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- **Record Growth**: Global AUM $137.2B (+11% YoY), driven by Europe ($5.8B inflows) and gold ($22B AUM, +57% YoY).
- **Ceres Impact**: Adds $1.7B AUM, 200+ bps margin, farmland performance fee potential. Alternative uses (solar, AI) for incremental revenue.
- **Digital Expansion**: $600M AUM with 68% YTD growth. Money market fund liquidity via blockchain, 7 blockchain integrations.
- **Strategic Focus**: Europe as growth engine, tokenization of private assets, disciplined M&A for uncorrelated private assets.

**【CFO Financial Commentary】**
- **Record AUM Growth**: Global AUM reached $137.2 billion (up 11% YoY), including $88.3 billion in U.S. and $48.3 billion in Europe. Digital assets AUM hit $600 million.
- **Net Inflows**: $2.2 billion Q3, $8.8 billion YTD, with 11% organic growth pace. Europe contributed $5.8 billion, U.S. $2.5 billion.
- **Ceres Acquisition Impact**: Adds $1.7 billion AUM, 200+ bps margin expansion. Revenue capture from farmland (1% base fee + 20% performance fee) and alternative uses (solar, AI data centers).
- **Financials**: Adjusted revenue $125.6M (+14.7% YoY), adjusted net income $34.5M. Gross margin 82.2% Q3, expected 83% Q4. Interest expense $8M Q3, $11M Q4.

**【COO Business Update】**
- **Gold Dominance**: Physical gold AUM $22B (+57% YoY), $1B Q3 inflows. Gold overlay strategies outperforming 80% of peers.
- **Model Growth**: Model AUM $5.85B (+50% YoY), 13 new custom model clients. 85,000 advisers addressable market.
- **Digital Assets**: $600M AUM (peak $900M), 68% YTD growth. Money market fund adoption by stablecoin issuers and on-chain businesses. Ploom blockchain launch enables 24/7 liquidity.
- **Client Engagement**: +20% clients using multiple products, +15% average products per client.

**【CEO Strategic Priorities】**
- **Europe as Growth Engine**: 2x U.S. inflows, 11-year Boost partnership model. Farmland as uncorrelated asset class.
- **Digital Asset Expansion**: Tokenization platform (TIP) for private assets, 7 blockchain integrations. SEC filing for 24/7 money market fund liquidity.
- **Private Assets Strategy**: Ceres as first step, disciplined M&A pipeline for accretive private asset acquisitions.

**【Q&A Highlights】**
- **Europe Outlook**: 5-year CAGR 15-20%, driven by ETF adoption and cross-border product innovation.
- **Digital Asset Valuation**: Tech stack (TIP) comparable to $1B SPAC valuations. Tokenization as service for private assets in development.
- **Ceres Performance**: $40M trailing revenue, 7-8% mark assumption for farmland returns. Performance fee 15% of mark.
- **Digital Spend**: $650M AUM at 25bps fee capture, net loss mid-20s. Structural shift to on-chain assets justifies investment.


WisdomTree, Inc. (WT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WT

WT fundamentals

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