X Financial's 23.9% Revenue Rise Contrasts Sequential Earnings Drop, Strategic Shifts

X Financial (NYSE: XYF) reported a 23.9% year-over-year increase in total net revenue for Q3 2025, driven by a 12.1% rise in GAAP net income despite a sequential decline in earnings per ADS according to Q3 results. The company's Q3 results highlighted a challenging operating environment, with rising credit costs and moderating borrower activity impacting performance. Total net revenue for the quarter reached RMB1.96 billion, down 13.7% from the previous quarter but up 23.9% year-over-year. Non-GAAP adjusted net income fell 26.1% sequentially to RMB438.17 million, reflecting operational pressures.

X Financial's management emphasized a strategic pivot toward disciplined risk management and asset quality, with Q4 2025 loan originations projected to range between RMB21.0 billion and RMB23.0 billion. This cautious outlook follows a sequential decline in Q3 originations and aligns with the company's focus on sustainable growth. Shareholders also benefited from aggressive capital return initiatives, as X Financial repurchased approximately 4.26 million ADSs in 2025 under its $100 million share repurchase program, leaving $48 million remaining for future buybacks.

Meanwhile, institutional investors in the cryptocurrency sector are preparing for a major shift as XRP Tundra confirmed an accelerated institutional acquisition process, with a final retail allocation window closing on December 15. The project, a cross-chain initiative on the XRP Ledger and Solana networks, emphasized that post-acquisition pricing will transition to an institutional framework, marking the end of its presale model. A comprehensive update on governance changes and partnership details is expected within a week, underscoring the project's focus on transparency and structured expansion.

In the traditional asset management space, CI Global Asset Management finalized a series of fund mergers, including the termination of the CI Bio-Revolution Index ETF and its consolidation into the CI Global Healthcare Leaders Index ETF. The mergers, approved by securityholders, were executed on both taxable and non-taxable bases, with reinvested distributions consolidating holdings to maintain investor balance. The firm also expanded custodial services for its CI Alternative Investment Grade Credit Fund, appointing TD Securities Inc. and BMO Nesbitt Burns Inc. as additional custodians.

The Nicholas Crypto Income ETF (BLOX) also marked a milestone, surpassing $50 million in assets under management. However, the fund's non-diversified structure and exposure to crypto markets carry heightened risks, including liquidity challenges and interest rate sensitivity.