Market Signal Briefing

SummaryiShares U.S. Utilities ETF offers diversified exposure to U.S. utilities, including electricity, gas, water, and waste management companies.IDU has been a reliable, defensive investment, particularly during periods of concern over broader equity valuations.The ETF delivered strong results in early 2025, validating a previous 'buy' recommendation despite the S&P 500's robust performance.IDU remains a solid option for investors seeking stability and lower volatility within the U.S. equity market. Monty Rakusen/DigitalVision via Getty Images

Main Thesis & Background The purpose of this article is to evaluate the iShares U.S. Utilities ETF (NYSEARCA:IDU) as an investment option at its current market price. This is a fund "to track the investment

Analyst’s Disclosure:I/we have a beneficial long position in the shares of IDU, VPU, BUI, VOO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

Oct 17 (Reuters) - German tax authorities are pursuing ASOS

(ASOS.L), opens new tab for unpaid customs duties in a legal dispute that is adding to the struggles of the British fast-fashion retailer, the Financial Times reported on Friday, citing sources.

The dispute relates to customs declarations on ASOS shipments crossing the German border over several years, FT said, citing people familiar with the matter.

Sign up here.

ASOS did not immediately respond to a Reuters request for comment.

German authorities notified ASOS of the alleged shortfall earlier this year, the paper said.

The initial assessment put the bill in the tens of millions of euros, but the retailer expected that figure to be reduced after submitting additional information, FT said.

ASOS had warned last month that their annual revenue would fall short of market expectations due to weak consumer demand, with profit expected to land at the lower end of its forecast range.

It has been working to revive its fast-fashion appeal among its core base of shoppers in their 20s, while cutting costs amid intensifying competition from Chinese rivals and the impact of U.S. trade .

Reporting by Disha Mishra in Bengaluru; Editing by Janane Venkatraman and Nivedita Bhattacharjee

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

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

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

H World specializes in so-called limited-service hotels in China that cost about $35 to $70 a night and its strategy in the country is “absolutely about growth,” said Chief Strategy Officer Jihong He.

Ripple announced earlier on Thursday that it acquired GTreasury, a Chicago-based treasury management system software and solutions firm.

Political Gridlock Delays ETF Timelines
The US government shutdown means that the SEC is operating with a skeleton staff, pausing key reviews and approvals. Delays include approving the amended S-1s for XRP-spot ETFs. Before the shutdown, markets had speculated that the SEC would approve the seven XRP-spot ETFs by October 18. October 18 marks the first of the final decision deadlines.

Previously, the SEC approved the S-1s for BTC-spot and ETH-spot ETFs on the same day, removing any first-to-market advantage.

Even if the US Senate passes a stopgap funding bill on Friday, October 17, the chances of the agency approving the spot ETFs are slim to none.

Shutdown Stalls Market Structure Bill
The US government shutdown also means that the Market Structure Bill has stalled, leaving the US digital asset space without much-needed crypto regulations. For context, XRP rallied 14.69% on July 17 after the US House of Representatives passed the Market Structure Bill to the Senate.

US-China Trade Tensions Add to Market Pressure
Other factors contributing to the sharp October drop include the escalation in the US-China trade war. President Trump has threatened an additional 100% tariff on Chinese shipments to the US. The threat sent XRP crashing to $0.7773 before retaking the $2.3 handle.

Notably, the shutdown, delays to spot ETF approvals, and rising US-China tensions have overshadowed Ripple’s latest moves to assert its position on Main Street.

Ripple Pushes Ahead with Strategic Expansion
Despite market headwinds, Ripple has advanced its Main Street ambitions. This week, it announced:

A custody partnership with South Africa’s Absa Bank, fueling speculation about the integration of XRPL for cross-border payments.
The $1 billion acquisition of GTreasury, expanding Ripple’s reach into the $120 trillion corporate treasury payments market.

Ripple announced the acquisition of GTreasury on October 16, entering the corporate treasury payments market. CEO Brad Garlinghouse shared the press release, stating:

“Today, Ripple is breaking into the $120T corporate treasury payments market with the $1B acquisition of GTreasury.”

Garlinghouse discussed the reasons behind the acquisition and the need for crypto and blockchain tech to address inefficiencies in payment infrastructure, stating:

“The past few years have reminded this industry why payments, first and foremost, is THE primary use case for crypto and blockchain. Payments are where Ripple first started for exactly these reasons – the infrastructure is complex, siloed and inefficient, but as we know, perfectly positioned to benefit from decentralized financial technologies.”

He also highlighted GTreasury’s key attributes and how Ripple aims to target the corporate treasury payments space, stating:

“Astounding amounts of cash are trapped in outdated payments systems, creating friction, unnecessary costs, and barriers to entering new markets. GTreasury has been serving some of the most well known brands for decades – and now together with Ripple, we’ll be able to help CFOs manage all their assets, include stablecoins, tokenized deposits, etc., at scale around the world, as well as put their idle capital to work with repo markets via Hidden Road.”

Tokenization and Institutional Demand
Ripple’s strategic expansion into Main Street could further legitimize XRP, potentially boosting much-needed institutional demand.

However, traders may need the US government to reopen, the SEC to approve spot ETFs, the US and China to de-escalate, and the Fed to cut rates. These events would likely tilt the supply-demand balance in XRP’s favor.

Price Action & Technical Analysis: Will XRP Hold $2?
XRP dropped 3.46% on Thursday, October 16, following the previous day’s 3.9% loss, closing at $2.3290. A three-day losing streak left XRP below the $2.4 level, bringing the psychological $2 level into sight. The token continued to underperform the broader market and pulled further back from the 50-day and 200-day Exponential Moving Averages (EMAs), reaffirming a bearish bias.

Key technical levels to watch include:

Support levels: $2.2, $2.0, and $1.9.
Technical resistance levels: the 200-day EMA at $2.6262 and the 50-day EMA at $2.7924.
Resistance levels: $2.4, $2.7, and $3.0.

Catalysts & Scenarios
In the coming sessions, several key drivers could dictate near-term price trends:

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

Bearish Scenario: Risks Below $2.2

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

These bearish scenarios could drag XRP back toward $2.2. If breached, $2.0 would be the next key support level.

Bullish Scenario: Path to $3

The US and China reach a trade agreement.
US government reopens.
BlackRock files an S-1 for an iShares XRP Trust, and the SEC approves XRP-spot ETFs.
Blue-chip companies boost XRP holdings for treasury purposes, and more payment platforms adopt Ripple technology.
Ripple secures a US-chartered bank license, and the Senate passes the Market Structure Bill.
Ripple sees growing demand for XRPL on Main Street, challenging SWIFT’s market dominance.

These bullish scenarios could drive XRP toward $3.0.

Journalist

Posted: October 17, 2025

Key Takeaways
What caused TAO’s sharp 15% fall?
$48 million Derivatives Outflows slashed Open Interest to $270 million, triggering market-wide liquidation pressure.

What signals hint at recovery?
Spot inflows rose $13.7 million, while MFI stayed above 50—showing buyers quietly rebuilding momentum.

Bittensor [TAO] saw a steep 15% drop in the last 24 hours after investors reacted to Grayscale’s consideration of listing the asset. The correction reflected a re-pricing of TAO’s value, yet it drew renewed demand from traders eager to accumulate more.

At press time, TAO traded near $403, recovering slightly from its intraday low near $370. Whether that demand can sustain new highs remains unclear.

Derivatives pressure drags TAO lower
The Derivatives Outflows in the market had been the primary driver behind TAO’s failed rally.

According to CoinGlass data, over $48 million exited derivative positions, cutting Open Interest down to roughly $270 million from its previous peak of around $340 million.

Source: CoinGlass

The overall derivatives Trading Volume Ratio also fell near 0.90, indicating that sellers maintained dominance across Futures markets.

Such conditions historically align with periods of extended price correction, leaving TAO vulnerable to further downside if liquidation clusters expand.

Investors aren’t backing down
Spot investors, however, didn’t back down. Many saw the recent price decline as an opportunity to buy more of the coin.

Between the 14th and 16th of October, Spot addresses accumulated about $13.7 million worth of TAO — a three-day buying streak reflecting confidence in the token’s long-term strength.

Source: CoinGlass

CoinGlass data showed that both Binance and OKX maintained positive Volume Ratios of 2.33 and 1.15, suggesting traders on these venues leaned bullish despite market-wide sell pressure.

The Open Interest Weighted Funding Rate flipped positive, implying long-position holders were paying funding fees — a setup often associated with expectations of near-term price recovery.

Bullish outlook emerges
Technical indicators suggested that a rebound could be in the works for TAO.

A look at the Money Flow Index (MFI) showed that it entered the bullish zone above 50—an area often followed by strong price momentum.

Source: TradingView

Meanwhile, the Accumulation/Distribution (A/D) line trended upward, reflecting renewed accumulation even as prices cooled.

If these indicators continue their upward slope, TAO could regain momentum toward the $450 zone. However, sustained outflows or another derivatives flush could offset the short-term bullish setup.

Ethereum price struggled to stay above $4,020 and dipped further. ETH is now consolidating in a range and might decline further if there is a move below $3,820.

Ethereum started a fresh decline below $4,020 and $4,000.
The price is trading below $4,000 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $4,070 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below $3,820.

Ethereum Price Dips Below Support
Ethereum price struggled to settle above $4,120 and corrected most gains, like Bitcoin. ETH price declined below the $4,020 and $4,000 levels.

It even tested the $3,820 zone. A low was formed at $3,828 and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the recent decline from the $4,215 swing high to the $3,828 low.

Ethereum price is now trading below $4,000 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance at $4,070 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $3,950 level. The next key resistance is near the $4,020 level and the 50% Fib retracement level of the recent decline from the $4,215 swing high to the $3,828 low. The first major resistance is near the $4,070 level and the trend line.

Source: ETHUSD on TradingView.com
A clear move above the $4,070 resistance might send the price toward the $4,120 resistance. An upside break above the $4,120 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,220 resistance zone or even $4,250 in the near term.

Another Decline In ETH?
If Ethereum fails to clear the $4,020 resistance, it could start a fresh decline. Initial support on the downside is near the $3,880 level. The first major support sits near the $3,820 zone.

A clear move below the $3,820 support might push the price toward the $3,740 support. Any more losses might send the price toward the $3,650 region in the near term. The next key support sits at $3,550.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,820

Major Resistance Level – $4,070

Triangle support shattered — Bitcoin price prediction warns of possible dip under $105K as bearish momentum builds.

Investors are becoming more discerning of Bitcoin treasury companies as the “euphoria” over Bitcoin-stacking firms is starting to wane, according to a Bitcoin treasury executive.

There are currently 205 publicly listed Bitcoin (BTC) treasury companies worldwide. But their sheen has started to dull, with several firms that have adopted the strategy seeing their market net asset values (mNAVs) plunge in recent months.

“The market’s getting more sophisticated, it’s learning how to assess what makes treasury companies different,” KindlyMD CEO David Bailey, who is leading the company’s Bitcoin accumulation strategy, said in an interview with CNBC on Thursday.

Bitcoin treasuries must have a need and ‘edge’ to launch Bailey said that there’s little reason to launch unless a company pursues a truly unique approach. “It’s kind of like, what’s the edge? Why are you needed?” Bailey said.

“Anytime there is euphoria in the market, you see good companies come to bear and you also see not great companies come to bear,” he said.

Bitcoin is down 9.90% over the past seven days. Source: CoinMarketCapBailey said the days are over of new Bitcoin treasury companies following the exact playbook of public companies already in the market. 

“There are so many companies that the market can bear doing the exact same thing,” he said. 

He outlined several ways these firms can stand out, from pursuing untapped international markets to specializing in specific asset categories, such as Michael Saylor’s strategy of breaking into the credit market, or even acquiring and consolidating operating businesses that generate steady income.

Bailey’s Bitcoin firm, Nakamoto Holdings, completed its merger with healthcare company KindlyMD on Aug. 14, forming a publicly traded Bitcoin treasury vehicle with plans to accumulate 1 million BTC.

KindlyMD’s stock price has declined by almost 57% over the past six months. Source: Google FinanceKindlyMD shares have seen sharp swings in recent weeks, plunging 55% to $1.22 in a single day on Sept. 15, after Bailey cautioned short-term traders that the stock was likely to face heightened “price volatility.”

“We expect share price volatility may increase for a period of time,” Bailey said in a shareholder letter.

At the time of publication, KindlyMD’s stock price is trading at $0.76, according to Google Finance.

There’s debate whether Bitcoin treasuries are a bubbleHe said the market will see the strongest Bitcoin treasury companies enter “the next stage” in the near future, which will position the industry in a “healthy space.”

Public Bitcoin treasuries hold a total of $113.8 billion at the time of publication, according to BitcoinTreasuries.NET.

However, several Bitcoin treasuries have seen their mNAVs crater in recent months.

On Sept. 15, Standard Chartered warned that the collapse of several digital asset treasuries’ mNAVs now exposes smaller firms to more risks. 

“We see market saturation as the main driver of recent mNAV compression,” Standard Chartered said.

VC firm Breed said that only a few Bitcoin treasury companies will stand the test of time and avoid the vicious “death spiral” that will impact BTC holding companies that trade close to the mNAV.

Glassnode lead analyst James Check said on July 4 THAT his “instinct is the Bitcoin treasury strategy has a far shorter lifespan than most expect.” 

“For many new entrants, it could already be over,” Check added.

Meanwhile, TON Strategy CEO Veronika Kapustina said that while all the indicators suggest it is a bubble, it presents “a new segment of finance.”

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Corporate bitcoin accumulation is exploding, with institutional demand now driving the market as public companies' holdings soared past 1 million BTC in Q3 2025 — a staggering 21% surge quarter-over-quarter, underscoring bitcoin's rapid ascent as a core treasury asset.

Bitcoin supporters launch “Bitcoin for Signal” campaign to bring BTC payments to the app.

10 minutes ago

The price of the gold has skyrocketed to a new all-time high, pushing its market capitalization to a new milestone, with analysts predicting Bitcoin could be next.

109

Gold’s market capitalization reached a record $30 trillion on Thursday as the commodity surged to a new all-time high of $4,357 per ounce. 

The milestone market cap peak means that gold is now 14.5 times larger than Bitcoin’s market capitalization, which is around $2.1 trillion.

It is also 1.5 times larger than the market capitalization of the “Magnificent 7” largest tech companies on the planet, Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla, whose combined market capitalization is just around $20 trillion.

Unlike a company’s stock market cap, which is based on outstanding shares, the market cap of gold is a calculation of the total value of all the gold that has ever been mined; however, it is impossible to know the exact amount. 

Gold rocketed this year, Bitcoin could benefit The price of gold has surged 64% since Jan. 1 as investors flock to the store of value asset amid dollar debasement, geopolitical tensions, and trade tariff woes. 

Gold has more than doubled since the beginning of 2024. Source: TradingViewMany analysts believe that capital will rotate into Bitcoin, often referred to as digital gold, when the gold market cools. 

“Gold added over $300 billion to its market cap today,” said crypto analyst Sykodelic on Thursday. “It’s been adding an entire Bitcoin market cap in one week,” he continued.

“I don’t understand how most cannot see that as soon as gold stalls, BTC is going to rip.”“If Bitcoin can loosen its correlation with US equities [amid] the tense geopolitical backdrop, particularly if gold flows decelerate, perhaps this is the trade after the trade,” said venture investor Joe Consorti.

Meanwhile, analyst ‘Merlijn the Trader’ observed that the M2 global money supply was surging, gold is ripping, but Bitcoin is sleeping. 

“This divergence never lasts, liquidity always finds risk, [and] the catch-up rally will be brutal,” he said.

Bitcoin prices lag gold and M2 but usually catch up. Source: Merlijn the Trader
Bitcoin (BTC) is currently up 16% from its levels on Jan. 1, which is almost 14% from its all-time high. 

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Newsmax confirmed Thursday that its board approved a plan to buy up to $5 million worth of Bitcoin and Trump Coin within the next twelve months, according to a statement shared by the network's executives. The purchases will begin “soon,” with future acquisitions depending on how the crypto market behaves.

Bitcoin (BTC) is once again testing critical support above $111,000, with traders debating whether the recent pullback marks the start of a deeper correction or a healthy consolidation before the next leg higher.

After touching an all-time high above $126,000, the world’s largest crypto asset has shed nearly 9% on the weekly charts, reflecting waning momentum amid broader market uncertainty and renewed U.S.–China trade tensions.

BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview
Bitcoin Tests Key Support as Momentum Fades
Currently, Bitcoin is trading around $111,300, down roughly 1% in 24 hours, after briefly dipping to an intraday low of $110,292. Technical indicators show the asset under pressure, with the 20-day and 50-day moving averages turning lower and a bearish crossover emerging on the MACD.

The Relative Strength Index (RSI) has fallen to the mid-40s, signaling cooling buying strength and the potential for further downside if support fails.

Analysts are eyeing $107,000–$110,000 as the crucial short-term demand zone. A decisive break below this area could open the path toward $100,000, while a bounce above $115,000–$123,000 would be needed to restore bullish sentiment.

“Bitcoin’s structure suggests fatigue at the top, with a potential double-top formation visible around $126,000,” one market analyst noted. “A weekly close below $110K would likely trigger broader profit-taking.”

Whales Turn Cautious, Bitcoin ETF Inflows Slow
On-chain data indicates that BTC whales have increased short exposure, signaling caution among large holders.

This aligns with reports of falling ETF inflows, which declined by over $223 million this week after surging more than $2.7 billion the week before. Analysts suggest this cooldown reflects a pause in institutional demand following months of aggressive accumulation.

Meanwhile, traders are closely watching macro developments, as gold’s rally to a record $4,200 has drawn some capital away from Bitcoin’s “digital gold” narrative. Weak U.S. data and tariff-related volatility have added pressure, pushing some investors back toward traditional safe havens.

Analysts Warn of Rising Wedge Breakdown
Technically, Bitcoin’s weekly chart shows a rising wedge pattern, often a bearish setup. If BTC closes the week below $110,000, the structure projects a potential downside target around $74,000, representing a 34% correction.

However, long-term metrics such as hash rate and network activity remain strong, suggesting that any deep retracement could offer a buying opportunity for patient investors.

For now, Bitcoin’s next move hinges on whether bulls can defend the $110K floor. A strong rebound from here could set the stage for another attempt toward $126K, but failure to hold support risks ushering in a much sharper correction before the next major rally begins.

Cover image from ChatGPT, BTCUSD chart on Tradingview

4 minutes ago

Blockchain gaming has faced a challenging year for funding, according to DappRadar, but a Q3 uptick brings hope, while recent game releases could turn the tide.

33

Blockchain gaming projects have struggled to attract funding this year compared to 2024, but analysts argue there’s a sliver of hope as studios release new games aimed at tapping into the mainstream gaming audience. 

In Q3, the blockchain gaming industry saw $129 million of venture capital flow in, its strongest quarter this year, bringing the total for the year so far to $293 million. 

However, the total is only a fraction compared to last year. In 2024, DappRadar recorded over $1.8 billion flowing into the blockchain gaming industry, and 2025 is so far on track to only attract 25% of the previous year’s total.

DappRadar’s head of content, Robert Hoogendoorn, said the recent Q3 uptick was also likely influenced by a surge in the wider crypto market. 

Investments in blockchain gaming saw a bump in Q3 compared to previous quarters this year. Source: DappRadar“That shimmer of success can’t be seen separate from the general crypto market. The past few months have been a period of growth, mainly for Bitcoin,” he said in the State of Blockchain Gaming Q3 report released on Thursday. 

Investors are more discerningHoogendoorn said this “means that development teams can no longer rely on half-assed products to acquire funding.”

“Instead, they need to show a working product and create actual demand. Venture capital still flows, but not every shiny new idea gets the chance to flourish.”In March, Sky Mavis co-founder Jeffrey Zirlin shared a similar opinion, telling Cointelegraph that crypto gaming investors are no longer blindly throwing funds into “Axie killers” that fail to deliver. 

The three biggest funding rounds for the quarter saw developer E-PAL attract $30 million for its gaming platform, while first-person shooter Shrapnel got $19.5 million, and India-based studio SuperGaming scored $15 million to expand its battle royale game and develop its own L3 network on top of Base.

“Some projects thrive while the market conditions aren’t optimal, others have development teams that have managed their funds properly to overcome the hurdles of a bear market,” Hoogendoorn added.

Mainstream adoption provides a shimmer of hope Mainstream adoption could provide some new blood for the industry, said Hoogendoorn, but at the moment, there has been some “difficulty attracting a mainstream audience,” and studios hoping to onboard millions of gaming enthusiasts are having limited success.

“However, during Q3 2025, we did see some reputable projects launching their games, creating a shimmer of hope for an industry longing for mainstream acceptance,” Hoogendoorn said.

“As we close Q3 2025, blockchain gaming stands at a crossroads: resilient amid contraction, yet hungry for mainstream breakthroughs.”Online data platform Statista estimates that there are over 2.7 billion active gamers globally, representing a massive market for blockchain-based games. 

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

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

News Release Highlights: Battery X Metals files NI 43-101 Technical Report for the Y Lithium Project near Bailey Lake, Saskatchewan, advancing the Company's 2025 critical battery metal exploration program. A high-resolution LiDAR and orthophoto survey was completed, with an assessment report submitted to the Saskatchewan Ministry of Energy and Resources; the LiDAR survey and assessment report qualifies for a 1.5x exploration expenditure credit, reducing required 2025 expenditures to approximately CAD $58,559.

Sanlam Limited (OTCPK:SLLDY) Analyst/Investor Day October 16, 2025 6:30 AM EDT

Company Participants

Asha Sookha
Paul Hanratty - Group CEO & Executive Director
David Marshall
Tavaziva Madzinga - Chief Executive Officer of Santam
Heinie Werth - Chief Executive Officer of SAZ JV
Anton Gildenhuys - Chief Executive Officer of SA Retail Affluent
Bongani Madikiza - Chief Executive Officer of SA Retail Mass
Karl Westvig
Ashutosh Kulkarni - CEO & Executive Director
Carl Roothman - Chief Executive Officer of Sanlam Investment Group
Abigail Mukhuba - Finance Director & Executive Director
Lotz Mahlangeni - Chief Risk Officer & Chief Actuary

Conference Call Participants

Warwick Bam - Morgan Stanley, Research Division
Francois Du Toit - Anchor Stockbrokers Proprietary Limited, Research Division
Harry Botha - BofA Securities, Research Division
Marius Strydom
Oliver Bate - Allianz SE
Baron Nkomo - JPMorgan Chase & Co, Research Division

Conversation

Asha Sookha

Good afternoon, and a very warm welcome to the Sanlam 2025 Capital Markets Day. To our investors, analysts and colleagues, thank you for taking the time and interest in joining us today, both in person here in Cape Town and online via our live stream. My name is Asha Sookha from the Sanlam Group Strategy Office, and it gives me great pleasure to be your MC for the day. I'll be facilitating today's program, which includes presentations, Q&A sessions and a variety of multimedia collateral to help give you a better understanding of Sanlam's investment case and our growth trajectory over the next 5 years.

Before we dive into the detail of today's program, I'm keen to get a few quick housekeeping matters out of the way. For those that are here with us in the room, please note that this is a nonsmoking venue. There is a designated smoking area which you can find when you exit the auditorium door to your left through the glass sliding door and keep left towards the

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Presentation

Operator

Greetings, ladies and gentlemen. Welcome to the Home Bancshares, Inc. Third Quarter 2025 Earnings Call. The purpose of this call is to discuss the information and data provided in the quarterly earnings release issued after the market closed yesterday. The company presenters will begin with prepared remarks and then entertain questions. [Operator Instructions]

The company has asked me to remind everyone to refer to their cautionary note regarding forward-looking statements. You will find this note on Page 3 of their Form 10-K filed with the SEC in February 2025. [Operator Instructions] This conference is being recorded. [Operator Instructions]

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Donna Townsell
Senior EVP, Director of Investor Relations, Corporate Secretary & Director

Thank you. Good afternoon, and welcome to our third quarter conference call. With me for today's discussion is our Chairman, John Allison; Stephen Tipton, Chief Executive Officer of Centennial Bank; Kevin Hester, President and Chief Lending Officer; Brian Davis, our Chief Financial Officer; Chris Poulton, President of CCFG; and Scott Walter of Shore Premier Finance.

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October 16, 2025 22:03 ET

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Bitfarms Ltd.

Opportunistic capital raise for general corporate purposesEither net proceeds from this offering or cash on hand to be used to purchase cash-settled capped calls to offset economic dilution up to a cap of 125% premium to the last reported sale price of Bitfarms’ common shares on Nasdaq on the date of pricing TORONTO, Ontario and NEW YORK, Oct. 16, 2025 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a North American energy and digital infrastructure company (“Bitfarms” or the “Company”), today announced that it has priced its offering of US$500 million aggregate principal amount of 1.375% convertible senior notes due 2031 (the “Convertible Notes”). Bitfarms has also granted the initial purchasers of the Convertible Notes an option to purchase, for a 13-day period beginning on and including the date on which the Convertible Notes are first issued, up to an additional US$88 million aggregate principal amount of the Convertible Notes. The aggregate principal amount of the offering was increased from the previously announced offering size of $300 million (or $360 million if the initial purchasers exercise their option to purchase the option in full). The offering is expected to close, subject to customary closing conditions (including receipt of Toronto Stock Exchange (“TSX”) approval), on or about October 21, 2025.

Description of Notes

The Convertible Notes will be senior unsecured obligations of the Company and will accrue interest at a rate of 1.375% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2026. The Convertible Notes will mature on January 15, 2031, unless earlier repurchased, redeemed or converted in accordance with their terms. The Company will have the right to redeem the Convertible Notes in certain circumstances and will be required to offer to repurchase the Convertible Notes upon the occurrence of certain events.

Prior to October 15, 2030, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at the option of holders at any time until the close of business on the business day immediately preceding the maturity date.

The Convertible Notes will have an initial conversion rate of 145.6876 common shares per US$1,000 principal amount of Convertible Notes, equivalent to an initial conversion price of approximately US$6.86 per common share. The initial conversion rate represents a premium of approximately 30% to the last reported sale price of US$5.28 per common share on the Nasdaq on October 16, 2025. The conversion rate and conversion price will be subject to adjustment in certain circumstances. In addition, if certain corporate events occur or the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for any Convertible Notes converted in connection with such corporate event or notice or redemption. The Company may settle conversions of the Convertible Notes in cash, common shares or a combination of cash and common shares, at the Company's election.

Use of Proceeds

The Company intends to use the net proceeds from the offering for general corporate purposes. Additionally, the Company intends to use either net proceeds from this offering or cash on hand to pay the cost of the capped call transactions described below.

Capped Call Transactions

In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated cash-settled capped call transactions with one or more of the initial purchasers of the Convertible Notes, their respective affiliates, and/or other financial institutions (the "capped call counterparties"). The capped call transactions will cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of common shares initially underlying the Convertible Notes, assuming the initial purchasers do not exercise their option to purchase additional notes. The cap price of the capped call transactions is initially US$11.88 per common share, which represents a premium of approximately 125% to the last reported sale price of US$5.28 per common share on the Nasdaq on October 16, 2025, and will be subject to customary anti-dilution adjustments under the terms of the capped call transactions. If the initial purchasers of the Convertible Notes exercise their option to purchase additional Convertible Notes, the Company expects to use the net proceeds from the sale of additional Convertible Notes for general corporate purposes and additionally, the Company intends to use the net proceeds from the sale of the additional Convertible Notes or existing cash on hand to fund the cost of entering into additional capped call transactions with the capped call counterparties.

The capped call transactions are expected generally to reduce potential economic dilution upon conversion of any Convertible Notes and/or offset any cash payments the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, as the case may be, with such reduction and/or offset subject to a cap equal to approximately a 125% premium to the last reported sale price of Bitfarms’ common shares on Nasdaq on the date of pricing.

In connection with establishing their initial hedges of the capped call transactions, the Company expects the capped call counterparties or their respective affiliates to purchase common shares and/or enter into various derivative transactions with respect to the common shares concurrently with or shortly after the pricing of the Convertible Notes, and such capped call counterparties or their respective affiliates may unwind these various derivative transactions and/or sell common shares in open market transactions. This activity could increase (or reduce the size of any decrease in) the market price of the common shares or the Convertible Notes at that time. In addition, the capped call counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common shares and/or purchasing or selling common shares or other securities of the Company in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so during any observation period related to a conversion of the Convertible Notes). This activity could also cause or avoid an increase or decrease in the market price of the common shares or the Convertible Notes, which could affect holders of the Convertible Notes' ability to convert the Convertible Notes and, to the extent the activity occurs during any observation period related to a conversion of the Convertible Notes, it could affect the amount and value of the consideration that holders of the Convertible Notes will receive upon conversion of such Convertible Notes.

The Convertible Notes and the common shares issuable upon the conversion thereof have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), registered under any state securities laws, or qualified by a prospectus in any province or territory of Canada. The Convertible Notes and the common shares may not be offered, sold or delivered, directly or indirectly, in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act. The Convertible Notes will be offered only to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act). Offers and sales in Canada will be made only pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws.

The Company is relying on the exemption under Section 602.1 of the Toronto Stock Exchange’s Company Manual (the “TSX manual”) available to Eligible Interlisted Issuers (as defined in the TSX manual) in respect of the offering.

This press release is neither an offer to sell, nor is it a solicitation of an offer to buy the Convertible Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Convertible Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Bitfarms Ltd.
Bitfarms is a North American energy and digital infrastructure company that builds and operates vertically integrated, state-of-the-art data centers and energy infrastructure for high-performance computing and Bitcoin mining.

With a focus on U.S. growth, Bitfarms’ 1.3 GW energy pipeline is more than 80% U.S.-based and clustered in data center hotspots with robust access to power and fiber infrastructure.

Bitfarms was founded in 2017 and is a proven leader in digital infrastructure with operations throughout the Americas. Bitfarms is headquartered in New York, NY and Toronto, ON and traded on the Nasdaq and Toronto Stock Exchange.

Forward-Looking Statements  
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding anticipated future events and expectations that are not historical facts, such as statements concerning the terms of the Convertible Notes and the capped call transactions, the completion, timing and size of the offering of the Convertible Notes and the capped call transactions, and the anticipated use of proceeds from the offering are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the Company's annual information form for the year ended December 31, 2024, management’s discussion and analysis for the year-ended December 31, 2024 and the management's discussion and analysis for the three and six months ended June 30, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contact:
Laine Yonker
[email protected]

Media Contact:
Caroline Brady Baker
[email protected]