🔹 Revenue & Gains: $29.2B (Est. $16B) 🟢 +223% QoQ
🔹 Adj EPS: $1.12 (Est. $0.3) 🟢
🔹 Adj EBITDA: $629M (vs. $211M Q2) +198% QoQ
🔹 Total Equity: $3.17B; Cash & Stablecoins: $1.91B (+62% QoQ)
🔹 Assets on Platform: $17B (+140% QoQ trading volume record)
Q3 Segment Performance
Digital Assets:
🔹 Adj Gross Profit $318M (vs. $71M Q2) +345% QoQ
🔹 Adj EBITDA $250M (vs. $13M Q2) +1,817% QoQ
🔹 Record Global Markets profit $295M, led by spot & derivatives surge
🔹 Trading volume +140% QoQ; executed $9B BTC sale (80K BTC) for a client
🔹 Average loan book $1.8B, +60% QoQ
🔹 Investment Banking: advised on $1.65B Forward Industries placement & Coin Metrics–Talos sale
Asset Management & Infrastructure Solutions:
🔹 Adj Gross Profit $23M (+44% QoQ)
🔹 AUM $8.8B (+17%), Alternatives $4.9B (+102%), Assets Under Stake $6.6B (+110%)
🔹 $2B+ of Q3 inflows; new multi-year treasury mandates adding $4.5B AUM with $40M+ annual recurring revenue
Data Centers (Helios):
🔹 Adj Gross Profit $2.7M; Adj EBITDA $3.7M (pre-revenue phase)
🔹 Signed Phase II lease with CoreWeave, which also exercised final 133 MW option → full 800 MW commitment
🔹 Secured $1.4B project financing to fully fund Phase I ($1.7B build)
🔹 Helios campus expanded to 1,500 acres / 2.7 GW potential power capacity
Treasury & Corporate:
🔹 Adj Gross Profit $408M (+79% QoQ)
🔹 Adj EBITDA $376M (+90% QoQ)
🔹 Gains across crypto, venture, and fund investments
🔹 Diversified exposure across BTC, ETH, SOL, and Web3 equities
Balance Sheet
🔹 Total Assets: $11.5B (+27% QoQ)
🔹 Total Equity: $3.17B (+21% QoQ)
🔹 Cash & Stablecoins: $1.91B (+62% QoQ)
🔹 Net Digital Assets + Investments: $2.14B (+14% QoQ)
🔹 Equity Split: 40% Digital Assets | 25% Data Centers | 35% Treasury & Corporate