Had the chance to catch up on earnings from @BitGo and @FWDind Quick Summary: BitGo is mainly representative of the infra layer being compressed with few catalysts in the short term. Margins are compressing across the board. Assets on platform are resilient and institutional clients keep onboarding, but there isn't much to be excited about beyond prices going up again. Take rates on the core trading business continue to compress, derivatives are still soft, and the competitive landscape is fierce. Staking shows the same dynamic: institutions negotiate lower take rates, so growth comes in at worse economics. Stablecoin-as-a-Service is still relatively small. Beyond the fact that stablecoin supply hasn't grown much, you're essentially underwriting the growth of the market outside USDT and USDC. A very small slice, and not one I'm particularly bullish on. The silver lining: BTGO traded flat on the print, so pretty much all of this looks priced in already. And underneath the margin noise, the parts of the business that are hardest to replicate keep compounding: the custody relationships, the regulated footprint, and the stablecoin reserve balances that grow regardless of where take rates settle. 📊 Headline Financials Total Revenue: $4,329.4M, +14.7% QoQ, +79.6% YoY (mostly gross-recognized spot pass-through) Revenue Net of Direct Costs: $42.5M vs $49.0M in Q1, roughly -13% QoQ. The economically relevant line Net Loss: (19.0)M vs $(60.7)M in Q1. Improvement is mostly a smaller unrealized BTC mark ( (18.8)M vs $(53.7)M) plus SBC normalizing off the IPO spike Adjusted EBITDA: $(4.2)M vs $(1.7)M in Q1 and +$3.0M in Q2'25. Excluding +$5.6M of realized disposal gains they don't strip out, underlying is closer to $(10)M Cash: $159.0M. 2,523 BTC (~$147.7M). No corporate debt. New $50M buyback. $1.3M restructuring charge tied to ~$15M annualized savings 🔍 Segment Detail Digital Asset Sales: $4,197.5M rev, +14.7% QoQ, +84.3% YoY. Net contribution ~$7.1M. Margin 17 bps vs 32 bps in Q1 and 19 bps in Q2'25 on lower spot spreads and lower derivatives mix. Q1's mix-driven margin improvement reversed in one quarter Staking: $64.7M rev, +30.9% QoQ, -28.8% YoY. Take rate 6.0% vs 16.1% in Q1 and 10.0% in Q2'25. Volume up, monetization down. Take rate path of 7.6% → 16.1% → 6.0% over three quarters makes this the least predictable line Subscriptions and Services: $27.5M rev, +7.7% QoQ, +8.5% YoY. Includes one-time ecosystem/implementation work Stablecoin-as-a-Service: $38.8M rev, +1.7% QoQ, +148.0% YoY. Take rate 8.0% vs 7.4% in Q1 and 2.6% in Q2'25. Restricted reserves at $4,634.9M, +5.5% QoQ and +39.9% YTD, the durable driver. ~$155M annualized run rate at improving take rates Interest Income: $0.8M