Market Signal Briefing

VanEck filed a sixth amendment to the SEC for a spot Solana ETF on October 28, 2025, refining language on custody and surveillance to address regulator feedback.

Summary

What did VanEck file in the sixth amendment for a VanEck spot Solana filing and why does it matter?How does the sec etf review weigh investor protection, market manipulation and crypto etf custody?Why does the spot vs futures distinction matter for solana market legitimacy and diversification?What benefits would a spot Solana ETF provide for accessibility, regulatory clarity, and diversification?FAQ: Will a spot solana etf improve solana institutional access and what is the approval timeline?Will a spot Solana ETF increase solana institutional access?What is the likely approval timeline for a spot crypto etf after this amendment?Quick definitions: what technical terms should investors know?
What did VanEck file in the sixth amendment for a VanEck spot Solana filing and why does it matter?
VanEck submitted a sixth amendment that revises wording in its prospectus and supporting documents to reflect prior SEC comments. The changes are procedural but targeted, focusing on descriptions of trading surveillance, recordkeeping and how the fund would hold underlying Solana tokens.

Those phrasing adjustments are a normal part of the SEC review dialogue and signal VanEck’s intent to align its application with regulator expectations on market integrity and investor protection.

How does the sec etf review weigh investor protection, market manipulation and crypto etf custody?
The SEC’s review evaluates whether an applicant can demonstrate adequate investor protections, surveillance against manipulation and secure custody of underlying assets. Historically, the commission has pressed applicants for surveillance-sharing agreements and clear custody frameworks before approving spot crypto ETFs.

VanEck’s amendment specifically tightens language on monitoring and custody to address those points, indicating the firm is responding to the agency’s technical concerns.

In brief, the amendment narrows disclosure on custody and surveillance to address SEC concerns while keeping the application active in the agency’s ongoing review.

Why does the spot vs futures distinction matter for solana market legitimacy and diversification?
The spot vs futures distinction determines whether an ETF holds actual tokens or derivatives tied to future prices. A spot Solana ETF would hold SOL directly, offering direct price exposure and eliminating basis risk associated with futures-based products.

Approval of a spot product is often interpreted as stronger regulatory clarity and can enhance Solana market legitimacy and liquidity over time.

What benefits would a spot Solana ETF provide for accessibility, regulatory clarity, and diversification?
A spot Solana ETF could broaden access by allowing retail and institutional investors to gain exposure through brokerage accounts without self-custody. The filing highlights benefits such as accessibility, regulatory clarity, market legitimacy and diversification for portfolios that already include bitcoin or ether allocations.

Those benefits depend on the SEC’s final assessment of custody, surveillance and trading venue oversight within the broader sec etf review; ETFs can lower operational barriers but cannot eliminate protocol-level or counterparty risks.

FAQ: Will a spot solana etf improve solana institutional access and what is the approval timeline?
Will a spot Solana ETF increase solana institutional access?
Yes — if approved, a spot product would simplify institutional access by using regulated custodians and standard brokerage infrastructures. The amendment aims to show how custody and surveillance meet institutional governance needs and therefore facilitate adoption.

Note: institutional uptake also depends on custodial capacity, counterparty policies and firms’ internal risk frameworks.

What is the likely approval timeline for a spot crypto etf after this amendment?
The timeline remains uncertain; VanEck’s sixth amendment updates the record but does not establish a predictable approval date. The SEC often conducts rounds of comment and negotiation, so applicants can expect continued review before any final determination.

Quick definitions: what technical terms should investors know?

Custody: how and where tokens are stored and who controls private keys.
Spot vs Futures: spot means holding the actual token; futures are contracts tied to expected future prices.
Surveillance-sharing: agreements between exchanges or market participants to detect and deter manipulation.

Tip: review custody, surveillance and counterparty disclosures closely when comparing spot crypto ETF proposals.

Legal and market experts say that tightened custody and surveillance language can materially reduce formal objections during review. As the Reuters analysis of SEC scrutiny notes, regulator focus has centered on surveillance and custody in recent crypto ETF decisions. The amendment also aligns with filing record language that, according to the SEC EDGAR filings, “clarifies custody and surveillance arrangements.”

The sixth amendment from VanEck clarifies language on custody and surveillance to address SEC concerns and to bolster the case for a direct, spot-based approach; approval remains uncertain after the filing on October 28, 2025, and the regulator will continue to evaluate investor protection and market manipulation safeguards.

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The company just announced the Bitwise Solana Staking ETF (ticker: BSOL), the first exchange-traded product (ETP) in the United States to give investors direct exposure to Solana's native token, SOL. Starting tomorrow, the Solana Staking ETF BSOL will begin trading.

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TLDR:Bitcoin Treasury Strategy and Capital Allocation$500M Credit Facility and Bitcoin-Focused ExecutionGet 3 Free Stock Ebooks

Metaplanet approved a $500M credit facility to back its Bitcoin yield and share buyback strategy.
The company plans to repurchase up to 150M shares worth around JPY 75B through Tokyo Stock Exchange.
Metaplanet now holds over 30,823 BTC, ranking as Asia’s largest listed Bitcoin treasury holder.
The firm targets 210,000 BTC by 2027, focusing on BTC yield and capital efficiency improvements.

Metaplanet Inc. is doubling down on its Bitcoin strategy. The Tokyo-listed firm announced a new share repurchase program alongside a $500 million credit line. The move aims to raise Bitcoin yield per share and strengthen capital efficiency. 

The company’s board approved both initiatives during its October 28 meeting. Investors are now watching closely as Metaplanet tightens its grip on Asia’s Bitcoin treasury race.

Bitcoin Treasury Strategy and Capital Allocation
According to a notice published by Metaplanet Inc., the company launched the repurchase program under Japan’s Companies Act provisions. 

Since April 2025, the firm has expanded its Bitcoin treasury, growing to 30,823 BTC, worth around $3.5 billion. That makes it the fourth-largest public Bitcoin holder worldwide and the biggest in Asia.

The board’s decision follows a sharp market correction that lowered the company’s mNAV, or market value multiple tied to its BTC reserves. 

Executives believe the share price no longer reflects the firm’s underlying BTC strength. The repurchase plan, therefore, aims to raise the BTC yield, measured as BTC per share, while restoring fair value for shareholders.

President Simon Gerovich said on X that the plan is designed to “enhance capital efficiency and maximize BTC yield.” The company’s repurchase capacity covers up to 150 million shares, about 13 percent of its issued total. 

Purchases will occur through the Tokyo Stock Exchange between October 2025 and October 2026.

Metaplanet has established a share repurchase program to enhance capital efficiency and maximize BTC Yield. The Board also approved a credit facility to enable flexible execution as part of the company’s capital allocation strategy. https://t.co/zucPBrIqOQ

— Simon Gerovich (@gerovich) October 28, 2025

$500M Credit Facility and Bitcoin-Focused Execution
To support this plan, the board approved a credit facility of up to $500 million, roughly JPY 76.4 billion. The funding will be secured against Bitcoin holdings, allowing flexible borrowing when market conditions favor repurchases or additional BTC acquisitions.

According to the company, the funds may also go toward investments in Bitcoin income ventures or used as bridge financing ahead of preferred share issuance. The flexible structure allows Metaplanet to pivot quickly between buybacks and BTC accumulation without liquidating reserves.

The company emphasized that its long-term target remains 210,000 BTC by the end of 2027. By balancing debt-backed Bitcoin accumulation with buybacks, Metaplanet aims to maintain yield growth while controlling share dilution. 

The decision also reinforces Japan’s growing presence in the corporate Bitcoin landscape.

Gerovich said this dual strategy fits into a broader capital allocation policy released on the same day. It reflects a shift toward integrated BTC-based financial management, positioning Metaplanet as a key regional player in crypto-backed treasury operations.

An Indian court just blocked crypto exchange WazirX from taking a user's XRP tokens to cover losses from their massive hack last year.

Bitcoin is becoming increasingly unattainable for average investors, raising questions about whether the current bull market can sustain its momentum beyond the traditional four-year cycle.

Crypto market intelligence company 10x Research suggested Bitcoin (BTC) is becoming too expensive for sustained retail purchases, a development that may endanger the predicted extension of the current bull market cycle.

Despite numerous calls for an extended market cycle, drawing on the conclusions of the four previous market cycles is “highly questionable,” according to 10x.

“Bitcoin is suffering from diminishing returns,” the company stated in a Tuesday report, adding:

“While many view this as a natural sign of maturity, it raises deeper questions about the validity of the so-called Bitcoin cycle theory.”Considering that Bitcoin is only a 16-year-old asset, drawing “firm statistical conclusions” from this short time is “highly questionable,” added 10X Research.

Source: 10xresearch.comBitcoin may see $125,000 cycle top, despite stock-to-flow model forecasting $1 million BTCDespite numerous forecasting models, such as the popular stock-to-flow model, which has been widely cited as predicting a Bitcoin surge to $1 million, 10x Research’s methodology projected a cycle top of $125,000 for the end of the year.

The research firm used a similar methodology to correctly forecast the bear market bottom that occurred in October 2022.

10x’s price target is modest compared to predictions from other industry insiders.

Standard Chartered’s global head of digital assets research, Geoff Kendrick, predicted a Bitcoin price of $200,000 for the end of 2025, as the record $19 billion liquidation event may turn into a buying opportunity for investors, he told Cointelegraph during the 2025 European Blockchain Convention in Barcelona. 

In a February interview, Kendrick predicted that Bitcoin could surge to $500,000 by the time Trump concludes his second term in 2028, Cointelegraph reported.

The industry’s most successful traders, tracked as “smart money” traders on Nansen’s blockchain intelligence platform, are also seeking increasing Bitcoin exposure.

Smart money traders, holdings. Source: NansenBinance-native Bitcoin (BTCB) was the 11th most-held token by smart money traders on Tuesday, following some more speculative memecoin holdings such as the Pump.fun (PUMP) token and the Pepe (PEPE) memecoin, data from Nansen shows.

Magazine: Bitcoin to see ‘one more big thrust’ to $150K, ETH pressure builds

Published
5 minutes ago on
October 28, 2025

As the S&P 500 and the Nasdaq continue to make all-time highs with unfailing regularity it may now be Bitcoin’s turn to make its own new high. That said, the $BTC price may need to return lower first in order to retest previous price structure.

Back to test the trendline breakout?

Source: TradingView

The $BTC price is holding up nicely. There was always going to be a downward impulse after $BTC had risen over the weekend in spite of being in quite an overbought state. However, the bulls won’t be keen to let the price go too far down and allow it to take hold underneath the major trendline again. Therefore, some gentle to and fro into a narrowing corridor between resistance and the rising trendline is just what the doctor ordered.

Of course, things are never that simple in trading, so both bears and bulls have to be alert for any eventuality. Nonetheless, as it stands, a reasonable scenario is for the price to chop around before subsequently retesting the major trendline, and also perhaps the neckline of the W pattern. By then, the 8-hour, and maybe even the 12-hour Stochastic RSI indicators will have had time to reset before rising again and signalling renewed upside price momentum.

No major resistance levels left

Source: TradingView

The daily chart for the $BTC price reveals that there are several horizontal resistance levels between the current price and the 8-year ascending trendline at the top. With that being said, none of these can really be considered as major resistances. Therefore, when $BTC goes on its next rally the main issue could be if it gets into an overbought state, as is the case currently. 

As far as support goes, the major trendline has become a rising base to which the price can come back down to. In fact, the price will very likely come back to this trendline in order to test the recent breakout, as well as the neckline of the W pattern.

Boom or bust is fast arriving for Bitcoin

Source: TradingView

Bitcoin has a date with destiny, and that date is soon to arrive. Space for manoeuvre is running out as the $BTC price is forced into a narrowing area that is the culmination of this current bull up to now, as well as the entirety of the previous bull and bear markets that stretched all the way from the top of the 2017 high. 

Eight years of running below an ascending trendline is either going to end soon, as the price explodes beyond it for the very first time, or it will continue if the price is rejected and falls back down into a new bear market.

There is no other scenario. It’s boom or bust. At the bottom of the chart, the Stochastic RSI indicators have turned around and are ready to move up, while the Relative Strength Index signals caution, as a downtrend line carries the threat of bearish divergence. 

It’s an exciting time to be alive. Fiat currencies are fulfilling their destiny by heading towards zero at an accelerating rate, while sound assets are going in the opposite direction. This is The Fourth Turning. Will Bitcoin play a much greater role in this new financial revolution?

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

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As Citi and Coinbase Push for Global Blockchain Payments, $PEPENODE Emerges Among the Best Meme Coins to Watch
October 28, 2025 • 10:00 UTC

Citi will partner with Coinbase to integrate digital asset payment capabilities for its clients, marking a major shift in bridging traditional banking and blockchain finance.

Initially, Citi will use Coinbase’s on/off ramps to streamline fiat payments and move on to supporting fiat-to-stablecoin payouts after that.

With 300 global clearing networks, Citi aims to expand its reach into blockchain networks to offer borderless payments and thereby position itself as an essential link between TradFi and DeFi.

On other news, Citi also plans to offer programmable, stablecoin-based payments for clients, mirroring its broader interest in blockchain settlement systems. Citi’s Ronit Ghose predicts that the $316B stablecoin market could cross $1T within five years as a result of broader adoption.

As banks embrace on-chain payment systems, the shift toward interactive, high-yield ecosystems is accelerating. PEPENODE ($PEPENODE), a gamified mine-to-earn community-powered token is primed to lead this next wave of adoption.

With a whooping 653% dynamic staking APY, PEPENODE is already making waves in its presale, having raised $1.9M to date.

Discover $PEPENODE’s future price prediction here.

Analyst Predicts Bitcoin Recovery to $121K, As Bitcoin Hyper Smashes Through $25M
October 28, 2025 • 10:00 UTC

Crypto analyst CryptoNeuvo’s popular Bitcoin Monday Update predicts $BTC to soon reclaim its pre-crash levels. The post highlights key liquidity zones, particularly around $121K, anchored in two major liquidity pools formed after the crash.

The upcoming US-China trade discussions that could help ease trade frictions, along with a possible Fed rate cut, are expected to accelerate the market recovery.

Tapping into this, the Bitcoin Hyper ($HYPER) presale just smashed through the $25M milestone. The project’s Bitcoin L2 is behind the viral buying frenzy, as it sets out to strengthen Bitcoin’s technological foundation by bringing more speed and programmability to the network.

The utility integration and presale staking deals (now at 47% APY) make $HYPER one of the best meme coins to buy now.

For a closer look at where it’s headed, read our Bitcoin Hyper price prediction.

Authored by Ben Wallis, Bitcoinist – https://bitcoinist.com/best-meme-coins-live-news-today-october-28-2025

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.

Skyworks Solutions Inc (NASDAQ:SWKS), a major supplier of radio frequency chips for Apple and other smartphone makers, has held recent talks to acquire competitor Qorvo, according to The Information.

Qorvo, valued at about $8.5 billion, closed at $92.13 on Monday, while Skyworks is worth roughly $11.3 billion and employs more than 10,000 people. Neither company commented on the report.

Skyworks has benefited from steady demand for its analogue chips, while Qorvo has faced pressure from activist investor Starboard Value, which recently added two new independent directors to its board to help lift its underperforming share price.

Robinhood continues to drive investment innovation.

Robinhood Markets' (HOOD +4.34%) stock price has gained over 925% since the start of January 2024. That's significantly more than some of the cryptocurrencies that make up a good chunk of its trading revenue. Bitcoin gained almost 150% in the same period. The pioneering brokerage firm has been boosted by a number of factors in the past couple of years, including its September inclusion in the S&P 500.

Several analysts think the stock still has momentum. For example, Citizen JMP analyst Devin Ryan recently reiterated his Outperform rating and increased his price target from $130 to $170. Ryan thinks that Robinhood will beat analyst expectations for its upcoming Q3 results and sees several opportunities for growth.

Image source: Getty Images.

Robinhood just keeps on innovating
Robinhood's constant, and at times disruptive, innovation is a key reason that analysts think it can grow more. From leading the charge on zero-commission trading to launching its own crypto wallet, the fintech has a reputation as a change-maker. Just this year, it launched tokenized stocks, a prediction market hub, and a social investment platform.

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With a pro-crypto administration and regulators actively looking for ways to foster financial and technological growth, the time is certainly ripe for companies able to push to new frontiers. For example, Securities and Exchange Commission (SEC) Chairman Paul S. Atkins said in July that the evolution of super apps would be a priority for the administration. Super apps mean brokerages could offer a range of other financial and investment services in the same place, something Robinhood is already excelling at.

Here are some of the big moves to watch from Robinhood.

More than a token effort
Robinhood announced in July that it would offer tokenized U.S. stocks and ETFs to European customers. The move puts the brokerage at the forefront of what the World Economic Forum described as a "quiet revolution." Tokenization involves recording ownership of real-world assets (RWA) on the blockchain. That can apply to stocks, bonds, currencies, real estate, and more.

The attraction is that it removes some of the friction in investing by making transactions faster, more efficient, and more transparent. It fits with wider moves toward 24/7 trading because -- as cryptocurrency investors know all too well -- the blockchain doesn't keep regular hours. It can also make fractional ownership more viable. Sure, you can buy fractional shares today. But that's a drop in the ocean. Imagine a digital token that denotes ownership of a tiny piece of real estate -- investors could almost buy a tokenized version of each individual brick in a building.

For Robinhood, tokenized stocks are just the start. The company is building its own blockchain that's optimized for real-world asset tokenization. In the past few years, it has straddled the worlds of traditional finance and cryptocurrency, and tokenization is a continuation of this journey. As such, Robinhood is well-positioned to take a chunk of what McKinsey estimates will be a $2 trillion market by 2030.

Going social and playing the prediction game
In September, it unveiled Robinhood Social, which mixes social media with investment activity. It plans to launch for a limited number of U.S. customers next year. Users will be able to share their views on investments on the same platform they trade stocks, options, futures, crypto, and prediction markets.

Prediction markets are a somewhat controversial product Robinhood launched this year. People can bet on who might win the next election, whether an asset's price might increase or decrease, or the result of a sports match. Robinhood says predictions are regulated as futures and swaps by the Commodity Futures Trading Commission (CFTC), but critics say it is more like gambling than investing.

Trading places
Robinhood wants to be more than a brokerage -- it meet customers' financial needs, from investing in stocks to buying crypto or managing their money. It already offers a mortgage deal for Robinhood Gold customers as well as some banking products. Tokenization and other new products are another part of that mission.

Branching out beyond trading matters, because one potential cloud on the Robinhood horizon is that it is extremely reliant on transaction fees. Its latest results show that almost 60% revenues in the first half of the year come from transactions. If the economy falters or we enter another crypto winter, there's a risk that Robinhood's revenue takes a big hit.

Regulation could be another issue. U.S. regulators are keen to innovate right now, but that may not last forever. And other countries may be more cautious about its wide product range, especially those that push the lines of existing investment laws.

Nonetheless, if you're looking for a way to get exposure to crypto, real-world asset tokenization, or other evolving aspects of the fintech industry, Robinhood may make a good addition to your portfolio. It's come a long way in the past two years, but it has the potential to go even further.

BT Group PLC (LSE:BT.A) is weighing a move into the low-cost mobile market, according to a report from the Financial Times. 

The UK’s largest broadband provider has been mulling options including launching a new brand or snapping up an existing MVNO (mobile virtual network operator), people familiar with the matter said.

Management have been triggered by the potential for new competitors entering the market such as fintechs Monzo and Revolut.

Lendable, another fintech, earlier this month launched a £20-a-month mobile plan, while in August, Monzo revealed it was "in the early stages" of looking to launch its own mobile phone service.

Revolut is planning a European MVNO and Klarna has said it will launch a mobile plan in the US.

For fintechs, adding a telecoms service is part of the plan to build a 'super app' that combines a host of essential services.

New BT consumer boss Claire Gillies, who joined in April, is said to be pushing to make sure BT doesn’t get outflanked, the report said. 

Investors looking to boost their passive income in 2026 have come to the right place.

Investment management firm Vanguard offers tons of low-cost exchange-traded funds (ETFs) for equities, bonds, asset blends, and more. How each performs is generally tied to the individual equities they follow.

Given the overwhelming influence of artificial intelligence (AI) on markets these days, you may expect growth and tech-focused ETFs to have been the undisputed standouts over the last five years. But surprisingly, the best-performing fund among Vanguard's 99 ETFs over the last five years is actually the Vanguard Energy ETF (VDE +0.18%).

Let's look at why the Vanguard Energy ETF has been on a tear, and also look into what circumstances would help it outperform the S&P 500 (SNPINDEX: ^GSPC) in 2026.

Image source: Getty Images.

Context is key
The Vanguard Energy ETF has averaged a staggering 30.2% annual return over the last five years, which is significantly higher than the second-place Vanguard Financials ETF, which averaged a 20% annual return over that period.

The lights-out performance of the Vanguard Energy ETF is a good reminder of the importance of context when evaluating a stock or ETF's performance in a given window. Five years ago, the world was in the midst of the COVID-19 pandemic, and energy stocks were getting walloped. Oil prices drive margins. And in the fall of 2020, oil prices were at multiyear lows. In fact, they went negative in spring 2020 as demand collapsed and storage capacity was unavailable.

The Vanguard Energy ETF has increased threefold in the last five years. But a lot of those gains came in 2021 and 2022 as the global economy recovered, business operations began to normalize, and travel and transportation increased -- driving oil demand. In fact, over the last three years, the Vanguard Energy ETF is roughly flat, gaining barely over 3% compared to an 80% gain in the S&P 500.

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Oil prices could fall further
Oil prices are hovering around multiyear lows as supply outpaces demand.

In its October Short-Term Energy Outlook, the Energy Information Administration forecast that global oil inventories would rise further in 2026, putting pressure on oil prices in the fourth quarter of 2025. The EIA projects Brent crude oil prices (the international benchmark) at just $52 per barrel in 2026. Excluding the $41.96 per barrel average in 2020, that would be the lowest level since $45.13 per barrel in 2016, which came in the aftermath of the 2015 crash. For context, Brent crude oil prices averaged over $100 per barrel in 2022 and over $80 per barrel in 2023 and 2024.

Weak 2026 forecasts are likely factored into investor expectations. Investors got a taste of that last week, as oil prices (and oil stocks) jumped on news that the U.S. and European Union are imposing sanctions on Russian oil companies, which could impact supply and shift buying from Russian customers -- like China and India -- to the U.S.

Still, Brent prices in the low $50s per barrel would strain margins and erode profitability for many oil and gas companies. This reinforces why the Vanguard Energy ETF is one of the simplest and most effective ways to invest in top companies in the sector.

An ETF built around quality
The Vanguard Energy ETF has 111 holdings, but a whopping 37.8% is weighted in ExxonMobil (XOM +0.48%) and Chevron (NYSE: CVX), and 43.6% if you factor in the most valuable pure-play U.S. exploration and production company -- ConocoPhillips (COP +0.75%).

Building a portfolio around these high-quality oil and gas companies is a great bet. ExxonMobil is investing in low-production regions, such as the Permian Basin, its offshore Guyana assets, and liquefied natural gas to push its portfolio toward $30-per-barrel Brent breakeven levels by 2030. Chevron's breakeven is already estimated at about $30 per barrel -- the lowest in the oil patch. ConocoPhillips has breakeven levels below $40 per barrel.

ExxonMobil has increased its dividend for 42 consecutive years, closely followed by Chevron with a 38-year streak. Meanwhile, ConocoPhillips has scrapped its variable dividend and is focused on consistently growing its ordinary dividend, which it should be able to do with its existing portfolio and a slew of high-margin projects in progress.

At the time of this writing, ExxonMobil yields 3.4%, Chevron yields 4.4%, and ConocoPhillips yields 3.5%. These are significantly higher yields than the S&P 500 average of just 1.2%. In fact, the Vanguard Energy ETF yields 3.1% -- driven by the high yields of its three largest holdings as well as exposure to pipeline, transportation, and refining companies that tend to sport high yields.

High-yield stocks at compelling valuations
With a mere 0.09% expense ratio, or just $9 for every $10,000 invested, the Vanguard Energy ETF provides a low-cost way for investors to gain exposure to top U.S. energy companies. The ETF is a particularly good buy for investors looking to boost their passive income with a portfolio built around industry leaders like ExxonMobil, Chevron, and ConocoPhillips, which have low production costs to support their dividends, even at low oil prices.

For the ETF to outperform the S&P 500 in 2026, there would likely need to be a shift in investor preferences from growth stocks to dividend and value stocks -- like what happened in 2022. Or an unexpected uptick in oil and gas prices related to armed conflicts or extended oil production disruptions. No one knows if those events will happen.

What we do know is the ETF continues to be a good value, with a price-to-earnings ratio of just 16.9 compared to 28.9 for the Vanguard S&P 500 ETF. Investors who are worried about valuations, a sell-off in growth stocks, or are simply seeking ways to boost their passive income may want to take a closer look at the Vanguard Energy ETF.

Novartis "can never be done" when it comes to major acquisitions in its sector as it always needs to look for the next "great asset," CEO Vas Narasimhan told CNBC.

In order to offset the hit from generics competition Novartis has been on a buying spree, acquiring more than 35 companies over the last year. The Swiss drugmaker announced its biggest deal in a decade on Sunday, when it announced it has agreed to buy U.S. biotechnology company Avidity Biosciences for about $12 billion. 

The purchase will give the Basel, Switzerland-based pharma giant access to Avidity's vast pipeline of promising experimental drugs. Novartis said two of Avidity's three leading drugs that are expected to be launched before 2030 have the potential to generate billions of dollars in sales.

"We are driven by science and the technology, in this case this was a perfect fit for us … If you take a look at our free cash flow it approaching $20 billion a year, so we have adequate firepower to do deals like this and to bolster the growth profile of the company," Narasimhan told CNBC's "Europe Early Edition." 

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Novartis delivered a 7% increase in third-quarter net sales to $13.9 billion as it continues to grapple with competition for some of its blockbuster drugs. Operating income jumped 27% to $5.46 billion in the period, slightly above analyst expectations.

Novartis shares fell 3.4% at the start of the Tuesday trading session. The stock has risen some 17% since the start of the year, outperforming an 8% rise on the Swiss Market Index.

The company said its performance in the quarter was driven by growth in sales of drugs including cancer treatments Kisqali, Pluvicto and Scemblix, as well as its multiple sclerosis drug Kesimpta, which all saw high double digit revenue growth.

Novartis has raised guidance for the past 10 quarters, including twice this year. Analysts at UBS had expected the drugmaker to up its forecasts again this quarter. However, the drugmaker stuck to its guidance for sales to grow by a "high single digit" percentage and adjusted operating income to grow by a "low teens" percentage.

Its key drugs Entresto, Promacta, and Tasigna are facing loss of exclusivity in the U.S., which resulted in a negative impact of 7 percentage points. Revenue deduction adjustments, mainly in the U.S. led to a negative impact of 2 percentage points due to pricing, the firm said in a Tuesday earnings statement.

Investors are closely watching global updates on tariffs and U.S. President Donald Trump's efforts to lower drug prices for U.S. consumers.

Pharma giants Pfizer and AstraZeneca have recently struck "most favoured nation" (MFN) agreements with the U.S. administration. The policy aims to slash drug costs by tying the prices of some medicine in the U.S. to the significantly lower ones abroad. For the Pfizer and AstraZeneca deals, it will lower the cost of drugs for U.S. consumers while providing the companies a three-year reprieve from tariffs.

"Following PFE and AZN MFN agreements, we expect more announcements across EU and US pharma in the coming weeks. Broad investor expectation is to see a similar agreement for Novartis. We look to see Novartis's views on the expected impact of any agreement on 2026+ earnings," said analysts at UBS.

In September, Novartis pledged it would eliminate the price differential between drugs in the U.S. and other industrialized nations.

In September Novartis also said it would not be impacted by a 100% tariff announced by the White House on branded pharmaceutical products because of its $23 billion investment in U.S. based infrastructure.

Coca-Cola doesn't go on sale very often, so when you can get a fair price, it is probably worth jumping in to buy.

Coca-Cola (KO +0.50%) is a global icon, with products sold in more than 200 countries around the world. With a business dating back to 1886, the Dividend King beverage maker could be worth stocking up on right now.

Here are three reasons why you shouldn't wait until some distant tomorrow to buy Coca-Cola.

Image source: Getty Images.

1. Coca-Cola is a giant
With a market cap of roughly $300 billion, Coca-Cola is one of the largest consumer staples companies you can buy, the fourth-largest, to be exact. The company's size gives it some important advantages over smaller competitors. The most obvious is that Coca-Cola can easily buy upstart companies with exciting brands to round out its product portfolio. But there's more.

Coca-Cola's distribution strength is impressive. Its marketing skills are top-notch. Its research and development team is cutting-edge. Essentially, it can stand toe to toe with any consumer staples maker. In reality, it stands head and shoulders above most of the companies with which it competes. While Coca-Cola has a focus on nonalcoholic beverages, its ability to effectively compete within the consumer staples sector is not limited to just beverage companies. It truly has very few equals.

One of the best examples of Coca-Cola's enduring strength comes from its dividend, which has been increased every year for more than six decades. You can't reach Dividend King status without having a strong business model that is executed well in both good times and bad. Procter & Gamble is the only consumer staples maker with a longer dividend streak. If you like buying great companies, Coca-Cola will be right up your alley.

2. Coca-Cola is performing well right now
In the third quarter of 2025, Coca-Cola was able to increase its case volume by 1%. That's not a huge figure, but it comes amid a difficult backdrop. Consumers have been leaning toward healthier food options, which makes selling sugary drinks a lot more difficult. What's impressive here is what Coca-Cola was able to do with that 1% increase.

Net revenues increased 5%. Organic sales rose 6%. And comparable earnings jumped by 6%. Coca-Cola is executing very well, especially when you compare it to its closest competitor, PepsiCo (PEP +0.71%).

In the third quarter, PepsiCo's income statement reveals that its revenues increased just 2.6%. Its organic sales inched up just 1.3%. And earnings declined 11%. There are reasons an investor might prefer PepsiCo over Coca-Cola, but from a business performance perspective, Coca-Cola is the clear leader right now.

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3. Coca-Cola is fairly priced
So, Coca-Cola is a good company that is performing relatively well, despite a difficult operating environment. The last piece of the puzzle is valuation. Wall Street knows full well how great a business Coca-Cola operates, so it doesn't often go on sale. Even a fair price is usually a good buying opportunity.

Right now, Coca-Cola's price-to-sales, price-to-earnings, and price-to-book value ratios are all close to or below their five-year averages. The stock's 2.9% dividend yield is about middle of the road, historically speaking (though it happens to be attractive on an absolute basis). All in, Coca-Cola looks fairly priced to a little cheap.

Putting the Coca-Cola puzzle together
You are not getting a screaming deal if you buy Coca-Cola today. Value investors will probably prefer competitor PepsiCo. But if you want a reliable dividend stock that is backed by a strong, well-run business, getting Coca-Cola at a fair to slightly cheap price is a worthwhile long-term opportunity. In this case, it is probably better to be about right with your timing than to perfectly time a low point in the share price.

SMITHFIELD, Va., Oct. 28, 2025 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (Nasdaq: SFD), an American food company and an industry leader in value-added packaged meats and fresh pork, today reported results for its fiscal 2025 third quarter ended September 28, 2025.

Third Quarter Fiscal 2025 Financial Highlights

Net sales of $3.7 billion, up 12.4% from the third quarter of 2024Operating profit and adjusted operating profit of $310 millionOperating margin and adjusted operating margin of 8.3%Packaged Meats operating profit and adjusted operating profit of $226 million; operating profit margin and adjusted operating profit margin of 10.8%Diluted earnings per share from continuing operations attributable to Smithfield of $0.63 per shareAdjusted diluted earnings per share from continuing operations attributable to Smithfield of $0.58 per share First Nine Months Fiscal 2025 Financial Highlights

Net sales of $11.3 billion, up 10.9% from the first nine months of 2024Operating profit of $892 million; Adjusted operating profit of $934 millionOperating margin of 7.9%; Adjusted operating margin of 8.3%Packaged Meats operating profit of $792 million; Operating profit margin of 12.8%Packaged Meats adjusted operating profit of $787 million; Adjusted operating profit margin of 12.7%Diluted earnings per share from continuing operations attributable to Smithfield of $1.68 per shareAdjusted diluted earnings per share from continuing operations attributable to Smithfield of $1.72 per share CEO Perspective

“I am pleased to report that our team delivered consistent, disciplined execution on our strategies, which drove sales growth and record third quarter operating profit in a challenging environment,” said Smithfield President and CEO Shane Smith.

“Despite persistent higher raw material costs and cautious consumer spending, our Packaged Meats segment posted the second best third quarter profit on record. We also benefitted from vertical integration as higher Hog Production segment profits more than offset raw material cost headwinds in Fresh Pork and Packaged Meats.”

Smith added, “By staying true to our strategies and delivering on our commitments, we are able to increase the mid-point and tighten the range of our full year adjusted operating profit outlook. With a strong balance sheet and financial position, we remain focused on driving growth and increasing shareholder value over the long term.”

Review of Financial Results

Results of Operations

Sales

 Three Months Ended     September 28, 2025 September 29, 2024 $ Change % Change (in millions)  Sales by segment:       Packaged Meats$2,090  $1,917  $174  9.1%Fresh Pork 2,185   1,951   234  12.0%Hog Production 813   738   75  10.1%Other 131   117   14  12.1%Total segment sales 5,220   4,723   496  10.5%Inter-segment sales eliminations:       Fresh Pork (910)  (756)  (154) 20.4%Hog Production (562)  (632)  70  (11.1)%Total inter-segment sales eliminations (1,473)  (1,389)  (84) 6.0%Consolidated sales$3,747  $3,334  $412  12.4%  Nine Months Ended     September 28, 2025 September 29, 2024 $ Change % Change (in millions)  Sales by segment:       Packaged Meats$6,193  $5,861  $332  5.7%Fresh Pork 6,299   5,871   428  7.3%Hog Production 2,585   2,220   365  16.5%Other 355   350   6  1.7%Total segment sales 15,433   14,301   1,132  7.9%Inter-segment sales eliminations:       Fresh Pork (2,507)  (2,236)  (272) 12.1%Hog Production (1,621)  (1,874)  254  (13.5)%Other (1)  —   —  26.9%Total inter-segment sales eliminations (4,129)  (4,111)  (18) 0.4%Consolidated sales$11,304  $10,190  $1,114  10.9%
Operating Profit

 Three Months Ended     September 28, 2025 September 29, 2024 $ Change % Change (in millions)  Packaged Meats$226  $239  $(14) (5.7)%Fresh Pork 10   28   (18) (63.8)%Hog Production 89   40   48  119.8%Other 10   20   (10) (49.6)%Corporate expenses (24)  (28)  4  15.2%Unallocated (1)  (15)  14  95.0%Operating profit$310  $285  $25  8.9%  Nine Months Ended     September 28, 2025 September 29, 2024 $ Change % Change (in millions)  Packaged Meats$792  $855  $(62) (7.3)%Fresh Pork 127   196   (69) (35.1)%Hog Production 112   (136)  248  NMOther 32   18   13  72.2%Corporate expenses (79)  (92)  13  14.1%Unallocated (92)  (59)  (33) (56.6)%Operating profit$892  $783  $109  13.9%
Financial Position

As of September 28, 2025, we had $3,069 million of available liquidity consisting of $773 million in cash and cash equivalents and $2,297 million of availability under our committed credit facilities. We ended the second quarter with a ratio of net debt to adjusted EBITDA from continuing operations (1) on a trailing twelve months basis of 0.8x.

(1) A non-GAAP measure. Please see the table in the Non-GAAP Financial Measures section for a reconciliation of the ratio of net debt to adjusted EBITDA from continuing operations to the most comparable GAAP measure.
Dividend Update

On April 22, 2025, May 29, 2025 and August 28, 2025, we paid dividends of $0.25 per share to shareholders. We anticipate remaining quarterly dividends for fiscal year 2025 will be $0.25 per share, resulting in an annual dividend rate for fiscal year 2025 of $1.00 per share. The declaration of dividends is subject to the discretion of our Board and depends on various factors, including our net income, financial condition, cash requirements, business prospects, and other factors that our Board deems relevant to its analysis and decision making.

FY 2025 Outlook

For Fiscal Year 2025, the Company is again increasing its outlook originally provided on March 25, 2025 as follows:

Reaffirming total Company sales to increase in the low-to-mid-single-digit percent range compared to fiscal year 2024. For comparability purposes, this outlook range excludes the impact from Hog Production segment sales to recently formed Murphy Family Farms and VisionAg.
Updating Packaged Meats segment adjusted operating profit to between $1,060 million to $1,110 million.
Updating Fresh Pork segment adjusted operating profit to between $150 million to $200 million.
Increasing Hog Production segment adjusted operating profit to between $125 million to $150 million.
Increasing total Company adjusted operating profit to between $1,225 million to $1,325 million.
Updating capital expenditures to between $350 million to $400 million. Capital expenditures include investments in profit improvement projects as well as projects for maintenance and repair.
Reaffirming an effective tax rate of between 23.0% and 25.0%. Conference Call Information

A conference call to discuss the third quarter 2025 financial results is scheduled for today, October 28, 2025, at 9:00 a.m. Eastern Time. A live audio webcast of the conference call, together with related materials, will be available online at investors.smithfieldfoods.com or by dialing 844-539-3338 (international callers please dial 412-652-1269).

A recorded replay of the conference call is expected to be available approximately three hours after the conclusion of the call and can be accessed both online at investors.smithfieldfoods.com and by dialing 877-344-7529 (international callers please dial 412-317-0088). The pin number to access the telephone replay is 2239006. The replay will be available until November 4, 2025.

About Smithfield Foods

Smithfield Foods, Inc. (Nasdaq: SFD) is an American food company with a leading position in packaged meats and fresh pork products. With a diverse brand portfolio and strong relationships with U.S. farmers and customers, we responsibly meet demand for quality protein around the world.

Non-GAAP Financial Measures

This press release includes certain financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including (1) adjusted net income from continuing operations attributable to Smithfield, (2) adjusted net income from continuing operations per common share attributable to Smithfield, (3) EBITDA from continuing operations, (4) adjusted EBITDA from continuing operations, (5) adjusted EBITDA margin from continuing operations, (6) adjusted operating profit, (7) adjusted operating profit margin, (8) net debt and (9) ratio of net debt to adjusted EBITDA from continuing operations. We refer to these measures as “non-GAAP” financial measures.

(1) Adjusted net income from continuing operations attributable to Smithfield is defined as net income (loss), excluding the effects of loss contingencies and transactions or events that are not part of our core business activities or are unusual in nature (whether gains or losses) and the tax effects of the foregoing items. We believe that adjusted net income from continuing operations attributable to Smithfield is a useful measure because it excludes the effects of discontinued operations, non-operating gains and losses and other items that are unusual in nature, infrequent in occurrence or otherwise stem from strategic decisions to restructure our operations. (2) Adjusted net income from continuing operations per common share attributable to Smithfield is defined as adjusted net income from continuing operations attributable to Smithfield divided by total outstanding common shares. (3) EBITDA from continuing operations is defined as earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a useful measure because it excludes the effects of financing and investing activities by eliminating interest and depreciation costs to provide a comparable year-over-year analysis. (4) Adjusted EBITDA from continuing operations is defined as EBITDA further adjusted for non-operating gains and losses and other items that are unusual in nature, infrequent in occurrence or otherwise stem from strategic decisions to restructure our operations. We believe that adjusted EBITDA from continuing operations is a useful measure because it excludes the effects of discontinued operations, non-operating gains and losses and other items that are unusual in nature, infrequent in occurrence or otherwise stem from strategic decisions to restructure our operations. (5) Adjusted EBITDA margin from continuing operations is defined as adjusted EBITDA from continuing operations divided by total sales. We believe that adjusted EBITDA margin from continuing operations is a useful measure because it evaluates overall operating performance, ability to pursue and service possible debt opportunities and possible future investment opportunities. (6) Adjusted operating profit is defined as operating profit, excluding items that are unusual in nature, infrequent in occurrence or otherwise stem from strategic decisions to restructure our operations. (7) Adjusted operating profit margin is adjusted operating profit expressed as a percentage of revenues. We believe that adjusted net income from continuing operations per common share attributable to Smithfield, adjusted operating profit and adjusted operating profit margin provide a better understanding of underlying operating results and trends of established, ongoing operations of our business. (8) Net debt is defined as long-term debt and finance lease obligations, including the current portion, minus cash and cash equivalents. We believe that net debt is a useful measure because it helps to give investors a clear understanding of our financial position and is also used to calculate certain leverage ratios. (9) Ratio of net debt to adjusted EBITDA from continuing operations is defined as net debt divided by adjusted EBITDA from continuing operations. We believe that ratio of net debt to adjusted EBITDA from continuing operations is a useful measure because it monitors the sustainability of our debt levels and our ability to take on additional debt against adjusted EBITDA from continuing operations, which is used as an operating performance measure.

Although these non-GAAP measures are frequently used by investors and securities analysts in their evaluations of companies in industries similar to ours, these non-GAAP measures have limitations as analytical tools, are not measurements of our performance under GAAP and should not be considered as alternatives to operating profit, net income or any other performance measures derived in accordance with GAAP and should not be used by investors or other users of our financial statements in isolation for formulating decisions, as such non-GAAP measures exclude a number of important cash and non-cash charges.

You should be aware that our presentation of these and other non-GAAP financial measures in this press release may not be comparable to similarly titled measures used by other companies. A reconciliation of each of these non-GAAP measures to its most directly comparable financial measure calculated in accordance with GAAP is provided in this release.

The Company’s outlook for fiscal year 2025 includes adjusted operating profit and adjusted segment operating profit. The Company is not able to reconcile its fiscal year 2025 projected adjusted results to its fiscal year 2025 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of and the amount of any potential applicable future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward- looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “contemplates,” “believes,” or “estimates” or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Specific forward-looking statements in this press release include our ability to invest in growth and increase value for our shareholders; our financial outlook for 2025; and the anticipated payment of annual dividends of $1.00 per share in 2025.

We have based the forward-looking statements contained in this press release primarily on our current expectations, estimates, forecasts and projections about future events and trends that we believe may affect our business, results of operations, financial condition and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, the results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. We undertake no duty to update any statement made in this press release in light of new information or future events.

The forward-looking statements contained in this press release are subject to substantial risks and uncertainties that could affect our current expectations and our actual results, including, among others: (i) the cyclical nature of our operations and fluctuations in commodity prices; (ii) our dependence on third- party suppliers; (iii) our ability to execute on our strategy to optimize the size of our hog production operations; (iv) our ability to navigate geopolitical risks including increased tariffs on our exports, (v) our ability to mitigate higher input costs through productivity improvements in our operations, procurement strategies and the use of derivative instruments; (vi) our ability to compete successfully in the food industry; (vii) our ability to anticipate and meet consumer trends and interests through product innovation; (viii) compliance with laws and regulations, including environmental, cybersecurity and tax laws and regulations in the United States and Mexico; (ix) our ability to defend litigation brought against us and the sufficiency of our accruals for related contingent losses; (x) our ability to prevent cyberattacks, security breaches or other disruptions of our information technology systems; (xi) future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (xii) our dividend policy and our ability to pay dividends; and (xiii) our status as a “controlled company” and any resulting potential conflicts of interest. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or by contacting Smithfield’s Investor Relations Department at [email protected] or by clicking on SEC Filings on the Smithfield Investor Relations website at investors.smithfieldfoods.com.

Investor Contact:
Julie MacMedan
Email: [email protected]

Media Contact:
Ray Atkinson
Email: [email protected]
Cell: 757.576.1383

(Financial Tables Follow)

SMITHFIELD FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except for share and per share data, and unaudited)     Three Months Ended Nine Months Ended September 28,
2025 September 29,
2024 September 28,
2025 September 29,
2024Sales$3,747  $3,334  $11,304  $10,190 Cost of sales 3,268   2,859   9,817   8,826 Gross profit 479   476   1,487   1,364 Selling, general and administrative expenses 178   200   643   594 Operating gains (9)  (10)  (48)  (12)Operating profit 310   285   892   783 Interest expense, net 11   17   33   52 Non-operating gains (19)  (7)  (17)  (13)Income from continuing operations before income taxes 318   276   876   745 Income tax expense 71   69   205   165 Loss (income) from equity method investments (4)  (3)  4   (1)Net income from continuing operations 252   209   667   581 Net income from continuing operations attributable to noncontrolling interests 4   7   7   9 Net income from continuing operations attributable to Smithfield 248   202   660   572         Income from discontinued operations before income taxes —   49   —   187 Income tax expense (benefit) from discontinued operations —   (41)  —   8 Net income from discontinued operations —   90   —   179 Net income from discontinued operations attributable to noncontrolling interests —   1   —   2 Net income from discontinued operations attributable to Smithfield —   89   —   176         Net income 252   300   667   760 Net income attributable to noncontrolling interests 4   8   7   11 Net income attributable to Smithfield$248  $291  $660  $749         Net income per common share attributable to Smithfield:       Basic and diluted:       Continuing operations$0.63  $0.53  $1.68  $1.51 Discontinued operations —   0.23   —   0.46 Total$0.63  $0.77  $1.68  $1.97         Weighted-average shares outstanding:       Basic 393,112,711   380,069,232   391,679,362   380,069,232 Diluted 394,594,035   380,069,232   392,307,588   380,069,232  SMITHFIELD FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data, and unaudited)     September 28,
2025 December 29,
2024ASSETSCurrent assets:   Cash and cash equivalents$773  $943 Accounts receivable, net 1,040   558 Inventories, net 2,468   2,412 Prepaid expenses and other current assets 313   290 Total current assets 4,594   4,202     Property, plant and equipment, net 3,191   3,176 Goodwill 1,621   1,613 Intangible assets, net 1,260   1,266 Operating lease assets 381   335 Equity method investments 202   202 Other assets 273   260 Total assets$11,523  $11,054     LIABILITIES AND EQUITYCurrent liabilities:   Accounts payable 597   777 Current portion of long-term debt and finance lease obligations 3   3 Current portion of operating lease obligations 69   56 Accrued expenses and other current liabilities 811   871 Total current liabilities 1,480   1,706     Long-term debt and finance lease obligations 2,001   1,999 Long-term operating lease obligations 318   286 Deferred income taxes, net 581   518 Net long-term pension obligation 215   279 Other liabilities 204   208     Redeemable noncontrolling interests 257   225     Commitments and contingencies       Equity:   Shareholders’ equity:   Preferred stock, no par value; 100,000,000 shares authorized; no shares issued and outstanding —   — Common stock, no par value; 5,000,000,000 shares authorized; 393,112,711 shares issued and outstanding as of September 28, 2025 and 380,069,232 shares issued and outstanding as of December 29, 2024 —   — Additional paid-in capital 3,333   3,102 Retained earnings 3,548   3,184 Accumulated other comprehensive loss (414)  (452)Total shareholders’ equity 6,466   5,834 Total liabilities and equity$11,523  $11,054  SMITHFIELD FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions and unaudited)
   Nine Months Ended September 28,
2025 September 29,
2024Cash flows from operating activities:   Net income$667  $760 Less: Net income from discontinued operations —   (179)Net income from continuing operations$667  $581 Adjustments to reconcile net income from continuing operations to net cash flows from operating activities of continuing operations:   Depreciation and amortization 248   253 Changes in operating and other assets and liabilities, net (794)  (615)Other —   14 Net cash flows from operating activities of continuing operations 121   233     Cash flows from investing activities:   Capital expenditures (246)  (268)Investments in partnerships and other assets (10)  (5)Net expenditures from breeding stock transactions (9)  (42)Proceeds from sale of property, plant and equipment and other assets 6   8 Insurance proceeds 7   2 Cash receipts on notes receivable 14   — Net cash flows used in investing activities of continuing operations (239)  (305)    Cash flows from financing activities:   Payment of dividends (297)  (270)Principal payments on long-term debt and finance lease obligations (1)  (20)Repayments to Securitization Facility —   (14)Proceeds from Securitization Facility —   14 Net repayments to revolving credit facilities —   (1)Net proceeds from issuance of common stock 236   — Other (2)  1 Net cash flows used in financing activities of continuing operations (64)  (290)    Effect of foreign exchange rate changes on cash from continuing operations 12   (12)    Cash flows from discontinued operations:   Net cash flows from operating activities of discontinued operations —   221 Net cash flows used in investing activities of discontinued operations —   (171)Net cash flows used in financing activities of discontinued operations —   (143)Effect of foreign exchange rate changes on cash from discontinued operations —   (5)Net change in cash and cash equivalents of discontinued operations —   (98)    Net change in cash, cash equivalents and restricted cash (170)  (472)    Cash, cash equivalents and restricted cash at beginning of period (including discontinued operations) 943   751 Cash, cash equivalents and restricted cash at end of period$773  $278 
Non-GAAP Financial Measures

Adjusted Net Income from Continuing Operations Attributable to Smithfield and Adjusted Net Income from Continuing Operations per Common Share Attributable to Smithfield

The following table provides a reconciliation of net income from continuing operations attributable to Smithfield to adjusted net income from continuing operations attributable to Smithfield.

 Three Months Ended Nine Months Ended Affected income statement
account
 September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024  (in millions, except per share data) Net income from continuing operations attributable to Smithfield$248  $202  $660  $572   Litigation charges —   —   73   —  SG&AReduction in workforce(1) —   —   6   —  SG&AReduction in workforce(1) —   —   2   —  Cost of salesOffice closures(2) —   —   4   —  SG&AHog Production Reform(3) 1   3   3   13  Cost of salesHog Production Reform —   —   (1)  —  Operating gainsPlant closure —   —   2   —  Cost of salesIncremental costs from destruction of property —   —   —   4  Cost of salesEmployee retention tax credits(4) —   —   (10)  (86) Cost of salesEmployee retention tax credits(4) —   —   —   (1) SG&AInsurance recoveries(5) (2)  (3)  (36)  (4) Operating gainsCompany-owned life insurance gain(6) (17)  —   (17)  —  Non-operating gainsIncome tax effect of non-GAAP adjustments(7) —   —   (11)  19  Income tax expenseAdjusted net income from continuing operations attributable to Smithfield$230  $203  $674  $518             Net income from continuing operations attributable to Smithfield per diluted common share$0.63  $0.53  $1.68  $1.51   Adjusted net income from continuing operations attributable to Smithfield per diluted common share$0.58  $0.53  $1.72  $1.36    (1) Consists of severance costs associated with a workforce reduction initiative. Total severance costs round up to $9 million.(2) Consists of severance costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri.(3) Consists of contract termination costs, loss on asset disposals, employee termination benefits, accelerated depreciation charges and other exit costs associated with our Hog Production Reform initiative.(4) Represents the recognition of employee retention tax credits received under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.(5) Consists of gains recognized in connection with settlements of insurance claims associated with property damage. Also includes settlements of insurance claims in the second quarter of 2025 and the second and third quarters of 2024 for losses incurred in connection with past litigation.(6) Consists of a gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies.(7) Represents the tax effects of the non-GAAP adjustments based on a statutory tax rate of 25.7%.    EBITDA from Continuing Operations, Adjusted EBITDA from Continuing Operations and
Adjusted EBITDA Margin from Continuing Operations

The following table provides a reconciliation of net income from continuing operations to EBITDA from continuing operations and adjusted EBITDA from continuing operations.

 Three Months Ended Nine Months Ended Twelve Months Ended Affected Income Statement Account
 September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 September 28, 2025 December 29, 2024  (in millions, except percentages)  Net income from continuing operations$252  $209  $667  $581  $884  $798   Interest expense, net 11   17   33   52   47   66   Income tax expense 71   69   205   165   310   271   Depreciation and amortization 82   88   248   253   335   339   EBITDA from continuing operations$416  $382  $1,152  $1,050  $1,576  $1,474   Litigation charges —   —   73   —   73   —  SG&AReduction in workforce(1) —   —   6   —   6   —  SG&AReduction in workforce(1) —   —   2   —   2   —  Cost of salesOffice closures(2) —   —   4   —   4   —  SG&APlant closure(3) —   —   1   —   1   —  Cost of salesHog Production Reform(4) 1   3   2   12   19   29  Cost of salesHog Production Reform(5) —   —   (1)  —   (39)  (38) Operating gainsIncremental costs from destruction of property —   —   —   4   —   4  Cost of salesEmployee retention tax credits(6) —   —   (10)  (86)  (10)  (86) Cost of salesEmployee retention tax credits(6) —   —   —   (1)  —   (1) SG&AInsurance recoveries(7) (2)  (3)  (36)  (4)  (36)  (4) Operating gainsCompany-owned life insurance gain(8) (17)  —   (17)  —   (17)  —  Non-operating gainsAdjusted EBITDA from continuing operations$398  $383  $1,175  $976  $1,577  $1,379                 Net income margin from continuing operations 6.7%  6.3%  5.9%  5.7%  5.8%  5.6%  Adjusted EBITDA margin from continuing operations 10.6%  11.5%  10.4%  9.6%  10.3%  9.7%   (1) Consists of severance costs associated with a workforce reduction initiative. Total severance costs round up to $9 million.(2) Consists of severance costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri.(3) Excludes accelerated depreciation charges as such amounts are included in the depreciation and amortization line in this table.(4) Consists of contract termination costs, loss on asset disposals, employee termination benefits and other exit costs associated with our Hog Production Reform initiative. Excludes accelerated depreciation charges as such amounts are included in the depreciation and amortization line in this table.(5) Includes a $32 million gain on the sale of our Utah hog farms and a $6 million gain on the sale of breeding stock to Murphy Family Farms in the fourth quarter of 2024.(6) Represents the recognition of employee retention tax credits received under the CARES Act.(7) Consists of gains recognized in connection with settlements of insurance claims associated with property damage. Also includes settlements of insurance claims in the second quarter of 2025 and the second and third quarters of 2024 for losses incurred in connection with past litigation.(8) Consists of a gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies. Net Debt and Ratio of Net Debt to Adjusted EBITDA from Continuing Operations

The following table provides a reconciliation of total debt and finance lease obligations to net debt, the ratio of total debt and finance lease obligations to net income from continuing operations, and the ratio of net debt to adjusted EBITDA.

 Twelve Months Ended September 28,
2025 December 29, 2024 (in millions, except ratios)Current portion of long-term debt and capital lease$3  $3 Long-term debt and finance lease obligations 2,001   1,999 Total debt and finance lease obligations$2,004  $2,002 Cash and cash equivalents (773)  (943)Net debt$1,231  $1,059     Net income from continuing operations$884  $798 Adjusted EBITDA from continuing operations$1,577  $1,379     Ratio of total debt and finance lease obligations to net income from continuing operations2.3x 2.5xRatio of net debt to adjusted EBITDA from continuing operations0.8x 0.8x
Adjusted Operating Profit and Adjusted Operating Profit Margin

The following table provides a reconciliation of operating profit to adjusted operating profit. Adjusted operating profit and adjusted operating profit margin are non-GAAP measures.

Three Months Ended
September 28, 2025Packaged Meats Fresh Pork Hog Production Other(1) Corporate(2) Unallocated(3) Consolidated (in millions, except percentages)Operating profit (loss)$226  $10  $89  $10  $(24) $(1) $310 Hog Production Reform —   —   —   —   —   1   1 Insurance recoveries —   —   —   —   —   (2)  (2)Adjusted operating profit (loss)$226  $10  $89  $10  $(24) $(1) $310               Operating profit (loss) margin 10.8%  0.5%  10.9%  7.7% NM NM  8.3%Adjusted operating profit (loss) margin 10.8%  0.5%  10.9%  7.7% NM NM  8.3% Three Months Ended
September 29, 2024Packaged Meats Fresh Pork Hog Production Other(1) Corporate(2) Unallocated(3) Consolidated (in millions, except percentages)Operating profit (loss)$239  $28  $40  $20  $(28) $(15) $285 Hog Production Reform(4) —   —   —   —   —   3   3 Insurance recoveries(5) —   —   —   —   —   (3) $(3)Adjusted operating profit (loss)$239  $28  $40  $20  $(28) $(14) $286               Operating profit (loss) margin 12.5%  1.4%  5.5%  17.1% NM NM  8.5%Adjusted operating profit (loss) margin 12.5%  1.4%  5.5%  17.1% NM NM  8.6% (1) Includes our Mexico and Bioscience operations.(2) Represents general corporate expenses for management and administration of the business.(3) Includes certain costs of sales, SG&A and operating gains that we do not allocate to our segments.(4) Consists of loss on asset disposals, accelerated depreciation charges and other exit costs associated with our Hog Production Reform initiative.(5) Consists of a gain recognized in the third quarter of 2024 for the settlement of a claim with an insurance carrier to recover losses incurred in connection with past litigation. Nine Months Ended
September 28, 2025Packaged Meats Fresh Pork Hog Production Other(1) Corporate(2) Unallocated(3) Consolidated (in millions, except percentages)Operating profit (loss)$792  $127  $112  $32  $(79) $(92) $892 Litigation charges —   —   —   —   —   73   73 Reduction in workforce(4) —   —   —   —   —   9   9 Office closures(5) —   —   —   —   —   4   4 Plant closure —   —   —   —   —   2   2 Hog Production Reform —   —   —   —   —   2   2 Employee retention tax credits(6) (5)  (5)  —   —   —   —   (10)Insurance recoveries(7) —   —   —   —   —   (36)  (36)Adjusted operating profit (loss)$787  $122  $112  $32  $(79) $(40) $934               Operating profit (loss) margin 12.8%  2.0%  4.3%  8.9% NM NM  7.9%Adjusted operating profit (loss) margin 12.7%  1.9%  4.3%  8.9% NM NM  8.3% Nine Months Ended
September 29, 2024Packaged Meats Fresh Pork Hog Production Other(1) Corporate(2) Unallocated(3) Consolidated (in millions, except percentages)Operating profit (loss)$855  $196  $(136) $18  $(92) $(59) $783 Hog Production Reform(8) —   —   —   —   —   13   13 Incremental costs from destruction of property —   —   —   —   —   4   4 Insurance recoveries(7) —   —   —   —   —   (4)  (4)Employee retention tax credits(6) (38)  (41)  (8)  —   —   —   (87)Adjusted operating profit (loss)$816  $155  $(143) $18  $(92) $(45) $710               Operating profit (loss) margin 14.6%  3.3% (6.1)%  5.3% NM NM  7.7%Adjusted operating profit (loss) margin 13.9%  2.6% (6.5)%  5.3% NM NM  7.0% (1) Includes our Mexico and Bioscience operations.(2) Represents general corporate expenses for management and administration of the business.(3) Includes certain costs of sales, SG&A and operating gains that we do not allocate to our segments.(4) Consists of severance costs associated with a workforce reduction initiative.(5) Consists of severance costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri.(6) Represents the recognition of employee retention tax credits received under the CARES Act.(7) Consists of gains recognized in connection with settlements of insurance claims associated with property damage. Also includes settlements of insurance claims in the second quarter of 2025 and the second and third quarters of 2024 for losses incurred in connection with past litigation.(8) Consists of contract termination costs, loss on asset disposals, employee termination benefits, accelerated depreciation charges and other exit costs associated with our Hog Production Reform initiative.

Ares Capital has a great history and a huge yield, but it's still a business development company (BDC).

The big selling point for Ares Capital (ARCC +1.20%) is its huge 9.6% dividend yield. Part of the reason for that is that, as a business development company (BDC), Ares Capital's corporate structure is designed to pass income on to investors.

However, there's an important wrinkle with BDCs that you can't ignore if you are considering buying Ares Capital because of its lofty yield.

Image source: Getty Images.

What does a business development company like Ares Capital do?
From a high-level view, Ares Capital makes loans to smaller businesses. There's nothing inherently wrong with this, but it is notable that the average interest rate on the BDC's loans in the second quarter was a huge 10.9%. These are, on average, very costly loans for the companies to which Ares is providing capital.

The second-order issue here is that the companies to which Ares Capital is lending don't have other more attractive options. If they did, they would probably raise capital differently, such as issuing stock, selling debt publicly, or taking out a loan from a bank. In other words, Ares Capital is dealing with relatively risky loans. The hope is that providing loans to a large number of companies (566 at the mid-point of 2025) will spread the risk around.

To some extent, the company's diversified portfolio does help to minimize the risk posed by any one company's loans. But go back to the lofty interest rates on Ares Capital's loans again. The vast majority of the companies it works with are higher risk for some reason. And that changes the dynamics during economic downturns.

The logic isn't particularly complicated. When the economy falls into a recession, smaller and more financially stressed companies tend to suffer more than others. And since Ares Capital's portfolio is focused on such companies, well, it usually has to deal with a large collection of problems within its portfolio at the same time during business downturns. The high rates it charges on loans don't help the situation.

This isn't actually good or bad, per se. It is just a fact of life. However, there are big implications for dividend investors.

Data by YCharts.

Ares Capital's dividend moves around
Most dividend investors try to find well-run companies that have sustainable, if not growing, dividends. The goal is often to provide a reliable income stream to help support retirement spending. This is why being a Dividend King, which means a company has 50-plus consecutive annual dividend increases under its belt, is such an important achievement. Ares Capital is no Dividend King, as the chart above clearly highlights.

The first key thing to notice is that Ares Capital's dividend has fallen notably during both of the recessions it has lived through. That's true even though the recession surrounding the coronavirus pandemic was extremely short. The second issue to pay attention to is that the dividend, even outside of those two periods, has bounced around a bit. This is not a dividend you can rely on quarter after quarter.

Today's Change

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That isn't a criticism of Ares Capital as a business. It is actually a fairly well-run BDC. In fact, during the Great Recession, it ended up acting as an industry consolidator, using its strong business foundation to buy weaker BDCs. There's no reason to believe it won't be able to do the same again if there's a deep downturn. But that doesn't change the fact that the dividend, simply because of the nature of Ares Capital's business, is volatile.

Is Ares Capital a buy now?
If you want to own a well-run business development company, Ares Capital is a solid option. However, if you want to own a reliable dividend stock, you would probably be better off avoiding it and BDCs altogether. As for the opportunity right now, the Federal Reserve is lowering interest rates in an effort to prop up economic growth. If it fails in that effort, a recession could be in the cards. And that is one of the worst environments for BDCs to operate in.

-

SINGAPORE--(BUSINESS WIRE)--Sea Limited (NYSE: SE) (“Sea” or the “Company”) plans to announce its third quarter 2025 results before the U.S. market opens on November 11, 2025, U.S. Eastern Time.

The Company’s management will host a conference call to discuss the third quarter 2025 results. A live webcast of this conference call will be available on the Company’s website.

Details of the webcast are as follows:

A replay of the conference call will be available at the Company’s investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above.

About Sea

Sea Limited (NYSE: SE) is a leading global consumer internet company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital financial services, known as Garena, Shopee and Monee, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America. Monee is a leading digital financial services provider in Southeast Asia and is growing its presence in Brazil.

For more information, visit www.sea.com.

More News From Sea Limited

Back to Newsroom

HSBC Holdings PLC (LSE:HSBA) shares rose 3% on Monday after the bank raised its full-year guidance, brushing aside a $1.1 billion provision linked to the Madoff securities fraud.

The group’s third-quarter underlying profit before tax rose 3% to $9.1 billion, ahead of forecasts, while revenue also climbed 3% to $17.9 billion. Hargreaves Lansdown analyst Matt Britzman said the apparent weakness in headline figures “flips” when the one-off Madoff charge is excluded.

He said the results showed “the operational engine is clearly firing,” with net interest income increasing to $11 billion on stronger deposits and structural hedging, while wealth management fees improved as client activity returned.

HSBC raised its 2025 net interest income target to at least $43 billion, up from $42.5 billion, which Britzman described as “conservative” given rising Hong Kong rates and resilient deposit growth.

The lender’s upbeat tone and better-than-expected underlying performance lifted sentiment across the UK banking sector, helping offset lingering concerns over litigation costs and slowing global growth.

HSBC’s results suggest its core business remains in good health despite market volatility and regulatory headwinds — a reassuring sign for investors after several quarters of mixed performance.

The shares rose 28.5p to 1,029.8p.

CSL Limited (OTCQX:CSLLY) Shareholder/Analyst Call October 27, 2025 7:01 PM EDT

Company Participants

Fiona Mead - Company Secretary & Head of Corporate Governance
Brian McNamee
Paul McKenzie - MD, CEO & Executive Director
Brian Daniels
Cameron Price
Megan Clark

Conference Call Participants

Phoebe Rountree

Presentation

Fiona Mead
Company Secretary & Head of Corporate Governance

Good morning, ladies and gentlemen. We still have some people registering, but we always start our Board meetings on time at CSL. So today will be no exception.

Welcome to CSL's 2025 Annual General Meeting. Before we commence with the formal proceedings of the meeting, we'd like to play you a short video. The video feathers Melissa, who has a hereditary angioedema or HAE patient of ours. Thankfully, Melissa and many of our other HAE patients can manage their treatment with CSL products.

You can read more about our purpose and how the people and science of CSL save lives and make the lives of our patients better in our annual report, which is on our website or there's some copies outside afterwards.

Thank you, Melissa, for sharing your story with us today.

[Presentation]

Fiona Mead
Company Secretary & Head of Corporate Governance

My name is Fiona Mead. I'm the Company Secretary here at CSL Limited. It's a pleasure to welcome you all to our 2025 Annual General Meeting, and I do believe we have a full house.

I will run through the procedural aspects of the meeting shortly. This meeting is being held in a hybrid format. Thank you to all of you who've joined us today in person, and we welcome everybody who is joining us online as well.

For those here in the room, in the unlikely event of an emergency, please follow all the instructions from the RACV staff and be attentive to announcements over the PA system. If

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October 28, 2025 5:00 AM EDT | Source: Provenance Gold Corp.
Vancouver, British Columbia--(Newsfile Corp. - October 28, 2025) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) ("Provenance" or the "Company") is pleased to announce the closing of its non-brokered private placement (the "Offering") for gross proceeds of $4,500,000.

Upon closing, the Company issued 18,000,000 units (each, a "Unit") at a price of $0.25 per Unit. Each Unit consists of one common share and one-half of one share purchase warrant (each, a "Warrant"), with each full Warrant entitling the holder to purchase one additional share at a price of $0.30 until October 27, 2030.

In connection with closing the Offering, the Company paid $156,000 and issued 624,000 broker warrants to an arms-length brokerage firm. Each broker warrant is exercisable on the same terms as the subscriber Warrants. All securities issued in connection with the Offering are subject to restrictions on resale until February 28, 2026, in accordance with applicable securities laws. In addition, all subscribers in the Offering have agreed that the Units will be subject to additional restrictions on resale until October 27, 2026.

Stock Options

The Company also announces that it has granted 1,530,000 stock options to certain officers, directors and consultants of the Company. The options have an exercise price of $0.30 per share, have a sixty (60) month term from the date of the grant and vest immediately.

Ongoing Exploration

The Company continues to have two drill rigs operating at Eldorado West. Further assay results are pending.

About Provenance Gold Corp.

Safe Harbor Statement: Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272171

Tether Holdings Ltd., the company behind the USDT stablecoin, anticipates generating nearly $15 billion in earnings for 2025. This projection underscores the company’s steady business growth, enabled largely by the adoption of its pegged digital currency, which underpins much of the global cryptocurrency trading volume (even though other stablecoins like Circle’s USDC are beginning to claim a larger market share after more regulatory clarity in the US under the Trump Administration).

Now headquartered in El Salvador, Tether has solidified its position as the undisputed leader in the stablecoin sector. With USDT circulating in considerable quantities—exceeding $100 billion in market capitalization—the token serves as a critical bridge between traditional finance and blockchain ecosystems.

Traders worldwide rely on it for quick, low-volatility transactions, from hedging crypto volatility to facilitating cross-border remittances. This year alone, Tether’s operational scale has amplified its financial returns, transforming it from a niche player into a behemoth capable of rivaling established fintech giants.

As reported by Bloomberg, the profit outlook, which reflects a substantial uptick from prior periods, stems largely from interest income on the reserves backing USDT. These assets, comprising cash equivalents, U.S. Treasuries, and other low-risk holdings, generate yields in a high-interest-rate environment. As central banks maintain elevated rates to combat inflation, Tether’s treasury has become a lucrative engine, converting everyday stability into extraordinary gains.

Analysts note that such earnings not only bolster the company’s balance sheet but also enhance investor confidence in the sustainability of stablecoins amid regulatory scrutiny. Adding to the momentum, Tether is actively negotiating a capital infusion.

Discussions are underway to secure up to $20 billion from strategic partners, in return for approximately 3% equity in the firm. If finalized, this infusion would peg Tether’s overall valuation at a $500 billion, bringing it into the ranks of privately held enterprises worldwide.

The talks, first spotlighted in financial circles last month, have ignited interest from venture capitalists and institutional players eager to tap into the stablecoin adoption surge.

This potential deal arrives at a pivotal juncture for Tether. While the company has faced past controversies over reserve transparency and regulatory probes, its growth trajectory—marked by reserve attestations and expanding partnerships—has address some of the doubts.

The fundraising could accelerate product development, such as deeper integration with decentralized finance (DeFi) protocols or tokenized real-world assets, further enhancing USDT’s utility.

Looking ahead to the foreseeable future, Tether‘s growth signals broader shifts in the crypto space. As stablecoins evolve from simple trading tools to foundational infrastructure for global payments, companies like Tether could continue to enhance monetary flows.

With more scale also comes heightened expectations: regulators in the U.S. and Europe are intensifying oversight to ensure systemic stability.

OKX has listed Virtuals Protocol (VIRTUAL) for spot trading against USDT.The listing follows a 90% weekly surge and a three-month price high, signaling renewed investor interest in VIRTUAL.Rising wallet activity, whale transactions, and new integrations within the AI agent ecosystem have strengthened market optimism.OKX, a leading cryptocurrency exchange, has announced the listing of Virtuals Protocol (VIRTUAL) on its spot platform.

The listing follows a surge in momentum for VIRTUAL, which hit a three-month high yesterday amid strong on-chain activity and new strategic integrations.

Sponsored

Sponsored

VIRTUAL Secures Major Exchange ListingIn its latest announcement, OKX confirmed that VIRTUAL will be available to trade against the Tether (USDT) pair. The exchange has opened deposits.

Moreover, trading will go live at 8:00 UTC following a one-hour pre-open session starting at 7:00 UTC. OKX will open withdrawals at 11:00 UTC.

“Following the end of the Pre-open session, OKX will use the last index price at the commencement of continuous trading as the initial price of the trading chart,” the exchange stated.

OKX will cap limit orders at $10,000 for the first five minutes when trading starts. The exchange will also enforce index-based price restrictions during the pre-open period and continuous trading. These measures aim to mitigate volatility during the token’s debut on the platform.

How Virtuals Protocol (VIRTUAL) Regained Market Attention in October Notably, OKX’s decision to list the token comes at a time when VIRTUAL is attracting renewed attention. BeInCrypto Markets data showed that the altcoin’s value has appreciated by over 90% in the past week. 

Yesterday, it even peaked at a three-month high before experiencing a correction. Over the past day, the VIRTUAL token has dipped 7.8%. At the time of writing, it traded at $1.43.

Sponsored

Sponsored

Virtuals Protocol (VIRTUAL) Price Performance. Source: BeInCrypto MarketsDespite the dip, CoinGecko data showed that 87% of the traders remain bullish on VIRTUAL, highlighting strong community optimism. This sentiment is echoed in analysts’ forecasts, who expect the token to continue reaching new highs. 

One analyst noted that the altcoin has broken a 19-week downtrend, which could lead to a larger rally. He added that even if there’s a correction, the overall outlook would still remain bullish.

“My targets: $2, $2.59, $3.2 (bull targets are higher ;)” he wrote.

In addition to the price, the network has seen strong growth overall. According to the latest data from Dune Analytics, the number of daily active wallets increased in late October, averaging over 10,000. Furthermore, whale transactions exceeding $100,000 rose 240% week-over-week.

The growth could be attributed to the ecosystem expansions that have amplified VIRTUAL’s utility and demand. The Virtuals Protocol’s AI agent ecosystem saw multiple integrations. Additionally, the network announced that all agent tokens went live on Coinbase.

“Virtuals is one of the most important ecosystems in base, and I am so proud we all have all of it on  @coinbase. Incredibly well deserved,” Jesse Pollak, Head of Base, wrote.

Together, these trends point to a clear revival of interest in Virtuals Protocol. Whether this momentum will endure or fade will become evident in the coming time.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Key Takeaways
Is Bitcoin’s bottom in?
Risk appetite among Bitcoin investors remain muted despite improving on-chain strength.

What’s driving sentiment now?
Whale accumulation and resilient short-term holders are building the case for a potential sustained rally.

Looks like Bitcoin [BTC] is sticking to its seasonal tailwind. 

Despite the October flush, BTC is still up 1.23% and sits just 7% shy from reclaiming all its post-crash losses. That means previously underwater wallets are back into profit, with 91% of the BTC supply now in the green.

On top of that, BTC has flipped above the short-term holder (STH, >155 days) cost basis at $113k for the first time since the crash, reinforcing buyer confidence among those most prone to capitulation during drawdowns.

Source: Glassnode

In short, Bitcoin looks poised to trigger FOMO if this momentum holds.

Supporting that view, whale activity has picked up noticeably. On the 26th of October, a single whale accumulated 2,772 BTC (roughly $309 million worth) pushing its estimated cost basis to around $111k.

Together, these dynamics (weak hands realizing gains, STHs showing resilience and whales buying the dip) are forming the ideal conditions for a “sustained” move. The question is, has greed returned to the market?

Cautious sentiment lingers among Bitcoin investors
From a broader view, it looks like the market’s in a holding pattern.

Despite its underlying strength, Bitcoin remains nearly 10% below its $126k all-time high. This indicates that investors are treading carefully, opting for measured positioning rather than aggressive dip-buying.

Meanwhile, the Fear and Greed Index reflects this cautious tone. Since the crash, the index has climbed just two points, keeping the market in a neutral zone and suggesting that risk appetite is still muted among bulls.

Source: CoinMarketCap

In this context, calling a Bitcoin bottom might still be premature.

Still, with whales accumulating and on-chain metrics stabilizing, the groundwork for BTC’s next move may already be in place. If momentum picks up, caution could quickly turn into conviction for a sustained run.

On the flip side, that same caution could just as easily shift into capitulation. So for now, Bitcoin sits at a key inflection point, making it a “high-risk” trade for those looking to front-run the next move.

Ritika Gupta is a Financial Journalist and Geopolitical Analyst at AMBCrypto, specializing in the critical intersection of world politics, economic policy, and the cryptocurrency markets. Her analysis is informed by her distinguished background, which includes professional experience at major news network.
She holds a Bachelor's degree in Political Science and Psychology from Gargi College, University of Delhi. This academic training provides her with a sophisticated framework for dissecting complex issues such as international regulations, government fiscal policies, and the geopolitical forces that directly influence asset valuations.
At AMBCrypto, Ritika applies this expert lens to synthesize macroeconomic data and political developments, offering readers a deeper context for market movements. She excels at explaining not just what is happening in the market, but why it is happening. Her work is dedicated to providing strategic insights that empower readers to understand the complex relationship between global events and their digital assets.

8h05 ▪
4
min read ▪ by
Luc Jose A.

Summarize this article with:

While the crypto market shows signs of recovery, BitMine Immersion Technologies stands out with a $321 million Ethereum purchase. This operation places the company, listed on the NYSE, at the top of public ETH treasuries. At the helm, Tom Lee, co-founder of Fundstrat, orchestrates this bold bet in a climate of renewed risk-taking in the markets. This strong signal could redefine the balance of power between Bitcoin and Ethereum.

In brief

BitMine Immersion Technologies invests $321 million in Ethereum, consolidating its position as the leader of ETH treasuries.
The company now holds 3.313 million ETH, valued at $13.8 billion, as well as 192 BTC and $305M in cash.
This operation takes place as Ethereum rebounds in the market, briefly reaching $4,246.
Tom Lee, chairman of BitMine, justifies this purchase by a more favorable macroeconomic context, notably thanks to eased US-China tensions.

BitMine boosts its ETH treasury to a record level
Last week, BitMine Immersion Technologies made one of the largest Ethereum purchases ever recorded by a public company: 77,055 ETH were acquired for a total value of $321 million, while the company already held 3 million.

This announcement, made Monday by the company, comes as Ethereum gains ground in the market, with a 3 % rebound over the week and a peak observed at $4,246. This bullish context also pushed BitMine’s stock upward, with a rise of over 5 % on Monday, bringing the BMNR share to $53.15.

With this new acquisition, BitMine solidifies its status as the world’s largest institutional holder of ETH, far ahead of its competitors. Its treasury structure is now as follows :

3.313 million ETH, valued at $13.8 billion ;
192 BTC, representing about $22 million ;
$305 million in available cash.

This positioning places BitMine at the top of corporate Ethereum treasuries, ahead of SharpLink Gaming ($3.58B in ETH). Across all crypto treasuries, BitMine ranks second, only surpassed by Strategy, holder of 640,800 BTC, valued at more than $73.6 billion.

A unique strategy amid crypto diversification
Beyond the numbers, BitMine’s strategy resonates directly with the words of its chairman, Tom Lee. He explained that the massive ETH purchase fits into an improving macroeconomic context, particularly on the US-China trade relations front.

“Progress in trade talks between the United States and China is a positive signal for Ethereum and the entire crypto market,” Lee stated. According to him, although crypto fundamentals are theoretically uncorrelated to stocks, Ethereum performance historically improves during rises in traditional markets.

This interpretation is notably based on research conducted by Fundstrat, which highlight an indirect correlation via leverage dynamics. When equity markets are in an upward phase, institutional investors tend to take on more risk, including in assets like Ethereum. This return of risk appetite after the recent crypto market capitulation thus offers, according to Lee, a favorable ground for a massive repositioning on ETH, despite ongoing volatility.

With this spectacular operation, BitMine and Tom Lee send a strong signal. Ethereum is now at the heart of crypto company treasury strategies, and perhaps soon other major public players according to Coinbase. It remains to be seen if this bet on a market recovery and a beneficial short-term correlation will be sustainable.

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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.

Bitcoin’s recent rise has started a new debate among traders and analysts. Many are wondering if the bull run is coming to an end or if a new rally is just beginning. One of the most respected crypto chart analysts, Stockmoney Lizards, thinks this cycle is different from the past ones and says Bitcoin may still have more room to grow.

The 4-Year Cycle DebateTraditionally, Bitcoin’s market follows a four-year cycle, roughly 1.5 years from halving to peak, and four years from one peak to the next. By that logic, the market should now be entering its bear phase. 

But according to Stockmoney Lizards, this cycle is different. The total market cap has grown from $10 billion in 2016 to over $2 trillion in 2025, making simple historical comparisons less relevant. 

Unlike previous cycles marked by dramatic parabolic rises, Bitcoin has been climbing in a steady channel. There hasn’t been a “blow-off top” or explosive hype phase yet, a sign that the cycle could still have room to grow.

Institutional Buying Changes the GameOne major difference this time is institutional involvement. Spot Bitcoin ETFs now hold roughly $150 billion worth of BTC, and inflows have remained strong throughout October. 

Stockmoney Lizards points out that such large-scale investment reduces the chances of a -90% crash, which was common in previous cycles.

Apart from it, on-chain data like the Satoshimeter shows the market hasn’t reached its typical “hype zone.” Other technical patterns, like three rising valleys and Bollinger Band compression, also suggest a strong foundation for another leg up.

Bitcoin Nears Final Resistance ZoneAdding bullishness to the analysis, crypto analyst Castrades says Bitcoin is still moving in a large ABC correction pattern, which often appears after big rallies.

He points out a key resistance area between $117,000 and $119,500 — calling it the “final resistance zone.” If Bitcoin can’t break above this range, it might drop back toward $94,000–$97,000.

But if the price climbs above $123,500, Castrades believes it could start a new strong bullish phase instead.

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Ethereum treasury company ETHZilla has sold roughly $40 million worth of ETH from its treasury to support a share buyback program as it looks to narrow the gap between its stock price and net asset value.

Summary

ETHZilla sold $40 million in ETH to fund share buybacks.
Around 600,000 shares were repurchased for $12 million.
ETHZilla shares rallied over 14% on Monday.

The Nasdaq-listed company acquired approximately 600,000 shares late last week for around $12 million after offloading a portion of its ETH holdings, an Oct. 27 press release outlined.

Net Asset Value, or NAV, is a financial metric that represents the per-share value of a company’s assets after subtracting liabilities. It’s commonly used by crypto treasury firms, especially those holding large crypto reserves like ETHZilla, to determine whether a stock is overvalued or undervalued relative to its underlying holdings.

ETHZilla hopes to narrow the gap between its share price and the net asset value per share, which reflects the market value of its Ethereum reserves, by trimming the number of shares in circulation and increasing each remaining share’s proportional claim on its assets.

“By opportunistically repurchasing shares while our stock is trading below NAV, we plan to reduce the number of shares that are available for stock loan/borrow activity, while increasing the NAV per share of the Company,” ETHZilla Chairman and CEO McAndrew Rudisill said in an accompanying statement.

The remaining funds procured in the sale have also been earmarked for share repurchases, the firm added, noting that it would continue to “repurchase its shares until the discount to NAV is normalized.”

Following this sale, ETHZilla continues to hold roughly $400 million worth of ETH in its treasury. 

ETHZilla shareholders push for share buybacks
Major ETHZilla shareholders like activist investor Dimitri Semenikhin have been calling for more aggressive buybacks as the stock continued to trade at a steep discount to its net asset value.

ETHZilla’s announcement followed closely on the heels of an open letter published by Semenikhin, who recently disclosed a 2.2% stake in the company, urging management to deploy its Ethereum holdings to buy back shares and unlock immediate value for investors. See below.

Dimitri Semenikhin (Capybara Stocks) open letter to ETHZilla | Source Capybara Stocks on X
ETHZilla shares, which have been struggling over the past month, have rebounded sharply since Oct. 23, climbing 14.5% on Monday to close at $20.65 and rising another 14% after hours to $23.55 according to Google Finance data.

Some of the market enthusiasm was fuelled by the company’s $15 million investment for a 15% stake in Satschel, Inc., the parent company of Liquidity.io, a regulated broker-dealer and digital alternative trading system.

ETHZilla announces $250m share buyback program
Back in August, ETHZilla’s board of directors approved a $250 million share repurchase plan, and the latest purchase follows over 6 million shares purchased in September.

At the time the repurchase program was approved, the company said it expects the program to run through June 30, 2026, with repurchases expected to be carried out either on the open market or through privately negotiated transactions at prevailing market prices.