Season's Greetings from Team Talos

As we wrap up 2025 and head into the holiday season, we want to extend our sincere thanks to our clients, partners, investors and colleagues for a year of tremendous progress in the Talos journey. 

We take this opportunity to wish you greetings of the season, and to  reflect on some of the highlights of the year.

Achieved strategic milestones

• Acquired Coin Metrics, the leading crypto market and on-chain data provider, creating the first fully integrated investment and data platform for digital assets 
• Launched an RFQ platform, initially for crypto ETF create/redeem workflows first used by BlackRock’s traders, integrating the Talos OEMS with BlackRock’s Aladdin
• Appointed an SVP, Head of Strategy, hiring former Cowen Digital head Drew Forman amid surge in institutional adoption
• Became a Super Validator on the Canton Network to help advance the future of institutional markets on-chain
• Joined the Crypto Council for Innovation to help promote public policy engagement and constructive dialogue with regulators 

Enhanced the Talos Platform

In 2025, Talos continued its mission of building the end-to-end platform that supports the full investment lifecycle for digital assets. From execution to portfolio management; from front-office to back-office; and supported by the top institutional data provider in digital assets, Talos offers institutions the scale and sophistication they need to operate in digital asset markets.

Trading 

We advanced our ability to unify liquidity across fragmented markets, whether cross-currency, cross-stablecoin or cross-asset. And we continued to invest in scaling and performance, increasing throughput and reducing latency, so wherever you trade in the world, however many end-customers you serve, you get the best results.

• Launched an RFQ platform that creates an OTC marketplace to support crypto ETF create/redeem workflows, spot blocks and OTC derivatives
• Expanded our unified liquidity framework to support spot, CFDs and both linear and inverse perpetuals, enabling seamless access to diverse instrument types through a single execution flow.
• Introduced new algorithms and order types, including: VWAP based on a predictive market impact model for crypto markets, Quantizer for steady-paced execution replicating BRR behavior, Scaled orders to distribute passive limit orders across a defined price range
• Added position-based autohedging and dynamic delta hedging for options, with new notification facilities to help advanced traders stay on top of a 24x7 market.
• Cross-asset perpetuals trading to express correlation or relative-value views between perps or between a perp and spot
• Enabled brokerages on our white label platform to offer linear derivatives to their customers, with rules-based margin policies, funding payments and hedging.
• Introduced several enhancements to the user interface including: flexible layouts, improved market account selector, order status notifications and in-blotter, order-level analytics

Portfolio and Treasury Management 

We expanded capabilities across compliance, margin management, IBOR/ABOR reconciliation, treasury operations and performance reporting, while delivering unified visibility across on-chain and off-chain balances, transactions and staking activity.

• Launched a new equity margin dashboard, giving institutions real-time visibility into margin utilization across venues.
• Expanded investment compliance monitoring to support exposure limits, leverage rules, turnover constraints, trade thresholds, and universe eligibility checks as part of portfolio construction workflows.
• Added on-chain balance and transaction monitoring to strengthen treasury and operational oversight.
• Expanded staking balance tracking to include Kraken, Coinbase Prime, and Copper.
• Introduced customizable performance and balance reports, which users can configure, save, and rerun with a single click.
• Implemented a full IBOR reconciliation audit log, providing a complete audit trail of reconciliation activity.
• Acquisition of Coin Metrics brought institutional-grade market data, on-chain analytics, and indexes directly into the Talos offering, further strengthening our ability to support institutional workflows end to end.

Expanded our provider network

Our clients benefit from a constantly-growing connectivity network that now includes 100 different integrations around the world. In 2025, we expanded access to:

• Regulated liquidity sources, including Crypto Finance (part of Deutsche Börse Group), Bitvavo and Stillman Digital
• FX liquidity, including FalconX
• Institutional-grade OTC liquidity, including Hercle and Flowdesk
• Institutional venues, like RULEMATCH, Crypto.com Exchange

Reached record highs

• Surpassed $700 billion in total volume since inception through the platform
• Over 7,000 symbols traded to date
• 100 provider integrations completed to date
• Onboarded asset managers collectively responsible for $21 trillion in AUM
• Achieved a reach of approximately 400 million end users through our buyside clients

Recognized for our platform

• Won the Risk.net Markets Technology Award for Pricing and Analytics: Digital Assets
• Named Best Technology Solution Provider by The Digital Banker
• Named Trading Technology Partner of the Year in the Hedgeweek US Awards 
• Named Quantitative Trading Technology Provider of the Year in the Hedgeweek Global Digital Assets Awards
• Named Best Digital Assets Provider in the HFM Asia Services Awards
• Won Best Digital Assets Trading Solution in Trading Tech Insights Awards USA 

Recognized for our leadership

• Anton Katz named to TabbForum 40 Innovators in Financial Markets
• Talos named a Top 50 Digital Asset Institution by The Digital Banker
• Talos named to Most Influential Financial Technology Firms 2025 by The Financial Technologist/Harringto Starr
• Talos named Top NYC Startup to Watch in 2025 and Top Unicorn Startups 2025 by TRUiC/Startup Savant

Thank you for your continued support. Happy Holidays.