Ed Engel

Ed Engel inquired if the rebound in revenue per trade within the ECC segment in Q4 was driven by a mix shift towards commodities, and if this elevated revenue per trade would continue into January. He also asked if the board considered strategic alternatives beyond stock buybacks to unlock value, given the divergence between business strength and stock price.

Answer

CEO Yoni Assia confirmed significant commodities activity in Q4 and January, with crypto-native customers shifting to commodities due to higher volatility. CFO Meron Shani advised that ECC revenue per trade typically converges to $0.60-$0.75, impacted by mix. Assia stated that the corporate strategy focuses on buybacks and M&A, while product strategy emphasizes AI-first innovation, expanding crypto offerings, and increasing margin capabilities to drive activity, revenues, and profitability, expecting the stock to follow.

Ed Engel inquired about the rebound in revenue per trade within the ECC (equities, commodities, currencies) segment in Q4 2025, asking if it was driven by a mix shift towards commodities, and if this elevated revenue per trade was likely to continue into January. He also asked if the board had considered other strategic alternatives beyond stock buybacks to unlock value, given the divergence between business strength and stock price.

Answer

Yoni Assia, CEO of eToro, confirmed significant commodities activity (gold, silver) in Q4 2025 and January 2026, noting the expansion to 24/7 trading. Meron Shani, CFO, advised that ECC revenue per trade typically converges to a $0.60-$0.75 range long-term, influenced by commodity mix and copy product volumes. Yoni Assia highlighted a trend of crypto-native customers shifting to commodities due to volatility, increasing engagement and lifetime value for multi-asset traders. Regarding value creation, Yoni Assia reiterated the focus on buybacks, M&A, and product strategy (AI-first, crypto expansion, margin capabilities), believing these will drive revenues, profitability, and stock appreciation.

Ed Engel asked about the progress of Bullish's U.S. launch, particularly its impact on trading volumes in Q4 and the outlook for 2026.

Answer

David Bonanno, CFO, explained that the New York BitLicense was obtained midway through Q4, and institutional onboarding is a multi-month process. He noted several active U.S. trading customers and a dense pipeline of high-quality trading customers, particularly large retail brokerages. He expects U.S. volume and activity to increase throughout 2026, with a duplicative effect on overall trading volume due to the quality of customers. Tom Farley, Chairman and CEO, confirmed the hypothesis that the U.S. market is fertile for Bullish due to firms seeking regulated, non-competitive partners, leading to long-term relationships and incremental global volume.

Ed Engel asked about the progress of Bullish's U.S. launch and its impact on trading volumes in the fourth quarter and the outlook for 2026.

Answer

CFO David Bonanno explained that while the New York BitLicense was obtained midway through Q4, institutional onboarding is a multi-month process. He noted several active U.S. trading customers and a dense pipeline of high-quality clients, particularly large retail brokerages. He anticipates U.S. activity will have a duplicative effect on trading volume, increasing throughout 2026. Chairman and CEO Tom Farley added that the U.S. market has proven fertile for Bullish due to firms seeking regulated, non-competitive partners, leading to long-term relationships and incremental global volume originating from U.S. activity.

Ed Engel asked if construction for a new tenant at Helios could proceed concurrently with CoreWeave's existing build-outs, or if phases one, two, and three need to be completed first.

Answer

President and CIO Chris Ferraro clarified that the new 830 MW capacity requires significant infrastructure build-out, delaying its online date until late 2028 at the earliest. While site work for adjacent land will be parallelized, CoreWeave's phase one will largely be completed beforehand. CEO Mike Novogratz confirmed that multiple tenants are indeed possible.

Ed Engel asked whether construction for a new tenant at Helios could proceed concurrently with CoreWeave's existing build-outs, or if phases one, two, and three need to be completed before starting new developments.

Answer

President and Chief Investment Officer Christopher C. Ferraro clarified that the new 830 MW power requires significant infrastructure build-out and won't be online until late 2028 at the earliest. While site work for adjacent land will be parallelized, CoreWeave's phase one will be largely delivered in advance. CEO Mike Novogratz confirmed that multiple tenants are possible.

Ed Engel from Compass Point asked about Amber International Holding's engagement with mainstream financial institutions at recent FinTech festivals, inquiring about the nature of these conversations and the potential for future partnerships. He also questioned whether the industry's flash crash and liquidations in early October 2025 presented an opportunity for Amber to increase its market share.

Answer

Michael Wu, Chairman of the Board and CEO, noted that traditional institutions showed significant interest in stablecoins and Real World Asset (RWA) tokenization, seeking one-stop solutions for tokenizing various assets and distribution. He mentioned active engagement in RWA initiatives and preliminary discussions with potential stablecoin partners in Hong Kong. Steve Jiang, Head of Capital Markets, added that such liquidation events typically shift market share to platforms with stronger risk management and financial backing, confirming that Amber benefited from this shift and sees it as an incremental opportunity.

Ed Engel from Compass Point asked about Amber International Holding's engagement with mainstream financial institutions at recent FinTech festivals, specifically regarding potential partnerships and their interest in digital assets. He also questioned whether the industry's flash crash and liquidations in early October 2025 presented an opportunity for Amber to increase its market share.

Answer

Michael Wu, Chairman of the Board and CEO, noted that traditional institutions showed significant interest in stablecoins and Real-World Asset (RWA) tokenization, with Amber actively discussing RWA initiatives and potential stablecoin partnerships. Steve Jiang, Head of Capital Markets, explained that market liquidations typically shift market share to players with stronger risk management and financial stability, confirming Amber benefited from this trend and sees it as an incremental opportunity.

Ed Engel inquired about the timeline of Google's involvement in the FluidStack negotiations, whether Google has expressed interest in other sites, the nature of early termination protections, and if the 30-day option includes more warrants for Google.

Answer

CEO Paul Prager confirmed Google was involved 'from very early on' and was critical to the deal's financing. He also stated he expects the option for more capacity would include similar terms, including Google's equity participation. CTO Nazar Khan added that the lease contains 'usual SLAs' for performance and delivery, similar to the Core42 agreement.