Market Signal Briefing

US Bitcoin ETFs ended a five-day slide with $75.4m in inflows on Nov. 19, led by BlackRock's IBIT after a week that saw over $2b pulled out.

Aztec Network launched its Ignition Chain, becoming the first fully decentralized Layer 2 protocol on Ethereum's mainnet. Nov 20, 2025, 6:45 a.m.

Privacy-focused Ethereum Layer 2 Aztec Network's Ignition Chain flipped the switch on Wednesday, becoming the first fully decentralized Layer 2 protocol on the mainnet.

"Aztec just shipped the Ignition Chain, the first fully decentralized L2 on Ethereum. This launches the decentralized consensus layer that powers the Aztec Network," Aztec announced on X.

STORY CONTINUES BELOW

The event happened when the validator queue hit 500, a key checkpoint that signals readiness to secure the network and initiate block production

The Ignition Chain is the engine powering Aztec's goal of being a fully decentralized "private world computer," enabling developers to create DeFi applications while maintaining total secrecy.

It combines zero-knowledge proofs with Ethereum’s robust security, enabling truly private, scalable blockchain transactions. So, users get the speed and cost savings of L2, plus privacy that’s been missing in many decentralized finance (DeFi) applications.

Anyone can become a validator or sequencer by staking AZTEC tokens to earn rewards and early birds get a bonus to jumpstart decentralization. The AZTEC token auction is scheduled for Dec. 2, opening the doors for more community involvement.

The debut means privacy-focused, decentralized L2 networks are not just experimental projects, they’re about to become vital infrastructure shaping the future of blockchain.

Why 500 validators?Ethereum’s consensus depends on distributed trust—meaning lots of independent validators confirm transactions. But if too many validators try to join all at once, network stability risks taking a hit. So new validators queue up, entering in stages.

Reaching 500 validators means Aztec Ignition Chain has hit a critical mass: a strong, resilient base of participants ready to defend the network. More validators mean better decentralization, a lower risk of a bad actor taking control, and a network secure enough to launch fully on Ethereum.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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What to know:

As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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India's Debt-Backed ARC Token Eyes Tentative Q1 2026 Debut, Sources Say

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The ARC will operate within a two-tier framework, complementing the RBI's Central Bank Digital Currency.

What to know:

India's Asset Reserve Certificate (ARC) is a stable digital asset set to launch in the first quarter of 2026, backed 1:1 by the Indian rupee.ARC aims to prevent liquidity outflow into dollar-backed stablecoins, supporting India's domestic economy and public debt demand.The ARC will operate within a two-tier framework, complementing the RBI's Central Bank Digital Currency.Read full story

Bitcoin fell below its 365-day moving average at $102,000 and the Fear & Greed Index dropped to panic levels last seen in 2022.Bitcoin whale accumulation has risen despite price weakness, with large holders increasing positions as retail investors exit.Over 80% of global central banks are easing monetary policy, pushing liquidity to record highs and offering a bullish counter to technical fears.Bitcoin has been below its 365-day moving average at $102,000 since last Friday, igniting debate among analysts about a possible bear market. The Fear & Greed Index has tumbled to 10, matching panic levels last seen in early and mid-2022.

By Thursday, over $700 billion had vanished from the market in the past month. Despite heightened fear and key technical breakdowns, mixed signals from macro trends and whale activity keep experts split on crypto’s immediate direction.

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Technical Breakdown Raises Bear Market FearsBitcoin’s second drop below $100,000 in one week triggered alarms. It now trades under the 365-day moving average, a level that marked regime changes in the 2018 and 2021 bear markets. Detailed analysis shows this indicator effectively separates bullish and bearish phases across cycles.

The decline is not limited to price. On-chain data shows Bitcoin below the realized price for coins held 6–12 months at $94,600. This is the cost basis for so-called “bull-cycle conviction buyers.” If the price stays below this level, many investors will incur losses, which can increase selling pressure.

Bitcoin perpetual futures saw their largest weekly jump in open interest since April, surging over $3.3 billion. Many traders had set limit orders to buy the dip as Bitcoin fell below $98,000. However, prices continued dropping, triggering these orders and creating leveraged exposure in a declining market.

Veteran trader Peter Brandt has heightened concern with his technical analysis. Brandt highlighted a sweeping reversal on November 11, followed by eight days of lower highs and a broadening top pattern. His downside projections are $81,000 and $58,000.

Does a sweeping reversal ((Nov 11) followed by 8 days of lower highs and the completion of a massive broadening top qualify as a bear market?
Targets implied are 81k and 58k
Those who now claim they will be big buyers at $58K will be pukers by the time BTC reaches $60k pic.twitter.com/Z01KKDSGmV

— Peter Brandt (@PeterLBrandt) November 19, 2025
Yet, some experts say these conditions do not confirm a full-scale bear market. They call the current phase a “mid-cycle breakdown,” a risky period that needs more signals to confirm a trend. Three triggers would confirm a bear market:

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Bitcoin remaining below the 365-day MA for four to six weeks,
long-term holders selling over 1 million BTC within 60 days,
a negative market-wide MACD.
Whale Accumulation Challenges Bearish SignalsThough fear metrics signal capitulation, on-chain data shows a rise in Bitcoin whale accumulation. Addresses holding 1,000 or more BTC have increased, even as prices drop. This suggests institutional and major investors see the downturn as a buying opportunity, not the start of a prolonged bear market.

This is a fascinating chart:

While fear and panic had afflicted many investors, the number of BTC Whales has spiked up of late.

Large holders are keeping a level head and buying at discount prices from panic sellers.

Stay strong. pic.twitter.com/z1yWE4U0Ms

— Bradley Duke (@BradleyDukeBTC) November 19, 2025
The strongest claim against a bear market comes from macro fundamentals. Global liquidity stands at a record high, with over 80% of central banks easing policy. This broad monetary loosening has historically benefited risk assets, with cryptocurrencies susceptible to liquidity waves.

Macro analysts highlight that central banks are cutting rates and adding liquidity. Data from the Bank for International Settlements confirms the trend: US dollar credit grew by 6%, and euro credit by 13% year-over-year through Q2 2025. Expanding credit often fuels asset price gains.

Over 80% of global central banks are in easing mode as of 2024, creating favorable liquidity conditions for risk assets. Source: MilkRoadMacroHistorical data support this thesis. When liquidity rises, risk assets often rally. Cryptocurrencies can benefit most from being frontier assets. The current setting recalls pre-bull markets, when brief corrections happened as the money supply expanded. Unless this liquidity trend reverses—which central banks do not suggest—crypto remains structurally supported.

Still, the IMF’s April 2025 Global Financial Stability Report flagged stretched valuations in technology assets. The OECD forecasts global GDP growth to slow to 2.9% next year from 3.3% in 2024. These could limit how much liquidity can boost prices. As a result, analysts weigh abundant liquidity against economic headwinds in today’s market.

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The recent crypto crackdown from the Democratic party, spearheaded by crypto-skeptic Senator Elizabeth Warren, may cast a shadow over the future of the decentralized exchange (DEX) Hyperliquid (HYPE). 

This heightened scrutiny stems from concerns surrounding the crypto ventures associated with President Donald Trump’s family, specifically focusing on World Liberty Financial (WLFI).

National Security Concerns Over WLFI’s Sales
In a letter dated Tuesday, US Senators Warren and Jack Reed, who serve on the Senate Committee on Banking, Housing, and Urban Affairs, expressed apprehensions that WLFI might pose national security risks. 

The letter, which was exclusively obtained by CNBC and addressed to Attorney General Pamela Bondi and Treasury Secretary Scott Bessent, outlined the senators’ belief that World Liberty Financial lacks sufficient safeguards to prevent malicious actors from manipulating funds or exerting influence over its governance.

The senators referenced a report by the nonprofit watchdog Accountable.US, which indicated that WLFI had sold its WLFI tokens to “various highly suspicious entities.” 

On-chain sleuth ZachXBT brought attention to the fact that WLFI raised an impressive $550 million during its token sale, but the senators accused it of having raised around $10,000 from illicit sources. 

ZachXBT noted that this figure represents merely 0.0018% of the total World Liberty Financial token sale, highlighting the disproportionate nature of the allegations.

The investigator expressed concern over the potential misuse of “weak illicit funds” arguments by US regulators against the crypto industry. He suggested that if the actions against WLFI prove successful, Hyperliquid could become a target next. 

While ZachXBT did not provide specific reasons for why Hyperliquid might be affected, speculation surrounds WLFI’s native token trading on the Hyperliquid platform. 

Moreover, Hyperliquid recently incurred a loss of $4.9 million due to the external manipulation of the POPCAT token, where attackers artificially inflated the token’s price using $3 million in Circle’s USDC stablecoin, which could also catch the Senator’s attention if any action against the exchange materializes. 

Hyperliquid Unveils ‘Growth Mode
Despite the challenges, Hyperliquid introduced a new feature under its HIP-3 upgrade framework, aimed at significantly reducing trading fees for newly launched markets. 

Dubbed “growth mode,” this upgrade reduces all-in taker fees by more than 90%, a move designed to accelerate liquidity formation and incentivize market makers engaging in nascent perpetual contracts.

Since its launch, Hyperliquid’s native token, HYPE, has experienced notable growth, skyrocketing by 1,000%. This surge has elevated Hyperliquid to rank as the 18th largest cryptocurrency in the world, boasting a market capitalization of $10 billion.

The daily chart shows HYPE’s price retrace. Source: HYPEUSDT on TradingView.com
However, when writing, HYPE trades at $37.31, recording losses of over 9% in the past fourteen days. After reaching a record high of $59.30 earlier this year, the token has retraced by almost 37%, in line with the broader crypto market’s correction. 

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Zcash price has rallied over 1,500% this year as privacy-focused cryptocurrencies gained increased attention from investors. Now, it is close to confirming an inverse head and shoulders pattern that could trigger a breakout in the upcoming trading sessions.

Summary

Zcash price is up 175% in the past month.
Backing from heavyweights such as Arthur Hayes and the Winklevoss twins has improved investor sentiment.
An inverse head and shoulders pattern has formed on the 4-hour chart. 

According to data from crypto.news, Zcash (ZEC) has rallied over 30% in the past 7 days and 175% over the past month. Trading at $691.5 last check Thursday, Nov. 20, the privacy-focused token is up nearly 1,625% from its levels seen in early September.

A slew of reasons has contributed to Zcash’s recent rally, with the most notable being the involvement of prominent crypto personalities, including Tyler and Cameron Winklevoss, who have set up a dedicated digital asset treasury focused on accumulating ZEC through the newly rebranded Cypherpunk Technologies.

Per the latest announcement, Cypherpunk has accumulated 233,644 ZEC, currently worth roughly $150 million, following its latest purchase of nearly 30,000 tokens at an average price of $602.6. Its total ZEC holdings now represent around 1.25% of the circulating supply, and the company has stated plans to rapidly expand this position until it holds at least 5% of the total ZEC supply.

Such aggressive accumulation from a well-known institutional player could strengthen investor conviction in Zcash’s long-term potential and play a significant role in supporting its price over time.

Arthur Hayes, formerly the chief executive of Bitmex and a long-time advocate for privacy-focused cryptocurrencies, has also thrown his weight behind Zcash. The analyst’s prediction that Zcash could reach $1,000 in the short term, along with the recent transfer of millions worth of ETH and various ecosystem tokens from his wallet to institutional trading platforms, has sparked renewed speculation that he may be preparing to accumulate more ZEC. 

This development triggered a fresh wave of investor attention toward the token, especially at a time when interest in privacy continues to grow across the crypto space. Peers like Decred (DCR), Dash (DASH), and Monero (XMR) have also rallied by 90%, 80%, and 22% respectively, in the past month.

Furthermore, nearly 30% of the total ZEC supply is now stored in shielded pools, data from the Zcash dashboard shows. An increasing amount of shielded ZEC suggests that more users are actively utilizing its privacy features. It also reduces the volume of tokens available in active circulation, thereby easing selling pressure and contributing to a more stable price environment for the long run.

Zcash price analysis
On the 4-hour chart, Zcash price has formed an inverse head and shoulders pattern, which typically signals a bullish reversal after days of downward pressure. The head of the pattern lies at $425, with the left shoulder at $485 and the right one at $545.

Zcash price is eyeing a breakout from a bullish reversal pattern on the 4-hour chart — Nov. 20 | Source: crypto.news
At press time, the price appears close to confirming a breakout from the neckline of the pattern at $690. A decisive move above this level could open the door for a rally toward $956, nearly 40% above the current price level.

Other indicators seem to support the possibility of such an upside move. Notably, ZEC price has climbed above the 50-day exponential moving average at $613, a sign that momentum is shifting in favor of the bulls. Additionally, the Supertrend indicator flashed green as it flipped below the price level, often considered a buy signal by traders.

However, investors should note that the bullish setup largely depends on whether Zcash price can sustain above the 50-day EMA in the short term. A breakdown below this level could invalidate the pattern and expose the token to renewed selling pressure.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The coming week is set to be one of the busiest for the XRP community. Grayscale, one of the biggest asset managers with over $35 billion under management, has hinted that its long-awaited XRP ETF could finally go live on November 24.

And it may not be alone. Senior ETF analyst James Seyffart also says Franklin Templeton might launch its own XRP ETF on the very same day.

According to SEC filings, Grayscale updated its S-1 with the SEC on November 3, which triggered a 20-day countdown. Once that countdown ends, the filing becomes active automatically if the SEC does not respond. 

This puts the expected launch date on November 24, bringing Grayscale closer to listing the XRP ETF on NYSE Arca under the ticker GXRP.

Following this launch, Grayscale will join Bitwise and Canary Capital in offering simple and regulated ways for people to invest in XRP. This gives everyday investors a safer and easier way to get exposure to XRP without handling exchanges or private wallets.

Franklin Templeton Could Step In on the Same DayWhile Grayscale is taking the lead, Franklin Templeton is not far behind. The company recently filed Form 8-A with the SEC, which prepares its “Franklin XRP ETF” for listing on NYSE Arca. This kind of filing usually signals that a launch is close.

ETF analyst James Seyffart believes Franklin Templeton might also go live on November 24, turning the day into one of the biggest ETF launch events in XRP’s history. 

If that happens, XRP could see two major Wall Street firms enter the market on the very same day.

Dogecoin ETF Could Be BonusMeanwhile, Seyffart added another interesting note, Grayscale’s Dogecoin ETF may also be ready for a surprise launch. Although the SEC has not confirmed a schedule, Grayscale has been steadily converting its crypto products into ETFs, which strengthens this possibility.

If all of these products go live together, November 24 could mark one of the biggest ETF launch days in XRP history.

As of now, the XRP price is trading around $2.12, reflecting a slight decline, with a market cap of approximately $128 billion.

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

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A new Delaware filing for the iShares Staked Ethereum Trust signals BlackRock’s intent to enter the yield-bearing ether market as issuers wait for SEC clarity on staking. Nov 20, 2025, 7:37 a.m.

BlackRock has now joined the race to launch a staked ether ETF, registering the iShares Staked Ethereum Trust ETF in Delaware on Nov. 19, according to a state filing highlighted by Bloomberg’s Eric Balchunas.

Loading...

STORY CONTINUES BELOW

The registration is only an initial step and not yet a formal application under the Securities Act of 1933, but it signals that the world’s largest asset manager is preparing to seek approval for a yield-bearing ether product.

BlackRock's move comes weeks after VanEck registered a similar trust tied to Lido’s staked ETH, positioning issuers for the next phase of competition once regulators give clarity on whether staking can be included in U.S. ETFs.

The first wave of spot ETH ETFs launched in 2024 without staking after the SEC told issuers to strip the feature, citing its view that certain staking services could constitute unregistered securities offerings.

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Protocol Research: GoPlus Security

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What to know:

As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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Fed December Rate Cut Odds Collapse to 30%

14 minutes ago

The probability of the Federal Reserve cutting interest rates has decreased significantly, now standing at 30%.

What to know:

The probability of the Federal Reserve cutting interest rates has decreased significantly, now standing at 30%.The Labor Department will not release October jobs data due to the government shutdown, complicating policy decisions.Minutes from the October Fed meeting reveal divisions among policymakers on whether to pause or cut rates.Read full story

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Lee Chong Ming

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Wall Street analysts say Nvidia's blockbuster earnings show the AI boom is still accelerating and that fears of an AI bubble are overstated.

BRENDAN SMIALOWSKI/AFP via Getty Images

2025-11-20T05:52:52.184Z

Wall Street says Nvidia's blowout quarter shows the AI boom is far from peaking.
Nvidia posted $57 billion in revenue on Wednesday, topping analysts' $55 billion estimates.
"Fears of an AI bubble are way overstated," one analyst said.

Nvidia's blockbuster earnings just blew a hole through Wall Street's AI bubble anxieties.

Analysts said the chipmaker's third-quarter results prove the AI boom is nowhere near running out of steam.

On Wednesday, Nvidia posted $57 billion in revenue, topping Wall Street's $55 billion estimates. Its data center division generated revenue of $51 billion, surpassing the $49.31 billion analysts had projected. The company reported earnings of $1.30 per share compared to the $1.26 estimate. It also forecast $65 billion in revenue for the fourth quarter, exceeding analysts' expectations of $61.98 billion.

Nvidia's stock rose about 3% in after-hours trading following the results and climbed about 4.5% after hours as the analyst call wrapped.

"Fears of an AI bubble are way overstated," Dan Ives, managing director and senior equity research analyst at Wedbush Securities, wrote after the print. The tech bull called the results a "pop-the-champagne moment" for tech investors.

"This is another validation point for the AI revolution," Ives wrote. "We are in the top of the third inning of this AI game."

Other analysts echoed that view. Thomas Monteiro, a senior analyst at Investing.com, said Nvidia's report shows the AI revolution is "nowhere near its peak," with both demand and supply chain scaling continuing.

Despite concerns that ballooning capital expenditures — estimated at more than $400 billion across top cloud platforms — could lead to a slowdown, Monteiro said Nvidia's numbers show that tech companies remain committed to scaling their data centers.

Daniel Morgan, a senior portfolio manager at Synovus Trust, said investors remain wary of what he calls the "three C's" — capex sustainability, circular financing, and rising competition.

"While these issues were not put to rest, the recent print does give investors confidence that Nvidia is still executing at a high level," he wrote. Nvidia's results suggest those fears can at least be "punted" into the next quarter, he added.

EMARKETER tech analyst Jacob Bourne told Business Insider that while Nvidia "delivered another blockbuster quarter," investors are increasingly focused on whether physical constraints — including power availability, land, and grid access — may limit how quickly hyperscalers can turn GPU capacity into actual revenue.

'Blackwell sales are off the charts'During the earnings call, Nvidia reiterated that it has "half a trillion" in Blackwell and Rubin chip revenue through 2026.

Things are "on track" and "the number will grow," Colette Kress, the chief financial officer, said.

"We'll probably be taking more orders," she said, noting that new customers — including Anthropic following its recent deal — would add demand. "There's definitely an opportunity for us to have more on top of the $500 billion that we announced," she added.

Huang drew attention at Nvidia's October GTC conference after revealing that the company has $500 billion worth of AI-chip orders booked for 2025 and 2026, including orders for its Blackwell and Rubin chips.

"Blackwell sales are off the charts, and cloud GPUs are sold out," Jensen Huang said in Nvidia's earnings release.

Jefferies' analysts said that Nvidia's Blackwell GB300 GPU sales, which accounted for two-thirds of Blackwell sales, were "very strong."

"Nvidia answered the bell with GB300 shipments driving healthy upside to estimates," they wrote. They said that Nvidia's results "should help steady the ship" for AI stocks into the end of the year.

"Commentary around cloud service providers being sold out across the board and full utilization for Blackwell, Hopper, and even Ampere should help put the useful life conversation to bed," the analysts added.

The AI bubble chatterThe Nvidia CEO kicked off his remarks on Wednesday by taking aim at the "AI bubble" chatter.

"There's been a lot of talk about an AI bubble," said Huang, who is a longtime AI bull. "From our vantage point, we see something very different. As a reminder, Nvidia is unlike any other accelerator. We excel at every phase of AI, from pre-training and post-training to inference."

Some tech leaders have been warning that AI may be in bubble territory.

Microsoft cofounder Bill Gates said in October that the market could be in the middle of an AI bubble.

"The value is extremely high, just like creating the internet ended up being, in net, very valuable," Gates said in an appearance on CNBC's "Squawk Box". "But you have a frenzy. And some of these companies will be glad they spent all this money. Some of them, you know, they'll commit to data centers whose electricity is too expensive."

"There are a ton of these investments that will be dead ends," he added.

Others, like Huang, have pushed back on the AI bubble narrative.

Former Google CEO Eric Schmidt said in July that the AI frenzy may resemble a bubble, but that doesn't mean it is one in reality.

"I think it's unlikely, based on my experience, that this is a bubble," Schmidt said during an appearance at the RAISE Summit in Paris. "It's much more likely that you're seeing a whole new industrial structure."

Earnings

Wall Street

Read next

SummaryArista Networks has been volatile because of growth moderation and deferred revenues escalating.Understanding the lagging effect of the network part relative to AI chips helps to explain why the company has not been able to recognize revenues in its income statement.AI-related sales having doubled for 2025 provide new opportunities for the networking play, as OpenAI diversifies GPU sourcing with Broadcom and AMD.However, deferred revenues should only be recognized in 2026, and volatility should persist because of bubble-related risks.Hence, I have a Hold position, as despite Nvidia's upbeat quarter, there are Arista-specific issues to contend with as a networking play. Jonathan Kitchen/DigitalVision via Getty Images

I last covered Arista Networks (ANET) in March 2024 in my piece entitled “AI Prospects Emerging But Will Take Time To Materialize,” mainly because of the time lag to recognize revenues between chip makers selling GPUs (accelerated compute) and those supplying

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

This is an investment thesis and is intended for informational purposes. Investors are kindly requested to do additional research before investing.

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

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Ad hoc announcement pursuant to Art. 53 LR

Mid-term sales guidance rolled forward to +5-6% cc CAGR for 2025-2030, following upgrade of 2024-2029 guidance to +6% cc1Peak sales guidance upgraded for Kisqali and Scemblix; Novartis now has eight de-risked, in-market assets with USD 3-10 billion peak sales potential15+ potentially submission-enabling readouts expected in the next two years to fuel long-term growth Pipeline includes 30+ potential high-value medicines, with 10+ licensed or acquired in the past two years Basel, November 20, 2025 – Novartis today rolled forward its mid-term guidance to 2025-2030 with a sales CAGR of +5-6% cc. The updated outlook will be featured at its Meet Novartis Management event in London today and reflects continued strong momentum from in-market growth drivers and upcoming launches, most with issued US patent protection throughout the 2030s.

Higher peak sales guidance for key brands reinforces confidence in the company’s mid-term outlook:

Kisqali raised from USD 8 billion+ to USD 10 billion+Scemblix raised from USD 3 billion+ to USD 4 billion+ Novartis now has eight de-risked, in-market assets with peak sales potential of USD 3-10 billion: Kisqali, Cosentyx, Kesimpta, Pluvicto, Scemblix, Leqvio, Fabhalta and Rhapsido.

Entering a catalyst-rich period, Novartis expects 15+ potentially submission-enabling readouts over the next two years. With significant replacement power and a robust pipeline featuring 30+ potential high-value medicines, including 10+ licensed or acquired in the past two years, the company is well positioned to drive long-term growth beyond 2030.

Novartis delivered a core operating income margin1 of 41.2% in the first nine months of 2025 – two years ahead of plan – and expects to return to 40%+ margins by 2029, after absorbing 1-2 percentage points of dilution from the planned acquisition of Avidity Biosciences, which is expected to close in the first half of 2026, subject to completion of the separation of SpinCo from Avidity and other customary closing conditions.

“As a pure-play medicines company, Novartis has delivered a strong track record of sales growth with core margin expansion,” said Vas Narasimhan, CEO of Novartis. “Looking ahead, we expect to sustain that momentum over the next five years, driven by assets we already have in hand as well as upcoming launches with multi-billion-dollar sales potential. Over the past two years, we have executed more than 30 strategic deals, bolstering our pipeline and strengthening the outlook of the business in the mid-2030s and beyond. With more than 30 potential high-value medicines in our pipeline across four core therapeutic areas and advanced technology platforms, we are well positioned for long-term sustainable growth.”

During the event today, investors and analysts will hear from CEO Vas Narasimhan and have the opportunity to engage with senior leaders from across the company in an open Q&A format. A live webcast of the event will be available on our website at https://www.novartis.com/investors/event-calendar, along with a copy of the CEO presentation. A replay will be available once the event has concluded.

Disclaimer
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, that can generally be identified by words such as “anticipate,” “can,” “will,” “continue,” “ongoing,” “growth,” “launch,” “expect,” “expand,” “deliver,” “accelerate,” “guidance,” “outlook,” “priority,” “potential,” “momentum,” “commitment,” “on track,” or similar expressions, or by express or implied discussions regarding potential new products, potential new indications for existing products, potential product launches, or regarding potential future revenues from any such products; or regarding results of ongoing clinical trials; or regarding potential future, pending or announced transactions; regarding potential future sales or earnings; or by discussions of strategy, plans, expectations or intentions, including discussions regarding our continued investment into new R&D capabilities and manufacturing; or regarding our capital structure. Such forward-looking statements are based on the current beliefs and expectations of management regarding future events and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. You should not place undue reliance on these statements. There can be no guarantee that the investigational or approved products described in this press release will be submitted or approved for sale or for any additional indications or labeling in any market, or at any particular time. Nor can there be any guarantee that such products will be commercially successful in the future. Neither can there be any guarantee that the expected benefits or synergies from the transactions described in this press release will be achieved in the expected timeframe, or at all. In particular, our expectations could be affected by, among other things: uncertainties concerning global healthcare cost containment, including ongoing government, payer and general public pricing and reimbursement pressures and requirements for increased pricing transparency; uncertainties regarding the success of key products, commercial priorities and strategy; uncertainties in the research and development of new products, including clinical trial results and additional analysis of existing clinical data; our ability to obtain or maintain proprietary intellectual property protection, including the ultimate extent of the impact on Novartis of the loss of patent protection and exclusivity on key products; uncertainties regarding our ability to realize the strategic benefits, operational efficiencies or opportunities expected from our external business opportunities; uncertainties in the development or adoption of potentially transformational digital technologies, including artificial intelligence, and business models; uncertainties surrounding the implementation of our new IT projects and systems; uncertainties regarding potential significant breaches of information security or disruptions of our information technology systems; uncertainties regarding actual or potential legal proceedings, including regulatory actions or delays or government regulation related to the products and pipeline products described in this press release; safety, quality, data integrity, or manufacturing issues; our performance on and ability to comply with environmental, social and governance measures and requirements; major macroeconomic and geo- and socio-political developments, including the impact of any potential tariffs on our products or the impact of war in certain parts of the world; uncertainties regarding future global exchange rates; uncertainties regarding future demand for our products; and other risks and factors referred to in Novartis AG’s most recently filed Form 20-F and in subsequent reports filed with, or furnished to, the US Securities and Exchange Commission. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

Additional information and Where to Find It
On October 26, 2025, Novartis announced an agreement to acquire Avidity Biosciences, Inc. Under the terms of the transactions, Novartis, through a merger with a newly formed indirect wholly owned subsidiary, will acquire all outstanding shares of Avidity. The transaction is expected to close in the first half of 2026, subject to the completion of the spin-off or a sale by Avidity of SpinCo and other customary closing conditions, including receipt of regulatory approvals and the approval of Avidity stockholders.

In connection with the spin-off or sale of SpinCo and the merger (the “Transactions”), Novartis, Avidity and SpinCo intend to file relevant documents with the Securities and Exchange Commission (the “SEC”), including a preliminary and definitive proxy statement to be filed by Avidity. The definitive proxy statement and proxy card will be delivered to the stockholders of Avidity in advance of the special meeting relating to the Transactions. This document is not a substitute for the proxy statement or any other document that may be filed by Avidity with the SEC. AVIDITY’S STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY EACH OF NOVARTIS AND AVIDITY WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES TO THE TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement and such other documents containing important information about Novartis and Avidity, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Novartis and Avidity make available free of charge at the Novartis website at www.novartis.com/investors/financial-data/sec-filings and Avidity’s website at investors.aviditybiosciences.com/sec-filings, respectively, copies of documents they file with, or furnish to, the SEC.

Participants in the Solicitation
This press release does not constitute a solicitation of a proxy. Novartis, Avidity and their respective directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from the stockholders of Avidity in connection with the Transactions. Information regarding the special interests of these directors and executive officers in the Transactions will be included in the definitive proxy statement referred to above. Security holders may also obtain information regarding the names, affiliations and interests of the Novartis directors and executive officers in the Novartis Annual Report on Form 20-F for the fiscal year ended December 31, 2024, which was filed with the SEC on January 31, 2025. Security holders may obtain information regarding the names, affiliations and interests of Avidity’s directors and executive officers in Avidity’s definitive proxy statement on Schedule 14A, which was filed with the SEC on April 29, 2025. To the extent the holdings of Avidity’s securities by Avidity’s directors and executive officers have changed since the amounts set forth in Avidity’s definitive proxy statement for its 2025 annual meeting of stockholders, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov, the Novartis website at https://www.novartis.com and Avidity’s website at investors.aviditybiosciences.com/sec-filings. The contents of the websites referenced above are not deemed to be incorporated by reference into the proxy statement.

No Offer or Solicitation
This press release is for informational purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

About Novartis
Novartis is an innovative medicines company. Every day, we work to reimagine medicine to improve and extend people’s lives so that patients, healthcare professionals and societies are empowered in the face of serious disease. Our medicines reach nearly 300 million people worldwide.

Reimagine medicine with us: Visit us at https://www.novartis.com and connect with us on LinkedIn, Facebook, X/Twitter and Instagram.

# # #

1 Constant currencies and core results are non-IFRS measures. An explanation of non-IFRS measures can be found on page 42 of the Novartis Third Quarter and Nine Months Condensed Interim Financial Report.

20 November 2025 - Fleet utilisation for October 2025 was 100%. In Brazil, Safe Eurus, Safe Notos, and Safe Zephyrus operated at full capacity in October, delivering near 100 % commercial uptime.

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

Past performance is not an indicator of future performance. This post is illustrative and educational and is not a specific offer of products or services or financial advice. Information in this article is not an offer to buy or sell or a solicitation of any offer to buy or sell the securities mentioned herein. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.

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.

Switzerland's Novartis on Thursday projected currency-adjusted sales growth of 5% to 6% until 2030 for the group, underpinned by higher peak revenue expectations for its drugs Kisqali and Scemblix.

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of American Depositary Shares ("ADS" or "ADSs") of WPP plc (NYSE: WPP) between February 27, 2025 and July 8, 2025, both dates inclusive (the "Class Period"), of the important December 8, 2025 lead plaintiff deadline.

So what: If you purchased WPP plc ADSs during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the WPP plc class action, go to https://rosenlegal.com/submit-form/?case_id=46121mailto:or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 8, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

Details of the case: According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of WPP's media arm; notably, that it was not truly equipped to handle the ongoing macroeconomic challenges while competing effectively and had instead begun to lose significant market share to its competitors. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the WPP plc class action, go to https://rosenlegal.com/submit-form/?case_id=46121mailto:call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      www.rosenlegal.com

SOURCE THE ROSEN LAW FIRM, P. A.

G Mining Ventures Corp. earns a BUY rating, supported by robust Q3 2025 results and surging gold prices. GMINF delivered explosive growth: gold production up 99.4% YoY, revenue up 276.1% YoY, and strong free cash flow. The company boasts low-cost, high-margin assets, solid financials, and is fully funded for growth at the Tocantinzinho and Oko West projects.

French bank BNP Paribas on Thursday raised its CET1 ratio target to 13% by 2027, up from 12.5% previously, based on stronger group profitability, moderate growth in risk-weighted assets of around 2% per year, and faster sales of non-strategic assets.

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of RCI Hospitality Holdings, Inc. (NASDAQ: RICK) between December 15, 2021 and September 16, 2025, both dates inclusive (the "Class Period"), of the important November 20, 2025 lead plaintiff deadline in the securities class action first filed by the Firm.

So what: If you purchased RCI Hospitality securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the RCI Hospitality Holdings class action, go to https://rosenlegal.com/submit-form/?case_id=44953 mailto:or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 20, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

Details of the case: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Defendants engaged in tax fraud; (2) Defendants committed bribery to cover up the fact that they committed tax fraud; (3) as a result, defendants understated the legal risk facing the company; and (4) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. 

To join the RCI Hospitality Holdings class action, go to https://rosenlegal.com/submit-form/?case_id=44953 or mailto:call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY  10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      www.rosenlegal.com

SOURCE THE ROSEN LAW FIRM, P. A.

In the most recent quarter, AVPT's revenue climbed by 23.56% y/y to $109.7 million; profitability for the period improved, with operating income margin expanding to 10.09% from 8.62% last year. AVPT is set to benefit from the AI-driven data explosion, as enterprises increasingly outsource data governance and compliance needs. AVPT aims to diversify beyond Microsoft, targeting 30% of revenue from non-Microsoft products by FY2029 and expanding its channel partner ecosystem.

, /PRNewswire/ -- Maxion Tech Co., Ltd. is excited to announce that the Closed Beta Test (CBT) for Ragnarok Online Landverse America—officially licensed from GRAVITY Co., Ltd. (NasdaqGM: GRVY) will take place from November 20 to November 26, 2025.

This CBT offers players the first opportunity to experience how the legendary Ragnarok Online universe has been reimagined for the Web3 era, combining nostalgic MMORPG gameplay with blockchain-based item ownership and a truly player-driven economy. Participants will be able to preview core systems, test game balance, and explore enhanced Web3 features ahead of the official launch.

Alongside the CBT, Pre-Registration and Pre-Sale events are also open from November 13 to December 10, 2025, allowing players to secure exclusive items and rewards before the December 11 grand launch.

Experience the Game Early in the Closed Beta Test

During the CBT period (Nov 20–26 Starting on 9AM GMT+7), players can explore an expansive fantasy world filled with classic Ragnarok charm enhanced by next-generation systems, including:

Nostalgic Ragnarok Online PC gameplay infused with Web3 features, crypto, and NFTs
A fair and secure Play-to-Earn ecosystem featuring true digital ownership
A reimagined MMORPG structure built on blockchain infrastructure
The CBT will focus on early gameplay progression, class testing, player economy behavior, and server performance, giving participants a meaningful first look at the upcoming launch version.

Pre-Registration & Pre-Sale (Nov 13 – Dec 10, 2025)

While CBT takes the spotlight, players can also join the ongoing Pre-Registration event to unlock milestone rewards such as:

Rainbow Poring Hat
Token of Siegfried
Adamantine Blessing
[Event] Pet Scroll
…and more.
Through the Pre-Sale, early supporters may purchase exclusive in-game packages and prepare items in advance of launch.
Pre-register now at: https://rola.maxion.gg/pre-register

Event Timeline

Closed Beta Test: November 20 – November 26, 2025
Pre-Registration: November 13 – December 10, 2025
Pre-Sale: November 13 – December 10, 2025
Official Launch: December 11, 2025

How to Join the CBT

Everyone can join the CBT

Visit https://rola.maxion.gg/
Download the client (official sns will be post later if it's ready to download)
Open client and play
Stay Connected

Website: https://rola.maxion.gg
Facebook: https://www.facebook.com/ROLAmericas
X: https://x.com/ROLAmericas
Discord: https://discord.com/invite/ArndECVJrn

About Maxion Tech Co., Ltd.

Founded in 2021, Maxion Tech is a global game-tech company specializing in Web3 and blockchain-based interactive entertainment. Maxion collaborates with global partners to integrate digital ownership and decentralized economies into next-generation gamig experiences.

About Gravity Co., Ltd.

Established in April 2000 and listed on the Nasdaq Global Market (GRVY), Gravity is a leading global game company best known for its flagship MMORPG, Ragnarok Online, and continues to expand worldwide with diverse online and mobile titles.

SOURCE Maxion Tech Co., ltd.

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

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

Insignia Financial Ltd. (OTCPK:IOOFF) Shareholder/Analyst Call November 19, 2025 5:30 PM EST Company Participants Allan Griffiths Scott Hartley - CEO & Executive Director Joseph Volpe - Company Secretary Michelle Somerville Conference Call Participants David Kingston Meena Wahi Presentation Allan Griffiths [Audio Gap] people of the Kulin Nation and pay my respects to Aboriginal and Torres Strait Islander people, and their cultures to Elders past and present.

November 19, 2025 23:28 ET

 | Source:

NEXT Properties

Mexico, Nov. 19, 2025 (GLOBE NEWSWIRE) -- TRUST 2401, a trust formed under the laws of the United Mexican States (“NEXT Properties” or the “New Issuer”) hereby announces the early tender results of its six separate offers commenced on November 5, 2025 to exchange six series of currently outstanding senior notes, as described below, issued by Trust 1401, a trust formed under the laws of the United Mexican States (“Fibra Uno”) for new senior notes to be issued by NEXT Properties, upon the terms and subject to the conditions set forth in the exchange offer memorandum dated November 5, 2025 (the “Exchange Offer Memorandum”). Capitalized terms not defined herein shall have the meaning assigned to them in the Exchange Offer Memorandum.

As of November 19, 2025 at 5:00 p.m., New York City time (the “Early Tender Date”) the following amounts had been properly tendered and not withdrawn and, subject to the satisfaction or waiver of the conditions set forth in the Exchange Offer Memorandum and in accordance with the Maximum Exchange Amounts, NEXT Properties has accepted the following for exchange under the Exchange Offers:

CUSIP/ISIN of FUNO NotesTitle of FUNO Notes
to be tendered Total
Amount OutstandingExchange Amount Tendered by HoldersExchange Amount to be acceptedProration Factor(1)Title of New Notes to be issued by Next PropertiesTotal
Consideration (in principal amount of the applicable series of New Notes)144A: 898339 AA4 / US898339AA49Reg. S: P9401C AA0 / USP9401CAA01

4.869% Senior Notes due 2030US$775,000,000US$562,766,000US$387,500,00065.97%4.869% Senior Notes due 2030US$387,500,000144A: 89834J AB9 / US89834JAB98Reg. S: P9401J AB3 / USP9401JAB37

7.700% Senior Sustainability-Linked Notes due 2032US$500,000,000US$448,572,000US$154,000,00033.73%7.700% Senior Sustainability-Linked Notes due 2032US$154,000,000144A:89834J AA1 / US89834JAA16Reg S: P9401J AA5/ USP9401JAA53

7.375% Senior Green Notes due 2034US$600,000,000US$398,008,000US$300,000,00071.24%7.375% Senior Green Notes due 2034US$300,000,000144A: 89834J AC7/ US89834JAC71Reg S: P9401J AC1 / USP9401JAC10

8.250% Senior Sustainability-Linked Notes due 2037US$300,000,000US$245,974,000US$245,974,000N/A7.700% Senior Sustainability-Linked Notes due 2032US$255,812,960144A: 898324 AB4 / US898324AB45Reg. S: P9406G AB4 / USP9406GAB43

6.950% Senior Notes due 2044US$700,000,000US$431,461,000US$350,000,00078.47%6.950% Senior Notes due 2044US$350,000,000144A: 898339 AB2 / US898339AB22Reg. S: P9401C AB8 / USP9401CAB83

6.390% Senior Notes due 2050US$875,000,000US$640,128.000US$437,500,00066.31%6.390% Senior Notes due 2050US$437,500,000 (1) Proration factor has been rounded for presentation purposes.

NEXT Properties expects the Early Settlement Date to be on or shortly after December 3, 2025, on which date it is expected to pay the Total Consideration for the FUNO Notes validly tendered on or before the Early Tender Date and accepted for exchange, together with the Accrued Interest Payment.

As indicated in the table above, considering that the principal amounts of FUNO Notes tendered under some of the Exchange Offers have exceeded the Maximum Exchange Amounts applicable to such Exchange Offers, the New Issuer will prorate the acceptance of such FUNO Notes, so that the Exchange Offers do not exceed such Maximum Exchange Amounts. Because the Exchange Offers other than the 2037 Exchange Offer were oversubscribed, NEXT Properties also expresses its intention not to accept any additional tenders of FUNO Notes under the Exchange Offers after the Early Tender Date, other than with respect to the 2037 Exchange Offer. The New Issuer has also resolved to increase the Maximum Exchange Amount applicable to the 2032 Exchange Offer from US$150,000,000 to US$154,000,000.

The Withdrawal Deadline expired on November 19, 2025 at 5:00 p.m., New York time. The FUNO Notes validly tendered pursuant to the Exchange Offers may no longer be withdrawn, and any FUNO Notes tendered on or after the date hereof and prior to the Expiration Date may not be withdrawn.

The Exchange Offers will expire at 5:00 p.m., New York City time, on December 5, 2025, unless extended by NEXT Properties.

The consummation of each Exchange Offer is subject to the satisfaction or waiver of certain conditions as set forth in the Exchange Offer Memorandum (see the “Conditions of the Exchange Offers” section in the Exchange Offer Memorandum).

None of the Exchange Offers nor the New Notes have been approved or recommended by any regulatory authority. Furthermore, no regulatory authority has been requested to confirm the accuracy or adequacy of the Exchange Offer Memorandum. Any representation to the contrary is a criminal offense. The New Notes will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Accordingly, the New Notes will be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and other applicable securities laws, pursuant to registration or exemption therefrom.

The Exchange Offers are being made, and the New Notes are being offered and will be issued for exchange only (1) to Qualified Institutional Buyers (within the meaning of Rule 144A under the Securities Act) and (2) to holders of FUNO Notes outside of the United States (i) who are persons other than “U.S. persons” as defined in Regulation S under the Securities Act, who are not acquiring New Notes for the account or benefit of a U.S. person, or (ii) who are a “Non-U.S. qualified offeree” (as defined under “Transfer Restrictions” in the Exchange Offer Memorandum). The holders of FUNO Notes who have certified to the New Issuer that they are eligible to participate in the Exchange Offer pursuant to the foregoing conditions are referred to as “Eligible Holders.”

The New Issuer has retained BBVA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC to act as dealer managers in connection with the Exchange Offers.

D.F. King & Co., Inc. has been appointed as the exchange and information agent in connection with the Exchange Offers. Questions or requests for assistance related to the Exchange Offer or for additional copies of the Exchange Offer Memorandum may be directed to D.F. King & Co., Inc. to its offices located at 28 Liberty Street, 53rd Floor, New York, NY 10005 USA; Banks and brokers, call: +1-212-931-0870; All others, call U.S. toll-free: (800) 967-5084; Email: [email protected]; Eligibility website: www.dfking.com/funo-next.

______________________

The New Notes have not been and will not be registered under the Securities Act, and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons except pursuant to an exemption from such registration. The New Notes are being offered for exchange only (1) to Qualified Institutional Buyers (within the meaning of Rule 144A under the Securities Act and (2) to holders of FUNO Notes outside of the United States  (i) who are persons other than “U.S. persons” as defined in Regulation S under the Securities Act, who are not acquiring New Notes for the account or benefit of a U.S. person or (ii) who are a "Non-U.S. qualified offeree (as defined under “Transfer Restrictions” in the Exchange Offer Memorandum). For a description of eligible offerees and certain restrictions on transfer of the New Notes, see the section titled “Transfer Restrictions” in the Exchange Offer Memorandum. The New Notes are being offered pursuant to an exemption from the requirement to publish a prospectus under the Regulation (EU) 2017/1129 (as amended and supplemented from time to time, or the “Prospectus Regulation”), of the European Union, and the Exchange Offer Memorandum has not been approved by a competent authority within the meaning of the Prospectus Regulation. The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”).

Neither the Exchange Offers nor the New Notes have been, nor will be, registered with the Mexican National Securities Registry (Registro Nacional de Valores) maintained by the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or “CNBV”), and may not be offered or sold publicly, or otherwise be subject to brokerage activities, in Mexico, except pursuant to a private placement exemption set forth under Article 8 of the Mexican Securities Market Law (Ley del Mercado de Valores), to institutional or qualified investors domiciled in Mexico as required under the Mexican Securities Market Law (Ley del Mercado de Valores). Notice to be given to CNBV for informational purposes only and receipt thereof by, will not constitute or imply a certification as to the investment quality of the New Notes, the New Issuer´s solvency, liquidity or credit quality or the accuracy or completeness or the information contained in this notice or in the Exchange Offer Memorandum and does not ratify or validate any actions or omissions, if any, in contravention of applicable law. This notice and the Exchange Offer Memorandum are solely NEXT Properties’ responsibility and have not been reviewed or authorized by the CNBV.

This announcement is for informational purposes only. This announcement shall not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any securities, nor shall there be any offer, solicitation or sale of any securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offers are being made solely pursuant to the Exchange Offer Memorandum. No recommendation is made as to whether the Eligible Holders of FUNO Notes should tender their FUNO Notes for exchange in the Exchange Offers. Any person considering making an investment decision relating to the New Notes must inform itself independently based solely on the Exchange Offer Memorandum to be made available to Eligible Holders in connection with the Exchange Offers before taking any such investment decision.

Application will be made for the Exchange Offer Memorandum to be approved by Euronext Dublin and to admit the New Notes to the Official List and to trading on the global exchange market of Euronext Dublin. In making an investment decision, all investors, including any Mexican citizen who may acquire New Notes from time to time, must rely on their own examination of the New Issuer.

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The forward-looking statements contained in this press release reflect NEXT Properties’ beliefs, assumptions and expectations of NEXT Properties’ future performance, taking into account all information currently available to NEXT Properties. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to NEXT Properties. Some of these factors are described in “Summary,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business and Properties” of the Exchange Offer Memorandum. If a change occurs, NEXT Properties’ business, financial condition, liquidity and results of operations may vary materially from those expressed in NEXT Properties’ forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for NEXT Properties to predict those events or how they may affect NEXT Properties. NEXT Properties disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Hansen Technologies Limited (OTCPK:HANOF) Shareholder/Analyst Call November 19, 2025 7:01 PM EST Company Participants David Trude Andrew Hansen - Global CEO, MD & Director Julia Chand - Global General Counsel & Company Secretary Conversation David Trude I do apologize to everyone, but there's a slight glitch, which has now been hopefully rectified. Good morning, ladies and gentlemen.

“There has been a lot of talk about an AI Bubble. We see something different.”

The Asian equity markets rallied in morning trading, joining US equity futures in positive territory. Notably, the Nikkei 225 led the gains, soaring 3.06% to break above 50,000. A weaker Japanese yen added to the morning gains amid concerns about the Japanese Prime Minister’s fiscal policy goals.

USD/JPY Soars, Fueling Yen Carry Trades
The overnight FOMC Meeting Minutes signaled division among policymakers over a December rate cut. Concerns about inflation collided with reports of further delays to key US jobs data, sinking bets on further monetary policy easing. According to the CME FedWatch Tool, the chances of a December cut fell from 50.1% on November 18 to 32.8% on November 19.

Fading expectations for a December Fed rate cut collided with concerns about Prime Minister Sanae Takaichi’s fiscal stimulus plans, sending USD/JPY to a 10-month high of 157.474 in morning trading. The weaker yen fueled the carry trade into risk assets, including US stock futures. Bullish sentiment overshadowed concerns about the Fed rate path.