The Red Thirst and the Black Rage will forever be the twin spiritual curses that the Blood Angels must hide from their allies for fear of censure. However, they can prove potent weapons of last resort when unleashed upon a determined foe. No Blood Angel takes such a decision lightly: to the sons of Sanguinius, a victory won through giving in to their Red Thirst is tainted at best, whilst to succumb to the Black Rage is no better than a living death. All this is little comfort to enemies facing the Blood Angels’ onslaught in such moments, however. Power-armoured killers pound across the battlefield, shrugging off incoming fire as they close the distance with terrifying haste. Blood detonates from each crunching charge as the sons of Sanguinius rip their victims apart or carve them into gory ruin. At the very heart of the battle, the lost brethren of the Death Company fight with even greater fury, a whirlwind of rage-fuelled savagery that can end only with their deaths or those of all their foes.
Category: 3. Business
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Brookfield, GIC near binding offer for National Storage, Bloomberg News reports
Dec 7 (Reuters) – Brookfield Asset Management (BAM.N) and Singapore’s GIC are nearing a binding offer for National Storage REIT (NSR.AX) in a deal that may value the Sydney-listed company at about 4 billion Australian dollars ($2.65 billion), Bloomberg News reported on Sunday, citing people familiar with the matter.The parties are finalizing details of the deal that could be announced as soon as Monday, the report said, adding that, Brookfield and GIC have successfully made progress on due diligence on National Storage.
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According to the report, the price of the binding offer is likely to be the same as a conditional one in November.
Reuters could not immediately verify the report.
Last month, National Storage REIT (NSR.AX) said it had received a A$4.02 billion buyout offer from a consortium of Brookfield and Singapore’s GIC in what would be the country’s biggest real estate privatisation deal.($1 = 1.5067 Australian dollars)
Reporting by Abu Sultan in Bengaluru; Editing by Andrea Ricci
Our Standards: The Thomson Reuters Trust Principles.
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Pakistan’s crypto deal with Binance & why Asim Munir, even ISI are ‘in the picture’
New Delhi: Pakistan is going all out on crypto, and it’s not merely an economic step but also a deeply political one in which the country’s military and intelligence seem involved too.
A day after he was elevated as the country’s most powerful commander yet, Army Chief and Chief of Defence Forces Field Marshal Asim Munir joined Prime Minister Shehbaz Sharif and Inter-Services Intelligence (ISI) chief Asim Malik in a high-profile meeting in Islamabad with crypto firm Binance’s CEO Richard Teng.
Also seen with them was Bilal Bin Saqib, chairman of the newly formed Pakistan Virtual Assets Regulatory Authority (PVARA), who briefed them on Pakistan’s National Digital Assets Framework.
Pakistan’s Ministry of Finance later said that the meeting, which also had senior Binance executives in attendance, focused on building a “secure, transparent and innovation-driven digital asset ecosystem” in the country.
Binance Senior Leadership Visits Pakistan as Government Signals Strong Commitment to Digital Asset Regulation
Senior leadership from @binance, including Global CEO @_RichardTeng, visited Islamabad for high-level engagements with Pakistan’s top leadership.
The meeting was… pic.twitter.com/vAh2WoMhg7
— Pakistan Crypto Council (@cryptocouncilpk) December 6, 2025
The meeting and the finance ministry’s assertion came even as local banks have been raising the alarm against the crypto push in Pakistan.
According to a Dawn report, at a consultative meeting convened Friday by the finance ministry and PVARA, Pakistan’s top banks expressed concern about money laundering, compliance risks, and global precedents where crypto-related gaps triggered major regulatory penalties.
Yet, the government appears determined to move forward.
According to the report, the government has now floated a “time-bound amnesty” allowing crypto traders, who handle more than $250 billion in annual turnover, to shift assets onto regulated platforms with no penalty.
A Binance representative told participants that Pakistani users hold around $5 billion on Binance alone, and argued that tokenised assets should be counted as part of Pakistan’s “liquid money supply”, according to the Dawn report.
“Liquid money supply” includes assets that can be easily and immediately used as a medium of exchange for transactions.
The Dawn reported that they were told, according to those present at the meeting, that Binance could provide real-time reporting, enable banks to lend against digitally verified collateral, and help Pakistan attract billions of dollars in new inflows, including new remittance routes that could sit atop the $38-billion Pakistan receives annually from overseas workers.
Banks, however, asked whether expecting such visibility and traceability was realistic.
Also Read: Pakistan’s $21 billion crypto market is out of the shadows. It’s finally legal there
Pakistan’s crypto rush
Crypto is officially banned for financial institutions in Pakistan, but it is allowed as legal tender.
In February, the Pakistani government established a Crypto Council. In May, the government shifted towards legalisation with proposals to regulate it as an economic lifeline through a formal, legal framework.
Also, the Crypto Council was elevated to a full-fledged regulatory body named the Pakistan Digital Assets Authority, tasked with overseeing and regulating digital assets, including cryptocurrencies and blockchain technologies.
Before that, in April, Pakistan entered into a partnership with World Liberty Financial (WLF), a firm reportedly connected to members of Trump’s family. WLF has pledged support in helping Pakistan develop blockchain infrastructure, tokenise assets, and navigate the broader crypto industry. However, the specifics of the agreement remain unclear.
Then in July, the Virtual Assets Ordinance 2025 came into force for establishing a regulatory and sandbox environment through the creation of Pakistan Virtual Assets Regulatory Authority (PVARA), the national regulator for virtual assets in Pakistan which would be independent.
The State Bank of Pakistan (SBP), the country’s central bank which had banned crypto, announced in September that it would withdraw its earlier advisory against cryptocurrencies and begin formal legalisation.
It then announced it was drafting a central bank digital currency (CBDC) and coordinating with lawmakers on the Virtual Assets Act 2025, which will create a fully regulated framework for digital asset trading.
But why did the government move to regulate and legalise crypto so hurriedly—all within a year?
For Pakistan, crypto could offer a potential workaround to its known structural economic constraints—from slow banking systems to chronic foreign exchange shortages. Tokenised assets and remittance rails could ideally unlock new inflows.
From the point of view of Binance, Pakistan has 40 million Binance users, making it one of its biggest untapped regulated markets. A State-backed embrace of crypto could cement Binance’s dominance at a moment when its US legal troubles threaten its global footprint.
And, there could be a US angle, a Chinese and a military push to it too.
Binance–Trump–Pakistan triangle
Looming over Pakistan’s crypto pivot is the global controversy surrounding Binance and its Chinese founder Changpeng Zhao (CZ), who maintains a 90 percent stake in the company.
Zhao, who pleaded guilty in 2023 to failing to implement the US anti-money-laundering law at Binance and served several months in jail, received a presidential pardon from Donald Trump last month—a move Trump later claimed he barely recalled.
The pardon came shortly before Zhao deepened his engagement with Pakistan. In early 2025, Islamabad appointed him strategic adviser to the Pakistan Crypto Council, and several of Pakistan’s new crypto institutions, including the Pakistan Digital Assets Authority, were reportedly shaped with his input.
The relationship also intersects with the Trump family’s own crypto portfolio. Their company, World Liberty Financial (WLF), launched the USD1 stablecoin using code reportedly written with Binance’s help. Binance then promoted USD1 to its vast global user base, helping accumulate more than $2 billion worth of deposits that generate multimillion-dollar yields for Trump-linked interests.
Pakistan has since signed a “letter of intent” with WLF to cooperate on blockchain infrastructure and stablecoin integration. Bilal Bin Saqib, Pakistan’s key crypto architect, is also an adviser to WLF.
(Edited by Ajeet Tiwari)
Also Read: Crypto, crisis & the Trump connection: All about Pakistan’s new Virtual Assets Act
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Gintemetostat Shows Early Activity and Manageable Safety in Triple-Class Refractory Multiple Myeloma
Early data from the phase 1 trial (NCT05651932) of the MMSET/NSD2 inhibitor gintemetostat (KTX-1001) revealed that the agent was tolerable and produced encouraging antitumor activity in a heavily pretreated population of patients with relapsed or refractory multiple myeloma, including those with triple-class–refractory disease and high-risk features such as t(4;14). These results were presented at the
2025 ASH Annual Meeting , and Exposition.Among 40 patients treated with gintemetostat, 1 patient had a very good partial response, 1 patient had a partial response, 2 patients had a minimal response, and 12 patients had stable disease.
“Single-agent activity was demonstrated in heavily pretreated R/R multiple myeloma including t(4;14) positive patients across different dose-escalation cohorts,” said lead author Saad Usmani, MD, MBA, chief of Myeloma Service at Memorial Sloan Kettering Cancer Center.
Safety and Tolerability
The safety profile from the phase 1 study showed that 75% of patients experienced treatment-emergent adverse events (TEAEs) potentially related to gintemetostat and 45% experienced grade 3 or higher potentially gintemetostat-related TEAEs. Three patients had TEAEs that required a dose reduction.
Twelve patients remained on treatment at the data cutoff date of June 13, 2025. Of the 28 patients who discontinued treatment, progressive disease was the cause for 82%, physician decision for 7.1%, consent withdrawal for 7.1%, and TEAE for 3.6% (1 patient).
The most common grade 3/4hematologic TEAEs were thrombocytopenia (grade 3, 10%; grade 4, 20%), anemia (25%; 0%), neutropenia (25%; 5%), and febrile neutropenia (5%; 0%). The most common grade 3 nonhematologic TEAEs were infections (12.5%) and fatigue (10%).
There were 2 patient deaths, both of which were not related to gintemetostat treatment. One patient death was due to respiratory failure and the other was due to pleural effusion.
Study Background, Design, and Patient Characteristics
Regarding the rationale for the study, Usmani explained, “Overexpression of MMSET—also known as NSD2—often results from t(4;14) and is associated with poor clinical outcomes in patients with multiple myeloma.”
Accordingly, Usmani et al sought to explore the safety and efficacy of gintemetostat, an oral, first-in-class, potent and selective inhibitor of MMSET4 in patients with R/R multiple myeloma.
The ongoing, open-label, multicenter phase 1 dose escalation/expansion study of gintemetostat has accrued 40 patients with R/R multiple myeloma. The study is enrolling patients aged ≥18 years with R/R multiple myeloma who have received at least 3 prior therapies, including a proteasome inhibitor (PI), an immunomodulatory drug (IMiD), and an anti-CD38 monoclonal antibody.
The median age of the 40 patients in the dose-escalation phase was 69 years (range, 50–83) and 52.5% of patients were female. The ECOG performance status was 0 (22.5%) and 1 (77.5%). The median time since initial diagnosis was 8 years (range, 2–20). About one-third (32.5%) of patients had extramedullary disease and 30% had high-risk multiple myeloma per IMWG criteria.
Regarding cytogenetic abnormalities, 47.5% of patients had t(4;14), comprising 20% with t(4;14) with 1q+ or del(1p32), and 27.5% with t(4;14) alone. Further, 1 patient had t(14;20), 5 had 1q21 amplification, and 4 had del(17p).
The median number of prior lines of therapy was 6.5 (range, 3–25), with 77.5% of patients having received at least 5 lines of therapy. Seventy percent of patients had prior stem cell transplant.
Prior drug classes of therapy received included IMiD/PI (100%), anti-CD38 (98%), BCMA CAR-T (42.5%), BCMA-targeted bispecific antibodies (BsAb) and antibody-drug conjugates (57.5%), GPRC5D-targeted BsAb (32.5%), and FcRH5-targeted BsAb (7.5%). All patients except 1 were triple-drug exposed and 80% were penta-drug exposed.
Overall, 9 dose levels have been assessed using a 3+3 dose-escalation design. Gintemetostat is being administered orally in a 28-day cycle. Usmani did not provide the specific details of the what the different dose levels were.
Regarding pharmacokinetics, Usmani said, “Gintemetostat plasma concentrations increased with dose across all 9 dose levels tested, and at steady-state, moderate variability in exposure of gintemetostat was observed.”
Summary and Next Steps
In a news release accompanying the presentation at the ASH meeting, a statement from Usmani summarized the findings and next steps with gintemetostat.
“In the dose-escalation phase, gintemetostat monotherapy showed a favorable safety and tolerability profile and demonstrated disease control and efficacy. Pharmacodynamic data confirm target engagement, and we look forward to advancing into the dose-expansion phase to evaluate combinations with proteasome inhibitors, IMiDs, and next-generation CELMoDs such as mezigdomide,” stated Usmani.2
References
1. Usmani S, Bories P, Gasparetto C, et al. Phase 1 study of ktx-1001, a first-in-class oral MMSET/NSD2 inhibitor, demonstrates clinical activity in relapsed/refractory multiple myeloma. Blood. 2025;146(suppl 1): 250. doi:10.1182/blood-2025-250
2. K36 Therapeutics announces presentation of First-in-Human Clinical Data for Gintemetostat (KTX-1001) Demonstrating Target Engagement and Clinical Activity in Multiple Myeloma at ASH 2025 and the Appointment of Dr. Shinta Cheng, M.D., Ph.D., as Chief Medical Officer. Published online December 5, 2025. Accessed December 7, 2025.
https://tinyurl.com/3wzem4nx Continue Reading
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Gintemetostat Has Single-Agent Activity in Pretreated R/R Multiple Myeloma
Preliminary activity and favorable safety were observed among patients with heavily pretreated, triple-class refractory, relapsed/refractory multiple myeloma who received single-agent gintemetostat (KTX-1001), according to a presentation on findings from a phase 1 study (NCT05651932) at the
2025 American Society of Hematology (ASH) Annual Meeting and Exposition. 1Among 40 patients treated with gintemetostat, 1 patient had a very good partial response, 1 patient had a partial response, 2 patients had a minimal response, and 12 patients had stable disease.
“Single-agent activity was demonstrated in heavily pretreated R/R multiple myeloma including t(4;14) positive patients across different dose-escalation cohorts,” said lead author Saad Usmani, MD, MBA, chief of Myeloma Service at Memorial Sloan Kettering Cancer Center.
Safety and Tolerability
The safety profile from the phase 1 study showed that 75% of patients experienced treatment-emergent adverse events (TEAEs) potentially related to gintemetostat and 45% experienced grade ≥3 potentially gintemetostat-related TEAEs. Three patients had TEAEs that required a dose reduction.
Twelve patients remained on treatment at the data cutoff date of June 13, 2025. Of the 28 patients who discontinued treatment, progressive disease was the cause for 82%, physician decision for 7.1%, consent withdrawal for 7.1%, and TEAE for 3.6% (1 patient)
The most common grade 3/4hematologic TEAEs were thrombocytopenia (grade 3, 10%; grade 4, 20%), anemia (25%; 0%), neutropenia (25%; 5%), and febrile neutropenia (5%; 0%). The most common grade 3 nonhematologic TEAEs were infections (12.5%) and fatigue (10%).
There were 2 patient deaths, both of which were not related to gintemetostat treatment. One patient death was due to respiratory failure and the other was due to pleural effusion.
Study Background, Design, and Patient Characteristics
Regarding the rationale for the study, Usmani explained, “Overexpression of MMSET—also known as NSD2—often results from t(4;14) and is associated with poor clinical outcomes in patients with multiple myeloma.”
Accordingly, Usmani et al sought to explore the safety and efficacy of gintemetostat, an oral, first-in-class, potent and selective inhibitor of MMSET4 in patients with R/R multiple myeloma.
The ongoing, open-label, multicenter phase 1 dose escalation/expansion study of gintemetostat has accrued 40 patients with R/R multiple myeloma. The study is enrolling patients aged ≥18 years with R/R multiple myeloma who have received at least 3 prior therapies, including a proteasome inhibitor (PI), an immunomodulatory drug (IMiD), and an anti-CD38 monoclonal antibody.
The median age of the 40 patients in the dose-escalation phase was 69 years (range, 50-83) and 52.5% of patients were female. The ECOG performance status was 0 (22.5%) and 1 (77.5%). The median time since initial diagnosis was 8 years (range, 2-20). About one-third (32.5%) of patients had extramedullary disease and 30% had high-risk multiple myeloma per IMWG criteria.
Regarding cytogenetic abnormalities, 47.5% of patients had t(4;14), comprising 20% with t(4;14) with 1q+ or del(1p32), and 27.5% with t(4;14) alone. Further, 1 patient had t(14;20), 5 had 1q21 amplification, and 4 had del(17p).
The median number of prior lines of therapy was 6.5 (range, 3-25), with 77.5% of patients having received at least 5 lines of therapy. Seventy percent of patients had prior stem cell transplant.
Prior drug classes of therapy received included IMiD/PI (100%), anti-CD38 (98%), BCMA CAR-T (42.5%), BCMA-targeted bispecific antibodies (BsAb) and antibody-drug conjugates (57.5%), GPRC5D-targeted BsAb (32.5%), and FcRH5-targeted BsAb (7.5%). All patients except 1 were triple-drug exposed and 80% were penta-drug exposed.
Overall, 9 dose levels have been assessed using a 3+3 dose-escalation design. Gintemetostat is being administered orally in a 28-day cycle. Usmani did not provide the specific details of the what the different dose levels were.
Regarding pharmacokinetics, Usmani said, “Gintemetostat plasma concentrations increased with dose across all 9 dose levels tested, and at steady-state, moderate variability in exposure of gintemetostat was observed.”
Summary and Next Steps
In a news release accompanying the presentation at the ASH meeting, a statement from Usmani summarized the findings and next steps with gintemetostat.
“In the dose-escalation phase, gintemetostat monotherapy showed a favorable safety and tolerability profile and demonstrated disease control and efficacy. Pharmacodynamic data confirm target engagement, and we look forward to advancing into the dose-expansion phase to evaluate combinations with proteasome inhibitors, IMiDs, and next-generation CELMoDs such as mezigdomide,” stated Usmani.2
References
- Usmani S, Bories P, Gasparetto C, et al. Phase 1 study of ktx-1001, a first-in-class oral MMSET/NSD2 inhibitor, demonstrates clinical activity in relapsed/refractory multiple myeloma. Blood. 2025;146(suppl 1): 250. doi:10.1182/blood-2025-250
- K36 Therapeutics announces presentation of First-in-Human Clinical Data for Gintemetostat (KTX-1001) Demonstrating Target Engagement and Clinical Activity in Multiple Myeloma at ASH 2025 and the Appointment of Dr. Shinta Cheng, M.D., Ph.D., as Chief Medical Officer. Published online December 5, 2025. Accessed December 7, 2025. https://tinyurl.com/3wzem4nx
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Ray Dalio warns that America is on track for a ‘debt death spiral.’ Are your assets safe?
Amal Alhasan / Getty Images Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
The early 1970s were a turbulent time in America — marked by soaring inflation, an oil crisis and a sharp drop in stock prices that left investors scrambling for safe havens.
And, according to billionaire investor Ray Dalio, history may be repeating itself. Surging prices and massive government spending could prompt investors to once again question the value of fiat currencies and the paper assets tied to them (1).
“It’s very much like the early ’70s … where do you put your money in?” Dalio said at the Greenwich Economic Forum (2). “When you are holding money, and you put it in a debt instrument, and when there’s such a supply of debt and debt instruments, it’s not an effective storehold of wealth.”
Dalio has long warned about the sheer size of America’s national debt, now hovering around $37.86 trillion and climbing. He has described the situation as a potential “debt death spiral” — where the government must borrow just to pay the interest on existing debt. Over time, this process accelerates.
If that number feels abstract, Dalio has a more personal warning.
The asset he’s talking about is something nearly everyone holds in one way or another, whether in bank accounts or under mattresses: the U.S. dollar.
In a recent post on X, Dalio shared a Q&A with the Financial Times (3). When asked what would happen to bonds and the dollar if a politically weakened Federal Reserve lets inflation run hot, his answer was blunt:
“It would lead bonds and the dollar to go down in value and if not rectified, would lead to them being an ineffective storehold of wealth and the breaking down of the monetary order as we know it.”
That comment couldn’t have come at a more sensitive time for the Federal Reserve. President Donald Trump has repeatedly attacked Chair Jerome Powell and is searching for a replacement.
Treasury Secretary Scott Bessent told CNBC in late November, “I think there’s a very good chance that the president will make an announcement before Christmas … I think it’s time for the Fed just to move back into the background, like, it used to do, calm things down and work for the American people (4).”
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What bridal designer Hayley Paige says she learned from starting over
Bridal designer Hayley Paige’s career path hasn’t always been smooth.
Paige, 39, has been designing wedding dresses from a young age, she tells CNBC Make It, and she started her namesake bridal line in 2011 with her former employer, bridal house JLM Couture.
Her career took a turn in 2021 when she lost ownership of her professional name and her intellectual property during a four-year legal battle with JLM Couture.
Last year, Paige was able to buy back the rights to her name, intellectual property and social media accounts in a settlement agreement after JLM Couture filed for bankruptcy.
Since then, she’s relaunched her bridal brand and founded an organization, A Girl You Might Know Foundation, dedicated to helping other creatives learn about and protect their legal rights.
Working in a creative industry may seem glamorous, but Paige has some “unsexy” advice for young artists: “You have to invest in learning the bare bones of business, and how to protect yourself.”
What she’s learned about business
A major lesson Paige learned through her experience is that “there’s just so much on the business side that you really have to be patient with” before leaping into a new venture, she says.
One piece of advice that Paige used to subscribe to is that once you have an idea, you should “get out there and do it” and “figure it out as you go,” she says.
She understands the sentiment, she says: oftentimes people “get caught up in the details of perfectionism,” which can hold them back from pursuing their goals.
However, given what she learned from her legal battle, Paige now advocates for a more cautious approach.
Before launching a business venture, entering a partnership or signing a contract, “you have to take a beat to really make sure you’re stepping out with the right foot forward,” Paige says.
“You can’t be so eager to just get out there that you don’t have your trademark, you don’t have your copyrights, you don’t have your LLC set up, you’re exposed with liability, you’re getting into partnerships without contracts, or with bad contracts,” she continues.
After Paige regained ownership of her name and trademark, she spent several months setting up LLCs and ensuring that her creative rights were protected before relaunching her brand.
It’s much harder to “go back and fight for things” once you’ve already set a precedent, according to Paige.
Her approach to leadership
Rebuilding her brand also taught Paige a lot about what kind of boss she wanted to be, she says.
“I’ve always been somebody that I want people to enjoy working with me, because I feel like they will do their best work when they feel passionate about it, and they’re being treated with respect and acknowledged,” she says.
Integrity is a key aspect of her leadership philosophy: Paige says starting over gave her the opportunity to build her brand on a “foundation of morals.”
This time around, she’s also focused on building healthy partnerships, she says. Paige now works with Australia-based bridal company Madi Lane Bridal Group, which serves as the exclusive manufacturing, distribution and sales partner for her new bridal line.
Paige still feels she has a lot to learn — “even to this day, after launching a small business and a nonprofit, there’s still so much I don’t know,” she says — but she’s committed to honing her “creative and strategic governance” skills.
“Everything you do really has to be methodical and strategized and really thought through,” Paige says.
Want to stand out, grow your network, and get more job opportunities? Sign up today for Smarter by CNBC Make It’s new online course, How to Build a Standout Personal Brand: Online, In Person, and At Work. Learn how to showcase your skills, build a stellar reputation, and create a digital presence that AI can’t replicate.
Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life, and request to join our exclusive community on LinkedIn to connect with experts and peers.
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Married millennials, here comes crypto divorce cliff
Fizkes | Istock | Getty Images
Divorce always raises thorny questions of how to divide marital property. In most cases, the remedy is pretty straightforward, requiring a surgical split between the two parties’ assets — although you can’t do that with the family dog or aquarium. But if you thought deciding who gets the dog was complicated, here comes cryptocurrency.
With the crypto wealth accumulation phase still new within many households, and the recent sharp decline in digital assets including bitcoin and ether dinging the confidence of investors who had just seen record highs, the path forward is murky. But for many married Americans, the current price of crypto doesn’t even register as an issue. That’s because the assets are easily squirreled away from an unsuspecting spouse.
“In divorce cases, crypto is creating the same headaches we’ve long seen with offshore accounts, except now the assets can be moved instantly and invisibly,” said Mark Grabowski, professor of cyber law and digital ethics at Adelphi University and author of several books about cryptocurrencies. He added that the problem is that ownership isn’t determined by a name on an account — it’s determined by who holds the private keys.
“If one spouse controls the wallet, they effectively control the assets,” Grabowski said.
Lawyers now have to subpoena exchanges, trace transactions on the blockchain, and determine whether coins were purchased before or during the marriage.
“Without that transparency and given the lack of reporting standards, it’s easy for one spouse to hide or underreport holdings. Courts are still catching up,” Grabowski said.
In theory, though, a crypto divorce should work like any other. Renee Bauer, a divorce attorney who has dealt with crypto splits, says the biggest question couples fight about is simple on the surface: who gets the wallet?
“That question opens the door to a mess of complications that traditional property division never had to deal with,” Bauer said.
The first challenge is figuring out what actually exists.
“A retirement account comes with statements. A house has an address. Crypto may be sitting in an online exchange or in a hardware wallet that one spouse conveniently forgot to mention,” Bauer said.
Tracing it then becomes part detective work and part digital forensics. Once the digital asset is authenticated, hashing out custody comes next.
“Some spouses want to keep the digital wallet intact, especially if they are the one who managed it during the marriage, while others want a clean monetary split,” Bauer said.
Courts are still figuring out the best way to handle this.
“There is also the security piece. If one spouse hands over private keys, they are effectively turning over total control. If they refuse, the court has to decide how to enforce access,” Bauer said.
She recounts seeing one lawyer who didn’t know much about crypto try to give the other spouse credit for the value of the bitcoin in another asset, not recognizing it’s not so simple, nor fair.
“Many divorce lawyers are slow to catch up and don’t even ask for disclosure. In my state of Connecticut, there isn’t a spot for crypto specifically on the financial affidavits. And for some, that could mean missing a valuable asset if they aren’t looking for it,” Bauer said.
Crypto hunters, PIs of digital asset divorce era
One of the few companies that can help locate a missing asset is BlockSquared Forensics. Ryan Settles, founder and CEO of the Texas-based company, says that the need for his services has increased exponentially since he founded his company in 2023. BlockSquared is dedicated exclusively to the crypto aspects of family law and divorce.
If a spouse (generally women, Settles says) suspects their partner is hiding crypto, their attorney may call in BlockSquared, which does anything from simple asset verification to deep investigations, tracing crypto across continents and into the murky world of wallets and exchanges. Settles’ company will then present the spouse with a “storyboard” that traces and timestamps the movement of cryptocurrencies.
Investigating whether one spouse has crypto is becoming increasingly common, he says, “especially folks involved in high-net-worth divorces and individuals with high net worth.”
Ryan Settles, founder and CEO of the Texas-based company BlockSquared Forensics, which offers services from simple asset verifications to deep investigations, often for women going through divorces who were unaware of spouses’ crypto holdings.
Ryan Settles
Ferreting out crypto in a divorce is only going to become more common. Settles noted that millennials hold the highest amount of crypto, and over the next six months, this age group will be approaching peak divorce years, converging with increased crypto holdings.
Another aspect Settles looks at is tax liability for the spouse, making sure that gets addressed during the divorce.
“There are a significant number of tax issues that most people, even attorneys, are not even familiar with,” Settles says, adding that the number of taxable events and reporting requirements from even a single transaction can come as a surprise to even the most seasoned litigators.
“Most attorneys don’t understand it, don’t understand the terminology. There is a whole lot of trust without verification going on,” Settles said.
Many of his cases involve wives who were not only unaware of their husband’s crypto dabbling, but when the assets are finally split, can be socked with a massive tax bill from capital gains.
“Unlike a savings account, the value of crypto can swing wildly in a single day,” Bauer said. “Selling crypto to divide proceeds can trigger capital gains. Holding it can trigger new arguments when value changes,” Bauer added.
Relatively relaxed Internal Revenue Service reporting requirements for crypto have not helped, though they are set to get stricter starting with the 2025 tax year.
“There are so many pieces. There are a lot of attorneys doing nod and smile and pretend to understand,” Settles said.
But companies like his are usually brought in only when there is a good suspicion of a spouse hiding significant crypto assets, he said. With a retainer fee of $9,000 and investigations that can cost $50,000, Settles says his services often cost more than an attorney.
Hard questions about crypto property splits
Roman Beck, a professor at Bentley University, where he directs the Crypto Ledger Lab, says that because this is a relatively new area, it’s best to look at it as courts not dividing the digital wallet but instead the assets the wallet controls.
“The law treats crypto much less exotically than people think. The starting point is simple: for tax and most property-law purposes, cryptocurrency is treated as property, not as money,” Beck said.
In divorce, that means bitcoin, ether, stablecoins, and NFTs acquired during the marriage are usually part of the marital estate, just like a brokerage account or a second home, with how that property is split depending on the state.
“Courts don’t split wallets, they split value,” Beck said.
The real legal question is not “Who gets the wallet?” he said, but ‘How do we allocate the economic value the wallet represents, and who is trusted with technical custody afterward?”
This leaves courts and lawyers to do one of three things: split the holdings on-chain, sell and split fiat, or offset with other assets.
“From a technical point of view, a wallet is just a set of private keys, often spread across hardware devices, mobile apps, or even seed phrases on a piece of paper. You cannot safely ‘share’ a hardware wallet or a private key after divorce,” Beck said.
Another wrinkle in a crypto divorce is the volatility of the underlying asset, with price swings in the currency making it more difficult for couples to agree on timing of a split, both as a couple and for the digital assets. In the past two months alone, bitcoin fell from a high over $126,000 to the low $80,000s, a 35% decline, and saw its year-to-date gains wiped out, with plenty of wild daily swings.
If couples are thinking rationally and not emotionally, among the simplest solutions would be splitting the wallet on a chain to create two wallets for each of the divorced partners so they can continue holding their share of cryptos, or drawing up a legal agreement that gives shares of a wallet to each party.
“They would not have to sell immediately,” Beck said.
However, often one party is not familiar with holding a wallet and thus not comfortable with that solution.
Similar to a house jointly owned which a divorcing couple may not want to bring to the market at a bad time, a couple could also agree to turn over crypto holdings to trusted third party to act as agent on behalf of both and to sell the crypto once the market has improved — once a certain agreed upon minimum value has been reached.
But Beck added that while from an economic and technical point of view there is no barrier preventing a divorcing couple from keeping crypto assets using any of these methods to allocate a legal percentage to each partner and delay liquidation until market conditions improved, both parties need to agree, and “most just want to be done,” he said.
Blockchain ledger transparency and the courts
One positive it that despite crypto’s reputation as a haven of anonymity, other aspects of digital assets work well for divorce proceedings.
“Public blockchains like bitcoin and ethereum are transparent ledgers. Every transaction is recorded forever. In other words, on-ledger data analytics turns the blockchain into a very patient financial witness,” Beck said. “That leaves a perfect audit trail if you know how to read the chain. … The real frontier isn’t the law, it’s the forensics,” he added.
Crypto’s adoption by many Americans — surveys in recent years from Gallup and Pew Research estimate that 14% to 17% of U.S. adults have owned cryptocurrency — is forcing family law to become more data-driven.
“The combination of transparent ledgers and powerful analytics gives lawyers and judges better tools to reconstruct financial behavior than they ever had with cash. The policy question going forward is not whether we can trace, but how far courts will go in requiring that level of scrutiny in everyday divorces,” Beck said.
Still, that doesn’t mean people won’t keep trying to hide assets. Settles says that often within 20 minutes he’ll see movement on the ledgers.
“They’ll start scrambling their assets, moving things, hiding things, moving them to tumblers. It’s quite fascinating,” Settles said.
And traceable.
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Assessing MSCI (MSCI) Valuation After Launching Its New All Country Public + Private Equity Index
MSCI (MSCI) just rolled out its All Country Public + Private Equity Index, a daily benchmark that blends listed stocks with modelled private equity exposures to give institutions a cleaner, portfolio level view of total equity risk and return.
See our latest analysis for MSCI.
That backdrop of product innovation sits against a softer tape, with the latest $538.26 share price reflecting a roughly 10% year to date share price decline. Even so, the five year total shareholder return above 35% still points to a longer term structural winner whose momentum has cooled rather than broken.
If this kind of index driven story has your attention, it could be a good moment to broaden your radar and explore fast growing stocks with high insider ownership.
With the shares down double digits over 12 months but analysts still seeing more than 20% upside, is MSCI quietly drifting into undervalued territory, or is the market already discounting its next leg of growth?
Comparing the narrative fair value of $657.56 to MSCI’s last close at $538.26, the story leans toward meaningful upside if the assumptions hold.
Accelerated development and cross-selling of proprietary data, analytics, and private capital solutions (including recently launched products and business lines like private equity benchmarks and risk tools) will tap into new client bases and increase wallet share among institutional clients, driving durable multi-year compounded revenue growth.
Read the complete narrative.
Curious how steady double digit earnings growth, rising margins, and a premium future multiple can still point to upside from here? The narrative spells out the math behind that confidence.
Result: Fair Value of $657.56 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, softer retention in analytics and ESG, along with fee pressure in passive products, could slow recurring growth and challenge today’s premium valuation assumptions.
Find out about the key risks to this MSCI narrative.
While the narrative fair value suggests upside, the market is already paying 33.1 times earnings, far above MSCI’s own fair ratio of 16.6 times and the US capital markets average of 24.3 times. If sentiment cools, could that premium compress faster than earnings grow?
See what the numbers say about this price — find out in our valuation breakdown.
NYSE:MSCI PE Ratio as at Dec 2025 If your view diverges or you would rather dig into the numbers yourself, you can shape a personalized MSCI story in just minutes, Do it your way.
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Reassessing Valuation After Recent Share Price Rebound and Crypto-Staking Expansion
SharpLink Gaming (SBET) has quietly turned into a curious mix of sports betting affiliate marketing and Ethereum staking, and that blend is starting to matter more as investors reassess its recent share performance.
See our latest analysis for SharpLink Gaming.
At today’s $10.72 share price, SharpLink’s year to date share price return of 32.68% contrasts sharply with a 3 year total shareholder return of negative 75.19%. This hints that recent momentum may be more of a speculative reset than a durable rerating.
If SharpLink’s mix of sports betting and crypto aligned yield has your attention, it could be worth broadening your search and discovering fast growing stocks with high insider ownership.
With revenue nearly doubling yet profits still elusive and the share price far below analyst targets, has SharpLink quietly become a mispriced growth story, or is the recent rebound simply markets fairly valuing its future potential?
On a price to book basis, SharpLink’s 0.7x multiple at a $10.72 share price screens as undervalued versus both its hospitality peers and our own fair value work.
The price to book ratio compares a company’s market value to the net assets on its balance sheet and is often used for asset light, service based or financially cyclical businesses. For SharpLink, trading below its book value suggests investors are placing a discount on its equity despite rapid top line growth and expectations for future profitability.
Compared with the wider US hospitality industry average of 2.6x and a peer group closer to 5.3x, SharpLink’s 0.7x price to book signals a steep valuation gap. If its execution in affiliate marketing and Ethereum staking even partially matches the forecast growth profile, there is room for the multiple to move meaningfully closer to sector norms.
See what the numbers say about this price — find out in our valuation breakdown.
Result: Price-to-book of 0.7x (UNDERVALUED)
However, lingering losses and heavy reliance on volatile Ethereum staking economics could quickly undermine today’s apparent discount if sentiment or regulation were to turn.
Find out about the key risks to this SharpLink Gaming narrative.
Our DCF model values SharpLink at $13.86 per share, around 22.7% above the current $10.72 price, which also points to undervaluation. However, DCFs depend heavily on long term growth and profitability assumptions. This raises the question: is the discount a genuine opportunity, or is it simply compensation for execution risk?
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