Market Signal Briefing

Only a few weeks into 2026, there are already plenty of macroeconomic factors for advisors and investors to keep a close eye on. 

Both domestic and geopolitical headlines from the federal government can cause one’s portfolio to shift, be it in a positive or negative direction. And that’s before advisors even consider how interest rate policy and the independence of the Federal Reserve can further move the needle. Indeed, in recent days the executive branch has begun to threaten the independence of the Fed once more. Plus, all of this is playing out while inflation worries bubble in the backline.

The Fed Subpoenaed: What Comes Next In a recent Office Hours session, titled “Trump, the Fed, and Other Key 2026 Storylines” the experts at WisdomTree broke down what advisors should be aware of in regards to the biggest drivers of 2026’s market. To get things rolling, WisdomTree first addressed the recent news that the Department of Justice has subpoenaed the Federal Reserve. 

Kevin Flanagan, WisdomTree head of fixed income strategy, evaluated how these unexpected developments are affecting advisors and investors alike. To start, Flanagan noted that some voices in the room urge against pressuring the Fed in this manner. Those include Treasury Secretary Scott Bessent and some members of the Senate Banking Committee.

“I think cooler heads are prevailing at this stage of the game, but that doesn’t mean that the notion of questioning the Fed’s independence is going to go away over the next three years,” Flanagan assessed.

In terms of how the market is responding, Flanagan observed that the markets obviously pulled back when the news first broke. However, as this story develops, Flanagan expects more advisors and traders to adopt a wait-and-see mindset until more clarity is established.

For the Fed’s future, Flanagan anticipated that Powell would finish out his term as chair of the Federal Reserve. However, as Flanagan pointed out, that brings up another question. Will Powell stay on as a governor until 2028? Given how fast the news cycle is moving these days, it may be too soon to tell. However, it’s certainly something advisors should be keeping in mind. 

How Accurate Is the CPI? Beyond what’s going on at the Federal Reserve, many remain concerned about where the inflation outlook stands for the U.S. markets. Jeremy Schwartz, WisdomTree global chief investment officer, took a look at how the U.S. government’s inflation data may be less accurate than advisors realize. 

Schwartz explained WisdomTree’s longstanding belief that the Bureau of Labor Statistics uses a “very stale” method for calculating shelter data for the Consumer Price Index (CPI), potentially making the longstanding inflation measure an unreliable barometer. Instead of using lagging data like the BLS does, the WisdomTree team looks to utilize more real-time data, which can create a different picture of where inflation sits. 

Regardless of where the real inflation numbers lie, Schwartz asserted that advisors and investors remain underexposed to commodities, especially gold. There are plenty of opportunities across the broad spectrum of commodities, both to hedge against inflation and to capitalize on potential long-term gains. 

Opportunities in the Japanese Market Commodities aren’t the only investments worth a closer look. Among the many ETFs highlighted during the webcast, the WisdomTree team showcased the WisdomTree Japan Opportunities Fund (OPPJ) as a potentially compelling choice for 2026.  

To start, Japanese equities may already be worth a closer look as the country enters a much more positive economy than recent years, bolstered by more favorable fiscal policy. Moderate inflation and an expected increase in disposable income countrywide makes Japanese companies a potentially good buy right now.

OPPJ offers an opportunity for investors to buy into the Japanese companies that WisdomTree believes represent the best opportunities at the moment. The fund invests in companies from four different buckets: Japanese companies held by Berkshire Hathaway; companies with high shareholder yield; companies with low valuation ratios and strong growth and earnings potential; and lastly, thematic picks. This balanced approach gives OPPJ a well-balanced view of the different companies within the Japanese economy.

OPPJ is just one of many funds that could offer a compelling route to navigate the uncertainty of the 2026 U.S. markets. Looking ahead, advisors should remain nimble, and when in doubt, lean on the perspective of market experts in order to find the best path forward. 

Originally published on Advisor Perspectives

This article was prepared as part of WisdomTree’s general paid sponsorship of VettaFi | ETF Trends. This specific content within and any opinions expressed therein belong solely to VettaFi and do not reflect the opinion or analysis of WisdomTree, its employees, or its affiliates. Content published on VettaFi | ETF Trends is provided for educational purposes only and should not be considered investment or tax advice. For investment or tax advice, please consult a financial professional. 

WisdomTree is an independent company, unaffiliated with VettaFi | ETF Trends. WisdomTree has not been involved with the preparation of the content supplied by VettaFi | ETF Trends. It does not guarantee, or assume any responsibility for its content.

For more news, information, and strategy, visit the Modern Alpha Content Hub.

Earn free CE credits and discover new strategies

AbbVie Inc. (ABBV) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

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

The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Before buying or selling any stock, you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.

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.

Carter Worth, Worth Charting, joins 'Fast Money' to talk the technicals on the tech trade.

Crude oil prices initially rose amid protests in Iran, but have since failed to rally. CBIC Private Wealth senior energy trader, Rebecca Babin, joins Market Domination Overtime host Josh Lipton to explain why oil reacted differently after geopolitical tensions in Venezuela broke out.

Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - January 14, 2026) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) ("Platinum Group", "PTM" or the "Company") reports the Company's financial results for the first fiscal quarter of fiscal 2026 dated November 30, 2025, and provides an update and outlook. The Company's material property is the Waterberg project located on the Northern Limb of the Bushveld Complex in South Africa (the "Waterberg Project"). The Waterberg Project is planned as a fully mechanised, shallow, decline access platinum, palladium, rhodium and gold ("4E" or "PGM") mine, including by-product copper and nickel production, and is projected to be one of the largest and lowest cost underground platinum group metals ("PGM" or "PGMs") mines globally. The Company's near-term objectives are to advance the Waterberg Project to a development and construction decision, including the arrangement of construction financing and concentrate offtake agreements.

For details of the condensed consolidated interim financial statements for the three months ended November 30, 2025 (the "Financial Statements") and Management's Discussion and Analysis ("MD&A") for the three months ended November 30, 2025, please see the Company's filings on SEDAR+ (www.sedarplus.ca) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.platinumgroupmetals.net. Shareholders may receive a hard copy of the complete Financial Statements and MD&A from the Company free of charge upon request.

All amounts herein are reported in United States dollars unless otherwise specified. The Company holds cash in Canadian dollars, United States dollars and South African Rand. Changes in exchange rates may create variances in the cash holdings or results reported.

Project Ownership

As of November 30, 2025, the Waterberg Project is owned by Waterberg JV Resources (Pty) Ltd. ("Waterberg JV Co."), which is in turn owned by Platinum Group (37.32%), Mnombo Wethu Consultants Proprietary Limited ("Mnombo") (26.0%), HJ Platinum Metals Company Ltd. ("HJM") (21.95%) and Impala Platinum Holdings Ltd. ("Implats") (14.73%). Platinum Group holds a further 12.97% indirect interest in Waterberg JV Co. through a 49.9% interest in Mnombo.

HJM was established in 2023 by Japan Organization for Metals and Energy Security ("JOGMEC") and Hanwa Co. Ltd. ("Hanwa") as a special purpose company to hold and fund their aggregate future equity interests in the Waterberg Project. The combined Waterberg JV Co. ownership of JOGMEC (12.195%) and Hanwa (9.755%) were consolidated into a 21.95% interest for HJM going forward, with JOGMEC to fund 75% of future equity investments into HJM and Hanwa the remaining 25%.

In calendar 2023, Implats implemented a group wide restriction on capital expenditures. As a result, since early 2024, Implats has not funded their share of Waterberg Project cash calls and their interest in Waterberg JV Co. has diluted by approximately 0.27%. Platinum Group has funded Implats' shortfall and the Company's direct interest in Waterberg JV Co. has increased concurrently with Implats' dilution. Implats has elected not to fund the most recent Waterberg JV Co. cash call and will be further diluted to a 14.625% ownership interest on January 31, 2026.

Recent Events

On September 17, 2025, the board of directors of Waterberg JV Co. unanimously approved a sixth stage of work in the amount of Rand 92.1 million (approximately $5.11 million at the time) for fiscal year 2026 ("Stage Six Budget"), to allow for the continuation of work programs underway. The Stage Six Budget was subsequently approved by a consent resolution of the requisite majority shareholders on September 26, 2025. The interim budget covers the period ending August 31, 2026, and includes some components of a $21.0 million pre-construction work program approved in principle for the Waterberg Project by the directors and shareholders of Waterberg JV Co. on October 18, 2022 (the "Pre-Construction Program").

On May 29, 2025, Platinum Group reported the closing of a non-brokered private placement of common shares of the Company ("Common Shares") at a price of $1.26 per Common Share. An aggregate of 800,000 Common Shares were subscribed for and issued to existing major beneficial shareholder, Hosken Consolidated Investments Limited ("HCI") through its subsidiary Deepkloof Limited, resulting in gross proceeds to the Company of $1.0 million (the "Private Placement"). Closing of the Private Placement allowed HCI to return to a 26% interest in the Company at that time.

On February 18, 2025, the board of directors for Waterberg JV Co. unanimously approved a Rand 42 million interim budget (approximately $2.27 million at the time) to allow the continuation of work programs for the Waterberg Project. The interim budget covered the period ending August 31, 2025, and included some components of the Pre-Construction Program.

On December 5, 2024, the Company entered into an Equity Distribution Agreement with BMO Nesbit Burns Inc. and Beacon Securities Limited (the "Canadian Agents") and BMO Capital Markets Corp. (the "U.S. Agent" and together with the Canadian Agents, the "Agents") for a new at-the-market equity program (the "2025 ATM") to distribute up to $50.0 million (or the equivalent in Canadian dollars) of Common Shares (the "Offered Shares"). The Offered Shares will be issued by the Company to the public from time to time, through the Agents, at the Company's discretion. The Offered Shares sold under the 2025 ATM will be sold at the prevailing market price at the time of sale. The net proceeds of any such sales will be used for pre-construction site work, engineering and preparation, a potential first phase development program at the Waterberg Project, smelter and base metal refinery studies, a contingency provision and general, corporate and administrative expenses. Sales of Common Shares on the NYSE American pursuant to the 2025 ATM through the U.S. Agent commenced on January 22, 2025, and during the three month period ended November 30, 2025, 4,115,014 Common Shares were sold at an average price of $2.45 for gross proceeds of $10.09 million before directly attributable costs of $0.25 million. From January 22, 2025, to the date of this news release, the Company has sold an aggregate of 19,331,648 Common Shares at an average price of $2.07 for gross proceeds of $40 million before deducting directly attributable costs paid to the Agents of $1.0 million.

On November 13, 2024, the Company filed a final short form base shelf prospectus (the "Shelf Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada and a corresponding registration statement on Form F-10 (the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC"), under the Multijurisdictional Disclosure System established between Canada and the United States. Pursuant to the Shelf Prospectus and the Registration Statement, the Company may offer and sell Common Shares, debt securities, warrants, subscription receipts, or a combination thereof up to an aggregate initial offering amount of $250 million (or its equivalent in Canadian dollars) from time to time, separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of the offering and as set out in an accompanying prospectus supplement, during the 25-month period that the Shelf Prospectus and the Registration Statement remain effective.

On September 16, 2024, the Company reported positive results from an Independent Definitive Feasibility Study Update (the "Waterberg DFS Update") for the Waterberg Project. The associated technical report entitled "Waterberg Definitive Feasibility Study Update, Bushveld Igneous Complex, Republic of South Africa", with an effective date of August 31, 2024, was filed on SEDAR+ on October 9, 2024. The Waterberg DFS Update was prepared by independent qualified persons in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and Subpart 229.1300 and Item 601(b)(96) of the SEC's Regulation S-K (collectively, "S-K 1300"). The Waterberg DFS Update included revised mineral resource and mineral reserve estimates. For details of the Waterberg DFS Update see the Company's news release dated September 16, 2024, the MD&A, and the technical report referred to above.

Results For the Period Ended November 30, 2025

During the three months ended November 30, 2025, the Company incurred a net loss of $1.84 million (November 30, 2024 - net loss of $1.84 million). General and administrative expenses during the period were $1.08 million (November 30, 2024 - $1.24 million). Share based compensation was $1.13 million (November 30, 2024 - $0.72 million). The foreign exchange gain recognized in the current period was $0.23 million (November 30, 2024 - $0.10 million) due primarily to the U.S. Dollar increasing in value relative to the Canadian Dollar during the period.

At November 30, 2025, finance income consisting of interest earned in the three month period amounted to $0.20 million (November 30, 2024 - $0.06 million). Basic and diluted loss per share for the three months ended November 30, 2025, was $0.02 (November 30, 2024 - $0.02).

Accounts receivable at November 30, 2025, totalled $0.12 million (August 31, 2025 - $0.08 million) while accounts payable and other liabilities amounted to $0.51 million (August 31, 2025 - $0.78 million). Accounts receivable was comprised primarily of value added taxes repayable to the Company in South Africa. Accounts payable consisted primarily of accruals and payables related to accounting costs, legal costs and project engineering and maintenance costs on the Waterberg Project.

Total expenditures on the Waterberg Project, before partner reimbursements, for the three month period ended November 30, 2025, were approximately $0.55 million (November 30, 2024 - $0.61 million). At period end, $51.2 million (November 30, 2024 - $46.85 million) in accumulated net costs were capitalized to the Waterberg Project. Total expenditures on the property since inception to November 30, 2025, are approximately $91.6 million.

For more information on mineral properties, see Note 3 of the Financial Statements.

Outlook

The Company's primary business objective is to advance the Waterberg Project to a development and construction decision. PTM is the operator of the Waterberg Project.

Approximately one half of the $21.0 million Pre-Construction Program described above remains to be completed, including proposed work on initial road access, water supply, essential site facilities, a first phase accommodation lodge, a site construction power supply and advancement of the Waterberg Social & Labour Plan ("SLP"). Remaining components are being undertaken in phases as incremental budgets are approved. The Stage Six Budget allows for the continuation of this work during the period ending August 31, 2026.

Ideally, arrangements for Waterberg Project concentrate offtake or processing would be in place before a construction decision is undertaken. The Company and Waterberg JV Co. are assessing commercial alternatives for mine development financing and concentrate offtake. As a part of the Company's investigation of smelting and base metal refining options, the Company has engaged in discussions with all South African integrated producers, including Implats, with a view to negotiating formal concentrate offtake arrangements for the Waterberg Project. To date no terms have been agreed. As an alternative, over the past three years the Company has studied and proposed the establishment of smelter and base metal refinery facilities located in either Saudi Arabia or South Africa.

Before any processing of materials in Saudi Arabia could occur, South African Government authorization for the export of concentrate or matte would be required and such approval has been requested. Senior South African Government officials have stated their preference for beneficiation to occur in South Africa. The Company is also investigating opportunities to collaborate and co-invest with smaller furnace operators in South Africa who are interested to modify and expand their existing operations such that the efficient processing of Waterberg concentrate could be undertaken. In such a scenario the Waterberg Project could be developed in stages so that smelting capacity could also be developed in stages.

The base case for mine development in the Waterberg DFS Update is focused first on lower cost, bulk mining of F-Zone material from the F-Central deposit, followed by later mining from the T-Zone. Although no decision has been made to alter the base case scenario, given the current price and outlook for gold, one concept being investigated is to begin staged development at the Waterberg Project, first with decline development into the T-Zone, followed by smaller scale T-Zone mining and then later expansion into the F-Central deposit at the scale planned in the Waterberg DFS Update. As compared to F-Central ore, proven and probable reserves for the T-Zone have a more favourable 4E prill split of approx. 29% platinum (28% F-Central), 51% palladium (66% F-Central), 1% rhodium (1% F-Central) and 19% gold (5% F-Central). T-Zone proven and probable reserves also have a higher 4E grade of 3.84 g/t (2.68 g/t F-Central).

The F-Central deposit, with true mining widths (hanging wall to footwall) of up to 107 metres, and with approximately 87% of production planned from mining widths more than 15 metres, is very favourable to low-cost bulk mining. The T-Zone, with approximately 92% of production planned from mining widths between 2.4 metres and 15 metres, and 8% from areas up to 20 metres thick, also allows for bulk mining (being longitudinal longhole stoping) albeit at a higher cost per tonne versus the F-Central deposit.

At current metal prices, increased revenue per tonne from mining the T-Zone would more than offset higher mining costs, and may allow for a lower capex, staged development approach as described above. Internal studies are examining the financial impact of deferring capital for power lines, paste backfill, milling capacity, and underground conveyors, while first operating a T-Zone mine before using free cash flow to then develop a second stage F-Central mine. T-Zone ore and waste can be trucked to surface for processing during initial mining stages, allowing for a shortened ore build-up period and a reduced capital footprint in both underground development and other underground infrastructure requirements.

The Company continues to work closely with regional and local communities and their leadership on mine development plans to achieve optimal outcomes and best value to all stakeholders. A new five year SLP commencing in 2026 has been developed with community input and submitted to the DMR for review and approval.

The Company continues to advance an initiative through Lion Battery Technologies Inc. ("Lion") using platinum and palladium in lithium battery technologies in collaboration with an affiliate of Valterra Platinum Limited (previously Anglo American Platinum Limited) ("Valterra") and Florida International University. The investment in Lion creates a potential vertical integration with a broader industrial market development strategy to bring new technologies to market utilising the catalytic properties of platinum and palladium. The Company and Valterra are currently assessing progress to date and potential next steps towards the commercialisation and promulgation of the developed technology. For more detail, please see the Company's MD&A and current Annual Information Form ("AIF") and Form 40-F.

Environmental, Social and Governance

Platinum Group recently received the 2025 annual Environmental, Social and Governance ("ESG") disclosure report from Digbee Ltd. ("Digbee"), a United Kingdom based company that has developed an industry standard ESG disclosure framework for the mining sector providing a right-sized, future looking set of frameworks against which they can credibly disclose, track, compare and improve their ESG performance. For 2025, Platinum Group achieved an overall score of BBB with a range of CC to AAA based on the information provided. Digbee ESG has been developed in consultation with mining companies, ESG specialists and capital providers and is endorsed by leading financial institutions, producing mining companies and other industry stakeholders. Digbee's reporting framework is aligned with global standards, including the Equator Principles. For more details about the Company's 2025 Digbee ESG Report please refer to the Company's MD&A, AIF and Form 40-F.

Regulatory

As well as the discussions within this news release, the reader is encouraged to also see the Company's disclosure made under the heading "Risk Factors" in the Company's current AIF and Form 40-F.

Qualified Person

Rob van Egmond, P.Geo., a consultant geologist to the Company and a former employee, is an independent qualified person as defined in NI 43-101. Mr. van Egmond has reviewed, validated and approved the scientific and technical information contained in this news release and has previously visited the Waterberg Project site.

About Platinum Group Metals Ltd. and the Waterberg Project

Platinum Group Metals Ltd. is the operator of the Waterberg Project, a bulk underground PGM and base metal deposit located in South Africa. The Waterberg Project was discovered by Platinum Group and is being jointly developed with Mnombo, HJM and Implats.

On behalf of the Board of
Platinum Group Metals Ltd.

Frank R. Hallam
President, CEO and Director

For further information contact:
Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
www.platinumgroupmetals.net

Disclosure

The TSX and the NYSE American have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "may", "plans", "would", "will", "could", "can", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the success of the Company's objective to advance the Waterberg Project to a development and construction decision, the findings of the Waterberg DFS Update, the plan for and development of the Waterberg Project and the potential benefits and results thereof including that it is projected to become one of the largest and lowest cost underground PGM mines globally, financing and mine development of the Waterberg Project, potential commercial alternatives for mine development, sequencing of development activities, potential alternatives to the existing Waterberg Project development plan and any related economic analysis, obtaining concentrate offtake or processing, the size and cost of the Waterberg Project, the economic feasibility of establishing a new PGM smelter and BMR in Saudi Arabia or elsewhere, work with local communities, the ability of the Company to obtain all required permitting, surface access, and infrastructure servitudes, the effect of battery electric vehicles on the market for PGMs, the use of PGMs in solutions to climate change, and the Company's other future plans and expectations. Although the Company believes any forward-looking statements in this news release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance and that actual results may differ materially from those in forward-looking statements as a result of various factors, including rising global inflation and increased potential supply chain disruptions; the impact of international trade disputes and the imposition of tariffs, international conflict and other geopolitical tensions and events; the Company's inability to generate sufficient cash flow or raise additional capital, and to comply with the terms of any new indebtedness; additional financing requirements; and any new indebtedness may be secured, which potentially could result in the loss of any assets pledged by the Company; the Company's history of losses and negative cash flow; the Company's properties may not be brought into a state of commercial production; uncertainty of estimated production, development plans and cost estimates for the Waterberg Project as reported in the Waterberg DFS Update; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; fluctuations in the relative values of the U.S. Dollar, the South African Rand and the Canadian Dollar; volatility in metals prices; the uncertainty of alternative funding sources for Waterberg JV Co.; the Company may become subject to the U.S. Investment Company Act; the failure of the Company or the other shareholders to fund their pro rata share of funding obligations for the Waterberg Project; any disputes or disagreements with the other shareholders of Waterberg JV Co. or Mnombo; the ability of the Company to retain its key management employees and skilled and experienced personnel; conflicts of interest; litigation or other administrative proceedings brought against the Company; actual or alleged breaches of governance processes or instances of fraud, bribery or corruption; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and South Africa; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability to obtain and maintain necessary permits, including environmental authorizations and water use licences; extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations or failures to comply with the terms of such permits; risks of doing business in South Africa, including but not limited to, labour, economic and political instability and potential changes to and failures to comply with legislation; pandemics and other public health crises; the Company's common shares may be delisted from the NYSE American or the TSX if it cannot maintain compliance with the applicable listing requirements; and other risk factors described in the Company's most recent AIF and Form 40-F, other filings with the SEC and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedarplus.ca, respectively. Proposed changes in the mineral law in South Africa, if implemented as proposed, may have a material adverse effect on the Company's business and potential interest in projects. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether because of new information, future events or results or otherwise.

The Waterberg DFS Update has been prepared in accordance with NI 43-101 and S-K 1300. The technical and scientific information contained in this news release has been prepared in accordance with NI 43-101, which differs from the standards adopted by the SEC. Accordingly, the technical and scientific information contained in this news release, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/280264

Source: Platinum Group Metals Ltd.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Sorry, Nvidia. Google is the new AI market darling.

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

Disclaimer: I am not an investment advisor, and this article is not meant to be a recommendation of the purchase or sale of stock. Investors are advised to review all company documents and press releases to see if the company fits their own investment qualifications.

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.

Broadcom maintains a "Strong Buy" rating, driven by robust AI-fueled growth and impressive Q4 results. AI semiconductor sales surged 74%, propelling total sales up 28% and operating income up 62%, with gross margins expanding to 68%. Q1 guidance calls for 28% sales growth to $19.1 billion, with AI semiconductor sales expected to double and EBITDA margins at 67%.

Ono Pharmaceutical Co., Ltd. (OPHLY) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 2:15 PM EST

Company Participants

Toichi Takino - President, COO & Representative Director

Conference Call Participants

Seiji Wakao - JPMorgan Chase & Co, Research Division

Presentation

Seiji Wakao
JPMorgan Chase & Co, Research Division

Good morning. Welcome to the JPMorgan Healthcare Conference. I'm Seiji Wakao, Japan Pharma Analyst at JPMorgan. And it's my pleasure to introduce Takino-san, CEO of Ono Pharmaceutical, and welcome him to the conference. Takino-san, please go ahead.

Toichi Takino
President, COO & Representative Director

Thank you, Wakao-san, and hello, everyone. Let me start a brief introduction. I'm Toichi Takino, President and COO of Ono Pharma from Osaka, Japan and very much honored to be here to make a presentation at this JPMorgan conference. This is a great opportunity to introduce our company, Ono, as one of the attractive companies with high potential for future growth, we believe. Today, starting from quick corporate overview, I will touch on our promising growth drivers from our development pipelines together with our future outlook.

This is forward-looking statements. And now starting from brief corporate introduction. By the way, this is our main research campus between Kyoto and Osaka. Nice picture, isn't it? Ono's history goes back to all the way, 1717. And this year marks our indeed 309th year. Over its long-term history, Ono has created numerous innovative medicines, including more than 10 prostaglandin-related products from around 50 years ago and the first in the world PD-1 antibody, OPDIVO launched almost 10 years ago.

So while we traditionally focused on Japan or Asian markets, in the past, Ono is now expanding beyond Asia to global markets. In 2024, we acquired U.S. biotech Deciphera with a focus on its specialty products as well as sales channels in U.S. market and the European

Zcash Foundation in the Clear: SEC Ends Years-Long Probe With No Enforcement Action

Hassan Shittu

Journalist

Hassan Shittu

Part of the Team Since

Jun 2023

About Author

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

Has Also Written

Last updated: 

13 minutes ago

The Zcash Foundation said this week that a years-long investigation by the US Securities and Exchange Commission has ended without any enforcement action, bringing regulatory clarity to one of the crypto industry’s most closely watched privacy projects at a time of heightened volatility for the token.

In a notice published Wednesday, the foundation confirmed that the SEC had “concluded its review” of an inquiry tied to “certain crypto asset offerings.”

We are pleased to announce that the SEC has concluded its review and informed us that it does not intend to recommend any enforcement action or other changes against Zcash Foundation regarding this matter. https://t.co/zjxfh3mmst

— Zcash Foundation 🛡️ (@ZcashFoundation) January 14, 2026 The probe began in August 2023, when the foundation received a subpoena as part of a broader SEC effort to assess whether specific digital asset offerings fell under federal securities laws.

The case was internally designated SF-04569 and remained open for more than two years.

Zcash’s Privacy Model Back in Spotlight After SEC Review ClosesThe foundation said the outcome reflected its cooperation throughout the process and its focus on operating within existing regulatory requirements.

It added that its work would remain centered on advancing privacy-preserving financial infrastructure. The SEC did not issue a public statement on the matter, but the foundation said it had received confirmation that the review was formally closed.

The decision comes amid renewed market activity around Zcash, with ZEC trading around $439 on Wednesday, up roughly 13% over the most recent trading period, with 24-hour trading volume climbing more than 30% to about $881 million.

Source: CoinGeckoDespite the rebound, the token remains far below its early-cycle peak, trading more than 86% under its all-time high of $3,191 set during the 2017 bull market.

One of the most prevalent aspects of privacy-oriented cryptocurrency has always been the regulatory oversight of such initiatives, which have been based on cryptographic solutions to conceal the information on transactions and remain functional in the open blockchain.

Zcash was introduced in 2016, and it uses zero-knowledge proofs to enable users to transact shielded transactions without the information about the sender, receiver, or amount being disclosed.

That design has put it in the middle of multiple discussions on financial surveillance, compliance, and the boundaries of privacy on-chain many times.

SEC’s Zcash Decision Mirrors Evolving U.S. Regulatory PlaybookThe SEC’s review of the Zcash Foundation unfolded alongside other inquiries touching the ecosystem.

In past correspondence, the agency sought analysis from Grayscale Investments on whether ZEC could be classified as a security in the context of its Zcash Trust.

SEC officials have also engaged directly with Zcash founder Zooko Wilcox, including participation in roundtable discussions on privacy technologies and regulatory oversight.

The closure of the Zcash probe also fits into a broader shift in US crypto enforcement since 2025.

Under new leadership and following the appointment of Paul Atkins as SEC chair, the agency has dropped or settled a string of high-profile cases launched during the prior administration.

Lawsuits against Coinbase and Kraken were dismissed without penalties, investigations into Robinhood’s crypto unit, Uniswap Labs, OpenSea, and Gemini were closed, and a multi-year inquiry into Ondo Finance ended without charges late last year.

While the SEC has continued to pursue cases involving alleged fraud, the pattern has pointed toward a pullback from expansive enforcement actions tied to token classification alone.

The end of the SEC probe arrives during a turbulent moment internally for Zcash, as last week, governance disputes between the Electric Coin Company and the nonprofit Bootstrap escalated into a public split, with core developers leaving to form a new independent entity.

That episode briefly weighed on market sentiment, even as network operations continued uninterrupted and project leaders stressed that the conflict did not affect Zcash’s underlying security or privacy guarantees.

Helium Mobile has announced that it will permanently halt the early adopter pricing plan, which costs $5 per month. The news caused frustration among early adopters, who took to social media to express their dissatisfaction.

Helium Mobile, a leading decentralized physical infrastructure network (DePIN), has announced that it will discontinue its initial payment plans, including the one tailored for early adopters. The changes will take effect on January 27, with updates to the early access $5 and $20 plans, as well as the zero plan. 

The organization stated that it will communicate directly with all affected users to inform them of the changes. The company had initially promised early-access users standard promotional rates “forever”, but has now discontinued the plans and urged users to opt for higher tiers before the end of January.

Helium upgrades all early access $5 and $20 plans to Air Plan 📌 Starting Jan 27, we’re making a few updates.

Changes apply to early-access plans ($5 Beta, $20) and the Zero Plan. Affected subscribers will be notified directly.

These updates help keep our phone plans among some of the most affordable in the country, long-term.

🧵👇

— Helium Mobile 🆓 ☁️ (@helium_mobile) January 12, 2026

The firm announced that the remaining early access $5 and $20 plans will be upgraded to Air Plan. The mobile network provider detailed that early access users with $5 plans will receive a one-time $10 credit on their accounts as an incentive for participating in the project’s initial development stages. The company said that users who upgrade their $5 subscription plan to Air or Infinity before the deadline will receive a 50% discount for a year and $50 in Cloud Points.

The company introduced the zero plan, allowing users to use the platform for a limited amount of data, texts, and calls each month. Users on this plan used to receive 100 minutes of talk time, 300 text messages, and 3GB of data every month.

However, things are about to change for this plan. The decentralized network also mentioned that zero plans will still include 3GB of free data every month, including “1GB from our nationwide partner, plus 2GB when Helium coverage is available.” Helium announced that taxes and fees from payment partners and governments prompted the adjustments. The firm also mentioned that the charges apply to zero-plan accounts, and the cost will be transferred to the consumers.

Helium Mobile users express frustrations over changes to early access plans Absolute nonsense. You delete the promise of "forever" on your website but Wayback Machine caught you. https://t.co/TyhY2VUt63

So truly sketchy, at best.

— David Chapman 🌹 (@DChapmanCrypto) January 12, 2026

The news sparked a wave of frustration and backlash from subscribers who believe the company has betrayed them. Users took to their social media to express their frustrations regarding the changes Helium announced. One particular user termed the changes “absolute nonsense” and highlighted that the entity had deleted the pledge “forever” from the website, but it was captured by an archiving tool.

The user also urged other frustrated users to utilize AI tools, such as ChatGPT and Grok, to write letters to the FTC and their respective state attorney’s office. Amir Haleem, the founder and CEO of Helium, replied to the user, stating that the company did not pledge to offer the $5 plan to early users forever.

Another user stated that the firm did not disclose the cost of taxes and charges for the zero plan and predicted that the network would shut down within a couple of weeks. Other users expressed their disappointment with the upgraded plans, but said users are still unlikely to find a cheaper alternative.

Despite criticism, the decentralized mobile network provider has expanded into new territories as part of its dedicated plan to achieve global coverage. The network expanded to Brazil in December of last year. So far, Data from Helium Explorer shows that 29 hotspots have surfaced in the country. Helium’s Latin American deployments now exceed 1,000, and the platform cumulatively hosts 1.7 million daily users, facilitating the transmission of over 71.13 TBs of data through its carrier offload program.

Helium launched a kids plan called Sprout in June 2025. The plan will enable parents to actively guide their children through the increasingly connected world. The plan costs $ 5 per month and gives parents and guardians total control over what their kids do.

Join a premium crypto trading community free for 30 days - normally $100/mo.

Key NotesLedger partners with Lombard and Figment to offer BTC yield without sacrificing self-custody or control.LBTC tokens earn rewards by securing Bitcoin-adjacent networks through Babylon's staking infrastructure.The feature targets long-term holders, though current APY sits at just 0.41% according to DefiLlama. Ledger Wallet’s new bitcoin rewards feature lets self-custody bitcoin holders earn yield, integrating BTC into DeFi through Lombard and Figment without relinquishing control or altering Bitcoin’s base layer.

Ledger has activated these new features inside its Wallet app. It is initially accessible through the Discover section via a Figment-powered dApp that connects to Lombard’s infrastructure.

The company targets long-term holders and active traders seeking additional returns while maintaining control of their assets. Moreover, according to Lombard’s press release, only about 1.5% of the total BTC is currently active on-chain and unused.

With this tool, users deposit bitcoin, which is then converted into LBTC, a liquid token that tracks BTC and is designed to earn staking rewards. Ledger plans to extend the Discover feature to a native slot in the Earn section later in 2026. This would deepen its role as a BTC DeFi access point.

Your $BTC shouldn't just sit idle.

Unlock rewards through the Ledger Wallet app with @Lombard_Finance via @Figment_io.

Through the Figment dApp in Ledger Wallet, BTC holders can access Lombard’s fully backed LBTC and earn rewards while staying fully in control of their assets.… pic.twitter.com/NbqjaBxWif

— Ledger (@Ledger) January 14, 2026

How LBTC and Babylon Generate BTC yield The yield feature for Bitcoin BTC $97 430 24h volatility: 3.4% Market cap: $1.95 T Vol. 24h: $77.12 B uses third-party integrations rather than built-in wallet code. Bitcoin deposits result in the token LBTC, which is easier to stake and remains usable in more DeFi tools.

LBTC accrues BTC-denominated rewards by helping secure “Bitcoin secured networks” via the Babylon Bitcoin Staking Protocol. Figment is one of the platforms that runs validator infrastructure for this process and connects the different networks.

The mechanism does not involve staking on Bitcoin’s base layer, which does not have this function. Instead, it uses BTC as economic collateral for other networks that settle or reference Bitcoin. This process preserves the holder’s underlying BTC exposure.

According to DefiLlama, Babylon Protocol and Lombard have $5.92 billion and $1.04 billion in TVL, respectively, making them the biggest platforms in Bitcoin DeFi.

Making Bitcoin DeFi Easier The Ledger–Lombard–Figment partnership brings BTC holders new earning opportunities in DeFi, signaling an expansion of Bitcoin DeFi amid growing demand for safe, yield-bearing BTC products.

Analysts are watching how much BTC this route can attract and how it interacts with DeFi protocol-level risks. Recent attention has focused on Babylon’s consensus bugs and the broader safety of BTC-backed security models.

For now, Ledger has not disclosed key risk-related information, such as expected APY, fee schedules, custodial risks, or regional availability details, in its press releases. Investors must weigh the promise of BTC-denominated rewards against the limited public disclosure of these risks.

It is worth noting that, according to DefiLlama, LBTC on Lombard reports an APY of 0.41%; this figure may change with different incentives.

If more users adopt it, Ledger could drive significant on-chain activity while helping holders maintain ownership of their coins, reinforcing its leadership as a DeFi gateway in an evolving market.

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.

Cryptocurrency News, News

José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.

José Rafael Peña Gholam on LinkedIn

Ethereum’s outlook has been improving its case. After a prolonged period of underperformance and skepticism, the network is starting to exhibit signs of renewed structural and fundamental strength.  While BTC continues to anchor the market as the primary store of value and digital gold, conditions are emerging that could allow ETH to outperform BTC over the coming period.

Why The Ethereum Narrative Is Gaining Strength Ethereum has been seen outperforming Bitcoin. In a recent post on X, Walter Bloomberg revealed that Standard Chartered says that the ETH outlook has improved, and now ETH might outperform BTC, citing rising institutional demand and stronger fundamental positioning across key on-chain sectors. 

While weakness in BTC has weighed on the broader crypto market, ETH has continued to benefit from institutional-driven demand, and its dominance in stablecoins, decentralized finance (DeFi), and real-world assets (RWA) tokenization.

Standard Chartered also points to the increased throughput and potential US regulatory clarity that it could provide additional upside. In terms of valuation, the bank forecasts ETH at $7,500 this year and $30,000 by 2029, reflecting the expectations of sustained network growth.

The Co-founder of PinkBrains_io, a DeFi Creator Studio, DefiIgnas, has highlighted that Ethereum could outperform Bitcoin this year, and the reason is roadmap execution. While BTC will likely keep facing recurring waves of quantum FUD into 2026, ETH has a clear roadmap to prepare for future cryptographic risks. 

Furthermore, ETH is actually scaling. Gas limits on layer 1 keep rising, and zkEVMs will get full production readiness, making ETH cheap and fast enough for high-value transactions, while layer 2s will handle most of the trading and high-frequency activity.

Related Reading: Bitcoin And Ethereum Market Structure Points To Crypto Winter – Details

These upgrades are incremental, which means there’s no breaking news moment for ETH, but progress is happening fast. Early in the cycle, a lot of Degens loaded up on ETH before the bull run, but many got disillusioned and sold their ETH for BTC. “It would be fun to see the playbook reverse higher,” DefiIgnas noted.

A Different Liquidity Cycle Than Previous Bull Markets Crypto liquidity quality witnessed a change in 2025. A technical analyst and show host of Crypto Banter, Kyledoops, reported that Wintermute noted that capital in 2025 stopped rotating broadly across the market. Instead, liquidity is concentrated into Bitcoin, Ethereum, and a small group of large-cap tokens. As a result, the long-anticipated wave of altcoin-wide liquidity never really arrived.

Source: Chart from Kyledoops on X Meanwhile, the rise of spot ETFs and crypto treasury vehicles created a new, highly structured inflow channel that funneled flow into the top of the market. These vehicles break the crypto’s oldest playbooks. Price action is no longer driven by broad market expansion. It’s driven by where new liquidity can actually enter.

ETH trading at $3,285 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com

On Wednesday, the Chicago-based crypto derivatives exchange Bitnomial launched the first regulated futures contract for the crypto Aptos (APT), coinciding with the network reporting record highs in daily fee and weekly fee generation in early 2026.

“These are the first U.S. APT futures, and a regulated futures market is a prerequisite for spot crypto ETF approval under the SEC’s generic listing standards,” said Michael Dunn, president of Bitnomial Exchange.

The launch coincides with Aptos achieving its highest revenue period, generating about $1.07 million from fees on December 31. This peak was sustained for weeks, with the week ending January 4, generating up to $1.75m.

Aptos has started 2026 hot in terms of revenue generation. Source: Defillama Institutional money is also flowing in: Franklin Templeton and BlackRock have already deployed tokenized funds on Aptos, which now hosts $723 million in real-world assets.

First regulated APT futures open institutional gateway Bitnomial’s APT futures began trading on January 14 and is available through Bitnomial’s trading partner firms. After launch, institutional clients gained immediate access to trading, while retail traders will participate through Bitnomial’s Botanical platform in the coming weeks.

The futures contracts expire monthly and give traders the option to settle in either Aptos tokens or U.S. dollars. Additionally, traders can put up collateral in either crypto or dollars.

The exchange offers the first Aptos futures that are regulated in the United States. Futures products like Bitnomial’s create the necessary infrastructure for future ETF approvals as regulatory frameworks change.

“U.S.-regulated derivatives are essential for institutional adoption,” stated Solomon Tesfaye, chief business officer of Aptos, who also noted that Bitnomial’s regulated platform provides investors with the compliance framework required to access Aptos.

Aptos has seen RWA explosion Major financial institutions have recognized Aptos’ potential for regulated applications. Built with the Move programming language, Aptos processed about 2 billion mainnet transactions in 2024. Monthly active users surged to over 8 million accounts with daily active addresses up to 1.77 million in December, and total value locked growing approximately 700% through 2024 to exceed $1 billion.

Franklin Templeton chose Aptos to host its On-Chain U.S. Government Money Fund (FOBXX), while BlackRock’s BUIDL tokenized money market fund also deployed on the network. The blockchain is also the third-largest network for real-world assets, with about $723 million issued on-chain. PACT’s micro-lending and credit portfolios in emerging markets represent 78% of the RWA footprint.

Bitnomial’s milestone underscores Aptos’ maturing ecosystem at a moment when institutions seek compliant ways to tap its growth.

Sharpen your strategy with mentorship + daily ideas - 30 days free access to our trading program

TL;DR

Solana introduces optional privacy features for token transactions and balances. The tools use zero-knowledge cryptography and are enabled during token creation. This shift reduces the public transparency that helped investors detect fraud. The Solana network is implementing new privacy functions for tokens. These tools allow users to obscure balances and transactions on the blockchain. They use zero-knowledge cryptography and encryption methods. Developers can voluntarily activate these options when creating a token. The chain itself maintains its overall verification capability.

It does not pursue absolute secrecy, but offers optional privacy. Projects like Anoncoin already offer economic incentives to create tools that facilitate private token launches. Some rewards reach 10,000 dollars. This brings Solana closer to privacy functionalities similar to Zcash’s, but applied directly at the token launch layer.

Privacy in token launches will make trading memecoins even more fun.

Imagine creating Zcash style memecoins with a simple toggle with the C-SPL standard.

Anoncoin is giving out bounties worth $10,000 to those building privacy tooling for token launches. https://t.co/EfZFQlMFpp pic.twitter.com/v4eQSy7UTy

— Anoncoin (@anoncoinit) January 14, 2026

Public blockchains like Solana and Ethereum gained trust through their transparency. Anyone can review a token’s supply, distribution among wallets, and movements in real time. This visibility functions as a defense mechanism for retail investors. It helps them identify potential fraud, such as “rug pulls” or sudden liquidity drains.

Launches with built-in privacy features change this principle Encrypted balances, opaque capitalization tables, and masked transfers remove key signals. Investors lose basic tools to detect red flags. The innovation carries an evident risk: it reduces the visibility that protects common users, especially in high-speculation sectors like memecoins.

They can protect legitimate users from unnecessary financial exposure. They enable new use cases as tokens interact with more applications and wallets. The central problem is not the technology, but its application context. Privacy in launches reduces the cost to conceal bad practices. If liquidity can vanish behind a veil of encryption, accountability weakens.

The Solana ecosystem is now experimenting with this technical edge. The immediate challenge is not proving the technology works, but managing its consequences. The incentives for creators of private tools and the interests of speculative traders converge in the same space. This overlap creates fertile ground for innovation, but also for hidden behavior. 

Solana’s official social media account has reignited long-running layer-one versus layer-two rivalries after publicly mocking Starknet over valuation and network usage, drawing wide attention across crypto markets.

The post, shared on Wednesday, contrasted Starknet’s billion-dollar market capitalization with what it described as extremely low daily activity. Consequently, the message quickly spread across X, attracting reactions from traders, developers, and rival blockchain communities. 

Besides the humor, the exchange highlighted persistent debates about whether valuation should reflect real network demand or future expectations. The incident also reinforced Solana’s reputation for using social media to directly challenge competing ecosystems.

Solana Takes Aim at Starknet MetricsThe comment targeted Starknet, an Ethereum layer-2 built on zero-knowledge technology. It suggested that Starknet maintained high valuations despite minimal user engagement. However, updated data painted a more complex picture. 

Current metrics show more than 65,000 daily active users, roughly 759,000 daily operations, and hundreds of millions in secured value. Additionally, decentralized exchange activity and perpetual trading volumes remain active, undermining the most extreme claims circulating online.

Moreover, the post appeared to reference an older on-chain snapshot from 2024, when Starknet activity temporarily dipped. That context fueled debate about selective data use during market commentary. 

Consequently, responses poured in from industry figures and projects, including Bubblemaps and MegaETH, while Pump.fun co-founder Alon Cohen joined the discussion. Starknet itself has not issued a public reply, keeping the exchange one-sided.

Community Reaction and Layer RivalriesSignificantly, the exchange underscored broader tensions between Solana and the Ethereum scaling ecosystem. Starknet supporters countered by revisiting Solana’s historical network outages. 

Solana advocates, however, framed the post as commentary on execution and user demand rather than infrastructure design. Hence, the interaction evolved into a cultural clash reflecting deeper disagreements over performance, decentralization, and adoption paths.

The Solana account has engaged in similar disputes, including debates involving Ripple and XRP competitiveness. Additionally, such exchanges often coincide with periods of heightened market attention for Solana itself.

SOL Price Strength Adds FuelMoreover, the timing coincided with renewed optimism around Solana itself. SOL traded near $147.47, posting a 2.89% daily gain and an 8.72% increase over seven days. Trading volume exceeded $8 billion, underscoring strong market participation. With roughly 570 million tokens circulating, Solana’s market capitalization stood above $83 billion.

According to analyst Ali Martinez, Solana recently flipped bullish on the SuperTrend indicator, a signal traders often watch closely. Additionally, curb.sol reported a decisive breakout from both a two-month horizontal resistance and a four-month diagonal trendline. Consequently, analysts warned against dismissing the move, suggesting momentum could carry SOL toward the $200 level.

TL;DR

Aave’s market capitalization fell by roughly $500 million after a public dispute between the DAO and Aave Labs unsettled investors. The conflict focused on fee distribution, control of intellectual property, and value capture inside the protocol. Despite the sell-off, on-chain data showed large holders accumulating AAVE and protocol activity staying resilient, helping contain deeper losses.
Aave’s governance token experienced heightened volatility in mid-December 2025 as a power struggle between the Aave DAO and Aave Labs reignited questions about decentralization and incentive alignment. The dispute weighed on market confidence and triggered a rapid pullback, briefly erasing close to $500 million in market value. The episode highlighted governance frictions that continue to challenge large DeFi protocols as they mature.

Aave Governance Conflict Brings Control Issues To The Surface The disagreement began when DAO members identified that swap fees from a recent integration were routed to wallets controlled by Aave Labs, rather than the DAO treasury. In earlier implementations, similar revenue streams had benefited token holders, shaping expectations of shared economic upside.

Aave Labs maintained that the integration was funded independently, justifying a separate revenue structure. That response failed to settle concerns and expanded the debate toward brand ownership, intellectual property rights, and decision-making authority across the ecosystem.

Governance discussions intensified between December 11 and December 22 as proposals emerged to move key Aave assets under DAO oversight. Several large market participants criticized the process for lacking clarity and poor timing. During this period, AAVE’s price dropped nearly 15%, directly contributing to the sharp contraction in market capitalization.

On-Chain Signals Point To Stability Beyond Price Moves While short-term sentiment weakened, network fundamentals remained solid. Analytics firms reported that protocol deposits increased on a yearly basis, while weekly revenue reached record levels toward the end of 2025. User activity and capital efficiency showed limited disruption.

At the same time, large holders accumulated AAVE as prices declined. Data indicated that top wallets increased their share of supply, while exchange balances fell, suggesting reduced selling pressure. Transaction patterns pointed to measured accumulation rather than panic.

By early January 2026, sentiment indicators improved after Aave Labs signaled openness to revenue-sharing discussions. AAVE rebounded modestly, trading near $178, up about 5% over 24 hours, though still lower on a monthly basis.

The situation underscored the difficulty of balancing decentralization with operational leadership. For Aave, the resolution of these governance talks will be critical in determining whether the protocol can reinforce long-term confidence while maintaining its position in DeFi.

The U.S. Securities and Exchange Commission concluded its review of the Zcash Foundation on Wednesday. The agency also informed the public charity that it doesn’t intend to take any enforcement action or other charges against Zcash Foundation regarding its crypto offerings. 

The SEC subpoenaed Zcash Foundation on August 31, 2023, in connection with an inquiry regarding certain digital asset offerings. The foundation stated that the outcome reflects its commitment to transparency and compliance with applicable regulatory requirements. 

Zcash network launches five new DNS seeders We are pleased to announce that the SEC has concluded its review and informed us that it does not intend to recommend any enforcement action or other changes against Zcash Foundation regarding this matter. https://t.co/zjxfh3mmst

— Zcash Foundation 🛡️ (@ZcashFoundation) January 14, 2026

The SEC’s probe focused on regulations regarding anti-money laundering, economic sanctions, and securities. The announcement followed a 12% surge in the price of Zcash over 24 hours, which is currently trading at $437. On-chain data revealed that the digital asset has nearly doubled in the past three months, despite a decline in digital asset prices in October.

The conclusion of the SEC’s probe comes as the nonprofit organization announced an expansion to the Zcash Network Infrastructure on Tuesday. The foundation deployed five new DNS seeders in South Carolina, Oregon, Belgium, Germany, and Finland. Zcash Foundation currently has six ZF-operated seeders, with one in Iowa. 

The ZF-linked DNS aims to help new nodes establish their initial connections, enabling fast transactions on the network. The Zcash network previously relied on a flurry of DNS seeders operated by the Electric Coin Company (ECC), the Zcash Foundation (ZF), and Zcash Core developer Jack Grigg (str4d).

Zcash Foundation noted that the DNS operated by ECC stopped responding on January 8. The organization argued that ECC seeders had gone offline, resulting in slower-than-usual bootstrapping for new Zcash users. The hiccup reduced the number of available seeders, allowing additional infrastructure to ensure reliable peer discovery for users.

ZF acknowledged that multiple DNS seeders in different geographic locations will boost reliability. The firm believes it will ensure wallets and nodes can always find peers on the network, even during outages. The organization also noted that the initiative enhances performance by reducing startup times for wallets and nodes.

The Zcash Foundation stated that it’s considering additional deployments in other regions to further improve coverage and reliability. The organization also revealed that Shielded Labs is working to deploy additional seeders.

Zcash Foundation focuses on advancing privacy-preserving technology After the resignations at Electric Coin Company, ZF maintained that it’s focused on advancing privacy-preserving financial infrastructure for the public good. The organization added that it’s making efforts to steward Zcash as a decentralized and open-source protocol.

ZF confirmed that no contributor, team, or organization controls Zcash, since its codebase is open-source. The organization revealed that Zcash’s consensus rules are enforced by independent node operators globally. Other organizations and contributors also support the development of the protocol.

Zcash Foundation stated that the structure ensures that changes within organizations do not compromise the integrity or continuity of the Zcash blockchain. The organization argued that the network continues to operate normally by continuing to produce blocks, settle transactions, and ensure users’ funds and privacy remain secure.

ZF revealed that it’s focused on maintaining and supporting the development of the Zcash protocol, as well as allocating funding for independent research and engineering. The foundation is also focused on supporting decentralization across governance and will also advocate for privacy in the protocol.

The organization stated that although transitioning within the ecosystem creates uncertainty, it’s important for users to distinguish between organizational shifts and the health of the network. ZF acknowledged that its network is independent of any single organization, board, or corporate entity. The firm stated that its network’s resilience and future depend on users, miners, researchers, developers, and organizations united by a shared commitment to privacy-preserving technology.

Zcash Foundation also maintained that it remains committed to transparency, continuity, and collaboration with all ecosystem participants. The organization has also promised to act in the best long-term interests of the Zcash network and community.

Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.

Journalist

Posted: January 15, 2026

Bitcoin’s recent level of $95k is a great buying zone for mid-term investors.

According to the Bitcoin rainbow chart, a model used to identify key inflection points and valuation-based market cyclical patterns, a ‘fire sale’ for the asset was flashed. 

The last time the signal was flagged was in H2 2024 and Q1 2025, Bitcoin [BTC] rebounded and cooled off after surging to the ‘accumulate’ zones. 

Source: Blockchain Center

As of writing, the ‘accumulate’ zone was around $150K-$160K price area. That would translate to a potential 60% upside if past trends repeat. 

However, if the 4-year cycle isn’t dead as some claim, and history repeats itself, then a better discount window could be feasible if BTC slips to $65K-$75K area. This is a “BTC is dead” zone that marked cycle lows of past bear markets. 

Is a mid-term relief likely? The positive outlook in the short to medium term was also reinforced by the decline in selling pressure on the derivatives market. According to CryptoQuant analyst DarkFost, the pressure in the Futures market had dropped from nearly $500 million to $51 million – A 90% drop in selling. 

He added, 

“If Net Taker Volume were to turn positive again, it would clearly ignite the fuse for a bullish reversal.”

Source: CryptoQuant

In other words, the current BTC value would be a great buying opportunity if the net selling were to flip to net buying again. 

Bitcoin’s overall demand is still low Meanwhile, the spot market has also shown slight improvement. 

The demand from corporate treasuries has bounced back, led by Strategy. Public firms have added approximately 43,000 BTC per month, or 260,000 BTC, over the past six months. 

Source: Glassnode 

However, the current price consolidation within $85K-$95K range has absorbed significant distribution for OG Bitcoiners and ETFs in late 2025. In fact, in early 2026, the U.S. Spot BTC ETF inflows have posted mixed results. 

As of press time, the overall demand for BTC, factoring in ETFs and corporate treasury firms, remained low, reinforcing little confidence among bulls. 

The 30-day Average Apparent BTC demand has declined from over 800K BTC in December to 284K and was still dropping at press time. Unless the trend reverts, the recent attempt to break out above $95k may fail to materialize. 

Source: CryptoQuant 

Overall, the BTC rainbow chart suggested that the current level or an extra dip to $65k-$75k would still be a discounted buying window. 

Final Thoughts  The Bitcoin rainbow chart flagged a ‘fire sale’ window at the current price of $95k.  However, BTC demand was yet to fully recover from the late 2025 sell-off despite some relief signs.

In brief Sui blockchain suffered a six-hour outage, the second major incident since 2023 launch. The network was fully restored by 4:30 p.m. ET, with a full incident report coming soon. The SUI token was barely affected, trading at $1.85 with minimal price impact. The Sui blockchain has recovered from an outage that lasted nearly six hours, knocking the layer-1 network out of commission without any new blocks being produced during that span.

The network's X account said Wednesday morning that Sui was experiencing a "network stall," and that "the Sui Core team is actively working on a solution."

A few hours later, the Sui network status site was updated to say that a "fix has been implemented and we are monitoring the results." Around 4:30 p.m. Eastern Time, the site noted that "validators have rolled out the fix and the system is fully functional."

The Sui Foundation team said on X that it will provide a full incident report "in the coming days." Decrypt reached out to the Sui Foundation and Mysten Labs for comment, but did not immediately receive a response.

The Sui network is now back and fully operational. Transactions are flowing normally. If you are still seeing issues, please refresh your app or browser window. Thanks for your patience. We will share a full incident review in the coming days.

Please check…

— Sui (@SuiNetwork) January 14, 2026

This marks the second major outage in the Sui network's history following an event in November 2024. "All validators were stuck in a crash loop, preventing all transaction processing," the foundation wrote in a blog post about the November outage.

The network was developed by Mysten Labs and launched in May 2023. Mysten is led by several former senior executives and architects for Meta’s now-defunct digital wallet program, Novi.

The SUI token, which launched the same time as the network, has barely been affected by the outage. At the time of writing, SUI was trading for $1.85 after having gained 0.2% in the past day. It's now 1.4% higher than it was this time last week, according to crypto price aggregator CoinGecko.

Sui was launched as a so-called Solana killer, aiming to beat its competitor on speed and throughput. Sui sets itself apart from some earlier blockchain ecosystems by allowing parallel processing of transactions and horizontal scaling, which allows it to maintain low transaction costs.

The Sui network currently holds just over $1 billion worth of assets, according to data from DeFi Llama. That figure had been on the decline since October, when the network held $2.6 billion worth of assets.

It slid below $1 billion in early December, the same time the broader crypto market saw prices sag, has been steadily climbing since the start of this year.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Tether-backed mobile wallet Oobit has expanded real-world crypto payments by adding native support for Phantom Wallet, a major Solana platform. The move allows more than 15 million Phantom users to spend digital assets anywhere Visa is accepted. Significantly, the integration removes one of crypto’s longest-standing barriers by turning self-custody wallets into everyday payment tools without changing merchant behavior.

The launch reflects a broader shift in crypto usage. Blockchains now process transactions quickly, and wallets offer simple interfaces. However, daily spending has remained limited. 

Oobit’s Phantom integration aims to close that gap by connecting existing wallets directly to traditional payment rails. Consequently, users can now move from holding crypto to spending it in real-world settings.

How the Integration Changes Crypto SpendingWith Phantom enabled inside Oobit, users can pay online or in stores without pre-funding accounts or using bridges. Funds stay under user control until payment approval. Moreover, transactions execute directly from the wallet, convert instantly to local currency, and settle through Visa’s network.

Importantly, merchants do not need new hardware or onboarding. Wherever Visa already works, Phantom payments now work as well. Hence, the integration avoids friction on both sides of the transaction. Users maintain self-custody, while merchants receive local currency through familiar systems.

The service is live across more than 80 countries, including the United States, Brazil, the Philippines, South Korea, and Thailand. Additionally, Oobit reports strong adoption in regions where stablecoins increasingly support daily expenses rather than long-term storage.

Executive View and Market ContextOobit leadership described the launch as a turning point for crypto adoption. Amram Adar, co-founder and CEO of Oobit, said, “This is the moment crypto leaves the screen and enters daily use.” He added, “As longtime fans of Phantom, seeing this wallet become real money for everyday life is incredibly exciting.”

The expansion reflects broader industry readiness. Infrastructure has matured, wallet adoption has scaled, and merchant acceptance already exists. However, a simple connection between wallets and payments remained missing. Moreover, Oobit designed its platform specifically to close that gap.

Oobit’s ties to Solana run deep. Solana co-founder Anatoly Yakovenko co-led Oobit’s $25 million Series A round alongside Tether, CMCC Global, and 468 Capital. Moreover, the OOB token completed its migration from Ethereum to Solana in late 2025, aligning the project with Phantom’s ecosystem.

In November, Malaysia-based VCI Global announced a $100 million investment in OOB tokens. The firm also outlined plans to manage Oobit’s digital treasury. Consequently, Tether became a major stakeholder in that structure.

By Reuters

January 14, 20269:07 PM UTCUpdated ago

Equinor logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

CompaniesJan 14 (Reuters) - A federal judge will rule on whether Norwegian offshore wind developer Equinor (EQNR.OL), opens new tab can resume work on its New York Empire Wind project at a hearing on Thursday, according to a court communication.

The decision is high stakes for Equinor, which is seeking to block the Trump administration's Dec. 22 pause on offshore wind activity in federal waters so it can complete the multi-billion dollar project.

Sign up here.

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

WESTPORT, Conn., Jan. 14, 2026 (GLOBE NEWSWIRE) -- Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an owner of leading middle-market businesses, announced today its consolidated operating results for the three and nine months ended September 30, 2025 and filed its Quarterly Report on Form 10-Q for the period.

“I’m pleased to report that with today’s filing we are now fully current with our SEC filings for 2025,” said Elias Sabo, Chief Executive Officer of Compass Diversified, “and we are in full compliance with the periodic reporting requirements of our credit facilities and bond indentures.”

Sabo continued, “Excluding Lugano, our eight operating subsidiaries continue to deliver solid performance in an uncertain macroeconomic environment. We are focused on executing against our strategic priorities with the objective of delivering consistent, long-term shareholder value by partnering with our management teams to drive performance, invest for growth, and enhance profitability.”

2025 Outlook

CODI now expects full-year 2025 subsidiary Adjusted EBITDA of $335 million to $355 million, excluding Lugano Holding, Inc.

Conference Call

Management will host a conference call today, Wednesday, January 14, 2026, at 5:00 p.m. E.T. / 2:00 p.m. P.T. A live webcast of the call will be available on the Investor Relations section of CODI’s website. To avoid delays, we encourage participants to log in to the webcast 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time on the Company’s website.

Note Regarding Use of Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted Earnings (Loss) are non-GAAP measures used by the Company to assess its performance. We have reconciled Adjusted EBITDA to Income (Loss) from Continuing Operations and Adjusted Earnings (Loss) to Net Income (Loss) on the attached schedules. We consider Income (Loss) from Continuing Operations to be the most directly comparable GAAP financial measure to Adjusted EBITDA and Net Income (Loss) to be the most directly comparable GAAP financial measure to Adjusted Earnings (Loss). We believe that Adjusted EBITDA and Adjusted Earnings (Loss) provide useful information to investors and reflect important financial measures as each excludes the effects of items that reflect the impact of long-term investment decisions, rather than the performance of near-term operations. When compared to Net Income (Loss) and Income (Loss) from Continuing Operations, Adjusted Earnings (Loss) and Adjusted EBITDA, respectively, are each limited in that they do not reflect the periodic costs of certain capital assets used in generating revenues of our businesses or the non-cash charges associated with impairments, as well as certain cash charges. The presentation of Adjusted EBITDA allows investors to view the performance of our businesses in a manner similar to the methods used by us and the management of our businesses, provides additional insight into our operating results and provides a measure for evaluating targeted businesses for acquisition. The presentation of Adjusted Earnings (Loss) provides insight into our operating results.

Pro forma net sales is defined as net sales including the historical net sales relating to the pre-acquisition periods of The Honey Pot Co., assuming that the Company acquired The Honey Pot Co. on January 1, 2024. We have reconciled pro forma net sales to net sales, the most directly comparable GAAP financial measure, on the attached schedules. We believe that pro forma net sales is useful information for investors as it provides a better understanding of sales performance, and relative changes thereto, on a comparable basis. Pro forma net sales is not necessarily indicative of what the actual results would have been if the acquisition had in fact occurred on the date or for the periods indicated nor does it purport to project net sales for any future periods or as of any date.

In reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, we have not reconciled 2025 Subsidiary Adjusted EBITDA to its comparable GAAP measure because we do not provide guidance on Net Income (Loss) from Continuing Operations or the applicable reconciling items as a result of the uncertainty regarding, and the potential variability of, these items. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

Adjusted EBITDA, Adjusted Earnings and pro forma net sales are not meant to be a substitute for GAAP measures and may be different from or otherwise inconsistent with non-GAAP financial measures used by other companies.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, CODI’s expectations regarding its subsidiary Adjusted EBITDA and its future performance, liquidity and leverage, and the future performance of CODI’s subsidiaries. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believe,” “expect,” “may,” “could,” “would,” “plan,” “intend,” “estimate,” “predict,” “future,” “potential,” “continue,” “should” or “anticipate” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These statements are based on beliefs and assumptions by CODI’s Board of Directors and management, and on information currently available to CODI’s Board of Directors and management. These statements involve risks and uncertainties that could cause actual results and outcomes to differ, perhaps materially, including but not limited to: changes in the economy, financial markets and political environment, including changes in inflation, interest rates and U.S. tariff and import/export regulations; risks associated with possible disruption in CODI’s operations or the economy generally due to terrorism, war, natural disasters, or social, civil or political unrest; future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); environmental risks affecting the business or operations of our subsidiaries; disruption in the global supply chain, labor shortages and labor costs; our business prospects and the prospects of our subsidiaries; the impact of, and ability to successfully complete and integrate, acquisitions that we have made or may make; the ability to successfully complete divestitures that we may execute; the dependence of our future success on the general economy and its impact on the industries in which we operate; the ability of our subsidiaries to achieve their objectives; the adequacy of our cash resources and working capital; the timing of cash flows, if any, from the operations of our subsidiaries; CODI’s ability to regain compliance with NYSE continued listing requirements; the cooperation of, and future concessions granted by, CODI’s lenders; control deficiencies identified or that may be identified in the future that will result in material weaknesses in CODI’s internal control over financial reporting; and litigation relating to the Lugano Holding, Inc. (“Lugano”) investigation, including CODI’s representations regarding its financial statements, and current and future litigation, enforcement actions or investigations relating to CODI’s internal controls, restatement reviews, the Lugano investigation or related matters. Please see CODI’s Amendment No. 1 to Annual Report on Form 10-K/A for the year ended December 31, 2024 filed with the SEC on December 8, 2025 for other risk factors that you should consider in connection with such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date such statements have been made. Except as required by law, CODI does not undertake any public obligation to update any forward-looking statements to reflect events, circumstances, or new information after the date of this press release, or to reflect the occurrence of unanticipated events.

Investor Relations

Compass Diversified
[email protected]

Compass Diversified Holdings
Condensed Consolidated Balance Sheets       September 30, 2025 December 31, 2024(in thousands) (Unaudited) (As Restated)Assets    Current assets    Cash and cash equivalents $61,139  $59,659 Accounts receivable, net  224,689   207,172 Inventories, net  602,180   571,248 Prepaid expenses and other current assets  122,742   126,692 Total current assets  1,010,750   964,771 Property, plant and equipment, net  214,451   244,746 Goodwill  895,420   895,916 Intangible assets, net  915,666   983,396 Other non-current assets  210,881   208,593 Total assets $3,247,168  $3,297,422      Liabilities and stockholders’ equity    Current liabilities    Accounts payable and accrued expenses $459,719  $421,715 Due to related party  22,604   18,036 Current portion, long-term debt  1,878,852   1,774,290 Subsidiary financing arrangements  183,853   169,765 Other current liabilities  53,910   49,617 Total current liabilities  2,598,938   2,433,423 Deferred income taxes  106,804   108,091 Long-term debt  —   — Other non-current liabilities  223,060   225,334 Total liabilities  2,928,802   2,766,848 Stockholders' equity    Total stockholders' equity attributable to Holdings  519,217   678,620 Noncontrolling interest  (200,851)  (148,046)Total stockholders' equity  318,366   530,574 Total liabilities and stockholders’ equity $3,247,168  $3,297,422  Compass Diversified Holdings
Consolidated Statements of Operations
(Unaudited)  Three Months Ended September 30, Nine Months Ended September 30,   2025   2024   2025   2024 (in thousands, except per share data)   (As Restated)   (As Restated)Net sales $472,562  $456,553  $1,405,027  $1,294,084 Cost of sales  264,847   259,920   792,739   734,314 Gross profit  207,715   196,633   612,288   559,770 Operating expenses:        Selling, general and administrative expense  179,315   145,959   491,804   421,264 Management fees  16,213   18,633   54,111   55,314 Amortization expense  23,254   23,721   69,722   71,317 Impairment expense  —   —   31,515   8,182 Operating income (loss)  (11,067)  8,320   (34,864)  3,693 Other income (expense):        Interest expense, net  (66,721)  (31,620)  (136,668)  (86,483)Amortization of debt issuance costs  (826)  (1,005)  (2,922)  (3,014)Loss on debt modification  —   —   (2,827)  — Gain (loss) on sale of Crosman  —   388   —   (24,218)Other income (expense), net  (2,343)  (37,769)  (14,311)  (125,853)Net loss from continuing operations before income taxes  (80,957)  (61,686)  (191,592)  (235,875)Provision for income taxes  5,763   2,772   25,659   21,475 Loss from continuing operations  (86,720)  (64,458)  (217,251)  (257,350)Income from discontinued operations, net of income tax  —   (1,088)  —   101 Gain on sale of discontinued operations  (523)  —   2,326   3,345 Net loss  (87,243)  (65,546)  (214,925)  (253,904)Less: Net loss from continuing operations attributable to noncontrolling interest  (13,228)  (28,922)  (59,700)  (87,480)Less: Net loss from discontinued operations attributable to noncontrolling interest  —   (592)  —   (1,163)Net income (loss) attributable to Holdings $(74,015) $(36,032) $(155,225) $(165,261)         Amounts attributable to Holdings        Loss from continuing operations $(73,492) $(35,536) $(157,551) $(169,870)Income from discontinued operations  —   (496)  —   1,264 Gain on sale of discontinued operations, net of income tax  (523)  —   2,326   3,345 Net loss attributable to Holdings $(74,015) $(36,032) $(155,225) $(165,261)         Basic income (loss) per common share attributable to Holdings        Continuing operations $(1.20) $(0.61) $(2.53) $(3.22)Discontinued operations  (0.01)  (0.01)  0.03   0.06   $(1.21) $(0.62) $(2.50) $(3.16)         Basic weighted average number of common shares outstanding  75,236   75,645   75,236   75,437  Compass Diversified Holdings
Net Income (Loss) to Non-GAAP Adjusted Earnings and Non-GAAP Adjusted EBITDA
(Unaudited)  Three Months Ended September 30, Nine Months Ended September 30,(in thousands, except per share amounts)  2025   2024   2025   2024     (As Restated)   (As Restated)Net loss $(87,243) $(65,546) $(214,925) $(253,904)Income from discontinued operations, net of tax  —   (1,088)  —   101 Gain on sale of discontinued operations, net of tax  (523)  —   2,326   3,345 Net loss from continuing operations $(86,720) $(64,458) $(217,251) $(257,350)Less: loss from continuing operations attributable to noncontrolling interest  (13,228)  (28,922)  (59,700)  (87,480)Net loss attributable to Holdings – continuing operations $(73,492) $(35,536) $(157,551) $(169,870)Adjustments:        Distributions paid – preferred shares  (9,715)  (6,345)  (27,863)  (18,491)Amortization expense – intangibles and inventory step up  23,254   23,721   69,722   75,006 Impairment expense  —   —   31,515   8,182 (Gain) loss on sale of Crosman  —   (388)  —   24,218 Tax effect – loss on sale of Crosman  —   —   —   7,254 Stock compensation  4,073   4,537   12,274   12,288 Acquisition expenses  —   —   —   3,479 Integration services fee  —   875   875   1,750 Other  3,155   964   8,582   1,368 Adjusted Earnings $(52,725) $(12,172) $(62,446) $(54,816)Plus (less):        Depreciation expense  10,884   10,178   34,247   31,249 Income tax provision  5,763   2,772   25,659   21,475 Interest expense  66,721   31,620   136,668   86,483 Amortization of debt issuance costs  826   1,005   2,922   3,014 Loss on debt modification  —   —   2,827   — Tax effect – loss on sale of Crosman  —   —   —   (7,254)Income from continuing operations attributable to noncontrolling interest  (13,228)  (28,922)  (59,700)  (87,480)Distributions paid – preferred shares  9,715   6,345   27,863   18,491 Other (income) expense  2,343   37,769   14,311   125,853 Adjusted EBITDA $30,299  $48,595  $122,351  $137,015  Compass Diversified Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Three Months Ended September 30, 2025
(Unaudited)  Corporate  5.11  BOA Lugano PrimaLoft THP Velocity Outdoor Altor Arnold Sterno ConsolidatedIncome (loss) from continuing operations $(77,345) $9,628  $5,399  $(34,211) $(4,534) $196  $1,318  $(714) $7,546  $5,997  $(86,720)Adjusted for:                      Provision (benefit) for income taxes  9,601   3,006   1,573   —   (1,439)  76   (72)  (265)  (8,643)  1,926   5,763 Interest expense, net  61,480   (1)  (1)  5,084   (9)  (1)  21   —   148   —   66,721 Intercompany interest  (40,752)  3,819   3,515   16,555   4,037   2,347   1,908   4,427   2,152   1,992   — Depreciation and amortization  (251)  5,443   5,253   725   5,296   4,156   1,353   6,672   2,781   3,536   34,964 EBITDA  (47,267)  21,895   15,739   (11,847)  3,351   6,774   4,528   10,120   3,984   13,451   20,728 Other (income) expense  —   (257)  118   1,288   8   (21)  (268)  1,587   4   (116)  2,343 Noncontrolling shareholder compensation  —   571   1,375   643   585   382   5   239   4   269   4,073 Other (1)  —   —   —   —   —   —   —   2,889   149   117   3,155 Adjusted EBITDA $(47,267) $22,209  $17,232  $(9,916) $3,944  $7,135  $4,265  $14,835  $4,141  $13,721  $30,299 
(1) Other represents non-recurring operating expenses that are included by management in the calculation of Adjusted EBITDA when analyzing monthly operating results of our subsidiaries. In the current year, the calculation of Adjusted EBITDA for Arnold includes the add-back of certain expenses that have been incurred related to the relocation of two of Arnold's facilities in the United States and severance costs related to chief executive officer at Arnold. For Altor, other includes the add-back of certain expenses incurred related to restructuring of their facilities after the acquisition of Lifoam. Compass Diversified Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Three Months Ended September 30, 2024
(Unaudited)  Corporate  5.11  BOA Lugano PrimaLoft THP Velocity Outdoor Altor
 Arnold
 Sterno Consolidated        (As Restated)               (As Restated)Income (loss) from continuing operations $(10,855) $9,737  $3,902  $(72,736) $(4,273) $(160) $1,831  $2,682  $2,260  $3,154  $(64,458)Adjusted for:                        Provision (benefit) for income taxes  —   1,782   1,451   496   (2,315)  (20)  (2,223)  1,466   1,196   939   2,772 Interest expense, net  27,239   (2)  (4)  4,262   (10)  (3)  (1)  —   139   —   31,620 Intercompany interest  (39,258)  3,334   4,925   15,080   4,480   2,907   2,038   1,735   1,816   2,943   — Depreciation and amortization  140   5,617   5,402   1,463   5,337   4,166   1,397   4,080   2,340   4,960   34,902 EBITDA  (22,734)  20,468   15,676   (51,435)  3,219   6,890   3,042   9,963   7,751   11,996   4,836 Other (income) expense  (1)  12   (110)  37,641   2   25   (164)  58   —   (82)  37,381 Noncontrolling shareholder compensation  —   544   1,504   459   828   540   186   237   4   235   4,537 Integration services fee  —   —   —   —   —   875   —   —   —   —   875 Other  3   —   —   —   —   —   —   —   880   83   966 Adjusted EBITDA $(22,732) $21,024  $17,070  $(13,335) $4,049  $8,330  $3,064  $10,258  $8,635  $12,232  $48,595  Compass Diversified Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Nine Months Ended September 30, 2025
(Unaudited)  Corporate  5.11  BOA Lugano PrimaLoft THP Velocity Outdoor Altor
 Arnold Sterno ConsolidatedIncome (loss) from continuing operations $(105,368) $18,392  $22,656  $(154,653) $(4,710) $2,785  $(5,413) $492  $(7,395) $15,963  $(217,251)Adjusted for:                       Provision (benefit) for income taxes  9,601   5,468   3,796   (255)  (511)  846   41   377   1,172   5,124   25,659 Interest expense, net  115,406   (3)  (3)  20,846   (22)  (8)  8   —   444   —   136,668 Intercompany interest  (121,688)  10,910   11,235   48,360   12,180   7,371   5,004   13,980   6,186   6,462   — Loss on debt extinguishment  2,827   —   —   —   —   —   —   —   —   —   2,827 Depreciation and amortization  (283)  16,746   15,749   3,793   15,950   12,475   4,090   19,787   8,062   10,522   106,891 EBITDA  (99,505)  51,513   53,433   (81,909)  22,887   23,469   3,730   34,636   8,469   38,071   54,794 Other (income) expense  12   (394)  223   13,017   20   18   (478)  2,177   25   (309)  14,311 Non-controlling shareholder compensation  —   1,738   4,089   2,185   1,753   826   127   726   12   818   12,274 Impairment expense  —   —   —   31,515   —   —   —   —   —   —   31,515 Integration services fee  —   —   —   —   —   875   —   —   —   —   875 Other (1)  —   —   —   —   —   —   —   5,943   2,359   280   8,582 Adjusted EBITDA $(99,493) $52,857  $57,745  $(35,192) $24,660  $25,188  $3,379  $43,482  $10,865  $38,860  $122,351 
(1) Other represents non-recurring operating expenses that are included by management in the calculation of Adjusted EBITDA when analyzing monthly operating results of our subsidiaries. In the current year, the calculation of Adjusted EBITDA for Arnold includes the add-back of certain expenses that have been incurred related to the relocation of two of Arnold's facilities in the United States and severance costs related to chief executive officer at Arnold. For Altor, other includes the add-back of certain expenses incurred related to restructuring of their facilities after the acquisition of Lifoam.
Compass Diversified Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Nine Months Ended September 30, 2024
(Unaudited)  Corporate  5.11  BOA Lugano PrimaLoft THP Velocity Outdoor Altor
 Arnold Sterno Consolidated        (As Restated)              (As Restated)Income (loss) from continuing operations $(27,589) $18,594  $16,248  $(218,166) $(5,261) $(7,764) $(53,368) $6,076  $6,169  $7,711  $(257,350)Adjusted for:                       Provision (benefit) for income taxes  —   4,792   3,920   1,041   (1,731)  (2,589)  7,074   3,192   3,182   2,594   21,475 Interest expense, net  77,280   (3)  (16)  8,992   (15)  (28)  53   —   220   —   86,483 Intercompany interest  (115,845)  10,114   15,716   40,417   13,526   7,827   7,620   5,612   5,313   9,700   — Depreciation and amortization  624   17,198   16,251   3,865   15,987   14,811   6,679   12,250   6,754   14,850   109,269 EBITDA  (65,530)  50,695   52,119   (163,851)  22,506   12,257   (31,942)  27,130   21,638   34,855   (40,123)Other (income) expense  462   86   22   121,477   5   (5)  25,734   2,722   (9)  (423)  150,071 Non-controlling shareholder compensation  —   1,630   4,352   1,662   1,823   1,157   556   741   13   354   12,288 Impairment expense  —   —   —   —   —   —   8,182   —   —   —   8,182 Acquisition expenses  —   —   —   —   —   3,479   —   —   —   —   3,479 Integration services fee  —   —   —   —   —   1,750   —   —   —   —   1,750 Other  —   —   —   —   —   90   —   —   880   398   1,368 Adjusted EBITDA $(65,068) $52,411  $56,493  $(40,712) $24,334  $18,728  $2,530  $30,593  $22,522  $35,184  $137,015  Compass Diversified Holdings
Non-GAAP Adjusted EBITDA
(Unaudited)  Three Months Ended September 30, Nine Months Ended September 30,   2025   2024   2025   2024 (in thousands)   (As Restated)   (As Restated)Branded Consumer        5.11 $22,209  $21,024  $52,857  $52,411 BOA  17,232   17,070   57,745   56,493 Lugano  (9,916)  (13,335)  (35,192)  (40,712)PrimaLoft  3,944   4,049   24,660   24,334 The Honey Pot Co. (1)  7,135   8,330   25,188   18,728 Velocity Outdoor  4,265   3,064   3,379   2,530 Total Branded Consumer $44,869  $40,202  $128,637  $113,784          Niche Industrial        Altor Solutions  14,835   10,258   43,482   30,593 Arnold Magnetics  4,141   8,635   10,865   22,522 Sterno  13,721   12,232   38,860   35,184 Total Niche Industrial $32,697  $31,125  $93,207  $88,299 Corporate expense  (47,267)  (22,732)  (99,493)  (65,068)Total Adjusted EBITDA $30,299  $48,595  $122,351  $137,015 
(1) The above results for The Honey Pot Co. do not include management's estimate of Adjusted EBITDA, before the Company's ownership of $3.9 million for the nine months ended September 30, 2024. The Honey Pot Co. was acquired on January 31, 2024. Compass Diversified Holdings
Net Sales to Pro Forma Net Sales Reconciliation
(unaudited)  Three Months Ended September 30,
 Nine Months Ended September 30,
(in thousands)  2025   2024   2025   2024      (As Restated)     (As Restated) Net Sales $472,562  $456,553  $1,405,027  $1,294,084 Acquisitions (1)  —   —   —   10,671 Pro Forma Net Sales $472,562  $456,553  $1,405,027  $1,304,755 
(1) Acquisitions reflects the net sales for The Honey Pot Co. on a pro forma basis as if the Company had acquired The Honey Pot Co. on January 1, 2024. Compass Diversified Holdings
Subsidiary Pro Forma Net Sales
(unaudited)  Three Months Ended September 30,
 Nine Months Ended September 30,
   2025   2024   2025   2024 (in thousands)    (As Restated)     (As Restated) Branded Consumer            5.11 $143,240  $139,218  $404,052  $387,393 BOA  43,941   45,607   141,187   142,670 Lugano  17,350   14,269   70,966   37,087 PrimaLoft  13,294   13,686   61,794   61,518 The Honey Pot (1)  34,727   31,545   103,716   55,018 Velocity Outdoor  29,040   28,809   57,454   48,610 Total Branded Consumer $281,592  $273,134  $839,169  $732,296              Niche Industrial            Altor Solutions $79,824   52,129  $239,386  $157,746 Arnold Magnetics  37,686   46,103   110,126   130,545 Sterno  73,460   85,187   216,346   223,814 Total Niche Industrial $190,970  $183,419  $565,858  $512,105              Total Subsidiary Net Sales $472,562  $456,553  $1,405,027  $1,244,401 
(1) Net sales for The Honey Pot Co. are pro forma as if the Company had acquired this business on January 1, 2024.

Company exchanges outstanding preferred stock for combination of cash, common stock and senior notes January 14, 2026 16:10 ET  | Source: Inseego Corp.

SAN DIEGO, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Inseego Corp. (Nasdaq: INSG) (the “Company”), a global leader in 5G mobile broadband and 5G fixed wireless access (FWA) solutions, today (the “Closing Date”) announced that it has completed the repurchase of all of its outstanding Fixed-Rate Cumulative Perpetual Preferred Stock, Series E (the “Preferred Stock”) in exchange for a combination of cash, common stock of the Company and senior secured notes.

Under the terms of the exchange, the Company retired 100% of the Preferred Stock, which had a liquidation preference of $42 million as of December 31, 2025, in exchange for $26 million of aggregate consideration, representing a 38% discount, and consisting of $10 million in cash, $8 million aggregate principal amount of the Company’s existing 9.0% Senior Secured Notes due 2029, and approximately 767,000 shares of the Company’s common stock.

The cash consideration will be paid in three equal installments, with one-third paid at the Closing Date, one-third payable six months following the Closing Date, and the remaining one-third payable 12 months following the Closing Date. The common stock issued in the exchange is subject to customary registration rights.

“This transaction is another step in the deliberate work we’ve been doing to simplify and strengthen Inseego’s capital structure,” said Steven Gatoff, CFO of Inseego. “By fully retiring the Preferred Stock at a discount to its aggregate liquidation preference, we are reducing long-term obligations, further improving the balance sheet and continuing to increase stockholder value.”

The Preferred Stock was held by an affiliate of Mubadala Capital. As a result of the exchange, that affiliate now holds a minority position in the Company’s common stock.

“We’re honored to have Mubadala Capital in our long-term journey and value creation mission as common stockholders,” said Juho Sarvikas, CEO of Inseego. “Our focus remains on executing our strategy, scaling the business, and delivering durable growth for our stockholders.”

About Inseego Corp.
Inseego Corp (Nasdaq: INSG) is a leading provider of cloud-managed, wireless broadband connectivity solutions. Inseego’s comprehensive hardware portfolio, combined with its Software-as-a-Service (SaaS) platform for device, network, and subscriber management, enables seamless business connectivity and simplifies subscription management, wireless deployments, and network operations for Fixed Wireless Access (FWA), IoT, and mobile networking. As an early pioneer in mobile broadband and a leading innovator in 5G for business, Inseego has delivered over 10 generations of solutions that provide unmatched speed, security, and reliability for businesses, government agencies, and educational institutions. For more information about Inseego, visit www.inseego.com.

Cautionary Note Regarding Forward-Looking Statements
Some of the information presented in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as “may,” “estimate,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “will” and similar words and phrases indicating future results. The information presented in this news release related to the Company, future business outlook, and other statements that are not purely historical facts are forward-looking. These forward-looking statements are based on management’s current expectations, assumptions, estimates, and projections. They are subject to significant risks and uncertainties that could cause results to differ materially from those anticipated in such forward-looking statements. The Company, therefore, cannot guarantee future results, performance, or achievements. Actual results could differ materially from the Company’s expectations.

Factors that could cause actual results to differ materially from the Company’s expectations include: (1) the Company’s dependence on a small number of customers for a substantial portion of its revenues; (2) the future demand for wireless broadband access to data and device management software and services and the Company’s ability to accurately forecast; (3) the growth of wireless wide-area networking and device management software and services; (4) customer and end-user acceptance of the Company’s current product and service offerings and market demand for the Company’s anticipated new product and service offerings; (5) the Company’s ability to develop sales channels and to onboard channel partners; (6) increased competition and pricing pressure from participants in the markets in which the Company is engaged; (7) dependence on third-party manufacturers and key component suppliers worldwide; (8) the impact of fluctuations of foreign currency exchange rates; (9) the impact of supply chain challenges on the Company’s ability to source components and manufacture the Company’s products; (10) unexpected liabilities or expenses; (11) the Company’s ability to introduce new products and services in a timely manner, including the ability to develop and launch 5G products at the speed and functionality required by its customers; (12) litigation, regulatory and IP developments related to the Company’s products or components of its products; (13) the Company’s ability to raise additional financing when the Company requires capital for operations or to satisfy corporate obligations; (14) the Company’s plans and expectations relating to acquisitions, divestitures, strategic relationships, international expansion, software and hardware developments, personnel matters, and cost containment initiatives, including restructuring activities and the timing of their implementations; (15) the global semiconductor shortage and any related price increases or supply chain disruptions, (16) the potential impact of COVID-19 or other global public health emergencies on the business, (17) the impact of high rates of inflation and rising interest rates, (18) the impact of import tariffs on the Company’s materials and products, and (19) the impact of geopolitical instability on the Company’s business.

These factors, as well as other factors set forth as risk factors or otherwise described in the reports filed by the Company with the SEC (available at www.sec.gov), could cause results to differ materially from those expressed in the Company’s forward-looking statements. The Company assumes no obligation to update publicly any forward-looking statements, even if new information becomes available or other events occur in the future, except as otherwise required under applicable law.

Inseego Investor Relations Contact:
Matt Glover
[email protected]