Market Signal Briefing

SAP SE (NYSE:SAP) Q3 2025 Earnings Call October 22, 2025 5:00 PM EDT

Company Participants

Alexandra Kasper Steiger - Global Head of Investor Relations
Christian Klein - CEO & Member of Executive Board
Dominik Asam - CFO & Member of Executive Board

Conference Call Participants

Toby Ogg - JPMorgan Chase & Co, Research Division
Mohammed Moawalla - Goldman Sachs Group, Inc., Research Division
Michael Briest - UBS Investment Bank, Research Division
Mark Moerdler - Sanford C. Bernstein & Co., LLC., Research Division
Adam Wood - Morgan Stanley, Research Division
Ben Castillo-Bernaus - BNP Paribas Exane, Research Division
Frederic Boulan - BofA Securities, Research Division
Jackson Ader - KeyBanc Capital Markets Inc., Research Division
Charles Brennan - Jefferies LLC, Research Division
Michael Turrin - Wells Fargo Securities, LLC, Research Division
Johannes Schaller - Deutsche Bank AG, Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the SAP Q3 2025 Financial Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Alexandra Steiger, Global Head of Investor Relations. Please go ahead.

Alexandra Kasper Steiger
Global Head of Investor Relations

Good evening, everyone, and welcome. Thank you for joining us. With me today are CEO, Christian Klein; and CFO, Dominik Asam. On this call, we will discuss SAP's third quarter '25 results.

You can find the deck supplementing this call as well as our quarterly statement on our Investor Relations website. During this call, we will make forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to differ materially.

Additional information regarding these risks and uncertainties may be found in our filings with the SEC, including, but not limited to, the Risk Factors section of our

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LEAWOOD, Kan., Oct. 22, 2025 (GLOBE NEWSWIRE) --  Euronet (“Euronet” or the “Company”) (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, announced today third quarter 2025 financial results.

Euronet reports the following consolidated results for the third quarter 2025 compared with the same period of 2024:      

Revenues of $1,145.7 million, a 4% increase from $1,099.3 million (1% increase on a constant currency1 basis).Operating income of $195.0 million, a 7% increase from $182.2 million (2% increase on a constant currency basis).Adjusted EBITDA2 of $244.6 million, an 8% increase from $225.7 million (4% increase on a constant currency basis).Net income attributable to Euronet of $122.0 million, or $2.75 diluted earnings per share, compared with $151.5 million, or $3.21 diluted earnings per share.Adjusted earnings per share3 of $3.62, a 19% increase from $3.03. See the reconciliation of non-GAAP items in the attached financial schedules.  

“Euronet’s commitment to innovation and global expansion continues to drive our success with recent Ren deployments, Dandelion sales momentum and the pending acquisition of CoreCard – all accelerating our digital transformation.  Through Dandelion, we’re enhancing Euronet’s global money network with stablecoin innovation — which will enable businesses and consumers to move value seamlessly between digital assets and local fiat currencies. Our on- and off-ramp capabilities will make stablecoins practical, connecting blockchain digital assets to real-world payments liquidity in over 200 countries.” said Michael J. Brown Euronet’s Chairman and Chief Executive Officer. “While we anticipated more robust revenues in the quarter, we’ve seen stronger economic and immigration pressure across the globe. Nonetheless, with 19% third quarter adjusted earnings per share growth, together with expectations for a similarly strong fourth quarter earnings finish, we are well positioned to deliver earnings in line with our previously provided adjusted earnings per share growth range of 12% to16% year-over-year.”

Segment and Other Results

The EFT Processing Segment reports the following results for Q3 2025 compared with the same period or date in 2024:   

Revenues of $409.4 million, a 10% increase from $373.0 million (5% increase on a constant currency basis).Operating income of $128.1million, a 9% increase from $117.3 million (4% increase on a constant currency basis).Adjusted EBITDA of $154.7 million, a 9% increase from $142.1 million (4% increase on a constant currency basis).Total of 57,534 installed ATMs as of September 30, 2025, a 4% increase from 55,292. We operated 56,431 active ATMs as of September 30, 2025, a 4% increase from 54,020 as of September 30, 2024. The EFT segment continued its strategic expansion with banking services, merchant acquisitions, and product launches across key markets including the U.S., Europe, and Asia. The EFT segment revenue, operating income and adjusted EBITDA grew from expansion of banking services and merchant acquiring despite certain economic pressures. The segment strengthened its Ren platform sales and digital services through agreements with leading banks in India, Indonesia, Pakistan, and the Philippines—positioning for continued long-term growth.

The epay Segment reports the following results for the Q3 2025 compared with the same period or date in 2024:

Revenues of $286.5 million, a 1% decrease from $290.3 million (5% decrease on a constant currency basis).Operating income of $31.0 million, a 7% increase from $29.1 million (4% increase on a constant currency basis).Adjusted EBITDA of $32.5 million, a 5% increase from $31.0 million (2% increase on a constant currency basis).Transactions of 1,148 million, a 2% increase from 1,126 million.POS terminals of approximately 712,000 as of September 30, 2025, a 2% increase from 701,000*.Retailer locations of approximately 346,000 as of September 30, 2025, a 2% increase from 339,000*. *Amounts were restated from previously reported amounts to be comparable to the current presentation

epay Constant currency operating income and adjusted EBITDA growth was attributable to continued payments growth and expansion of branded content distribution, predominantly from the gaming category. The revenue decline on a constant currency basis was primarily due to the discontinuation of a mobile activation product in the United States, which had a minimal impact on earnings.

The Money Transfer Segment reports the following results for the Q3 2025 compared with the same period or date in 2024:   

Revenues of $452.4 million, a 3% increase from $438.2 million (1% increase on a constant currency basis).Operating income of $59.3 million, a 2% increase from $58.1 million (2% decrease on a constant currency basis).Adjusted EBITDA of $65.9 million, a 3% increase from $64.1 million (1% decrease on a constant currency basis).Total transactions of 46.0 million, a 2% increase from 45.1 million.Total digital transactions of 6.05 million, a 32% increase from 4.58 million.Network locations of approximately 638,000 as of September 30, 2025, a 7% increase from approximately 595,000. The Money Transfer segment revenue growth reflects its digital transformation through strategic partnerships with leading wallets, banks and fintechs across Asia-Pacific, Latin America, and Africa, despite certain economic pressures and immigration policy changes. Moreover, operating income and adjusted EBITDA reflect year-over-year investments in its digital and Dandelion products. Money transfer maintained strong momentum through its customer-centric omnichannel approach and global reach.

Corporate and Other reports $23.4 million of expense for the third quarter 2025 compared with $22.3 million for the third quarter 2024. The increase in corporate expenses is largely from the increase in long-term share-based compensation.

Balance Sheet and Financial Position
Unrestricted cash and cash equivalents on hand was $1,172.5 million as of September 30, 2025, compared to $1,329.3 million as of June 30, 2025. Total indebtedness was $2,305.3 million as of September 30, 2025, compared to $2,438.1 million as of June 30, 2025. Availability under the Company's revolving credit facilities was approximately $1.8 billion as of September 30, 2025. 

During the third quarter of 2025, Euronet successfully completed a $1.0 billion senior convertible notes offering bearing interest at 0.625%, with the notes maturing on October 1, 2030. The proceeds from the offering were used to repay outstanding borrowings under the Company’s revolving credit facility.

The decrease in net cash is largely the result of share repurchases of 1.3 million shares offset by cash generated from operations, cash returned from ATMs following the summer season and working capital fluctuations during the third quarter.

Outlook
Taking into consideration recent trends in the business and the global economy, the Company anticipates its 2025 adjusted EPS will grow 12% to 16% year-over-year, consistent with its 10- and 20-year compounded annualized growth rates. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.

Non-GAAP Measures
In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, operating income, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company's performance and overall results of operations. These non-GAAP measures are also an integral part of the Company's internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company's reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.  

(1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company's results when compared to the prior period.

(2) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.

(3) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash investment gain, f) non-cash impairment, g) other non-operating or non-recurring items and h) dilutive shares related to the Company's convertible notes. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure. 

Conference Call and Slide Presentation
Euronet Worldwide will host an analyst conference call on October 23, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company's operations, forward-looking information, and other material information about business and financial matters.  To listen to the call via telephone please register at Euronet Worldwide Third Quarter 2025 Earnings Call. The conference call and accompanying slide show presentation will be accessible via webcast by following the link posted on http://ir.euronetworldwide.com.  Participants should register at least five minutes prior to the scheduled start time of the event.  A slideshow will be included in the webcast.

A webcast replay will be available beginning approximately one hour after the event at http://ir.euronet worldwide.com and will remain available for one year.

About Euronet Worldwide, Inc.
A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. Visit the company's website at www.euronetworldwide.com.

Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 57,534 installed ATMs, approximately 592,000 EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 69 countries; card software solutions; a prepaid processing network of approximately 712,000 point-of-sale terminals at approximately 346,000 retailer locations in 65 countries; and a global money transfer network of approximately 638,000 locations serving 199 countries and territories with digital connections to 4.1 billion bank accounts, 3.4 billion digital wallet accounts and 4.0 billion Visa debit cards through Visa Direct payments. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the company's website at www.euronetworldwide.com.

Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement’), dated as of July 30, 2025, by and among CoreCard, Euronet and Genesis Merger Sub Inc. (the “Transaction”), including the expected timing of the closing of the Transaction; future financial and operating results; benefits and synergies of the Transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Merger Agreement; the issuance of common stock of Euronet contemplated by the Merger Agreement; the ability of the parties to complete the proposed Transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Euronet and CoreCard, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that CoreCard’s shareholders may not approve the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of Euronet’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or Euronet to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and Euronet’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including: conditions in world financial markets and general economic conditions; inflation; the war in Ukraine and the related economic sanctions; and military conflicts in the Middle East.

These risks, as well as other risks related to the proposed Transaction, are described in the Registration Statement that was with the SEC in connection with the proposed Transaction. While the list of factors presented here and the list of factors presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. Euronet regularly posts important information to the investor relations section of its website. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.

Important Information for Investors and Stockholders
In connection with the proposed transaction, Euronet has filed with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of CoreCard that also constitutes a prospectus of Euronet, and any other documents in connection with the transaction. The Registration Statement has been declared effective by the SEC and the definitive proxy statement/prospectus has been mailed to the holders of common stock of CoreCard. INVESTORS AND SHAREHOLDERS OF CORECARD AND EURONET ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EURONET, CORECARD, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by Euronet or CoreCard with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by Euronet, including the registration statement and the proxy statement/prospectus, on Euronet’s website at https://ir.euronetworldwide.com/for-investors, and may obtain free copies of documents that are filed or will be filed with the SEC by CoreCard, including the proxy statement/prospectus, on CoreCard’s website at https://investors.CoreCard.com/. The information included on, or accessible through, Euronet’s or CoreCard’s website is not incorporated by reference into this press release.

No Offer or Solicitation
This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation
Euronet and CoreCard and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from CoreCard’s shareholders in connection with the proposed Transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, is included in the proxy statement/prospectus relating to the proposed Transaction filed with the SEC. Information regarding Euronet’s directors and executive officers is contained in the definitive proxy statement, dated April 4, 2025, for its 2025 annual meeting of stockholders, and in Euronet’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information regarding CoreCard’s directors and executive officers is contained in CoreCard’s definitive proxy statement, dated April 14, 2025, for its 2025 annual meeting of shareholders, and CoreCard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information regarding ownership of Euronet’s securities by its directors and executive officers, and of ownership of CoreCard’s securities by its directors and executive officers, is included in each such person’s SEC filings on Forms 3 and 4. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Important Information for Investors and Stockholders.”

 EURONET WORLDWIDE, INC.

 Condensed Consolidated Balance Sheets (in millions) As of   September 30, As of 2025 December 31, (unaudited) 2024ASSETS     Current assets:     Cash and cash equivalents$1,172.5 $1,278.8ATM cash 848.4  643.8Restricted cash 44.2  9.2Settlement assets 1,555.9  1,522.7Trade accounts receivable, net 297.2  284.9Prepaid expenses and other current assets 323.2  297.1Total current assets 4,241.4  4,036.5      Property and equipment, net 366.8  329.7Right of use lease asset, net 150.7  132.1Goodwill and acquired intangible assets, net 1,149.0  1,048.1Other assets, net 367.5  288.1Total assets$6,275.4 $5,834.5      LIABILITIES AND EQUITY     Current liabilities:     Settlement obligations$1,555.9 $1,522.7Accounts payable and other current liabilities 829.9  841.0Current portion of operating lease obligations 54.2  48.3Short-term debt obligations 1,233.2  814.0Total current liabilities 3,673.2  3,226.0      Debt obligations, net of current portion 1,071.3  1,134.4Operating lease obligations, net of current portion 100.3  87.4Capital lease obligations, net of current portion 0.8  1.4Deferred income taxes 59.9  71.8Other long-term liabilities 91.3  84.3Total liabilities 4,996.8  4,605.3Total equity 1,278.6  1,229.2Total liabilities and equity$6,275.4 $5,834.5 EURONET WORLDWIDE, INC.Consolidated Statements of Operations(unaudited - in millions, except share and per share data) Three Months Ended September 30, 2025  2024 Revenues$1,145.7  $1,099.3       Operating expenses:     Direct operating costs, exclusive of depreciation 643.9   634.0 Salaries and benefits 187.4   169.6 Selling, general and administrative 84.6   80.6 Depreciation and amortization 34.8   32.9 Total operating expenses 950.7   917.1 Operating income 195.0   182.2       Other income (expense):     Interest income 6.2   6.5 Interest expense (22.5)  (24.2)Foreign currency exchange gain, net 0.1   27.4 Other income 1.4   16.5 Total other expense, net (14.8)  26.2 Income before income taxes 180.2   208.4       Income tax expense (55.1)  (56.8)      Net income 125.1   151.6 Net loss attributable to noncontrolling interests (3.1)  (0.1)Net income attributable to Euronet Worldwide, Inc.$122.0  $151.5 Add: Interest expense from assumed conversion of convertible notes, net of tax 1.0   1.1 Net income for diluted earnings per share calculation$123.0  $152.6 Earnings per share attributable to Euronet     Worldwide, Inc. stockholders - diluted$2.75  $3.21       Diluted weighted average shares outstanding 44,809,457   47,554,606   EURONET WORLDWIDE, INC.Reconciliation of Net Income to Operating Income (Expense) and Adjusted EBITDA (unaudited - in millions) .

 Three months ended September 30, 2025 EFT ProcessingepayMoney TransferCorporate ServicesConsolidatedNet income            $125.1               Add: Income tax expense             55.1Add: Total other expense, net             14.8               Operating income (expense)$128.1 $31.0 $59.3 $(23.4) $195.0Add: Depreciation and amortization 26.6  1.5  6.6  0.1   34.8Add: Share-based compensation —  —  —  14.8   14.8Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA)$154.7 $32.5 $65.9 $(8.5) $244.6 .

 Three months ended September 30, 2024 EFT ProcessingepayMoney TransferCorporate ServicesConsolidatedNet income            $151.6                Add: Income tax expense             56.8 Add: Total other income, net             (26.2)               Operating income (expense)$117.3 $29.1 $58.1 $(22.3) $182.2 Add: Depreciation and amortization 24.8  1.9  6.0  0.2   32.9 Add: Share-based compensation —  —  —  10.6   10.6 Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA)(1)$142.1 $31.0 $64.1 $(11.5) $225.7       (1)  Adjusted EBITDA is a non-GAAP measure that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP.

 EURONET WORLDWIDE, INC. Reconciliation of Adjusted Earnings per Share (unaudited - in millions, except share and per share data)  Three Months Ended September 30, 2025  2024 Net income attributable to Euronet Worldwide, Inc.$122.0  $151.5       Foreign currency exchange gain (0.1)  (27.4)Intangible asset amortization (1) 4.9   5.1 Share-based compensation (2) 14.8   10.6 Income tax effect of above adjustments (3) (2.8)  4.9 Non-cash investment gain —   (16.9)Non-cash impairment (4) 1.8   — Non-cash GAAP tax expense (5) 7.7   8.8       Adjusted earnings (6)$148.3  $136.6       Adjusted earnings per share - diluted (6)$3.62  $3.03       Diluted weighted average shares outstanding (GAAP) 44,809,457   47,554,606 Effect of adjusted EPS dilution of convertible notes (4,112,023)  (2,781,818)Effect of unrecognized share-based compensation on diluted shares outstanding 310,448   320,885 Adjusted diluted weighted average shares outstanding 41,007,882   45,093,673  (1) Intangible asset amortization of $4.9 million and $5.1 million are included in depreciation and amortization expense of $34.8 million and $32.9 million for both the three months ended September 30, 2025 and September 30, 2024, in the consolidated statements of operations.

(2) Share-based compensation of $14.8 million and $10.6 million are included in salaries and benefits expense of $187.4 million and $169.6 million for the three months ended September 30, 2025 and September 30, 2024, respectively, in the consolidated statements of operations.

(3) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates. 

(4) Non-cash impairment of $1.8 million is included in other expenses and net loss attributable to noncontrolling interest in the consolidated statement of operations.

(5) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.

(6) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP. 

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The cryptocurrency market has witnessed remarkable growth as Bitcoin (BTC) and Ripple (XRP) regain investor attention. Amid increasing volatility, retail and institutional investors are exploring more stable avenues for participating in the digital asset ecosystem.

Key Takeaways
Why are Binance investors shifting from Futures to the Spot market?
After heavy liquidations, investors grew cautious—spot trading volumes surged to $5–10B daily.

What does the drop in Binance’s Exchange Supply Ratio mean for Bitcoin?
The ESR hitting 2022 lows (0.03) shows reduced short-term supply and stronger holding behavior, often seen before major BTC recoveries.

Since hitting $116k following the recent crash, Bitcoin [BTC] has struggled to keep an upward momentum. As of this writing, Bitcoin was trading at $107,716, marking a 4.08% decline over the last week.

Amid this market bearish trend, investors have turned cautious and shifted from the Futures market to the Spot market. 

Traders in the Spot market make a comeback
According to Darkfost, after a cascade of forced liquidation on the 11th of October, investors have deserted Futures and returned to Spot. 

In fact, since the 10th of October, cumulative spot volume has surged and stabilized between $5 billion and $10 billion daily. 

Source: Cryptoquant

Previously, especially in September, volume ranged between $3 billion and $5 billion. Such a massive surge indicates renewed interest in Spot trading, reflecting investors’ cautious approach. 

On top of that, Bitcoin’s Supply Ratio on Binance has declined to 0.03, hitting the lowest levels since mid-2022. 

Such a decline suggests that the short-term supply available for sale is steadily decreasing, a recipe for reduced selling pressure. 

Source: CryptoQuant

Historically, a decline in ESR has indicated a shift in large holders’ market behavior, as they turn to accumulation.

Often, this pattern aligns with the late accumulation phases of market cycles, with long-term investors raising their holdings.

Therefore, investors returning to the spot market could lay the ground for another and more sustainable bullish recovery. 

Historically, previous market cycles have indicated that a period of spot accumulation precedes price recovery. 

But what’s holding BTC behind?
Interestingly, while investors have returned to the spot to accumulate, resulting in lower ESR, whales and sharks remain indifferent. 

Inasmuch as so, the Exchange Whale Ratio has surged to a monthly high of 0.556, suggesting that large holders are actively depositing Bitcoin to exchanges.

Source: CryptoQuant

This selling spree is particularly led by those holding 100 to 1k BTC (sharks), whose Exchange Balance Change remained elevated around 117k BTC. 

Source: Checkonchain

Additionally, the Bitcoin Fund Flow Ratio has spiked to 0.11, further validating our early observation on increased exchange participation. 

Source: CryptoQuant

Historically, higher flow into exchanges, especially from large entities, has preceded poor price performance.

This is because exchange deposits cause downward pressure if demand fails to keep pace and absorb them.

A break or breakout?
According to AMBCrypto, Bitcoin is experiencing a fierce battle between bulls and bears for market control.

While investors on Binance have returned to accumulate, spending elsewhere, especially from whales, remains elevated.

These two conflicting forces leave the market at a crossroads and signal a potential prolonged consolidation. Therefore, if these conditions persist, we could see BTC trade within a thin margin between $106,071 and $114,039.

Conversely, if the demand picking up on Binance holds up and absorbs the arising sell pressure, BTC could breach these levels and target $116k.

According to Tether executive Paolo Ardoino, the stablecoin USDT has reached 500 million users worldwide. The figure was posted on his social feed. Based on reports, that user base would represent about 6.25% of the global population. At the same time, USDT’s circulating supply is reported to be roughly $182 billion.

Tether Reports 500 Million Users
The announcement came in a short social post from Ardoino celebrating the milestone. It’s the “biggest financial inclusion achievement” in history, he said.

The company frames this as a major step for financial access, pointing to broad use in markets where traditional banking is limited. The method used to count “users” has not been made public, and the figure appears to be self-reported by Tether.

Tether USDT reached officially 500 million users!

Likely the biggest financial inclusion achievement in history. https://t.co/jbmnMDwidi

— Paolo Ardoino 🤖 (@paoloardoino) October 21, 2025

Use Patterns In Emerging Markets
In several emerging economies, market participants say stablecoins are used for more than trading. They are used for cross-border payments, local transfers, and as a quick store of value when local currencies fall in value.

Based on reports, people and businesses often move money into USDT to avoid volatility in their own currencies. That practical use is part of why the company emphasizes the inclusion angle.

Total crypto market cap currently at $3.6 trillion. Chart: TradingView
Market Size And Supply Figures
USDT’s reported $182 billion supply places it among the largest stablecoins in circulation. Analysts tracking on-chain data note that a large portion of stablecoin flows still occur on major blockchains and centralized exchanges.

Verification And Counting Caveats
The 500 million claim has raised questions from industry observers and some analysts. How a “user” is defined is unclear: It wasn’t fully disclosed in detail if it is a unique person, a wallet address, an account on a partner platform, or an aggregate of multiple identifiers.

Reports emphasize that without detailed methodology, outside verification is limited. The number should be viewed as a company figure that signals scale, but not as an independently audited headcount.

Global Reach And Inclusion Claims
Tether positions the milestone as a financial inclusion success. If even a portion of the 500 million are new entrants to digital finance, that would be significant.

Meanwhile, regulators in several jurisdictions are watching stablecoins more closely. That scrutiny could affect how stablecoins are used in payments and remittances going forward.

Featured image from Unsplash, chart from TradingView

The composition of the market certainly raises questions, as no clear direction can be choosen at this point in time, especially if we take into consideration the fact that Bitcoin has not yet recovered. Altcoins are also lagging behind: Ethereum is back to bleeding out, Shiba Inu might form a third leg down and XRP is clearly struggling in the short term, with a better outlook in the midterm.

Shiba Inu's strong recovery baseIt appears that Shiba Inu is finally gaining traction after weeks of unrelenting sales. The meme coin may be forming a strong base for a recovery after touching a critical three-point support zone. The psychologically significant $0.000010 level, which has historically served as both support and resistance in previous consolidation phases, is currently just below SHIB’s trading level of $0.0000099.

SHIB’s chart clearly demonstrates the exhaustion of selling momentum as viewed from a technical standpoint. The asset has made three trips back to this lower range in the last month, possibly creating a triple-bottom structure — a pattern frequently linked to accumulations or reversals.

HOT Stories

SHIB/USDT Chart by TradingViewIn addition, trading volume has begun to level off following the steep spike in liquidations that occurred during the crash in early October, indicating that buyers may be quietly taking over as sellers may be losing ground.

Another clue that SHIB may be on the verge of hitting a short-term bottom is the Relative Strength Index (RSI), which is currently hovering around 37 and is close to oversold territory. The price is still below significant moving averages such as the 50-, 100- and 200-day ones, which are currently serving as overhead resistance between $0.0000112 and $0.0000131.

A brief relief rally toward the $0.0000105-$0.0000110 region might be triggered by a break above those levels. However, there may be greater downside risk if this emerging support is not held. The next important area to keep an eye on if SHIB drops below $0.0000095 is $0.0000088, where the prior long-term trendline may reengage.

After a harsh correction, the market structure currently indicates that SHIB is trying to lay a new foundation. It may serve as the launching pad for a subsequent upward leg if the triple-touch structure holds, but confirmation will rely on whether volume and market confidence pick back up in the days ahead.

XRP's structure got crackedIt appears that XRP is preparing for a significant breakout following a tumultuous few weeks. The narrowing triangle pattern, a technical structure that frequently precedes a strong move in either direction, has been the token’s consolidation pattern.

XRP, which is currently trading close to $2.38, looks to be completing this setup which, if bullish momentum returns, could act as a volatility springboard toward the $3 mark. The daily chart shows that the price of XRP has been continuously compressing between horizontal support and a descending resistance line around $2 and $20.

The pattern indicates that traders are awaiting a clear move as volatility is decreasing. When the price closes firmly outside the upper boundary, such symmetrical triangles have historically produced breakouts, which are usually followed by an increase in trading volume. XRP may start a rally toward the psychological barrier of $3 if it can break above the $2.60-$2.70 resistance zone.

This would be in line with the 50-day and 100-day moving averages, which are currently above the price. A strong breakout would also change the market’s attitude, which is still cautious after a sharp flash crash earlier this month and a recent 50% volume drop.

Given that the Relative Strength Index (RSI) is close to 39, it appears that XRP is not yet overbought, allowing for an upward extension should momentum pick up speed. This consolidation phase is crucial for XRP’s next direction, though, as failure to hold support at $2.20 could invalidate the pattern and push the asset toward $2.00 or even $1.70.

To put it simply, XRP is at a turning point that may affect its course in the near future. The current stagnation could become a strong bullish reversal, with a confirmed breakout from the forming triangle, paving the way for a possible rally toward $3 in the coming weeks.

Ethereum's ground is goneAfter multiple failed attempts to keep momentum above the $4,000 mark, Ethereum looks to be losing ground. Given the asset’s recent performance, $3,500, a crucial support level that is in line with the 200-day moving average on the chart, might be the next sensible stop.

After several rejections at $4,200, a resistance zone supported by the 50-day and 100-day moving averages, ETH has begun to experience increasing selling pressure and is currently trading close to $3,880. Because of this resistance cluster, the region is now a strong supply zone, making Ethereum susceptible to further declines.

Before ETH hits oversold territory, there is still potential for further decline, as indicated by the Relative Strength Index (RSI), which is neutral but leaning bearish at about 40. This indicates waning market participation and that buyers are not yet prepared to defend higher levels, especially when combined with dwindling trading volume.

Not only does the $3,500 level have historical significance but it also aligns with the 200-day moving average, a long-term trend indicator that frequently determines whether an asset is still in a macro uptrend, making it the next important line of defense. Ethereum may use this level as a launching pad for a recovery back toward the $3,900-$4,000 range if it can hold.

In the medium term, though, a clear breakdown below $3,500 might hasten losses toward $3,200 or even $3,000, indicating a possible trend reversal for Ethereum. Ethereum’s course is currently obvious, as the price is moving in the direction of its most dependable support level.

In the days ahead, it will become clear if bulls can defend at $3,500 or if ETH’s present weakness develops into a more significant correction.

Ripple’s Chief Technology Officer, David Schwartz, has addressed mounting speculation surrounding his involvement with Evernorth, a newly established XRP-focused treasury firm that plans to raise over $1 billion through a Nasdaq listing. The project, formed via a merger with Armada Acquisition Corp II, aims to function similarly to corporate bitcoin treasuries—strategically acquiring XRP from the open market and holding it as a long-term asset to stabilize liquidity and market value.

Evernorth has quickly captured attention across the crypto industry due to its ambitious scale and strong alignment with the XRP ecosystem. Its goal is to strengthen XRP’s market presence by providing a structured investment vehicle dedicated exclusively to the cryptocurrency. The initiative comes amid renewed interest in XRP’s utility and long-term price potential, as institutions explore new ways to gain exposure to blockchain-based financial instruments.

Following the announcement, reports surfaced suggesting Schwartz would “join” the venture. However, the Ripple CTO swiftly clarified his position, confirming that his role would be strictly advisory and limited in duration. Schwartz emphasized that his involvement does not extend beyond offering short-term strategic insight and that he remains fully committed to his responsibilities at Ripple. “My advisory work with Evernorth will be temporary and won’t interfere with my duties at Ripple,” he stated, addressing concerns about potential conflicts of interest.

The clarification helped quell speculation while reinforcing Ripple’s ongoing focus on innovation within the XRP Ledger ecosystem. As Evernorth moves forward with its billion-dollar fundraising ambitions, the market will closely watch how its strategy influences XRP’s liquidity and long-term adoption.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

T. Rowe Price, one of America’s most established investment firms with over $1.68 trillion in assets under management, has officially entered the cryptocurrency market with its first actively managed crypto exchange-traded fund (ETF). The firm recently filed for the T. Rowe Price Active Crypto ETF with the U.S. Securities and Exchange Commission (SEC), marking its debut in the digital asset investment space.

According to the SEC filing, the ETF aims to outperform the FTSE Crypto U.S. Listed Index, which tracks the ten largest digital assets by market capitalization. The fund will be traded on NYSE Arca and hold between five and fifteen crypto assets at a time, allowing managers to adjust holdings based on market trends and valuations.

Primary holdings will include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP, with the flexibility to add other top cryptocurrencies such as Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Dogecoin (DOGE), and Chainlink (LINK). Additionally, the ETF can utilize stablecoins like USDC for liquidity and operational management — a feature that enhances its active trading strategy.

This ETF marks T. Rowe Price’s first direct investment product in cryptocurrencies, expanding beyond its traditional stronghold in mutual funds and retirement portfolios. The company’s operations and custody will be managed by T. Rowe Price Sponsor LLC, meaning investors won’t have the same protections offered by mutual funds.

Bloomberg analyst Eric Balchunas described the filing as a “semi-shock,” noting that T. Rowe Price is among the top five active fund managers globally. He added that the move reflects a growing “land rush” among major financial institutions eager to establish their presence in the fast-growing crypto ETF market.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Tony Kim
Oct 23, 2025 01:20

XRP price prediction suggests a potential rally to $3.60 following key Fibonacci support, as institutional interest grows with Ripple's Evernorth deal.

Ripple's XRP is currently attracting significant attention from the crypto market, with price predictions indicating a potential surge to $3.60. This expectation follows a notable rebound from a key Fibonacci retracement level, as reported by CryptoNews.

Institutional Interest Rises with Evernorth XRPN
Ripple's strategic partnership with Evernorth is driving increased institutional demand for XRP. Over 11 companies are reportedly preparing to integrate XRP into their financial treasuries, collectively exceeding $2 billion. This move is spearheaded by Ripple's recent Evernorth announcement. Notably, Japan's largest banking group, SBI, has confirmed its investment in Evernorth XRP, joined by GUMI with an investment of approximately $17 million.

The growing interest positions XRP as a potential global reserve asset, with companies progressively adding it to their reserves.

XRP Price Prediction: Fibonacci Retracement and Market Dynamics
Currently trading around $2.40, XRP has experienced a 10% increase since its recent low. The weekly chart reveals that the price has rebounded from the 0.618 Fibonacci level, a critical area where buyers typically exert significant influence. This rebound suggests that the recent pullback may have concluded, with renewed buyer momentum potentially driving the price toward a cycle high of $3.60.

Technical indicators support this bullish outlook, with the weekly chart maintaining a pattern of higher highs and higher lows despite XRP's volatility. The price has also shown resilience by bouncing back strongly from the flash crash zone, reducing the likelihood of another dip.

MAXI DOGE: A Rising Star in the Memecoin Sector
As institutional capital flows into XRP, the broader market is poised for its next significant shift. One emerging contender is MAXI DOGE, a memecoin gaining traction with its unique tokenomics and practical utility. Offering staking rewards with up to 82% APY, MAXI DOGE is attracting attention from both retail investors and early adopters.

The presale of MAXI DOGE has already raised over $3.7 million, indicating robust demand and positioning it as a leading player in the upcoming memecoin wave. Combining culture, liquidity, and market hype, MAXI DOGE is strategically placed to capture market interest as conditions evolve.

Image source: Shutterstock

xrp
cryptocurrency
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Arthur Hayes delivered a scathing critique of Japan's stimulus while reaffirming his ultra-bullish $1 million bitcoin outlook, citing fiat instability, relentless yen weakness, inflation concerns, and rising confidence in decentralized financial systems.

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Crypto analyst Steph has presented an interesting comparison between XRP’s 2017 bull run and its current 2025 market structure in a post on the social media platform X. 

The post, which was captured with “The $XRP playbook,” noted a repetition of its early accumulation phase that preceded its massive breakout eight years ago. The technical analysis places 2017’s surge beside the altcoin’s ongoing consolidation around the $2 price level, predicting that the cryptocurrency could be entering a familiar setup for another explosive rally.

XRP Might Repeat The 2017 Blueprint
XRP’s price action in the past few days has been defined by the cryptocurrency looking to break past $2.5. This move comes off the back of a flash crash last week, which caused the altcoin’s price to create a strong downside wick on the daily timeframe. This downside wick, on the other hand, was a quick break to the downside amidst an its price consolidation that has been dragging on since July.

Interestingly, dialing the price action many years back shows XRP has played out a similar pattern like this before. Back in 2017, the token spent months trading sideways before springing into an extraordinary vertical rally that turned it into one of the best-performing cryptocurrencies of that bull cycle. 

This trend, which was also noted in a technical analysis post by STEPH IS CRYPTO on X, looks at the possibility of the token repeating this rally again. The left side of Steph’s chart captures the 2017 price action vividly: a slow accumulation in early March followed by an almost parabolic ascent that pushed the price from fractions of a cent to above $3 within months. 

Source: Chart from STEPH IS CRYPTO on X
The chart highlights how the upward curvature that began around February 2017 served as the launchpad for XRP’s historic surge. By framing this as the “playbook,” Steph implies that history could be on the verge of rhyming once more.

2025 Setup: The Calm Before The Storm
The right side of the chart image above shows XRP’s 2025 daily chart mirroring that 2017 accumulation curve. The token has been oscillating around mid $2 to form what looks like a rounded bottom pattern. The annotation points to November/December as the potential turning point.

Steph’s projected path shows the token consolidating between $2.5 and $3 for the next few weeks before entering a strong vertical climb. The projection shows XRP breaking above $3 and then going on a climb that takes it far above its current price levels. The projection line on the chart extends toward $24. This means if the 2017-style pattern repeats, the altcoin could experience an unprecedented price appreciation that brings its new price range above $20. 

Steph isn’t the first analyst to look at similarities to the playbook in 2017. A similar outlook from a crypto analyst known as ChartNerd predicted a breakout to $13.5 if XRP repeats the 2017 rally.

XRP trading at $2.38 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Peakpx, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

Key Takeaways
Why is ZCash rallying?
With a 266% move upward in October alone, ZCash’s growth reflected a growing demand for privacy in the face of increased financial surveillance.

What are the next resistance levels for ZEC?
The $290-$305 is a supply zone, and beyond that, the $350 level is a notable resistance for ZEC.

Zcash [ZEC] has taken the crypto market by storm.

Since the 22nd of September, ZEC has rallied 488%, from $46.2 to $271.68. In Q4 2025 so far, ZEC was up 266%.

The altcoin had briefly breached the $300 psychological resistance on the 21st of October, but faced selling pressure at $304, and the bulls were forced to retreat.

Privacy coins return to the spotlight
A noteworthy event has been that there has been a spike in demand for privacy tokens recently. Dash [DASH], another privacy coin, was up 99% in October.

According to zkp.baby, a ZCash metrics dashboard, 4.864 million tokens were shielded. This figure had been at 3.82 million ZEC on the 8th of October.

For the uninitiated, the process of shielding refers to how the protocol collects deposits into transparent pools and transfers them to anonymous ones.

This process uses zero-knowledge cryptographic methods to ensure the network sees none of the private data in the transaction.

Nearly 30% of the Total Supply was now shielded, reflecting a rise in onchain privacy use.

Retail has been quick to try to profit from the rally.

Coinalyze data showed ZEC’s Open Interest (OI) increased 16% in the past 24 hours. The OI was at $244 million at the time of writing, a massive increase from the $29 million OI seen on the 1st of October.

Dev recalls Satoshi’s comments on ZKPs
In a post on X, popular Solana contributor Mert from Helius explained that the concept of zero knowledge was novel at the time of Satoshi.

Both Mert and Naval Ravikant tied Zcash and its privacy to the early days of Bitcoin’s adoption. ZEC enables the core idea of “encrypted and unstoppable cash”.

This is why ZEC is not just a dinosaur coin bouncing on the back of a consolidation phase or renewed rally for Bitcoin.

Mert pointed out that Satoshi admitted that if ZK-proofs were made practical, Bitcoin could be built more conveniently.

Technical setup points to key range

Source: ZEC/USDT on TradingView

Technical analysis showed ZEC trading within a short-term range (yellow) that reached from $190 to $292.

The CMF was above +0.05, indicating significant buying pressure. The MFI was falling out of the overbought zone, signaling cooling momentum.

Swing traders can look to buy the breakout past the $290-$305 area. Investors enamored by privacy might not wait for a technical breakout to buy.

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

While traders closely monitor US-China trade headlines, the US government shutdown remains another XRP headwind.

US Government Shutdown: A 12th Senate Vote Fails to Advance GOP Bill
The US government shutdown extended to day 22 on Wednesday, October 22, as the Senate impasse continued. A 12th Senate vote on a stopgap funding bill, 54-46, fell short of the 60 votes needed to reopen the government. The shutdown is now the second-longest in history, behind the 2018-2019 shutdown during Trump’s first presidency.

Why does the US government shutdown affect XRP price trends?

The Senate stalemate means that the SEC is working under a skeleton staff, delaying reviews and approvals. The lack of agency manpower means that XRP-spot ETF launches will face delays until the US government reopens.

The absence of highly anticipated institutional money inflows into XRP-spot ETFs has weighed on sentiment. XRP-spot ETF issuers may get an SEC greenlight 3-4 weeks after a reopening, raising the possibility of December launches. Crucially, the longer the shutdown, the larger the agency’s backlog, and the greater the delay to the launch of spot ETFs.

Bloomberg Intelligence ETF Analyst James Seyffart commented on the potential timeframe for the SEC to green-light spot ETFs, stating:

“Quick update on crypto ETF delays from shutdown: Expect 3-4 weeks post-reopening for batch approvals on XRP, SOL, LTC filings. SEC’s backlog is ~90 items, but streamlined S-1 process means no full re-review needed. XRP odds still 85% by EOY—don’t panic, this is procedural lag, not rejection.”

Price Action & Technical Analysis: Will XRP Breach $2.2?
XRP fell 2.4% on Wednesday, October 22, following the previous day’s 2.95% loss, closing at $2.3660. The token underperformed the broader crypto market, which declined 0.92%. The pullback left XRP trading well below the 50-day and 200-day Exponential Moving Averages (EMAs), reaffirming a bearish bias.

Key technical levels to watch include:

Support levels: $2.2, $2.0, and $1.9.
Technical resistance levels: the 200-day EMA at $2.6125 and the 50-day EMA at $2.7069.
Resistance levels: $2.4, $2.7, and $3.0.

Catalysts & Scenarios
In the coming sessions, several scenarios could influence near-term price trends:

US-China trade headlines.
The US government shutdown
XRP-spot ETFs (delays or launches) and BlackRock’s position on an iShares XRP Trust.
Blue-chip companies’ appetite for XRP as a treasury reserve asset.
Regulatory milestones: Ripple’s application for a US-chartered bank license, the Market Structure Bill, and SWIFT-related news could also drive near-term price trends.

Bearish Scenario: Risks Below $2.2

BlackRock downplays plans for an XRP-spot ETF.
US stalemate continues, delaying XRP-spot ETF launches.
The US Senate roadblocks crypto-friendly legislation, including the Market Structure Bill.
Blue-chip companies dismiss XRP as a treasury reserve asset.
OCC delays or rejects Ripple’s US-chartered bank license.
SWIFT holds its market share in the global remittance sector, limiting Ripple’s market access.

These bearish events could push XRP toward the $2.2 level. A break below $2.2 may bring the $2.0 psychological support level into play.

Bullish Scenario: Path to $3

The US and China reach a trade agreement.
The US government reopens
BlackRock files an S-1 for an iShares XRP Trust, and the SEC approves XRP-spot ETFs.
Blue-chip companies adopt XRP for treasury purposes, and firms integrate Ripple technology.
Ripple secures a US-chartered bank license, and the Market Structure Bill progresses on Capitol Hill.
XRPL makes progress on Main Street, challenging SWIFT’s market dominance.

These bullish scenarios could send XRP above the $2.4 level, bringing $2.7 into sight. A sustained move through $2.7 would pave the way toward $3.0.

XRP's march into mainstream finance is hitting overdrive as major Japanese and U.S. firms pour millions into expanding its institutional footprint, fueling expectations of a powerful rally and solidifying XRP's position as a premier digital asset. XRP Institutional Momentum Surges With Major Cross-Border Investments Institutional adoption of XRP is accelerating as leading Japanese and U.S.

While quantum computing has been just around the corner for decades, investors seem to be taking it seriously this time. D-Wave Quantum (QBTS 15.22%) has benefited from the rising industry optimism, with its stock price up by an eyewatering 3,500% over the last 12 months. But past performance doesn't guarantee future performance.

In fact, D-Wave's rocketship rally has put potential new investors in a challenging position. On one hand, people have the fear of missing out on the quantum rally. But they also don't want to buy speculative stocks at the top of a mountain because of the risk of a crash. Let's dig deeper to see how the next three years might play out for the stock.

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The quantum annealing leader
D-Wave is pioneering a subset of quantum computing called quantum annealing, which involves building machines designed for solving optimization problems. In other words, these devices aim to find the lowest energy way to complete a task. While this is somewhat distinct from the general-purpose quantum computing being developed by industry leaders like Alphabet, it seems to be enjoying early successes.

D-Wave's second-quarter revenue jumped 42% year over year to $3.1 million as it sold a small number of its quantum annealing machines to research institutions around the world. That said, the company remains very far from profitability, with an operating loss of $26.5 million in the period. Investors shouldn't expect this situation to turn around anytime soon because of the massive spending needed for research and development as D-Wave seeks to pioneer cutting-edge technology.

Why is D-Wave public?
According to Silicon Valley Bank, the vast majority of successful start-ups are acquired by other companies -- very few reach public markets through initial public offerings (IPOs) or special purpose acquisition company (SPAC) deals like D-Wave Quantum. There are many good reasons for this. Chief among them is that small, unprofitable companies usually have valuable technology and patents that make more sense as part of a larger business that can absorb their losses.

As a public company, D-Wave has better access to capital markets. However, its shareholders will fund its losses through dilutive equity raises, which is when a company creates and issues more units of stock. In June, the company raised $400 million through stock sales, aiming to use the money for general corporate purposes and acquisitions of its own.

Capital raises can benefit investors if they are used to create future value. But the rising number of shares outstanding will chip away at shareholders' ownership in the company and their claim on future earnings, disincentivizing investors from buying the stock too early.

D-Wave's valuation is cause for concern

Image source: Getty Images.

While it's tempting to look at D-Wave as a tiny company trying to pioneer a big opportunity, that is no longer the case. After its 3,400% rally, the company is worth roughly $10 billion, which makes it a large-cap stock. Unfortunately, most of the easy returns have already been made, and now D-Wave is priced for perfection -- or perhaps more accurately, priced to disappoint as it struggles to justify its sky-high valuation.

So far, the numbers aren't looking good. With a price-to-sales (P/S) multiple of 336, shares trade at a substantial premium over the S&P 500 average of 3.35. And this suggests years (or even decades) of future growth are already priced in. While it can be tempting to bet on speculative stocks, fundamentals usually win out over the long term. Investors who missed the big rally should wait for a better entry point.

CEO Kelly Ortberg is getting the aerospace company back on the right path.

Boeing (BA 0.31%) is back. After an extended period of disappointing performance, CEO Kelly Ortberg has put the company back on track after taking the reins as CEO in August of last year.

The operational improvements are tangible and particularly important for the investment case. Boeing's huge backlog attests to its potential, which stood at $619 billion at the end of the second quarter.

Still, is it all enough to make the stock a buy?

Three reasons why Boeing stock is exciting
First, the stock appears attractive on a near- to medium-term basis -- at least it does if the company can sustain the improvements generated over the last 12 months. It might surprise many that the leading improvement highlighted is in the aerospace giant's defense segment, known as Defense, Space & Security (BDS). However, a quick look at the chart below shows the scale of the problems BDS has had in recent years, so the recent couple of quarters of profitability are highly welcome.

There's reason to believe that Boeing's profit improvements are sustainable, and that comes down to the fact that the overwhelming part of the losses comes from fixed-price development programs that only constitute 15% of the BDS portfolio. They include four high-profile and problematic programs, including the VC-25 (Air Force One) and the KC-46 refueling tanker.

Management has long argued that its BDS margins will improve once it works through key milestones on these programs, and that appears to be coming through now. It also helps that Ortberg moved swiftly to replace the former BDS CEO, Theodore Colbert (it's not clear whether he was fired or not), with Boeing veteran Steve Parker, who has now been appointed BDS CEO.

Under Ortberg and Parker, BDS is improving its cost estimations for these programs, and it will be fascinating to see if the trend continues in the third quarter.

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Boeing's delivery and production rates
Boeing's delivery and production rates are often confused. They are closely related, but not the same. Focusing on its 737 narrowbody, at the end of September, the company had more than 4,800 unfilled orders. To put that figure into context, the Federal Aviation Administration (FAA) imposed a production rate cap of 38 a month for the 737 MAX following a high-profile incident on an Alaska Airlines flight in early 2024.

At a rate of 38 a month, or 456 a year, it would take more than a decade for Boeing to fill its 737 MAX orders. However, the company recently received some very positive news as the FAA approved an increase in the 737 MAX production rate to 42 a month.

The third positive reason to buy the stock is that Boeing is doing a good job on deliveries. As you can see below, its 737 MAX delivery rate has picked up notably in 2025, and the increase in the production rate will only increase the delivery rate over time.

Data source: Boeing presentations. Chart by author.

Putting it all together, Boeing has excellent momentum and a real opportunity to carry on executing on a multiyear backlog. All of which speaks to the near- and medium-term potential for the stock.

One longer-term consideration
It may seem complex, but if you plan to buy and hold Boeing stock long-term, consider this: Is it financially feasible for Boeing to compete in the next generation of aircraft?

Former Boeing CEO Dave Calhoun estimated that a new narrowbody would cost $50 billion in investment over a decade. As of the end of the second quarter, Boeing had $30.3 billion in net debt, and it's fair to say the cycle of cash generation from the 737 MAX has not gone as planned.

Image source: Getty Images.

Moreover, there appears to be a big decision brewing on the horizon with Airbus actively working with CFM International (a GE Aerospace joint venture with Safran) on its RISE program. GE's CEO Larry Culp is "all in" on the open fan technology being developed under RISE.

In comparison, Boeing is believed to favor a traditional ducted engine. RTX's Pratt & Whitney and Rolls-Royce could offer such an engine, and CFM International could provide a ducted engine using RISE technology. However, if the open fan technology wins out under RISE and Boeing doesn't adopt it, it could find itself at a competitive disadvantage even as it tries to fund investment for the new plane -- something to think about.

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

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

Helix Energy (HLX - Free Report) came out with quarterly earnings of $0.15 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this offshore oil and gas services contractor would post earnings of $0.01 per share when it actually produced a loss of $0.02, delivering a surprise of -300%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Helix Energy, which belongs to the Zacks Oil and Gas - Field Services industry, posted revenues of $376.96 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.61%. This compares to year-ago revenues of $342.42 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Helix Energy shares have lost about 30.8% since the beginning of the year versus the S&P 500's gain of 14.5%.

What's Next for Helix Energy?While Helix Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Helix Energy was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.03 on $298.47 million in revenues for the coming quarter and $0.17 on $1.24 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Field Services is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, RPC (RES - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on October 30.

This oil and gas services company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of -44.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

RPC's revenues are expected to be $400 million, up 18.5% from the year-ago quarter.

Old Second Bancorp (OSBC - Free Report) reported $95.88 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 34.7%. EPS of $0.53 for the same period compares to $0.51 a year ago.

The reported revenue represents a surprise of +4.56% over the Zacks Consensus Estimate of $91.7 million. With the consensus EPS estimate being $0.51, the EPS surprise was +3.92%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Old Second Bancorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Interest Margin: 5% compared to the 4.8% average estimate based on three analysts.Efficiency Ratio: 64.5% versus 56.4% estimated by three analysts on average.Average Balance - Total interest earning assets: $6.53 billion versus $6.66 billion estimated by two analysts on average.Total noninterest income: $13.11 million compared to the $11.81 million average estimate based on three analysts.Other income: $1.54 million compared to the $1.32 million average estimate based on two analysts.Net interest and dividend income: $82.78 million versus the two-analyst average estimate of $80.26 million.Wealth management: $3.52 million versus the two-analyst average estimate of $3.12 million.Change in cash surrender value of BOLI: $1.18 million versus $0.7 million estimated by two analysts on average.Card related income: $2.74 million versus the two-analyst average estimate of $2.71 million.Service charges on deposits: $2.92 million versus the two-analyst average estimate of $2.8 million.Net Interest Income (TE): $83.11 million versus the two-analyst average estimate of $80.03 million.Net gain on sales of mortgage loans: $0.62 million compared to the $0.6 million average estimate based on two analysts.View all Key Company Metrics for Old Second Bancorp here>>>

Shares of Old Second Bancorp have returned +1.2% over the past month versus the Zacks S&P 500 composite's +1.1% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

For the quarter ended September 2025, LendingClub (LC - Free Report) reported revenue of $266.23 million, up 31.9% over the same period last year. EPS came in at $0.37, compared to $0.13 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $256.72 million, representing a surprise of +3.7%. The company delivered an EPS surprise of +23.33%, with the consensus EPS estimate being $0.30.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how LendingClub performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Interest Margin: 6.2% versus 6.1% estimated by two analysts on average.Net charge-off ratio: 2.9% compared to the 4.1% average estimate based on two analysts.Efficiency Ratio: 61.1% compared to the 63.3% average estimate based on two analysts.Average Balance - Total interest-earning assets: $10.26 billion compared to the $10.67 billion average estimate based on two analysts.Total Interest Income: $241.8 million compared to the $246.62 million average estimate based on four analysts.Net Interest Income: $158.44 million compared to the $162.75 million average estimate based on three analysts.Non-Interest Income- Other non-interest income: $5.64 million compared to the $3.45 million average estimate based on three analysts.Total non-interest income: $107.79 million versus $94.04 million estimated by three analysts on average.Non-Interest Income- Marketplace revenue: $102.16 million compared to the $90.59 million average estimate based on three analysts.View all Key Company Metrics for LendingClub here>>>

Shares of LendingClub have returned -2.4% over the past month versus the Zacks S&P 500 composite's +1.1% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.

Northern Star Resources Limited (OTCPK:NESRF) Q1 2026 Earnings Call October 22, 2025 6:00 PM EDT

Company Participants

Stuart Tonkin - CEO, MD & Director
Simon Jessop - Chief Operating Officer
Ryan Gurner - Chief Financial Officer

Conference Call Participants

Daniel Morgan - Barrenjoey Markets Pty Limited, Research Division
Levi Spry - UBS Investment Bank, Research Division
Matthew Frydman - MST Financial Services Pty Limited, Research Division
Mitch Ryan - Jefferies LLC, Research Division
Hugo Nicolaci - Goldman Sachs Group, Inc., Research Division
Andrew Bowler - Macquarie Research

Presentation

Operator

Thank you for standing by, and welcome to the Northern Star September 2025 Quarterly Results Call. [Operator Instructions] I would now like to hand the conference over to Mr. Stuart Tonkin, Managing Director and CEO. Please go ahead.

Stuart Tonkin
CEO, MD & Director

Good morning, and thank you for joining us today. With me on the call is our Chief Financial Officer, Ryan Gurner; and our Chief Operating Officer, Simon Jessop.

As we confirmed this morning, for the September quarter, we sold 381,000 ounces of gold at an all-in sustaining cost of AUD 2,522 an ounce. The quarter delivered a mixed performance across the portfolio, but our Kalgoorlie production hub performed very well, led by KCGM, where we maintained elevated production and development rates. Also pleasingly, costs for the quarter were better than forecast, reflecting our efforts on containing spending and continued focus on capital discipline. Despite the mixed production results for the quarter, we remain well positioned to deliver our full year guidance of 1.7 million to 1.8 million ounces of gold sold at an all-in sustaining cost of AUD 2,300 to AUD 2,700 an ounce.

The KCGM mill expansion remains on track for commissioning in early FY '27 and significant progress is underway for this exciting step change to the operation. This week, we received ministerial

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Class Period: November 30, 2023 - July 3, 2025

The Case: Robbins LLP reminds stockholders that a class action was filed on behalf of persons and entities that purchased or otherwise acquired Jasper Therapeutics, Inc. (NASDAQ: JSPR) because the Company allegedly misled investors regarding the commercial prospects of its lead product candidate

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: According to the complaint, defendants failed to disclose that: (i) Jasper lacked the controls and procedures necessary to ensure that the third-party manufacturers on which it relied were manufacturing products in full accordance with cGMP regulations and otherwise suitable for use in clinical trials; (ii) the foregoing failure increased the risk that results of ongoing studies would be confounded, thereby negatively impacting the regulatory and commercial prospects of the Company’s products, including briquilimab; (iii) the foregoing increased the likelihood of disruptive cost-reduction measures; and (iv) accordingly, the Company’s business and/or financial prospects, as well as briquilimab’s clinical and/or commercial prospects, were overstated.

When the truth was revealed on July 7, 2025, Jasper’s stock price fell $3.73 per share, or 55.1%, to close at $3.04 per share on July 7, 2025.

What's Next: You may be eligible to participate in the class action against Jasper Therapeutics, Inc. Shareholders who wish to serve as lead plaintiff for the class should contact Robbins LLP. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

To be notified if a class action against Jasper Therapeutics, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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

NEW YORK, Oct. 22, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of V.F. Corporation (NYSE: VFC) between October 30, 2023 and May 20, 2025, both dates inclusive (the “Class Period”), of the important November 12, 2025 lead plaintiff deadline.

SO WHAT: If you purchased V.F. Corporation securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the V.F. Corporation class action, go to https://rosenlegal.com/submit-form/?case_id=44811 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 12, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants disseminated materially false and misleading statements and/or concealed material adverse facts concerning the true state of V.F. Corporation’s turnaround plans. Specifically, defendants provided investors with material information concerning V.F. Corporation’s turnaround plan (“Reinvent”), which in part focused on efforts to return the Vans brand to positive growth. The lawsuit alleges that defendants concealed that additional significant reset actions would be necessary to return the Vans brand to growth, and would result in significant setbacks to Vans’ revenue growth trajectory. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the V.F. Corporation class action, go to https://rosenlegal.com/submit-form/?case_id=44811 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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Contact Information:

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