Shares fell 17.2% following the quarter as investors reacted negatively to a cautious outlook masked by lower reported revenue driven by mixed accounting of derivatives versus spot trading activity and margin pressure.

• Reported revenue declined sequentially due to a shift from gross-basis spot trading to net-basis derivatives trading, obscuring underlying platform economics.
• Total assets on platform declined in dollar terms to $63 billion, impacted by lower digital asset prices despite 29% YoY growth on a price-normalized basis.
• Staked assets fell in nominal terms to $11.8 billion but increased 21% YoY when normalized for price movements.
• Client base expanded 42% YoY to 5,569 firms and users grew to 1.2 million despite broad market headwinds.
• Management emphasized ongoing investment in platform integration and strategic partnerships, but cautious near-term financial visibility likely weighed on sentiment.