Market Signal Briefing

Aptos has crossed a major milestone in the crypto market, overtaking giants like Ethereum and BNB Chain in stablecoin growth and inflows. Yet despite this increasing liquidity, the price of APT continues to slip, leaving many investors puzzled about the disconnect between strengthening fundamentals and falling valuation.

Journalist

Posted: November 19, 2025

Key Takeaways 
Are institutions still interested in ETH? 
Only the treasury firm BitMine bought the dip. But spot ETFs saw the highest monthly sell-off. 

Will $3k slow the plunge? 
On-chain data showed a reversal was likely, but the macro print on November 20 could offer much clarity. 

Institutional bid for Ethereum [ETH] is currently coming from BitMine Immersion alone. The Tom Lee-led treasury firm acquired an extra 54K ETH [worth $173 million]. But the spot U.S. ETH ETF complex was fully in a risk-off mode. 

So far in November, ETF investors have dumped $1.42 billion, marking the highest monthly sell-off since the products launched in 2024. 

Source: SoSo Value

Will $3k support hold for longer?
Even leveraged ETH bets by institutions have cooled off considerably, as shown by nearly $4 billion in Open Interest [OI] wiped out since the 10 October flash crash.

With it, the ETH basis trade, which involves buying spot ETH ETF and shorting on CME, has shrunk from 10% to 3% before steadying above 4%.

Source: Velo

Despite the mixed institutional demand for ETH, the asset has managed to defend the $3k support for the past four days. 

In fact, according to Swissblock’s analysts, the altcoin triggered a bottom signal, based on the firm’s proprietary Liquidity Index. 

The analytics firm added, 

“It’s a matter of time: if liquidity is rebuilt in the coming weeks, the next expansion leg opens.”

Source: Altcoin Vector 

Notably, a similar signal was flagged in late 2024 and early 2025. In each case, the liquidity reset was followed by recoveries above $4k. If history repeats, ETH may rebound soon. 

The Options traders’ activity reinforced a similar outlook. Over the past 24 hours, most of the call buying [bullish bets, represented by green bars] targeted $4000 and $3100 levels by 21st or 28th November. 

Source: Arkham

For bearish bets [red bars] and hedging activity, players sought protection against a decline to $3k and $2,500 for the end-November and December periods.

Put differently, some sophisticated players expected the plunge to hold at $2.5k if $3k support cracks. 

Overall, the market focus will shift to 20th November for the September Jobs report and clues on potential Fed rate cuts. 

A strong labor market would likely prompt the Fed to pause the December rate cut and could trigger another wave of selling.

However, a weak report could boost the odds of a rate cut and likely lead to relief and recovery. 

Chainlink’s LINK token delivered an unexpected burst of strength on Tuesday, jumping 4.17% and approaching the key $14 level amid rising institutional interest in oracle-focused crypto assets. The move stood out in a market that has recently shown signs of exhaustion, with LINK notably outperforming both bitcoin and the broader CoinDesk 5 Index.

LINK’s breakout above the $13.58 resistance level came with a powerful surge in trading activity, as volume spiked nearly 95% above the token’s daily average. According to CoinDesk Research’s technical analysis tool, the steady buying pressure throughout the session indicated purposeful accumulation rather than short-lived speculative trading. This persistent volume helped solidify the rally and reinforced bullish sentiment.

The price action also reflected a strong technical structure. LINK has been forming a clear series of higher lows, creating an ascending pattern often associated with sustained upward momentum. The orderly step-ladder movement from its $13.11 base suggests that buyers have been strategically building positions over time rather than reacting impulsively to short-term volatility.

If LINK can decisively push beyond the psychological barrier at $14, analysts point to potential upside targets between $14.25 and $14.50. These levels represent the next major resistance zones that could shape the token’s short-term trajectory. On the downside, immediate support appears firm around the $13.30–$13.40 range, with additional protection near $13.70 should the market face a pullback.

The combination of rising institutional participation, strong volume confirmation, and a favorable technical setup has positioned LINK as one of the standout performers in the current crypto landscape. Traders will now be watching closely to see whether the token can maintain its momentum and secure a breakthrough that could signal a broader bullish trend.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

TLDR

Table of Contents

TLDRXRP’s Current Role and Staking PossibilitiesExploring XRP Staking ModelsThe Ecosystem’s Interaction with XRP StakingGet 3 Free Stock Ebooks

Ripple developer Ayo Akinyele explores the potential of XRP staking as the network adoption increases.
Akinyele highlights that XRP’s current model burns transaction fees instead of offering staking rewards.
The discussion around XRP staking aims to understand how incentive structures could affect the network’s behavior.
Ripple is already exploring programmability features that could direct fees into a reward pool for XRP staking.
External platforms like Flare and Doppler Finance already offer yield-bearing systems using XRP or its wrapped versions.

Ripple developer J. Ayo Akinyele has introduced a discussion on the future of XRP, suggesting the potential for staking in the XRP Ledger (XRPL). His comments have ignited debate about how the growing adoption of XRP could evolve. Akinyele’s insights come after the launch of the first XRP ETF by Canary, signaling increased institutional interest.

XRP’s Current Role and Staking Possibilities
XRP’s focus has always been on enabling fast and efficient value transfers. The asset currently supports global payments, tokenized assets, and real-time liquidity. As these use cases expand, questions arise about the future of network participation models.

Akinyele pointed out that most blockchain networks rely on staking to align the interests of validators and token holders. Staking generally rewards participation, strengthening security with financial incentives. However, the XRPL does not use this model, opting instead to burn transaction fees for efficiency.

Exploring XRP Staking Models
While the XRPL operates on a Proof of Association model, which emphasizes trust and governance, Akinyele proposed a discussion on incorporating staking. He clarified that exploring staking doesn’t mean changing the XRPL’s design but rather a way to analyze how incentive structures could impact behavior. Akinyele emphasized that any staking model would need a reliable reward system and a fair distribution method.

He also highlighted that new programmability features could incur fees that would be directed into a reward pool. This direction aligns with Ripple’s broader roadmap for tokenization and stablecoins. Ripple is already exploring these options to enhance XRP’s utility across various financial contexts.

The Ecosystem’s Interaction with XRP Staking
Although XRP does not use staking directly, external services are already offering yield-bearing systems involving XRP. For example, exchanges and DeFi protocols such as Flare and Doppler Finance provide yield options for XRP or its wrapped versions. Akinyele pointed out that innovation is happening outside the XRPL while maintaining the network’s core integrity.

The launch of XRP’s MPT tokenization standard for real-world assets also highlights how the ecosystem continues to innovate without altering the XRPL’s foundational structure. Akinyele emphasized that exploring XRP staking is about understanding how future capabilities can coexist with the network’s stability and trustworthiness.

Analysts have questioned whether November deserves its reputation as Bitcoin’s historically “strongest month” after the cryptocurrency dropped 10% over the past seven days and briefly sank below $90,000.

“Historical averages suggest strength, but those numbers are skewed and the current backdrop is anything but normal,” James Harris, the CEO of crypto yield provider Tesseract, told Cointelegraph.

Harris said that while the break below the long-term average is noteworthy, it is “not the full picture.”

Bitcoin (BTC) is down 15.37% since the start of the month and is on track for its worst November since 2019, when it closed the month down 17.27%, according to CoinGlass. 

Bitcoin ended 3.69% down in October. Source: CoinGlassBitcoin is trading up 1% over the past day to $93,290, climbing from a low of under $89,400 according to CoinMarketCap.

Harris said comparing the current market environment to previous years “is not like-for-like,” and noted that the US government shutdown had delayed key economic data for six weeks. 

“When it reopened, the backlog of information forced investors to reprice inflation and rate expectations almost overnight,” he said. 

Confidence among market participants in a Federal Reserve rate cut in December has also plummeted to 41%, according to the CME FedWatch Tool. 

New Bitcoin high by year-end possible, but unlikelyHarris said it’s still possible for Bitcoin to reclaim momentum and push to new all-time highs before the end of the year, but he isn’t betting on it. 

“It is possible, but not something we are forecasting,” he said.

Bitcoin last reached an all-time high of $125,100 in early October, prompting traders to look toward November, historically its strongest month, for a potential continuation of the rally. 

Bitcoin has seen an average of 41.35% returns in November since 2013, a figure inflated by a 449% surge in 2013, about 277% higher than that year’s second-strongest gaining month, March.

Bitcoin showing “early signs of stabilization”Bitfinex analysts believe that the worst of Bitcoin’s drawdown may be nearing an end. 

Bitcoin is trading at $93,290 at the time of publication. Source: CoinMarketCap“It feels like it is time for a local bottom to be established relatively soon,” the analysts said in comments shared with Cointelegraph. 

“Across multiple historical cycles, sustainable bottoms have only formed after short-term holders have capitulated into losses and not before,” they added.

However, the November gains traders are hoping for may spill into December instead. The Bitfinex team said that selling pressure is beginning to ease, with “early signs of stabilisation following one of the sharpest corrections of the cycle.”

Analysts at crypto payments firm B2BINPAY agreed that “a durable recovery can form just as quickly.” 

“The first meaningful resistance is at the $97,000–$100,000 band,” they said. “Until BTC attempts to reclaim it, sentiment is highly likely to stay defensive.” 

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

Michael Saylor's Strategy might be heading towards a huge trouble as its massive Bitcoin war chest is suddenly looking a lot less invincible. After Bitcoin slipped under $90,000 for the first time in seven months, almost 40% of the company's BTC stack is sitting in the red.

Aave Labs launches Aave App, a consumer savings app offering up to 9% APY, instant interest accrual, and $1M balance protection.

On Tuesday, November 18, San Francisco–based blockchain firm Ripple made a mysterious XRP move that has barely gone unnoticed. 

Data from on-chain tracking firm Whale Alert has revealed a major transfer that has sparked discussions across the market.

The data shows that Ripple has executed a major XRP transfer involving 200,000,000 tokens worth about $445.2 million to an unknown wallet today.

HOT Stories

What's coming for XRP?The massive XRP transfer from Ripple saw the large amount of XRP tokens move in one go, coming at a significant time when the market has suddenly flipped to the bullish side, with all leading cryptocurrencies moving into the green zone.

The mysterious Ripple move has sent a wave of optimism across the market, even though the motive behind the transfer was not disclosed.

Apparently, it appears that the transfer has built on the fresh momentum spurred by news of U.S. banking regulators reportedly signaling that banks can hold crypto to cover blockchain network fees. Hence, market observers have perceived the move to be a bullish one.

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The proposed policy, which has coincided with the major Ripple transfer and a broad crypto market recovery, has been celebrated by the XRP community, interpreting it as a pointer to more major institutional integration for XRP.

While XRP has continued to make waves with its cross-border utility, many have expressed strong belief that the policy will trigger more major adoption for XRP, positioning the token for a bigger shift in the long term.

What's Ripple up to?Although Ripple has yet to clarify the reason behind the major XRP move, the crypto community does not perceive the move to be a threat to the market.

Rather, market analysts have viewed the transfer as part of Ripple’s ongoing developments and liquidity operations, which could fuel more upside momentum for the asset.

At the time of the transfer, XRP showed a rapid resurgence in its price, showing over a 5% surge in the last 24 hours despite trading in deep red earlier today.

Nonetheless, the asset is trading at $2.22 as of writing time, according to data provided by CoinMarketCap.

Let's dive into why Aptos is one of the best-performing large-cap cryptos in the market today.

Among the top cryptocurrencies experiencing a notable recovery in today's session is the layer-one proof-of-stake blockchain platform Aptos (APT +7.24%).

Today's Change

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As of 4:00 p.m. ET, Aptos has surged 6.9% over the past 24 hours, marking one of the most significant moves among the top 50 cryptocurrencies by market capitalization. Investors appear to be buying into this network's growth potential, with the overall market embracing the idea that Aptos' recent user and transaction growth support a bullish investment thesis over the long term.

Let's dive into the key catalysts driving this view, and why this token is rising so much faster than the broader market today. For context, the overall market capitalization of all digital assets is up around 1.7% at the time of writing.

Strong fundamentals are the story here

Source: Getty Images.

One of the most critical factors for investors considering an investment in a given cryptocurrency is how the underlying network, which a given token represents, is performing. Unlike stocks, investors in digital assets are compelled to consider metrics beyond cash flow to assess the value of a given network. In many cases, this comes down to examining key factors such as transaction volume, user count, active wallets, and other usage determinants to gauge the rate of growth of a given network (and, more importantly, whether this growth will continue or accelerate).

When examining the Aptos network, I've noticed a significant increase in transaction volume in recent months. In the first quarter of this year, the network's daily transaction volume hovered around 10 million. More recently, the chart has been trending upward and to the right, with average daily volume now approaching 40 million transactions per day.

That's a big jump.

Some of this transaction growth appears to be driven by strong Stablecoin usage, with the Stablecoin supply more than quintupling over the past year. As Stablecoins become more of a focus for investors (particularly with the recent passing of the GENIUS Act), I think Aptos could become a much more mainstream token in the years to come.

Today's move seems to be representative of this project's quality. I'm on board.

Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Aptos. The Motley Fool has a disclosure policy.

0xbow raises $3.5 million seed round for Ethereum Foundation-backed Privacy Pools project

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Quick Take
Balaji Srinivasan is one of 0xbow’s angel investors in its $3.5 million seed round. 
0xbow will use the fresh capital to expand beyond the Ethereum mainnet and launch new features. 
Ethereum-based privacy startup 0xbow has raised a $3.5 million seed round led by Starbloom Capital with support from leading venture firms like Coinbase Ventures and BOOST VC as well as angels including Balaji Srinivasan, among others, according to an announcement on Tuesday. 

0xbow is the project behind Privacy Pools, a keystone part of the Ethereum Foundation’s Kohaku wallet initiative. 

Privacy Pools is a protocol designed to compliantly anonymize funds. The project is based on research co-authored by Ethereum founder Vitalik Buterin into Association Sets, essentially lists that prevent bad actors from mixing their funds while also monitoring for suspicious activity.

Buterin previously participated in 0xbow’s March 2024 pre-seed round.

"We're solving for something the industry hasn't figured out: how to give people financial privacy without creating a haven for illicit activity," said Nathaniel Fried, CEO of 0xbow. "You shouldn't have to choose between privacy and compliance."

Since launching in March 2025 on the Ethereum mainnet, Privacy Pools has reportedly processed approximately $6 million in transaction volume for more than 1,500 users. The fresh capital will help the project expand beyond the Ethereum mainnet and build additional features.

In July, 0xbow launched support for Sky’s USDS stablecoin in its first extension into “multi asset privacy pools.” It also launched a Tornado Cash Proof of Association pool to allow users to dissociate funds from illicit activity on the storied Tornado Cash protocol.

"Privacy tools have to be built with compliance in mind from day one, not bolted on later," said Taylor Monahan, an 0xbow advisor and security engineer at MetaMask. "The ASP architecture shows you can design for both privacy and accountability simultaneously."

Co-founded by Ethereum OGs Ameen Soleimani, Nathaniel Fried, and Zak Cole, 0xbow has also raised funds from Bankless, Number Group, Public Works, and several angels, including Sam Kazemian of Frax and Dan Finlay of Metamask.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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AUTHOR Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb. See More

WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data. +
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Bitcoin mining firm HIVE Digital Technologies has posted record revenues for the quarter ending September 30, 2025, driven by rising Bitcoin prices and aggressive expansion of its mining fleet. The company reported revenue of $87.3 million, up 285% from the same period last year and nearly double the previous quarter's earnings.

Solana's high-speed and low-cost layer-one network appears to be in high demand today.

For Solana (SOL +7.13%) investors, today's violent move higher is a welcome surprise.

Today's Change

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After what seemed to be a relatively consistent bearish trend, Solana is the leading top-10 cryptocurrency today in terms of performance. As of 4:30 p.m. ET, this cryptocurrency has surged 8.3% over the past 24 hours, and the uptrend appears to be in place.

With Solana now crossing back over the $140 level, let's examine what's driving this move and whether these catalysts can drive continued upside into year-end.

Institutional adoption set to pick up

Source: Getty Images.

I'd argue that one of the most critical catalysts for any top-tier cryptocurrency over the long term is capital flows. For investors to reap the benefits of higher token prices, two key conditions typically must be met. First, on-chain usage should be on the rise, as demand from users and traders will inherently drive buying activity, which bolsters prices over time. Second, fresh capital that's not currently circulating within the crypto sector will need to find its way into a project like Solana. With thousands of such options out there, there's significant competition for capital in the market that can't be ignored.

In terms of catalysts driving capital inflows into a given crypto ecosystem, spot ETFs have become one of the most important drivers on this front. Other mega-cap tokens have had spot ETFs launched, and Solana has as well. However, news that ETF and mutual fund provider Fidelity will be entering the Solana ETF space is significant, and has clearly driven plenty of excitement around one of the fastest and lowest-cost layer-one networks in the market.

Having such a renowned name in the world of traditional finance put forward a spot ETF product means a great deal to Solana bulls who have long considered this platform integral to the digital asset space. This validation of the network's underlying utility is essential and should lead to greater investor demand in the near term.

Over the long term, as more providers consider launching similar products and investors allocate a greater portion of their on-chain capital (and fresh off-chain capital as well) toward Solana, this project could have significant upside from its current $140 price level.

Chris MacDonald has positions in Solana. The Motley Fool has positions in and recommends Solana. The Motley Fool has a disclosure policy.

NEW YORK, NY — November 18, 2025 — Today marks the release of Bitcoin Is for Everyone: Why Our Financial System Is Broken and Bitcoin Is the Solution, in which award-winning journalist and educator Natalie Brunell offers clarity and hope to readers navigating rising prices, inflation, and economic uncertainty.

Brunell helps readers understand why life feels increasingly unaffordable—and how Bitcoin can empower them to regain control and confidence. As housing, education, and everyday essentials rise faster than wages, Bitcoin Is for Everyone exposes the root cause: a broken monetary system.

“It’s an invitation to think differently about the financial system we’ve inherited, and an introduction to the one we can now, for the first time in human history, build together.” –Natalie Brunell

With clear, accessible storytelling, she explains how inflation and monetary manipulation have reshaped daily life and positions Bitcoin not as a trend, but as an innovation grounded in fairness and trust.

A Clear Path to Understanding What’s Broken—and How to Fix It

Key themes include:

Inclusivity: Bitcoin is for everyone—regardless of income, gender, or background.
Hopefulness: By understanding how the system works, readers gain the power to change their relationship with money.
Timeliness: Amid uncertainty, this book provides grounding clarity about money, work, and meaning.
The Human Story: Bitcoin might look technical, but its impact is deeply human. Instead of exhausting ourselves chasing depreciating dollars, Bitcoin lets our work hold its value so we can focus on what truly matters.
Time-preferences: This book reframes how we think about time. As Annie Dillard said, “How we spend our days is how we spend our lives.” Understanding sound money helps us think long-term and build lasting value.

Released at a pivotal moment, Bitcoin Is for Everyone offers a clear, hopeful guide to today’s changing financial landscape.

Advance Praise

“A deeply personal and accessible introduction to the most important financial innovation of our time.”

—Michael Saylor

“A go-to resource to understand why things aren’t working and why Bitcoin offers hope.”

—Lyn Alden, author of Broken Money

“Clear, engaging, and essential for anyone wanting to grasp the profound implications of the transition the world is going through.”

—Jeff Booth, author of The Price of Tomorrow

About the Author

Natalie Brunell is the host of Coin Stories, one of the top business-news podcasts in the United States. A first-generation immigrant and former investigative journalist, Brunell is known for her powerful interviews, storytelling, and ability to make complex financial topics accessible.

Her work has been featured on Fox Business, ABC News, and Forbes. Brunell holds a Master’s degree in Journalism from Northwestern University and has taught advanced video storytelling at the University of Southern California.

Title Information

Publication Date: November 18, 2025

Format: Trade Paperback & Audiobook

ISBN: 9781804091135

Price: $19.99

Media Contact

Tina Joell, U.S. Publicity Manager

[email protected] (917) 566-5922

Disclaimer: This is a sponsored press release. Readers are encouraged to perform their own due diligence before acting on any information presented in this article.

Bitcoin Magazine

Established in 2012, Bitcoin Magazine is the oldest and most established source of trustworthy news, information and thought leadership on Bitcoin.

TLDR

The Ethereum Foundation has launched the Ethereum Interop Layer to simplify cross-chain transactions across Ethereum’s Layer 2 networks.
EIL enables users to perform operations such as token transfers and NFT minting with a single click.
The system consolidates transaction logic into users’ wallets, eliminating the need for bridges and manual interactions across Layer 2s.
EIL is built on ERC-4337 account abstraction and maintains Ethereum’s core values .
Developers benefit from centralized interoperability within wallets.

The Ethereum Foundation has launched the Ethereum Interop Layer (EIL), a solution designed to enhance cross-chain interoperability across Ethereum’s growing rollup ecosystem. EIL is a wallet-driven technology designed to make Ethereum’s Layer 2 networks more interconnected, improving user and developer experiences. It simplifies interactions with different chains by consolidating transaction logic into users’ wallets, offering a seamless experience.

Ethereum Foundation Simplifies Cross-Layer Operations with EIL
EIL is designed to eliminate the current friction between Layer 2 networks like Arbitrum, Base, and Scroll. Users will no longer need to interact with multiple chains or use bridges. The system integrates transaction processes into the wallet, enabling single-click actions like token transfers and NFT minting across different Layer 2s.

The wallet handles all coordination, allowing users to perform cross-chain operations without dealing with complex bridge protocols. “Ethereum Interop Layer aims to simplify the process, presenting Ethereum as a unified ecosystem,” the Ethereum Foundation said in its official blog post. This solution addresses the fragmentation caused by the rapid growth of rollups on the network.

By abstracting the complexities of cross-chain transactions, EIL enhances usability. Users can now interact with Ethereum Layer 2s as if they were part of a single unified blockchain. EIL’s implementation relies on the ERC-4337 account abstraction standard, which allows seamless user interactions without introducing new trust models.

Developer Benefits and Simplified Integration
From a developer’s perspective, the Ethereum Interop Layer eliminates the need for complex integrations with individual Layer 2 networks. It centralizes interoperability within wallets, making it easier for developers to build multichain-native applications. EIL enables developers to onboard new networks quickly without worrying about bespoke integrations.

The Ethereum Foundation’s proposal highlights the importance of universal wallet compatibility. With EIL, dapps and wallets can support multiple Layer 2 networks without requiring app-level modifications. This approach makes Ethereum’s ecosystem more developer-friendly and reduces the effort needed to integrate new rollups.

Wallet providers, dapp creators, and network designers are encouraged to contribute to EIL’s development. This collaboration will allow Ethereum to continue evolving while maintaining the core principles of decentralization, privacy, and self-custody.

The Ethereum Foundation aims to restore the vision of a single, unified Ethereum ecosystem through the Ethereum Interop Layer. This initiative represents a step toward simplifying cross-chain operations and ensuring Ethereum’s scalability.

XRP is facing one of its most challenging moments in recent months as selling pressure accelerates and the broader crypto market slips into a risk-off environment. Bitcoin’s collapse below key psychological levels has dragged altcoins with it, and XRP has not been spared. Analysts are increasingly warning that the market may be entering a bear phase, pointing to tightening liquidity conditions, rising global economic uncertainty, and a sharp decline in investor appetite for risk assets.

What makes XRP’s situation more fragile is the growing number of holders sitting on unrealized losses. On-chain data reveals that many late buyers — particularly those who entered after the ETF announcement and during the previous rally — are now underwater as the price continues to slide. This top-heavy market structure is creating pressure on holders, amplifying sell-side momentum as fear spreads.

The macro backdrop is adding fuel to the fire. With global markets adjusting to rate volatility, geopolitical tensions, and tightening dollar liquidity, capital is flowing out of speculative assets. XRP’s price is now caught at a crossroads: either it stabilizes at key support zones and absorbs the panic selling, or a deeper correction unfolds.

XRP Supply in Profit Signals Structural Fragility
According to new data from Glassnode, XRP’s market structure is weakening significantly as the latest sell-off unfolds. The share of XRP supply currently in profit has fallen to 58.5%, marking its lowest reading since November 2024, when XRP traded at just $0.53. Despite today’s far higher price — around $2.15, nearly four times last year’s level — an alarming 41.5% of the circulating supply remains at a loss. That represents roughly 26.5 billion XRP sitting underwater.

XRP Percent Supply in Profit | Source: Glassnode
This divergence highlights a critical issue: the market has become top-heavy, dominated by investors who entered late into the rally and bought at elevated price levels. These holders are now feeling acute pressure as prices retrace. Making the XRP supply distribution more fragile and increasing the probability of panic-driven selling. Historically, such setups often lead to accelerated downside movement unless strong demand steps in.

The fact that so much supply is in the red even at current elevated prices suggests that speculative flows, rather than long-term conviction, fueled the previous surge. As these late buyers face losses, sell pressure can intensify, feeding into a vicious cycle of liquidation.

XRP Price Analysis: Testing Critical Support Levels
XRP continues to struggle as selling pressure intensifies, with the chart showing a clear downtrend forming since early October. The price is now trading around $2.18, hovering just above a key horizontal support zone that has been tested multiple times throughout the year. Each bounce from this region has grown weaker, suggesting diminishing buyer strength and rising vulnerability to a deeper breakdown.

XRP testing critical demand level | Source: XRPUSDT chart on TradingView
The moving averages reinforce this weakening structure. XRP is trading below the 50-day, 100-day, and 200-day MAs, with all three beginning to curl downward. A classic sign of trend deterioration. The failed attempt to reclaim the 50-day MA in early November marked a significant shift, as sellers quickly regained control and pushed the price lower. Volume spikes during downswings further confirm that distribution is ongoing.

Additionally, the lower highs forming since the September peak signal that bulls are losing momentum. Each rally attempt is being sold into faster, and the wick rejections near the $2.50–$2.60 region highlight strong overhead resistance. If XRP loses the current support band, the next liquidity pocket sits near $1.70–$1.80, where buyers previously defended aggressively.

Featured image from ChatGPT, chart from TradingView.com

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Bitcoin’s latest pullback has not persuaded Blackbay Capital president Todd Butterfield to re-enter the market. In a fresh BTC/USD daily chart on Bitfinex, shared on X, the Wyckoff specialist reiterates: “Yes, I am still on the sidelines with#BTC. Our Wyckoff indicators are still not flashing BUY. We are new below the .382 retracement as well…”.

Wyckoff Analysis Predicts Deeper Bitcoin Price Correction
The chart covers May to 17 November 2025 and shows Bitcoin trading at $92,838. Across this period Butterfield maps a textbook Wyckoff distribution. The advance into early summer culminates in a Buying Climax (BC) just above $123,000, followed by an Automatic Reaction (AR) that establishes support slightly above $112,000. A Secondary Test (ST) revisits the BC area, confirming the white horizontal resistance band drawn around the $123,000 region.

Bitcoin Wyckoff analysis | Source: X @WyckoffOnCrypto
Later, price marginally exceeds that ceiling in an Upthrust After Distribution (UTAD), before failing back into the range. Under Wyckoff logic this marks the terminal trap for late buyers and confirms that large players are distributing. Once the UTAD fades, Bitcoin breaks below the AR line in a Sign of Weakness (SOW), then produces a lower high labelled Last Point of Supply (LPSY), where a rally stalls beneath former support.

Trend metrics back the bearish structure. The 20-day simple moving average sits at $103,132.2 and the 50-day SMA at $110,033.9, both sloping downward. With spot at $92,838, BTC is decisively below both moving averages, consistent with Wyckoff’s markdown phase rather than the start of a new accumulation.

Butterfield also overlays Fibonacci retracements of the preceding uptrend. Two levels are explicitly marked: the 0.382 retracement at $95,358.1 and the 0.5 retracement at $101,257.8. Bitcoin is currently below the 0.382 line, the condition he highlights in his post as reinforcing a non-bullish stance. A small vertical bracket between current price and the 50% level visually underscores how far BTC would need to rebound to test a deeper retracement.

Below price, three proprietary Wyckoff indicators drive his decision to stay sidelined. The Wyckoff Optimism–Pessimism (Aggregate, 5) line trends steadily lower and now sits near –520.89K, signalling persistent net selling throughout the distribution. The Wyckoff Force (Aggregate, 10) indicator has rolled into negative territory at around –852.3, reflecting downside progress backed by meaningful volume, particularly on the SOW and follow-through selling.

The Wyckoff Technometer (Aggregate, 50, 38, 5), plotted as an orange oscillator, has repeatedly flagged overbought conditions above the 50 line near earlier peaks in June, July, August and October. Today it reads 40.7—below overbought yet still above the oversold band around 38. In Butterfield’s framework, that mid-range reading does not qualify as a low-risk buy zone.

At press time, BTC traded at $91,570.

Bitcoin falls below the 0.618 Fib, 1-week chart | Source: BTCUSDT on TradingView.com
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TLDR

Tether has invested in Ledn to expand its portfolio in the growing crypto-backed lending industry.
Ledn offers Bitcoin-backed loans, custody, risk management, and liquidation protection services.
The partnership between Tether and Ledn aims to provide credit access without the need to sell digital assets.
Before Tether’s involvement, Ledn had already originated over $2.8 billion in Bitcoin-backed loans.
Ledn expects to triple its loan levels in 2024, further strengthening its position in the crypto-lending market.

Tether has expanded its investment portfolio by investing in Ledn, a leading provider of Bitcoin-backed loans. This move brings Tether into the growing sector of crypto-backed lending, where users can access liquidity without selling their digital assets. The collaboration aims to strengthen the use of digital assets and enhance access to credit.

Tether Joins Crypto-Backed Lending Industry
Tether’s investment in Ledn highlights the growing trend of financial infrastructure that allows people to tap into their crypto holdings. Ledn offers Bitcoin-backed loans, custody, risk management, and liquidation protection services. This investment demonstrates Tether’s commitment to the crypto-backed lending space and the importance of self-custody.

Paolo Ardoino, CEO of Tether, stated, “Our investment reflects Tether’s belief that financial innovation should empower people.” He added that the collaboration with Ledn will provide greater access to credit without the need to sell digital assets. This partnership aligns with Tether’s goal of creating real-world use cases for digital currencies and strengthening their role in global finance.

Before Tether’s involvement, Ledn had already facilitated over $2.8 billion in Bitcoin-backed loans. Over $1 billion of this amount was originated in 2025, marking the company’s strongest year to date. The company aims to increase its credit access to both retail customers and institutions, expecting rapid growth in the crypto-backed lending sector.

Ledn’s Growth and Expansion Plans
Ledn has raised over $104 million in funding rounds, including a $100 million raise during the 2021 bull market. Sygnum previously led the company’s debt-based funding round. Ledn is a fully operational and registered entity in the USA and is expanding rapidly in the crypto-lending space.

Despite Bitcoin’s rising value, the crypto-backed lending market remains underdeveloped compared to other digital assets such as Ethereum and Solana. Many Bitcoin holders hesitate to deposit their coins due to its high value. Ledn aims to offer the lowest possible risk with a controlled liquidation system to mitigate these concerns.

According to Adam Reeds, co-founder and CEO of Ledn, “We expect demand for Bitcoin financial services to continue soaring, and this collaboration with Tether ensures that Ledn remains well-positioned to lead.” The company plans to triple its loan levels in 2024, as it continues to strengthen its position in the industry.

The DeFi protocols based on Bitcoin remain limited, with only $6.8 billion in value locked. Despite Bitcoin’s leading position, many BTC holders use wrapped Bitcoin (WBTC) on other blockchains, such as Ethereum. Aave, a primary DeFi protocol, holds $4.15 billion in WBTC collateral. However, Ledn’s rapid growth is approaching these levels, suggesting the company’s potential to lead the BTC-backed lending market.

Monad addresses Coinbase token sale slowdown as risk of undersubscription grows

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Quick Take
As of late in day two of the offering, 63% of the Monad token sale had been subscribed.
Monad co-founder Keone Hon took to social media to explain, and perhaps defend, the project’s strategy.
With sales of Monad tokens slowing sharply after an initial burst on Coinbase, the public offering now appears at real risk of concluding undersubscribed.

Late on day one, buyers had taken up roughly 48% of the 7.5 billion MON tokens on offer — a stark contrast with the early surge that suggested the sale might wrap up within 24 hours. As of 5 p.m. ET on Tuesday, the subscription rate clocked in at just under 64%, indicating that day-two demand is running well below the first day’s pace.

Against the backdrop of Tuesday's reduced activity, Monad co-founder Keone Hon took to social media to explain, and perhaps defend, the project's strategy.

"The purpose of the MON token sale is to achieve the broadest distribution," Hon wrote in a post to X. "We chose Coinbase (and their allocation algorithm, which is democratic and transparent) because of their unique ability to reach an audience that we think is important to engage and re-activate. The world is a big place and it's so important to break out of the bubble."

On Monday, the much-anticipated public offering of Monad’s native token via Coinbase generated about $43 million within the first half hour. Monad seeks to raise about $187 million worth of USDC, with the maximum and minimum bid set at 100,000 USDC and 100 USDC, respectively.

Compared to another recent token sale, Monad's public offering is underperforming. Last month, MegaETH's public sale was so oversubscribed that despite aiming to raise about $50 million, investors committed over $1.39 billion.

Market watchers online have speculated that Coinbase's MON token sale being off limits to European traders may be playing a role in the lackluster sales numbers through Tuesday. Others suggested Monad's tokenomics and past raises may have turned off potential investors.

"In the MON token sale on Coinbase, users get 5 1/2 days to decide whether to commit, and once they commit, they're locked in," Hon also said on Tuesday. "That actually incentivizes people to wait until the last minute to evaluate, which is an interesting dynamic that might be revisited for future sales."

If the tokens on offer are not completely sold by the closing date this coming Saturday, "unsold tokens will be reallocated to Ecosystem Development," according to Monad.

Coinbase’s new token-sales platform, built after its $375 million Echo acquisition, comes amid what executives describe as the most favorable U.S. regulatory climate for ICOs in years.

With SEC guidance softening and Congress advancing new market-structure bills, the company sees a reopening of the door for compliant U.S. retail token launches.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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AUTHOR RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology. See More

WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data. +
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COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) today announced that the Elsa Reclamation and Development Corporation (“ERDC”), a subsidiary of Hecla Mining Company, has been awarded the 2025 Robert E. Leckie Award for Excellence in Environmental Stewardship by the Government of Yukon. The award recognizes ERDC's outstanding remediation work at the Keno Hill Silver District and the team's commitment to community engagement and environmental responsibility. "This recognitio.

, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against Quantum Corporation ("Quantum " or "the Company") (NASDAQ: QMCO ) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of QMCO during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: November 15, 2024 to August 18, 2025

DEADLINE: November 3, 2025

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Quantum was forced to restate prior financial statements due to improperly recognizing revenue. Based on these facts, Quantum's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate.

NEXT STEPS FOR SHAREHOLDERS : Once you register as a shareholder who purchased shares during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. There is no cost or obligation to you to participate in this case.

WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT: 
David J. Schwartz
DJS Law Group
274 White Plains Road, Suite 1
Eastchester, NY 10709
Phone: 914-206-9742
Email: [email protected]

SOURCE DJS Law Group LLP

COLUMBUS, Ohio--(BUSINESS WIRE)--Mettler-Toledo International Inc. (NYSE: MTD) today announced it will present at the 8th Annual Evercore Healthcare Conference on Tuesday, December 2 at 9:10 a.m. EST, and at the Citi 2025 Global Healthcare Conference on Wednesday, December 3 at 10:30 a.m. EST. A live webcast of the presentations will be available on the Company's investor relations website at investor.mt.com. METTLER TOLEDO (NYSE: MTD) is a leading global supplier of precision instruments and s.

, /PRNewswire/ -- Texxon Holding Limited (Nasdaq: NPT) (the "Company" or "Texxon"), a leading provider of supply chain management services in the plastics and chemical industries in East China, today announced its financial results for the fiscal year ended June 30, 2025.

Mr. Hui Xu, Chief Executive Officer and Chairman of Texxon, commented: "We are pleased to report strong results for the fiscal year ended June 30, 2025. To align with evolving market conditions and the broader industry environment, we implemented a strategic shift in our sales and marketing efforts toward high-growth sectors such as automotive, new energy, and chemical industries. Leveraging our core strengths in basic chemicals and plastic particles, we expanded our sales team to further broaden our customer base, market coverage, and penetration across China."

"The refinement of our basic chemical product portfolio contributed to an improved average selling price. Our plastic particle sales surged as sales volume increased in response to increased demand, driven by their expanded application in new fields such as automotive, new energy and chemical industries, despite a decline in selling prices. Collectively, these initiatives drove an 18.5% increase in overall revenue, highlighted by an 88.5% surge in plastic-particle sales, while basic-chemical sales slightly grew 1.5%."

"We prioritized business scale and long-term customer relationships over short-term margin gains. While this strategy temporarily compressed gross margin and profit, we believe it will strengthen customer retention, stabilize cash flows, and support sustainable profitability over the long term."

"We are accelerating the construction of a factory to manufacture polystyrene, including production lines, storage facilities, and supporting infrastructure, located in Henan Province, China (the "Henan Polystyrene Factory"), which is scheduled to begin production in the fourth quarter of 2025. Once operational, we expect it will enable us to better meet market demand and capture higher margins amid potential shortages in chemical and plastic raw materials."

"Looking ahead, we remain committed to achieving profitable growth through enhanced operational efficiency, deeper customer relationships, and disciplined product portfolio and pricing strategies. We believe, these initiatives will support long-term shareholder value and position Texxon for continued growth in an increasingly dynamic market."

Fiscal Year 2025 Financial Summary 

Revenue was $797.15 million for fiscal year 2025, representing an increase of 18.5% from $672.66 million for fiscal year 2024.

Gross profit was $4.70 million for fiscal year 2025, compared to $4.82 million for fiscal year 2024.

Gross profit margin was 0.6% for fiscal year 2025, compared to 0.7% for fiscal year 2024.

Net loss was $1.45 million for fiscal year 2025, compared to net income of $2.51 million for fiscal year 2024.
Net loss attributable to Texxon was $0.93 million for fiscal year 2025, compared to net income attributable to Texxon of $0.95 million for fiscal year 2024.

Basic and diluted losses per share were $0.05 for fiscal year 2025, compared to basic and diluted earnings per share of $0.05 for fiscal year 2024.

Fiscal Year 2025 Financial Results 

Revenue

Revenue was $797.15 million for fiscal year 2025, representing an increase of 18.5% from $672.66 million for fiscal year 2024.

 (($ millions, except for percentages)

For the Fiscal Year Ended

June 30,

Change

In million

2025

%

2024

%

$

%

Revenue:

Basic chemicals

$

524.64

65.8

%

$

517.03

76.9

%

$

7.61

1.5

%

Plastic particles

272.39

34.2

%

144.50

21.5

%

127.89

88.5

%

Other products

0.12

0.0

%

11.13

1.6

%

(11.02)

(98.9)

%

Total revenue

$

797.15

100

%

$

672.66

100

%

$

124.49

18.5

%

Sales of basic chemicals were $524.64 million for fiscal year 2025, representing an increase of 1.5% from $517.03 million for fiscal year 2024. The increase was primarily attributable to an increase in average sales price.
Sales of plastic particles were $272.39 million for fiscal year 2025, representing an increase of 88.5% from $144.50 million for fiscal year 2024. The increase was primarily attributable to an increase in sales volume.

Sales of other products were $0.12 million for fiscal year 2025, compared to $11.13 million for fiscal year 2024. The decrease in revenue was primarily attributable to no sales of black metal for the fiscal year 2025, which had contributed approximately $11.0 million revenue from sales of other products for the fiscal year 2024.

Cost of Sales

Cost of sales was $792.45 million for fiscal year 2025, representing an increase of 18.7% from $667.85 million for fiscal year 2024. The increase in cost of sales was largely attributable to the increase in the Company's sales volume of plastic particles by approximately 188.7 thousand tons, or 138.3%. The increase in cost of sales is in line with the increase in revenue.

Gross Profit and Gross Profit Margin

Gross profit was $4.70 million for fiscal year 2025, compared to $4.82 million for fiscal year 2024.

Gross profit margin was 0.6% for fiscal year 2025, compared to 0.7% for fiscal year 2024. Gross profit and gross margin decreased primarily due to the Company's strategic shift toward serving major customers, to whom the Company offered more competitive pricing. The Company prioritized expanding business scale and strengthening long-term customer relationships over pursuing short-term high-margin transactions. This strategy temporarily reduced gross margin but is expected to enhance customer retention, stabilize cash flows, and support sustainable profitability growth in the long term.

Operating Expenses

Operating expenses were $5.30 million for fiscal year 2025, representing an increase of 27.5% from $4.16 million for fiscal year 2024.

Selling expenses were $2.41 million for fiscal year 2025, representing an increase of 21.2% from $1.99 million for fiscal year 2024. The increase in selling expenses was mainly due to (i) salary and welfare benefit expenses increased by approximately $0.3 million mainly due to the addition of marketing personnel to support the Company's business expansion and higher commissions and bonuses paid to sales staff in connection with the increase in sales; (ii) shipping and delivery expenses increased by approximately $0.1 million, or 7.2%, from approximately $1.0 million for the fiscal year 2024 to approximately $1.1 million for the fiscal year 2025. This increase was primarily due to an increase in sales volume and increased use of third-party shipping services for the sale of plastic particles. The total sales volume of plastic particles increased by 189 thousand tons, or 138.8%, from 136.0 thousand tons for the fiscal year 2024 to 324.8 thousand tons for the fiscal year 2025.

General and administrative expenses were $2.89 million for fiscal year 2025, representing an increase of 33.3% from $2.17 million for fiscal year 2024. The increase was mainly due to (i) an expected credit loss of approximately $0.7 million for the fiscal year 2025, compared to $1,385 of credit loss recovered for the fiscal year 2024, primarily due to full credit losses established against specific customer receivables following assessment of credit deterioration; and (ii) an increase in salary and welfare benefit expenses of approximately $0.1 million due to an increase in personnel in general and administrative department, (iii) an increase in depreciation and amortization expenses of approximately $0.1 million, partially offset by (iv) a decrease in professional services fee of approximately $0.2 million.
Other expenses were $1.37 million for fiscal year 2025, compared to other income of $2.57 million for fiscal year 2024. The decrease was primarily attributable to one-time government grants of approximately $2.9 million received in connection with the construction of Henan Polystyrene Factory, which are recognized as a reduction of the cost of construction in progress rather than as other income.

Net Income (loss)

Net loss was $1.45 million for fiscal year 2025, compared to net income of $2.51 million for fiscal year 2024. Net loss attributable to Texxon was $0.93 million for fiscal year 2025, compared to net income attributable to Texxon of $0.95 million for fiscal year 2024.

Basic and Diluted Earnings (losses) per Share

Basic and diluted losses per share were $0.05 for fiscal year 2025, compared to basic and diluted earnings per share of $0.05 for fiscal year 2024.

Financial Condition

As of June 30, 2025, the Company had cash and cash equivalents of $2.52 million, an increase from $0.27 million as of June 30, 2024.

Net cash provided by operating activities was $2.32 million for fiscal year 2025, compared to net cash used in operating activities of $30.80 million for fiscal year 2024.

Net cash used in investing activities was $42.25 million for fiscal year 2025, compared to $11.02 million for fiscal year 2024.

Net cash provided by financing activities was $41.36 million for fiscal year 2025, compared to $29.36 million for fiscal year 2024.

Recent Development

On October 23, 2025, the Company completed its initial public offering (the "Offering") of 1,900,000 ordinary shares at a public price of US$5.00 per share. On October 28, 2025, the underwriters of the Offering fully exercised their over-allotment option to purchase an additional 285,000 ordinary shares of the Company at the public offering price of US$5.00 per share. The gross proceeds were US$10,925,000 from the Offering, before deducting underwriting discounts and commissions, and other expenses. The Company's ordinary shares began trading on the Nasdaq Capital Market on October 22, 2025, under the ticker symbol "NPT."

About Texxon Holding Limited

Texxon Holding Limited is a leading provider of supply chain management services in the plastics and chemical industries in East China. Through its technology-enabled platform, the Company provides a full spectrum of services to Chinese SME customers, including procurement, shipping and logistics, payments and fulfillment services. It aspires to build the largest one-stop plastic and chemical raw material supply chain management platform in China, to streamline the complex and labor-intensive raw material procurement process and enhance convenience, cost-effectiveness, and efficiency for customers. Texxon has built a highly scalable distributed software architecture for continuous improvement, and an effective User Experience Design (UED) process to improve the customer experience. In addition, with over a decade of experience, the Company has amassed substantial transaction data, including supplier and customer information, price trends, category-specific price indexes and market demand volume, to analyze price trends and market demands and make informed decisions. For more information, please visit the Company's website: ir.npt-cn.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the timeline and effects regarding the construction and production of the Henan Polystyrene Factory. These forward-looking statements involve known and unknown risks and uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the Company's Annual Report on Form 20-F for the fiscal year ended June 30, 2025 filed with the U.S. Securities and Exchange Commission (the "SEC") and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's latest annual report on Form 20-F and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.

For more information, please contact:

Texxon Holding Limited
Investor Relations Department
Email: [email protected]

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected] 

TEXXON HOLDING LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2025 AND 2024

(EXPRESSED IN U.S. DOLLARS)

June 30,

2025

June 30,

2024

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

2,517,577

$

272,895

Restricted cash

562

785,105

Accounts receivable, net

7,522,465

11,094,702

Note receivables

-

1,885,183

Advanced to suppliers

2,675,445

1,632,975

Inventories

973,644

873,720

Loan to a related party

153,554

151,365

Prepayments and other current assets

6,918,026

1,353,457

TOTAL CURRENT ASSETS

20,761,273

18,049,402

NON-CURRENT ASSETS:

Property, plant and equipment, net

84,623,119

23,363,352

Intangible assets, net

6,164,781

6,207,309

Prepayments for long-term assets

24,522,149

39,307,235

Deferred offering costs

634,978

538,584

Equity investment

2,261,433

2,229,194

TOTAL NON-CURRENT ASSETS

118,206,460

71,645,674

TOTAL ASSETS

$

138,967,733

$

89,695,076

LIABILITIES

CURRENT LIABILITIES:

Short-term borrowings

$

20,624,062

$

25,788,560

Accounts payable

763,343

1,294,480

Contract liabilities

2,272,179

637,537

Accrued expenses and other current liabilities

19,258,940

9,790,325

Due to related parties

29,826,131

19,807,637

TOTAL CURRENT LIABILITIES

72,744,655

57,318,539

NON-CURRENT LIABILITIES:

Long-term borrowings

32,175,020

-

TOTAL LIABILITIES

$

104,919,675

$

57,318,539

Commitments and contingencies (Note 16)

SHAREHOLDERS' EQUITY (DEFICIT):

Ordinary shares, $0.0001 par value, 500,000,000 shares authorized,
20,000,000 and 20,000,000 shares issued and outstanding as of
June 30, 2025 and 2024, respectively.*

2,000

2,000

Additional paid-in capital*

777,992

777,992

Accumulated deficit

(4,316,467)

(3,383,846)

Accumulated other comprehensive loss

(275,578)

(245,500)

SHAREHOLDERS' DEFICIT ATTRIBUTABLE TO TEXXON HOLDING LIMITED                       

(3,812,053)

(2,849,354)

Non-controlling interests

37,860,111

35,225,891

TOTAL EQUITY

34,048,058

32,376,537

TOTAL LIABILITIES AND EQUITY

$

138,967,733

89,695,076

*

Shares presented on a retroactive basis to reflect the reorganization.

TEXXON HOLDING LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

FOR THE FISCAL YEARS ENDED JUNE 30, 2025, 2024 AND 2023

(EXPRESSED IN U.S. DOLLARS)

For the Fiscal Year ended

June 30,

2025

2024

2023

REVENUE

Sales revenue generated from third parties

$

797,148,640

$

672,662,697

$

549,879,053

Sales revenue generated from related parties

-

-

2,647,129

Total revenue

797,148,640

672,662,697

552,526,182

COST OF SALES

Cost of sales charged by third parties

(789,783,093)

(662,621,392)

(541,218,715)

Cost of sales charged by related parties

(2,015,752)

(4,987,246)

(7,569,836)

Tax and surcharges

(649,245)

(236,983)

(204,138)

Total cost of sales

(792,448,090)

(667,845,621)

(548,992,689)

GROSS PROFIT

4,700,550

4,817,076

3,533,493

OPERATING EXPENSES

Selling and marketing expenses

(2,413,149)

(1,990,991)

(996,638)

General and administrative expenses

(2,888,047)

(2,166,116)

(1,282,757)

Total operating expenses

(5,301,196)

(4,157,107)

(2,279,395)

(LOSS) INCOME FROM OPERATIONS

$

(600,646)

$

659,969

$

1,254,098

OTHER INCOME (EXPENSES):

Interest (expenses) income, net

(408,843)

(470,288)

197,428

Interest income – related parties

-

34,922

592,581

Other income, net

55,680

105,603

86,585

Government grants

216,574

2,896,219

-

Total other income (expenses), net

(136,589)

2,566,456

876,594

INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES

(737,235)

3,226,425

2,130,692

INCOME TAXES EXPENSES

(716,897)

(716,782)

(42,998)

NET INCOME (LOSS)

(1,454,132)

2,509,643

2,087,694

Less: net income (loss) attributable to non-controlling interest

(521,511)

1,556,083

65,542

NET INCOME (LOSS) ATTRIBUTABLE TO TEXXON HOLDING LIMITED

(932,621)

953,560

2,022,152

OTHER COMPREHENSIVE INCOME (LOSS)

Foreign currency translation income (loss)

469,036

1,218,751

(1,502,270)

TOTAL COMPREHENSIVE INCOME (LOSS)

$

(985,096)

$

3,728,394

$

585,424

Less: comprehensive income (loss) attributable to non-controlling interests

(22,397)

1,528,622

(471,406)

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TEXXON
HOLDING LIMITED

(962,699)

2,199,772

1,056,830

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE:

Net income (loss) attributable to Texxon Holding Limited per share

Basic and diluted

$

(0.05)

$

0.05

$

0.10

Weighted average shares outstanding used in calculating basic and
diluted income per share*

Basic and diluted

20,000,000

20,000,000

20,000,000

*

Shares presented on a retroactive basis to reflect the reorganization.

TEXXON HOLDING LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE FISCAL YEARS ENDED JUNE 30, 2025, 2024 AND 2023

(EXPRESSED IN U.S. DOLLARS)

For the fiscal year ended

June 30,

2025

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$

(1,454,132)

$

2,509,643

$

2,087,694

Adjustments to reconcile net income to net cash provided
by (used in) operating activities:

Depreciation and amortization

288,072

332,728

251,081

Interest income from a related party

-

(34,922)

(592,581)

Allowance (recovery) for credit losses

720,054

(1,385)

(220,339)

Loss on disposal of property, plant and equipment

-

-

50,236

Changes in operating assets and liabilities:

Accounts receivable

2,986,453

(7,512,856)

3,711,146

Notes receivable

1,899,032

(1,896,246)

-

Inventories

(86,676)

(466,902)

(358,965)

Advanced to suppliers

(1,011,848)

147,725

(1,447,491)

Prepayments and other current assets

(3,315,341)

(559,757)

117,283

Notes payable

-

(13,828,757)

(24,696,655)

Accounts payable

(546,002)

(10,429,603)

4,486,026

Accrued expenses and other current liabilities

1,231,325

1,902,256

1,389,576

Contract liabilities

1,614,022

(957,134)

1,043,235

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES            

2,324,959

(30,795,210)

(14,179,754)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of plant, property and equipment

(45,103,546)

(33,338,925)

(22,615,531)

Purchase of intangible assets

-

(6,805)

(6,683,817)

Payments made for loans to related parties

-

(152,253)

(11,931,168)

Government grant received in connection with the construction of
plant, property and equipment

2,853,622

-

-

Loan repayment from a related party

-

22,478,306

-

NET CASH USED IN INVESTING ACTIVITIES

(42,249,924)

(11,019,677)

(41,230,516)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from short-term borrowings

154,521,737

141,956,726

22,969,397

Proceeds from long-term borrowings

30,105,666

-

-

Repayment of short-term borrowings

(154,473,136)

(127,367,676)

(12,327,428)

Capital contribution from non-controlling interests

2,647,556

9,254,357

18,260,003

Financing cost paid for the syndicated loan

(1,011,893)

-

-

Withdrawal of capital by non-controlling interests

-

(1,460,814)

-

Capital contribution from shareholder

-

-

1,405,778

Payments made to shareholders to acquire Net Plastic Technology
for the Reorganization

-

(12,226,342)

-

Proceeds from related parties

9,663,775

19,747,892

106,062

Payments made for deferred offering costs

(93,243)

(539,639)

-

NET CASH PROVIDED BY FINANCING ACTIVITIES

41,360,462

29,364,504

30,413,812

EFFECT OF EXCHANGE RATE CHANGE ON CASH, CASH
EQUIVALENTS AND RESTRICTED CASH

24,642

1,326,240

(1,559,510)

NET CHANGE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH

1,460,139

(11,124,143)

(26,555,968)

CASH, CASH EQUIVALENTS AND RESTRICTED
CASH – beginning of year

1,058,000

12,182,143

38,738,111

CASH, CASH EQUIVALENTS AND RESTRICTED
CASH – end of year

$

2,518,139

$

1,058,000

$

12,182,143

SUPPLEMENTAL CASH FLOW DISCLOSURES:

Cash paid for income taxes

(10,202)

(432)

(785)

Cash paid for interest

(1,942,702)

(549,534)

(361,912)

Cash received from interest income

1,845

226,831

508,742

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:

Payable related to purchase of property, plant, and equipment

5,318,449

6,069,298

1,385,669

Prepayment for long-term assets transferred to property, plant and
equipment

19,262,697

4,516,656

-

Convertible loan transfer to other payables

-

Interest receivable accrued related to loan to a related party

-

34,922

592,581

Cash and cash equivalents

2,517,577

272,895

1,328,917

Restricted cash

562

785,105

10,853,226

Total cash, cash equivalents and restricted cash

2,518,139

1,058,000

12,182,143

SOURCE Texxon Holding Limited

November 18, 2025 4:30 PM EST | Source: StrikePoint Gold Inc.
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2025) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("StrikePoint" or the "Company") is pleased to announce that it has closed its non-brokered private placement offered under the Listed Issuer Financing Exemption (the "LIFE Offering"). The Company issued 20,797,460 units (the "Units") of the Company at a price of CAD $0.15 per Unit (the "Issue Price") for gross proceeds of $3,119,619.

Each Unit consists of one Common Share (a "Common Share") and one Common Share purchase warrant (each a "Warrant") of the Company. Each Warrant entitles the holder to purchase one Common Share in the capital of the Company at an exercise price of CAD $0.30 at any time on or before November 18, 2027.

The Units were sold pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions (the "Listed Issuer Financing Exemption"). The securities offered under the LIFE Offering will not be subject to a hold period in accordance with applicable Canadian securities laws, provided that the Warrants issued under this LIFE Offering shall not be exercisable for a period of 60 days after the date of issue.

In connection with the LIFE Offering, the Company paid finder's fees in the total amount of C$161,416.50 and issued 1,076,110 non-transferable warrants (the "Finder Warrants"). Each Finder Warrant entitles the holder thereof to purchase one common share in the capital of the Company at a price of C$0.30 at any time on or before November 18, 2027, which will be subject to a statutory hold period expiring four months and one day from the date of closing.

The Company intends to use the net proceeds raised from the LIFE Offering for exploration activities at its two Nevada-based projects, the Hercules Gold Project and the Cuprite Gold Project as well as general working capital purposes. The LIFE Offering closing remains subject to several prescribed conditions, including, without limitation, approval of the TSX-V.

Insiders of the Company subscribed for a total of 199,460 Units for aggregate gross proceeds of $29,919. The issuance of Units to insiders is considered a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that the participation in the LIFE Offering by the insiders will not exceed 25 per cent of the fair market value of the Company's market capitalization. No new insiders were created, nor any change of control occurred, as a result of the LIFE Offering closing.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About StrikePoint

Headed by CEO Michael G. Allen, StrikePoint is a multi-asset gold exploration company focused on building precious metals resources in the Western United States and in Canada.

StrikePoint is rapidly becoming one of its largest holders of mineral claims with approximately 145 square kilometers of prospective geology under claim, encompassing two district scale projects, the Hercules Gold Project and the Cuprite Gold Project.

Mr. Allen has been working in the Walker Lane for the last 15 years, with multiple transactions completed in that timeframe including the acquisition of the Sterling Gold Project, located near Beatty, Nevada, and the sale of Northern Empire Resources Corp. to Coeur Mining, Inc. for approximately C$120 million. The Sterling Gold Project is now part of AngloGold Ashanti plc's Arthur Gold project.

The Management and Board of StrikePoint has strong expertise in exploration, finance and engineering.

ON BEHALF OF THE BOARD OF DIRECTORS OF STRIKEPOINT GOLD INC.

"Michael G. Allen"

Michael G. Allen
President, Chief Executive Officer & Director

Cautionary Statement on Forward-Looking Information

Certain statements made and information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "speculates", "could" or "would". These forward-looking statements or information relate to, among other things: the intended use of proceeds from the LIFE Offering; and the receipt of all necessary approvals for the completion of the LIFE Offering, including the approval of the TSX-V.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company will receive all necessary approvals for the completion of the LIFE Offering, including the approval of the TSX-V. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

All of the forward-looking statements made in this document are qualified by these cautionary statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to market conditions, metal prices, and risks relating to the Company not receiving all necessary approvals for the completion of the LIFE Offering, including the approval of the TSX-V. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Not for Distribution to US Newswire Services or Dissemination in the United States of America

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275077