdomTree Funds is included in the list of fastest growing RWAs [1]

RWA（Real World Assets）增长最快的项目 - USCC @SuperstateInc 增长速度领先 [1] - EURA @AngleProtocol 位列第二 [1] - XAUT @Tether_to 排名第三 [1] - PayPal 的 PYUSD 也在快速增长之列 [1] - VanEck 的 VBILL @vaneck_us @Securitize 同样表现出色 [1] 其他值得关注的 RWA 项目 - Circle 的 USYC 和 Superstate 的 USTB 也在快速增长 [1] - Aave 的 GHO 和 Ripple 的 RLUSD 同样值得关注 [1] - Theo_Network 的 thBILL 和 Circle 的 EURC 也在增长之列 [1] - WisdomTreeFunds 的 WTGXX 也在快速增长 [1]

Tokenized Funds Growth - Fastest growing tokenized funds are in the $100 million to $1 billion supply range [1] Top Tokenized Funds - USCC by Superstate is among the fastest growing tokenized funds [1] - USTB by Superstate is among the fastest growing tokenized funds [1] - MF-ONE by MidasRWA is among the fastest growing tokenized funds [1] - EUTBL by Spiko_finance is among the fastest growing tokenized funds [1] - FDIT by Fidelity is among the fastest growing tokenized funds [1] - USYC by Circle is among the fastest growing tokenized funds [1] - WTGXX by WisdomTreeFunds is among the fastest growing tokenized funds [1] - ACRED by Securitize is among the fastest growing tokenized funds [1] - USDY by OndoFinance is among the fastest growing tokenized funds [1]