Web3 Annual Summary and New Trends

Robinhood Markets, Inc. (NASDAQ: HOOD) announced its fourth quarter and full-year financial results for the period ending December 31, 2025. The report shows that total revenue for 2025 reached $4.5 billion, an increase of 52% year-over-year; the full-year net profit was $1.9 billion, up 33% year-over-year; diluted earnings per share were $2.05. Fourth quarter revenue was $1.28 billion, a 27% increase compared to the same period last year.The data indicates that the company's net deposits for the year were $68 billion, and the number of Robinhood Gold subscription users reached 4.2 million, a 58% year-over-year increase. Assets under management in retirement accounts grew by 102% year-over-year to $26.5 billion.Robinhood stated that it plans to continue product development and expand its international market presence in 2026, with adjusted operating expenses expected to rise to $2.6-$2.725 billion, an approximate 18% year-over-year increase. The report also mentioned that the company has launched stock and share ISA products in the UK market and plans to expand its Asian business through the acquisition of a brokerage and crypto company in Indonesia.

Binance stated that it has processed 38,648 erroneous deposit cases in 2025, refunding users over 48 million dollars. The total amount of funds recovered by Binance has exceeded 1.09 billion dollars.

Resolv Stablecoin Protocol Review of 2025 Progress and Outlook for 2026 PlansIn 2025, Resolv built a high-performance infrastructure, achieving deep integration across multiple currency markets and yield sources. Currently, the four core asset clusters in its collateral pool include delta-neutral ETH/BTC, USD-denominated DeFi lending and money market exposure, delta-neutral altcoins, and RWA.The main goals for Resolv in 2026 include: driving continuous growth in total customer value at an institutional scale, establishing USR as a primary asset; expanding the investment scope from Q1 to cover more investment-grade tokenized funds and gradually incorporating investment-grade RWA; optimistic about the continued penetration of stocks and commodities into the on-chain derivatives market, accessing traditional assets (such as gold, other commodities, stock indices, and individual stocks) through delta-neutral strategies, and utilizing on-chain derivatives venues for hedging and liquidity support; introducing external risk experts to further enhance decision-making transparency and observability; continuing to expand in the liquidity lending market under strict risk standards; and upgrading the Resolv infrastructure to a "stablecoin as a service" platform, among others.

Galaxy Digital Inc. (NASDAQ/Toronto Stock Exchange: GLXY) today released its Q4 and full-year financial results for 2025. The company reported a net loss of $241 million for the year, with a loss per share of -$0.61, primarily impacted by the decline in digital asset prices and approximately $160 million in one-time costs. Nevertheless, the company achieved an adjusted gross profit of $426 million for the year, with adjusted EBITDA of $34 million.As of the end of 2025, Galaxy's total equity reached $3 billion, with cash and stablecoin holdings of $2.6 billion. The company successfully completed its restructuring and went public on NASDAQ in 2025, while its Global Markets business achieved record trading volumes and consulting fee revenues. The total assets of the asset management platform reached $12 billion, with a net inflow of $2 billion for the year.In the data center business, Galaxy signed a long-term agreement with CoreWeave for 800 megawatts and received ERCOT approval to expand the total power capacity of the Helios data center to 1.6 gigawatts, with the first data hall expected to be delivered in Q1 2026. The company also strengthened its financial position through $325 million in equity financing and the issuance of $1.3 billion in notes.

According to a report by Cointelegraph, JPMorgan's Private Bank's latest "2026 Global Family Office Report" shows that artificial intelligence has become the dominant investment theme for the world's largest family offices, while cryptocurrency continues to attract limited interest. The report surveyed 333 single-family offices from 30 countries, revealing that 65% of respondents listed AI-related investments as a current or future priority, while only 17% viewed cryptocurrency as a key investment theme.The data indicates that 89% of family offices currently have no exposure to cryptocurrency, with a global average allocation to crypto assets of only 0.4%, and even lower exposure to Bitcoin, averaging just 0.2%. In contrast, 37% of respondents plan to increase their allocation to private equity in the next 12 to 18 months. Notably, family offices in Asia are showing growing interest in cryptocurrency, with some institutions targeting allocations of up to 5%.

According to the official announcement, Strategy today announced that, for U.S. federal income tax purposes, 100% of the distributions paid on its preferred equity instruments during the 2025 fiscal year, within the limits of the shareholders' corresponding tax basis in the preferred equity instruments, will be treated as tax-free capital returns.In 2025, Strategy completed five initial public offerings (IPOs) of perpetual preferred stock securities ("Digital Credit"), raising a total of $5.5 billion. Subsequently, the company raised an additional $1.9 billion for the digital credit instruments through an ATM (at-the-market) program. To date, Strategy has paid a total of $413 million in distributions on these instruments, with a corresponding weighted annualized dividend rate of approximately 9.6%.Strategy stated that, for U.S. federal income tax purposes, the company currently has no accumulated retained earnings and does not expect to generate current E&P in the current year and the foreseeable future. Based on this assessment, Strategy expects that the distributions on its preferred equity instruments will continue to be treated as capital returns in the foreseeable future (i.e., for 10 years or longer).

The Zcash Foundation has released its strategic priorities for 2026, which include:Unique consensus node implementation Zebra: Focus on enhancing performance, completing the NU7 ZIP implementation, and advancing the Z3 tech stack to replace zcashd;Continue to advance the FROST threshold signature scheme: Plan to release version 3, finalize ZIP-312, and introduce the distributed key generation (DKG) protocol;Privacy Assistance Initiative (SAI): Promote a "privacy by default" digital cash assistance model and explore zero-knowledge proof-based identity solutions, achieving a balance between compliance, accountability, and privacy protection.