Market Signal Briefing

Federal Reserve Chair Jerome Powell is scheduled to speak at Harvard University this morning in what is officially a moderated discussion with an undergraduate economics class. Markets are not treating it that way.

The discussion begins at 10:30 AM Eastern and can be watched live on the Federal Reserve’s official YouTube channel. There are no prepared remarks, but with Brent crude at $114, the US-Israel-Iran war entering its fifth week since the February 28 strikes, and Bitcoin down 46% from its all-time high, traders will be parsing every answer Powell gives for signals on where interest rates go next.

The Market Backdrop Is ComplicatedJust twelve days ago, the Fed held rates steady at 3.5%-3.75% for the second consecutive meeting. At his March 18 press conference, Powell acknowledged that inflation progress had been “not as much as we had hoped.”

The dot plot still projects one cut in 2026. CME FedWatch currently prices a 95.3% probability of no change at the April 29 meeting, with zero odds of a cut and a 4.7% chance of a rate hike.

Oil prices are going up drastically after President Trump threatened to seize Iran’s Kharg Island, adding fresh inflation pressure on top of an already slowing economy.

Powell is navigating the classic stagflation dilemma, a shock that simultaneously drives inflation higher and growth lower, and today’s classroom setting will offer reporters and traders an unscripted window into how he is thinking about it.

The relationship between Powell’s tone and crypto markets is well established at this point. Dovish signals push Bitcoin higher. Hawkish ones compress it. After the March 18 FOMC meeting, Bitcoin fell as rate cut expectations were pushed back further.

Bitcoin is currently trading around $67,833, up over 1% in the past 24 hours. The near-term technical picture, however, remains under pressure.

On-chain analyst Willy Woo posted today that his models point to a Bitcoin bottom forming between $46,000 and $54,000, anchored by the CVDD Floor Model currently sitting at $45,500.

Old school onchain models suggest a BTC bottom between 46k-54k. Also hints at how much time we have to wait.

Orange line correlates to the capital stored in BTC and it has been leaving since November.

CVDD Floor Model has the advantage of climbing over time, 45.5k right now. pic.twitter.com/PrfFTgwAyA

— Willy Woo (@willywoo) March 30, 2026 Separately, analysts have flagged a bearish triangle pattern on the daily chart, with a breakdown potentially targeting prices below $50,000.

Powell’s Last Chapter?Powell’s term as Fed Chair ends on May 15, leaving him with one more scheduled FOMC meeting before he hands over to his successor. That makes today’s Harvard appearance, informal as it is, one of the final few windows into how he is reading the economy before the transition, and markets are not wasting it.

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Although XRP remains under bearish pressure, the asset’s network activity has surged, signaling a potential buildup ahead of a major rally.

Specifically, the token has declined for much of 2026, trading in line with the broader cryptocurrency market. As of press time, XRP was at $1.35, up about 1.2% in the past 24 hours. However, it is still down roughly 28% year-to-date.

XRP YTD price chart. Source: Finbold This divergence between price action and network fundamentals is notable considering that one of the clearest indicators is the sharp rise in XRP’s burn rate, which climbed to 1,851 on March 19. 

This marks a 270% increase from the average daily burn of 500 recorded since August 2025, signaling higher transaction throughput, according to data from XRP Scan.

Burned XRP chart. Source: XRP Scan Transaction activity has also hit a notable milestone. Successful transactions reached 3.11 million on March 23, the first time the network has processed over 3 million in more than a year. 

However, by March 29, this figure had dropped to 1.3 million. Meanwhile, average transactions per ledger surged 129%, rising from 83 on March 7 to 190 by March 23, further highlighting accelerating usage.

XRP successful transactions. Source: XRP Scan Growth is also visible in the network’s decentralized finance ecosystem, where automated market maker pools on the XRP Ledger increased from 24,462 at the start of 2026 to 27,860, adding 3,398 pools in a short period.

Together, these metrics point to strengthening fundamentals even as price performance remains weak. The widening gap between usage and valuation is increasingly seen as a sign of underlying accumulation, suggesting potential for a sharp move once momentum shifts.

XRP quarterly returns  While XRP continues to track broader market trends, historical data suggests it may be positioning for a rebound in the coming quarters. 

In this line, the asset is on track to record its weakest Q1 performance in years, down over 25% heading into the final hours of Q1 2026, marking its worst first-quarter return since 2018.

XRP quarterly returns. Source: CryptoRank Historically, XRP’s Q1 performance has been highly volatile, with steep losses of -77.7% in 2017 and -68.2% in 2015, compared to a 22.4% gain in 2016. 

At the same time, volatility often extends into Q2, where performance remains mixed. However, trends show XRP typically stabilizes and improves in Q3, with more consistent gains during that period.

The recent decline follows an early-year rally that pushed XRP as high as $2.42 before momentum faded, with prices trending lower amid broader market uncertainty and weakening sentiment. 

Additional pressure has come from investment flows, as XRP-focused exchange-traded products (ETFs) recorded notable outflows in March, signaling reduced institutional demand.

The market outlook remains divided, with some analysts warning of a deeper correction, potentially below $1, before a base forms, while others view such a move as the final phase of the bearish cycle, paving the way for recovery.

Ethereum treasury company Bitmine Immersion's holdings have reached 4,732,082 ETH — worth around $9.8 billion at current prices — following its latest weekly acquisitions.

Bitmine bought 71,179 ETH since its last update on March 23, reporting its total crypto and cash holdings stood at $10.7 billion on Monday. Bitmine did not disclose the average purchase price, but at current prices, its latest acquisition is worth around $147.6 million.

As of March 29, Bitmine (BMNR) also holds 197 BTC ($13.4 million), a $102 million stake in Eightco Holdings, and total cash of $961 million. The company's ETH holdings are equivalent to nearly 4% of Ethereum's current circulating supply, which sits at approximately 120.7 million ETH, according to The Block's price page.

"As the Iran war enters its 5th week, ETH and crypto outperformed the broader market with ETH outperforming equities by 1,160bp," Bitmine Chair Tom Lee said in a statement. "This is a marked contrast to Gold (a traditional store of value), which has underperformed by more than 750 basis points. Crypto is demonstrating itself to be a good 'war time' store of value."

"The inverse correlation of crypto (and equities) to oil has been increasing and is at the highest levels in the past year. This is logical," Lee added. "Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks."

Meanwhile, Bitmine's total staked Ethereum stands at 3,142,643 ETH.

"Annualized staking revenues are now $177 million. And this 3.1 million ETH is about 66% of the 4.7 million ETH held by Bitmine," Lee said.

Largest Ethereum treasury Bitmine remains the largest Ethereum treasury holder, followed by Joe Lubin's SharpLink and The Ether Machine, with approximately 863,021 ETH and 496,712 ETH, respectively, according to SER data.

Bitmine is also the second-largest public crypto treasury company overall, behind Michael Saylor's Strategy, which holds 762,099 BTC ($52 billion) — equivalent to more than 3.6% of bitcoin's total 21 million supply.

Expand Chart

Supported by institutional investors including Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, Bitmine targets acquiring 5% of the circulating ETH supply, currently equivalent to around 6.04 million ETH.

"Bitmine now owns 3.92% of the ETH token supply, over 78% of the way to the 'Alchemy of 5%' in just 8 months," the firm said Monday.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Ethereum Foundation has provided a boost to the Ethereum ecosystem, with the token edging higher amid broader market resilience.

Analysts point to the Foundation’s staking activity as a key signal of confidence in Ethereum’s proof-of-stake framework.

Ethereum Foundation's major moveThe Ethereum Foundation has made a notable move in its treasury strategy by staking approximately $46 million worth of ETH in a single transaction.

The token responded positively following the development, which marks the Foundation’s largest one-day staking activity to date.

Data from Arkham Intelligence shows that 22,517 ETH was transferred to the Beacon Deposit Contract, the mechanism used to lock tokens for staking on Ethereum’s proof-of-stake network.

The move is seen as reinforcing the Foundation’s commitment to the ecosystem, while also highlighting confidence in staking as a core component of network security.

While adding $46 million to its staked ETH position is notable,  the EF treasury still has 147,471 ETH, valued at roughly $302 million.

Market observers highlighted the timing amid contrasting signals from Ethereum co-founder Vitalik Buterin.

In February, Buterin offloaded about 17,196 ETH, sparking concerns over potential selling pressure.

Yet the EF's aggressive staking appears to counterbalance such a narrative.

The staking reinforces institutional conviction in Ethereum's growth trajectory.

Ethereum price outlookEthereum (ETH) traded at $2,070 on Monday morning, reflecting a 4% gain over the past 24 hours and mirroring modest rebounds across the broader cryptocurrency market.

Gains on Monday came after the market briefly crashed, with Bitcoin dropping to $65,000 and ETH to below $1,940.

Despite persistent macro and geopolitical headwinds, including the Iran war, ETH has climbed over 10% in the last month.

Gains came amid a rebound from February lows near $1,800.

From a technical standpoint, the daily chart presents a cautiously optimistic outlook.

ETH has formed a higher low above the $1,800 support zone, now acting as a key bullish foundation.

Ethereum (ETH) has recently broken below its 50-day exponential moving average, which now acts as immediate resistance near $2,163.

A pickup in trading volume would be needed to confirm renewed buyer interest.

Momentum indicators are mixed. The relative strength index (RSI) is hovering around the 50 level and showing signs of a potential bullish divergence, suggesting scope for further upside if momentum builds.

On the upside, resistance is seen near $2,375, a previous swing high. A sustained move above this level could open the path toward the 200-day EMA, which sits above $2,743.

Broader catalysts remain in focus, including the possibility of ETF-related inflows and macroeconomic developments.

Geopolitical factors, particularly developments in the Middle East, are also likely to influence sentiment.

In the near term, bulls are watching the $2,300–$2,800 range. However, a break below $2,000 could shift the outlook, with downside targets emerging in the $1,800–$1,500 zone.

Ripple is trying to reshape the institutional case for the XRP Ledger (XRPL) around two issues that have long limited the use of public blockchains in mainstream finance: privacy and software risk.

The company’s argument is that banks, payment firms, and asset managers may be more willing to use a public ledger for tokenized cash, treasury operations, and other regulated financial activity if they can keep sensitive transaction data from a broad public view and if the network can show stronger security controls as it grows more complex.

That marks a broader repositioning for XRPL, which for years was tied mainly to cross-border payments.

Ripple now wants the ledger to be seen as part of a larger institutional stack spanning stablecoins, custody, treasury infrastructure, and tokenized asset flows, with compliance tooling and permissioned market structure layered into the network.

The timing reflects how far Ripple’s business has moved beyond a single payments narrative.

The company says Ripple Payments has processed more than $100 billion globally, while its product set now includes RLUSD, custody services, treasury software, and institutional trading infrastructure.

XRPL sits at the center of that effort as Ripple tries to present the ledger as financial plumbing rather than a retail crypto venue.

Privacy becomes a selling pointOne of the clearest obstacles for institutions on public blockchains is transparency itself. Open ledgers can make settlement and audit trails easier, but they also expose balances, transaction amounts, and activity patterns in ways that many firms do not accept for trading, treasury management, or fund operations.

Ripple’s response is a proposal known as Confidential Transfers for Multi-Purpose Tokens (Confidential MPTs). The MPTs are an extension of the XLS-33 token standard.

The design would allow balances and transfer amounts to be encrypted while preserving issuer controls, such as freeze and clawback, and while still allowing validators to verify transfer correctness and supply integrity through zero-knowledge proofs.

That approach is aimed directly at regulated use cases. Ripple’s researchers describe the challenge as separating actor privacy from market integrity.

According to them, positions and transaction amounts can remain hidden, while the ledger can still verify that transfers are valid and that issuance rules are being followed.

Here, the sender and receiver identities would remain visible, preserving XRPL’s account-based structure, but the system is intended to prevent sensitive balance information from becoming publicly available.

The commercial logic is straightforward. Institutions may be more willing to use a public blockchain for tokenized funds, collateral management, or corporate treasury activity if they do not have to reveal every balance movement to competitors and other market participants.

That still leaves Ripple with an execution problem as confidential MPTs remain a research and design effort rather than a feature already operating at scale in production.

Ripple is therefore asking institutions to buy into a roadmap while competing against networks that already have a deeper foothold in tokenized finance.

The current activity mix on XRPL shows why Ripple is pushing now. The network appears to be gaining more traction in stablecoins and payment-related flows than in the active movement of tokenized securities and other real-world assets.

That split suggests Ripple has made more progress in tokenized cash and settlement than in broader capital markets use cases, making privacy one of the next major hurdles if it wants institutions to move higher-value activity onto the ledger.

AI is being pitched as a security toolRipple’s AI push is also framed less as a product theme than as a security discipline.

The company has outlined a plan to use AI across the XRPL development cycle, including code scanning on pull requests, automated adversarial testing guided by threat models, and a dedicated AI-assisted red team focused on how features interact under real-world conditions.

Ripple says the red team has already identified more than 10 bugs and that the next XRPL release will be devoted entirely to fixes and improvements rather than new features.

That message is designed for institutional audiences that care less about AI branding than about operational reliability. A ledger designed to support stablecoins, treasury systems, and tokenized assets must demonstrate that security processes can keep pace with a growing codebase and a broader set of use cases.

Ripple has made that point explicitly. XRPL has been running since 2012, processing billions of transactions and more than 100 million ledgers.

Systems with that kind of longevity tend to accumulate older assumptions, legacy design choices, and more complicated feature interactions over time. Ripple’s position is that periodic audits and reactive patching are no longer sufficient for infrastructure that serves regulated finance.

Essentially, Ripple plans to use AI to argue that software hardening can become more continuous, systematic, and scalable than traditional review processes alone.

For institutions, that is a practical question. Public blockchains can offer 24-hour settlement, lower reconciliation costs, and programmable asset flows. They still have to prove release discipline, security oversight, and resilience under stress.

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Ripple is trying to show that XRPL can meet those standards as it moves further into compliance-heavy financial applications.

Ripple’s institutional stack gets broaderThis strategy also fits with Ripple’s wider push into enterprise finance.

The company has more closely tied XRPL to RLUSD, its dollar-backed stablecoin, while broadening its institutional footprint through treasury tools, custody, and prime brokerage capabilities.

It has described its acquisition of GTreasury as a way to deepen its role in corporate finance, while Ripple Prime, built from its Hidden Road acquisition, is meant to offer institutional clients clearing, financing, and access to digital-asset markets.

XRPL itself is being repositioned for that environment. Permissioned domains and a permissioned decentralized exchange are intended to support more controlled venues where access can be managed through credentials and compliance checks.

That gives Ripple a way to pitch public blockchain infrastructure in terms that are more familiar to regulated institutions.

Seen together, the effort suggests Ripple as a broader operating system for tokenized money movement, treasury activity, and selected forms of institutional DeFi.

The harder question is whether that broader infrastructure buildout creates meaningful demand for XRP itself.

What it could mean for XRPThat is where the market case becomes more complicated.

Bitrue Research argued in a March 27 report that the XRP ecosystem is expanding beyond payments into a wider stack that includes stablecoins, decentralized finance, sidechains, and cross-chain settlement.

The report said that growth could help deepen XRP’s role in liquidity and on-chain activity, especially if RLUSD expands, XRPFi grows, and institutional usage increases across the network.

At the same time, Bitrue highlighted a tension that sits at the center of Ripple’s strategy. Stronger infrastructure does not automatically translate into stronger value capture for XRP.

However, more economic value could accrue to RLUSD, liquidity pools, sidechain activity, or surrounding services, even as the ecosystem around XRPL becomes more active and more institutional.

That tension runs through Bitrue’s price outlook. The firm laid out a base case for XRP rising from around $1.40 in March to $1.80 to $2.00 by September, and a stronger scenario of $2.25 to $2.50 if RLUSD grows faster, the XRPFi market expands, and regulation becomes more supportive.

But the report described the central issue for 2026 as the gap between infrastructure growth and token value capture.

So, Ripple’s push into privacy and AI could help narrow that gap if it leads to more settlement activity, greater liquidity demand, and deeper institutional adoption of XRPL-based systems.

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Lido DAO proposes $20 million LDO buyback to boost price after 95% slideA proposed treasury buyback of up to 10,000 stETH for LDO highlights how thin DeFi governance token liquidity has become, forcing the DAO to route through centralized exchanges. Mar 30, 2026, 1:26 p.m.

Lido DAO proposed spending up to 10,000 stETH to buy its own governance token at what it calls a historically depressed valuation. That works out to roughly $20 million at current ether prices near $2,000.

The problem is where to spend it.

Onchain LDO liquidity sits at about $90,000 of depth at plus-or-minus 2%, according to the proposal posted by the Lido Ecosystem Operations team over the weekend. The market depth measure means a transaction of that value could move the token's price by as much as 2%.

A single 1,000 stETH batch executed onchain would blow through available liquidity multiple times over, meaning Ethereum's largest liquid staking protocol has to go offchain to buy its own token at scale.

The proposal authorizes the Lido Growth Committee to route trades through centralized exchanges including Binance, OKX, Bybit, Gate and Bitget, each of which currently offers more than $100,000 in depth. It also permits the committee to engage market-maker partners on behalf of the Lido Ecosystem Foundation to facilitate execution.

Valuing governanceLDO hit an all-time low of $0.27 on March 7 and currently trades near $0.30, according to CoinGecko data, with a market capitalization of roughly $258 million.

The token is down more than 95% from its 2021 peak of $7.30. At current prices, the proposed buyback could use up roughly 65 million tokens, or about 8% of the circulating supply.

The DAO's case rests on a gap between token performance and protocol fundamentals. The LDO-to-ETH ratio sits at approximately 0.00016, a 70% discount to levels that held for most of the past two years.

Net protocol rewards, in contrast, have dropped only about 20% over the same period, while costs improved 13% year-over-year and the protocol's effective take rate rose to 6.11% from 5%. Lido still holds the largest share of staked ether at around 23%, per DefiLlama.

"This is not a routine fluctuation," the proposal states. "It represents one of the most significant dislocations between LDO's market price and its underlying protocol fundamentals in the token's history."

Execution would proceed in 1,000 stETH batches, each requiring a separate Easy Track motion — a governance mechanism for routine or approved operations — with a three-day objection period. The Growth Committee retains discretion over timing and pace to avoid signaling exact moves to the market, a necessary precaution given that the proposal is public. Slippage is capped at 3% below the reference price.

The deeper question the proposal surfaces is one facing DeFi governance tokens broadly. LDO's 95% drawdown from peak is extreme, but it is not an outlier in the category. A protocol that dominates its sector, generates consistent fees, and holds billions in TVL is trading at a $258 million market cap because the market has broadly repriced what a governance token is worth when it controls a fee switch but distributes nothing.

Lido's answer is to treat the dislocation as a buying opportunity. Whether that works depends on whether the market ever decides governance tokens deserve to trade on fundamentals at all.

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As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption.

Why it matters:

Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all.

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A weakening yen, rising bond yields, and the risk of a carry trade unwind pose a headwind to risk assets, including bitcoin.

What to know:

The yen’s sustained weakness near 160 against the U.S. dollar is increasing pressure on the Bank of Japan to raise rates further.Japanese government bond yields, with the 40 year yield above 4%, signal tightening conditions, and past episodes show higher Japanese rates can trigger sharp crypto sell offs.

Ethereum is trading close to $2.1k to close out Q1 2026, and the picture remains largely unchanged from recent weeks. It’s a market that has lost more than half its value from the late-2025 highs and is struggling to build any conviction on the recovery. With macro headwinds persisting and altcoins broadly underperforming, ETH continues to face an uphill battle heading into the new quarter.

Ethereum Price Analysis: The Daily Chart The descending channel that has defined ETH’s price action since late 2025 remains fully intact on the daily chart. Both the 100-day moving average (~$2.4k) and the 200-day moving average (~$3k) are declining and sitting well above the current price. They form a compressing wall of resistance that has rejected every meaningful recovery attempt since December last year.

The $2.3k–$2.4k supply zone has proven particularly stubborn, as the price pushed into it in mid-March but was rejected sharply. The $1.8k support level also held earlier during the February capitulation wick and remains the key line in the sand to the downside. The $1.6k and $1.4k levels are the next areas of consequence if the $1.8k support zone breaks.

Moreover, the RSI has recovered from its February lows near 20 and is now hovering around the mid-40s. This indicates some stabilization but no clear directional momentum yet.

ETH/USDT 4-Hour Chart Following the failed breakout attempt into the $2.3k–$2.4k resistance zone a couple of weeks ago, ETH has been trading inside a short-term descending channel on the 4-hour chart. The price is currently close to $2.1k, near the higher boundary of that channel. But every recovery attempt has fresh selling pressure to this point.

The RSI on this timeframe has also bounced from the low-30s back toward the mid-50s. This suggests that the immediate selling pressure may be temporarily fading. However, buyers still need to break above the channel’s upper boundary and, at least, reclaim the recent high near $2.2k on a sustained basis to shift the short-term structure. Failure in doing that will make a retest of the critical $1.8k support zone a realistic short-term scenario.

Sentiment Analysis Ethereum’s active address count showed a notable spike during the February crash and around the subsequent lows, significantly surging above levels seen during the last two years. While that kind of activity burst can appear constructive at first glance, the context suggests it was more likely a capitulation event, which is a rush of panicked selling and liquidations rather than a wave of fresh demand entering the market.

Yet, for ETH to build a credible bullish case, on-chain activity needs to recover sustainably, not just spike during moments of market stress. Until daily active addresses trend higher on a consistent basis, with the price also climbing, the network data support a cautious outlook rather than a recovery narrative.

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Ripple is trying to reshape the institutional case for the XRP Ledger (XRPL) around two issues that have long limited the use of public blockchains in mainstream finance: privacy and software risk.

In brief Bitcoin dropped to $65,112 on Sunday, liquidating over $400M in positions over the weekend. Trump considering "complex and risky" uranium extraction mission in Iran, per WSJ. Myriad users now see only a 41% chance of Bitcoin rallying to $84,000. Bitcoin’s weekend drop pushed it close to $65,000 as U.S. President Donald Trump is considering a ground operation in Iran, escalating the ongoing war in the Middle East.

Just days ago, the President said he's "not desperate" to end the war with Iran.

Bitcoin is up 1.2% over 24 hours, and is currently hovering around $67,500, according to price aggregator CoinGecko.

Investor sentiment has taken a hit due to the weekend drop, with users on prediction market Myriad, owned by Decrypt’s parent company Dastan, assigning a 41% chance that Bitcoin’s next move would push it to $84,000. That probability has dropped from nearly 65% on March 17.

The leading cryptocurrency declined from nearly $70,000 on Friday to revisit $65,112 over the past 24 hours. Bitcoin’s weekend drop has pulled the crypto market down with it, triggering the liquidation of more than $400 million in positions, according to CoinGlass data.

President Trump is weighing a military operation to extract nearly 1,000 pounds of uranium from Iran—a "complex and risky" mission that would likely put U.S. forces inside the country for days or longer, according to U.S. officials cited by The Wall Street Journal.

Though Trump hasn't made a final decision, he remains open to the idea, the officials said, viewing it as a potential path to preventing Iran from ever developing a nuclear weapon.

Bitcoin is up nearly 2% since the war between the U.S. and Iran began on February 28. The S&P 500 and gold are down nearly 5.6% and 14%, respectively. Oil, on the other hand, has spiked nearly 40%.

Though the leading crypto’s drop appears to stem from a month-end rebalancing and inflation concerns from rising U.S. yields and a strong greenback, the weekend drop coincided with escalating geopolitical tensions. Bitcoin is likely to remain rangebound between $67,000 and $72,000 as the first quarter comes to a close, experts previously told Decrypt, despite its weekend stint.

However, a bearish case scenario outlined by on-chain analyst Willy Woo suggests Bitcoin could bottom between $46,000 and $54,000.

“Old school on-chain models suggest a Bitcoin bottom between $46k-$54k. Also hints at how much time we have to wait,” on-chain analyst Willy Woo tweeted Sunday, citing capital leaving the Bitcoin network.

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No Bitcoin purchases between March 23–29, 2026 Total holdings: 762,099 BTC Total cost basis: $57.69 billion Average price: $75,694 per BTC First pause in weekly acquisitions in over a year No shares sold under ATM offering program Shareholder lawsuit dismissed with $550,000 legal payment Strategy Inc. reported that it did not purchase any additional Bitcoin or sell shares through its at-the-market (ATM) stock offering program between March 23 and March 29, 2026. The update was disclosed in an 8-K filing with the Securities and Exchange Commission.

As of March 29, 2026, the company held approximately 762,099 Bitcoins. These holdings were acquired at a total cost of approximately $57.69 billion, including fees, with an average purchase price of $75,694 per Bitcoin. This marks the first time in just over a year that Strategy has paused its regular weekly Bitcoin acquisitions, according to the company’s purchase records.

Executive Signals and Treasury Update: Executive Chairman Michael Saylor, who typically signals upcoming Bitcoin purchases through a Sunday social media post followed by a Monday update, did not issue the usual “Orange Dot” signal. Instead, he posted about the company’s perpetual preferred equity offering, Stretch (STRC).

According to the company’s dashboard, Strategy continues to maintain its Bitcoin treasury position, representing approximately 3.6% of the total Bitcoin supply. The firm also maintains a public dashboard on its website providing disclosure on securities, Bitcoin holdings, and key metrics in compliance with Regulation FD.

Shareholder Lawsuit Settlement and Corporate Update The company also provided an update on a previously disclosed shareholder class action lawsuit in Delaware related to amendments in the certificate of designations for its 8.00% Series A Perpetual Strike Preferred Stock.

Both parties agreed to dismiss the lawsuit by extinguishment of issues. The designated plaintiffs will be dismissed “with prejudice,” while other parties are dismissed “without prejudice.” Strategy has agreed to pay $550,000 in attorneys’ fees and expenses as part of the settlement. Additionally, Strategy plans to seek shareholder ratification of the amendment at its next Annual Meeting of Shareholders under Section 204 of the Delaware General Corporation Law.

Digital asset investment products reversed course last week, recording $414 million in outflows and ending a five-week streak of gains. According to Coinshares data, consequently, total assets under management dropped to $129 billion, returning to levels seen earlier this year. 

Investors reacted to mounting geopolitical tensions and shifting expectations around U.S. monetary policy. Besides, fears of prolonged inflation added further pressure on sentiment across crypto markets.

Regional Divergence in Investor BehaviorRegional flows revealed a clear divide in investor reactions. The United States led the downturn with $445 million in outflows. This sharp movement highlighted growing caution among institutional investors. 

However, Europe showed a more balanced response. Germany attracted $21.2 million in inflows, while Canada followed with $15.9 million. These investors viewed declining prices as a buying opportunity. Additionally, Switzerland recorded minor outflows totaling $4 million.

This divergence suggests that global investors interpret macroeconomic signals differently. Moreover, it highlights how regional confidence levels shape capital movement in digital assets.

Ethereum and Bitcoin Lead WithdrawalsEthereum faced the heaviest pressure among major assets. It posted $222 million in weekly outflows, pushing its yearly flows into negative territory. 

Consequently, Ethereum now holds the weakest year-to-date performance among leading digital assets. Market uncertainty surrounding regulatory developments contributed to this decline.

Bitcoin also experienced notable withdrawals, totaling $194 million for the week. However, Bitcoin maintained a strong net inflow position of $964 million year-to-date. 

This resilience signals continued long-term confidence despite short-term volatility. Additionally, short-bitcoin products attracted $4 million in inflows, reflecting cautious hedging strategies.

Elsewhere, Solana recorded $12.3 million in outflows. In contrast, XRP stood out with $15.8 million in inflows, signaling selective investor interest.

Solana Price Outlook and Market StructureSolana’s price movement adds another layer to the broader market narrative. The asset as of press time trades at $84.22, showing a modest daily increase. However, it still reflects a weekly decline of over 5%. This mixed performance highlights ongoing uncertainty.

According to Ali Martinez, Solana maintains a long-term upward structure despite recent weakness. The price recently fell below a key resistance level near $120. This breakdown indicates weakening momentum in the short term.

Moreover, Solana now hovers above critical support around $74. If this level fails, analysts expect a deeper correction toward $50. On the other hand, reclaiming $120 would restore bullish momentum.

TL;DR

Risk‑Off Shift: Bitcoin ETFs saw about $296 million in weekly outflows as geopolitical tensions and macro pressures pushed investors toward safety. Analyst Views: Experts cited fading ceasefire hopes, triple‑digit oil, and end‑of‑quarter rebalancing as key drivers behind the reversal in Bitcoin ETFs flows. Market Impact: Despite volatility, analysts said Bitcoin’s resilience remains notable, though markets are pricing in a possible Fed hike, and prediction markets lean bearish.
More than $290 million exited Bitcoin ETFs last week as global markets shifted firmly into risk‑off mode, with geopolitical uncertainty and macro pressures weighing on sentiment. Data from Farside Investors shows cumulative outflows of roughly $296 million between March 24 and March 27, reversing early‑week optimism and underscoring how fragile positioning has become across risk assets.

Heavy Redemptions Hit Major Bitcoin ETFs The largest withdrawals came from BlackRock’s IBIT, which drove a $225.5 million single‑day outflow on Friday and marked the sharpest move of the week for U.S. spot Bitcoin ETFs. The reversal followed strong Monday inflows of $167.2 million before sentiment deteriorated. Analysts said Bitcoin ETFs reflected broader market caution as Bitcoin slid to a three‑week low and the S&P 500 posted a fifth straight weekly decline. Josh Gilbert of eToro said triple‑digit oil prices are fuelling inflation concerns, pushing rate cut expectations further out and removing a key catalyst for risk assets.

Geopolitical Tensions Amplify Risk‑Off Mood Geopolitical pressure intensified after President Donald Trump told the Financial Times he could “take the oil in Iran” and potentially seize Kharg Island. Gilbert said a ceasefire could spark a relief rally, but without credible de‑escalation, markets should expect more volatility. Peter Chung of Presto Labs said the outflows were driven primarily by fading ceasefire expectations as peace talks faltered late in the week. He added that the weekly move in Bitcoin ETFs was not dramatic compared to recent flow patterns.

Analysts Cite Rebalancing and Normal Market Behavior Pratik Kala of Apollo Crypto attributed the withdrawals to risk‑off sentiment and end‑of‑quarter rebalancing, calling the $290 million figure “quite normal.” He emphasized that Bitcoin’s relative strength remains notable and warned against reading structural significance into weekly Bitcoin ETFs data. Kala said hedge funds frequently use ETFs for basis trading, meaning flows are not purely directional.

Market Outlook Remains Cautious Gilbert noted Bitcoin has held up better than many assets during the conflict but remains vulnerable to broad sell‑offs. Markets are increasingly pricing in a potential Fed rate hike, and Powell’s upcoming remarks could add pressure. Prediction market Myriad shows bearish sentiment, while Bitcoin trades at around $67,800 after dipping into the $65,000 range earlier Monday.

March 30, 2026 08:31 ET  | Source: Lakeland Industries, Inc.

Sale to National Safety Apparel Strengthens Balance Sheet and Capital Flexibility Divestiture Further Focuses Portfolio Around Fire Services Growth and Core Industrial PPE Strategy  HUNTSVILLE, Ala., March 30, 2026 (GLOBE NEWSWIRE) -- Lakeland Industries, Inc. (“Lakeland Fire + Safety” or “Lakeland”) (NASDAQ: LAKE), a leading global manufacturer of protective clothing and apparel for industry, healthcare and first responders, today announced the completion of the sale of its High Performance Flame Resistant (“HPFR”) and High-Visibility (“HiViz”) product line to National Safety Apparel (“NSA”), a U.S.-based manufacturer of purpose built PPE.

This sale represents an important step in Lakeland’s ongoing effort to streamline its portfolio and focus investment on its head-to-toe global Fire portfolio and core industrial PPE business.

NSA serves industrial, utility and public-sector customers across key industrial safety categories, including flame-resistant workwear, arc flash and electrical PPE and high-heat industrial protection. Lakeland believes NSA is well positioned to support the HPFR and HiViz business going forward. Lakeland will provide transitional support under a services agreement to help ensure an orderly handoff for customers.

“This transaction reflects our continued focus on aligning Lakeland’s portfolio with our long-term strategy,” said Jim Jenkins, President and Chief Executive Officer of Lakeland. “Over the past two years, we have significantly expanded our fire services platform through acquisition and organic investment, and this divestiture allows us to further concentrate on those opportunities while sharpening our focus on our core industrial PPE markets. The business we divested did not align with Lakeland’s core industrial product strategy. NSA's dedicated focus on PPE across multiple end markets makes them the right home for this business and its customers.”

Lakeland has expanded its fire services portfolio through acquisitions and internal initiatives across the United States, Europe and Australia. Today, the Company offers fire protection products and related services including turnout gear, helmets, gloves, boots, apparel, decontamination, repair and rental solutions.

The proceeds from the transaction are expected to support Lakeland’s balance sheet and provide additional flexibility to invest in its fire services strategy.

“This transaction allows us to realize value from the HPFR and HiViz business while increasing our flexibility to allocate capital toward the areas of Lakeland where we see the strongest long-term opportunity,” said Calven Swinea, Chief Financial Officer of Lakeland.

Cherry Tree & Associates served as financial advisor to Lakeland. Maynard Nexsen acted as legal advisor to Lakeland.

About Lakeland Fire + Safety

Lakeland Fire + Safety manufactures and sells a comprehensive line of fire services and industrial protective clothing and accessories for the industrial and first responder markets. In addition, we provide decontamination, repair and rental services that complement our fire services portfolio. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a strategic global network of selective fire and industrial distributors and wholesale partners. Our authorized distributors supply end users across various industries, including integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high-tech electronics manufacturers, as well as scientific, medical laboratories, and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, including fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mix of end-users directly and to industrial distributors, depending on the particular country and market. In addition to the United States, sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community (“EEC”), Canada, Chile, Argentina, Commonwealth of Independent States (“CIS”) Region, Colombia, Mexico, Ecuador, India, Uruguay, Middle East, Southeast Asia, Australia, Hong Kong and New Zealand.

For more information about Lakeland, please visit the Company's website at www.lakeland.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

This press release contains estimates, predictions, opinions, goals and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's expectations for earnings, revenues, expenses, inventory levels, capital levels, liquidity levels, or other future financial or business performance, strategies or expectations, including without limitation our portfolio strategy and anticipated benefits of the divestiture. All statements, other than statements of historical facts, which address Lakeland's expectations of sources or uses for capital, or which express the Company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in press releases and Forms 8-K, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as “believed,” “projected,” “planned,” “intended,” “anticipated,” “can,” “estimated” or “expected,” or other words which reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based, except as may be required by law.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
[email protected]
www.mzgroup.us

The company confirmed that BIRA is now live in client-controlled environments, marking its entry into revenue-generating AI infrastructure.

Minkowitz emphasized that the product is already operational rather than a prototype.

Kala Bio AI Agent Built For Biotech And Pharma ResearchBIRA is designed as a fully autonomous research specialist tailored for biotechnology and pharmaceutical workflows.

Powered by a 70-billion-parameter language model, the agent processes complex research queries by synthesizing data from scientific literature, clinical trial registries, patent databases, and industry intelligence sources.

Its deployment within VPN-secured, client-owned infrastructure serves as a key differentiator, ensuring that proprietary research data remains fully contained without external exposure.

Focus On Data Integrity, Compliance And InsightsThe platform integrates multiple features aimed at enterprise-grade research reliability.

These include automated verification of sources, confidence scoring of outputs, and identification of data gaps or inconsistencies. Results are presented through interactive visualizations designed to support R&D decision-making.

Additionally, pre-built connectors allow seamless access to a wide range of scientific, regulatory, and business datasets through a single secure interface.

Pipeline Expansion Targets Real-Time Intelligence ToolsKala and Younet are advancing four near-term capabilities to expand the platform's functionality.

These include automated daily research summaries, real-time event alerts for clinical and regulatory developments, continuous patent monitoring, and tools to identify overlooked or expired intellectual property with redevelopment potential.

Together, these modules aim to enhance competitive intelligence and streamline research workflows across therapeutic areas.

Seeks To Build Palantir For BiotechKala Bio in March said it is building the Palantir for biotech.

Just as Palantir built a $250+ billion company by helping governments and enterprises make sense of massive data, Kala is doing the same for the biotech and pharmaceutical industry.

KALA Stock Price Activity: Kala Bio shares were up 5.24% at $0.18 during premarket trading on Monday, according to Benzinga Pro data.

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With SpaceX reportedly evaluating a confidential IPO at a valuation approaching $1.75 trillion, ERShares highlights XOVR's role as a regulated, listed vehicle for accessing late-stage private markets

, /PRNewswire/ -- Recent reports indicate that SpaceX may be evaluating a confidential IPO filing, with widely discussed valuations approaching $1.75 trillion — a figure that would rank it among the largest public offerings in history. The XOVR ETF (ERShares Private-Public Crossover ETF) provides investors with SpaceX exposure and access to other select late-stage private companies, within a listed fund structure that requires no accredited-investor status. As demand for late-stage private market access continues to accelerate, XOVR offers a differentiated framework for investors seeking exposure, though any SpaceX IPO plans remain subject to change and are out of the control of ERShares.

I. XOVR: Structure, Exposure, and Access

For decades, access to transformative private companies, including SpaceX, has been largely limited to sovereign wealth funds, large institutions, and ultra-high-net-worth investors. XOVR was developed to provide a more accessible framework within a regulated ETF structure.

Public equity foundation: Core allocation to the ER30TR Index, a proprietary basket of 30 U.S. large-cap, venture-capital-informed companies selected for innovation and long-term growth

Private market exposure: Approximately $205 million in SpaceX exposure as of March 25, 2026, held through a structured Special Purpose Vehicle ("SPV") designed without ongoing management fee or carried interest, alongside selective exposure to other late-stage private companies including Anduril. Exposure levels may change.

Exchange Listing: Nasdaq listing

Access: No minimums and no accredited-investor requirement

ERShares has built a high-conviction position in SpaceX exposure as part of its broader strategy to capture value creation in late-stage private markets prior to potential public listings.

II. Verified Operational Record

The following reflects information drawn from publicly filed SEC documents, official ERShares materials, and regulatory disclosures:

Fee disclosure: All fund expenses, including those associated with the private market sleeve, have been disclosed in accordance with applicable SEC requirements and made publicly available through formal filings

Holdings transparency: XOVR holdings are disclosed on a regular basis consistent with regulatory requirements. Following a routine administrator transition on January 19, 2026, holdings data remains accessible to market participants and data providers

NAV calculation: The fund calculates and publishes net asset value daily, consistent with standard ETF practices and regulatory guidelines

Private market valuation: Differences between external private market indications reported in the press and XOVR reported portfolio valuations reflect structural considerations, timing, portfolio weighting, transaction costs, and valuation methodology

Regulatory filings: All required disclosures are filed with the SEC and available through standard public channels

Investors should evaluate the fund through official SEC filings, portfolio disclosures, and fund materials available at ershares.com.

III. Market Context and Research Standards

ERShares welcomes rigorous, independent evaluation of complex investment products. Investors, however, should evaluate XOVR through official SEC filings, portfolio disclosures, and fund materials rather than incomplete or misleading third-party characterizations.

Over a twelve-month period, one analyst published more than 120 posts, articles, and podcast appearances targeting XOVR, a significant number of which ERShares believes materially misstate the fund's disclosures, structure, or operations. To protect investors and the integrity of the public record, ERShares has taken formal action to address statements it believes materially misstate the fund's disclosures, structure, or operations. Professor Joel Shulman, Ph.D., CFA, has filed a formal complaint with the CFA Institute Professional Conduct Division, and ERShares has retained Meier Watkins Phillips Pusch, a Washington, D.C. defamation law firm, which has transmitted formal correspondence to Morningstar, Inc. and the relevant analyst. ERShares will act where necessary to ensure that commentary relied upon by investors is measured against the public record.

"When an analyst publishes an outsized volume of commentary focused on a single fund — around Valentine's Day, New Year's Eve, Christmas Eve — that is not analysis. That is something else entirely. Our investors made a deliberate decision to participate in a differentiated investment structure. The facts, the disclosures, and the underlying thesis support that decision."

— Eva Ados — Chief Investment Strategist & COO, ERShares

ABOUT ERSHARES

ERShares LLC is an investment adviser and sub-adviser to the XOVR ETF (ERShares Private-Public Crossover ETF), a strategy designed to provide exposure to both public equities and select late-stage private companies within an exchange-traded framework. XOVR is managed through Capital Impact Advisors, LLC and distributed through Foreside. Joel Shulman, Ph.D., CFA, is Founder and Chief Investment Officer of ERShares and Portfolio Manager of XOVR. He is a Professor of Entrepreneurship at Babson College, where he has taught for more than 30 years, and has previously trained more than 12,000 CFA candidates globally through his Shulman Review program.

"We built XOVR for one reason: to give every investor access to the kind of private market opportunity that has always existed — but never for them. Everything we do is in service of that investor."

— Joel Shulman, Ph.D., CFA — Founder & Chief Investment Officer, ERShares

This release is for informational purposes only and reflects ERShares' views regarding publicly available disclosures and investor materials. It does not constitute an offer to sell or a solicitation of an offer to buy any security. All allegations contained herein are those of ERShares LLC and are subject to applicable legal processes. Investors should review the fund's prospectus and disclosures carefully before investing. Past performance does not guarantee future results.

DISCLOSURES

ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling +1 (617) 279 0045 or by visiting our website www.ershares.com. Read it carefully before investing.

Fund specific risk information along with the disclosures "The fund does not directly hold shares of SpaceX. Exposure to SpaceX is sought indirectly through investment in SPV Exposure to SpaceX LLC or other special purpose vehicles ("SPVs") the objective(s) of which is to seek such exposure through investment in privately-offered securities including other private funds ("private securities") that have exposure to direct interests in SpaceX. The fund may not be able to influence the SPV's management, and the SPV may hold material amounts of cash while seeking investments. There cannot be any guarantee the SPV will be successful.

Fund Risks can include and are not limited to: Absence of Prior Active Market Risk, Management Risk, New ETF Provider, Common Stock Risk, Market Risk, Concentration Risk, American Depositary Receipts, Early Closing Risk, Exchange Trade Fund Risk, Private Equity Investment Risk, Illiquidity Risk, Valuation Risk, Exit Strategy Risk.

Top 10 XOVR ETF Holdings as of 03.25.2026

SPV Exposure to SpaceX LLC NVIDIA Corp. Meta Platforms Inc. Ubiquiti Inc. Arista Networks Inc. Palantir Technologies Inc. Interactive Brokers Group Inc. Tesla Inc. Alphabet Inc. AppLovin Corp. Current holdings are subject to change.

Distributed by Foreside Financial Services, LLC.

SOURCE ERShares

Calgary, Alberta--(Newsfile Corp. - March 30, 2026) - Acceleware® Ltd. (TSXV: AXE) ("Acceleware" or the "Company") today announced its financial and operating results for the three months and year ended December 31, 2025 (all figures are in Canadian dollars unless otherwise noted). This news release should be read in conjunction with the Company's audited financial statements, the accompanying notes, and management's discussion and analysis for the year ended December 31, 2025 which are available at www.acceleware.com or on www.sedarplus.ca.

HIGHLIGHTS

Financial highlights for the three and twelve months ended December 31, 2025:

Three Months Ended

Twelve Months Ended

Dec 31, 2025

Dec 31, 2024

Dec 31, 2025

Dec 31, 2024
Revenue$32,664

1,918,077

719,183

5,233,033
Comprehensive income/ (loss)
(185,554)
851,242

(1,860,384)
2,001,685
Gross R&D expenditures
465,365

581,071

1,364,513

2,872,982
Government assistance for R&D$–

–

53,634

1,227,929
Acceleware is a leading innovator of cutting-edge radio frequency ("RF") power-to-heat technologies focused on the commercialization of heating solutions for use in heavy oil production, mineral processing, and industrial decarbonization applications, including carbon capture. The Company brands its power-to-heat platform as EM Powered Heat.

Acceleware's vision is to enhance western Canadian resources by helping producers increase production and reduce operating costs by using the Company's innovative RF heating applications, while materially reducing GHG emissions.

Operating Summary

Heavy Oil with RF XL 2.0
As part of the previously announced strategy to drive shareholder value, Acceleware began the process of securing (through farm-in agreement or asset acquisition) a portfolio of sites for commercial demonstration and subsequent deployment of its next generation RF XL 2.0 technology. Acceleware signed one such farm-in agreement and is in detailed discussion with several additional companies regarding multiple assets in both Saskatchewan and Alberta in geological horizons known as the "Lloydminster Mannville Stack". The Company is moving ahead with the RF XL 2.0 Pilot at its Saskatchewan farm-in location and has begun the application process with the Saskatchewan Ministry of Energy and Resources. Detailed design of the surface lease and well planning has commenced.

The Company is also working in parallel to secure funding. Accordingly, the Company is in discussion with several potential industry and government funders. Acceleware has confirmed that the expected cost to complete the RF XL 2.0 Pilot would be approximately $5 to $6 million including contingency. Recently the Company received conditional approval from the Saskatchewan Petroleum Innovation Incentive ("SPII") program. The SPII program would provide a transferable royalty credit equal to 25 percent of eligible project costs (including capital costs and the first two years of operating costs) from a future RF XL 2.0 Pilot carried out in the province. Approval is conditional on entering into a project agreement with Saskatchewan Ministry of Energy and Resources within two years. The Company has also recently applied for additional government funding for the RF XL 2.0 Pilot. In order to secure additional financing, the Company has taken steps to retire or extend maturity of existing convertible debt (see Subsequent Event below).

The RF XL 2.0 design is complete and ready for manufacturing and deployment. RF XL 2.0 includes a new, fully sealed, continuous tubing based sub-surface design developed by Acceleware. It eliminates the possibility of water ingress through a robust leak-proof design, dramatically simplifies deployment, and reduces per well capital costs by an estimated 30 percent compared to RF XL 1.0 as deployed at the Marwayne pilot. Further benefits of RF XL 2.0 include reduced manufacturing costs; reduced well design and well completion costs; quicker well completion time; simpler and less costly wellhead design; and a safer wellhead operating environment.

Critical Minerals and Amine Regeneration
In 2025, the Company continued to work with the International Minerals Innovation Institute (IMII) and its participating members on completing a Phase 2B testing of a prototype dryer for potash and potash fines. The positive results of the phase led to Acceleware being awarded Phase 3A project for the design, construction and testing of a new, larger-scale prototype dryer for potash and potash fines in the first half of 2026. IMII's minerals industry members include BHP, Cameco Company, Mosaic Company, Nutrien Ltd., Fission Uranium Corp., and The Uranium Corp. During 2025, Acceleware completed a paid feasibility study contract from BHP, a major international miner for iron ore drying. Follow-on work from this study, was contracted and recently completed in 2026. The Company also received an order for a paid feasibility study for a third mineral processing application from BHP, with work to be completed in 2026. Acceleware's engineering team completed additional lab testing of a proof-of-concept amine RF regeneration system, with positive results. Discussions on potential Canadian and European Union collaboration and partnerships to further develop the technology are underway.

Financings
In 2025 the Company closed the two tranches of a non-brokered private placement of units (the "Units") and distributed a total of 10,003,342 Units, at a price of $0.10 per Unit, for total gross proceeds of $1 million. Each Unit consists of one common share of the Company and one common share purchase warrant of the Company. Each warrant entitles the holder of the warrant to acquire one common share, at an exercise price of $0.20, which will expire 24 months from the date of issuance. If the common shares trade at a closing price at or greater than $0.30 per common share for a period of 30 consecutive trading days, Acceleware may accelerate the expiry date of the warrants by giving notice to the holders thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by Acceleware.

Additionally, in Q3 2025, the Company closed Units for debt transactions to settle $186 thousand in certain trades payable, management fees and interest payable on convertible debentures of the Company by issuing 1,863,375 Units at a deemed price of $0.10 per Unit.

Subsequent Event
Subsequent to December 31, 2025, the Company announced that it plans to complete a proposed restructuring of all of the outstanding convertible debenture principal outstanding plus accrued and unpaid interest. (the "Debenture Restructuring").

In connection with the proposed Debenture Restructuring, the Company has presented an option for existing holders to convert all principal and accrued and unpaid interest outstanding into:

up to 23,967,909 units of the Company (the "Units"), through a shares-for-debt transaction, at a price of $0.10 per Unit (the "Shares for Debt Transaction");new convertible debentures ("Replacement Debentures") on substantially the same terms, subject to amendments to the Conversion Price as detailed below; ora combination of Replacement Debentures and Units.Pursuant to the Shares for Debt Transaction, each Unit will consist of one common share and one warrant. Each warrant will entitle the holder thereof to acquire one common share at $0.20 for a period of 24 months from the date of issuance of the warrant. In the event that the common shares trade at a closing price at or greater than $0.30 for a period of 30 consecutive trading days, Acceleware may accelerate the expiry date of the warrants by giving notice to the holders thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by Acceleware.

The Replacement Debentures will have a maturity date that is four years from the date of issuance and will have a conversion price of $0.15, subject to certain adjustments. Each Replacement Debenture will be convertible into Units consisting of one common share and one-half of one warrant. Each whole warrant will entitle the holder thereof to one common share at an exercise price of $0.30 per Common Share for a period of two (2) years from the date of issuance of the Replacement Debenture, subject to certain adjustments.

Business Overview
The Company's strategy is to generate near-term revenue and cash flow through heavy oil production while continuing to advance and commercialize its core technology platform across multiple industrial markets.

Strategic Focus
Acceleware is pursuing a dual-track strategy. In the near term, the Company is using a farm-in and acquisition model to access heavy oil assets where its proprietary RF XL 2.0 technology can be deployed to enhance recovery from bypassed heavy oil reservoirs. This approach is intended to establish production, revenue, and operating cash flow while demonstrating the commercial performance of the technology at field scale. In parallel, Acceleware continues to advance its technology portfolio in mining and industrial applications, positioning the Company to attract strategic partners and investment as these applications approach commercialization.

Technology Platform
Acceleware's core technology is based on the application of RF energy to heat subsurface and industrial materials. The Company has developed RF XL 2.0, a next-generation heavy oil production technology designed to address historical limitations of RF heating, including energy efficiency, power delivery, and scalability. RF XL 2.0 heats the connate water within heavy oil reservoirs to generate steam in situ, thereby reducing oil viscosity and improving recovery without the need for water injection or combustion-based heat sources.

The Company's technology development efforts build on its origins as a high-performance computing and software developer and its subsequent pivot to electromagnetic heating applications. Acceleware has conducted a pilot-scale demonstration of RF XL technology, including its RF XL Pilot in Marwayne, Alberta, and has applied similar RF heating principles to mineral drying, heap leach mining, and amine regeneration processes.

Heavy Oil Market
Heavy oil thermal enhanced oil recovery represents Acceleware's primary near-term market focus. The Company is targeting conventional heavy oil reservoirs where significant volumes of oil remain unrecovered due to limitations of primary production methods. RF XL 2.0 is designed to offer a lower capital and operating cost alternative to conventional thermal recovery techniques, with reduced water use and the potential to unlock bypassed reservoirs.

Mining and Mineral Processing
In addition to heavy oil, Acceleware is developing RF heating applications for mining and mineral processing, including mineral drying and heap leach heating. These applications target energy-intensive processes where RF heating has the potential to increase production or through-put while reducing total energy consumption and operating costs compared to conventional combustion-based systems. Acceleware's 2026 objective is to increase technology readiness levels through testing and piloting activities, on an industry-funded basis.

Industrial Decarbonization and Amine Regeneration
Acceleware is developing RF heating solutions for amine regeneration used in carbon dioxide and hydrogen sulphide removal processes for natural gas processing and carbon capture and storage. This application is intended to reduce the energy intensity of amine regeneration, lower operating costs, and decrease amine degradation relative to conventional stripping technologies. As the global demand for natural gas and LNG continues to grow, amine-based natural gas stripping technology demand is also increasing in the near term. As carbon capture and storage becomes more mainstream, this drive for a non-emitting amine regeneration technology is growing. The Company views this market as a longer-term commercialization opportunity aligned with global decarbonization efforts and increased demand for lower-cost carbon capture solutions.

Business Model and Outlook
The Company's business model is centered on deploying its proprietary RF XL 2.0 technology to demonstrate the effectiveness of the technology and generate revenue and cash flow from oil production. Management believes that demonstrating RF XL 2.0 at commercial scale in heavy oil operations is a critical step toward validating the technology's economic and operational benefits. Once RF XL 2.0's economic benefits are validated, the Company intends to grow revenue and cash flow with future drilling and deployments, while selling RF XL 2.0 systems to industry through distribution partners. The business model for critical minerals and amine regeneration market will employ a combination of technology licensing and strategic partnerships.

Acceleware continues to focus on advancing its technology portfolio, securing demonstration and commercialization partners, and managing capital resources to support both near-term revenue generation and longer-term value creation.

Quarter in Review
Revenue of $33 thousand was recorded in the three months ended December 31, 2025 ("Q4 2025") compared to $1.9 million in the three months ended December 31, 2024 ("Q4 2024") and $54 thousand in the previous quarter ended September 30, 2025 ("Q3 2025"). Higher revenue in Q4 2024 was associated with deferred revenue recognized relating to the RF XL Marwayne Pilot noted above.

Total comprehensive loss for Q4 2025 was $186 thousand compared to a comprehensive income of $851 thousand for Q4 2024 and comprehensive loss of $578 thousand for Q3 2025. The increase in comprehensive loss in Q4 2025 compared to Q4 2024 was due to the recognition of deferred revenue in Q4 2024 noted above. Comprehensive loss in Q4 2025 was lower than the loss in Q3 2025 due to other income (related to equipment rental and oil production royalties) and a gain on sale of RF XL Pilot assets and surplus material.

R&D expenses incurred in Q4 2025 were $465 thousand compared to $581 thousand in Q4 2024 and $212 thousand in Q3 2025. There was $54 thousand in government assistance received in Q3 2025, while there was $nil in Q4 2025 and Q4 2024. Spending in Q4 2025 was related to the next gen RF XL 2.0 design and mineral processing projects.

G&A expenses incurred in Q4 2025 were $312 thousand compared to $315 thousand in Q4 2024 and $245 thousand in Q3 2025. There was higher marketing, share based payments and professional fees in Q4 2025 compared to Q3 2025 as the Company attended several investor conferences and issued stock options to certain employees and advisors.

Year in Review
Revenue of $719 thousand was recorded for the year ended December 31, 2025, compared to $5.2 million for the year ended December 31, 2024. Revenue for the year ended December 31, 2025, included $563 thousand in services revenue related to RF XL and mining applications, and a total of $156 thousand in software and software maintenance revenue. Excluding $4.75 million in deferred revenue recognized related to the RF XL Marwayne Pilot, services revenue in the year ended December 31, 2024 was $322 thousand for RF XL and mining applications, while in the same year software and software maintenance revenue was $161 thousand.

In addition to revenue, Acceleware earned other income of $112 thousand in the year ended December 31, 2025 (year ended December 31, 2024 - $nil) related to an agreement whereby a third party operated the Marwayne Pilot site in exchange for equipment rental fees and oil production royalties. During the year ended December 31, 2025 the Company transferred certain assets and licenses associated with the RF XL Marwayne Pilot to a third party. The third party also assumed decommissioning liabilities associated with the site. The Company received $150,000 in cash, and the third party assumed decommissioning liabilities that were carried on the balance sheet at $312 thousand as at December 31, 2024. A further $82 thousand in cash was received from the sale of surplus equipment from the RF XL Pilot site during the year ended December 31, 2025.

Total comprehensive loss for the year ended December 31, 2025, was $1.9 million compared to comprehensive income of $2.0 million for the year ended December 31, 2024. The increase in comprehensive income in the previous year was due to the deferred revenue recognition noted above.

Gross R&D expenses for the year ended December 31, 2025 were $1.4 million compared to $2.3 million incurred during the year ended December 31, 2024, As the RF XL Pilot was wound down in 2024, there was lower investment in operations and personnel in 2025. Government assistance of $54 thousand was received in the year ended December 31, 2025 compared to $1.2 million for the year ended December 31, 2024. The decrease in government assistance was due to the wrap up of the RF XL Marwayne Pilot project in 2024.

General and administrative ("G&A") expenses incurred decreased during the year ended December 31, 2025 at $1.1 million compared to $1.6 million for the year ended December 31, 2024 due to lower payroll, marketing, office, and professional fees resulting from the Company actively rationalizing G&A costs.

As at December 31, 2025, Acceleware had negative working capital of $6.0 million (December 31, 2024 – negative working capital of $3.4 million) including cash and cash equivalents of $248 thousand (December 31, 2024 – $272 thousand). The increase in negative working capital is attributable to the inclusion of convertible debentures in current liabilities as they are maturing in 2026. However, it should be noted that the Company intends to restructure the convertible debentures (as noted above).

****

About Acceleware:
Acceleware is an advanced electromagnetic (EM) heating technology company offering proprietary radio frequency (RF) power-to-heat solutions that increase production, reduce energy consumption and lower operating costs in large-scale industrial heating.

Its core innovation, the Clean Tech Inverter (CTI), is field-proven through an initial commercial-scale pilot of RF XL, Acceleware's thermal enhanced oil recovery technology designed to increase heavy oil production.

Acceleware is leveraging CTI expertise across sectors to increase production and reduce energy consumption. Three mining projects are underway with major operators, while an amine regeneration project is also in progress.

Acceleware is publicly listed on the TSX Venture Exchange under the symbol "AXE".

NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES

This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer's business, capital, or operations that are prospective in nature, and includes disclosure about the issuer's prospective financial performance or financial position.

The forward-looking information in this press release can be identified by terms such as "believes", "estimates", "plans", "potential", and "will", and includes information about, the expected commercialization of RF XL, the expected cost of the RF XL 2.0 Pilot, the timing of the execution of the RF XL Pilot and the redeployment, expected financing required for the RF XL 2.0 Pilot redeployment, and the anticipated economic and societal benefits of the RF XL technology. Acceleware assumes that current cost estimates are accurate, current timelines will not be delayed by either internal or external causes, that research and development effort including the commercial-scale test plans will result in commercial-ready products, and that future capital raising efforts will be successful.

Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware's continuous disclosure documents, which are filed on SEDAR at www.sedarplus.ca.

Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

DISCLAIMER

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290397

Source: Acceleware Ltd.

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March 30, 2026 08:36 ET  | Source: Rathbones Group PLC

8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)   Full name of discloser:Rathbones Group Plc(b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
        The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
        Use a separate form for each offeror/offereeA consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited(d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e)   Date position held/dealing undertaken:
        For an opening position disclosure, state the latest practicable date prior to the disclosure27/03/2026(f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
        If it is a cash offer or possible cash offer, state “N/A”Yes 2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:LondonMetric Property plc 10p ordinary InterestsShort positions Number%Number%(1)   Relevant securities owned and/or controlled:85,467,1503.64%  (2)   Cash-settled derivatives:    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:            TOTAL:

85,467,1503.64%   Class of relevant security:Schroder Real Estate Investment Trust Limited Ordinary NPV InterestsShort positions Number%Number%(1)   Relevant securities owned and/or controlled:19,883,9834.06%  (2)   Cash-settled derivatives:    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:            TOTAL:

19,883,9834.06%   All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)      Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages:  3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant securityPurchase/saleNumber of securitiesPrice per unitLondonMetric 10p Ordinary SharesSale126,681180.346pLondonMetric 10p Ordinary SharesSale4,565178.15pLondonMetric 10p Ordinary SharesSale9,340177.95pLondonMetric 10p Ordinary SharesSale14,250177.8662pLondonMetric 10p Ordinary SharesSale3,000178.6pLondonMetric 10p Ordinary SharesSale1,700178.49pLondonMetric 10p Ordinary SharesSale3,200178.766pLondonMetric 10p Ordinary SharesSale34,248179.266pLondonMetric 10p Ordinary SharesPurchase378178.834pLondonMetric 10p Ordinary SharesPurchase22,400177.85pLondonMetric 10p Ordinary SharesPurchase346177.85pLondonMetric 10p Ordinary SharesPurchase14,250177.9231pLondonMetric 10p Ordinary SharesPurchase8,590177.7433pLondonMetric 10p Ordinary SharesPurchase3,000178.6pLondonMetric 10p Ordinary SharesPurchase16,310178.834p Class of relevant securityPurchase/saleNumber of securitiesPrice per unitSchroder REIT Ordinary NPV SharesSale18,51046.1713p (b)        Cash-settled derivative transactions

Class of relevant securityProduct description
e.g. CFDNature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unit      (c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitType
e.g. American, European etc.Expiry dateOption money paid/ received per unit         (ii)        Exercise

Class of relevant securityProduct description
e.g. call optionExercising/ exercised againstNumber of securitiesExercise price per unit      (d)        Other dealings (including subscribing for new securities)

Class of relevant securityNature of dealing
e.g. subscription, conversionDetailsPrice per unit (if applicable)LondonMetric 10p Ordinary Shares    Class of relevant securityNature of dealing
e.g. subscription, conversionDetailsPrice per unit (if applicable)Schroder REIT Ordinary NPV Shares    4.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”None (b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i)   the voting rights of any relevant securities under any option; or
(ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”None (c)        Attachments

Is a Supplemental Form 8 (Open Positions) attached?No Date of disclosure:30/03/2026Contact name:Nicky Vaughan – Compliance Department Telephone number:0151 243 7224 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at.

While 2026 has been a tumultuous year since its very beginning and March brought heightened volatility driven by explosive geopolitical instability and rising oil prices, the ChatGPT artificial intelligence (AI) platform estimates there are strong picks for investors going into April.

Indeed, the technology sector has been struggling in earnest since January – though the downturn started already in late 2025 when Nvidia (NASDAQ: NVDA) reached and failed to hold a valuation above $5 trillion – as exemplified by Microsoft (NASDAQ: MSFT) stock’s exceptionally weak performance.

More recently, defense stocks came into sharp focus as U.S. and Israeli bombs started falling on Iran – and Iranian missiles and drones started hitting numerous countries in the region – though they, by press time on March 30, generally failed to truly impress.

On the flip side, 2026 has been exceedingly strong for the energy sector as big oil continues benefiting from President Donald Trump’s ‘drill baby drill’ policies, the January military operation in Venezuela, and the disruptions in the Strait of Hormuz.

Under the circumstances, Finbold consulted the advanced AI of ChatGPT on which three stocks might be the strongest picks for investors this April.

ChatGPT analyzes market conditions for April 2026 OpenAI’s flagship platform quickly concluded that the U.S. stock market is characterized by volatility and a broad correction at the end of March and the start of April, while highlighting that the previously skyrocketing technology sector ‘is actively selling off.’

The model simultaneously noted that the key divergences for equities include the strength of the energy sector, the fact that the pressure big tech is suffering might have actually made it undervalued, and that defensive cash-flow businesses are relatively stable.

ChatGPT analyzes stock market conditions heading into April 2026. Source: Finbold & ChatGPT Thus, the AI explained that it, in its selection, refrained from picking generic ‘good companies,’ and instead attempted to optimize for macro alignment, real earnings results, technical entry, and narrative catalysts.

ChatGPT outlines its stock pick strategy for April 2026. Source: Finbold & ChatGPT ChatGPT recommends investing in Exxon Mobil stock in April Following the broad analysis, ChatGPT explained its first pick is the oil giant Exxon Mobil (NYSE: XOM). Overall, OpenAI’s flagship model explained that XOM stock boasts strong momentum and multiple external tailwinds.

Simultaneously, it noted that the company could see a continued strong rally due to the rising fossil fuel prices and overall described the pick as a ‘hedge against everything going wrong.’

ChatGPT explains why XOM stock is a buy in April. Source: Finbold & ChatGPT ChatGPT recommends investing in Nvidia stock in April Elsewhere, ChatGPT selected Nvidia as it considers that, despite the recent sell-off, the technology capex cycle remains intact. Furthermore, the AI noted that ‘earnings growth in tech (is) still projected (to be) strong’ while highlighting that the semiconductor giant benefits from essentially being a monopoly.

Still, the platform conceded that the short-term sentiment is bad and that a risk of continued decline remains. Therefore, ChatGPT described investing in NVDA stock in April as a bet on a ‘high-beta rebound’ and ‘long-term asymmetric upside.’

ChatGPT explains why NVDA stock is a buy in April. Source: Finbold & ChatGPT ChatGPT recommends investing in Coca-Cola stock in April Lastly, OpenAI’s flagship AI selected the blue-chip beverage behemoth Coca-Cola (NYSE: KO) as, essentially, an extremely resilient stock that tends to do at least okay no matter the circumstances. 

Indeed, ChatGPT depicted KO share as a low-volatility ‘anchor’ that boasts a strong supply chain moat and tends to enjoy steady demand under all circumstances. It simultaneously praised Coca-Cola’s resilience and highlighted its ability to remain stable during corrections.

Thus, ChatGPT explained that investing in KO stock in April would serve as a ‘portfolio stabilizer’ and a ‘volatility dampener.’

ChatGPT explains why KO stock is a buy in April. Source: Finbold & ChatGPT Overall, the AI described its investment distribution for April as a way of ‘positioning across scenarios, not predicting one’ at a time when most traders are emotion-driven, and financial markets are ‘are in war-driven correction mode.’

Featured image via Shutterstock

Detroit, Michigan--(Newsfile Corp. - March 30, 2026) - Artificial Intelligence Technology Solutions, Inc. (OTCID: AITXD), a global leader in AI-driven security and productivity solutions, along with its wholly owned subsidiary Robotic Assistance Devices, Inc. (RAD), today announced the conclusion of its participation at ISC West 2026, highlighted by strong engagement with enterprise end users and channel partners, expanded collaboration activity with key industry participants, and a second consecutive consecutive SIA New Products and Solutions Award win for its SARA™ (Speaking Autonomous Responsive Agent) platform.

RAD’s ISC West 2026 exhibit featuring RIO Mini (left) and ROAMEO (right) autonomous security solutions beneath the Company’s signature overhead halo.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5243/290306_aitx-rad-isc-west-wrap-260330-1920x1080.jpg

The Company's presence at ISC West 2026 reflected continued momentum across its product portfolio and growing alignment with key industry platforms. Demonstrations of SARA™ operating within the Immix® environment, alongside ongoing collaboration with Amazon Web Services and Circadian Risk, drew sustained attention from enterprise end users, channel partners, and monitoring professionals. This year's recognition marks the second consecutive SIA New Products and Solutions Award for SARA, reinforcing its expanding role as an active intelligence layer within modern security operations.

"ISC West requires a meaningful investment of time, capital, and organizational focus, and we approach it with clear expectations," said Steve Reinharz. "The level of visibility, validation, and engagement we achieved this year reinforces that our technology and our message are resonating with the right audiences. As adoption of AI driven security accelerates across enterprise and commercial environments, establishing and maintaining this kind of industry presence is not optional, it is essential."

"The volume and quality of engagement we saw at ISC West this year was exceptional, and it is translating directly into our sales pipeline," said Troy McCanna. "We are now advancing several hundred highly qualified opportunities across multiple verticals, with strong interest from both end users and channel partners. The conversations we had and the follow up activity we are already seeing give us a high level of confidence as we move through the coming quarters."

With momentum from ISC West carrying into the second quarter, the Company expects continued advancement of its sales pipeline, deeper engagement with strategic partners, and expanded adoption of its AI driven solutions across multiple industries. RAD remains focused on converting this heightened market interest into deployments and recurring revenue, as it continues to strengthen its position within the evolving security and property technology landscape.

About Artificial Intelligence Technology Solutions, Inc. (AITX)

AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and drive operational efficiency. Through its family of companies, including Robotic Assistance Devices, Inc. (RAD-I), Robotic Assistance Devices Mobile (RAD-M), Robotic Assistance Devices Group (RAD-G) and Robotic Assistance Devices Residential (RAD-R), AITX develops and delivers a broad range of AI-driven technologies and services designed to transform security, automation, and operational workflows across multiple industries.

Through its primary subsidiary, RAD-I, AITX is redefining the nearly $50 billion (US) security and guarding services industry1 with its AI-driven Solutions-as-a-Service model. RAD solutions are specifically designed to deliver cost savings of between 35% and 80% compared to traditional manned security and monitoring, utilizing a suite of stationary and mobile autonomous systems that complement, and in many cases replace, human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.

All of RAD's solutions are designed to integrate with leading industry platforms and workflows, including ongoing collaboration with Immix®, the trusted provider of central station and remote monitoring software, supporting broader adoption of AI-driven security across professional monitoring environments.

The Company's operations and internal controls have been validated through successful completion of its SOC 2 Type 2 audit, reinforcing its credibility with enterprise and government clients that require rigorous data protection and compliance standards.

AITX is led by Steve Reinharz, CEO/CTO and founder the Company and all RAD subsidiaries, who brings decades of experience in the security services industry. The broader AITX leadership and its subsidiaries draw on deep expertise across security, law enforcement, and robotics innovation, supporting the Company's ability to deliver proven, practical, and scalable solutions.

AITX and its subsidiaries maintain a robust sales pipeline that includes over 35 Fortune 500 companies, with expanding opportunities across its subsidiaries. The Company expects continued growth as these opportunities convert into deployed clients generating recurring revenue streams, with significant potential for expansion within each account.

The Company's solutions are deployed across a wide range of industries including enterprises, government, transportation, critical infrastructure, education, and healthcare.

To learn more, visit www.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.raddog.ai, www.radgroup.ai, www.saramonitoring.ai, and www.radlightmyway.com, or follow Steve Reinharz on X @SteveReinharz.

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence Technology Solutions, Inc. (the "Company"). The information provided herein is believed to be accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or completeness. The Company has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever of the Company's future revenues, results of operations, or stock price.

For purposes of the Company's disclosures, "Artificial Intelligence" refers to machine-based systems designed to operate with varying levels of autonomy that, for a given set of human defined objectives, can make predictions, recommendations, or decisions influencing real or virtual environments. In the context of the Company's business, Artificial Intelligence is deployed primarily within the security services and property management industries to support functions such as detection, analysis, prioritization, communication, and response related to safety, security, and operational events.

The Company delivers these capabilities principally through its SARA™ (Speaking Autonomous Responsive Agent) platform, which serves as the Company's primary agentic artificial intelligence system. SARA is designed to receive and process video, audio, and other sensor data, apply automated analysis and inference, and support actions in accordance with predefined operational objectives and human oversight.

Further note that the Company's Board of Directors oversees the Company's deployment of Artificial Intelligence.

###

1 https://www.ibisworld.com/united-states/market-research-reports/security-services-industry/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290306

Source: Artificial Intelligence Technology Solutions, Inc.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in COIN over 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.

– Full enrollment of BLA-enabling trial complete, per prior guidance –

– Topline NEXICART-2 Results Expected Q3 2026, followed by BLA submission and planned commercial launch –– Onboarded Chief Medical Officer, formerly of Merck and Johnson & Johnson for BLA submission –

LOS ANGELES, CA, March 30, 2026 (GLOBE NEWSWIRE) -- Immix Biopharma, Inc. (“ImmixBio”, “Company”, “We” or “Us” or ”IMMX”), the global leader in relapsed/refractory AL Amyloidosis, today announced that NEXICART-2 enrollment is complete, meeting Company guidance, with topline results expected in Q3 2026, followed by BLA submission and planned commercial launch.

“In AL Amyloidosis, the immune system produces toxic light chains that clog up the heart, kidney and liver, causing organ failure and death. In our trials, we have seen that one-and-done NXC-201 eliminates the source of these toxic light chains. If approved, NXC-201 would be the first FDA approved treatment for relapsed/refractory AL Amyloidosis,” said Ilya Rachman, MD, PhD, Chief Executive Officer of Immix Biopharma. Gabriel Morris, Chief Financial Officer of Immix Biopharma, added, “We are grateful to patients, families, caregivers, investigators, and credit our team’s tireless efforts. Building on our positive interim readout at ASH 2025, topline NEXICART-2 results are expected in Q3, driving BLA submission and planned commercial launch.”

In addition to meeting guidance for NEXICART-2 enrollment completion and announcing topline NEXICART-2 results expected Q3 2026, Immix has onboarded a commercial-experienced Chief Medical Officer, Richard Graydon, MD, PhD. Dr. Graydon is a board-certified hematologist-oncologist with over 20 years of experience in clinical development, most recently at Merck & Co. and Johnson & Johnson, where he led new and supplemental new drug applications and biologics license applications for 7 approved drugs including DARZALEX, CARVYKTI, KEYTRUDA, and IMBRUVICA. Dr. Graydon received his MD and PhD from Stanford University and trained at Harvard’s Massachusetts General Hospital.

About NEXICART-2
NEXICART-2 (NCT06097832) is a multi-site U.S. Phase 2 clinical trial of sterically-optimized CAR-T NXC-201 in relapsed/refractory AL Amyloidosis, with a registrational design. NEXICART-2 is a 40-patient study.

About AL Amyloidosis
AL amyloidosis is a devastating disease where the immune system, that’s supposed to protect, instead continuously produces toxic light chains, clogging up the heart, kidney and liver, causing organ failure and death.

The number of patients in the U.S. with relapsed/refractory AL Amyloidosis is estimated to be growing at 12% per year according to Staron, et al Blood Cancer Journal, to approximately 38,500 patients in 2026.

The Amyloidosis market was $3.6 billion in 2017, and is expected to reach $6 billion in 2025, according to Grand View Research.

About NXC-201
NXC-201 is a sterically-optimized BCMA-targeted chimeric antigen receptor T (CAR-T) cell therapy with a “digital filter” that is designed to filter out non-specific activation. NXC-201 teaches the immune system to recognize and eliminate the source of the toxic light chains. NXC-201 has been awarded Breakthrough Therapy Designation (BTD) and Regenerative Medicine Advanced Therapy (RMAT) by the FDA, and Orphan Drug Designation (ODD) by the US FDA and in the EU by the EMA.

About Immix Biopharma, Inc.
Immix Biopharma, Inc. (ImmixBio) (Nasdaq: IMMX) is the global leader in relapsed/refractory AL Amyloidosis. AL Amyloidosis is a devastating disease where the immune system, that’s supposed to protect, instead produces toxic light chains, clogging up the heart, kidney and liver, causing organ failure and death. Our lead candidate is sterically-optimized BCMA-targeted chimeric antigen receptor T (CAR-T) cell therapy NXC-201 with a “digital filter” that is designed to filter out non-specific activation. NXC-201 teaches the immune system to recognize and eliminate the source of the toxic light chains.  NXC-201 is being evaluated in the U.S. multi-center study for relapsed/refractory AL Amyloidosis NEXICART-2 (NCT06097832), with a registrational design.  NXC-201 has been awarded Breakthrough Therapy Designation (BTD) and Regenerative Medicine Advanced Therapy (RMAT) by the US FDA and Orphan Drug Designation (ODD) by FDA and in the EU by the EMA.

Forward Looking Statements
This press release contains forward-looking statements regarding Immix Biopharma, Inc., its results of operations, prospects, future business plans and operations and the matters discussed above, including, but not limited to, statements relating to topline NEXICART-2 results expected Q3 2026, followed by BLA submission and planned commercial launch; NXC-201 being the possible first FDA approved treatment for relapsed/refractory AL Amyloidosis; the size of the AL Amyloidosis market; the potential benefits of our product candidate CAR-T NXC-201 and the timing and results related to clinical trials. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Forward-looking statements also include, but are not limited to, our plans, objectives, expectations and intentions and other statements that contain words such as “expects”, “contemplates”, “anticipates”, “plans”, “intends”, “believes”, “estimates”, “potential”, and variations of such words or similar expressions that convey the uncertainty of future events or outcomes, or that do not relate to historical matters. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (i) the risk that the estimates for the number of patients in the U.S. with relapsed/refractory AL Amyloidosis and the market size reaching not being accurate; (ii) the risk that Breakthrough Therapy designation will not expedite the development of NXC-201: (iii) the risk that further data from the ongoing Phase 1/2 clinical trials for CAR-T NXC-201 will not be favorably consistent with the data readouts to date, (iv) the risk that the Company may not be able to continue the NEXICART-2 multi-site U.S. Phase 1/2 clinical trial; (v) the risk that the Company may not be able to advance to registration-enabling studies for CAR-T NXC-201 or other product candidates, ivi) that success in early phases of pre-clinical and clinicals trials do not ensure later clinical trials will be successful; (vii) that no drug product developed by the Company has received FDA pre-market approval or otherwise been incorporated into a commercial drug product, (viii) the risk that the Company may not be able to obtain additional working capital with which to continue the clinical trials for CAR-T NXC-201, or advance to the initiation of registration-enabling studies, for such product candidates as and when needed and (ix) those other risks disclosed in the section “Risk Factors” included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2026 and other periodic or current reports subsequently filed with the Securities and Exchange Commission. These reports are available at www.sec.gov. Immix Biopharma cautions that the foregoing list of important factors is not complete. Immix Biopharma cautions readers not to place undue reliance on any forward-looking statements. Immix Biopharma does not undertake, and specifically disclaims, any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Contacts
Mike Moyer
LifeSci Advisors
[email protected]

Company Contact
[email protected]

IRVINE, CA, March 30, 2026 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq: CETY) (“CETY” or the “Company”), a clean energy technology and solutions provider focused on converting waste and heat into power and fuels, today announced the execution of a non-binding Letter of Intent (“LOI”) with Hoppy Power Ltd. (“Hoppy Power”) to evaluate and advance the deployment of CETY’s proprietary High Temperature Ablative Pyrolysis (HTAP™) technology for waste-to-energy applications.

This initiative represents a meaningful step toward near-term deployment and initial commercialization, with defined milestones in 2026 expected to include engineering validation, permitting progression, and advancement toward definitive agreements. The Company anticipates providing further updates as these milestones are achieved, supporting visibility into execution and potential follow-on deployment opportunities.

As part of this collaboration, Westlock, Alberta has been identified as the initial site under evaluation for a potential first deployment, representing a key step toward commercialization of CETY’s modular waste-to-energy platform. Deployment of CETY’s solution is expected to support the local community by addressing waste management challenges while generating clean, distributed energy. The site is being evaluated based on favorable access to feedstock, existing infrastructure, and a supportive development environment. The parties intend to advance technical validation, engineering design, and project development activities targeting execution beginning in late 2026, subject to successful evaluation, permitting, and execution of definitive agreements.

The proposed modular system is expected to generate up to 2 MW of power per unit, with the ability to process up to 12,000 tons per year of biomass and waste-derived feedstock, supporting distributed deployment across industrial and municipal environments. The platform is designed to convert a wide range of waste streams, including municipal solid waste, agricultural residues, and forestry byproducts, into high-quality and clean syngas for power generation.

The project is intended to serve as an initial demonstration of a scalable deployment model, with each modular unit designed to operate within approximately 2 MW distributed generation. This configuration is aligned with distributed generation frameworks to enable more efficient interconnection and streamlined development pathways. The system is designed to support capital-efficient deployment at the project level, positioning it as a repeatable solution across multiple markets and establishing the foundation for a broader pipeline of repeatable deployments across multiple sites, with the potential to expand into additional locations as part of a scalable rollout strategy.

From a commercial standpoint, the platform is expected to support multiple revenue streams, including waste processing (tipping fees), on-site power generation, biochar production and potential offtake or energy services agreements. These combined revenue streams, together with modular deployment and feedstock flexibility, are designed to support competitive cost-of-energy outcomes relative to conventional biomass and distributed generation alternatives, positioning the platform within commercially viable ranges observed in comparable projects.

Under the LOI, CETY will conduct technical and commercial evaluations, including feedstock analysis, system integration studies, and preliminary engineering design. The Company also expects to support pilot deployment activities at the Westlock site, including provision and operation of its HTAP equipment during the initial validation phase, with performance-based milestones tied to operational uptime and readiness. Key near-term milestones include completion of engineering validation, confirmation of feedstock supply, permitting progression, and progress toward definitive agreements.

The advancement of this project is subject to a number of factors, including technical validation, feedstock availability, securing required permits and regulatory approvals, access to capital, and execution of definitive agreements between the parties. In addition, scaling from pilot deployment to broader commercial rollout will require continued demonstration of system performance, economic viability, and market demand.

“This collaboration represents a meaningful step toward commercialization of our HTAPTM technology through an initial field deployment,” said Kam Mahdi, Chief Executive Officer of CETY. “Advancing toward a first deployment reflects our ability to answer growing demand for scalable, distributed waste-to-energy solutions. We believe this model has the potential to be replicated as we continue to convert waste streams into valuable energy infrastructure.”

The parties intend to work together to complete a comprehensive business case, pursue regulatory approvals, and explore potential funding pathways, including Canadian federal and municipal programs. Both companies share a common objective of advancing toward full project development and commercialization, subject to successful evaluation, permitting, capital availability, and execution of definitive agreements.

CETY and Hoppy Power will engage with industry participants at the upcoming International Biomass Conference & Expo in Nashville, Tennessee, from March 31 through April 2, 2026. This annual event serves as a key platform for stakeholders across the biomass and waste-to-energy sectors, including developers, utilities, industrial operators, and technology providers focused on advancing renewable energy solutions.

During the Biomass Conference, CETY will highlight its HTAP™ technology and integrated waste-to-energy and heat-to-power solutions. Representatives from CETY and Hoppy Power, along with Metis Power, the system integration and combustor manufacturing partner, will be available to discuss system capabilities, integration opportunities, and applications across industrial, municipal, and biomass markets. The companies will also explore strategic partnerships and advance discussions around potential project deployments.

About Clean Energy Technologies, Inc. (CETY)

Headquartered in Irvine, California, Clean Energy Technologies, Inc. (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. CETY also holds a minority ownership interest in, and is affiliated with Vermont renewable Gas LLC. We deliver power from heat and biomass with zero emission and low cost. The Company's principal products are Waste Heat Recovery Solutions using our patented Clean CycleTM generator to create electricity. Waste to Energy Solutions convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions provide expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.

CETY's common stock is currently traded on the Nasdaq Capital Market under the symbol “CETY.” For more information, visit www.cetyinc.com.

Follow CETY on our social media channels: Twitter | LinkedIn | Facebook

About METIS Power Inc.

METIS Power Inc. is a California-based power generation technology company specializing in advanced combustion solutions and modular power packaging. METIS allows for the utilization of difficult-to-burn fuels through its proprietary MEC5700™ external combustor technology and the MPG2000E™ power generation package. METIS focuses on enabling efficient, distributed energy generation for industrial and waste-to-energy applications. For more information visit https://metispower.com/home/fuel-flexible-power-generation/.

This summary should be read in conjunction with the Company’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2025 and other periodic filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, which contain, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at www.sec.gov.

Safe Harbor Statement

This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: "anticipate," "plan," "expect," "estimate," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Clean Energy Technologies, Inc.

Investor and Investment Media inquiries:
949-273-4990
[email protected]
Source: Clean Energy Technologies, Inc.

Toronto, Ontario--(Newsfile Corp. - March 30, 2026) - BrandPilot AI Inc. (CSE: BPAI) (OTCQB: BPAIF) ("BrandPilot" or the "Company"), a performance marketing technology company focused on improving transparency and efficiency in digital advertising, today announced that it will participate in POSSIBLE 2026, taking place April 27-29, 2026 in Miami Beach, Florida.

POSSIBLE is one of the leading gatherings of marketing, media, and technology leaders, bringing together senior executives from global brands, agencies, and platforms to discuss the future of marketing in an increasingly AI-driven digital ecosystem. BrandPilot's participation reflects the Company's ongoing commitment to contributing to industry dialogue around advertising efficiency, data integrity, and performance accountability.

During the event, BrandPilot will engage with marketing leaders and industry stakeholders on the challenges advertisers face as automation, AI-driven bidding systems, and increasingly complex media environments reshape how advertising performance is measured and optimized.

"Enterprise marketers are increasingly looking for clarity, accountability, and defensible decision-making in an environment that has become highly automated and opaque," said Brandon Mina, Chief Executive Officer of BrandPilot AI. "Events like POSSIBLE bring together leaders across the marketing ecosystem and provide an important opportunity to discuss how advertisers can protect performance, improve efficiency, and make more informed decisions."

POSSIBLE convenes senior leaders across marketing, media, and technology to explore emerging trends shaping the future of digital advertising. BrandPilot's participation reflects the Company's broader strategy of engaging enterprise decision-makers through education, thought leadership, and practical insights into improving marketing performance.

About BrandPilot AI

BrandPilot AI (CSE: BPAI) is a performance marketing technology company headquartered in Toronto, focused on identifying and eliminating inefficiencies in digital advertising for global enterprise brands. The Company's core capabilities include AdAi, which eliminates cannibalistic branded search spend that inflates costs without driving incremental value; ClickRadar™, which compiles forensic bot-detection reports to reclaim refunds associated with invalid traffic; and SearchIQ™, which enables brands to measure and optimize their presence across generative AI search platforms.

CONTACT INFORMATION
BrandPilot AI
Brandon Mina
Chief Executive Officer
+1-888-960-2724
[email protected]

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the business of BPAI. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, BPAI's strategic plans, including statements regarding the Company's participation in industry conferences such as POSSIBLE 2026, its enterprise education and engagement strategy, its efforts to contribute to industry dialogue around advertising efficiency and performance transparency, and the potential role such activities may play in expanding enterprise relationships and supporting the Company's broader business objectives, are all considered forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. BPAI assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.

Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company's ability to successfully expand enterprise awareness and adoption of its advertising efficiency technologies; the effectiveness of industry engagement and thought leadership initiatives in generating commercial opportunities; competitive pressures within AI-driven marketing technology solutions; changes in digital advertising platforms, automation technologies, or market conditions; and the Company's ability to execute on its proposed business objectives. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the Canadian Securities Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290438

Source: BrandPilot AI Inc.

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Chinese ultra-fast fashion giant Shein has become the cheapest apparel retailer in every major European market, undercutting even Primark and intensifying pressure on the Irish value clothing chain at a time when its parent company is already navigating a difficult backdrop.

Research from RBC Capital Markets, which surveyed entry-level clothing prices across Spain, Germany, France, Italy and Sweden, found Shein consistently ranked below Primark on price – a competitive dynamic that analysts say has contributed to Primark incurring higher markdowns and margin pressure over the past year.

Primark is the key division for FTSE 100-listed Associated British Foods PLC (LSE:ABF), representing around 45% of sales and roughly half of profits.  

While rivals Inditex and H&M have responded by nudging their prices higher and repositioning away from the low end of the market, Primark has moved in the opposite direction, becoming relatively cheaper.

"We think Primark has been suffering from lacking a digital offer in mainland Europe, at a time of more aggressive channel shift online."

Shein's momentum in Europe has accelerated partly because the US largely closed its doors to the retailer last year, following the removal of duty-free rules on low-value Chinese imports.

Some relief may be on the way: the EU plans to abolish its own €150 duty-free threshold for small parcels from 1 July, introducing a flat fee of €3 per parcel that will add to Shein's cost base – though analysts expect the impact to be modest given the retailer's average order value of around €50.

Elsewhere, RBC noted that Next PLC (LSE:NXT) is a beneficiary of a "less competitive" midmarket, while its international growth has benefited from "increased localisation" and from Zalando's ZEOS offer, which allows for fulfilment across mainland Europe from a single inventory pool.

"At the mid to upper end of the mass market, shoppers appear to be buying slightly fewer but higher quality garments," RBC said. 

One of the nuggets from Next's full year results last week revealed last year saw LFL price inflation of 0.9% and average selling price increases of 3.4%, while this year it expects LFL price inflation of 0.6% and ASP increases of 2.2%, which the company said "reflects a gradual but meaningful shift in customer preferences".

RBC said this trend "should favour the likes of Next, which is investing in better fabrics, yarns and prints. It also favours Inditex whose business model aims to respond quickly to trends and to offer more stylish, quality garments at attractive prices."