Market Signal Briefing

By Reuters

October 31, 20256:30 AM UTCUpdated ago

The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Purchase Licensing Rights, opens new tab

CompaniesCAPE TOWN, Oct 31 (Reuters) - Angola's national oil and gas agency, ANPG, will sign an exclusive negotiation agreement with oil major Shell

(SHEL.L), opens new tab to explore and develop Blocks 19, 34, 35 as well as ultra-deep water blocks, it said in a statement late on Thursday.

The signing ceremony will take place on November 3.

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"This event marks a historic moment for the Angolan oil sector, consolidating Shell's presence in Angola," Angola's National Oil, Gas and Biofuels Agency said.

Angola is Sub-Saharan Africa's second-largest crude oil producer after Nigeria. It has undertaken major regulatory reforms to attract new investment into its energy sector, aimed at keeping production above 1 million barrels per day.

Reporting by Wendell Roelf; Editing by Jacqueline Wong

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

Q3: 2025-10-29 Earnings SummaryEPS of $0.85 beats by $0.10

 |

Revenue of

$2.98B

(2.15% Y/Y)

beats by $131.65M

Tenaris S.A. (TS) Q3 2025 Earnings Call October 30, 2025 9:00 AM EDT

Company Participants

Giovanni Sardagna - Investor Relations Director
Paolo Rocca - Chairman & CEO
Guillermo Moreno - President of U.S.A
Gabriel Podskubka - Chief Operating Officer
Carlos Gomez Alzaga - Chief Financial Officer

Conference Call Participants

Arun Jayaram - JPMorgan Chase & Co, Research Division
Matthew Smith - BofA Securities, Research Division
Marc Bianchi - TD Cowen, Research Division
Alessandro Pozzi - Mediobanca - Banca di credito finanziario S.p.A., Research Division
Sebastian Erskine - Rothschild & Co Redburn, Research Division
John Anderson - Barclays Bank PLC, Research Division
Kevin Roger - Kepler Cheuvreux, Research Division
Paul Redman - BNP Paribas, Research Division
Rodrigo Reis de Almeida - Santander Investment Securities Inc., Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the third quarter Tenaris S.A. Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Giovanni Sardagna, Investor Relations Officer. Please go ahead.

Giovanni Sardagna
Investor Relations Director

Thank you, Gigi, and welcome to Tenaris 2025 Third Quarter Conference Call. Before we start, I would like to remind you that we will be discussing forward-looking information during the call and that our actual results may vary from those expressed or implied during the call.

With me on the call today are Paolo Rocca, our Chairman and CEO; Carlos Gomez Alzaga, our Chief Financial Officer; Gabriel Podskubka, our Chief Operating Officer; and Guillermo Moreno, President of our U.S. operations.

Before passing over the call to Paolo for his opening remarks, I would like to briefly comment on our quarterly results. Our third quarter sales reached $3 billion, up 2% year-on-year, but down 3% sequentially, mainly reflecting lower sales to the North Sea and lower shipments for offshore line pipe projects in the Middle East, partially

Recommended For You

What happenedAccording to a filing with the Securities and Exchange Commission dated October 30, 2025, wealth management company QV Investors Inc. reported a new position in BRP (DOOO 0.85%), holding 482,623 shares as of September 30, 2025.

The estimated transaction value for the quarter was $29.35 million, based on the average price during the period. This marks the fund’s initial stake in BRP.

What else to knowThis is a new position for QV Investors Inc., now representing 2.54% of the fund’s U.S. equity AUM.

Top holdings after the filing:

GIB: $67.88 million (5.9% of AUM) as of September 30, 2025.RY: $66.86 million (5.8% of AUM) as of September 30, 2025.SLF: $60.23 million (5.2% of AUM) as of September 30, 2025.ENB: $59.52 million (5.2% of AUM) as of September 30, 2025.NYSE:CNI: $55.23 million (4.8% of AUM) as of September 30, 2025.As of October 29, 2025, shares of BRP were priced at $64.42, up 25.8% over the past 12 months, and outperforming the S&P 500 by 7.89 percentage points over the same period.

BRP’s trailing twelve-month revenue was $7.75 billion, with a net loss of $37.6 million over the same period, and a dividend yield of 0.95%.

Company overviewMetricValueRevenue (TTM)$7.75 billionNet income (TTM)($37.60 million)Dividend yield0.95%Price (as of market close October 29, 2025)$64.42Company snapshotBombardier Recreational Products, better known as BRP, designs, develops, and manufactures powersports vehicles and marine products, offering a diverse portfolio that includes all-terrain vehicles, snowmobiles, and watercraft. The company leverages a broad international dealer network and OEM relationships to reach a wide customer base.

IMAGE SOURCE: GETTY IMAGES.

BRP offers powersports vehicles, marine products, engines, and related parts and accessories. The company operates a manufacturing and distribution model, generating revenue through a global network of independent dealers, distributors, and original equipment manufacturer (OEM) partnerships.

BRP provides services to North America, Europe, Asia Pacific, and other international markets.

Foolish takeIt's noteworthy when an investment management company, such as QV Investors, decides to initiate a position in a stock. The move indicates QV Investors has a bullish outlook towards BRP.

BRP is doing well despite macroeconomic headwinds such as persistent inflation and the unpredictable nature of global trade policies this year. Revenue in its fiscal second quarter, ended July 31, was up 4% year over year to 1.9 billion Canadian  dollars.

Net income increased a strong 36% year over year to CA$57.1 million as the company adjusted inventory levels to adapt to the macroeconomic climate. BRP expects sales for its 2026 fiscal year to come in between CA$8.1 billion to CA$8.3 billion, up from CA$7.8 billion in the prior year.

Given BRP's performance, it's no wonder QV Investors decided to invest in the company. This is despite the increase in BRP's share price this year, suggesting QV Investors believes BRP has more upside ahead.

With excellent business results amidst a tough economic environment, and as one of the leaders in the powersports space, BRP looks like a solid investment for the long haul.

GlossaryPortfolio weight: The percentage of a fund's total assets invested in a specific holding.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Dividend yield: Annual dividends per share divided by the share price, shown as a percentage.
OEM (Original Equipment Manufacturer): A company that produces parts or products used in another company's end products.
Independent dealer: A business not owned by the manufacturer that sells and services the manufacturer's products.
Position: The amount of a particular security or asset owned by an investor or fund.
Stake: The ownership interest or share held in a company by an investor or fund.
Fund: An investment vehicle pooling money from multiple investors to buy securities according to a specific strategy.
Net income: A company's total profit or loss after all expenses, taxes, and costs are subtracted from revenue.
Manufacturing and distribution model: A business approach where a company produces goods and sells them through various channels to reach customers.

Danske Bank logo is seen in Copenhagen, Denmark in this undated Scanpix Denmark photo. Scanpix Denmark/Jens Noergaard Larsen/via REUTERS Purchase Licensing Rights, opens new tab

COPENHAGEN, Oct 31 (Reuters) - Danske Bank

(DANSKE.CO), opens new tab, Denmark's biggest lender, reported third-quarter net profit slightly above expectations on Friday and said it expected its full-year net profit to be in the upper end of its guided range.

Danske Bank said its net profit fell to 5.52 billion Danish crowns ($862,11 million) in the third quarter from 6.17 billion a year earlier, slightly beating the 5.42 billion expected by 15 analysts on average in a company provided

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"Our financial performance was driven by resilient net interest income, continually strong net fee income, effective cost management and low impairments as a result of the strong credit quality of our loan portfolio
," the CEO Carsten Egeriis said in a statement.

Danske Bank said the Danish economy continued to demonstrate resilience and that Nordic businesses remained cautiously optimistic in the face of global uncertainty.

Reporting by Louise Breusch Rasmussen, editing by Stine Jacobsen

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

-

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the second quarter (first half), ended September 30, 2025, of the current fiscal year ending March 31, 2026 (fiscal 2026).

The full document on Mitsubishi Electric’s financial results can be viewed at the following link:

www.MitsubishiElectric.com/en/pr

Consolidated Financial Results

Billions of yen

H1 FY25

H1 FY26

YoY

Revenue

2,643.5

2,732.5

+88.9

103%

Operating profit

176.6

224.3

+47.6

127%

%

6.7%

8.2%

+1.5pt

-

Profit before income taxes

176.7

253.9

+77.2

144%

Net profit attributable to

Mitsubishi Electric Corp. stockholders

118.6

189.3

+70.7

160%

Key Points

1. H1(*1) FY26: Revenue ¥2,732.5 bn (+¥88.9 bn YoY), Operating Profit ¥224.3 bn (+¥47.6 bn YoY)

- Although impacted by the stronger yen, both revenue and operating profit increased YoY, due to increases in sales mainly in the Infrastructure segment, and the progress of initiatives for improving profitability such as improvements in product prices, as well as a one-time income from the share transfer of the company’s subsidiary, etc. Both revenue and operating profit reached record highs for H1.

2. FY26 forecast: Revenue ¥5,670.0 bn (+¥270.0 bn from the previous forecast), Operating Profit ¥430.0 bn (unchanged from the previous forecast)

- Revenue is expected to exceed the previous forecast mainly due to foreign exchange rates reconsidered in line with the weaker yen, in addition to sales growth mainly in the Infrastructure segment. Although the impact of the special measures under the Next-Stage Support Program(*2) has been reflected under certain assumptions, operating profit remains unchanged from the previous forecast since the company expects an increase in sales, a change in foreign exchange rates, and has been reflecting the impact of U.S. tariff policies on product prices.

- Mitsubishi Electric Group will steadily promote initiatives to strengthen the resilience of its management structure.

3. Interim dividend of 25 yen per share declared (+¥5 YoY), which is the same as the forecast announced earlier, and year-end dividend expected to be 30 yen per share

(*1) H1: First half of the fiscal year (April–September)

(*2) Next-Stage Support Program: https://www.mitsubishielectric.com/en/pr/2025/pdf/0908.pdf

More News From Mitsubishi Electric Corporation

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, /PRNewswire/ -- Tetragon has released its Monthly Factsheet for September 2025.

Net Asset Value: $3,886m
Fully Diluted NAV per Share: $42.19
Share Price (TFG NA): $19.30
Monthly NAV per Share Total Return: 7.1%
Monthly Return on Equity: 8.2%
Most Recent Quarterly Dividend: $0.11
Dividend Yield: 2.3%

Please refer to important disclosures on page five of the Monthly Factsheet.

Please click below to access the Monthly Factsheet.

September 2025 Factsheet

About Tetragon:

Tetragon is a Guernsey closed-ended investment company. Its non-voting shares are listed on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V., and also traded on the Specialist Fund Segment of the Main Market of the London Stock Exchange. Our investment manager is Tetragon Financial Management LP. Find out more at www.tetragoninv.com.

Tetragon's non-voting shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors.

Please see: https://www.tetragoninv.com/shareholders/additional-information.

Tetragon Investor Relations:
Yuko Thomas
[email protected]

Press Inquiries:
Prosek Partners
[email protected]
U.K. +44 20 3890 9193
U.S. +1 212 279 3115

This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as a collective investment scheme from a designated country.  

SOURCE Tetragon Financial Group Limited

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October 31, 2025 03:00 ET

 | Source:

Probe Gold Inc.

Cash consideration of C$3.65 per Share represents 39% premium to Probe’s closing price

The Board unanimously recommends Probe Shareholders vote in FAVOUR of the Transaction

TORONTO, Oct. 31, 2025 (GLOBE NEWSWIRE) -- PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce that it has entered into a definitive agreement (the “Arrangement Agreement”) pursuant to which Fresnillo plc (the “Purchaser” or “Fresnillo”) has agreed to acquire all of the issued and outstanding common shares of Probe (the “Shares”) by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Transaction”).

Fresnillo plc is the world’s largest primary silver producer and Mexico’s largest gold producer, listed on the London and Mexican Stock Exchanges (FRES). The company operates eight mines and four advanced exploration projects in Mexico, with additional exploration interests in Peru and Chile. Building on a strong track record of discovering and developing successful mines, Fresnillo aims to strengthen its position as a leading global precious metals company while expanding its project pipeline beyond Mexico.

Transaction Highlights

Probe Shareholders to receive C$3.65 per Share payable in cash, for an aggregate purchase price of approximately C$780 million (the “Consideration”).The Consideration represents a 39% premium based on the closing price of the Shares on the Toronto Stock Exchange (the “TSX”) as at October 30, 2025, and a 26% premium based on the volume-weighted average price of the Shares on the TSX over the 20 trading days ending October 30, 2025.The board of directors of Probe (the “Board") unanimously recommends that Probe Shareholders vote in favour of the Transaction.All directors and officers of Probe, as well as Eldorado Gold Corporation, which collectively hold approximately 12% of the Shares, have entered into voting support agreements with Fresnillo pursuant to which they have agreed to, among other things, vote in favour of the Transaction.Subject to the various approvals required, the Transaction is expected to close in Q1 2026.
David Palmer, Chief Executive Officer and Director of Probe, commented:

“This transaction offers an attractive premium and represents an excellent outcome for our shareholders, which validates the tremendous efforts of the Probe team. After nine years of steady progress advancing the Novador project, we believe this is an opportune moment to transfer the project to an experienced operator with the expertise to advance it through permitting and into construction. Fresnillo is a leading operator in the precious metals industry with the financial strength, technical expertise and shared commitment to responsible and collaborative development. Today’s offer marks a major milestone for Probe, and I would like to express my gratitude to our employees, shareholders, First Nations partners, community partners, and the Province of Québec for their support throughout our journey.”

Key Benefits to Probe Shareholders

Offers a significant premium to Probe Shareholders.All-cash offer that is not subject to a financing condition.Provides an opportunity for Probe shareholders to realize immediate liquidity and certainty of value for their entire investment.Removes future dilution, commodity, construction and execution risk.High level of deal certainty with voting support agreements entered into by the directors and officers of Probe and Eldorado (Probe’s largest shareholder), collectively representing 12% of the Shares.Fresnillo is a credible, well-regarded, global mining company with a market capitalization of approximately US$22 billion and a strong balance sheet with cash on hand of US$1.8 billion as of June 30, 2025. Fresnillo also has strong technical mining expertise and significant experience in operating mines and project development. Board of Directors’ Recommendations

The Board of Directors of Probe, following the unanimous recommendation of the special committee of independent directors, has unanimously determined that the Transaction is in the best interests of Probe and is fair to Probe’s shareholders, and unanimously recommends that Probe shareholders vote in favour of the Transaction.

Canaccord Genuity Corp. (“Canaccord Genuity”) has provided a fairness opinion to the Board and CIBC World Markets Inc. (“CIBC”) has provided a fairness opinion to the Special Committee (the “Fairness Opinions”) to the effect that, as of the date of each such Fairness Opinion, and based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Probe Shareholders pursuant to the Transaction is fair, from a financial point of view, to Probe Shareholders.

Transaction Details

The Transaction will be implemented by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Plan of Arrangement”). Completion of the Transaction is subject to customary conditions, including, among others, court approval and the approval of at least two‐thirds of the votes cast by Probe Shareholders present in person or represented by proxy at the Meeting and a simple majority of the votes cast by Probe Shareholders on a resolution approving the Arrangement, excluding for this purpose the votes attached to the Shares held by persons required to be excluded for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

In connection with the Transaction, each of the directors and executive officers of Probe and Eldorado Gold, collectively representing approximately 12% of the outstanding Shares, have entered into a voting support agreement (collectively, the “Voting Support Agreements”) with Fresnillo, pursuant to which they have agreed to, among other things, vote all of their Shares in favour of the Transaction unless the Arrangement Agreement is terminated.

The Arrangement Agreement provides for customary deal protections, including fiduciary-out provisions, non-solicitation covenants and the right to match any superior proposals. A break fee of C$31 million will be payable by Probe in certain circumstances. The Arrangement Agreement also contains customary representations, warranties and covenants for a transaction of this nature.

Subject to the satisfaction of all conditions to closing set out in the Arrangement Agreement, it is anticipated that the Transaction will be completed in Q1 2026. Upon closing of the Transaction, it is expected that the Shares will be delisted from the TSX and that Probe will cease to be a reporting issuer under applicable Canadian securities laws.

The foregoing summary is qualified in its entirety by the provisions of the respective documents. Copies of the documents, and a description of the various factors considered by the Special Committee and the Board in their respective determination to approve the Transaction, as well as other relevant background information, will be included in the Information Circular to be sent to Probe Shareholders in advance of the Meeting. Copies of the Information Circular, the Arrangement Agreement, the Plan of Arrangement, the Voting Support Agreements and certain related documents will be filed with the applicable Canadian securities regulators and will be available in due course on SEDAR+ (www.sedarplus.ca) under Probe’s issuer profile.

Advisors to Probe

Probe has engaged Canaccord Genuity as its financial advisor. Stikeman Elliott LLP is its legal advisor. The Special Committee has retained CIBC as its financial advisor.

About Probe Gold:

Probe Gold Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is well-funded and dedicated to exploring and developing high-quality gold projects. Notably, it owns 100% of its flagship asset, the multimillion-ounce Novador Gold Project in Québec, as well as an early-stage Detour Gold Quebec project. Probe controls a large land package of approximately 1,798-square-kilometres of exploration ground within some of the most prolific gold belts in Québec.

On behalf of Probe Gold Inc.,

Dr. David Palmer,
President & Chief Executive Officer

For further information:

Please visit our website at www.probegold.com or contact:

Seema Sindwani
Vice-President of Investor Relations [email protected]
+1.416.777.9467

Forward Looking Statements

Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include statements that describe the Company’s future plans, expectations, intentions, projects or other characterizations of future events or circumstances, including with respect to the Transaction. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations with respect to the Transaction. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events and results to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, statements regarding the Transaction, including the anticipated benefits, highlights and the terms and conditions of the Transaction, the attractiveness of the Transaction from a financial point of view, the anticipated timing and customary steps to be completed in connection with the Transaction including the holding of the Meeting and the timing thereof, the satisfaction or waiver of the conditions to completing the Transaction (such as receipt of required shareholder approvals and court approvals), the anticipated closing of the Transaction and the timing thereof, the anticipated delisting of the Shares from the TSX and that the Company will cease to be a reporting issuer under applicable Canadian securities laws following completion of the Transaction. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Factors that could cause actual results to differ materially from those that are referenced in or implied by such forward-looking information include, but are not limited to, the failure of the parties to obtain the necessary shareholder and court approvals or to otherwise satisfy the conditions to the completion of the Transaction in a timely manner, the incurrence of significant transaction costs or liabilities, failure to realize the anticipated benefits of the Transaction, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices and other risks involved in the mineral exploration and development industry generally, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

As global markets edge closer to the highly anticipated Federal Reserve (Fed) decision, Bitcoin investors are treading carefully. Despite improving macroeconomic indicators and easing global uncertainty, caution dominates trading desks as uncertainty over U.S. monetary policy clouds the outlook for risk assets like Bitcoin.

Nordea Bank's €648B Bitcoin fund launch and the Fed's 4% rate cut fuel speculation of a new BTC rally as institutional interest in crypto accelerates.

Follow up to the hour updates on what is happening in crypto today, October 31. Market movements, crypto news, and more!

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The much-anticipated Solana (SOL) ETF has officially gone live, triggering a wave of excitement across the crypto market. Bitwise’s Solana Staking ETF (BSOL) and Grayscale’s SOL ETF (GSOL) made their debut on U.S. exchanges this week, drawing significant investor interest.

Related Reading: Bitcoin Price To Recover? Here Are Some Developments You Should Be Aware Of

BSOL alone posted over $72 million in second-day trading volume, with total net inflows surpassing $116 million. Combined, SOL ETFs now account for more than $430 million in assets, representing roughly 0.4% of the token’s total market cap.

Yet, despite the record-setting launch, Solana’s price remains muted. After briefly touching $201, SOL slipped back below $195, extending a pattern of post-launch consolidation that has left traders wondering whether the ETF hype has already been priced in.

SOL's price records some losses on the daily chart. Source: SOLUSD chart on Tradingview
SOL ETF Momentum Builds Despite Market Caution
The Bitwise Solana ETF stands out not only for its volume but for its staking-enabled structure, offering institutional investors up to 7% annual yields without direct exposure to DeFi mechanics.

Bloomberg ETF analyst Eric Balchunas described BSOL’s launch as “one of the strongest in 2025,” outpacing the Canary Litecoin and Hedera ETFs by a wide margin.

Meanwhile, Fidelity Digital Assets has accelerated its SOL ETF plans by removing the SEC “delaying amendment” from its S-1 filing, allowing automatic approval after 20 days.

This move signals growing regulatory confidence in Solana’s asset class status. Analysts believe this institutional push, alongside expected listings from VanEck and 21Shares, will gradually enhance liquidity and open traditional brokerage access to Solana.

Still, macro factors loom large. Hyblock Analytics noted that “ETF excitement coincides with FOMC week, leading institutions to de-risk temporarily,” suggesting that short-term weakness may mask long-term accumulation trends.

Can SOL Break Free from the $200 Barrier?
Technically, Solana continues to trade within a consolidation band between $188 and $204, with resistance near $207. Momentum indicators such as the RSI hover near neutral levels, signaling indecision.

A decisive hourly close above $200, supported by strong SOL ETF inflows, could trigger a run toward $225 or higher, while a breakdown below $188 risks a retest of $180 support.

Related Reading: Mastercard’s Latest Crypto Move: Exploring Acquisition Of Zerohash For $2 Billion

For now, Solana’s ETF success has validated its institutional appeal, but traders remain cautious. The “sell-the-news” phase may give way to renewed momentum once inflows stabilize and macro pressure eases. As history has shown with Bitcoin and Ethereum, patience often pays when ETF demand outlasts early volatility.

Cover image from ChatGPT, SOLUSD chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

TLDR:

Solana treasury firms show sustained losses, reflecting weak institutional demand and ongoing selling pressure.
The SOL price has slipped below $200, showing limited support after treasury-related weakness extended across the sector.
Ethereum treasury firms are also facing renewed declines as corporate holders begin offloading crypto positions.
Analysts suggest both ecosystems may need treasury-driven buying before seeing any meaningful market recovery.

Solana’s price has slipped below a key support level as treasury-linked companies tied to the ecosystem continue to weaken. 

Crypto analyst Ted (@TedPillows) noted that Solana treasury firms are performing even worse than those tied to Ethereum. His analysis suggests a lack of strong bidding pressure, leaving Solana exposed to more downside. 

The sell-off across treasury-linked firms appears to mirror the same fragility visible in the broader Solana market. Market watchers say Solana may not find momentum until treasury firms start accumulating again.

Solana Treasury Firms Face Deepening Pressure
The chart shared by Ted illustrates heavy selling across Solana-linked treasury companies. 

Forward Industries, Sol Strategies, Sharps Technology, and DeFi Development Corp. all show prolonged declines. Each firm’s stock has been trending lower for months, marked by lower highs and persistent selling activity.

Solana treasury companies are performing even worse than Ethereum treasury companies.

And this is clearly visible in the $SOL chart.

No strong bidding, and Solana has lost its $200 support zone.

I don't see a way for Solana to rally until treasury companies start aggressive… pic.twitter.com/qnMkD3CsbF

— Ted (@TedPillows) October 30, 2025

Sol Strategies, in particular, has fallen sharply below key support levels, echoing Solana’s broader market weakness. The synchronized drop among these companies indicates treasury holdings linked to Solana have been devalued over time. 

Ted observed that this erosion of balance sheet strength is leaving these firms with little room to stabilize.

He explained that Solana’s market structure is being weighed down by the same problem, weak corporate demand. Without renewed buying activity from treasury-linked entities, Solana’s recovery could remain limited. 

SOL price on CoinGecko
At press time, CoinGecko data showed Solana trading at $186.33, down 2.70% over 24 hours and 2.54% for the week.

Ethereum Treasury Firms Also Struggling
Ted also pointed to fresh weakness among Ethereum treasury-linked firms. 

In his post, he said that Ethereum-related treasury companies had started showing new declines after what appeared to be a short-lived recovery. Some have reportedly begun selling holdings, creating further pressure across the group.

According to Ted, the only path for a sustained Ethereum recovery is through renewed strength from treasury companies. The situation reflects a broader cooling across corporate balance sheets exposed to both Solana and Ethereum. 

Ethereum treasury companies' bottom is not in yet.

Last week, it looked like they had bottomed out, but now they're going down again.

One reason behind this is that some treasury companies have started to sell their holdings, which is a massive red signal.

As I have said… pic.twitter.com/a70TkEpNg5

— Ted (@TedPillows) October 30, 2025

Analysts say the lack of institutional accumulation is becoming more visible across token price charts. 

For Solana, the next strong rally could depend on whether these companies start buying again. Until then, traders may see continued range-bound movement in SOL.

Nordea announced in 2018 that it would ban employees from buying and holding Bitcoin due to concerns that the crypto market was unregulated.

Scandinavia’s largest bank, Nordea, has shifted its stance on crypto in the face of growing adoption and regulatory clarity, announcing its customers can access an external Bitcoin-linked exchange-traded product (ETP) in December. 

The Bitcoin ETP, developed by digital asset investment firm CoinShares, holds Bitcoin (BTC) as its underlying asset, Nordea stated on Thursday. 

The ETP will only be offered as an “execution-only offering, meaning that customers can buy this product, but Nordea does not offer advice on it,” the bank added.

Nordea has over $286 billion in assets under management, according to its half-year results released in July, along with an estimated customer base of over 10 million people.  

Regulations are a key factor in the Bitcoin backflip In 2018, Nordea announced it was banning its employees from buying and holding Bitcoin over concerns the crypto market was unregulated, and it has stated in subsequent earnings reports that it has “no risk appetite or direct exposure to virtual currencies.” 

The change of heart has resulted directly from growing regulations and market maturity, the bank said, citing the European Markets in Crypto-Assets Regulation (MiCA) as a specific example. 

“Nordea has closely monitored trends in cryptocurrencies but maintained a cautious approach due to the unregulated nature of crypto-assets and the lack of investor protection and authority supervision that dominated the emergence of digital currencies,” Nordea said. 

“Against this background, Nordea remains open-minded to offering products and services to meet our customers’ needs as the environment matures.” Demand is a key consideration too Along with regulations, Nordea said that demand for cryptocurrencies is growing across the Nordics and was another reason for its decision. 

“The market for crypto-related investment products, especially exchange-traded products, with a cryptocurrency as the underlying asset, has grown rapidly in Europe as institutional and retail investors seek to gain exposure to digital assets within established financial markets.” Crypto ownership across the Nordic regions, which includes Denmark, Norway, Sweden and Finland, is sitting at around 2.1 million people out of an estimated population of over 28 million, according to digital asset company K33’s March Nordic crypto adoption survey. 

Ownership of crypto across the Nordic regions has been steadily growing since last year. Source: K33This figure is up from the 1.5 million recorded last year. Around 28% of all respondents also stated that they planned to buy crypto in the next decade, which K33 estimates would increase ownership to 6.4 million people by 2035.

Magazine: Bitcoin OG Kyle Chassé is one strike away from a YouTube permaban

As a swing trader, Brandt is bearish on Bitcoin, according to his most recent social media post

Cover image via U.Today

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Peter Brandt, one of the most well-known commodities traders, has stated that he has shorted Bitcoin (BTC).

Despite being a long-term holder of the flagship cryptocurrency, Brandt is currently bearish based on the megaphone pattern. 

"No tips. It is brutal. I hate when I have to bisect my brain. It is actually painful. Mostly happens in stocks," Brandt said in a recent social media post. 

Back in August, Brandt stated that there was a 30% chance that Bitcoin had already topped during the current cycle. The prominent trader predicted that BTC would eventually be able to soar all the way to $500,000 by November 2026. 

Bearish "megaphone" pattern Brandt's assessment is based on the bearish megaphone pattern, which is a formation that is a broadening wedge that is characterized by growing price volatility. 

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In Bitcoin's case, the pattern spotted by Brandt appears to be a broadening top. The upper trendline and the lower trendline are spreading apart, meaning that both the bulls and the bears are becoming more aggressive. 

A daily close below the lower trendline is likely to see a bearish reversal. 

Do others besides me find it a bit awkward intellectually/emotionally when you hold contrary positions in accounts designed to trade different systems/time frames?
As an investor I have owned Bitcoin for years
As a swing trader I am now short $BTC futures based on megaphone pic.twitter.com/bZZDwbypSh

— Peter Brandt (@PeterLBrandt) October 30, 2025 The cryptocurrency reached a new all-time high of $126,080 on Oct. 6. However, the leading cryptocurrency is now on track to finish this month in the red (which would be the very first October in the red since 2018). 

Earlier today, the cryptocurrency plunged to an intraday low of $106,464, but it has since recovered back above the $110,000 level. 

Related articles

The immediate focus is whether Dogecoin can stabilize above $0.18 and avoid further declines.Updated Oct 31, 2025, 5:22 a.m. Published Oct 31, 2025, 5:22 a.m.

(CoinDesk Data)

What to know: Dogecoin fell 5.5% to $0.1843 after breaking below the key $0.1940 support level due to institutional selling.Trading volume surged by 180%, indicating significant distribution pressure in the crypto market.The immediate focus is whether Dogecoin can stabilize above $0.18 and avoid further declines.Dogecoin broke below key $0.1940 support during Tuesday’s session, sliding 5.5% to $0.1843 as institutional selling overwhelmed buyers. The breakdown came on a sharp 180% volume surge that underscored renewed distribution pressure across the meme coin sector amid risk-off sentiment in broader crypto markets.

News BackgroundDOGE fell from $0.1951 to $0.1843, marking one of its steepest one-day declines this month. The move unfolded within a $0.0174 trading range, equating to 9.4% intraday volatility, as market participants unwound leveraged positions following repeated rejections at overhead resistance.Trading activity spiked to 1.17 billion tokens, nearly 180% above daily averages, as sell-side flows accelerated through midday hours. Volume sustained above 995 million for several hours, confirming institutional-scale liquidation. Price briefly stabilized near $0.1765, where dip-buying attempts appeared but failed to reverse momentum.The session’s weakness mirrored broader softness across speculative digital assets, though Dogecoin’s 43% year-to-date gain still leaves it among 2025’s stronger major-cap performers. The immediate concern now centers on whether bulls can reassert control following significant technical damage to near-term structure.Price Action SummaryThe breakdown sequence began early Tuesday as DOGE breached $0.1940, a key level that had repeatedly served as a short-term floor in October sessions.Institutional orders hit the market in clusters, driving volumes far above statistical norms and producing a cascade toward $0.1840 intraday.Following a brief recovery attempt, DOGE settled into a narrow $0.1850–$0.1860 range, suggesting stabilization but not confirmation of support.Momentum indicators showed pronounced bearish divergence, with RSI falling toward oversold readings on both hourly and four-hour charts. Meanwhile, futures open interest dipped marginally, indicating some deleveraging among speculative traders.Technical AnalysisDOGE’s technical profile remains fragile following the loss of $0.1940 support. The price pattern has now completed a fifth wave within a corrective sequence, implying that near-term exhaustion could precede an eventual base formation near $0.1840–$0.1765.Volume data reinforces that large participants drove the move: daily turnover eclipsed 1.17B tokens, confirming institutional distribution. The selloff has reduced DOGE’s liquidity footprint, with aggregate daily flows dropping from $20B earlier in October to roughly $5B, a dynamic that limits breakout potential until new demand enters the market.Resistance now aligns around $0.1950, with a more significant supply cluster near $0.218, identified by analysts as the key battleground for bulls attempting to reclaim higher trend structure.What Traders Should WatchTraders are monitoring whether DOGE can hold above the $0.1840 base and avoid a retest of the $0.1765 level that defines short-term structural integrity.A sustained reclaim above $0.1950 would neutralize immediate bearish bias, but continued weakness below this threshold keeps downside targets active.For now, the setup favors cautious positioning as traders await confirmation that selling pressure has exhausted near current supports.More For You

OwlTing: Stablecoin Infrastructure for the Future

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XRP Drops 5% to $2.47 as Bears Break Key Support Level

The breach of the $2.50 level triggered significant trading activity, with a 158% increase in volume.

What to know:

XRP fell 5% to $2.47, breaking below the $2.50 support due to increased institutional selling.The breach of the $2.50 level triggered significant trading activity, with a 158% increase in volume.Traders are watching if the $2.43–$2.46 range can stabilize or if a drop below $2.40 will lead to further declines.Read full story

On October 30, both U.S. spot ETFs continued their two-day streak of sell-offs. Bitcoin ETFs recorded $488.43 million in outflows, while Ethereum ETFs recorded $184.31 million. Neither of the funds recorded any gains for the day, as per SoSoValue data. 

Bitcoin ETFs BreakdownBitcoin ETFs saw a combined $488.43 million in inflows, with BlackRock reporting the largest of $290.88 million. Other funds like Ark & 21Shares ARKB $65.62 million, Bitwise BITB $55.15 million, and Grayscale GBTC $10.01 million, posted a moderate amount of sell-offs. 

Smallest ETF outflows were posted by Grayscale BTC $8.49 million, Invesco $7.9 million, and VanEck HODL $3.78 million. Eight out of twelve funds posted withdrawals with no inflows. 

The total trading value dropped to $5.17 billion, with net assets coming at $143.94 billion. This represents 6.71% of the Bitcoin market cap. 

Ethereum ETF Breakdown Ethereum ETFs recorded a total net outflow of $184.31 million. All eight funds posted withdrawals, except for Grayscale ETHE. BlackRock led the session with $118.00 million outflow, while Invesco QETH posted the smallest with $2.02 million. 

Bitwise ETHW, Fidelity FETH, and Grayscale ETH withdrew $31.14 million, $18.53 million, and $4.52 million, respectively. Other smaller sell-offs were reported by Franklin EZET of $4.23 million, and 21Shares TETH $3.15 million. 

The total trading value reached $209 billion, slightly lower than yesterday. Total net assets came in at $24.99 billion, representing 5.51% of the Ethereum market cap. 

Market Context Bitcoin price noted a little progress on Friday of 0.57%, reaching around $109,750.27. Its daily trading volume of  $$69.48 billion, and market cap of $2.18 trillion also surged.

Meanwhile, the Ethereum price fell by 0.93% in 24 hours, trading around $3,867.97. The token’s trading volume reached $39.48 billion, and its market cap is now around $466.68 billion.

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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Canary has submitted an updated S-1 registration statement for its XRP spot ETF.

TLDR:

Table of Contents

TLDR:Chainlink’s Oracle Network to Secure Ondo Tokenized StocksDriving Financial Institutions Onchain with CCIP Integration

Ondo Finance selected Chainlink as the oracle for pricing its regulated tokenized stocks and ETFs.
The partnership integrates Chainlink’s CCIP as the cross-chain solution for financial institutions.
Chainlink joined Ondo’s Global Market Alliance supporting tokenized assets worth over $300 million.
The integration will enable real-time equity pricing and expand onchain capital markets access.

Chainlink has entered a new phase of institutional adoption. Ondo Finance, a key player in real-world asset tokenization, has selected Chainlink as its official oracle provider for its regulated tokenized stocks platform. 

The partnership aims to establish a trusted foundation for bringing traditional assets onchain. Through Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Ondo will link traditional financial institutions with DeFi networks. 

Chainlink’s Oracle Network to Secure Ondo Tokenized Stocks
Ondo Finance confirmed that its tokenized equities and ETFs will be powered by Chainlink’s institutional-grade data feeds. 

The setup allows accurate and secure pricing for over 100 tokenized assets currently listed on Ondo Global Markets. These price feeds capture corporate actions, including dividends and adjustments, ensuring real-time valuation directly onchain.

According to the press release, the integration makes Chainlink’s data standard central to Ondo’s tokenized stocks. 

The platform’s assets, valued at over $300 million in total value locked (TVL), now gain access to verified, multi-chain data inputs. This structure reduces dependency on offchain systems while improving transparency for institutions adopting DeFi infrastructure.

Chainlink’s collaboration provides Ondo’s ecosystem with interoperability and resilience across multiple blockchains. Each feed delivers custom price data, enabling DeFi protocols to use Ondo’s tokenized assets in lending, yield, and collateral products. 

Ondo’s CEO Nathan Allman stated that the partnership brings DeFi and traditional finance closer, supporting onchain composability for institutional users.

Driving Financial Institutions Onchain with CCIP Integration
Ondo and Chainlink plan to accelerate institutional adoption of tokenized assets by making CCIP the preferred interoperability framework. 

The joint effort targets major financial institutions exploring blockchain for asset management, settlement, and cross-chain operations. Ondo’s network already spans 10 blockchains and over 100 integrated applications, positioning it as a major gateway for regulated digital assets.

Chainlink’s participation in the Ondo Global Market Alliance strengthens this ecosystem further. The alliance includes partners from both DeFi and traditional markets, creating a shared framework for secure asset transfer and pricing. 

The collaboration also connects Ondo with Chainlink’s broader corporate actions initiative, which includes participants like Swift, DTCC, and Euroclear.

Chainlink co-founder Sergey Nazarov said the integration reflects how traditional financial instruments can function securely onchain. By linking Chainlink’s data services with Ondo’s tokenized markets, both companies aim to redefine how real-world assets trade and settle in decentralized environments.

TLDR:

Table of Contents

TLDR:Growing Demand for Regulated Bitcoin ExposureCoinShares Expands Its Reach Through Nordea PlatformsGet 3 Free Stock Ebooks

Nordea will launch CoinShares-manufactured Bitcoin ETPs in December 2025 for experienced Nordic investors.
The synthetic Bitcoin ETP allows exposure to crypto within regulated financial frameworks.
Nordea’s execution-only platform will offer access without direct investment advice.
The move signals growing confidence in crypto among European banking institutions.

The move that crypto watchers have waited years for is finally happening. 

Nordea, one of the largest banks in the Nordics, is preparing to introduce Bitcoin-linked exchange-traded products in partnership with CoinShares International Limited. 

The new offering will let its customers access Bitcoin exposure directly through Nordea’s trading platforms. This marks a shift for the bank, which has long approached digital assets with caution. 

The products are expected to go live in December 2025, according to a company release.

Growing Demand for Regulated Bitcoin Exposure
For years, Nordea watched the crypto space from the sidelines. Regulatory uncertainty kept large institutions away. But that picture is changing across Europe. Clearer rules and stronger investor protections are drawing traditional banks back into the fold.

According to the release, Nordea decided to move forward as crypto regulation in the EU matured and demand from clients surged. 

The new CoinShares product is a synthetic Bitcoin ETP, designed for experienced investors looking for alternative asset exposure. It will be listed under Nordea’s execution-only trading platform, meaning the bank won’t provide investment advice on it.

ETPs tied to cryptocurrencies have already gained traction across Europe. Investors view them as a bridge between traditional finance and the digital asset market. With Nordea joining in, the Nordic region could see increased institutional participation heading into 2026.

CoinShares Expands Its Reach Through Nordea Platforms
CoinShares, a leading European digital asset manager, will manufacture and manage the Bitcoin ETPs. 

The firm already offers several crypto-based exchange-traded products listed across European exchanges. Partnering with Nordea gives it direct access to one of the largest investor bases in the Nordics.

This collaboration also signals that traditional banks are becoming more comfortable offering crypto-related investment products. It provides clients a path to gain Bitcoin exposure through familiar banking channels rather than offshore or unregulated exchanges.

The partnership reflects a broader shift in the market. As digital asset regulation strengthens, more banks are expected to integrate crypto-linked financial instruments into their offerings. Nordea’s move with CoinShares may well set the tone for other Nordic institutions to follow.

Journalist

Posted: October 31, 2025

Key Takeaways
Why did the Fed make this shift?
Policymakers hinted at easing inflation, softer labor market conditions, and rising downside risks to economic growth.

How did Nomura react to the Fed’s decision?
Nomura now expects the Fed to keep rates unchanged in December, instead of cutting them again.

The U.S Federal Reserve has officially entered an easing phase.

In a policy move widely anticipated by markets, the central bank lowered interest rates by 25 basis points on 29 October, setting the new federal funds’ target range at 3.75%–4.00%.

Fed rate cuts stir market sentiment
The decision marks the first rate cut since 2023 and comes alongside confirmation that the Fed will end quantitative tightening (QT) by 1 December, drawing a close to its balance-sheet unwind.

The shift also signals a notable recalibration in the Fed’s priorities.

While inflation remains above the 2% target, policymakers highlighted cooling price pressures, softer labor data, and growing risks to economic momentum as key reasons for pivoting toward support, rather than restraint.

Following the announcement, Nomura revised its outlook for the Fed’s next policy move.

The firm now expects the central bank to hold rates steady in December, reversing its earlier projection of an additional 25 basis point cut. 

Nomura and a strategist at 21Shares weigh in
Remarking on the same, Nomura noted, 

“Data are likely to be modestly dovish in the months ahead, but we doubt the weakness will be sufficient to rekindle FOMC concerns of a deteriorating labor market.”

According to Reuters, Fed Chair Jerome Powell has also cautioned that any additional easing this year will not be guaranteed.

He pointed to internal divisions among policymakers and gaps in available economic data as factors that could slow the pace of future cuts. In doing so, he stressed the need to avoid missteps while conditions remain uncertain.

Sharing further insights, Matt Mena, Crypto Research Strategist at 21Shares, said,

“Overall, Bitcoin’s resilience amid macro crosscurrents and aggressive deleveraging underscores how structural demand – anchored by ETF inflows and a more dovish policy outlook – continues to provide a floor.”

He added, 

“With leverage flushed, policy easing approaching, and structural demand accelerating, the setup into year-end appears increasingly constructive for digital assets – setting the stage for a potential move toward $150K Bitcoin as macro tailwinds and institutional flows continue to align.”

What is the market trend suggesting?
Despite the volatility, Bitcoin [BTC] has held its footing, supported by strong structural demand. U.S-listed Bitcoin ETFs have attracted over $6 billion in inflows this month, pushing global crypto ETF AUM towards $300 billion.

Potential policy shifts expanding retirement account access, alongside reduced sell pressure from U.S government BTC holdings, further strengthen the long-term backdrop.

However, sentiment is yet to fully reflect these improving fundamentals.

In fact, the Crypto Fear and Greed Index’s reading of 32 indicated that caution remains the norm in the short term – A sign that bullish continuation may take time to materialize.

Q2: 2025-10-30 Earnings SummaryEPS of $0.84 beats by $0.14

 |

Revenue of

$3.16B

(-2.47% Y/Y)

misses by $5.60M

DXC Technology Company (DXC) Q2 2026 Earnings Call October 30, 2025 5:00 PM EDT

Company Participants

Roger Sachs - VP & Head of Investor Relations
Raul Fernandez - President, CEO & Director
Robert Del Bene - Chief Financial Officer

Conference Call Participants

Bryan Bergin - TD Cowen, Research Division
Yu Lee - Guggenheim Securities, LLC, Research Division
Tien-Tsin Huang - JPMorgan Chase & Co, Research Division
James Friedman - Susquehanna Financial Group, LLLP, Research Division
Bradley Clark - BMO Capital Markets Equity Research
Paul Obrecht - Wolfe Research, LLC
Rod Bourgeois - DeepDive Equity Research

Presentation

Operator

Ladies and gentlemen, thank you for standing by. My name is [ Christa ], and I will be your conference operator today. At this time, I would like to welcome you to the DXC Technology [ Services ] Second Quarter Fiscal Year 2026 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Roger Sachs, Head of Investor Relations. Roger, you may begin.

Roger Sachs
VP & Head of Investor Relations

Thank you, operator. Good afternoon, everybody, and welcome to DXC Technology's Second Quarter Fiscal 2026 Earnings Conference Call. We hope you've had a chance to review our earnings release posted to the IR section of DXC's website. Speaking on today's call are Raul Fernandez, our President and CEO; and Rob Del Bene, our Chief Financial Officer. Here's today's agenda. First, Raul will update you on our strategic initiatives. Rob will then cover our quarterly financial performance as well as provide thoughts on our third quarter and fiscal full year guidance. Raul and Rob will then take your questions.

Please note, certain comments on today's call are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from those expressed on the call. Details of these risks and uncertainties are in

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Q3: 2025-10-29 Earnings SummaryEPS of $0.44 beats by $0.10

 |

Revenue of

$265.44M

(32.09% Y/Y)

beats by $19.22M

Calix, Inc. (CALX) Q3 2025 Earnings Call October 30, 2025 8:30 AM EDT

Company Participants

Nancy Fazioli - Vice President of Investor Relations
Michael Weening - CEO, President & Director
Cory Sindelar - Chief Financial Officer

Conference Call Participants

Joe Cardoso
Scott Searle - ROTH Capital Partners, LLC, Research Division
George Notter
Christian Schwab - Craig-Hallum Capital Group LLC, Research Division
Timothy Savageaux - Northland Capital Markets, Research Division
Ryan Koontz - Needham & Company, LLC, Research Division

Presentation

Nancy Fazioli
Vice President of Investor Relations

"

Michael Weening
CEO, President & Director

"

Cory Sindelar
Chief Financial Officer

"

Scott Searle
ROTH Capital Partners, LLC, Research Division

" Roth Capital Partners

George Notter

" Wolfe Research

Christian Schwab
Craig-Hallum Capital Group LLC, Research Division

" Craig Hallum

Timothy Savageaux
Northland Capital Markets, Research Division

" Northland Capital Markets

Ryan Koontz
Needham & Company, LLC, Research Division

" Needham & Company

Operator

Greetings, everyone, and welcome to the Calix Third Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Nancy Fazioli, Vice President of Investor Relations. Thank you, Nancy. Please go ahead.

Nancy Fazioli
Vice President of Investor Relations

Thank you, Latanya, and good morning, everyone. Thank you for joining our third quarter 2025 earnings call. Today on the call, we have President and CEO, Michael Weening; and Chief Financial Officer, Cory Sindelar.

As a reminder, yesterday after the market closed, Calix issued a news release, which was furnished on a Form 8-K, along with our stockholder letter and was also posted in the Investor Relations section of the Calix website. Today's conference call will be available for webcast replay in the Investor Relations section of our website.

Before I turn

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The new report by Rocket Travel by Agoda and Skift reveals framework for brands to close the loyalty value gap with seamless redemptions and cash spend

, /PRNewswire/ -- As customer expectations rapidly evolve, their perception of traditional loyalty models evolves with it. As a result, many loyalty programs face a widening "value gap" between what members want and what brands deliver, according to a new report co-developed by Skift and Rocket Travel by Agoda - the strategic partnerships arm of digital travel platform Agoda.

Titled 'The Loyalty Value Playbook: Redemption Experience and Cash Spend as the New Benchmarks for Customer Growth', the report offers a practical blueprint to close the loyalty gap. With 77% of consumers now quicker to drop a program than they were three years ago, this underscores how consumers are increasingly prioritizing loyalty on platforms that deliver value through clarity, flexibility, and relevance throughout the customer journey.

Rocket Travel by Agoda has launched a guide to help companies transform failing loyalty programs based on clear metrics. The guide includes six capabilities that focus on getting the most out of loyalty programs by focusing on best practice in redemption, usability, transparency, and exclusivity:

Flexible Commerce Infrastructure: Streamline checkouts with real-time point balances, instant confirmations, and points-plus-cash options to match modern e-commerce standards.
Data and Personalization Engine: Harness guest behavior and AI-driven insights to deliver tailored recommendations, increasing redemption value and booking conversions.
Partner and Inventory Strategy: Expand high-quality room and experience inventory with competitive pricing and exclusive perks like early check-in or late checkout.
Marketing Technology and Customer Journeys: Minimize point breakage with lifecycle messaging and clear value explanations to spur repeat cash bookings.
Governance and Controls: Enforce fair dynamic pricing with transparent rules and advance notices to sustain guest trust and reduce complaints.
Cross-Functional Ways of Working: Unite loyalty, operations, and data teams to optimize metrics like repeat cash bookings and guest lifetime value.

Rocket Travel By Agoda developed the guide to help companies understand why traditional loyalty programs may need to evolve to meet modern guest expectations, risking lost revenue for brands. For instance, according to Antavo's Global Customer Loyalty Report, only around 50% of loyalty points earned are redeemed, while in a report by Cordial, 43% of customers stopped participating because the rewards took too long to earn.

The playbook is grounded in research, case studies, and interviews with industry leaders such as Flying Blue, Citigroup, and Southwest Airlines. It shows how well-crafted loyalty programs drive repeat bookings and cash spend, strengthening guest relationships. By leveraging zero-friction experiences and AI-driven personalization, it empowers travel brands spanning airlines, hotels, and beyond to meet modern traveler demands, in line with Agoda's commitment to making travel more accessible and rewarding.

"The challenge and opportunity for loyalty programs is that expectations haven't shifted from one set of benefits to another, they have expanded. Travelers still want the traditional perks, but they also expect more, making loyalty harder to manage," says Damien Pfirsch, Chief Commercial Officer and Head of Rocket Travel at Agoda. "This report equips travel brands with a playbook to rebuild guest trust through clear, flexible, and relevant loyalty experiences, boosting both point redemptions and cash bookings."

"We're seeing a clear shift toward flexible, accessible, and personalized loyalty. Cardmembers are looking for programs that deliver value in everyday life as well as during larger travel moments," says Chris Besendorfer, Managing Director and Head of Citi Travel & Rewards at Citigroup. "The ability to redeem points for travel, experiences, or essentials across multiple categories has never been more important. Customers want choice and ease, and they expect their loyalty programs to reflect how they live and spend."

"Always start with the customer. Ask what they value, and then consider how partnerships can extend that value beyond the core offering into lifestyle benefits, retail, or other parts of the travel journey, added Jonathan Clarkson, Vice President and Chief Product Officer at Southwest Airlines. Brands that do this effectively will be rewarded with greater loyalty because they seek to be relevant in more ways."

Rocket Travel by Agoda leverages its extensive industry expertise to guide partners in crafting loyalty programs that resonate with their audiences, build loyalty, and support sustainable growth. With a clear focus on personalized and flexible offerings, brands can build lasting customer relationships and elevate their market presence. Download the full report here. 

SOURCE Agoda

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The logo of Hyundai Motor India Limited is seen on a parked car in the company's stockyard, in the outskirts of Ahmedabad, India, October 8, 2024. REUTERS/Amit Dave/File Photo Purchase Licensing Rights, opens new tab

CompaniesJAKARTA, Oct 31 (Reuters) - South Korea's Hyundai Motor

(005380.KS), opens new tab is interested in participating in Indonesia's plan to develop its own national car, Indonesia's economic ministry said on Friday.

Indonesian President Prabowo Subianto said on October 20 that Indonesia was planning to fully manufacture its own national car in the next three years, with a budget already allocated and land prepared for the factories.

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Indonesian Minister for Economic Affairs Airlangga Hartarto said in a statement the South Korean automaker had expressed "strong interest" in participating during talks between himself and Hyundai Motor Group President Sung Kim on Thursday in Gyeongju, South Korea.

Airlangga provided no details and Hyundai Motor did not immediately respond to a request for comment.

Hyundai Motor is the world No.3 automaker by sales along with its affiliate Kia Corp

(000270.KS), opens new tab. It already operates an auto manufacturing plant in the Indonesian province of West Java.

Hyundai Motor Group and LG Energy Solution last year inaugurated Indonesia's first battery cell production plant for electric vehicles, with an annual capacity of 10 gigawatt hours (GWh) of battery cells.

Reporting by Stefanno Sulaiman and Stanley Widianto; Editing by Christian Schmollinger and Stephen Coates

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