Record AUM of $152.6 Billion
Diluted Loss Per Share of ($0.17); Adjusted Earnings Per Share of $0.27
17% Annualized Organic Flow Growth Rate
Operating Margin Expanded by 560 bps Year over Year; or 770 bps, on an Adjusted Basis
NEW YORK--(BUSINESS WIRE)--May 01, 2026--
WisdomTree, Inc. $(WT)$, a global financial innovator, today reported financial results for the first quarter of 2026.
($23.1) million of net loss ($40.6(1) million of net income, as adjusted), including a loss on extinguishment of convertible notes of $62.3 million, comprised of a loss on extinguishment of $16.9 million associated with the repurchase of $75.0 million in aggregate principal amount of our 3.25% convertible senior notes due 2026 (the "2026 Notes") and a $45.4 million inducement expense related to the repurchase of $275.0 million in aggregate principal amount of our 3.25% convertible senior notes due 2029 (the "2029 Notes"). See "Non-GAAP Financial Measurements" for additional information.
$152.6 billion of ending AUM, an increase of 5.6% from the prior quarter arising primarily from net inflows and market appreciation.
$5.9 billion of net inflows, primarily driven by inflows into our international developed equity, fixed income and leveraged and inverse products across the United States and Europe.
0.36% average advisory fee, a 1 basis point increase from the prior quarter.
0.42% revenue yield(2) , unchanged from the prior quarter.
$159.5 million of operating revenues, an increase of 8.2% from the prior quarter due to higher average AUM and higher other revenues attributable to our European listed exchange-traded products ("ETPs").
84.4% gross margin(1) , a 1.2 point increase from the prior quarter primarily due to higher revenues.
37.2% operating income margin (39.3%(1) as adjusted), a 3.3 point decrease (2.4 point decrease, as adjusted) from the prior quarter primarily due to seasonally higher compensation expense.
$603.75 million issuance of convertible senior notes due 2031 (the "2031 Notes"), bearing interest at a rate of 4.50% and issued with a conversion price of $21.58 per share. Concurrent with the issuance of the 2031 Notes, we completed separate, privately negotiated transactions with certain holders of our outstanding 2026 Notes (conversion price of $11.04 per share) to exchange $75.0 million in aggregate principal amount of the 2026 Notes for approximately 6.81 million shares of our common stock and with certain holders of our outstanding 2029 Notes (conversion price of $11.82 per share) to exchange $275.0 million in aggregate principal amount of the 2029 Notes for approximately $302.7 million in cash and approximately 4.19 million shares of common stock.
$0.03 quarterly dividend declared, payable on May 27, 2026 to stockholders of record as of the close of business on May 13, 2026.
Update from Jarrett Lilien, WisdomTree President and COO
"This was another quarter of consistent, broad-based execution, with nearly $6 billion of net inflows and continued momentum across the business. What stands out most is the quality and breadth of those flows, with clients engaging across asset classes, geographies and use cases. That speaks to the strength of our platform and our ability to generate growth across market environments. We are not reliant on any single product or theme -- our business is becoming increasingly diversified, resilient and positioned to scale." ------------------------------------------------------------------------------
Update from Jonathan Steinberg, WisdomTree CEO
"We delivered another quarter of strong execution in a volatile environment, reinforcing the strength of a business that is becoming more diversified, more durable and increasingly capable of compounding growth over time. Our strategy is centered on building a high-quality growth platform -- combining organic momentum with disciplined, strategic acquisitions like Ceres Partners and Atlantic House that expand our capabilities, enhance our economics and accelerate our long-term trajectory. We believe this positions WisdomTree to deliver sustained growth, margin expansion and increasing earnings power." ------------------------------------------------------------------------------
OPERATING AND FINANCIAL HIGHLIGHTS
Three Months Ended
------------------------------------------
Mar. Dec. Sept. June
31, 31, 30, 30, Mar. 31,
2026 2025 2025 2025 2025
------- ------- ------ ------ --------
Consolidated
Operating Highlights
($ in billions):
---------------------
AUM--end of period $152.6 $144.5 $137.2 $126.1 $115.8
Net
inflows/(outflows) $ 5.9 $ (0.3) $ 2.2 $ 3.5 $ 3.1
Average AUM $154.7 $140.7 $130.8 $119.2 $114.6
Average advisory
fee 0.36% 0.35% 0.35% 0.35% 0.35%
Revenue yield(2) 0.42% 0.42% 0.38% 0.38% 0.38%
Consolidated
Financial Highlights
($ in millions,
except per share
amounts):
---------------------
Operating revenues $159.5 $147.4 $125.6 $112.6 $108.1
Net (loss)/income $(23.1) $ 40.0 $ 19.7 $ 24.8 $ 24.6
Diluted
(loss)/earnings
per share $(0.17) $ 0.28 $ 0.13 $ 0.17 $ 0.17
Operating income
margin 37.2% 40.5% 36.3% 30.8% 31.6%
As Adjusted
(Non-GAAP(1) ):
---------------------
Operating revenues,
as adjusted $159.5 $147.4 $125.6 $112.6 $108.1
Gross margin 84.4% 83.2% 82.2% 81.1% 80.8%
Net income, as
adjusted $ 40.6 $ 41.2 $ 34.5 $ 25.9 $ 23.0
Diluted earnings
per share, as
adjusted $ 0.27 $ 0.29 $ 0.23 $ 0.18 $ 0.16
Operating income
margin, as
adjusted 39.3% 41.7% 38.3% 32.5% 31.6%
RECENT BUSINESS DEVELOPMENTS
Company News In February 2026, WisdomTree launched 24/7 trading and instant settlement capabilities for the WisdomTree Treasury Money Market Digital Fund (WTGXX), marking the first time registered tokenized mutual fund shares have been permitted to trade and instantly settle 24/7 within the U.S. regulatory perimeter via a dealer-principal liquidity model. Our digital money market fund (WTGXX) continues to gain traction across new applications, with third parties exploring both real-world and on-chain use cases:In March 2026, WTGXX was included in a first-of-its-kind payroll pilot conducted by Plume and Toku, allowing employees to elect to receive a portion of compensation in yield-bearing fund shares and demonstrating how tokenized assets may interact with payroll workflows; In April 2026, WTGXX was referenced as part of the reserve framework for LotusUSD within Lotus' DeFi lending protocol, reflecting one of the early instances of a money market fund being referenced within decentralized finance infrastructure; and In April 2026, WTGXX was made available through Stable Sea's platform, expanding access for businesses to access the fund within treasury and cash management workflows. In March 2026, WisdomTree and Halo Investing, Inc. collaborated to launch a first-of-its-kind defined outcome SMA strategy, expanding access to innovative advisor solutions. Also in March 2026, we entered into a definitive agreement to acquire Atlantic House Holdings Limited ("Atlantic House"), a London-based active manager specializing in defined outcome and derivatives-driven investment strategies; and we completed a private offering of $603.75 million in aggregate principal amount of our 2031 Notes and concurrently repurchased $75.0 million in aggregate principal amount of our 2026 Notes for approximately 6.81 million shares of our common stock and $275.0 million in aggregate principal amount of our 2029 Notes for approximately $302.7 million in cash and approximately 4.19 million shares of our common stock, and used approximately $200.0 million of the proceeds to finance the Atlantic House acquisition. On May 1, 2026, we completed the Atlantic House acquisition, expanding our global ETF lineup with defined outcome and derivatives capabilities. Product News From February 2026 through April 2026, we launched the following products:In Europe, we launched WisdomTree Physical AI, Humanoids and Drones UCITS ETF $(WPAI)$, WisdomTree India Earnings UCITS ETF $(EPI)$, WisdomTree Europe Infrastructure UCITS ETF (WBLD), WisdomTree Tech Megatrends UCITS ETF (TMGT), WisdomTree Asia Defence UCITS ETF $(WDAF)$, WisdomTree Global Defence UCITS ETF $(WDGF)$ and WisdomTree True Emerging Markets UCITS ETF (WEM) on the London Stock Exchange, Börse Xetra, and Borsa Italiana; and During the same period, in the U.S. we launched WisdomTree U.S. Adaptive Moving Average Fund (WAMA) and International Adaptive Moving Average Fund $(WIMA)$, both listed on the NASDAQ; and WisdomTree Efficient U.S. Plus International Equity Fund $(NTSD)$ on the New York Stock Exchange $(NYSE)$. From February through March 2026, we cross-listed the following products:WisdomTree Physical Bitcoin (WBTC), WisdomTree Physical Ethereum $(WETH)$, WisdomTree Physical XRP (WXRP), WisdomTree Physical Solana (SOLW), WisdomTree Physical Stellar Lumens (WXLM), WisdomTree Physical Lido Staked Ether (LSTE), WisdomTree Physical Crypto Altcoins (ALTC) and WisdomTree Physical CoinDesk 20 (WCRX) on Borsa Italiana; WisdomTree Global Ex-USA Quality Dividend Growth UCITS ETF $(XUSA)$, WisdomTree Broad Commodities UCITS ETF $(PCOM)$, WisdomTree Strategic Metals and Rare Earths Miners UCITS ETF $(RARE)$, WisdomTree Megatrends UCITS ETF (WMGT), WisdomTree Blockchain UCITS ETF (WBLK) and WisdomTree Strategic Metals UCITS ETF (WENU) on Euronext Paris; and WisdomTree Quantum Computing UCITS ETF
$(WQTM)$, WisdomTree Uranium and Nuclear Energy UCITS ETF (NCLR), WisdomTree Core Physical Gold $(WGLD)$, WisdomTree Core Physical Silver (WSLV), WisdomTree Global Value UCITS ETF (WTVG), WisdomTree US Value UCITS ETF (WTVU) and WisdomTree Europe Value UCITS ETF (WTVE) in Mexico. We also completed the Norway registration of our UCITS ETF range. In February and March 2026, WisdomTree won the following awards:WisdomTree Emerging Markets Equity Income UCITS ETF (DEMS) won in the ETF Equity Emerging Markets category at the 2026 Mountain View Fund Awards; WisdomTree Physical AI, Humanoids and Drones UCITS ETF (WPAI) won innovative Newcomer ETF Award at the XENIX ETF awards France 2026; WisdomTree USD Floating Rate Treasury Bond UCITS ETF $(USFR)$ won at the Lipper Fund Awards in the Bond USD Government Short Term passive category; and WisdomTree won Best ESG Fixed Income ETF Issuer ($100m-$1bn), Best Crypto Linked ETF Issuer ($1bn+), Best Bitcoin ETF Issuer ($100m+) at the 2026 ETF Express European awards. ------------------------------------------------------------------------------ WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) Three Months Ended ----------------------------------------------------------- Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, 2026 2025 2025 2025 2025 --------- --------- ------------- --------- ----------- Operating Revenues: Advisory fees $134,880 $122,712 $114,485 $103,241 $ 99,549 Management fees 5,231 4,908 -- -- -- Performance fees 2,955 7,105 -- -- -- Other revenues 16,404 12,709 11,131 9,380 8,533 ------- ------- ------- --- ------- ------- Total revenues 159,470 147,434 125,616 112,621 108,082 ------- ------- ------- --- ------- ------- Operating Expenses: Compensation and benefits 47,517 37,273 33,791 32,827 33,788 Fund management and administration 24,880 24,830 22,353 21,252 20,714 Marketing and advertising 5,392 5,613 4,788 5,330 4,813 Sales and business development 4,197 4,045 3,943 4,232 4,137 Professional fees 3,308 3,596 3,505 3,177 2,782 Occupancy, communications and equipment 1,935 1,892 1,601 1,559 1,482 Depreciation and amortization 2,096 2,043 615 580 540 Third-party distribution fees 5,795 4,772 3,977 4,083 3,112 Acquisition-related costs 1,933 317 2,409 1,967 -- Other 3,067 3,306 2,980 2,982 2,552 ------- ------- ------- --- ------- ------- Total operating expenses 100,120 87,687 79,962 77,989 73,920 ------- ------- ------- --- ------- ------- Operating income 59,350 59,747 45,654 34,632 34,162 Other Income/(Expenses): Interest expense (11,023) (11,023) (8,466) (5,490) (5,441) Interest income 2,592 2,965 4,015 2,090 1,897 Loss on extinguishment of convertible notes (62,302) (833) (13,011) -- -- Remeasurement of contingent consideration (2,562) (710) -- -- -- Other losses and gains, net (637) 317 1,325 638 (250) ------- ------- ------- --- ------- ------- (Loss)/income before income taxes (14,582) 50,463 29,517 31,870 30,368 Income tax expense 8,549 10,437 9,816 7,093 5,739 ------- ------- ------- --- ------- ------- Net (loss)/income $(23,131) $ 40,026 $ 19,701 $ 24,777 $ 24,629 ======= ======= ======= === ======= ======= (Loss)/earnings per share--basic $ (0.17) $ 0.29 $ 0.14 (3) $ 0.17 $ 0.17 (Loss)/earnings per share--diluted $ (0.17) $ 0.28 $ 0.13 (3) $ 0.17 $ 0.17 Weighted average common shares--basic 138,005 136,340 139,584 143,076 142,580 Weighted average common shares--diluted 138,005 143,314 150,675 146,640 146,545 As Adjusted (Non-GAAP(1) ) ----------------------- --------- --------- ------------- --------- ----------- Total revenues $159,470 $147,434 $125,616 $112,621 $108,082 Total operating expenses $ 96,752 $ 85,936 $ 77,553 $ 76,022 $ 73,920 Operating income $ 62,718 $ 61,498 $ 48,063 $ 36,599 $ 34,162 Income before income taxes $ 54,654 $ 53,840 $ 45,318 $ 33,798 $ 30,947 Income tax expense $ 14,061 $ 12,605 $ 10,842 $ 7,935 $ 7,933 Net income $ 40,593 $ 41,235 $ 34,476 $ 25,863 $ 23,014 Earnings per share--diluted $ 0.27 $ 0.29 $ 0.23 $ 0.18 $ 0.16 Weighted average common shares--diluted 152,372 143,314 150,675 146,640 146,545 ----------------------- ------- ------- ------- --- ------- -------
QUARTERLY HIGHLIGHTS
Operating Revenues
-- Operating revenues increased 8.2% from the fourth quarter of 2025,
driven by higher average AUM, a higher average advisory fee and increased
other revenues attributable to our European listed ETPs, partly offset by
lower performance fees. Operating revenues increased 47.5% from the first
quarter of 2025, driven by higher average AUM, a higher average advisory
fee, revenues arising from our acquisition of Ceres Partners, LLC (the
"Ceres Acquisition") and increased other revenues from our European
listed ETPs.
-- Our average advisory fee was 0.36% for the first quarter of 2026,
compared to 0.35% for both the first and fourth quarters of 2025.
Operating Expenses
-- Operating expenses increased 14.2% from the fourth quarter of 2025
primarily due to higher seasonal compensation expenses related to payroll
taxes, benefits and other costs associated with year-end bonus payments,
as well as acquisition-related costs associated with our acquisition of
Atlantic House and higher third-party distribution fees.
-- Operating expenses increased 35.4% from the first quarter of 2025,
primarily due to higher incentive compensation and headcount, as well as
increases in fund management and administration expenses,
acquisition-related costs, third-party distribution fees and amortization
of intangible assets.
Other Income/(Expenses)
-- Interest expense was essentially unchanged from the fourth quarter of
2025 and increased 102.6% from the first quarter of 2025 due to a higher
level of debt outstanding.
-- Interest income decreased 12.6% from the fourth quarter of 2025 and
increased 36.6% from the first quarter of 2025, primarily due to changes
in interest rates and the level of interest-earning assets.
-- During the first quarter of 2026, we recognized a $62.3 million loss
related to transactions involving our convertible notes, comprised of a
loss on extinguishment of $16.9 million associated with the repurchase of
$75.0 million in aggregate principal amount of our 2026 Notes and a $45.4
million inducement expense related to the repurchase of $275.0 million in
aggregate principal amount of our 2029 Notes.
-- Contingent consideration related to the Ceres Acquisition increased
from $11.8 million on December 31, 2025 to $14.4 million at March 31,
2026, resulting in a $2.6 million loss on remeasurement recognized during
the first quarter of 2026.
-- Other losses and gains, net, was a loss of $0.6 million for the first
quarter of 2026. This included net losses of $0.9 million on our
financial instruments owned and net losses of $0.5 million on our
investments. Gains and losses also generally arise from the sale of gold
and cryptocurrency earned from advisory fees paid by our
physically-backed gold and crypto ETPs, foreign exchange fluctuations and
miscellaneous items.
Income Taxes
-- Our effective income tax rate for the first quarter of 2026 was
negative 58.6%, resulting in income tax expense of $8.5 million. Despite
a pre-tax loss for the quarter, we recorded income tax expense primarily
due to certain non-deductible amounts associated with the extinguishment
of convertible notes, which caused our effective tax rate to differ from
the U.S. federal statutory rate of 21.0%. Other items impacting our
effective tax rate included non-deductible executive compensation, partly
offset by state and local taxes and tax windfalls associated with the
vesting of stock-based compensation awards.
-- Our adjusted effective income tax rate for the first quarter of 2026
was 25.7%(1).
CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS
WisdomTree will discuss its results and operational highlights during a live webcast on Friday, May 1, 2026 at 11:00 a.m. ET, which, together with all earnings materials, can be accessed via WisdomTree's investor relations website at https://ir.wisdomtree.com. A replay of the webcast will be available shortly after the call.
Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers.
To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time.
About WisdomTree
WisdomTree is a global financial innovator, offering a diverse suite of exchange-traded products (ETPs), models and solutions, private market investments and digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access, transparency and provide an enhanced user experience. Building on our heritage of innovation, we offer next-generation digital products and services related to tokenized real world assets and stablecoins, as well as our institutional platform, WisdomTree Connect$(TM)$ and blockchain-native digital wallet, WisdomTree Prime$(R)$* , and have expanded into private markets through the acquisition of Ceres Partners' U.S. farmland platform.
* The WisdomTree Connect institutional platform and WisdomTree Prime digital wallet and digital asset services are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, and may be limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business. Visit https://wisdomtreeconnect.com, https://www.wisdomtreeprime.com or the WisdomTree Prime mobile app for more information.
WisdomTree currently has approximately $163.19 billion in assets under management globally, inclusive of assets managed by Ceres Partners, LLC as of the last reportable period.
For more information about WisdomTree, WisdomTree Connect and WisdomTree Prime, visit: https://www.wisdomtree.com.
Please visit us on X at @WisdomTreeNews.
WisdomTree(R) is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.
PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE CONNECT AND WISDOMTREE PRIME:
NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY
The products and services available through WisdomTree Connect and the WisdomTree Prime app are not endorsed, indemnified or guaranteed by any regulatory agency.
References to third-party platforms, protocols, or use cases are provided for informational purposes only and do not constitute an endorsement, recommendation, or solicitation by WisdomTree or its affiliates. WisdomTree and its affiliates do not control or operate such third-party platforms or protocols and are not responsible for their operation or performance.
____________________
(1) See "Non-GAAP Financial Measurements."
(2) Revenue yield is computed by dividing our annualized adjusted operating
revenues as reported in the GAAP to Non-GAAP Reconciliation herein by
our average AUM during the period.
(3) Earnings per share ("EPS") is calculated pursuant to the two-class
method as it results in a lower EPS amount as compared to the treasury
stock method. In addition, the three months ended September 30, 2025
includes $718 of stock repurchase excise taxes, which is excluded from
net income, but is required to be added to net income to arrive at
income available to common stockholders in the calculation of EPS. This
item is excluded from our EPS when computed on a non-GAAP basis.
WISDOMTREE, INC. AND SUBSIDIARIES
KEY OPERATING STATISTICS
(Unaudited)
Three Months Ended
---------------------------------------------------------
Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
2026 2025 2025 2025 2025
--------- --------- --------- --------- -------------
GLOBAL PRODUCTS ($ in millions)
-------------------------------
Beginning of period assets $144,525 $137,175 $126,070 $115,787 $109,779
Add: Digital Assets--Jan. 1,
2025 -- -- -- -- 32
Add: Assets acquired--Ceres
Acquisition -- 1,812 -- -- --
Inflows/(outflows) 5,934 (283) 2,241 3,529 3,052
Market appreciation 2,097 5,821 8,864 6,754 2,924
------- ------- ------- ------- ------- ---
End of period assets $152,556 $144,525 $137,175 $126,070 $115,787
======= ======= ======= ======= ======= ===
Average assets during the
period $154,663 $140,686 $130,760 $119,185 $114,622
Average ETP advisory fee
during the period 0.36% 0.35% 0.35% 0.35% 0.35%
Total revenue yield 0.42% 0.42% 0.38% 0.38% 0.38%
Revenue days 90 92 92 91 90
Number of products--end of
the period 416 405 397 383 375 (1)
ETPs AND TOKENIZED PRODUCTS
-------------------------------
U.S. LISTED ETFs ($ in
millions)
-------------------------------
Beginning of period assets $ 88,521 $ 88,293 $ 85,179 $ 80,531 $ 79,095
Inflows/(outflows) 2,643 (1,108) (445) 1,110 1,847
Market
(depreciation)/appreciation (218) 1,336 3,559 3,538 (411)
------- ------- ------- ------- -------
End of period assets $ 90,946 $ 88,521 $ 88,293 $ 85,179 $ 80,531
======= ======= ======= ======= ======= ===
Average assets during the
period $ 91,742 $ 88,074 $ 87,205 $ 81,525 $ 81,127
Number of ETFs--end of the
period 90 85 84 81 78
EUROPEAN LISTED ETPs ($ in
millions)
-------------------------------
Beginning of period assets $ 53,345 $ 48,290 $ 40,541 $ 35,124 $ 30,684
Inflows 3,118 609 2,448 2,201 1,104
Market appreciation 2,295 4,446 5,301 3,216 3,336
------- ------- ------- ------- ------- ---
End of period assets $ 58,758 $ 53,345 $ 48,290 $ 40,541 $ 35,124
======= ======= ======= ======= ======= ===
Average assets during the
period $ 60,193 $ 50,102 $ 42,853 $ 37,439 $ 33,415
Number of ETPs--end of the
period 306 300 295 285 280
DIGITAL ASSETS ($ in
millions)
-------------------------------
Beginning of period assets $ 770 $ 592 $ 350 $ 132 $ --
Add: Digital Assets--Jan. 1,
2025 -- -- -- -- 32
Inflows 98 179 238 218 101
Market
(depreciation)/appreciation (1) (1) 4 -- (1)
------- ------- ------- ------- -------
End of period assets $ 867 $ 770 $ 592 $ 350 $ 132
======= ======= ======= ======= ======= ===
Average assets during the
period $ 781 $ 695 $ 702 $ 221 $ 80
Number of products--end of
the period 19 19 18 17 17 (1)
PRIVATE ASSETS ($ in millions)
-------------------------------
Beginning of period assets $ 1,889 $ -- $ -- $ -- $ --
Add: Assets acquired--Ceres
Acquisition -- 1,812 -- -- --
Inflows 75 37 -- -- --
Market appreciation 21 40 -- -- --
------- ------- ------- ------- ------- ---
End of period assets $ 1,985 $ 1,889 $ -- $ -- $ --
======= ======= ======= ======= ======= ===
Average assets during the
period $ 1,947 $ 1,815 $ -- $ -- $ --
Number of products--end of
the period 1 1 -- -- --
ETPs AND TOKENIZED PRODUCT
CATEGORIES ($ in millions)
-------------------------------
U.S. Equity
Beginning of period assets $ 41,427 $ 40,977 $ 38,617 $ 35,628 $ 35,414
Add: Digital Assets--Jan. 1,
2025 -- -- -- -- 9
Inflows 354 191 32 1,287 963
Market
(depreciation)/appreciation (270) 259 2,328 1,702 (758)
------- ------- ------- ------- -------
End of period assets $ 41,511 $ 41,427 $ 40,977 $ 38,617 $ 35,628
======= ======= ======= ======= ======= ===
Average assets during the
period $ 42,394 $ 41,161 $ 40,024 $ 36,080 $ 36,281
Commodity & Currency
Beginning of period assets $ 36,980 $ 31,705 $ 26,696 $ 25,487 $ 21,906
Add: Digital Assets--Jan. 1,
2025 -- -- -- -- 1
Inflows/(outflows) 35 177 1,096 (110) (159)
Market appreciation 3,295 5,098 3,913 1,319 3,739
------- ------- ------- ------- ------- ---
End of period assets $ 40,310 $ 36,980 $ 31,705 $ 26,696 $ 25,487
======= ======= ======= ======= ======= ===
Average assets during the
period $ 41,458 $ 33,824 $ 28,162 $ 25,888 $ 23,993
International Developed
Market Equity
Beginning of period assets $ 25,616 $ 23,893 $ 21,725 $ 18,178 $ 17,602
Inflows 3,495 1,147 478 1,646 474
Market appreciation 75 576 1,690 1,901 102
------- ------- ------- ------- ------- ---
End of period assets $ 29,186 $ 25,616 $ 23,893 $ 21,725 $ 18,178
======= ======= ======= ======= ======= ===
Average assets during the
period $ 29,349 $ 24,708 $ 22,481 $ 19,577 $ 18,275
Fixed Income
Beginning of period assets $ 21,074 $ 22,509 $ 22,543 $ 22,230 $ 20,043
Add: Digital Assets--Jan. 1,
2025 -- -- -- -- 21
Inflows/(outflows) 1,272 (1,358) (58) 148 2,092
Market
appreciation/(depreciation) 49 (77) 24 165 74
------- ------- ------- ------- ------- ---
End of period assets $ 22,395 $ 21,074 $ 22,509 $ 22,543 $ 22,230
======= ======= ======= ======= ======= ===
Average assets during the
period $ 21,187 $ 21,422 $ 23,128 $ 22,526 $ 21,464
Emerging Market Equity
Beginning of period assets $ 10,643 $ 10,855 $ 10,957 $ 9,985 $ 10,468
(Outflows)/inflows (206) (508) (250) 28 (445)
Market
(depreciation)/appreciation (294) 296 148 944 (38)
------- ------- ------- ------- -------
End of period assets $ 10,143 $ 10,643 $ 10,855 $ 10,957 $ 9,985
======= ======= ======= ======= ======= ===
Average assets during the
period $ 10,902 $ 10,839 $ 10,874 $ 10,295 $ 10,072
Leveraged & Inverse
Beginning of period assets $ 3,275 $ 2,913 $ 2,631 $ 2,133 $ 1,924
Inflows/(outflows) 565 (15) (52) 141 116
Market
(depreciation)/appreciation (177) 377 334 357 93
------- ------- ------- ------- ------- ---
End of period assets $ 3,663 $ 3,275 $ 2,913 $ 2,631 $ 2,133
======= ======= ======= ======= ======= ===
Average assets during the
period $ 3,785 $ 3,097 $ 2,750 $ 2,354 $ 2,083
Cryptocurrency
Beginning of period assets $ 2,242 $ 3,168 $ 2,087 $ 1,553 $ 1,912
Add: Digital Assets--Jan. 1,
2025 -- -- -- -- 1
Inflows/(outflows) 137 (117) 764 198 (89)
Market
(depreciation)/appreciation (596) (809) 317 336 (271)
------- ------- ------- ------- -------
End of period assets $ 1,783 $ 2,242 $ 3,168 $ 2,087 $ 1,553
======= ======= ======= ======= ======= ===
Average assets during the
period $ 2,021 $ 2,550 $ 2,412 $ 1,800 $ 1,900
Alternatives
Beginning of period assets $ 1,379 $ 1,155 $ 814 $ 593 $ 510
Inflows 207 163 231 191 100
Market
(depreciation)/appreciation (6) 61 110 30 (17)
------- ------- ------- ------- -------
End of period assets $ 1,580 $ 1,379 $ 1,155 $ 814 $ 593
======= ======= ======= ======= ======= ===
Average assets during the
period $ 1,620 $ 1,270 $ 929 $ 665 $ 554
Headcount 357 360 338 321 315
Note: Previously issued statistics may be restated due to fund closures and trade adjustments.
Source: WisdomTree
WISDOMTREE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
Mar. 31, Dec. 31,
2026 2025
------------- ----------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and restricted
cash $ 625,505 $ 311,732
Financial instruments owned, at fair
value 65,237 107,117
Accounts receivable 66,112 64,452
Income taxes receivable 1,262 --
Prepaid expenses 8,649 7,338
Other current assets 1,320 1,723
--------- ---------
Total current assets 768,085 492,362
Fixed assets, net 401 431
Deferred tax assets, net 6,689 9,803
Investments 28,623 29,075
Right of use assets--operating leases 2,326 2,764
Goodwill 228,624 228,624
Intangible assets, net 747,954 748,957
Other noncurrent assets 1,126 925
--------- ---------
Total assets $ 1,783,828 $1,512,941
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current liabilities:
Convertible notes--current $ 74,910 $ 149,604
Fund management and administration
payable 34,465 29,448
Compensation and benefits payable 19,132 52,435
Payable to Gold Bullion Holdings (Jersey)
Limited ("GBH") 14,176 13,940
Operating lease liabilities 1,498 1,614
Income taxes payable -- 2,295
Accounts payable and other liabilities 23,948 32,720
--------- ---------
Total current liabilities 168,129 282,056
Convertible notes--long term 1,125,434 804,203
Contingent consideration 14,406 11,844
Operating lease liabilities--long term 841 1,166
--------- ---------
Total liabilities 1,308,810 1,099,269
STOCKHOLDERS' EQUITY
Common stock, par value $0.01; 400,000 shares
authorized:
Issued and outstanding: 152,439 and
140,713 at March 31, 2026 and December
31, 2025, respectively 1,524 1,407
Additional paid-in capital 279,000 189,244
Accumulated other comprehensive gain 1,069 2,227
Retained earnings 193,425 220,794
--------- ---------
Total stockholders' equity 475,018 413,672
--------- ---------
Total liabilities and stockholders' equity $ 1,783,828 $1,512,941
========= =========
WISDOMTREE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Three Months Ended
March 31,
-----------------------
2026 2025
-------- -------
Cash flows from operating activities:
Net (loss)/income $ (23,131) $ 24,629
Adjustments to reconcile net
(loss)/income to net cash provided
by operating activities:
Loss on extinguishment of
convertible notes 62,302 --
Advisory and license fees
paid in gold, other precious
metals and cryptocurrency (25,348) (15,373)
Stock-based compensation 8,431 6,238
Deferred income taxes 3,395 5,835
Increase in fair value of
contingent consideration 2,562 --
Depreciation and amortization 2,096 540
Amortization of issuance
costs--convertible notes 1,154 624
Losses on financial
instruments owned, at fair
value 882 440
Amortization of right of use
asset 456 326
Losses/(gains) on investments 452 (316)
Imputed interest on payable
to GBH 235 455
Changes in operating assets and
liabilities:
Accounts receivable (1,410) (394)
Income taxes
receivable/payable (2,572) (4,092)
Prepaid expenses (1,360) (1,522)
Gold and other precious
metals 24,825 14,738
Other assets 168 (295)
Fund management and
administration payable 5,224 3,150
Compensation and benefits
payable (33,182) (28,056)
Operating lease liabilities (459) (325)
Accounts payable and other
liabilities (6,763) (232)
-------- -------
Net cash provided by
operating activities 17,957 6,370
-------- -------
Cash flows from investing activities:
Purchase of financial instruments
owned, at fair value (6,003) --
Cash paid--software development (980) (577)
Purchase of fixed assets (28) (31)
Proceeds from the sale of financial
instruments owned, at fair value 45,650 388
Proceeds from held-to-maturity
securities maturing or called
prior to maturity -- 6
-------- -------
Net cash provided
by/(used in) investing
activities 38,639 (214)
-------- -------
Cash flows from financing activities:
Repurchase of convertible notes (302,675) --
Common stock repurchased (24,963) (12,714)
Dividends paid (4,744) (4,626)
Issuance costs--convertible notes (12,593) --
Proceeds from the issuance of
convertible notes 603,750 --
Excise taxes paid on common stock
repurchased -- (1,868)
-------- -------
Net cash provided
by/(used in) financing
activities 258,775 (19,208)
-------- -------
(Decrease)/increase in cash flow due to
changes in foreign exchange rate (1,598) 2,234
-------- -------
Net increase/(decrease) in cash, cash
equivalents and restricted cash 313,773 (10,818)
Cash, cash equivalents and restricted
cash--beginning of year 311,732 181,191
-------- -------
Cash, cash equivalents and restricted
cash--end of period $ 625,505 $170,373
======== =======
Supplemental disclosure of cash flow
information:
Cash paid for income
taxes $ 7,659 $ 4,042
======== =======
Cash paid for interest $ 18,448 $ 6,412
======== =======
NON-GAAP FINANCIAL MEASUREMENTS
In an effort to provide additional information regarding our results as determined by GAAP, we also disclose certain non-GAAP information which we believe provides useful and meaningful information. Our management reviews these non-GAAP financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-GAAP measurements so as to share this perspective of management. Non-GAAP measurements do not have any standardized meaning, do not replace nor are they superior to GAAP financial measurements and are unlikely to be comparable to similar measures presented by other companies. These non-GAAP financial measurements should be considered in the context with our GAAP results. The non-GAAP financial measurements contained in this press release include the following:
Adjusted Operating Income, Operating Expenses, Income Before Income Taxes, Income Tax Expense, Net Income and Diluted Earnings per Share
We disclose adjusted operating income, operating expenses, income before income taxes, income tax expense, net income and diluted earnings per share as non-GAAP financial measurements in order to report our results exclusive of items that are non-recurring or not core to our operating business. We believe presenting these non-GAAP financial measurements provides investors with a consistent way to analyze our performance. These non-GAAP financial measurements exclude the following:
Gains or losses on financial instruments owned: We account for our financial instruments owned as trading securities, which requires these instruments to be measured at fair value with gains and losses reported in net income. We exclude these items when calculating our non-GAAP financial measurements as the gains and losses introduce earnings volatility and are not core to our operating business.
Foreign currency remeasurement gains and losses on U.S. dollars held by foreign subsidiaries: GAAP requires account balances to be remeasured into an entity's functional currency, with resulting gains and losses reported in net income. Foreign subsidiaries holding U.S. dollars remeasure these balances into their functional currencies and recognize the gains and losses. We exclude remeasurement effects from our non-GAAP financial measures, as they introduce earnings volatility, are not core to our operations and arise from balances denominated in our reporting currency.
Tax windfalls and shortfalls upon vesting of stock-based compensation awards: GAAP requires the recognition of tax windfalls and shortfalls within income tax expense. These items arise upon the vesting of stock-based compensation awards and the magnitude is directly correlated to the number of awards vesting/exercised, as well as the difference between the price of our stock on the date the award was granted and the date the award vested or was exercised. We exclude these items when calculating our non-GAAP financial measurements as they introduce earnings volatility and are not core to our operating business.
Amortization of intangible assets and remeasurement of contingent consideration arising from our acquisition of Ceres Partners, LLC: On October 1, 2025, we completed the Ceres Acquisition for aggregate consideration consisting of (i) $275 million in cash payable at closing, subject to customary post-closing adjustments and (ii) contingent consideration of up to $225 million, payable in 2030, contingent upon Ceres Partners, LLC achieving a compound annual growth rate ("CAGR") in revenues of 12% to 22% during the measurement period of January 1, 2025 through December 31, 2029. GAAP requires contingent consideration to be re-measured each reporting period with changes in fair value reported in net income. In addition, a portion of the consideration totaling $143.5 million was allocated to intangible assets, which is amortized over 25 years. We exclude changes in fair value of contingent consideration and amortization of intangible assets arising from the Ceres Acquisition when calculating our non-GAAP financial measurements as these items are not core to our operating business.
Other items: Losses related to convertible notes transactions, changes in deferred tax asset valuation allowance, acquisition-related costs, imputed interest on our payable to Gold Bullion Holdings (Jersey) Limited ("GBH") and gains and losses recognized on our investments are excluded when calculating our non-GAAP financial measurements.
Adjusted Effective Income Tax Rate
We disclose our adjusted effective income tax rate as a non-GAAP financial measurement in order to report our effective income tax rate exclusive of items that are non-recurring or not core to our operating business. We believe reporting our adjusted effective income tax rate provides investors with a consistent way to analyze our income taxes. Our adjusted effective income tax rate is calculated by dividing adjusted income tax expense by adjusted income before income taxes. See above for information regarding the items that are excluded.
Gross Margin and Gross Margin Percentage
We disclose our gross margin and gross margin percentage as non-GAAP financial measurements because we believe they provide investors with a consistent way to analyze the amount we retain after paying third-party service providers to operate our ETPs. These measures also assist us in analyzing the profitability of our products. We define gross margin as total adjusted operating revenues less fund management and administration expenses. Gross margin percentage is calculated as gross margin divided by total adjusted operating revenues.
GAAP to NON-GAAP RECONCILIATION (CONSOLIDATED)
(in thousands)
(Unaudited)
Three Months Ended
-------------------------------------------------------
Adjusted Net Income and
Diluted Earnings per Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
Share: 2026 2025 2025 2025 2025
--------- --------- --------- --------- -----------
Net (loss)/income, as
reported $(23,131) $ 40,026 $ 19,701 $ 24,777 $ 24,629
Add back: Losses
related to
convertible notes
transactions, net
of income taxes 62,280 505 12,763 -- --
Deduct: Tax
windfalls upon
vesting of
stock-based
compensation
awards (4,421) -- (76) (4) (2,083)
Add back: Increase
in fair value of
contingent
consideration, net
of income taxes 1,940 538 -- -- --
Add back:
Acquisition-related
costs, net of
income taxes 1,933 240 1,824 1,489 --
Add back:
Amortization of
intangible assets
arising from the
Ceres Acquisition,
net of income
taxes 1,087 1,086 -- -- --
Add back/(deduct):
Losses/(gains) on
financial
instruments owned,
net of income
taxes 668 8 (810) (972) 333
(Deduct)/add back:
Foreign currency
remeasurement
(gains)/losses on
U.S. dollar
balances, net of
income taxes (435) (141) -- 1,136 --
Add back/(deduct):
Losses/(gains)
recognized on
investments, net of
income taxes 342 (75) 734 (458) (239)
Add back: Imputed
interest on payable
to GBH, net of
income taxes 179 285 364 354 344
Add back/(deduct):
Increase/(decrease)
in deferred tax
asset valuation
allowance on
capital losses 151 (1,237) (24) (459) 30
------- ------- ------- ------- -------
Adjusted net income $ 40,593 $ 41,235 $ 34,476 $ 25,863 $ 23,014
Weighted average common
shares--diluted 152,372 143,314 150,675 146,640 146,545
------- ------- ------- ------- -------
Adjusted earnings per
share--diluted $ 0.27 $ 0.29 $ 0.23 $ 0.18 $ 0.16
======= ======= ======= ======= =======
Three Months Ended
-------------------------------------------------------
Gross Margin and
Gross Margin Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
Percentage: 2026 2025 2025 2025 2025
--------- --------- --------- --------- -----------
Operating revenues $159,470 $147,434 $125,616 $112,621 $108,082
Deduct: Fund
management and
administration (24,880) (24,830) (22,353) (21,252) (20,714)
------- ------- ------- ------- -------
Gross margin $134,590 $122,604 $103,263 $ 91,369 $ 87,368
------- ------- ------- ------- -------
Gross margin
percentage 84.4% 83.2% 82.2% 81.1% 80.8%
======= ======= ======= ======= =======
Three Months Ended
--------------------------------------------------
Adjusted Operating Income Sept.
and Adjusted Operating Mar. 31, Dec. 31, 30, June 30, Mar. 31,
Income Margin: 2026 2025 2025 2025 2025
-------- -------- -------- -------- ----------
Operating revenues $159,470 $147,434 $125,616 $112,621 $108,082
------- ------- ------- ------- -------
Operating income 59,350 59,747 $ 45,654 $ 34,632 $ 34,162
Add back:
Amortization of
intangible assets
arising from the
Ceres Acquisition 1,435 1,434 -- -- --
Add back:
Acquisition-related
costs 1,933 317 2,409 1,967 --
------- ------- ------- ------- -------
Adjusted operating income $ 62,718 $ 61,498 $ 48,063 $ 36,599 $ 34,162
------- ------- ------- ------- -------
Adjusted operating income
margin 39.3% 41.7% 38.3% 32.5% 31.6%
======= ======= ======= ======= =======
Three Months Ended
------------------------------------------------
Sept. Mar.
Adjusted Total Operating Mar. 31, Dec. 31, 30, June 30, 31,
Expenses: 2026 2025 2025 2025 2025
--------- -------- -------- -------- -------
Total operating expenses $100,120 $87,687 $79,962 $77,989 $73,920
Deduct: Amortization
of intangible
assets arising from
the Ceres
Acquisition (1,435) (1,434) -- -- --
Deduct:
Acquisition-related
costs (1,933) (317) (2,409) (1,967) --
------- ------ ------ ------ ------
Adjusted total operating
expenses $ 96,752 $85,936 $77,553 $76,022 $73,920
======= ====== ====== ====== ======
Three Months Ended
---------------------------------------------------
Sept.
Adjusted Income Before Mar. 31, Dec. 31, 30, June 30, Mar. 31,
Income Taxes: 2026 2025 2025 2025 2025
--------- -------- -------- -------- ----------
(Loss)/income before
income taxes $(14,582) $50,463 $29,517 $31,870 $30,368
Add back: Losses
related to
convertible notes
transactions 62,302 833 13,011 -- --
Add back: Increase
in fair value of
contingent
consideration 2,562 710 -- -- --
Add back:
Acquisition-related
costs 1,933 317 2,409 1,967 --
Add back:
Amortization of
intangible assets
arising from the
Ceres Acquisition 1,435 1,434 -- -- --
Add back/(deduct):
Losses/(gains) on
financial
instruments owned 882 10 (1,070) (1,284) 440
(Deduct)/add back:
Foreign currency
remeasurement
(gains)/losses on
U.S. dollar
balances, net of
income taxes (566) (205) -- 1,383 --
Add back/(deduct):
Losses/(gains)
recognized on
investments 452 (99) 970 (605) (316)
Add back: Imputed
interest on payable
to GBH 236 377 481 467 455
------- ------ ------ ------ ------
Adjusted income before
income taxes $ 54,654 $53,840 $45,318 $33,798 $30,947
======= ====== ====== ====== ======
Three Months Ended
--------------------------------------------------
Adjusted Income Tax
Expense and Adjusted Sept.
Effective Income Tax Mar. 31, Dec. 31, 30, June 30, Mar. 31,
Rate: 2026 2025 2025 2025 2025
-------- -------- -------- -------- ----------
Adjusted income before
income taxes (above) $54,654 $53,840 $45,318 $33,798 $30,947
------ ------ ------ ------ ------
Income tax expense $ 8,549 $10,437 $ 9,816 $ 7,093 $ 5,739
Add back: Tax
windfalls upon
vesting of
stock-based
compensation
awards 4,421 -- 76 4 2,083
Add back: Tax
benefit arising
from convertible
notes transactions 22 328 248 -- --
Add back: Tax
benefit arising
from increase in
fair value of
contingent
consideration 622 172 -- -- --
Add back: Tax
benefit of
intangible asset
amortization
arising from the
Ceres Acquisition 348 348 -- -- --
Add back/(deduct):
Tax
benefit/(expense)
arising from
losses/(gains) on
financial
instruments owned 214 2 (260) (312) 107
(Deduct)/add back:
(increase)/decrease
in deferred tax
asset valuation
allowance on
capital losses (151) 1,237 24 459 (30)
(Deduct)/add back:
Tax
(expense)/benefit
on foreign currency
remeasurement
losses on U.S.
dollar balances (131) (64) -- 247 --
Add back/(deduct):
Tax
benefit/(expense)
on losses/(gains)
on investments 110 (24) 236 (147) (77)
Add back: Tax
benefit on imputed
interest 57 92 117 113 111
Add back: Tax
benefit on
acquisition-related
costs -- 77 585 478 --
------ ------ ------ ------ ------
Adjusted income tax
expense $14,061 $12,605 $10,842 $ 7,935 $ 7,933
------ ------ ------ ------ ------
Adjusted effective income
tax rate 25.7% 23.4% 23.9% 23.5% 25.6%
====== ====== ====== ====== ======
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should, " "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, the risks described below. If one or more of these or other risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this press release completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements.
In particular, forward-looking statements in this press release may include statements about:
-- anticipated trends, conditions and investor sentiment in the global
markets and ETPs;
-- anticipated levels of inflows into and outflows out of our ETPs;
-- our ability to deliver favorable rates of return to investors;
-- competition in our business;
-- whether we will experience future growth;
-- our ability to develop new products and services and their potential
for success;
-- our ability to maintain current vendors or find new vendors to provide
services to us at favorable costs;
-- our ability to successfully implement our strategy relating to digital
assets and blockchain-enabled financial services, including WisdomTree
Connect(TM) and WisdomTree Prime(R), and achieve its objectives;
-- our ability to successfully operate and expand our business in non-U.S.
markets;
-- the effect of laws and regulations that apply to our business;
-- the potential benefits arising from our acquisitions of Ceres Partners,
LLC, and Atlantic House Holdings Limited, including financial or
strategic outcomes; and
-- our ability to successfully implement our strategic goals relating to
the acquisitions and integrate the acquired businesses.
Our business is subject to many risks and uncertainties, including without limitation:
-- declining prices of securities, gold and other precious metals and
other commodities and changes in interest rates and general market
conditions can adversely affect our business by reducing the market value
of the assets we manage or causing WisdomTree ETP investors to sell their
fund shares and trigger redemptions;
-- fluctuations in the amount and mix of our AUM, whether caused by
disruptions in the financial markets or otherwise, including but not
limited to events such as a pandemic or war, geopolitical conflicts,
political events, acts of terrorism and other matters beyond our control,
may negatively impact revenues and operating margins, and may impede our
ability to refinance our debt upon maturity or increase the cost of
borrowing upon a refinancing;
-- competitive pressures could reduce revenues and profit margins;
-- we derive a substantial portion of our revenues from a limited number
of products, and, as a result, our operating results are particularly
exposed to investor sentiment toward investing in the products'
strategies and our ability to maintain the AUM of these products, as well
as the performance of these products and market-specific and political
and economic risk;
-- a significant portion of our AUM is held in products with exposure to
U.S. and international developed markets, and we therefore have exposure
to domestic and foreign market conditions and are subject to currency
exchange rate risks;
-- withdrawals or broad changes in investments in our ETPs by investors
with significant positions may negatively impact revenues and operating
margins;
-- we face increased operational, regulatory, financial and other risks as
a result of conducting our business internationally, and as we expand our
digital assets product offerings and services beyond our existing ETP
business;
-- many of our ETPs have a limited track record, and poor investment
performance could cause our revenues to decline; and
-- we depend on third parties to provide many critical services to operate
our business and our ETPs. The failure of key vendors to adequately
provide such services could materially affect our operating business and
harm WisdomTree ETP investors.
Additional risks include those associated with the acquisitions of Ceres Partners, LLC and Atlantic House Holdings Limited, including the risk that the integrations may be more difficult, time-consuming or costly than expected, or that expected benefits (including projected business growth, realization of synergies, or the ability to raise additional capital into the funds of the acquired businesses) may not be realized as anticipated. Other factors, such as general economic conditions, including currency exchange rate fluctuations, also may have an effect on the results of our operations. For a more complete description of the risks noted above and other risks that could cause our actual results to differ from our current expectations, see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.
The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Therefore, these forward-looking statements do not represent our views as of any date other than the date of this press release.
Category: Business Update
View source version on businesswire.com: https://www.businesswire.com/news/home/20260501395437/en/
CONTACT: Investor Relations
Jeremy Campbell
+1.917.267.3859
jeremy.campbell@wisdomtree.com
Media Relations
Jessica Zaloom
+1.917.267.3735
jzaloom@wisdomtree.com
(END) Dow Jones Newswires
May 01, 2026 07:00 ET (11:00 GMT)
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