Market Signal Briefing

Journalist

Posted: November 20, 2025

Key Takeaways 
Why is the UAE aggressively buying BTC? 
The country views it as “digital gold,” worth a long-term bet as a strategic asset. 

What’s the broader demand from other countries? 
There has been a steady rise in demand from governments worldwide; now this cohort holds over 645,000 BTC. 

The United Arab Emirates (UAE) has tripled its Bitcoin holdings in 2025.

According to a Bloomberg report, Abu Dhabi Investment Council (ADIC) scaled its position in BlackRock’s iShares Bitcoin [BTC] Trust (IBIT) by 230% by the end of Q3. 

At that time (end of September), the position was valued at nearly $518 million, about 8 million IBIT shares, up from 2.4 million three months earlier. 

ADIC operations are run independently, but it’s a subsidiary of Mubadala, a sovereign wealth fund that is fully owned by the UAE. Asked about the reasoning behind the aggressive BTC bid, an ADIC spokesperson told Bloomberg, 

“We see Bitcoin playing an increasingly important role alongside gold; both assets contribute to diversifying our portfolio, and we expect to hold them as part of our near and long-term strategy.”

That stance positioned BTC as a strategic reserve asset for the UAE. That raised a larger question: Was the nation-state game theory around BTC now taking shape?

Czech, El Salvador & more scale BTC holdings
Perhaps one of the most notable new players is the Czech Republic. The country’s central bank acquired its first $1 million in BTC, stablecoin, and tokenized products. 

Earlier in October, Luxembourg also announced that it had allocated 1% of its sovereign wealth fund to BTC and crypto assets, amounting to about €7 million. Other new buyers this year include Saudi Arabia. 

At the same time, OGs like El Salvador have upped their acquisition and recently added $100 million BTC, bringing the country’s overall stash to 7,474 coins, worth $676 million. 

Now, governments ranked as the third-largest holders of BTC, with 645,000 BTC, after public companies and ETFs. 

Source: Bitcoin Treasuries 

For digital asset manager Bitwise, the government’s overall BTC holdings translated to only 1.5% compared to 17% ownership in gold.

To the firm, this meant that BTC was still in the early stages of adoption among states, and acceleration could also boost its value. 

Q4 drawdown tests conviction

Source: Bitwise

Even so, the Q4 sell-off, which has resulted in a nearly 30% decline in the BTC price to $90k, has exposed current nation-state holders to a significant paper loss.

Perhaps the Q4 filings, expected in early 2026, will show which nations had strong long-term conviction during this period.

Ripple is now exploring whether staking, a feature used in many major blockchains, could eventually be introduced to the XRP Ledger (XRPL). The idea came into focus after RippleX engineering head J. Ayo Akinyele explained how staking might strengthen network security and give XRP more real-world utility as global DeFi activity grows. Ripple says nothing is confirmed yet, but it is actively studying how staking could fit into the XRPL’s long-term development.

Why Ripple Is Considering StakingAccording to Akinyele, staking could help the XRPL grow by encouraging more people to take part in validating and securing the network. Currently, XRP transaction fees are burned instead of being shared with participants. While this keeps the supply slightly deflationary, it does not reward those who support the ledger. Staking could change this by offering incentives, similar to what users see on networks like Ethereum, Solana, and Cosmos.

Ripple also wants the XRPL to stay competitive as more companies begin using XRP for treasury management and investment products. Adding a staking model would show that the network is adapting to a market where rewards, incentives, and token participation are becoming standard across DeFi.

Early Concepts, No Final Decision YetRipple CTO David Schwartz shared two early concepts for how staking might work, but emphasized that both ideas are still in the research phase. One idea involves a two-layer structure where a smaller validator group receives staking rewards while the larger validator set continues managing the network. 

The second idea keeps the current consensus system in place but uses network fees to support “zero-knowledge proofs,” allowing participants to verify activity without revealing private information.

Schwartz made it clear that both options would require major changes and extensive testing. Because of this, staking will not be coming to the XRPL anytime soon.

Ripple Supports Moves to Modernize U.S. Crypto PaymentsAs Ripple studies staking, it’s also monitoring regulatory developments in the U.S. Earlier this month, Federal Reserve Governor Christopher Waller suggested that crypto firms, including stablecoin issuers, should get direct access to the Fed’s payment systems. Ripple welcomed the suggestion, saying it would reduce banking delays and improve stability for its stablecoin, RLUSD.

Ripple’s chief legal officer, Stu Alderoty, noted that direct access could help RLUSD compete with leading stablecoins like USDT and USDC by improving settlement speeds and redemption reliability. He also said that avoiding traditional banking intermediaries would make it easier to move between U.S. Treasuries and dollars.

XRP ETF UpdateThe staking discussion comes at a time when interest in XRP is picking up following the launch of Canary Capital’s spot XRP ETF, which has attracted more than $257 million since November 13. Despite this momentum, XRP is still down 13% over the past month as the market reacts to the recent U.S. government shutdown and uncertainty around upcoming Fed decisions.

Meanwhile, several third-party platforms are already offering staking-style rewards for XRP, showing that utility and demand may continue growing even without immediate changes to the XRPL.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQsIs staking coming to the XRP Ledger?

Yes, Ripple is actively exploring staking for XRPL, but it’s still in the early research phase with no final decision or timeline yet.

Why is Ripple considering adding staking to XRP?

Staking would reward validators, boost network security, increase XRP’s real-world utility, and keep XRPL competitive in DeFi, where rewards are now standard.

When will staking be available on the XRP Ledger?

Not anytime soon—both proposed models require major changes and extensive testing; implementation is likely still years away.

How might staking actually work on XRPL?

Two early ideas: 1) A smaller rewarded validator tier on top of the current system, or 2) Using burned fees to fund zero-knowledge proof verification rewards while keeping consensus unchanged.

Can I already stake XRP and earn rewards today?

Yes—several trusted platforms (like Uphold, Nexo, and Binance) already offer staking-style yield on XRP through lending or wrapped versions, even without native XRPL staking.

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ATOM is today's top gainer, followed by ZEC and PI.

Bitcoin’s adverse price actions returned yesterday when the asset suddenly dipped below $88,500 to mark a new seven-month low before staging a modest recovery.

Ethereum also dumped hard but has returned to $3,000, BNB flirts with $900, while ZEC continues to trade higher.

BTC’s Latest Local Low
Recall that just over a week ago bitcoin was rejected at $107,000 when the positive US developments failed to provide the necessary bullish momentum for the asset to jump past $110,000. The following ten days or so were quite violent, which began with a nosedive to under $100,000 by last Thursday.

This time, the bulls couldn’t intervene on time, and BTC kept plunging to $94,000 on the next day. It finally found some relief over the weekend, remaining sideways between $94,000 and $96,000. On Sunday afternoon, though, the bears returned and drove it further south to $93,000.

The beginning of the current business week was quite painful as well as the cryptocurrency fell beneath $90,000 to chart a seven-month low. Although it bounced to $94,000 yesterday, it was quickly rejected and pushed back down below $90,000, this time bottoming at $88,400 (on Bitstamp), a level last seen in April 2025.

It has managed to recover some ground since then, but still stands below $92,000 as of press time. Its market cap struggles at $1.830 trillion, while its dominance over the alts stands still at 57%.

BTCUSD. Source: TradingView
ZEC, ATOM on the Rise
Ethereum dumped hard yesterday, losing the $3,000 and even the $2,900 levels to touch $2,880. The subsequent bounce, as seen by analysts, is a perfect setup for a liftoff, and the asset has returned to $3,000 as of now. Binance Coin stands at $900 after a minor decline since yesterday. while XRP, TRX, DOGE, and ADA are slightly in the red.

In contrast, SOL, HYPE, BCH, and LINK are in the green. ZEC has rocketed by another 8% to $675, while ATOM has added 12% of value and now sits above $3. Pi Network’s native token has jumped by 8-9% after positive news on the regulatory front.

The total crypto market cap, though, has lost around $20 billion in a day and is down to $3.210 trillion on CG.

Cryptocurrency Market Overview Daily. Source: QuantifyCrypto

TLDR:

Solana ETFs recorded a 17-day inflow streak as institutions continued adding positions across issuers.
Bitwise led new inflows with 424 million dollars, contributing to a combined 476 million dollar total.
SOL traded near 142 dollars with rising daily volume despite a weekly decline of more than eight percent.
Traders monitored a possible extended correction after comments from veteran market participant Matthew Dixon.

Solana continued to attract strong institutional interest as its ETF products recorded 17 straight days of inflows.

 The latest figures showed sustained demand across several issuers despite a volatile market backdrop. Data from CryptosRus captured another green day for the products. The broader Solana market held steady as investors tracked price activity and trading trends.

Solana ETFs Inflows Extend 17-Day Run
Institutional inflows remained positive across the ETF lineup. 

CryptosRus reported fresh increases from Bitwise, VanEck, Fidelity, and Grayscale. Bitwise recorded the largest addition with 424 million dollars. The combined total reached 476 million dollars after the latest buying round.

Source: CryptoRUS/x
Market sentiment stayed mixed as traders reacted to shifting conditions. 

However, Solana ETF flows maintained their upward direction. Fidelity added 7.5 million dollars while Grayscale posted 41.1 million dollars. VanEck followed with 3.5 million dollars, extending its own streak.

Solana’s resilience continued to draw focus across social channels. 

CryptosRus noted that institutions kept accumulating through the turbulence. The post highlighted the steady green prints since the ETF launch. The uninterrupted run created renewed attention on Solana’s positioning.

SOL Price Holds Near $142 as Traders Eye Structure
Solana traded around $142 today according to CoinGecko. The token posted a 1.82 percent gain in the past 24 hours. Weekly performance showed an 8.31 percent pullback. Trading volume reached more than 7.1 billion dollars during the same window.

SOL price on CoinGecko
Traders assessed price structure while examining near-term signals. 

Veteran trader Matthew Dixon commented on the broader pattern in a recent post. He noted uncertainty around impulsive formations from Solana’s all-time high. His view pointed to a possible extended correction phase.

Market watchers monitored the possibility of a triangle formation. 

Dixon suggested such a pattern could emerge as volatility eased. He noted that a longer-term correction remained possible. The comment added context to Solana’s current structure.

I dont see any impulsive structure either up or down from the #SOL ATH
We may therefore still be within a longer term $SOL correction which could take various forms until the uncertainty dissipates
We could certainly see a triangle as one of those possibilities but either way I… pic.twitter.com/NcOYGpuUf4

— Matthew Dixon – Veteran Financial Trader (@mdtrade) November 20, 2025

Institutional activity contrasted with the token’s recent pullback. ETF buyers continued stacking positions despite choppy conditions. The combined flows suggested stable interest at current levels. Market participants tracked the dynamic between inflows and price action.

ETH open interest is recovering slowly, but the leverage ratio on Binance is increasing. Traders are still fearful, but willing to take a riskier bet on ETH.

Sentiment around Bitcoin has suffered a major hit in recent weeks after the price fell below $100,000. This has led to a series of bearish predictions for the cryptocurrency, as many analysts and investors alike believe that the crash is far from over. One analyst, who goes by Mr. Wall Street on the X (formerly Twitter) platform, has predicted a step decline, revealing how low the Bitcoin price will go and when the crash should be expected to be over.

Bitcoin Headed below $60,000?
In the post, Mr. Wall Street expressed that the Bitcoin price has already hit its cycle top, and as such, there is nowhere else to go but down. The chart points to possible price reversals for the cryptocurrency, but ultimately, all of these are expected to be short-lived and precede further crashes.

As the Bitcoin price struggles to reclaim $100,000, the crypto analyst warns that it is more likely to crash further, highlighting the $74,000-$82,000 level as the next major point of interest. This would mean that Bitcoin could see a more than 10% drop in price from this level.

However, the analyst doesn’t stop there ,as it seems the Bitcoin price is headed into another stretch of bear market. The year is already rapidly coming to an end, and the crypto analyst expects the year 2026 to be even more bearish.

By next year, Mr. Wall Street believes that the Bitcoin price could fall below $60,000, reaching as low as $54,000. The timeframe for this is set in the last quarter of 2026, but this would also mark the bottom. Given this, the analyst believes that the $54,000-$60,000 will be the best time to get into the asset to position for the next wave of upward movements.

Source: X
Head And Shoulders Pattern Supports Decline
The bearish sentiment is echoed by others such as Leshka.eth, whose recent analysis also points to a possible drop in price. The analyst shows that Bitcoin completed a head and shoulders pattern, with the neckline firmly in place. Given this, the price has entered into a state of reset, and this reset is far from over.

Interestingly, Leshka.eth also posits that the Bitcoin price will crash by over 40% from its all-time high prices. This was highlighted in an earlier post that predicts that BTC is headed for as low as $40,000. The timeline also suggests that this will happen sometime in 2026, before a bottom is established.

BTC reclaims $92,000 | Source: BTCUSD on Tradingview.com
Featured image from Dall.E, chart from TradingView.com

The cryptocurrency market has experienced significant volatility this week, driven by macroeconomic pressures and concerns about the bursting of the AI bubble. Despite this, the market intelligence platform Santiment argued that the onchain market value to realized value ratio indicates a prime buying opportunity.

Bitcoin is seeing its most active whale week of 2025, with over 29,000 transactions above $1 million as price tests key support near $91,700.

Bitcoin (BTC) is experiencing its most hectic week for large transactions in 2025, with more than 29,000 transfers exceeding $1 million recorded.

This spike in whale activity comes as the cryptocurrency’s price tests critical support levels, dropping to around $91,700 and stirring debate about whether this is a final shakeout before a recovery.

A Market Divergence
While the broader market sentiment has been quite negative, data from analytics firm Santiment showed more than 102,900 Bitcoin transactions above $100,000 and over 29,000 above $1 million so far this week, calling it a strong candidate for the most active whale week of 2025, with flows shifting from dumping to accumulating.

This suggests that well-funded investors are using the recent price drops as a buying opportunity. One notable example from trader Kyle Chassé highlighted a single purchase of 1,300 BTC, worth approximately $121 million, from custodian BitGo.

The activity matches with on-chain analysis from MorenoDV_, who noted that a specific cohort of long-term, “price-insensitive” holders has absorbed 186,000 BTC since October 6.

While it is the largest accumulation spike in recent cycles, it has seen prices move south instead of triggering a typical rally, a rare anomaly that has stumped market observers. At the time of writing, BTC had fallen about 28% from its all-time high of around $126,000 set on October 6, with an 11.5% drop in just the last week.

Interpreting the Signals
The conflicting signals have created a split in market interpretation. Some analysts see the aggressive accumulation as a foundation for a strong rally once retail capitulation is complete and available supply dries up.

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However, others warned that it could represent a “catching falling knives” scenario, with the potential for further downside if key support levels break. According to technical analyst EGRAG CRYPTO, Bitcoin is currently testing the 21-period Exponential Moving Average (EMA) on its monthly chart, a level that has separated bull markets from bear markets in the past. Holding above this level would suggest the bull market structure remains intact.

Still, commentators like Axel Adler Jr. have noted that bearish pressure in the futures market and a market sentiment index reading of -89 are creating maximum stress, making the possibility of a swift recovery difficult without a positive catalyst. His assessment is similar to another analysis that suggests the current pattern mirrors a shakeout seen in Q1 2025, potentially putting the market in the final stages of a downturn before a reversal takes shape.

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GoMining launches “Mine Now, Pay Later,” allowing users to start Bitcoin mining with just a 25% down payment.

Bitcoin is entering bearish territory as institutional demand dries up and key market indicators point to a downward phase, according to data from analytics platform CryptoQuant.

Bitcoin (BTC) market conditions have turned the “most bearish” within the current bull cycle that started in January 2023, CryptoQuant said in its latest crypto weekly report shared with Cointelegraph.

CryptoQuant’s Bull Score Index has declined to extreme bearish levels of 20/100, while the BTC price has fallen far below the 365-day moving average of $102,000 — a key technical level and the final bearish signal marking the start of the 2022 bear market.

The price drop comes amid weakening institutional demand, including reduced buying by Bitcoin treasury firms such as Michael Saylor’s Strategy, along with limited inflows into exchange-traded funds (ETFs).

Corporate Bitcoin demand tapers offEven with Strategy’s latest purchase of 8,178 BTC ($835 million) — its largest acquisition since July 2025 — the buy remains significantly smaller than many of its previous major purchases, CryptoQuant’s head of research Julio Moreno noted in an X post on Wednesday.

“Treasury companies have basically stopped buying, some have even sold part of their holdings,” Moreno observed, referring to companies like Metaplanet, whose most recent BTC purchase was in September.

Source: Julio MorenoIn addition to waning corporate buying, Bitcoin ETFs have also been under pressure, with year-to-date inflows dropping to $27.4 billion — 52% below last year’s total of $41.7 billion, according to data from CoinShares.

Key market drivers “off the cards”Addressing the past key market catalysts, CryptoQuant mentioned Donald Trump’s presidential election win in 2024, which pushed Bitcoin above $100,000 for the first time by early December.

In 2025, the launch of several Bitcoin Treasury Companies pushed Bitcoin above $120,000 in August. “Those catalysts are now gone,” the report states, adding:

“What would be a catalyst strong enough to reaccelerate Bitcoin demand in 2026? Major developments seem off the cards (US Gov Strategic Bitcoin Reserve) or highly discounted by the market (Fed lowering interest rates further).”The downward trend potentially aligns with the four-year cycle, echoing previous cycles that lasted four years, including 2014–2017 and 2018–2021, CryptoQuant noted, adding that the current cycle (2022–2025) is coming to an end under this criterion.

“Does this imply a rapid Bitcoin price collapse? No. So far, Bitcoin is experiencing a 28% drawdown and has declined towards major support levels of $90,000–$92,000,” the report said, adding:

“Even in bear markets, prices can rally 40%–50% in the span of a few months. However, now that the price of Bitcoin is below its 365–day MA, this level becomes a strong price resistance ($102.6K).”CryptoQuant’s report came hours before Bitcoin briefly dipped below $90,000 on Wednesday, with the price dropping to as low as $88,400, its lowest price point since April 2025, according to Coinbase. The cryptocurrency has since slightly recovered, trading at around $91,650 at the time of publication.

Magazine: Crypto carnage — Is Bitcoin’s 4-year cycle over? Trade Secrets

BTC flows to exchanges shifted in November, with 580,000 coins deposited to the most liquid exchanges.

Key NotesThe move places BlackRock alongside 21Shares, Fidelity, Franklin Templeton, and Grayscale, all seeking to introduce staking-enabled Ethereum ETFs.Amid this development, BlackRock will still require S-1 filing and approval to bring the product to market.ETH price briefly fell to $2,870 but rebounded above $3,000, with analysts spotting whale accumulation on dips.
World’s largest asset manager, BlackRock, has reportedly filed for a staked Ethereum ETF with the U.S. Securities and Exchange Commission (SEC).

This new fund will sit along with the existing iShares Ether Fund (ETHA), which has already amassed more than $13 billion since its inception.

Ethereum’s

ETH
$2 997

24h volatility:
3.1%

Market cap:
$361.44 B

Vol. 24h:
$36.98 B

price dipped to around $2,850 but has recovered above $3,000 at the time of writing.

BlackRock Pushes for Staked Ethereum ETF
BlackRock has expanded its push into Ethereum’s staking sector by registering the iShares Staked Ethereum Trust ETF as a new statutory trust in Delaware.

Records from the Delaware Division of Corporations confirm that the trust was formally established on Nov. 19, as reported by Bloomberg executive Eric Balchunas.

BlackRock is planning to file for a Staked Ethereum ETF, as per the Delaware name registration. '33 Act. Filing coming soon. pic.twitter.com/NmAsQhcq5D

— Eric Balchunas (@EricBalchunas) November 19, 2025

BlackRock files for staked Ethereum ETF. | Source: US SEC

The filing doesn’t include product-specific documentation. The registration was handled by Daniel Schweiger, a Wilmington-based BlackRock managing director who also oversaw the creation of the iShares Ethereum Trust in late 2023.

BlackRock also needs to submit a Form S-1 to the U.S. Securities and Exchange Commission before the fund can move forward.

The trust was registered under the Securities Act of 1933, which required BlackRock to provide comprehensive disclosures before offering any investment product to the public.

Following yesterday’s filing, BlackRock joins asset managers like 21Shares, Fidelity, Franklin Templeton, and Grayscale in pursuing the addition of staking features to their Ethereum ETF offerings.

On the other hand, spot Ethereum ETFs have witnessed outflows for the past seven consecutive trading sessions. This comes amid the broader crypto market downturn seen over the past few weeks.

Will ETH Price Stage a Recovery Ahead?
The BlackRock filing to bring staking to its Ethereum ETF (ETHA) is certainly a positive development for the ecosystem.

Amid this development, the ETH price quickly bounced back from the intraday lows of $2,870.

Crypto analyst CryptosRus said Ethereum is currently testing one of its most significant on-chain support levels.

The $2,800 level aligns with the realized price of both retail investors and large holders, which historically mark Ethereum cycle bottoms. ETH tapped this zone “perfectly,” the analyst noted.

On-chain trends show retail wallets are reducing exposure, while wallets holding 10,000+ ETH have been accumulating. This is usually a bottom zone behavior, said the analyst.

ETH Price and value rotation. | Source: CryptoQuant

Liquidation data also supports this setup. Long liquidations have been muted despite lower price levels, suggesting forced selling has largely subsided.

The analyst added that today’s ETH price dip was not a routine one, but a test of a major support area marked by whale accumulation.

ETHEREUM IS SITTING ON ITS MOST IMPORTANT ON-CHAIN SUPPORT$ETH flushed to $2.87K earlier today, and then ripped right back once Nvidia crushed earnings. But the bounce isn’t the real story — the level is.

$2.8K is a massive on-chain floor. It lines up with the realized price… pic.twitter.com/nMTvJhb0qD

— CryptosRus (@CryptosR_Us) November 20, 2025

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Bhushan Akolkar on X

India plans rupee-backed Arc token with Polygon, Anq in 2026.

Summary

India to launch a rupee-pegged digital asset (Arc) in 2026, developed by Polygon and Anq.
Arc aims to counter US dollar stablecoins and keep liquidity within India, backed by government securities.
The system features a dual-layer architecture (RBI’s CBDC for settlement, Arc for programmable payments), limited to corporate accounts.

India is preparing to launch a regulated, rupee-pegged digital asset in early 2026, according to sources familiar with the project.

The Asset Reserve Certificate (ARC), a debt-backed token linked 1:1 to the rupee, has been developed by Polygon and fintech firm Anq. The digital asset is designed to counter the dominance of dollar-backed stablecoins in the Indian market, the sources said.

The ARC will operate alongside the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC), forming a dual-layer digital payments architecture, according to the sources.

Digital assets in India robust
The digital asset aims to retain liquidity within India’s domestic financial system. Policymakers have raised concerns that Indian capital is increasingly flowing into USD-denominated stablecoins, which could weaken the rupee’s position and complicate monetary control, the sources said.

The ARC will be fully backed by Indian government securities (G-Secs) and Treasury Bills, ensuring price stability and alignment with national monetary policy objectives while enhancing demand for government debt, according to the project details.

The initiative operates as a two-tiered framework. Tier 1 consists of the RBI’s CBDC, which serves as the official settlement infrastructure. Tier 2 comprises the ARC token layer, enabling programmable payments, automated transactions, remittances, and digital financial services.

Only corporate accounts will be permitted to generate new ARC token supply, not individuals. This restriction is designed to ensure compliance with India’s foreign exchange regulations and prevent consumer-level speculative activity, the sources said.

The project represents India’s effort to digitize financial infrastructure while maintaining regulatory oversight. By creating a domestic alternative to US dollar stablecoins, India seeks tighter control over liquidity, capital flows, and digital payments innovation, according to analysts.

If launched as planned in the first quarter of 2026, the ARC could become a significant component of India’s digital asset ecosystem, supporting fintech development and strengthening the rupee’s digital presence, the sources said.

Published
6 hours ago on
November 20, 2025

Bitcoin dropped like a stone through the 50-week moving average—the key support level throughout this entire bull cycle—and then dropped below $92,000. Fear and Greed is at 11 (Extreme Fear), and most investors are wondering if the bull market is over.

Yet while majors display huge weakness, crypto presales are booming, and fresh money keeps marching into PayFi tokens like Digitap ($TAP). This omni-banking app has already crossed $2 million, signalling that the banking bull run is just starting.

Asset selection is more important than ever, and while investors don’t want to buy overvalued layer one blockchains, they do want to buy projects at bargain prices that offer daily utility. That’s why Digitap is flying despite the bearish trend, and $TAP could even be the best crypto to buy now before 2026 starts.

Is BTC Entering a New Bear Market? BTC’s loss of the 50-week moving average has soured sentiment dramatically. Some analysts are screaming that it is over and BTC will now continue trending downward, likely bottoming out at the prior cycle top ($69,000), while even more bearish analysts aim for $54,000.

While other analysts claim this is a standard bull market correction. Only time will tell who is correct, but the current biggest downside BTC faces is panic selling. BTC is disproportionately influenced by the profitability of the most recent holders, in this cycle, institutions. These buyers are the fresh capital, and when they are in profit, it builds confidence. The reverse is also true.

Realistically, bulls need to step in soon, but with long-term bullish structure broken and markets chopping, most traders and investors would be better off waiting on the sidelines until the market chooses a new direction.

But there is always a bull market somewhere, and PayFi tokens are skyrocketing in these conditions. Payments are non-cyclical and market agnostic. Regardless of equity prices, payroll, remittance, and cross-border transactions still need to happen, and that’s why Digitap’s crypto presale is flying in the current conditions.

What Digitap Is Building: An Omni-Bank Digitap presents the world’s first omni-bank: a single money environment where fiat and crypto coexist. The app is live today on iOS and Android, and anyone can sign up for a Visa card, virtual and physical issuance, to start spending crypto with millions of merchants daily.

Non-KYC sign is available, and the cards integrate day one with Apple Pay and Google Pay. But the reason Digitap has shot past $2 million is because of its multi-architecture that can settle transactions on public blockchains or established banking corridors. This interoperability between the two financial systems is how Digitap creates value. Users can instantly swap from crypto to fiat on the platform—very useful in the current bearish conditions.

Thanks to this design, Digitap is ready to disrupt cross-border payment providers, and with the platform using stablecoins that settle in minutes for less than 1%, the advantage is clear against traditional providers who charge on average 6.4% with days-long settlement times. The end result is a user interface that feels like a polished neobank, with all the security of traditional banking, and all the speed of crypto. Balances move faster, and users pay lower fees.

“Revolut Meets Binance”—Is $TAP the Best Crypto to Buy in November? Digitap offers a multi-currency fiat account, multi-chain wallet, instant crypto-fiat conversion, and crypto spending via a Visa card today. This Visa partnership drove aggressive presale inflows, given how rare it is for Visa to partner with a crypto presale, and even the tokenomics model is purpose-built to drive growth.

While BTC has and majors have printed lower lows, $TAP continues to fly up 150% from its original price of $0.0125. Investors who buy today also receive a big discount from its confirmed listing price of $0.14. But the reason $TAP ranks among the best cryptos to buy in November is because of its flywheel. 50% of platform profits are used to burn $TAP and reward stakers. This flywheel means more adoption leads to greater buying pressure.

Right now, with markets flipping bearish, large caps are overvalued, and the early-stage consumer finance apps present a much better ROI. The banking bull run is only just starting, and it is no wonder Digitap ranks as a leading altcoin to buy currently.

Discover how Digitap is unifying cash and crypto by checking out their project here:

Presale: https://presale.digitap.app

Website: https://digitap.app 

Social: https://linktr.ee/digitap.app 

Win $250K: https://gleam.io/bfpzx/digitap-250000-giveaway 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

CANARY XRP ETF Takes Over Times Square: A Historic Milestone for CryptoNew York City’s iconic Times Square is now beaming with XRP, marking a historic moment for the cryptocurrency world. 

According to market analyst Amonyx, the CANARY Capital XRP ETF dubbed XRPC has made its presence felt in one of the world’s most recognizable financial and cultural hubs, an achievement that underscores both growing institutional interest and mainstream recognition for XRP.

Times Square, known for its vibrant billboards and constant flow of millions of eyes, is the ultimate stage for any financial announcement. But seeing XRPC flashing in the heart of New York is more than just a visual spectacle, it signals the maturation of crypto investment products into mainstream finance. 

Analysts and enthusiasts alike are noting that the move is symbolic: XRP is no longer confined to crypto exchanges; it is stepping confidently into the public financial arena.

As a result, CANARY XRP ETF’s bold debut signals a push to attract institutional investors seeking regulated digital asset exposure. As a trusted gateway for traditional investors, ETFs boost liquidity, adoption, and credibility, positioning XRP for wider market acceptance among both retail and professional players.

Therefore, the visual takeover of Times Square also reinforces XRP’s narrative of resilience and innovation with Franklin Templeton and Bitwise expected to debut their XRP ETFs in coming days. 

Well, the CANARY XRP ETF’s Times Square debut marks a landmark moment, signaling a bold shift as cryptocurrencies move into the global financial spotlight. As Amonyx observes, this isn’t hype, it’s history in motion.

Canary Capital XRP ETF Surpasses SOL ETF by a Whopping 360xIn a stunning revelation, on-chain metrics provider Moonkie has confirmed that the Canary Capital XRP ETF is now 360 times larger than the company’s Solana ETF, signaling a major shift in investor appetite and market dynamics. 

Source: Canary Capital This staggering scale difference highlights the rapidly growing prominence of XRP in the crypto investment ecosystem.

Notably, Data reveals a surge in institutional demand for XRP products. Canary Capital’s XRP ETF has dwarfed its Solana counterpart, emerging as a leading digital asset investment vehicle. 

According to Moonkie, this growth reflects rising confidence in XRP and a broader shift toward diversified crypto ETFs.

Analysts point to XRP’s surge driven by its growing role in cross-border settlements and clarity from regulators, making it increasingly attractive to institutional investors seeking scalable, real-world blockchain solutions.

Market conditions have increasingly favored XRP over other altcoins. Unlike Solana, which has faced network congestion and performance issues, XRP’s stability and liquidity make it a prime choice for large-scale ETFs. 

As a result, daily trading volumes and inflows for the XRP ETF now far outpace those of the SOL ETF, underscoring its market dominance.

This staggering gap signals a shift in the crypto ETF landscape. XRP, Bitcoin, and Ethereum products are drawing unprecedented interest from retail and institutional investors alike, and analysts predict it could spark a wave of new XRP-focused ETFs or upgrades to existing offerings.

ConclusionThe CANARY XRP ETF’s Times Square debut is more than a spectacle, it marks a defining moment for crypto’s mainstream integration. 

As Amonyx notes, it underscores XRP’s rising legitimacy, the growing appeal of regulated crypto products, and the expanding reach of digital assets to both institutional and retail investors.

On the other hand, the Canary Capital XRP ETF, 360 times larger than its SOL counterpart, marks a pivotal moment in crypto investing. Its scale underscores XRP’s rising institutional appeal, market resilience, and the surging demand for structured crypto ETFs. 

As investors seek diversified exposure to top-tier digital assets, the XRP ETF is set to redefine benchmarks for influence, size, and confidence in the evolving crypto landscape

Thu, 20/11/2025 - 10:28

Thursday morning on the crypto market is characterized by cautious optimism, largely thanks to a strong report from Nvidia, which brought the focus back to cryptocurrencies such as Bitcoin, Shiba Inu (SHIB) and XRP.

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The crypto market opens with a return of risk after Nvidia delivered numbers that forced traders to reassess their appetite. Bitcoin is out of its $90,000 trap, Ethereum gets a potential structural catalyst through BlackRock’s staked ETH filing, XRP enters a fresh staking discussion that may redirect institutional attention and SHIB gains a new derivatives route through Gemini.

TL;DR BlackRock files for iShares Staked Ethereum ETF, RippleX revives XRP staking debate.Bitcoin rebuilds its case for a run toward $112,000 on the Bollinger Bands and seasonal flows.Gemini lists Shiba Inu (SHIB) futures with leverage up to 100x.BlackRock files for staked Ethereum ETF as Ripple pushes XRP stakingBlackRock, managing about $11 trillion, entered another upgrade phase of its crypto product suite by filing for the iShares Staked Ethereum ETF in Delaware. The logic behind it is that  institutional clients want exposure not only to Ethereum itself but to the native yield mechanics tied to its proof-of-stake system.

The filing positions BlackRock to capture inflows that currently move through liquid staking protocols, centralized staking pools and wrapped-yield products, but without the operational complexity that most funds avoid.

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The timing overlaps with an internal revival inside RippleX, where developers began outlining the conceptual path toward native XRP staking. Ripple's dev arm is examining whether staking can strengthen network security and utility without rebuilding its core consensus design. 

With new DeFi protocols and apps emerging for XRP, what other possibilities for the network should be discussed? Ripple eng leader @ja_akinyele tackles this and the questions that need to be considered at the outset 👇 https://t.co/RCkiWKuiTO

— Brad Garlinghouse (@bgarlinghouse) November 18, 2025 Ripple CTO David Schwartz offered two structural models:

Dual-layer validator system with distinct roles for block production vs. stake validation.Fee-based structure that incorporates zero-knowledge proofs for securing the staking path.This parallel between BlackRock’s staked ETH product and Ripple’s staking research triggered speculation about XRP’s position in the institutional ETF queue. BlackRock already dominates flows in spot Bitcoin (IBIT) and Ethereum (ETHA). 

If the firm ever decides to push an XRP vehicle, staking would become an obvious narrative. Investors prefer assets that produce yield, and a native staking mechanism would place XRP in the same functional bucket as ETH for the first time. 

Bitcoin aims for $112,000 as Bollinger Bands show open runway for Santa RallyBitcoin is becoming attractive again, breaking free from the multiday trap around $90,000. The trigger was simple: Nvidia’s earnings beat forced global risk to normalize. With the stock printing numbers above expectations, traders rotated back into high-beta assets, which lifted BTC and kept sellers from building new downside pressure.

The question now is whether Bitcoin can recover the 30% drawdown it suffered since early October. The seasonal window suggests that the asset could mirror previous late-year recoveries. The market often moves into a pre-NYE accumulation phase known as the Santa Rally and BTC has historically matched that pattern when macro conditions did not deteriorate.

BTC/USD by TradingViewThe Bollinger Bands give a numerical map for such a push. The midband sits at $100,383 and the upper band at $112,000. Price trades on the lower edge of the range, which indicates available upside space without breaking trend classification. The market does not require extraordinary inflows to reach the midband; it only needs consistent bid formation without large-scale selling.

Gemini lists Shiba Inu (SHIB) on its futures market Gemini expanded its derivatives portfolio by listing futures on major meme assets, including Shiba Inu (SHIB). Eligible traders now gain access to up to 100x leverage, making SHIB one of the highest-beta instruments in the U.S.-regulated perimeter.

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This comes at a moment when the derivatives market remains punishing. CoinGlass reports $603.34 million in liquidations over the last 24 hours, with $423 million coming from long positions alone. Perpetual futures remain the primary source of forced selling during intraday volatility bursts. SHIB’s addition to Gemini introduces more volatility flow into the asset but also raises the liquidation risk across retail-heavy positions because of the high leverage offered.

Source: CoinGlassFor SHIB itself, listing on a major U.S. exchange’s futures segment increases its liquidity footprint and makes it more visible to traders running systematic strategies. Given SHIB’s reaction profile, the new derivatives route can only increase both upside surges and forced-downside cycles.

Crypto market outlookFuture direction depends on whether yesterday’s rebound can flip into a sustained bid or fade back into the month’s lower bands.

Bitcoin (BTC): Stuck around $91,800 with resistance at $92,500-$94,000 and support at $90,000, then $88,300.

Shiba Inu (SHIB): Stable near $0.00000865 with pressure at $0.00000890-$0.00000900 and support at $0.00000840, then $0.00000812.

XRP: Trading at $2.12 with a ceiling at $2.20-$2.24 and support at $2.05, then $2.00.

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New “Bankless Bitcoin” ATMs have been installed inside several Nairobi shopping centers, marking one of the most visible steps toward mainstream crypto access in Kenya’s retail sector. The machines are positioned next to traditional bank ATMs, allowing customers to buy and sell Bitcoin and complete cash-to-crypto transactions in high-traffic areas. Thousands of shoppers pass these locations each day, giving the rollout immediate public exposure.

The installation follows a period of regulatory transition triggered by the Virtual Assets Service Providers (VASPs) Act, 2025. The law, which took effect on 4 November after its gazettement in late October, establishes the official framework for supervising crypto-related businesses in Kenya. It introduces clear obligations for compliance, customer protection, and financial crime prevention.

New Law Sets the Regulatory GroundworkThe VASPs Act assigns oversight to both the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA). The two regulators now share responsibility for licensing, monitoring, and enforcing standards for any entity operating or offering virtual asset services within Kenya or from abroad. The law categorizes service providers under defined groups such as exchanges, custodial wallet providers, and other digital asset platforms.

The CBK and the CMA have emphasized that no operator has yet been licensed. Despite the appearance of the Bitcoin ATMs in several malls, the regulators maintain that formal authorization is still pending. They state that any provider offering virtual asset services must secure a license before conducting regulated activities. This stance signals a tight approach to compliance during the early stages of the law’s implementation.

The presence of the machines has prompted questions about timing, authorization, and the status of prospective VASPs. Industry observers expect an initial licensing wave once applicants complete reviews and meet the Act’s requirements. Until then, regulators continue to reinforce that consumer protection and anti-money-laundering obligations will guide all approvals.

Crypto Activity Extends Beyond the Retail SectorWhile the new Bitcoin ATMs bring crypto visibility to Nairobi’s upscale malls, digital assets have been circulating in informal areas for several years. In Kibera, one of the region’s largest low-income settlements, Bitcoin is already part of daily economic activity in specific communities.

Fintech start-up Afrobit Africa began distributing Bitcoin-denominated grants in 2022. The pilot targeted local garbage collectors in Soweto West, many of whom lacked identification and therefore could not access bank accounts or mobile money services. After weekend clean-ups, workers received Bitcoin instead of Kenyan shillings. The firm says the initiative has injected around $10,000, or roughly 1.3 million shillings, into the area.

The program created early adopters who now understand how to store and use Bitcoin on mobile wallets. Participants became informal educators, showing neighbors how to transact and convert small amounts when needed. This grassroots familiarity created a parallel narrative to the ongoing regulatory process in the formal sector. While policymakers shape licensing frameworks, some communities have already adopted practical crypto use cases based on necessity and convenience.

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XRP traders were stunned after a single one-minute candle on Kraken’s XRP/USD pair showed price exploding to a high of $90.13 and collapsing to a low of $0.00286, before snapping back to around $2.179. The bizarre spike-and-crash sequence appeared only on Kraken, turning the candle into an instant talking point across the community.

Community member Kevin Cage was among the first to flag the anomaly, posting the chart on X with the comment: “XRP just got a super weird flashwick on Kraken and triggered my alerts..” The wick immediately raised questions, as the token on other major exchanges continued to trade normally around the $2 region with no corresponding move.

Source: X @Kevin_Cage_
Has XRP ‘Really’ Hit $90?
In a widely shared response, community member Jay Grissom (@jfgrissom) offered a microstructure-based explanation. His summary was straightforward: “It could have been a really low volume order that was filled at a high price as part of [a] larger limit order.” Rather than a genuine, liquid market repricing, he framed the event as an artefact of how orders, cost basis and tiny trade sizes interact on an order book.

Grissom then “got on [his] cost basis is everything soap box” and used the token’s smallest unit, the “drop,” to illustrate the mechanics. One XRP equals one million drops, meaning you can trade extremely small fractions. If a trader buys just one drop, or 0.000001 XRP, for $0.01, then “technically” that micro-trade implies a price of $10,000 per token. On its own this looks absurd, but the notional size is only one cent.

He showed how that extreme micro-fill can vanish in the averages when embedded in a larger, normal-priced order. Suppose the same order also buys 5 XRP at $2.50 each, costing $12.50. Combined with the $0.01 spent on the single drop, the trader pays $12.51 for 5.000001 XRP.

The effective cost basis is about $2.502 per token. As Grissom put it, that single expensive drop “barely moves your average cost because it’s such a tiny fraction of your total holdings. You spent $0.01 on it versus $12.50 on everything else. The $10,000/token price point essentially disappears into statistical noise once it’s averaged against a meaningful position.”

What does not disappear is the trade print itself. Matching engines and charting systems still record the high and low of the candle at the exact prices where even dust-level trades occurred. In a thin order book, a handful of such anomalous fills is enough to generate a grotesque wick from sub-cent levels up to double-digit prices, even though the “real” market remains clustered near $2.

For traders, the Kraken episode is a textbook reminder that a dramatic candle on a single venue does not automatically signal genuine price discovery. Before treating a $90.13 high and a $0.00286 low as meaningful, it is essential to cross-check other exchanges and understand how tiny, irregular fills can distort low-timeframe charts in periods of fragile liquidity.

At press time, XRP traded at $2.146.

XRP remains above crucial support, 1-week chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

Well-known market analyst DonAlt issued a fresh Bitcoin outlook after Nvidia's earnings report triggered a brief surge in risk appetite. The $4.6 trillion tech giant reported $57.01 billion in Q3 revenue, versus an expected $55.19 billion, and projected $63.70-$66.30 billion for Q4, against a consensus of $61.98 billion.

The market woke up rattled as the BTC price slumped beneath $94,000, shaking confidence across trading desks and sending volatility into overdrive. Fear surged, liquidity thinned, and traders rushed to reassess positioning. While big caps wobbled, early-stage projects suddenly looked a lot more interesting to investors scanning crypto news trends for fresh opportunities.

In that shift, Bitcoin Hyper ($HYPER) is emerging as one of the most talked-about contenders. With a presale already above $28 million and high-yield staking on offer, sentiment is turning toward alternatives that reward early entry in uncertain times.

BTC Price Breakdown as Selling Pressure Grips the Market
The latest drop in the BTC price caught even seasoned traders off guard. After holding a relatively tight range for weeks, a surge in sell orders pushed the asset beneath the psychological $94K threshold. Recent data shows this move triggered one of the quarter’s strongest fear readings, with market participants reducing leverage and rotating out of high-risk positions.

Across liquidity pools, spreads widened and short-term volatility spiked as traders reacted to the downturn. Historically, this sort of environment leads to a temporary reset in positioning, followed by a rotation into assets showing early-stage growth or outsized yield opportunities.

In broader crypto news, sentiment mirrors this pattern: Bitcoin’s downturn often sparks renewed interest in projects that aren’t fully reliant on macro conditions. That’s a critical moment for presales and emerging tokens because investors shift toward asymmetric upside rather than chasing unpredictable price action.

With the BTC price now battling to reclaim stability, the market is entering a phase where narratives matter. Investors aren’t just watching charts — they’re scanning crypto news feeds for new catalysts. This intersection of fear and opportunity often becomes fertile ground for high-potential projects like Bitcoin Hyper.

The continued volatility around the BTC price reinforces one thing: traders are hungry for structured yield, utility-focused systems, and tokens with room to grow. As the crypto news cycle leans into alternative stories, Bitcoin Hyper’s momentum aligns perfectly with what the market is searching for.

Watch Bitcoin Hyper rise.

Bitcoin Hyper’s Utility Layer Brings Performance to a Crowded Market

Bitcoin Hyper positions itself as a next-generation ecosystem that blends scalability with high-speed settlement. Instead of replicating Bitcoin, it builds a fast, flexible architecture designed for apps, payments, and real-time blockchain performance — the type of infrastructure that appeals during turbulent macro phases.

The project emphasizes throughput and efficiency, making it attractive for developers and users who want lower congestion and faster confirmations. This focus becomes especially relevant when the crypto news cycle highlights network slowdowns, gas spikes, or failures in legacy systems — moments when investors look for platforms built with 2025-level demand in mind.

Layered on top of that utility is one of the presale’s standout features: 41% staking rewards. With a low entry point at $0.013295, users can begin compounding long before the token hits exchanges. This value proposition explains why the presale has already raised over $28 million.

As the crypto news environment increasingly rewards utility over hype, Bitcoin Hyper’s practical design gives it strong narrative momentum. It isn’t dependent on short-term speculation — it’s built to scale.

Explore Bitcoin Hyper’s utility.

Bitcoin Hyper’s Presale Momentum Strengthens Despite Market Turbulence

Presale interest in Bitcoin Hyper continues to accelerate, even while the BTC price keeps traders cautious. A big part of this momentum comes from the token’s economic model: accessible pricing, predictable supply mechanics, and staking rewards designed to incentivize early participation.

That combination is powerful in today’s climate. When fear hits the charts, investors often rotate into yield-bearing assets that compensate for market-wide volatility. Bitcoin Hyper sits squarely in that sweet spot.

Forecasts from recent analysis show strong upside potential for the token in 2025 and 2026. When compared against the current $0.013295 presale price, the growth trajectory implies significant ROI potential if those targets materialize, which helps explain why capital continues flowing in.

Another factor driving adoption is the project’s ecosystem positioning. Bitcoin Hyper isn’t a meme play or short-term hype engine; it’s structured to scale with long-term demand while rewarding its early base. This resonates strongly during phases where crypto news coverage shifts toward foundational projects rather than short-lived mania.

The presale’s continuing surge past $28 million signals something important: even with a volatile BTC price, investors are willing to bet on ecosystems that offer tangible benefits and long-term runway.

Join the Bitcoin Hyper presale.

Key Takeaways

Bitcoin’s drop under $94K pushed fear to new highs, reshaping market behavior and shifting investor attention.
Traders are exploring early-stage projects as the broader market recalibrates and high-yield alternatives gain traction.
Bitcoin Hyper offers scalable performance, staking incentives, and strong presale momentum suited to current conditions.
Market volatility is encouraging a shift toward utility-focused ecosystems with long-term growth potential.

Website: https://bitcoinhyper.com/

Telegram: https://t.me/btchyperz

X: https://x.com/BTC_Hyper2

This article contains information about a cryptocurrency presale. Crypto Economy is not associated with the project. As with any initiative within the crypto ecosystem, we encourage users to do their own research before participating, carefully considering both the potential and the risks involved. This content is for informational purposes only and does not constitute investment advice.

PRESS RELEASE                                        

Share Buyback Transaction Details November 13 – November 19, 2025

Alphen aan den Rijn – November 20, 2025 - Wolters Kluwer (Euronext: WKL), a global leader in professional information solutions, software and services, today reports that it has repurchased 79,640 of its own ordinary shares in the period from November 13, 2025, up to and including November 19, 2025, for €7.4 million and at an average share price of €92.33.

These repurchases are part of the share buyback program announced on November 5, 2025, under which we intend to repurchase shares for up to € 200 million from November 6, 2025, up to February 23, 2026.

The cumulative amounts repurchased in the year to date are as follows:

Share Buyback 2025

PeriodCumulative shares repurchased in period Total consideration
(€ million)Average share price
(€)2025 to date 7,614,2841,014.6133.25 For the period starting November 6, 2025, up to and including February 23, 2026, we have engaged a third party to execute €200 million of buybacks on our behalf, within the limits of relevant laws and regulations (in particular Regulation (EU) 596/2014) and the company’s Articles of Association.

Shares repurchased are added to and held as treasury shares and will be used for capital reduction purposes through share cancelation.

Further information is available on our website:

Download the share buyback transactions excel sheet for detailed individual transaction information.Weekly reports on the progress of our share repurchases.Overview of share buyback programs. For more information about Wolters Kluwer, please visit: www.wolterskluwer.com.

###

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information solutions, software and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.

Wolters Kluwer reported 2024 annual revenues of €5.9 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,900 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX, Euro Stoxx 50 and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, YouTube and Instagram.

MediaInvestors/AnalystsStefan KloetMeg GeldensAssociate DirectorVice PresidentGlobal CommunicationsInvestor Relations  [email protected]@wolterskluwer.com Forward-looking Statements and Other Important Legal Information
This report contains forward-looking statements. These statements may be identified by words such as “expect”, “should”, “could”, “shall” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; conditions created by pandemics; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Elements of this press release contain or may contain inside information about Wolters Kluwer within the meaning of Article 7(1) of the Market Abuse Regulation (596/2014/EU). Trademarks referenced are owned by Wolters Kluwer N.V. and its subsidiaries and may be registered in various countries.

2025.11.20 Share Buyback Transactions Nov 13 - Nov 19 2025

, /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

Total net revenues in the third quarter of 2025 were RMB899.1 million (US$126.3 million), compared with RMB1,063.1 million in the same period of 2024.
Gross profit in the third quarter of 2025 was RMB116.1 million (US$16.3 million), an increase of 90.9% from RMB60.8 million in the same period of 2024.
Income from operations in the third quarter of 2025 was RMB11.9 million (US$1.7 million), compared with a loss from operations of RMB94.2 million in the same period of 2024.
Net income in the third quarter of 2025 was RMB11.3 million (US$1.6 million), an increase of 232.8% from RMB3.4 million in the same period of 2024.
Adjusted net income (non-GAAP)[1] in the third quarter of 2025 was RMB23.1 million (US$3.3 million), compared with an adjusted net loss (non-GAAP) of RMB39.8 million in the same period of 2024.

Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, "In the third quarter of 2025, we refined our strategy amid shifting market dynamics and user demand, placing greater focus on value chain integration and synergy. We further optimized our operational model and strategies to enhance our agility and responsiveness, allowing us to meet the players' needs and capture business opportunities more effectively. During the quarter, we continued to upgrade our content and products ecosystem by enriching select premium offerings, such as e-sports tournaments, and launching AI-powered bullet comment features that make it easier for our users to enjoy our premium content and engage with our vibrant communities. Meanwhile, our profitability continued to improve, with gross profit and net income both achieving year-over-year growth while income from operations returning to positive territory in the third quarter. In an increasingly complex and fast-changing environment, we are shoring up our foundational strengths and remain committed to delivering long-term value to our users and shareholders."

Mr. Hao Cao, Vice President of DouYu, commented, "Our third quarter 2025 results demonstrate our ongoing resilience and improving profitability. During the quarter, our income from operations reached RMB11.9 million, and GAAP net income grew 232.8% year over year to RMB11.3 million. In addition, our adjusted net income (non-GAAP) was RMB23.1 million, compared with a loss in the same period last year. By continuing to enhance our content supply and further refining our operating model, we have steadily improved our operational efficiency and optimized costs and expenses. These results reflect our growing sustainable development capabilities. Looking ahead, as the market conditions remain challenging, we will continue to focus on further optimizing our resource allocation, enhancing operational efficiency, and bolstering financial resilience to create long-term value."

Third Quarter 2025 Operational Highlights

In the third quarter, average mobile MAUs[2] were 30.5 million, down 27.5% year over year from 42.1 million in the same period of 2024. The decline was mainly due to the lagging effects of our content supply adjustments and cost-structure optimization, which led to lower user engagement and activity.
In the third quarter, the number of quarterly average paying users[3] for livestreaming-related business was 2.7 million with a quarterly ARPPU of RMB205. Compared with 2.8 million paying users in the second quarter, the slight sequential decrease in paying users was mainly attributable to reduced consumer spending amid the prevailing macroeconomic environment as well as fewer promotional activities resulting from adjustments in our platform's operational strategy and seasonal factors during the quarter.
In the third quarter, revenues from our voice-based social networking business reached RMB275.9 million. Our average MAUs for the voice-based social networking business for the third quarter were 368,600, with monthly average paying users[4] of 71,700. During the quarter, we focused on optimizing the traffic distribution mechanism and resource allocation efficiency for this business. These efforts enhanced the business's profitability while maintaining a healthy community ecosystem.

Third Quarter 2025 Financial Results

Total net revenues in the third quarter of 2025 were RMB899.1 million (US$126.3 million), compared with RMB1,063.1 million in the same period of 2024.

Livestreaming revenues in the third quarter of 2025 decreased by 30.6% to RMB522.1 million (US$73.3 million) from RMB752.1 million in the same period of 2024. The decrease was primarily due to decreases in both the number of total paying users and average revenue per paying user, as a result of fewer promotional activities in the quarter and continued moderation in the operating environment.

Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the third quarter of 2025 increased by 21.2% to RMB377.0 million (US$53.0 million) from RMB311.0 million in the same period of 2024.The increase was attributed to higher revenues from our voice-based social networking service, driven by the year-over-year growth of both paying users and ARPPU of the service.

Cost of revenues in the third quarter of 2025 decreased by 21.9% to RMB783.0 million (US$110.0 million) from RMB1,002.3 million in the same period of 2024.

Revenue-sharing fees and content costs in the third quarter of 2025 decreased by 20.7% to RMB689.8 million (US$96.9 million) from RMB869.6 million in the same period of 2024, primarily driven by a significant reduction in content costs as part of our cost optimization efforts, and a decrease in revenue-sharing fees due to lower livestreaming revenues. The decrease was partially offset by increased revenue-sharing fees related to revenue growth in our voice-based social networking service.

Bandwidth costs in the third quarter of 2025 decreased by 34.2 % to RMB47.5 million (US$6.7 million) from RMB72.2 million in the same period of 2024, primarily attributable to our bandwidth allocation advancement and a year-over-year decrease in peak bandwidth usage.

Gross profit in the third quarter of 2025 increased by 90.9% to RMB116.1 million (US$16.3 million) from RMB60.8 million in the same period of 2024, primarily driven by a decline in our content costs and bandwidth costs. Gross margin in the third quarter of 2025 was 12.9%, increasing from 5.7% in the same period of 2024.

Sales and marketing expenses in the third quarter of 2025 decreased by 34.0% to RMB52.3 million (US$7.4 million) from RMB79.3 million in the same period of 2024, primarily attributable to reductions in staff-related expenses.

Research and development expenses in the third quarter of 2025 decreased by 37.8% to RMB26.9 million (US$3.8 million) from RMB43.2 million in the same period of 2024, primarily attributable to a decrease in staff-related expenses.

General and administrative expenses in the third quarter of 2025 decreased by 14.9% to RMB35.3million (US$5.0 million) from RMB41.5 million in the same period of 2024, primarily attributable to reductions in staff-related expenses and professional fees.

Income from operations in the third quarter of 2025 was RMB11.9 million (US$1.7 million), compared with a loss from operations of RMB94.2 million in the same period of 2024.

Net income in the third quarter of 2025 was RMB11.3 million (US$1.6 million), compared with RMB3.4 million in the same period of 2024, representing an improvement of 232.8% year-over-year.

Adjusted net income (non-GAAP), which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB23.1 million (US$3.3 million) in the third quarter of 2025, compared with an adjusted net loss (non-GAAP) of RMB39.8 million in the same period of 2024.

Basic and diluted net  income per ADS5 in the third quarter of 2025 were both RMB0.38 (US$0.05).

Adjusted basic and diluted net income  per ADS  (non-GAAP) in the third quarter of 2025 were both RMB0.77 (US$0.11).

Cash and cash equivalents, restricted cash and bank deposits

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,221.6 million (US$312.1 million), compared with RMB4,467.8 million as of December 31, 2024. The decrease was primarily due to a special cash dividend distribution of US$300 million in February 2025.

[1]"Adjusted net income (non-GAAP)" is defined as net income excluding share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. For more information, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] "MAUs" refers to the number of active mobile users (exclusive of innovative business unless the context otherwise indicates) in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period, by (ii) the number of months in such period.

[3] "Quarterly average paying users" refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.

[4] "Monthly average paying users" refers to the monthly average number of paying users during a given period of time calculated by dividing (i) the sum of paying users in each month of such period, by (ii) the number of months in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.

[5] Each ADS represents one ordinary share for the relevant period and calendar year.

About DouYu International Holdings Limited

Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com.

Use of Non-GAAP Financial Measures

Adjusted net (loss) income is calculated as net income (loss) adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted net (loss) income attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted basic and diluted net (loss) income per ordinary share is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share. The Company adjusted the impact of (i) share of loss (income) in equity method investments, and (ii) impairment losses and fair value adjustments on investments to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" near the end of this release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on September 30, 2025, or at any other rate.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's results of operations and financial condition; the Company's business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

In China:

Chenyang Yan

DouYu International Holdings Limited

Email: [email protected] 

Tel: +86 (10) 6508-0677

Andrea Guo

Piacente Financial Communications

Email: [email protected] 

Tel: +86 (10) 6508-0677

In the United States:

Brandi Piacente

Piacente Financial Communications

Email: [email protected] 

Tel: +1-212-481-2050

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of December 31

As of September 30

2024

2025

2025

ASSETS

RMB

RMB

US$ (1)

Current assets:

Cash and cash equivalents

1,017,148

1,551,938

217,999

Restricted cash

83

163

23

Short-term bank deposits

3,070,374

547,296

76,878

Accounts receivable, net

49,057

60,376

8,481

Prepayments

26,885

18,871

2,651

Amounts due from related parties

74,175

85,193

11,967

Other current assets, net

231,354

225,761

31,712

Total current assets

4,469,076

2,489,598

349,711

Property and equipment, net

7,093

5,251

738

Intangible assets, net

60,917

40,121

5,636

Long-term bank deposits

360,000

100,000

14,047

Investments

456,815

396,728

55,728

Right-of-use assets, net

15,816

10,348

1,454

Other non-current assets

76,616

64,371

9,042

Total non-current assets

977,257

616,819

86,645

TOTAL ASSETS

5,446,333

3,106,417

436,356

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Current liabilities:

Accounts payable

498,667

510,475

71,706

Advances from customers

4,444

3,102

436

Deferred revenue

252,346

242,749

34,099

Accrued expenses and other current liabilities

242,517

191,220

26,861

Amounts due to related parties

222,589

145,149

20,389

Lease liabilities due within one year

11,458

7,796

1,095

Total current liabilities

1,232,021

1,100,491

154,586

Non-current liabilities:

Lease liabilities

4,223

1,954

274

Total non-current liabilities

4,223

1,954

274

TOTAL LIABILITIES

1,236,244

1,102,445

154,860

(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of December 31

As of September 30

2024

2025

2025

RMB

RMB

US$ (1)

SHAREHOLDERS' EQUITY

Ordinary shares

20

20

3

Additional paid-in capital

7,514,498

5,363,717

753,437

Accumulated deficit

(3,791,817)

(3,822,271)

(536,911)

Accumulated other comprehensive income

487,388

462,506

64,967

Total DouYu Shareholders' Equity

4,210,089

2,003,972

281,496

Total Shareholders' Equity

4,210,089

2,003,972

281,496

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

5,446,333

3,106,417

436,356

(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) 
(All amounts in thousands, except share, ADS, per share and per ADS data)

Three Months Ended

Nine Months Ended

Sep 30,

202 4

Jun 30,

2025

Sep 30,

2025

Sep 30,

2025

Sep 30,

202 4

Sep 30,

2025

Sep 30,

2025

RMB

RMB

RMB

US$ (1)

RMB

RMB

US$ (1)

Net revenues

1,063,101

1,053,915

899,111

126,297

3,134,826

2,900,077

407,371

Cost of revenues

(1,002,282)

(911,975)

(783,022)

(109,990)

(2,880,784)

(2,528,541)

(355,182)

Gross profit

60,819

141,940

116,089

16,307

254,042

371,536

52,189

Operating expenses

Sales and marketing expenses

(79,260)

(61,585)

(52,331)

(7,351)

(231,793)

(186,845)

(26,246)

General and administrative expenses

(41,462)

(39,816)

(35,274)

(4,955)

(132,754)

(110,877)

(15,575)

Research and development expenses

(43,243)

(27,611)

(26,888)

(3,777)

(147,526)

(87,248)

(12,256)

Other operating income (expenses), net

8,964

1,318

10,334

1,452

(122,655)

13,468

1,892

Total operating expenses

(155,001)

(127,694)

(104,159)

(14,631)

(634,728)

(371,502)

(52,185)

( Loss ) income  from operations

(94,182)

14,246

11,930

1,676

(380,686)

34

4

Other income (expenses), net

44,242

9,463

(10,124)

(1,422)

43,299

(59,215)

(8,318)

Interest Income

60,840

19,200

18,105

2,543

217,906

47,446

6,665

Foreign exchange (expenses) income

(70)

(17)

(232)

(33)

688

9

1

Income (loss) before income taxes and share of

    loss in equity method investments

10,830

42,892

19,679

2,764

(118,793)

(11,726)

(1,648)

Income tax expense

(6,432)

(8,151)

(6,662)

(936)

(8,943)

(19,946)

(2,802)

Share of (loss) income in equity method investments

(994)

3,088

(1,688)

(237)

(5,982)

1,218

171

Net i ncome (loss)

3,404

37,829

11,329

1,591

(133,718)

(30,454)

(4,279)

Net income (loss) attributable to ordinary 

    shareholders of the Company

3,404

37,829

11,329

1,591

(133,718)

(30,454)

(4,279)

Net income (loss) per ordinary share

Basic

0.11

1.25

0.38

0.05

(4.31)

(1.01)

(0.14)

Diluted

0.11

1.25

0.38

0.05

(4.31)

(1.01)

(0.14)

Net income (loss) per ADS( 2 )

Basic

0.11

1.25

0.38

0.05

(4.31)

(1.01)

(0.14)

Diluted

0.11

1.25

0.38

0.05

(4.31)

(1.01)

(0.14)

Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share

Basic

30,228,317

30,178,859

30,178,859

30,178,859

31,051,664

30,178,859

30,178,859

Diluted

30,228,317

30,178,859

30,178,859

30,178,859

31,051,664

30,178,859

30,178,859

Weighted average number of ADS used in calculating net income (loss) per ADS

Basic

30,228,317

30,178,859

30,178,859

30,178,859

31,051,664

30,178,859

30,178,859

Diluted

30,228,317

30,178,859

30,178,859

30,178,859

31,051,664

30,178,859

30,178,859

(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

(2) Every one ADS represents one ordinary share.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three Months Ended

Nine Months Ended

Sep 30,

202 4

Jun 30,

202 5

Sep 30,

2025

Sep 30,

202 5

Sep 30,

202 4

Sep 30,

202 5

Sep 30,

202 5

RMB

RMB

RMB

US$ (1)

RMB

RMB

US$ (1)

( Loss ) income  from operations

(94,182)

14,246

11,930

1,676

(380,686)

34

4

Adjusted Operating ( loss ) income (non-GAAP)

(94,182)

14,246

11,930

1,676

(380,686)

34

4

Net  i ncome ( l oss)

3,404

37,829

11,329

1,591

(133,718)

(30,454)

(4,279)

Add/(Reversal of):

Share of loss (income) in equity method investments

994

(3,088)

1,688

237

5,982

(1,218)

(171)

Impairment losses and fair value adjustments on

investments(2)

(44,242)

(9,463)

10,124

1,422

(43,299)

59,215

8,318

Adjusted net (loss)  income (non-GAAP)

(39,844)

25,278

23,141

3,250

(171,035)

27,543

3,868

Net income  ( loss )  attributable to DouYu

3,404

37,829

11,329

1,591

(133,718)

(30,454)

(4,279)

Add/(Reversal of):

Share of loss (income) in equity method investments

994

(3,088)

1,688

237

5,982

(1,218)

(171)

Impairment losses and fair value adjustments on investments

(44,242)

(9,463)

10,124

1,422

(43,299)

59,215

8,318

Adjusted net (loss)  income  attributable to DouYu

(39,844)

25,278

23,141

3,250

(171,035)

27,543

3,868

Adjusted net (loss) income per ordinary share (non-GAAP)

Basic

(1.32)

0.84

0.77

0.11

(5.51)

0.91

0.13

Diluted

(1.32)

0.84

0.77

0.11

(5.51)

0.91

0.13

Adjusted net (loss) income per ADS(3) (non-GAAP)

Basic

(1.32)

0.84

0.77

0.11

(5.51)

0.91

0.13

Diluted

(1.32)

0.84

0.77

0.11

(5.51)

0.91

0.13

Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share

Basic

30,228,317

30,178,859

30,178,859

30,178,859

31,051,664

30,178,859

30,178,859

Diluted

30,228,317

30,178,859

30,178,859

30,178,859

31,051,664

30,178,859

30,178,859

Weighted average number of ADS used in calculating net (loss) income per ADS(2)

Basic

30,228,317

30,178,859

30,178,859

30,178,859

31,051,664

30,178,859

30,178,859

Diluted

30,228,317

30,178,859

30,178,859

30,178,859

31,051,664

30,178,859

30,178,859

(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

(2) Impairment losses and fair value adjustments on investments was included in line item "Other income (expenses), net" of condensed consolidated statements of income (loss).                                                                              

( 3 ) Every one ADS represents one ordinary share.

SOURCE DouYu International Holdings Limited

, /PRNewswire/ -- Cognizant (Nasdaq: CTSH), a leading global professional services company, today announced that it has been selected by the Coalition for Epidemic Preparedness Innovations (CEPI) to deliver a comprehensive digital transformation program  which covers implementation of a new core HR and Expense Management System (EMS) and consolidation of support for CEPI's Salesforce platform, a key component of CEPI's overall Enterprise Architecture.

The multi-year engagement marks a key milestone in CEPI's digital transformation strategy to establish an enterprise architecture partner capable not only of strengthening its core platforms but also of introducing AI-enabled insights, automation and scalable solutions that aim to improve the organization's efficiency and reduce operational costs. Cognizant's depth in platform implementation, operating-model transformation and enterprise architecture made it the partner of choice.

"CEPI is an organization whose values of collaboration, impact and resilience closely mirror our own. We are honored that CEPI has placed its trust in us for this vital initiative," said Knut Inge Buset, Country Head, Cognizant Norway. "Our team demonstrated not only technical competence on the HR and Salesforce platforms, but also a deep cultural alignment with CEPI. Together we will accelerate the adoption of Salesforce & SAP platforms, contributing to organizational efficiency and delivering value towards the business."

After a competitive procurement process at CEPI, Cognizant was selected as the preferred partner.

Under the project scope, Cognizant will support the evolution of CEPI's Salesforce platform, ensuring that the solution remains robust, scalable and aligned with CEPI's organizational goals. Beyond platform delivery, the partnership will also establish a roadmap for enterprise architecture.

 "Choosing the right partner matters—not just for technology, but for values, culture, and long-term ambition," commented Navjot Kalra, Director of CEPI Digital. Mads Høgholen, Director of Finance and Interim COO, added, "Cognizant's alignment with our mission and its proven delivery experience will support CEPI in delivering its vital work with greater efficiency and agility."

About Cognizant

Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.

For more information contact: [email protected]

About CEPI

CEPI is an innovative partnership between public, private, philanthropic, and civil organisations. Its mission is to accelerate the development of vaccines and other biologic countermeasures against epidemic and pandemic threats so they can be accessible to all people in need. CEPI has supported the development of more than 70 vaccine candidates or platform technologies against multiple known high-risk pathogens or a future Disease X. Central to CEPI's pandemic-beating plan is the '100 Days Mission' to accelerate the time taken to develop safe, effective and accessible vaccines against new threats to just 100 days. Learn more at CEPI.net.

SOURCE Cognizant Technology Solutions

SummaryUber delivered a strong Q3, beating top- and bottom-line estimates, with robust Mobility and Delivery segment growth and record cash flow.UBER's autonomous vehicle (AV) partnerships, especially with Waymo and NVDA, are strategic catalysts, positioning UBER for long-term AV leadership despite near-term unprofitability.Monte Carlo simulations project a $127 price target for UBER, implying nearly 40% upside, though short-term resistance remains around $100.Upgrading UBER from HOLD to BUY, I recommend a dollar cost-averaging strategy due to current momentum and suggest buying on any significant pullbacks. metamorworks/iStock via Getty Images

Investment Thesis In my last article on Uber (UBER), I analysed the company’s Q2 report and examined the key takeaways from the report. I had a HOLD rating on the name.

Since the article was published, in August 2025, the company has

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

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