Management attributed resilient performance to a multi-asset model that allowed for investor rotation into commodities and equities as crypto demand softened in late 2025. The company is transitioning to an 'AI-first' operating model, claiming AI now handles 100% of app development and enables the firm to move 10x faster without increasing headcount. Strategic positioning is shifting toward 'on-chain' market infrastructure, with management viewing crypto not just as a tradable asset but as the future ...