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The XRP community might finally have a reason to celebrate as the United States Senate has just voted 60-40 to advance a bill that would reopen the federal government, a major step toward ending the longest shutdown in American history. This vote could be the moment everything changes for the crypto market, and especially for holders.

Now that lawmakers are working to restore government operations, the next outlook is what could come next once the SEC returns to full capacity, and it opens up the question of whether Spot XRP ETFs will soon get approved.

Senate Vote Brings Hope for XRP ETF Decisions
Monday’s 60-40 Senate vote brought a sigh of relief to markets and set the stage for a final House vote as early as Wednesday. The bipartisan measure, if approved, will unlock government funding and allow regulators, including the SEC, to resume their normal operations after more than a month of near standstill.

During the shutdown, SEC staff responsible for reviewing ETF filings were furloughed, effectively freezing dozens of applications from major asset managers. This included those for Dogecoin, Cardano, Solana, and most notably, XRP ETFs, which had already crossed their decision deadlines in October. 

It is important to note that the agency had issued new procedural guidelines for ETF filings shortly before the shutdown to make approvals much easier and faster, but the freeze effectively stalled all progress.

Although there is still work to be done for the shutdown to end, the focus is now on how quickly the SEC will resume its backlog once operations restart. There is enough optimism that the XRP ETF filings, which have witnessed significant public attention, could be among the first to move forward once reviews begin again.

Spot ETFs Waiting For the Green Light
XRP is currently the third biggest cryptocurrency in terms of market cap (minus stablecoin USDT), so it is only natural that it becomes the next cryptocurrency with tradable Spot ETFs in the US market. 

Several major firms have filed for spot XRP ETFs over the past few months, hoping to bring the same level of institutional exposure to the altcoin that Bitcoin and Ethereum are enjoying. Among those in line are Grayscale, Bitwise, 21Shares, and CoinShares. These issuers had expected SEC responses in October, but the government shutdown disrupted the timeline.

There are already different XRP futures and leveraged ETFs available, but they do not cause the same sort of buying pressure as Spot XRP ETFs. Unlike futures-based ETFs, Spot ETFs actually hold the underlying asset, in this case, XRP. That means investors could gain direct exposure through traditional brokerage accounts without holding the tokens themselves. 

The market impact could be massive once these Spot ETFs are approved. Institutional demand flows in once a regulated product becomes available, just as it did with Spot Bitcoin and Ethereum ETFs. Therefore, Spot XRP ETFs will mean a rise in price and liquidity for the cryptocurrency.

Price reclaims $2.44 | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

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On Wednesday, Calastone, a leading global funds network, announced it would begin utilizing Polygon’s blockchain to facilitate the tokenization and onchain distribution of its fund share classes. This move represents a significant milestone in the digital transformation of asset management, leveraging blockchain technology’s efficiency and security to enhance the traditional financial infrastructure.

Calastone’s decision to integrate with Polygon marks an important step forward in the evolution of the financial services industry, which has been increasingly embracing blockchain technology. The strategic collaboration aims to streamline the process of asset distribution, reduce costs, and improve transparency for investors and fund managers alike through tokenization. By employing Polygon’s advanced blockchain platform, Calastone is poised to offer a more efficient, scalable, and accessible framework for managing investment fund share classes.

The shift towards blockchain-based solutions is largely driven by the need for enhanced operational efficiency and security in financial transactions. Blockchain, with its decentralized ledger system, offers a transparent and immutable record of transactions, reducing the risk of fraud and errors. According to industry experts, the adoption of blockchain in asset management is expected to significantly lower back-office costs by automating processes and reducing the need for intermediaries.

Polygon, a leading name in the blockchain sector, is renowned for its high-performance, low-cost infrastructure, which is particularly well-suited for financial applications. By choosing Polygon, Calastone is aiming to leverage these advantages to improve the distribution of tokenized assets. Polygon’s network is designed to handle a large number of transactions at high speed, making it an ideal choice for a financial services company seeking to enhance its operational capabilities.

The introduction of tokenized fund shares on a blockchain also offers investors more flexibility and liquidity. Tokenization converts ownership of assets into digital tokens, which can be easily traded on digital platforms. This process opens up new opportunities for investors, allowing them to buy and sell shares with greater ease and at potentially lower costs compared to traditional methods. Furthermore, blockchain technology ensures that transactions are secure and transparent, thereby increasing investor confidence.

Historically, the asset management industry has been slow to adopt new technologies due to regulatory hurdles and the complexity of integrating innovative solutions with existing systems. However, the growing interest in blockchain and its potential benefits have prompted companies like Calastone to explore its applications more aggressively. In recent years, several countries have begun to update regulatory frameworks to accommodate the use of digital assets, further encouraging investment in blockchain technologies within the financial sector.

While the move to integrate blockchain technology is a promising development, there are potential risks and challenges involved. One of the primary concerns is the regulatory landscape surrounding digital assets and blockchain technology. As governments and regulatory bodies around the world grapple with the implications of digital currencies and assets, inconsistent regulations could pose a challenge to widespread adoption. Additionally, the security of blockchain platforms, while generally robust, is not infallible, and they remain potential targets for sophisticated cyberattacks.

Despite these challenges, the integration of blockchain technology into asset management is likely to continue as firms seek to capitalize on the benefits of increased efficiency and reduced costs. By adopting blockchain, Calastone is positioning itself at the forefront of this transformation, setting a precedent for other financial institutions to follow.

The global push towards digital transformation in the financial sector underscores the need for companies to innovate and adapt in order to stay competitive. As blockchain technology becomes more mainstream, it is expected that more firms will explore opportunities to integrate such systems into their operations.

In conclusion, Calastone’s integration with Polygon represents a significant step forward in the adoption of blockchain technology within the asset management industry. By leveraging Polygon’s capabilities, Calastone aims to enhance the distribution of tokenized assets, offering greater efficiency, transparency, and accessibility to investors. While challenges remain, the move underscores the potential of blockchain to revolutionize financial services and sets a new standard for innovation in the sector. As digital transformation continues to reshape the industry, firms that embrace these changes will be well-positioned to lead in the evolving landscape of global finance.

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Alejandro Arrieche

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Alejandro is a seasoned financial analyst and adept business expert with over seven years of experience in dissecting complex business topics and vital market trends. His insightful writing, which has...

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November 12, 2025

Ethereum is quickly becoming Wall Street’s favorite blockchain, now leading the tokenized asset space with over $200 billion in value locked, fuelling a bullish Ethereum price prediction.

Institutions like BlackRock and Fidelity are choosing Ethereum to power their real-world asset (RWA) offerings — a major sign of growing trust from traditional finance.

BlackRock’s BUIDL Fund, for example, tokenizes U.S. Treasury bonds directly on Ethereum, letting investors earn yield through decentralized rails.

This rising institutional adoption is one of the strongest signals yet that Ethereum’s long-term trajectory could still be just getting started.

The total assets under management (AUM) of these products have increased by an eye-popping 2,000% since January 2024, according to data from Token Terminal. This emphasizes institutions’ growing interest in tokenization.

A report from Fidelity Digital Assets in early October highlighted that “beyond Bitcoin and Ethereum, some of the most noteworthy developments in digital assets are happening in stablecoins and tokenized real-world assets (RWAs).”

Ethereum’s lead in this market gives it a unique edge that favors a bullish outlook for its native asset.

Ethereum Price Prediction: ETH Needs a Clean Breakout Above $3,700 to Resume Its RallyETH found support at the $3,200 level in the past few days. Market volatility has spiked, and trading volumes have exceeded the average as the token struggles to recapture the $4,000 area.

The price has retested the 200-day exponential moving average (EMA) multiple times lately but has failed to move above it multiple times. A descending price channel has also been forminig since early October as ETH failed to make it to $5,000.

The end of the U.S. government shutdown could help Ethereum break out of its descending price channel and resume its upward trajectory to $4,700.

The Relative Strength Index (RSI) just sent a buy signal upon crossing above the 14-day moving average. If positive momentum accelerates, a break above $3,700 would mark the beginning of its next leg up.

As crypto markets bounce back, early presales with strong utility like Bitcoin Hyper ($HYPER) could deliver the biggest upside.

This ambitious project brings Solana-level speed and low fees to Bitcoin, unlocking the network’s full potential with the first true scaling solution.

Bitcoin Hyper ($HYPER) Presale Nears $27M – A New Way for BTC Holders to Earn Safely and EfficientlyFor years, Bitcoin has been limited to just one thing — holding.

Bitcoin Hyper ($HYPER) changes that.

By building a lightning-fast Layer-2 solution on Solana tech, it unlocks real DeFi tools like smart contracts, staking, lending, and payments, all while keeping the Bitcoin network at its core.

The Hyper Bridge makes it seamless. BTC holders send their coins to a secure wallet and instantly receive wrapped assets on the Hyper L2, ready to use across a growing list of decentralized apps.

No more switching chains or giving up control — everything stays anchored to Bitcoin.

With nearly $27 million raised so far, investor demand is surging ahead of launch.

And as major wallets and exchanges onboard this tech, $HYPER could become one of the most valuable assets in the BTC ecosystem.

To buy $HYPER before its next price increase, visit the official Bitcoin Hyper website and connect a compatible wallet like Best Wallet.

You can swap USDT or SOL, or use a bank card to secure tokens at the current price.

Buy $HYPER Here.

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Canary Capital filed for regulatory approval on Wednesday to launch an exchange-traded fund that would track the price of the MOG coin, marking a first for the meme coin as money managers tap into the popularity of crypto ETFs.

XRP is entering one of its most crucial weeks in months as a series of bullish catalysts align to set the stage for what could be a breakout move. The token has held firmly above the $2.20 support zone despite the recent market crash, and both technical and fundamental factors now point toward a possible surge in price. 

According to crypto analyst Guy on the Earth, XRP is in a make-or-break moment, with abundant news catalysts giving traders reasons to stay optimistic about the short-term direction.

XRP Holds $2.20 Support; Analyst Eyes Resistance Ahead
“Another reversal from lows as XRP holds onto the $2.20 support,” said Guy on the Earth in a recent post on X, capturing the cautious positiveness in the price of XRP. He noted that the token is currently slap bang mid-range, targeting a retest of the $2.63 to $2.72 resistance zone.

According to him, there is an abundance of positive catalysts this week, ranging from ETF speculation to the end of the ongoing government shutdown. These catalysts are very important, as XRP needs a continuation of its momentum bounce from $2.2 to target the next resistance from here; otherwise, this is a dead cat at best. 

Source: Chart from Guy on the Earth on X
The analyst emphasized that XRP’s ability to defend its key support levels will be critical in shaping its near-term trajectory. He warned that if the token revisits the $2.20 range, it may struggle to hold that level again, potentially slipping to between $1.90 and $2.00. 

Despite this caution, he maintained his conviction that the recent lows are already in and that XRP is gradually preparing for a range breakout to the upside. “Things are coming together for the rally we’ve been looking for,” he added, while noting that chopping around this zone is healthy before a break of the range higher.

ETF Anticipation Builds Momentum For XRP
A large part of this week’s optimism surrounding XRP is tied to growing speculation that a US-listed exchange-traded fund could be nearing approval. Canary Capital’s recent Form 8-A submission to the US Securities and Exchange Commission has increased expectations that the long-discussed spot XRP ETF might debut soon, possibly under the ticker “XRPC.”

The anticipation surrounding this ETF has already begun shaping market sentiment, reflected in the steady stream of excitement from XRP supporters across social media. Traders are drawing comparisons to the rallies seen in Bitcoin and Ethereum following their respective ETF approvals, anticipating a similar influx of institutional demand if XRP’s turn arrives.

At the time of writing, XRP trades at $2.41, a 2% dip in the past 24 hours. Maintaining the $2.20 support remains the key technical objective for bulls, as holding that level could pave the way for another attempt at the $2.72 resistance zone in the next few days.

XRP trading at $2.41 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Peakpx, chart from Tradingview.com

TRON’s native token, TRX, is showing renewed strength as it pushes closer to a crucial technical breakout. While the broader crypto market, led by Bitcoin, has struggled to sustain momentum, TRON’s steady rise over the past week suggests the altcoin could be gearing up for a 10% move in the coming days.

At the time of writing, TRX traded around $0.299, reflecting a strong recovery from its late-October lows. Analysts note that the token is inching closer to breaking key resistance levels that could set the stage for its next bullish leg.

TRX shows relative strength amid market uncertainty
While Bitcoin’s price recently failed to stay above $108,000, TRON managed to maintain a steady uptrend, signaling strong relative performance. This divergence suggests that TRX may be drawing increasing interest from traders seeking short-term opportunities beyond the leading cryptocurrencies.

Unlike other major altcoins that remain range-bound, TRON has gradually formed a series of higher lows—often seen as an early sign of trend reversal. Market observers point to this resilience as evidence that bullish momentum is quietly building beneath the surface.

Daily chart points to a bullish structure shift
On the daily timeframe, TRON appears close to completing a structural shift from bearish to bullish. Since late August, the asset has formed lower highs and lower lows, typical of a downtrend. However, recent price action shows TRX challenging this pattern.

The critical swing levels to watch are $0.276 and $0.298. A confirmed daily close above $0.298 would signal the end of the recent downtrend and mark the start of a fresh upward phase.

While TRX briefly pierced this resistance during Tuesday’s trading session, the move lacked conviction. The next daily candle will likely determine whether buyers have enough strength to sustain the breakout.

The On-Balance Volume (OBV) indicator has also shown a gradual increase, indicating consistent accumulation. Still, OBV has not yet broken above its previous highs, suggesting that buying pressure, while improving, has not fully confirmed the bullish trend.

Meanwhile, the Relative Strength Index (RSI) on the daily chart hovers just below the neutral zone, hinting at growing momentum but not yet confirming a dominant bullish phase.

Lower timeframes reveal strong buying pressure
Shorter-term charts tell a more encouraging story for TRX. On the 1-hour timeframe, both the RSI and OBV are showing solid bullish signals, highlighting active buying and steady accumulation.

Over the past week, TRON has formed a visible uptrend, retesting the $0.29 level—previously a resistance zone—as new support. This retest strengthens the case for continued upward movement, provided that the $0.296 level holds.

Any drop below $0.296 could invalidate the bullish setup, opening the door for a temporary correction. However, if TRX maintains support above this threshold, traders could see the token climb to the next resistance levels near $0.303 and $0.328.

Liquidity clusters highlight key targets
Data from CoinGlass shows that significant liquidity clusters exist around the $0.303 and $0.328 levels. These liquidity pockets often act as magnets for price movement, as traders’ stop-loss and liquidation orders tend to concentrate around them.

Given TRON’s current structure, a short-term move toward these zones appears likely. A decisive break above $0.303 could open the path toward $0.328, representing roughly a 10% upside from current levels.

Why traders are watching TRON closely
TRON’s technical setup is drawing attention because it contrasts the choppy, uncertain behavior seen across much of the altcoin market. The project’s ecosystem also remains active, with steady network usage and growing DeFi participation, further supporting investor confidence.

Moreover, the token’s recent stability near the $0.3 mark—a psychologically significant level—has strengthened its case as one of the more resilient mid-cap cryptocurrencies this month.

For traders, TRON’s combination of a clear chart structure, defined resistance levels, and improving momentum indicators presents a favorable risk-reward scenario.

What to expect next
If bullish momentum continues and trading volumes increase, TRX could challenge the $0.33 resistance area in the short term. Clearing this barrier would confirm a structural shift on the daily chart and potentially extend the rally toward higher targets in the following weeks.

However, if Bitcoin remains range-bound or experiences renewed volatility, TRON’s momentum could temporarily slow down. In that case, maintaining support at $0.29 would become critical for sustaining the broader uptrend.

The bigger picture
Beyond technical signals, TRON’s strength reflects its broader network stability. The blockchain continues to record consistent transaction volumes and stable activity in decentralized applications. These fundamentals provide a reliable backdrop for the asset’s current price resilience.

In previous cycles, periods of steady network growth paired with strong technical setups have often preceded extended rallies for TRX. While short-term traders may focus on the immediate breakout zones, long-term holders are likely watching how the token performs around the $0.3–$0.33 range.

For now, TRON appears well-positioned for a potential continuation move. The next few sessions will determine whether bullish traders can translate this setup into a full-fledged breakout or if resistance once again caps the rally.

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The phenomenon of financial bubbles is hotly debated among industry operators, and there are several academic papers on the subject, starting with Professor Didier Sornette’s 2014 study of financial bubbles. In fact, the paper defines a “bubble” as a period of unsustainable growth with prices rising faster and faster, i.e., growing more than exponentially. Obviously, bubbles by definition are destined to burst and bring prices back to their starting value or worse.

In the recent past, Bitcoin (BTC) has experienced periods of more than exponential growth, followed by very sharp declines, called “crypto winter,” a period when no one talked about Bitcoin and other assets anymore, meaning there was a freeze around the sector, and prices collapsed. Previous declines following the Bitcoin price bubble were -91%, -82%, -81%, and -75% in the last crypto winter, respectively.

So far, the price trend of Bitcoin has followed a distinct cycle marked by halving every 210,000 blocks, equal to about 4 years, which has rhythmically determined periods of decline, recovery, and then exponential growth.

Bitcoin price, logarithmic scale. Source: Diaman PartnersIn 2011, together with Professor Ruggero Bertelli, Diaman Partners published a paper on a deterministic statistical indicator called the Diaman Ratio. This indicator creates a linear regression between prices on a logarithmic scale (as shown above for the price of Bitcoin) and time. 

Without going into detail about this indicator, which is actually very useful for those who use quantitative tools to make investment decisions, the purpose of this first part of the analysis is to verify how much and how Bitcoin has entered a bubble in the past. To do this, if DR < 0, it means that the price is falling; if DR < 1, it means that growth is sustainable; if DR = 1, it means that growth is exponential; if DR > 1, it means that growth is more than exponential, which corresponds to Prof. Sornette’s definition of bubbles.

Diaman Partners took the daily historical series of Bitcoin, calculated the one-year DR, and checked when it was greater than 1.

Bitcoin price + bubble detection. Source: Diaman PartnersThe graph clearly shows that in previous cycles there were periods of more than exponential growth, while in the recent cycle, apart from an attempt when ETFs were approved in the United States and the price of Bitcoin exceeded the 2021 high before the 2024 halving, a phenomenon that had never happened before, the Diaman Ratio was never much higher than 0.

Does this mean that Bitcoin cycles will no longer follow the four-year rule, with crypto winter starting toward the end of the second year of the cycle? It is too early to say, but most likely the growth structure of Bitcoin has changed. To test this hypothesis, we took the volatility of the Bitcoin price with a 4-year observation window, equal to the halving cycle, and slid this volatility calculation window over time to see if it remains constant or decreases over time.

Bitcoin’s annual volatility. Source: Diaman PartnersThe graph shows a sharp decline in volatility, which in the early years of development was over 140% on an annual basis, then gradually declined to a current value of around 50% or less. While lower volatility also means lower expected returns, it also means greater price stability for the future and fewer surprises.

In fact, if we take the rolling annual return chart, i.e., take the performance of one year in 2011 and then calculate the return for one year on a day-by-day basis, it is clear that in the past there were returns that have decreased over time and in the last three years have in fact remained flat, confirming that the theory of the Bitcoin cycle, with fantastic years followed by a catastrophic year, has been somewhat broken.

Bitcoin rolling 1-year returns. Source: Diaman PartnersThe chart above shows that average annual returns have gradually declined, with no peaks at all in the last cycle, confirming the hypothesis that Bitcoin's risk-return structure has changed. Yet the price of Bitcoin has risen from $15,000 in December 2022 to $126,000 at recent highs, so a very attractive return has still been achieved in this cycle, but with less fanfare than in previous cycles.

4-year Bitcoin annual rolling returns. Source: Diaman PartnersThe graph of average annual returns over a four-year observation period shows a clear trend toward declining Bitcoin returns over time, which is understandable when considering the total market cap of Bitcoin, as it is one thing to double an asset worth $20 billion, but quite another to double an asset worth $2 trillion.

Bitcoin wealth generated per cycle. Source: Diaman PartnersOn the other hand, assuming that we can consider the rise of the fourth halving cycle to be over, which no one can deny or affirm with certainty, the total wealth generated so far is greater than in other cycles, confirming, if confirmation were needed, that Bitcoin, understood both as a network and as an asset in itself, has generated more wealth than any other type of investment in just 15 years of history.

Drawing conclusions from this analysis, from a statistical point of view:

On four occasions, Bitcoin can be considered to be in a ‘bubble’ phase, i.e., with more than exponential returns, but unlike traditional bubbles that then burst in a few months, Bitcoin has shown resilience in its growth, which on average has a Diaman Ratio of less than 1 with high but not exponential growth. In fact, a power law can describe the growth of Bitcoin's price very well.

It can also be clearly seen that these “bubble” phenomena have decreased in intensity and duration over time, so much so that in the last cycle that began in 2024, there has been (at least for now) no more than exponential price growth.

Both returns and volatility are decreasing, suggesting that reaching values above one million (if ever) will probably take 15 years, and therefore, many predictions of Bitcoin reaching $13 million in 2040 are statistically very unlikely.

The approval of ETFs in the United States, with BlackRock's IBIT spot Bitcoin ETF reaching $100 billion in assets under management in less than three years, becoming by far the fastest-growing financial product in history, has broken the Bitcoin cycle that predicted periods of growth, hypergrowth, and crypto winter, with new highs being reached after the next halving.

Greater stability in returns and lower volatility suggest that the crypto winter will not be “very cold” with losses exceeding 50-60% as in previous cycles, but could alternate periods of decline with new highs without the exponential jumps seen in the past.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Global funds network Calastone taps Polygon for tokenized asset distribution

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Starting Wednesday, Calastone’s Tokenized Fund Share Classes can now be moved onchain using Polygon’s rails, according to a spokesperson.
London-based Calastone is the largest global funds network connecting over 4,500 firms across 56 markets,
Global funds network Calastone has again tapped Polygon as a tokenization tech provider.

Starting on Wednesday, asset managers can now distribute Calastone’s Tokenized Fund Share Classes on Polygon’s rails, according to a representative for the company. 

"Markets are demanding more efficient, transparent infrastructure, and blockchain is ready to deliver at scale," Calastone Head of Digital Solutions Simon Keefe said. "Through Polygon, our Tokenised Distribution platform can connect seamlessly with the onchain ecosystem, uniting our global network with blockchain’s efficiencies to streamline fund distribution.”

Tokenized Fund Share Classes are digital blockchain-based representations of traditional mutual fund or ETF shares, backed 1:1 by real, regulated fund units held in custody.

London-based Calastone is the largest global funds network, offering automated order routing, settlement, dividend, and transfer services to asset and fund managers.

The firm, founded in 2007, reportedly connects over 4,500 firms across 56 markets, according to its website.

Calastone’s Tokenised Distribution solution, which went live on Ethereum, Polygon, and Canton in April, enables fund managers to operate onchain, theoretically cutting settlement times and operational costs without sacrificing “existing administrative processes,” the team writes. 

The blockchain-based distribution platform allows funds to tap into onchain pools of capital, like tokenized Treasurys, without requiring changes to the fund's structure, administration, servicing, or existing operations, the company notes.

“What’s new now is that this isn’t theoretical anymore. Calastone has actually integrated the system with Polygon and their global network — the 4,500 institutions and the £250 billion in monthly flow — can now distribute fund share classes directly onchain using Polygon’s infrastructure,” a representative said.

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

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

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

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TL;DR

Tyler Winklevoss reaffirms his prediction that Bitcoin will reach $1,000,000 within five years and launches Cypherpunk, a firm focused on digital privacy.
Cypherpunk has already purchased 203,775 ZEC at $245 each—about 1.25% of Zcash’s total supply—and aims to increase its stake to 5%.
Winklevoss maintains that privacy is the foundation of freedom and that Bitcoin, with its limited supply and decentralization, will continue to serve as a hedge against inflation and government control.

Tyler Winklevoss has reaffirmed his prediction that Bitcoin will reach $1,000,000 within the next five years while unveiling Cypherpunk, a new company dedicated to privacy and digital sovereignty. The project is backed by over $50 million in initial capital and includes a direct bet on Zcash as a strategic asset.

Tyler Winklevoss, cofounder of Gemini, stated that the market’s leading cryptocurrency will hit $1,000,000 before 2030. He explained that his conviction rests on fundamentals that remain unchanged: a fixed supply, independence from central banks, and the ability to preserve value amid inflation and the global erosion of privacy.

The announcement coincided with the launch of Cypherpunk, a new company backed by Winklevoss Capital and funded with over $50 million. The firm will invest in projects that protect privacy and strengthen individual freedom in the digital era. “Privacy is where true freedom begins,” said Winklevoss, warning that it has become a scarce resource as economic and social activity increasingly shifts online.

Tyler Winklevoss: “If Bitcoin is Digital Gold, Zcash is Digital Cash”
Cypherpunk has already acquired 203,775 ZEC at an average price of $245, equivalent to about 1.25% of Zcash’s total supply. The goal is to raise that share to 5% in the coming months. Tyler believes that Zcash and Bitcoin play complementary roles: the former as private money and the latter as a store of value. “If Bitcoin is digital gold, Zcash is digital cash,” he said.

The future of the industry, he added, will not be defined solely by capital accumulation but also by the defense of user anonymity and autonomy. Charles Guillemet, CTO of Ledger, noted that quantum computers are still far from threatening Bitcoin’s security, easing concerns about its long-term resilience.

With Bitcoin hovering around $104,000, Winklevoss’s projection serves as a reminder of the long-term vision that still guides parts of the crypto market. In his view, Bitcoin’s value is not measured by speculative cycles but by its role as the cornerstone of a sovereign and censorship-resistant digital economy

Arthur Hayes today urged Zcash holders to pull coins from exchanges and move them into shielded addresses.

The former BitMEX CEO also disclosed that ZEC is now his second-largest position after Bitcoin. He framed the trade around reducing exchange balances and leaning into Zcash’s shielded pools, which slows how quickly coins recycle back into order books.

If you hold $ZEC on a CEX, withdraw it to a self-custodial wallet and shield it.

— Arthur Hayes (@CryptoHayes) November 12, 2025

The timing matters because Zcash’s third halving lands this month, cutting issuance from 3.125 to 1.5625 ZEC per block.

That is an immediate 50% reduction in new supply. Gate.io’s primer details the cadence, with the block subsidy drop setting daily issuance near 1,800 ZEC from roughly 3,600 ZEC before the event. For traders who think in flows, Hayes’ call addresses the other side of the ledger.

The move shifts existing supply from readily available exchange balances to self-custody, then into shielded pools where turnover tends to be lower.

Halving, shielding, and a tightening ZEC floatA new report published in early November focuses on Zcash’s zero-knowledge architecture and the “encrypted money at scale” framework that funds use to position the asset within a Bitcoin-adjacent thesis.

That research, along with several market trackers, highlights the datapoint that animates Hayes’ instruction. The amount of ZEC in shielded pools has climbed past roughly 4.5–5.0 million ZEC, equal to about 27–30% of circulating supply, with a noticeable share moving into the newer Orchard pool in recent weeks.

The most recent leg higher saw about 1 million ZEC shielded within a short window during the run-up. That supports the idea that habit formation around shielding can alter market microstructure by shrinking the tradable float.

The mechanism is straightforward. Coins held on centralized exchanges are available to hit bids. Coins withdrawn to self-custody move out of immediate circulation, and coins then shielded in Zcash’s privacy pools display lower near-term spend probability.

The result is a narrower float that can affect depth, slippage, and the cost of carrying basis, especially when issuance is being cut in half.

Regulation, venue risk, and ZEC’s fight to stay listableThe “optional privacy” design is central here. Zcash supports both transparent and shielded activity, and unified addresses in production wallets have lowered the operational burden for switching between modes.

Some venues frame this mix as more threadable with compliance than default-private systems, such as Monero, which have faced heavier delistings since 2024.

Policy and venue risk take center stage. The European Union’s Anti-Money Laundering Regulation has been reported to be advancing restrictions on privacy coins and anonymous crypto accounts, with the application targeted for July 1, 2027.

Details will move through technical standards and supervisory guidance, and the pathway is a credible trajectory rather than a final edict today.

In parallel, the Financial Action Task Force’s 2025 targeted update emphasizes the implementation of the Travel Rule for virtual asset service providers, expanding data-sharing requirements for transfers involving custodians. FATF says enforcement gaps remain, and regulators want tighter controls on the metadata that accompanies customer flows.

These vectors land directly on exchange policy. The spring 2025 episode, in which Binance floated a vote-to-delist ZEC, even though it did not follow through, demonstrated how compliance assessments and venue governance can disrupt liquidity and market access. That debate moved price and sentiment before the status quo was restored.

Three near-term paths for ZEC’s post-halving marketAgainst that backdrop, three near-term scenarios are in play. Over the next one to three months, the halving cuts new supply while the privacy bid persists. The shielded share climbs from roughly 27–30% to the low 30s, and centralized venues continue to see net outflows into self-custody.

That mix tightens the effective float, keeps realized volatility elevated, and periodically widens the basis on ZEC perpetuals as market makers charge more to warehouse risk during bursts of thin top-of-book depth.

If European venues pre-empt AMLR, a second path emerges where one or more EU-facing exchanges restrict ZEC spot or withdrawals for regional users ahead of final rulemaking. That would thin local order books, raise spread volatility, and open the door to temporary price gaps between onshore and offshore pairs, echoing the venue fragility highlighted during the Binance episode.

The reflexive case is a privacy flywheel. Hayes’ “withdraw and shield” becomes a norm, Orchard’s share of shielding grows, and the 30–90 day spend rate for shielded coins stays below transparent cohorts.

In that setup, the tradable float can shrink faster than issuance can replenish, and rallies extend on lighter asks as market makers widen quotes to compensate for inventory risk.

Tracing ZEC’s shielded surge through float and liquidity mathCoverage from Coinglass on the recent shielded surge provides the evidence trail for that inference.

A simple thought experiment helps ground the numbers in reality. If the circulating supply is held constant and shielded share rises by five percentage points, and if shielded coins spend at half the 90-day rate of transparent coins, then effective sell-side liquidity can fall by roughly 7–10% before the halving’s 50% issuance cut takes effect.

This is not a forecast. It is a framework to think about depth, slippage, and the cost of executing size when a larger fraction of coins is functionally idle.

To track the supply mechanics around the event window, the following before-and-after view focuses on what is measurable without speculation. Issuance numbers are mechanical, shielded share uses ranges reported in recent coverage, and the table leaves placeholders for venue reserve data and basis that desks can populate with their own snapshots.

MetricPre-halvingPost-halvingSource/notesBlock subsidy (ZEC)3.1251.5625According to Gate.io LearnIssuance per day (ZEC)~3,600~1,8001152 blocks/day × subsidyShielded share of supply~27–30%Watch for ~32–35% scenarioAccording to Coinglass; scenario bandShielded pool mixOrchard share risingMonitor continued Orchard growthShielding flowsAggregated CEX reservesPopulate from desk snapshotsPopulate from desk snapshotsVenue-specific monitoringPerp basisPopulate from desk snapshotsWatch for episodic wideningEvent-driven liquidityDesign trade-offs will shape listability as AMLR and Travel Rule enforcement harden. Zcash’s optional privacy and unified address model can carry compliance metadata through VASPs when needed, while still enabling end-to-end encrypted transfers between self-custodied users.

Monero’s default privacy raises a different set of controls, which is why delisting pressure has diverged across the two over the past eighteen months. Of privacy-coin positioning in 2025–26, this split is central to survivability on major venues.

Traders watching the halving window will focus on whether miners pre-sold into the event, whether hashpower wavers after the subsidy cut, and how much of the incremental shielding lands in Orchard. They will also watch whether venue policy statements in the EU and UK start to pre-empt AMLR milestones.

On the policy side, FATF follow-ups and any US FinCEN proposals that touch private-transfer thresholds would add friction if they explicitly target shielded flows through custodians.

On the market structure side, order-book depth by venue, the concentration of ZEC/USDT liquidity offshore, and basis behavior during outsized moves will show whether Hayes’ instruction is translating into a persistent float squeeze or a fragmented market with wider spreads.

Mentioned in this article

According to the 30-day revenue data available on DefiLlama, Tron is the highest-earning blockchain network, generating $35.4 million in protocol revenue, nearly four times Ethereum’s $9.1 million, which comes second.

Base came third with $8.37 million in revenue, while BSC ranked fourth with $3.81 million, with Solana following it closely at $3.74 million in revenue.

Also, over the past 24 hours alone, Tron has generated $1.21 million in revenue, maintaining its lead over all other major chains. 

Base comes second with $196,494. Ethereum and Solana come third and fourth with $146,786 and $100,989, respectively, within the past 24 hours. 

The numbers speak to the strength of Tron’s economic model, which has quietly become one of the most profitable networks in crypto through its focus on high transaction throughput and stablecoin activity.

Tron leads networks in terms of revenue generated in the last day and 30-day period. Source: Defillama
Stablecoin activity drives Tron’s lead
Tron was initially viewed as another smart contract platform competing with Ethereum. However, over the years, it has risen to become a major backbone of global stablecoin settlements.

In 2024, Tron generated $2.15 billion in total fees, second only to Ethereum’s $2.48 billion, according to data from CoinGecko, and based on this year’s data, Tron is already leading. The blockchain leads in the stablecoin market and controls most of Tether’s USDT transactions, accounting for around half its market capitalization and over 55% of its transaction volume. 

World Liberty Financial’s stablecoin, USD1, was launched on Tron, adding to the platform’s increasing list of stablecoins. The network is also relatively popular in emerging markets and centralized exchanges, thanks to increased USDT adoption, and this has greatly contributed to it earning more revenues than any other blockchain.

Ethereum trails despite ecosystem breadth
Ethereum is still the largest and most diverse smart contract network, hosting the bulk of decentralized finance (DeFi) projects globally. However, its lower transaction count and higher reliance on scaling layer-2 networks like Arbitrum, Optimism, Base, and Polygon, among others, mean that protocol-level fee capture has become less concentrated on its base layer.

Tron’s design, on the other hand, sees to it that nearly all on-chain activity, including stablecoin transfers and resource delegation, directly feeds into protocol revenue, and this explains why the margin its 30-day revenue figure gave Ethereum is about 3.8 times. 

However, Ethereum continues to lead in terms of total value locked (TVL) and developer activity.

A case of blockchain market differentiation
The appeal of Tron to users lies in speed and cost; however, platforms like Solana are also gaining popularity for those two qualities as well. 

For Tron, each of those small transfers adds up. As stablecoin adoption continues to grow globally, especially in regions like Asia and Latin America, the network seems positioned to remain a primary beneficiary.

For Ethereum, which still leads in infrastructure and innovation, the challenge will be making sure that its value capture mechanisms move in tandem with its expanding ecosystem of layer-2 networks.

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Solana Company has announced a shift in its capital-markets strategy with plans to tokenize HSDT shares on Superstate’s Opening Bell platform. The move comes as interest in regulated onchain assets accelerates. It also arrives during a volatile week for Solana’s market price, which continues to trade near a sensitive support zone. 

The Company expects the new structure to expand investor access, strengthen liquidity, and connect traditional equity with blockchain infrastructure built for global, around-the-clock settlement.

Superstate Partnership Targets 24/7 Market AccessAccording to the press release, the upcoming launch will allow shareholders to hold and transfer tokenized HSDT shares directly on Superstate’s platform. Investors will gain real-time settlement, uninterrupted trading, and direct wallet custody. Additionally, the shares will keep their existing regulatory protections. The initiative also aims to align traditional ownership with Solana’s high-speed ecosystem.

Pantera Capital General Partner Cosmo Jiang said, “The tokenization of HSDT through Superstate represents a major step toward realizing the vision of global, around-the-clock capital markets, and we believe the majority of that activity will take place on Solana.” His remarks reflect the long-term expectations for institutional adoption of onchain assets.

Superstate CEO Robert Leshner commented on the development, saying, “Solana Company’s real, SEC-registered shares will be available on Solana, accessible in a crypto wallet 24/7. That’s the seismic change in capital markets we’re leading at Superstate.”

Besides expanding investor access, the partnership strengthens the Company’s position within the growing real-world-asset tokenization sector. Moreover, Pantera Capital and Summer Capital recently backed Solana Company through a $500 million PIPE round, signaling strong institutional confidence.

Analysts Watch SOL Price Reaction at Weekly SupportAway from the corporate announcement, traders continue to track Solana’s short-term price behavior. The asset trades near $153 after a mild weekly decline. 

TedPillows noted that the broader group of Solana-focused treasury companies shows persistent selling. However, chart signals remain more balanced for SOL itself.

Source: X

More Crypto Online highlighted that price reacted precisely within the support zone defined for this week. SOL has held between $151 and $158, which remains a crucial retracement region. Consequently, analysts believe the token may progress through a developing B-wave structure.

Additionally, momentum favors a short-term rebound if SOL stays above the $148–$152 demand band. Resistance sits at $172, then $179.75, with a stronger extension possible toward $189. Hence, holding current support levels remains vital as the market processes new inflows and ongoing ecosystem developments.

Price Prediction

SHIB

Shibarium

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Content Writer

Harvey Hunter

Content Writer

Harvey Hunter

About Author

Harvey Hunter is a Content Writer at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

November 12, 2025

A Shiba Inu core team member has pushed back against speculation over the project’s fate as fundamentals continue to lag behind bullish Shiba Inu price predictions.

The Shibarium ecosystem has been relatively quiet, with no new major announcements or partnerships in recent months, keeping it sidelined from the best meme coin conversation.

However, Shibarium core team member Lucie dismisses claims that this was damning for the project, adding that “SHIB ecosystem took every hit but it’s still here, still building, still fighting.”

Projects spend millions on marketing only to vanish in a year or two.
They change blockchains, rebrand, and fade away.

The SHIB ecosystem took every hit but it’s still here, still building, still fighting.

We don’t need to mention other projects to have something to say.

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) November 11, 2025
Despite occasional spikes since its 2023 launch, Shibarium holds just $2 million in total value locked according to DefiLlama data, a modest $400,000 increase from its launch month.

Shibarium TVL. Source: DefiLlama.The ecosystem has not been able to retain an active user base, underscoring the lack of adoption and support from builders.

As a result, Shiba Inu price action remains largely speculative, lacking a meaningful use case to sustain long-term growth. Still, it continues to grow, adding reason that once the Shibarium ecosystem takes off, SHIB could be in for significant appreciation.

Shiba Inu Price Prediction: Is Shib Just Getting Started?Despite its fundamentals, speculation continues to fuel a 7-month descending channel pattern with focus now back on a breakout attempt.

The lower boundary of the pattern has proved as a launchpad level, and increasingly bullish momentum indicators set SHIB on the breakout path.

SHIB / USD 1-day chart, descending channel pattern. Source: TradingView.The RSI continues to form high highs, now verging on a cross above the 50 signal line, while the MACD holds a steady lead above the signal line, both signs of building buy pressure.

Given this MACD lead holds and the RSI can find a stable footing above 50, a lasting uptrend could take shape, setting sights on the key breakout threshold around past support at $0.000012.

Regaining the $0.000012 zone would position SHIB for a potential breakout move, targeting $0.000024 for a 170% rally.

However, a more ambitious target like $0.0001 would likely require significant traction within the Shiba Inu ecosystem.

Still, a breakdown scenario remains credible without fundamentals to anchor the Shiba Inu price against wider market headwinds. A pattern breakdown eyes a 30% drop to the $0.0000067 demand zone.

Maxi Doge: A Better Bet Than SHIB?Meme coin rotations are as consistent as they are powerful. When one market leader hits a ceiling, capital naturally flows to the next high-upside contender.

That dynamic is now playing out between Shiba Inu and Maxi Doge ($MAXI), an early Doge-themed token gaining traction just as SHIB grapples with liquidity issues.

Every bull run eventually delivers its own parabolic Doge-themed runner. Shiba Inu carried the torch from Dogecoin in 2021, then Floki, Bonk, Dogwifhat, and most recently, Neiro.

The hype is already translating into numbers. The $MAXI presale has raised $4 million, while early backers are earning up to 75% APY through staking rewards.

For those who missed out on the Doge wave before, MaxiDoge could be the next chance to catch a meme coin breakout before it takes off.

Visit the Official Maxi Doge Website Here

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Journalist

Posted: November 13, 2025

Key Takeaways
How does the token distribution work in the Aero merger?
Aerodrome holders receive 94.5% of the new AERO token supply while Velodrome holders receive 5.5%, reflecting the massive disparity in total value locked between the two protocols.

What makes Aero different from other Layer 2 DEXs?
Aero combines Velodrome V2’s vote-lock governance model with Aerodrome’s optimized emissions engine to create the first large-scale DEX unified across multiple Layer 2 rollups.

In a major DeFi milestone, Aerodrome and Velodrome Finance have merged under Dromos Labs to form a new cross-chain decentralized exchange — Aero. 

The merger brings together the dominant trading protocols on Base and Optimism, aiming to unify governance, liquidity, and incentives across multiple Layer 2 networks.

A lopsided but strategic merger
According to the reports, existing Aerodrome (AERO) holders will receive 94.5% of the new token supply, while Velodrome (VELO) holders get 5.5% — a sharp disparity reflecting each platform’s current weight.

Aerodrome holds roughly $479 million in total value locked (TVL), according to data from DefiLlama, compared with Velodrome’s $55 million.

The newly merged platform will initially operate across Base, Optimism, and the OP Superchain, before expanding to Ethereum mainnet to deepen liquidity. 

It will also integrate Circle’s Arc network, leveraging USDC’s $73 billion circulation for frictionless fiat-to-crypto bridges.

Technical upgrades and roadmap
Aero builds on Velodrome V2’s vote-lock model while incorporating Aerodrome’s emissions engine — designed to optimize reward distribution and gauge voting efficiency.

The upgrade also introduces “Slipstream V2,” a concentrated liquidity model similar to Uniswap V3, designed to reduce slippage and enhance capital efficiency.

By merging liquidity pools across Base and Optimism, Aero aims to capture 10–15% of the combined Layer 2 DEX volume, equivalent to more than $2 billion in monthly trading activity.

A contrast to troubled mergers
The smooth execution stands in stark contrast to the recent collapse of the Fetch.ai, SingularityNET, and Ocean Protocol alliance, where a dispute over $100 million worth of FET tokens derailed the partnership and triggered a sharp price drop.

While that conflict highlighted governance breakdowns in multi-protocol integrations, Aero’s transition appears coordinated, transparent, and technically unified under one development team, at least for now.

Why it matters
The Aero merger signals a new phase of DeFi consolidation, where collaboration and interoperability are replacing fragmented ecosystems. 

As Layer 2 networks mature and liquidity becomes more fluid, Aero could emerge as the first large-scale DEX to unify on-chain trading across multiple rollups.

TradingView data shows that Velodrome [VELO] was trading at around $0.042, with an over 13% decline, while Aerodrome [AERO] traded around $1.1 with an over 3% decline.

In brief
IBM introduced Nighthawk and Loon quantum processors on Wednesday.
Nighthawk’s 120 qubits and 218 couplers support circuits up to 5,000 two-qubit gates.
IBM aims for community-verified quantum advantage by 2026 and milestones toward fault tolerance by 2029.
IBM debuted the next steps on its roadmap for practical quantum computing on Wednesday, unveiling upgraded processors, software, and fabrication methods that it said will help push the field toward a verified quantum advantage by 2026 and milestones on the way to fault tolerance by 2029.

“Quantum advantage” refers to the point at which a quantum computer performs a task that no traditional computer can match. Fault tolerance is the ability of a quantum computer to keep its performance stable in the face of errors. If IBM’s roadmap holds, then IBM’s Nighthawk processor would mark a crucial step towards a commercially viable quantum computer by the end of the decade.

While IBM’s announcement puts quantum computing a step closer to “Q-Day,” the new processors are still far from a threat to the encryption protecting Bitcoin.

Cracking Bitcoin’s elliptic curve cryptography would require a fault-tolerant quantum computer with roughly 2,000 logical qubits, which is equivalent to tens of millions of physical qubits once error correction is factored in. The Quantum Nighthawk is a 120-qubit processor designed to handle more complex computations while maintaining low error rates.

Still, Q-Day is coming closer. The first Nighthawk systems are expected to reach users by the end of 2025, with future iterations projected to exceed 1,000 connected qubits by 2028. The chip connects each qubit through 218 tunable couplers, about 20% more than IBM’s previous Heron design in 2023. IBM said the new architecture allows circuits roughly 30% more complex, supporting computations of up to 5,000 two-qubit gates.

The Nighthawk is the next waypoint in IBM’s Starling roadmap, a series of steps announced in July to deliver a large-scale, fault-tolerant quantum computer—IBM Quantum Starling—by 2029. Reaching the goal of manufacturing a scalable quantum computer for industrial use requires significant advancements in modular architecture and error correction, among other advancements anticipated in the Starling build-out.

IBM’s announcement followed a wave of renewed investment in quantum computing. In October, Google said its Willow processor achieved a verified quantum speed-up, completing a physics simulation faster than any known classical supercomputer. This result renewed fears over the long-term security of Bitcoin’s encryption.

To support its quantum ambitions, IBM partnered with Algorithmiq, the Flatiron Institute, and BlueQubit to launch a quantum-advantage tracker, an open-source platform for comparing quantum and classical results across benchmark experiments.

IBM also announced that it is expanding its Qiskit software to match the new hardware. The company said dynamic circuits in Qiskit improved accuracy by 24% at the 100-qubit scale. A new C-API interface links Qiskit with high-performance classical systems to accelerate error mitigation, reducing the cost of extracting accurate results, IBM claims, by more than 100 times.

By 2027, IBM plans to add computational libraries for machine learning and optimization to help researchers model physical and chemical systems.

Building towards fault toleranceIBM also announced progress on its experimental Quantum Loon processor, which the company said demonstrates all key hardware components needed for fault-tolerant quantum computing. The chip architecture builds on technologies already proven in other test systems, including long-range “c-couplers” that link distant qubits and the ability to reset qubits between operations.

The company reported a tenfold speedup in error-decoding performance, achieving real-time correction under 480 nanoseconds using qLDPC codes—a milestone it said came a year ahead of schedule.

To accelerate development, IBM moved production of its quantum chips to a 300-millimeter wafer line at the Albany NanoTech Complex in New York. The transition, it said, has doubled research speed, increased chip complexity tenfold, and enabled multiple processor designs to be developed and explored in parallel.

IBM said the updates mark continued progress toward scalable, fault-tolerant quantum systems and provide the groundwork for community-verified demonstrations of quantum advantage in the next several years.

“We believe that IBM is the only company that is positioned to rapidly invent and scale quantum software, hardware, fabrication, and error correction to unlock transformative applications,” IBM Research Director Jay Gambetta said in a statement.

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Summarize this article with:

Bitcoin ETFs mark their best day since the October crash. The data indeed reports $524 million in net inflows. A rebound that could well signal the end of the institutional de-risking phase. More details in the following paragraphs !

In brief

Bitcoin ETFs record $524 million in net inflows, signaling a marked institutional return.
Solana also attracts positive flows, while Ethereum continues to undergo massive and repeated outflows.

Bitcoin regains favor with ETFs
On Tuesday, November 11, the Bitcoin ETFs listed in the United States recorded $524 million in net inflows. A record since October 7 ! BlackRock (IBIT) captured $224.2 million, Fidelity (FBTC) $165.9 million, and ARK Invest (ARKB) $102.5 million.

These flows mark a turning point after a month of outflows. Many investors fled crypto products exposed to bitcoin. They also reflect a post-crash deleveraging context.

This notably refers to the K33 Research indicator which displays a decline of -29,008 BTC over 30 days. This is an unprecedented outflow sequence since March. For crypto analysts, this phase reflects a temporary reduction of risk exposure (without questioning the bullish cycle).

Not all crypto ETFs benefit from the current enthusiasm
Ethereum ETFs suffered $107 million in withdrawals on the same day. They thus continue a negative streak exceeding $615 million this month. Meanwhile, Solana attracts with $8 million in inflows. Enough to confirm a long-term trend. Since their launch, Solana ETFs have accumulated $350.5 million.

The crypto market awaits the November 13 CPI, which is decisive to confirm monetary easing. Moderate inflation could indeed extend the recovery phase. If ETFs continue to attract capital, the technical threshold of $108,000 on bitcoin could break. But without a strong catalyst, consolidation around $100,000 remains likely.

The momentum of Bitcoin ETFs in any case reignites debates on the role of institutional funds in the next market phase. As macro signals evolve, one question remains: how far will these flows be able to push adoption and above all, who will remain on board at the next turning point?

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Ariela R.

My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

MIAMI--(BUSINESS WIRE)--The Real Brokerage Inc. (NASDAQ: REAX) ("Real" or the "Company"), a leading real estate technology platform redefining the industry through innovation and culture, today announced that its Chief Executive Officer, Tamir Poleg, will present at the 2025 RBC Global Technology, Internet, Media and Telecommunications Conference, on Tuesday, November 18, 2025 at 2:00 p.m. ET.

Conference Presentation Details:

Date: Tuesday, November, 18, 2025

Time: 2:00 p.m. ET

Webcast Link: https://kvgo.com/rbc-2025-global-tech/the-real-brokerage-november-2025

Real's remarks will be broadcast live, and a replay will be available for one year at the link above, and on the investor relations section of the Company’s investor website at https://investors.onereal.com.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports more than 31,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additional information can be found on its website at www.onereal.com.

More News From The Real Brokerage Inc.

PANAMA CITY, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Copa Holdings, S.A. (NYSE: CPA) today released preliminary passenger traffic statistics for October 2025:

Copa Holdings (Consolidated)October
2025October
2024% ChangeASM (mm)(1)2,803.0 2,557.4 9.6% RPM (mm)(2)2,443.6 2,235.5 9.3% Load Factor(3)87.2% 87.4% -0.2p.p.  Available seat miles - represents the aircraft seating capacity multiplied by the number of miles the seats are flown.Revenue passenger miles - represents the number of miles flown by revenue passengersLoad factor - represents the percentage of aircraft seating capacity that is utilized
For October 2025, Copa Holdings' capacity (ASMs) increased by 9.6%, while system-wide passenger traffic (RPMs) increased by 9.3% compared to 2024. As a result, the system load factor for the month was 87.2%, 0.2 percentage points lower than in October 2024.

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit ir.copaair.com.

CPA-G

Investor Relations
[email protected]

November 12, 2025 16:30 ET

 | Source:

Okeanis Eco Tankers Corp

ATHENS, Greece, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“OET” or the “Company”) (NYSE: ECO / OSE: OET), announced today the publication of its 4th Environmental, Social and Governance Report (the “2024 ESG Report”), which has been developed in accordance with the Global Reporting Initiative (GRI 2021 Standards) and the Sustainability Accounting Standards Board (SASB) for Marine Transportation.

The 2024 ESG Report is available on the Company’s website: https://www.okeanisecotankers.com/sustainability/esg-reports/

Contacts

Company:

Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
[email protected]

Investor Relations / Media Contact:

Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1540, New York, N.Y. 10169
Tel: +1 (212) 661-7566
[email protected]

About OET

OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Stock Exchange under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

Forward Looking Statements

This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics, including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

NEW YORK and TORONTO, Nov. 12, 2025 (GLOBE NEWSWIRE) -- iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCID: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the third quarter ended September 30, 2025. The Company’s Quarterly Report on Form 10-Q (the “Quarterly Report”), which includes its unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2025 and the related management’s discussion and analysis of financial condition and results of operations, can be accessed on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov, on the System for Electronic Document Analysis and Retrieval's (SEDAR+) website at www.sedarplus.com, and on the Company’s website at www.iAnthus.com. The Company’s financial statements are reported in accordance with U.S. generally accepted accounting principles (“GAAP”). All currency is expressed in U.S. dollars.

Third Quarter 2025 Financial Highlights

Revenue of $35.4 million, an increase of $0.2 million from Q2 2025 and a decrease of $4.9 million from the same quarter in the prior year.Gross profit of $15.6 million, a decrease of $0.6 million from Q2 2025 and a decrease $2.5 million from the same quarter in the prior year.Gross margin of 44%, reflecting a decrease of 188 bps when compared to Q2 2025 and a decrease of 86 bps from the same quarter in the prior year.Net loss of $12.5 million, or a net loss of less than $0.00 per share, compared to a net loss of $18.7 million, or a net loss of less than $0.00 per share in Q2 2025, and compared to a net loss of $11.6 million, or a net loss of $0.00 per share, in the same quarter in the prior year.Adjusted EBITDA(1) of $2.5 million, an increase from an Adjusted EBITDA of $1.9 million in Q2 2025, and a decrease from an Adjusted EBITDA of $5.3 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below. Table 1: Financial Resultsin thousands of US$, except per share amounts (unaudited) Q3 2025 Q2 2025 Q3 2024Revenue$35,389 $35,185 $40,286 Gross profit 15,582  16,152  18,084 Gross margin 44.0% 45.9% 44.9%Net loss (12,545) (18,718) (11,642)Net loss per share (0.00) (0.00) (0.00) Table 2: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA(1)in thousands of US$ (unaudited) Q3 2025 Q2 2025 Q3 2024Net loss$(12,545)$(18,718)$(11,642)Depreciation and amortization 4,637  4,599  6,116 Interest expense, net 3,738  3,534  4,351 Income tax expense(2) 3,472  4,131  5,645 EBITDA (Non-GAAP)(1)$(698)$(6,454)$4,470 Adjustments:      Write-downs, (recoveries) and other charges, net 686  1,630  (1,925)Inventory reserves and write-downs (92) 91  - Accretion expense 1,237  1,212  1,187 Share-based compensation 453  544  524 Losses from changes in fair value of financial instruments -  4  19 (Gain) loss from equity method investments (9) (5) 40 Non-recurring charges(3) 952  5,622  1,113 Other income(4) (64) (751) (82)Total Adjustments$3,163 $8,347 $876 Adjusted EBITDA (Non-GAAP)(1)$2,465 $1,893 $5,346  (1)    See “Non-GAAP Financial Information” below for more information regarding the Company’s use of non-GAAP financial measures.

(2)    Prior period amounts have been conformed to follow an accounting policy change made by the Company to aggregate interest and penalties related to accrued income taxes within "income tax expense" from within "selling, general and administrative expenses" in its unaudited interim condensed consolidated statement of operations.

(3)    Non-recurring charges includes one-time, non-recurring costs related to strategic review processes, ongoing legal disputes, severance and other non-recurring costs.

(4)    Q3 2025 reflects $0.3 million of Employee Retention Tax Credits ("ERTCs") received during the quarter, partially offset by other miscellaneous expenses. Q2 2025 reflects $0.7 million of ERTCs and AZ & NY tax refund received during the quarter. Q3 2024 reflects less than $0.1 million of accounts payable write-offs and vendor credits

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the SEC and the Canadian Securities Administrators. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the tables above. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

In evaluating our business, we consider and use EBITDA and Adjusted EBITDA as supplemental measures of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before share-based compensation, accretion expense, write-downs and impairments, gains and losses from changes in fair values of financial instruments, income or losses from equity-accounted investments, the effect of changes in accounting policy, non-recurring costs related to the Company’s Recapitalization Transaction, litigation costs related to ongoing legal proceedings, and other income. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance of other similarly situated companies in our industry, and we present Adjusted EBITDA because it removes non-recurring, irregular and one-time items that we believe may distort the comparability of EBITDA from period-to-period and with other industry participants.

EBITDA and Adjusted EBITDA are not standardized financial measures defined under GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than us, limiting their usefulness as comparative tools. We compensate for these limitations by relying on GAAP results and using EBITDA and Adjusted EBITDA only as supplemental information.

About iAnthus

iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com. 

Forward Looking Statements

Statements in this press release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in the Company’s reports that it files from time to time with the SEC and the Canadian Securities Regulators, which you should review, including, but not limited to, the Annual Report filed with the SEC. When used in this press release, words such as “will,” “could,” “plan,” “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should” and similar expressions identify forward-looking statements.

Forward-looking statements may include, without limitation, statements relating to the Company’s financial performance, business development and results of operations.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the U.S. Securities and Exchange Commission has reviewed, approved or disapproved the content of this press release.

FORT WASHINGTON, Pa., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation’s leading builder of luxury homes, will broadcast live on its website, www.TollBrothers.com, a conference call to discuss results for its fourth quarter ended October 31, 2025. The call is scheduled for 8:30 a.m. (ET) on Tuesday, December 9, 2025 and will be hosted by Douglas C. Yearley, Jr., chairman and chief executive officer. The Company will announce its fourth quarter FY 2025 results after the market close on Monday, December 8, 2025.

The call can be accessed through the Investor Relations portion of the Toll Brothers website, www.TollBrothers.com. To hear the call, enter the Toll Brothers website, then click on the Investor Relations page, and select “Events & Presentations.” The call can be heard live with an online replay which will follow.

ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 58 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

Toll Brothers has been one of Fortune magazine's World’s Most Admired Companies™ for 10+ years in a row, and in 2024 the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).

From Fortune, ©2025 Fortune Media IP Limited. All rights reserved. Used under license.

CONTACT: Gregg Ziegler (215) 478-3820
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8754349-52a9-4769-b6a1-edbcadd4ac1e

Wandering Creek at Brookhollow
Prosper, TX

November 12, 2025 16:30 ET

 | Source:

Eton Pharmaceuticals

DEER PARK, Ill., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Eton Pharmaceuticals, Inc (“Eton” or the “Company”) (Nasdaq: ETON), an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases, today announced that members of the Company’s executive leadership team will host 1x1 meetings at the 16th Annual Craig-Hallum Alpha Select Conference being held November 18, 2025 in New York, NY.

To schedule a 1x1 meeting with the Company, please contact your Craig-Hallum institutional sales representative.

About Eton Pharmaceuticals
Eton is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases. The Company currently has eight commercial rare disease products: KHINDIVI™, INCRELEX®, ALKINDI SPRINKLE®, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone. The Company has five additional product candidates in late-stage development: ET-600, Amglidia®, ET-700, ET-800 and ZENEO® hydrocortisone autoinjector. For more information, please visit our website at www.etonpharma.com.

Investor Relations:
Lisa M. Wilson, In-Site Communications, Inc.
T: 212-452-2793
E: [email protected]

Source: Eton Pharmaceuticals.

PHOENIX, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, reported results for the third quarter and nine months ended September 30, 2025. Unless otherwise noted, all comparisons are to the corresponding period in the prior year. The company will hold a conference call at 1:00 p.m. Eastern time tomorrow to discuss the results (see dial-in information below).

Financial Highlights

Total revenue increased 8.4% to $15.5 million for the third quarter of 2025 compared to the same prior year period. For the nine months ended September 30, 2025, total revenue increased 7.0% to $42.2 million compared to the same prior year period. The change in both periods was primarily due to the recent acquisition of seven water systems from Tucson Water, organic connection growth, and higher rates.Net income decreased to $1.7 million or $0.06 per share for the third quarter of 2025 compared to the same prior year period. For the nine months ended September 30, 2025, net income decreased to $3.9 million or $0.15 per share, a decrease of $1.4 million or 26.7% compared to the same prior year period. The decrease in both periods primarily reflects the company’s capital improvement plan, which resulted in increased depreciation expense and net interest expense. Buckeye growth premiums also declined due to fewer new meter connections in the area.Adjusted EBITDA, a non-GAAP term, decreased 5.0% to $7.8 million in the third quarter of 2025 (see definition of Adjusted EBITDA and its reconciliation to GAAP, below) compared to the same prior year period. For the nine months ended September 30, 2025, Adjusted EBITDA remained consistent at $20.4 million compared to the same prior year period.Declared three monthly cash dividends of $0.02533 per common share or $0.30396 per common share on an annualized basis.Received gross proceeds of approximately $13.1 million from a private placement offering of common stock. Q3 2025 Operational Highlights

Total active service connections at September 30, 2025 increased 6.6% to 68,130 compared to the same prior year period.Annualized active service connection growth rate excluding the recent acquisition of seven water systems was 3.3%.Water consumption remained steady at 1.3 billion gallons.Invested $14.2 million in infrastructure projects to support existing utilities and continued growth.Completed the company’s previously announced acquisition of seven water systems from Tucson Water, the City of Tucson’s water utility. The assets were acquired at a value equivalent to approximately 1.05 times the current rate base of approximately $7.7 million and are expected to generate approximately $1.5 million in revenue annually. Management Commentary

“In Q3, we saw continued strong top-line growth primarily driven by new connections associated with the acquisition of seven water systems from Tucson Water, organic connection growth, and the continued implementation of new rates from prior successful rate cases in several of our smaller systems in Southern Arizona,” commented Global Water Resources President and CEO Ron Fleming. “It is exciting to close the Tucson Water transaction, not only because it is unique, but because it solidifies our Southern Arizona plan allowing for future consolidation of operations and rates across a broad customer base.”

“Another major development for our company occurred in Q3. In late September, we saw Arizona’s new ‘Ag-to-Urban’ program go into effect, with the Arizona Department of Water Resources (ADWR) actively accepting applications from landowners. The program allows landowners who cease agricultural operations to convert their water rights for use in new development.

“When you combine this with the previously announced Highway 347 widening project that is now officially in motion, we remain optimistic about strong growth both in the short term and long term.

“We also believe that Arizona's positive economic outlook has the potential to support the continued growth of our organic connections. According to Arizona’s Office of Economic Opportunity, employment is expected to rise by 486,000 jobs through 2033—an annual growth rate of 1.3%, which is more than three times the national average of 0.4%.

“As it relates to our current rate proceeding, we are in the middle of the testimony process for our GW-Santa Cruz and GW-Palo Verde utilities. Our recent rebuttal testimony was filed on November 6, supporting a requested net revenue increase of approximately $4.3 million. The next steps include the parties filing their surrebuttal testimony on December 1, a final round of GW-Santa Cruz/GW-Palo Verde testimony on December 10, with the hearing commencing on December 15. After the hearing, the matter is then evaluated by an Administrative Law Judge who writes a Recommend Opinion and Order for the Commission’s consideration. We still expect the case to conclude in the middle of 2026.

“We remain confident in our ability over time to deliver a strong total return to our shareholders while delivering safe, reliable service and balancing customer affordability as we navigate rate cases, especially when considering all the highlights reported in this earnings release. Rate cases are typically lengthy and uncertain processes, and we cannot make any guarantees in terms of timing or outcome.

“Looking ahead, we will focus on further extending the benefits of consolidation, regionalization, and proactive environmental management to the communities we serve. By executing our rate case strategy alongside our anticipation of ongoing organic growth, we believe we are well positioned for continued success over the long-term.”

Financial Summary for the Three Months Ended September 30, 2025 and 2024

Revenue

 Three Months EndedFavorable (Unfavorable) September 30,2025 vs. 2024  2025 2024 %Water service$8,481$7,493$98813.2%Wastewater and recycled water service 7,038 6,828 2103.1%Total revenue$15,519$14,321$1,1988.4%          The increase in revenue for the three months ended September 30, 2025 was primarily attributable to the acquisition of seven water systems from the City of Tucson in July 2025, organic growth in active water and wastewater connections, higher rates for Global Water - Farmers Water Company, Inc. (GW-Farmers) resulting from the GW-Farmers general rate case, effective May 1, 2025, and higher rates for Global Water - Saguaro District Water Company, Inc. (GW-Saguaro), resulting from the GW-Saguaro general rate case, effective January 1, 2025. The increase in wastewater and recycled water service revenue was partially offset by an increase of $0.1 million in bill credits related to the company's Southwest Plant, which were effective beginning August 2024.

Operating Expenses

 Three Months EndedFavorable (Unfavorable) September 30,2025 vs. 2024  2025 2024$%Personnel costs - operations and maintenance$1,436$1,099$(337)        (30.7)%Utilities, chemicals and repairs 1,229 1,153 (76)        (6.6)%Other operations and maintenance expenses 1,458 1,192 (266)        (22.3)%Total operations and maintenance expense 4,123 3,444 (679)        (19.7)%Personnel costs - general and administrative 2,470 2,100 (370)        (17.6)%Professional fees 525 381 (144)        (37.8)%Other general and administrative expenses 1,924 1,479 (445)        (30.1)%Total general and administrative expense 4,919 3,960 (959)        (24.2)%Depreciation and amortization 3,555 2,933 (622)        (21.2)%Total operating expenses$12,597$10,337$(2,260)        (21.9)%          Operations and Maintenance

Higher personnel costs were primarily attributable to increased salaries and wages as a result of filling previously vacant positions and hiring additional employees for the newly acquired water systems from the City of Tucson, as well as increased medical costs.

The increase in other operations and maintenance expenses was primarily driven by expenses related to a storm event with heavy, short duration precipitation.

General and Administrative

Higher personnel costs were primarily driven by increased medical costs.

The increase in professional fees was largely attributable to higher legal fees associated with the Nikola bankruptcy.

The increase in other general and administrative expenses was primarily attributable to higher costs associated with IT services, increased office rent, and higher general liability insurance costs.

Depreciation and Amortization

The increase for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was substantially attributable to an increase in depreciable fixed assets.

Total Other Income (Expense)

Other expense totaled $0.6 million for the three months ended September 30, 2025, compared to an immaterial other income for the same period in 2024. The increase in other expense was substantially attributable to a $0.2 million decrease in interest income and lower income associated with Buckeye growth premiums of $0.3 million that resulted from a decrease in new meter connections in the area for the three months ended September 30, 2025 compared to the same period in 2024.

Net Income

Net income decreased $1.2 million or 41.3% to $1.7 million or $0.06 per share in the third quarter of 2025, compared to net income of $2.9 million or $0.12 per share in the third quarter of 2024.

Adjusted EBITDA

Adjusted EBITDA decreased $0.4 million or 5.0% to $7.8 million in the third quarter of 2025, compared to $8.2 million in the same period in 2024.

Financial Summary for the Nine Months Ended September 30, 2025 and 2024

Revenue

 Nine Months EndedFavorable (Unfavorable) September 30,2025 vs. 2024  2025 2024 %Water service$21,829$19,387$2,44212.6%Wastewater and recycled water service 20,388 20,054 3341.7%Total revenue$42,217$39,441$2,7767.0%          The increase in revenue for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily attributable to the organic growth in active water and wastewater connections, the acquisition of seven water systems from the City of Tucson in July 2025, increased water consumption, higher rates for GW-Saguaro, resulting from the GW-Saguaro general rate case, effective July 2024 and January 2025, and higher rates for GW-Farmers, resulting from the GW-Farmers general rate case, effective May 1, 2025. The increased consumption was predominantly driven by the increase in active connections and higher usage from irrigation, construction and commercial customers. The increase in wastewater and recycled water service revenue was partially offset by an increase of $0.4 million in bill credits related to the company's Southwest Plant, which were effective beginning August 2024.

Operating Expenses

 Nine Months EndedFavorable (Unfavorable) September 30,2025 vs. 2024  2025 2024$%Personnel costs - operations and maintenance$4,132$3,576$(556)        (15.5)%Utilities, chemicals and repairs 3,444 3,028 (416)        (13.7)%Other operations and maintenance expenses 4,151 3,609 (542)        (15.0)%Total operations and maintenance expense 11,727 10,213 (1,514)        (14.8)%Personnel costs - general and administrative 6,901 6,486 (415)        (6.4)%Professional fees 1,433 1,314 (119)        (9.1)%Other general and administrative expenses 5,159 4,517 (642)        (14.2)%Total general and administrative expense 13,493 12,317 (1,176)        (9.5)%Depreciation and amortization 10,200 8,863 (1,337)        (15.1)%Total operating expenses$35,420$31,393$(4,027)        (12.8)%          Operations and Maintenance

Higher personnel costs were primarily attributable to increased salaries and wages as a result of filling previously vacant positions and hiring additional employees for the newly acquired water systems from the City of Tucson, as well as increased medical costs.

Higher utilities, chemicals and repairs were primarily the result of an increase in power purchased to operate pumps and other related equipment as a result of increased consumption, additional processing equipment in operation and utility rate increases. In addition, increased consumption was the primary driver of an increase in chemical costs.

The increase in other operations and maintenance expenses was primarily driven by expenses related to a storm event with heavy, short duration precipitation, additional contracts with IT service providers, and an increase in rent expense as a result of a new office lease in Pima County in December 2024.

General and Administrative

Higher personnel costs were primarily attributable to increased salaries and wages as a result of filling previously vacant positions, as well as increased medical costs.

The increase in other general and administrative expenses was primarily attributable to higher costs associated with various service providers, increased costs related to municipality licensing-type agreements, higher general liability insurance costs, and increased office rent expense.

Depreciation and Amortization

The increase for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was substantially attributable to a 11.3% increase in depreciable fixed assets.

Total Other Expense

Other expense totaled $1.4 million for the nine months ended September 30, 2025, compared to $0.8 million for the same period in 2024. The increase in total other expense was substantially attributable to a $0.4 million decrease in interest income, partially offset by higher allowance for equity funds used during construction of $0.2 million, as well as lower income associated with Buckeye growth premiums of $0.3 million that resulted from fewer new meter connections in the area for the nine months ended September 30, 2025 compared to the same period in 2024.

Net Income

Net income decreased $1.4 million or 26.7% to $3.9 million or $0.15 per share in the nine months ended September 30, 2025, compared to net income of $5.3 million or $0.22 per share in the same period in 2024.

Adjusted EBITDA

Adjusted EBITDA remained consistent at $20.4 million for the nine months ended September 30, 2025, and 2024.

Dividend Policy

The company recently declared a monthly cash dividend of $0.02533 per common share (or $0.30396 per share on an annualized basis), payable on November 26, 2025, to holders of record at the close of business on November 12, 2025.

Business Strategy

Global Water's near-term growth strategy involves increasing service connections, improving operating efficiencies, and increasing utility rates as approved by the ACC. The company plans to continue aggregating water and wastewater utilities through strategic acquisitions and entity consolidation, which is expected to enable the company and its customers to realize the benefits of consolidation, regionalization, and environmental stewardship.

Connection Rates

As of September 30, 2025, active service connections increased by 4,241 or 6.6% to 68,130 compared to 63,889 at September 30, 2024. The increase in active service connections was primarily due to new connections associated with the seven acquired water systems from Tucson Water and organic growth in the company’s service areas.

Arizona’s Growth Corridor: Positive Population and Economic Trends

The company continues to experience organic growth exhibited through its year-over-year organic increase in active connections (i.e., exclusive of acquisition related growth) of 3.5% as of September 30, 2025. According to the 2024 U.S. Census estimates, the Phoenix metropolitan statistical area (MSA) is the 10th largest MSA in the U.S. and had an estimated population of 5.2 million, an increase of 7.0% over the 4.8 million people reported in the 2020 Census. Growth in the Phoenix MSA continues as a result of its excellent weather, large and growing universities, a diverse employment base, and low taxes. The Employment and Population Statistics Department of the State of Arizona predicts that the Phoenix metropolitan area will have a population of 5.8 million people by 2030 and 6.5 million by 2040.

The company’s organic growth continues to be primarily influenced by the comparatively lower cost of housing in the City of Maricopa relative to other areas within the Phoenix MSA. As of September 2025, the median home sales price in the City of Maricopa was 26% lower than in the City of Phoenix. The company continues to monitor potential effects on its operations due to changes in the macroeconomic environment, such as the impacts of tariffs on its operational costs and construction work in progress, as well as new home construction in the company’s service areas. The company continues to expect a positive long-term outlook based on forecasted performance of job growth and construction in the Phoenix MSA housing market.

Although recent permit activity has generally declined year-over-year primarily as a result of macroeconomic headwinds and uncertainty surrounding tariffs and interest rates, management expects these pressures to be temporary. Management believes the company remains well-positioned to benefit from the anticipated long-term growth of the Phoenix MSA, supported by ample lot availability and strong existing infrastructure in its service areas.

Conference Call
Global Water Resources will hold a conference call tomorrow to discuss its third quarter of 2025 results, including a question-and-answer period.

Date: Thursday, November 13, 2025
Time: 1:00 p.m. Eastern time (11:00 a.m. local time)
Toll-free dial-in number: 1-833-816-1435
International dial-in number: 1-412-317-0527
Conference ID: 10203714
Webcast (live and replay): here

The conference call webcast is also available via a link in the Investors section of the company’s website at www.gwresources.com. 

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting to the call, please contact Encore at 1-949-432-7450.

A replay of the call will be available after 4:00 p.m. Eastern time on the same day through November 27, 2025.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10203714

About Global Water Resources

Global Water Resources, Inc. is a leading water resource management company that owns and operates 39 systems which provide water, wastewater, and recycled water service. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix and Tucson. Global Water recycles over 1 billion gallons of water annually with 18.9 billion gallons recycled since 2004.

The company has been recognized for its highly effective implementation of Total Water Management (TWM). TWM is an integrated approach to managing the entire water cycle that involves owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. It enables smart water management programs such as remote metering infrastructure and other advanced technologies, rate designs, and incentives that result in real conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth.

Global Water has received numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF). The company also received Cityworks’ Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.

To learn more, visit www.gwresources.com. 

Use of Non-GAAP Measures

This press release contains certain financial measures that are not recognized measures under accounting principles generally accepted in the United States of America (“GAAP”), including EBITDA, adjusted EBITDA, adjusted net income, and adjusted diluted earnings per common share. EBITDA is defined for the purposes of this press release as net income before interest, income taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA excluding the gain or loss related to (i) nonrecurring events; (ii) restricted stock expense related to awards made to employees and the board of directors; and (iii) disposal of assets, as applicable. Adjusted net income and adjusted diluted earnings per common share reflect net income and diluted earnings per common share excluding (i) expenses related to severe weather events; and (ii) the tax effect of this item, as applicable.

Management believes that EBITDA, adjusted EBITDA, adjusted net income, and adjusted diluted earnings per common share are useful supplemental measures of our operating performance and provide our investors meaningful measures of overall corporate performance. EBITDA is also presented because management believes that it is frequently used by investment analysts, investors, and other interested parties as a measure of financial performance. Adjusted EBITDA, adjusted net income, and adjusted diluted earnings per common share are also presented because management believes that they provide our investors additional measures of our recurring core business. However, non-GAAP measures do not have a standardized meaning prescribed by GAAP, and investors are cautioned that non-GAAP measures, such as EBITDA, adjusted EBITDA, adjusted net income, and adjusted diluted earnings per common share, should not be construed as an alternative to net income or loss, diluted earnings per common share, or other income statement data (which are determined in accordance with GAAP) as an indicator of our performance or as a measure of liquidity and cash flows. Management's method of calculating EBITDA, adjusted EBITDA, adjusted net income, and adjusted diluted earnings per common share may differ materially from the method used by other companies and accordingly, may not be comparable to similarly titled measures used by other companies. A reconciliation of EBITDA, adjusted EBITDA, and adjusted net income to net income, and a reconciliation of adjusted diluted earnings per common share to diluted earnings per common share, the most comparable GAAP measures, are included in the schedules attached to this press release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release and the related conference call include certain forward-looking statements which reflect the company's expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about our strategies; expectations about future business plans, prospective performance, growth, and opportunities, including expected growth in and around metropolitan Phoenix and Tucson and the resulting potential for new service connections; future financial performance; regulatory and ACC proceedings, decisions, and approvals, such as the anticipated benefits resulting from rate decisions, including any collective revenue increases due to new water and wastewater rates, as well as the outcome, timing and other statements regarding our plans, expectations and estimates relating to our rate cases and other applications with the ACC; our plans relating to future filings of our rate cases with the ACC; acquisition plans and strategies, including our ability to complete additional acquisitions, and our expectations about future benefits of our acquisitions, such as projected revenue from such acquisitions, as well as our plans relating to the integration and upgrade of acquired water systems; statements concerning Arizona’s Assured Water Supply “Ag-to-Urban” program and ADOT’s SR 347 widening project, including anticipated benefits; population and growth projections; technologies, including expected benefits from implementing such technologies; revenues; metrics; operating expenses; trends relating to our industry, market, population and job growth, and housing permits; the adequacy of our water supply to service our current demand and growth for the foreseeable future; liquidity and capital resources; plans and expectations for capital expenditures; cash flows and uses of cash; dividends; depreciation and amortization; tax payments; our ability to repay indebtedness and invest in initiatives; the anticipated impact and resolutions of legal matters; the anticipated impact of new or proposed laws, including regulatory requirements, tax changes, and judicial decisions; the anticipated impact of accounting changes and other pronouncements; and other statements that are not historical facts, as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to a number of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from these expectations due to changes in political, economic, business, market, regulatory, and other factors. Factors that may also affect future results are disclosed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov. This includes, but is not limited to, our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s views as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.

Company Contact:
Michael J. Liebman
CFO and SVP
Tel (480) 999-5104
Email Contact
Investor Relations:
Ron Both or Grant Stude
Encore Investor Relations
Tel (949) 432-7450
Email Contact
   GLOBAL WATER RESOURCES, INC.
Condensed Consolidated Balance Sheets (unaudited)
(in thousands, except share and per share amounts)
    September 30, 2025December 31, 2024Assets  Utility Plant$591,887 $512,993 Less accumulated depreciation (164,417) (153,614)Net utility plant 427,470  359,379 Current Assets  Cash and cash equivalents 15,255  9,047 Accounts receivable, net of allowance for credit losses of $178 and $163, respectively 3,768  3,233 Unbilled revenue 3,665  3,109 Taxes, prepaid expenses and other current assets 2,348  4,080 Total current assets 25,036  19,469 Other Assets  Goodwill 6,511  9,486 Intangible assets, net 8,475  8,427 Regulatory assets 7,029  4,032 Restricted cash 2,320  2,109 Right-of-use assets, net 3,693  2,157 Other noncurrent assets 118  78 Total other assets 28,146  26,289 Total Assets$480,652 $405,137 Capitalization and Liabilities  Capitalization  Common stock, $0.01 par value, 60,000,000 shares authorized; 29,108,718 and 24,570,994 shares issued, respectively$286 $240 Treasury stock, 358,453 and 344,978 shares, respectively (2) (2)Additional paid-in capital 89,341  47,366 Retained earnings —  — Total shareholders’ equity 89,625  47,604 Long-term debt, net 116,797  118,518 Total Capitalization 206,422  166,122 Current Liabilities  Accounts payable 933  2,051 Customer and meter deposits 1,649  1,609 Long-term debt, current portion 3,939  3,926 Leases, current portion 793  871 Accrued expenses and other current liabilities 13,891  13,801 Total current liabilities 21,205  22,258 Other Liabilities  Revolver borrowings 6,850  — Long-term lease liabilities 3,565  1,450 Deferred revenue - ICFA 22,527  21,517 Regulatory liabilities 5,353  5,386 Advances in aid of construction 153,507  126,467 Contributions in aid of construction, net 38,359  36,834 Deferred income tax liabilities, net 9,993  9,698 Other noncurrent liabilities 12,871  15,405 Total other liabilities 253,025  216,757 Total Capitalization and Liabilities$480,652 $405,137         GLOBAL WATER RESOURCES, INC.
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)
    Three Months Ended
September 30,Nine Months Ended
September 30,  2025  2024  2025  2024 Revenue    Water service$8,481 $7,493 $21,829 $19,387 Wastewater and recycled water service 7,038  6,828  20,388  20,054 Total revenue 15,519  14,321  42,217  39,441 Operating Expenses    Operations and maintenance 4,123  3,444  11,727  10,213 General and administrative 4,919  3,960  13,493  12,317 Depreciation and amortization 3,555  2,933  10,200  8,863 Total operating expenses 12,597  10,337  35,420  31,393 Operating Income 2,922  3,984  6,797  8,048 Other Income (Expense)    Interest income 45  240  360  744 Interest expense (1,490) (1,504) (4,464) (4,577)Other, net 880  1,266  2,667  3,040 Total other income (expense) (565) 2  (1,437) (793)Income Before Income Taxes 2,357  3,986  5,360  7,255 Income Tax Expense (640) (1,061) (1,440) (1,909)Net Income$1,717 $2,925 $3,920 $5,346      Basic earnings per common share$0.06 $0.12 $0.15 $0.22 Diluted earnings per common share$0.06 $0.12 $0.15 $0.22 Dividends declared per common share$0.08 $0.08 $0.23 $0.23      Weighted average number of common shares used in the determination of:    Basic 27,475,956  24,219,564  26,447,769  24,198,270 Diluted 27,508,451  24,302,521  26,500,207  24,301,974               GLOBAL WATER RESOURCES, INC.
Condensed Consolidated Statements of Cash Flows (unaudited)
(in thousands)
   Nine Months Ended September 30,  2025  2024 Cash Flows from Operating Activities:  Net income$3,920 $5,346 Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation and amortization 10,200  8,863 Share-based compensation 715  873 Deferred income tax expense 417  1,838 AFUDC-Equity (839) (682)Operating lease expense 287  298 Other adjustments 162  6 Changes in assets and liabilities  Accounts receivable and other current assets 712  (1,387)Accounts payable and other current liabilities 1,987  705 Other noncurrent assets (18) 38 Other noncurrent liabilities (67) (102)Net cash provided by operating activities 17,476  15,796 Cash Flows from Investing Activities:  Capital expenditures (49,629) (19,171)Cash paid for acquisitions, net of cash acquired (8,098) — Net cash used in investing activities (57,727) (19,171)Cash Flows from Financing Activities:  Dividends paid (6,016) (5,462)Advances and contributions in aid of construction 5,542  10,455 Refunds of advances for construction (1,327) (1,256)Repayments of notes payable (1,993) (1,952)Revolver borrowings 7,200  — Revolver repayments (350) (2,315)Loan borrowings 222  22,137 Issuance of common stock, net of issuance costs 44,130  — Financing costs of debt and equity transactions (299) (418)Other financing activities (439) (499)Net cash provided by financing activities 46,670  20,690 Increase in cash, cash equivalents, and restricted cash 6,419  17,315 Cash, cash equivalents, and restricted cash — Beginning of period 11,156  4,763 Cash, cash equivalents, and restricted cash — End of period$17,575 $22,078         Supplemental disclosure of cash flow information:

 Nine months ended September 30,  2025 2024Cash and cash equivalents$15,255$18,145Restricted cash 2,320 3,933Total cash, cash equivalents, and restricted cash$17,575$22,078      A reconciliation of net income to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):

 Three Months Ended
September 30,Nine Months Ended
September 30,  2025  2024  2025  2024 Net Income$1,717 $2,925 $3,920 $5,346 Income tax expense 640  1,061  1,440  1,909 Interest income (45) (240) (360) (744)Interest expense 1,490  1,504  4,464  4,577 Depreciation and amortization 3,555  2,933  10,200  8,863 EBITDA 7,357  8,183  19,664  19,951 Gain on disposal of fixed assets —  12  —  (5)Restricted stock expense 256  123  526  606 Acquisition gain resulting from regulatory decision —  —  —  (37)Gain on adjustment of contingent consideration liability —  (119) —  (119)Storm-related expenses1 172  —  172  — EBITDA adjustments 428  16  698  445 Adjusted EBITDA$7,785 $8,199 $20,362 $20,396               A reconciliation of net income to adjusted net income for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands, except share and per share amounts):

 Three Months Ended
September 30,Nine Months Ended
September 30,  2025  2024 2025  2024 Net Income$1,717 $2,925$3,920 $5,346 ICFA intangible amortization expense —  — —  81 Gain on adjustment of contingent consideration liability —  — —  (119)Storm-related expenses1 172  — 172  — Income tax effect of items above (43) — (43) 10 Adjusted Net Income$1,846 $2,925$4,049 $5,318      Diluted weighted average common shares 27,508,451  24,302,521 26,500,207  24,301,974      Diluted earnings per common share$0.06 $0.12$0.15 $0.22 Adjustments to diluted earnings per common share 0.01  — —  — Adjusted diluted earnings per common share$0.07 $0.12$0.15 $0.22              1Represents one-time expenses related to severe weather events, most of which we seek to recover from responsible third parties.

, /PRNewswire/ -- Nature's Miracle Holding Inc. (OTCQB:NMHI), today announced a strategic partnership and capital deployment agreement with Doppler Finance, the leading institutional-grade XRP yield platform for a phased $20 million XRP treasury deployment into Doppler's yield infrastructure.

Under the agreement, Nature's Miracle will allocate capital in structured tranches through Doppler's platform, beginning with an initial $5 million pilot deployment. Subsequent tranches will follow upon successful validation milestones, bringing the total commitment up to $20 million. The collaboration aims to optimize treasury performance through compliant, custody-integrated yield strategies built on the XRP Ledger.

Doppler Finance operates a fully verified, institutional-grade yield infrastructure featuring regulated custody, real-time reserve verification, and segregated account structures. The platform currently manages around $100 million in total value locked (TVL) as of October 2025, offering secure yield products for non-staking assets such as XRP and RLUSD. Doppler Finance has recently announced an integration with platforms like Bitget, further solidifying its position as the leading platform in the XRPfi ecosystem.

Through this partnership, Doppler will provide structured yield programs to enhance capital efficiency and transparency for Nature's Miracle's XRP holdings. Both parties will establish a Steering Committee to oversee tranche deployments, performance reviews, and compliance alignment throughout the agreement's 24-month term.

James Li, CEO of Nature's Miracle, commented: "Our collaboration with Doppler Finance reflects our confidence in XRP's role as a yield-generating asset class. This partnership allows us to strategically deploy capital through an infrastructure that meets the highest institutional standards for custody and verification."

Rox, Head of Institutions of Doppler Finance, added: "We're honored to partner with Nature's Miracle in pioneering structured XRP treasury deployments. This marks an important milestone in institutional adoption of XRPfi, demonstrating the real-world utility of compliant, proof-of-reserve yield infrastructure."

The partnership underscores growing institutional interest in XRP-denominated yield products, setting a new precedent for transparent and structured capital deployment frameworks in the XRPfi ecosystem.

About Doppler Finance

Doppler Finance is leading XRPfi by introducing an institutional-grade yield infrastructure natively built on XRP Ledger. Our stack combines regulated custody, fully audited reserves, and strictly vetted yield strategies designed for safety and scale. We believe XRP should earn yield like any major asset, and we're making that a reality, with unmatched clarity, control, and credibility.

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About Nature's Miracle Holding Inc.

Nature's Miracle (OTCQB: NMHI) is a U.S.-based smart agriculture technology company providing turnkey vertical farming systems and controlled-environment solutions. The company integrates AI-driven monitoring, automation, and sustainable agriculture technologies to enhance yield efficiency and environmental impact across global markets.

Forward Looking Statement

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other securities laws. Words such as "expect," "will," "anticipates," "continues" and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. Such forward-looking statements, including statements herein regarding our business opportunities and prospects, strategy, future revenue expectations, licensing initiatives, patent initiatives as well as the successful implementation of the patented technologies, are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of various risks and uncertainties including, but not limited to, the following: our ability to successfully utilize all intellectual property that has been issued and granted Notices of Allowance; risks regarding our ability to utilize the assets we acquire to successfully grow our market share; risks regarding our ability to open up new revenue streams as a result of the various patents mentioned in this press release; our current liquidity position and the need to obtain additional financing to support ongoing operations; general market, economic and other conditions; our ability to continue as a going concern; our ability to maintain the listing of our common stock on Nasdaq; our ability to manage costs and execute on our operational and budget plans; our ability to achieve our financial goals; the degree to which our licensees implement our technologies into their products, if at all; the timeline to any such implementation; risks related to technology innovation and intellectual property, and other risks as more fully described in our filings with the U.S. Securities and Exchange Commission. The information in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking statements contained in this communication based on new information, future events, or otherwise, except as required by law.

SOURCE Nature's Miracle Holding Inc