Track market-moving stories before they get noisy

First Graphene Ltd (ASX:FGR, OTCQB:FGPHF, FRA:M11) earlier this week confirmed it had completed the acquisition of USA-based MITO® Material Solutions, with managing director and CEO Michael Bell telling Proactive the transaction had moved quickly and gave the company a stronger commercial platform in the United States.

Bell said First Graphene completed the deal within “sort of five or six days” of signing the agreement, describing the rapid turnaround as a reflection of the motivation shown by both teams. He said it was “a testament to both our team and the MITO® team being pretty motivated to get the deal across the line”.

The acquisition also brings MITO® Material Solutions chief executive officer Haley Marie Keith into First Graphene Ltd (ASX:FGR, OTCQB:FGPHF) as vice president of business development. Bell said Keith would lead US business operations, business development, commercial activity and promotion from Indiana.

For investors, the appointment appears to be an important catalyst in the company’s US expansion strategy. Bell said Keith brought “a huge amount of experience” in the US market, composites and the MITO® Material Solutions portfolio. He described her appointment as “a fairly clear line in the sand” that showed First Graphene Ltd was committed to growing its US business.

Bell said the scale of the US market required a focused approach. Drawing on previous experience, he said companies could not assume one person could represent a business across the entire country, noting that the market was vast and often required a state-by-state focus.

The company is initially looking at opportunities across aerospace, transportation and defence, although Bell said those sectors were likely to move more slowly. In the near term, First Graphene Ltd also intends to build on MITO® Material Solutions’ validation work in commercial sporting goods, where the acquired business already has clients.

Revenue growth and pipeline development were also highlighted. Bell said First Graphene Ltd had recently expanded from five new clients to six, with another footwear company coming across the line in recent days. He added that the time taken to move customers from inquiry to execution or production was speeding up.

Bell said the company had a pipeline approaching 700 opportunities, ranging from early-stage discussions to projects that had been in development for up to three years. He also pointed to a nearer-term group of around 30 to 40 potential clients in areas such as marketing releases and regulatory approvals, which he said could become contributors to revenue over the next six months.

Interview highlights First Graphene Ltd has completed the acquisition of USA-based MITO® Material Solutions within about five or six days of signing the agreement. Michael Bell said the fast completion reflected strong motivation from both the First Graphene Ltd and MITO® Material Solutions teams. MITO® Material Solutions chief executive officer Haley Marie Keith has joined First Graphene Ltd as vice president of business development. Keith will support US business operations, business development, commercial activity and promotion from Indiana. Bell said Keith brings significant experience in the US market, composites and the MITO® Material Solutions portfolio. First Graphene Ltd sees the appointment as a “line in the sand” showing its commitment to expanding in the United States. The company is targeting opportunities across aerospace, transportation, defence and commercial sporting goods. Bell said MITO® Material Solutions has already validated products in commercial sporting goods, giving First Graphene Ltd a base to grow from. First Graphene Ltd has added a sixth client in recent months, including another footwear company. The company has a pipeline approaching 700 opportunities, with 30 to 40 potential clients in later-stage areas such as marketing releases and regulatory approvals.

Proactive: Welcome back to Proactive Investors. I’m your host, Kerry Stevenson. I’ve asked Michael Bell to come back. He is the managing director and CEO of First Graphene Ltd, ASX code FGR. The reason I’ve asked Michael back is that the last time I had him on, which was only a couple of weeks ago, we were talking about the acquisition of MITO® Material Solutions. That has now closed. The deal is done, but First Graphene Ltd has also made its first hire in the United States. This looks like rapid global expansion. Michael, congratulations on closing the deal. We talked about the deal last time. Talk to us about closing the deal. It was a pretty quick turnaround.

Michael Bell: Yes, we managed to get it closed within sort of five or six days from signing the agreement. It was really a testament to both our team and the MITO® team being pretty motivated to get the deal across the line and get into it. We got it wrapped up the other week, and we also made our first hire as part of that deal.

Haley Marie Keith, who is the CEO of MITO® Material Solutions, has come across to First Graphene Ltd. She will head up our business operations, business development, commercial and promotion within the United States. She is based out of Indiana and brings a huge amount of experience in both the US market and composites, but also the MITO® portfolio. She will really help us drive that forward.

It is also a fairly clear line in the sand of our intent to grow the US business. There is huge opportunity there. As we immerse ourselves more, both in the MITO® materials as well as the First Graphene PureGRAPH line, we start to understand the true potential of the United States. It is a line in the sand saying we are committed to growing that side of the business.

Proactive: Is the US market a tough one to break into, Michael? I know it is a big market. It is huge, isn’t it?

Michael Bell: It is big. I have had previous experience of trying to grow businesses in the United States out of a company that I was a partner in, in New Zealand. That taught us some very hard lessons in terms of the size of the market. Where you think one person can represent you across the United States, you need to focus on a state basis because the market is so vast.

How I apply that to Haley Marie Keith is that she has a big role and a very broad opportunity. It will take some really critical focus on certain applications, certain client bases and so on.

Proactive: Talking about focus, are you going to focus more on government or are you going to focus more on private?

Michael Bell: It is a good question. The products that we have acquired from MITO® Material Solutions, and the ones that we see proving the most successful and having the fastest timeline, would be aerospace, transportation and defence. Those are probably slower-moving industries.

What MITO® Material Solutions has done is take its products and validate them in the commercial sporting goods segment. It has clients in those spaces and we have a pipeline to expand that. We will probably continue focusing on that, pushing that and growing the sporting goods side, while at the same time advancing the pipeline that MITO® Material Solutions has established in bigger industries like aerospace, transportation and defence.

Proactive: Before we finish up, it is important for our audience and investors to know that First Graphene Ltd has a very full pipeline, which means growth is happening. The company also already has revenue generation. What is that looking like?

Michael Bell: It is strong. It is growing. We mentioned previously, I think in our last call, that we had added five clients in the last couple of months. That has now expanded into a sixth client. We got another footwear company across the line just in the last few days.

That tax rate, or that time to get people from inquiry to executing or getting it into production, is speeding up. We have a big pipeline, somewhere up towards 700 different opportunities, somewhere between a week and three years deep in development. We have also got that really good next wave of clients, sort of 30 or 40 of them, that are in marketing releases, regulatory approvals and that sort of phase. Those are coming on and are our next contributors to revenue over the next six months.

Proactive: The US market is a major focus. MITO® Material Solutions has now been acquired, and the deal is done. More importantly, MITO® Material Solutions CEO Haley Marie Keith is joining First Graphene Ltd as vice president of business development as the company strikes out into a big US market. First Graphene Ltd’s ASX code is FGR. Michael is taking strides to expand and First Graphene Ltd is generating revenue. Michael, good to chat. Talk to you next time.

Michael Bell: Thanks so much.

Chainlink has wired itself into the plumbing of global finance, with SWIFT, JPMorgan, UBS, and DTCC building on its infrastructure. Its token trades around $7, roughly 86% below its all-time high. The gap between the adoption and the price is the whole story, and it is the same story as XRP.

Summary

Chainlink has embedded itself in traditional finance, with SWIFT, JPMorgan, UBS, DTCC, and others building on its cross-chain infrastructure, yet LINK trades near $7, about 86% below its 2021 high. The disconnect mirrors XRP almost exactly: the network’s adoption is real and growing, but the token captures the value only indirectly and slowly. Chainlink secures more value than any other oracle network and its cross-chain protocol processes billions of dollars a month, but the fees actually reaching LINK holders are tiny next to the headline adoption. A new strategic reserve converts protocol revenue into LINK and staking locks up supply, but neither yet offsets weak token-level demand and a soft market for high-risk altcoins. The gap closes only if bank usage scales into real, recurring fee demand for LINK, and the clearest test is whether SWIFT’s integration moves from pre-production into live settlement volume. Chainlink may be the most widely adopted piece of infrastructure in all of crypto, and its token trades like an afterthought.

Over the past two years the network has wired itself into the core of traditional finance, with SWIFT, the messaging backbone that connects roughly 11,000 banks and moves on the order of $150 trillion a year, moving from pilot to pre-production on Chainlink’s cross-chain technology.

JPMorgan, UBS, ANZ, Fidelity International, SBI, DTCC, Euroclear, and Mastercard have also built around its infrastructure, while the value secured across its oracle network has climbed past $90 billion, many times that of any competitor.

By the measure of institutional adoption that crypto has chased for a decade, Chainlink has arguably won. And yet LINK, its token, trades around $7, roughly 86% below the all-time high near $53 it reached back in 2021.

The fundamentals keep setting records and the price keeps disappointing. That gap, between a network embedding itself in global finance and a token that acts like none of it is happening, is the entire story.

Anyone who followed XRP through 2026 will recognize it immediately, because it is the same adoption-versus-token gap.

This piece works through why Chainlink’s extraordinary adoption has not lifted its token. It covers what Chainlink actually does and why banks cannot easily avoid it, what SWIFT and the institutions signed up for, the central problem of how value is supposed to reach the token at all, the mechanisms Chainlink has built to try to close that gap, why the market still refuses to pay up, and what would finally have to change for the price to follow the adoption.

The aim is not to talk LINK up or down, but to explain one of the most striking disconnects in the market: how a project can win the institutional race it set out to win and watch its token languish anyway.

The most important company in crypto you do not trade Start with what Chainlink does, because its importance is easy to miss precisely because it is infrastructure.

Blockchains have a built-in blindness: they cannot, on their own, see anything that happens outside their own network. A smart contract on a blockchain has no native way to know the price of a stock, the result of a shipment, the value of a currency, or whether a payment cleared in a bank account.

This is called the oracle problem, and it is a hard limit on what blockchains can do, because a contract that cannot react to real-world information is a contract that can only move tokens around inside its own walls.

Chainlink exists to solve exactly this. It is a decentralized network that feeds outside data onto blockchains and connects them to one another and to traditional systems, acting as the secure bridge between the on-chain world and everything else.

Without something like Chainlink, the entire edifice of decentralized finance, and the much larger project of tokenizing real-world assets, simply does not function.

That is why what oracles feed data to matters. Smart contracts are only as useful as the data and systems they can reliably touch.

Because that role is foundational, Chainlink has become close to unavoidable for anyone serious about putting financial activity on a blockchain.

Its price feeds underpin major lending and trading protocols across decentralized finance. Its cross-chain protocol has been adopted by large exchanges and protocols as a bridging standard.

Critically, its institutional push has landed the names that matter most. The roster of traditional-finance firms building on Chainlink reads like a directory of the global banking system, and the total value its oracle network secures runs into the tens of billions, many times that of the nearest competitor.

By the standard crypto has always used to define success, real institutions using the technology for real financial activity, Chainlink is at or near the top of the entire industry.

It is, in a sense, the most important company in crypto that most people never think to trade, because its product is the invisible plumbing rather than the visible coin.

And a token that trades like the adoption is not happening Now place that adoption next to the chart, and the contrast is jarring.

LINK trades around $7, down roughly 86% from its 2021 peak near $53, and it spent the most recent stretch sliding rather than rising, sitting below the technical levels that traders watch for signs of strength.

The pattern across the last couple of years has been almost comically consistent: record after record on the fundamentals, the cross-chain protocol moving billions a month, the value secured hitting new highs, the bank partnerships piling up, while the token closed well below where it traded years earlier.

Analysts who follow Chainlink closely have taken to describing its recent history in exactly those terms, as a period of record fundamental milestones paired with significant price disappointment.

The ETF channel has not solved the problem either. Chainlink spot ETFs recently saw a net outflow, ending a six-month inflow streak and showing that even new institutional access does not automatically create uninterrupted demand.

This is what makes Chainlink such a clean case study, and such a frustrating holding for its believers.

It is not a story of a failing project ignored for good reason; the project is, by adoption metrics, thriving. It is a story of a thriving network whose token has decoupled from its success.

That forces an uncomfortable question that applies to a whole category of crypto assets: what is the actual link between a network being used and its token rising in value?

For Bitcoin the answer is relatively direct, since the asset itself is the product. For an infrastructure token like LINK, the answer is far murkier, and the murkiness is precisely what the price reflects.

The market is not saying Chainlink has failed. It is saying it does not yet see how all that institutional adoption turns into sustained demand for the token.

Until it does, the chart and the deal sheet point in opposite directions.

The oracle problem, and why it made Chainlink unavoidable To understand both the strength of Chainlink’s position and the weakness of its token, it helps to sit with the oracle problem a moment longer, because it explains the moat.

A blockchain is a deterministic system: it is brilliant at agreeing on its own internal state, who holds what, but it is mathematically incapable of knowing anything about the outside world on its own.

If a smart contract needs to know the price of an asset to liquidate a loan, or whether a real-world bond has matured, it has to get that information from somewhere. If it gets it from a single source, it inherits that source’s vulnerability to error or manipulation.

That would undermine the security that makes blockchains worth using in the first place.

Chainlink’s design answers this by gathering data through a decentralized network of independent node operators, aggregating their inputs, and delivering a result that no single party can easily corrupt.

That decentralized, tamper-resistant design is why Chainlink became the default rather than one option among many.

Once a network of high-quality node operators is securing tens of billions of dollars across hundreds of applications, that track record itself becomes a moat. A bank deciding whose data and cross-chain infrastructure to trust with real money is going to choose the one with the longest, most battle-tested history.

This is the foundation of the institutional strategy.

Chainlink’s cross-chain protocol added a risk-management layer, an independent set of nodes that watches for anomalies and can halt transfers if something looks wrong. That is the kind of dual-layer safeguard large institutions demand before moving significant capital on-chain.

The result is that Chainlink occupies a position closer to critical utility than to speculative token: the oracle and interoperability standard that the tokenized-finance future is being built on.

The strength of that position is not in doubt. What is in doubt is whether holding the token captures any of it.

What SWIFT and the banks actually signed up for The institutional adoption is concrete and worth spelling out, because it is genuinely impressive and it is also, on close inspection, the source of the token’s problem.

Chainlink built a suite of products aimed squarely at banks and asset managers: a cross-chain protocol for moving assets and messages between blockchains and legacy systems, a runtime environment that lets institutions build and manage tokenized-asset workflows, a compliance engine that embeds rules like identity checks directly into tokenized assets, a confidential-compute layer that lets sensitive institutional data be processed without exposing it on a public chain, and data services that bring benchmark and index information on-chain.

This is not a retail product suite. It is enterprise financial infrastructure, designed to slot into how large institutions already operate.

The marquee relationship is with SWIFT, and it captures both the scale and the nature of the adoption.

SWIFT connects roughly 11,000 banks and carries the messaging behind an enormous share of global settlement, and Swift and Chainlink’s ongoing work moved from early pilot toward pre-production.

The goal is to let banks send traditional SWIFT messages that trigger smart-contract actions across blockchains, without those banks having to rip out and rewrite their legacy systems.

That is a profound integration: it means the existing banking messaging layer could reach into the on-chain world through Chainlink as the connective tissue.

More recently, Chainlink also partnered with more than 50 banks on Project Pangea for T+0 foreign-exchange settlement, another sign that traditional finance is testing Chainlink as an institutional bridge rather than a crypto side experiment.

But notice the shape of it. What the banks signed up for is infrastructure, a way to connect their systems to blockchains using Chainlink’s technology.

They signed up to use the network. Nothing in a SWIFT pre-production integration, a JPMorgan tokenization pilot, or a bank FX settlement project necessarily requires anyone to buy, hold, or even think about the LINK token.

The adoption is real, and it is adoption of Chainlink the infrastructure. That is different from demand for LINK the asset.

That distinction is the hinge on which the entire price puzzle turns.

The value-accrual problem: adoption is not token demand Here is the core issue, the one that explains the chart.

For a token to rise because its network is being used, there has to be a mechanism that converts that usage into demand for the token. For infrastructure tokens, that mechanism is often weak, indirect, or still being built.

When a bank uses Chainlink’s Cross-Chain Interoperability Protocol, it pays fees, and those fees are part of how value is meant to flow to the network.

But the fees generated even by substantial institutional usage are, so far, small relative to the headline numbers that make the adoption sound overwhelming.

The value secured across the network may be measured in tens of billions, but the value secured is not revenue. Revenue is not automatically token demand either.

A pilot or a pre-production integration generates little in the way of recurring fees, and even meaningful live usage produces fee flows that are modest next to LINK’s multi-billion-dollar market value.

This is the value-accrual problem, and it is the single best explanation for why LINK trades where it does.

The market is making a distinction that the celebratory headlines blur: between adoption of the infrastructure, which benefits the network and its users, and demand for the token, which is what actually moves the price.

It is the identical distinction that explains why XRP failed to rally on Ripple’s bank deals, because those deals ran through the company and its stablecoin while the token captured only a sliver.

For Chainlink, the question every prospective LINK buyer faces is simple and unforgiving: if SWIFT and JPMorgan can use the network without the token being central to the economics, then what exactly am I buying when I buy LINK?

The project has answers to that question, and they are improving. But the market has not yet been convinced that the answers are large enough to matter.

That is why the adoption keeps growing and the token keeps waiting.

The strategic reserve and staking: Chainlink’s answer Chainlink is acutely aware of the value-accrual problem, and it has been building mechanisms specifically designed to tie network usage to token value.

That is the strongest part of the bull case.

The first is a fee model that converts revenue generated across the network, including from institutional and off-chain use, into LINK, accumulating it in the Chainlink Reserve.

The logic is that as adoption grows and generates more revenue, more of that revenue is converted into LINK and held, creating a structural source of buying tied directly to usage.

This is meant to be the bridge between adoption and token demand that infrastructure tokens so often lack.

It is a way to make sure that when the network earns, the token benefits. The reserve has been growing, adding millions of LINK, which is a tangible sign of the mechanism working, even if the amounts remain small relative to the total supply.

The second mechanism is staking.

Chainlink lets LINK holders stake their tokens to help secure the network’s data feeds and services, locking up supply and giving the token a direct role in the system’s security and economics.

As more high-value feeds and services come to rely on staked LINK as a security backstop, demand to stake, and therefore to acquire and lock the token, is meant to rise.

That makes Chainlink part of a broader move toward security-backed crypto networks. For context, another staking-secured network shows how tokens can accrue value when they are required to secure services rather than simply sit beside them.

Together, the reserve and staking are Chainlink’s answer to the question of why anyone should own LINK instead of simply admire the network.

The reserve ties revenue to token accumulation. Staking ties the token to the network’s security and to a yield.

These are real, well-designed mechanisms, and they are the reason the bull case is not empty.

The honest caveat is that they are still early and still modest in scale relative to a multi-billion-dollar market cap. They point in the right direction, but they have not yet generated token demand large enough to overcome the broader forces pushing the price down.

Why the chart still says no Even granting the reserve and staking, several forces keep weighing on LINK, and naming them explains why the token has not responded to the adoption.

The first is the simple gravity of the broader market. LINK is a high-beta altcoin, meaning it tends to move more violently than the market as a whole, rising faster in booms and falling harder in downturns.

Through a stretch of macro pressure and a weak environment for risk assets, infrastructure tokens like LINK have been sold off regardless of their individual progress.

When capital flees risk, the quality of a project’s bank partnerships offers little protection, because the selling is driven by macro flows, not fundamentals.

The second force is competition. Chainlink leads the oracle space by a wide margin, but rivals are chasing the same market with different technical models, faster delivery in certain niches, or lower costs.

The existence of credible competitors caps the pricing power and the perceived inevitability that would justify a higher token valuation.

The third and deepest force is the value-accrual skepticism already described.

The market keeps treating Chainlink’s institutional milestones as proofs of concept instead of as recurring revenue, pricing a SWIFT pre-production integration as a promising experiment instead of as a stream of token demand, because that is what it currently is.

Until the pilots become production volume large enough to drive real fees into the reserve and real demand into staking, the market is, not unreasonably, declining to pay in advance.

This is the same discipline that kept XRP pinned through its own parade of bank wins. The chart is not ignoring the adoption; it is refusing to pay for token demand that has been promised but not yet delivered at scale.

What would finally make LINK follow the adoption If you want to know when LINK might finally track its fundamentals, the analysis points to a specific set of conditions, and none of them is simply another partnership announcement.

The first and most important is the transition from pilots to production volume.

A SWIFT integration in pre-production is a promise; SWIFT-connected banks routing real, recurring settlement volume through Chainlink’s protocol would be a structural source of fee demand unlike anything in the token’s history.

Even a small fraction of the volume that flows through global bank messaging would dwarf current usage.

The clearest single catalyst to watch is whether that integration goes fully live and starts carrying real traffic, because that is the moment infrastructure adoption could begin converting into the recurring revenue that feeds the reserve.

The policy backdrop also matters. Chainlink executives have warned that delays in U.S. crypto rules benefit overseas competitors, because institutions need clarity before they can scale production deployments.

The second condition is the maturation of the token mechanisms themselves: the strategic reserve growing large enough that its accumulation of LINK becomes a meaningful, visible source of demand, and staking scaling to the point where locking the token to secure high-value services pulls significant supply off the market.

The third is the broader environment, since even strong fundamentals struggle against a hostile macro tape, and a friendlier market for risk assets would let Chainlink’s progress show up in the price.

The new exchange-traded products tracking LINK add another potential channel for demand if they gather assets. But as the recent outflow showed, the ETF channel must become a sustained buyer, not just another headline.

The honest synthesis is that Chainlink has done the hard part, winning the institutional adoption that the rest of crypto only talks about.

The remaining question is purely about conversion: whether all that adoption can be turned into durable, measurable demand for the token through fees, the reserve, and staking, at a scale large enough to matter.

Until it is, LINK will keep trading like the adoption is not happening, not because the market is blind to Chainlink’s success, but because it is watching the one number that has not yet moved. That number is demand for the token itself.

Frequently asked questions Why does Chainlink have so much adoption but a low token price? Because adoption of the infrastructure is not the same as demand for the token. Banks and protocols use Chainlink’s data feeds and cross-chain protocol, generating fees, but those fees are still small relative to LINK’s multi-billion-dollar market value, and nothing about a SWIFT or JPMorgan integration requires anyone to buy or hold LINK. The market distinguishes between the network being used, which benefits the infrastructure, and token demand, which moves the price. So far, the adoption has not converted into token demand large enough to lift the price, which is why LINK trades around $7 despite record fundamentals.

What does Chainlink actually do? Chainlink solves the oracle problem. Blockchains cannot natively access information outside their own network, so a smart contract has no built-in way to know a price, a payment status, or a real-world event. Chainlink is a decentralized network that feeds outside data onto blockchains and connects them to one another and to traditional systems, using many independent node operators so no single party can easily corrupt the data. This makes it foundational infrastructure for decentralized finance and for tokenizing real-world assets.

What did SWIFT and the banks sign up for with Chainlink? They signed up to use Chainlink’s infrastructure, chiefly its cross-chain protocol, which lets banks send traditional SWIFT messages that trigger smart-contract actions across blockchains without rewriting their legacy systems. JPMorgan, UBS, DTCC, Euroclear, and others are building on Chainlink’s suite of institutional products for tokenized assets, compliance, and data. Crucially, this is adoption of the infrastructure, not a commitment to buy or hold the LINK token, which is exactly why the impressive partnerships have not directly lifted the price.

How is Chainlink trying to connect adoption to the token? Through two main mechanisms. A fee model converts revenue generated across the network, including from institutional use, into LINK and accumulates it in a strategic reserve, creating buying tied to usage. Staking lets holders lock LINK to help secure the network’s data feeds and services, taking supply off the market and giving the token a direct economic role. Both are well-designed attempts to bridge the gap between adoption and token demand, and the reserve has been growing, but they remain modest relative to LINK’s market value and have not yet offset the forces pushing the price down.

Will LINK go up if SWIFT fully adopts Chainlink? It could, but the key is volume, not the integration itself. A pre-production SWIFT integration is a promise; SWIFT-connected banks routing real, recurring settlement volume through Chainlink would generate fee demand on a scale unlike anything in the token’s history, because even a fraction of global bank messaging volume would dwarf current usage. That fee flow could feed the strategic reserve and drive real token demand. So the catalyst to watch is whether the integration goes live and carries actual traffic, turning infrastructure adoption into recurring revenue, instead of the announcement of the integration alone.

Is Chainlink’s situation similar to XRP’s? Very. Both are cases where a network or company achieved real institutional adoption while the token failed to follow, because the value flows first to the infrastructure and only indirectly to the token. Ripple’s bank deals ran through its stablecoin and ledger while XRP captured a sliver; Chainlink’s bank integrations run through its infrastructure while LINK captures fees that are still small relative to its valuation. In both cases the market prices the adoption as promising proof of concept instead of as token demand, and in both cases the token waits for pilots to become production-scale volume.

This article is information, not investment advice. Cryptocurrency is volatile, and figures for Chainlink and LINK reflect reporting available as of June 26, 2026, which can change quickly. Do your own research and verify current data from primary sources before making any decision.

A new mobile app is giving Zcash ($ZEC) holders something the ecosystem has long needed: a simple way to find businesses near them that accept ZEC in the real world.

ZecMap is now available on the Apple App Store. Users can open the map, locate nearby merchants accepting Zcash, and head straight to a participating business. The premise is straightforward. Holding ZEC has never been the hard part. Spending it has.

From Web to MobileZecMap first launched as a web platform in May 2026, inviting the Zcash community to contribute merchant listings. The project also introduced a contributor rewards programme, letting users earn ZEC by adding verified businesses to the directory. The iOS app is the next step in that rollout, putting the map directly in users' pockets.

The platform has expanded steadily since its web debut. According to the Zcash community newsletter ZecHub, ZecMap has grown to support more than 9,000 locations and has integrated with Flexa, a payments network that lets users spend crypto at physical retail locations. A planned AI assistant is also in development, designed to help users find nearby merchants and answer questions about Zcash day-to-day usage.

Closing the Spending Gap for a Privacy CoinThe app arrives at a moment when the broader Zcash ecosystem is seeing renewed momentum. Zcash uses zero-knowledge proofs to allow shielded transactions, meaning payment details can remain private without sacrificing verifiability on-chain. That technical foundation makes it well-suited to real-world commerce, but merchant acceptance has historically lagged behind the technology.

Tools like ZecMap are a direct response to that gap. By surfacing a live, community-sourced directory of accepting merchants, the app turns Zcash from a stored asset into something more practical for everyday use. For the Zcash community, that shift matters as much as any protocol upgrade.

An Android version was announced as part of the original roadmap and is expected to follow the iOS release.

Sources
Zcash Community Forum: ZecMap is now available on the App Store
ZecHub Shielded News Vol. 23: ZecMap Flexa integration and 9,000+ locations
Zcash Community Forum: ZecMap Contributor Rewards Programme

A Legal Foundation for Agentic CommerceHedera has joined as a founding member of the Legal Context Protocol (LCP), a new open standard designed to give AI agent transactions a verifiable legal framework. The American Arbitration Association (AAA), together with Integra Ledger, launched the LCP on June 24 as a new open standard that makes legal terms, consent, and dispute resolution discoverable and verifiable when AI agents transact on behalf of people and organizations.

Founding contributors include Google, IBM, Circle, Wayfair, Stellar Development Foundation, Ava Labs, UiPath, Cardano, Hedera, Crossmint, Pinata, Aptos Foundation, Baselayer, Trinsic, First Person Cooperative, Sei Labs, and Mysten Labs, the original contributor to Sui.

Payments and identity checks already exist for AI agents, but there has been no shared system for proving the legal terms, jurisdiction, and dispute process. David Fisher, CEO of Integra Ledger, framed the gap plainly: "Payment infrastructure is actively being built for AI agents. The legal layer, what was agreed, under what terms, and how disputes will be resolved, is not. LCP provides the essential legal layer, built as an open standard that can be added to all payment rails and protocols."

Hedera's Role and the Scale of the OpportunityAs AI agents start making decisions and transacting on our behalf, Mance Harmon, co-founder of Hedera, said "we need to know there's a clear answer to what happens if something goes wrong." He added that LCP gives agentic commerce a missing layer of trust that requires no new infrastructure to adopt.

AI agents are already negotiating services, executing procurement, and settling payments autonomously. Gartner projects that by 2028, 90% of B2B purchases will be intermediated by AI agents, channeling more than $15 trillion through automated exchanges.

LCP does not move money itself. It records the terms under which a transaction took place, which law governs it, and what remedies are available if a dispute arises, making that information discoverable and cryptographically verifiable so counterpart agents and human auditors can confirm the legal context of an automated deal.

Any organisation with a web server can adopt the LCP, which does not require any other specific infrastructure, intermediaries, or use of blockchain technology. The protocol was published under an open source Apache 2.0 licence, and governance is intended to transfer to a neutral foundation.

AAA and Industry Leaders Launch Legal Protocol for Agentic Commerce (PR Newswire) | AAA Launches Legal Layer for AI Agent Transactions (CoinTelegraph) | AAA Official Press Release (adr.org)

HOUSTON, June 26, 2026 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a developer of safe, high-power energy systems that enable physical AI across space, defense, drones, data centers, robotics, and other mission-critical applications, today announced that, as part of its non-dilutive growth strategy, it has extended the pause of its at-the-market (“ATM”) equity offering program with Cantor Fitzgerald and Craig-Hallum through September 30, 2026.

KULR expects its existing liquidity, together with disciplined balance-sheet management, to support its planned operations and growth initiatives. Rather than issue equity under the ATM at current levels, the Company may, from time to time, sell its Bitcoin holdings to fund the following priorities:

Scale its flagship KULR ONE Space (K1S) architecture providing scalable, standardized battery solutions that meet rigorous human spaceflight safety standards.
Ramp production of its KULR ONE Air products for military and commercial drone applications.
Advance the development of its KULR ONE MAX battery backup solutions for AI data center and telecommunications applications.
"We do not intend to issue equity at these levels when we have more disciplined ways to fund our growth,” commented KULR Founder and CEO Michael Mo. “Keeping the ATM paused protects our shareholders from dilution and keeps our focus where it belongs -- building more batteries and getting them to customers.”

During this period, the Company intends to prioritize execution across its core platforms which was detailed in Mr. Mo's recent letter to shareholders.

About KULR Technology Group, Inc.
KULR Technology Group, Inc. (NYSE American: KULR) is an energy-systems platform company that designs and manufactures safe, high-power battery solutions for physical AI and other mission-critical applications. Its KULR ONE® platform integrates advanced battery architecture, thermal management, safety engineering, battery management systems, and power electronics to serve space and defense, drones and electric aviation, AI data-center backup, robotics, and Energy-as-a-Service markets. Based in Webster, Texas, KULR is scaling domestic production to support the growing energy demands of physical AI and autonomous systems. Learn more at KULR.ai.

Find KULR: Website | X | Telegram | LinkedIn | Instagram | TikTok | Facebook

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: [email protected]

Safe Harbor Statement
This release contains certain forward-looking statements based on our current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All such forward-looking statements that are provided by management in this release are based on information available at this time, and management expects that internal expectations may change over time. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

This report is from this week's The Tech Download newsletter. Like what you see? You can subscribe here.

Rollercoaster. That's probably the most accurate word to describe SpaceX's opening two weeks as a public company. 

The stock surged for several successive days following a record-breaking IPO, briefly overtaking both Amazon and Microsoft in terms of market cap and rising more than 60% on the initial share offering price of $135.

But the good times weren't set to last. Daily drops of 5% and 4% were followed by a 16% slump as jitters crept into the market. Steadier days followed, with single point moves in either direction.

The volatility underscores the whipsaw nature of a story-driven stock.

Lofty sci-fi ambitions, huge coverage in the *ahem* media and a founder with a cult-like following whipped up a frenzy of excitement around the company.

"Most stocks trade based on how their multiple of earnings compares to other comparable stocks," Gil Luria, head of technology research at D.A. Davidson, told me. 

"Elon Musk companies don't really do that." Musk's ventures instead trade on expectations, he added. 

"Tesla trades more on [autonomous driving service] Robotaxi and [humanoid robot] Optimus than they do on selling cars, and SpaceX trades more on the promise of Mars exploration, or at least data centers in space," said Luria.

Retail investors bought into that forward-looking narrative in droves.

SpaceX "embodies many of the qualities that have historically resonated with retail investors: a transformational technology story, a bold vision of the future, a celebrity founder and unparalleled media attention," Viraj Patel, global macro strategist at Vanda, said.

In the first five trading sessions, retail investors bought a net $405 million of SpaceX shares, comfortably the strongest retail IPO debut in recent history, said research firm Vanda.

"For SpaceX, the 'cult of Elon' pulls in more retail investors and adds extra hype that can add a lot to volatility as we saw with Tesla share prices," Mike Coop, chief investment officer, EMEA at Morningstar Wealth, told me. Morningstar analysts caused a stir in the run-up to SpaceX's IPO, writing that the stock was worth less than half of its $1.75 trillion target.

After a bullish initial few days on the public markets, fundamentals became a bigger driver of the price causing a "hangover," said Kyle Rodda, senior market analyst at Capital.com. 

Musk has been, in a somewhat predictable fashion, touting sky-high revenue growth in years to come. He said on June 14 that the company "might be able to reach approximately" $1 trillion revenue in 2030.

That would mark a huge jump from the $18.7 billion in revenue SpaceX made in 2025. The company posted a $4.9 billion net loss in 2025, and it lost $4.28 billion in the first quarter of this year.

Long term SpaceX faces two big challenges on the markets, said Coop. 

"Firstly, the supply of shares will go up as early investors lighten up exposures and monetise gains," he said.

"Secondly, the current price is too high given the massive uncertainty around the company's prospects and its starting point of being heavily loss making and requiring huge capital investment."

Despite that, so far few have been willing to bet against the stock.

Michael Burry of "The Big Short" fame said on June 16 that he has no position in SpaceX, and argued that options used to wager against the stock remain too expensive even as he questioned the company's nearly $3 trillion market value.

And while SpaceX is seeing some interest from short sellers, many are still reluctant to bet against Musk.

Time will tell how far narrative takes SpaceX stock. In any case, expect more twists and turns on the rollercoaster.

Latest updatesAnthropic is racing to increase its AI compute capacity in the Asia-Pacific region, as the company scrambles to keep up with soaring demand for its products.

OpenAI and Broadcom on Wednesday unveiled their debut custom chip, called Jalapeño, marking the ChatGPT maker's first entry into artificial intelligence silicon.

A second worker has died at the construction site of BYD's electric vehicle factory in Szeged, Hungary, CNBC has learned.

Apple on Thursday announced price hikes on MacBooks and iPads, its first formal move to pass higher memory and storage costs on to consumers after CEO Tim Cook said increases had become unavoidable.

ON Semiconductor has agreed to buy Synaptics in a nearly $7 billion all-stock deal to bolster its push into physical artificial intelligence technology.

Stock of the week

Micron stock.

Memory chipmaker Micron had a good week as its third-quarter results topped analysts' estimates.

The U.S. company has been one of the main beneficiaries of the AI boom, with its stock price up more than 800% over the past year, lifting the company's market cap past $1 trillion.

BlackBerry Today

BB

BlackBerry

$10.28 +1.67 (+19.32%)

As of 06/25/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$3.12▼

$10.93P/E Ratio128.58

Price Target$7.17

BlackBerry Limited NYSE: BB delivered a Q1 fiscal 2027 earnings beat that impressed investors.

The June 25 report showed revenue surging 26% year-over-year to $152.9 million, well above the $139.8 million consensus.

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Adjusted earnings per share (EPS) of four cents topped the analysts’ estimate of three cents.

 However, a double beat alone doesn’t explain BB’s nearly 20% post-earnings surge, or its more than 170% year-to-date rally.

The bigger story is about the company’s ongoing transformation. BlackBerry is now a pure-play software company with a real foothold in what many call AI's next leg: physical AI. The question for investors is whether the recent surge is too early or just the start of a longer rally. 

BlackBerry Earnings Beat Shows Software Strategy Is WorkingAt a time when many technology stocks are being judged by a “what have you done for me lately?” standard, BlackBerry's latest earnings report gave the bulls a lot of ammunition. The numbers show that the company is converting its software pivot into durable profitability.

 BlackBerry posted its fifth consecutive quarter of positive GAAP net income. Adjusted EBITDA grew 144% year-over-year. Both the QNX and Secure Communications segments achieved Rule of 40 performance, a benchmark that combines growth and margin into a single test of software-business quality. The company also generated $4.6 million in operating cash flow, marking its first positive operating cash flow quarter in nine years, excluding a prior patent sale.

Management raised full-year guidance to revenue of $594 million to $621 million and adjusted EPS between 16 cents and 20 cents. 

How QNX Positions BlackBerry for the Physical AI Boom BlackBerry has fully exited handsets and now exclusively sells software. QNX, its real-time operating system, sits inside more than 275 million vehicles on the road today.

 That installed base gives BlackBerry a strategic position in physical AI. Physical AI refers to systems where models drive real-world machines: autonomous vehicles, humanoid robots, surgical equipment and industrial automation. These applications need software that responds in microseconds with zero tolerance for failure.

 This is where QNX shines. Its deterministic, safety-certified architecture is built for exactly these workloads. Cloud-trained AI must eventually run on certified embedded software when it touches the physical world, and that layer is QNX's value proposition.

 The NVIDIA NASDAQ: NVDA partnership, which was announced at Hannover Messe in April, amplifies the opportunity. QNX OS for Safety 8.0 now integrates with NVIDIA's IGX Thor platform and Halos Safety Stack. The combination targets autonomous mobile robots, humanoids, surgical robotics, and industrial automation.

Those are categories NVIDIA CEO Jensen Huang has flagged as multi-trillion-dollar end markets. A separate design win with Chinese EV maker Leapmotor for its D19 SUV signals continued automotive traction even as QNX expands into new verticals. 

Can BlackBerry's Valuation Support More Upside? After the post-earnings bump, BB shares trade around $10 with a trailing price-to-earnings (P/E) ratio just shy of 130x. 

BlackBerry Stock Forecast Today12-Month Stock Price Forecast:
$7.17
-30.27% Downside

Hold
Based on 9 Analyst Ratings

Current Price$10.29High Forecast$12.00Average Forecast$7.17Low Forecast$4.50BlackBerry Stock Forecast Details

The Blackberry analyst consensus forecasts on MarketBeat have the stock rated a Hold, with a consensus price target of around $7.

 However, Canaccord Genuity nearly doubled its price target to $8.20 from $4.40 on June 24, and Stifel Nicolas initiated coverage with a $12 price target. Investors will be watching to see if these are outliers or the start of a trend.

The consensus Hold rating suggests analysts still view BB as a slow-growth business. But if price targets begin to chase the company’s fundamentals, the outlook will change.  

For example, if QNX captures even a small slice of the physical AI software stack, the addressable market expands well beyond automotive. The NVIDIA partnership also opens distribution to a developer ecosystem numbering in the millions. 

That is the "early" argument. Bears counter that the revenue base is still small relative to ambitions. Competition from open-source ROS 2 and established players like Wind River and Green Hills Software is real and well-funded.

The Catch: QNX Momentum May Take Time to ScaleSeveral risks deserve attention before chasing the rally. QNX revenue grew strongly in Q1, but automotive software design cycles are notoriously long. Royalty revenue depends on vehicle production volumes, which remain choppy globally. 

Secure Communications growth runs in the mid-single digits. That segment generates steady cash but will not drive the multiple expansion needed to justify the current price. 

Stock-based compensation and dilution are also persistent issues. A buyback program is in place, but the share count needs to fall further for per-share metrics to improve meaningfully. 

Is BlackBerry Stock a Buy After Its Massive Rally? The Q1 print confirmed that BlackBerry's pivot is working. Physical AI gives the company a real growth narrative for the first time in over a decade. But at current prices, investors are paying for a story that needs several quarters of execution to fully play out.

 For long-term holders, the thesis remains intact, and the guidance raise gives them another quarter of cover. For new buyers, waiting for a pullback or a clearer signal that QNX royalties are accelerating may be the more disciplined approach.

BlackBerry Limited (BB) Price Chart for Friday, June, 26, 2026

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Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries.

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The decline appears to reflect broad market weakness rather than company-specific news. Softer index futures prompted investors to reduce exposure to high-growth technology stocks, leading to profit-taking across semiconductor names following their strong gains in recent months.

AI Spending Keeps Taiwan Semiconductor Ahead While Intel Foundry Gains TractionSeparately, Counterpoint Research said on Friday the global Foundry 2.0 market is benefiting from sustained artificial intelligence demand, with Taiwan Semiconductor expected to remain one of the biggest winners as AI investments continue through 2026.

The research firm said Taiwan Semiconductor’s first-quarter revenue surged 41% year over year and forecast full-year 2026 revenue growth of about 36%, driven by strong demand for AI GPUs, AI ASICs and advanced packaging.

Senior Analyst William Li said the current AI cycle represents a “broader structural transformation” for the semiconductor industry rather than a typical cyclical recovery, citing unprecedented capacity reallocations, pricing changes, and persistent CoWoS packaging constraints.

“Growing TPU and ASIC demand could further tighten leading-edge capacity, creating opportunities for Intel Foundry and Samsung Foundry, with Apple M-series chip on Intel Foundry as a potential catalyst,” the research firm said.

Technical AnalysisDespite Friday’s pullback, TSM remains in a long-term uptrend. The stock continues to trade above its 50-day simple moving average of $411.50, its 100-day SMA of $381.83, and its 200-day SMA of $339.26. The 20-day SMA also remains above the 50-day SMA, while the 50-day SMA stays above the 200-day SMA, signaling a bullish long-term trend.

In the near term, however, momentum has cooled. TSM is trading about 1.5% below its 20-day SMA of $433.61 after retreating from its June peak and 52-week high. That suggests the stock is consolidating rather than extending its rally.

The relative strength index (RSI) stands at 52.43, indicating neutral momentum. A reading near 50 typically signals a balanced market where buyers and sellers remain evenly matched.

Key resistance sits near $450. A move above that level could revive bullish momentum. On the downside, support is around $405.50, just below the 50-day moving average. A break below that level could weaken the intermediate-term trend.

Earnings And Analyst OutlookTSM is expected to report second-quarter results on July 16.

Wall Street expects earnings of $3.77 per share, up from $2.47 a year earlier, on revenue of $39.76 billion, compared with $30.07 billion in the prior-year quarter.

The stock trades at about 37.5 times earnings, reflecting its premium valuation.

Analysts remain broadly bullish. The consensus rating is Buy, with an average price forecast of $489.17. Recent analyst actions include:

Bank of America Securities reiterated Buy and raised its price forecast to $590 on June 24. Susquehanna maintained a Positive rating and lifted its price forecast to $575 on June 22. Barclays reiterated Overweight with a $470 price forecast on April 22. Taiwan Semiconductor Benzinga Edge RankingsAccording to Benzinga Edge, TSM scores highly for Momentum (91.98), Growth (92.65), and Quality (97.54), while its Value score remains weak at 22.28 because of its premium valuation.

The combination suggests investors continue to reward the company’s strong earnings profile and AI-driven growth prospects, although valuation remains a key consideration.

ETF ExposureTSM is a major holding in several exchange-traded funds, including:

Large inflows or outflows in these funds can create additional buying or selling pressure for TSM shares.

Taiwan Semiconductor Price ActionTSM Stock Price Activity: Taiwan Semiconductor shares were down 1.61% at $428.00 during premarket trading on Friday, according to Benzinga Pro data.

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The positive opinion is based on results from the Phase 3 BRUIN CLL-313 and BRUIN CLL-314 trials, previously presented at the 2025 American Society of Hematology Annual Meeting and published in The Journal of Clinical Oncology

BRUIN CLL-313 is the first Phase 3 study to evaluate a non-covalent BTK inhibitor exclusively in patients with treatment-naïve CLL and BRUIN CLL-314 is the first Phase 3 CLL trial to compare non-covalent and covalent BTK inhibitors, as well as the first to compare any BTK inhibitors in the treatment-naïve setting

If granted marketing authorization, this would expand pirtobrutinib's indication as a treatment option for patients with CLL in the European Union across all lines of therapy

, /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) today announced that the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion for Jaypirca (pirtobrutinib), a non-covalent Bruton tyrosine kinase (BTK) inhibitor, for the treatment of adults with chronic lymphocytic leukemia (CLL) across all lines of therapy and regardless of prior BTK inhibitor treatment. Following this positive opinion, the application is now referred to the European Commission for final action. The European Commission's decision is expected in the next one to two months. 

"Results from BRUIN CLL-313 and BRUIN CLL-314 provide compelling evidence that pirtobrutinib can make a meaningful difference for people living with CLL across multiple lines of therapy," said Paolo Ghia, M.D., professor, medical oncology, Università Vita-Salute San Raffaele and IRCCS Ospedale San Raffaele, Milano, Italy. "The strong efficacy and tolerability demonstrated in these trials underscores the clinical value pirtobrutinib may offer patients. This positive opinion from the CHMP is an exciting and significant milestone, bringing us closer to a future where pirtobrutinib is an option for more people with CLL across the European Union."

Results from BRUIN CLL-313 and BRUIN CLL-314 were presented at the American Society of Hematology (ASH) Annual Meeting and Exposition in December 2025 and published in The Journal of Clinical Oncology.

"Based on the strong results from the BRUIN CLL-313 and CLL-314 studies, we believe Jaypirca has the potential to serve as a meaningful new option for newly diagnosed patients and those who have not yet received a BTK inhibitor," said Jacob Van Naarden, executive vice president and president of Lilly Oncology. "Thanks to the impact of contemporary CLL treatments, many patients may receive fewer lines of therapy over their lifetime, making treatment choices in earlier lines profoundly important. This CHMP opinion represents a step toward an important global approval for Jaypirca in this indication and reflects our ambition to make Jaypirca available to every CLL patient who may benefit, at any line of therapy. Today, we are on the brink of making that a reality across the European Union as we await the European Commission's final decision."

Lilly has also submitted these results to the U.S. Food and Drug Administration (FDA) for approval for adult patients with CLL, with a decision expected in the second half of 2026.

About BRUIN CLL-313
BRUIN CLL-313 is a Phase 3, global, randomized, open-label study of pirtobrutinib versus chemoimmunotherapy (BR) in people with CLL/SLL without 17p deletions who have not been previously treated. The trial enrolled 282 patients who were randomized 1:1 to receive pirtobrutinib (200 mg orally, once daily) or BR per labeled doses. BR is a chemoimmunotherapy regimen used in the treatment of CLL. The primary endpoint is PFS as assessed by blinded IRC. Secondary endpoints include investigator and IRC assessed ORR, duration of response (DoR), and PFS, OS, time to next treatment (TTNT), safety and tolerability and patient-reported outcomes (PRO). 

About BRUIN CLL-314
BRUIN CLL-314 is a Phase 3, randomized, open-label study of Jaypirca (pirtobrutinib) versus Imbruvica (ibrutinib) in patients with CLL/SLL who were either treatment-naïve, or who were previously treated and were BTK inhibitor-naïve. The trial enrolled 662 patients who were randomized 1:1 to receive pirtobrutinib (200 mg orally, once daily) or ibrutinib (420 mg orally, once daily). The primary endpoint is ORR as assessed by blinded IRC. Secondary endpoints include investigator and IRC-assessed PFS, duration of response (DoR) and event-free survival (EFS), and time to next treatment (TTNT), OS, safety and tolerability, and patient-reported outcomes (PRO).

About Jaypirca (pirtobrutinib)
Jaypirca (pirtobrutinib, formerly known as LOXO-305) (pronounced jay-pihr-kaa) is a highly selective (300 times more selective for BTK versus 98% of other kinases tested in preclinical studies), non-covalent inhibitor of the enzyme BTK.1 BTK is a validated molecular target found across numerous B-cell leukemias and lymphomas including mantle cell lymphoma (MCL) and chronic lymphocytic leukemia (CLL).2,3 Jaypirca is a U.S. FDA-approved oral prescription medicine, 100 mg or 50 mg tablets taken as a once-daily 200 mg dose with or without food until disease progression or unacceptable toxicity.

About Chronic Lymphocytic Leukemia (CLL)
CLL is a form of slow-growing non-Hodgkin lymphoma that develops from white blood cells known as lymphocytes.4,5 CLL is one of the most common types of leukemia in adults.6  There are roughly 100,000 new cases of CLL globally each year, and the overall incidence of CLL in Europe is approximately 4.92 cases per 100,000 persons per year.6,7  In CLL, the cancer cells are present in the blood.6

INDICATIONS FOR JAYPIRCA (pirtobrutinib) (in the United States)

Adult patients with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma (CLL/SLL) who have previously been treated with a covalent BTK inhibitor. Adult patients with relapsed or refractory (R/R) mantle cell lymphoma (MCL) after at least two lines of systemic therapy, including a BTK inhibitor. This indication is approved under accelerated approval based on response rate. Continued approval for this indication may be contingent upon verification and description of clinical trial benefit in a confirmatory trial. IMPORTANT SAFETY INFORMATION FOR JAYPIRCA (pirtobrutinib)

Infections: Fatal and serious infections (including bacterial, viral, fungal) and opportunistic infections occurred in Jaypirca-treated patients. Across clinical trials, Grade ≥3 infections occurred (25%), most commonly pneumonia (20%); fatal infections (5%), sepsis (6%), and febrile neutropenia (3.8%) occurred. In patients with CLL/SLL, Grade ≥3 infections occurred (32%), with fatal infections occurring in 8%. Opportunistic infections included Pneumocystis jirovecii pneumonia and fungal infection. Consider prophylaxis, including vaccinations and antimicrobial prophylaxis, in patients at increased risk for infection, including opportunistic infections. Monitor for signs and symptoms, evaluate, and treat. Based on severity, reduce dose, temporarily withhold, or permanently discontinue Jaypirca.

Hemorrhage: Fatal and serious hemorrhage has occurred with Jaypirca. Across clinical trials, major hemorrhage (Grade ≥3 bleeding or any central nervous system bleeding) occurred (2.6%), including gastrointestinal hemorrhage; fatal hemorrhage occurred (0.3%). Bleeding of any grade, excluding bruising and petechiae, occurred (16%). Major hemorrhage occurred when taking Jaypirca with (2.0%) and without (0.6%) antithrombotic agents. Consider risks/benefits of co-administering antithrombotic agents with Jaypirca. Monitor for signs of bleeding. Based on severity, reduce dose, temporarily withhold, or permanently discontinue Jaypirca. Consider withholding Jaypirca 3-7 days pre- and post-surgery based on surgery type and bleeding risk.

Cytopenias: Jaypirca can cause cytopenias, including neutropenia, thrombocytopenia, and anemia. Across clinical trials, Grade 3 or 4 cytopenias, including decreased neutrophils (27%), decreased platelets (13%), and decreased hemoglobin (11%), developed. Grade 4 decreased neutrophils (15%) and Grade 4 decreased platelets (6%) developed. Monitor complete blood counts regularly. Based on severity, reduce dose, temporarily withhold, or permanently discontinue Jaypirca.

Cardiac Arrhythmias: Cardiac arrhythmias occurred in patients taking Jaypirca. Across clinical trials, atrial fibrillation or flutter were reported in 3.4% of Jaypirca treated patients, with Grade 3 or 4 atrial fibrillation or flutter in 1.6%. Other serious cardiac arrhythmias such as supraventricular tachycardia and cardiac arrest occurred (0.4%). Cardiac risk factors such as hypertension or previous arrhythmias may increase risk. Monitor and manage signs and symptoms of arrhythmias (e.g., palpitations, dizziness, syncope, dyspnea). Based on severity, reduce dose, temporarily withhold, or permanently discontinue Jaypirca.

Second Primary Malignancies: Across clinical trials, second primary malignancies, including non-skin carcinomas, developed in 9% of Jaypirca-treated patients, most frequently non-melanoma skin cancer (4.4%). Other second primary malignancies included solid tumors (including genitourinary and breast cancers) and melanoma. Advise patients to use sun protection and monitor for development of second primary malignancies.

Hepatotoxicity, Including Drug-Induced Liver Injury (DILI): Hepatotoxicity, including severe, life-threatening, and potentially fatal cases of DILI, has occurred in patients treated with BTK inhibitors, including Jaypirca. Evaluate bilirubin and transaminases at baseline and throughout Jaypirca treatment. For patients who develop abnormal liver tests after Jaypirca, monitor more frequently for liver test abnormalities and clinical signs and symptoms of hepatic toxicity. If DILI is suspected, withhold Jaypirca. If DILI is confirmed, discontinue Jaypirca.

Embryo-Fetal Toxicity: Jaypirca can cause fetal harm. Administration of pirtobrutinib to pregnant rats caused embryo-fetal toxicity, including embryo-fetal mortality and malformations at maternal exposures (AUC) approximately 3-times the recommended 200 mg/day dose. Advise pregnant women of fetal risk and females of reproductive potential to use effective contraception during treatment and for one week after last dose.

Adverse Reactions (ARs) in Patients Who Received Jaypirca
The most common (≥30%) ARs in the pooled safety population of patients with hematologic malignancies (n=704) were decreased neutrophil count (54%), decreased hemoglobin (43%), decreased leukocytes (32%), fatigue (31%), decreased platelets (31%), decreased lymphocyte count (31%), calcium decreased (30%).

Mantle Cell Lymphoma

Serious ARs occurred in 38% of patients, with pneumonia (14%), COVID-19 (4.7%), musculoskeletal pain (3.9%), hemorrhage (2.3%), pleural effusion (2.3%), and sepsis (2.3%) occurring in ≥2% of patients. Fatal ARs within 28 days of last dose occurred in 7% of patients, most commonly due to infections (4.7%), including COVID-19 (3.1% of all patients).

Dose Modifications and Discontinuations Due to ARs: Dose reductions in 4.7%, treatment interruption in 32%, and permanent discontinuation of Jaypirca in 9% of patients. Permanent discontinuation in >1% of patients included pneumonia.

Most common ARs (≥15%) and Select Laboratory Abnormalities (≥10%) (all Grades %; Grade 3-4 %): hemoglobin decreased (42; 9), platelet count decreased (39; 14), neutrophil count decreased (36; 16), lymphocyte count decreased (32; 15), creatinine increased (30; 1.6), fatigue (29; 1.6), musculoskeletal pain (27; 3.9), calcium decreased (19; 1.6), diarrhea (19; -), edema (18; 0.8), dyspnea (17; 2.3), AST increased (17; 1.6), pneumonia (16; 14), bruising (16; -), potassium decreased (13; 1.6), sodium decreased (13; -), lipase increased (12; 4.4), ALT increased (11; 1.6), potassium increased (11; 0.8), alkaline phosphatase increased (11; -). Grade 4 laboratory abnormalities in >5% of patients included neutrophils decreased (10), platelets decreased (7), lymphocytes decreased (6).

Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma from Single-Arm and Randomized Controlled Clinical Trials

Serious ARs occurred in 47-56% of patients across clinical trials. Serious ARs in ≥5% of patients in the single-arm trial were pneumonia (18%), COVID-19 (9%), sepsis (7%), febrile neutropenia (7%). Serious ARs in ≥3% of patients in the randomized controlled trial were pneumonia (21%), COVID-19 (5%), sepsis (3.4%). Fatal ARs within 28-30 days of last Jaypirca dose occurred in 8-11% of patients, most commonly due to infections (7-10%), including sepsis (5%), COVID-19 (2.7-5%), and pneumonia (3.4%).

Dose Modifications and Discontinuations Due to ARs: Dose reductions in 3.6-10%, treatment interruption in 42-51%, and permanent discontinuation of Jaypirca in 9-17% of patients. Permanent discontinuation in >1% of patients included second primary malignancy, pneumonia, COVID-19, neutropenia, sepsis, anemia, and cardiac arrythmias.

Most common ARs and Select Laboratory Abnormalities (≥20%) (all Grades %, Grade 3-4 %)--in a randomized controlled trial: neutrophil count decreased (54; 26), hemoglobin decreased (45; 10), platelet count decreased (37; 17), pneumonia (28; 16), ALT increased (25; 1.8), creatinine increased (25; -), calcium decreased (23; 0.9), sodium decreased (22; 0.9), bilirubin increased (21; 0.9), upper respiratory tract infections (21; 0.9); in a single-arm trial: neutrophil count decreased (63; 45), hemoglobin decreased (48; 19), calcium decreased (40; 2.8), fatigue (36; 2.7), bruising (36; -), cough (33; -), musculoskeletal pain (32; 0.9), platelet count decreased (30; 15), sodium decreased (30; -), COVID-19 (28; 7), pneumonia (27; 16), diarrhea (26; -), abdominal pain (25; 2.7), lymphocyte count decreased (23; 8), ALT increased (23; 2.8), AST increased (23; 1.9), creatinine increased (23; -), dyspnea (22; 2.7), hemorrhage (22; 2.7), lipase increased (21; 7), alkaline phosphatase increased (21; -), edema (21; -), nausea (21; -), pyrexia (20; 2.7), headache (20; 0.9). Grade 4 laboratory abnormalities in >5% of patients included neutrophils decreased (23).

Drug Interactions

Strong CYP3A Inhibitors: Concomitant use increased pirtobrutinib systemic exposure, which may increase risk of Jaypirca ARs. Avoid using strong CYP3A inhibitors with Jaypirca. If concomitant use is unavoidable, reduce Jaypirca dose according to approved labeling.

Strong or Moderate CYP3A Inducers: Concomitant use decreased pirtobrutinib systemic exposure, which may reduce Jaypirca efficacy. Avoid using Jaypirca with strong or moderate CYP3A inducers. If concomitant use with moderate CYP3A inducers is unavoidable, increase Jaypirca dose according to approved labeling.

Sensitive CYP2C8, CYP2C19, CYP3A, P-gp, or BCRP Substrates: Use with Jaypirca increased their plasma concentrations, which may increase risk of ARs related to these substrates for drugs sensitive to minimal concentration changes. Follow recommendations for these sensitive substrates in their approved labeling.

Use in Specific Populations

Pregnancy and Lactation: Due to potential for Jaypirca to cause fetal harm, verify pregnancy status in females of reproductive potential prior to starting Jaypirca. Presence of pirtobrutinib in human milk is unknown. Advise women to use effective contraception and to not breastfeed while taking Jaypirca and for one week after last dose.

Geriatric Use: In the pooled safety population of patients with hematologic malignancies, patients aged ≥65 years experienced higher rates of Grade ≥3 ARs and serious ARs compared to patients <65 years of age.

Renal Impairment: Because severe renal impairment increases pirtobrutinib exposure, reduce Jaypirca dose in these patients according to approved labeling.

PT HCP ISI MCL_CLL Q42025

Please see Prescribing Information and Patient Information for Jaypirca.

About Lilly 
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram, and LinkedIn. P-LLY

© Lilly USA, LLC 2026. ALL RIGHTS RESERVED.

Trademarks and Trade Names
All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are referenced in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company's or their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about Jaypirca (pirtobrutinib), as a potential treatment for adults with chronic lymphocytic leukemia or small lymphocytic lymphoma (CLL/SLL), and the timeline for future readouts, presentations, and other milestones relating to Jaypirca and its clinical trials, and reflects Lilly's current beliefs and expectations. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of drug research, development, and commercialization. Among other things, there is no guarantee that planned or ongoing studies will be completed as planned, that future study results will be consistent with study results to date, that Jaypirca will receive additional regulatory approvals, or that Lilly will execute its strategy as expected. For further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly's expectations, see Lilly's Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.

Endnotes & References

Mato AR, Shah NN, Jurczak W, et al. Pirtobrutinib in relapsed or refractory B-cell malignancies (BRUIN): a phase 1/2 study. Lancet. 2021;397(10277):892-901. doi:10.1016/S0140-6736(21)00224-5 Hanel W, Epperla N. Emerging therapies in mantle cell lymphoma. J Hematol Oncol. 2020;13(1):79. Published 2020 Jun 17. doi:10.1186/s13045-020-00914-1 Gu D, Tang H, Wu J, Li J, Miao Y. Targeting Bruton tyrosine kinase using non-covalent inhibitors in B cell malignancies. J Hematol Oncol. 2021;14(1):40. Published 2021 Mar 6. doi:10.1186/s13045-021-01049-7 Mukkamalla SKR, Taneja A, Malipeddi D, et al. Chronic Lymphocytic Leukemia. [Updated 2023 Feb 18]. In: StatPearls [Internet]. Treasure Island (FL): StatPearls Publishing; 2023 Jan. Available from: https://www.ncbi.nlm.nih.gov/books/NBK470433/ The Leukemia and Lymphoma Society. NHL Subtypes. Access here: https://www.lls.org/lymphoma/non-hodgkin-lymphoma/nhl-subtypes. Accessed on October 25, 2023. Ou Y, Long Y, Ji L, et al. Trends in Disease Burden of Chronic Lymphocytic Leukemia at the Global, Regional, and National Levels From 1990 to 2019, and Projections Until 2030: A Population-Based Epidemiologic Study. Front Oncol. 2022;12:840616. Published 2022 Mar 10. doi:10.3389/fonc.2022.840616 Sant M, et al. Incidence of hematologic malignancies in Europe by morphologic subtype: results of the HAEMACARE project. Blood. 2010. 116:3724–34. https://pubmed.ncbi.nlm.nih.gov/20664057/  Refer to:   Kyle Owens; [email protected] (Media)
                  Michael Czapar; [email protected] (Investors) 

SOURCE Eli Lilly and Company

Key Takeaways MKC says Flavor Solutions growth offset softer U.S. consumer trends, led by foodservice and CPG demand.MKC is refining pricing, packs, distribution and marketing to improve consumer trends by the third quarter.MKC topped earnings and revenue estimates, with gross margin up 270 basis points and operating income up 30%. McCormick & Company, Incorporated (MKC - Free Report) used its second-quarter call to make a clear case that Flavor Solutions is carrying the business, while management works to restore better volume trends in U.S. consumer spices.

Management reaffirmed its 2026 outlook, but much of the investor focus shifted to how quickly the company can fix pressure in the Americas consumer business and sustain the stronger industrial and foodservice backdrop.

MKC Finds Its Main Engine in Flavor SolutionsChairman, president and CEO Brendan Foley said the quarter’s most important feature was the acceleration in Flavor Solutions, where growth broadened across Flavors and Branded Foodservice customers. That strength more than offset softer consumer trends in the Americas.

Flavor Solutions' organic sales rose 3% in the quarter, with gains split nearly evenly between price and volume. In the Americas, the segment posted 4% organic growth, helped by large CPG customers, private label, high-growth innovators and stronger branded foodservice demand.

Foley also pointed to reformulation activity, beverage innovation and health-and-wellness projects as key demand drivers. In Q&A, he said those projects are commercializing faster than initially expected, which adds support to the second-half outlook for the segment.

McCormick Targets a Consumer Volume ResetThe softer spot remained Global Consumer, especially U.S. spices and seasonings. Foley said shifting demand patterns, wider price gaps and heavier competitive promotion hurt consumption in certain segments, even as the broader category still grew.

Management’s response is familiar but more targeted this time. Foley said McCormick is refining revenue growth management, adjusting price-pack architecture, expanding distribution and increasing value-focused marketing to improve trends by the third quarter and return to volume growth in the fourth.

That issue surfaced repeatedly in analyst questions. Barclays, BofA and TD Cowen all pressed management on whether the company can restore sustainable volume momentum. Foley’s answer was consistent: the playbook is similar to the one used two years ago, but execution is faster, more digital and aimed at narrower pockets of weakness.

MKC Uses Margin Gains to Fund ReinvestmentThe second quarter still showed strong financial leverage. Adjusted EPS came in at $0.80, which beat the Zacks Consensus Estimate of $0.69 by 15.9%. Revenues of $1.94 billion topped the Zacks Consensus Estimate of $1.90 billion by 2%. Gross margin expanded 270 basis points, and adjusted operating income rose 30%.

CFO Marcos Gabriel said the largest moving pieces behind margin expansion were accretion from McCormick de Mexico, productivity savings, surgical pricing and a tariff refund. The refund lowered the cost of goods sold by $28 million in the quarter and added about $0.07 to adjusted EPS.

Just as important, Gabriel said most of that tariff benefit is being used to absorb higher inflation tied to the Middle East conflict and other cost pressures. That framing mattered because management presented the quarter’s margin upside as a source of funding for reinvestment, not as a clean earnings windfall.

McCormick Pushes Ahead on Unilever FoodsFoley also spent time reinforcing confidence in the pending Unilever Foods combination. He said integration planning is advancing with a dedicated management office, 20 functional teams and more than 200 people working across both organizations.

Management reiterated the deal’s financial targets, including a 21% operating margin at close, mid- to high-single-digit adjusted EPS accretion within the first 12 months after closing and mid- to high-teens accretion by year three.

Analysts also tested the durability of that future margin profile. Foley and Gabriel argued the model does not assume unusually lean SG&A, and Gabriel said the path to 23% to 25% operating margins comes from layering synergies on top of the 21% starting point.

MKC Flags a Softer Third-Quarter Profit CadenceThe other area of scrutiny was the third quarter. Gabriel said adjusted operating income should grow in the high-single-digit to low-double-digit range, with continued gross margin expansion offset by heavier ERP spending, higher incentive compensation and a significant increase in brand marketing.

JPMorgan and BNP Paribas pushed on whether this reflected a change in expectations. Gabriel said it was more about SG&A phasing than a change in the company’s internal view, though he also acknowledged inflation is tracking toward the high end of the company’s mid-single-digit cost outlook.

Cash flow was one cleaner positive. First-half operating cash flow rose to $431 million from $161 million a year earlier, helped by profitability and working capital improvement, particularly in inventory days and payables. Leverage ended the quarter at about 2.9 times.

McCormick Leaves the Call on OffenseThe overall tone coming out of the call was constructive but not complacent. Management repeatedly pointed to the resilience of flavor categories, the breadth of the portfolio and the ability to redirect margin gains into brand support, innovation and distribution.

At the same time, executives did not underplay the strain on the U.S. consumer. The company’s message was that Flavor Solutions is performing ahead of plan, while consumer remediation is now the central execution task for the back half of fiscal 2026.

MKC’s Zacks Signals Still Lean CautiousMKC currently carries a Zacks Rank #4 (Sell), along with a Value Score of C, Growth Score of F, Momentum Score of C and VGM Score of D. Under the Zacks framework, weaker ranks reflect less favorable earnings estimate revision trends, while Style Scores help gauge value, growth and momentum characteristics.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

That combination points to a more cautious near-term setup than the quarter’s headline beat alone would imply. The Zacks system places the greatest weight on estimate revisions, and the current rank can change as analysts update forecasts after the just-reported results.

Carvana NYSE: CVNA delivered a genuinely impressive Q1 2026 earnings report that included a record number of units sold.

Carvana Today

$66.22 -1.69 (-2.49%)

As of 06/25/2026 03:59 PM Eastern

52-Week Range$54.46▼

$97.38P/E Ratio40.28

Price Target$93.14

However, in the two months following the report, CVNA is down approximately 15% despite favorable analyst sentiment. That includes a 10% drop on June 17 in sympathy with cost commentary from CarMax NYSE: KMX, even though Carvana's own unit economics are moving in the opposite direction.

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After the company’s strong Q1 numbers, Carvana still has operational fuel left in the tank. For example, the company’s AI-driven reconditioning tools haven't been rolled out at most facilities, meaning further margin expansion is on the runway.

The company's new Stellantis NYSE: STLA hybrid hub model has also shown early traction. The Casa Grande franchise reportedly went from 30 to 50 units per month to more than 700 after Carvana took it over.

Why Is CVNA Under Pressure?With all these positive factors driving the stock's outlook, why is CVNA under pressure? Some may say the issue is one of valuation. At 41x forward earnings, Carvana is priced like a technology stock. But the company’s innovative, online-only model has been disruptive to a market that wasn’t known for innovation. And, although the company doesn’t have a long history of profitability, the 41x figure is a discount to its historic average.

The company also cited the likelihood of lower gross profit per unit (GPU) in the coming quarter for a variety of reasons, including the year-over-year comparison to last year’s tariff anniversary. But that’s likely to be a one-time event and wouldn’t explain a sell-off that is now over 20% in 2026.

Carvana Is More Sensitive to Financing ConditionsThe real impact on CVNA is likely coming from something outside of its control. Specifically, the near-term direction of U.S. monetary policy. The tone of Federal Reserve chair Kevin Warsh's statements on June 17 did not indicate that he means to move towards an accommodative stance anytime soon.

The CME FedWatch tool agrees. The odds of a rate cut for the rest of 2026 are not even given a percentage. This may not satisfy investors who want to sharpen their pencils and look for a mathematical reason to sell Carvana in the company’s financials. But before dismissing it, here’s something to consider.

For an auto retailer, interest rates matter because auto loan rates are among the stickiest in consumer credit. The average used car APR is well above 11%. Trade-ins increasingly carry negative equity. A consumer who barely qualifies at current rates gets squeezed harder if rates hold or rise

Something else to consider, Carvana's competitor CarMax recently delivered earnings and, despite beating estimates and growing penetration, saw net income drop nearly 12% to $185.6 million as it cut prices to defend volume. Its loan-loss reserve also climbed to 2.95% of loans, up from 2.78%, as the company leaned harder into Tier 2. This is a category of consumers with strong but not top-tier credit who usually qualify for rates that carry a cost premium.

The typical Carvana customer skews to a lower FICO score than CarMax and is more dependent on financing. When rates stay high, marginal buyers are the first to be disqualified, and those are disproportionately Carvana's customers. There's also a K-shaped wrinkle to consider. Upper-leg consumers are still spending, but they're prioritizing travel and experiences over big-ticket vehicle purchases.

That does give fundamental investors something to consider. Restrictive policy compresses growth multiples hardest. At a 41x forward multiple, Carvana needs growth to deliver.

If higher-for-longer rates take $1 of earnings per share (EPS) away from CarMax, it could take 10x off CVNA's multiple. That puts Carvana’s 5-for-1 split last quarter into a different light.

Analysts Remain Bullish, But Technicals Stay WeakInstitutional buying was down sharply in the last quarter, but since the company’s earnings report, analysts have been mostly bullish on CVNA. The Carvana analyst forecasts on MarketBeat show a consensus price target of $93.14 as of June 24, representing a significant gain for investors. However, investors may have to wait until after Carvana reports earnings next month to get a better picture of analyst sentiment.

The CVNA chart shows a stock that continues to be in a downtrend, with recent rallies failing to crack the 200-day simple moving average. A bigger concern for investors may be volume, which is down sharply. The MACD also remains below its signal line, with the histogram near zero. There’s simply no real conviction one way or the other, which amplifies short interest of around 7%, which in and of itself isn’t bearish.

The next potential catalyst comes with Carvana's Q2 earnings report scheduled for July 29. Until then, CVNA is likely to stay tethered to macro signals rather than its own execution. The numbers say the company’s business model is working. The question is whether the Federal Reserve cooperates before the multiple compresses further.

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Binance announced that the altcoins Alchemix (ALCX), Ardor (ARDR), NFPrompt Token (NFP), and Marlin (POND) will be delisted.

Binance, the world’s largest cryptocurrency exchange, continues to make altcoin announcements. Accordingly, Binance announced the delisting of four altcoins.

Binance announced that the altcoins Alchemix (ALCX), Ardor (ARDR), NFPrompt Token (NFP), and Marlin (POND) will be delisted.

“Based on our latest assessments, we have decided to discontinue trading and delist the following tokens in all spot trading pairs on 10.07.2026 at 03:00 (UTC):”

ALCX, ARDR, NFP and POND

Spot trading pairs for these altcoins will be discontinued.

All trading orders will be automatically deleted after the transactions in the relevant trading pairs have ended.

The token’s value will no longer be displayed in user accounts after it is delisted. Deposits of these tokens will not be credited to users’ accounts after 03:00 (UTC) on 11.07.2026.

Withdrawals of these tokens from Binance will no longer be supported after 09.09.2026 03:00 (UTC).

Following the news, altcoin prices experienced sharp and significant drops.

*This is not investment advice.

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Key Takeaways CMC beat Q3 earnings and revenue estimates despite outages, weather and scrap-cost pressure.North America Steel expects better Q4 prices, margins and volumes as outage impacts fade.Precast backlog hit a record, supporting CMC's maintained fiscal 2026 EBITDA outlook. Commercial Metals Company (CMC - Free Report) used its third-quarter fiscal 2026 call to argue that reported strength still understated the business. Management pointed to temporary outages, weather disruptions and scrap-cost pressure that held back an even better quarter.

The more important message for investors was forward-looking. Executives said those issues have started to reverse, while backlog, pricing and integration trends support a stronger fiscal fourth quarter.

CMC Says the Quarter Did Not Show Full PotentialCommercial Metals reported adjusted earnings per share of $1.73, which beat the Zacks Consensus Estimate of $1.60, delivering a surprise of 8.1%. Third-quarter revenues were $2.48 billion, which also surpassed the Zacks Consensus Estimate of $2.37 billion by 4.9%. 

President and CEO Peter Matt said the quarter reflected solid execution against the company’s strategic plan, but he stressed that results were dampened by temporary issues rather than a change in underlying demand. He tied the longer-term story to structurally higher margins, lower earnings volatility and a broader construction solutions footprint.

That framing mattered because management was not pitching the quarter as a peak. Instead, it positioned third-quarter performance as a transition point, with improving steel margins, better operating reliability and acquired precast assets beginning to add meaningfully to the earnings mix.

Commercial Metals Sees a Rebound in North AmericaThe North America Steel Group remained the central talking point. Adjusted EBITDA in the segment rose 41% year over year to $253.5 million, but it slipped sequentially as planned maintenance outages at seven of 10 mills, poor weather, and a lag between rising scrap costs and price increases weighed on results.

In the Q&A, a Goldman Sachs analyst pressed management on the bridge to a better fourth quarter. CFO Paul Lawrence said outages cost about $20 million and volume-related effects from weather, inventory tightness and commercial discipline cost roughly another $10 million. He added that those issues should reverse in the current quarter.

Matt also sounded firm on pricing. He said the recently announced steel price increases are taking hold and that CMC is not chasing discounting in the market. The company expects higher realized prices and improved metal margins in the fourth quarter, supported by healthy demand and major project activity.

CMC’s Precast Bet Is Moving to Center StageCommercial Metals’ Construction Solutions Group delivered one of the clearest strategic signals on the call. Net sales nearly doubled year over year to $394.6 million, and adjusted EBITDA increased 138% to $97.4 million, helped by $175.7 million of revenues and $52.9 million of EBITDA from the recently acquired precast businesses.

Management acknowledged that precast volumes were light in the quarter because shipment timing slipped by about two weeks and wet weather in the Southeast delayed deliveries. Still, Matt said the backlog reached a record level, and project releases have started to normalize heading into the fiscal fourth quarter.

That explains why CMC maintained its fiscal 2026 precast EBITDA outlook of $165 million to $175 million despite the third-quarter shortfall. Management also reiterated that the acquisitions are on plan operationally and commercially, with early lead sharing and network benefits already emerging.

Commercial Metals Finds More Than One TailwindCMC’s other margin lever remains its Transform, Advance, Grow program. Matt said the initiative is tracking well ahead of its targeted $150 million run-rate annualized benefit for fiscal 2026, with most gains so far coming from operational improvements such as scrap optimization, yield and logistics.

He used the Q&A to highlight a second phase of opportunity in commercial excellence. That includes cutting pricing leakage, deploying better tools and using the broader steel and precast platform to get involved earlier on large projects where CMC can influence design and capture more value.

Europe added another support point. The Europe Steel Group posted adjusted EBITDA of $34.7 million, aided by a $20.4 million CO2 credit and better market conditions. Management said CBAM, tighter EU safeguards and improving pricing are creating a more constructive supply-demand setup there.

CMC Nears a Cash Flow Inflection PointCapital allocation also drew scrutiny. Net leverage adjusted for acquisitions ended the quarter at 2.1x, and management said it remains confident in reaching below 2x by mid-2027 or sooner. Liquidity stood near $1.8 billion.

Matt said 2x leverage is the threshold that would reopen both larger shareholder returns and new growth opportunities. At the same time, he made clear that CMC wants more progress in integrating the two precast acquisitions before considering another sizable deal.

Lawrence added that fiscal 2027 capital spending should drop sharply as the West Virginia micro mill nears completion, setting up a stronger free cash flow profile. Management does not expect more mill investments, with future organic spending aimed at smaller, higher-return projects.

Commercial Metals Leaves With an Assertive ToneThe clearest read-through from the call was management’s confidence in the near-term setup. CMC expects a meaningful sequential increase in fourth-quarter core EBITDA, including about a $40 million benefit in North America from the end of outage impacts and from better volume and margins, plus mid-teens EBITDA growth in Construction Solutions.

Analyst questions focused on supply additions in rebar, imports, precast execution and Europe. Matt’s answers were notably direct, especially on market discipline, where he said CMC will prioritize value over volume and use trade remedies to defend the domestic market.

Taken together, management presented a company leaning into a more diversified earnings model. The tone was not built around a single quarter’s beat, but around improving margins, more stable end markets and a portfolio that management believes can generate stronger cash and lower volatility over time.

Zacks Signals Still Call for BalanceCMC carries a Zacks Rank #3 (Hold), alongside a Value Score of B, Growth Score of A, Momentum Score of A and VGM Score of A. In Zacks terms, the strongest combinations generally pair a Zacks Rank #1 (Strong Buy) or 2 (Buy) with Style Scores of A or B, while a Zacks Rank #3 can still be held when the score profile remains favorable. You can see the complete list of today’s Zacks #1 Rank stocks here.

The current mix points to attractive style characteristics across value, growth and momentum, but the Zacks Rank remains the primary signal in the framework. That rank can change as earnings estimate revisions move after the quarter, so the post-report revision trend remains the key factor to watch.

Nvidia (NVDA 1.86%) had a market capitalization of $360 billion at the beginning of 2023, which was right before the artificial intelligence (AI) boom started gathering momentum. The company has since sold millions of its graphics processing units (GPUs) for data centers, which are the primary chips used in AI training and inference workloads, propelling its market cap to $4.8 trillion.

But despite a 13-fold increase in value over the last three years, Nvidia stock is still cheap by one of Wall Street's most widely used valuation metrics. In fact, here's why the stock could more than double from here.

Image source: Nvidia.

Nvidia is about to launch its most powerful chips yet Nvidia's dominance in the market for AI data center chips started in 2022 with its H100 GPU, which was built on its Hopper architecture. The company has since launched Blackwell and Blackwell Ultra GPUs, the latter of which can deliver up to 50 times more performance than the H100 in certain configurations.

Blackwell Ultra GPUs are currently the most sought-after AI chips in the industry, but Nvidia is about to extend its advantage with its new Vera Rubin system, which will ship in the second half of this year. It includes the Rubin GPU, the Vera central processing unit (CPU), and a series of updated networking components. Nvidia says the platform is so powerful that developers can train AI models using 75% fewer GPUs compared to Blackwell.

Vera Rubin can also reduce inference token costs by up to 90% (inference tokens include the text, images, and symbols generated by an AI model in response to a query). In other words, Nvidia's new system will make AI substantially cheaper to use, which could make providers like OpenAI and Anthropic more profitable, driving more demand for chips as a result.

During a conference call with investors on May 20, Nvidia CEO Jensen Huang said every frontier AI company intends to adopt Vera Rubin at launch, which wasn't true for the Blackwell platform. Therefore, he expects it to be far more successful than its predecessor.

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Nvidia's revenue and earnings continue to soar Nvidia generated $215.9 billion in total revenue during its fiscal year 2026 (ended Jan. 26), which was up 65% from the prior year. Its data center business accounted for $193.7 billion of that revenue, and it grew by 68%.

Both of those growth rates accelerated in the first quarter of fiscal 2027 (ended April 26). The company generated $81.6 billion in total revenue and $75.2 billion in data center revenue, which represented year-over-year increases of 85% and 92%, respectively, highlighting the sheer momentum in AI-related hardware sales.

Since demand currently exceeds supply for GPUs, Nvidia is able to dictate prices, which is significantly boosting its profit margins. As a result, Wall Street expects the company's generally accepted accounting principles (GAAP) earnings to soar by 91% to $9.36 per share during fiscal 2027 (according to Yahoo! Finance), which could have very positive implications for its stock price.

The price-to-earnings (P/E) ratio is one of the most widely used valuation metrics on Wall Street. If a stock has a P/E ratio of 10, investors are effectively paying $10 for every $1 of the company's earnings. Faster-growing companies tend to attract higher P/E ratios; investors are willing to pay more for their earnings because those companies will, in theory, earn their money back more quickly.

That's why the Nasdaq-100 index, which is full of high-growth technology companies, trades at a P/E ratio of 34.4, whereas the more diversified S&P 500 trades at a P/E ratio of 25.2.

Nvidia's P/E ratio recently fell to 30.09, which was the lowest level since 2019. Moreover, it was a substantial discount to its average P/E of 71.2 over that seven-year period.

NVDA PE Ratio data by YCharts

In other words, Nvidia stock would have to more than double just to trade in line with its long-term average P/E ratio. I'm not suggesting that will happen immediately, but based on the company's projected earnings for fiscal 2027 (which I highlighted earlier), its stock trades at a forward P/E ratio of just 21.5. That means even if its stock doubles over the next six or seven months, its P/E would rise to just 43, which would still be far below its long-term average.

No matter which way you slice it, Nvidia stock looks extremely cheap right now, especially ahead of what could be the biggest product launch in its history. As a result, it could be a great buy right now.

Wise PLC (LSE:WISE, FRA:6WS) reported a sharp rise in profit and customer activity in the 2026 financial year and unveiled plans for a new share buyback worth at least $500 million.

The money transfer and payments company said income before tax rose to $660.4 million, giving it a margin of 26%, ahead of its medium-term target range. Net revenue increased 19% to $2.5 billion, at the top end of its long-term growth target.

Growth was driven by a 21% increase in active customers to 18.9 million and a 31% rise in cross-border volumes to $243.5 billion.

The company also continued to expand beyond international transfers. Customer holdings rose 40% to $39 billion, while spending on Wise cards increased 37% to $43.6 billion.

Chief executive and co-founder Kristo Käärmann said: "These investments helped us drive even better customer outcomes and support 19 million people and businesses move $243 billion across the world last year."

During the year, Wise added direct connections to payment systems in Brazil and Japan, secured new licences in South Africa, the UAE and Thailand, and signed new platform partnerships including UniCredit and Raiffeisen Bank.

Wise said it expected net revenue growth in the 2027 financial year to be around the middle of its 15-20% medium-term target range, with its income before tax margin around the top end of its 20-25% guidance range.

The logo of Equinor is set up at the entrance of a building at Western Europe's largest liquefied natural gas plant Hammerfest LNG in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi... Purchase Licensing Rights, opens new tab Read more

CompaniesOSLO, June 26 (Reuters) - Norway's energy firm Equinor (EQNR.OL), opens new tab ​has decided to end its offshore ‌wind business activities in Japan and close its Tokyo office by the ​end of 2026, the company ​said on its website.

"This decision reflects ⁠a reassessment of Equinor's strategic direction, ​with a strengthened focus on integrated ​power markets," it added.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

The majority state-owned company entered Japan in 2018 but failed to win ​any leases in successive offshore ​wind auctions.

It had already pulled back ‌from ⁠offshore wind development in several markets, including Vietnam, Spain, Portugal and France, citing rising costs.

Equinor, whose core ​business ​remains oil ⁠and gas production, further scaled back its renewables ambitions on ​June 16, scrapping its ​2030 ⁠installed capacity target.

Instead, the company said it would focus on expanding ⁠its ​integrated power business, combining ​renewables with gas-to-power generation and other sources.

Reporting by ​Nerijus Adomaitis, editing by Essi Lehto

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

A new Medicare pathway, the Medicare GLP-1 Bridge program, makes Lilly's obesity medicines – a daily pill or the number 1 most prescribed injectable – accessible to eligible Medicare Part D patients beginning July 1

, /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) today announced additional details regarding the Medicare GLP-1 Bridge* program taking effect July 1, 2026. Under the program, Medicare Part D patients may be able to access Foundayo (orforglipron) or Zepbound (tirzepatide) KwikPen for single-patient-use for weight management. The Medicare GLP-1 Bridge program will be the first time eligible Medicare Part D patients will be able to broadly receive coverage for a GLP-1 for overweight or obesity.1 We believe this is a milestone that reflects growing recognition of the impact of obesity, including in older adults. Below is what patients and their healthcare providers need to know, including an overview of the clinical and program eligibility requirements determined by Centers for Medicare & Medicaid Services (CMS).

Are Foundayo (orforglipron) and Zepbound (tirzepatide) covered by Medicare through the GLP-1 Bridge program?
Medicare Part D patients who meet the Medicare GLP-1 Bridge Clinical Criteria and other CMS eligibility requirements may be able to access Foundayo (orforglipron) or Zepbound (tirzepatide) for weight management under the Medicare GLP-1 Bridge program for $50 per month. Other weight management medications are also covered under the program. Coverage begins July 1, 2026, for new and existing patients and will run through December 31, 2027.

Foundayo (orforglipron) and Zepbound (tirzepatide) are indicated for adults with obesity, or some adults with overweight who also have weight-related medical problems, along with a reduced calorie diet and increased physical activity.

To learn more, visit www.lilly.com/lillydirect/medicare. For questions about the Medicare GLP-1 Bridge program, refer to https://www.medicare.gov/coverage/weight-loss-drugs.

Why is this a milestone for people on Medicare living with obesity?
Until now, weight management medications have not been broadly covered by Medicare even though two in five U.S. adults aged 65 and older are living with obesity.2 Creating a Medicare Part D coverage pathway for eligible patients advances Lilly's long-held view of obesity as a chronic disease. It also unlocks access to Lilly's obesity medicines, offering patients and their doctors options rather than a one-size-fits-all approach.

"Lilly estimates that approximately 20 million Medicare patients may meet clinical criteria for obesity medicines, and starting July 1, eligible patients will be able to get Zepbound or Foundayo for $50 per month," said Ilya Yuffa, executive vice president and president of Lilly USA and Global Customer Capabilities. "For many, this will be the first time obesity treatment has been within reach. We're proud to offer Foundayo and Zepbound, giving patients and their doctors a real choice between a daily pill that requires no planning around food or drink and the number 1 most prescribed injectable for weight loss.3 Both are proven to deliver meaningful weight loss when paired with a reduced calorie diet and increased physical activity."

How much do Foundayo (orforglipron) and Zepbound (tirzepatide) cost through the program?
Medicare Part D patients may be eligible for Foundayo or Zepbound for weight management for $50 a month, with a prior authorization and if they meet the Medicare GLP-1 Bridge Clinical Criteria and other CMS eligibility requirements. To learn more, visit www.lilly.com/lillydirect/medicare.

What are Foundayo (orforglipron) and Zepbound (tirzepatide)?
Foundayo (orforglipron) and Zepbound (tirzepatide) are two different Lilly medicines for chronic weight management, giving patients and their healthcare providers a choice of treatment options. Foundayo is a once-daily oral pill that can be taken any time of day, with no planning around food or drink. Zepbound is the most prescribed injectable weight management medication in the U.S. Both are FDA-approved to help adults with obesity, or some adults with overweight who also have weight-related medical problems, lose excess body weight and keep it off, along with a reduced-calorie diet and increased physical activity.

How do Foundayo (orforglipron) and Zepbound (tirzepatide) work in adults age 65 and older? 
In separate analyses of Phase 3 trials, both medicines were associated with meaningful weight loss in adults 65 and older, with safety profiles generally consistent with the overall study population. In a post-hoc analysis of ATTAIN-1, adults 65 and older without type 2 diabetes, experienced an average weight loss of 13% when taking the highest dose of Foundayo. In the ATTAIN program, Foundayo also led to reductions in many markers of cardiovascular risk, including waist circumference, non-HDL cholesterol, triglycerides and systolic blood pressure in adults of all ages.6

In a separate 72-week Phase 3 study, SURMOUNT-1, 56.7% of adults of all ages without type 2 diabetes taking Zepbound (15 mg) achieved at least 20% body weight reduction.7 In a prespecified subgroup analysis of this study, adults 65 and older without type 2 diabetes lost an average of 14.1% of their body weight when taking the lowest approved maintenance dose of Zepbound (5 mg), which is only one step up from the starter dose.8

"Obesity is a chronic, complex disease that deserves effective, long-term treatment options at every stage of life," said Rachel Batterham, senior vice president for Global Cardiometabolic Health at Lilly. "Data show Lilly's Foundayo and Zepbound were associated with meaningful weight loss in people aged 65 and older, with safety profiles generally consistent with other age groups, reinforcing that these medicines may be effective and appropriate for older adults."

Who is eligible for these medicines through the Medicare GLP-1 Bridge program?
To qualify, a person must meet all of the Medicare GLP-1 Bridge Clinical Criteria and other CMS eligibility requirements when treatment is started:9

Be 18 years of age or older Have Medicare Part D drug coverage (not all plan types are covered)† Have a valid prescription, be using, or planning to use, Foundayo or Zepbound for weight management, alongside lifestyle modification consistent with the FDA approved labels Have a Body Mass Index (BMI) of 35 or higher, or a BMI of 27 or higher with certain weight-related medical conditions (or have had one before starting a GLP-1 medicine) Patients currently receiving a GLP-1 through their Part D plan, those with type 2 diabetes, moderate-to-severe obstructive sleep apnea or fatty liver disease are not eligible (a Medicare Part D plan may already cover those conditions).

Patients can talk with their healthcare providers about whether they qualify or refer to https://www.medicare.gov/coverage/weight-loss-drugs.

How can eligible patients get started?
Starting July 1, 2026, eligible patients can begin in five steps:

Talk with a healthcare provider about whether Foundayo or Zepbound is right for them. Request that the provider send a prescription to LillyDirect Pharmacy or a retail pharmacy of their choice. Work with the chosen pharmacy. Ensure that the provider completes a prior authorization. Once approved, the patient pays $50 per month for Foundayo or Zepbound.  LillyDirect can help to determine eligibility and navigate the pre-authorization process. To learn more about eligibility, and see how to get started, visit www.lilly.com/lillydirect/medicare. For questions about Foundayo, Zepbound, or LillyDirect Pharmacy, call 1-844-559-3471.

About Foundayo (orforglipron)
Foundayo (orforglipron) is FDA-approved for adults with obesity, or some adults with overweight who also have weight-related medical problems to reduce excess body weight and maintain weight reduction long term, alongside a reduced-calorie diet and increased physical activity. Foundayo is a once-daily small molecule (non-peptide) oral glucagon-like peptide-1 receptor agonist that can be taken any time of the day with no planning around food or drink. Orforglipron was discovered by Chugai Pharmaceutical Co., Ltd. and licensed by Lilly in 2018. In addition to chronic weight management, orforglipron is being studied as a potential treatment for type 2 diabetes, obstructive sleep apnea, osteoarthritis knee pain, hypertension, peripheral artery disease and stress urinary incontinence.

About Zepbound (tirzepatide) injection
Zepbound (tirzepatide) is the first and only dual GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist obesity medication. Zepbound tackles an underlying cause of excess weight. It reduces appetite and how much you eat. Zepbound is indicated for adults with obesity, or some adults who are overweight and also have at least one weight-related medical problem, to lose weight and keep it off. Additionally, Zepbound is FDA-approved to treat adults with moderate-to-severe obstructive sleep apnea and obesity. Zepbound should be used with a reduced calorie diet and increased physical activity.

Warnings - Foundayo and Zepbound may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.

About ATTAIN-1 and ATTAIN-2 clinical trial program
The ATTAIN Phase 3 global clinical development program for Foundayo (orforglipron) has enrolled more than 4,500 people with obesity or overweight across two global registration trials.

ATTAIN-1 (NCT05869903) is a Phase 3, 72-week, randomized, double-blind, placebo-controlled trial comparing the efficacy and safety of Foundayo 5.5 mg, 9 mg and 17.2 mg as a monotherapy to placebo in adults with obesity, or overweight with at least one of the following comorbidities: hypertension, dyslipidemia, obstructive sleep apnea or cardiovascular disease, who did not have diabetes. The trial is the first Phase 3 study of this patient population in which treatment was evaluated as an adjunct to exercise and a balanced, healthy diet rather than a reduced-calorie diet. The trial randomized 3,127 (195 were 65 and older) participants across the U.S., Brazil, China, India, Japan, South Korea, Puerto Rico, Slovakia, Spain and Taiwan in 3:3:3:4 ratio to receive either 5.5 mg, 9 mg or 17.2 mg Foundayo or placebo. The primary objective of the study was to demonstrate that Foundayo (5.5 mg, 9 mg or 17.2 mg) is superior to placebo in body weight reduction from baseline after 72 weeks in people with a BMI ≥30.0 kg/m² or a BMI ≥27.0 kg/m² with at least one weight-related comorbidity and a history of at least one self-reported unsuccessful dietary effort to lose body weight.

ATTAIN-2 (NCT05872620) is a Phase 3, 72-week, randomized, double-blind, placebo-controlled trial comparing the efficacy and safety of Foundayo 5.5 mg, 9 mg or 17.2 mg as monotherapy with placebo in adults with obesity or overweight and type 2 diabetes. The trial randomized over 1,613 (418 were 65 and older) participants across the U.S., Argentina, Australia, Brazil, China, Czechia, Germany, Greece, India, South Korea and Puerto Rico in a 1:1:1:2 ratio to receive either 5.5 mg, 9 mg or 17.2 mg Foundayo or placebo. The primary objective of the study was to demonstrate that Foundayo (5.5 mg, 9 mg or 17.2 mg) is superior to placebo in mean body weight change from baseline at 72 weeks in people with a BMI ≥27.0 kg/m² and type 2 diabetes who are on stable treatment with either diet/exercise alone or up to three oral antihyperglycemic medications.

In both trials, all participants in the Foundayo treatment arms started the study at a dose of Foundayo 0.8 mg once-daily and then increased the dose in a step-wise approach at four-week intervals to their final randomized maintenance dose of 5.5 mg (via steps at 0.8 mg and 2.5 mg), 9 mg (via steps at 0.8 mg, 2.5 mg and 5.5 mg) or 17.2 mg (via steps at 0.8 mg, 2.5 mg, 5.5 mg, 9 mg and 14.5 mg). These trials were conducted using an investigational formulation of Foundayo at dosages equivalent to Foundayo tablets.

The post-hoc analysis included in this press release examined efficacy and safety outcomes in subgroups of participants aged <65 and ≥65 years. Efficacy outcomes were analyzed separately for each study; safety data were pooled. The primary endpoint was percent change in body weight from baseline in Week 72.

Limitations
This is a post-hoc, exploratory analysis of data from the ATTAIN-1 and ATTAIN-2 trials. Results are not pre-specified and should be considered hypothesis-generating. The subgroups analyzed (<65 year and ≥65 and) reflect the distribution of participants enrolled in the trials; the number of participants ≥65 is smaller than the <65 subgroup, and formal comparisons between age groups were not pre-specified. These findings will need to be confirmed in dedicated prospective analyses.

About SURMOUNT-1
Throughout the 72-week clinical trial, people who took Zepbound (tirzepatide) sustained weight loss—whether taking the 5 mg, 10 mg or 15 mg dose along with diet and exercise. In a 72-week study of adults without diabetes, average weight loss was 15.0% (34 lbs) for 5 mg, 19.5% (44 lbs) for 10 mg, 20.9% (48 lbs) for 15 mg, and 3.1% (7 lbs) for placebo. Average starting weights were 226.8 lbs for 5 mg, 233.3 lbs for 10 mg, 232.8 lbs for 15 mg, and 231.0 lbs for placebo.

Limitations of the SURMOUNT-1 prespecified subgroup analysis:

This was a prespecified sub‑group analysis among the secondary endpoints of the SURMOUNT‑1 study. This analysis was not adjusted for type I error.

Endnotes and References 
*Terms apply. Eligibility based on Medicare GLP-1 Bridge Clinical Criteria. Prescription required. Talk to your doctor to learn more.
†Ineligible plan types:

Private fee-for-service (PFFS) plans Section 1876 cost contract plans Section 1833 health care prepayment plans (HCPPs) PACE organizations Fallback plans Religious fraternal benefit (RFB) plans Centers for Medicare & Medicaid Services. Medicare and Medicaid Programs; Contract Year 2026 Policy and Technical Changes to the Medicare Advantage Program, Medicare Prescription Drug Benefit Program, Medicare Cost Plan Program, and Programs of All-Inclusive Care for the Elderly. Federal Register. December 10, 2024. Available at: https://www.govinfo.gov/content/pkg/FR-2024-12-10/pdf/2024-27939.pdf  Federal Interagency Forum on Aging-Related Statistics. Older Americans: key indicators of well-being. Published May 2024. Accessed February 4, 2026. https://agingstats.gov/docs/LatestReport/Older-Americans-2024-508-May-update.pdf   Based on IQVIA® National Prescription Audit (NPA) Data for both new and refill prescriptions (total) in the U.S. as of 01/10/2025. Data accessed 01/14/2026, representing 94% of prescription data in US. Total prescription volumes and shares for obesity management therapies include Zepbound®, Wegovy®, Saxenda®, Belviq®, Contrave®, Qsymia®, Xenical® and other obesity management medicines. Other product/company names mentioned are the trademarks of their respective owners. Foundayo. Prescribing Information. Lilly USA, LLC. Zepbound. Prescribing Information. Lilly USA, LLC.   Horn DB, et al. Orforglipron for Obesity Treatment in Older Patients ≥65 Years With or Without Type 2 Diabetes. Presented at: European Congress on Obesity (ECO); May 12–15, 2026; Istanbul, Turkey.  Jastreboff AM, Aronne LJ, Ahmad NN, et al. Tirzepatide once weekly for the treatment of obesity. N Engl J Med. 2022;387(3)(Incl suppl mat):205-216. doi:10.1056/NEJMoa2206038 Data on File. DOF-ZP-US-0060. Lilly USA, LLC. Medicare GLP-1 Bridge. CMS.gov, Centers for Medicare & Medicaid Services, www.cms.gov/medicare/coverage/prescription-drug-coverage/medicare-glp-1-bridge. Accessed 24 June 2026. INDICATION AND SAFETY SUMMARY WITH WARNINGS
Foundayo (fown-DAY-oh) is a prescription medicine used with a reduced-calorie diet and increased physical activity to help adults with obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off.

Foundayo should not be used with other GLP-1 receptor agonist medicines. It is not known if Foundayo is safe and effective for use in children. Warnings – Foundayo may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.

Do not use Foundayo if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC). Do not use Foundayo if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). Do not use Foundayo if you have had a serious allergic reaction to orforglipron or any of the ingredients in Foundayo. Foundayo may cause serious side effects, including:

Inflammation of the pancreas (pancreatitis). Stop taking Foundayo and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without nausea or vomiting. Sometimes you may feel the pain from your abdomen to your back.

Severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use Foundayo. Tell your healthcare provider if you have stomach problems that are severe or will not go away.

Dehydration leading to kidney problems. Diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems. It is important for you to drink fluids to help reduce your chance of dehydration. Tell your healthcare provider right away if you have nausea, vomiting, or diarrhea that does not go away.

Low blood sugar (hypoglycemia). Your risk for getting low blood sugar may be higher if you use Foundayo with medicines that can cause low blood sugar, such as an insulin or sulfonylurea. Signs and symptoms of low blood sugar may include dizziness or light-headedness, sweating, confusion or drowsiness, headache, blurred vision, slurred speech, shakiness, fast heartbeat, anxiety, irritability, mood changes, hunger, weakness, or feeling jittery.

Serious allergic reactions. Stop using Foundayo and get medical help right away if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue or throat, problems breathing or swallowing, severe rash or itching, fainting or feeling dizzy, or very rapid heartbeat.

Changes in vision in patients with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Foundayo.

Gallbladder problems. Gallbladder problems have happened in some people who use Foundayo. Tell your healthcare provider right away if you get symptoms of gallbladder problems, which may include pain in your upper stomach (abdomen), fever, yellowing of skin or eyes (jaundice), or clay-colored stools.

Food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep sleepiness (deep sedation). Foundayo may increase the chance of food getting into your lungs during surgery or other procedures. Tell your healthcare providers that you are taking Foundayo before you are scheduled to have surgery or other procedures.

Common side effects
The most common side effects of Foundayo include nausea, constipation, diarrhea, vomiting, indigestion, stomach (abdominal) pain, headache, swollen belly, feeling tired, belching, heartburn, gas, and hair loss. These are not all the possible side effects of Foundayo. Talk to your healthcare provider about any side effect that bothers you or doesn't go away.

Tell your doctor if you have any side effects. You can report side effects at 1-800-FDA-1088 or www.fda.gov/medwatch.

Before taking Foundayo

Tell your healthcare provider about all the medicines you take. Foundayo may affect the way some medicines work, and some medicines may affect the way Foundayo works. Pregnancy Exposure Registry: There will be a pregnancy exposure registry for women who have taken Foundayo during pregnancy. The purpose of this registry is to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry, or you may contact Eli Lilly and Company at 1-800-LillyRx (1-800-545-5979). If you take birth control pills by mouth, talk to your healthcare provider before you take Foundayo. Birth control pills may not work as well while taking Foundayo. Your healthcare provider may recommend another type of birth control for 30 days after starting Foundayo and for 30 days after each dose increase of Foundayo. Talk to your healthcare provider about low blood sugar and how to manage it. Tell your healthcare provider if you are taking medicines to treat diabetes including an insulin or sulfonylurea. Review these questions with your healthcare provider:

❏ Do you have other medical conditions, including problems with your pancreas or kidneys, or severe problems with your liver, severe problems with your stomach, such as slowed emptying of your stomach (gastroparesis) or problems digesting food?
❏ Do you have a history of diabetic retinopathy?
❏ Are you scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation)?
❏ Are you pregnant or plan to become pregnant? Foundayo may harm your unborn baby.
❏ Are you breastfeeding or plan to breastfeed? Breastfeeding is not recommended during treatment with Foundayo.
❏ Do you take any other prescriptions or over-the-counter medicines, vitamins, or herbal supplements?

How to take

Take Foundayo exactly as your healthcare provider tells you to. Use Foundayo with a reduced-calorie diet and increased physical activity. Take Foundayo by mouth 1 time each day, with or without food. Swallow tablets whole. Do not break, crush, or chew the tablet. If you miss a dose, take it as soon as possible. Do not take 2 doses of Foundayo in the same day. Do not take more than 1 tablet per day. If you miss taking Foundayo for 7 or more days in a row, call your healthcare provider to talk about how to restart your treatment. If you take too much Foundayo, call your healthcare provider or Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away. Learn more
Foundayo is a prescription medicine available in 0.8 mg, 2.5 mg, 5.5 mg, 9 mg, 14.5 mg, or 17.2 mg oral tablets. For more information, call 1-800-545-5979 or go to foundayo.lilly.com.

This summary provides basic information about Foundayo but does not include all information known about this medicine. Read the information that comes with your prescription each time your prescription is filled. This information does not take the place of talking with your doctor. Be sure to talk to your doctor or other healthcare provider about Foundayo and how to take it. Your doctor is the best person to help you decide if Foundayo is right for you.

OG CON BS APR2026

INDICATIONS AND SAFETY SUMMARY WITH WARNINGS
Zepbound® (ZEHP-bownd) is an injectable prescription medicine used with a reduced-calorie diet and increased physical activity to help adults with:

obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off. moderate-to-severe obstructive sleep apnea (OSA) and obesity to improve their OSA. Zepbound contains tirzepatide and should not be used with other tirzepatide-containing products or any GLP-1 receptor agonist medicines. It is not known if Zepbound is safe and effective for use in children.

Warnings - Zepbound may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.

Do not use Zepbound if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC). Do not use Zepbound if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). Do not use Zepbound if you have had a serious allergic reaction to tirzepatide or any of the ingredients in Zepbound. KwikPen®: Do not share your KwikPen with other people, even if the pen needle has been changed. You may give other people a serious infection or get a serious infection from them.

Zepbound may cause serious side effects, including:

Severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use Zepbound. Tell your healthcare provider if you have stomach problems that are severe or will not go away.

Dehydration leading to kidney problems. Diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems. It is important for you to drink fluids to help reduce your chance of dehydration. Tell your healthcare provider right away if you have nausea, vomiting, or diarrhea that does not go away.

Gallbladder problems. Gallbladder problems have happened in some people who use Zepbound. Tell your healthcare provider right away if you get symptoms of gallbladder problems, which may include pain in your upper stomach (abdomen), fever, yellowing of skin or eyes (jaundice), or clay-colored stools.

Inflammation of the pancreas (pancreatitis). Stop using Zepbound and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without vomiting. You may feel pain from your abdomen to your back.

Serious allergic reactions. Stop using Zepbound and get medical help right away if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue or throat, problems breathing or swallowing, severe rash or itching, fainting or feeling dizzy, or very rapid heartbeat.

Low blood sugar (hypoglycemia). Your risk for getting low blood sugar may be higher if you use Zepbound with medicines that can cause low blood sugar, such as sulfonylurea or insulin. Signs and symptoms of low blood sugar may include dizziness or light-headedness, sweating, confusion or drowsiness, headache, blurred vision, slurred speech, shakiness, fast heartbeat, anxiety, irritability, mood changes, hunger, weakness or feeling jittery.

Changes in vision in patients with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Zepbound.

Food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep sleepiness (deep sedation). Zepbound may increase the chance of food getting into your lungs during surgery or other procedures. Tell all your healthcare providers that you are taking Zepbound before you are scheduled to have surgery or other procedures.

Common side effects
The most common side effects of Zepbound include nausea, diarrhea, vomiting, constipation, stomach (abdominal) pain, indigestion, injection site reactions, feeling tired, allergic reactions, belching, hair loss, and heartburn. These are not all the possible side effects of Zepbound. Talk to your healthcare provider about any side effects that bothers you or don't go away.

Tell your doctor if you have any side effects. You can report side effects at 1-800-FDA-1088 or www.fda.gov/medwatch.

Before using Zepbound

Your healthcare provider should show you how to use Zepbound before you use it for the first time. Talk to your healthcare provider about low blood sugar and how to manage it. Tell your healthcare provider if you are taking medicines to treat diabetes including an insulin or sulfonylurea. If you take birth control pills by mouth, talk to your healthcare provider before you use Zepbound. Birth control pills may not work as well while using Zepbound. Your healthcare provider may recommend another type of birth control for 4 weeks after you start Zepbound and for 4 weeks after each increase in your dose of Zepbound. Review these questions with your healthcare provider:

❏ Do you have other medical conditions, including problems with your pancreas, or severe problems with your stomach, such as slowed emptying of your stomach (gastroparesis) or problems digesting food?
❏ Do you take diabetes medicines, such as insulin or sulfonylureas?
❏ Do you have a history of diabetic retinopathy?
❏ Are you scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation)?
❏ Do you take any other prescription medicines or over-the-counter drugs, vitamins, or herbal supplements?
❏ Are you pregnant, plan to become pregnant, breastfeeding, or plan to breastfeed? Zepbound may harm your unborn baby. Tell your healthcare provider if you become pregnant while using Zepbound. Zepbound may pass into your breast milk. You should talk with your healthcare provider about the best way to feed your baby while using Zepbound.

Pregnancy Exposure Registry: There will be a pregnancy exposure registry for women who have taken Zepbound during pregnancy. The purpose of this registry is to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry, or you may contact Lilly at 1-800-LillyRx (1-800-545-5979). How to take

Read the Instructions for Use that come with Zepbound. Use Zepbound exactly as your healthcare provider says. Use Zepbound with a reduced-calorie diet and increased physical activity. Inject Zepbound under the skin (subcutaneously) of your stomach (abdomen), thigh, or have another person inject in the back of the upper arm. Do not inject ZEPBOUND into a muscle (intramuscularly) or vein (intravenously). Use Zepbound 1 time each week, at any time of the day. Change (rotate) your injection site with each weekly injection. Do not use the same site for each injection. If you take too much Zepbound, call your healthcare provider, call the Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away.

Zepbound is approved as a 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg injection.

Learn more
Zepbound is a prescription medicine. For more information, call 1-800-LillyRx (1-800-545-5979) or go to www.zepbound.lilly.com.

This summary provides basic information about Zepbound but does not include all information known about this medicine. Read the information that comes with your prescription each time your prescription is filled. This information does not take the place of talking with your healthcare provider. Be sure to talk to your healthcare provider about Zepbound and how to take it. Your healthcare provider is the best person to help you decide if Zepbound is right for you.

ZP CON BS 25FEB2026

About Lilly
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram, and LinkedIn. P-LLY

Trademarks and Trade Names
All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are referenced in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company's or their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

Cautionary Statement Regarding Forward-Looking Statements 
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995), including statements about the supply and access of Zepbound (tirzepatide) and Foundayo (orforglipron) as a treatment for adults with obesity or overweight and Foundayo as a treatment for adults with obesity or some adults with overweight who also have weight-related medical problems and reflects Lilly's current belief and expectations. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of drug research, development, access, and commercialization. Among other things, there can be no guarantee that future study results will be consistent with the results to date, that Zepbound or Foundayo will receive additional regulatory approvals, or that Lilly will execute its access and other strategies as planned. For further discussion of these and other risks and uncertainties, see Lilly's most recent Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.

CMAT-23048 6/2026 ©Lilly USA, LLC 2026. All rights reserved.

SOURCE Eli Lilly and Company

, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of AECOM ("AECOM" or the "Company") (NYSE: ACM). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether AECOM and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On May 11, 2026, AECOM announced its second quarter fiscal 2026 results, including, in relevant part, that quarterly operating cash flow was $4 million, down 98% year over year, and adjusted free cash flow which swung to negative $27 million. In the accompanying earnings call, the Company's Chief Financial Officer, Gaurav Kapoor, revealed that "longer-than-anticipated claim resolution on certain projects" among other things, impacted the quarter. Kapoor further stated these were "projects we bid in fiscal year 2019 and 2020, two projects" for two clients, and that "individual claims for these two clients have gone through the resolution process. And we've been successful on each one of them. But it's just been very slow and dragged out on the resolution process. That is what has surprised us as to how long the process has taken." Then, on May 12, 2026, AECOM filed its quarterly report on Form 10-Q, which showed that significant claims recorded in contract assets and other non-current assets were approximately $680 million as of March 31, 2026, compared with approximately $400 million as of September 30, 2025. 

Following these disclosures, AECOM's stock price fell $9.55 per share, or 12%, to close at $69.95 per share on May 12, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

Stablecoin infrastructure company StablecoinX has completed its merger with TLGY Acquisition Corp, a publicly traded special purpose acquisition company, allowing it to begin trading on Nasdaq on Friday.

StablecoinX is the first public stablecoin infrastructure company focused on supporting the Ethena ecosystem through decentralized verifier nodes and software infrastructure, and will trade under the symbol “USDE,” according to a statement on Thursday.

“We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,” said Edward Chen, CEO and Chairman of StablecoinX.  

The Nasdaq debut is a big bet that stablecoins are becoming the plumbing of global finance, and comes despite a broader crypto bear market and Ethena’s relatively small 1.4% market share of the stablecoin market compared with those offered by its competitors, such as Tether and Circle.

Ethena’s USDe is a yield-bearing synthetic dollar-pegged stablecoin. Unlike USDt (USDT) or USDC (USDC), which are backed by actual dollars, USDe (USDE) maintains its $1 peg through a derivatives strategy. 

It is backed by crypto collateral in Bitcoin and Ether and short futures positions on those same assets, enabling the long and short positions to cancel out the price volatility, helping to keep its value at approximately $1.

Ethena’s delta-neutral strategy works well in normal markets but is vulnerable during periods when futures funding rates go negative. 

USDe supply fallsWhile stablecoin circulation has grown in recent years, USDe market capitalization has declined by 70% since its peak in October to around $4.5 billion today, ranking it sixth among stablecoins.  

USDe supply has fallen since the bull market peak. Source: CoinGecko

StablecoinX’s treasury also holds approximately 3 billion Ethena governance tokens (ENA), or around 20% of the total supply, valued at approximately $275 million. The company announced a $360 million capital raise to purchase ENA on Sunday.

However, the asset is currently trading at $0.08, down 94% from its April 2024 all-time high. 

The company has three business lines: a decentralized verifier node (DVN) serving as a cross-chain message verifier for the Ethena ecosystem, a middleware software stack called “Stablecoin Harness” and distribution services, which are currently in development. 

The company says the three businesses reinforce one another, though the broader crypto bear market presents a challenging backdrop for its Nasdaq debut. 

Crypto SPACs and crypto treasuries have had a tough time this year as the broader market has tanked 52%, with $2.3 trillion leaving the space since October and crypto falling out of favor among investors. 

Pre-merger TLGY fell 6.93% on Thursday on OTC markets to end the day trading at $9.40, according to Google Finance data. 

Magazine: AI is banking the unbanked in Africa... faster than crypto

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Multicoin Capital has set a $319 price target for Hyperliquid’s HYPE token by 2028, arguing that the decentralized exchange is evolving into a unified platform for trading crypto and traditional assets.

The target represents roughly five times HYPE’s current price near $63. Multicoin’s base case assumes Hyperliquid will generate about $8 billion in annual earnings by 2028 and trade at a 20 times earnings multiple.

The investment firm said it began accumulating HYPE in February and has made the token one of the largest positions in its liquid fund. Multicoin also adopted a three day no trade policy following publication of the report.

Hyperliquid gains ground on centralized exchanges Multicoin pointed to Hyperliquid’s rapid growth in 2025 as the foundation for its valuation.

The platform generated approximately $873 million in revenue from $2.9 trillion in trading volume. Its user base grew from about 301,000 to 923,000, while open interest increased from $2 billion to $6 billion.

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Hyperliquid now controls more than 59% of open interest across decentralized perpetual futures markets. Its current open interest of approximately $9.6 billion exceeds that of its major onchain competitors combined.

The exchange is also taking share from centralized platforms. Hyperliquid’s monthly perpetual futures volume has reached approximately 17% of Binance’s, while its open interest is equivalent to about 21% of Binance’s.

Multicoin compared Hyperliquid’s growth with Binance’s early trajectory, arguing that the market may be underestimating how quickly liquidity and trading activity can compound around a dominant exchange.

Expansion beyond crypto supports the target HIP-3 is central to Multicoin’s growth thesis. The upgrade allows outside teams to launch perpetual markets for assets including stocks, commodities and equity indexes.

Open interest linked to real world assets has already exceeded $2.9 billion. An officially licensed S&P 500 perpetual contract also generated more than $100 million in daily volume during its first week.

Multicoin expects options, prediction markets, portfolio margining and further integration with HyperEVM applications to expand the platform’s addressable market.

The firm believes these products could turn Hyperliquid into what it calls the “everything exchange,” offering continuous markets across several asset classes.

HYPE buybacks strengthen value capture Approximately 99% of Hyperliquid’s protocol revenue is used to repurchase HYPE, with the acquired tokens effectively removed from circulation.

Hyperliquid also has no separate equity layer and has never raised outside capital. Multicoin argues that this allows the protocol’s economic success to accrue directly to HYPE holders.

The report estimates that Hyperliquid generated approximately $869 million in trailing earnings for token holders. At around $63, HYPE trades at roughly 36 times trailing earnings, or about 30 times after including revenue from its Coinbase and USDC agreement.

Multicoin identified decentralization, regulation, governance, competition and bad debt as key risks. Despite those concerns, the firm expects Hyperliquid’s market share gains, product expansion and token buybacks to support a HYPE price of $319 by 2028.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

Sharplink bought 5,000 ETH worth $7.85 million on Thursday, its first ether acquisition in eight months, according to onchain data cited by analysis provider EmberCN.

EmberCN pointed to Arkham data showing that the Ethereum treasury firm received 5,000 ETH from FalconX. Its last ether purchase was in October 2025, when it obtained 19,270 ETH ($78.3 million).

As of June 21, Sharplink held 876,285 ETH, worth roughly $1.3 billion, according to its website. EmberCN estimated that the company's average acquisition cost stood at $3,609 per ETH, which implies an unrealized loss of about $1.79 billion.

The company has not publicly disclosed the reported ETH purchase. The Block has reached out to Sharplink for confirmation.

Sharplink remains the world's second-largest public ETH treasury company, behind Tom Lee's Bitmine Immersion, which held 5.67 million ETH ($8.7 billion) as of June 14.

Sharplink rebranded from SharpLink Gaming in February as it expanded from traditional ether staking into other onchain yield strategies. The company reported $12.1 million in total revenue in the first quarter of this year, a significant leap from just $742,000 in the same quarter last year.

The treasury firm recently supported the launch of Ethlabs, a nonprofit founded by a group of former Ethereum Foundation researchers to help prepare the network for its "next phase" of institutional adoption. Ethlabs is also backed by Ethereum co-founder and Sharplink Chairman Joe Lubin, as well as Bitmine Immersion.

Expand Chart

Ethereum fell 5% over the past 24 hours to trade at $1,534 as of 10:40 p.m. Thursday, according to The Block's price page. The crypto market saw a broader decline, with bitcoin dropping 3.3% to $58,787. Tether's USDT, meanwhile, surpassed Ethereum's $185.4 billion market cap with $186.1 billion.

Sharplink's Nasdaq-listed shares closed down 3.49% at $4.56 on Thursday. The stock has fallen 26.8% over the past month and 50.4% over the past six months.

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.

© 2026 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.

The founder said all Aave protocol and GHO revenue flows to the AAVE token and that the brand and software belong to holders, responding to a report that Kraken is in talks to buy a 15% stake at a $385 million valuation.

Aave founder Stani Kulechov on Thursday disputed a report that crypto exchange Kraken is in talks to take a stake in the largest decentralized lending protocol, saying the team would not sell its AAVE tokens cheaply.

"First off, there is NO WAY we'd sell AAVE at a 70% discount lol," Kulechov wrote on X, addressing what he called "lots of discussions around Aave." He said an allocation of AAVE held by Aave Labs is what "multiple market participants have discussed purchasing, directly or indirectly, through deeper long-term partnerships," and that "the article's framing is inaccurate."

The valuation at the center of the report sits well below where the market prices the token. CoinDesk reported Thursday that Kraken, part of Payward Inc., was in talks to acquire a 15% stake in Aave at a $385 million valuation, citing three people familiar with the matter. That figure is about 69% below AAVE's roughly $1.24 billion market capitalization, according to CoinGecko data.

Aave is the largest decentralized lending protocol, with about $11.6 billion locked in its main V3 markets, according to DefiLlama.

What Kraken Is Said to Be WeighingThe proposed deal would see Kraken invest 35,000 ether in return for 250,000 AAVE tokens and a 15% common equity stake in Aave Group, according to a document CoinDesk said it reviewed. At current prices, that AAVE allocation is worth about $20 million, per CoinGecko. CoinDesk reported the transaction was worth around $71 million and that Kraken was looking to syndicate it, and described the investment as the first in a series of deals to build out Payward Asset Management.

Kraken's parent has been acquisitive ahead of a planned public listing. In April, Payward agreed to buy crypto derivatives exchange Bitnomial for up to $550 million, and CoinDesk reported in May that the company was raising capital at a $20 billion valuation.

Kulechov's Revenue and Ownership ClaimsKulechov used the post to lay out how Aave directs its income. He said 100% of Aave protocol and GHO stablecoin revenue goes to the AAVE token under the "Aave Will Win" proposal, and that the arrangement extends to product revenue from the Aave App, Aave Pro and Swaps. No protocol or product revenue goes to Aave Labs, which he described as a service provider to the DAO responsible for building and growing Aave.

He said Aave generates $134 million in annualized revenue that flows to the Aave DAO. DefiLlama, which tracks onchain fees, shows Aave produced about $123 million in protocol revenue over the trailing year. Kulechov also said all intellectual property, including the Aave brand and any software built for Aave, belongs to the token.

Kulechov said the team is designing "Aavenomics 3.0," which he said would include a new automated and non-discretionary buyback mechanism, without providing details or timing. He said Aave is building for the broader finance asset market, including tokenized real-world assets, and that "everyone at Aave Labs and Aave DAO works for $AAVE."

AAVE rose about 5% over the 24 hours through Thursday, outpacing a roughly 3% slide in ether over the same period, according to CoinGecko.

The KelpDAO OverhangThe talks come as Aave continues to recover from the largest DeFi exploit of the year. On April 18, an attacker exploited KelpDAO's LayerZero bridge to mint roughly $292 million of unbacked rsETH, then deposited the tokens on Aave and borrowed real assets against them, as The Defiant reported. Aave's own smart contracts were not compromised, but the protocol was left with between $124 million and $230 million in modeled bad debt, according to a later incident report, and its total value locked fell by roughly $10 billion as users withdrew, The Defiant reported. LayerZero attributed the attack to the North Korea-linked Lazarus Group.

Aave coordinated a "DeFi United" relief effort with other protocols to restore rsETH backing, The Defiant reported, and Aave LLC later asked a New York court to vacate a restraining notice on about $71 million in recovered ether frozen by Arbitrum, The Defiant reported.

The reported terms come from a document and three anonymous sources cited by CoinDesk, not from Aave or Kraken, both of which declined to comment or did not respond to that outlet.

Kulechov said Aave will host its quarterly community call in the coming weeks, where the team plans to share updates on its roadmap.

Uniswap received $150 million in stablecoin liquidity from Spark, with the assets set to transition to DualPool, a new custom liquidity hook, according to an announcement on Thursday.

Under the new setup, liquidity providers will be able to earn swap fees while their underlying assets continue generating yield, eliminating the need to choose between the two.

USDS will serve as the initial quoting asset for DualPool, with support for USDT and PYUSD liquidity expected under Spark's coordination framework. The integration is intended to deepen stablecoin liquidity on Uniswap v4 and reduce slippage for traders.

Uniswap expands product suite with token launch infrastructureUniswap Labs has also launched a no-code token auction tool within the Uniswap Web App, allowing projects to create and distribute tokens through onchain auctions without deploying custom smart contracts, according to a statement on Wednesday.

The feature introduces a self-service interface that enables teams to either import an existing token or create a new one and launch token sales directly from the platform.

Auctions will be available in a dedicated section of the Uniswap Web App, the Auctions tab, where participants can submit bids and track activity in real time.

The launch expands Uniswap's product suite beyond decentralized trading and positions the protocol to compete more directly in the token launch market, where platforms such as Pump.fun have dominated in recent years.

CCA model powers onchain price discoveryUniswap’s latest platform is powered by Continuous Clearing Auctions (CCA), a mechanism designed to facilitate transparent and permissionless token distributions through onchain price discovery.

Unlike fixed-price sales or allocation-based launches, CCA continuously clears bids onchain, allowing token prices to adjust according to market demand throughout the auction process. According to Uniswap Labs, the design reduces opportunities for sniping and manipulation while ensuring all successful participants receive tokens at the same final clearing price.

Following an auction's completion, proceeds are automatically used to seed liquidity in Uniswap v4 pools, eliminating the need for projects to manually establish secondary-market liquidity.

The feature is currently available across Ethereum, Base, Arbitrum and Unichain. Projects can also configure advanced settings, including custom liquidity ranges, treasury allocations, participant verification requirements and other launch parameters.

Uniswap Labs highlighted previous deployments of the CCA framework, including Aztec's November token sale, which raised approximately $59 million from more than 17,000 participants.

The CCA contracts have also been reviewed by seven independent auditing firms, including OpenZeppelin and Spearbit, according to the statement.

UNI is trading at $2.85, up 1% over the past 24 hours at the time of writing.

Somewhere between nostalgia for holographic Charizards and the relentless financialization of everything, a billion-dollar market was born. Solana’s onchain trading card game ecosystem has crossed $1 billion in cumulative trading volume, with over 10 billion cards printed across the network’s tokenized collectibles platforms.

The milestone was driven primarily by Collector Crypt, a platform that vaults real graded trading cards and lets users buy packs, reveal cards, trade tokenized assets, and redeem physical copies. The platform alone hit roughly $1.05 billion in cumulative transaction volume by May 20, 2026, approximately 18 months after launching its gacha mechanics in December 2024.

How a gacha mechanic turned cards into a crypto category Gacha spending on Solana hit $230 million in May 2026 alone, setting a new all-time record. The prior month wasn’t exactly quiet either, with April 2026 clocking $184 million in monthly gacha spend.

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Collector Crypt set another record in June 2026: 215,000 tokenized TCG packs opened in a single week. That’s roughly one pack opened every 2.8 seconds for seven straight days.

The platform has also facilitated around 50,000 physical card redemptions and shipments over its 18-month lifespan.

Solana’s quiet dominance in tokenized collectibles Solana has captured 63-64% of global onchain trading card game volume.

Broader onchain TCG trading volumes on Solana reached roughly $20 million weekly by mid-2025 and continued climbing into 2026. Protocol revenue for Collector Crypt alone crossed $50 million by June 2026.

A partnership with Solflare wallet in June 2026 added another growth vector, enabling in-wallet pack openings.

What this means for investors The current trajectory, with monthly gacha spend growing from $184 million in April to $230 million in May, suggests the market hasn’t hit saturation yet.

The $CARDS token, associated with Collector Crypt, has appreciated significantly alongside the platform’s activity growth.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Tokenized stocks trading on Solana reached $553 million in daily volume on June 24, marking a new all-time high for the category. These are tokenized versions of actual equities, trading on a blockchain, at volumes that would make some small-cap stock exchanges jealous.

The milestone caps off a stretch where Solana has quietly, then not so quietly, become the dominant venue for on-chain equity trading. During the week of June 15-21, Solana captured roughly 95-98% of all tokenized equity spot trading volume globally, with weekly volume hitting $1.298 billion.

The category has now reached $10 billion in cumulative transfer volume, and Solana is running the table.

What’s actually driving the volume The biggest name in this space right now is Backpack, which offers tokenized shares of companies including SpaceX through its SPCX token. On certain peak days, SPCX alone has exceeded $100 million in trading volume.

SpaceX is a particularly interesting case study here. It’s one of the most sought-after private companies on Earth, and traditional retail investors have essentially zero access to its shares. Tokenization changes that equation entirely, offering fractional ownership of an asset that was previously locked behind private market gates.

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Sunrise DeFi is another platform contributing to the momentum, and together these protocols are building out the infrastructure that makes 24/7 trading and DeFi integration possible. In English: you can trade a tokenized stock at 2 AM on a Sunday and potentially use it as collateral in a lending protocol.

The monthly volume across all chains for tokenized equities hit a record $5.3 billion in May 2026. Solana’s share of that pie has only grown since, suggesting June will comfortably surpass the previous month’s record.

Why Solana, and why now Solana’s dominance in this category isn’t accidental. The chain’s low transaction costs and high throughput make it naturally suited for the kind of frequent, smaller-sized trades that characterize retail equity participation. If you’re buying $50 worth of a tokenized stock, paying $15 in gas fees on Ethereum makes the trade economically absurd. On Solana, that friction essentially disappears.

Fractional ownership removes the barrier of high share prices. Round-the-clock trading removes the constraint of market hours. DeFi composability adds utility that a brokerage account simply doesn’t provide.

Unique wallets holding tokenized stocks on Solana have increased dramatically in recent periods, suggesting that the volume surge isn’t just a handful of whales churning positions. It reflects genuine broadening of the user base.

What this means for investors The $553 million daily volume figure matters because it represents a threshold. Tokenized equities on Solana are approaching volumes that demand attention from both traditional finance and crypto-native investors.

For the Solana ecosystem specifically, this is a significant narrative shift. The chain has spent much of the past two years associated with memecoin speculation and high-velocity token launches. Tokenized stocks represent the opposite end of the spectrum: real-world assets, relatively stable value propositions, and use cases that traditional investors can immediately understand.

There are real risks to watch. Regulatory clarity around tokenized securities remains a work in progress across most jurisdictions. The question of what legal rights a tokenized stock actually confers versus holding a share through a traditional transfer agent is not fully settled.

The concentration risk is also worth noting. When one chain handles 95-98% of a category’s volume, any Solana-specific issue becomes a systemic risk for the entire tokenized equity market. Diversification across chains hasn’t happened yet, and until it does, this remains a single point of failure that sophisticated investors should factor into their positioning.

Cumulative volume crossing $10 billion, monthly records being broken in consecutive months, and wallet counts expanding all point in one direction. Tokenized equities are transitioning from a niche crypto experiment to a genuine alternative market structure, and Solana is the venue where that transition is playing out in real time.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.