Market Signal Briefing

Royal Mail has been hit with a £21 million fine after again failing to meet its annual delivery standards, with regulator Ofcom saying millions of letters across the UK arrived late.

The watchdog found that in the 2024–25 financial year, the postal operator delivered just 77% of first-class mail on time, below its 93% target, and 92.5% of second-class post, short of the 98.5% requirement.

It marks the third consecutive year Royal Mail has been penalised for missing its performance goals, making this the third-largest fine Ofcom has ever issued.

Ofcom said it had considered the impact of severe weather, including storms and flooding, but concluded the company still underperformed between April 2024 and March 2025. The fine was reduced from £30 million after Royal Mail admitted the breaches and agreed to settle.

Apple CEO Tim Cook poses on the red carpet at the 77th Primetime Emmy Awards in Los Angeles, California, U.S., September 14, 2025. REUTERS/David Swanson Purchase Licensing Rights, opens new tab

BEIJING, Oct 15 (Reuters) - Apple

(AAPL.O), opens new tab will boost investment in China and further step up cooperation there, Chief Executive Tim Cook told the industry minister during a meeting on Wednesday in the capital, Beijing, the ministry said in a summary of their remarks.

The comments come as the iPhone maker looks to sidestep U.S. tariffs on shipments from countries including its production hubs, China and India, by boosting already hefty investment in the United States to $600 billion over the next four years.

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China hopes Apple will continue to explore the Chinese market, Li Lecheng, who is also in charge of infotech, told Cook, adding that China would continue to foster a good business environment for foreign firms, including Apple.

The summary gave no details of the size of the projected investment. Apple did not immediately respond to a Reuters request for comment.

Cook, who is in China this week, visited Apple's store in Shanghai and met Chinese game developers and the designer of the popular Labubu dolls, he said in posts on China's X-like Weibo.

On Monday he said the iPhone Air would be available for pre-order in China after the ministry cleared the way for major telecom operators to support its eSIM functionality.

When Cook visited China in March, Apple unveiled plans for a new clean energy fund there worth 720 million yuan ($101 million).

($1=7.1258 Chinese yuan renminbi)

Reporting by Xiuhao Chen and Ryan Woo; Editing by Tom Hogue and Clarence Fernandez

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

, /PRNewswire/ -- To celebrate the upcoming launch of the exclusive Woolrich x Target collection, Target hosted a memorable event that perfectly captured the adventurous spirit of the collaboration.

Who: Olivia Palermo (Lifestyle and Fashion Influencer), Sean Kaufman (Actor), Lukas Gage (Actor), Nicky Campbell (Fashion Critic and Content Creator), Carla Rockmore (Fashion Designer), Greg Grippo (TV Personality), Sam Hine (GQ's Global Fashion Correspondent)

Olivia Palermo and Sean Kaufman celebrate the Woolrich x Target collaboration in NYC

Olivia Palermo debuts in the iconic buffalo check from the Woolrich x Target collection

‘The Summer I Turned Pretty’ star Sean Kaufman rocks Woolrich x Target at the NYC celebration event

Lukas Gage celebrates the Woolrich x Target collaboration in NYC

Nicky Campbell steps out in Woolrich x Target at the partnership celebration event in NYC

Samuel Hine celebrates the Woolrich x Target collaboration in NYC

Brigette Pheloung and Danielle Pheloung step out in Woolrich x Target at the partnership celebration event in NYC

What: To celebrate the limited-time only Woolrich x Target collection, Target hosted an event in NYC on Tuesday, October 14 at Triangle Lofts, 419 Lafayette St. The experience brought together the energy of the city and the adventure of the outdoors, giving guests an exclusive first look at pieces from the collaboration - designed to bring style to every kind of adventure.

Headline Entertainment: A live set by genre-bending DJ and co-host of the popular podcast How Long Gone, Them Jeans.
Curated Fashion Moments: Special guests including Sean Kaufman, Lukas Gage, Olivia Palermo, Lukas Gage, Sam Hine, Bridget and Danielle Pheloung, Carla Rockmore and Coco Chinelo were all styled in looks from the Woolrich x Target collection.
Immersive Guest Experiences: Guests walked through styling stations such as a Wooded Park emulating a cheerful city park and a Subway Station where guests watched Target stylists clad a live model in collection looks. A Peet's Coffee Bar served drinks from Peet's Coffee, which is a part of the Woolrich x Target assortment.
Content: Behind-the-scenes content of the event was captured by GQ's Global Fashion Correspondent, Samuel Hine.
When/Where: Tuesday, October 14, 2025 | 419 Lafayette Street, New York, NY

Background: This evening, Target celebrated the launch of the Woolrich x Target collection, a limited time only offering featuring over 100 items spanning men's and women's apparel, accessories, home, outdoor gear, and food and beverage – starting at just $2 and most items under $40. The assortment blends utility and style, merging classic craftsmanship with modern design trends. It features timeless archival pieces, like buffalo check jackets, alongside fresh additions such as a kayak, a completely new home line, and more. The Woolrich x Target collection will be available in most Target stores and online at Target.com starting Saturday, October 18.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center.

SOURCE Target Corporation

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ASML reports €7.5 billion total net sales and €2.1 billion net income in Q3 2025
Full-year 2025 expected total net sales growth of around 15% with gross margin around 52%

VELDHOVEN, the Netherlands, October 15, 2025 – Today, ASML Holding NV (ASML) has published its 2025 third-quarter results.

Q3 total net sales of €7.5 billion, gross margin of 51.6%, net income of €2.1 billionQuarterly net bookings in Q3 of €5.4 billion2 of which €3.6 billion is EUVASML expects Q4 2025 total net sales between €9.2 billion and €9.8 billion, and a gross margin between 51% and 53%ASML expects a full-year 2025 total net sales increase of around 15% relative to 2024, with a gross margin of around 52%ASML does not expect 2026 total net sales to be below 2025 (Figures in millions of euros unless otherwise indicated) Q2 2025
  Q3 2025 Total net sales 7,692
  7,516 ...of which Installed Base Management sales1 2,096
  1,962 New lithography systems sold (units) 67
  66 Used lithography systems sold (units) 9
  6 Net bookings2 5,541
  5,399 Gross profit 4,130
  3,880 Gross margin (%) 53.7
  51.6 Net income 2,290
  2,125 EPS (basic; in euros) 5.90
  5.49 End-quarter cash and cash equivalents and short-term investments 7,249
  5,128 (1) Installed Base Management sales equals our net service and field option sales.
(2) Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com.

CEO statement and outlook
"Our third-quarter total net sales of €7.5 billion and gross margin of 51.6% were in line with our guidance, reflecting a good quarter for ASML.

"On the technology side, we see litho intensity continue to develop positively as EUV adoption gains momentum, including progress on High NA EUV. In line with our plans to support our customers in the 3D integration space, we shipped ASML’s first product serving Advanced Packaging, the TWINSCAN XT:260, an i-line scanner offering up to 4x productivity compared to existing solutions. Finally, our partnership with Mistral AI allows us to embed AI across our entire holistic portfolio, in order to increase the performance and productivity of our systems and the yield of our customers' processes.

"On the market side, we have seen continued positive momentum around investments in AI, and have also seen this extending to more customers, both in leading-edge Logic and advanced DRAM. On the other hand, we expect China customer demand, and therefore our China total net sales in 2026 to decline significantly compared to our very strong business there in 2024 and 2025.

"We do not expect 2026 total net sales to be below 2025. We will provide more details on our 2026 outlook in January.

"We expect fourth-quarter total net sales between €9.2 billion and €9.8 billion, with a gross margin between 51% and 53%. We expect R&D costs of around €1.2 billion and SG&A costs of around €320 million. For the full year 2025, we expect an increase of around 15% in total net sales and a gross margin of around 52%, with an expected very strong fourth quarter," said ASML President and Chief Executive Officer Christophe Fouquet.

  Update dividend and share buyback program
An interim dividend of €1.60 per ordinary share will be made payable on November 6, 2025.

In the third quarter, we purchased around €148 million worth of shares under the current 2022–2025 share buyback program.

As of September 28, 2025, ASML has acquired 9.0 million of shares under this program for a total consideration of €5.9 billion. ASML does not expect to complete the €12 billion share buyback program in full within the 2022–2025 timeframe. We intend to announce a new share buyback program in January 2026.

Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML's website (www.asml.com/investors).

Media Relations contacts Investor Relations contacts Monique Mols +31 6 5284 4418 Jim Kavanagh +31 40 268 3938 Sarah de Crescenzo +1 925 899 8985 Pete Convertito +1 203 919 1714 Karen Lo +886 9 397 88635 Peter Cheang +886 3 659 6771  Quarterly video interview and investor call
With this press release, ASML is publishing a video interview in which CEO Christophe Fouquet and CFO Roger Dassen discuss the 2025 third quarter and outlook for 2025. This video and the video transcript can be viewed on www.asml.com shortly after the publication of this press release.

An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on October 15, 2025 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.

About ASML
ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity's toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across EMEA, the US and Asia. Every day, ASML’s more than 44,000 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at www.asml.com.

US GAAP Reporting
ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly summary US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on www.asml.com.

The consolidated balance sheets of ASML Holding N.V. as of September 28, 2025, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and nine months ended September 28, 2025 as presented in this press release are unaudited.

Regulated information
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Forward Looking Statements

This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets, expected trends in product mix and geography, and business environment trends, expected growth in the semiconductor industry by 2030, statements with respect to AI including goals for use of AI in our portfolio and the expected impact of AI demand on our business, industry and results, statements with respect to EUV adoption, our expectation that lithography will remain at the heart of customer innovation, expected increase in critical lithography exposures, statements with respect to our product portfolio, our expectation that customer fundamentals remain strong, expected reduction in level of business uncertainty, expected demand, shipments, bookings, outlook of market segments, outlook and expected financial results including outlook and expected results for Q4 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook and expected financial results for full year 2025, including expected full year 2025 total net sales and growth, gross margin, and estimated annualized effective tax rate and expected IBM sales, expectation of a very strong fourth quarter, and expectations with respect to EUV and DUV sales in 2026, expectations with respect to total 2026 net sales, statements made at our 2024 Investor Day, including modelled revenue and gross margin opportunity for 2030, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, expectations with respect to our 2022-2025 share buyback program and plan to announce a new share buyback program in January 2026, and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans, statements with respect to our ESG strategy and commitments and other non-historical statements. You can generally identify these statements by the use of words like “may”, “expect”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity”, “commitment” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic and geopolitical environment on the semiconductor industry, semiconductor market conditions, the ultimate impact of AI on our industry and business and semiconductor demand, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new technologies and products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation, delays or push outs and restrictions on shipments of systems, including ordered systems, under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of recent and future changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, the impact of the tariff announcements, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and commitments and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2024 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.

Link to press release

Link to consolidated financial statements

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UK solar installer training tour scheduled for November leverages significant growth in the number of systems with Tigo optimizers in the region.

MONTEVARCHI, Italy--(BUSINESS WIRE)--Tigo Energy, Inc. (NASDAQ: TYGO) (“Tigo”), a leading provider of intelligent solar and energy software solutions, today announced a three-stop training roadshow for UK solar installers. The golf-themed Tigo Hole-in-One Tour will feature hands-on technical education sessions in Glasgow, Rugby, and Bristol from November 3 to 6, 2025. The training roadshow follows the rapid growth in the number of solar installers in the region who choose Tigo for safe, monitored, and optimized solar with the Tigo TS4 Flex MLPE (Module Level Power Electronics) product family.

With the UK reaching over 2GW of operational solar capacity this year alone, the Kingdom has also become one of Tigo’s fastest-growing European markets. Driven in part by the Ofgem ECO4 program specifications for solar monitoring as well as innovations that deliver performance uplift, UK installers have adopted Tigo TS4 MLPE devices that deliver more energy through Reclaimed Energy with optimization, and remote monitoring via the Tigo Access Point (TAP) and Cloud Connect Advanced (CCA). Of the tens of thousands of monitored Tigo installations now deployed across the UK, more than 75% were installed in the last 5 years alone. In response to this strong momentum and an increase in the number of installers deploying Tigo products, the Company will increase the support, business, and training resources locally, starting with the Hole-in-One Tour.

“We have relied on Tigo optimizers for years because of how well they perform in UK conditions, which often include suboptimal roof orientations for modules, and not infrequent cloud-related system shading,” said Anthony Dixey, CEO at AWD Electrical Ltd T/A Economy Energy Group. “These new training sessions will be a great opportunity to do a deep dive with the Tigo EI Residential Solution and connect directly with the Tigo team. It’s good to see a solar equipment manufacturing company investing in installers and making hands-on learning accessible.”

Each of the three training sessions will feature hands-on product training, system design guidance, and direct access to Tigo experts. Installers will receive practical experience with the Tigo EI Residential Solution, an all-in-one system that integrates inverter, battery, and optimization technologies for simplified installation, intelligent energy management, and reliable backup power for multiple household loads. The training will also cover the Tigo TS4-A-O MLPE models, which deliver advanced module-level monitoring, enhanced energy harvesting through optimization, and increased power and current to keep pace with the increase in high-current solar modules deployed by installers to offer customers the most energy production per available rooftop space. Tigo TS4-A-O devices support solar modules up to 700W and are rated for a maximum short-circuit current of 20A and a maximum input voltage of 80V per module. The TS4-A products are fully backward-compatible with other Tigo TS4 products and are certified compatible with hundreds of inverter models.

“With hundreds of thousands of monitoring-enabled Tigo MLPE devices installed across the region, it was time to ensure that our growing list of installer partners has the training and support to keep making them successful with a complete Tigo optimized Energy Storage System," said Mirko Bindi, Senior VP Sales EMEA & MD Europe at Tigo Energy. “Installers are at the center of our growth around the world, and our UK training tour reflects another part of our ongoing investment in training, personnel, and support for the installer community across the UK.”

Building on strong engagement from UK installers at the Greentech trade show in September, the Hole-in-One Tour also supports the Tigo Green Glove installer success program, which provides advanced technical training, certification, and ongoing support for Tigo installation partners. Installers can register for one of the training sessions in Glasgow, Rugby, or Bristol from November 3 to 6, 2025, here.

About Tigo Energy

Founded in 2007, Tigo Energy, Inc. (Nasdaq: TYGO) is a worldwide leader in the development and provider of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The company also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.

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Pivotal ADAPT SERON results and interim ADAPT Jr data showcase VYVGART’s potential to treat broad set of myasthenia gravis patientsReal-world evidence and long-term data reinforce VYVGART’s sustained impact on patient outcomesMore than 40 abstracts across MG, CIDP, MMN, and IIM highlight depth of clinical evidence and ongoing commitment to rare neuromuscular disease communities October 15, 2025, 7:00 AM CEST

Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases, will present data for VYVGART® (IV: efgartigimod alfa-fcab and SC or Hytrulo: efgartigimod alfa and hyaluronidase-qvfc) and pipeline candidate empasiprubart at the 2025 American Association of Neuromuscular & Electrodiagnostic Medicine (AANEM) Annual Meeting and Myasthenia Gravis Foundation of America (MGFA) Scientific Session in San Francisco from October 29-November 1, 2025.

“We’re proud to have a robust presence at this year’s AANEM Annual Meeting and MGFA Scientific Session, where we are sharing pivotal data and meaningful evidence across a broad spectrum of serious neuromuscular diseases, including MG, CIDP, MMN and IIM,” said Luc Truyen, M.D., Ph.D., Chief Medical Officer, argenx. “The breadth of studies reflect the strength and momentum of our clinical development programs, from the continued expansion of VYVGART into new patient populations, to our fast-approaching growth opportunity with empasiprubart. These presentations also underscore our commitment to generating evidence that propels innovation and positively impacts people living with these debilitating diseases.”

Abstracts at AANEM and MGFA will highlight real-world and clinical data demonstrating the potential of argenx’s innovative therapies to help more people living with autoimmune and neuromuscular diseases.

Advancing VYVGART in Treating Additional gMG Patient Populations

Results from the Phase 3 ADAPT SERON study evaluating VYVGART for the treatment of adult patients with generalized myasthenia gravis (gMG) who are anti-acetylcholine receptor (AChR) antibody negative (AChR-Ab seronegative) show clinically meaningful improvements in disease activity across all three subtypes (triple negative, MuSK, and LRP4-Ab seropositive).ADAPT Jr interim results assess age-appropriate dosing, safety, and clinical effect of VYVGART in juvenile gMG. Driving CIDP Innovation with VYVGART Hytrulo and Empasiprubart

VYVGART Hytrulo CIDP data highlight functional improvement, long-term safety, and real-world characteristics of patients, underscoring the need for early treatment with effective and well-tolerated therapies.Two Phase 3 study designs for empasiprubart in CIDP – EMVIGORATE and EMNERGIZE – demonstrate argenx’s commitment to advancing innovative therapies and transforming outcomes for patients. Progressing Development of Empasiprubart in MMN

Phase 2 ARDA study highlights clinical efficacy and safety data of empasiprubart in treated patients with multifocal motor neuropathy (MMN). Phase 3 study design – EMPASSION – will evaluate the efficacy and safety of empasiprubart versus IVIg in adult patients with MMN.Real-world data characterize MMN disease burden, management, and quality of life, reinforcing the need for therapeutic approaches that reduce the use of burdensome treatments and improve functional outcomes. Details for oral and poster presentations at AANEM and MGFA are as follows:

Oral Presentations at MGFATitlePresentationGeneralized Myasthenia Gravis (gMG)Phase 3 Trial Investigating Impact of Intravenous Efgartigimod in Anti-Acetylcholine Receptor Antibody Negative Generalized Myasthenia GravisPresenter: James F. Howard

MGFA
Oral Presentation​
#101
Session B: Therapeutics and Clinical Trials
Wednesday, October 29
10:40 a.m. PTResults From the ADAPT Jr Study Investigating Intravenous Efgartigimod in Juvenile Generalized Myasthenia GravisPresenter: Abigail N. Schwaede

MGFA
Oral Presentation​
#113
Session B: Therapeutics and Clinical Trials
Wednesday, October 29
10:20 a.m. PTReduction in Oral Glucocorticoid Use at 18 Months Following Efgartigimod Initiation Based on a United States Claims DatabasePresenter: Neelam Goyal

MGFA
Oral Presentation
#100
Session C: Patient Care, Hot Topics, Retrospective/Post-hoc Studies
Wednesday, October 29
1:16 p.m. PT Poster Presentations* at AANEM and MGFATitlePresentationGeneralized Myasthenia Gravis (gMG)Sustained Clinical Efficacy and Long-term Safety of Intravenous Efgartigimod for Generalized Myasthenia Gravis: Part B of Adapt NXTAANEM
Poster #260​
Poster Sessions I & IIClinical Development Program for Efgartigimod in Juvenile Generalized Myasthenia GravisAANEM
Poster #257​
Poster Sessions I & IICost and Use of Medical Devices in Incident Early-Onset Myasthenia Gravis Patients in FranceAANEM
Poster #161​
Poster Sessions I & IIIDisability Progression and Associated Costs in Incident Early-onset Myasthenia Gravis Patients in France: A Longitudinal Cohort StudyAANEM
Poster #162​
Poster Sessions I & IIILong-term Safety and Efficacy of Subcutaneous Efgartigimod PH20 in Adult Participants with Generalized Myasthenia Gravis: Final Results of the ADAPT-SC+ StudyAANEM
Poster #12
Poster Sessions I & IIIHigh Cardiovascular Disease Burden Among Patients with Myasthenia Gravis in USMGFA
Poster #38Evaluation of Cardiovascular Comorbidity Burden in Patients with Generalized Myasthenia Gravis Treated with EfgartigimodMGFA
Poster #68​Impact of Long-Term Intravenous Efgartigimod on Quality of Life, Disease Severity, and Safety in Participants with Generalized Myasthenia Gravis during ADAPT NXTMGFA
Poster #76 ​Design of a Phase 3 Randomized, Double Blinded, Placebo-Controlled Study Evaluating Subcutaneous Efgartigimod PH20 Administered by Prefilled Syringe in Adults with Ocular Myasthenia GravisMGFA
Poster #14 ​Myasthenia Gravis Events in a Retrospective United States Claims Database StudyAANEM
Poster #258
Poster Sessions I & IIDesign of a Phase 4, Open-Label, Single-Group Study to Evaluate Clinical Outcomes of Efgartigimod PH20 Sc in Adult Participants with New-Onset Generalized Myasthenia GravisAANEM
Poster #232
Poster Sessions I & IIComparative Benefits of Immunomodulatory Therapies for Generalized Myasthenia Gravis​MGFA
Poster #72Patient Characteristics, Dosing Patterns, and Outcomes Associated with Intravenous and Subcutaneous Efgartigimod Among Patients with Generalized Myasthenia Gravis in Clinical Practice​MGFA
Poster #70Drivers of Mortality in Patients with Myasthenia Gravis in the United States National Veterans Affairs Health Care Network and Medicare DatabasesMGFA
Poster #71Diagnosis Journey, Treatment, and Management of Patients with Ocular Myasthenia Gravis: Insights from a U.S. Patient PanelMGFA
Poster #63Disease Burden, Impact on Daily Functioning, and Psychological Well-being in Patients with Ocular Myasthenia Gravis: Insights from a U.S. Patient Panel​MGFA
Poster #62Chronic Inflammatory Demyelinating Polyneuropathy (CIDP)Empasiprubart Versus Immunoglobulin in Chronic Inflammatory Demyelinating Polyneuropathy: EMVIGORATE Phase 3 Study DesignAANEM
Poster #249
Poster Sessions I & IIIEmpasiprubart Versus Placebo in Chronic Inflammatory Demyelinating Polyneuropathy: EMNERGIZE Phase 3 Study DesignAANEM
Poster #251
Poster Sessions I & IIIImpact of Subcutaneous Efgartigimod PH20 on Autoimmune Biomarkers in the ADHERE Trial: Exploratory AnalysisAANEM
Poster #325
Poster Sessions I & IIITreatment Impact of Efgartigimod PH20 SC on I-RODS Daily Activity Assessment in Patients With Chronic Inflammatory Demyelinating Polyneuropathy: Post Hoc Analysis of the Registrational ADHERE StudyAANEM
Poster #246
Poster Sessions I & IIAutoantibody Signatures in Chronic Inflammatory Demyelinating Polyneuropathy: Insights on Glycolipid Reactivity From the ADHERE TrialAANEM
Poster #248
Poster Sessions I & IITransition From Intravenous Immunoglobulin to Efgartigimod PH20 SC in Participants with Chronic Inflammatory Demyelinating Polyneuropathy: A Phase 4 Study in ProgressAANEM
Poster #250
Poster Sessions I & IIADHERE+ Trial Interim Analysis: Long-Term Safety and Efficacy of Efgartigimod in Chronic Inflammatory Demyelinating PolyneuropathyAANEM
Poster #217
Poster Sessions I & IIICharacteristics of Patients with Chronic Inflammatory Demyelinating Polyneuropathy Initiating Subcutaneous Efgartigimod in the United StatesAANEM
Poster #141
Poster Sessions I & IIIGlucocorticoid Exposure and the Risk of Serious Infections in CIDPAANEM
Poster #160
Poster Sessions I & IIPre-existing Conditions Among Adult Patients with Chronic Inflammatory Demyelinating Polyneuropathy in the United StatesAANEM
Poster #150
Poster Sessions I & IIThe Diagnostic Experience of Patients with Chronic Inflammatory Demyelinating Polyneuropathy: Results of a Real-World Survey in the United StatesAANEM
Poster #255
Poster Sessions I & IIIPhysician and Patient Satisfaction with Chronic Inflammatory Demyelinating Polyneuropathy Treatment: Results of a Real-World Survey in the United StatesAANEM
Poster #139
Poster Sessions I & IIIReal-World Characteristics of Patients Initiating Efgartigimod Subcutaneous in the United States: Insights From a Patient Support ProgramAANEM
Poster #140
Poster Sessions I & IIMultifocal Motor Neuropathy (MMN)Safety and Efficacy Data From the Phase 2 ARDA Study of Empasiprubart in Multifocal Motor NeuropathyAANEM
Poster #215
Poster Sessions I & IIEmpasiprubart in Multifocal Motor Neuropathy: Exploratory Analyses of the Phase 2 ARDA StudyAANEM
Poster #239
Poster Sessions I & IIIBurden of Disease in Multifocal Motor Neuropathy: A Global Quantitative Survey of PatientsAANEM
Poster #242
Poster Sessions I & IIIManagement of Patients with Multifocal Motor Neuropathy: A Global Quantitative Survey of NeurologistsAANEM
Poster #243
Poster Sessions I & IIIEmpasiprubart Versus Intravenous Immunoglobulin in Multifocal Motor Neuropathy Phase 3 Study Design: EMPASSIONAANEM
Poster #244
Poster Sessions I & IIIBaseline Characteristics of the First 200 Study Participants with Multifocal Motor Neuropathy in the Immersion StudyAANEM
Poster #326
Poster Sessions I & IIIA Real-World Retrospective Cohort Study Characterizing Patients with MMN in the United StatesAANEMPoster #327

Poster Sessions I & III

Idiopathic Inflammatory Myopathy (IIM)Efficacy and Safety of Subcutaneous Efgartigimod in Adult Participants with Active Idiopathic Inflammatory Myopathy: Phase 2 Results From the ALKIVIA StudyAANEM
Poster #218
Poster Sessions I & IIMultiple Disease AreasSafety of Intravenous and Subcutaneous Efgartigimod Reported From Multiple Global Clinical Trials in Immunoglobulin G-Mediated Autoimmune DiseasesAANEM
Presentation #245
Poster Sessions I & IIInvestigating the Pharmacokinetics, Injection Speed, and Usability of Subcutaneous Efgartigimod PH20 Administration Using a Prefilled SyringeAANEM
Poster #256
Poster Sessions I & IIIFcRn Blocker Efgartigimod: Unique Fc Fragment Allowing IgG Reduction Without Reducing Albumin or Increasing CholesterolAANEM
Poster #400​
Poster Sessions I & IICOVID-19 Vaccination Response in Participants Across Clinical Trials Investigating Intravenous Efgartigimod and Subcutaneous Efgartigimod PH20 AANEM
Poster #259
Poster Sessions I & III *Session Times:

Session I: Thursday, October 30, 6:15-6:45 p.m. PTSession II: Friday, October 31, 9:30-10:00 a.m. PTSession III: Friday, October 31, 2:45-3:15 p.m. PT More information on the data presented at the 2025 AANEM Annual Meeting and MGFA Scientific Session can be found here.

Important Safety Information 

What is VYVGART® (efgartigimod alfa-fcab)? 
VYVGART is a prescription medicine used to treat a condition called generalized myasthenia gravis, which causes muscles to tire and weaken easily throughout the body, in adults who are positive for antibodies directed toward a protein called acetylcholine receptor (anti-AChR antibody positive).

  IMPORTANT SAFETY INFORMATION 
Do not use VYVGART if you have a serious allergy to efgartigimod alfa or any of the other ingredients in VYVGART. VYVGART can cause serious allergic reactions and a decrease in blood pressure leading to fainting.

  VYVGART may cause serious side effects, including: 

Infection. VYVGART may increase the risk of infection. The most common infections were urinary tract and respiratory tract infections. Signs or symptoms of an infection may include fever, chills, frequent and/or painful urination, cough, pain and blockage of nasal passages/sinus, wheezing, shortness of breath, fatigue, sore throat, excess phlegm, nasal discharge, back pain, and/or chest pain. Allergic Reactions (hypersensitivity reactions). VYVGART can cause allergic reactions such as rashes, swelling under the skin, and shortness of breath. Serious allergic reactions, such as trouble breathing and decrease in blood pressure leading to fainting have been reported with VYVGART.  Infusion-Related Reactions. VYVGART can cause infusion-related reactions. The most frequent symptoms and signs reported with VYVGART were high blood pressure, chills, shivering, and chest, abdominal, and back pain.    Tell your doctor if you have signs or symptoms of an infection, allergic reaction, or infusion-related reaction. These can happen while you are receiving your VYVGART treatment or afterward. Your doctor may need to pause or stop your treatment. Contact your doctor immediately if you have signs or symptoms of a serious allergic reaction.

  Before taking VYVGART, tell your doctor if you: 

take any medicines, including prescription and non-prescription medicines, supplements, or herbal medicines, have received or are scheduled to receive a vaccine (immunization), or have any allergies or medical conditions, including if you are pregnant or planning to become pregnant, or are breastfeeding.  What are the common side effects of VYVGART? 
The most common side effects of VYVGART are respiratory tract infection, headache, and urinary tract infection.

These are not all the possible side effects of VYVGART. Call your doctor for medical advice about side effects. You may report side effects to the US Food and Drug Administration at 1-800-FDA-1088. 

Please see the full Prescribing Information for VYVGART and talk to your doctor. 

Important Safety Information 

What is VYVGART HYTRULO® (efgartigimod alfa and hyaluronidase-qvfc)?

VYVGART HYTRULO is a prescription medicine used to treat adults with:

generalized myasthenia gravis (gMG) who are anti-acetylcholine receptor (AChR) antibody positive.chronic inflammatory demyelinating polyneuropathy (CIDP). It is not known if VYVGART HYTRULO is safe and effective in children.

IMPORTANT SAFETY INFORMATION 
Do not take VYVGART HYTRULO if you are allergic to efgartigimod alfa, hyaluronidase, or any of the ingredients in VYVGART HYTRULO. VYVGART HYTRULO can cause serious allergic reactions and a decrease in blood pressure leading to fainting.

  Before taking VYVGART HYTRULO, tell your healthcare provider about all of your medical conditions, including if you:

have an infection or fever.have recently received or are scheduled to receive any vaccinations.have any history of allergic reactions.have kidney (renal) problems.are pregnant or plan to become pregnant. It is not known whether VYVGART HYTRULO will harm your unborn baby. Pregnancy Exposure Registry. There is a pregnancy exposure registry for women who use VYVGART HYTRULO during pregnancy. The purpose of this registry is to collect information about your health and your baby. Your healthcare provider can enroll you in this registry. You may also enroll yourself or get more information about the registry by calling 1-855-272-6524 or going to VYVGARTPregnancy.com are breastfeeding or plan to breastfeed. It is not known if VYVGART HYTRULO passes into your breast milk. Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements.

VYVGART HYTRULO can cause side effects which can be serious, including:

Infection. VYVGART HYTRULO may increase the risk of infection. If you have an active infection, your healthcare provider should delay your treatment with VYVGART HYTRULO until your infection is gone. Tell your healthcare provider right away if you get any of the following signs and symptoms of an infection: fever, chills, frequent and painful urination, cough, pain and blockage or nasal passages, wheezing, shortness, sore throat, excess phlegm, nasal discharge.Allergic reactions (hypersensitivity reactions). VYVGART HYTRULO can cause allergic reactions that can be severe. These reactions can happen during, shortly after, or weeks after your VYVGART HYTRULO injection. Tell your healthcare provider or get emergency help right away if you have any of the following symptoms of an allergic reaction: rash, swelling of the face, lips, throat, or tongue, shortness of breath, hives, trouble breathing, low blood pressure, fainting.Infusion or injection-related reactions. VYVGART HYTRULO can cause infusion or injection-related reactions. These reactions can happen during or shortly after your VYVGART HYTRULO injection. Tell your healthcare provider if you have any of the following symptoms of an infusion or injection-related reaction: high blood pressure, chills, shivering, chest, stomach, or back pain. The most common side effects of VYVGART HYTRULO include respiratory tract infection, headache, urinary tract infection, and injection site reactions.

These are not all the possible side effects of VYVGART HYTRULO. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088.

Please see the full Prescribing Information for VYVGART HYTRULO and talk to your doctor. 

About VYVGART and VYVGART Hytrulo
VYVGART® (efgartigimod alfa fcab) is a first-in-class human IgG1 antibody fragment that binds to the neonatal Fc receptor (FcRn), resulting in the reduction of circulating IgG autoantibodies. VYVGART® Hytrulo is a subcutaneous combination of efgartigimod alfa (VYVGART) and recombinant human hyaluronidase PH20 (rHuPH20), Halozyme’s ENHANZE® drug delivery technology to facilitate subcutaneous injection delivery of biologics. VYVGART is approved for generalized myasthenia gravis (gMG) and immune thrombocytopenia (Japan only). VYVGART Hytrulo is approved for gMG and chronic inflammatory demyelinating polyneuropathy (CIDP). VYVGART Hytrulo may be marketed under different proprietary names in other regions.

About Empasiprubart
Empasiprubart (ARGX-117) is a novel humanized monoclonal antibody that binds C2 and blocks activation of both the classical and lectin pathways of the complement cascade. By blocking complement activity upstream of C3 and C5, empasiprubart has the potential to reduce tissue inflammation and cellular damage, representing a broad pipeline opportunity across multiple severe autoimmune indications. In addition to multifocal motor neuropathy, argenx is evaluating empasiprubart in delayed graft function following kidney transplant, and chronic inflammatory demyelinating polyneuropathy (CIDP).

About Generalized Myasthenia Gravis (gMG)
Generalized myasthenia gravis (gMG) is a rare and chronic autoimmune disease where IgG autoantibodies disrupt communication between nerves and muscles, causing debilitating and potentially life-threatening muscle weakness. Approximately 85% of people with MG progress to gMG within 24 months¹, where muscles throughout the body may be affected. Patients with confirmed AChR antibodies account for approximately 85% of the total gMG population.

About AChR-Ab seronegative gMG
gMG is a rare, chronic, neuromuscular autoimmune disease caused by pathogenic IgGs targeting the neuromuscular junction (NMJ), resulting in impaired neuromuscular transmission and debilitating and potentially life-threatening muscle weakness and chronic fatigue. Approx. 80% of patients with gMG have detectable antibodies against the AChR in sera, and these patients are diagnosed as AChR-Ab seropositive gMG. Approximately 20% of patients with gMG do not have detectable serum antibodies directed against AChR and are referred to as AChR-Ab seronegative gMG. These patients may have detectable autoantibodies targeting other NMJ proteins, such as muscle-specific tyrosine kinase (MuSK) and low-density lipoprotein receptor-related protein 4 (LRP4), or others. Anti-MuSK antibodies are detected in approximately 1-10% of patients with gMG, while anti-LRP4 antibodies are detected in approximately 1-5% of patients with gMG. About 10% of patients do not have any detectable autoantibodies against AChR, MuSK or LRP4. These triple seronegative patients have historically been excluded from studies and have a higher disease burden and unmet medical need compared to patients with detectable autoantibodies. Currently, there are no approved treatments available for patients with anti-LRP4 antibodies or for triple seronegative patients.

About Chronic Inflammatory Demyelinating Polyneuropathy (CIDP)
CIDP is a rare and serious autoimmune disease of the peripheral nervous system. There is increasing evidence that IgG antibodies play a key role in the damage to the peripheral nerves. People with CIDP experience fatigue, muscle weakness and a loss of feeling in their arms and legs that can worsen over time or may come and go. These symptoms can significantly impair a person's ability to function in their daily lives. Without treatment, one-third of people living with CIDP will need a wheelchair.

About Multifocal Motor Neuropathy
Multifocal motor neuropathy (MMN) is a rare, severe, chronic autoimmune disease of the peripheral nervous system. The disease is characterized by slowly progressive, asymmetric muscle weakness mainly of the hands, forearms and lower legs. MMN is often associated with the presence of anti-GM1 IgM autoantibodies, leading to activation of the classical complement pathway, driving subsequent axon damage. High-dose IVIg is the only approved treatment for MMN and patients typically experience disease progression despite therapy, indicating an unmet need for efficacious and better tolerated therapeutic options.

About Idiopathic Inflammatory Myopathies
Idiopathic inflammatory myopathies (myositis) are a rare group of autoimmune diseases that can be muscle specific or affect multiple organs including the skin, joints, lungs, gastrointestinal tract and heart. Myositis can be very severe and disabling and have a material impact on quality of life. Initially, myositis was classified as either DM or polymyositis, but as the underlying pathophysiology of myositis has become better understood, including through the identification of characteristic autoantibodies, new polymyositis subtypes have emerged. Two of these subtypes are IMNM and ASyS. Proximal muscle weakness is a unifying feature of each subtype. IMNM is characterized by skeletal muscle weakness due to muscle cell necrosis. ASyS is characterized by muscle inflammation, inflammatory arthritis, interstitial lung disease, thickening and cracking of the hands (“mechanic’s hands”) and Raynaud’s phenomenon. DM is characterized by muscle inflammation and degeneration and skin abnormalities, including heliotrope rash, Gottron’s papules, erythematous, calcinosis and edema.

About argenx
argenx is a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. argenx developed and is commercializing the first approved neonatal Fc receptor (FcRn) blocker and is evaluating its broad potential in multiple serious autoimmune diseases while advancing several earlier stage experimental medicines within its therapeutic franchises. For more information, visit www.argenx.com and follow us on LinkedIn, Instagram, Facebook, and YouTube.

References
1 Behin et al. New Pathways and Therapeutics Targets in Autoimmune Myasthenia Gravis. J Neuromusc Dis 5. 2018. 265-277

Media:
Colin McBean
[email protected]

Investors:
Alexandra Roy
[email protected]

FORWARD LOOKING STATEMENTS
The contents of this announcement include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “aim,” “believe,” “can,” “continue,” “evaluate,” “may,” “progress,” and “will” and include statements argenx makes concerning the ADAPT SERON results and interim ADAPT Jr data, including VYVGART’s potential to treat a broad set of MG patients; the continued expansion of VYVGART into new patient populations; its potential growth opportunity with empasiprubart, including the timing thereof; its commitment to generating evidence through its various studies and positively impact patients living with serious neuromuscular diseases; the data for VYVGART, VYVGART Hytrulo and empasiprubart that will be presented at the upcoming AANEM Annual Meeting and MGFA Scientific Session, including the agenda for such meetings; its commitment to advancing innovative therapies and transforming outcomes for patients, including with the EMVIGORATE and EMNERGIZE studies; its goal of (i) advancing VYVGART in treating additional gMG patient populations, (ii) driving CIDP innovation with VYVGART Hytrulo and empasiprubart and (iii) progressing the development of empasiprubart in MMN; its evaluation of emprasiprubart in delayed graft function following kidney transplant and chronic CIDP; and its goal of translating immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including but not limited to, the results of argenx’s clinical trials; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements; the acceptance of its products and product candidates by its patients as safe, effective and cost-effective; the impact of governmental laws and regulations, including tariffs, export controls, sanctions and other regulations on its business; its reliance on third-party suppliers, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; and regional instability and conflicts. A further list and description of these risks, uncertainties and other risks can be found in argenx’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.

ASML logo is seen in this illustration taken February 16, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesASML expects significant fall in China demand next yearAnalysts disappointed by ASML's flat sales guidance for 2026ASML's Q3 net bookings slightly exceed analyst expectationsOct 15 (Reuters) - ASML

(ASML.AS), opens new tab, the world's biggest supplier of computer chip-making equipment, on Wednesday repeated it expects to benefit from booming investments in AI, but warned that it expected a significant fall in demand from China next year.

Analysts said the lukewarm guidance, which said sales will be flat or better in 2026, may be upgraded in January.

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"It could have been a stronger message," Michael Roeg of Degroof Petercam said.

Net bookings, the most closely watched figure in the industry, were 5.40 billion euros ($6.27 billion) in the third quarter of 2025, versus analysts' consensus estimate of 5.36 billion euros, according to researcher Visible Alpha.

The results came after a flurry of mega-deals between AI firms and chipmakers in September and October, all of which will mean more demand for chips, which make up around half of the cost of data centres.

CEO Christophe Fouquet said ASML, Europe's largest tech firm by market capitalization, is seeing "continued positive momentum around investments in AI," and that it was extending to more of its customers both in advanced logic chips such as those used in smartphones and AI datacenters, and advanced memory chips also needed for AI.

ASML's lithography tools, which are essential for making the circuitry of chips, are sold to TSMC of Taiwan

(2330.TW), opens new tab, which manufactures most AI chips for Nvidia and other logic firms such as SMIC

(0981.HK), opens new tab of China and Intel

(INTC.O), opens new tab of the U.S. It also serves memory chip makers Samsung

(005930.KS), opens new tab SK Hynix

(000660.KS), opens new tab, and Micron

(MU.O), opens new tab, among others.

Weak Chinese demand came as a surprise after it made up nearly a third of new ASML tool sales through the first nine months of 2025.

"We expect China customer demand, and therefore our China total net sales in 2026 to decline significantly," Fouquet said.

The company reported third-quarter net income of 2.12 billion euros in line with the 2.11 billion euros analysts expected, according to LSEG IBES data.

($1 = 0.8607 euros)

Reporting by Toby Sterling in Amsterdam, Nathan Vifflin in Gdansk; Editing by Matt Scuffham and Kim Coghill

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

Analyst’s Disclosure:I/we have a beneficial long position in the shares of ORCL 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.

ASML reported €5.4 billion ($6.3 billion) in bookings for the third quarter, beating analyst expectations. The demand for its chip-making machines was fueled by investment into artificial intelligence infrastructure.

LVMH sales unexpectedly returned to growth in the third quarter as shoppers splurged on Moët & Chandon Champagne and Dior perfumes. The world's largest luxury group, led by billionaire Bernard Arnault, has endured an extended pullback, particularly in China, which had long been a driver of growth.

Vancouver, British Columbia--(Newsfile Corp. - October 15, 2025) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide its third quarter 2025 interim operational update for the Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria, Senegal, and Côte d'Ivoire, for the three months to September 30, 2025 (the "Quarter" or "Q3").

SummaryCompaniesItaly has retained gold despite crises, mounting debtBank of Italy holds 2,452 tons, World Gold Council saysCountry has world's third largest national bullion reservesItaly's ties to gold rooted in historyROME, Oct 15 (Reuters) - Italy, whose sovereign assets from bonds to banks have so often been the subject of market crises in recent years, is currently enjoying a windfall as the central bank's vast gold reserves track record-high prices.

The country's bullion stockpile reflects decades of determined safeguarding after it rebuilt reserves plundered by the Nazis in the 1940s, and a stance that has seen it resist calls to sell through repeated crises and as its national debt soared.

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The Bank of Italy now sits on the world's third-largest national gold stockpile, behind only the U.S. and Germany. Its 2,452 metric tons of gold are worth an estimated $300 billion at current prices, roughly 13% of 2024 national output, Reuters calculations show.

Top 10 central bank gold holdings as of March 2025WARTIME SEIZURES SHAPE PEACETIME POLICYItaly's love affair with bullion goes back millennia, with the Etruscans mastering the technique of fusing gold beads well before ancient Rome. Under Julius Caesar, the aureus gold coin became the monetary cornerstone of the Roman Empire, and centuries later, the fiorino became as influential in medieval Europe as the dollar is today.

The country's more recent gold policy was shaped by its wartime experience, when Nazi forces aided by Italy's own fascist regime seized 120 tons of its reserves. By the war's end, these had dwindled to around 20 tons.

During its postwar "economic miracle", Italy became an export-driven economy and saw a surge in foreign currency inflows, notably U.S. dollars. Some of these, according to the Bank of Italy's website, were converted into gold.

Its holdings had climbed to 1,400 tons by 1960, including three-quarters of the seized bullion which it was able to recover in 1958.

Largest official sector gold holdersTHE FAMILY SILVERWAREThe oil shocks of the 1970s ushered in further global uncertainty, which in Italy meant social unrest and frequent government changes seen as risky by investors.

"The extreme monetary instability led the central banks of Western countries to buy gold, the ultimate symbol of financial solidity," Stefano Caselli, dean of the SDA Bocconi School of Management in Milan, told Reuters.

To offset budget holes left by capital flight, Rome used 41,300 ingots from its gold reserves as collateral for a $2 billion loan from Germany's Bundesbank in 1976.

But unlike Britain or Spain, Italy has refused to sell off gold during financial downturns, retaining its reserves even through the 2008 debt crisis.

"Gold is like the family silverware, it's like grandpa's precious watch, it's the last resort in times of crisis, any crisis that undermines international confidence in the country," Salvatore Rossi, former deputy governor of the Bank of Italy, wrote in his 2018 book 'Oro' (Gold).

DECISION FOR A MODERN ERAWith gold still viewed as a safeguard of last resort by many Western nations, central banks worldwide are again stockpiling amid a reshaping of the global order.

"That historical decision of the Bank of Italy feels strikingly modern," said Caselli. "Because we are back there again."

Top net official sector buyers of gold so far in 2025The Bank of Italy currently holds approximately 871,713 gold coins weighing some 4.1 tons in its vaults, dubbed the 'sacristy' after the room in a church where sacred items are kept.

Gold accounted for nearly 75% of Italy's official reserves at the end of last year, a significantly higher ratio than the 66.5% of the euro zone, according to World Gold Council data.

Around 1,100 tons are stored in the vault beneath the Bank of Italy's headquarters at Palazzo Koch, a short walk from the Colosseum. A similar portion is held in the U.S., while smaller amounts are kept in Britain and Switzerland.

Italy also remains one of the world's top exporters of gold jewellery, with production concentrated in Alessandria, Arezzo, and Vicenza. Luxury brands like Bulgari, Buccellati and Damiani enjoy global acclaim.

THE HOTTEST ASSETCalls to sell gold to reduce Italy's public debt, now over 3 trillion euros ($3.49 trillion) and seen at 137.4% of GDP next year, continue to surface but have not yet succeeded.

"Selling even half of the gold holding would not solve Italy's debt problem anyway," said Giacomo Chiorino, head of market analysis at Banca Patrimoni Sella & C.

Some argue that selling ingots could unlock funding for essential public services to benefit citizens instead of sitting idly in vaults.

Nonetheless, the Bank of Italy shows no intention of selling. It had no comment on its gold policy for this article.

"At a time when the world is being redrawn, market prices have reached unprecedented multiples and (digital assets such as) stablecoins and cryptocurrency are gaining ground, central banks currently hold the hottest asset," Bocconi's Caselli said. "They are right not to sell."

($1 = 0.8607 euros)

Reporting by Giselda Vagnoni; Editing by Jan Harvey

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

Rakuten logo is seen in this illustration taken, February 11, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

SummaryCompaniesIPO considerations in early stages -sourceOther options include a stake sale -sourceSoftBank is preparing to list PayPay in USMizuho bought a 15% stake in Rakuten card business for $1.1 billionTOKYO, Oct 15 (Reuters) - Japanese e-commerce and finance heavyweight Rakuten

(4755.T), opens new tab is weighing an initial public offering in the United States of its credit card business, according to two sources familiar with the matter.

Rakuten began considering a potential U.S. listing of one of Japan's largest credit card businesses last month, the sources said. The considerations are in the early stages, with other potential options including a stake sale to a strategic buyer, one of the sources said.

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One trigger for considering a U.S. IPO of Rakuten Card was rival SoftBank's

(9984.T), opens new tab plans to list app pay operator PayPay in the U.S., the source said. The sources declined to be named as the information is not public.

The company's considerations of a U.S. IPO had not been reported previously.

Rakuten did not respond to requests for comment.

Mizuho Financial Group

(8411.T), opens new tab acquired a 15% stake in Rakuten Card for 165 billion yen ($1.1 billion) last year, valuing the business at more than 1 trillion yen, or $7 billion, with the two launching joint credit cards.

For PayPay, institutional investors see a baseline valuation of 2 trillion yen, but expect the valuation could exceed 3 trillion yen in the IPO that could take place as early as December, Reuters reported this week.

CARDS CENTRAL TO RAKUTEN'S BUSINESSRakuten, which is led by founder and CEO Hiroshi Mikitani, shook up Japan's finance sector by simplifying the process for applying for credit cards and making them available to a wider range of consumers.

Credit cards are an important part of a web of Rakuten businesses spanning online shopping, banking, travel and other services, with customers accruing loyalty reward points by making payments.

Rakuten listed Rakuten Bank

(5838.T), opens new tab in Tokyo two years ago as the group reeled from heavy losses due to launching a mobile network.

Rakuten also announced plans to list Rakuten Securities, but Mizuho injected funding by taking stakes in the brokerage and card businesses.

Rakuten Card has issued more than 30 million credit cards in Japan. Non-GAAP operating profit at the business grew 20% to 62 billion yen last year but fell 4.5% in the April-June quarter of this year compared to the same period a year earlier due to higher costs.

Rakuten Card aims to expand profit to 100 billion yen over the medium term and is looking to expand its business with corporate customers, its CEO Koichi Nakamura said in March.

The IPO considerations come as companies around the world are looking to list in the U.S. as they seek higher valuations.

The U.S. IPO market has had its busiest quarter since the fourth quarter of 2021, with companies raising $24 billion through first-time share sales in the third quarter, according to Dealogic.

($1 = 152.0900 yen)

Reporting by Miho Uranaka and Sam Nussey; Editing by Jamie Freed

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

House of Doge, the trading division of the Dogecoin Foundation, is taking a major step toward listing on the NASDAQ through a reverse takeover with Brag House Holdings (TBH), a platform designed to engage Gen Z at the intersection of gaming and digital experiences. The merger has secured unanimous approval from the boards of both organizations and is expected to accelerate Dogecoin's push toward mainstream adoption.

Bitcoin could reclaim its all-time high of $125,100 in the coming week, but not without one more major correction, according to veteran trader Peter Brandt.

“Either a huge shakeout, which would be confirmed by an ATH quickly within the next week or so,” he said, though he acknowledged there could also be a much more bearish outcome. 

“Or a violation of the parabola, which every time in the past has produced a 75% price decline. I think the day of the 80% decline is over, but perhaps back to $50-60,000 and test the lower skin of the banana.”Traders need to consider “long-term risk,” says analystThe crypto market crashed on Friday after US President Donald Trump’s announcement of a 100% tariff on Chinese goods, resulting in over $19 billion in liquidations across the market.

After dropping from around $121,000 to as low as $102,000 on Friday, Bitcoin (BTC) has rebounded to approximately $112,400 at the time of publication, according to CoinMarketCap.

“If anything, this weekend was a reminder you have to be so careful with leverage, and even multiples above 1.5x are dangerous,” Capriole Investments founder Charles Edwards told Cointelegraph.

“They do, and you need to always consider multi-year, long-term risk,” he said. He said the weekend’s volatility is temporary, and described his outlook for the coming weeks as simply “up.” 

Bitcoin has declined by 7.51% over the past seven days. Source: CoinMarketCapOther analysts remain optimistic, citing broader macroeconomic signals as indications that fresh capital could flow into the cryptocurrency market in the coming weeks.

“Buy everything,” says BitMEX co-founder Arthur HayesBitMEX co-founder Arthur Hayes said in an X post on Tuesday that a buying opportunity may be presenting itself in the crypto market after US Federal Reserve Chair Jerome Powell signaled that quantitative tightening “is over.” 

“Back up the… truck and buy everything,” Hayes said. 

Quantitative easing is bullish for crypto as it encourages banks to lend more and makes borrowing cheaper for consumers and businesses through lower interest rates.

Swyftx lead analyst Pav Hundal told Cointelegraph on Tuesday that “the fundamental economic data is the big story for Bitcoin right now.”

“Inflation is facing a double whammy at the moment from lower oil prices and demand, and at the same time, the US labor market is showing signs of distress,” Hundal said, as US inflation reached 2.90% in August, the highest level since January.

“The Fed has a mandate to target full employment, and it all just feels inevitable that we’ll see further rate cuts this month. This is a goldilocks zone for Bitcoin,” he said.

Meanwhile, macroeconomist Lyn Alden recently said on a podcast that she is leaning “toward this next quarter being probably pretty favorable” for Bitcoin.

Magazine: Review: The Devil Takes Bitcoin, a wild history of Mt. Gox and Silk Road

The Blockchain Recovery Investment Consortium (BRIC), a joint venture between GXD Labs and Vaneck, has reached a $299.5 million settlement with the largest stablecoin issuer by market cap, Tether, resolving litigation tied to the Celsius Network bankruptcy. The payment follows a lawsuit filed in August 2024 in the U.S.

High-stakes crypto trader James Wynn has returned to the market, reactivating his Hyperliquid account after months away.

Aggregate spot Bitcoin ETF flows turned net positive for the day, with Fidelity’s inflows driving the recovery.

Key Takeaways

Fidelity’s FBTC recorded $132.7 million in net inflows on Oct. 14, the largest among all issuers for the day.
Fidelity’s strong inflows suggest continued institutional and retail accumulation through its platform.

Fidelity, a major US asset manager, saw clients purchase $132.7 million in Bitcoin on Tuesday, demonstrating continued institutional appetite for the leading crypto asset.

The asset manager has enabled Bitcoin exposure in 401(k) retirement plans, allowing clients to incorporate the digital asset into long-term savings strategies.

Alongside peers like BlackRock, Fidelity is strategically acquiring Bitcoin to bolster its portfolio amid fluctuating market conditions. The firm has actively expanded its crypto offerings through spot ETFs and retirement account integrations.

Disclaimer

Metaplanet’s mNAV falls under 1 .0, implying market discount versus Bitcoin holdings.Company issues new shares via option exercise and redeems portion of corporate bonds.Debate grows over mNAV’s usefulness as Metaplanet raises earnings forecast.Metaplanet’s valuation metric, mNAV, briefly dipped below 1.0, signaling a market discount relative to its Bitcoin assets.

The mNAV is defined as (market capitalization + total liabilities) divided by the net asset value of its Bitcoin holdings. A value under 1.0 suggests that the equity market values the company at a discount on its underlying Bitcoin assets.

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mNAV Dip Reflects Valuation Discount Against BitcoinMetaplanet (TSE Standard: 3350), which aligns its corporate strategy around holding Bitcoin, saw its market‑adjusted net asset value (mNAV) drop to 0.99 on Tuesday — the first time it has fallen below the baseline of 1.0. At the time of the dip, shares fell 12.36%, closing at JPY 482, a JPY 68 decline amid broader market pressures such as rising US–China tensions.

Though mNAV recovered modestly to 1.01, the temporary breach attracted investor attention. Over the past month, the stock has declined roughly 20.3%, while remaining up 28.7% year‑to‑date. The company reports holding 30,823 BTC, per its analytics disclosure.

Observers see the mNAV drop as more than a statistical curiosity. The metric is widely used to assess crypto‑treasury firms’ capital flexibility. A breach below 1.0 may raise concerns about future financing or market sentiment.

Market Reaction, mNAV Debate, and Earnings OutlookMarket analysts continue to debate the implications of the mNAV dip. Mark Chadwick of Smartkarma told Bloomberg that the decline may be a “bubble‑bursting” sign for digital‑asset treasury stocks.

However, others note that similar firms have traded below mNAV = 1.0 without experiencing structural distress. Some bullish investors interpret the dip as a buying opportunity, believing the market undervalues Metaplanet’s hybrid exposure to Bitcoin and operational growth.

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In Conclusion:

"​Equity-funded BTC accumulation slows as Metaplanet's share price drops, while BIG sees high returns but faces sustainability concerns. Phase II focuses on platform development…Bitcoin bank." — Mark Chadwick

5/ pic.twitter.com/sJJ8IK4Qa1

— Smartkarma (@smartkarma) October 2, 2025
The legitimacy of mNAV itself has been questioned. Greg Cipolaro of NYDIG argued that mNAV can mislead investors. It ignores operational cash flows, debt service, and balance sheet nuances. He suggested reconsidering its widespread use for crypto‑treasury company valuation.

🚨NYDIG’s Greg Cipolaro says mNAV is a lie – and it needs to be deleted!💸

He calls the “market cap to crypto value” metric “useless” because:

• It ignores non-crypto revenue (like Strategy’s software sales)
• Treats convertible debt as equity (it’s a liability!)
• “NAV… pic.twitter.com/OgZrmUn3FB

— Josh ( locked in arc ) (@joshstaked) September 30, 2025
Despite these uncertainties, Metaplanet raised its full‑year FY2025 operating profit forecast by 88%, from $16.5 million (¥2.5 billion) to $30.9 million (¥4.7 billion). The company cites improved treasury operations and favorable macro conditions.

Capital Restructuring: Stock Options Exercised, Bond RedemptionMetaplanet issued a press release detailing the details of its 20th stock option exercise and a partial redemption of its 19th series corporate bonds.

According to the release, 13,000 rights were exercised (out of 1,850,000 issued), corresponding to the issuance of 1,300,000 new shares at an exercise price of ¥637 per share earlier this month. This increased the company’s total number of issued shares to 1,142,274,340 by October 10, 2025. Metaplanet also said it partially repaid $4.9 million (¥750 million) of its $197 million (¥30 billion) 19th ordinary bonds.

These corporate actions demonstrate that Metaplanet adjusts its capital structure in response to financing needs and market conditions. The new share issuance dilutes existing shareholders to some extent but also injects liquidity, while the bond redemptions reduce debt obligations.

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Dogecoin fell sharply on Tuesday, losing a quarter of its value and retreating to the $0.19 mark after a recent run of gains ran out of steam. Traders said the move followed a failure to hold above the $0.23–$0.24 range and a break below a short-term rising channel that had been supporting prices earlier in October.

Technical Weakness Deepens
The price action on the daily chart points to weakening momentum. Dogecoin could not defend $0.22, and that breach opened the door to faster selling that sent the token to its lowest level in over three weeks.

The 20-day and 50-day EMAs sit around $0.23 and are now acting as overhead resistance. The Parabolic SAR has flipped to a bearish signal, which many traders see as confirmation that the recent uptrend has paused.

If buyers cannot steady the market above $0.20, a deeper drop may test the $0.17–$0.18 band — a zone where a lot of accumulation occurred in late summer. A clear break under that area would put the $0.12 handle back in focus.

On the upside, reclaiming $0.22 would be the first sign buyers are trying to push prices back up and could open a move toward $0.25.

DOGE market cap currently at $30 billion. Chart: TradingView
On-Chain Flows Signal Caution
According to exchange flow data, a sizable amount of DOGE left trading platforms on October 14. Reports show over close to $57 million exited exchanges that day.

Heavy outflows like that are often seen when holders move tokens off exchanges to custody or when distribution is taking place, and in this case market participants interpreted the flows as more aligned with selling pressure than fresh buying.

Social media buzz over Dogecoin’s prospects has not translated into sustained inflows, and the meme coin group as a whole has felt weaker in recent sessions.

🚨 DOGECOIN: House of Doge plans to list on NASDAQ through a merger with Brag House, holding 837M $DOGE and $50M in funding. https://t.co/4hb03BxD5u pic.twitter.com/134tmh3HKd

— Tesla Model Ðoge (@TeslaModelDoge) October 13, 2025

House Of Doge Merger Draws Attention
In the meantime, in light of recent volatility and disappointing overall market conditions, the House of Doge announced plans to merge with Brag House Holdings Inc., which aims to create a public vehicle in the Dogecoin ecosystem.

The combination of the companies will reportedly have 837 million DOGE along with $50 million in cash for investments. The announcement briefly lifted sentiment online, but price gains were short-lived as broader market weakness weighed on the token.

The merged group plans to pursue tokenization, yield products, and payment tools, and its backers say the plan could bring more institutional interest to Dogecoin.

Near-Term Outlook Hinges On $0.20
Short-term traders say $0.20 now acts as both structural and psychological support for DOGE. A sustained defense there could invite speculative buying, but without stronger liquidity moving into the market, any recovery may stall below the $0.23–$0.24 zone.

Featured image from Unsplash, chart from TradingView

Ethereum price started a fresh recovery above $4,050. ETH is now showing positive signs and might rise further toward the $4,350 level.

Ethereum started a recovery wave above the $4,000 and $4,020 levels.
The price is trading above $4,050 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,980 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it trades above $4,200.

Ethereum Price Holds Support
Ethereum price started a recovery wave above the $3,950 level, like Bitcoin. ETH price formed a base and was able to recover above the $4,000 level.

The price cleared the 50% Fib retracement level of the recent decline from the $4,290 swing high to the $3,890 low. The bulls were able to push the price above the $4,120 pivot level. Besides, there is a key bullish trend line forming with support at $3,980 on the hourly chart of ETH/USD.

Ethereum price is now trading above $4,100 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,140 level. The next key resistance is near the $4,200 level and the 76.4% Fib retracement level of the recent decline from the $4,290 swing high to the $3,890 low.

Source: ETHUSD on TradingView.com
The first major resistance is near the $4,290 level. A clear move above the $4,290 resistance might send the price toward the $4,380 resistance. An upside break above the $4,380 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,450 resistance zone or even $4,500 in the near term.

Another Decline In ETH?
If Ethereum fails to clear the $4,200 resistance, it could start a fresh decline. Initial support on the downside is near the $4,000 level and the trend line. The first major support sits near the $3,880 zone.

A clear move below the $3,880 support might push the price toward the $3,820 support. Any more losses might send the price toward the $3,750 region in the near term. The next key support sits at $3,640.

Technical Indicators

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

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

Major Support Level – $4,000

Major Resistance Level – $4,200

In brief
Public companies holding Bitcoin saw a 40% surge in the third quarter.
These firms collectively hold over 1.02M BTC, valued at over $117 billion.
Experts cite friendly policy and long-term strategy, forecasting that Bitcoin could hit $160,000 in the fourth quarter.
A record number of companies have increased their Bitcoin exposure in the third quarter of this year, even as the crypto market begins to navigate a volatile period.

The number of public companies holding Bitcoin surged to 172, a nearly 40% increase in just three months, according to a tweet from asset manager Bitwise on Wednesday. 

As of September 30, these firms collectively held over 1.02 million Bitcoin, worth approximately $117 billion. That number has increased over the last two weeks to 1.02 million and $118.4 billion, according to Bitcoin Treasuries data. 

“We’re seeing a growing wave of public and private companies increasing their Bitcoin holdings as part of a broader strategic shift,” Gracy Chen, CEO of Bitget, told Decrypt. “For many, it’s not just a hedge against inflation but a long-term bet on digital assets as a core treasury reserve.”

A deeper look at the data revealed that public companies were the most aggressive accumulators, adding over 193,000 BTC to their balance sheets—a 20.68% quarter-over-quarter increase. 

Bitcoin adoption by public companies significantly outpaced growth in other sectors, such as private companies and exchange-traded funds, which saw increases of 2.21% and 6.7%, respectively.

The leading corporate holders include familiar names like MicroStrategy, which holds 640,031 Bitcoin, alongside newer entrants like Metaplanet, which more than doubled its holdings during the quarter. 

Institutional interest remained strong as Bitcoin led last week’s inflows with $2.67 billion. In total, digital asset investment products saw $3.17 billion in inflows last week, pushing the year-to-date total to a record $48.7 billion, according to CoinShares' latest report. 

Chen attributes the acceleration to a supportive regulatory climate under the Trump administration, citing recent accounting reforms like the approval of U.S. Strategic Bitcoin Reserves and the SEC’s generic listing standards for commodity-based trust shares.

Looking ahead, she expects continued ETF inflows and broader adoption across balance sheets to potentially “push Bitcoin toward $160,000 in the fourth quarter.”

The accumulation is mainly driven by digital asset treasuries, Peter Chung, Head of Research at Presto Research, told Decrypt. 

“Their raison d'être is to acquire crypto assets... funded by security issuance in the public market,” Chung added. "As long as there is appetite for their security issuance in the public market, they will continue this effort."

Unlike retail traders with a short-term outlook, institutions invest over a long horizon. The ongoing trade war between the U.S. and China is unlikely to impact decision-making for those types of investors, Decrypt was told.

Despite the near-term volatility, analysts have characterized the recent sell-off as a "recalibration" driven by geopolitical tensions rather than a failure of the underlying bullish thesis, suggesting that long-term accumulation trends remain intact.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Key Points:

$14 billion in Bitcoin seized by U.S. government.The seizure is linked to 2020 theft.Speculation surrounds U.S. involvement in the original hack.
The U.S. government seized over 127,000 BTC, currently valued at approximately $15 billion, from the LuBian mining pool, marking the largest Bitcoin seizure to date.

This raises questions on BTC custody as Arkham analysts speculate on potential U.S. government involvement, impacting market perceptions and regulatory approaches.

Historical Context and Market Impact Analyzed
Bold disclosures reveal changes in the legal landscape as historical allegations are now juxtaposed with explicit governmental actions. Current responses from the community indicate dawnings of skepticism regarding the U.S. role.

Major statements from analysts like Emmett Gallic underscore an industry-wide focus on transparency and accountability. While formal contraventions remain unsubstantiated, community dialogue references supporting blockchain data.

Emmett Gallic, On-chain Analyst, Arkham Intelligence, – “Currently, it appears increasingly likely that the U.S. government is behind the theft of the LuBian mining pool. If true, the U.S. government would be responsible for the largest financial hack in history.”
Market Data and Insights
Did you know? In 2014, Mt. Gox reported a loss of 850,000 BTC, setting a precedent for exchange vulnerabilities, eventually surpassed by the LuBian theft now under U.S. control.

According to CoinMarketCap, Bitcoin is presently valued at $112,246.37, showcasing a 1.09% decrease over the last day. With a market cap of $2.23 trillion, it dominates 58.45% of the market. This status reflects continued volatility amidst significant historical developments.

Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 03:25 UTC on October 15, 2025. Source: CoinMarketCap

Insights from Coincu suggest the DOJ’s custody could herald increased regulatory measures shaping future crypto market integrations and security protocols. Historical analyses predict wider implications for blockchain trust and governance.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

2 mins mins

Key Points:

U.S. seized 127,271 BTC worth $14 billion.Wallet vulnerabilities and law enforcement methods under scrutiny.Implications for cryptocurrency market liquidity and security.
On October 14th, the U.S. government seized 127,271 BTC from a transnational syndicate, suggesting the largest crypto asset seizure, potentially linked to exploited wallet vulnerabilities.

This action raises concerns over the security of crypto wallets and highlights the U.S. government’s increasing influence in global cryptocurrency enforcement.

Concerns Over Wallet Exploit as Markets React
The U.S. government’s recent action saw the confiscation of 127,271 BTC, valued significantly, linked to scams allegedly orchestrated by Chen Zhi’s network. According to analyst Emmett Gallic, on-chain evidence hints at potential government involvement in accessing vulnerable wallets. These movements have prompted wider market attention, with some suspecting it could signal a significant exploit.

Implications of this incident are profound in cryptocurrency markets and regulatory frameworks. The sizable seizure not only impacts liquidity but brings into question the security measures surrounding digital assets. Historic $3.36 billion cryptocurrency seizure announced by US Attorney, similar to prior actions, these past events emphasize regulatory challenges.

Community and official responses include skepticism about the U.S. administration’s methods. Emmett Gallic suggests governmental orchestration of theft could imply U.S. involvement in a considerable financial infiltration. Figures like Pamela Bondi confirmed the judiciary’s role, parallel to sanctions, in securing these assets.

**Pamela Bondi, U.S. Attorney General, Department of Justice**, “Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud.”
Insights and Future Implications
Did you know? Expected advancements in wallet security measures could reshape jurisdictional processes, emphasizing secure blockchain practices.

Insights from Coincu research suggest potential regulatory tightening post-seizure with monitoring of on-chain movements, vital for predicting future asset retrievals. ZachXBT, a well-known on-chain researcher, expressed skepticism over the voluntary nature of the handover of funds.

Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 03:56 UTC on October 15, 2025. Source: CoinMarketCap

Expected advancements in wallet security measures could reshape jurisdictional processes, emphasizing secure blockchain practices.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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XRP price started a fresh increase above $2.50. The price is now showing positive signs and could aim for more gains above the $2.620 level.

XRP price is attempting a recovery wave above the $2.50 zone.
The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2.60 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh surge if it clears the $2.60 resistance.

XRP Price Set To Surge?
XRP price found support and started a strong recovery wave above $2.220, like Bitcoin and Ethereum. The price was able to climb above the $2.320 and $2.40 levels to enter a positive zone.

The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $3.05 swing high to the $1.40 swing low. However, the bears are still active near the $2.60 and $2.620 levels. Besides, there is a key bearish trend line forming with resistance at $2.60 on the hourly chart of the XRP/USD pair.

The price is now trading above $2.50 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.550 level.

Source: XRPUSD on TradingView.com
The first major resistance is near the $2.60 level and the trend line. The main hurdle could be near the 76.4% Fib retracement level of the downward move from the $3.05 swing high to the $1.40 swing low at $2.660. A clear move above the $2.660 resistance might send the price toward the $2.720 resistance. Any more gains might send the price toward the $2.750 resistance. The next major hurdle for the bulls might be near $2.80.

Another Drop?
If XRP fails to clear the $2.60 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.50 level. The next major support is near the $2.420 level.

If there is a downside break and a close below the $2.420 level, the price might continue to decline toward $2.320. The next major support sits near the $2.250 zone, below which the price could continue lower toward $2.20.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.50 and $2.420.

Major Resistance Levels – $2.60 and $2.660.