Market Signal Briefing

Separation of Indian Motorcycle Sharpens Strategic and Operating Focus for Both Polaris and Indian Motorcycle

Enables Polaris to Concentrate Resources on Most Attractive Areas for Profitable Growth

Sale Expected to be Accretive to Polaris' Adjusted EBITDA Margins and Adjusted Earnings Per Share

Polaris President of On Road and International Mike Dougherty Announces Intent to Retire

Polaris Provides Preliminary Results for Q3 2025

, /PRNewswire/ -- Polaris Inc. (NYSE: PII) ("Polaris" or "the Company") today announced its decision to separate Indian Motorcycle ("the Business") from its portfolio and into a standalone business. The Company has entered into a definitive agreement to sell a majority stake in Indian Motorcycle to Carolwood LP, an independent private equity firm founded in 2014 and headquartered in Los Angeles, California. Indian Motorcycle contributed approximately $478 million, or 7.0%, of Polaris' revenues for the trailing twelve-month period ended June 30, 2025.

Upon close, the transaction is expected to be accretive to Polaris' annualized adjusted EBITDA by approximately $50 million and to adjusted earnings per share ("EPS") by approximately $1.00. The close of the transaction is expected to occur in the first quarter of 2026, subject to the satisfaction or waiver of customary closing conditions. Polaris is confident in Indian Motorcycle's future success under Carolwood ownership and will maintain a small equity position in the Business after the transaction closes. Additional terms of the deal were not disclosed. 

"Polaris and Indian Motorcycle both stand to benefit from this deal, which will enable each business to move faster, deliver industry-leading innovation, and lean further into our respective market strengths," said Polaris Chief Executive Officer Mike Speetzen. "For Polaris, the sale will further strengthen our focus on the areas of our portfolio that offer the strongest growth potential and allow us to accelerate investments in key initiatives and create wins with customers and dealers. It also will unlock greater long-term value for Polaris and our shareholders, with immediate value creation that we expect will become increasingly meaningful over time."

Speetzen continued, "Under Polaris' ownership and investment, Indian Motorcycle has been re-established as a celebrated brand and major player in the global motorcycle market. With its current product portfolio, global dealer network, category expertise and manufacturing resources, the Business is well positioned to succeed as a standalone company with a dedicated focus on its industry. We were highly intentional and selective in our search and planning efforts for Indian Motorcycle's next chapter of growth. In Carolwood, Indian Motorcycle has a partner that believes in building on the Business' current momentum and supporting its next stage of success. We are confident and committed to making this a seamless transition for Indian Motorcycle dealers, customers and employees."

"Indian Motorcycle is an iconic brand built on American heritage, craftsmanship, and most importantly, a community of riders," said Andrew Shanfeld, Principal at Carolwood. "We're honored to help usher in its next chapter as an independent company and to support its continued growth as a symbol of performance and pride. At Carolwood, we target iconic brands that we can passionately impact. Indian Motorcycle allows us to do just that."

Future Indian Motorcycle Leadership
Carolwood has selected Mike Kennedy to serve as CEO of the new independent Indian Motorcycle organization once the deal closes. A more than 30-year motorcycle industry veteran, Kennedy has a proven track record as a leader in and around the motorcycle industry. He previously served as CEO of RumbleOn, the nation's largest powersports dealership group; CEO and President of Vance & Hines, a leading manufacturer of high-performance aftermarket motorcycle exhaust systems and accessories; and spent 26 years at Harley-Davidson in various leadership roles.

Adam Rubin, Principal at Carolwood, said, "Indian Motorcycle has defined American motorcycling for over a century, and Carolwood's role is to ensure that legacy thrives for the next hundred years. Mike Kennedy brings over 30 years of experience leading iconic motorcycle and performance brands and will play a critical role in stewarding Indian Motorcycle's growth. At Carolwood, we're deeply committed to preserving what makes Indian Motorcycle special, supporting its growth, and empowering the team to write its next great chapter."

Continuity for Indian Motorcycle
As a part of the deal, approximately 900 employees will transition as a part of the new Indian Motorcycle Company. Indian Motorcycle will retain the majority of its team, including engineers, designers and staff, along with manufacturing resources. Manufacturing facilities in Spirit Lake, Iowa, and Monticello, Minn., as well as the industrial design and technology center in Burgdorf, Switzerland, will transition to the new standalone motorcycle company as a part of the deal. 

Indian Motorcycle will continue to provide sales, service, and support for dealers and customers throughout this transition. After the sale is finalized, Indian Motorcycle will operate independently of Polaris and continue selling motorcycles and parts, garments and accessories (PG&A) and providing service through its global Indian Motorcycle dealer network.

Polaris Leadership Update
Until the transaction closes, Polaris President of On Road and International Mike Dougherty will continue to lead the On Road and International businesses, including Indian Motorcycle, at Polaris. Over the next several months, he will help shepherd Indian Motorcycle in its transition to becoming a standalone company. Dougherty, with a distinguished nearly 28-year career with Polaris, has announced his intent to retire upon the closing of the transaction.

"During his tenure with Polaris, Mike's passionate leadership is responsible for countless contributions. As a result of his tenacity and guidance, Mike shaped our international business into what it is today, scaling it over the last 25 years and establishing a direct presence in more than fifteen countries. He has expanded our business outside of North America, growing revenue from under $100 million in 2000 to more than $1 billion today, as well as strengthened our On Road businesses within their respective markets, including Indian Motorcycle achieving the No. 1 market share position in the United States for mid-size cruisers last year," said Speetzen. "More than that, Mike is known for the teams he builds, the talent he cultivates and the culture he fosters, and I want to thank Mike for his dedication to Polaris all these years. We wish him the very best in his future retirement."  

Preliminary View of Polaris Third Quarter Earnings Results
The Company is scheduled to publish its third quarter 2025 results on Tuesday, October 28, 2025. At that time, management will provide additional details regarding today's announced transaction and quarterly performance.

Commenting on preliminary Third Quarter results, Speetzen said: "As we prepare to report our third quarter results, we're encouraged by improving retail trends with ORV ex-Youth up low double digits and continued strong share gains in ORV. Based on preliminary data, we expect third quarter sales to be at the high end of our previously issued guidance range of $1.6 billion to $1.8 billion. We anticipate third quarter adjusted EPS to be in the range of $0.31 to $0.41, which is meaningfully higher than our original expectations, driven by higher-than-expected shipments, strong cost management and ongoing progress within our operational efficiency initiatives." 

Polaris' estimates for the three months ended September 30, 2025 are preliminary and represent the most current information available to its management. Polaris' actual results may differ from the preliminary estimates due to the completion of its financial closing procedures, final adjustments and other developments that may arise between the date of this press release and the time that financial results for the three months ended September 30, 2025 are finalized.

Advisors
Goldman Sachs & Co. LLC is serving as financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to Polaris.

Sheppard, Mullin, Richter & Hampton LLP is serving as legal advisor to Carolwood LP. Carolwood is also being advised by RSM, Alliant, and Finnea Group.

Non-GAAP Financial Measures
This press release contains adjusted earnings per share ("Adjusted EPS"), which is a non-GAAP measure, as a measure of our operating performance. Management believes this measure may be useful in performing meaningful comparisons of past and present operating results, and to understand the performance of its ongoing operations and how management views the business.

The Company has not provided a reconciliation of preliminary results for adjusted earnings per share, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to finalize certain items required to develop meaningful comparable GAAP financial measures. 

Note Regarding Forward-Looking Statements
This press release contains not only historical information, but also "forward-looking statements" intended to qualify for the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These "forward-looking statements" can generally be identified as such because the context of the statement will include words such as we or our management "believe," "anticipate," "expect," "estimate" or words of similar import. Our statements relating to our preliminary Third Quarter results and other statements that describe our future plans, objectives or goals, such as the benefits of the potential separation of Indian Motorcycle from our portfolio (including the expected impact on margins and adjusted EPS), the expected timing for the completion of the separation, future cash flows and capital requirements, operational initiatives are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Forward-looking statements may also be made from time to time in oral presentations, including telephone conferences and/or webcasts open to the public.

Potential risks and uncertainties include such factors as the Company's ability to complete the proposed separation of Indian Motorcycle in a successful and timely basis or at all; the Company's ability to derive the expected benefits from the separation including the separation being accretive, within the expected timeline or at all; the Company's ability to successfully implement its manufacturing operations strategy and supply chain initiatives; the Company's ability to successfully source necessary parts and materials on a timely basis; the ability of the Company to manufacture and deliver products to dealers to meet demand, including as a result of supply chain disruptions; the Company's ability to identify and meet optimal dealer inventory levels; the Company's ability to accurately forecast and sustain consumer demand; the Company's ability to mitigate increasing input costs through pricing or other measures; product offerings, promotional activities and pricing strategies by competitors that may make our products less attractive to consumers; the Company's ability to strategically invest in innovation and new products, including as compared to our competitors; economic conditions that impact consumer spending or consumer credit, including recessionary conditions and changes in interest rates; disruptions in manufacturing facilities; product recalls and/or warranty expenses; product rework costs; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather on the Company's supply chain, manufacturing operations and consumer demand; commodity costs; freight and tariff costs (tariff relief or ability to mitigate tariffs, particularly in light of policies of the current presidential administration and retaliatory actions in response thereto); changes to international trade policies and agreements; uninsured product liability and class action claims (including claims seeking punitive damages) and other litigation expenses incurred due to the nature of our business; uncertainty in the consumer retail and wholesale credit markets; performance of affiliate partners; changes in tax policy; relationships with dealers and suppliers; and the general global economic, social and political environment. The risks and uncertainties discussed in this press release are not exclusive and other factors that we may consider immaterial or do not anticipate may emerge as significant risks and uncertainties. Any forward-looking statements made in this press release or otherwise speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements. We advise you, however, to consult any further disclosures made on related subjects in future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that are filed with or furnished to the Securities and Exchange Commission.

ABOUT POLARIS
As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. Polaris' high-quality product line-up includes the RANGER, RZR and Polaris XPEDITION and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; military and commercial off-road vehicles; snowmobiles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; Aixam quadricycles; Goupil electric vehicles; and pontoon and deck boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with a robust portfolio of parts, garments, and accessories. Headquartered in Minnesota, Polaris serves nearly 100 countries across the globe. www.polaris.com

ABOUT CAROLWOOD LP
Carolwood is an independent, multi-strategy private equity firm based in Los Angeles. Founded in 2014, the firm's objective is to acquire a diverse portfolio of assets with significant repositioning potential and long-term growth opportunities. The firm has specifically designed its systems and infrastructure to support scaled, heavily entangled corporate subsidiaries as they transition into standalone companies. Carolwood is committed to enhancing the value of the companies and communities in which it invests.

SOURCE Polaris Inc.

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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Universal Insurance Holdings, Inc. (NYSE: UVE) (“Universal” or the “Company”) will issue a press release reporting its third quarter 2025 results after the market closes on Thursday, October 23, 2025. The company will host a conference call on Friday, October 24, 2025, at 10:00 a.m. ET to discuss financial results.

Investors and other interested parties may listen to the call by accessing the online, real-time webcast at universalinsuranceholdings.com/investors or by registering in advance via teleconference at https://register-conf.media-server.com/register/BIeb9ca2931a194b81a76a3131a4017eb2. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. An online replay of the call will be available at universalinsuranceholdings.com/investors shortly after the investor call concludes.

About Universal

Universal Insurance Holdings, Inc. (NYSE: UVE) is a holding company providing property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We provide insurance products in the United States through both our appointed independent agents and our direct online distribution channels, primarily in Florida. Learn more at universalinsuranceholdings.com or get an insurance quote at Clovered.com.

More News From Universal Insurance Holdings, Inc.

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NEW YORK, Oct. 13, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Quantum Corporation (NASDAQ: QMCO) between November 15, 2024 and August 18, 2025, inclusive (the “Class Period”), of the important November 3, 2025 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased Quantum Corporation securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Quantum Corporation class action, go to https://rosenlegal.com/submit-form/?case_id=43932 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 3, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Quantum Corporation improperly recognized revenue during the fiscal year ended March 31, 2025; (2) as a result, Quantum Corporation would need to restate its previously filed financial statements for the fiscal third quarter ended December 31, 2024; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Quantum Corporation class action, go to https://rosenlegal.com/submit-form/?case_id=43932 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

HAMILTON, BERMUDA, October 13, 2025 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced the appointment of Svein Moxnes Harfjeld to the Board of Directors, effective immediately:

Mr. Harfjeld currently serves as President and Chief Executive Officer of DHT Holdings, a position he has held since 2010 and will continue to hold.

Chairman of the Board, Mr. Erik A. Lind stated: "With his over 30 years of experience in the global shipping industry, Mr. Harfjeld brings additional strategic insight and operational expertise to the Board. His insight and contributions have been instrumental in shaping DHT’s development, growth, and commitment to shareholder value. With this appointment, DHT’s Board continues to reflect a sound balance of independence and executive experience, aligned with the company’s commitment to a high level of integrity and corporate governance"

Mr. Harfjeld is a Norwegian citizen and resides in Monaco.

About DHT Holdings, Inc.
DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Norway, Singapore, and India. You may recognize us by our renowned business approach as an experienced organization with focus on first rate operations and customer service; our quality ships; our prudent capital structure that promotes staying power through the business cycles; our fleet employment with a combination of market exposure and fixed income contracts; our disciplined capital allocation strategy through cash dividends, investments in vessels, debt prepayments and share buybacks; and our transparent corporate structure maintaining a high level of integrity and corporate governance. For further information please visit www.dhtankers.com.

Forward Looking Statements
This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company’s management as well as assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company’s Annual Report on Form 20-F, filed with the SEC on March 20, 2025.

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.

Contact:
Laila C. Halvorsen, CFO
Phone: +1 441 295 1422 and +47 984 39 935
E-mail: [email protected]

, /PRNewswire/ -- SM Energy Company (the "Company") (NYSE: SM) today announces that it plans to release its third quarter 2025 financial and operating results after market hours on November 4, 2025. See schedule below:

November 4, 2025 – After market close, the Company plans to issue its third quarter 2025 financial and operating results, which will include an earnings release, a pre-recorded webcast discussing third quarter 2025 financial and operating results, and an associated presentation, all of which will be posted to the Company's website at http://www.sm-energy.com/investors.

November 5, 2025 – Please join SM Energy management at 8:00 a.m. Mountain time/10:00 a.m. Eastern time for the third quarter 2025 financial and operating results Q&A session. This discussion will be accessible via:

Webcast (available live and for replay) - on the Company's website at http://www.sm-energy.com/investors (replay accessible approximately 1 hour after the live call); or
Telephone - join the live conference call by registering at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=M2QTXycV. Dial-in for domestic toll free/International is 877-407-6050 / +1 201-689-8022.

ABOUT THE COMPANY

SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at http://www.sm-energy.com.

SM ENERGY INVESTOR CONTACT

Pat Lytle, [email protected], 303-864-2502

Meghan Dack, [email protected], 303-837-2426

SOURCE SM Energy Company

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WEST PALM BEACH, Fla., Oct. 13, 2025 (GLOBE NEWSWIRE) -- PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced that the Company expects to launch a new suite of proprietary non-qualified mortgage (non-QM) products known as FlexIQ on October 20. The product suite will be available through the Company’s Correspondent Lending channel for delegated and non-delegated loans.

“We designed FlexIQ with our clients’ needs in mind, offering them an easier, streamlined process and a flexible product suite to meet the growing demand for non-QM products,” said Rich Bradfield, Executive Vice President and Chief Growth Officer. “We are excited to launch FlexIQ, which underscores our commitment to being a trusted partner by continuing to provide value-added products to our clients and the customers they serve.”

"FlexIQ is our new proprietary product with a service-first approach that includes a single standard for underwriting across multiple product types, a dedicated support desk, and necessary training, as well as other helpful resources,” added Andy Peach, Executive Vice President and Chief Lending Officer. “We anticipate that FlexIQ will serve as a cornerstone in expanding our non-agency product offerings to help our clients grow their business."

FlexIQ offers flexible underwriting and intelligent mortgage solutions in the following three product categories:

Full Documentation (Full Doc): Designed for borrowers who are seeking loan limits above traditional Agency standards.Alternative Documentation (Alt Doc): Designed for non-traditional income profiles for borrowers who require alternative methods to document their income.Debt Service Coverage Ratio (DSCR): Designed for real estate investors who are seeking to qualify based on rental income compared to monthly housing expenses.
FlexIQ will replace PHH’s previously offered Gold/Silver/Bronze non-QM programs. For more information on PHH Correspondent products, please visit https://correspondent.phhmortgage.com.

About Onity Group

Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

PHH Mortgage is an equal housing lender.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding the anticipated benefits of the FlexIQ product to PHH’s correspondent lending clients and the ability of PHH to continue expanding product options.

Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, changes in market conditions, the industry in which Onity operates, and its business, the actions of governmental entities and regulators, developments in litigation matters, and other risks and uncertainties detailed in Onity’s reports and filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2024 and subsequent reports. Anyone wishing to understand Onity Group Inc.’s business should review its SEC filings. Onity’s forward-looking statements speak only as of the date they are made and Onity disclaims any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

For Further Information Contact:

Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
[email protected]

The meat-alternative producer plans to issue new shares after a debt exchange gives it more time to restructure the business.

, /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) intends to release third quarter 2025 results for the period ended September 30, 2025, on Wednesday, November 5, 2025, after the U.S. financial market closes. In addition to this release, Talos will host a conference call, broadcast live over the internet, on Thursday, November 6, 2025, at 10:00 AM Eastern Time (9:00 AM Central Time).

Listeners can access the conference call through a webcast link on the Company's website at: Talos Third Quarter 2025 Webcast. Alternatively, the conference call can be accessed by dialing (800) 836-8184 (North American toll-free) or (646) 357-8785 (international). Please dial in approximately 15 minutes before the teleconference is scheduled to begin and ask to be joined into the Talos Energy call. A replay of the call will be available one hour after the conclusion of the conference until November 13, 2025 and can be accessed by dialing (888) 660-6345 and using access code 13769#.

ABOUT TALOS ENERGY

Talos Energy (NYSE: TALO) is a technically driven, innovative, independent energy company focused on maximizing long-term value through its Exploration & Production business in the United States Gulf of America and offshore Mexico. We leverage decades of technical and offshore operational expertise to acquire, explore, and produce assets in key geological trends while maintaining a focus on safe and efficient operations, environmental responsibility, and community impact. For more information, visit www.talosenergy.com .

INVESTOR RELATIONS CONTACTS

Clay Jeansonne
[email protected]

Kyle Sahni
[email protected]

SOURCE Talos Energy

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Strategy (NASDAQ:MSTR) and BitMine Immersion Technologies (NASDAQ:BMNR) have expanded their crypto holdings of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) during what has been described as the largest liquidation event in digital asset history.

What Happened: BitMine added 202,037 ETH, boosting its total Ethereum holdings to over 3 million ETH, equivalent to roughly 2.5% of total supply.

This makes BitMine the world's largest Ethereum treasury and the second-largest overall crypto treasury after Strategy.

The company's total digital assets now stand at $13.4 billion, consisting of 3,032,188 ETH, worth about $12.6 billion, 192 BTC, a $135 million "moonshot" investment in Eightco Holdings, and $104 million in cash.

Meanwhile, Strategy disclosed the purchase of 220 BTC for $27.2 million at an average price of $123,561 per BTC, achieving a 25.9% BTC yield year-to-date in 2025.

As of Oct. 12, Strategy holds 640,250 BTC, acquired for approximately $47.4 billion at an average cost of $74,000 per BTC.

Also Read: Peter Schiff Says Bitcoin’s Recovery Is A ‘Dead Cat Bounce’ While Gold Makes Another All-Time High

Why It Matters: The coordinated corporate accumulation comes immediately after a $19.16 billion crypto liquidation, triggered by a U.S. tariff hike on China, marking the largest wipeout ever recorded.

The previous records stood at $9.94 billion in April 2021 and $9 billion in May 2021.

Morgan Stanley last week instructed its financial advisors to broaden access to crypto investments for all clients, allowing digital asset exposure across any account type, including retirement portfolios.

Read Next: 

Bitcoin Roars To $114,000, Ethereum, XRP, Dogecoin Rebound From $20 Billion Liquidation Catastrophe
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Published: Oct 13, 2025, 18:24 GMT+00:00

A protracted correction since the August 24 all-time-high should have ended last Friday with a C-wave flash crash, and a rally to at least $6140 should commence, contingent on holding above $3546.

All We Can Do Is “Anticipate, Monitor, and Adjust if necessary”
Much has changed in Ethereum’s price (ETHUSD) since our last public update four weeks ago, see here, when we expected a quicker rally to $6000+. Notably, Ether experienced a significant detour over the past four weeks, including a sudden spike on Friday, but the overall outlook remains unchanged, see Figure 1 below.

Specifically, our preferred long-term Elliott Wave Principle (EW) analysis suggests that ETHUSD is in the final upward impulse from its April 2025 low: the black Wave-5. Since impulses move in five waves (red W-i, ii, iii, iv, v) and only four have occurred so far, at least one more wave (red W-v) is needed. The ideal target zone for W-v is $6921 to $9159.

Figure 1. Our preferred long-term EW count for Ethereum.
In this case, we count down months since the April black W-4 low as the second and fourth waves of the black W-5: red W-ii and W-iv, respectively. Additionally, at last week’s low, Ether retested the breakout from the bull flag pattern it remained in for most of 2022-24. This is a classic technical pattern. From this perspective, the bull flag target of $6141 remains unmet, given the recent $4955 ATH on August 24.

Last Week’s Flash Crash
So, what happened last week? (Flash) Crashes are most often C-waves. Last Friday was no different, and our adjusted short-term EW count indicates the flash crash most likely finished the green W-c of the red W-iv. In this case, the 4th wave became extended rather than simple, as shown in our last update, developing into a seven-week-long expanded flat. See Figure 2 below.

Figure 2. Our preferred short-term EW count for Ethereum.
The 11-day rally, which peaked at the October 7 high of $4758, consisted of seven waves and was therefore a corrective B-wave, as such waves typically move in 3, 7, 11, etc., steps, while impulses move in 5, 9, 11, etc., steps. Additionally, although the red W-iii topped beyond the usual 161.8% Fibonacci extension, Ether bottomed out right at the 100.0% Fib extension at Friday’s low, which is a common 4th wave target.

Therefore, as long as it stays above last Friday’s $3546 low, we can expect Ether to still reach over $6000 and possibly as high as $9000 in the coming weeks and months. To keep our members informed of the latest developments in this rapidly changing crypto market, we provide a daily newsletter—essential for staying current.

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Dr. Ter Schure founded Intelligent Investing, LLC where he provides detailed daily updates to individuals and private funds on the US markets, Metals & Miners, USD,and Crypto Currencies

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TLDR:

XRP price crashed from $2.50 after $50M in futures liquidity disappeared within minutes on Binance.
Liquidity on both bid and ask sides plunged as market makers pulled orders during XRP’s rapid drop.
Traders now eye $2.65 as a key resistance level, according to EGRAG Crypto’s latest chart analysis.
XRP trades near $2.62 with over $9B in daily volume, marking a 3.37% gain after a week of decline.

For a brief stretch, XRP’s futures market looked like a black hole. Liquidity that had supported the token for hours suddenly disappeared, leaving traders with no bids to lean on. 

Within minutes, XRP’s price plunged from $2.50 to $1.19. It was a brutal snapshot of how fast crypto markets can unravel when liquidity dries up.

Market data shared by trader Dom (@traderview2) showed that, for two hours before the crash, Binance Futures had around $50–60 million in liquidity within 5% of XRP’s price on both sides of the book. 

Everything looked steady until the first sharp wave of selling around 21:00. Nearly $20 million in XRP was sold as shorts entered and long positions were forced out.

$XRP orderbook depth on Binance Futures during the crash

Prime example of "liquidity evaporation"

For 2+ hours before the cascade: ~$50-60M in liquidity within 5% of price on both sides. Stable, deep book

Look closely right before 21:00 during that first leg down, nearly 20M… pic.twitter.com/QJBX02qTtC

— Dom (@traderview2) October 13, 2025

Liquidity Evaporates as Market Makers Step Back
During that sell-off, bid-side liquidity collapsed almost instantly. Dom noted that buy orders within 5% of price dropped from $50 million to almost zero. The ask side fell too, though it briefly spiked just before the next downward move. That’s when XRP traded near $2.50 with virtually no liquidity underneath.

He explained that no one replenished the book. Market makers either pulled their orders or stood aside to protect against further losses. 

In the next ten minutes, another $50 million worth of XRP sold into a hollow market. With almost no bids left to absorb pressure, the token slid straight down to $1.19 before stabilizing.

Traders Now Eye $2.65 Resistance as XRP Price Attempts Recovery
After the steep decline, XRP has shown signs of recovery. According to EGRAG Crypto (@egragcrypto), the $2.65 level now acts as firm resistance, a level that once served as strong support during earlier rallies. 

#XRP Update: $2.65 – Again A Key Level But This Time Resistant 🔑📈:

What was once strong support has now turned into a formidable resistance level.

$2.65 is playing a major role again! If we can flip it into support on the 3-day timeframe with a full body candle, we’ll be in a… https://t.co/7HONwm4EMZ pic.twitter.com/Pc8ji5igOw

— EGRAG CRYPTO (@egragcrypto) October 13, 2025

He stated that a clean break and close above it on the three-day chart could put XRP back on track toward $2.85, aligning with its 21-day EMA.

As of CoinGecko’s data at publication, XRP trades at $2.62 with a daily volume of more than $9 billion. 

The token has gained 3.37% in the past 24 hours but remains down 13.85% for the week. For traders, the rebound is encouraging, yet the episode serves as a reminder: even deep crypto markets can turn fragile in seconds.

XRP price on CoinGecko

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

During the weekend, the entire cryptocurrency market saw a notable downward move, with the price of Solana losing the $200 mark in a swift and sudden pullback. Nonetheless, this sharp bearish move in price did not hinder the network’s on-chain activity, which continues to grow strongly.

While Markets Crashed, Solana Network Stood Strong
The Solana blockchain has displayed notable resilience once again, even as the broader crypto market experienced a huge bearish wave. With the report from SolanaFloor on the social media platform X, the leading network maintained a positive performance in opposition to its price action.

According to the platform, the network did quite well during the biggest cryptocurrency liquidation event in history, with median fees staying low. This high network performance and uptime reinforce its growing reputation as one of the most robust and scalable blockchains in the crypto sector. Meanwhile, Ethereum layer 2s mimicked mainnet fee increases, with Arbitrum gas hitting roughly $100 per transaction. 

Solana’s performance metrics continue to astonish the crypto community, as the blockchain recently witnessed a significant surge in raw transactions. This astounding throughput, which greatly exceeds that of the majority of other major blockchains, highlights SOL’s technological advantage in scalability and efficiency.

Source: Chart from SolanaFloor on X
Data from the platform shows that SOL’s raw transactions surged to an impressive 6,000 to 10,000 per second. Such a high number of transactions points to increasing developer adoption, NFT engagement, and active Decentralized Finance (DeFi).

In addition to the rise in raw transactions, SolanaFloor highlighted that utilization drew close to 60 CUs per block. During this time, its median transaction fees have stayed low, indicating the rising prominence of SOL as a top platform for blockchain apps with outstanding performance.

SOL’s DEXs Trading Volume On The Rise
Amid the largest crypto liquidation event in history, where billions were wiped out across major crypto exchanges, Solana Decentralized Perpetual Exchanges (perp DEXs) have reached an unprecedented milestone. 

In another post on X, SolanaFloor reported that the blockchain’s perp DEXs recorded their highest-ever trading volume, which is situated at over $4.49 billion. The notable expansion points to a developing DeFi ecosystem on SOL, driven by minimal costs, lightning-fast transactions, and growing institutional involvement.

According to the report from SolanaFloor, the Jupiter Exchange, with a volume of $2.34 billion, was at the forefront of this surge in perp DEXs. This surge comes as traders rushed to reposition themselves during extreme market volatility.

During last night’s massive liquidation event, SOL DEXs also processed a substantial wave of trading volume. SolanaFloor revealed that a total of more than $8 billion in processed trading volume, with Orca leading the charge. With $2.49 billion, Orca has taken the number 1 spot in trading volume. Furthermore, a combination of four SOL DEXs surpassed $1 billion in trading volume over a 24-hour period.

SOL trading at $196 on the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com

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.

Analysts at Bitfinex see Bitcoin targeting $117K–$120K, but recovery hinges on fresh capital entering the spot market.

Summary

Analysts at Bitfinex report a 2.5x imbalance between sellers and buyers in crypto markets
U.S.–China trade tensions erased $1 trillion from the crypto market
For Bitcoin to recover, fresh capital needs to enter, despite murky fundamentals

After weathering one of the most violent liquidation events in crypto history, Bitcoin could be making a comeback. On Monday, Oct. 13, Bitfinex released a report detailing the crash and outlining a potential recovery. However, the outlook largely depends on spot demand and macro clarity.

BTC rebounded from the largest liquidation event in history by notional value. Sparked by U.S.-China trade tensions, the crash wiped out almost $1 trillion from the crypto market cap in hours, from $4.26 trillion to $3.30 trillion.

Bitcoin price chart, showing the major price drop that led to the liquidation event | Source: Bitfinex Alpha
While Bitcoin (BTC) fell 18.1%, altcoins declined as much as 80%, with some temporarily becoming illiquid. The report notes that a 2.5x imbalance toward sellers created the conditions for the flash crash, contributing to $19 billion in futures liquidations in a single day. Although BTC bounced, further recovery remains uncertain.

Chart depicting Bitcoin liquidations, which reached more than $19 billion in a single day | Source: Bitfinex Alpha
Will Bitcoin recover to $120,000?
According to Bitfinex analysts, the recovery will largely depend on BTC holding key support at $110,000. That would put it in position to retest the $117,000 to $120,000 range. However, additional gains will depend on spot demand and the macro backdrop.

For a full recovery, Bitcoin needs fresh capital inflows to drive spot demand. This will largely depend on macro conditions, which are currently clouded by the lack of economic data due to the U.S. government shutdown.

“For now, the absence of data may be masking underlying fragility. If the shutdown persists, delayed reports on inflation and employment could amplify volatility once they are released. But the market message is clear: liquidity, credit confidence, and the expectation of further easing from the Fed are keeping the economy afloat, even as the lights in Washington remain dim,” wrote analysts at Bitfinex.

Canaan, Inc. (CAN) rallied to a six-month peak on news of a new BTC mining partnership in Canada, using excess natural gas flares for direct electricity production.

0xBow, the team behind Privacy Pools, is launching a new tool that will allow Tornado Cash users to dissociate funds from illicit activity.

Hong Kong-based wealth management and advisory firm Prestige Wealth Inc. (NASDAQ:PWM) has signed and closed approximately $150 million in financing for its Aurelion Treasury initiative, which it says will establish the first Tether Gold-backed treasury by a NASDAQ-listed company.

The latest move merges the security of gold with the efficiency of blockchain-based assets.

The Funding Details

The deal includes about $100 million in PIPE (private investment in public equity), which is to come mainly from Antalpha Platform Holding Company (NASDAQ:ANTA). Other investors include Tether Group and Kiara Capital Holding Limited. The agreement also has a three-year $50 million senior debt facility.

"This partnership is more than financial partnership, it's a bridge between the traditional capital markets and the new digital asset economy," the company said in its statement.

Tokenized Real Assets Capturing Gold's Rally

Tether's participation underscores growing institutional confidence in gold-backed digital assets, amid macro uncertainty. Meanwhile, gold has been on a historic upswing, crossing the $4,000 per ounce mark on Friday, amid global economic uncertainty and sustained inflationary pressures. Prestige Wealth's adoption of XAUT directly taps into this momentum. The integration not only gives the company a unique hedge against volatility but also aligns it with a multi-trillion-dollar asset class.

Tokenized Treasury Management

Prestige Wealth is soon to be renamed Aurelion Inc. with a new ticker symbol on NASDAQ: AURE. The proceeds from the latest financing will fund the company's transformation into Aurelion Inc., a financial platform focused on asset-backed innovation and decentralized infrastructure.

The partnership strengthens Prestige Wealth's market credibility and gives it a first-mover advantage in integrating tokenized gold reserves into a publicly listed treasury model. It also places Prestige Wealth among the first NASDAQ-listed companies to adopt a gold-backed stablecoin as part of its asset strategy, along with Streamex Corp (NASDAQ:STEX).

For Tether Group, the world's largest stablecoin issuer, this collaboration extends the real-world utility of its gold-backed token, Tether Gold (XAUT). It marks a milestone in the adoption of XAUT beyond the crypto trading ecosystem into regulated, institutional-grade environments.

Price Action: Shares of Prestige Wealth had declined by 11.71% to 81 cents at the time of publication on Monday. The stock has rallied more than 50% over the past month.

Read More:

Forget Bitcoin & Ethereum — Citi’s Stablecoin Bet Could Spark A $1.9 Trillion Boom By 2030
Photo: Urbanscape on Shutterstock.com

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

$600M fundraising aims to give investors regulated access to BNB.

Market Sentiment:

Bullish

Bearish

Neutral

Published:
October 13, 2025 │ 6:40 PM GMT

Created by Kornelija Poderskytė from DailyCoin

Beijing-based boutique investment bank China Renaissance Holdings Ltd. is seeking to raise nearly $600 million to establish a U.S.-listed digital asset treasury vehicle centered on BNB, the native token of the Binance ecosystem.

Institutional Push Into BNB Assets
According to sources cited by Bloomberg,earlier this year, the firm announced a $100 million strategic investment in BNB through a partnership with YZi Labs, a digital asset advisory platform tied to the family office of Binance co-founder Changpeng Zhao.

Sponsored

Last week, YZi Labs announced a $1 billion Builder Fund to accelerate innovation across the BNB Chain ecosystem, making it one of the largest ecosystem growth initiatives in recent months.

The new fundraising round aims to create a publicly traded company that actively manages and holds BNB, offering institutional investors regulated exposure to the world’s thrd largest crypto.

The proposed treasury vehicle is expected to be jointly capitalized by China Renaissance and YZi Labs, with both parties contributing a substantial initial investment.

Additional funding would come from institutional backers in Asia and the U.S., according to reports.

 The plan underscores growing momentum among traditional financial institutions in Hong Kong and mainland China to participate in tokenized assets and decentralized finance opportunities.

Broader Institutional Trend
The planned raise reflects a broader shift in traditional finance, where established firms are beginning to incorporate digital assets into their core investment strategies. 

Companies such as CEA Industries and Windtree Therapeutics have recently launched BNB-backed treasury vehicles.

BNB Season Gains Momentum
BNB Chain is showing strong momentum, with rapid price moves and increased user activity, according to on-chain analytics platform Artemis. 

The trend started with Aster’s “Perp Meta 2.0” launch and has spread across several tokens, including the memecoin “4”, which surged over 100% last week, and GIGGLE, up more than 90%.

PancakeSwap, the top decentralized exchange on BNB Chain, saw trading volumes climb 33% month over month, capturing 34% of total DEX activity tracked by Artemis.

While This Matters
While formal confirmation from China Renaissance is still pending, the proposed $600 million raise could mark one of the largest institutional commitments to BNB to date.

Stay in the loop with DailyCoin’s popular crypto scoops:
After the Great Crypto Crash: What Comes Next
Crypto Mining Made Easy: 3 Gamified Apps You Can’t Miss

People Also Ask:
What is BNB?

BNB is the native cryptocurrency of the BNB Chain, originally associated with Binance. It is used for transactions, staking, and ecosystem governance.

What is a crypto treasury?

A crypto treasury is a fund or corporate reserve that actively holds digital assets like BNB to manage liquidity, earn returns, or gain institutional exposure.

Why are companies creating BNB treasuries?

BNB treasuries allow firms to diversify corporate holdings, participate in blockchain growth, and offer regulated exposure to a major cryptocurrency.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

Market Sentiment

0% Neutral

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Bitcoin heads into the new week with a clean catalyst: the White House’s tariff brinkmanship with China and a market structure that just absorbed the largest crypto liquidation on record.

Markets have marched through the tariff cycle almost beat-for-beat, and as of Monday we are squarely at Step 8 of The Kobeissi Letter’s template: the post-open reassurance from Treasury. The sequence since late week ties cleanly to the blueprint Kobeissi published after “10 months analyzing EVERY single tariff development,” which it summarized as an “EXACT playbook for investors.”

Bitcoin Weekly Preview
In their words: “1) Trump puts out cryptic post… 2) Trump announces large tariff rate (50%+) and markets crash… 4) After the market closes on Friday, President Trump doubles down… 5) On Saturday, the target… responds… 6) On Sunday… Trump posts an announcement saying he is working on a solution… 7) Futures open… higher Sunday… 8) After the Monday open, Treasury Secretary Bessent appears on live TV and reassures investors… 9–10) over the next 2–4 weeks, officials tease a deal, then announce one, and stocks hit a record high. 11) Repeat.”

The Friday crash is the fulcrum. After President Donald Trump threatened to impose a 100% tariff on Chinese imports by November 1, risk assets lurched lower into the US close, with the S&P 500 off 2.7% and the Nasdaq down 3.6% on the day; Bitcoin and the entire crypto suffered the largest single-day liquidation in its history, with roughly $19 billion in positions wiped out across venues.

The trigger, size, and timing map precisely to Step 2’s “announce large tariff rate… and markets crash to shake out weak positions,” followed by Step 3’s failed bounce and fresh lows as forced selling cascaded through perps and basis.

The weekend then advanced the script. Between late Friday and Saturday, the White House and Beijing traded barbs — the “double down” and counter-response embedded in Steps 4 and 5. Coverage detailed the 100%-tariff threat and China’s vow of “corresponding measures,” underscoring that the policy shock was real rather than rhetorical.

On Sunday, Trump abruptly eased his tone, writing on Truth Social: “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!

Related Reading: Bitcoin’s Rally Still Looks Intact, CryptoQuant Says: Here’s Why

Futures duly bounced Sunday evening, consistent with Step 6’s “working on a solution” message and Step 7’s gap-higher open. “Bitcoin extends gains to +5% on the day and reclaims $115,000. Ethereum is now up +11% on the day and is 4% away from pre-liquidation levels seen on October 10th,” the analyst added via X on late Sunday.

Today, the Bitcoin and financial markets will be watching the administration’s communications cadence shifting from escalation to stabilization, with Treasury Secretary Scott Bessent doing the media rounds to frame risks, policy intent, and the negotiation path.

Notably, this is not unprecedented: Bessent has repeatedly used live TV to pour oil on troubled waters during tariff flare-ups, a pattern documented across months of interviews and official transcripts, and consistent with Kobeissi’s “after the Monday open… [Bessent] appears on live TV and reassures investors.” The point for traders is not the theatrics; it is the systematic sequence of message-induced flows that tends to follow.

The bottom line for this week is to let the tariff playbook dictate the rhythm. As The Kobeissi Letter put it, 2025 is a market where “Headlines and posts are now able to move trillions of dollars of market cap in a matter of minutes,” and where “the ability to remain objective and capitalize on emotional swings in the market is alpha in 2025.” Bitcoin’s structural bull drivers didn’t vanish in Friday’s flush, but the path from here will be written by policy posts.

At press time, Bitcoin traded at $113,9979

BTC stabilizes inside the channel, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

21h05 ▪
4
min read ▪ by
Luc Jose A.

Summarize this article with:

Despite the recent fall of the crypto market, Strategy continues its purchases. The American company acquired 220 BTC for $27.2 million, at an average price of $123,561 per unit. With more than 640,000 bitcoins in reserve, it confirms a continuous accumulation strategy, unique among institutional investors.

In brief

Strategy has acquired 220 bitcoins for an amount of $27.2 million, despite a price exceeding $123,000 per unit.
This operation brings the company’s total holdings to 640,250 BTC, for a cumulative investment of $47.38 billion.
The company continues an accumulation strategy started in 2020, based on regular purchases regardless of market fluctuations.
With about 3 % of the total BTC supply in its portfolio, Strategy concentrates a significant share of the asset at the institutional level.

Strategy further strengthens its position
On October 13, a new bitcoin purchase was made by Strategy, despite the chaos caused in the market by Trump’s tariffs. Indeed, the company acquired 220 BTC for about $27.2 million, at an average price of $123,561 per unit.

This new purchase continues a strategy of accumulation that the company has been carrying out since 2020. According to shared data, Strategy now holds 640,250 BTC, at a total acquisition cost of $47.38 billion, corresponding to an average purchase price of $74,000 per BTC.

Here are the key data of this operation :

The announcement date : October 13 ;
The purchase amount : about $27.2 million ;
The number of BTC acquired : 220 units ;
The unit price : $123,561 ;
The total position held by Strategy : 640,250 BTC ;
The cumulative investment : $47.38 billion ;
The overall average price : $74,000/BTC.

Strategy persists in a logic of gradual strengthening, by applying a “dollar-cost averaging” strategy (periodic purchase of fixed sums), regardless of short-term fluctuations. This choice, which could have seemed risky during previous cycles, has so far proven to be rewarding.

An uninterrupted accumulation policy
This new purchase, although aligned with the company’s declared strategy, accentuates Strategy’s growing dependence on the evolution of the bitcoin price. Holding 640,250 BTC, about 3 % of the maximum total supply of bitcoin, places the company in a unique position, but also potentially vulnerable.

The concentration of such a volume of bitcoins in the hands of a single actor raises questions about the risks posed in the event of a sudden reversal. In the case of a market collapse, the psychological and stock market leverage effect could have repercussions well beyond Strategy’s own balance sheet.

What distinguishes this acquisition from previous ones is the price level at which it occurred. At over $123,000/BTC. Strategy now pays far above its own average acquisition price.

The company seems to consider BTC no longer just as a store of value, but as an essential strategic asset, regardless of market fluctuations. The growing gap between the historical average cost of its holdings and current purchase levels reinforces this impression. This dynamic could redefine the psychological thresholds of the market, especially if other institutional actors follow this approach.

Furthermore, the central role of Michael Saylor, architect of this strategy since 2020, means that the guiding line is largely embodied by a personal vision of bitcoin. In case of a change in direction or increased regulatory pressure on companies exposed to cryptos, Strategy’s trajectory could quickly become harder to maintain.

With more than 640,000 bitcoins under management, Strategy establishes itself as a central player in bitcoin accumulation. This new acquisition reinforces an already colossal position but also reveals the risks of a concentrated model dependent on a single asset. While the strategy has so far paid off, it relies on a bold bet on bitcoin’s longevity as a global store of value, whose golden age is foreseen thanks to the rush for gold.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

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

By

PYMNTS
 | 
October 13, 2025

 | 

As far as Paolo Ardoino is concerned, bitcoin and gold have superior staying power.

“Bitcoin and Gold will outlast any other currency,” the Tether CEO wrote in a post on social platform X Sunday (Oct. 12).

His comment was flagged in a report from Coindesk, which notes that this statement lines up with how Tether has positioned parts of its reserves in the last two years.

In May of 2023, the stablecoin issuer said it would regularly allocate up to 15% of net realized operating profits to buy bitcoin for reserves, adding the token to surplus instead of using it to back its USDT in circulation one-for-one. The company had described the move as an effort to bolster its balance sheet with a long-term store of value.

Gold, Coindesk added, works in tandem with bitcoin in that mix. Tether issues a token called tether gold, (XAUt), which is backed by allocated bars. The company has also held talks to invest across the gold value chain in a push for wider diversification, the report added.

This isn’t the first time Ardoino has lumped the assets together. Last month, he referred to bitcoin, gold and land as hedges but later dismissed suggestions that Tether sold bitcoin to accumulate gold, saying the company was still focused on growing its bitcoin position.

Advertisement: Scroll to Continue

In other stablecoin news, PYMNTS wrote recently about the tokens’ transition beyond their one-time status as solely cryptocurrency-native tools.

“FinTechs from PayPal to Visa and beyond are experimenting with stablecoin infrastructure or token issuance, and often both,” that report said.

“With a market cap now north of $300 billion, stablecoins are increasingly looking to prove their mettle as a programmable settlement medium that any business might deploy for reasons ranging from loyalty incentives to cross-border B2B payments.”

Stripe and Bridge in September introduced Open Issuance, a platform allowing businesses to mint and manage their own stablecoins. This pact, PYMNTS wrote, underlined the fact that the barriers to enter this new money movement ecosystem have never been lower.

The rise of corporate stablecoins could point to a future where payment rails, loyalty programs and treasury operations blend into a single layer of programmable money.

“Yet as alluring as this vision may be, the road to issuing a stablecoin is strewn with challenges,” PYMNTS added. “The decision to launch one is not simply a marketing or product development choice; it’s a strategic move that forces businesses to grapple with the realities of blockchain infrastructure, liquidity economics and regulatory risk.”

See More In: Bitcoin, crypto, Cryptocurrency, gold, News, Paolo Ardoino, stablecoins, Tether, Tether Gold, USDt, What's Hot

The Chicago Mercantile Exchange Group (CME), the world's largest derivatives marketplace, has launched options products for Solana and XRP, which are regulated by the US Commodity Futures Trading Commission (CFTC). Trading has officially started today.

Adam Back, the Satoshi-era Bitcoin dev, has sided with the release of Bitcoin Core v30, including the data limit increase in the OP_RETURN function.

TL;DR

Kamino, a leading protocol on Solana, is integrating with the DeFi prime broker, Project 0.
A significant alliance that seeks to radically optimize capital efficiency and risk management for users.
Users will be able to manage their DeFi portfolio as unified collateral across multiple applications.

A new strategy to strengthen the decentralized finance (DeFi) ecosystem on Solana. The liquidity giant, Kamino, has announced its integration with Project 0, an innovative native DeFi prime broker.

This is a partnership designed to offer users much more sophisticated risk and collateral management, significantly optimizing capital efficiency on Solana.

Optimization in Capital Management and Risk
The collaboration will allow Kamino users to interact with Project 0‘s infrastructure, which functions as an intermediation layer. This enables the concept of “unified margin,” where investors can use their entire portfolio of assets across different DeFi platforms as a single collateral.

This way, it eliminates the need to manage collateral in a fragmented manner across multiple protocols, a common problem that limits liquidity and increases complexity for traders.

With this integration, new investment and hedging strategies that were previously inefficient or too risky are unlocked. For example, users will be able to execute arbitrage trades between different platforms or maintain market-neutral positions with much more effective use of their capital.

The Project 0 solution operates as a self-custodial account that sits between the user and platforms like Kamino, allowing for smoother liquidation management without adding new smart contract-level risks to the Kamino protocol.

This alliance is a definitive step towards the maturity of the DeFi sector on the network. By improving capital efficiency on Solana, Kamino and Project 0 not only benefit advanced traders but also lay the groundwork for a more robust, liquid, and accessible ecosystem, potentially attracting a larger volume of institutional capital to the ecosystem.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

The ‘Trump Insider Whale’ who shorted Bitcoin last week, just before the largest crypto market crash ever, has increased their short positions. This comes despite a market rebound, leading to speculation that another BTC price crash may still lie ahead.

Trump Insider Whale Increases Bitcoin Short, Another BTC Price Crash Ahead?
On-chain analytics platform Arkham revealed in an X post that the whale now has a Bitcoin short position of $340 million. This was the same whale that had shorted $700 million of BTC and $350 million of ETH, just before the Friday crypto market crash, making a profit of $200 million.

As CoinGape reported, the BTC price crashed to as low as $104,000 on Friday last week, after U.S. President Donald Trump announced a 100% tariff on China. The Trump Insider Whale took a Bitcoin short position of up to $735 million, about 30 minutes before the U.S. president announced it.

This led to speculation that the whale might be a Trump insider, given the timing of the trade. The size of the trade has also contributed to these speculations. Now, this whale is again hinting that another Bitcoin crash may be imminent.

HypurrScan data shows that the Trump Insider Whale is currently sitting on an unrealized profit of almost $4 million, with an entry price of $116,000 and a liquidation price of $130,000. Meanwhile, the whale has notably opened a short position despite a market rebound, with BTC price looking to have regained its bullish momentum.

BTC Rebounds As Tariff Fears Water Down
Bitcoin had climbed to as high as $116,000 yesterday after Trump’s statement in which he looked to backtrack on the 100% tariff on China, stating that the whole situation “will all be fine.” U.S. Treasury Secretary Scott Bessent also confirmed today that the U.S. was in talks with China to prevent a trade war.

Market participants also do not expect the 100% to go into effect, as Polymarket data shows there is only a 13% chance it will go into effect by November 1, the date Trump announced as the commencement date.

Source: Polymarket data
As such, it is unclear why the Trump Insider Whale is still betting on a BTC price crash, given that market sentiment appears to be flipping bullish again. Notably, veteran trader Peter Brandt had assured that the Bitcoin bull run was still ‘alive’ despite the recent crash.

However, crypto analyst Egrag Crypto stated that the BTC price needs to rise above $120,000 to confirm a bullish continuation. He further highlighted the $117,000 level as the major level that Bitcoin needs to flip into support. The analyst stated that the flagship crypto needs to close a full candle above this level, indicating that BTC remains at risk until then.

#XRP above $2.85 #ETH above $4,400#BTC above $120,00

We are back.

Major milestone to flip into support: #XRP $2.65 #ETH $4,200#BTC $117,000

They should close full body candle above these price targets.

Other than that, NADA is happening pic.twitter.com/rqp7fGdEG7

— EGRAG CRYPTO (@egragcrypto) October 13, 2025

Egrag Crypto also opined that if the Trump Insider Whale makes money off their current short position in the event of a Trump announcement soon, they should be investigated. However, if that doesn’t happen, he believes the whale is simply speculating on price action.

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