Market Signal Briefing

November 25, 2025 01:30 ET

 | Source:

Mowi ASA

Bergen, 25 November 2025. Mowi ASA, investment grade rated BBB+ with stable outlook by Nordic Credit Rating, has mandated Danske Bank, DNB Carnegie and Nordea as Global Coordinators and Joint Lead Managers, and ABN AMRO, Crédit Agricole Corporate and Investment Bank, Rabobank and SEB as Joint Lead Managers to arrange a series of physical and virtual fixed income investor meetings commencing today.

One or more NOK-denominated senior unsecured green bond issues (swapped to EUR) with a minimum tenor of 5 years may follow, subject to inter alia market conditions.

For further information, please contact:

Kristian Ellingsen, CFO, +47 905 14 275

Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76 339

About Mowi ASA
Mowi is one of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon in the world, with an estimated 2026 harvest of 605,000 tonnes from seven farming countries including Norway, Scotland, Ireland, Faroes, Iceland, Canada and Chile.

Mowi is a fully integrated global seafood company, bringing salmon and other seafood of supreme quality to consumers around the world, partly under its own MOWI brand. Mowi is ranked as the most sustainable listed animal protein producer in the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 12 300 people in 26 countries worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.6 billion in 2024.

For more information, please visit mowi.com.

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

New-car registrations for BYD models in Europe increased to 17,470 vehicles in October. Stephane Mahe/ReutersChinese automaker BYD again logged higher new-car registrations in Europe last month, as it continues to expand in the continent amid pressure in its home market.

New-car registrations for BYD models, a reflection of sales, increased to 17,470 vehicles from 5,695 vehicles in October 2024, according to the European Automobile Manufacturers’ Association, an industry body also known as ACEA.

Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

ST HELIER, Jersey, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) is pleased to announce the decision to proceed with the Bilboes Gold Project (“Bilboes” or the “Project”) following completion and publication of the feasibility study (the “Feasibility Study”)1.

Highlights

Single-phase development confirmed as the most economic development approach.Mineral reserves:
Summary of proven and probable: 1.749 Moz of gold at 2.26 g/t. See Appendix for complete estimate, as extracted from the TRS. Mineral resources (excluding mineral reserves): Summary of measured and indicated: 532,000 oz of gold at 1.37 g/t. See Appendix for complete estimate, as extracted from the TRS.Summary of inferred: 984,000 oz of gold at 1.62 g/t. See Appendix for complete estimate, as extracted from the TRS. Processing: BIOX® technology selected for refractory ore.Production profile:
Plant throughput of 240kt per month for the first 6 years of production, falling to 180kt per month for the remainder of the Project.Metallurgical recovery ranging from 83.6% to 88.9%.First full year (2029): ~200,000 oz.Life of Mine: 1.55 Moz over 10.8 years.All-in-sustaining cost (“AISC”): US$1,061/oz. ____________________________

1 This press release includes a summary of the main elements of the Feasibility Study which is included in a technical report summary ("TRS") which has been prepared in accordance with Subpart 1300 and Item 601(b)(96) of Regulation S-K (“SK-1300”), as adopted by the United States Securities and Exchange Commission (the “SEC”), and which has just been filed with the SEC on EDGAR. A technical report pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") reflecting the Feasibility Study is expected to be filed in Canada on SEDAR+ before the end of 2025. The TRS and the NI 43-101 technical report are together referred to herein as the “New Technical Reports”. The effective date of each of the estimates of mineral resources and mineral reserves in the TRS is October 31, 2025. All references to US$ or $ are references to U.S. dollars. For further information please refer to the TRS, a copy of which is available on EDGAR and on Caledonia’s website at https://www.caledoniamining.com/investors/technical-reports/.

Economic analysis results, as extracted from the TRS:
The Project generates a value accretive business case in all three of the gold price scenarios evaluated: MetricUnitConsensus Forecast Price3-Year Trailing Average PriceSpot PriceGold Price (Ave)US$ / oz (Real)2,5482,3503,648Post-Tax NPV8% RealUS$ M5824541,234Post-Tax IRR% Real32.527.450.4Payback Period[1]years1.72.81.1Peak Funding RequiredUS$ M (Real)484484484Value-Investment Ratioratio1.2x0.9x2.6xLife of Mine (Active Years)years10.810.810.8Operating Margin% Real59.556.570.2 __________________

[1] As measured from the date of first ore processed / first revenue.

The pricing scenario, evaluated on a LoM average realised gold price of US$2,548/oz, yields the following key results:

Post-tax NPV8%Real of US$582 M at a post-tax IRR of 32.5%,
Payback period of 1.7 years, as measured from the date of first production,
Robust Value-Investment Ratio of 1.2x,
Peak funding requirement of US$484 M (real),
Healthy operating margin of 59.5%.

Adopting the September 2025 London Bullion Market Association (“LBMA”) spot price of US$3,648/oz materially improves all the key business return metrics resulting in a post-tax NPV8%Real of US$1,234 M and a post-tax IRR of more than 50%.

The three-year trailing average price of US$2,350/oz does however result in a reduction of both the NPV and IRR to US$454 M and 27.4% respectively, which is still considered attractive.

Funding strategy
The project has a peak funding requirement of US$484 M; in addition, management anticipates approximately US$100 M will be required in respect of interest and working capital and a further US$50 M (in addition to the existing cost contingencies) in respect of the usual cost overrun facilities that are required by senior lenders. Management anticipates the Project will be funded as follows:
majority of funding is expected from non-recourse senior debt;internal equity from Blanket Mine; andflexible instruments (such as royalties, streams and mezzanine funding, which may include the issue of convertible bonds).
The Company will adopt a phased fund-raising approach to provide early liquidity so that the development timetable can be accelerated.

The funding strategy has been designed to maximise the uplift in Net Present Value (“NPV”) per Caledonia share by minimising equity issuance.

Timeline: Front end engineering design (“FEED”) phase commences immediately.First production expected in late 2028.Steady-state production expected 2029. Permitting: Fully permitted.Location: Bilboes is situated in Matabeleland North province, 80 km north of Bulawayo.Ownership: Caledonia owns 100% of Bilboes, acquired in January 2023 for approximately US$65 M worth of Caledonia shares at the time and a 1% net smelter royalty.
Caledonia’s Chief Executive Officer, Mark Learmonth, said:

“The finalisation of the Feasibility Study and the decision to implement the Project is a defining moment for Caledonia in our journey to become a mid-tier gold producer.

“This Feasibility Study confirms that the Project has robust economics, delivering 1.55 Moz over 10.8 years with first production expected in late 2028. This Project has been decades in the making and represents the culmination of an extraordinary amount of work by our team and our partners and by the previous owners of the Project.

“We believe Bilboes will transform Caledonia and significantly change our production profile.

“Bilboes should deliver substantial benefits to Zimbabwe: a project of this scale should help Zimbabwe to reclaim its position as a major “gold destination” in the eyes of the international investment community. The Project should also deliver substantial benefits to Zimbabwe in terms of foreign exchange earnings and tax receipts.

“Caledonia intends to replicate some of the social and community structures it has successfully implemented at Blanket Mine. These have delivered significant benefits to the local community in terms of the ownership in Blanket by the Gwanda Community Share Ownership Trust, and Blanket's community and social investment programmes.

“I look forward to providing future updates on development.”

The Project covers 2,731.60 hectares (10.55 square miles) in Matabeleland North province, approximately 80 kilometres north of Bulawayo, Zimbabwe’s second largest city. Caledonia acquired 100% ownership of Bilboes in January 2023 for US$65 M, settled through the issue of approximately 5.1 M Caledonia shares, and the grant of a 1% net smelter royalty to a previous owner. The mineral reserve and mineral resource bases at Bilboes are substantial. Proven and probable mineral reserves total 1.75 Moz of gold contained in 24.1 Mt of ore at a grade of 2.26 g/t. Measured and indicated mineral resources (exclusive of mineral reserves) total 532,000 oz of gold contained in 12.1 Mt of ore at a grade of 1.37 g/t, while inferred mineral resources total 984,000 oz contained in 18.9 Mt at a grade of 1.62 g/t. See the Appendix below for further details of the estimates. There is also significant exploration potential both within Bilboes and on the adjacent Motapa property, a brownfield site comprising 2,161.34 hectares which is also owned by Caledonia.

The ore is refractory and after extensive evaluation of several processing methods, Metso’s BIOX® technology was chosen. This technology, which is already used successfully in similar gold projects around the world, involves the pre-treatment of refractory concentrates using bacteria to destroy sulphides ahead of conventional cyanide leaching for gold recovery.

The New Technical Reports will replace the NI 43-101 Preliminary Economic Analysis (the “PEA”) and SK-1300 Initial Assessment (the “IA”) published in June and December 2024 respectively.

Using a gold price of US$2,548/oz, the Project has a projected capital cost of US$584 M and a peak funding requirement of US$484 M. The post-tax ungeared internal rate of return (“IRR”) is 32.5%, with an all-in sustaining cost (“AISC”) of US$1,061/oz and a payback period of just 1.7 years. Compared to the PEA and the IA, the Feasibility Study reflects a higher gold price and refined mine scheduling, which prioritises early mining of shallow, higher-grade ore to improve project economics. Although capital costs have increased compared to the PEA and the IA by 45% driven by general cost escalation and exchange rate impact (US$35 M), scope refinement and market-related adjustments (US$86 M), and revisions to project services and contingency (US$59 M), the project remains attractive with robust margins and strong cash flow potential.

The Project is fully permitted under Zimbabwean laws. Caledonia intends to introduce employee and community participation schemes, following consultation with relevant authorities.

Funding Strategy

Caledonia, advised by Cutfield Freeman & Co Ltd, expects most of the financing to be in the form of non-recourse senior debt, internal equity contributions from Blanket Mine and flexible instruments such as royalties, streams and mezzanine funding which may include the issue of convertible bonds. The Company aims to minimise equity dilution and maintain its current quarterly dividend of 14 cents per share, subject to prevailing conditions.

Management anticipates that a complete funding package will be in place by late 2026 or early 2027. However, the Company has already embarked on preparations to provide sufficient liquidity to allow for the early procurement of long lead-time items in the second half of 2026, thereby accelerating the project development timetable. First production is expected to commence in late 2028.

To support the funding strategy, Caledonia has recently entered into hedging arrangements, in the form of put options, with Auramet International, Inc. and Standard Bank of South Africa Limited, whereby it has hedged 3,000 oz of gold production from Blanket Mine per month for the next three years at a strike price of US$3,500/oz. The total cost of the hedging was US$13.5 M (inclusive of interest), with US$3.8 M paid upfront in cash and deferred payment terms of US$4.2 M and US$5.5 M payable in 6 months and 12 months respectively, which gives an approximate cost of US$125/oz hedged. Assuming cumulative production at Blanket of 233,000 oz and an average on mine cost of US$1,270/oz per ounce, over the three years 2026, 2027 and 2028 and no changes to the relevant fiscal or monetary regimes, the hedging arrangements are designed to underpin cash receipts by Caledonia from Blanket of approximately US$200 M in the three-years from January 1, 2026 to December 31, 2028, which broadly coincides with the peak capital investment period for the Project.

Indicative Timetable

The Company will immediately commence the FEED phase for the Project. Subject to arranging early funding before the finalisation of the senior debt, the Company plans to procure the long-lead time items as soon as the FEED phase has been completed, thereby reducing the overall development period. Construction is expected to take approximately two years, with initial production anticipated at the end of 2028, followed by a five-month ramp-up period. In its first full year of production, Bilboes is anticipated to produce approximately 200,000 oz of gold.

Webcast

The Company will host a remote presentation for analysts and investors on the Publication and Highlights of the Feasibility Study on Monday December 1, 2025 at 2:00pm London time, followed by an opportunity to ask questions.

Webcast link: https://stream.brrmedia.co.uk/broadcast/690dd1a327ca940014423b9b

Enquiries:

Caledonia Mining Corporation Plc
Mark Learmonth
Camilla Horsfall
Tel: +44 1534 679 800
Tel: +44 7817 841 793  Cavendish Capital Markets Limited (Nomad and Sole Broker)
Adrian Hadden
George Lawson
Tel: +44 207 397 1965
Tel: +44 131 220 9775  Camarco, Financial PR (UK)
Gordon Poole
Elfie KentTel: +44 20 3757 4980

  Curate Public Relations (Zimbabwe)
Debra Tatenda
Tel: +263 77802131  IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)
Lloyd Mlotshwa

Tel: +263 (242) 745 119/33/39
This news release has been approved by Mr Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, the Company's qualified person as defined in (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K under the U.S. Securities Act. DRA Projects (Pty) Ltd, the qualified person responsible for the TRS, has also reviewed and approved this news release and the scientific and technical data presented herein. Each of the qualified persons stated above has verified the data disclosed herein, including sampling, analytical and test data by reviewing the methodologies, results and all procedures undertaken in a manner consistent with industry practice, and all matters were consistent and accurate according to their professional judgement. There were no limitations on the verification process.

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Information and statements contained in this document that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Caledonia’s current expectations, intentions, plans, and beliefs. Forward-looking statements can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking statements in this document include: the expected filing and publication date of [the TRS and ]the NI 43-101 report; the estimates of mineral resources and mineral reserves, metal prices, production profile, timeline, and economic analysis, including capital and operating costs, net present value, payback and rates of return; funding strategy; anticipated funding, development and production; first production being expected to commence in late 2028; delivery of value to shareholders; delivery of benefits to Zimbabwe; replication of social and community structures utilized at the Blanket Mine; exploration potential; potential hedging outcomes; future cash receipts from Blanket; and future dividend payments. These forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such factors and assumptions include, but are not limited to: that adequate funding will be available on favourable terms and that the assumed metal prices, costs and recoveries described herein as well as all other assumptions set out in the TRS and not expressly set out herein remain correct.

Security holders, potential security holders and prospective investors should be aware that forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price and payment terms for gold sold, risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological or structural formations, pressures, power outages, fire, explosions, landslides, cave-ins and flooding), risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the group does business, inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations, relationships with and claims by local communities and indigenous populations, political risk, risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)), availability and increasing costs associated with mining inputs and labour, the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs, global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Group’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, and the other risks discussed in Caledonia’s most recent Form 20-F annual report and other filings made with the U.S. Securities and Exchange Commission. Security holders, potential security holders and prospective investors are cautioned not to place undue reliance on forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia reviews forward-looking statements for the purposes of preparing each announcement; however, Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information, future events or other such factors which affect these statements, except as required by law.

This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction.

Appendix

Bilboes Gold Project Mineral Reserve Statement

DepositClassificationTonnage (Mt)Au Grade (g/t)Ounces (koz)McCays
Proven0.52.8044Probable3.52.39266Isabella South
Proven0.72.1145Probable3.22.24233Isabella North
Proven1.22.3089Probable3.51.95217Bubi
Proven1.21.9273Probable10.42.34783Total
Proven3.52.21251Probable20.62.261,499Grand TotalProbable + Proven24.12.261,749
Note: All tonnes quoted are in-situ dry tonnes. Differences in the addition of deposit tonnes to the total displayed is due to rounding to one decimal place.

Pit shells parameters assumed gold price at US$2,190 /oz, Recovery 83.6 % Isabella and McCays, 88.9%, Bubi. Ore cost, US$ 2.60/t for Isabella, McCays and Bubi. Waste US$2.00/t Isabella, McCays, and Bubi. Processing cost US$ 22.26/t for Isabella & McCays and US$ 42.25/t for Bubi.

The Mineral Reserve has been determined by applying the modifying factors and pit optimisation parameters described in Section 13.4 of the TRS. The optimal pit shell from this optimisation was selected on the basis of the required project financial performance indicators and subsequently used to develop the final pit and pushback designs. Following completion of the pushback designs, the pushbacks were scheduled in Deswik Sched using all applicable modifying factors, resulting in the final Mineral Reserve tonnages and contained metal reported above.

The Mineral Reserve estimate has been classified and reported in accordance with U.S. Securities and Exchange Commission (SEC) S-K 1300.

The estimate of Mineral Reserves for the Bilboes Gold Project is not at this stage materially affected by any known environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant issues. Furthermore, the estimate of Mineral Reserves is not materially affected by any known mining, metallurgical, infrastructure, or other relevant factors.

A cut-off grade of 0.56 g/t (McCays, Isabella South and Isabella North) and 1.05 g/t (Bubi) was applied based on project specifics.

Effective Date of Mineral Reserve Estimate is 31 October 2025.

Bilboes Gold Project Mineral Resource Statement 

Mineral Resources exclude Mineral Reserves.

PropertyClassificationTonnes (Mt)Au (g/t)Ounces (koz)Isabella South
(ISBS)
Measured0.11.422Indicated1.41.6878Total Measured and Indicated1.51.6780Inferred2.01.76113Isabella North
(ISBN)
Measured0.21.076Indicated1.61.6888Total Measured and Indicated1.81.6393Inferred4.31.86255Bubi
Measured0.11.063Indicated7.31.23290Total Measured and Indicated7.41.23293Inferred10.31.40465McCays
Measured0.11.333Indicated1.31.4662Total Measured and Indicated1.41.4666Inferred2.41.99151Totals (ISBS +ISBN+ Bubi + McCays)
Total Measured0.41.1615Total Indicated11.71.37517Total Measured and Indicated12.11.37532Total Inferred18.91.62984
S-K 1300 definitions observed for classification of Mineral Resources.

Mineral Resources are in situ.

Block bulk density interpolated from bulk density measurements taken from core samples.

Resources are constrained by a Lerchs-Grossman (LG) optimized pit shell using Whittle software.

Pit shells parameters assumed gold price at US$3,000 /oz, Recovery 83.6 % Isabella and McCays, 88.9%, Bubi. Ore cost, US$ 2.60/t for Isabella, McCays and Bubi. Waste US$2.00/t Isabella, McCays, and Bubi. Processing cost US$ 22.26/t for Isabella & McCays and US$ 42.25/t for Bubi.

Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. The estimate of Mineral Resources may be materially affected by mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social, and governmental factors (Modifying Factors).

Numbers may not add due to rounding.

A cut-off grade of 0.50 g/t was applied for the Mineral Resources.

Effective Date of Mineral Resource Estimate is 31 October 2025.

Glossary

Abbreviations/TermsDefinitionAuNative GoldBilboesBilboes Holdings (Private) LimitedBIOX®Biological OxidationCaledoniaCaledonia Mining Corporation PlcDRADRA Projects (Pty) LtdFEEDFront End Engineering DesignFSFeasibility Studyg/tGrammes per tonneIAInitial AssessmentIRRInternal Rate of ReturnISBNIsabella NorthISBSIsabella SouthKozKilo ouncesKtKilo tonnesLBMALondon Bullion Market AssociationLGLerchs-GrossmanLoMLife of MineMMillionMozMillion OuncesMtmillion tonnesNPVNet Present ValueNI 43-101National Instrument 43-101ozouncesQPQualified Person as defined in S-K 1300S-K 1300Subpart 1300 and Item 601(b)(96) of Regulation S-KTRSTechnical Report Summary within the meaning of S-K 1300TSFTailings Storage FacilityUS$United States Dollar

STMicroelectronics streamlines smart-home device integration
with industry-first Matter NFC chip

Matter 1.5 enhances the consumer experience at home with right-first-time NFC onboarding of multiple devices as fast and easy as paying by phoneMarket-first secure chip supporting new Matter 1.5 smart-home networking specification is ready for integration into smart-home devices Geneva, November 25, 2025 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, has unveiled a secure NFC chip designed to make home networks faster and easier to install and scale, leveraging the latest Matter smart-home standard. ST’s ST25DA-C chip lets users add lighting, access control, security cameras, or any IoT device to their home network in one step by tapping their phone. The chip is the first commercial solution fulfilling newly published enhancements in Matter—the latest open-source standard now making smart home devices secure, reliable, and seamless to use.

“The integration of NFC-based onboarding in Matter 1.5 is a timely enhancement to the smart home experience. Our market-first ST25DA-C chip leverages this capability to simplify device commissioning through tap-to-pair functionality. This reduces setup complexity, especially for installations that are difficult to access, thanks to NFC-enabled battery-less connectivity. This aligns well with the broader momentum in the smart home market to serve consumers who increasingly prioritize ease of use, interoperability, and security. NFC-enabled Matter devices are positioned to play a key role in driving even greater adoption,” said David Richetto, Group VP, Division General Manager, Connected Security at STMicroelectronics.

“Matter is an important standard for the smart-home industry, enabling seamless communication across devices, mobile apps, and cloud services. Its primary benefit is simplifying technology for non-expert consumers, which could help accelerate adoption of connected devices. The new STMicroelectronics’ ST25DA-C secure NFC chip is one example of next generation chipset that supports this standard, providing device makers with tools to develop the next generation of smart-home products,” said Shobhit Srivastava, Senior Principal Analyst at Omdia.

Technical information

Enhanced usability: ST’s new NFC Forum Type 4 chip significantly improves the user experience, leveraging NFC technology present in most smartphone devices. NFC-enabled device commissioning is faster, more reliable, and secure compared to conventional pairing using technologies such as Bluetooth® or QR codes, which are not always possible.

The ST25DA-C secure NFC tag can operate cryptographic operations required for Matter device commissioning using energy harvesting from the RF field. This mechanism allows users to jump-start adding unpowered devices to the smart home network. It also simplifies the installation of multiple accessories in parallel.

  Focused on security: The ST25DA-C brings strong security to smart homes, leveraging ST’s proven expertise in embedded secure elements for protecting assets with device authentication, secure storage for cryptographic keys, certificates, and network credentials.

Based on Common Criteria-certified hardware, the ST25DA-C also targets certification to the GlobalPlatform Security Evaluation Standard for IoT Platforms (SESIP level 3).

Availability: The ST25DA-C is available for evaluation and sampling in a tiny DFN8 package, with mass production scheduled to begin in 2026. Detailed documentation, engineering samples, and evaluation kits are available through local ST sales representatives.

About STMicroelectronics
At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

INVESTOR RELATIONS
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41.22.929.59.20
[email protected]

MEDIA RELATIONS
Alexis Breton
Corporate External Communications
Tel: +33.6.59.16.79.08
[email protected]

P4739S -- Nov 25 2025 -- ST25DA-C Matter NFC chip_FINAL FOR PUBLICATION

ST25DA-C Matter NFC chip

ST25DA-C Matter NFC chip
ST25DA-C Matter NFC chip

Important DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.Risk DisclaimersThis website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.

CelLBxHealth PLC (AIM:CLBX, OTCQB:ANPCF), the cancer diagnostics group formerly known as Angle, has outlined plans to raise £6.8 million as it tries to stabilise its finances and accelerate a shift from research towards commercial sales.

The company, which specialises in technology that isolates circulating tumour cells, cancer cells that break away from tumours and enter the bloodstream, said it aimed to bring in the money through a share placing, a subscription and a separate offer for private shareholders.  The fundraising price has been set at 1p a share.

Alongside the raise, the company wants to reorganise its share capital by splitting each existing 10p share into a new ordinary share with a nominal value of 0.05p and a deferred share of 9.95p. Deferred shares typically carry no rights and are created simply to tidy up a share structure.

CelLBxHealth has been in reset mode since September, when chief executive Andrew Newland and finance director Ian Griffiths stood down.

Jan Groen, the chair, took executive control and appointed Peter Collins as interim CEO the following month. The group rebranded in October and is now focusing on selling its Parsortix system and related lab services to drug developers, clinical laboratories and contract research organisations.

The business had struggled to convert scientific progress into steady income. Despite signs of interest in 2023, contracts were inconsistent and costs remained high. By mid-2025, it became clear the existing strategy was not generating the revenue needed, leaving the company facing a cash crunch by early 2026.

The company now aims to run a leaner model centred on three revenue streams: instrument and consumable sales, laboratory services supporting clinical trials, and the joint development of new diagnostic tests.

It has been working with several large diagnostics players, including Qiagen, Roche, Myriad Genetics and Illumina, to validate tumour-cell workflows that sit alongside existing tissue or DNA tests.

Proceeds from the fundraising will be used across research and development (£1.9 million), sales and marketing (£1 million), restructuring (£1.1 million), IT (£200,000) and general operating costs (£1.8 million).

Restructuring is already underway and involves a cut of about 60% of staff. The company said the savings should extend its cash runway to the third quarter of 2027, with a target of becoming monthly EBITDA-positive by the end of 2028.

Revenues for 2025 are expected to be £1.6 million, down from £2.9 million last year, but CelLBxHealth points to a qualified sales pipeline of £12.6 million for 2026 and 2027.

The new leadership believes a sharper commercial focus and high-profile partnerships will finally bring in the steady income the group has long sought.

Alphabet on Monday resuscitated the artificial intelligence trade, which had been flagging the previous week. Its stock jumped 6.3%, lifting associated AI names such as Broadcom, Micron Technology and AMD. Major indexes rallied, with the Nasdaq Composite posting its best day in six months.

Investors were particularly enthusiastic about Broadcom because it helps to design and manufacture Google-parent Alphabet's custom AI chips. In other words, the more market share Alphabet's AI offerings gain, the greater the benefit to Broadcom — rather like Nvidia and the broader AI sector at the moment. Broadcom shares surged 11.1% on this notion, making it the S&P 500's top gainer.

But while investors may cheer Alphabet's leadership on Monday, not everyone wants it to have the last word.

"Some investors are petrified that Alphabet will win the AI war due to huge improvements in its Gemini AI model and ongoing benefits from its custom TPU chip," Melius Research analyst Ben Reitzes wrote to clients in a Monday note. "GOOGL winning would actually hurt several stocks we cover — so prepare for volatility."

Approaching the market's moves from another angle, Melissa Brown, managing director of investment decision research at SimCorp, said it's a concern when just one stock lifts the market. "That just doesn't seem to me to be a sustainable force behind driving the market higher over the next however many days," she added.

Alphabet on Monday may have brought about alpha — in the sense of market outperformance and potentially beginning a new phase of AI enthusiasm — but letting it be the omega as well could pose problems for investors.

What you need to know todayU.S. tech stocks roar back. The Nasdaq Composite popped 2.69%, its best day since May 12, on investors enthusiasm over Alphabet. Other major indexes rose in tandem. Asia-Pacific markets were mostly Tuesday as AI-related stocks ticked up.

Record outflows from BlackRock's bitcoin ETF. The iShares Bitcoin Trust ETF has seen an exodus of $2.2 billion this month as of Monday stateside, according to FactSet data. That's almost eight times more in losses than last October, or its second-worst month on record.

Sandisk joins the S&P 500. The flash storage vendor will replace marketing company Interpublic Group in the index before trading begins on Nov. 28 stateside. Shares of Sandisk jumped 7% in extended trading on Monday.

Trump has back-to-back calls with Xi and Takaichi. But the Beijing-Tokyo spat is unlikely to be resolved soon. U.S. President Donald Trump has stayed publicly silent, adding uncertainty for Japan and Taiwan at a tense moment. 

[PRO] The S&P 500's dividend yield is looking dismal. For investors who are still looking to hold dividend-paying stocks, however, research firm Trivariate Research has a few suggestions on the top performers.

And finally...

About Oliver Haill
Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup News Service, Gracenote... Read more

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

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

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

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

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

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

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

The global cryptocurrency community is closely watching the start of what many analysts consider a landmark week for XRP. For years, supporters of the digital asset have anticipated meaningful institutional participation, and that moment has now arrived as several spot XRP exchange-traded funds (ETFs) begin trading on major U.S. exchanges.

November 25, 2025 05:42:56 UTC Airdrop Wallet Dumps 5.5M MON Below Public Sale Price Airdrop wallet 0x676a, which received 5.61 million MON worth about $184,000, panic-dumped 5.5 million MON for $131,000 USDC at $0.0239 after MON dropped below its public sale price of $0.025.

Peter Zhang
Nov 25, 2025 06:38

Zcash is proactively addressing potential quantum computing threats with innovative strategies, including shielded transactions and post-quantum cryptography research, to enhance blockchain security.

Zcash (ZEC) is taking significant steps to mitigate the potential threats posed by quantum computing, a technology that could undermine traditional cryptographic systems used by blockchain networks. According to a detailed analysis from Bitfinex, Zcash's unique architecture provides a degree of resilience against these risks.

Understanding the Quantum Threat
Quantum computing poses a significant risk to blockchain systems that rely on public-key cryptography, which quantum algorithms like Shor's could potentially break. This vulnerability could allow adversaries to derive private keys from public keys, risking the integrity and confidentiality of blockchain networks. The uncertainty surrounding the timeline for quantum advancements has prompted many projects to prepare for a post-quantum transition.

Zcash's Unique Position
Zcash distinguishes itself with a shielded transaction design that limits the exposure of public keys and metadata, offering present-day protection that other networks such as Bitcoin and Ethereum do not provide. However, Zcash is not entirely immune to quantum threats, as components like elliptic curve-based signature schemes and note encryption still rely on cryptographic assumptions that could be compromised by future quantum machines.

Ongoing Mitigation Strategies
Zcash developers are actively working on initiatives like Project Tachyon, which aims to eliminate in-band secret distribution in shielded transactions, thereby closing potential vulnerabilities. They are also exploring “quantum recoverability” mechanisms to allow users to re-secure their funds under stronger cryptographic conditions if quantum threats arise unexpectedly.

Additionally, the team is investigating post-quantum cryptographic solutions, such as hash-based proof systems and lattice-based key-exchange mechanisms, to replace vulnerable components. These efforts are part of a strategic roadmap designed to progressively reduce Zcash's dependence on current cryptographic methods susceptible to quantum attacks.

Comparative Analysis with Other Blockchains
Compared to other major blockchains, Zcash's shielded transactions provide a stronger baseline protection against quantum threats by not exposing transaction data on-chain. While other privacy-focused chains like Monero also face similar quantum risks due to their reliance on elliptic-curve cryptography, Zcash's architecture offers a more robust defense against retrospective quantum attacks.

Despite these advancements, Zcash acknowledges that it is not yet entirely quantum-resistant. However, its proactive development strategy and ongoing research into post-quantum security measures position Zcash as a leader in the blockchain industry's preparation for future quantum computing challenges.

Image source: Shutterstock

zcash
quantum computing
blockchain security

Franklin Templeton launches its XRP ETF on NYSE Arca, offering US investors regulated XRP access after Ripple’s settlement with the SEC.

Summary

Franklin Templeton’s XRP Trust provides regulated XRP investment alongside Bitwise, Grayscale, and others.
The launch follows Ripple’s August 2025 SEC settlement, easing previous XRP trading restrictions.
The ETF offers daily transparency, SEC oversight, and traditional brokerage access for institutional investors.

Franklin Templeton launched its XRP exchange-traded fund, the Franklin XRP Trust, on NYSE Arca on Monday, providing U.S. investors with regulated access to the XRP token.

The asset manager joins existing issuers including Bitwise, Grayscale and Canary Capital in offering structured crypto products to institutional investors.

Frankline Templeton go deep on XRP ETF
Franklin Templeton now manages four crypto ETFs covering bitcoin, ether, XRP and a diversified digital-asset fund, according to the company.

David Mann, Head of ETF Product and Capital Markets at Franklin Templeton, stated that XRP (XRP) plays a “foundational role in global settlement infrastructure,” according to the company’s announcement.

The launch follows the resolution of a prolonged legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission. In late 2020, the SEC filed a lawsuit alleging Ripple Labs had sold XRP as an unregistered security since 2013. The action resulted in delistings from major exchanges and significant market value declines.

Ripple settled the case in August 2025 by paying a monetary settlement without admitting wrongdoing, according to court filings.

Roger Bayston, head of digital assets at Franklin Templeton, said the fund provides “regulated custody, daily transparency and liquidity without the operational complexity of holding the token directly,” according to a company statement.

Franklin Templeton’s product launched the same day as Grayscale’s XRP ETF. Bitwise launched its XRP ETF last week, attracting substantial inflows, according to the company’s CEO.

The Franklin XRP Trust offers exposure to XRP through traditional brokerage channels with SEC oversight, the company said.

The XRP price has moved into a bull market after rising by over 24% from its lowest point this month. It has risen in the last three consecutive days and is now hovering at its highest level in a week. This rebound happened after the successful launch of the Grayscale XRP ETF on Monday.

The founder of Berachain has thrown cold water on a recent report suggesting that one of its lead Series B backers was granted the right to be refunded $25 million, calling the framing “incomplete” and “inaccurate.”

Unchained reported on Monday that Berachain gave Brevan Howard’s crypto-focused fund, Nova Digital, a one-year right to a refund on its $25 million investment in Berachain’s Series B round in April 2024.

Unchained also provided a side letter signed by Berachain general counsel Jonathan Ip and Nova director Carol Reynolds that said Nova can recoup “some or all” of its investment for “twelve months following” Berachain’s token generation event (TGE).

Berchain’s TGE, or token mint, took place on Feb. 6, meaning Nova could reportedly get a refund on its bet until Feb. 6, 2026.

Berachain founder: Brevan given the same terms as othersSmokey The Bera, Berachain’s anonymous founder, said on Monday that the report was “inaccurate and incomplete” and Brevan’s “investments involve several complex commercial agreements, but they participated in the Series B fundraise on the same paperwork as all investors.” 

“Brevan Howard co-led our Series B a year ago, out of their Abu Dhabi office, via Nova, a new liquid-only vehicle on the same terms as all other investors. Nova had approached Berachain to lead the round some months prior to this,” said Smokey. 

Source: Smokey The BeraNova agreed to additional arrangements, says SmokeySmokey said that Nova asked for a provision “to guard for a scenario in which Berachain failed to TGE and get listed.”

They said if that happened, the locked Berachain (BERA) tokens Nova purchased would “not be an eligible investment via Nova’s liquid strategy.”

“Thus, we entered into the side letter posted in the article and committed Nova to additional commercial arrangements, including an agreement to provide liquidity on the network, which was only possible upon launch,” Smokey added.

They said the letter wasn’t made “to close the deal with a party who otherwise would not have been interested, or to prevent against post-launch losses,” adding it also “generally has precedent.”

Smokey also stressed that Nova is one of the largest tokenholders of Berachain and is a liquidity provider, holding both locked BERA acquired in the blockchain’s Series B and additional BERA it purchased on the open market.

“They have increased their BERA exposure over time, despite running a liquid fund in a harsh alt environment,” they added.

Smokey and the Berachain Foundation were contacted for comment via X. Brevan Howard did not respond to a request for comment outside of regular business hours.

The BERA token is down 93% from its peak of $14.83, which it reached when it launched in February, and is currently trading at $1.05, up 3.2% on the day, according to CoinGecko.

Trade Secrets: Bitcoin to see ‘one more big thrust’ to $150K, ETH pressure builds

TLDR:

Wood expects liquidity relief by December 10 tied to Fed easing and employment data release timing impacting Bitcoin
ARK trimmed Bitcoin 2030 target to $1.2M from $1.5M due to stablecoin growth, not weak fundamentals
Crypto faces temporary macro liquidity pressure rather than deteriorating fundamental conditions
Bitcoin historically recovers first when capital flows return after liquidity drawdown periods

ARK Invest CEO Cathie Wood has pinpointed December 10 as the potential turning point for Bitcoin and crypto markets. She expects the Federal Reserve’s next easing decision to restore liquidity. 

Wood made these comments during a recent interview where she addressed concerns about risk assets. The timeline aligns with upcoming employment data that could shift market sentiment.

Liquidity Squeeze Hits Bitcoin Despite Strong Fundamentals
Wood emphasized that crypto faces a temporary liquidity crisis rather than fundamental weakness. The current downturn stems from macro conditions affecting capital flows across risk assets. 

Bitcoin remains the most sensitive to these liquidity shocks according to Wood’s assessment. She noted that ARK maintains its bullish stance on crypto despite trimming price targets.

The firm adjusted its 2030 Bitcoin projection from $1.5 million to $1.2 million. This revision reflects the growing stablecoin market rather than diminished confidence. 

Wood suggested Bitcoin could reach half of gold’s market capitalization over time. The precious metal market has doubled recently, expanding the potential addressable space.

She clarified her position following recent CNBC appearances where markets questioned ARK’s commitment. Wood stated she should have emphasized “all things equal” when discussing projections. 

The adjustment accounts for market expansion rather than reduced BTC potential. Her team views the current environment as a buying opportunity for long-term holders.

CATHIE WOOD SAYS LIQUIDITY RETURNS IN DECEMBER — YOU READY?

Cathie Wood just gave one of the clearest timelines we’ve heard: the liquidity squeeze that crushed risk assets may clear by December 10, right when she expects the Fed to ease.

She reiterated that Ark’s Bitcoin bull… https://t.co/1zahY76vOK pic.twitter.com/f83MC4ixSh

— CryptosRus (@CryptosR_Us) November 25, 2025

December Timeline Depends on Fed Action and Jobs Data
Wood identified multiple factors creating current liquidity constraints. She expects these pressures to clear before year-end as conditions normalize. 

The December 10 Fed decision represents a critical inflection point for risk appetite. Employment statistics due in early December will provide additional clarity on economic health.

Bitcoin typically leads recovery cycles when liquidity returns to markets. Wood pointed to historical patterns showing crypto’s quick response to improved conditions. 

The asset class rebounds faster than traditional investments once capital starts flowing. This sensitivity works both ways during expansion and contraction phases.

ARK’s analysis shows fundamentals remain intact despite price weakness. Wood maintains that the current bull market will continue once liquidity normalizes. 

Her firm tracks multiple indicators beyond price action to assess crypto health. The December timeline gives investors a specific window to watch for confirmation.

Market participants now have a clear date to monitor Fed policy and employment trends. Wood’s public statements provide rare specificity in timing expectations. 

The next few weeks will test whether her liquidity thesis holds. Bitcoin traders are positioning accordingly as the deadline approaches.

A major block trader placed a bold wager on Monday, signaling strong confidence in bitcoin’s year-end recovery as the cryptocurrency climbs back toward the $100,000 level. Bitcoin has bounced to roughly $88,000 after dipping near $80,000 last week, supported in part by renewed expectations of a 25-basis-point Federal Reserve rate cut in December. However, institutional inflows into spot bitcoin ETFs remain muted, with the 11 U.S. spot ETFs recording a combined net outflow of $151 million on Monday, according to SoSoValue.

Despite sluggish ETF activity, one trader executed a massive options position worth 20,000 BTC in notional value—approximately $1.76 billion—aimed at capturing bitcoin’s potential move beyond $100,000 by year-end. Deribit disclosed that the participant opened a long-dated call condor for December 2025, using strike prices of $100K, $106K, $112K, and $118K.

A call condor strategy involves buying calls at the lowest and highest strike prices and selling two calls at the middle strikes, all with the same expiration date. This structure allows the trader to profit if bitcoin’s price ends within a targeted range—in this case, between $106,000 and $112,000. The bullish setup reflects confidence in further gains while signaling expectations of a measured rally rather than a breakout to new all-time highs. The strategy’s capped upside at $118,000 suggests the trader does not anticipate bitcoin surging past the previous record near $126,000 this year.

Block trades of this scale, typically negotiated privately to avoid influencing market prices, highlight the growing sophistication of large investors entering the crypto options market. Instead of simply betting on direction, they are using advanced strategies to define both the expected level and the limits of bitcoin’s potential upside. This latest trade underscores rising optimism about bitcoin’s trajectory as the year progresses, even as broader institutional flows remain cautious.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

The SEC granted Fuse a no-action letter, confirming it will not recommend enforcement if the FUSE token is sold as described.

Key Takeaways
Why does the first U.S. spot Dogecoin ETF matter?
Because a $22 billion memecoin is treated as a serious asset by U.S. regulators and Wall Street.

What does this mean for crypto’s future?
Culture-driven coins — and internet communities — now influence mainstream financial markets.

The line between “serious asset” and “silly meme” has always been thinner than people liked to admit. And now, Dogecoin ETFs sit on the same shelf as blue-chip ETFs, and no one is laughing it off.

If anything, this listing is bigger than Dogecoin itself. It means that humor and speculation can coexist with legitimacy.

Perhaps that’s exactly what investors want.

From internet joke to market fixture
Dogecoin [DOGE] started in 2013 as a parody of crypto culture: a Shiba Inu, Comic Sans captions, and a community built on tips, memes, and chaos. But the joke didn’t stay small.

It quickly grew into one of the internet’s most devoted subcultures, fueled by viral Reddit threads and social media. And of course, a series of high-profile nods from Elon Musk sent its price swinging to near-cartoonish highs and lows.

What’s changed is the way the market talks about it.

The same coin is now being slotted into regulated products. It is discussed alongside Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and Ripple’s XRP [XRP] — all assets that have already crossed the ETF line.

While Dogecoin’s leap won’t erase its origins by any means, it does show how far the industry has shifted to accommodate the unexpected.

The Dogecoin ETF changes EVERYTHING
Coming off its unlikely rise, Dogecoin is now stepping into a more serious arena.

A spot ETF is simple in practice — instead of tracking futures or synthetic baskets, it holds the actual asset.

For investors, it means cleaner pricing, fewer layers, and a product that behaves much closer to owning DOGE outright.

Source: X

We’ve had Dogecoin-adjacent products before. REX Financial and Osprey Funds launched a quasi-spot ETF under the “DOJE” ticker back in September, but it never offered true spot exposure.

That’s why Grayscale’s listing today has more value. It’s the first time U.S. markets are treating Dogecoin the same way they treat crypto assets, which now have spot ETFs of their own.

AMBCrypto previously reported that the GDOG launch arrives during one of Dogecoin’s weakest quarters.

The asset is struggling to reclaim Q1 losses, even dipping to lows near $0.09. Despite the ETF landmark, the setup remains fragile.

The SEC, once openly skeptical of crypto (let alone a meme asset), is now greenlighting a product built around a Shiba Inu joke.

And it’s doing so while Dogecoin remains the ninth-largest cryptocurrency, with a $22 billion market cap at the time of writing.

Source: CoinMarketCap

With Bitwise and 21Shares also in line, even the most unconventional assets are now part of the U.S. finance roster.

When memes become markets
With Grayscale stepping in, the ripple effect goes far beyond Dogecoin itself.

The top memecoins now represent a surprisingly large slice of crypto’s market cap. Dogecoin is at $22 billion, Shiba Inu [SHIB] at $4.6 billion, MemeCore [M] at $2 billion, and Pepe [PEPE] at $1.75 billion.

Others like Official Trump [TRUMP], Bonk [BONK], and Pudgy Penguins [PENGU] sit comfortably in the $600 million-$1.2 billion range.

Source: Coinmarketcap

That’s why TradFi embracing a meme is important. This is a culture shock that’s been building for a decade.

Younger investors are growing up online. They’re an active part of communities, humor, and hyper-social markets. Now, they influence capital formation as much as analysts in suits.

A Dogecoin ETF simply acknowledges what the internet already proved: markets move where culture moves.

For institutions, this is an open door to what they’ve tiptoed around for years. A regulated path into memecoins means new liquidity, new indices, and new products built around these assets.

If finance is finally taking memes seriously, mainstream adoption is here… with its wagging tail.

Not everyone’s celebrating
One could argue that Dogecoin’s volatility, its meme-first identity, and its history of rallying on jokes make it an odd fit for a “serious” product. And they’re not wrong to flag the risks.

Memecoins can move 10-20% in a day, and regulations around these culture-driven assets are still evolving.

Whales holding 10-100 million DOGE have dumped roughly 7 billion tokens in the past month, a trend that closely tracked DOGE’s 21% slide. The market is cautious even as institutions gain new access via ETFs.

But that’s also what makes this phase a bit more interesting. If markets are now pricing in cultural value as real value, the debate is about how finance plans to keep up.

In the end, Dogecoin’s ETF debut is less about itself and more about what markets are becoming. Humor, speculation, and innovation can coexist and even create value.

So, if a joke can make it this far, what else are we underestimating?

Bitcoin is fighting to recover after one of its most difficult trading weeks in recent months, yet market signals continue to point toward caution. The world's largest cryptocurrency is trading above $86,800, showing mild progress over the last 24 hours, but weekly indicators still reveal sustained selling pressure that has not completely disappeared from the market.

The Grayscale spot DOGE ETF opened far below projections and well under expectations set by recent altcoin exchange-traded fund launches.

Summary

GDOG posted $1.41M in day-one volume versus the $11–12M forecast.
The fund launched with $1.71M in net assets, 94,700 shares outstanding, and a three-month 0% fee waiver.
GDOG is the first spot Dogecoin ETF in the U.S., converted from Grayscale’s private Dogecoin Trust.

Grayscale’s new Dogecoin ETF fund (ticker: GDOG) opened on the NYSE with softer-than-expected activity, drawing modest trading on its first day.

According to data from SoSoValue, GDOG recorded $1.41 million in first-day trading volume, with net assets of $1.71 million.

Grayscale launches the first U.S. spot DOGE ETF
The ETF debuted on NYSE Arca on Nov. 24, becoming the first spot DOGE exchange-traded product available to U.S. investors. The fund is a conversion of Grayscale’s private Dogecoin (DOGE) Trust, which launched earlier this year for accredited participants.

Investors can obtain exposure without managing wallets or custody thanks to GDOG, which holds physical DOGE and monitors the token’s spot price. Coinbase Custody is the asset custodian, and BNY is the administrator for the ETF, which uses cash creation and redemption.

At launch, the fund held 11.1 million DOGE across 94,700 shares, with DOGE per share set at 117.58. Grayscale is temporarily waiving fees, offering a 0% expense ratio for either the first three months or until assets reach $1 billion; afterward, the fee rises to 0.35%.

The rollout drew wide attention as another milestone linking meme-driven digital assets to regulated markets. But despite strong anticipation, early activity landed well below forecasts. Bloomberg ETF analyst Eric Balchunas had predicted  $10–12 million in day one volume.

Muted debut contrasts with DOGE price bump
GDOG’s first-day total of $1.41 million was far from projections and well behind recent altcoin ETF openings. Some market watchers described the debut as a cautious start rather than a setback, noting that meme-aligned products may attract steady flows over time instead of flash surges.

Dogecoin itself reacted with a mild rally. DOGE traded around $0.152 after a 3-5% rise, with global spot and derivatives activity reaching $1.93 billion in 24-hour turnover. While not a major breakout, the move suggested traders were monitoring the ETF even if institutional desk participation remained thin.

Looking ahead, Grayscale is preparing for a Chainlink (LINK) ETF, framing it as a future bridge for tokenized RWA markets and cross-chain settlement. The firm says the lineup aims to give investors clear access to digital assets as the asset class matures.

XRP price started a steady increase above $2.20. The price is now consolidating gains and might aim for another increase if it stays above the $2.180 level.

XRP price started a fresh increase above the $2.120 zone.
The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2.00 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move up if it clears $2.280.

XRP Price Gains Momentum
XRP price started a decent upward move above $2.020 and $2.050, beating Bitcoin and Ethereum. The price gained pace for a clear move above the $2.120 resistance.

Besides, there was a break above a key bearish trend line with resistance at $2.00 on the hourly chart of the XRP/USD pair. The pair even surpassed the $2.20 barrier. A high was formed at $2.286 and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high.

The price is now trading above $2.20 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.280 level. The first major resistance is near the $2.320 level, above which the price could rise and test $2.350.

Source: XRPUSD on TradingView.com
A clear move above the $2.350 resistance might send the price toward the $2.4620 resistance. Any more gains might send the price toward the $2.50 resistance. The next major hurdle for the bulls might be near $2.550.

Another Decline?
If XRP fails to clear the $2.280 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.180 level. The next major support is near the $2.080 level.

If there is a downside break and a close below the $2.080 level, the price might continue to decline toward $2.050 and the 50% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high. The next major support sits near the $2.020 zone, below which the price could continue lower toward $1.9250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.180 and $2.080.

Major Resistance Levels – $2.280 and $2.320.

Follow up to the hour updates on what is happening in crypto today, November 25. Market movements, crypto news, and more!

A crypto rally is happening today, Nov. 25, with Bitcoin and most altcoins being in the green. Bitcoin price jumped to $87,625, while top altcoins like Bonk, Kaspa, Sui, XRP, and Ethebna were up by over 5% in the last 24 hours. The market cap of all coins jumped to over $3 trillion.

The cryptocurrency market has experienced a brief rebound, rising by over 1.8% in the past 24 hours. Bitcoin (BTC), along with the majority of the top 20 cryptocurrencies, is in green.

However, analysts are warning that the current relief rally could be a classic dead cat bounce, which is a short-lived, temporary price recovery during a larger downward trend.

Sponsored

Sponsored

Technical Analysts Flag Dead Cat Bounce Pattern In BitcoinAccording to BeInCrypto Markets data, Bitcoin rebounded to a high of $89,000 on Monday, following a weekend recovery. At the time of writing, the price had adjusted to $87,755. This represented modest gains of 0.23% over the past day.

Bitcoin (BTC) Price Performance. Source: BeInCrypto MarketsStill, technical analysts remain wary. Crypto analyst Elja analyzed Bitcoin’s technical setup on the weekly chart after the dip to $82,000.

He stressed that short-term rallies after steep declines often give traders false hope of a bull market return. According to Elja’s analysis, $98,000 has become a vital level for Bitcoin’s immediate direction.

“After a major drop, you often see a quick relief rally, like a ‘dead cat bounce,’ and this doesn’t mean the bull market will immediately return. Keep an eye on the $98,000 level. It used to be support and could now turn into resistance,” the analyst said.

Elja also warned that failing to close above $98,000 would likely confirm a bearish trend. If that happens, Bitcoin could fall further toward the $75,000 support area.

However, a weekly candle closing above $98,000 could counter the dead cat bounce theory and suggest renewed bullish momentum.

Sponsored

Sponsored

Weekly BTC/USDT Chart. Source: X/EljaboomMarket analyst Ted Pillows characterized the latest price uptick as a “relief bounce” rather than a meaningful shift in sentiment. He noted that brief rebounds often spark renewed optimism among traders.

However, this tends to fade quickly in a firmly negative market structure. Pillows emphasized that the broader trend still points downward.

Market commentator Titan of Crypto noted that Bitcoin is exhibiting a strong reaction at the Senkou Span B (SSB), the lower boundary of the bullish Ichimoku Kumo cloud. He warned that even if a rise happens, it is “likely to be a dead cat bounce,” similar to patterns seen in 2022. Titan added that the bearish scenario would be invalidated only if Bitcoin fully reclaims the entire cloud and holds above it.

At the same time, another market watcher highlighted the emergence of a possible head-and-shoulders formation on BTC’s monthly chart. This is a classic bearish pattern that often signals trend exhaustion and the potential for a deeper reversal if the neckline breaks.

Nonetheless, not all analysts agree with this narrative. Analyst Peter Anthony believes traders will continue to label every rebound as a “dead cat bounce,” even as Bitcoin advances toward the $100,000 region.

He acknowledged the possibility of a correction on the way back toward the highs but believes the bearish calls will prove misplaced.

“The deadcat bounce will be fake and many will then fomo one BTC hits $115,000+. This means most took maximum losses selling into last week and will wait to buy once recovery has been completed,” Anthony remarked.

BeInCrypto also reported that many analysts have been calling a bottom, noting that the worst may be over for the largest cryptocurrency. Thus, the next few weeks will be crucial for Bitcoin’s market direction. Whether Bitcoin’s rise continues or it dips further remains in focus.

TLDR:

Circle deployed USDC natively on Monad as the 29th blockchain supporting the regulated stablecoin
CCTP enables cross-chain transfers between Monad and 17 other networks without liquidity locks
Thirteen DeFi applications launched day-one including Curve Finance, Coinbase, and Wormhole
Circle bundled Wallets and Contracts developer tools alongside stablecoin infrastructure

Circle has deployed USDC and its Cross-Chain Transfer Protocol on Monad, marking the 29th blockchain to support the regulated stablecoin natively. The payments company announced the integration alongside Circle Wallets and Circle Contracts through a blog post. 

Monad developers now have access to institutional-grade infrastructure for building DeFi applications. Thirteen applications went live at launch, including Curve Finance, Coinbase, and Wormhole.

USDC Goes Native on Monad’s EVM-Compatible Chain
The stablecoin issuer released USDC at mainnet address 0x754704Bc059F8C67012fEd69BC8A327a5aafb603 for production use. 

Testnet deployment sits at address 0x534b2f3A21130d7a60830c2Df862319e593943A3 for developer experimentation. Circle made testnet funds available through its faucet service for developers testing payment flows.

USDC, CCTP, Wallets, and Contracts are now live on @monad!

Access the world’s largest regulated stablecoin and core Circle Developer Services for secure, capital-efficient DeFi, trading, and payments on Monad’s high-performance blockchain.

Day 1 apps: @AccountableData,… pic.twitter.com/CY0YVB9AU1

— Circle (@circle) November 24, 2025

Monad operates as a Layer-1 blockchain built for high throughput while maintaining full Ethereum Virtual Machine compatibility. 

The network combines low transaction fees with Ethereum-level security standards. Developers can port existing Solidity smart contracts without modification.

CCTP now connects Monad to 17 other blockchain networks without requiring liquidity locks. 

The protocol burns USDC on the source chain and mints an equivalent amount on the destination chain. This approach eliminates the capital inefficiency of traditional bridge models that lock funds in smart contracts.

Circle positioned the integration as more than just stablecoin deployment. The company bundled four developer products in the launch package. Each service targets specific use cases across decentralized finance and enterprise applications.

Developer Tools Enable Cross-Chain Apps and Enterprise Integration
Circle Wallets provides programmable wallet infrastructure with customizable key management and compliance tooling. 

The service includes Gas Station functionality to sponsor network fees for end users. Businesses can create in-app wallets without handling complex cryptographic operations directly.

Circle Contracts offers templated smart contract deployment through a curated library of audited code. 

The tooling accelerates tokenization projects and loyalty program implementations. Developers access end-to-end infrastructure for managing contract lifecycles.

Day-one applications span multiple categories including bridges, decentralized exchanges, and lending protocols. 

Accountable, Across Protocol, and Bungee Exchange launched bridge functionality at mainnet activation. Kuru Exchange, Crystal, and Monday Trade deployed trading interfaces using USDC as a settlement asset.

Market makers can now deploy capital across Monad venues using native USDC. 

The stablecoin serves as collateral in lending markets and as a base pair in liquidity pools. Fintech platforms gain access to real-time settlement infrastructure through Circle Mint for eligible institutional users.

CCTP brings the total number of chains supporting native USDC movement to 18 networks. The protocol maintains 1-to-1 redemption against US dollar reserves held by Circle. Cross-chain transfers complete without third-party custody or wrapped token intermediaries.