Market Signal Briefing

As 2025 enters its final months, Disney inches closer to the announcement the entire entertainment industry has been waiting for — who will take over for Bob Iger as the company's next CEO.

Disney has publicly stated it will name Iger's successor in early 2026. Two internal candidates stand out as the most likely contenders: Disney Entertainment co-chairman Dana Walden and Disney Experiences chairman Josh D'Amaro. Walden brings decades of Hollywood expertise; D'Amaro worked in consumer products before his elevation in the theme parks division all the way up to running the unit when its previous leader, Bob Chapek, was named Disney CEO in 2020.

Given Walden's and D'Amaro's complementary skill sets — and given recent momentum behind co-CEO appointments both in media and beyond — the Disney board could opt to select both to jointly replace Iger.

It's a strategy rival Netflix has similarly — and effectively — used since 2020, when Reed Hastings named Ted Sarandos his co-CEO. Three years later, Hastings relinquished that post and moved on to become the company's executive chairman, elevating Greg Peters into his spot as co-CEO.

Netflix's success has contributed to a recent co-CEO wave. Last month, Spotify named Alex Norstrom and Gustav Soderstrom as co-CEOs to replace founder Daniel Ek; Oracle named Clay Magouyrk and Mike Sicilia to jointly lead the company; and Comcast tapped president Mike Cavanagh to join longtime CEO Brian Roberts in the chief role.

But while a duel CEO structure may superficially make sense for Disney, company insiders and corporate governance experts warn there are considerations specific to the Mouse House that would make such a dynamic unwise.

The Netflix strategyLast year, Iger called Sarandos and asked him about Netflix's co-CEO model. That call was first reported by the Wall Street Journal in November, and CNBC can confirm it took place, according to people familiar with the matter.

Sarandos and co-CEO Peters have different areas of passion, according to people familiar with Netflix's leadership styles, who asked to remain unnamed because the details are private. That's allowed the two leaders to make decisions without stepping on each other's toes. If Sarandos and Peters disagree on something, they work it out by deferring to the leader who is more passionate about the answer. That typically means Sarandos wins out if it's a content or creative decision, and Peters triumphs if the decision is more product- or technology-based. A Netflix spokesperson declined to comment.

If there's a grey area, the co-CEOs can always fall back on Hastings, the company's co-founder and CEO of 25 years. Peters and Sarandos worked together under Hastings for many years. That comfort level — and Netflix's famously un-hierarchical corporate culture — have helped maintain a dual CEO structure without turf wars and while serving shareholders, Sarandos told Iger, according to the people familiar.

Since Peters stepped in as co-CEO in January 2023, Netflix shares have gained about 275%.

Disney's choiceAt first glance, Walden and D'Amaro present a similar dynamic to Sarandos and Peters. Walden's expertise is Hollywood, and D'Amaro's is parks and consumer products. Iger could theoretically advance to the executive chairman role, keeping him around in a similar fashion to Hastings.

Selecting both Walden and D'Amaro as Iger's long-awaited successor may allow Disney to keep both leaders at the company. If the board chooses one over the other, Disney risks losing a top executive who may want a chance to be CEO elsewhere. This happened to Disney in 2020, when streaming chief Kevin Mayer departed the company to become TikTok's CEO after he was passed over for Chapek.

But a Disney co-CEO arrangement also comes with a number of red flags that don't exist at other companies.

First, if Iger sticks around on the board, some employees — and external partners — may still view him as a CEO. That could undercut the power-sharing structure of two CEOs, especially given Iger's reputation for wanting to remain the company's No. 1 leader.

While Hastings has turned his attention to hobbies like skiing since giving up his CEO role, Iger has developed a reputation for wanting to hang around as Disney's head honcho. He's five times pushed backed retirement to remain at the helm, and he came back to replace Chapek in 2022 after hand-picking him as his replacement.

Second, during Chapek's tenure, Iger didn't fully give up his operational responsibilities right away, choosing to direct the company's "creative endeavors" for more than a year. That led to an ugly power-sharing situation between Iger and Chapek, as CNBC detailed in 2023. Even if Walden and D'Amaro have different domain strengths, choosing a co-CEO model after suffering through a recent time period where control lines were blurred may be a case of failing to learn from one's mistakes.

Third, Walden and D'Amaro haven't worked together as long as Peters and Sarandos (or other co-leader arrangements with long-term success, such as CAA's co-chairman arrangement with Bryan Lourd, Richard Lovett and Kevin Huvane). Walden did work in a co-chair arrangement with Gary Newman at Fox for many years running Fox TV, proving she's capable of succeeding in such an arrangement, but it's unclear if she'd relish the opportunity to go back to a pairing.

Fourth, Disney's corporate culture is famously political. The company has had several tortured succession processes with Iger and Disney's former CEO Michael Eisner. While Netflix is largely untouched by M&A, Disney is an amalgam of many acquisitions and units over the years, including ABC, ESPN, Fox, Pixar, Marvel and Lucasfilm. That's brought employees from many different cultures together, rather than breeding a unified corporate mindset from its founding.

"It wouldn't work for Disney," a senior media executive told CNBC privately. "There would be so much backbiting. That's how it's always been there."

A Disney spokesperson declined to comment.

Netflix vs. traditionOn top of all of that, traditional corporate governance experts have broadly dismissed a co-CEO setup as suboptimal.

About 1.2% of companies in the Russell 3000 index have employed a co-CEO structure at any given time in recent years, The Wall Street Journal reported last month, citing data from Equilar.

"When you create two sources of authority in an organization, that's never good," said Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware, in an interview. "Two in charge means no one is in charge."

Still, there are mitigating factors that can make a co-CEO arrangement more palatable, Elson said. Having Hastings as executive chairman is likely important for Netflix because he can act as a de-facto tiebreaker in a co-CEO arrangement.

Similarly, a co-CEO structure can work if it's clearly done for more-drawn-out succession planning, such as Comcast's decision to elevate Cavanagh to co-CEO alongside Roberts, said Elson.

When push comes to shove, Hastings and Roberts can make the deciding calls on the biggest decisions, Elson said. Roberts is Comcast's controlling shareholder. Oracle similarly has a controlling shareholder in co-founder Larry Ellison.

While Iger could play a tie-breaking role for Disney as executive chairman, he isn't a founder of the company and owns less than 1% of shares outstanding. That gives him less skin in the game for the Disney's future than someone like Roberts or Ellison, noted Elson.

Selecting just one CEO may be a leap of faith for the Disney board, but it's better than setting up instability, said Elson.

"Inevitably, one CEO dominates and the other one goes away," he said. "That's the nature of humanity."

Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast's planned spinoff of Versant.

The collection of 100-plus items with the outdoor lifestyle brand spans men's and women's apparel and accessories, home, outdoor gear and food and beverage, starting at $2 and with most items under $40

Woolrich x Target includes the retailer's largest-ever men's capsule in a limited-time offering

For the first time, the retailer will offer three Woolrich x Target items ahead of the launch, exclusively for members of the retailer's paid membership program Target Circle 360

, /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced the launch of a limited-time collection with Woolrich, the iconic outdoor lifestyle brand known for its signature buffalo check. Woolrich x Target launches Oct. 18 in select Target stores and on Target.com, featuring more than 100 reinvented classics that blend Woolrich's heritage of outdoor craftsmanship with modern style across men's and women's apparel, home, outdoor gear and food and beverage.

Woolrich x Target

The collaboration brings together two design-driven brands, offering a fashion-forward collection that reflects today's cultural shift toward outdoor living and adventure. It includes Target's largest men's capsule ever in a limited-time offering, alongside a broad range of women's styles and lifestyle pieces, with standouts like the Women's Buffalo Check Melton Jacket and Adult Printed Landscape Zip-Up Fleece Jacket. Designed to blend style and function and taking inspiration from the growing urban adventure movement, the assortment leans into modern trends with prices starting at $2, and most items under $40. Explore the lookbook for the full collection.

"Woolrich x Target is all about fashion meeting function to help consumers embrace the outdoors in style," said Jill Sando, executive vice president and chief merchandising officer, apparel & accessories, home and hardlines, Target. "From the Quilted Sheep Tote Bag to the Buffalo Check Outdoor Wearable Throw, to the amazing inflatable kayak, and so much more, I love how Target and Woolrich have worked together to create something that's fun and affordable."

Building on two legacies 
Known as "the original outdoor clothing company," Woolrich has been outfitting adventurers since 1830, with a legacy rooted in durability, craftsmanship and iconic style. From outfitting Arctic expeditions to becoming a staple in streetwear, Woolrich has inspired generations of open-air wanderers and urban explorers alike.

Meanwhile, Target's leadership as a brand has long been driven by great design, built through decades of investment in owned brands, national brands and partnerships to deliver on-trend design and affordable style. For over 25 years, Target has partnered with trendsetting designers — nearly 200 to date — and expanded into unexpected categories such as beauty, home, food and more, evolving its strategy with cultural and social trends.

The Woolrich x Target collaboration builds on both legacies and celebrates the joy of outdoor living and versatility of adventure-ready fashion, with pieces like the Buffalo Check Outdoor Wearable Throw and Men's Mid-Rise Straight Fit Cargo Pant that blend style and function while surprising with unexpected details. The Woolrich archives provided early inspiration for the team, who incorporated original details, prints and artwork into many Woolrich x Target items. Target guests will find archival Woolrich designs alongside unique additions that include an inflatable kayak, binoculars, mindfulness journals, a new home assortment, plus new and exclusive food and beverage items from Peet's Coffee and Kodiak Cakes — all designed to bring joy and adventure into everyday life.

"For nearly two centuries, Woolrich has been synonymous with authentic American outdoor exploring, crafting products built on a legacy of heritage," said Heekyun Kim, Woolrich's creative director. "This collaboration with Target represents an exciting opportunity to introduce our iconic designs, like our legendary buffalo check, to a new generation of explorers. We are proud to create a collection that honors our archives while making the Woolrich spirit of adventure accessible to all."

Early access on three exclusive items for Target Circle 360 members
For the first time, the retailer will offer three Woolrich x Target items ahead of the launch — the Patchwork Plaid Throw Blanket, Sheep Shaped Throw Pillow and Sheep Print Beanie — exclusively for members of the retailer's paid membership program Target Circle 360. The items will be available for purchase on Target.com Oct. 14-16, while supplies last, before the collection launches Oct. 18 — and are not included in the main collection.

An adventure-fueled campaign and shopping experience
To celebrate the launch, Target will debut an "Adventure Is Wherever You Are" marketing campaign shot in New York City by the retailer's in-house team and featuring style influencer Lauren Wolfe and singer-songwriter David Kushner. The campaign captures the playful, optimistic spirit of the collection, showing how the collection fits seamlessly into everyday moments of exploration, style and self-expression.

The retailer will craft the shopping experience in the same adventurous spirit. Select stores will feature a dedicated Woolrich x Target shopping experience that immerses guests in a world of buffalo check and invites them to explore the collection's cozy textures. On Target.com and the Target app, guests will be greeted with joyful touches that evoke fall and highlight the collection. Target is also making shopping the collection fast and easy with same-day pickup and same-day delivery so guests can grab their gear and get adventuring*.1

The Woolrich x Target collection is the latest example of Target's commitment to its continued legacy of design partnerships that make quality style and design accessible to all.

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.

1 Availability for same-day services will vary based on location and time.

SOURCE Target Corporation

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Vodafone has said a massive blackout in its internet coverage yesterday was not caused by a cyber attack.

The issues have now been fully resolved, according to the company, after hundreds of thousands of people reported their wifi, 4G and 5G connections dropping out.

"On Monday afternoon, for a short time, the Vodafone network had an issue affecting broadband, 4G and 5G services," said a Vodafone spokesperson.

"This was triggered by a non-malicious software issue with one of our vendor partners which has now been resolved, and the network has fully recovered.

"We apologise for any inconvenience this caused our customers."

As well as internet connections, Vodafone's app, website and customer services were also down.

At its peak, more than 130,000 people reported problems to the internet status checker Downdetector.

More on Vodafone

Vodafone internet services down for thousands of users

UK biggest phone network created as Three-Vodafone merger gets conditional approval

Vodafone and Three merger could get green light, says UK's competition watchdog

Image:
Vodafone users were shown an error message when trying to access the internet provider's app

Vodafone users contacted Sky News and posted on social media to find out if compensation would be given to affected customers.

"We all better get some compensation or I'll be cancelling my contract," said one X user.

"Are they paying any compensation to those affected?" asked a Sky News reader. "This outage must have had major effects on ordinary people/business."

Read more technology news:
Warning China poses 'highly sophisticated' cyber threat to UK
Got a pair of AirPods? There's more to them than meets the eye
SpaceX enjoys successful Starship rocket launch test

According to Sabrina Hoque, a telecoms expert at Uswitch, customers could be entitled to compensation of £9.76 for each calendar day their broadband doesn't work - but only if it is down for more than two days.

"Ofcom advises that compensation for mobile signal outages is 'dependent on the circumstances'," she said, "but in extreme cases, where repairs take much longer, you may be entitled to an additional refund or account credit."

Considering the outage only lasted a few hours for most people, they may not be entitled to claim.

However, Melanie Pizzey, chief executive of the Global Payroll Alliance, said the company could now face "a wave of compensation claims ... particularly if financial losses or missed deadlines can be directly linked to the downtime."

One X user warned that last night, scammers pretending to be from Vodafone had called and directed him to download an app in order to receive compensation.

"Who knows how many people they [are] scamming as we speak?" he said.

Global retail sales growth (excluding foreign currency impact) of 6.3%

U.S. same store sales growth of 5.2%

 International same store sales growth (excluding foreign currency impact) of 1.7%

Global net store growth of 214, including 29 net store openings in the U.S. and 185 net store openings internationally

Income from operations increased 12.2%; excluding the $0.8 million positive impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 11.8%

, /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the third quarter of 2025.

"I am incredibly proud of how our team and franchise system is bringing our Hungry for MORE strategy to life and delivering best in class results," said Russell Weiner, Domino's Chief Executive Officer. "In the U.S., we drove positive order counts behind our Best Deal Ever promotion and stuffed crust pizza product innovation for the third quarter. This resulted in another quarter of strong growth in both our delivery and carryout businesses. Seeing our strategy being executed at such a high level gives me the confidence that we will continue to win and take QSR pizza market share around the world in 2025 and beyond. We have never had more tools to drive long-term value creation for our franchisees and shareholders."

Third Quarter 2025 Operational and Financial Highlights (Unaudited):

The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.

Third Quarter

Three Fiscal Quarters

2025

2024

2025

2024

Global retail sales: (in millions of U.S. dollars)

U.S. stores

$

2,320.4

$

2,168.4

$

6,896.8

$

6,602.5

International stores

2,375.8

2,223.6

6,933.5

6,581.9

Total

$

4,696.2

$

4,392.0

$

13,830.3

$

13,184.4

Third Quarter

Three Fiscal Quarters

2025

2024

2025

2024

Global retail sales growth:
   (versus prior year period, excluding foreign currency impact)

U.S. stores

+ 7.0 %

+ 5.1 %

+ 4.5 %

+ 6.6 %

International stores

+ 5.7 %

+ 5.1 %

+ 6.6 %

+ 6.5 %

Total

+ 6.3 %

+ 5.1 %

+ 5.5 %

+ 6.5 %

Same store sales growth:
   (versus prior year period)

U.S. Company-owned stores

+ 3.4 %

+ 3.1 %

+ 1.0 %

+ 5.4 %

U.S. franchise stores

+ 5.3 %

+ 3.0 %

+ 2.7 %

+ 4.4 %

U.S. stores

+ 5.2 %

+ 3.0 %

+ 2.7 %

+ 4.5 %

International stores (excluding foreign currency impact)

+ 1.7 %

+ 0.8 %

+ 2.5 %

+ 1.1 %

U.S. Company-
owned Stores

U.S. Franchise
Stores

Total
U.S. Stores

International
Stores

Total

Third quarter of 2025 store counts:

Store count at June 15, 2025

258

6,803

7,061

14,475

21,536

Openings

2

28

30

220

250

Closings

—

(1)

(1)

(35)

(36)

Store count at September 7, 2025

260

6,830

7,090

14,660

21,750

Third quarter 2025 net store growth

2

27

29

185

214

Trailing four quarters net store growth

3

157

160

588

748

Third Quarter

Three Fiscal Quarters

(In millions, except percentages, percentage points, per
share data and leverage ratio)

2025

2024

Increase/
(Decrease)

2025

2024

Increase/
(Decrease)

Total revenues

$1,147.1

$1,080.1

+ 6.2 %

$3,404.3

$3,262.5

+ 4.3 %

U.S. Company-owned store gross margin

16.3 %

16.8 %

(0.5) pp

16.0 %

17.3 %

(1.3) pp

Supply chain gross margin

11.3 %

10.6 %

+ 0.7 pp

11.6 %

11.0 %

+ 0.6 pp

Income from operations

$223.2

$198.8

+ 12.2 %

$658.3

$605.3

+ 8.7 %

Net income

$139.3

$146.9

(5.2) %

$420.1

$414.7

+ 1.3 %

Diluted earnings per share

$4.08

$4.19

(2.6) %

$12.22

$11.80

+ 3.6 %

Leverage ratio

4.5x

4.9x

(0.4)x

Net cash provided by operating activities

$552.3

$446.9

+ 23.6 %

Capital expenditures

(56.7)

(70.8)

(19.9) %

Free cash flow

$495.6

$376.1

+ 31.8 %

Revenues increased $66.9 million, or 6.2%, in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to higher supply chain revenues and higher U.S. franchise royalties and fees and advertising revenues. The increase in supply chain revenues was primarily attributable to higher order volumes, as well as an increase in the Company's food basket pricing to stores, which increased 3.3% during the third quarter of 2025 as compared to the third quarter of 2024. These increases were partially offset by a shift in the relative mix of products sold by the Company and the transition of the Company's equipment and supplies business to a third-party supplier. The increases in U.S. franchise royalties and fees and advertising revenues were driven primarily by same store sales growth and net store growth during the trailing four quarters.
U.S. Company-owned store gross margin decreased 0.5 percentage points in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to the increase in the Company's food basket pricing to stores, as well as higher wage rates, and was partially offset by higher sales leverage.
Supply chain gross margin increased 0.7 percentage points in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to procurement productivity, partially offset by the increase in the cost of the Company's food basket.
Income from operations increased $24.3 million, or 12.2%, in the third quarter of 2025 as compared to the third quarter of 2024. Excluding the positive impact of foreign currency exchange rates on international franchise royalty revenues of $0.8 million, income from operations increased $23.5 million, or 11.8%, in the third quarter of 2025 as compared to the third quarter of 2024. The increase in income from operations was primarily due to higher U.S. franchise royalties and fees and gross margin dollar growth within supply chain.
Net income decreased $7.6 million, or 5.2%, in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to an unfavorable change of $29.2 million in the pre-tax unrealized losses and gains associated with the Company's investment in DPC Dash Ltd. To a lesser extent, an increase in the provision for income taxes also contributed to the decrease in net income. The effective tax rate increased to 22.3% in the third quarter of 2025 as compared to 20.4% in the third quarter of 2024 resulting in an increase in the provision for income taxes of $2.2 million. These decreases were partially offset by higher income from operations as discussed above.
Diluted EPS was $4.08 in the third quarter of 2025 as compared to $4.19 in the third quarter of 2024, representing an $0.11, or 2.6%, decrease. The decrease in diluted EPS in the third quarter of 2025 as compared to the third quarter of 2024 was driven by lower net income, partially offset by a lower weighted average diluted share count resulting from the Company's share repurchases during the trailing four quarters.
Net cash provided by operating activities was $552.3 million in the three fiscal quarters of 2025 as compared to $446.9 million in the three fiscal quarters of 2024. The Company spent $56.7 million on capital expenditures in the three fiscal quarters of 2025 as compared to $70.8 million in the three fiscal quarters of 2024, resulting in free cash flow of $495.6 million in the three fiscal quarters of 2025 as compared to $376.1 million in the three fiscal quarters of 2024. The increase in free cash flow was a result of the positive impact of changes in operating assets and liabilities, higher net income excluding non-cash operating activities, the timing and amount of advertising activities, as well as lower investments in capital expenditures.

Quarterly Dividend

Subsequent to the end of the third quarter of 2025, on October 7, 2025, the Company's Board of Directors declared a $1.74 per share quarterly dividend on its outstanding common stock for shareholders of record as of December 15, 2025, to be paid on December 26, 2025.

Share Repurchases

During the third quarter of 2025, the Company repurchased and retired 165,778 shares of common stock for a total of $74.7 million. During the three fiscal quarters of 2025, the Company repurchased and retired 596,754 shares of common stock for a total of $274.7 million. As of September 7, 2025, the Company had a total remaining authorized amount for share repurchases of $539.7 million.

2025 Refinancing

On September 5, 2025, the Company completed a previously announced $1.00 billion refinancing transaction, including the issuance by certain of its subsidiaries of $500.0 million of 4.930% fixed rate senior secured notes with an anticipated term of five years and $500.0 million of 5.217% fixed rate senior secured notes with an anticipated term of seven years (collectively, the "2025 Notes").

The proceeds from the 2025 Notes, as well as $160.0 million of the Company's unrestricted cash and cash equivalents, were used to (i) repay the remaining $742.0 million in outstanding principal under the Company's 2015 ten-year notes and the remaining $402.7 million in outstanding principal under the Company's 2018 7.5-year notes, (ii) prefund a portion of the interest payable on the 2025 Notes and (iii) capitalize $15.4 million for financing costs. Additionally, certain of the Company's subsidiaries also issued a new $320.0 million variable funding note facility, which was undrawn on the closing date, and the Company's previous variable funding note facilities were canceled. For additional information related to this refinancing transaction, refer to the Company's Current Report on Form 8-K filed on September 8, 2025 and the Company's Form 10-Q for the quarter ended September 7, 2025.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G, including free cash flow, income from operations, excluding foreign currency impact and Consolidated Adjusted EBITDA. The Company has also included metrics such as global retail sales, global retail sales growth (excluding foreign currency impact), same store sales growth, net store growth, food basket pricing change, impact of changes in foreign currency exchange rates on international franchise royalty revenues and the leverage ratio, which are commonly used statistical measures in the quick-service restaurant industry that are important to understanding Company performance.

The Company uses "global retail sales," a statistical measure, to refer to total worldwide retail sales at Company-owned and franchise stores. The Company believes global retail sales information is useful in analyzing revenues because franchisees pay royalties and advertising fees that are based on a percentage of franchise retail sales. The Company reviews comparable industry global retail sales information to assess business trends and to track the growth of the Domino's Pizza brand and believes they are indicative of the financial health of the Company's franchisee base. In addition, supply chain revenues are directly impacted by changes in franchise retail sales in the U.S. and Canada. As a result, sales by Domino's franchisees have a direct effect on the Company's profitability. Retail sales for franchise stores are reported to the Company by its franchisees and are not included in Company revenues. "Global retail sales growth" is calculated as the change of U.S. Dollar global retail sales against the comparable period of the prior year. "Global retail sales growth, excluding foreign currency impact" is calculated as the change of international local currency global retail sales against the comparable period of the prior year. Changes in global retail sales growth, excluding foreign currency impact, are primarily driven by same store sales growth and net store growth.

The Company uses "same store sales growth," a statistical measure, which is calculated by including only retail sales from stores that also had sales in the comparable weeks of both periods. International same store sales growth is calculated similarly to U.S. same store sales growth. Changes in international same store sales are reported excluding foreign currency impacts, which reflect changes in international local currency sales. Same store sales growth for transferred stores is reflected in their current classification.

The Company uses "net store growth," a statistical measure, which is calculated by netting gross store openings with gross store closures during the period. Transfers between Company-owned stores and franchised stores are excluded from the calculation of net store growth.

The Company uses "food basket pricing change," a statistical measure, which is calculated as the percentage change of the food basket (including both food and cardboard products) purchased by an average U.S. store (based on average weekly unit sales) from U.S. supply chain centers against the comparable period of the prior year. The Company believes that the food basket pricing change is important to investors and other interested persons to understand the Company's performance. As food basket prices fluctuate, revenues, cost of sales and gross margin percentages in the Company's supply chain segment also fluctuate. Additionally, cost of sales, gross margins and gross margin percentages for the Company's U.S. Company-owned stores also fluctuate.

The Company uses "free cash flow," which is calculated as net cash provided by operating activities, less capital expenditures, both as reported under GAAP. The most directly comparable financial measure calculated and presented in accordance with GAAP is net cash provided by operating activities. The Company believes that the free cash flow measure is important to investors and other interested persons, and that such persons benefit from having a measure which communicates how much cash flow is available for working capital needs or to be used for repurchasing debt, making acquisitions, repurchasing common stock or paying dividends.

The Company uses "income from operations, excluding foreign currency impact," which is calculated as income from operations as reported under GAAP, less the "impact of changes in foreign currency exchange rates on international franchise royalty revenues," a statistical measure. The most directly comparable financial measure calculated and presented in accordance with GAAP is income from operations. The impact of changes in foreign currency exchange rates on international franchise royalty revenues is calculated as the difference in international franchise royalty revenues resulting from translating current period local currency results to U.S. dollars at current period exchange rates as compared to prior period exchange rates. The Company believes that the impact of changes in foreign currency exchange rates on international franchise royalty revenues is important to investors and other interested persons to understand the Company's international royalty revenues given the significant variability in those revenues and that can be driven by changes in foreign currency exchanges rates. International franchise royalty revenues do not have a cost of sales component, so changes in these revenues have a direct impact on income from operations.

The Company uses "Consolidated Adjusted EBITDA," which is calculated as Segment Income as defined by the Company under Accounting Standards Codification 280, Segment Reporting, less corporate administrative costs that have not been allocated to a reportable segment including labor, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs. Consolidated Adjusted EBITDA is defined in the base indenture governing the Company's securitized debt. The Company uses Consolidated Adjusted EBITDA to determine future business objectives and targets and for long-range planning, as well as to evaluate total Company operating performance for the purposes of determining certain variable performance-based compensation. The Company believes Consolidated Adjusted EBITDA is a reliable barometer for the overall success of the Company. It is also used to calculate the leverage ratio (defined below), and other ratios defined in the indenture governing the Company's securitized debt. As such, Consolidated Adjusted EBITDA is important to investors and other interested persons to understand the financial performance of the Company, and to assess the ability of the Company to meet its financial obligations.

The Company uses the "leverage ratio1," which is calculated as the Company's securitized debt related to its fixed-rate notes and borrowings under its variable funding notes, divided by Consolidated Adjusted EBITDA on a trailing four quarters basis. The Company has historically operated with a leverage ratio between four and six times. The Company reviews its leverage ratio on at least a quarterly basis and believes its leverage ratio is important to investors and other interested persons to understand the capital structure of the Company, and to assess the ability of the Company to meet its financial obligations.

The reconciliation of the leverage ratio for the third quarters of 2025 and 2024 is as follows below.

September 7,
2025

September 8,
2024

2015 Ten-Year Notes

$

—

$

742,000

2017 Ten-Year Notes

940,000

940,000

2018 7.5-Year Notes

—

402,688

2018 9.25-Year Notes

379,000

379,000

2019 Ten-Year Notes

648,000

648,000

2021 7.5-Year Notes

826,625

826,625

2021 Ten-Year Notes

972,500

972,500

2025 Five-Year Notes

500,000

—

2025 Seven-Year Notes

500,000

—

Total fixed-rate notes

$

4,766,125

$

4,910,813

Segment Income - third quarter of 2025 and 2024

$

273,771

$

252,117

Segment Income - second quarter of 2025 and 2024

273,758

253,565

Segment Income - first quarter of 2025 and 2024

268,417

260,016

Segment Income - fourth quarter of 2024 and 2023

340,968

327,098

Segment Income - trailing four quarters

$

1,156,914

$

1,092,796

General and administrative - other - third quarter of 2025 and 2024

$

(19,771)

$

(22,839)

General and administrative - other - second quarter of 2025 and 2024

(20,925)

(26,165)

General and administrative - other - first quarter of 2025 and 2024

(27,313)

(18,173)

General and administrative - other - fourth quarter of 2024 and 2023

(27,818)

(32,498)

General and administrative - other - trailing four quarters

$

(95,827)

$

(99,675)

Consolidated Adjusted EBITDA - trailing four quarters

$

1,061,087

$

993,121

Leverage ratio

4.5

x

4.9

x

(1)

The Company also calculates and reviews its Senior Leverage Ratio and Holdco Leverage Ratio as defined in the indenture governing the Company's securitized debt.

Conference Call Information

The Company will file its Quarterly Report on Form 10-Q today. As previously announced, Domino's Pizza, Inc. will hold a conference call today at 8:30 a.m. (Eastern) to review its third quarter 2025 financial results. The webcast is available at ir.dominos.com and will be archived for one year.

About Domino's Pizza®

Founded in 1960, Domino's Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world's top public restaurant brands with a global enterprise of more than 21,700 stores in over 90 markets. Domino's had global retail sales of over $19.7 billion in the trailing four quarters ended September 7, 2025. Its system is comprised of independent franchise owners who accounted for 99% of Domino's stores as of the end of the third quarter of 2025. In the U.S., Domino's generated more than 85% of U.S. retail sales in 2024 via digital channels and has developed many innovative ordering platforms.

Order – dominos.com
Company Info – biz.dominos.com
Media Assets – media.dominos.com

Please visit our Investor Relations website at ir.dominos.com to view news, announcements, earnings releases, investor presentations and conference webcasts.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. You can identify forward-looking statements by the use of words such as "anticipates," "believes," "could," "should," "estimates," "expects," "intends," "may," "will," "plans," "predicts," "projects," "seeks," "approximately," "potential," "outlook" and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including information concerning future results of operations and business strategy, our anticipated profitability, estimates in same store sales growth, store growth and the growth of our U.S. and international business in general, our ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events reflect the Company's expectations based upon currently available information and data. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our filings with the Securities and Exchange Commission, including under the section headed "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including but not limited to: our substantial indebtedness as a result of our recapitalization transactions and our ability to incur additional indebtedness or refinance or renegotiate key terms of that indebtedness in the future; the impact a downgrade in our credit rating may have on our business, financial condition and results of operations; our future financial performance and our ability to pay principal and interest on our indebtedness; the strength of our brand, including our ability to compete in the U.S. and internationally in our intensely competitive industry, including the food service and food delivery markets; our ability to successfully implement our growth strategy, including through our participation in the third-party order aggregation marketplace; labor shortages or changes in operating expenses resulting from increases in prices of food (particularly cheese), fuel and other commodity costs, labor, utilities, insurance, employee benefits and other operating costs or negative economic conditions; the effectiveness of our advertising, operations and promotional initiatives; shortages, interruptions or disruptions in the supply or delivery of fresh food products and store equipment; the additional risks our international operations subject us to, which may differ in each country in which we and our franchisees do business; our ability and that of our franchisees to successfully operate in the current and future credit environment; the impact of social media or a boycott on our business, brand and reputation; the impact of new or improved technologies and alternative methods of delivery on consumer behavior; new product, digital ordering and concept developments by us, and other food-industry competitors; our ability to maintain good relationships with and attract new franchisees, and franchisees' ability to successfully manage their operations without negatively impacting our royalty payments and fees or our brand's reputation; our ability to successfully implement cost-saving strategies; changes in the level of consumer spending given general economic conditions, including interest rates, energy prices and consumer confidence or negative economic conditions in general; our ability and that of our franchisees to open new restaurants and keep existing restaurants in operation and maintain demand for new stores; the impact that widespread illness, health epidemics or general health concerns, severe weather conditions and natural disasters may have on our business and the economies of the countries where we operate; changes in foreign currency exchange rates; changes in income tax rates; our ability to retain or replace our executive officers and other key members of management and our ability to adequately staff our stores and supply chain centers with qualified personnel; our ability to find and/or retain suitable real estate for our stores and supply chain centers; changes in government legislation and regulations, including changes in laws and regulations regarding information privacy, payment methods, advertising and consumer protection and social media; adverse legal judgments or settlements; food-borne illness or contamination of products or food tampering or other events that may impact our reputation; data breaches, power loss, technological failures, user error or other cyber risks threatening us or our franchisees; the impact that environmental, social and governance matters may have on our business and reputation; the effect of war, terrorism, catastrophic events, other geopolitical or reputational considerations or climate change; our ability to pay dividends and repurchase shares; changes in consumer tastes, spending and traffic patterns and demographic trends; changes in accounting policies; and adequacy of our insurance coverage. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. All forward-looking statements speak only as of the date of this press release and should be evaluated with an understanding of their inherent uncertainty. Except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, or other applicable law, we will not undertake, and specifically disclaim, any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by, or on behalf of, us. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

TABLES TO FOLLOW

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Fiscal Quarter Ended

September 7,
2025

% of
Total
Revenues

September 8,
2024

% of
Total
Revenues

(In thousands, except share and per share data)

Revenues:

U.S. Company-owned stores

$

82,749

$

89,173

U.S. franchise royalties and fees

157,155

144,074

Supply chain

696,959

651,314

International franchise royalties and fees

78,549

74,633

U.S. franchise advertising

131,642

120,925

Total revenues

1,147,054

100.0

%

1,080,119

100.0

%

Cost of sales:

U.S. Company-owned stores

69,258

74,205

Supply chain

617,894

582,167

Total cost of sales

687,152

59.9

%

656,372

60.8

%

Gross margin

459,902

40.1

%

423,747

39.2

%

General and administrative

105,092

9.1

%

103,991

9.6

%

U.S. franchise advertising

131,642

11.5

%

120,925

11.2

%

Income from operations

223,168

19.5

%

198,831

18.4

%

Other (expense) income

(3,017)

(0.3)

%

26,172

2.4

%

Interest expense, net

(40,952)

(3.6)

%

(40,387)

(3.7)

%

Income before provision for income taxes

179,199

15.6

%

184,616

17.1

%

Provision for income taxes

39,880

3.5

%

37,692

3.5

%

Net income

$

139,319

12.1

%

$

146,924

13.6

%

Earnings per share:

Common stock – diluted

$

4.08

$

4.19

Weighted average diluted shares

34,146,418

35,039,408

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Three Fiscal Quarters Ended

September 7,
2025

% of
Total
Revenues

September 8,
2024

% of
Total
Revenues

(In thousands, except share and per share data)

Revenues:

U.S. Company-owned stores

$

266,803

$

274,086

U.S. franchise royalties and fees

464,416

442,168

Supply chain

2,053,945

1,969,772

International franchise royalties and fees

231,272

220,295

U.S. franchise advertising

387,818

356,181

Total revenues

3,404,254

100.0

%

3,262,502

100.0

%

Cost of sales:

U.S. Company-owned stores

224,242

226,722

Supply chain

1,815,993

1,753,132

Total cost of sales

2,040,235

59.9

%

1,979,854

60.7

%

Gross margin

1,364,019

40.1

%

1,282,648

39.3

%

General and administrative

321,777

9.5

%

320,962

9.8

%

U.S. franchise advertising

387,818

11.4

%

356,181

10.9

%

Refranchising (gain) loss

(3,883)

(0.1)

%

158

0.0

%

Income from operations

658,307

19.3

%

605,347

18.6

%

Other income

5,036

0.2

%

18,871

0.6

%

Interest expense, net

(123,411)

(3.6)

%

(122,996)

(3.8)

%

Income before provision for income taxes

539,932

15.9

%

501,222

15.4

%

Provision for income taxes

119,871

3.6

%

86,496

2.7

%

Net income

$

420,061

12.3

%

$

414,726

12.7

%

Earnings per share:

Common stock – diluted

$

12.22

$

11.80

Weighted average diluted shares

34,366,396

35,145,732

Domino's Pizza, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)

September 7,
2025

December 29,
2024

(In thousands)

Assets

Current assets:

Cash and cash equivalents

$

139,728

$

186,126

Restricted cash and cash equivalents

202,501

195,370

Accounts receivable, net

277,175

309,104

Inventories

71,155

70,919

Prepaid expenses and other

41,349

40,363

Advertising fund assets, restricted

135,826

103,396

Total current assets

867,734

905,278

Property, plant and equipment, net

290,653

301,179

Operating lease right-of-use assets

223,540

210,302

Investment in DPC Dash

43,650

82,699

Other assets

234,700

237,555

Total assets

$

1,660,277

$

1,737,013

Liabilities and stockholders' deficit

Current liabilities:

Current portion of long-term debt

$

5,521

$

1,149,679

Accounts payable

113,071

85,898

Operating lease liabilities

45,163

39,920

Advertising fund liabilities

132,705

101,567

Other accrued liabilities

242,693

235,398

Total current liabilities

539,153

1,612,462

Long-term liabilities:

Long-term debt, less current portion

4,810,274

3,825,659

Operating lease liabilities

190,757

181,983

Other accrued liabilities

82,052

79,200

Total long-term liabilities

5,083,083

4,086,842

Total stockholders' deficit

(3,961,959)

(3,962,291)

Total liabilities and stockholders' deficit

$

1,660,277

$

1,737,013

Domino's Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Fiscal Quarters Ended

September 7,
2025

September 8,
2024

(In thousands)

Cash flows from operating activities:

Net income

$

420,061

$

414,726

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

61,128

60,974

Refranchising (gain) loss

(3,883)

158

Loss on sale/disposal of assets

703

501

Amortization of debt issuance costs

3,768

3,685

Provision (benefit) for deferred income taxes

9,255

(7,524)

Non-cash equity-based compensation expense

31,681

31,541

Excess tax benefits from equity-based compensation

(2,751)

(21,609)

(Benefit) provision for losses on accounts and notes receivable

(49)

250

Unrealized and realized gain on investments, net

(5,036)

(18,871)

Changes in operating assets and liabilities

10,242

(18,968)

Changes in advertising fund assets and liabilities, restricted

27,137

2,016

Net cash provided by operating activities

552,256

446,879

Cash flows from investing activities:

Capital expenditures

(56,667)

(70,801)

Sale of investments

44,085

—

Proceeds from sale of assets

8,458

73

Other

(1,939)

(1,167)

Net cash used in investing activities

(6,063)

(71,895)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

1,000,000

—

Repayments of long-term debt and finance lease obligations

(1,147,773)

(15,947)

Proceeds from exercise of stock options

12,882

34,669

Purchases of common stock

(277,698)

(214,999)

Tax payments for restricted stock upon vesting

(10,862)

(10,706)

Payments of common stock dividends and equivalents

(119,503)

(106,015)

Cash paid for financing costs

(15,287)

—

Net cash used in financing activities

(558,241)

(312,998)

Effect of exchange rate changes on cash

1,487

(589)

Change in cash and cash equivalents, restricted cash and cash equivalents

(10,561)

61,397

Cash and cash equivalents, beginning of period

186,126

114,098

Restricted cash and cash equivalents, beginning of period

195,370

200,870

Cash and cash equivalents included in advertising fund assets, restricted,
   beginning of period

80,928

88,165

Cash and cash equivalents, restricted cash and cash equivalents and
   cash and cash equivalents included in advertising fund assets, restricted,
   beginning of period

462,424

403,133

Cash and cash equivalents, end of period

139,728

189,084

Restricted cash and cash equivalents, end of period

202,501

185,439

Cash and cash equivalents included in advertising fund assets, restricted, end of period

109,634

90,007

Cash and cash equivalents, restricted cash and cash equivalents and cash and
   cash equivalents included in advertising fund assets, restricted, end of period

$

451,863

$

464,530

SOURCE Domino's Pizza, Inc.

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SummaryCompaniesKenvue faces investor pressure amid strategic review, leadership changes and litigation riskTrump administration position on Tylenol erased $10 billion in market valuePotential sale or spin-off of Kenvue's skin health is on the tableOct 14 (Reuters) - Tylenol maker Kenvue

(KVUE.N), opens new tab was already having a painful year before U.S. President Donald Trump and his health secretary got involved.

Activist investor Starboard Value took aim at the company about a year ago, forcing the Band-Aid and Benadryl maker to settle a potentially costly and time-consuming fight by naming the hedge fund's CEO, Jeffrey Smith, and two other directors to the board in March.

Sign up here.

Other unhappy investors weren't mollified by the board refreshment, including Daniel Loeb's hedge fund Third Point, which quietly built its own stake in April.

In mid-July, Kenvue's board ousted its CEO after already replacing its chief financial officer and launched a strategic review of its operations, which sources say could include a sale or breakup of the company that had been spun off from healthcare conglomerate Johnson & Johnson

(JNJ.N), opens new tab in 2023.

Then news leaked on September 5 of a report that Health Secretary Robert F. Kennedy, Jr. planned to release linking its popular painkiller Tylenol to autism, driving shares down 9% that day.

AUTISM CLAIMSArguably the biggest blow came on September 22, when Trump told people to stop taking Tylenol. Flanked by Kennedy at a rare Roosevelt Room press conference, he told America: "It's not good."

The Food and Drug Administration, part of Kennedy's Department of Health and Human Services, that same day said it was slapping a

new warning, opens new tab on Tylenol labels reflecting safety concerns that its active ingredient, acetaminophen, could cause attention-deficit/hyperactivity disorder and autism in children whose mothers took it during pregnancy. That claim was refuted by influential medical groups and dismissed in federal court for its lack of scientific evidence.

The Trump administration's statements have cost Kenvue some $10 billion in market value and prompted investors to steer clear of the company, for now, analysts and investors said.

The presidential spotlight created a public relations firestorm for Kenvue, which has a market value of roughly $30 billion. It could create new legal dangers and complicate any strategic plans for the company, which also owns Neutrogena, Listerine and Zyrtec among several popular household products.

Kenvue declined to comment.

Plaintiffs are appealing a federal judge's 2024 dismissal of lawsuits bundled into multi-district litigation that alleged Tylenol or generic versions caused autism. The judge ruled that they failed to support their conclusions with scientific evidence.

"In 25 years or so doing this work, I’ve never seen the president, the HHS secretary, and the FDA commissioner join hands in common cause with the plaintiffs’ bar and use the bully pulpit of the White House to promote the interests of a legal case,” said Bob Chlopak, managing partner at Vision360 Partners, a firm that specializes in crisis communications.

COMPLICATING STRATEGIC OPTIONSKenvue's strategic review committee is considering a broad range of options, including a sale of the company or sale or spin-off of its struggling skin health & beauty unit, which contains household brands like Neutrogena, Aveeno and Clean & Clear, people familiar with the company's thinking said.

Finding a buyer for the full company would be much harder now with several dealmakers saying the company is “unsellable” until all Tylenol claims are resolved because buyers would worry about litigation risk and a prolonged drop in sales at one of the biggest brands.

“In our view, the company’s current structure makes (a full sale) unlikely, but a more focused OTC and skin care business could eventually become a target,” a July HSBC research note said.

Other consumer giants including Kellogg and Kraft Heinz

(KHC.O), opens new tab have opted for separation to create more streamlined businesses. Last month, Kraft Heinz announced it will separate into two independent, publicly traded companies: Global Taste Elevation and North American Grocery.

There is already interest in Neutrogena and Aveeno, sources said, but so far Kenvue has only been willing to part with its non-core skin health & beauty brands.

The skin health & beauty unit could be worth $6 billion to $9 billion, analysts say, despite the segment's falling revenue. That's a large bite for any company or private equity firm, but some have turnaround ideas for brands like Neutrogena, which Kenvue has poured advertising dollars into this year, sources said.

Neutrogena has struggled to win over Gen Z consumers and lost market share to competitors like L'Oreal's CeraVe, which in 2021 usurped the title of the No. 1 recommended skin care brand by dermatologists.

LEGAL CHALLENGES AHEADIf Kenvue were to sell or spin the skin health & beauty unit, the remaining company might be worse off without profitable segments to balance potential losses from its Tylenol litigation.

Ashley Keller, who represents families in the class action dismissed last year, submitted the Trump administration's latest actions as supporting evidence in an appeal before the 2nd U.S. Circuit Court of Appeals in Manhattan.

Kenvue could face substantial damages if the appeals court sides with plaintiffs, worrying investors.

The appellate court is using a legal standard that allows it to overturn the dismissal only if the panel of judges finds the prior ruling to be "plain error," unreasonable, or "completely out of bounds," lawyers and analysts said.

A ruling is expected by the end of March.

The solution to the Tylenol problem might just be time, analysts said, but board committees typically try to wrap up strategic reviews in a matter of months.

Reporting by Abigail Summerville and Svea Herbst-Bayliss in New York; Editing by Dawn Kopecki and Bill Berkrot

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

Abigail is on the M&A team and writes about consumer and retail deals. She joined Reuters in 2022 from Debtwire where she covered leveraged finance and the primary debt market for three years. Previously, her work has appeared in the Wall Street Journal, CNBC and the Boston Business Journal. She majored in business journalism at Washington and Lee University.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in LNTH, over 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.

A person poses with a dose of Novavax Nuvaxovid COVID-19 vaccine in this illustration picture taken in Schwenksville, Pennsylvania, U.S. October 2, 2025. REUTERS/Hannah Beier/Illustration Purchase Licensing Rights, opens new tab

Oct 14 (Reuters) - Shah Capital has urged Novavax's

(NVAX.O), opens new tab board to pursue a sale of the biotech, citing a third consecutive year of poor roll-out of its COVID-19 shot, the hedge fund said on Tuesday.

In its letter, shared exclusively with Reuters, the company's second largest shareholder recommended that Novavax's capabilities will "have far greater potential in the hands of a large capable pharma entity."

Sign up here.

Shah Capital owns a 7.2% stake in Novavax.

Himanshu Shah, founder and chief investment officer of the fund, told Reuters that Novavax could get a valuation of "at least $5 billion" based on the commercial potential of the company's vaccines. He also believes that the "political picture" and scientific evidence were in Novavax's favor.

Novavax has a market valuation of about $1.35 billion, as per LSEG data.

The fund's latest move is its second attempt to push for change at the company. Last year, Shah Capital had withdrawn its campaign against the re-election of three directors on Novavax's board, after the company struck a licensing deal with Sanofi

(SASY.PA), opens new tab.

"The problem has been the sales," Shah told Reuters.

A series of critical marketing missteps have led to Nuvaxovid, the biotech's protein-based COVID-19 shot, taking only 2% of market share last season, Shah said in his letter.

As of October 2, Novavax has rolled out about 7,000 shots, while its mRNA rivals Pfizer

(PFE.N), opens new tab and Moderna

(MRNA.O), opens new tab had rolled out nearly 6 million shots, Shah said.

He sees Sanofi, Merck

(MRK.N), opens new tab, GSK

(GSK.L), opens new tab, and AstraZeneca

(AZN.L), opens new tab among the potential buyers for Novavax, adding that he has not been in touch with any of these drugmakers.

Novavax's protein-based vaccine was approved in May, but the US FDA limited its use to older adults and at-risk people over the age of 12. U.S. Health and Human Services Secretary Robert F. Kennedy Jr., a long-time vaccine skeptic, had also raised concerns about the efficacy of the shot in a CBS interview earlier this year.

Reporting by Sneha S K in Bengaluru and Bhanvi Satija in London; Editing by Shailesh Kuber

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

Bhanvi Satija reports on pharmaceutical companies and the healthcare industry in the United States. She has a postgraduate degree in International Journalism from City, University of London.

LAGUNA HILLS, Calif., Oct. 14, 2025 (GLOBE NEWSWIRE) -- Elite Express Holding Inc. (“ETS” or the “Company”) (Nasdaq CM: ETS), a California-based provider of last-mile delivery services, today reported results for the quarter ended August 31, 2025.

For the quarter ended August 31, 2025, the Company reported revenue of $633,865 from its business, representing a 7.4% increase compared with the same period in 2024. The Company reported a net loss of $185,881, representing a 142.9% decrease compared with the net loss of $76,526 for the same period in 2024.

Yidan Chen, ETS’s CEO commented, “Our third quarter marks our first earnings release since becoming a publicly listed company in August 2025. We delivered a 7.4% year-over-year revenue growth and achieved our first quarterly gross profit, reflecting the strength of our operations and our disciplined focus on operational efficiency.

“Although we incurred higher compliance and governance expenses, these investments are essential to building a strong foundation as a newly public company. Looking ahead, we are focused on expanding our fleet, leveraging technology to scale operations, and diversifying beyond our sole customer, FedEx, to capture new growth opportunities. With e-commerce demand continuing to rise, we believe ETS is well positioned to deliver sustainable long-term value for our shareholders.”

Third Quarter 2025 Financial Results

For the three months ended August 31, 2025, the Company reported revenue of $633,865, representing an increase of $43,490, or 7.4%, compared with $590,375 for the three months ended August 31, 2024. Activity-based revenue accounted for $477,705, or 75.4% of total revenue, during the three months ended August 31, 2025, compared with $414,445, or 70.2% of total revenue, for the same period in the prior year. This increase primarily reflected our continued emphasis on operational throughput under the FedEx ISP structure. In contrast, fixed revenue, including weekly service charges and branding-related revenue, declined from $175,797 to $155,644, a decrease of $20,153, or 11.5%, primarily due to a reduction in baseline weekly compensation.

The Company also reported cost of revenue of $627,048 for the three months ended August 31, 2025, compared with $620,164, for the three months ended August 31, 2024. The slight increase is primarily due to higher labor costs, partially offset by lower fuel prices and maintenance and repair fees.

For the three months ended August 31, 2025, we recorded our first gross profit of $6,817, compared with a gross loss of $29,789, for the three months ended August 31, 2024. The increase of $36,606 was primarily driven by increased revenue.

General and administrative expenses for the Company increased by $112,320, or 285.9%, to $151,600 for the three months ended August 31, 2025, from $39,280 for the three months ended August 31, 2024. The increase was mainly due to (i) $53,449 in legal and accounting fees, primarily related to audit services, financial reporting, and regulatory compliance related to our status as a public company; (ii) $76,853 in payroll expenses associated with personnel supporting corporate governance, internal controls, and administrative operations that were not incurred in the comparable period in the previous year.

The Company reported a net loss of $185,881 for the three months ended August 31, 2025, compared with a net loss of $76,526 for the same period of 2024.

Nine Months 2025 Financial Results

For the nine months ended August 31, 2025, the Company reported revenue of $1,956,258, representing an increase of $141,943, or 7.8%, compared with $1,814,315 for the nine months ended August 31, 2024. The increases were primarily attributable to higher volume-based activity revenue, particularly from e-commerce deliveries, which offset the decline in fixed weekly service fees.

For the nine months ended August 31, 2025, the total cost of revenues increased to $1,963,846 from $1,828,794 for the same period in 2024, representing an increase of $135,052, or 7.4%, primarily due to higher labor and service costs.

General and administrative expenses for the Company increased by $468,682, or 432.8%, to $576,981 for the nine months ended August 31, 2025 from $108,299 for the nine months ended August 31, 2024, primarily due to (i) $314,655 in legal and accounting fees, primarily related to audit services, financial reporting, and regulatory compliance related to the JAR acquisition; (ii) $228,542 in payroll expenses associated with personnel supporting corporate governance, internal controls, and administrative operations that were not incurred in the comparable period in the previous year. Other categories, such as systems support and general office expenses, remained stable relative to the current operational scope.

The Company had a net loss of $498,484 for the nine months ended August 31, 2025, compared with a net loss of $144,521 for the same period of 2024.

Forward-Looking Statements

This press release contains “forward-looking statements.” All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue, or other financial items; any statements regarding the adequacy, availability, and sources of capital, any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “plan,” “project,” or “anticipate,” and other similar words. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in the forward-looking statements include those factors set forth in the “Risk Factors” section included in our registration statement on Form S-1 (File No. 333-286965), as amended, which was initially filed with the SEC on May 5, 2025 and declared effective by the SEC on August 20, 2025.

Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed in our quarterly report. We do not intend, and undertake no obligation, to update any forward-looking statement, except as required by law.

The information included in this press release should be read in conjunction with our unaudited condensed consolidated financial statements and the notes included in our quarterly report on Form 10-Q.

For more information, please contact:

Elite Express Holding Inc.

Investor Relations
(949) 758-0650
[email protected]

ELITE EXPRESS HOLDING INC. & SUBSIDIARYUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               For the Three Months Ended For the Nine Months Ended  August 31, August 31,  2025  2024  2025  2024   (Successor) (Predecessor) (Successor) (Predecessor)REVENUE $633,865  $590,375  $1,956,258  $1,814,315              COST OF REVENUE            Cost of service  56,974   54,602   176,984   141,665 Cost of labor  347,945   330,747   1,085,885   971,560 Depreciation and amortization  64,332   60,618   188,668   180,445 Fuel  94,654   102,614   304,600   318,477 Maintenance and repairs  63,143   71,583   207,709   216,647 Total cost of revenue  627,048   620,164   1,963,846   1,828,794              GROSS PROFIT (LOSS)  6,817   (29,789)  (7,588)  (14,479)             OPERATING EXPENSES            General and administrative expenses  151,600   39,280   576,981   108,299 Total operating expenses  151,600   39,280   576,981   108,299              LOSS FROM OPERATIONS  (144,783)  (69,069)  (584,569)  (122,778)             OTHER INCOME (EXPENSE)            Interest income (expense), net  2,248   (7,236)  2,248   (23,907)Other income (expense), net  —   (221)  21,285   2,964 Total other income (expense), net  2,248   (7,457)  23,533   (20,943)             LOSS BEFORE INCOME TAX BENEFIT  (142,535)  (76,526)  (561,036)  (143,721)             Income tax provision (benefit)  43,346   —   (62,552)  800              NET LOSS $(185,881) $(76,526) $(498,484) $(144,521)             Loss per common share - basic and diluted $(0.01) $—  $(0.04) $— Weighted average shares - basic and diluted*  13,288,411   —   13,041,947   —   ELITE EXPRESS HOLDING INC. & SUBSIDIARYCONDENSED CONSOLIDATED BALANCE SHEETS   Successor Successor  August 31, November 30,  2025 2024  (Unaudited)   ASSETS      CURRENT ASSETS:      Cash and cash equivalents $13,553,137 $170,157Accounts receivable  55,440  56,485Prepaid D&O insurance  137,993  —Prepaid expenses and other current assets  62,765  113,260TOTAL CURRENT ASSETS  13,809,335  339,902       TOTAL ASSETS $15,192,022 $1,831,350       LIABILITIES AND STOCKHOLDERS’ EQUITY             TOTAL CURRENT LIABILITIES  270,106  348,660       TOTAL LIABILITIES  312,652  455,358       TOTAL STOCKHOLDERS’ EQUITY  14,879,370  1,375,992       TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $15,192,022 $1,831,350  ELITE EXPRESS HOLDING INC. & SUBSIDIARYUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   For the Nine Months Ended August 31,
  2025
 2024
  (Successor) (Predecessor)Cash flows from operating activities:      Net loss $(498,484) $(144,521)Net cash provided by (used in) operating activities  (640,210)  157,921        Cash flows from investing activities:      Net cash used in investing activities  (79,908)  —        Cash flows from financing activities:      Net cash provided by (used in) financing activities  14,103,098   (165,878)       Net increase (decrease) in cash  13,382,980   (7,957)Cash, beginning of period  170,157   54,712 Cash, end of period $13,553,137  $46,755 

Debt-free balance sheet with $13.3 million in cash as of today ($15.11 per share fully diluted), providing strategic flexibility for continued commercial growth Nociscan scan volumes increase +89% year-over-year with third consecutive quarter of record utilization across U.S., U.K., and E.U.

THG Plc (OTCPK:THGHY) Q3 2025 Sales Call October 14, 2025 4:00 AM EDT

Company Participants

Matthew Moulding - CEO & Director

Conference Call Participants

John Stevenson - Peel Hunt LLP, Research Division
Andrew Wade - Jefferies LLC, Research Division
Lara Simpson - JPMorgan Chase & Co, Research Division

Presentation

Operator

Good morning, and welcome to THG's Q3 2025 Trading Statement. We are joined today by THG's Chief Executive Officer, Matthew Moulding, and members of the executive team. [Operator Instructions]

I would now like to hand the call over to Matthew Moulding. Please go ahead.

Matthew Moulding
CEO & Director

Good morning, everyone, and thank you for joining us for THG's trading update for the third quarter of 2025. As we announced in the statement this morning, trading momentum has continued to improve with organic growth hitting its highest rate since COVID. THG Beauty and THG Nutrition are now both in growth with the group delivering revenue growth of 6.3% in the quarter, reflecting payback on the business model changes made throughout 2024 and earlier.

Now looking at our businesses in more detail. In THG Beauty, a return to growth was supported by a strong advent calendar launch and solid momentum in U.K. retail, including double-digit revenue growth for Lookfantastic, demonstrating the strength of our online retail proposition. After a weaker start to the year, performance in the U.S. was much stronger with increasing loyalty through subscriptions and category growth outside of our core in prestige skincare. In THG Nutrition, Myprotein achieved revenue growth of plus 10% with growth in both online and offline channels. Social commerce and marketplace channels are delivering particularly well, and we're increasingly launching exclusive products on platforms such as TikTok, including the recently launched Myprotein and Jimmy's Iced Coffee Impact whey protein.

These exclusives drive engagement

Recommended For You

TLDR:

Dogecoin Corporate Alliance via House of Doge to merge with Brag House, forming a NASDAQ-listed company backed by over $50 million.
The deal builds a Dogecoin economy through partnerships with 21Shares, Robinhood, and CleanCore Solutions.
Combined company will manage over 837 million Dogecoin, positioning it for institutional expansion.
Dogecoin’s price drops 24% weekly as on-chain data shows short-term holders accumulating heavily.

Dogecoin is inching closer to Wall Street. House of Doge, the commercial arm of the Dogecoin Foundation, is set to go public through a merger with Brag House Holdings. 

The deal, valued at over $50 million, signals a major push to formalize Dogecoin’s place in institutional finance. 

Both boards have approved the plan, with completion expected early next year. The move follows a surge in corporate partnerships and rising interest from Gen Z investors.

House of Doge and Brag House Join Forces
According to a joint blog post, Brag House will acquire House of Doge in a reverse takeover, making the DOGE entity the majority shareholder. The combined company will operate as a multi-revenue platform uniting payments, gaming, and tokenization services under one umbrella.

The agreement includes a 20-year partnership with the Dogecoin Foundation, establishing what House of Doge describes as a “scalable and transparent Dogecoin economy.” The firm will oversee over 837 million DOGE within its framework, with assets spread between 21Shares and the Official Dogecoin Treasury.

House of Doge’s partnerships with 21Shares, Robinhood, and CleanCore Solutions are expected to drive new yield products and regulated investment opportunities. 

CEO Marco Margiotta, who will lead the new entity, said the merger “opens access and unleashes the next wave of innovation and institutional participation for Dogecoin.”

The merger positions Brag House as a key platform connecting crypto with Gen Z. CEO Lavell Juan Malloy II described it as “embedding Dogecoin into gaming, sports, and college communities to fuel mainstream adoption.”

House of Doge has spent the past year building the institutional foundation for DOGE. Its ETP partnership with 21Shares has grown to roughly $26 million in assets under management, holding 107 million Dogecoin. Together, they also filed for a U.S. DOGE Spot ETF and a 2X Levered ETF, both under SEC review.

Meanwhile, the Official DOGE Treasury, launched in September 2025 with CleanCore Solutions, manages over 730 million DOGE. It anchors House of Doge’s yield and payment products, forming the backbone of Dogecoin’s emerging financial ecosystem.

Robinhood’s partnership adds a secure custody layer, allowing institutional investors to access Dogecoin-backed assets safely. Combined, these partnerships aim to bridge crypto markets with regulated finance.

Dogecoin Price Action and On-Chain Trends
Dogecoin’s price stood at $0.1979 on CoinGecko at press time, down 5.8% in 24 hours and 24% weekly. On-chain analyst Joao Wedson noted that short-term holders are accumulating Dogecoin, suggesting renewed speculative interest.

Wedson explained that metrics such as the Hodl Waves and MVRV Z-Score show early-cycle accumulation without signs of market euphoria. This pattern has historically preceded rallies in both Dogecoin and Bitcoin.

Dogecoin has not yet reached euphoria, and Short-Term Holders are accumulating.

In December 2024, Doge reached its ATH for the current cycle exactly at the CVDD Alpha — our custom metric for cycle tops, based on Cumulative Value Days Destroyed, which is a highly accurate… pic.twitter.com/KCXhNoahxo

— Joao Wedson (@joao_wedson) October 13, 2025

The merger, combined with growing on-chain accumulation, positions DOGE at an interesting point in its cycle. As institutional structures form and community demand rises, DOGE appears to be building its next chapter on public markets.

Just three days ago, MyNeighborAlice Coin hit its all-time low of $0.2134. Today, it’s showing signs of life again, surging 51.41% in a single day and 36.06% over the past week. The market cap has jumped to $48.69 million, and 24-hour trading volume exploded 1,424% to $435 million, indicating that traders are piling back in.

This sharp turnaround comes as the broader crypto market dipped 3.56%, making ALICE one of the day’s top performers. The rebound is tied to catalysts, including a major in-game airdrop, a new partnership with Pudgy Penguins NFTs. And renewed attention to the Play-to-Earn sector.

These developments, coupled with technical breakouts, have flipped sentiment from despair to optimism almost overnight. If you are considering stacking some, then you need to check this analysis before making any moves.

Open Interest on SurgeData from CoinGlass shows open interest in Alice Crypto futures spiking alongside spot price action. This suggests traders are actively positioning for short-term volatility rather than exiting after the surge. The jump in leveraged positions aligns with the 1,400% increase in trading volume, hinting that market participants expect continued upside.

However, high open interest can also signal potential liquidation risk if momentum stalls. So while enthusiasm is clear, traders should watch for sharp corrections typical of post-breakout phases.

Alice Crypto Price AnalysisTechnically, Alice Crypto price has broken above the $0.482 resistance, reclaiming its position above the 20-day and 30-day moving averages. The MACD has confirmed a bullish crossover, and the histogram turned positive at +0.0071, showing renewed upward strength.

The RSI sits at 62, comfortably in the bullish zone but not yet overbought, suggesting room for another leg higher. If ALICE closes above the $0.552 resistance, it could target $0.777 next. On the downside, support sits around $0.36.

Overall, the price structure suggests a sustainable recovery rather than a short-lived surge, especially given the strong liquidity and trading interest.

FAQsWhy is MyNeighborAlice Coin rising?

The rally is driven by a massive airdrop, new NFT partnerships, and a technical breakout that attracted heavy trading volumes.

Is Alice Crypto a good buy now?

Momentum looks positive, but traders should watch for pullbacks near $0.36 before considering entries.

What’s the next target for Alice Crypto price?

If ALICE holds above $0.55, the next key resistance lies near $0.77, marking a potential continuation of this recovery trend.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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The total crypto market cap has lost over $100 billion daily.

Bitcoin’s impressive price recovery that began over the weekend has come to a halt as the asset slumped by over four grand after it was rejected at $116,000.

The altcoins have produced even more painful declines within the same timeframe, which include double-digit corrections by the likes of BNB, MNT, ZEC, and others.

BTC Slides to $112K
The previous business week ended with one of the worst crashes in recent crypto history after US President Donald Trump threatened China with a new set of tariffs for certain products. BTC went from $122,000 ahead of the statement to $110,000 before a mass wave of liquidations hit it even harder, and it plunged to $101,000 on some exchanges, such as Binance.

After this flushout, the cryptocurrency bounced off and surged past $110,000 over the weekend. It kept climbing on Sunday and Monday, touching $116,000. Thus, it had regained $15,000 from the bottom in just a few days.

However, the bears reemerged on Tuesday morning. BTC was stopped at that resistance and pushed south by over four grand, slipping below $112,000 earlier today. It currently hovers around that level, as its market capitalization has dropped further to $2.235 trillion on CG.

Its dominance over the altcoins has regained some traction since yesterday and is up to 57.5%.

BTCUSD. Source: TradingView
Alts Bleed Out
The altcoins have been hit even harder in the past several hours. The recent high-flyer BNB, which tapped a new all-time high yesterday, has plummeted by over 11% and is close to breaking below $1,200 as of now. MNT and ZEC are the other double-digit daily losers.

Ethereum dropped to $4,000 after a 4% decline, XRP has slumped beneath $2.5 following a 6% drop, while DOGE is down to $0.20 after a 5.25% decrease. Further losses are evident from ADA, HYPE, XLM, and many others.

This substantial volatility has harmed over-leveraged traders again, as the total number of wrecked such market participants is well over 210,000 on a daily scale. The total value of liquidated positions has jumped to $630 million on CoinGlass.

Liquidations Data on CoinGlass

As FED Chair Jerome Powell’s speech on the U.S. economic outlook looms ahead, whales are bracing themselves for a potential market crash by shorting several altcoin positions.

Summary

Crypto whales are heavily shorting major altcoins ahead of Powell’s speech amid renewed trade tensions and market volatility on October 14 in Philadelphia.
The crypto community is preparing for potentially hawkish signals from the Fed, prompting them to hedge against downside risks and lock in profits amid fears of an imminent crypto market crash.

On Oct. 14, Federal Reserve Chair Jerome Powell is scheduled to deliver a speech covering the state of U.S. economy and monetary policy at the National Association for Business Economics annual meeting in Philadelphia.

According to the official calendar for the Board of Governors of the Federal Reserve System, the speech is set to take place at 12:20 pm local time and will be titled “Economic Outlook and Monetary Policy.”

Powell’s upcoming speech comes at a time of growing economic volatility, with global markets still reeling from renewed trade tensions between the U.S. and China after fresh tariffs reignited talk of a potential trade war.

The crypto market has also experienced a series of sharp corrections recently. Ethereum (ETH) has fallen below the $4,000 mark, while Bitcoin (BTC) is down 2.88% over the past 24 hours.

Meanwhile, the crypto fear and greed index dropped from a Greed level of 64 at the end of last week to a Fear level of 27 this weekend, its lowest in six months.

Whales have been shorting altcoin positions ahead of Jerome Powell’s speech on economic outlook | Source: Lookonchain
Traders are bracing themselves for more market volatility that is expected to accompany Powell’s speech. According to on-chain analysis platform LookOnChain, several whales on Hyperliquid (HYPE) are heavily deploying short positions on the market.

The first whale, 0x9eec9, with $31.8 million in profit, currently holds short positions in DOGE (DOGE), ETH, PEPE (PEPE), XRP (XRP) and ASTER (ASTER) worth around $98 million combined.

The other whale, 0x9263, has about $13.2 million in profits on-chain. The whale currently holds short positions on Solana and Bitcoin, totaling to about $84 million. Meanwhile, the Bitcoin OG whale has further increased its BTC short position to $492 million with a floating profit of $9 million.

Why are whales shorting ahead of Powell’s economic outlook speech?
More often than not, market sentiment spawned by moves made by the Fed usually have a major impact on the crypto market. From Powell’s speech today, whales could be expecting caution on monetary policy, which could signal whether the agency will delay rate cuts or maintain high rates to combat inflation.

One post by Lebanese-Australian entrepreneur and podcast host Mario Nawfal warned traders of “volatility” arising after Powell’s speech on October 14. A “hawkish” tone may serve to tighten liquidity, raise borrowing costs and put increased downward pressure on alternative asset such as metals and cryptocurrency.

As concerns of a crypto market crash begin circulating around the crypto community, many have resorted to shorting positions as a way to hedge against the potential of an imminent crash. Shorting provides traders with an opportunity to still gain profit if the market turns bearish.

With heightened uncertainty surrounding the content and implications of Powell’s speech, these whales may be locking in gains to play it safe, reducing the risk of being caught on the wrong side of the market in the event of a crash.

Following on from Friday’s mega-crash the Bitcoin price recovered as far as the $116,000 horizontal resistance level. Here it was rejected, and the price has since fallen to $112,000. Is the recovery still on, or was the crash the trigger for a further move to the downside?

$BTC price rejected from resistance - will support hold?

Source: TradingView

The Sunday/Monday $BTC recovery was in excellent shape until it hit the $116,000 horizontal resistance level. After a couple of attempts by the bulls to pierce through this barrier, they were soundly rejected and the $BTC price has since sunk back to the $112,000 support level.

Is this problematic for a continuation of the recovery? Not at all really. After a strong bounce there was bound to be some choppiness to the downside as well as up. That said, there are important levels to hold, and these would include the trendline, and the horizontal support at just under $109,000. 

With the Stochastic RSI indicators on their way down from the top, the bulls will be hoping that they can reach the bottom without pulling the price too far down. 

Support trendline increases in importance

Source: TradingView

The daily time frame helps to highlight the importance that the trendline has. The trendline is raised slightly in order to increase the amount of touch points. This does mean though that there isn’t a lot of downside to play with before the $BTC price comes back to test this trendline again. If the price falls through and confirms below, the $109,000 horizontal support level and the 200-day SMA are possibly all that remain to keep the price falling all the way to $100,000.

At the bottom of the chart, the Stochastic RSI indicators in the daily time frame are shaping to cross back up. The bulls will be hoping that this will indeed occur, and that this will signal upside price momentum.

$BTC rests on excellent support

Source: TradingView

While the current candle in the weekly time frame does look rather ugly, it is still very early in the week and it may look a lot different by the end of the week. 

What has been done in the weekly chart above is to draw attention to the excellent support that the $BTC price is resting on currently. The small green arrows highlight this support and show that $112,000 and $109,000 could continue to provide a base for the price going forward.

Given that the trendline has become increasingly important for upside price movement, the upper of the two horizontal supports is critical for a hold, although there is the possibility that the price could wick down to the lower support and still end up holding at $112,000. 

At the bottom of the chart, the Stochastic RSI indicators are angled down. This will need to change over the course of this week if the bullish scenario is to triumph. 

If the price does fall through these strong supports and confirms below, $100,000 could just be a pause on the way further down. This could eventually end up turning into a big double top, just like in the 2021 bull market, or the price may have already entered the bear market. This all still remains to be seen.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Ethereum’s Fusaka Rolls Out on Sepolia; Hoodi Testnet Up NextThe test follows a successful rollout on the Holesky testnet two weeks ago.Updated Oct 14, 2025, 8:51 a.m. Published Oct 14, 2025, 8:50 a.m.

Ethereum developers launched the second test of the upcoming Fusaka upgrade early Tuesday morning on the Sepolia network, marking another step toward the upgrade’s mainnet debut.

The test follows a successful rollout on the Holesky testnet two weeks ago. Developers plan one final rehearsal on the Hoodi network on Oct. 28, after which they’ll set a date to activate Fusaka on Ethereum’s main blockchain.

STORY CONTINUES BELOW

Coming only a few months after Ethereum’s major Pectra upgrade, Fusaka is designed to lower costs for institutions using the network. One of its key features, PeerDAS, allows validators to verify only portions of data rather than entire “blobs.” This improvement reduces bandwidth demands and helps cut costs for both layer-2 networks and validators.

Testnets like Sepolia play a crucial role in Ethereum’s development cycle, giving developers a reliable environment to test upgrades under real-world conditions before they go live on the main network.

Holesky, however, has begun to show signs of aging and is expected to be deprecated soon. Its successor, Hoodi, launched earlier this year, is designed to more closely mirror Ethereum’s mainnet. The upcoming Hoodi test is expected to be the most telling indicator yet of how Fusaka will perform once it goes live.

Read more: Ethereum to Close Its Largest Testnet, Holesky, After Fusaka Upgrade

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The move makes SG-FORGE’s euro and dollar stablecoins available to retail users across Europe through Bitpanda’s DeFi wallet

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Bitpanda will offer SG-FORGE’s EUR and USD CoinVertible stablecoins to retail users for the first timeThe partnership expands into decentralized finance, supporting lending and borrowing onchainThe collaboration may extend to Bitpanda’s Vision token and upcoming Vision ChainRead full story

XRP holders are facing fresh losses after the token slumped sharply overnight, erasing more than $10 billion in market value as both retail and whale selling cascaded through the market.

At press time on October 14, XRP was changing hands at $2.46, down 6.56% in the past 24 hours and more than 16% over the past week. The token’s market capitalization has fallen from $178 billion seven days ago to just $147.8 billion, underscoring the speed and depth of the decline.

XRP 1-week price chart. Source: Finbold
The sell-off comes amid a perfect storm of regulatory, technical, and macroeconomic pressures. In the United States, delays and uncertainty surrounding spot crypto ETF approvals continue to cloud sentiment, with reports of internal staffing changes at the Securities and Exchange Commission raising further doubts about the timeline. At the same time, renewed tariff tensions between Washington and Beijing have weighed on risk assets across the board, forcing investors to pare back exposure not only in equities but in digital assets as well.

XRP price prediction 2025
On the technical side, XRP’s rejection near the $2.90 resistance zone last week triggered a decisive breakdown below $2.70, and ultimately beneath the psychologically important $2.50 pivot point. That move was compounded by liquidations and stop orders, accelerating the downward momentum and leaving the chart vulnerable to further deterioration.

XRP ledger flows suggest the pressure has not been purely speculative. Since Friday, whale wallets have reportedly sold off more than 2.23 billion XRP, a sizable chunk relative to the current circulating supply of 59.91 billion tokens. With liquidity thinning, price action has become more volatile and more sensitive to macro news.

XRP’s total worth chart underscores the scale of the decline. On October 13 at 11:05 a.m., XRP’s market capitalization stood at $157.9 billion with daily trading volume above $10.3 billion. Within less than 24 hours, capitalization had collapsed to $147.4 billion while volumes slumped to $8.54 billion, marking a 16.7% drop in liquidity alongside the steep price retreat.

XRP 1-day market cap. Source: CoinMarketCap
The key question now is whether bulls can defend the $2.14 level, which coincides with both a historically significant demand zone and oversold conditions on daily momentum indicators. A successful defense could spark bargain hunting and a potential rebound toward $2.50. Failure to hold, however, risks opening a path toward $1.90, a level not tested since late summer.

Key NotesNew Bitcoin whales are seeing unrealized losses due to the latest correction.The indicator doesn’t clearly show where the market is going.US-based ETFs bleed further as Bitcoin drops below $112,000 again.
The market-wide uncertainty and bearish selloff with high liquidations doesn’t seem to be over yet. And now, new Bitcoin

BTC
$111 863

24h volatility:
3.0%

Market cap:
$2.23 T

Vol. 24h:
$74.36 B

whales will likely take the volatility a step further.

CryptoQuant CEO Ki Young Ju shared the unrealized profit ratio chart for new Bitcoin whales, which just turned into the loss zone, in an X post on Tuesday, Oct. 14.

Paper Bitcoin investors have just gone underwater. This doesn't tell us if it’s bullish or bearish, but one thing’s clear: volatility is coming. pic.twitter.com/SNtjSMYP3z

— Ki Young Ju (@ki_young_ju) October 14, 2025

According to the data, new Bitcoin whales have started to see unrealized losses as the asset plunged from its all-time high of $126,198. “Volatility is coming,” Young Ju wrote.

The CryptoQuant CEO claimed that the indicator can’t predict the next market movement. In June and July 2021, the red unrealized profit ratio for new Bitcoin whales triggered stronger accumulation, which pushed BTC price above an ATH of $68,000.

In February 2022, Bitcoin and the broader crypto market saw a strong selloff after the indicator went “underwater.”

Uptober Turned into Octobear
Bitcoin has been on a downward spiral amid expectations of high volatility. BTC dropped to $111,569 earlier today, Oct. 14.

The selloff comes as the US-based spot BTC exchange-traded funds recorded a net outflow of $326.4 million on Oct. 13, according to data from Farside Investors. The outflows majorly came from GBTC, BITB, and FBTC while BlackRock’s IBIT saw an inflow of $60.4 million.

Last week, the BTC-based investment products brought a net inflow of $2.71 billion.

Spot Ethereum

ETH
$3 993

24h volatility:
4.5%

Market cap:
$482.19 B

Vol. 24h:
$51.35 B

ETFs registered a deeper net outflow of $428.5 million, led by ETHA’s $310.1 million selloff. ETH also dropped 4% to $3,990.

On Oct. 12, Binance saw a USDT

USDT
$1.00

24h volatility:
0.0%

Market cap:
$179.96 B

Vol. 24h:
$154.62 B

inflow of roughly $1.4 billion, which eventually brought bullish momentum to the market. Over the past 24 hours, however, the largest crypto exchange saw a net outflow of just over 190 million USDT, according to CoinGlass data.

When stablecoins leave centralized exchanges, it usually means that market participants are experiencing fear, uncertainty, and doubt. The negative sentiment would, consequently, lead to market-wide selloffs.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.

Wahid Pessarlay on X

In the chaotic aftermath of last week's market-wide wipeout, one granular forensic stands out: order-book depth on major venues thinned to “air,” letting relatively modest market orders rip through price levels with almost no resistance. The phenomenon, captured by independent market analyst Dom (@traderview2) on X, is now central to a stark takeaway for XRP: under the same microstructure conditions, price can mechanically gap as easily to $1.19 as to $20.

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Bittensor (TAO) ripped as much as 33% after Grayscale filed a Form 10 with the U.S. Securities and Exchange Commission for the Grayscale Bittensor Trust.

If the filing becomes effective, the trust would begin reporting like a public company (10-K/10-Q with audited financials), shorten private placement lockups from 12 to 6 months, and pave the way for OTC quotation, the same playbook Grayscale used to scale access to BTC and ETH.

For TAO, the timing is important: it sits at the crossroads of two hot narratives, decentralized AI and institutional crypto. Easier, regulated access could channel new liquidity into TAO and legitimize the asset for treasuries, funds, and RIAs seeking exposure to on-chain AI infrastructure without custody headaches.

TAO's price trends to the upside on the daily chart. Source: TAOUSD on Tradingview
Bittensor (TAO) Price Action: Key Levels, Momentum, and What’s Next
Technically, TAO has staged a strong rebound from the $315 support, just above the 38.2% Fibonacci retracement at $307, and is now holding firm above $410, its highest level in weeks. The move above $327 and $405 confirms a breakout from the year-long falling-wedge structure, confirming a bullish momentum.

Momentum indicators reinforce this view: the RSI has climbed from the low 40s into bullish territory without showing signs of exhaustion, while the MACD has flipped positive after weeks of flattening, supporting the case for continued upside.

Spot volume has expanded sharply, but open interest remains subdued, suggesting that the rally is still largely spot-driven, a healthy backdrop that could amplify gains if sidelined traders chase the breakout.

Immediate supports now sit at $380, $355, and $327, while holding above $405 keeps the door open for a potential run toward $500 in the sessions ahead.

Institutions Accumulate as AI Thesis Strengthens
Away from the tape, institutional accumulation continues to build the floor. Since July, Nasdaq-listed TAO Synergies and xTAO (TSXV) have acquired roughly 83,649 TAO ($26–27M), with a portion reportedly staked at double-digit yields, reducing circulating supply.

Within the AI stack, Bittensor’s subnet design and on-chain incentives keep drawing developers and data providers, and sector trackers now place TAO among the top mindshare leaders in DePIN/AI.

Bottom Line
The breakout above $405 has confirmed the completion of the long-term falling-wedge pattern, a technical milestone that positions the token for a potential rally toward $500 in the near term. Market analysts note that if momentum persists, extension targets between $700–$900 remain firmly on the table.

On the downside, only a decisive daily close back below $355–$327 would weaken the bullish structure and risk pushing TAO into short-term consolidation.

Overall, the backdrop remains constructive. Grayscale’s SEC filing, steady institutional accumulation, and improving on-chain and technical signals have turned the Bittensor (TAO) outlook structurally bullish. As long as price holds above the $405 breakout zone, the path toward $500 appears increasingly credible.

Cover image from ChatGPT, TAOUSD chart from Tradingview

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Despite the largest ETF outflow in weeks and a sharp bitcoin price drop, IBIT continues to attract capital. Oct 14, 2025, 9:02 a.m.

U.S. spot bitcoin exchange-traded funds (ETFs) recorded their largest combined daily outflow since Sept. 26 on Monday, with $326.4 million exiting the market, according to Farside data.

However, BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF by assets on the market, bucked the broader trend by continuing to see inflows.

STORY CONTINUES BELOW

Over the past two trading sessions, IBIT has recorded $134 million in new inflows, even as bitcoin’s price fell from $122,000 to $107,000.

The fund has now logged 10 consecutive trading days of inflows. However, net inflows over the past two trading days were significantly smaller compared with the previous eight sessions, each of which saw at least $200 million in inflows. In contrast, the most recent sessions saw inflows drop sharply to $74.2 million and $60.4 million, respectively, according to Farside data.

Glassnode data shows that IBIT’s flows have closely mirrored bitcoin’s price action historically, with inflows rising during rallies and outflows following price declines. Since bitcoin reached an all-time high of $126,000 on Oct. 6 which was subsequently followed by a correction of roughly 20%, IBIT has seen consistent inflows, even as many other ETF issuers have experienced redemptions or no flows at all.

U.S. Market Returns Getting WeakerData from Velo shows that bitcoin’s performance during U.S. trading hours has weakened considerably, since bitcoin's all-time high.

In the first few days of October, the asset was up more than 10% during U.S. hours over the past month but that figure has since dropped to 1.7%.

Despite this decline, bitcoin continues to outperform during U.S. hours compared with trading sessions in Europe and Asia which are both in negative returns over the past month.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Total Crypto Trading Volume Hits Yearly High of $9.72T

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Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025

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Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025Gate exchange emerged as major player with 98.9% volume surge to $746 billion, overtaking Bitget to become fourth-largest platformOpen interest across centralized derivatives exchanges rose 4.92% to $187 billionView Full Report

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Bitcoin Slips Under $112K, ETH, DOGE Drop 6% as China Hits Back on U.S. Tariffs

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Total liquidations hit $630 million, with long positions making up two-thirds of the wipeout, according to CoinGlass.

What to know:

Bitcoin fell below $112,000 as China's trade measures against U.S. entities spurred risk-off sentiment globally.Asian stocks tumbled, with Japan's Nikkei experiencing its worst session in nearly two months, while U.S. and European equity futures also declined.Crypto markets saw significant losses, with Bitcoin dropping 3% and total liquidations reaching $630 million, highlighting their sensitivity to global macroeconomic risks.Read full story

The Chicago Mercantile Exchange (CME) Group has expanded its crypto derivatives by launching option products for Solana (SOL) and XRP. The new products were approved by the U.S. Commodity Futures Trading Commission (CFTC), which went live on October 13 on CME’s US platform. 

XRP and Solana Launch on CMEThe world’s largest derivatives marketplace has now introduced options on SOL and XRP, marking a major step in broadening its altcoin offerings. This means traders can now exchange these altcoin options on the CME exchange in the same way as trading Bitcoin and Ethereum.  

These newly introduced options allow traders to receive actual SOL and XRP futures, which are available in both standard and micro contract sizes. They have daily, monthly, and quarterly expiration. This move not only shows investors’ confidence in CME but also underlines the growing demand for XRP and Solana. 

CME’s Expansion with Crypto Derivatives Since 2017, after launching Bitcoin on its platform, CME has continued to expand its offerings and strengthen its crypto derivatives portfolio. It also plans to make its crypto futures and option products available 24/7 by early 2026. 

Moreover, CME also reported more than 540,000 contracts after its launch of Solana in March 2025, which surged to over $22.3 billion in volume. Meanwhile, XRP also saw rapid adoption, with 370,000 contracts traded and $16.2 billion in volume. So, this move of launching crypto derivatives is a direct response to this increasing demand. 

XRP & Solana PriceCurrently, both assets are experiencing a downturn in price and trading volume. XRP is trading at $2.45, marking a 6.73% drop from the previous day, while SOL is priced at $194.58 with a 1.20% dip. Followed by the fear of a trade war between the US and China, investors began selling their cryptocurrencies, which resulted in this plunge. 

However, some are still hopeful for bullish market sentiment as the deadline for crypto ETF approval nears. 

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The XRP ETF approvals may take longer than expected, as an expert clarifies that the upcoming October deadlines are largely procedural rather than launch dates. He also highlighted that the U.S. government shutdown needs to reopen for further progress.

SEC Review Timeline Misunderstood Amid Shutdown
In a recent X post, Greg Xethalis clarified the confusion regarding the SEC’s handling of spot crypto exchange-traded products. This includes those tied to XRP, Solana, and Litecoin.

Xethalis explained that while the 19b-4 filings technically became effective under the Generic Listing Standards (GLS), this doesn’t automatically trigger product launches. He noted that beyond the 19b-4 process, ETF issuers must still complete registration under both the Securities Act of 1933 (via S-1 filings) and the Securities Exchange Act of 1934 (via Form 8-A). 

Those filings typically require active review by the SEC staff. However, the commission put crypto ETF approvals on hold due to the U.S government shutdown.

“Basically, we’re waiting for the government to reopen,” Xethalis said. He added that while issuers can technically remove delaying amendments to activate their filings after 20 days, exchanges like NYSE Arca, CBOE BZX, and Nasdaq may still hold off on listings until the SEC formally resumes operations.

In short, the expert urged investors to ignore the October 19b-4 dates, emphasizing that they mark procedural milestones, not launch deadlines.

Once operations resume, the SEC is expected to turn its attention to a crowded calendar of XRP ETF proposals. The reviews include Bitwise, Canary Capital, CoinShares, and WisdomTree and are slated through October 24.

Furthermore, the SEC recently rescinded its delay notices for several pending spot crypto ETFs.  This includes those associated with Cardano (ADA), XRP, Solana (SOL), and other tokens.

Market Optimism Persists Despite Procedural Hurdles
Some experts are optimistic about the near-term outlook for XRP ETFs despite the slowdown. President of ETF Store, Nate Geraci, said the launch of XRP-linked funds is close. He noted that several issuers have filed amended S-1s, a key step toward final authorization.

Meanwhile, new filings continue to surface. On October 7, GraniteShares submitted paperwork for a 3x leveraged XRP ETF. This is designed to amplify long and short exposure to the asset.

Crypto attorney Bill Morgan suggested the move could “spark panic buying,” as traders anticipate a surge in institutional demand once leveraged products go live.

Institutional appetite for the altcoin remains robust even amid regulatory delays. According to CoinShares, XRP products recorded $61.6 million in inflows during the week ending October 13. This marked the 18th consecutive week of net gains. 

Once the government reopens and the SEC resumes normal operations, some experts expect the XRP ETF to be among the first to be cleared for listing.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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DUBAI, Oct 14 (Reuters) - The first 200 megawatts of a planned 5-gigawatt artificial intelligence campus in the United Arab Emirates should come online next year, an official from Abu Dhabi-backed cloud and AI firm G42 said on Tuesday.

The UAE, a major oil exporter, has been spending billions of dollars to become a global AI hub, looking to leverage its strong relations with Washington to secure access to technology.

Sign up here.

During a Gulf visit by U.S. President Donald Trump in May, the UAE signed a multibillion-dollar deal to build one of the world's largest data centre hubs in Abu Dhabi with U.S. technology. G42 said at the time that the project would be powered by nuclear and solar power, as well as natural gas.

DISCUSSIONS ONGOING FOR REST OF PROJECTTechnology giants Nvidia

(NVDA.O), opens new tab, OpenAI, Cisco

(CSCO.O), opens new tab, and Oracle

(ORCL.N), opens new tab, along with Japan's SoftBank

(9434.T), opens new tab, are working with G42 to build the first phase, known as Stargate UAE, set to go online in 2026.

"Building towards the (first) 1 GW, we have 200 MW that should come online next year," G42 acting group chief global affairs officer Talal Al Kaissi said at the AI and tech GITEX conference in Dubai.

"The rest of the four gigawatts, we're also in deep discussions with other hyperscalers from the U.S.," Al Kaissi said.

However, the deal to build the campus has not been finalised amid security concerns due to the UAE's close ties to China, Reuters has previously reported, citing sources.

Middle Eastern deals will require export licences from the Trump administration, and G42's past ties to China have drawn scrutiny in Washington due to concerns around Beijing's access to advanced semiconductors including via third parties.

Al Kaissi said he regularly visited Washington to support good working relations.

Reporting by Federico Maccioni. Writing by Ahmed Elimam. Editing by Mark Potter

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

The Net Unrealized Profit/Loss (NUPL) dropped to 0.50, its lowest since April, signaling that most traders have absorbed losses and selling pressure is easing.The Holder Net Position Change improved by 14%, turning less negative as long-term investors slowly return to accumulation after the crash.Bitcoin price must close above $125,800 to confirm a bullish breakout, while losing $111,100 could trigger a deeper correction toward $104,500.The Bitcoin price remains under pressure even after rebounding from its post-crash lows. Over the past 24 hours, BTC has slipped 1.4%, extending its weekly loss to nearly 9%.

While the market appears to have stabilized since the “Great Reset,” Bitcoin’s price structure still leans a tad bearish — and one key level (mentioned in this piece) could decide whether it finally flips bullish.

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On-Chain Metrics Hint at Stabilization, but Conviction Still LagsDespite the cautious price action, on-chain data suggests the foundation for recovery is forming.

The Net Unrealized Profit/Loss (NUPL) — a metric showing whether investors are sitting on paper profits or losses — dropped to 0.50 on October 11, its lowest level since April. This shows most traders have absorbed their losses, often a sign that the selling phase is near exhaustion.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Bitcoin Unrealized Profit Made A Local Low: GlassnodeThe last time NUPL moved close to this level was on September 25, when Bitcoin formed a local bottom around $109,000 and rebounded to $124,000 within two weeks. That’s a 14% rise.

The Holder Net Position Change, which tracks how much Bitcoin long-term investors are buying or selling, is also improving.

It turned less negative after the crash, rising from –24,506 BTC on October 10 to –21,172 BTC by October 13 (a 14% improvement) — showing that long-term holders are gradually returning to accumulation. That shift means the heavy selling pressure seen during the liquidation phase is easing. Yet, the conviction lags until the net position change flips green or buyer-specific.

Bitcoin Long-Term Investors Start Slow Buying: GlassnodeSponsored

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Shawn Young, Chief Analyst at MEXC Research, told BeInCrypto that the crash or the reset marked a necessary “cleansing” moment for the market:

“In many ways, the “Great Reset” has strengthened Bitcoin’s fundamental narrative”, he said

Young also highlighted the key cleansing catalyst here:

“Bitcoin’s swift recovery towards $115,000, following the largest liquidation event in crypto history, reveals how resilient and mature the market has become. The $20 billion leverage wipeout that followed President Trump’s tariff announcement was a wake-up call for traders, revealing how fragile risk sentiment can become. The forceful unwinding removed a substantial layer of speculative exposure, effectively cleansing the system and setting the tone for a more sustainable uptrend movement”, he added.

Young’s exclusive commentary to BeInCrypto highlights catalysts beyond hodler net position change and NUPL:

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“U.S. spot Bitcoin ETFs only recorded a modest outflow of over $4 million and still saw over $2.7 billion in weekly inflows, signaling that smart money is still betting on Bitcoin’s safe-haven and debasement trade narrative”, he highlighted.

Together, the data suggest that while short-term sentiment is cautious, structural strength is quietly returning beneath the surface.

Bitcoin Price Still Bearish — $125,800 Breakout Could Flip TrendOn the daily chart, Bitcoin continues to trade inside a rising wedge — a pattern that often signals indecision or exhaustion after a strong rally. Following the crash, BTC found support near $111,100 (0.236 Fibonacci level), where buyers have repeatedly defended the level.

Since then, the price has hovered between $113,900 and $115,100, with momentum capped below $119,200. As the first hurdle, the Bitcoin price needs a daily close above $115,100 to gain some strength. Yet, a clean daily close above $125,800 remains the key level to watch for the entire structure to turn bullish.

That would confirm a breakout above the wedge’s upper boundary and could open the path beyond $126,200, Bitcoin’s previous all-time high.

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Bitcoin Price Analysis: TradingViewIf momentum strengthens beyond that, the Fibonacci extension targets point toward $136,400 as the next potential leg higher.

Shawn Young’s commentary also validates this chart-led view:

“Should BTC continue to hold above the $110,000 support zone, we could see momentum rebuild towards retesting and breaching $126,000, a move which unlocks the path to $130,000 as the market re-prices growth expectations”, he mentioned

However, until such a breakout occurs, Bitcoin’s trend remains fragile. Failure to clear $119,200 could invite renewed selling, while losing $111,100 would risk deeper corrections toward $104,500 and $102,000.

Young said Bitcoin’s short-term trend remains downward, but also highlighted some key levels:

“BTC now seems to be in a downward trend in many short-term time frames and needs to break above $120,000 again to invalidate these bearish setups. A break above $122,000 would confirm that the market has fully absorbed the impact of last week’s market storm and is ready to make new market highs”, he added.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.