Market Signal Briefing

DLocal Limited (DLO) Q4 2025 Earnings Call March 18, 2026 5:00 PM EDT

Company Participants

Mirele de Aragao - Head of Investor Relations
Pedro Arnt - CEO & Director
Guillermo Perez - Chief Financial Officer

Conference Call Participants

Daer Labarta - Goldman Sachs Group, Inc., Research Division
Guilherme Grespan - JPMorgan Chase & Co, Research Division
Pedro Leduc - Itaú Corretora de Valores S.A., Research Division
Matthew Coad - Truist Securities, Inc., Research Division
James Friedman - Susquehanna Financial Group, LLLP, Research Division
Neha Agarwala - HSBC Global Investment Research

Presentation

Operator

Good day. Thank you for standing by. Welcome to the dLocal Fourth Quarter 2025 Results. [Operator Instructions] Please be advised that today's call is being recorded.

I would now like to hand it over to the company for opening remarks.

Mirele de Aragao
Head of Investor Relations

Good afternoon, everyone, and thank you for joining the fourth quarter 2025 earnings call. If you have not seen the earnings release, as always, a copy is posted in the financial section of the Investor Relations website. On the call today, we have Pedro Arnt, Chief Executive Officer; Guillermo Lopez Perez, Chief Financial Officer; Christopher Stromeyer, SVP of Corporate Development; and Mirele de Aragao, Head of Investor Relations.

A slide presentation has been provided to accompany the prepared remarks. This event is being broadcast live via webcast, and both the webcast and presentation may be accessed through dLocal's website at investor.dlocal.com. The recording will be available shortly after the event concluded.

Before proceeding, let me mention that any forward-looking statements included in the presentation or mentioned in this conference call are based on currently available information and dLocal's current assumptions, expectations and projections about future events. While the company believes that our assumptions, expectations and projections are reasonable given currently available information, you are cautioned not to place undue reliance on

, /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for year ended December 31, 2025. All amounts are expressed in U.S. dollars unless otherwise noted.

David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are incredibly proud of the company we have built over the past five years. 2025 was an important inflection point in the history of the Company as we reported positive cash flow and Adjusted EBITDA, added a highly coveted royalty on BHP's cash-flowing Pedra Branca mine in Brazil and materially strengthened our balance sheet. Our 2026 and five-year outlook demonstrate the continued peer-leading growth in our asset portfolio, including over 60% year-over-year growth expected in 2026."

Full Year and Q4 2025 Highlights

Fourth quarter 2025: Record revenue of $4.5 million, $5.2 million in Total Revenue, Land Agreement Proceeds and Interest*, and 1,255 gold equivalent ounces ("GEOs") for the quarter[*] Full year 2025: Record revenue of $15.6 million and $17.8 million in Total Revenue, Land Agreement Proceeds and Interest for 5,173 GEOs for the year* Positive full year 2025 operating cash flow of $6.2 million and Adjusted EBITDA* of $9.8 million Exited 2025 with over $12 million in cash, no debt and a fully undrawn credit facility which was increased to $150 million, inclusive of a $25 million accordion feature as at February 19, 2026 2026 and Five-Year Outlook

2026 guidance: Total GEOs are currently expected to increase to 7,500-9,300 in 2026, thanks to the continued ramp-up of our cash flowing assets and incorporates the addition of the Pedra Branca and an additional royalty on Borborema in late 2025 and early 2026, respectively. This outlook represents a mid-point increase of over 60% from 2025 results. Five-year outlook: GEOs are forecasted to increase to between 28,000 and 34,000 GEOs in 2030, representing peer-leading growth of over 490% based on the midpoint of guidance from 2025 results. The projected five-year outlook reflects continued contributions from our cornerstone producing assets, as well as new production from assets currently in development. See "2026 Outlook" and "Five-Year Outlook" below for further information regarding the Company's outlook. ___________

* Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" for further information.

Selected Financial Highlights

The following table sets forth selected financial information for the three months and year ended December 31, 2025:

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars, except per share and GEOs amounts)

($)

($)

($)

($)

Revenue

4,501

3,355

15,610

10,103

Net loss(1)

(920)

(3,193)

(4,130)

(3,411)

Net loss per share, basic and diluted

(0.00)

(0.02)

(0.02)

(0.02)

Cash provided by operating activities

176

1,262

6,170

2,543

Non-IFRS

Total Revenue, Land Agreement Proceeds and Interest(2)

5,206

3,846

17,768

12,847

Adjusted EBITDA(2)

3,198

1,240

9,751

4,779

Adjusted Net Loss(1)(2)

(22)

(2,721)

(1,749)

(1,150)

Adjusted Net Loss Per Share, basic and diluted(2)

(0.00)

(0.02)

(0.01)

(0.01)

GEOs(2)

1,255

1,445

5,173

5,462

Statement of Financial Position

Total assets

822,756

737,515

822,756

737,515

Total non-current liabilities

118,943

175,353

118,943

175,353

__________

Notes:

1)

Net loss and Adjusted Net Loss for the year ended December 31, 2024, includes a $6.5 million deferred tax recovery that was recognized as a result of an internal reorganization to streamline operations, which was completed in the third quarter of 2024. See "Discussion of Operations" for further information.

2)

Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Share, basic and diluted and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" below for further information.

Please refer to the Company's Annual Report Form 20-F, including the audited financial statements included therein, copies of which are available under the Company's profile at www.sedarplus.ca and www.sec.gov.

Portfolio Update

Borborema mine (2.75% NSR): On February 26, 2026, Aura Minerals Inc. ("Aura") issued a news release announcing the signing of a road relocation agreement at the Borborema mine. Aura also announced an updated feasibility study for the project, which increased Probable Reserves to 40.7 Mt at 1.13 g/t gold containing approximately 1,479 koz of gold and extends the mine life to over 20 years. These estimates were prepared by Aura under U.S. S-K 1300 definitions. For further information, please see Aura's news release dated February 26, 2026 and its technical report summary titled "Technical Report Summary on the Feasibility Study for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil" with an effective date of September 19, 2025, available under its profiles at www.sedarplus.ca and www.sec.gov.

Borden mine (0.5% NSR, partial royalty coverage): On February 19, 2026, Discovery Silver Corp. ("Discovery") reported its results for the year ended December 31, 2025 and noted that it is targeting a return to full capacity of the Dome Mill by 2027 or sooner. It has disclosed that the mill is a 12,000 tonne-per-day processing facility that in recent years has operated below its nominal production rate. For further information see Discovery's news release dated February 19, 2026, available under its profile on www.sedarplus.ca.

Canadian Malartic / Odyssey mine (3.0% NSR, partial royalty coverage): On February 12, 2026, Agnico Eagle Mines Limited ("Agnico Eagle") reported its financial and operational results for the year ended December 31, 2025. The company confirmed that development activities at Odyssey remain on schedule, with ongoing ramp development and shaft sinking progressing as planned. Agnico Eagle also reiterated the advancement of the technical evaluation of a potential second shaft at the Odyssey mine, outlining in their release that the technical evaluation will assess the potential for an 8,000 to 10,000 tpd operation and is expected to be completed at the end of 2026, potentially followed by permit submission in early 2027 and subject to a series of approvals, could be positioned for initial production in 2033. For further information see Agnico Eagle's news release dated February 12, 2026, available under its profile on www.sedarplus.ca.

Côté Gold mine (0.75% NSR, partial royalty coverage): On February 17, 2026, IAMGOLD Corporation ("IAMGOLD") reported its financial and operational results for the year ended December 31, 2025. IAMGOLD highlighted that the Côté Gold mine achieved the top-end of its production guidance having produced 399,800 ounces in 2025 relative to its guidance of 360,000 – 400,000 ounces on a 100% basis. The 2026 guidance for the Côté Gold mine has increased to range from 390,000 to 440,000 ounces on a 100% basis, with the focus in 2026 being stabilization and optimization, improving the cost structure and preparing for the potential expansion at Côté. For further information see IAMGOLD's news release dated February 17, 2026, available under its profile on www.sedarplus.ca.

Cozamin mine (1.0% NSR, partial royalty coverage): On February 17, 2026, Capstone Copper Corp. ("Capstone") announced its 2026 guidance for Cozamin copper production between 21,000 – 24,000 tonnes at C1 cash costs of $1.55 - $1.85 per payable copper pound produced. It disclosed that copper production at Cozamin is expected to be consistently weighted across the year and slightly lower in 2026 compared to 2025 due to lower copper grades.

Additionally, on March 2, 2026, Capstone reported its financial and operational results for the year ended December 31, 2025 stating that Cozamin had produced 25,348 tonnes of copper in 2025 at C1 cash costs of $1.32 per payable copper pound produced. For further information see Capstone's news releases dated February 17, 2026 and March 2, 2026, available under its profile on www.sedarplus.ca.

Fenelon gold project (2.0% NSR): On February 17, 2026, Wallbridge Mining Company Ltd. ("Wallbridge") announced the start of the 2026 exploration drilling program at Fenelon with approximately 2,000 metres of large-diameter core drilling to support metallurgical test work and related technical studies. Upon completion of this first portion of the drilling campaign, a 1,500 metres reconnaissance drilling program is expected to test prospective areas within 2,500 metres of the main deposit area. For further information see Wallbridge's news release dated February 17, 2026, available under its profile on www.sedarplus.ca.

Granite Creek project (10.0% NPI): On February 19, 2026, i-80 Gold Corp. ("i-80") reported its financial and operational results for the year ended December 31, 2025. i-80 stated that Granite Creek underground generated a gross profit for the second half of 2025 and that it was successful in stabilizing groundwater inflow. i-80 also disclosed that a feasibility study over the underground is planned for completion in the second quarter of 2026 with the timeline for a pre-feasibility / feasibility study on the open pit portion of Granite Creek under review to optimize its future growth plan.

i-80 announced total production of 22,977 ounces of gold at Granite Creek for 2025, within previously announced guidance of 20,000–30,000 ounces. A water treatment plant is expected to be completed in the second quarter of 2026 and development activities are expected to support further ramp-up and the updated resource and feasibility study planned for the second quarter of 2026. For further information see i-80's news release dated February 19, 2026, available under its profiles on www.sedarplus.ca and www.sec.gov.

Ren project (1.5% NSR and 3.5% NPI): In its management discussion and analysis for the year ended December 31, 2025, Barrick Mining Corporation ("Barrick") noted that, as at the end of 2025, total project spending was $167 million (including $29 million in the fourth quarter of 2025) of an estimated capital cost of $410 to $470 million (100% basis). For further information see Barrick's management's discussion and analysis for the three and twelve months ended December 31, 2025, available under its profiles on www.sedarplus.ca and sec.gov.

South Railroad project (0.44% NSR, partial royalty coverage): On March 2, 2026, Orla Mining Ltd. ("Orla") disclosed that it had released an updated feasibility study over the South Railroad project and outlined that construction of the mine is expected in mid-2026 pending receipts of the final project permits. The study envisions an open-pit and heap-leach operation with a mine life of 10 years, producing 1,072,300 ounces of payable gold and 760,000 ounces of payable silver. For further information see Orla's news release dated March 2, 2026 and its technical report dated effective September 30, 2025 titled "South Railroad Project - NI 43-101 Feasibility Study Update", available under Orla's profiles on www.sedarplus.ca and www.sec.gov.

Tonopah West project (3.0% NSR): On March 3, 2026, Blackrock Silver Corp. ("Blackrock Silver") disclosed that it received its Class II Air Quality and Surface Disturbance Permit from the Nevada Department of Environmental Protection ("NDEP"), through the Bureau of Air Pollution Control. The permitting process is on schedule with all permits anticipated by mid-2027. It disclosed that once all permits are in hand, Blackrock Silver will decide when to commence with the exploration decline, test mining and bulk sample extraction programs. For further information see Blackrock Silver's news release dated March 3, 2026.

Vareš mine (100% copper stream with ongoing payments of 30% of the spot copper price): On February 10, 2026, DPM Metals ("DPM") reported its financial and operational results for the year ended December 31, 2025, and announced that integration activities had progressed well and it continued to advance its priorities for Vareš with a focus on ramping up to full production by year-end 2026. Development rates continued to progress as planned and DPM announced that the mine resumed production in January 2026. At the time of the news release, construction of the paste backfill plant was well-advanced and is expected to be commissioned in the third quarter of 2026.

Additionally, DPM provided guidance including that expected production in 2026 from Vareš is expected to be better as compared to estimates in its most recent technical report for the project. For further information see DPM's announcement dated February 10, 2026, available under its profile on www.sedarplus.ca.

Whistler project (1.0% NSR and right to acquire an additional 0.75% NSR): On March 2, 2026, U.S. GoldMining Inc. ("U.S. GoldMining") announced a positive preliminary economic assessment ("PEA") on the Whistler project. The PEA included an after-tax NPV(5%) of $2.04 billion and internal rate of return of 33.0% with an initial payback of 2.1 years under base case metals prices of $3,200/oz gold, $4.50/lb copper and $37.50/oz silver. The PEA envisions an average annual production of 345,000 ounces gold equivalent estimated during the first three years of operations and total life of mine production of 2.6 Moz gold, 6.9 Moz silver and 592 Mlb copper, over a 14.6 year mine life. For further information see U.S. GoldMining's news release dated March 2, 2026, available under its profiles at www.sedarplus.ca and www.sec.gov.

2026 Outlook

The Company currently forecasts total GEOs of between 7,500 and 9,300 for 2026, which includes approximately 684 GEOs relating to Land Agreement Proceeds credited against other mineral interest and interest payments, and is based on an assumed gold price of $5,150 per ounce, and an assumed copper price of $5.75 per pound.

Commodity prices will affect calculation of gold equivalent ounces from copper (and other metals) stream and royalties and from Land Agreement Proceeds and other payments; we present below a sensitivity table to illustrate the potential variability of our 2026 guidance to gold and copper metal prices.

Gold price ($/oz)

$4,150

$5,150

$6,150

Copper price
($/lb)

$4.75

7,800 - 10,300

7,400 - 9,700

7,200 - 9,300

$5.75

8,200 - 10,800

7,500 – 9,300

7,400 - 9,700

$6.75

8,500 - 11,300

8,000 - 10,500

7,700 - 10,000

Five-Year Outlook

In 2030, we expect GEOs to increase to between 28,000 and 34,000, which includes approximately 600 GEOs of Land Agreement Proceeds credited against other mineral interests and interest payments. The mid-point of this outlook represents an over 490% increase in GEOs relative to actual 2025 results.

All production and expected production growth implied by our guidance is sourced from assets already held in our portfolio and is based on public forecasts, expected development timelines and other disclosures by the owners and operators of the properties underlying our interests. In addition to the current mining operations in production for 2026, our 2030 outlook includes contributions from the Granite Creek, Ren and South Railroad development projects.

We assume a gold price of $3,500 per ounce and a copper price of $5.00 per pound in our projected five-year outlook.

In addition to the price assumptions outlined above, the 2026 and five-year outlooks included herein are based on the disclosed forecasts and expectations of the owners and operators of the properties underlying out royalty and stream interests and our assessments thereof. The outlooks respecting land agreement proceeds are based on contractual payments under existing agreements.

Royalty Generator Model Update

Our royalty generator model continues to generate positive results with eight new royalties added in 2025. We have generated 56 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 through this model.

We currently have 38 properties subject to land agreements and six properties under lease generating land agreement proceeds. The model continues to incur low operating costs with only $0.1 million spent on maintaining mineral interests in 2025.

2025 Results Conference Call Details

A conference call will be held on Thursday, March 19, 2026, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:

Webinar: Click Here
US (toll-free): 1-866-652-5200
Canada (toll-free): 1-855-669-9657
International: 1-412-206-6408

The fourth quarter and year end 2025 presentation materials will be available on Gold Royalty's website at www.goldroyalty.com and a replay of the event will be available following the presentation.

About Gold Royalty Corp.

Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.

Qualified Person

Alastair Still, P.Geo., Director of Technical Services of the Company, is a "qualified person" as such term is defined under Canadian National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

Notice to Investors

For further information regarding the project updates regarding properties underlying the Company's royalties, stream and other interests, please refer to the disclosures of the operators thereof, including the news releases referenced herein and the other disclosures of such operators. Disclosure relating to properties in which Gold Royalty holds interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the project operators in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission applicable to domestic issuers. Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

Forward-Looking Statements:

Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"), including but not limited to statements regarding: estimated future GEOs and contractual payments, expectations regarding the Company's portfolio growth, the operations and/or development of the projects underlying the Company's royalties, stream and other interests, including the estimates of the operators thereof; statements related to the Company's projected 2026 and five-year outlook and other statements regarding the Company's plans and strategies. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlying the Company's interests, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices and the Company's ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, any inability to any inability of the operators of the properties underlying the Company's royalties, stream and other interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments, commodity price and counterparty risks, the ability of the Company to carry out its growth plans and other factors set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2025, and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Non-IFRS Measures

We have included, in this document, certain performance measures, including: (i) Total Revenue, Land Agreement Proceeds and Interest; (ii) Adjusted EBITDA; (iii) Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share, basic and diluted; and (iv) GEOs which are each non-IFRS measures. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS and other companies may calculate these measures differently.

Total Revenue, Land Agreement Proceeds and Interest

Total Revenue, Land Agreement Proceeds and Interest are determined by adding land agreement proceeds credited against other mineral interests and interests earned on gold-linked loan to total revenue. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry.

Below is a reconciliation of our Total Revenue, Land Agreement Proceeds and Interest to total revenue for the periods indicated:

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars)

($)

($)

($)

($)

Royalty

2,390

1,629

7,122

4,806

Streaming

808

893

3,224

893

Advance minimum royalty and pre-production royalty

1,158

732

4,212

2,982

Land agreement proceeds

369

297

1,613

3,085

Interest income on gold-linked loan

481

295

1,597

1,081

Total Revenue, Land Agreement Proceeds and Interests

5,206

3,846

17,768

12,847

Land agreement proceeds credited against other mineral interests

(224)

(196)

(561)

(1,663)

Interest income credited against gold-linked loan

(481)

(295)

(1,597)

(1,081)

Revenue

4,501

3,355

15,610

10,103

Adjusted EBITDA

Adjusted EBITDA is determined by adjusting net loss for the impact of: depletion, depreciation, finance costs, current and deferred tax expense (recovery), interest income credited against gold-linked loan, transaction related and non-recurring general and administrative expenses1, non-cash share-based compensation, share of loss and dilution loss (gain) in associate, change in fair value of gold-linked loan, short-term investments and embedded derivative, foreign exchange (gain) loss, loss (gain) on loan modification, partial make-whole payment for redemption of convertible debentures and other income. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry. The table below provides a reconciliation of net loss (income) to Adjusted EBITDA.

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars)

($)

($)

($)

($)

Net loss

(920)

(3,193)

(4,130)

(3,411)

Depletion

1,287

1,771

2,658

3,204

Depreciation

20

20

78

79

Finance costs

1,533

2,188

8,266

8,043

Current tax expense (recovery)

205

(80)

323

506

Deferred tax recovery

(291)

(291)

(528)

(6,480)

Land agreement proceeds credited against other mineral interests

224

196

561

1,663

Interest income credited against gold-linked loan

481

295

1,597

1,081

Transaction related and non-recurring general and administrative expenses

230

8

409

424

Share-based compensation

851

839

2,754

2,338

Share of loss in associate

—

97

80

64

Dilution loss (gain) in associate

—

—

73

(9)

Change in fair value of gold-linked loan

(693)

(331)

(1,685)

(1,681)

Change in fair value of short-term investments

(368)

(19)

(548)

(38)

Change in fair value of embedded derivative

(70)

(143)

(483)

(612)

Foreign exchange (gain) loss

5

(102)

(34)

14

Loss (gain) on loan modification

933

—

240

(310)

Partial make-whole payment for redemption of convertible debentures

4,222

—

4,222

—

Other income

(4,451)

(15)

(4,102)

(96)

Adjusted EBITDA

3,198

1,240

9,751

4,779

__________

1 Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the year ended December 31, 2025, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to implementation of new accounting system and evaluation of royalty and other asset acquisitions.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share, basic and diluted

Adjusted Net Income (Loss) is calculated by adjusting net (loss) income for the impact of: land agreement proceeds credited against other mineral interests, interest income credited against gold-linked loan, accretion of convertible debentures, transaction related and non-recurring general and administrative expenses2, share of loss (gain) and dilution loss (gain) in associate, changes in fair value of gold-linked loan, short-term investments and embedded derivative, foreign exchange (gain) loss, gain on loan modification and other expense (income). Adjusted Net Income (Loss) Per Share, basic and diluted, have been determined by dividing the Adjusted Net Income (Loss) by the weighted average number of common shares for the applicable period. Management believes that they are useful measures of performance as they adjust for items which are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. The following is a reconciliation of net loss to Adjusted Net (Loss) Income, Per Share, basic and diluted for the periods indicated:

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars, except per share amounts)

($)

($)

($)

($)

Net loss

(920)

(3,193)

(4,130)

(3,411)

Land agreement proceeds credited against other mineral interests

224

196

561

1,663

Interest income credited against gold-linked loan

481

295

1,597

1,081

Accretion of convertible debentures

385

486

2,051

1,761

Partial make-whole payment for redemption of convertible debentures

4,222

—

4,222

—

Transaction related and non-recurring general and administrative expenses

230

8

409

424

Share of loss in associate

—

97

80

64

Dilution loss (gain) in associate

—

—

73

(9)

Change in fair value of gold-linked loan

(693)

(331)

(1,685)

(1,681)

Change in fair value of short-term investments

(368)

(19)

(548)

(38)

Change in fair value of embedded derivative

(70)

(143)

(483)

(612)

Foreign exchange (gain) loss

5

(102)

(34)

14

Loss (gain) on loan modification

933

—

240

(310)

Other income

(4,451)

(15)

(4,102)

(96)

Adjusted Net Income (Loss)

(22)

(2,721)

(1,749)

(1,150)

Weighted average number of common shares

188,005,702

169,505,388

174,986,972

159,516,299

Adjusted Net Income (Loss) Per Share, basic and diluted

(0.00)

(0.02)

(0.01)

(0.01)

___________

2 Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the year ended December 31, 2025, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to implementation of new accounting system and evaluation of royalty and other asset acquisitions.

GEOs

GEOs are determined by dividing Total Revenue, Land Agreement Proceeds and Interest by the average gold prices for the applicable period:

(in thousands of dollars, except Average Gold Price/oz
and GEOs)

Average
Gold
Price/oz

Total Revenue,
Land Agreement
Proceeds and
Interest

GEOs

For the three months ended December 31, 2024

2,661

3,846

1,445

For the year ended December 31, 2024

12,847

5,462

For the three months ended December 31, 2025

4,149

5,206

1,255

For the year ended December 31, 2025

17,768

5,173

SOURCE Gold Royalty Corp.

6.79K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of CRS either through stock ownership, options, or other derivatives. 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.

New York, New York--(Newsfile Corp. - March 18, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of Class A common stock of NuScale Power Corporation (NYSE: SMR) between May 13, 2025 and November 6, 2025, inclusive (the "Class Period"), of the important April 20, 2026 lead plaintiff deadline.

SO WHAT: If you purchased NuScale Class A common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the NuScale class action, go to https://rosenlegal.com/submit-form/?case_id=19967 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 20, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) ENTRA1 Energy LLC ("ENTRA1") had never built, financed, or operated any significant projects- let alone projects in the highly technical and complicated field of nuclear power generation during its entire operating history; (2) NuScale had entrusted its commercialization, distribution, and deployment of its NuScale Power Module ("NPMs") and hundreds of millions of dollars of NuScale capital to an entity that lacked any significant prior experience owning, financing, or operating nuclear energy generation facilities; (3) the purported experience and qualifications attributed to ENTRA1 by defendants during the Class Period in fact referred to the purported experience and qualifications of the principals of the Habboush Group, a distinct entity without significant experience in the field of nuclear power generation; and (4) as a result, NuScale's commercialization strategy was exposed to material, undisclosed risks of failure, delays, regulatory challenges, or other negative setbacks. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the NuScale class action, go to https://rosenlegal.com/submit-form/?case_id=19967 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289080

Source: The Rosen Law Firm PA

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Many tech stocks have seen their price increase considerably over the past few years, and Taiwan Semiconductor Manufacturing Company (TSM 1.86%), also known as TSMC, is no exception. Over the past three years (ending March 16), TSMC's stock is up over 93%, outpacing every "Magnificent Seven" stock except Nvidia.

Despite TSMC's impressive run over the past few years, it's not too late to buy its stock. And the reason comes down to its competitive moat.

Image source: The Motley Fool.

TSMC's competitive moat is its manufacturing capabilities. The goal for semiconductors (chips) used in everyday electronics is to become smaller and more powerful. The more this happens, the better and more efficiently electronics perform. And nobody is better than TSMC at bringing these advanced chips to life.

TSMC is more efficient, has higher yields (percentage of chips that work as intended), and can produce at a larger scale than all its competitors. That's why it's the go-to chip manufacturer for top tech companies like Nvidia, Apple, Amazon, and AMD.

Today's Change

(

-1.86

%) $

-6.42

Current Price

$

339.56

Most companies could rely on a different -- and cheaper -- chip manufacturer than TSMC, but they likely know it would mean sacrificing speed and scale. That's why TSMC can use its pricing power to maintain high margins.

When you have such a dominant position in a vital industry, it almost guarantees sustained success. Good business results don't always correlate to stock price growth, but TSMC is a stock whose long-term trajectory I trust to be up.

Stefon Walters has positions in Apple and Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Apple, Nvidia, and Taiwan Semiconductor Manufacturing and is short shares of Apple. The Motley Fool has a disclosure policy.

M&G plc (MGPFY) Q4 2025 Earnings Call March 12, 2026 6:00 AM EDT

Company Participants

Luca Gagliardi - Director of Investor Relations
Paolo Rossi - Group CEO & Executive Director
Kathryn McLeland - CFO & Executive Director
Joseph Pinto - Chief Executive Officer of M&G Asset Management
Clive Bolton - Chief Executive Officer of M&G Life Insurance

Conference Call Participants

Larissa van Deventer - Barclays Bank PLC, Research Division
Michael Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division
Dominic O''mahony - BNP Paribas, Research Division
Thomas Bateman - Mediobanca - Banca di credito finanziario S.p.A., Research Division
Andrew Crean - Bernstein Autonomous LLP
Andrew Baker - Goldman Sachs Group, Inc., Research Division
Nasib Ahmed - UBS Investment Bank, Research Division
Abid Hussain - Panmure Liberum Limited, Research Division

Presentation

Luca Gagliardi
Director of Investor Relations

Good morning, and welcome to M&G's Full Year 2025 Results. I'm Luca Gagliardi, Group Director of Strategy and Investor Relations. And if you don't know me, this is not my real voice. I've just chosen the right day to be sick but I'm going to keep a safe distance between me and all of you today.

I'm joined today by Andrea Rossi and Kathryn McLeland, our CEO and CFO. As usual, we'll go through a short presentation, and then we'll open up for questions from the analysts.

So with that, thank you very much, Andrea.

Paolo Rossi
Group CEO & Executive Director

I hope my voice holds because I spent too much time with you. Good morning, and welcome to M&G's 2025 Full Year Results. It is a great pleasure to be here with you today. 12 months ago, we announced new targets and moved to a progressive dividend policy, underscoring our confidence in the outlook for the group. Over the course of last year, that confidence has been matched by solid progress against our strategy. Our investment for growth has paid

NEW ORLEANS, March 18, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 23, 2026 to file lead plaintiff applications in a securities class action lawsuit against BellRing Brands, Inc. (NYSE: BRBR), if they purchased or otherwise acquired the Company’s securities between November 19, 2024 and August 4, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

Get Help

BellRing investors should visit us at https://claimsfiler.com/cases/nyse-brbr/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

BellRing and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.  

On May 6, 2025, the Company disclosed that “several key retailers lowered their weeks of supply on hand, which is expected to be a mid-single-digit headwind to our third quarter growth,” and that “[w]e now expect Q3 sales growth of low single digits.” On this news, the price of BellRing’s shares fell $14.88 per share, or 19%, from $78.43 per share on May 5, 2025, to close at $63.55 per share on May 6, 2025, on unusually heavy trading volume.

Then, on August 4, 2025, post-market, the Company reported its fiscal 3Q 2025 financial results, disclosing a disappointing new 2025 sales outlook, stating “BellRing management has narrowed its fiscal year 2025 outlook for net sales to [a] range between $2.28-$2.32 billion,” due to “several other competitors” gaining space to sell their products with a large retailer and that “it is not surprising to see new protein RTDs enter[ed]” the convenient nutrition market. On this news, the price of BellRing’s shares fell $17.46 per share, or nearly 33%, from $53.64 per share on August 4, 2025, to $36.18 per share on August 5, 2025, on unusually heavy trading volume.

The case is Denha v. BellRing Brands, Inc., No. 26-cv-00575.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

A man uses a phone next to a Microsoft logo during the 56th annual World Economic Forum (WEF) meeting, in Davos, Switzerland, January 20, 2026. REUTERS/Romina Amato Purchase Licensing Rights, opens new tab

CompaniesMarch 18 (Reuters) - The U.S. government on Wednesday asked companies to strengthen the security of Microsoft's endpoint management tool, ​after a cyberattack on medical device maker ‌Stryker Corp (SYK.N), opens new tab last week.

The March 11 cyberattack hit Stryker's computer systems, causing widespread disruption to its business, including its ability to process orders, ​make products and ship them to customers. ​The company said it had experienced a global ⁠disruption to its Microsoft environment.

Get a daily digest of breaking business news straight to your inbox with the Reuters Business newsletter. Sign up here.

An Iran-linked hacking group called ​Handala claimed responsibility for the attack, saying it was ​in retaliation to a strike on a girls' school in Minab, southern Iran.

The Cybersecurity and Infrastructure Security Agency (CISA) said it is ​aware of malicious cyber activity targeting endpoint management ​systems of U.S. organizations, based on the Stryker attack.

CISA asked ‌companies ⁠to harden endpoint management system configurations, implementing Microsoft's best practices to secure Microsoft Intune, a tool that manages user access, devices, and applications across organizations.

CISA is coordinating with ​federal partners, including ​the Federal ⁠Bureau of Investigation, to identify additional threats and determine mitigation actions.

Bloomberg News reported ​on Wednesday that the cyberattack on Stryker ​has delayed ⁠surgeries for some patients.

Stryker said on Tuesday that it had contained the attack and that no patient-related services ⁠or ​connected medical products were affected, ​though it did not provide details on the financial impact.

Reporting by Natalia ​Bueno Rebolledo in Mexico City; Editing by Sonia Cheema

Our Standards: The Thomson Reuters Trust Principles., opens new tab

NEW ORLEANS, March 18, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 21, 2026 to file lead plaintiff applications in a securities class action lawsuit against Corcept Therapeutics Incorporated (NasdaqCM: CORT) (“Corcept” or the “Company”), if they purchased or otherwise acquired the Company’s shares between October 31, 2024 and December 30, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.

Get Help

Corcept investors should visit us at https://claimsfiler.com/cases/nasdaq-cort-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Corcept and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

The complaint alleges that, during the Class Period, the Company represented to investors that there was a high likelihood that one of its lead new product candidates, relacorilant, would receive approval from the U.S. Food and Drug Administration (“FDA”) after the Company’s New Drug Application (“NDA”) submission. However, on December 31, 2025, the Company disclosed that the FDA had issued a Complete Response Letter (“CRL”) regarding the NDA for relacorilant and that it had “concluded it could not arrive at a favorable benefit-risk assessment for relacorilant without Corcept providing additional evidence of effectiveness.”

On this news, the price of Corcept’s shares plummeted by $35.40 per share, or 50.4%, from a closing price of $70.20 on December 30, 2025, to a closing price of $34.80 on December 31, 2025.

The case is Allegheny County Employees’ Retirement System v. Corcept Therapeutics Incorporated, No. 26-cv-01525.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

NEW ORLEANS, March 18, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 1, 2026 to file lead plaintiff applications in a securities class action lawsuit against Apollo Global Management, Inc. (NYSE: APO) (“Apollo” or the “Company”), if they purchased or otherwise acquired the Company’s securities between May 10, 2021 and February 21, 2026, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

Get Help

Apollo investors should visit us at https://claimsfiler.com/cases/nyse-apo/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Apollo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.  
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company’s leadership figures, including defendants Marc Rowan and Leon Black, frequently communicated with Jeffrey Epstein in the 2010s regarding the Company’s business; (ii) as a result, the Company’s assertion that Apollo Global had never done business with Jeffrey Epstein was untrue; (iii) because of the entanglement between Apollo Global’s leaders and Jeffrey Epstein, the harm to the Company’s reputation was more than a mere possibility; and (iv) as a result, the Company’s statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.

The case is Feldman v. Apollo Global Management, Inc., et al., Case No. 26-cv-01692.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

NEW ORLEANS, La., March 18, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 13, 2026 to file lead plaintiff applications in securities class action lawsuits against Kyndryl Holdings, Inc. (“Kyndryl” or the “Company”) (NYSE: KD), if they purchased or otherwise acquired the Company’s shares between August 1, 2024 and February 9, 2026, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Eastern and Southern Districts of New York.

Get Help

Kyndryl investors should visit us at https://claimsfiler.com/cases/nyse-kd/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuits

Kyndryl and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On February 9, 2026, the Company disclosed that it would be unable to timely file its Form 10-Q Report for the quarter ended December 31, 2025 and that “the Company anticipates reporting material weaknesses in the Company’s internal control over financial reporting for the period covered in the Quarterly Report, as well as for the full fiscal year ended March 31, 2025, and the first two fiscal quarters of fiscal year 2026, which are expected to include, but may not be limited to, the effectiveness and strength of certain functions at the Company, including with respect to controls related to information and communication and tone at the top,” as well as the departure of its C.F.O and General Counsel. On this news, the price of Kyndryl’s shares fell $12.90 per share, or 55%, to close at $10.59 on February 9, 2026.

The first-filed case is Brander v. Kyndryl Holdings, Inc., et al., No. 26-cv-00782. A subsequently filed case, Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefit Funds v. Kyndryl Holdings, Inc. et al., No. 26-cv-02211, expanded the class period.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

NEW ORLEANS, March 18, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 11, 2026 to file lead plaintiff applications in a securities class action lawsuit against Trip.com Group Limited (NasdaqGS: TCOM) (“Trip.com” or the “Company”), if they purchased or otherwise acquired the Company’s securities between April 30, 2024 and January 13, 2026, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.

Get Help

Trip.com investors should visit us at https://claimsfiler.com/cases/nasdaq-tcom/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Trip.com and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.  

On January 14, 2026, Bloomberg reported that the Company was the subject of an Antitrust Probe by the State Administration for Market Regulations of the People's Republic of China (the ‘SAMR’) based on allegations of “abusing its market position and engaging in monopolistic practices.” The report further stated that, “[i]n September, the market regulator in Zhengzhou summoned Trip.com for violations of rules against setting “unfair restrictions” on merchants’ transactions and prices.”

On this news, the price of Trip.com ADSs fell $12.90 per ADS, or 17.05%, to close at $62.78 per ADS on January 14, 2026. The next day, it fell a further $1.48 per ADS, or 2.35%, to close at $61.30 on January 15, 2026.

The case is De Wilde v. Trip.com Group Limited, et al., Case No. 26-cv-01420.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

TORONTO and SINGAPORE, March 18, 2026 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), today announced that Abaxx Singapore has joined the Singapore Bullion Market Association (“SBMA”) as a Local Associate Member.

The Singapore Bullion Market Association (SBMA) is a non-profit, member-driven industry body representing participants across the precious metals value chain, including bullion banks, exchanges, refineries, trading firms, and logistics providers. It convenes the key institutions that underpin Singapore’s position as a regional hub for physical gold trading and custody, supporting bullion market activity across the Asia-Pacific.

The membership reflects Abaxx’s increasing role in the physical gold market, as participation grows in Abaxx Exchange’s kilobar futures contract, deliverable into Singapore. Supported by the Company’s co-located spot and futures infrastructure, Abaxx is establishing a direct access point for the kilobar market and enabling the next phase of market expansion as the region strengthens its role in global gold trading.

In a recent pilot, the Company demonstrated the mobilization of physical gold as collateral within existing market structures, enabling T+0 ownership transfer to support financing against vaulted inventory. The transaction illustrates how Abaxx Digital Title can be applied to vaulted gold to address inefficiencies in a $47 billion segment of gold trade finance, aligning with SBMA’s focus on deepening Singapore’s leadership in bullion services.¹

“Abaxx has anchored its integrated precious metals market infrastructure in Singapore to align with Asia’s physical trade,” said Nancy Seah, Chief Executive Officer of Abaxx Exchange. “That approach is consistent with the direction SBMA has set for the next phase of market development, and we look forward to contributing to smarter precious metals markets.”

“We are pleased to welcome Abaxx Exchange as a new Local Associate Member of the Singapore Bullion Market Association,” said Albert Cheng, Chief Executive Officer of SBMA. “The newly launched Abaxx Gold Singapore futures contract is a timely addition to gold market infrastructure in Asia. More than simply listing another futures contract, it seeks to establish a Singapore-based, kilobar-native, physically deliverable benchmark supported by co-located spot infrastructure and modernised title and transfer mechanisms. This integrated approach has the potential to strengthen hedging efficiency and further connect physical and derivatives markets within the Asian time zone. We look forward to working closely with Abaxx Exchange and to supporting the continued growth and international standing of Singapore’s bullion market.”

¹ Source: ICC Trade Register Summary Report: Global Risks in Trade Finance, International Chamber of Commerce, November 2023.

About Abaxx Technologies
Abaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.

In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is the majority shareholder of Abaxx Singapore, the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiary Abaxx Spot Pte. Ltd., the operator of Abaxx Spot.

Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today’s commodity markets and establishing the next generation of global benchmarks.

Abaxx Spot modernizes physical gold trading through a physically-backed gold pool in Singapore. As the first instance of a co-located spot and futures market for gold, Abaxx Spot enables secure electronic transactions, efficient OTC transfers, and is designed to support physical delivery for Abaxx Exchange’s physically-deliverable gold futures contract, providing integrated infrastructure to deliver smarter gold markets.

Adaptive Infrastructure closes critical gaps in post-trade infrastructure by providing a unified custodial foundation across environmental markets and digital title assets. Incorporated in Barbados and regulated by the Financial Services Commission of Barbados, the company delivers institutional-grade custody, settlement, and transfer agency services designed to reduce risk and improve reliability across asset classes.

For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media

Media and investor inquiries:

Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 246 271 0082
E-mail: [email protected]

Cautionary Statement Regarding Forward-Looking Information

This press release includes certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “believe”, “anticipate”, “estimate”, “project”, “intend”, “expect”, “may”, “will”, “plan”, “should”, “would”, “could”, “target”, “purpose”, “goal”, “objective”, “ongoing”, “potential”, “likely” or the negative thereof or similar expressions.

In particular, this press release contains forward-looking statements including, without limitation, Abaxx’s objectives and future plans, Abaxx’s anticipated role in the physical gold market, the benefits of Abaxx Singapore joining the SBMA, the development of commodities markets in the Asia-Pacific region and anticipated use cases for Abaxx Digital Title. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: the failure of energy and commodity markets and collateral use cases to develop according to the expectations of Abaxx; operations in foreign jurisdictions; protection of intellectual property rights; contractual risk; third-party risk; clearinghouse risk; malicious actor risks; third- party software license risk; system failure risk; risk of technological change; dependence of technical infrastructure; changes in global weather patterns; changes in the price of commodities, capital market conditions, restrictions on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management’s discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

Despite the remarkable Bitcoin recovery to $75K and resilience during the West Asia crisis, its mid-term outlook was still uncertain. 

According to crypto options analytics firm Amberdata, the current rebound was sitting on a structurally weaker liquidity compared to pre-October levels.  

As such, the market was fragile and prone to outsized moves (liquidation cascades), especially downward if selling pressure reappears.

Bitcoin’s downside risk lurks The firm cited order book liquidity, which tracks market maker orders or the ability to execute trades without massive slippages or moving the price. 

Source: Amberdata When orderbook liquidity is thin (market makers become cautious), even small orders can move the price alot. But thick liquidity helps absorb the flows effortlessly.

Per the attached chart, BTC’s rally from May to October 2025 saw liquidity rise from $21M to a peak of $45M (thick liquidity). 

During the October crash, liquidity dropped 46% within hours, from $48M to $26M, as market makers withdrew during the liquidation cascade. This further intensified the sharp plunge from $122K to below $100K.  

Now, the recent recovery has seen orderbook liquidity climb above $30M. 

According to Amberdata, a sustained BTC price recovery would require a liquidity reading of $35M or above $40M to underscore renewed market maker confidence and pre-October crash conditions. 

Otherwise, the firm warned, 

Watch for depth declining while price remains stable – this divergence preceded October’s collapse. Depth below $25M (10bps) combined with rising volume would signal elevated cascade risk.

The firm added that liquidity has seen gradual improvement, but “full recovery is unlikely in the near term.”

Put differently, market makers amplify price moves and any selling pressure if liquidity slips below $25M would likely accelerate a liquidation spree and downside risk. 

What’s next for BTC? Separately, there was a rise in Bitcoin inflows to exchanges. In fact, CryptoQuant’s Head of Research, Julio Moreno, cautions that $75K or $85K could become a key resistance. 

Source: CryptoQuant  Besides, as the April tax season approaches, the typical broader net dollar liquidity drain could derail the recovery. 

In the near term, though, Bitfinex analysts told AMBCrypto that a sustained rally would be possible only if BTC flips $75K into support. 

If BTC continues to hold above the $75,000 to $78,000 acceptance zone while other risk assets lag, that signals strong spot-driven demand and supply absorption, which is typically the precursor to a sustained breakout.

Overall, the recent recovery has attracted more leveraged bulls. But the thin orderbook liquidity still showcases that the market was not out of the woods just yet. 

Final Summary  Orderbook liquidity was still below pre-October crash levels, with Amberdata urging BTC traders to remain cautious.  CryptoQuant also projected a possible BTC rally cool-off at $75K or $85K in the near term. 

TL;DR

Solana ETFs posted $17.81 million in daily inflows, the largest in two weeks, extending a five-day streak of positive net flows. Total inflows in 2026 reached $222.49 million, with cumulative flows approaching $1 billion. Institutional investors represent roughly half of disclosed holdings, demonstrating steady demand despite a 57% decline in Solana’s price since the ETF launches.
U.S. spot Solana ETFs continue to draw capital as investors increase exposure through regulated vehicles. The latest inflows reflect resilient demand amid price weakness, highlighting ETFs as a preferred channel for broader institutional access to digital assets.

Solana ETFs Maintain Strong Inflow Momentum On March 17, Solana ETFs recorded $17.81 million in net inflows, the highest single-day figure in two weeks. This follows $2.83 million on March 16, extending a five-session streak of positive flows. Total cumulative inflows now approach $1 billion, with $999.46 million recorded so far.

Issuer data shows that Bitwise led weekly inflows, attracting nearly $21 million. Its status as the first pure spot Solana ETF consolidates market share during growing investor interest in crypto assets beyond Bitcoin and Ethereum.

Despite broader market pressures, capital continues to enter Solana-linked products steadily, highlighting growing confidence in these structured investment vehicles.

Institutional Demand Drives Solana ETFs Expansion Institutional investors play a key role in ETF growth. About 50% of assets are tied to 13F filings, showing a strong base of professional investors. Investment advisers hold roughly $270 million, followed by hedge funds with $186 million.

Major holders include crypto-native firms and traditional institutions, reflecting gradual expansion of participation across multiple investor categories. ETF inflows are particularly notable relative to Solana’s market size, equivalent to tens of billions in Bitcoin terms.

ETF assets now represent around 2% of Solana’s total market capitalization, achieved within 18 weeks. This pace exceeds Bitcoin ETFs and indicates growing influence on price dynamics, with up to 25% of price variance linked to ETF flows.

Ecosystem Growth Supports Long-Term Outlook Beyond ETFs, Solana’s onchain ecosystem shows steady growth. Total value locked across DeFi protocols recently surpassed 81 million SOL, staying near peak levels and reflecting consistent network usage despite market volatility.

Regulatory clarity in the U.S. has improved, with Solana classified as a digital commodity, lowering barriers for institutional participation and increasing investor confidence.

In conclusion, Solana ETFs are emerging as a major channel for institutional exposure, combining steady inflows, growing market influence, and robust ecosystem activity. Reaching the $1 billion milestone may signal a baseline for further growth rather than a limit.

Bitcoin miners are ditching hashpower for hyperscale as multibillion-dollar artificial intelligence (AI) contracts outpay mining by a wide margin, forcing a rethink of the industry that secures the world's largest cryptocurrency.

US banks “reduced” their credit risk after 2008 by shifting more of it to nonbank lenders.Since 2008, banks have shifted a growing share of their lending to nonbanks like private credit funds, making it their fastest-growing loan category.

That shift doesn’t signal another 2008-style crisis today, but it does show where trouble could surface first if private credit starts to crack.

This week, traders, analysts, and Investment firms are reviving a familiar question: are US banks setting up a repeat of 2008?

The clean answer is no, based on the publicly available numbers. The same debate also points to a real shift in bank balance sheets that deserves a harder look.

The chart below, which is circulating on X, shows that bank lending to nondepository financial institutions, or NDFIs, rose 2,320% over 15 years.

An FDIC note documented $1.32 trillion of those loans by the third quarter of 2025, up from $56 billion in the first quarter of 2010, and called the category the fastest-growing loan segment since the 2008-09 crisis.

Line chart showing bank lending to nonbank financial institutions rising from about $60 billion in 2010 to roughly $1.4 trillion in 2025, a 2320.4% increase. (via UnicusResearch)After 2008, large banks pulled back from riskier direct lending, but they also funded the nonbank lenders that stepped in. That group includes private credit vehicles, mortgage finance firms, securitization structures, and other parts of the shadow banking system. The risk moved elsewhere rather than disappearing.

However, that does not mean banks are already in trouble. The FDIC’s latest industry profile showed the banking sector earned $295 billion in 2025, posted a fourth-quarter return on assets of 1.24%, reduced unrealized securities losses to $306 billion, and counted 60 problem banks, still within the agency’s normal non-crisis range. Those are not the numbers of a system already in a panic.

The issue is where losses, redemptions, and liquidity pressure land when the lending chain has more links.

For crypto, that changes the timing of any stress. A classic bank panic starts at the bank. In the current structure, stress can begin in a fund, a warehouse line, or a financing vehicle, then work backward into banks if marks fall, borrowers miss payments, or investors ask for cash faster than the assets can be sold.

IndicatorLatest reading in the source setWhat it showsBank loans to NDFIs (data)$56 billion in Q1 2010; $1.32 trillion in Q3 2025The exposure became one of the largest post-crisis shifts on bank balance sheets.Growth rate of NDFI lending (study)21.9% annual compound growth from 2010 to 2024The category expanded much faster than most traditional loan books.Committed bank lines to private-credit vehicles (note)$8 billion in Q1 2013; $95 billion in Q4 2024; about $56 billion utilizedLarge banks are tied to the private-credit system through direct financing lines.Total committed bank lines to private credit and private equity (research)About $322 billion in Q4 2024The funding links extend beyond one niche product.US bank earnings and health check (report)$295.6 billion net income; 1.24% ROA; $306.1 billion unrealized losses; 60 problem banksBanks are not yet showing a broad 2008-style breakdown.Global nonbank share of finance (report)About 51% of global financial assets in 2024The migration of credit away from banks is global, not a US outlier.Bitcoin snapshot (market)$73,777; +0.05% in 24 hours; +4.55% in 7 days; +7.51% in 30 days; 58.5% dominanceBTC was firm while the banking and private-credit debate spread.The post-crisis shift is now visible in the numbersThe official numbers make the structural change hard to dismiss. The FDIC said bank lending to NDFIs compounded at 21.9% a year from 2010 to 2024.

By the third quarter of 2025, the total had reached $1.32 trillion, or roughly 10% of bank lending in the agency’s analysis.

Not every dollar in that bucket is private credit, and exposures in the category carry different levels of risk. Even so, the scale shows that a large share of credit intermediation now sits in institutions that do not take deposits and often disclose less than banks do.

That nuance is important. NDFI is a broad label. It can include mortgage intermediaries, consumer finance firms, securitization vehicles, private equity funds, and other nonbank lenders, alongside private-credit funds.

A sloppy reading turns the whole bucket into one bet on private credit. A more accurate reading is that banks built a large, fast-growing set of links to the broader nonbank system.

Private credit is one visible part of that system, and one of the most closely watched because it grew during a long period of higher rates, tighter bank regulation, and steady investor demand for yield.

A Federal Reserve staff note sharpens this point. It is estimated that committed credit lines from the largest US banks to private-credit vehicles rose from about $8 billion in the first quarter of 2013 to about $95 billion by the fourth quarter of 2024, with roughly $56 billion already drawn.

The same work put total committed bank lines to private credit and private equity at about $322 billion.

That does not prove systemic failure is close. The Fed’s own conclusion was more restrained: direct financial-stability risk from this channel looked limited so far because the largest banks appeared able to absorb major drawdowns.

Even so, growing links between banks and private-credit vehicles warrant close attention.

The risk is best framed as continued bank funding for parts of the lending chain, which changes where stress appears first.

In the public market, losses print quickly. In private markets, they can move more slowly because marks update less often, assets are less liquid, and investor withdrawals are managed through product rules.

That delay can make the system look calm until cash needs force a sharper repricing.

Global context points in the same direction. The Financial Stability Board said the nonbank financial intermediation sector accounted for about 51% of total global financial assets in 2024 and continued to grow at roughly twice the pace of banking, according to its latest report.

This is no longer a US edge case. Credit has been moving into institutions outside the classic banking model for years, and the US private-credit boom is part of that wider pattern.

Infographic showing how $1.32 trillion in private credit has shifted bank risk into shadow lenders and created new systemic stress points.Why the trade is getting tested nowThe issue became more urgent as structural data arrived while private credit began to show public strain. Some private-credit vehicles have limited or managed withdrawals, while JPMorgan tightened some lending against private-credit portfolios after markdowns.

Those events stop short of establishing a full-market break and instead show where pressure is likely to emerge first: fund liquidity, financing terms, and collateral values.

That is also why any comparison to 2008 needs restraint.

The same FDIC report that drove renewed attention also showed banks entering this phase from a stronger income position than during past crises. The public banking system is not in free fall.

The greater concern is a funding architecture that could transmit stress from nonbank lenders back into banks if private assets keep repricing lower or if investors want cash before loans can be sold or refinanced.

Borrower quality and refinancing deserve more attention than broad slogans. In a recent Financial Times interview, Partners Group’s chair said that private-credit default rates could double from their roughly 2.6% historical average over the coming years. That is not an official baseline, and it should not be treated as one.

It does, however, capture the key pressure point. A system built on long-duration private loans, slower marks, and regular financing lines can look stable until defaults rise and refinancing windows narrow at the same time.

For Bitcoin, the setup is awkward in the short run and cleaner in the medium run. At the time of writing, BTC traded near $73,777 and held 58.5% market dominance, with gains of 0.05% over 24 hours, 4.55% over seven days, and 7.51% over 30 days, according to CryptoSlate data.

That price action suggests crypto is not trading as if a banking event is already underway. If a broader credit squeeze did hit, the first move would likely be a selloff in liquid assets, and Bitcoin is still one of the most liquid assets in global markets.

Over a longer horizon, if the debate broadens into a deeper loss of trust in how the financial system carries leverage and values private assets, Bitcoin’s appeal as an asset outside the banking stack becomes easier to articulate.

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That second-order effect is the real contagion risk for crypto.

A private-credit strain does not automatically send capital into Bitcoin on day one. It can easily produce the opposite move.

Over time, though, if banks have to pull back, if fund financing gets harder, and if more investors start asking who really owns the credit risk, the case for holding some assets outside that system becomes easier to make. We know that trade. The banking data now place it in a new macro setting.

What to watch in the next round of dataThe next phase of this story will likely emerge through three checks: whether more private-credit vehicles limit withdrawals or take larger marks, whether banks keep financing those funds on the same terms, and whether the NDFI loan book continues to expand at anything close to the pace the FDIC documented over the prior decade.

That is where the current debate becomes more concrete than the usual “shadow banking” label. If banks tighten financing to nonbank lenders, middle-market borrowers can feel it quickly through cost and access, even if no household hears the acronym NDFI.

If the funds meet redemptions by selling what they can, public credit can take some of the price discovery that private books avoided. If the funds do not sell and banks keep financing them, the exposure stays in the system longer.

None of those paths requires a repeat of 2008. All of them can still change how credit flows.

Pressure is already showing in all three areasThe direction of travel so far looks like tightening, not collapse.

On withdrawals and marks, semi-liquid private-credit vehicles are restricting cash more aggressively while investors push for fresher valuations.

A recent report said Cliffwater’s flagship corporate lending fund received redemption requests equal to about 14% of shares and met only 7%, while Morgan Stanley’s North Haven fund received requests equal to 10.9% and honored only its 5% cap.

The same report said BlackRock and other vehicles also hit standard quarterly limits, while Apollo moved toward monthly and then daily NAV reporting to answer criticism of stale pricing.

That points to weaker liquidity conditions and stronger investor demand for faster price discovery and greater cash access at the same time.

On bank financing, lenders are getting more selective rather than shutting the door outright.

A separate report said JPMorgan marked down some software-backed private-credit collateral and restricted lending to affected funds, which reduced borrowing capacity and pointed to tougher collateral treatment in weaker pockets of the market.

That stance is not universal. Other coverage said banks were still willing to finance some withdrawal needs. The signal is narrower and more useful: lenders are still in the market, but they are showing less tolerance for weak collateral and more willingness to tighten terms fund by fund.

On balance-sheet growth, the NDFI loan book has already changed behavior without needing to contract outright.

The FDIC’s February 2026 study said bank loans to NDFIs compounded at 21.9% annually from 2010 to 2024 and reached $1.32 trillion by the third quarter of 2025. A category that grew at that pace does not need an outright contraction to reset underwriting.

Slower growth, more frequent markdowns, and tougher financing terms are enough to change redemption behavior, reduce leverage, and make investors less willing to assume that rapid balance-sheet growth can continue alongside benign losses.

The official numbers argue against panic today, but they do not support complacency.

The FDIC’s balance-sheet data show a large post-crisis migration in bank exposures. The Fed’s research shows large banks remain connected to the private-credit complex through financing lines. Global data show nonbank finance has become too large to treat as a side story, and the first public tests of private-credit liquidity are already showing up in the market.

The next stress point may arrive through a route that looks safer in good times because it sits one step away from the bank.

The next useful check is whether fund withdrawals stay contained, whether bank financing stays open, and whether the $1.32 trillion exposure that the FDIC documented keeps rising as private credit faces a harder year.

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XRP traded sideways on Wednesday as broader market liquidity remained elevated despite widespread selling pressure across major digital assets.

Notably, over the past seven days, the cryptocurrency posted notable gains, surging by nearly 11% and outperforming several large-cap cryptocurrencies during the same period.

Meanwhile, despite mixed market sentiment, the token showed resilience, holding key levels even as traders navigated a volatile start to the week.

According to popular analyst Ali Charts, XRP may be approaching a critical breakout zone that has been forming for years on the long-term chart.

The analyst recently highlighted a large multi-year triangle pattern, a formation that often signals a major move once price finally escapes the narrowing structure, suggesting that a confirmed breakout could unleash a significant rally.

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Additionally, analyst ChartNerd reinforced the view that XRP’s historical price behavior could favor patient investors during deep market corrections.

He noted that throughout the cryptocurrency’s history, extremely steep pullbacks have been relatively rare but consistently rewarding for long-term holders.

“For reference, including 2026, $XRP has only corrected deeper than 70% five times throughout its entire history,” he stated, emphasizing that each of those prolonged bearish phases eventually preceded strong rebounds.

“The key signal? Every one of those corrections has always rewarded the patient,” the analyst added, implying that past market cycles suggest XRP could still have significant upside potential once broader bullish momentum returns to the market.

The recent resilience in XRP’s price action comes at a time when the wider cryptocurrency market is experiencing uneven performance. While some assets have struggled under selling pressure, others are beginning to display signs of technical strength.

Furthermore, analyst Javon Marks recently pointed to bullish signals emerging in Ethereum, which could also influence sentiment across the broader digital asset ecosystem.

According to the analyst, Ethereum is currently holding a major hidden bullish divergence, a technical pattern that occurs when price maintains support while momentum indicators strengthen beneath the surface.

“ETH showing strength and holding a huge hidden bullish divergence here, which is suggesting a much larger upside to be possible,” he noted.

He added that the setup could allow Ethereum to recover more than 125% back to its previous all-time highs near $4,955 before potentially pushing even higher.

At press time, XRP was trading at $1.48, reflecting a 4.37% drop in the past 24 hours.

Is Bitcoin likely to play a significant role in online betting sites? The adoption of cryptocurrencies in online gaming and payments is evolving rapidly. New crypto-based betting platforms have emerged offering faster transaction finality and different fee structures compared with some traditional payment methods. These developments raise a range of operational and regulatory questions as operators and authorities adapt to new payment rails and associated risks.

This article is for informational purposes only and does not constitute financial or investment advice.

Key Takeaways Crypto-based betting platforms can offer faster transaction finality and different fee structures compared with some traditional methods, depending on implementation. Regulators in multiple jurisdictions are considering how to oversee crypto-based betting, seeking to balance player protection, anti-money‑laundering (AML) requirements and the technical characteristics of blockchain systems. Adoption of cryptocurrency brings potential operational advantages as well as risks, including price volatility and challenges in enforcing responsible gambling measures. Technologies such as smart contracts and blockchain-based monitoring may be used to automate processes and support compliance reporting in certain implementations, as described in platform documentation. Some industry participants expect greater integration of crypto payments into mainstream iGaming infrastructure over time, but outcomes and timelines remain uncertain. The Evolving Landscape Of Crypto Betting Sites Bridging Finance And Gambling The relationship between betting platforms and financial services is increasingly intersecting. What began as relatively niche use of Bitcoin for wagers has broadened, with more online casinos and betting sites accepting cryptocurrencies in various forms. Crypto payments can provide faster settlement, different fee profiles, and alternative privacy characteristics compared with traditional banking. Some features resemble elements of decentralized finance (DeFi): for example, certain platforms describe token staking and yield-generating mechanisms in their materials. These capabilities vary widely between projects and are platform-specific.

Market Outlook And Volatility Industry reports offer differing projections for growth in crypto-based betting; estimates vary by source and methodology. At the same time, cryptocurrency prices are relatively volatile, which affects the real‑world value of deposits and payouts unless platforms convert funds to stablecoins or fiat. Stablecoins themselves face evolving regulatory scrutiny in some jurisdictions, which may affect how operators use them.

Responsible Innovation In Digital Betting Adoption of crypto-based payments increases the need for considered approaches to consumer protection. The speed and privacy properties that some users value can complicate efforts to identify problem gambling and to enforce self-exclusion. A number of platforms and vendors are experimenting with privacy-preserving analytics and on-chain monitoring tools intended to flag risky patterns while limiting personal data exposure. Platform operators and regulators are discussing ways to balance privacy, transparency, and player protection as the sector develops. The future of any specific platform depends on how well these trade-offs are managed.

Here’s a quick look at how crypto betting compares with traditional sites:

Feature Crypto Betting Traditional Betting Payout Speed Often minutes, depending on network Hours to days Fees Potentially lower network fees, depending on network congestion Processor and banking fees Fairness Provably fair mechanisms used by some providers Third‑party audits and certification Chargebacks Irreversible after confirmation on chain, depending on the implementation Possible via issuer Access Global wallet support Bank and card dependent Privacy Wallet addresses rather than bank details; privacy characteristics vary Linked to bank accounts Navigating Regulatory Hurdles For Crypto Betting Balancing Freedom And Oversight The sector sits between two priorities: the technical characteristics of digital currencies and the public‑policy objectives regulators pursue, such as consumer protection, AML, and tax compliance. Crypto can enable faster, cross‑border payments and broader access, but regulators in many jurisdictions are focused on ensuring transparency and player safeguards. Stakeholders differ on the best approach: some argue for technology‑driven compliance solutions, while others call for clearer legal and licensing frameworks to increase market confidence.

The Compliance Challenge For Operators Blockchain transactions are often publicly visible, but linking an on‑chain address to a legal identity remains challenging in many cases. Regulators typically require assurance about who is transacting, the source of funds, and that responsible gambling measures are in place. As a result, many operators use hybrid approaches: conventional customer verification (KYC) at onboarding combined with crypto payment processing. Payment processors that convert crypto to fiat and forward transactional data to compliance systems are also used by some licensed operators to bridge the technical and regulatory gap.

Regulators’ Growing Interest In Digital Currencies Regulatory authorities in a range of jurisdictions, including parts of Latin America, the Asia‑Pacific region, and the European Union, have increased their scrutiny of crypto use in gambling. Some jurisdictions have updated betting rules or issued guidance addressing digital assets. European regulatory initiatives addressing crypto asset service providers may also affect how exchanges, wallets and payment services operate across multiple markets, with potential downstream effects for betting platforms. The regulatory landscape remains uneven and continues to evolve.

Key Challenges (examples): Verifying player identity and source of funds across jurisdictions. Applying AML rules to blockchain transactions while preserving legitimate privacy. Implementing responsible gambling measures in environments where pseudonymity is common. Emerging Solutions (examples): Hybrid KYC/AML processes combining traditional identity checks and blockchain analysis. Crypto payment gateways that convert to fiat and report transaction data to compliance systems. On‑chain monitoring tools and analytics used to detect potentially risky behaviour. The speed and cross‑border nature of cryptocurrency activity present particular challenges for traditional regulatory frameworks; operators are exploring ways to meet compliance obligations while retaining some of the operational advantages of blockchain technology.

Operational Advantages Of Crypto Betting Platforms

Operators and vendors commonly cite several operational reasons for accepting crypto payments. These may include cost and settlement benefits, expanded reach, and technical properties of distributed ledgers.

Lower Costs And Margin Effects Using crypto for payments can reduce reliance on traditional intermediaries such as card networks and some payment processors. Depending on the implementation and transaction volumes, this may change an operator’s cost structure and margins. Operators may deploy different strategies—such as immediate conversion to stablecoins or fiat—to manage volatility, but those approaches introduce conversion costs and operational complexity.

Reduced Transaction Fees: Network fees can be lower than some banking charges in certain conditions, though they depend on network congestion. Reduced Chargeback Risk: Finality of on‑chain transactions can limit chargeback options, depending on the technical setup and jurisdiction. Faster Settlement: Fund availability can be faster in many implementations, which may improve cash‑flow dynamics. These changes can affect how betting businesses operate, including pricing, liquidity management and customer experience, but impacts vary by operator and market.

Access To New Customer Bases Cryptocurrency users often overlap with younger and more digitally native demographics. Accepting crypto may enable operators to reach customers who prefer digital assets or lack access to traditional banking, and can be relevant for niche verticals such as esports where user communities are highly digital.

Security, Transparency And Dispute Resolution Blockchain records provide an immutable and time‑stamped ledger of transactions that can support transparency and forensic analysis. For some operators, this can simplify investigation of transaction histories and assist dispute resolution processes. The benefits depend on how platforms implement wallet management, custody, and governance.

Here’s a comparison of some operational features:

Feature Crypto Betting Traditional Betting Payout Speed Often minutes, depending on network Hours to days Transaction Fees Potentially lower network fees (subject to network conditions) Processor and banking fees Chargebacks Limited or no chargebacks after confirmation, depending on design Possible via issuer Global Access Wallet‑based, borderless subject to local restrictions Bank and card dependent Technological Foundations Of Crypto Betting Smart Contracts and Automation Smart contracts are code‑based agreements on a blockchain that can execute predefined actions when conditions are met. In some implementations, smart contracts can automate steps such as releasing funds after an outcome is verified, but the exact behaviour depends on the platform design and how external data (oracles) is provided. Platform documentation typically outlines how automation is intended to work and what safeguards are in place.

Blockchain as Transaction Infrastructure Many crypto betting platforms use distributed ledger technology to record and settle financial movements between wallets. By relying on blockchain infrastructure, operators can reduce certain intermediaries, record transactions immutably, and enable 24/7 settlement in many cases. Each approach has trade‑offs in terms of scalability, cost and traceability.

Direct Wallet‑to‑Platform Transactions When users send crypto from a personal wallet (for example, browser or mobile wallets) to a platform wallet, network confirmation typically makes funds available to the platform. Transaction times and costs depend on the chosen blockchain and current network conditions. Withdrawals similarly return funds to a user’s wallet subject to network confirmation and platform processing rules.

Here’s a summary comparison:

Feature Crypto Betting Platforms Traditional Betting Sites Transaction Speed Often minutes, depending on network Hours to days Fees Potentially lower network fees Processor/banking fees Chargebacks Limited after confirmation, depending on system Possible Access Global wallet support subject to local law Bank/card dependent Blockchain infrastructure can reduce certain geographic and banking friction points, while introducing other technical and legal considerations.

The Future Trajectory Of Crypto Gambling From Experiment To Infrastructure Some industry participants view crypto payments as moving from experimental pilots toward more regular use within certain markets and product verticals. That transition depends on regulatory developments, platform maturity, and market demand. When adopted, crypto payments can influence payment processing, custody models and fairness‑related features, but the pace and extent of change will vary.

Automation, Accountability, And Scale Automation and transparent transaction records can assist with scaling operations and supporting oversight, depending on how platforms integrate oracles, auditing and monitoring tools. These technical capabilities may help address some fraud and integrity risks, though they do not remove the need for governance, security controls and appropriate regulatory compliance.

The Road To Widespread Adoption Wider adoption is likely to be gradual and market‑by‑market. Stablecoins and other settlement mechanisms can reduce exposure to price swings for users who do not wish to hold volatile crypto balances, but regulatory uncertainty and varying local laws will shape how and where crypto payments are used for betting.

Addressing Risks In The Crypto Betting Ecosystem Crypto payments introduce both opportunities and risks that operators, regulators and players must consider carefully.

Volatility and Financial Exposure Cryptocurrency values can change rapidly, which may alter the fiat‑equivalent value of deposits and payouts. Some operators manage this exposure by converting to stablecoins or fiat shortly after deposit, but conversion introduces costs and operational complexity. Players and operators should be aware of market risk when using volatile assets for wagering.

Crypto balances are exposed to market price movements. Conversion to stablecoins or fiat is a common mitigation but adds costs. Holding crypto balances introduces potential gains or losses unrelated to betting outcomes. Operational Risk and Brand Reputation Security breaches, poor custody practices or compliance failures can harm an operator’s reputation and viability. Robust security, governance and incident response practices are important for platforms that handle digital assets.

Security incidents and compliance failures can lead to loss of trust and customer attrition. Operators must invest in secure wallet management and transparent communication. Player Vulnerability and Responsible Gambling Tools Privacy and fast payments can make it harder to detect problematic gambling behaviour using traditional signals. Operators and regulators are evaluating new tools—such as blockchain analytics and enhanced onboarding processes—to identify risk while preserving legitimate privacy needs. Effective responsible gambling requires a combination of technical, operational and regulatory measures.

Privacy can complicate monitoring and self‑exclusion enforcement. Platforms are testing analytics and hybrid KYC approaches to identify risky patterns. Responsible gambling protections remain a critical regulatory focus. The Road Ahead: Balancing Innovation and Responsibility Cryptocurrencies present potential benefits for online betting, including alternative payment options and technical transparency in some implementations. At the same time, regulatory uncertainty, market volatility and consumer‑protection concerns mean the sector will need careful development and oversight. The extent to which Bitcoin or other crypto assets become commonplace for betting will depend on regulatory clarity, operator practices, and how effectively risks are managed.

Frequently Asked Questions What exactly is crypto betting? Crypto betting refers to online wagering where cryptocurrency is used for deposits, play and withdrawals instead of—or alongside—traditional fiat currencies. The technical and operational details vary by platform.

Why are betting sites using crypto now? Operators cite reasons such as faster settlement in certain implementations, potential cost differences versus card or bank rails, and access to customers who prefer digital assets. The benefits depend on the specific platform and market conditions.

Is betting with crypto safer? Crypto betting can provide transparent transaction records and tamper‑evident logs, which may assist fairness and dispute resolution. However, crypto also introduces market risk and can complicate identity‑based safeguards. Safety depends on platform security, controls and regulatory oversight.

Are there rules for crypto betting? Regulatory treatment of crypto betting varies across jurisdictions. Some countries have introduced guidance or rule changes, while others are still evaluating appropriate approaches. Compliance with local laws and licensing requirements remains important.

What does ‘provably fair’ mean in crypto betting? ‘Provably fair’ refers to cryptographic methods some providers use to allow players to verify that game outcomes were not manipulated. Implementation details and guarantees vary by platform and should be reviewed in provider documentation.

Will crypto replace regular money for betting completely? It is unlikely that cryptocurrencies will fully replace fiat for betting in the near term. Cryptocurrencies may become an additional payment option in some markets, while traditional payment rails continue to be widely used.

This article provides information about gambling platforms or casinos operating with cryptocurrencies. Crypto Economy is not affiliated with any of the mentioned services. We remind our readers that the use of crypto casinos involves inherent financial and legal risks, which may vary depending on the jurisdiction. This content is for informational purposes only and should not be interpreted as an investment or participation recommendation.

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

Bitcoin is approaching a price level that has, without exception, led to the absolute bottom of every major bear market cycle in its history, and on-chain indicators show the moment of maximum opportunity may be drawing near for Bitcoin traders to capitalize on an incoming rally.

Bitcoin’s Historical Bottom At The 200-Week Moving Average One technical level has held with incredible consistency throughout more than a decade of Bitcoin’s price history. This technical level is, in fact, the 200-week moving average. Bitcoin has never closed a weekly candle meaningfully below the long-term 200-week moving average, even during the pandemic-era crash of 2020 and the cycle bottom of late 2022, and has, in each instance, staged a powerful recovery every time it touched it.

The chart below shows Bitcoin moving in cycles, with each correction eventually cooling off near this long-term average before the beginning of a rally phase. Notably, the Bitcoin price action followed this same script in 2015, 2018, and 2022. Each time, extended drawdowns ended only after Bitcoin touched or briefly dipped below the 200-week moving average.

The chart also adds a 14-month Relative Strength Index reading directly onto price via a color-coded dot system. Red dots highlight overbought euphoria around cycle peaks, while blue dots signal deeply oversold conditions consistent with capitulation bottoms. Green and yellow dots, on the other hand, populate the recovery and mid-cycle expansion phases in between.

Source: Chart from Coinvo on X At present, BTC is trading just above that same line once again, placing the price in a position that has historically led to a bottom. Blue dots are once again beginning to form along the current price trajectory. This is precisely the RSI pattern that appeared at the 2015 bottom, the 2018-2019 bottom, and the 2022 bottom.

If history holds, then the distance between the current price and a confirmed cycle bottom may be very small indeed. Bitcoin can either start a new rally from here or reverse from here to retest $60,000 again before embarking on the rally.

A Larger Breakout Structure Points To $500,000 According to crypto analyst Coinvo Trading, a multi-year Cup and Handle formation is playing out on Bitcoin’s monthly chart. The bullish structure stretches across several years, with the rounded cup forming from mid-2021 to early 2025. The breakout of neckline resistance occurred in 2025, and the handle stage of the pattern has been forming since then. 

As it stands, BTC is now approaching the final stages of this formation. Coinvo Trading projected the measured price target for this breakout at $505,761, which is derived from projecting the full depth of the cup formation above the breakout level. “Once it breaks, you’re too late,” the analyst warned.

BTC trading at $73,877 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pngtree, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

The Algorand Foundation said Wednesday it is reducing its workforce by 25% in response to what it described as an uncertain global macro environment and a broader downturn in crypto markets, marking one of the latest cost-cutting moves across the digital asset sector.

Today, the Algorand Foundation made the difficult decision to reduce our workforce by 25%. This decision was not taken lightly and is in response to the uncertain global macro environment as well as the broader downturn in crypto markets.

These employees have been best-in-class…

— Algorand Foundation (@AlgoFoundation) March 18, 2026

The foundation said the decision was difficult and framed it as part of an effort to better align resources with the protocol’s long-term business, technology, and ecosystem priorities.

In its statement, the foundation thanked affected employees and said it would support them through the transition. It added that it remains focused on its mission of financial empowerment and on the continued development of the Algorand protocol, network, and ecosystem.

The cuts come during a notable repositioning phase for Algorand. In January, the foundation said it was moving its headquarters back to the US from Singapore, a shift it tied to a more favorable regulatory backdrop and closer alignment with institutional markets. More recently, foundation messaging around 2026 has emphasized regulatory clarity, tokenization, payments infrastructure, and bringing traditional finance onchain.

That makes the timing awkward but revealing. Just two months ago, Algorand was still highlighting ecosystem momentum, including growth in staking participation, developer tooling, and tokenized asset initiatives. Its roadmap updates have pointed to work on tokenized financial product standards, agentic commerce tools, and continued research into privacy and scaling.

Algorand’s native token ALGO was last trading near $0.09, down about 5% on the day and nearly 19% year to date.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

A network’s revenue is one of the clearest ways to gauge its underlying health and fundamentals.

The logic is simple: the more revenue a network generates, the more it indicates that real activity is taking place across multiple sectors. In short, it reflects consistent usage, adoption, and the network’s ability to capture value from its ecosystem.

Keeping this in mind, Token Terminal recently highlighted that BNB Chain [BSC] hit its highest daily revenue in the past thirty days, reaching $76.4k. Naturally, this spike suggests that BSC is seeing healthy activity across its ecosystem, signaling that the network’s fundamentals remain solid even amid market fluctuations.

Source: Token Terminal Notably, the timing of this development is particularly interesting. As AMBCrypto flagged, Ripple [XRP] has overtaken Binance Coin [BNB] in market cap rankings, emerging as the third-largest cryptocurrency with a $93 billion valuation. This naturally raises questions about the dynamics behind this shift.

On one hand, XRP’s outperformance could reflect genuine strength. On the other hand, BNB’s temporary weakness could be driving funds toward Ripple. This is particularly significant because BSC is still seeing robust revenue growth, which makes it clear that BNB’s ecosystem activity remains solid.

This naturally raises the question: Does the market currently undervalue BSC, highlighting that fundamentals don’t always move in sync with market perception? Notably, with the XRP/BNB pair trading in a tight range, small shifts in activity could easily become the decisive factor for the next move.

BNB’s expansion into AI supports long-term fundamentals High revenue directly fuels a network’s long-term growth, giving it the resources to expand its ecosystem.

On that note, CoinMarketCap recently highlighted that BNB Chain rolled out the BNBAgent SDK, creating a framework for running AI agents on-chain with built-in identity, escrow, and decentralized verification, pushing the network further into AI and next-gen applications.

Simply put, BNB is building the infrastructure to capture the next wave of AI adoption. And this isn’t happening in a vacuum. Notably, the AI agents market is projected to explode, growing more than 2,000% from $11 billion to $251 billion in under a decade. In this context, BSC’s recent rollout starts to carry real weight, signaling that the network is positioning itself to capitalize on one of the fastest-growing sectors.

Source: TradingView (XRP/BNB) Against this backdrop, calling XRP’s overtaking of BNB the start of a deeper rotation feels premature.

From a technical standpoint, the XRP/BNB ratio is up 5.1% this week, but it’s still chopping in a tight range and remains far from its pre-October crash momentum. For now, this looks more like a short-term move while the market hasn’t fully priced in BSC’s long-term growth potential.

That said, once the market catches up to BNB’s undervaluation, the odds of a repeat of the 2025 market divergence look high. Back then, BNB closed the cycle up 23%, while XRP dipped 12%. With BSC’s strong revenue laying a solid foundation, a similar trend could be on the horizon.

Final Summary BSC’s record daily revenue, robust ecosystem activity, and AI integrations signal long-term growth potential despite XRP briefly overtaking it in market cap. While XRP/BNB shows a short-term uptick, historical trends suggest BNB could outperform if the market fully prices in its undervaluation.

Erik Voorhees’ Venice has rolled out new encrypted AI interface models designed to make privacy verifiable rather than trust-based.

Venice AI just released End-to-End Encryption

Verifiable by any external party

Vires in numeris

Here's how it works 🧵 pic.twitter.com/VZLWarvAUC

— Venice (@AskVenice) March 18, 2026

The update adds Trusted Execution Environment (TEE) and End-to-End Encrypted (E2EE) options alongside its existing anonymous proxy access and zero-data-retention processing.

TEE, operated by Venice’s external partners NEAR AI Cloud and Phala Network, runs AI workloads inside hardware-secured enclaves with attestation, preventing access by operators.

The company says remote attestation produces cryptographic proof that models are executing inside genuine enclaves, allowing independent verification of integrity.

While TEE prevents GPU operators and partners from accessing prompts during processing, data still passes through Venice’s proxy in standard encrypted transit. That means users continue to rely on Venice’s zero-retention assurances for data in transit, though they gain hardware-level guarantees at the compute layer, the team explains.

E2EE, meanwhile, keeps user prompts encrypted from device to GPU, decrypting only within verified environments.

Venice says neither the firm nor its infrastructure partners can access plaintext data at any stage, with each response accompanied by verifiable attestation evidence. E2EE is also supported by NEAR AI Cloud and Phala Network.

The trade-off is reduced functionality, as features like web search and memory require access to unencrypted data and are therefore disabled, as noted by the team.

TEE and E2EE are available only to Venice Pro subscribers.

Venice’s VVV token jumped 10% following the rollout, rising from $5.4 to nearly $6, per CoinGecko.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

Bitcoin slipped under $71,000 on Wednesday after Federal Reserve Chair Jerome Powell signaled that surging oil prices tied to the ongoing war in Iran could keep inflation elevated longer than expected. The Federal Open Market Committee held interest rates steady, as markets had widely anticipated, but Powell's remarks during his post-meeting press conference rattled investors already on edge.

Powell confirmed that the energy price spike is already factoring into the Fed's updated projections, stating that the oil shock "for sure shows up" in higher inflation forecasts, though he noted that its long-term persistence remains uncertain. The central bank revised its 2026 inflation outlook upward to 2.7%, compared to its earlier estimate of 2.4%, signaling that price pressures may linger well into next year.

Despite the cautious tone, Powell pushed back against stagflation comparisons, arguing that current conditions do not mirror the economic turmoil of the 1970s. With unemployment still near historical norms and inflation only modestly above the Fed's 2% target, he described the situation as a manageable tension between the central bank's dual goals of price stability and maximum employment rather than a full-blown crisis.

Financial markets reacted negatively across the board. Bitcoin fell nearly 5% over 24 hours, bottoming out near $70,900, while Ethereum dropped 6.5%. The S&P 500 and Nasdaq each closed near session lows, declining roughly 1.4% and 1.5%, respectively. Gold continued to weaken, falling more than 3% to below $4,850 per ounce, its lowest point in over a month.

Crypto-linked equities also took a hit. Strategy, the largest corporate Bitcoin holder, and Ethereum-focused Bitmine both fell between 5% and 6%. Galaxy declined nearly 7%, and crypto exchange Gemini plunged 15%, touching its lowest level since its public debut last year.

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Ethereum (ETH) traders are closely watching a potential golden cross between the 26-day and 50-day exponential moving averages (EMAs) — a technical development that could signal a meaningful shift in market momentum. After months of sustained bearish pressure, recent price action suggests that selling momentum may finally be easing.

Earlier this year, ETH dropped sharply below several key support levels, eventually bottoming near the $2,000 zone. Since then, the asset has staged a gradual recovery, now trading within the $2,200–$2,300 range. This rebound has caused shorter-term moving averages to begin converging, bringing the possibility of a bullish crossover into focus for technical analysts and traders alike.

A golden cross occurs when a shorter-term moving average crosses above a longer-term one, signaling that recent price momentum is gaining strength relative to the broader trend. In Ethereum's case, the rising 26-day EMA is approaching the 50-day EMA, which has acted as dynamic resistance throughout the recent downtrend. If the 26-day EMA successfully breaks above the 50-day EMA, it would suggest that buyers are beginning to reclaim control — a development technical traders typically treat as a constructive trend signal.

That said, a golden cross alone does not guarantee a sustained rally. Ethereum still faces meaningful overhead resistance, particularly from longer-term indicators like the 100-day and 200-day EMAs, both of which remain in a downward slope — reflecting the dominant bearish structure that has defined the market in recent months. For the golden cross to carry real weight, ETH would need to be supported by strong trading volume and consistent buying pressure. Without these confirming factors, the crossover risks being interpreted as a temporary bounce rather than a genuine trend reversal. Traders should watch price behavior around key resistance zones before drawing firm conclusions.

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