Market Signal Briefing

Q3: 2025-12-04 Earnings SummaryEPS of -$1.94 misses by $1.50

 |

Revenue of

$8.92M

beats by $2.21M

BETA Technologies, Inc. (BETA) Q3 2025 Earnings Call December 4, 2025 8:30 AM EST

Company Participants

Devon Rothman
Kyle Clark - Founder, CEO, President & Director
Herman Cueto - Chief Financial Officer

Conference Call Participants

Anthony Valentini - Goldman Sachs Group, Inc., Research Division
Kristine Liwag - Morgan Stanley, Research Division
Ronald Epstein - BofA Securities, Research Division
Sheila Kahyaoglu - Jefferies LLC, Research Division
John Godyn - Citigroup Inc., Research Division
Christopher Pierce - Needham & Company, LLC, Research Division
Andre Madrid - BTIG, LLC, Research Division

Presentation

Operator

Welcome to the Beta Technologies Third Quarter 2025 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Devon Rothman, Head of Investor Relations. Please go ahead.

Devon Rothman

Thank you, operator, and good morning, everyone. My name is Devon Rothman, and I lead Investor Relations here at BETA Technologies. We appreciate you joining us for our third quarter 2025 earnings call. Joining me today are Kyle Clark, our Founder and Chief Executive Officer; and Herman Cueto, our Chief Financial Officer. Following their prepared remarks, we will open the call for Q&A.

Before we begin, I'd like to remind everyone that earlier this morning, we issued a press release announcing our third quarter financial results. We also published our Q3 investor presentation. You may access this information on the Investor Relations section of beta.team. Additionally, please note that today's discussion of our business, operations and financial performance will include forward-looking statements under federal securities law. These statements are based on our current expectations and assumptions and involve risks and uncertainties that may cause actual results to differ materially. For a detailed discussion of these risks and uncertainties, please refer to our filings with the SEC, including our IPO prospectus dated November 3, 2025, and our Form 10-Q for the third quarter that will be filed later this morning. We do not undertake any obligation to update

Recommended For You

Q3: 2025-12-04 Earnings SummaryEPS of $0.10 beats by $0.27

 |

Revenue of

$350.17M

(48.26% Y/Y)

beats by $29.66M

Rubrik, Inc. (RBRK) Q3 2026 Earnings Call December 4, 2025 5:00 PM EST

Company Participants

Melissa Franchi - Head of Investor Relations
Bipul Sinha - Co-Founder, CEO & Chairman
Kiran Choudary - Chief Financial Officer

Conference Call Participants

Saket Kalia - Barclays Bank PLC, Research Division
Matthew Martino - Goldman Sachs Group, Inc., Research Division
Fatima Boolani - Citigroup Inc. Exchange Research
John DiFucci - Guggenheim Securities, LLC, Research Division
Brad Zelnick - Deutsche Bank AG, Research Division
Eric Heath - KeyBanc Capital Markets Inc., Research Division
Gregg Moskowitz - Mizuho Securities USA LLC, Research Division
Thomas Ingham - CIBC Capital Markets, Research Division
Junaid Siddiqui - Truist Securities, Inc., Research Division
Keith Bachman - BMO Capital Markets Equity Research
Shrenik Kothari - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to the Rubrik Third Quarter Fiscal Year 2026 Results Conference Call. [Operator Instructions].

This call is being recorded on Thursday, December 4, 2025. I would now like to turn the conference over to Melissa Franchi, VP, Head of Investor Relations. Please go ahead.

Melissa Franchi
Head of Investor Relations

Hello, everyone. Welcome to Rubrik's Third Quarter Fiscal Year 2026 Financial Results Conference Call. On the call with me today are Bipul Sinha, CEO, Chairman and Co-Founder of Rubrik, and Kiran Choudary, Chief Financial Officer.

Our earnings press release was issued today after the market closed and may be downloaded from the Investor Relations page at www.ir.rubrik.com. Also on this page, you'll be able to find a slide deck with financial highlights that, along with our earnings release includes a reconciliation of GAAP to non-GAAP financial results. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

During this call, we will make forward-looking statements, including statements regarding our financial outlook for

Recommended For You

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The group continues to aim for annual dividend per share growth of 7% or more over next two years and to complement this with an annual share buyback program starting in 2026.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, Norway, 5 December 2025 

Reference is made to the stock exchange announcement published by Ensurge Micropower ASA ("Ensurge" or the "Company") on 9 November 2025 regarding the successful private placement of 111,111,111 new shares ("Private Placement"), and the launch of a potential subsequent offering of new shares (the "Subsequent Offering"). The Subsequent Offering was approved by the Extraordinary General Meeting of the Company held on 3 December 2025. 

Further reference is made to the stock exchange announcement on 4 December 2025 regarding the approval and publication of a prospectus in connection with, among other things, the Subsequent Offering (the "Prospectus").

The Subsequent Offering consists of an offer by the Company to issue up to 22,222,222 new shares (the "Offer Shares"), each with a nominal value of NOK 0.50, at a Subscription Price of NOK 0.90 per Offer Share, being equal to the subscription price in the Private Placement.

The subscription period will commence today, on 5 December 2025 at 09:00 hours (CET), and expire at 16:30 hours (CET) on 12 December 2025 (the "Subscription Period"). 

The Company will, subject to applicable securities law, allocate subscription rights ("Subscription Rights") to subscribe for Offer Shares in the Subsequent Offering to shareholders who were holders of shares in the Company (“Shares”) on 7 November 2025 (as registered in the Norwegian Securities Depositary (Euronext VPS or the “VPS”) two trading days thereafter (the “Record Date”) who (i) were not allocated new shares in the Private Placement, and (ii) are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action (each such shareholder an “Eligible Shareholder”, and collectively, the “Eligible Shareholders”). 

For each Share recorded as held in the Company as of expiry of the Record Date, each Eligible Shareholder shall receive Subscription Rights proportionate to the number of Shares in the Company that are registered as held by such Eligible Shareholder on the Record Date, that, subject to applicable law, provide preferential rights to subscribe for and be allocated Offer Shares in the Subsequent Offering. The Company will issue 0.042889 Subscription Rights per one (1) Share registered as held in the Company by an Eligible Shareholder on the Record Date. One (1) Subscription Right will give the right to subscribe for and be allocated one (1) Offer Share. The Shares of the Company began trading exclusive of Subscription Rights from and including 10 November 2025. Hence, the last day of trading inclusive of Subscription Rights was 7 November 2025. For the purposes of determining eligibility to Subscription Rights, the Company will look solely to its register of shareholders as of expiry of the Record Date, which will show shareholders as of expiry of 7 November 2025. 

The Subscription Rights must be used to subscribe for Offer Shares prior to expiry of the Subscription Period on 12 December 2025 at 16:30 hours (CET). Subscription Rights that are not used to subscribe for Offer Shares before the expiry of the Subscription Period will have no value and will lapse without compensation to the holder.

Oversubscription and subscription without subscription rights is permitted. Oversubscription will be allocated as determined by the Board. The Subscription Rights will be non-transferable and will not be tradable on Oslo Børs. 

The due date for the payment of the Offer Shares is expected to be on or about 17 December 2025. Delivery of the Offer Shares is expected to take place on or about 22 December 2025 through the facilities of the VPS.

For further information on the Subsequent Offering and the subscription procedures, please refer to the Prospectus. The Prospectus is available on the websites of Arctic Securities AS at https://arctic.com/offerings and DNB Carnegie, a part of DNB Bank ASA, at https://www.dnb.no/emisjoner, which have acted as managers and bookrunners in connection with the Private Placement and the Subsequent Offering (the "Managers"). Ræder Bing advokatfirma AS acts as the Company's legal advisor. Advokatfirmaet Thommessen AS acts as legal advisor to the Managers. 

About Ensurge Micropower: 

Ensurge (www.ensurge.com) powers the future of AI-enabled devices with advanced microbattery technology that delivers unmatched performance and safety. From its base in San Jose, California, the Company's team of battery specialists have pioneered thin-film batteries produced on high-precision roll-to-roll production processes. These innovations enable new possibilities in form-factor-constrained applications across consumer, medical, and industrial markets. Ensurge partners with leading global customers to accelerate their products to market and is listed on the Oslo Stock Exchange. For more news and information on Ensurge, please visit https://www.ensurge.com/news-room. 

For more information, please contact: 

Shauna McIntyre - Chief Executive Officer

E- mail: [email protected]

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Important information: 

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. 

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or its securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act. 

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "EU Prospectus Regulation" means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State. 

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so. 

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements, inter alia in relation to the Private Placement and the Offer Shares, in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. 

Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company's services, changes in the general economic, political and market conditions in the markets in which the Company operate, the Company's ability to attract, retain and motivate qualified personnel, changes in the Company's ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document. 

The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement. 

Neither the Managers nor any of their affiliates make any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein. 

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company. Neither the Managers nor any of their affiliates accept any liability arising from the use of this announcement.

Imugene Ltd (ASX:IMU, OTC:IUGNF) earlier this week reported new clinical data from its Phase 1b trial evaluating azer-cel in patients with diffuse large B-cell lymphoma (DLBCL), including those who had previously failed CAR-T therapies.

The company said the trial has achieved an 82% overall response rate in the CAR-T-fail population, with every patient experiencing either a complete response or partial response. A complete response means no detectable cancer, while a partial response involves a reduction of at least 50% in tumour burden.

Imugene highlighted that some patients initially recorded as partial responders have now converted to complete responders. It said this aligns with the typical time frame for CAR-T treatments, where maximum response can take two to three months to materialise.

In a second cohort made up of CAR-T-naive patients, the company reported an 83% response rate. It said that enrolment in this group has more than tripled since it was opened, reflecting strong interest in the therapy among patients who have not received prior CAR-T treatment.

Imugene also said that the first patient dosed in 2024 remains in complete response more than 19 months after treatment. The company noted that many participants had undergone between two and six previous lines of therapy before enrolling in the trial.

Some of these patients have since become eligible for allogeneic stem cell transplants, which Imugene said could be curative in certain cases. It added that this potential next step may provide additional benefit for responders to azer-cel plus IL-2.

The company said it recently held a positive meeting with the FDA and expects to receive the official meeting minutes within approximately 30 days. It said it plans to announce the outcome once those minutes are received.

Imugene is continuing enrolment and monitoring in both patient cohorts and intends to provide further updates as data matures.

Proactive:

Welcome back to Proactive Newsroom. I'm now joined by Imugene CEO Leslie Chong. Welcome back, Leslie — it's good to have you.

Leslie Chong:

Thanks so much for having me.

Proactive:

Leslie, the response rate for Phase 1b evaluating azer-cel against a pretty aggressive type of blood cancer has now gone up to 82%. Can you tell us more about that?

Leslie Chong:

Absolutely. This is an 82% overall response rate, meaning patients have had either a complete response or a partial response. A complete response means no tumours or disease detected in scans. A partial response means at least 50% of their cancer was reduced.

Every patient that has come into this CAR-T-fail population with DLBCL — diffuse large B-cell lymphoma — has had either a CR or a PR. So that’s 82% of those patients.

Proactive:

So Leslie, you've got some patients who initially had a partial response. Have any of them converted to a complete response?

Leslie Chong:

I’m happy to note that we have. For approved CAR-Ts, it usually takes two to three months for patients to achieve their best response. Sometimes T cells need time to work — especially in this aggressive, large tumour population. So it can take a few months for the cancer to fully clear.

Proactive:

What about the cohort who haven't been treated with CAR-T before? What's happened with them?

Leslie Chong:

That’s our CAR-T-naive population. We recently reported an 83% response rate there. Every patient so far has seen a complete or partial response.

These are well-treated patients, but many haven’t had access to CAR-T because it wasn’t approved or they opted into our study instead. We’ve seen strong interest — enrollment in that cohort has more than tripled since it opened.

Proactive:

And notably, I believe the first patient dosed in 2024 has remained cancer-free for over 19 months?

Leslie Chong:

Yes — in the CAR-T-fail population, the first patient dosed with azer-cel plus IL-2 had a complete response and has maintained that for over 19 months.

Others have also achieved CRs or PRs. Many of these patients went through two to six prior therapies, including autologous CAR-Ts. Now, some have qualified for an allogeneic transplant, which could be additive or potentially curative.

Proactive:

It’s been quite a busy quarter, Leslie. We’re just three weeks away from Christmas — what’s next for Imugene?

Leslie Chong:

We had a positive meeting with the FDA recently. It usually takes about 30 days to receive the meeting minutes. I’m very excited to announce the outcome as soon as we receive them.

Proactive:

We'll look forward to having more updates from you, hopefully before the end of the year. This was Imugene CEO Leslie Chong — thank you for your time.

Leslie Chong:

Thank you for having me.

Reckitt Benckiser Group Plc. ADR (OTCPK:RBGLY) Focus On Emerging Markets: Growth Opportunities and Strategic Capabilities Discussion December 4, 2025 10:00 AM EST

Company Participants

Nicholas Ashworth - Senior Vice President of Investor Relations
Kris Licht - CEO & Executive Director
Nitish Kapoor - President Emerging Markets
Ryan Dullea - Chief Category Growth Officer
Shannon Eisenhardt - CFO & Executive Director

Conference Call Participants

Guillaume Gerard Delmas - UBS Investment Bank, Research Division
Warren Ackerman - Barclays Bank PLC, Research Division
Sarah Simon - Morgan Stanley, Research Division
Edward Lewis - Rothschild & Co Redburn, Research Division
Tom Sykes - Deutsche Bank AG, Research Division
Nico Von Stackelberg
Diana Gomes
Eddy Hargreaves

Presentation

Nicholas Ashworth
Senior Vice President of Investor Relations

Hello, everybody, and welcome to what is our second live Reckitt Focus On event. And today, we're focusing on Emerging Markets. So shortly, you will be hearing from Nitish Kapoor and the team as we take a tour of our Emerging Markets. But firstly, I'd just like to say thank you very much for being here. I'm Nick Ashworth. I head Investor Relations here at Reckitt. It's lovely to see so many of you here on a wet, cold afternoon in December here in London. But I know we've also got a lot of people dialing in as well. So thank you very much for joining us.

I'll start with the usual disclaimers around cautionary statements. There's a couple of slides in the pack. I'm sure you all will read them in due course. As with the first event in May, we will spend a bit of time going through the presentation. [Operator Instructions].

But before that and to start the event, I will hand over to our CEO, Kris Licht. Kris?

Kris Licht
CEO & Executive Director

Hello, everyone. Thank you for coming. It's great to see a full room, and thank you

Recommended For You

Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) earlier this week released 3D geophysical modelling for the Cucho Project in Peru, confirming drill targets ahead of a planned 2026 campaign.

The company said the model integrates historic datasets including seven drill holes, geochemical mapping, and geophysical surveys. It noted that all previous drill holes encountered mineralisation.

Solis said the 3D model brings together this legacy data to help refine drill targeting. It added that the results have reinforced its confidence in the project and helped prioritise zones for follow-up.

CEO Mitch Thomas told Proactive the modelling exercise “put an underline” under the company’s excitement to drill the project. He said, “We’re really keen to drill this thing and there are some very, very valid targets that we have.”

Solis also announced that a drone-borne magnetic survey will begin in the coming weeks. The company said the survey will replace outdated magnetometer data collected 10 to 12 years ago and will support drill planning. It described the campaign as part of a step-by-step exploration progression toward 2026.

Looking ahead, Solis said it expects a strong close to the 2025 calendar year. It is waiting on assay results from two other drilling programs completed this year. Results will be released once all samples have been received and processed.

In addition, the company said it is in the final stages of securing government approvals for the Santos project. Thomas said daily communication is underway with local authorities and all indications suggest that results are imminent.

Solis expects the outcomes from Cucho, Santos, and the ongoing assay campaigns to position the company for a busy 2026 exploration season.

Proactive:

Welcome back to Proactive Newsroom. I'm now joined by Solis Minerals CEO Mitch Thomas. Welcome back, Mitch.

Mitch Thomas:

Yep, good to see you again, Fouad.

Proactive:

Great to have you on board, Mitch, as always. You've released 3D geophysical modelling from the Cucho Project in Peru. That's been well received by the market this morning. What's been confirmed in the model?

Mitch Thomas:

Just as a refresher, Cucho is a project we picked up in October, following extensive previous work. The real beauty of the project is that there’s already been significant drilling — seven drill holes — and each of them encountered mineralisation.

We also had magnetometer data, IP surveys, and extensive geochemical mapping. So we were sitting on a lot of data. As we look to drill next year, we wanted to do our own assessment.

The benefit of this 3D modelling is that it brought all that historical data together. And from our side, it really underlines our confidence in the project. We’re really keen to drill this thing — and there are some very valid targets. It’s very exciting for us.

Proactive:

Quite exciting. You've now got the 3D model in place. I believe there’s also a drone-borne magnetic survey coming soon?

Mitch Thomas:

Exactly. The 3D geological modelling used magnetometer data from about 10 to 12 years ago. It’s been useful, but based on the modelling results, we want to incorporate updated technology.

The drone survey will kick off in the next couple of weeks. It will help further model the alteration zones and areas of interest for drilling. It’s a step-by-step progression in drill planning.

Proactive:

There's a lot of focus around Cucho. What’s next for Solis Minerals, and how are you finishing the year?

Mitch Thomas:

It’s going to be a strong finish to the year. We’re waiting on assays from two projects we drilled in 2025 — those results will be released once they’re all received.

We’re also checking in daily with the government on permitting for Santos. Indications are that those approvals are imminent.

So it’s a strong close to 2025, and we’re building toward a very exciting 2026.

Proactive:

Quite a strong finish to the year indeed. We'll look forward to having you back to discuss more results and news. This was Solis Minerals CEO Mitch Thomas. Thank you so much.

Mitch Thomas:

Thanks, Fouad.

IMAX Corporation (IMAX) Analyst/Investor Day December 4, 2025 12:00 PM EST

Company Participants

Mark Jafar - Global Head of Corporate Communications
Richard L. Gelfond - CEO & Director
Anne Globe - Chief Marketing Officer
Jonathan Fischer - Executive VP & Chief Content Officer
Heather Morgan - Head of Global Distribution
Daniel Manwaring - CEO & Executive Director
Giovanni Dolci - Executive VP & Chief Commercial Officer
Mark Welton - President of IMAX Global Theatres
Natasha Fernandes - Executive VP & CFO
Jennifer Horsley - Senior VP & Head of Investor Relations
Pablo Calamera - Executive VP & CTO

Conference Call Participants

Michael Hickey - The Benchmark Company, LLC, Research Division
Omar Mejias Santiago - Wells Fargo Securities, LLC, Research Division
David Joyce - Seaport Research Partners

Presentation

Mark Jafar
Global Head of Corporate Communications

This is Mark Jafar, Global Head of Communications for IMAX Corporation, Mark. Thank you so much for being here on behalf of everyone at IMAX for IMAX Investor Day 2025.

We are very excited to welcome all of you, those of you who are in our offices here in Los Angeles and everyone who's joined on the live stream all around the world. And we are very, very excited to share our strategy for building on this record-breaking year at IMAX for driving long-term sustainable growth at the company and for delivering returns -- strong returns for all of our shareholders. And we think we're just getting started.

So let's get started today with today's agenda. First up, we'll have a conversation with our CEO -- IMAX CEO, Rich Gelfond, to talk about our growth outlook and strategy for the company. Next, our Chief Marketing Officer, Anne Globe, will join to share some brand-new insights on our audiences in the IMAX global brand.

Then our new Chief Content Officer, Jonathan Fischer, and our new Head of Global Distribution, Heather Morgan, will

Recommended For You

An Italian unit of e-commerce giant Amazon has paid compensation and scrapped a monitoring system for delivery staff, ending a probe into alleged tax fraud and illegal labour practices, sources with knowledge of the matter said on Friday.

About Ian Lyall
Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually.
Prior to Proactive, Ian helped lead the business output at the Daily... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

Amsterdam, 5 December 2025 - Heineken N.V. (HEINEKEN) today announces that it has appointed Alex Carreteiro as Regional President Americas, and member of the HEINEKEN Executive Team, as per 1 March 2026. Alex, currently CEO of PepsiCo Brazil & South Cone Foods Business, succeeds Marc Busain, who left HEINEKEN on 1 October 2025.

Alex Carreteiro
Alex joins HEINEKEN from PepsiCo, where, as the CEO of PepsiCo Brazil & South Cone Foods business, he is responsible for 16,000 employees and 10 factories across Brazil, Chile, Argentina, Uruguay, and Paraguay. Under his leadership PepsiCo’s Brazil business doubled its size, achieved significant market share and penetration gains, and was recognised as PepsiCo’s Global Business Unit of the Year in 2024.

Prior to joining PepsiCo, Alex spent nearly two decades at Nestlé, holding senior roles across General Management, Sales, and Finance in Europe and the Americas. His last role was Vice President of North America (USA, Canada, Mexico) within the Nestlé Americas zone. Before that, he served as CEO of the Latin Caribbean region and Managing Director of Nestlé Waters Brazil and Portugal. This breadth of experience gives him deep insight into both developed and emerging markets, as well as the ability to navigate complex regulatory and competitive landscapes.

Alex brings extensive expertise across beverages and food, underpinned by a strong track record in M&A, post-merger integration, and building high-performing, diverse teams that deliver results. Throughout his career, Alex has consistently demonstrated commercial excellence, forging deep, trust-based relationships with trade partners and linking impactful point-of-sale execution with compelling category strategies that strengthen market share and profitability.

Dolf van den Brink, CEO and Chairman of the Executive Board, commented: “Alex’s appointment reflects our ambition to accelerate growth and transformation in the Americas, a region that is critical to HEINEKEN’s long-term EverGreen strategy. His strategic vision, operational discipline, and people-first leadership style are a strong fit with HEINEKEN’s values and future direction. I very much look forward to welcoming Alex to the team.”

- ENDS –

About HEINEKEN
HEINEKEN is the world's pioneering beer company. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 340 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 85,000 employees, we brew the joy of true togetherness to inspire a better world. Our dream is to shape the future of beer and beyond to win the hearts of consumers. We are committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. We operate breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on our Company's website and follow us on LinkedIn and Instagram.

Alex Carreteiro

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017,
aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy,
our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a
rigorous Review Methodology when evaluating exchanges and tools. From emerging
blockchain projects and coin launches to industry events and technical developments, we cover
all facets of the digital asset space with unwavering commitment to timely, relevant information.

The U.S. Spot XRP ETFs is now near the $1 billion mark of assets under management in less than a month since their launch. This follows from the product maintaining consistent inflows with no single outflow recorded yet.

XRP ETFs See Continuous Inflows Since Launch
Since its first launch on November 14, spot XRP funds have seen continued inflows. According to data from SoSoValue, the total inflows into these funds have now risen to $881.25 million. The funds attracted $12.84 million of new money yesterday. The daily trading volumes remained stable at $26.74 million.

Source: SoSoValue
Reaching nearly $1 billion in less than 30 days makes the product among the fastest growing crypto investment products in the United States.

Notably, Spot Solana ETFs also accumulated over $600 million since their launch. On the other hand, Bitcoin and Ethereum ETFs are holding about $58 billion and about $13 billion in assets under management respectively.

Much of the early growth traces back to the first Canary Capital’s XRP ETF. Its opening on November 13 brought one of the strongest crypto ETF openings to date. It saw more than $59 million in first-day trading volume and $245 million in net inflows.

Shortly after Canary’s launch, firms like Grayscale, Bitwise, and Franklin Templeton introduced their own XRP products. Bitwise’s fund also did well on its launch, recording over $105 million in early inflows.

Meanwhile, the market is getting ready for yet another addition. 21Shares’ U.S. spot XRP fund also got the green light from the SEC. It will trade under the ticker TOXR on the Cboe BZX Exchange.

XRP Products Keep Gaining Momentum in the Market
The token’s funds continued to expand this week. REX Shares and Tuttle Capital have launched the T-REX 2X Long XRP Daily Target ETF. This new ETF allows traders to have 200% leveraged exposure to XRP’s daily performance. This launch comes after REX Shares introduced a partial spot XRP fund.

Also, it was announced that Vanguard now will allow trading of spot crypto ETFs, including XRP-focused funds. This reversal of policy reflects growing demand from its clients and opens one of the largest retail and institutional gates for access to crypto ETFs.

Meanwhile, CoinShares has decided not to pursue the XRP ETF anymore. The firm has officially withdrawn its plans for three proposed crypto ETFs, including the spot XRP fund, by filing a Form RW. This withdrawal confirms that none of these products reached the stage of being issued.

AlphaTON Capital Corp, a digital asset treasury firm listed on Nasdaq under the ticker ATON, has recently announced that it has filed a $420.69 million shelf registration with the U.S. Securities and Exchange Commission (SEC).

This funding, similar to FTX’s famous “meme round,” aims to support further AlphaTON’s ambitious plans for developing its artificial intelligence and high-performance computing infrastructure. 

According to the company’s plan, the expansion of this infrastructure will enhance Telegram’s Cocoon AI network and support the firm in pursuing mergers. It will also help AlphaTON acquire businesses that generate funds within the Telegram ecosystem.

AlphaTON attains a significant milestone after overcoming the SEC’s ‘baby-shelf’ limitation
Following AlphaTON’s meme shelf registration announcement, analysts discovered that the company previously encountered restrictions from the SEC’s “baby shelf rules.” Notably, these regulations limit how much smaller public firms can sell swiftly using a Form S-3 shelf registration statement. This is a common funding method mostly applicable for digital asset treasuries (DAT). 

According to a statement from the Chief Executive Officer of AlphaTON Capital, Brittany Kaiser, they have achieved a big milestone in overcoming the SEC’s ‘baby-shelf’ limitation on raising funds. This move illustrates the company’s pursuit of a global top position as a major provider of infrastructure for future decentralized AI.

“Once this shelf registration is active, we will have more financial flexibility to act swiftly on major opportunities,”  Kaiser added.

Meanwhile, reports from reliable sources indicate that the Treasury firm has already identified several promising acquisition targets. These targets include startups focusing on payments, sharing content, and blockchain-based services within the Open Network ecosystem.

On the other hand, analysts highlighted that the company’s funding will enable it to expand its treasury of TON tokens and other related digital assets. The firm’s decision has prompted other Digital Asset Trusts (DATs) also to consider growing their business through infrastructure services and acquisitions. This move is made at a time when the interest of public cryptocurrency holders appears to be decreasing.

AlphaTON’s interest in filing for a meme shelf registration grew when the treasury firm’s mNAV declined in November. At this time, the digital asset treasury firm announced that it had moved most of its assets into Toncoin and established staking positions. It also announced its intention to explore new ways to expand.

To demonstrate its commitment to seeking new ways to grow, the firm began by updating its agreement to purchase a 60% stake in the mobile gaming platform GAMEE for $15 million. Regarding its new developments, the company intends to acquire GMEE, valued at up to $4 million, and Watcoin tokens on the open market. Moreover, it plans to launch a co-branded TON Mastercard this December by collaborating with PagoPay and ALT5 Sigma. 

The crypto industry adopts fast blockchain technology as a new way to expand 
Cocoon, which refers to Telegram’s Confidential Compute Open Network, is a decentralized platform for artificial intelligence computing. This network was established by Telegram and developed on the TON blockchain. 

After being introduced just a few days ago, it adopted a strategy of rewarding users in Toncoin for renting out their GPUs to manage user queries.

Considering the advantages of this network, AlphaTON shared a statement dated Monday, December 1, highlighting that it has delivered a lot of Nvidia B200 GPUs to Cocoon. This move aims at establishing a new source of revenue for the firm’s business.

In the meantime, it is worth noting that after Telegram halted the development of its unique Layer 1 due to legal pressure from the SEC following its $1.7 billion initial coin offering, several community-driven initiatives, such as the Open Network, emerged.

If you're reading this, you’re already ahead. Stay there with our newsletter.

Current market conditions will make it difficult for Bitcoin to replicate its early 2025 price gains going into 2026, says 21Shares co-founder Ophelia Snyder.

“It’s unlikely that the factors driving the current volatility will fully resolve in the short term,” Snyder told Cointelegraph.

“A repeat performance next January will depend heavily on broader market sentiment.”

Snyder explained that January often sees “renewed inflows” into Bitcoin (BTC) exchange-traded funds as investors rebalance and reposition portfolios at the start of the year.

Downtrend isn’t “anything crypto specific”Snyder said it is unclear how Bitcoin will perform in January, given the current low level of positive market sentiment.

Bitcoin reached a then-peak of $109,000 on Jan. 9, just one day before Donald Trump was set to be inaugurated, as traders bet his proposed plans for the crypto sector would spark a rally.

Bitcoin is trading at $92,150 at the time of publication. Source: CoinMarketCapBitcoin climbed to its current high of $125,100 on Oct. 5, but it soon entered a downtrend, following the $19 billion crypto market liquidation event on Oct. 10. 

The event prompted many market participants to adopt a cautious short-term price outlook after initially holding more optimistic year-end price expectations.

Bitcoin is trading at $92,150 at the time of publication, down almost 10% over the past 30 days, according to CoinMarketCap.

However, the current environment has Snyder feeling more optimistic about the long term.

“I am feeling more bullish as I see this most recent correction as a response to a general risk-off sentiment to broader market conditions, rather than anything crypto specific,” she said.

Catalysts ahead for upside and downsideSnyder said that several factors could push Bitcoin to further outperform, including the expansion of crypto ETFs on major platforms, increased government adoption and rising demand for stores of value beyond gold.

She said potential catalysts that could see Bitcoin underperform include risk-off sentiment across broader financial markets and continued strength in gold, which could make Bitcoin less appealing to traditional investors.

However, other industry executives are more optimistic about history repeating itself. 

BitMine chair Tom Lee recently said that Bitcoin will reach a new high before the end of January 2026.

Since 2013, Bitcoin has averaged a return of 3.81% during the month of January, according to CoinGlass.

Magazine:Indian investors look beyond Bitcoin, Japan to soften crypto tax: Asia Express

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017,
aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy,
our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a
rigorous Review Methodology when evaluating exchanges and tools. From emerging
blockchain projects and coin launches to industry events and technical developments, we cover
all facets of the digital asset space with unwavering commitment to timely, relevant information.

Bitcoin, Ethereum, XRP, and Solana traders brace for today’s over $4 billion in crypto options expiry. Traders anticipate short-term volatility in the broader crypto market. The event could cause the market cap to drop below $3 trillion once again ahead of next week’s FOMC rate decision.

BTC, ETH, XRP, and SOL prices slip amid $270 million in crypto liquidations. In addition, 10-year US Treasury yields, Japan’s long-term government bonds, and gold prices are rising again, increasing selling pressure on Bitcoin price.

$3.4 Billion Bitcoin Options Expiry
According to Deribit data, more than 36K BTC options with a notional value of $3.5 billion expire on December 5, with a put-call ratio of 0.92. In the last 24 hours, call volume remains higher than put volume with a put-call ratio of 0.76. It indicates a neutral stance among traders.

Moreover, max pain price is at $91,000, lower than the current Bitcoin price of $92,261. This shows a high odds of a pullback, with traders adjusting their positions in readiness for intense volatility ahead of “triple witching” options expiry later this month.

However, Deribit delta data shows a high probability of expiring above $91,000 strike price. BTC ATM implied volatility is noted as falling ahead of options expiry.

Bitcoin Options Open Interest. Source: Deribit
Glassnode said, “At $93K, price remains highly sensitive to macro shocks until the market can reclaim the 0.75 quantile ($95.8K) and then the 0.85 quantile (~$106.2K).”

Ethereum Options with $667 Million in Notional Value to Expire
Over 210K ETH options with a notional value of $667 million are set to expire. The put-call ratio is 0.78. However, put volume has exceeded call volumes over the last 24 hours, with a put-call ratio of 1.42, which is extremely bearish.

Also, the max pain point is at $3,050, above the current market price. Notably, the call bets are higher at the strike price, indicating lower chances of massive selling pressure. Traders expect ETH price to hold above $3,100 after this week’s options expiry.

Ethereum Options Open Interest. Source: Deribit
Ethereum fell slightly in the past 24 hours, with the price trading at $3,165. The 24-hour low and high are $3,071 and $3,223, respectively. Also, trading volume has dropped by 20%.

XRP and Solana (SOL) Max Pain Price
XRP options of notional value $5.94 million to expire, with a put-call ratio of 0.72. The max pain price is at $2.15, indicating the key level to watch as the crypto asset remains under pressure amid selloffs by whales and Ripple.

XRP price fell 4% to $2.08, dropping below the max pain price despite continuous inflows into spot exchange-traded funds. It saw intraday lows of $2.07 and highs of $2.18.

XRP Max Pain Price. Source: Deribit
Meanwhile, $12.54 million in Solana options will expire today, with a put-call ratio of 0.76. The max pain price is at $132, lower than the current market price. Traders could trigger a selloff towards $132 as puts are higher than calls at the key strike price.

SOL price is trading almost 4% down in the last 24 hours, with a 24-hour low and high of $138.07 and $144.22, respectively. Trading volume has also plunged 23% over the last 24 hours, indicating a lack of interest ahead of the key FOMC meeting.

SOL Max Pain Price. Source: Deribit
Also Read: Best Crypto Loan Platforms To Take Out Crypto Loans In 2025

Is this luck, strategy, or something bigger unfolding at American Bitcoin?

December 5, 2025 06:01:24 UTC XRP Scores Historic Win with First CFTC-Regulated U.S. Spot Listing XRP just secured its biggest regulatory breakthrough yet. Bitnomial has launched the first CFTC-regulated spot crypto exchange in the U.S., and XRP is listed from day one. This allows XRP to trade spot, futures, perps, and options under federal oversight.

TLDR:

Aster plans L1 blockchain launch in Q1 2026 with developer toolkit and fiat gateway integration
Privacy trading via Shield Mode and TWAP orders set for early December rollout on the platform
Token staking and governance features will give ASTER holders rewards and voting rights in Q2 2026
Platform merged two protocols in 2025 while adding mobile app and listings on major exchanges

Aster released its first-half 2026 roadmap as the project closes a busy year of feature launches and platform consolidation. 

The team said 2025 focused on proving execution after merging Astherus with ApolloX and rolling out major trading upgrades. The new phase shifts toward building a network designed to grow with its users. The roadmap outlines feature releases across infrastructure, token utility, and community expansion.

Aster Roadmap Introduces Major Upgrades for Early 2026
Aster detailed several immediate updates for December 2025, according to posts shared through its social channels. Shield Mode arrives in early December with private high-leverage trading, followed by TWAP strategy orders aimed at improving pricing. 

The team also confirmed an upgrade to its stock perpetual markets with deeper liquidity and broader asset coverage. These updates set the stage for the Aster Chain testnet rollout at the end of December.

The roadmap expands further into the first quarter of 2026 as Aster prepares to launch its L1 chain. The team said Aster Chain will open alongside Aster Code, a toolkit for builders integrating with the network. 

A fiat on-ramp and off-ramp will also go live through external providers as part of the same release window. Aster described these features as part of a cycle connecting technology, value, and community participation.

Aster highlighted continued UI improvements as an ongoing development focus. 

The project aims to refine trading flow and interface clarity while adding new features. These adjustments follow previous updates such as Hedge Mode, the mobile app release, and the platform’s buyback program. 

Aster said these earlier improvements helped shape the foundation for its next phase.

The team described 2025 as a year that proved its ability to deliver across its roadmap. According to the project, each update strengthens the broader ecosystem while helping users access more integrated tools. 

The coming releases continue this trend with a shift toward network-driven growth. Aster reiterated that it is not building a traditional trading venue but an expanding environment for users and builders.

🗺️ 2026 H1 Roadmap Reveal: What's Next for Aster

2025 was about proving Aster can ship: we merged Astherus & ApolloX, launched multi-asset margin, released our mobile app, completed TGE, listed on major CEXs, and introduced features like Hedge Mode, Trade & Earn, and our buyback… pic.twitter.com/It8ZAigvKc

— Aster (@Aster_DEX) December 4, 2025

Token Utility And Governance Set For Mid-2026
Aster’s roadmap includes new token-based features scheduled for the second quarter of 2026. 

Staking will open for ASTER holders, allowing users to earn rewards through locked participation. The project also plans to release on-chain governance, giving users a role in directing platform development. Both updates strengthen token utility within the network.

The roadmap introduces Aster Smart Money as an additional mid-year feature.

Users will be able to follow leading traders or share live strategies from within the platform. The project positions this tool as a way to link community insights with new trading behavior. 

These updates build on Aster’s stated goal of connecting infrastructure, utility, and collaboration in a continuous cycle.

According to Aster, each part of the roadmap supports the broader transition into a more connected network. The team said the next phase aims to create an environment where builders, traders, and token holders can grow together. 

The project expects the chain development, governance, and trading tools to define its progress through 2026. Aster will continue refining its roadmap as features move toward deployment.

XRP fell to $2.08, down 4% in 24 hours, even though the broader Ripple ecosystem is posting some of its strongest institutional numbers in years. The drop comes at a time when traders are dealing with a mix of market mechanics, macro pressure, and technical weakness, all pulling the price lower.

AlphaTON is preparing for another expansion phase after securing new freedom to raise capital in the U.S. markets.

Summary

AlphaTON filed a $420.69M shelf registration after clearing SEC limits.
Funds will support AI infrastructure, GPU expansion, and Telegram ecosystem acquisitions.
The move strengthens the company’s position as a key TON and Cocoon AI infrastructure provider.

AlphaTON Capital has taken another step in its shift toward TON and Telegram’s AI ecosystem, filing a $420.69 million shelf registration after clearing hurdles that previously restricted its ability to raise capital.

According to a Dec. 4 press release, the company has exited the SEC’s “baby shelf rules,” which apply to issuers with a public float below $75 million. Those rules had capped the company’s fundraising ability, limiting how much it could issue in any 12-month period.

AlphaTON outlines flexible financing plans for AI, HPC, and TON growth
Now, with its float above the threshold, AlphaTON has filed a shelf registration that allows it to issue up to $420.69 million in securities as needed. The company says the filing will support its next phase of expansion. This includes scaling GPU infrastructure for Telegram’s Cocoon AI network and acquiring revenue-generating startups inside the Telegram and TON ecosystem.

Once the shelf becomes effective, AlphaTON can sell common shares, preferred shares, debt, warrants, or mixed units across multiple offerings, giving it room to match fundraising with market conditions.

Chief executive officer Brittany Kaiser said the shift opens the door for AlphaTON to “move quickly and decisively on transformational opportunities,” noting rising demand for GPU compute across Cocoon AI. The company plans to extend its existing deployments of Nvidia B200 GPUs and expand work with partners like CUDO Compute and AtNorth.

TON accumulation and Telegram ecosystem strategy
AlphaTON’s plan also includes a pipeline of acquisitions targeted at Telegram-native businesses. These include firms working on payments, blockchain-enabled services, content platforms, fintech tools, and gaming. The company says these units already generate cash flow and fit its push to build a portfolio of businesses tied directly to Telegram’s 1 billion monthly active users.

Alongside its M&A roadmap, AlphaTON intends to keep growing its digital asset treasury. The company holds TON and several related ecosystem tokens, such as GAMEE, and runs validator and staking operations to earn ongoing yield. Since it rebranded from Portage Biotech in September 2025, this approach has been a key part of its new direction.

AlphaTON’s recent moves suggest it’s entering an aggressive expansion phase. In November, it deployed its first fleet of Nvidia B200 GPUs for Cocoon AI and announced plans to start accumulating Telegram-linked bonds. Later, it launched a $15.3 million at-the-market equity program and secured $82.5 million dedicated to GPU infrastructure.

With the new $420 million shelf, AlphaTON now has far more room to finance these initiatives. The filing arrives during a period of rising interest in decentralized AI compute and a rapid buildout of services across TON, positioning the company to scale both infrastructure and ecosystem ownership.

In brief
Investors are buying gold and silver as a hedge against fears of monetary debasement, macro uncertainty, and a potential misstep by the Fed.
While U.S. equities are in a "late-cycle melt-up," Bitcoin is in a "mid-cycle repair" following the October 10 liquidation event.
Bitcoin has stabilized around the true market mean, a key on-chain level that typically marks the boundary between a correction and a deeper bear market.
Gold and silver continue to outstrip Bitcoin’s yearly performance, with traders betting on further uncertainty ahead of the U.S. Federal Reserve’s interest rate decision on December 10.

Silver and gold have returned an eye-watering 86% and 60%, respectively, according to data from Trading Economics. Bitcoin, meanwhile, has fallen into negative territory, at -1.2%, Yahoo Finance data shows.

A convergence of monetary debasement fears, macro uncertainty, and confused signals from the central bank is helping to push precious metals higher, Ryan McMillin, chief investment officer at Merkle Tree Capital, told Decrypt. 

Investors are positioning for a potential Fed “policy error,” the analyst noted, a scenario where the central bank begins cutting rates while inflation remains stubbornly above its 2% target.

That specific fear centers on the risk of sticky inflation, McMillin noted, with key indicators like Core PCE—a measure of changes in the prices of goods and services—trending back toward 3% annually, particularly in services and housing.

The defensive rotation into hard assets has created a stark three-way divergence. 

While metals surge, traditional risk-on equities have also rallied on their own merits. The Nasdaq and S&P 500 are up 21% and 16% year-to-date, respectively, while Bitcoin lags.

“Equities have been grinding higher in a very conventional way—earnings growth, buybacks, and an AI-driven capex story,” McMillin said. 

Bitcoin, on the other hand, is nursing the October liquidation shock and the subsequent de-leveraging, ending its sustained uptrend following the ETF launch.

The result, he said, is that the S&P is experiencing a “late-cycle melt-up” while Bitcoin is in a phase of “mid-cycle repair.”

On-chain data also paints a more nuanced picture.

The total supply in loss has ticked up, signaling capitulation among short-term holders—a classic feature of a mid-cycle reset rather than a bear market, experts previously told Decrypt.

Though Bitcoin has dropped over 26% from its $126,080 record high, it has since stabilized around the true market mean, which is the cost basis of all non-dormant coins, excluding miners, according to Glassnode’s Thursday report.

The true market mean is the dividing line between a mild bearish phase and deeper bearish territory, according to general market theory.

Despite the current underperformance, McMillin expects Bitcoin’s disconnect to metals and U.S. equities to be temporary, forecasting that dynamic to eventually follow global liquidity and equity markets higher once its order books recover.

Bitcoin's high sensitivity to macro shocks is likely to remain unless it can reclaim the 0.85 quantile, or roughly $106,200, Glassnode analysts wrote in their report.

The top crypto is down 1.3% over 24 hours and has been stuck in the $94,000 to $82,000 range for over two weeks, according to CoinGecko data.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Follow up to the hour updates on what is happening in crypto today, December 05. Market movements, crypto news, and more!

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to on-chain monitors, a wallet linked to TRON founder Justin Sun pulled 100 million TRX from Binance on December 3, 2025. Reports say the same address also moved $5 million USDT around the same time. These large transfers were flagged publicly by Onchain Lens and picked up by multiple crypto news outlets.

Transaction Values And Timing
Onchain tracking shows the 100 million TRX was worth close to $28 million at the time of the move. The USDT transfer of $5 million happened within a minute of the TRX withdrawal, which has led observers to call the action coordinated rather than routine.

Based on reports, the close timing and mixed asset types — token plus stablecoin — drew extra attention from traders and on-chain sleuths.

Data also shows the Justin Sun-linked wallet now holds a much larger TRX balance than just this single transfer. Tracking services report the address sits at about 492 million TRX, a holding with a notional value near $138 million based on market rates at the time. That swelling balance has prompted talk that accumulation of TRX has been steady in recent days.

A wallet linked to Justin Sun (@justinsuntron) withdrew 100M $TRX worth $27.96M from #Binance and also withdrew $5M $USDT.https://t.co/4d2utqwsv0 pic.twitter.com/k40pMUj15d

— Onchain Lens (@OnchainLens) December 3, 2025

Market Reaction And Liquidity
Initial market moves were muted. Some exchange data and commentaries noted a mild uptick in TRX price after the news, suggesting traders saw the outflow as removing sell pressure from exchange order books.

Analysts who track exchange liquidity say large withdrawals like this can shrink available sell-side supply and can support price stability if demand holds. Still, any clear price trend will depend on what happens next with the withdrawn tokens.

TRXUSDT now trading at $0.28. Chart: TradingView
No Official Word Yet
There has been no public statement from Justin Sun or TRON explaining the transfers. Without confirmation, motives remain speculative. Observers are weighing a few common possibilities: long-term cold storage, staking or protocol use, or internal treasury moves. All of those ideas are possible, but none are confirmed by the team.

What Could Happen Next
If the tokens stay offline, some traders may view the move as bullish since it cuts the floating supply held on big exchanges. If the funds are later sold or used to provide liquidity, the effect could swing the other way.

Reports point out that similar moves by major holders have sometimes been followed by quiet accumulation and other times by large transfers into trading venues — timing and intent matter.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sign Up for Our Newsletter!
For updates and exclusive offers enter your email.

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

The anticipated dovish Federal policy saw the Coinbase Premium Index turn positive on 28 November.