Blockchain Press Releases

Cboe Global Markets Reports Results for Second Quarter 2023

Published

2 years ago

August 4, 2023

CISION (PR Newswire)

Second Quarter Highlights*

Diluted EPS for the Quarter of $1.57
Adjusted Diluted EPS¹ for the Quarter of $1.78, Up 7 percent
Net Revenue for the Quarter of $467.1 million, Up 10 percent
Anticipates Higher End of Organic Total Net Revenue Growth² Range of 7 to 9 percent in 2023; Reaffirms Data and Access Solutions Organic Net Revenue Growth Target² of 7 to 10 percent
Decreases 2023 Adjusted Operating Expense Guidance² to $766 to $774 million, from $769 to $779 million.

CHICAGO, Aug. 4, 2023 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the second quarter of 2023.

“In the second quarter, Cboe reported its ninth consecutive quarter of double-digit, year-over-year net revenue growth,” said Edward T. Tilly, Cboe Global Markets Chairman and Chief Executive Officer. “Our strong results were again driven by our Derivatives and Data and Access Solutions categories. The expanding toolkit of tradeable products at Cboe allows customers to choose the right product, size and time to effectively navigate market environments. Data and Access Solutions also turned in a strong quarter with trends accelerating sequentially as we continued to expand our global ecosystem of capabilities. Overall, the first half of 2023 is off to an exceptional start, and I look forward to building upon these trends in the second half of the year and beyond.”

“Cboe reported solid 10% year-over-year net revenue growth and 7% growth in adjusted diluted EPS for the second quarter,” said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer, Treasurer and Chief Accounting Officer. “Our Derivatives business continued to generate robust growth, delivering a 21% year-over-year net revenue increase in the second quarter of 2023. Data and Access Solutions net revenue trends remained solid, increasing by 9% year-over-year, while Cash and Spot markets net revenue decreased by 11% given the challenging volume environment across geographies in the second quarter. Moving forward, we expect to be at the higher end of our unchanged organic total net revenue growth² target of 7-9% for 2023, and we continue to anticipate Data and Access Solutions organic net revenue growth² will finish in the range of 7-10%. Our adjusted operating expense guidance² range for 2023 moves lower to $766 to $774 million from $769 to $779 million. The positive revenue and expense guidance revisions for 2023 speak to our ability to effectively monetize the near-term environment while continuing to invest prudently in future growth.”

*All comparisons are second quarter 2023 compared to the same period in 2022.

⁽¹⁾A full reconciliation of our non-GAAP results to our GAAP (“Generally Accepted Accounting Principles”) results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.

⁽²⁾Specific quantifications of the amounts that would be required to reconcile the company’s organic growth guidance, adjusted operating expenses guidance and the effective tax rate on adjusted earnings guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and expenses that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

Consolidated Second Quarter Results -Table 1

Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended June 30, 2023 and 2022.

Table 1
Consolidated Second Quarter Results Advertisement									2Q23			2Q22
($ in millions except per share)	2Q23			2Q22 Advertisement			Change		Adjusted¹			Adjusted¹			Change
Total Revenues Less Cost of Revenues Advertisement	$	467.1		$	424.1		10 Advertisement	%	$	467.1		$	424.1 Advertisement		10	%
Total Operating Expenses	$	222.3 Advertisement		$	661.5		(66)	%	$ Advertisement	192.3		$	157.0		22	% Advertisement
Operating Income (Loss)	$	244.8		$	(237.4) Advertisement		*	%	$	274.8		$ Advertisement	267.1		3	%
Operating Margin %		52.4 Advertisement	%		(56.0)	%	*	pp Advertisement		58.8	%		63.0	%	(4.2) Advertisement	pp
Net Income Allocated to Common Stockholders	$	167.0		$ Advertisement	(184.5)		*	%	$	188.7 Advertisement		$	177.3		6	%
Diluted earnings (loss) per share Advertisement	$	1.57		$	(1.74)		* Advertisement	%	$	1.78		$	1.67 Advertisement		7	%
EBITDA¹	$	294.7 Advertisement		$	(202.0)		*	%	$ Advertisement	293.3		$	274.2		7	% Advertisement
EBITDA Margin %¹		63.1	%		(47.6)	% Advertisement	*	pp		62.8	%		64.7 Advertisement	%	(1.9)	pp

*Not meaningful

Total revenues less cost of revenues (referred to as “net revenue”) of $467.1 million increased 10 percent, compared to $424.1 million in the prior-year period, reflecting increases in derivatives markets and data and access solutions net revenue, partially offset by a decrease in cash and spot markets net revenue. Inorganic net revenue¹ in the second quarter of 2023 was $3.2 million.
Total operating expenses were $222.3 million versus $661.5 million in the second quarter of 2022, a decrease of $439.2 million, primarily due to the impairment of goodwill recognized in the Digital reporting unit in the second quarter of 2022. Adjusted operating expenses¹ of $192.3 million increased 22 percent compared to $157.0 million in the second quarter of 2022. These increases were primarily due to the acquisitions of Cboe Digital (formerly ErisX) and Cboe Canada (formerly NEO), as well as higher compensation and benefits, travel and promotional, and technology support services expenses.
The effective tax rate for the second quarter of 2023 was 30.6 percent compared with 28.2 percent in the second quarter of 2022. The higher effective tax rate in 2023 is primarily a result of the impact that the prior year Cboe Digital goodwill impairment had on discrete items recognized during the second quarter of 2022. The effective tax rate on adjusted earnings¹ was 29.7 percent, an increase of 1.3 percent when compared with 28.4 percent in last year’s second quarter. The higher effective tax rate on adjusted earnings in 2023 is primarily due to a decrease in favorable discrete items and an increase in nondeductible expenses.
Diluted EPS for the second quarter of 2023 increased to $1.57 compared to the second quarter of 2022, primarily due to the impairment of goodwill recognized in the Digital reporting unit in 2022. Adjusted diluted EPS¹of $1.78 increased 7 percent compared to 2022’s second quarter results.

Business Segment Information:

Table 2 Advertisement
Total Revenues Less Cost of Revenues by
Business Segment
(in millions)	2Q23		2Q22 Advertisement		Change
Options	$	283.2	$ Advertisement	235.3		20	%
North American Equities		90.8 Advertisement		92.7		(2)	%
Europe and Asia Pacific		47.3 Advertisement		49.9		(5)	%
Futures		29.2 Advertisement		29.6		(1)	%
Global FX		17.8 Advertisement		16.6		7	%
Digital		(1.2) Advertisement		—		*	%
Total	$ Advertisement	467.1	$	424.1		10	% Advertisement

⁽¹⁾A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.

*Not meaningful, due to the establishment of the Digital segment during the second quarter of 2022 as a result of the Cboe Digital acquisition on May 2, 2022.

Discussion of Results by Business Segment¹:

Options:

Options net revenue of $283.2 million was up $47.9 million, or 20 percent, from the second quarter of 2022. The growth was driven by a double-digit increase in net transaction and clearing fees², as well as growth in market data and access and capacity fees. Net transaction and clearing fees² increased primarily as a result of a 38 percent increase in index options trading volumes versus the second quarter of 2022. Access and capacity fees were 5 percent higher than second quarter 2022 and market data fees were 11 percent higher than second quarter 2022.
Net transaction and clearing fees² increased $51.7 million, or 27 percent, reflecting a 10 percent increase in total options average daily volume (“ADV”) and a 16 percent increase in total options RPC compared to the second quarter 2022. The increase in total options RPC was due to a mix shift, with index options representing a higher percentage of total options volume.
Cboe’s Options exchanges had total market share of 33.3 percent for the second quarter of 2023 compared to 33.2 percent in the second quarter of 2022, reflecting increased proprietary index products traded compared to the second quarter of 2022.

North American (N.A.) Equities:

N.A. Equities net revenue of $90.8 million decreased $1.9 million, or 2 percent versus the second quarter of 2022, reflecting lower net transaction and clearing fees² and industry market data, offset by a $3.6 million second quarter inorganic net revenue contribution from the 2022 acquisition of Cboe Canada.
Net transaction and clearing fees² decreased by $4.3 million, or 13 percent, as compared to the second quarter of 2022. The decrease was primarily due to lower U.S. Equities exchange revenue, a result of a 15 percent decrease in U.S. Equities industry volumes and lower market share.
Cboe’s U.S. Equities exchanges had market share of 12.7 percent for the second quarter of 2023 compared to 13.6 percent in the second quarter of 2022. Cboe’s U.S. Equities off-exchange market share was 21.2 percent versus 22.7 percent in the second quarter of 2022 as overall industry alternative trading systems (“ATS”) market share declined as a percentage of off-exchange share. Canadian Equities market share rose to 14.5 percent as compared to 6.4 percent in the second quarter of 2022 given the inclusion of Cboe Canada (formerly NEO).

Europe and Asia Pacific (APAC):

Europe and APAC net revenue of $47.3 million decreased by 5 percent, reflecting slower industry volumes. On a constant currency basis², net revenues were $47.8 million, down 4 percent on a year-over-year basis. European Equities average daily notional value (“ADNV”) traded on Cboe European Equities was €9.2 billion, down 15 percent compared to the second quarter of 2022, outperforming a 17 percent decline in industry market volumes. European Equities net capture decreased 3 percent for the quarter due to a mix shift, with lower-capture Lit markets representing a higher percentage of total volume.
For the second quarter of 2023, Cboe European Equities had 23.8 percent market share, up from 23.2 percent in the second quarter of 2022.

Futures:

Futures net revenue of $29.2 million decreased $0.4 million compared to the second quarter of 2022, due to a decline in net transaction and clearing fees², partially offset by an increase in access and capacity fees.
Net transaction and clearing fees² decreased $0.6 million, reflecting an 11 percent decline in ADV during the quarter.

Global FX:

Global FX net revenue of $17.8 million increased 7 percent, primarily due to higher net transaction fees². ADNV traded on the Cboe FX platform was $42.5 billion for the quarter, up 7 percent compared to last year’s second quarter, and net capture per one million dollars traded was $2.66 for the quarter, down 2 percent compared to $2.71 in the second quarter of 2022.
Cboe FX market share was 19.5 percent for the quarter compared to 17.0 percent in last year’s second quarter, which sets a quarterly record for Cboe FX. The record was driven by new client growth and increased adoption of our diverse set of FX order types and trading protocols.

⁽¹⁾The Digital and Corporate segments are not further discussed as results were not material during the second quarter of 2023.

⁽²⁾A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.

2023 Fiscal Year Financial Guidance

Cboe provided guidance for the 2023 fiscal year as noted below.

Anticipates higher end of organic total net revenue growth¹ range of 7 to 9 percentage points in 2023, above medium-term organic total net revenue¹ guidance expectations of 5 to 7 percentage points.
Revenue from acquisitions held less than a year¹ is now expected to contribute total net revenue growth of approximately 0.4 percentage points in 2023, down from previous guidance of 0.5 percentage points.
Reaffirms organic net revenue¹ from Data and Access Solutions is expected to increase by approximately 7 to 10 percentage points in 2023, in line with medium-term guidance expectations.
Adjusted operating expenses¹ in 2023 are now expected to be in the range of $766 to $774 million, down from previous guidance of $769 to $779 million. The guidance excludes the expected amortization of acquired intangible assets of $116 million, up from previous guidance of $112 million; the company reflects the exclusion of this amount in its non-GAAP reconciliation.
Depreciation and amortization expense for 2023, which is included in adjusted operating expenses above, is now expected to be in the range of $40 to $44 million, down from the previous range of $48 to $52 million, excluding the expected amortization of acquired intangible assets.
Other income (expense) benefit from minority investments is expected to contribute a $34 to $40 million benefit in 2023, up from the previous range of $27 to $33 million.
Reaffirms the effective tax rate on adjusted earnings¹ for the full year 2023 is expected to be in the range of 28.5 to 30.5 percent. Significant changes in trading volume, expenses, tax laws or rates and other items could materially impact this expectation.
Capital expenditures for 2023 are now expected to be in the range of $48 to $54 million, down from the previous guidance of $60 to $66 million.

⁽¹⁾Specific quantifications of the amounts that would be required to reconcile the company’s organic and inorganic growth guidance, adjusted operating expenses guidance and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and expenses that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

Capital Management

At June 30, 2023, the company had adjusted cash² of $403.0 million. Total debt as of June 30, 2023 was $1,603.1 million, a decrease of $139.5 million from March 31, 2023.

The company paid cash dividends of $53.2 million, or $0.50 per share, during the second quarter of 2023 and utilized $8.1 million to repurchase approximately 61 thousand shares of its common stock under its share repurchase program at an average price of $132.45 per share. As of June 30, 2023, the company had approximately $139.8 million of availability remaining under its existing share repurchase authorizations.

Earnings Conference Call

Executives of Cboe Global Markets will host a conference call to review its second-quarter financial results today, August 4, 2023, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company’s website at www.cboe.com under Events & Presentations. Participants may also listen via telephone by dialing (877) 255–4313 from the United States, (866) 450–4696 from Canada or (412) 317–5466 for international callers. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company’s website for replay. A telephone replay of the earnings call also will be available from approximately 11:00 a.m. CT, August 4, 2023, through 11:00 p.m. CT, August 11, 2023, by calling (877) 344–7529 from the U.S., (855) 669–9658 from Canada or (412) 317–0088 for international callers, using replay code 8520876.

⁽²⁾A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe, and Asia Pacific. Above all, Cboe is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, including compensation inflation; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our indices; our ability to manage our growth and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and operating a digital asset business and clearinghouse, including the expected benefits of our Cboe Digital acquisition, cybercrime, changes in digital asset regulation, losses due to digital asset custody, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.

Cboe Media Contacts:		Analyst Contact:
Angela Tu	Tim Cave Advertisement	Kenneth Hill, CFA
(646) 856–8734	+44 (0) 7593 506 719	(312) 786–7559
[email protected] Advertisement	[email protected]	[email protected]

CBOE-F

Trademarks:

Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Bats®, BIDS Trading®, BZX®, BYX®, Chi-X®, Cboe Clear®, EDGX®, EDGA®, ErisX®, EuroCCP®, MATCHNow®, and VIX® are registered trademarks of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. Key Performance Statistics by Business Segment

	2Q 2023			1Q 2023			4Q 2022 Advertisement			3Q 2022			2Q 2022
Options
Total industry ADV (in thousands)		42,964 Advertisement			46,057			42,694			39,947			39,377
Total company Options ADV (in thousands) Advertisement		14,306			14,657			14,545			13,521			13,054 Advertisement
Multi-listed options		10,622			11,062			11,186			10,592 Advertisement			10,378
Index options		3,683			3,595			3,359 Advertisement			2,929			2,677
Total Options market share		33.3	% Advertisement		31.8	%		34.1	%		33.8 Advertisement	%		33.2	%
Multi-listed options		27.1 Advertisement	%		26.1	%		28.5	% Advertisement		28.6	%		28.3	%
Total Options RPC: Advertisement	$	0.271		$	0.267		$ Advertisement	0.248		$	0.242		$	0.233 Advertisement
Multi-listed options	$	0.061		$	0.064 Advertisement		$	0.060		$	0.061		$ Advertisement	0.066
Index options	$	0.877		$ Advertisement	0.889		$	0.876		$	0.896 Advertisement		$	0.883

North American Equities
U.S. Equities – Exchange:
Total industry ADV (shares in billions) Advertisement		10.7			11.8			11.2			10.9			12.6 Advertisement
Market share %		12.7	%		12.7	% Advertisement		13.1	%		13.3	%		13.6 Advertisement	%
Net capture (per 100 touched shares)	$	0.021		$ Advertisement	0.019		$	0.024		$	0.023 Advertisement		$	0.020
U.S. Equities – Off-Exchange:
ADV (touched shares, in millions)		78.7 Advertisement			89.4			80.8			80.1			92.7
Off-Exchange ATS Block Market Share % (reported on a one-month lag) Advertisement		21.2	%		20.5	%		21.0 Advertisement	%		21.7	%		22.7	% Advertisement
Net capture (per 100 touched shares)	$	0.122		$	0.113 Advertisement		$	0.113		$	0.114		$ Advertisement	0.108
Canadian Equities:
ADV (matched shares, in millions)		124.2			150.8 Advertisement			139.0			113.2			73.7
Total market share %		14.5 Advertisement	%		14.3	%		13.6	% Advertisement		12.2	%		6.4	%
Net capture (per 10,000 shares, in Canadian Dollars) Advertisement	$	4.055		$	4.039		$ Advertisement	3.901		$	4.316		$	5.668 Advertisement

Europe and Asia Pacific
European Equities:
Total industry ADNV (Euros – in billions)	€	38.7 Advertisement		€	45.8		€	40.1		€ Advertisement	39.2		€	46.9
Market share %		23.8 Advertisement	%		24.9	%		24.9	% Advertisement		24.6	%		23.2	%
Net capture (per matched notional value (bps), in Euros) Advertisement	€	0.230		€	0.215		€ Advertisement	0.224		€	0.229		€	0.238 Advertisement
Cboe Clear Europe:
Trades cleared (in thousands)		275,519.8			359,418.1			342,472.9 Advertisement			343,051.6			357,914.1
Fee per trade cleared	€	0.009 Advertisement		€	0.008		€	0.007		€ Advertisement	0.008		€	0.009
Net settlement volume (shares in thousands)		2,402.0 Advertisement			2,661.9			2,490.5			2,546.8			2,501.6
Net fee per settlement Advertisement	€	0.887		€	0.953		€ Advertisement	0.886		€	0.902		€	0.808 Advertisement
Australian Equities:
ADNV (AUD billions)	$	0.7		$ Advertisement	0.8		$	0.7		$	0.7 Advertisement		$	0.8
Market share – Continuous		18.2	% Advertisement		18.5	%		17.2	%		16.7 Advertisement	%		17.0	%
Net capture (per matched notional value (bps), in Australian Dollars)	$ Advertisement	0.160		$	0.160		$	0.142 Advertisement		$	0.168		$	0.171
Japanese Equities: Advertisement
ADNV (JPY billions)	¥	184.3		¥	183.3 Advertisement		¥	114.1		¥	160.6		¥ Advertisement	136.0
Market share – Lit Continuous		4.1	%		4.8 Advertisement	%		2.9	%		4.4	% Advertisement		3.5	%
Net capture (per matched notional value (bps), in Yen)	¥	0.256 Advertisement		¥	0.243		¥	0.265		¥ Advertisement	0.259		¥	0.258

Futures
ADV (in thousands) Advertisement		197.4			231.8			193.3			205.0			221.7 Advertisement
RPC	$	1.826		$	1.725 Advertisement		$	1.689		$	1.700		$ Advertisement	1.677

Global FX
Spot market share %		19.5	% Advertisement		19.0	%		18.4	%		17.8 Advertisement	%		17.0	%
ADNV ($ in billions)	$ Advertisement	42.5		$	45.0		$	40.8 Advertisement		$	41.3		$	39.6
Net capture (per one million dollars traded) Advertisement	$	2.66		$	2.64		$ Advertisement	2.69		$	2.69		$	2.71 Advertisement

ADV = average daily volume; ADNV = average daily notional value.

RPC, average revenue per contract, for options and futures represents total net transaction fees recognized for the period divided by total contracts traded during the period.

Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.

Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.

U.S. Equities – Exchange, “net capture per 100 touched shares” refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off-Exchange, “net capture per 100 touched shares” refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.

Canadian Equities, “net capture per 10,000 shares” refers to transaction fees divided by the product of one-ten thousandth ADV of shares for MATCHNow and Cboe Canada and the number of trading days. Total market share represents MATCHNow and Cboe Canada volume divided by the total volume of the Canadian Equities market.

European Equities, “net capture per matched notional value” refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. “Trades cleared” refers to the total number of non-interoperable trades cleared, “Fee per trade cleared” refers to clearing fees divided by number of non-interoperable trades cleared, “Net settlement volume” refers to the total number of settlements executed after netting, and “Net fee per settlement” refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.

Asia Pacific data reflects the acquisition of Cboe Asia Pacific (formerly Chi-X Asia Pacific). Australian Equities “Net capture per matched notional value” refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days. Japanese Equities “Net capture per matched notional value” refers to transaction fees less liquidity payments in Japanese Yen divided by the product of ADNV in Japanese Yen of shares matched on Cboe Japan and the number of Japanese Equities trading days.

Global FX, “net capture per one million dollars traded” refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction. Market Share represents Cboe FX volume divided by the total volume of publicly reporting spot FX venues (Cboe FX, EBS, Refinitiv, and Euronext FX).

Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.

Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three and Six Months Ended June 30, 2023 and 2022

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts) Advertisement	2023		2022		2023		2022
Revenue: Advertisement
Cash and spot markets	$	341.3	$	458.5 Advertisement	$	748.3	$	920.4
Data and access solutions Advertisement		135.3		123.9		264.7		242.8
Derivatives markets Advertisement		431.2		403.4		883.0		797.1
Total Revenues Advertisement		907.8		985.8		1,896.0		1,960.3
Cost of Revenues: Advertisement
Liquidity payments		337.4		429.0		709.2		896.5 Advertisement
Routing and clearing		20.8		20.9		44.8		43.2 Advertisement
Section 31 fees		34.5		79.6		109.4		115.3 Advertisement
Royalty fees and other cost of revenues		48.0		32.2		94.1		63.1 Advertisement
Total Cost of Revenues		440.7		561.7		957.5		1,118.1 Advertisement
Revenues Less Cost of Revenues		467.1		424.1		938.5		842.2 Advertisement
Operating Expenses:
Compensation and benefits		106.5		86.2		216.9 Advertisement		167.4
Depreciation and amortization		39.8		40.2		81.2 Advertisement		81.1
Technology support services		28.3		18.1		50.5 Advertisement		37.3
Professional fees and outside services		20.4		24.1		44.3 Advertisement		43.8
Travel and promotional expenses		13.5		5.5		19.7 Advertisement		8.4
Facilities costs		6.2		6.6		13.8 Advertisement		13.1
Acquisition-related costs		0.7		14.3		7.1 Advertisement		16.3
Goodwill impairment		—		460.1		— Advertisement		460.1
Other expenses		6.9		6.4		12.3 Advertisement		12.4
Total Operating Expenses		222.3		661.5		445.8 Advertisement		839.9
Operating Income (Loss)		244.8		(237.4)		492.7 Advertisement		2.3
Non-operating (Expenses) Income:
Interest expense, net		(13.9)		(14.6) Advertisement		(29.0)		(25.4)
Other income (expense), net		10.9		(4.8) Advertisement		26.3		(8.8)
Total Non-operating Expenses		(3.0)		(19.4) Advertisement		(2.7)		(34.2)
Income (Loss) Before Income Tax Provision (Benefit)		241.8		(256.8) Advertisement		490.0		(31.9)
Income tax provision (benefit)		74.0		(72.3) Advertisement		148.8		43.0
Net Income (Loss)		167.8		(184.5) Advertisement		341.2		(74.9)
Net income allocated to participating securities		(0.8)		– Advertisement		(1.6)		–
Net Income (Loss) Allocated to Common Stockholders	$	167.0 Advertisement	$	(184.5)	$	339.6	$ Advertisement	(74.9)
Net Income (Loss) Per Share Allocated to Common Stockholders:
Basic earnings (loss) per share	$	1.58 Advertisement	$	(1.74)	$	3.21	$ Advertisement	(0.70)
Diluted earnings (loss) per share		1.57		(1.74)		3.20 Advertisement		(0.70)
Weighted average shares used in computing income per share:
Basic		105.7		106.3 Advertisement		105.8		106.5
Diluted		106.1		106.3 Advertisement		106.1		106.5

Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) June 30, 2023 and December 31, 2022

	June 30, Advertisement		December 31,
(in millions)	2023		2022
Assets Advertisement
Current Assets:
Cash and cash equivalents	$	413.6	$ Advertisement	432.7
Financial investments		103.7		91.7
Accounts receivable, net Advertisement		363.6		369.8
Margin deposits and clearing funds		718.8		543.0 Advertisement
Digital assets – safeguarded assets		54.9		22.9
Income taxes receivable		38.0 Advertisement		48.3
Other current assets		51.7		47.6
Total Current Assets Advertisement		1,744.3		1,556.0

Investments		294.2		253.2 Advertisement
Land		2.3		2.3
Property and equipment, net		115.8 Advertisement		108.2
Operating lease right of use assets		105.4		111.7
Goodwill Advertisement		3,138.4		3,122.8
Intangible assets, net		1,614.4		1,662.8 Advertisement
Other assets, net		181.1		181.9
Total Assets	$ Advertisement	7,195.9	$	6,998.9

Liabilities and Stockholders’ Equity
Current Liabilities: Advertisement
Accounts payable and accrued liabilities	$	391.4	$	420.2 Advertisement
Section 31 fees payable		109.8		147.1
Deferred revenue		14.4 Advertisement		11.7
Margin deposits and clearing funds		718.8		543.0
Income taxes payable Advertisement		—		3.5
Digital assets – safeguarded liabilities		54.9		22.9 Advertisement
Current portion of long-term debt		164.9		304.7
Current portion of contingent consideration liabilities		13.9 Advertisement		24.1
Total Current Liabilities		1,468.1		1,477.2

Long-term debt Advertisement		1,438.2		1,437.3
Non-current unrecognized tax benefits		223.7		196.1 Advertisement
Deferred income taxes		206.1		222.9
Non-current operating lease liabilities		123.5 Advertisement		129.3
Non-current portion of contingent consideration liabilities		15.2		15.0
Other non-current liabilities Advertisement		56.7		55.8
Total Liabilities		3,531.5		3,533.6 Advertisement

Stockholders’ Equity:
Preferred stock		—		—
Common stock Advertisement		1.1		1.1
Treasury stock at cost		(222.1)		(131.0) Advertisement
Additional paid-in capital		1,482.0		1,455.1
Retained earnings		2,405.8 Advertisement		2,171.1
Accumulated other comprehensive loss, net		(2.4)		(31.0)
Total Stockholders’ Equity Advertisement		3,664.4		3,465.3

Total Liabilities and Stockholders’ Equity	$	7,195.9 Advertisement	$	6,998.9

Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include net transaction and clearing fees, adjusted operating expenses, adjusted operating income, organic net revenue, inorganic net revenue, net revenues on a constant currency basis, and adjusted operating margin, adjusted net income allocated to common stockholders and adjusted diluted earnings per share, effective tax rate on adjusted earnings, net revenues on a constant currency basis, adjusted cash, EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin.

Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results.

Organic net revenue, inorganic net revenue, organic non-transaction revenue and organic net revenue guidance: These are non-GAAP financial measures that exclude or have otherwise been adjusted for the impact of our acquisitions for the period or guidance, as applicable. Management believes the organic net revenue growth and guidance measures provide users with supplemental information regarding the company’s ongoing and future potential revenue performances and trends by presenting revenue growth and guidance excluding the impact of the acquisitions. Revenues from acquisitions that have been owned for at least one year are considered organic and are no longer excluded from organic net revenue from either period for comparative purposes.

Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the businesses, the relative operating performance of the businesses between periods and the earnings power of the company. Therefore, we believe performance measures excluding intangible asset amortization expense provide investors with an additional basis for comparison across accounting periods.

Acquisition-related expenses: From time to time, we have pursued acquisitions, which have resulted in expenses which would not otherwise have been incurred in the normal course of the company’s business operations. These expenses include integration costs, as well as legal, due diligence, impairment charges, and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Accordingly, we exclude these costs for purposes of calculating non-GAAP measures which provide an additional analysis of Cboe’s ongoing operating performance or comparisons in Cboe’s performance between periods.

The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures.

Organic Net Revenue Reconciliation Advertisement

Table 3	Three Months Ended				Six Months Ended
(in millions)	June 30, Advertisement				June 30,
Reconciliation of Revenues Less Cost of Revenues to Organic Net Revenue	2023		2022		2023 Advertisement		2022
Revenues less cost of revenues (net revenue)	$	467.1	$ Advertisement	424.1	$	938.5	$	842.2 Advertisement
Less acquisitions:
Acquisition revenues less cost of revenues (inorganic net revenue)	$	(3.2)	$ Advertisement	—	$	(7.6)	$	— Advertisement
Organic net revenue	$	463.9	$	424.1 Advertisement	$	930.9	$	842.2

Reconciliation of GAAP and non-GAAP Information

	Three Months Ended						Six Months Ended
Table 4	June 30, Advertisement						June 30,
(in millions, except per share amounts)	2023			2022			2023 Advertisement			2022
Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP (As shown on Table 1)
Net income (loss) allocated to common stockholders	$	167.0 Advertisement		$	(184.5)		$	339.6		$ Advertisement	(74.9)
Non-GAAP adjustments
Acquisition-related expenses (1)		0.7			14.3 Advertisement			7.1			16.3
Investment establishment costs (2)		—			— Advertisement			—			3.0
Gain on investment (3)		—			(7.5) Advertisement			—			(7.5)
Loan forgiveness (4)		—			(1.3) Advertisement			—			(1.3)
Amortization of acquired intangible assets (5)		29.3			30.1 Advertisement			60.2			60.7
Goodwill impairment (6)		—			460.1 Advertisement			—			460.1
Impairment of investment (7)		—			10.6 Advertisement			—			10.6
Income from investment (8)		(2.1)			— Advertisement			(2.1)			—
Total Non-GAAP adjustments		27.9			506.3 Advertisement			65.2			541.9
Income tax expense related to the items above		(6.8)			(143.2) Advertisement			(16.3)			(151.9)
Tax reserves (9)		0.7			— Advertisement			2.2			48.5
Net income allocated to participating securities – effect on reconciling items		(0.1)			(1.3) Advertisement			(0.3)			(1.6)
Adjusted net income allocated to common stockholders	$	188.7 Advertisement		$	177.3		$	390.4		$ Advertisement	362.0

Reconciliation of Diluted EPS to Non-GAAP
Diluted earnings (loss) per common share	$	1.57 Advertisement		$	(1.74)		$	3.20		$ Advertisement	(0.70)
Per share impact of non-GAAP adjustments noted above		0.21			3.41			0.48 Advertisement			4.10
Adjusted diluted earnings per common share	$	1.78		$ Advertisement	1.67		$	3.68		$	3.40 Advertisement

Reconciliation of Operating Margin to Non-GAAP
Revenue less cost of revenue	$	467.1		$ Advertisement	424.1		$	938.5		$	842.2 Advertisement
Non-GAAP adjustments noted above		—			—			—			— Advertisement
Adjusted revenue less cost of revenue	$	467.1		$	424.1 Advertisement		$	938.5		$	842.2
Operating expenses (10) Advertisement	$	222.3		$	661.5		$ Advertisement	445.8		$	839.9
Non-GAAP adjustments noted above		30.0 Advertisement			504.5			67.3			537.1
Adjusted operating expenses	$ Advertisement	192.3		$	157.0		$	378.5 Advertisement		$	302.8
Operating income (loss)	$	244.8 Advertisement		$	(237.4)		$	492.7		$ Advertisement	2.3
Non-GAAP adjustments noted above		30.0			504.5			67.3 Advertisement			537.1
Adjusted operating income	$	274.8		$ Advertisement	267.1		$	560.0		$	539.4 Advertisement
Adjusted operating margin (11)		58.8	%		63.0	% Advertisement		59.7	%		64.0	%

Reconciliation of Income Tax Rate to Non-GAAP Advertisement
Income (loss) before income taxes		241.8			(256.8)			490.0			(31.9) Advertisement
Non-GAAP adjustments noted above		27.9			506.3			65.2			541.9 Advertisement
Adjusted income before income taxes	$	269.7		$	249.5 Advertisement		$	555.2		$	510.0

Income tax provision (benefit) Advertisement		74.0			(72.3)			148.8			43.0
Non-GAAP adjustments noted above Advertisement		6.1			143.2			14.1			103.4
Adjusted income tax expense Advertisement	$	80.1		$	70.9		$ Advertisement	162.9		$	146.4
Adjusted income tax rate		29.7 Advertisement	%		28.4	%		29.3	% Advertisement		28.7	%

(1) This amount includes ongoing acquisition related costs primarily from the Company’s Cboe Digital and Cboe Canada acquisitions.

(2) This amount represents the investment establishment costs related to the company’s investment in 7RIDGE Investments 3 LP, which acquired Trading Technologies, Inc.

(3) This amount represents the gain on the Company’s investment in Eris Digital Holdings LLC (“ErisX”) in connection with the full acquisition of Cboe Digital.

(4) This amount represents the forgiveness of a PPP (“Paycheck Protection Program”) loan previously held by Cboe Digital.

(5) This amount represents the amortization of acquired intangible assets related to the company’s acquisitions.

(6) This amount represents the impairment of goodwill recognized in the Digital reporting unit.

(7) This amount represents the impairment of investment related to the Company’s minority investment in American Financial Exchange, LLC.

(8) This amount represents the dividend from the Company’s minority ownership of Vest Group Inc.

(9) This amount represents the tax reserves related to Section 199 matters

(10) The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included in “Compensation and benefits” ($2.0 million and $1.9 million in expense for the three months ended June 30, 2023 and 2022, respectively, and $5.2 million and $2.5 million in expense for the six months ended June 30, 2023 and 2022, respectively), and are directly offset by deferred compensation income, expenses and dividends included within “Other income, net” ($2.0 million and $1.9 million in income, expense and dividends in the three months ended June 30, 2023 and 2022, respectively, and $5.2 million and $2.5 million in income, expense and dividends in the six months ended June 30, 2023 and 2022, respectively), on the condensed consolidated statements of income. The deferred compensation plans’ expenses are not excluded from “adjusted operating expenses” and do not have an impact on “Income before income taxes.”

(11) Adjusted operating margin represents adjusted operating income divided by adjusted revenue less cost of revenue.

EBITDA Reconciliations

EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. EBITDA margin represents EBITDA divided by revenues less cost of revenues (net revenue). It is presented as supplemental information that the company believes is useful to investors to evaluate its results because it excludes certain items that are not directly related to the company’s core operating performance. EBITDA is calculated by adding back to net income interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA is calculated by adding back to EBITDA acquisition-related expenses, gain on investment, loan forgiveness, investment establishment costs, goodwill impairment, impairment of investment, and income from investment. EBITDA and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company’s operating performance, or for cash flow, as a measure of the company’s liquidity. In addition, because EBITDA and Adjusted EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenue.

Table 5	Three Months Ended						Six Months Ended
(in millions, except percentages)	June 30, Advertisement						June 30,
Reconciliation of Net Income Allocated to Common Stockholders to EBITDA and Adjusted EBITDA (Per Table 1)	2023			2022			2023 Advertisement			2022
Net income (loss) allocated to common stockholders	$	167.0		$ Advertisement	(184.5)		$	339.6		$	(74.9) Advertisement
Interest expense, net		13.9			14.6			29.0			25.4 Advertisement
Income tax provision (benefit)		74.0			(72.3)			148.8			43.0 Advertisement
Depreciation and amortization		39.8			40.2			81.2			81.1 Advertisement
EBITDA	$	294.7		$	(202.0) Advertisement		$	598.6		$	74.6
EBITDA Margin Advertisement		63.1	%		(47.6)	%		63.8 Advertisement	%		8.9	%

Non-GAAP adjustments not included in above line items
Acquisition-related expenses Advertisement		0.7			14.3			7.1			16.3
Gain on investment Advertisement		—			(7.5)			—			(7.5)
Loan forgiveness Advertisement		—			(1.3)			—			(1.3)
Investment establishment costs Advertisement		—			—			—			3.0
Goodwill impairment Advertisement		—			460.1			—			460.1
Impairment of investment Advertisement		—			10.6			—			10.6
Income from investment Advertisement		(2.1)			—			(2.1)			—
Adjusted EBITDA Advertisement	$	293.3		$	274.2		$ Advertisement	603.6		$	555.8
Adjusted EBITDA Margin		62.8 Advertisement	%		64.7	%		64.3	% Advertisement		66.0	%


Table 6
(in millions)	June 30, Advertisement			December 31,
Reconciliation of Cash and Cash Equivalents to Adjusted Cash	2023			2022
Cash and cash equivalents Advertisement	$	413.6		$	432.7
Financial investments Advertisement		103.7			91.7
Less deferred compensation plan assets		(32.7)			(27.5) Advertisement
Less cash collected for Section 31 Fees		(81.6)			(93.7)
Adjusted Cash	$ Advertisement	403.0		$	403.2

Table 7 Advertisement
(in millions)
Reconciliation of Net Transaction and Clearing Fees by Business Segment –Three Months Ended June 30, 2023 and 2022
	Consolidated				Options				N.A. Equities Advertisement				Europe and APAC				Futures				Global FX				Digital
	June 30, Advertisement				June 30,				June 30,				June 30,				June 30,				June 30, Advertisement				June 30,
	2023		2022		2023		2022 Advertisement		2023		2022		2023		2022		2023 Advertisement		2022		2023		2022		2023		2022 Advertisement
Transaction and clearing fees	$	685.7	$	735.3 Advertisement	$	384.3	$	353.0	$ Advertisement	229.4	$	304.5	$	35.6 Advertisement	$	40.6	$	22.4	$ Advertisement	23.0	$	15.0	$	14.1 Advertisement	$	(1.0)	$	0.1
Liquidity payments Advertisement		(337.4)		(429.0)		(135.8)		(158.4)		(193.1) Advertisement		(261.4)		(8.1)		(9.1)		—		— Advertisement		—		—		(0.4)		(0.1)
Routing and clearing Advertisement		(20.8)		(20.9)		(8.1)		(5.9)		(8.0) Advertisement		(10.5)		(4.4)		(4.3)		—		— Advertisement		(0.3)		(0.2)		—		—
Net transaction and clearing fees Advertisement	$	327.5	$	285.4	$ Advertisement	240.4	$	188.7	$	28.3 Advertisement	$	32.6	$	23.1	$ Advertisement	27.2	$	22.4	$	23.0 Advertisement	$	14.7	$	13.9	$ Advertisement	(1.4)	$	—

Table 8 Advertisement
(in millions)
Reconciliation of Net Revenue by Revenue Caption –Three Months Ended June 30, 2023 and 2022
	Cash and Spot Markets				Data and Access Solutions				Derivatives Markets Advertisement				Total
	Three Months Ended				Three Months Ended				Three Months Ended				Three Months Ended Advertisement
	June 30,				June 30,				June 30,				June 30,
	2023 Advertisement		2022		2023		2022		2023		2022 Advertisement		2023		2022
Transaction and clearing fees	$	279.0 Advertisement	$	359.2	$	—	$ Advertisement	—	$	406.7	$	376.1 Advertisement	$	685.7	$	735.3
Access and capacity fees Advertisement		—		—		86.9		81.8		— Advertisement		—		86.9		81.8
Market data fees		17.7 Advertisement		19.3		47.7		41.0		8.1		8.5 Advertisement		73.5		68.8
Regulatory fees		28.7		68.7 Advertisement		—		—		15.7		18.1		44.4 Advertisement		86.8
Other revenue		15.9		11.3		0.7 Advertisement		1.1		0.7		0.7		17.3		13.1 Advertisement
Total revenues	$	341.3	$	458.5 Advertisement	$	135.3	$	123.9	$ Advertisement	431.2	$	403.4	$	907.8 Advertisement	$	985.8

Liquidity payments	$	201.0 Advertisement	$	270.0	$	—	$ Advertisement	—	$	136.4	$	159.0 Advertisement	$	337.4	$	429.0
Routing and clearing fees Advertisement		12.7		15.0		—		—		8.1 Advertisement		5.9		20.8		20.9
Section 31 fees		28.7 Advertisement		68.2		—		—		5.8		11.4 Advertisement		34.5		79.6
Royalty fees and other cost of revenues		8.6		4.1 Advertisement		2.3		2.3		37.1		25.8		48.0 Advertisement		32.2
Total cost of revenues	$	251.0	$ Advertisement	357.3	$	2.3	$	2.3 Advertisement	$	187.4	$	202.1	$ Advertisement	440.7	$	561.7

Revenues less cost of revenues (net revenue)	$ Advertisement	90.3	$	101.2	$	133.0 Advertisement	$	121.6	$	243.8	$ Advertisement	201.3	$	467.1	$	424.1 Advertisement

Acquisition revenue less cost of revenues (inorganic net revenue)		(0.8)		—		(2.4)		— Advertisement		—		—		(3.2)		—

Organic net revenue Advertisement	$	89.5	$	101.2	$ Advertisement	130.6	$	121.6	$	243.8 Advertisement	$	201.3	$	463.9	$ Advertisement	424.1

Table 9
Reconciliation of GAAP Effective Tax Rate to Effective Tax Rate Excluding Goodwill Impairment and Section 199 Matters – Three Months and Six Months Ended June 30, 2023 and 2022

	Three Months Ended, Advertisement				Six Months Ended,
	June 30,				June 30,
	2023		2022 Advertisement		2023		2022
GAAP effective tax rate	30.6	% Advertisement	28.2	%	30.4	%	(134.8) Advertisement	%
Tax effect of goodwill impairment	—	%	1.8 Advertisement	%	—	%	175.9	% Advertisement
Tax effect of Section 199 related matters	—	%	—	% Advertisement	—	%	(11.3)	%
Effective tax rate excluding goodwill impairment and Section 199 matters Advertisement	30.6	%	30.0	%	30.4 Advertisement	%	29.8	%

Table 10 Advertisement
Reconciliation of GAAP Net Revenues to Net Revenues in Constant Currency – Three Months and Six Months Ended June 30, 2023

		Three Months Ended,		Six Months Ended,
		June 30,		June 30, Advertisement
		2023		2023
Europe and Asia Pacific net revenues	$	47.3 Advertisement	$	96.6
Constant currency adjustment		0.5		3.9 Advertisement
Europe and Asia Pacific net revenues in constant currency¹	$	47.8	$	100.5 Advertisement

⁽¹⁾ Net revenues in constant currency is calculated by converting the current period GAAP net revenues in local currency using the foreign currency exchange rates that were in effect during the previous comparable period.

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Blockchain Press Releases

Empower Web3 Startups- WConnect Launches Soon

Published

19 hours ago

February 15, 2025

CISION (PR Newswire)

HONG KONG, Feb. 15, 2025 /PRNewswire/ — CoinW, a global leader in cryptocurrency trading, proudly announces the launch of its flagship online forum series, WConnect – Connecting Legends. This initiative is designed to unite CoinW users with iconic Layer 1 blockchains and their transformative projects. By collaborating with leading ecosystems like Solana, and other prominent players, WConnect seeks to empower the next wave of Web3 unicorns.

The series will offer a dynamic space where industry leaders, developers, and enthusiasts converge to exchange ideas, explore trends, and ignite innovation. WConnect stands as a beacon of opportunity, fostering a vibrant ecosystem where visionary startups can flourish.

Connecting Blockchain Ecosystems

WConnect is a flagship online forum series introduced by CoinW.

It aims to bring together industry leaders and developer communities in different blockchain ecosystems to jointly explore industry trends. This is a great opportunity to exchange technical experience and explore development opportunities.

The WConnect series will play a key role in this cooperation as a core platform, which will promote blockchain collaboration and amplify the impact of innovation.

It will focus on in-depth discussions around the following key themes:

AI, RWA and DeFi Trends: Explore industry innovation and breakthrough developments.
Professional Trading Strategies: Share trading strategies and discover potential projects.
Layer 1 Ecosystem: Focus on potential projects in Sui, Solana ecosystem.
Project Development Challenges: Get valuable guidance from the experience of front-line developers.
Web3 Future Development: Prospects for industry-wide adoption and trends in innovation.

WConnect’s online events will be broadcast simultaneously on Twitter Space and YouTube. At the same time, CoinW’s global users can likewise access its events through CoinW’s live channel.

Each episode will further expand WConnect’s reach through recordings and highlight clips, connecting with users in the CoinW ecosystem.The first episode of the WConnect series will focus on the role of Layer 1 ecosystems in promoting blockchain innovation and growth. Mainstream Layer 1 projects built on Sui and Solana will be among the topics for discussion.

Industry movers and shakers, technical experts and community leaders from popular projects, media partners such as Cointelegram will be invited to share progress within their projects. They are also encouraged to provide input on future development directions.

$100,000 Prize Pool Trading Competition

To celebrate this milestone, CoinW is launching a $100,000 Trading Competition Series. The competitions will showcase standout projects like CETUS, NAVX, SCA, and HIPPO, with diverse reward categories such as new user incentives, daily trading bonuses, and competitive trading challenges with generous USDT prizes.

New User Rewards: Register and trade at least $100 USDT in SUI, CETUS, NAVX, SCA, or HIPPO to receive 5 USDT. A total of 10,000 USDT is available on a first-come, first-served basis.
Daily Trading Challenge: Trade $100 USDT or more each day to qualify for a weekly prize pool of $5,000 USDT, encouraging consistent participation and engagement.
SCA Trading Challenge: Compete for a share of a 20,000 USDT prize pool by trading at least $100 USDT in SCA/USDT, with rewards distributed based on trading volume.
NAVX Lucky Lottery: Trade a minimum of $200 USDT in NAVX/USDT to enter a lucky draw and win prizes ranging from 5 to 20 USDT. A total of 600 winners will be selected randomly.
CETUS Net Purchase Contest: Compete for a share of 10,000 USDT by ranking in the top 30 net CETUS purchasers. An additional 5,000 USDT will be distributed proportionally to participants who trade at least $100 USDT.
HIPPO Trading Safari: Reach specified trading volume milestones to win rewards from a 10,000 USDT prize pool, with limited spots available for each tier.

Additionally, join WConnect’s airdrop event by completing simple social tasks, such as joining the official Telegram group and sharing event posts. Participants will enter a draw to win USDT and Sui token rewards.

Expanding Influence

CoinW’s WConnect series will initially focus on the Sui and Solana ecosystem. This also marks a continuation of CoinW’s partnership with Solana, reinforcing the collaboration established earlier through initiatives such as the Solana Founders Villa. As highlighted in their previous partnership, CoinW and Solana have jointly supported emerging Web3 founders, fostering innovation and ecosystem growth. Through WConnect, CoinW and Solana will continue working together, providing resources and exposure to promising projects in the Solana ecosystem and beyond.

Moving forward, WConnect will continue expanding its scope, featuring other leading Layer 1 ecosystems to empower more projects and developers.

About CoinW

Founded in 2017, CoinW is a globally trusted cryptocurrency exchange serving over 13 million users in 14 countries. With cutting-edge technology, advanced security, and a focus on empowering blockchain innovation, CoinW supports communities worldwide in realizing the transformative power of digital assets.

Twitter Official：https://twitter.com/CoinWOfficial

Research Institute Telegram: https://t.me/CoinW_Research

Telegram EN: https://t.me/coinwoff

Telegram Announcement Official: https://t.me/coinwofficialchannel

YouTube Official: https://www.youtube.com/@CoinWOfficial

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Blockchain

Blocks & Headlines: Today in Blockchain – February 14, 2025: Trump Admin, CoreAI, Figment, Infinite Alliance

Published

23 hours ago

February 14, 2025

Peter Tolan

In the ever-evolving world of blockchain and cryptocurrency, each day brings with it new developments that not only redefine technology but also reshape the economic and regulatory landscape. Welcome to Blocks & Headlines: Today in Blockchain – February 14, 2025: Trump Admin, CoreAI, Figment, Infinite Alliance, your comprehensive op-ed-style daily briefing. Today, we dive deep into how groundbreaking policy shifts, innovative technological breakthroughs, strategic institutional moves, and global alliances are converging to chart the future of blockchain, crypto, Web3, DeFi, and NFTs.

From the Trump administration’s renewed focus on leveraging blockchain technology as a tool for economic and national security, to CoreAI’s unveiling of an AI-powered blockchain platform designed to simplify decentralized application (dApp) development, the day’s headlines are packed with significance. We’ll explore how Figment’s strategic partnership with a leading blockchain association is setting the stage for institutional staking and robust crypto policy in the U.S., and we’ll also highlight Infinite Alliance’s pioneering efforts in global Web3 and blockchain innovation.

This article provides an in-depth analysis of each story, offering insights into the broader implications for the blockchain ecosystem. We will dissect each development, provide context, and opine on how these trends could influence future innovations, regulatory measures, and market dynamics. Whether you’re a blockchain enthusiast, a crypto investor, or an industry veteran, our detailed exploration will illuminate the key trends shaping the blockchain space today.

A New Era in Policy: The Trump Administration’s Embrace of Cryptocurrency and Blockchain

In recent years, the intersection of government policy and blockchain technology has grown ever more significant. Today, we examine a pivotal development reported by Fortune that signals a shift in governmental attitudes towards digital currencies and distributed ledger technology. The Trump administration is reportedly taking bold steps to integrate blockchain technology into its regulatory and economic strategies, aiming to harness the benefits of decentralization while establishing robust frameworks to mitigate risks.

The Policy Shift: Balancing Innovation and Regulation

The Trump administration’s renewed interest in cryptocurrency and blockchain reflects a broader global trend of governments acknowledging the transformative potential of these technologies. At the core of this policy shift is the recognition that blockchain offers unparalleled benefits in transparency, efficiency, and security—qualities that are essential in today’s digital economy. By integrating blockchain technology into various governmental functions, the administration seeks to improve public sector efficiency, combat fraud, and enhance data security across critical infrastructures.

However, this embrace of innovation comes with a measured approach to regulation. While the potential for blockchain to revolutionize financial services, supply chain management, and public record-keeping is immense, the administration is keenly aware of the risks involved. Cybersecurity vulnerabilities, market volatility, and the potential for illicit activities necessitate a balanced regulatory framework. The administration’s approach aims to foster an environment where innovation is encouraged, but not at the expense of security and public trust.

Economic and Strategic Implications

The strategic implications of this policy move are far-reaching. By positioning blockchain as a key tool for economic growth and national security, the Trump administration is not only laying the groundwork for enhanced governmental operations but also stimulating broader market confidence in the technology. Investors and industry players can interpret this as a signal that blockchain will receive continued support and favorable regulatory treatment, which may, in turn, drive further investments in blockchain startups and related technologies.

Moreover, the administration’s actions could influence global regulatory trends. As the U.S. takes a proactive stance in integrating blockchain into its economic strategies, other nations may follow suit, leading to a more harmonized international approach to crypto regulation. This harmonization is critical in a world where digital assets and cross-border transactions transcend traditional national boundaries.

The Broader Context: Innovation in the Public Sector

The integration of blockchain technology into government operations represents a paradigm shift. In education, healthcare, voting systems, and even national defense, blockchain can enhance transparency and accountability. The Trump administration’s focus on these innovations underscores a commitment to leveraging technology for public good. Yet, it also raises questions about privacy, data sovereignty, and the centralization of power—issues that will require careful management as these policies are implemented.

In our view, the administration’s move is both timely and necessary. It acknowledges that the future of technology is decentralized and that the benefits of blockchain can extend beyond the private sector. By setting a regulatory framework that encourages innovation while mitigating risk, the government can help ensure that blockchain technology develops in a manner that benefits all citizens.

Source: Fortune

CoreAI Unveils Revolutionary AI-Powered Blockchain Platform to Simplify dApp Development

In a groundbreaking move that merges artificial intelligence with blockchain technology, CoreAI has unveiled a revolutionary AI-powered blockchain platform designed to simplify the development of decentralized applications (dApps). As reported by Business Insider, this innovative platform is set to transform how developers interact with blockchain, making it more accessible, efficient, and user-friendly.

The Convergence of AI and Blockchain

The integration of AI with blockchain is not just a technological upgrade—it’s a paradigm shift that redefines what is possible in the digital space. CoreAI’s platform leverages state-of-the-art machine learning algorithms to optimize blockchain operations, streamline smart contract development, and enhance security protocols. By automating many of the complex processes involved in dApp development, CoreAI is effectively lowering the barrier to entry for developers and accelerating the pace of innovation.

Traditionally, developing dApps has required specialized knowledge of blockchain protocols and programming languages. This complexity has often limited innovation to a relatively small pool of experts. CoreAI’s platform addresses this challenge by providing a suite of tools that simplify coding, testing, and deploying decentralized applications. Developers can now focus on creating innovative solutions rather than getting bogged down by technical intricacies.

Benefits for the Developer Community

The benefits of this AI-powered platform are manifold. For one, it significantly reduces development time and cost. With streamlined processes and automated workflows, developers can bring their ideas to market faster than ever before. This speed is crucial in the competitive world of blockchain, where innovation is key to gaining a strategic edge.

Furthermore, the platform’s enhanced security features are particularly noteworthy. By integrating AI-driven threat detection and automated security audits, CoreAI is setting new standards for safeguarding blockchain applications. In an era where data breaches and cyberattacks are increasingly common, robust security measures are not just a nice-to-have; they are a necessity.

From our perspective, CoreAI’s initiative represents a major step forward for the blockchain community. The convergence of AI and blockchain technology opens up exciting new avenues for innovation, driving greater adoption of decentralized systems across various sectors, including finance, supply chain management, healthcare, and beyond. By making dApp development more accessible, CoreAI is not only empowering developers but also fostering a more vibrant and inclusive blockchain ecosystem.

Market Implications and Future Prospects

The launch of CoreAI’s platform comes at a time when the blockchain industry is poised for exponential growth. With increased interest from both institutional and retail investors, the demand for innovative blockchain solutions is higher than ever. CoreAI’s platform is well-positioned to capitalize on this trend, offering a unique value proposition that blends AI with the decentralization benefits of blockchain.

The broader market implications are significant. As more developers adopt AI-powered tools, we can expect a surge in the number and quality of decentralized applications. This, in turn, will drive greater adoption of blockchain technology across industries, further blurring the lines between traditional centralized systems and decentralized networks.

Moreover, the success of CoreAI’s platform could spur further investment in AI-driven blockchain initiatives, catalyzing a wave of innovation that redefines how we interact with digital assets and decentralized systems. In an increasingly competitive technological landscape, the fusion of AI and blockchain could very well be the catalyst that propels the industry into its next phase of evolution.

Source: Business Insider

Figment Joins Blockchain Association to Advance U.S. Crypto Policy and Institutional Staking Adoption

In a move that underscores the growing institutional momentum behind blockchain technology, Figment has announced its decision to join a leading blockchain association. This strategic partnership, highlighted by both CryptoBriefing and CoinTrust, aims to advance U.S. crypto policy and promote the adoption of institutional staking. By aligning with other industry leaders, Figment is poised to play a pivotal role in shaping the regulatory and operational landscape of the crypto ecosystem.

The Role of Institutional Staking in Crypto Adoption

Institutional staking has emerged as a critical trend in the cryptocurrency space, offering a way for large investors and financial institutions to earn rewards on their digital assets while contributing to the security and stability of blockchain networks. Figment’s decision to join the blockchain association is a clear signal of its commitment to fostering an environment where institutional staking can thrive.

The association’s collaborative framework brings together key stakeholders from across the blockchain industry, including developers, investors, regulators, and service providers. This collective effort aims to establish standardized practices, drive regulatory clarity, and promote best practices for staking and other blockchain operations. For institutions looking to participate in the crypto market, such measures are essential in reducing risks and ensuring a secure, transparent environment.

Advancing U.S. Crypto Policy

The U.S. regulatory landscape for cryptocurrencies has been in a state of flux for several years, with policymakers grappling with how to balance innovation with consumer protection. Figment’s move is significant in that it seeks to bring a level of coherence and stability to U.S. crypto policy. By actively participating in the blockchain association, Figment and its partners can help shape policies that support both innovation and investor protection.

From our perspective, this development is a critical step toward mainstream crypto adoption in the United States. As regulatory frameworks become more defined and aligned with industry standards, institutional investors will gain greater confidence in deploying capital into the crypto space. This, in turn, could lead to increased liquidity, higher market participation, and ultimately, a more robust digital asset ecosystem.

The Synergy of Collaboration

One of the most compelling aspects of Figment’s announcement is the power of collaboration. In an industry as dynamic and complex as blockchain, no single entity can address every challenge in isolation. The blockchain association provides a platform for collaborative problem-solving, enabling participants to share knowledge, align on standards, and drive collective progress. Figment’s involvement is likely to accelerate the development of industry-wide solutions that address common challenges such as security vulnerabilities, interoperability issues, and regulatory uncertainties.

By joining forces with other leading players, Figment is positioning itself not only as a technology provider but also as a strategic influencer in the broader crypto policy debate. This dual role—as both an innovator and a policy advocate—underscores the company’s commitment to advancing the crypto industry in a way that benefits all stakeholders.

Source: CryptoBriefing
Source: CoinTrust

Infinite Alliance: Pioneering Global Innovation in Web3 and Blockchain

As the blockchain landscape becomes increasingly interconnected on a global scale, new alliances are emerging to drive innovation and collaboration across borders. Infinite Alliance is one such initiative, pioneering global innovation in Web3 and blockchain. Reported by GlobeNewswire, this development signals a new era of cross-border cooperation aimed at accelerating the adoption of decentralized technologies and fostering groundbreaking innovations.

The Vision of Infinite Alliance

Infinite Alliance represents a concerted effort by a diverse group of industry leaders, developers, and innovators to create a unified platform for advancing Web3 and blockchain technology. At its core, the alliance is focused on breaking down silos and fostering a collaborative environment where ideas can be freely exchanged and developed. This global coalition aims to harness the collective expertise of its members to tackle some of the most pressing challenges facing the blockchain industry, from scalability and interoperability to security and regulatory compliance.

In our opinion, the formation of Infinite Alliance is a bold and necessary step forward. In an industry that is still in its relative infancy, collaboration is key to overcoming the technical and regulatory hurdles that impede progress. By pooling resources and knowledge, the alliance can accelerate innovation, drive standards, and ultimately shape the future of decentralized technologies on a global scale.

Impact on Global Web3 and Blockchain Innovation

The implications of Infinite Alliance extend far beyond the boundaries of any single country or market. As blockchain technology continues to gain traction worldwide, the need for a coordinated approach to innovation and regulation becomes increasingly apparent. Infinite Alliance’s global perspective is particularly valuable in this context, as it provides a platform for harmonizing disparate regulatory approaches and fostering an environment that supports cross-border collaboration.

For developers and entrepreneurs, the alliance offers a fertile ground for innovation. With access to a broad network of experts and resources, startups and established companies alike can leverage the collective intelligence of the alliance to develop solutions that are both scalable and secure. This collaborative ecosystem is likely to spur a wave of innovation that accelerates the mainstream adoption of blockchain and Web3 technologies.

Strategic Partnerships and Future Directions

Infinite Alliance is already forging strategic partnerships with key players across the blockchain spectrum, setting the stage for future collaborations that could redefine the industry. By aligning with regulators, academic institutions, and technology providers, the alliance aims to create a robust framework for innovation that is both forward-thinking and grounded in practical experience.

In our view, the alliance’s efforts are indicative of a broader shift towards a more integrated and collaborative blockchain ecosystem. As technological advancements continue at a rapid pace, the challenges of interoperability, security, and regulatory compliance can only be overcome through collective action. Infinite Alliance’s pioneering approach serves as a beacon for the industry, demonstrating that by working together, we can unlock the full potential of blockchain and Web3 technologies.

Source: GlobeNewswire

Conclusion: Major Takeaways and the Road Ahead in Blockchain Innovation

Today’s blockchain landscape is a tapestry of innovation, collaboration, and strategic foresight. The developments we’ve explored—from the Trump administration’s proactive embrace of blockchain technology to CoreAI’s revolutionary AI-powered platform, from Figment’s strategic move to influence U.S. crypto policy to Infinite Alliance’s global push for Web3 innovation—offer a compelling glimpse into the future of decentralized technology.

In our analysis, several key themes emerge. First, the integration of blockchain into government policy signals not only a commitment to technological innovation but also a recognition of the need for secure, transparent, and efficient public systems. As regulatory frameworks evolve, they will play a critical role in shaping the adoption and growth of blockchain and cryptocurrency technologies.

Second, the convergence of AI and blockchain, as demonstrated by CoreAI’s latest platform, is set to revolutionize the development landscape for decentralized applications. By simplifying dApp development and enhancing security measures, such innovations are empowering developers and driving greater adoption of blockchain technology across various sectors.

Third, the strategic moves by institutional players like Figment underscore the importance of collaboration and standardized practices in advancing crypto policy and institutional staking. As regulatory clarity improves, we can expect to see increased participation by large investors, further bolstering market confidence and liquidity.

Finally, global initiatives such as Infinite Alliance highlight the transformative potential of cross-border collaboration. In a world where innovation knows no boundaries, fostering a unified approach to blockchain and Web3 technologies is essential for addressing challenges like interoperability and security on a global scale.

As we look ahead, the interplay between policy, technology, and market dynamics will continue to shape the blockchain ecosystem. For investors, developers, and policymakers alike, staying informed about these trends is crucial to navigating the opportunities and challenges of this rapidly evolving space.

In summary, today’s news stories serve as a powerful reminder that the blockchain revolution is well underway. The convergence of government policy, advanced technology, and strategic institutional initiatives is setting the stage for a future where decentralized systems redefine not only financial services but also the very fabric of our digital lives. As blockchain continues to mature, its impact on sectors ranging from finance and healthcare to education and public governance will only grow stronger.

Thank you for joining us in this in-depth exploration of today’s blockchain headlines. We hope that our analysis has provided you with valuable insights into the trends shaping the industry and inspired you to consider how these developments might influence your own strategies and investments in the blockchain space. Stay tuned for future editions of Blocks & Headlines: Today in Blockchain, where we will continue to bring you the latest news, insights, and analysis from the cutting edge of blockchain and cryptocurrency innovation.

The post Blocks & Headlines: Today in Blockchain – February 14, 2025: Trump Admin, CoreAI, Figment, Infinite Alliance appeared first on News, Events, Advertising Options.

Blockchain Press Releases

BingX Labs Invests $100,000 in Fireverse to Fuel AI Music Innovation in Web3 Initiatives

Published

1 day ago

February 14, 2025

CISION (PR Newswire)

bingx-labs-invests-$100,000-in-fireverse-to-fuel-ai-music-innovation-in-web3-initiatives

PANAMA CITY, Feb. 14, 2025 /PRNewswire/ — BingX Labs, the innovation arm of cryptocurrency exchange BingX, announced a strategic $100,000 investment in Fireverse, a trailblazing AI-driven and blockchain-powered music creation platform. This collaboration aims to accelerate the growth of the Web3 ecosystem by revolutionizing the music industry through cutting-edge AI and blockchain solutions. By equipping artists and enthusiasts with transformative tools for music generation, monetization, and distribution, the partnership seeks to redefine creative ownership and foster decentralized collaboration.

Fireverse is a next-generation Web3 music platform that leverages AI and blockchain to transform music creation, marketing, and monetization. It enables both professionals and amateurs to produce high-quality music effortlessly with AI-powered composition tools, gamified experiences, and blockchain-backed copyright protection. Through cooperation with Nobody, Fireverse obtained the intellectual property rights of classic films by Stephen Chow to create music NFTs. Users can generate music with one-click AI processing, participate in global competitions, and monetize their work while maintaining full ownership and security. The decentralized model ensures artist control and content integrity, allowing independent publishing and promotion.

BingX Labs is committed to supporting Fireverse’s growth through strategic funding and hands-on collaboration, aimed at strengthening its Web3 infrastructure, smart contract functionalities, and NFT-based monetization models. The funding will be primarily directed towards enhancing Fireverse’s infrastructure, ensuring its long-term scalability and success. Joint initiatives such as BingX Learn to Earn will be launched in the upcoming months, featuring gamified incentives and prize pools to engage users and promote the platform.

Vivien Lin, Head of BingX Labs, highlighted the collaboration’s potential: “Fireverse represents an exciting convergence of AI, music, and Web3 technology. At BingX Labs, we are not only bringing substantial funding to Fireverse but also offering our extensive industry resources and views, driving the expansion of Fireverse’s presence within the blockchain and crypto ecosystem. Our goal is to empower creators across various sectors, and with Fireverse, we aim to make music production more accessible and decentralized. This partnership is a part of our broader commitment to revolutionizing industries through Web3 technology, and we look forward to shaping the future together.”

By supporting projects like Fireverse, BingX Labs continues to bridge the gap between blockchain technology and real-world applications, driving adoption across various industries. As Fireverse advances its AI-powered platform and expands its ecosystem, its collaboration with BingX Labs will play a pivotal role in shaping the next generation of digital music creation and distribution.

About BingX

Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

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View original content:https://www.prnewswire.co.uk/news-releases/bingx-labs-invests-100-000-in-fireverse-to-fuel-ai-music-innovation-in-web3-initiatives-302377035.html

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Blocks & Headlines: Today in Blockchain – February 14, 2025: Trump Admin, CoreAI, Figment, Infinite Alliance

A New Era in Policy: The Trump Administration’s Embrace of Cryptocurrency and Blockchain

The Policy Shift: Balancing Innovation and Regulation

Economic and Strategic Implications

The Broader Context: Innovation in the Public Sector

CoreAI Unveils Revolutionary AI-Powered Blockchain Platform to Simplify dApp Development

The Convergence of AI and Blockchain

Benefits for the Developer Community

Market Implications and Future Prospects

Figment Joins Blockchain Association to Advance U.S. Crypto Policy and Institutional Staking Adoption

The Role of Institutional Staking in Crypto Adoption

Advancing U.S. Crypto Policy

The Synergy of Collaboration

Infinite Alliance: Pioneering Global Innovation in Web3 and Blockchain

The Vision of Infinite Alliance

Impact on Global Web3 and Blockchain Innovation

Strategic Partnerships and Future Directions

Conclusion: Major Takeaways and the Road Ahead in Blockchain Innovation

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Blockchain Press Releases

BingX Labs Invests $100,000 in Fireverse to Fuel AI Music Innovation in Web3 Initiatives

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Blockchain

Blocks & Headlines: Today in Blockchain – February 14, 2025: Trump Admin, CoreAI, Figment, Infinite Alliance

A New Era in Policy: The Trump Administration’s Embrace of Cryptocurrency and Blockchain

The Policy Shift: Balancing Innovation and Regulation

Economic and Strategic Implications

The Broader Context: Innovation in the Public Sector

CoreAI Unveils Revolutionary AI-Powered Blockchain Platform to Simplify dApp Development

The Convergence of AI and Blockchain

Benefits for the Developer Community

Market Implications and Future Prospects

Figment Joins Blockchain Association to Advance U.S. Crypto Policy and Institutional Staking Adoption

The Role of Institutional Staking in Crypto Adoption

Advancing U.S. Crypto Policy

The Synergy of Collaboration

Infinite Alliance: Pioneering Global Innovation in Web3 and Blockchain

The Vision of Infinite Alliance

Impact on Global Web3 and Blockchain Innovation

Strategic Partnerships and Future Directions

Conclusion: Major Takeaways and the Road Ahead in Blockchain Innovation

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