State Street Launches Digital Asset Platform as Q4 Tops Estimates, Shares Fall on Higher Costs

Overview

• The new enterprise platform provides wallet management, custodial support, cash handling tools and on-chain compliance to run tokenized ETFs, money funds and cash across public and permissioned blockchains.
• Fourth-quarter adjusted EPS reached $2.97 on revenue of $3.667 billion, beating estimates as servicing, management, FX trading and securities finance fees rose.
• Assets under custody and administration hit a record $53.8 trillion and assets under management climbed to $5.7 trillion, with 37 new products launched including 16 ETFs.
• Total expenses increased 12% with $226 million of net repositioning costs, including $111 million for workforce streamlining and $69 million tied to real-estate optimization.
• Shares ticked higher after the platform reveal but traded down 2.4% premarket and later roughly 5.6% post-report, as guidance called for 4%–6% fee growth, low-single-digit NII growth and 3%–4% expense growth in 2026.