Market Signal Briefing

Timothy Morano
Nov 25, 2025 05:46

Gala Games celebrates Thanksgiving with special events, discounts, and rewards across Mirandus, Town Star, and Vexi, offering players exciting opportunities and unique in-game experiences.

Gala Games is celebrating Thanksgiving by hosting a series of special events and offering limited-time discounts and unique in-game opportunities across its platforms, including Mirandus, Town Star, and Vexi. This initiative is designed to engage players with new challenges, rewards, and exclusive items, enhancing the holiday spirit within the Gala ecosystem.

Mirandus: Seasonal Sales and Challenges
In Mirandus, players can take advantage of significant discounts and participate in a competitive weekend event. From November 25 to December 1, essential in-game assets will be on sale, including a 40% discount on Phoenix and Hawk Pets and select Mystery Chests. Additionally, the 'Dusk of the Broken' event running from November 28 to December 1 offers a total of 128,200 GALA in prizes and exclusive cosmetics for top performers.

Town Star: New Additions and NFT Discounts
Town Star introduces Turkey Meat, expanding its crafting options. A new Rare Turkey Ranch NFT is available, offering strategic advantages and boosting production efficiency. Furthermore, players can purchase curated NFTs at discounted rates, such as Sparky the Great Pyrenees and Sommelier Vineyard, which enhance gameplay with speed and production bonuses.

Vexi: Character Sale and Player Appreciation
Vexi joins the festivities with a character sale and a special player appreciation gift. From November 13 to December 4, players can enjoy a 42% discount on the new Vexi Ledger character. Additionally, all players will receive 200 Bytes as a token of gratitude for their support and participation.

The Thanksgiving events across Mirandus, Town Star, and Vexi showcase Gala Games' commitment to fostering community and engagement. Players are encouraged to explore these offerings, enjoy the seasonal bonuses, and make the most of the holiday season within the Gala Games universe. For more information, visit the official Gala Games website.

Image source: Shutterstock

gala games
thanksgiving
mirandus
town star
vexi

Paxos has taken its next step in multi-chain stablecoin infrastructure with a targeted launch across key networks.

Summary

Paxos introduced USDG0, a fully backed omnichain version of its regulated USDG stablecoin using LayerZero’s OFT standard.
Plume, Hyperliquid, and Aptos were selected as the first networks to deploy USDG0.
New tooling such as the USDG0 Portal and cross-chain APIs supports unified liquidity and reduces the risks tied to traditional bridges.

Paxos has named three fast-rising networks as the first venues for its new omnichain stablecoin, setting the stage for regulated liquidity across multiple ecosystems.

According to a Nov. 24 press release from Plume, the network will join Hyperliquid and Aptos as primary launch partners for USDG0, the omnichain extension of Paxos’s regulated USDG stablecoin created through LayerZero’s omnichain-fungible token standard.

Paxos expands USDG0 across three high-growth networks
USDG0 carries the same 1:1 reserve model as USDG, backed by cash, short-term U.S. Treasuries, and cash equivalents, with monthly audits conducted by Withum. The asset, according to Paxos, is a unified version of USDG that can move natively across chains without the need for fragmented pools or wrapped tokens.

The model locks USDG in audited contracts while minting USDG0 on destination chains, maintaining regulatory clarity while enabling broad mobility.

Plume said its inclusion in the inaugural launch cohort positions the network as a distribution hub for compliant liquidity. The chain has recorded more than 280,000 active real-world asset holders and $645 million in RWA TVL within five months of mainnet, offering a large retail and institutional base for USDG0’s rollout. 

The team noted that the stablecoin adds yield aligned with U.S. Treasury benchmarks, native liquidity for decentralized finance builders, and direct access for its global user base.

Hyperliquid’s role centers on derivatives. The decentralized perpetuals exchange will apply USDG0 toward yield-aligned trading pairs, lending markets, and new collateral rails for active traders. Community governance plans to introduce programs that expand usage across perpetuals and on-chain funding markets.

Aptos becomes the first network to deploy a Move-native OFT stablecoin through LayerZero. The Aptos Foundation said this supports enterprise-focused applications, tapping the chain’s throughput and compliance-oriented development to attract new liquidity partners.

Paxos views Aptos as a strong fit for stablecoin settlement frameworks used by businesses and institutions.

LayerZero tooling and early integrations shape the rollout
The launch is paired with infrastructure upgrades, including the USDG0 Portal for cross-chain swaps, low-fee APIs for larger transactions, and unified supply mechanics across all supported networks. Paxos is exploring further integrations on Solana, Ethereum, Ink, and X Layer. 

From the outset, this Paxos’ approach places USDG0 in three specialized domains: enterprise-grade settlement on Aptos, derivatives on Hyperliquid, and RWAs on Plume. Paxos expects that these environments will support early adoption while providing a regulated route for further growth.

In his recent social media post, Barstool Sports co-founder Dave Portnoy has hinted at buying another XRP dip. He has also purchased Bitcoin (BTC) and Ethereum (ETH). 

As reported by U.Today, Portnoy recently revealed that he had bought $1 million worth of XRP. This came after XRP experienced a significant price plunge, teetering on the verge of collapsing below the $2 level. 

HOT Stories

Portnoy does not consistently hold crypto long-term; he tends to “bet and set it” rather than actively trade.

For instance, he bought a sizeable number of XRP tokens earlier this year but later sold them at around $2.40 after some caution about competition from Circle/USDC. XRP surged 60% after he sold. He publicly expressed regret for dumping his tokens, claiming that he actually wanted to cry after the price surge. 

XRP's recovery  XRP is currently trading at $2.24 after surging by more than 8% over the past 24 hours. 

The cryptocurrency is currently benefiting from the ETF hype following several major launches, which explains Portnoy's interest.   

Strengthening dollar flow, stabilizing policy signals and revitalized lending are converging to frame bitcoin's slide into the low $80,000s as a high-conviction accumulation zone poised to reinforce the market's next upside phase, Arthur Hayes says.

SummaryEurope’s macro outlook is shifting.After years of fiscal restraint and fragmented policy, the region is entering a new chapter - one centered on pro-growth fiscal policy, energy security, and capital-market reform.In this episode, Helen Jewell, Chief Investment Officer for EMEA Fundamental Equities, and Roelof Salomons, Chief Investment Strategist for Northern Europe at the BlackRock Investment Institute, talk about how Europe’s evolving macro and investing environment is creating new opportunities across sectors.The conversation also looks at the valuation gap between Europe and the U.S., the implications of potential ECB rate cuts, and what reforms could drive a broader, more durable resurgence. Dilok Klaisataporn/iStock via Getty Images

Transcript Oscar Pulido: Europe's economy has faced a challenging decade, from sluggish growth and energy shocks to persistent structural hurdles that have kept it trailing the US. But 2025 has brought an air of optimism. More flexible

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SummaryThe Invesco S&P 500 Momentum ETF is rated a buy, while the iShares MSCI USA Momentum Factor ETF receives a hold rating.SPMO offers stronger upside potential, superior risk-adjusted returns, and lower costs due to its high-conviction, semi-annual rebalancing strategy.MTUM's higher turnover and quarterly rebalancing provide flexibility but result in lower performance and similar or higher volatility compared to SPMO.A small allocation to MTUM can diversify momentum exposure, but SPMO remains the preferred choice for US large-cap momentum investing. ismagilov/iStock via Getty Images

Momentum strategies can be a really efficient way to get an all-weather portfolio that will pick the best-performing companies, even when the majority of the market is going down, or offer additional upside when the market is going up. That is, it also comes

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

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

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of UBER 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.

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Salabaj v. StubHub Holdings, Inc., et al., Case No. 1:25-cv-09776, on behalf of persons and entities that purchased or otherwise acquired StubHub Holdings, Inc. (“StubHub” or the “Company”) (NYSE: STUB) common stock pursuant and/or traceable to the registration statement and prospectus (coll.

Caroline Bishop
Nov 25, 2025 03:13

Monad Mainnet is now live on Uniswap (UNI), delivering 10,000 transactions per second and expanding opportunities for traders and developers across the platform.

The Monad Mainnet has officially launched on the Uniswap (UNI) platform, marking a significant milestone in the evolution of blockchain technology. According to Uniswap Labs, this new Layer 1 solution is built for speed, capable of processing 10,000 transactions per second, with block times of 400ms and achieving finality in 800ms.

Integration and Features
With the Monad Mainnet now active, users can engage in swaps, provide liquidity, and explore the network directly through Uniswap's apps. This extension maintains the familiar user experience that Uniswap's vast user base has come to trust, including those on Ethereum, Base, and Unichain, now extended to Monad.

Using Monad on Uniswap
To begin swapping on Monad, users are advised to access the Uniswap Wallet or Web App, select Monad from the network dropdown, choose the tokens for exchange, and execute the swap. Similarly, liquidity providers can navigate to the Pools page, select Monad, and provide liquidity for chosen token pairs.

Opportunities for Developers
The launch also opens new doors for developers and institutional partners. The Uniswap Trading API now supports Monad, facilitating direct access to liquidity on the Monad network. Developers interested in integrating Monad can reach out to Uniswap Labs for further collaboration. Additionally, Uniswap Lab's 7702 delegation contracts are operational on Monad, enabling seamless transactions.

Future Prospects
The introduction of Monad on Uniswap is expected to foster significant growth within its ecosystem. By offering a high-speed transaction environment, it is poised to attract more swappers, liquidity providers, and developers. The Monad integration aims to enhance user experiences through the Uniswap Web App and Wallet, while developers can leverage the Uniswap Trading API for seamless application integration.

Overall, the Monad Mainnet launch represents a pivotal development for Uniswap, as it continues to expand its technological capabilities and user base in the competitive landscape of decentralized finance.

Image source: Shutterstock

uniswap
monad
cryptocurrency
blockchain

Alvin Lang
Nov 25, 2025 03:29

VeChain teams up with Rekord to develop digital product passports and tokenization infrastructure for real-world assets, aligning with EU's upcoming regulations.

VeChain has announced a strategic partnership with Rekord to advance tokenization infrastructure for Real-World Assets (RWAs), targeting the European market. The collaboration aims to leverage VeChain's blockchain technology and Rekord's API-first trust layer to enhance supply chain transparency, product authentication, and sustainability reporting, according to VeChain Official.

Digital Product Passports and Regulatory Compliance
The partnership is timely as the European Union prepares to implement the Ecodesign for Sustainable Products Regulation (ESPR), which will introduce Digital Product Passports (DPPs). These passports will link product data to compliance and sustainability measures, promoting a circular economy. VeChain and Rekord aim to provide the necessary infrastructure for manufacturers and brands to capture and verify product data, anchor proofs on VeChainThor, and comply with new regulations without disrupting existing processes.

Rekord's V1 API, already in production with multi-chain support, facilitates the integration of existing systems with VeChain's blockchain. This ensures that businesses can meet upcoming ESPR mandates effectively, positioning blockchain technology at the forefront of the mainstream economy.

Strategic Implications for the European Market
VeChain's partnership with Rekord is set against the backdrop of increasing regulatory demands in the EU, particularly for large enterprises. By providing a robust, enterprise-ready blockchain solution, VeChain enhances its role in supply chain management while addressing the compliance needs of European businesses. The collaboration signifies a crucial step towards the tokenization and digitization of products, aligning with real regulatory requirements and driving value on-chain.

VeChain, established in 2015, continues to expand its influence as a leading Layer 1 public blockchain, supporting a wide array of applications in supply chain transparency and sustainability. With over 5 million users and more than 350 applications on VeChainThor, the platform is well-positioned to anchor verifiable data and facilitate circular business models.

Rekord, known for its Trust Layer for Real World Assets, aims to make data verifiable and interoperable across industries. The partnership with VeChain enhances Rekord's ability to provide tamper-proof, audit-ready evidence for enterprise data, supporting automation, traceability, and sustainability solutions at scale.

Image source: Shutterstock

vechain
blockchain
eu regulations
digital product passports

Jessie A Ellis
Nov 25, 2025 03:45

Monad's native token, MON, now operates on Solana using Wormhole's NTT, enhancing functionality and access to Solana's ecosystem while preserving core features.

The native token of Monad, known as MON, has officially become multichain by integrating with Solana through Wormhole's Native Token Transfers (NTT). This strategic move is designed to maintain MON's core functionalities while offering access to Solana's advanced infrastructure and expanding ecosystem, according to Wormhole.

Understanding Monad
Monad is a Layer 1 blockchain that offers full Ethereum Virtual Machine (EVM) compatibility with remarkable performance metrics, including 10,000 transactions per second and an 800ms finality. It features near-zero gas fees and is built from the ground up with a focus on optimistic parallel execution, custom consensus mechanisms, and hardware efficiency. Monad aims to address the scalability, security, and decentralization trilemma while ensuring complete EVM compatibility, making it ideal for high-performance applications.

The Role of Wormhole's NTT
Wormhole's NTT is an open and composable token standard that allows for the seamless transfer of native tokens across different blockchain networks while preserving their intrinsic properties. NTT has already been adopted by notable projects such as Sky, Lido, and WalletConnect, showcasing its reliability and industry-wide impact. With MON's adoption, the token joins a roster of leading assets utilizing this standard.

Benefits of Using NTT
The integration with Wormhole's NTT enables MON to expand beyond Monad to Solana without liquidity fragmentation. Tokens utilizing NTT maintain full control over their behavior on each blockchain, including customizability, metadata management, and governance compatibility. This adaptability ensures that MON holders can engage with Solana's ecosystem, benefiting from near-instant transactions and reduced costs while retaining Monad's unique infrastructure performance.

Expanding Multichain Opportunities
Wormhole's NTT is increasingly being used by significant crypto assets to unify users and liquidity across chains. This expansion presents MON holders with new opportunities within Solana's ecosystem, enhancing their participation in decentralized finance (DeFi) and other blockchain applications.

About Wormhole
Wormhole is a leading interoperability platform facilitating multichain applications and bridges. It provides developers with access to liquidity and users across more than 40 blockchain networks, supporting diverse use cases in DeFi, governance, and beyond. Trusted by major entities like BlackRock and Uniswap Labs, Wormhole has enabled the transfer of over $70 billion through more than 1 billion cross-chain messages.

Image source: Shutterstock

cryptocurrency
blockchain
monad
wormhole

Journalist

Posted: November 25, 2025

Key Takeaways 
Why did the team unstake 10M tokens? 
It’s intended for the token unlock scheduled for the 29th of November. 

What are the market expectations? 
Mixed. Large players expect a 10% dip to $28, while other analysts projected a rebound at $30. 

The team behind Hyperliquid has reportedly unstaked $316 million worth of HYPE ahead of the token unlock scheduled for the 29th of November. 

According to a pseudonymous analyst, Avseenko, most players were either farming HYPE through its DeFi ecosystem or shorting it. However, he cautioned that there was no strong bidding from the spot markets. 

Tokenomist data showed that about 3.6% of HYPE circulation, or 10 million HYPE, will be unlocked over the weekend to support the founders and team. 

It’s one of the major unlocks to be tracked this week, given the project’s success and the FUD it has caused in the past. 

Source: Tokenomist 

In the next 24 months, Hyperliquid [HYPE] will have monthly unlocks.

Even at the current pace of buyback, crypto investor Arthur Hayes warned that it could leave over $400 million of supply overhang, outweighing the HYPE value.  

Assessing HYPE market positioning
As of writing, HYPE traded at $31.4, down by 47% from its prior all-time high of $59.4. On the incoming unlock, the market was pricing a potential 10% downside move to $28. 

Source: Laevitas

According to Options data, the $28 level had the highest volume of put activity (hedging against downside moves, red bar). 

Put differently, large funds and players expected HYPE not to drop below $28 over the weekend after the unlock. 

On the price charts, the level was a breakout point (white zone) during HYPE’s explosive recovery early this year. Perhaps market participants expected it to act as support and potentially trigger a rebound. 

Source: HYPE/USDT, TradingView 

That being said, HYPE has seen significant accumulation over the past seven days of trading.

According to CoinGlass, the net inflows were red over the period, suggesting that more HYPE tokens left exchanges than moved in. Put differently, more people moved off their HYPE for self-custody — A bullish sign. 

Source: CoinGlass

Overall, the mixed accumulation and Options positioning meant that there was no market consensus that the unlock would significantly drag the HYPE price lower, as crypto sentiment suggested.

In fact, one analyst, Teng Yang, echoed a similar sentiment and said, 

“IMO the team will sell tokens, but impact probably not as steep as people fear (e.g. OTC, slow drip). More diamond-handled compared to if this were a VC unlock.”

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

According to Sal Gilbertie, CEO of Teucrium, Ripple could be closer to the kind of regulated bank that many in finance do not expect.

He told listeners that a clear US regulatory framework and a formal banking license for Ripple would be the real switch that unlocks big institutional interest in XRP. That idea is getting attention in crypto markets today.

CEO Sees Ripple As A Bank
Gilbertie compared Ripple’s organization to a financial institution with strong capital and coordinated leadership. He pointed out that Ripple’s network includes many former employees who stay active in the wider ecosystem, which he said helps the company expand even when people move on.

According to Gilbertie, the firm functions much like “a machine.” He also asked a sharp question about token sales:

“Why would they want to sell XRP? They’re incredibly well capitalized.”
That comment was offered to calm concerns that Ripple might flood the market with tokens.

Ripple’s Token Strategy And Reserves
Based on reports, Gilbertie believes Ripple has less motive to sell large amounts of XRP as its balance sheet grows and use cases for the token increase.

He framed XRP as a tool that could be used by institutional clients and a bank, noting that holding tokens could be similar to how banks keep capital reserves.

Critics point out Ripple has sold XRP in the past to fund operations. But Gilbertie argued that a licensed Ripple Bank would change how those holdings are treated and how often they are moved.

XRP market cap currently at $124 billion. Chart: TradingView
Regulatory Clarity And A Banking License
Regulatory clarity in the US is central to Gilbertie’s view. He said that a banking license, combined with clear rules, would open doors to products and clients who now wait on the sidelines.

That is the milestone he expects will have the most direct impact on price and demand. Until regulators spell out how these services will work, many institutional buyers remain cautious.

Image: Bitpanda Blog
Market Moves And Volatility
Volatility has marked XRP’s recent path. Reports noted that some market swings are part of a broader trend where assets that surged by “hundreds of percent” in the prior year then give back gains.

Gilbertie described a 30–50% pullback as natural after big rallies. He added that falling volatility in major assets, plus more institutional entry through ETFs and a friendlier US administration toward crypto, may make markets calmer over time as more supply is held by long-term owners.

Featured image from Gemini, chart from TradingView

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

Bitcoin hovered near $87,000 as Asia opened stronger, with regional stocks tracking Wall Street's gains and rising confidence in a potential December Fed rate cut.

XRP ETFs ended Monday’s session with strong combined volume, but the competition between the four funds is already showing clear winners and losers. Bitwise stayed well ahead, Franklin Templeton accelerated through the day, Canary held steady, and Grayscale delivered a disappointing start. Together, the four funds closed Monday with more than $85 million in trading.

XRP ETFs Reach $85.7 Million by Monday CloseBy the end of Monday’s trading session, the four XRP ETFs generated a combined $85,756,524 in total volume. Bitwise led comfortably with 1,452,944 shares traded for $36,599,659. Franklin Templeton followed with 965,203 shares traded for $23,666,777. Canary came in third with 783,825 shares traded for $18,772,608. Grayscale finished far behind, trading only 152,566 shares for $6,717,480.

Analyst Explains XRP’s Daily Pattern During ETF HoursAccording to one analyst, XRP may follow a repeating pattern linked directly to ETF trading hours. During market hours, the price tends to move up slightly, often $0.10 to $0.20, which boosts the daily performance of the ETFs. After hours, the price often goes flat or dips. The analyst says this pattern could build momentum over several weeks, setting up a stronger price breakout later.

XRP Price Reacts to Support and Eyes Higher LevelsXRP bounced off the micro support area between $1.99 and $2.25. It touched the 38.2% retracement at $2.22 and moved up as expected. Analysts say XRP still needs to break above the $2.69 to $2.84 zone to confirm a larger trend reversal. Any pullback should ideally hold above $2.27 to $2.18 to keep the bullish structure intact.

With more than $85 million traded on Monday alone, XRP ETFs have entered the market with strong momentum, and the next sessions will show whether demand grows even further.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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The SEC has just issued its second “no-action letter” toward a decentralized physical infrastructure network (DePIN) crypto project in recent months, giving its native token “regulatory cover” from enforcement.

The no-action letter was sent to Solana DePIN project Fuse, which issues a network token FUSE as a reward to those actively maintaining the network and isn’t sold to the public.

Fuse initially submitted a letter to the SEC’s Division of Corporation Finance on Nov. 19, asking for official confirmation that it would not recommend the “SEC take enforcement action” if the project continues to offer and sell FUSE tokens.

Fuse also outlined in its letter that FUSE is designed for network utility and consumptive purposes, not for speculation. It can only be redeemed for an average market price via third parties.   

“Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel, Fuse offers and sells the Tokens in the manner and under the circumstances described in your letter,” wrote Division of Corporation Finance’s deputy chief counsel, Jonathan Ingram, on Monday. 
 

SEC’s no-action letter to Fuse Crypto. Source: SEC The latest SEC no-action letter comes just a few months after the SEC issued a similar “highly coveted” letter to Double Zero, which was seen as a result of a new, more crypto-friendly leadership at the SEC. 

At the time, DoubleZero co-founder Austin Federa said such letters are common in TradFi but are “very rare” in the crypto space. 

“It was a months long process, but we found the SEC to be quite receptive, we found them to be quite professional, quite diligent, there was no crypto animosity.”The SEC was put under new leadership in April, after Paul Atkins was sworn in as the 34th chairman, and the agency has since been seen taking a more balanced approach to crypto. As part of the leadership, crypto-friendly Hester Peirce also heads up the agency’s crypto task force. 

SEC no-action letters are a form of regulatory clarityAdding to the discussion on X, Rebecca Rettig, a legal representative of Solana MEV infrastructure platform Jito Labs, said the no-action letter (NAL) are sought after by many crypto projects. 

“Why do crypto teams want them? ‘Regulatory clarity.’ If you're planning to issue a token, a NAL provides reasonable assurance you won’t face immediate enforcement for violations of securities laws. It’s a kind of ‘regulatory cover,’” she wrote.

SEC giving a pass to Fuse wasn’t unexpected: Crypto lawyerThe no-action letter doesn’t necessarily set any new precedents, however. 

Commenting on the subject via X on Monday, Consensys lawyer Bill Hughes said this was “an easy case,” given the nature of Fuse’s token.    

“The take away is that there is not a lawyer in crypto that would have thought this token was a security. And maybe not even any lawyer who is merely familiar with Howey,” Hughes said. 

Crypto founders praise SEC’s new leadershipAfter an era in which many US crypto founders, businesses and projects said they felt hostility from the SEC under former chair Gary Gensler, the latest interaction with Fuse indicates the agency has dramatically shifted its approach.   

The same month that Double Zero secured its no-action letter, the SEC also issued a similar no-action letter for crypto-custodians that don’t qualify as banks. 

While they still have to meet strict conditions, the no-action letter provides clear guidelines for acceptable ways for these types of firms to operate and deal with crypto, something which the industry has been begging for over the past few years. 

Magazine: 2026 is the year of pragmatic privacy in crypto: Canton, Zcash and more

Ackman is known for taking aggressive positions in a small number of companies.

Billionaire Bill Ackman has attracted attention for his unique investment approach and past successes. The founder and CEO of Pershing Capital Management became known for buying stocks such as Chipotle and Google parent Alphabet at multi-year lows and then profiting when they recovered.

Today, the Ackman stock to watch may be Uber (UBER 0.21%). In the first quarter of 2025, the investment manager purchased a massive position in this stock. Although he trimmed his position by about 1% in Q3, it remains the largest holding among the stocks owned by Pershing Square.

The question for most investors is whether Uber is also a suitable position for them, or whether they should stay away.

Image source: Getty Images.

Ackman and Uber stock
Investors should first understand that not all billionaire investments are appropriate for them. This is evident in Warren Buffett's investment history. Even though his company, Berkshire Hathaway, has long held a position in Coca-Cola, the fact that Berkshire has not traded its shares in 31 years may indicate it is not a buy under today's market conditions.

Likewise, investors should not just assume Ackman's interest in Uber stock is a buy signal for them. Indeed, allocating 19% of the fund to a single stock shows a high degree of confidence, particularly since he holds positions in only 10 companies. Knowing that, individual investors should examine the stock themselves and determine its suitability for them.

Nonetheless, average investors can also make a solid argument for buying Uber. It leads the global mobility market and competes worldwide in delivery despite lagging DoorDash in the U.S. Moreover, Uber has launched autonomous driving services in select cities, and other companies in that business will likely turn to Uber's platform to arrange rides. That could become a lucrative revenue source in the coming years.

Uber by the numbers
For now, its current business performs well. In the first nine months of 2025, it generated almost $38 billion in revenue, an 18% rise compared to the same year-ago period. This included an 18% rise in mobility revenue, and the delivery segment increased revenue by 24%. Those segments account for a combined 90% of the company's revenue.

Furthermore, the company limited cost and expense growth to 13%. That helped Uber earn almost $9.8 billion in net income in the first three quarters of 2025, far above the $3.0 billion in the same period in 2024.

Admittedly, a one-time, $4.3 billion income tax benefit accounted for most of that rise, but even without that boost, Uber's profits still grew considerably.

That increase likely has helped the stock's performance. Even though Uber stock sold off in recent weeks along with the market, the stock is up by almost 40% over the last year.

Today's Change

(

-0.21

%) $

-0.18

Current Price

$

83.69

Additionally, it appears inexpensive by just about any measure. Indeed, the P/E ratio of 11 and the forward P/E of 13 may have been affected by one-time charges.

Still, the forward one-year P/E ratio, which measures valuation based on next year's estimated earnings, is 20. That indicates Uber stock is an underappreciated value, much like many of Ackman's past investments. Such conditions indicate Ackman and those who follow him could profit from Uber stock in the same way he drove positive returns from past stock picks.

Should you follow Ackman into Uber stock?
Ultimately, Uber stock looks like an excellent addition to individual stock portfolios.

Admittedly, not everyone has the capital and risk tolerance for stocks like this, and it is fine for those investors to let Uber stock drive by.

However, for everyone else, Uber's mobility and delivery segments continue to drive significant growth for the stock, and the rise of autonomous driving could turn into a lucrative revenue source for the company over time.

Finally, Ackman was likely also drawn to Uber's low valuation, a factor that still applies. That probably means it is not too late for Uber to turn into a low-cost, fast-growing holding for those willing and able to invest in the stock and hold it long term.

LOS ANGELES--(BUSINESS WIRE)--STUB CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against StubHub Holdings, Inc.

Image: Bigstock

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Breaking Down Financial Statements

Whether you’re a seasoned investor or just trying to get a better handle on finance, understanding financial statements is a skill worth having in your toolkit.

Sure, they can look like a mess of numbers at first, but once you know what you’re looking at, they’re one of the best ways to size up a company. Let’s break them down simply.

Income Statement

The income statement shows how much a company made, spent, and kept over a certain period, usually a quarter or a year. It’s often called the Profit & Loss (P&L) statement.

Revenue (Sales): This is the total money the company brings in from its main business, selling products or services.Expenses: The costs of running the business. Think wages, rent, utilities. Basically what it takes to keep the lights on.Net Income (Profit): What’s left after expenses. If it’s a positive number, the company made a profit. If it’s in parentheses, that’s a loss.Balance Sheet

The balance sheet is a snapshot of a company’s financial health. It shows what it owns, what it owes, and what’s left for shareholders.

Assets: What the company owns. Examples include cash, buildings, inventory, land, etc.Liabilities: What it owes, including loans, unpaid bills, or anything else that needs to be paid back.Equity: What’s left over if the company sold everything and paid off its debts.Cash Flow Statement

This one’s all about the movement of cash, essentially what’s coming in and what’s going out during a specific period. It’s split into three parts:

Operating Activities: Cash from day-to-day business like sales, marketing, and admin. If this is consistently negative, that’s a red flag.Investing Activities: Cash used for big purchases like equipment or propertyFinancing Activities: Cash related to raising or returning money, such as borrowing, repaying debt, buying back stock, or paying dividends.Apple (AAPL - Free Report) is often referred to as the ‘cash king’ thanks to its immense cash-generating abilities. Free cash flow of $26.5 billion grew 60% year-over-year throughout its latest release, continuing the historical trend nicely.

Bottom Line

Financial statements can seem intimidating, but once you get used to them, they’re very helpful. Investors don’t need to memorize every line but rather just focus on the few big things that actually tell the story.

Published in tech-stocks

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

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

Without learning from my worst investing decision, I would have missed out on many of my best long-term investments.

As we approach Thanksgiving, I wanted to take a step back and look at two stocks I am thankful for. Not only have these stocks provided solid returns for me (though I could have done better, as you'll find out), but they've taught me even more critical lessons along the way.

Today, I'll discuss the growth stock I'm grateful to have once held (for a while), the lessons it taught me, and the unstoppable stock I'm buying now after applying these lessons.

Image source: Getty Images.

Remember Amazon's Fire Phone?
It was 2014, and I was a happy Amazon (AMZN +2.54%) shareholder. I was somewhat early in my Foolish journey, and if I remember correctly, Amazon stock had nearly tripled for me in just a few years of owning it.

Quick returns like this can have a way of making investors feel invincible, or even like they're playing with "house money." At least that's how I felt at the time.

So, when Amazon announced the upcoming release of its Fire Phone in June of 2014 -- an idea I really disliked -- it was a no-brainer to sell the stock. It wasn't so much that I thought the company was headed for ruin, but rather that I thought the phone was a terrible idea.

Now, with the benefit of hindsight, I can say that I was absolutely right about the Fire Phone. However, I was wrong about Amazon stock. While the Fire Phone was a complete flop, Amazon went on to become a 14-bagger.

Today's Change

(

2.54

%) $

5.60

Current Price

$

226.29

The lessons I missed at the time were to avoid short-term thinking, to trust the management of a founder-led company, and not to bet against innovation (that is, new ideas, even if they were sometimes bad).

Suppose Amazon and Jeff Bezos had been perpetually afraid to fail, as they did with the Fire Phone. In that case, they might never have tried expanding beyond selling books online -- creating Amazon Web Services, buying Whole Foods, building an advertising empire, or developing one of the most no-brainer memberships out there in Amazon Prime.

Long story short, Foolish investors need to give management some time to let ideas play out -- especially at founder-led companies, which typically outperform the market.

These lessons all apply to one of my favorite core holdings today, Organ Care System (OCS) provider TransMedics Group (TMDX +6.85%).

Oh no, TransMedics bought an aviation company
I bought the promising growth stock at the beginning of 2023, and it immediately raced out to early gains. TransMedics' Organ Care Systems help keep donated livers, hearts, and lungs functioning and healthy on their way to their donees -- a far superior solution to traditional ice storage.

However, when management announced that it was acquiring Summit Aviation in August 2023, my initial thought was that TransMedics' ambitions of achieving higher margins were gone after adding such a capital-intensive business.

The market seemed to agree, and its share price was halved over the next few months.

Today's Change

(

6.85

%) $

8.97

Current Price

$

139.90

But despite my initial instinct and the market's negative stance on the stock, I didn't take any action with my position. I just gave management time.

Had I not learned from Amazon to do that, especially when letting founder-led companies try new ideas, I probably would have sold TransMedics early on. I could have cashed in on my quick gains and gotten away from an idea I didn't like.

However, by the end of the year, CEO and founder Waleed Hassanein had painted a vision for the company's future that included a nationwide logistical network. This vast network could enhance organ utilization rates and improve overall donation outcomes.

Two years later, it's safe to say that the founder has delivered on this vision, with TransMedics' stock tripling from its 2023 lows and its sales more than doubling over the same time. Not only that, but the company's in-house aviation unit is now utilized by 78% of the transplants performed under its National OCS Program.

While I was (sort of) right about the new aviation unit cutting into TransMedics' margins, it only slightly lowered gross margins, whereas the company's free-cash-flow margins ballooned:

TMDX Gross Profit and Free Cash Flow Margin data by YCharts

In the most recent quarter, the company's transplant revenue increased by 32%, logistics revenue rose by 35%, and net profit margin stood at 17%.

TransMedics aims to more than double its transplants to 10,000 over the next few years. Furthermore, it plans to expand into the kidney donation and international markets -- opportunities that could be multiples larger than its existing operations.

Naturally, concerns have already arisen about these two new markets, and about whether TransMedics' next-generation heart and lung systems will achieve any measure of success. However, I'm going to simply think back to that Amazon Fire Phone, keep adding to this winning stock, and give the promising founder-led company plenty of time and space to execute on its long-term vision.

As to why I'm happy to share this mildly embarrassing story with everyone, it boils down to a humorous but true quote from Warren Buffett: "It's good to learn from your mistakes. It's better to learn from other people's mistakes."

Semtech Corporation (SMTC) Q3 2026 Earnings Call November 24, 2025 4:30 PM EST

Company Participants

Mitchell Haws - Senior Vice President of Investor Relations
Hong Hou - President, CEO & Director
Mark Lin - Executive VP & CFO

Conference Call Participants

Richard Schafer - Oppenheimer & Co. Inc., Research Division
Sean O'Loughlin - TD Cowen, Research Division
Harsh Kumar - Piper Sandler & Co., Research Division
Christopher Rolland - Susquehanna Financial Group, LLLP, Research Division
Timothy Arcuri - UBS Investment Bank, Research Division
Tore Svanberg - Stifel, Nicolaus & Company, Incorporated, Research Division
Quinn Bolton - Needham & Company, LLC, Research Division
Cody Grant Acree - The Benchmark Company, LLC, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to Semtech Corporation's Third Quarter Fiscal Year 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference call is being recorded.

I would now like to hand the call over to Mitch Haws, Senior Vice President of Investor Relations for Semtech. Thank you. Please go ahead.

Mitchell Haws
Senior Vice President of Investor Relations

Thank you, and welcome to Semtech's Third Quarter 2026 Financial Results Conference Call. Participants on today's call are Hong Hou, our President and Chief Executive Officer; and Mark Lin, our Executive Vice President and Chief Financial Officer.

But before we begin, I would like to highlight upcoming investor events, including the UBS Technology Conference on December 2 and 3; the Consumer Electronics Show on January 6 through 9; and the Needham Growth Conference on January 13 through the 14.

Today after market close, we released our unaudited results for the third quarter of fiscal year 2026, which are posted along with an earnings call presentation to our Investor Relations website at investors.semtech.com.

Today's call will include various remarks about future expectations, plans and prospects, which comprise forward-looking statements. Please refer to

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

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SummaryCAVA Group, Inc. is rated Hold, as shares trade near fair value after a 71% drop from all-time highs and recent weak earnings.CAVA faces macro headwinds, with softening traffic, rising costs, and lowered guidance, but maintains a long-term growth plan with 1,800 new locations expected.Despite a strong revenue growth outlook and potential for 30% EPS growth, CAVA's valuation remains rich, and sell-side sentiment is negative with multiple EPS downgrades.Technically, CAVA shows bearish trends but may see a short-term bounce from support; the next 12 months are crucial for performance amid ongoing challenges. Brett_Hondow/iStock Editorial via Getty Images

Restaurant stocks have suffered in the last five months amid softening spending trends among low- and moderate-income consumers. The high end is doing just fine, as evidenced by solid wage growth numbers and impressive card-spending trends. It’s the “K-shaped” economy, and

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

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

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New York, Nov. 24, 2025 (GLOBE NEWSWIRE) -- The Muscular Dystrophy Association (MDA) today called the U.S. Food and Drug Administration’s approval of Itvisma (onasemnogene abeparvovec-brve), developed by Novartis, a major step forward for families living with spinal muscular atrophy (SMA). The newly approved therapy is indicated for children two years and older, teens, and adults with a confirmed mutation in the SMN1 gene, making it the first and only gene replacement therapy available to this broader SMA population. Itvisma is an intrathecal formulation of Zolgensma — a gene therapy previously approved for infants with SMA — enabling gene replacement therapy to be delivered safely and effectively to older children, teens, and adults for the first time. This expanded treatment option provides renewed hope to people and families living with SMA. Read the Novartis press release here.

The Muscular Dystrophy Association celebrates this important advancement for the spinal muscular atrophy (SMA) community we serve,” said Angela Lek, PhD, Chief Research Officer, Muscular Dystrophy Association. “The FDA approval of Itvisma reflects decades of foundational SMA research and the extraordinary efforts of scientists, clinicians, industry partners and advocates working together to push the field forward. MDA is proud to have supported many of the discoveries that laid the groundwork for today’s milestone. This progress reinforces what is possible when collaboration, innovation, and the voices of families living with neuromuscular disease come together to drive meaningful change.”

“This is a pivotal moment for the SMA community and for the field of neuromuscular medicine,” said Barry J. Byrne, MD, PhD, Chief Medical Advisor and Board Member, Muscular Dystrophy Association, and Associate Chair of Pediatrics and Director of the Powell Gene Therapy Center at the University of Florida. “The approval of Itvisma expands therapeutic options for patients we care for throughout the MDA Care Center Network, who previously had limited access to gene therapy. It reflects the tremendous progress made through years of dedicated research and the growing promise of precision genetic treatments for neuromuscular disease.”

MDA’s Acceleration of Treatments for Spinal Muscular Atrophy
For nearly 75 years, MDA has been the nation’s largest nonprofit supporter of research across more than 300 neuromuscular diseases, including SMA. Through the generous support of donors and partners, MDA has helped fund the foundational science that made gene therapy breakthroughs like Itvisma (onasemnogene abeparvovec-brve) possible. MDA currently supports six active SMA research grants and has invested more than $2 million in SMA research from 2020–2025. Since its inception, MDA has committed nearly $51 million to SMA research, fueling critical discoveries that have reshaped the treatment landscape.

“As someone living with spinal muscular atrophy, I’ve witnessed firsthand the incredible progress our community has made thanks to continued research and innovation,” said Mindy Henderson, Vice President of Disability Outreach & Empowerment at the Muscular Dystrophy Association, who lives with SMA. “This approval represents not only scientific advancement but renewed hope for people and families living with SMA. It inspires a lot of hope in the SMA community to see how far we’ve come, and to know that organizations like the Muscular Dystrophy Association, together with our partners in science and industry, are helping to make what once felt impossible, possible.”

About Spinal Muscular Atrophy (SMA)
SMA is a rare, genetic neuromuscular disease caused by the loss of motor neurons in the spinal cord, leading to progressive muscle weakness and atrophy. It is one of the leading genetic causes of infant mortality, but recent therapeutic advances — including today’s FDA approval — have dramatically improved outcomes and quality of life for affected individuals.

Support and Guidance for Families
For more information on SMA, and ongoing support for families and medical professionals, contact the MDA Resource Center by phone 1-833-ASK-MDA1 (1-833-275-6321) or email [email protected].

Media inquiries contact [email protected].

---

About Muscular Dystrophy Association
Muscular Dystrophy Association (MDA) is the #1 voluntary health organization in the United States for people living with muscular dystrophy, ALS, and over 300 other neuromuscular conditions. For 75 years, MDA has led the way in accelerating research, advancing care, and advocating support and inclusion of families living with neuromuscular disease. MDA's mission is to empower the people we serve to live longer, more independent lives. To learn more visit mda.org and follow MDA on Instagram, Facebook, X, Threads, Bluesky, TikTok, LinkedIn, and YouTube.

About Muscular Dystrophy Association’s 75th Anniversary
In 2025, the Muscular Dystrophy Association proudly marks 75 years of legacy, impact, and momentum in the fight against neuromuscular diseases. Since our founding, MDA has been at the forefront of research breakthroughs, providing access to comprehensive care, and championing the rights of people living with muscular dystrophy, ALS, and over 300 other neuromuscular diseases. This milestone has been made possible by generations of dedicated support from people living with neuromuscular disease, their families, researchers, clinicians, volunteers, and donors—who boldly drive our mission forward. As we look ahead, we remain committed to honoring this legacy, building on the impact we’ve made together, and continuing our momentum toward transformative progress for people living with neuromuscular disorders. Learn more at MDA75.org.

Muscular Dystrophy Association Calls FDA Approval of Novartis’ Itvisma (onasemnogene abeparvovec-brve) a Major Step Forward for the Spinal Muscular Atrophy Community

Muscular Dystrophy Association Calls FDA Approval of Novartis’ Itvisma (onasemnogene abeparvovec-brv...
The Muscular Dystrophy Association calls FDA approval of Novartis’ Itvisma (onasemnogene abeparvovec...