A Message from WisdomTree Founder & CEO

Q2 2025 Highlights: Private Assets Join Our Playbook

August 01, 2025

When we laid out our 2025 playbook in February, we focused on three themes: disciplined capital deployment, differentiated growth drivers and relentless execution. Six months in and our execution is right on plan and gathering speed.

Welcoming Ceres Partners

Yesterday, we announced the acquisition of Ceres Partners – the premier partner to America’s family farmers and a top-five U.S. farmland manager, overseeing approximately $1.85 billion in assets. Farmland is a $3.5 trillion under-institutionalized market that has delivered double-digit total returns over the past 20 years, with far less volatility than equities. But this is not simply about acquiring a business – it’s about entering an entirely new asset class with long-term relevance and opportunity.

Private assets have been on our radar for some time. But we weren’t looking for just any entry point – we were looking for the right one. One where we could differentiate. One with real growth potential. One where we could lead. With Ceres Partners, we found exactly that. By bringing together their Midwest footprint and deep agricultural expertise with our global distribution and platform strength, we’re adding a high-quality, income-generating private assets engine to WisdomTree. We expect this acquisition to be accretive on day one, accelerating long-term earnings growth potential.

Asset and wealth management today is being shaped by four structural growth trends: ETPs, model portfolios, tokenization and private assets. WisdomTree is now uniquely positioned at the center of all four.

A Record-Setting First Half

We captured more than $6.5 billion in net inflows through June 30, 2025, a 12% annualized organic growth rate, and our assets under management (AUM) reached all-time highs across the U.S., Europe and digital assets.

Europe in Focus. The WisdomTree Europe Defence Fund (WDEF), launched in March, already has $3.5 billion of AUM, making it one of the fastest-growing ETPs in our history.
Model Portfolios Exceed 2025 Target Ahead of Schedule. Our model portfolio assets under advisement (AUA) have surpassed $5.2 billion, and more than 2,800 advisors now use our model portfolios, six months ahead of our full-year target.
Direct Indexing at Scale. Our strategic investment in Quorus Inc. unlocks personalized direct-index versions of flagship strategies, taps one of the fastest-growing trends in wealth and asset management and, we believe, will accelerate model portfolio adoption by eliminating technology, trading and rebalancing friction for advisors.

Digital Assets: Rails, Reserves and Real-World Utility

Our digital assets business is scaling quickly. Digital asset AUM has risen over 10-fold since 2024 year-end, climbing to $350 million at June 30, 2025 and exceeding $500 million today, fueled by institutional inflows from 10 clients on WisdomTree Connect™ and a robust pipeline behind them.

The next unlock is onchain transfer capability of WisdomTree Prime®, launching this fall. Once balances can move at the speed of code, static holdings become programmable money, enabling real-world use cases like payroll, invoice settlement and instant collateral movement.

Longer term, we believe stablecoins are the force multiplier. With the market projected to grow from $250 billion to nearly $4 trillion by 2030, we believe our two-product stack captures value across the entire flow:

USDW – a New York trust-issued stablecoin that pays fund distributions in-kind, creating a compounding, interest-earning asset base.
WTGXX – a 1940-Act money-market fund already live on six blockchains and used as a yield-bearing reserve by other issuers and onchain treasuries.

Owning both the issuance layer (USDW) and the reserve engine (WTGXX), while remaining chain-agnostic, means we will be able to monetize flows, spreads and utility as the digital economy scales – just as we have with ETPs.

Recognition That Matters

Execution is converting “under-recognized” into “industry-recognized.” In 2025, we earned a spot on Fortune’s Most Innovative Companies list (#58 overall; #3 in culture; #2 in Process Innovation), were awarded FTF News’ Best Digital Asset Processing Solution and were named Best ETF Provider in Europe by the Online Money Awards.

Looking Ahead

In the next half of 2025, we’re laser-focused on scaling four structural growth drivers:

Private Assets Expansion — integrate Ceres Partners, use our institutional capabilities to help bring farmland investing to a broader client base and seed additional private markets strategies.
Personalized Portfolio Solutions — leverage our strategic investment in Quorus to deepen direct indexing and model-portfolio adoption across our advisor network.
Digital Finance Infrastructure — roll out WisdomTree Prime transfers, broaden USDW and WTGXX use cases and monetize onchain flows.
Thematic Innovation with Discipline — extend geopolitically-driven equity themes while maintaining tight expense control.

Taken together, we believe these initiatives position WisdomTree for durable, compounding growth, turning the bold objectives we set at the start of the year into today’s run-rate.

Thank you for your continued trust; I look forward to sharing more progress next quarter.

— Jonathan Steinberg
Chief Executive Officer, WisdomTree