Solana is closing in on XRP's market value, but ETF outflows, a struggling price, and Ripple's new bank charter are all working against it. Whether SOL can mount a comeback before year-end depends on a razor-thin set of conditions falling…
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Solana (CRYPTO: SOL) is just 38.6% away from surpassing XRP (CRYPTO: XRP) in market value. At XRP’s current price, this figure highlights the Solana vs. XRP gap in simple terms. Market value refers to the total worth of all tokens in circulation.
SOL is trading at $97 after a 19.5% drop over the past month, while XRP trades at $1.25, down 17.6%. Both cryptocurrencies have declined, keeping XRP the fifth-largest by market value at $79 billion and Solana seventh at $57 billion. SOL reached a high of $121.52 on October 4 but dropped to a low of $95 by October 29.
The gap between the two cryptocurrencies was narrowest at the start of October but has since widened again. So, can Solana close the gap and pass XRP by December 31, 2026?
How Much Must Solana Climb to Overtake XRP?
For SOL to match XRP’s current market value, it needs to rise about 38.6% to around $134. Conversely, XRP would need to drop 27.9% to about $0.90, assuming SOL’s price stays steady.
The last time SOL closed above $134 was on January 18, when it finished at $136. It reached its highest close in the past three months at $122.08 on September 25. To move forward, SOL must break its recent high and maintain that upward momentum.
How Has the Gap Between Solana and XRP Evolved?
One factor that could help Solana narrow the gap is supply dilution. Unlike XRP, Solana has no maximum supply, so new tokens continually enter circulation. This dynamic means each dollar of SOL’s price represents more market value than before.
For instance, SOL closed at $127 on January 1, valued at $68.9 billion, but at a lower close of $118 on September 30, it had a slightly higher market value of $69.4 billion.
In January, SOL needed to reach $147 to reach a market value of $79.6 billion. Now, around $134 would allow it to match XRP’s current standing. However, XRP also faces a supply issue, as only 63.4 billion XRP are circulating out of a maximum of 100 billion. Its fully diluted valuation stands at $124.7 billion, compared to Solana’s $61.5 billion.
History has been on XRP’s side. SOL hasn’t surpassed XRP in market value since at least September 2025. On October 2, 2025, SOL closed at $235, valued at $127.6 billion, while XRP stood at $181.9 billion. The gap has varied widely in 2026, from a required gain of 96.5% for SOL on February 12 to just 30.9% on October 7.
Do Solana’s Payment Launches Offset Its ETF Outflows?
Polygon Labs added Solana to its Open Money Stack on October 29, which enables businesses to accept deposits in banks, cards, or cryptocurrencies and send payments using stablecoins like USDC, USDT, or PYUSD. According to Solana Foundation spokesperson Jamal Raees, Solana has processed over $5.7 trillion in stablecoin transfers so far this year.
Additionally, Ondo Finance launched its Intelligent Portfolios on Solana on October 29, tokenized model portfolios that include three strategies tracking BlackRock (NYSE: BLK | BLK Price Prediction), after the initial launch on September 24. However, despite these developments, SOL closed at $95 on the day of the launch, down from $102 the day before, suggesting the announcements did not boost the price.
On the downside, SOL has experienced repeated ETF outflows. On October 29, spot SOL ETFs, which hold the token for stock-market investors, lost $28 million, marking the fourth straight session of net outflows, according to SoSoValue.
Cumulative net inflows dropped from $1.61 billion on September 30 to $1.48 billion by October 29. Only two days during this period saw net inflows, with the larger one just $1.3 million on October 2. As a result, investment demand needs to pick up before SOL can rise by 38.6%.
Does Ripple’s Bank Charter Help XRP More Than Solana’s News Helps SOL?
On October 28, Ripple received final approval from the Office of the Comptroller of the Currency, the federal regulator that charters national banks, for Ripple National Trust Bank. This charter enables Ripple to hold digital assets for clients and manage reserves for RLUSD, its stablecoin, which is now available on platforms like Robinhood (NASDAQ: HOOD), Chain, and Bitstamp.
Though XRP closed at $1.24 on October 29—down from $1.32 the day before—XRP ETFs recorded an inflow of $8 million that day, increasing cumulative inflows from $1.79 billion on September 30 to $1.81 billion. XRP funds have been attracting money, while SOL funds have been withdrawing.
Can Solana Surpass XRP by December 31, 2026? Solana is unlikely to pass XRP by December 31. To do so, SOL must reach about $134 while XRP stays at $1.25, or XRP must fall to around $0.90 while SOL holds steady. First, SOL needs to reverse its ETF outflows and convert them into inflows. It must also recover to its 50-day average closing price of $109 and its September high of $122.08.
XRP has less room for decline, with its one-year low at $0.99 from August 16. A drop to $0.90 could push it to new yearly lows. If SOL’s outflows continue, it might drift toward its 200-day average of $89, potentially widening the gap further. The only chance for closing the gap appears to hinge on SOL closing above $122.08 before December 1, so will the Solana vs. XRP gap close by December 31?
Contact [email protected] for any questions or corrections.
Cathie Wood just pulled millions out of two of this year's hottest AI chip winners and poured it into a battered broker and a pair of air taxi startups burning through cash. The trades raise a pointed question: does ARK…
Cathie Wood’s ARK Invest spent Wednesday taking money out of two of 2026’s best AI chip stocks and putting it into a beaten-down broker and two air taxi developers. According to Benzinga, ARK bought about $9.1 million of Robinhood (NASDAQ:HOOD | HOOD Price Prediction) on October 28, 2026. Benzinga also reported purchases of about $4.2 million of Archer Aviation (NYSE:ACHR) and about $3.3 million of Joby Aviation (NYSE:JOBY). On the same day, Benzinga said ARK sold about $3.3 million of AMD (NASDAQ:AMD) and about $4.7 million of Taiwan Semiconductor (NYSE:TSM). ARK kept adding to the air taxi names on consecutive days. These are reported fund trades. Wood has not publicly explained them.
Cutting AI Chip Winners That Are Still Growing AMD is up 139.65% year to date at $513.24, even after falling 9.39% today as Intel’s earnings report raised concerns. AMD’s results give no sign of a slowdown. Second-quarter revenue rose 50.1% to $11.54B, data center sales jumped 107% to $6.72B, and management guided third-quarter revenue to about $13B. CEO Lisa Su said, “We are still in the early stages of a multiyear AI adoption cycle.”
TSMC makes the chips for AMD and most other AI designers. Its stock is up 36.23% this year. Third-quarter revenue reached $46.72B with a 66.4% gross margin, and the company expects about 44% full-year revenue growth. CEO C.C. Wei said, “We did not see any sign of a slowdown.” The sales are tiny next to market caps of $836.84B and $2.13T. They read as ARK shifting money from proven winners toward ideas the market has marked down.
Robinhood Purchase Came During a Sell-Off Robinhood runs a trading app that has grown into banking, credit cards, crypto, and prediction markets. Its shares fell after its latest quarterly results as a crypto slump weighed on profits. The stock trades at $84.24, down 8.03% today and 27.52% over the past month.
Robinhood’s second-quarter filing shows the mix shifting. Revenue from event contracts grew more than tenfold to $156M while crypto revenue fell 38% to $100M. Platform assets reached $369B. ARK was already the largest holder among the funds tracked, with 5,236,031 shares as of June 30.
Air Taxis Carry Big Potential and Bigger Risk Archer and Joby build electric aircraft that take off vertically and are meant to carry passengers across cities. Both are speculative companies with little revenue. Archer posted $5.0M in second-quarter revenue against a $263.2M net loss, supported by $1.56B of liquidity. It has a deal to acquire drone maker Insitu, autonomy developer Wisk Aero, and SkyGrid, which would add more than $200M in annual revenue from Insitu alone. Archer trades at $4.18, down 44.41% this year.
Joby gets most of its revenue from Blade, the helicopter service it acquired. Second-quarter revenue was $38.64M against a $245.4M net loss. Cash stood at $629.9M, and the company expects to use $385-415M in the second half. The stock is down 62.88% year to date at $4.90.
Key Milestones That Will Test ARK’s Thesis Archer: closing its acquisitions and starting White House pilot program flights in Texas, both targeted by year-end. Joby: carrying its first passengers in 2026 and moving through FAA certification, where its Stage 4 work stood at 20%. Robinhood: whether prediction markets and equities can keep growing while crypto trading stays weak. AMD and TSMC: AMD’s Helios rack ramp in the fourth quarter, and TSMC’s fourth-quarter revenue guide of $52.3-54.3B. If the chip makers keep hitting their targets while the air taxis slip on their timelines, this rotation will cost ARK. If Archer and Joby fly paying passengers on schedule, Wood will have bought them near their lows. Either way, sizing matters more than confidence with names like these, which is the whole point of our free speculation playbook.
Contact [email protected] for any questions or corrections.
Groupon (GRPN - Free Report) closed at $15.75 in the latest trading session, marking a -3.14% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 1.82%. Elsewhere, the Dow lost 1.09%, while the tech-heavy Nasdaq lost 2.86%.
Coming into today, shares of the online daily deal service had lost 16.74% in the past month. In that same time, the Retail-Wholesale sector gained 3.69%, while the S&P 500 gained 0.71%.
Investors will be eagerly watching for the performance of Groupon in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of -$0.01, marking a 99.66% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $129.41 million, up 5.37% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.14 per share and a revenue of $517.75 million, indicating changes of +93.2% and +3.88%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Groupon. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Currently, Groupon is carrying a Zacks Rank of #3 (Hold).
The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 194, which puts it in the bottom 22% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Ethena, the protocol behind the synthetic, yield-generating stablecoin USDe, has downplayed exposure to the Binance hack. The team clarified that all their USDe backing resides offchain with its custodians, not on centralized exchanges.
In fact, for the Binance scenario, the team claimed only $8.8 million in unrealized PnL (profit and loss) exposure to the platform.
The total unrealized PNL exposure to Binance is ~$8.8M, far below the excess reserve fund of >$60m.
Source: X In a separate update following the FUD tied to the Binance exploit, Ethena added that independent attestors, Chainlink and Llama Risk, have verified its overcollateralized backing for USDe.
Each of these independent 3rd parties mentioned above have confirmed USDe remains overcollateralised by more than $60m at >101.0%.
But before evaluating the claims, AMBCrypto explored why the community seemed worried about Ethena’s outsized exposure to the exploit.
Ethena’s massive partnership with Binance Ethena and Binance recently signed a partnership agreement for RWA (real-world assets) basis trade. This involves Binance’s bStocks, which promised an 11% yield and a great expansion into a $150T opportunity in the equity sector for USDe backing.
The deal was signed last month, but the exposure seems relatively small.
Source: Ethena According to Ethena, RWA basis accounts for $51 million, or 1.2% of its $4.54 billion collateral for USDe. Beyond the RWA basis, Ethena also uses the crypto basis across Bitcoin [BTC] and Ethereum [ETH] to hunt for yield. The crypto basis segment accounts for about 17% of the USDe backing ($628 million) and is spread across Binance, Deribit, Coinbase, Huobi, Bybit, OKX, and Hyperliquid.
Collectively, this is about 18% USDe collateral exposure to crypto platforms for RWA and crypto basis. In fact, the largest share of the collateral is DeFi lending ($1.3 billion) across Aave and Morpho. But Aave was also affected and paused operations after the Binance hack. So, the contagion risk fears over Ethena’s exposure to the exploit were warranted.
However, as the project mentioned, it has off-exchange settlements (OES) or custody arrangements with Coinbase, Copper, and Ceffu. So, the risk may be limited, as the project said.
In fact, Mikhail Kedzel, Founder of Yumi Finance, confirmed that Binance offers such off-chain arrangements to top institutional players.
For everyone asking why: it’s because Ethena doesn’t keep funds in Binance’s hot wallet. They keep it with their custodian, and Binance just ‘recognizes’ it as funds stored at the CEX. Stuff only really available to the big guys.
It’s like the ‘custodied collateral lending’ design being explored by Aave.
That said, the Binance attacker stole and dumped 217 million ENA ($34 million) for ETH. This dragged ENA below $0.19 after a 16% drop. Whether Ethena’s clarification on the Binance hack is enough to stop the pullback remains unclear.
Source: ENA/USDT, TradingView Final Summary Ethena clarified that it can cover the $8.8 million Binance exposure. Binance attacker sold $33 million in ENA for ETH to avoid seizure and freezing.
Ethena’s governance token ENA traded near $0.1879 on October 30, down 11.4% over the prior 24 hours, after the wallet behind the Binance exploit sold 217.5 million ENA for $33.93 million as part of a wider conversion of seven stolen altcoins into Ether. The sale, which Lookonchain documented at an exit near $0.16 per token, pushed ENA to an intraday low of $0.1662 before buyers returned. Ethena Labs separately said its USDe stablecoin carries about $8.8 million of unrealized profit-and-loss exposure to Binance against an excess reserve fund above $60 million.
The move ties the token’s decline to the same on-chain trail that has dominated markets since October 29. Binance said an unauthorized withdrawal drained an estimated $6.3 billion from its hot wallets, and the attacker has spent the hours since converting the stolen positions into Ether faster than issuers could freeze them.
Seven Altcoins Converted Into 70,480 EtherLookonchain’s tally, published at 01:52 UTC on October 30, recorded that the attacker “has completed selling off UNI, ENA, PEPE, LINK, AAVE, ONDO, and WLD, converting all of them into a total of 70,480 ETH worth $158.25 million.” The full breakdown is that 7.02 million UNI sold at $5.65 for $39.63 million, 217.5 million ENA sold at $0.16 for $33.93 million, 7.77 trillion PEPE sold for $31.66 million, 2.57 million LINK sold at $10.14 for $26.05 million, 127,953 AAVE sold at $111.55 for $14.27 million, 21.85 million ONDO sold at $0.30 for $6.62 million, and 17.32 million WLD sold at $0.35 for $6.09 million.
ENA was the second-largest position in that dump, and the one with the clearest DeFi exposure. The 217.5 million tokens represent about 1.62% of the 13.41 billion ENA in circulation. At the stated $0.16 exit, the attacker realized roughly $33.93 million, a figure that works out to an exact average of $0.156 per token, about 15% below the $0.1879 the token printed later in the day.
Ethena’s Disclosure: $8.8 Million at Risk Against a $60 Million BufferThe selloff drew attention to Ethena itself, because the protocol’s USDe synthetic dollar depends on a delta-neutral hedging structure that uses centralized exchanges for its short positions. Ethena addressed the counterparty question directly. “The total unrealized PNL exposure to Binance is ~$8.8M, far below the excess reserve fund of >$60m,” the protocol said in a statement on X. It added that all collateral with exchange exposure is held with off-exchange settlement custodians, including Copper and Ceffu, rather than on the exchange itself.
The disclosure followed a second attestation update. “Each of these independent 3rd parties mentioned above have confirmed USDe remains overcollateralised by more than $60m at >101.0%,” Ethena said, naming Chainlink and Llama Risk as the attestors. On its backing-assets dashboard, the protocol reports roughly $4.5 billion in total collateral, of which the exchange-facing segments are the DeFi lending book of about $1.3 billion across Aave and Morpho, a $628 million crypto basis trade, and a $51 million real-world-assets basis.
Why ENA Fell While USDe Held Above Its Collateral FloorThe split between ENA’s 11.4% decline and USDe’s relative stability is the telling detail. USDe held near its $1 peg through the selloff, while the governance token absorbed the supply shock. That divergence is mechanical rather than contradictory: the attacker held ENA, not USDe, so the forced sale hit the token’s order books directly, while USDe’s backing stayed untouched in custody.
Market data from CoinGecko put ENA’s 24-hour range at $0.1662 to $0.2125, with trading volume of $1.386 billion, up 130.9% from the prior day, and a market capitalization of $2.52 billion against $4.53 billion in total value locked. The token remains 87.6% below its $1.52 all-time high, and a scheduled unlock of 40.63 million ENA, worth about $7.63 million, is set for November 2. ENA’s tokenomics have been in focus since the protocol floated a 95% buyback plan whose trigger sits far above current prices.
The Counterposition: A Leveraged Long Right After the DumpLookonchain flagged a second wallet, 0xedc0, that deposited 2 million USDC into Hyperliquid and opened a 3x leveraged long covering 22.78 million ENA, worth about $4.09 million, minutes after the attacker finished selling. The position’s implied entry near $0.180 sits about 15% above the $0.156 the attacker realized, which reads as a direct bet that the forced selling is exhausted.
A single leveraged position does not establish that the decline is over, and the wallet’s identity is not known. But the trade is a useful counterweight to the bearish read: it prices ENA above the dump level and puts a concrete, liquid price at which a buyer was willing to take the other side of the attacker’s supply.
What the Arithmetic Does and Does Not EstablishThe numbers support a narrower conclusion than the headline move implies. The 70,480 ETH the attacker accumulated converts at an implied Ethereum price of about $2,245, which is consistent with Ether trading in the low $2,200s on the day rather than any premium. The $8.8 million in Ethena’s Binance exposure equals roughly 14.7% of the $60 million reserve fund, meaningful but a fraction of the buffer the protocol claims.
What the data does not establish is a causal chain from the sale to every point of ENA’s decline. The token was already down 8.7% over the past seven days before the dump, and the broader market sold off with it. The honest reading is that the attacker’s 217.5 million tokens added concentrated supply to a token already under pressure, while Ethena’s disclosure limited the contagion case to a single, bounded number.
The next observable signals are the November 2 unlock, whether the Hyperliquid long is added to or closed, and whether Binance restores withdrawals within the 48-hour window the exchange has described. Each will test whether the $0.1662 low was a capitulation or a waypoint.
Frequently Asked Questions
Why is Ethena (ENA) down today?The Binance attacker sold 217.5 million ENA for $33.93 million as part of a wider conversion of seven stolen altcoins into 70,480 ETH. The forced supply pushed ENA to an intraday low of $0.1662 on October 30, and the token traded near $0.1879, down 11.4% over 24 hours.
Is USDe safe after the Binance hack?Ethena said its USDe backing is held with off-exchange custodians such as Copper and Ceffu, and that its unrealized exposure to Binance is about $8.8 million against a reserve fund above $60 million. Attestors Chainlink and Llama Risk verified the token remains overcollateralized above 101%.
How much ENA did the Binance attacker sell?Lookonchain recorded 217.5 million ENA sold at $0.16 for $33.93 million, the second-largest position in the attacker’s dump after 7.02 million UNI sold for $39.63 million. The full sale of seven altcoins raised 70,480 ETH worth $158.25 million.
What is the 3x long on ENA about?A wallet that deposited 2 million USDC into Hyperliquid opened a 3x leveraged long on 22.78 million ENA, worth about $4.09 million, immediately after the attacker finished selling. The implied entry near $0.180 is a bet that the forced selling is over, but it does not confirm the decline has bottomed.
Will ENA recover after the attacker’s sale?No one can say with certainty. The token’s recovery depends on whether the November 2 unlock of 40.63 million ENA adds supply, whether the Hyperliquid long is held, and whether Binance restores withdrawals within 48 hours. The $0.1662 low is the near-term floor to watch.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
AUTHOR
Jide Idowu is a skilled freelance writer with expertise in blockchain technology, cryptocurrency, and digital finance. Known for his ability to break down complex topics into clear, engaging content, Jide crafts articles, blog posts, and analyses that resonate with both beginners and seasoned professionals. His work spans a wide range of subjects, from emerging crypto trends to in-depth explorations of blockchain innovations. With a keen eye for detail and a passion for educating readers, Jide is a reliable voice in the rapidly evolving world of digital assets.
Dick's Sporting Goods (DKS - Free Report) ended the recent trading session at $143.84, demonstrating a +1.3% change from the preceding day's closing price. This move outpaced the S&P 500's daily loss of 1.82%. At the same time, the Dow lost 1.09%, and the tech-heavy Nasdaq lost 2.86%.
Shares of the sporting goods retailer witnessed a gain of 6.89% over the previous month, beating the performance of the Retail-Wholesale sector with its gain of 3.69%, and the S&P 500's gain of 0.71%.
The investment community will be paying close attention to the earnings performance of Dick's Sporting Goods in its upcoming release. The company's earnings per share (EPS) are projected to be $1.39, reflecting a 32.85% decrease from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $5.06 billion, reflecting a 21.51% rise from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $11.69 per share and revenue of $22.05 billion, indicating changes of -11.44% and +28.08%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Dick's Sporting Goods. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.12% lower. At present, Dick's Sporting Goods boasts a Zacks Rank of #4 (Sell).
Investors should also note Dick's Sporting Goods's current valuation metrics, including its Forward P/E ratio of 12.15. This represents a discount compared to its industry average Forward P/E of 15.93.
We can also see that DKS currently has a PEG ratio of 2.69. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Retail - Miscellaneous industry was having an average PEG ratio of 1.94.
The Retail - Miscellaneous industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 31, placing it within the top 13% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
WisdomTree, Inc. (WT) Q3 2026 Earnings Call October 30, 2026 11:00 AM EDT
Company Participants
Jessica Zaloom - Head of Corporate Communications & Public Relations
Bryan Edmiston - Chief Financial Officer
Robert Lilien - President & COO
William Peck - Head of Digital Assets
Jonathan Steinberg - Founder, CEO & Director
Jeremy Schwartz - Global Chief Investment Officer
Conference Call Participants
Wilma Jackson Burdis - Raymond James & Associates, Inc., Research Division
George Sutton - Craig-Hallum Capital Group LLC, Research Division
Michael Cyprys - Morgan Stanley, Research Division
John Coffey - Oppenheimer & Co. Inc., Research Division
Mike Grondahl - Northland Capital Markets, Research Division
Aditya Sharma - Goldman Sachs Group, Inc., Research Division
Presentation
Operator
Greetings, and welcome to the WisdomTree Q3 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jessica Zaloom, Head of Corporate Communications. Thank you. You may begin.
Jessica Zaloom
Head of Corporate Communications & Public Relations
Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation.
This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation in the Risk Factors section of WisdomTree's Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent reports filed with or furnished to the Securities and Exchange Commission. WisdomTree assumes no duty and does not undertake to update any forward-looking statements. Now, it is my pleasure to turn the call over to WisdomTree CFO, Bryan Edmiston.
Bryan Edmiston
Chief Financial Officer
Thank you, Jessica, and good morning, everyone. I will begin with the review of our 3rd
Cheniere Energy (LNG - Free Report) reported $6.17 billion in revenue for the quarter ended September 2026, representing a year-over-year increase of 39%. EPS of $3.62 for the same period compares to $4.75 a year ago.
The reported revenue represents a surprise of +14.85% over the Zacks Consensus Estimate of $5.38 billion. With the consensus EPS estimate being $4.20, the EPS surprise was -13.81%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Cheniere Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total volumes delivered as LNG revenues: 697.00 TBtu versus 714.03 TBtu estimated by two analysts on average.Volumes loaded during the current period: 685.00 TBtu versus 695.65 TBtu estimated by two analysts on average.Revenues- LNG: $6.1 billion versus $5.52 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +41.8% change.Revenues- Other: $40 million compared to the $60.71 million average estimate based on two analysts. The reported number represents a change of -61.9% year over year.Revenues- Regasification: $34 million versus $34.42 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a 0% change.View all Key Company Metrics for Cheniere Energy here>>>
Shares of Cheniere Energy have returned +17.1% over the past month versus the Zacks S&P 500 composite's +0.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
CompaniesOct 30 (Reuters) - Argentina's state-controlled oil producer YPF (YPFDm.BA), opens new tab said on Friday it had applied for government investment incentives for the Bajo del Toro shale project in Vaca Muerta, a development expected to require $8.73 billion over its lifetime.
The incentives program, launched by President Javier Milei's government, is designed to attract large-scale investment by offering benefits such as tax, customs and foreign-exchange relief for qualifying projects.
Sign up here.
The project covers the Bajo del Toro and Bajo del Toro Norte blocks in northern Vaca Muerta, one of the world's largest shale formations
YPF holds a 65% stake and operates the project, while Vista Energy's (VISTAA.MX), opens new tab Argentine unit owns the remaining 35%
The company said the development is aimed at unconventional oil production with associated gas output, and is expected to reach a plateau of about 80,000 barrels of oil per day and 3 million cubic meters of gas per day between 2033 and 2040
YPF estimated the project would generate roughly $25 billion in exports between 2027 and 2055 and create around 2,900 direct jobs during the construction and production stages
The filing comes days after YPF said it expected to seek incentives soon for five Vaca Muerta projects representing about $44 billion in combined investment, as it pushes ahead with plans to turn Argentina's vast shale formation into a major export hub
Those projects are central to Milei's strategy of boosting energy exports and bringing in hard currency for an economy long constrained by shortages of dollars
Reporting by Kylie Madry; Editing by Rosalba O'Brien and Daina Beth Solomon
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Shares of agricultural chemical company FMC Corporation (FMC +30.53%) rallied a whopping 30.4% on Friday.
FMC has been in a vicious downturn due to a combination of a difficult agricultural cycle and its products coming off patent. Combined with a substantial debt load, its deteriorating financial results have spurred fears over a potential bankruptcy.
FMC reported third-quarter earnings today that looked terrible on the surface; however, much of that was due to one-time price cuts and an accounting adjustment. It appears the company's fourth-quarter guidance may be better than some had feared. That enabled the stock to jump off distressed levels. But is there any sort of real turnaround in the cards?
$6.20+$1.45 (+30.53%)
NYSE · As of 4:00 PM ET 10/30/26
FMC has an ugly-looking quarterIn the third quarter, FMC saw its revenue decline by 80% to just $106 million, with an adjusted loss per share of ($4.41), down from $1.11 in the prior-year quarter. However, much of the lower revenue was due to an accounting change, in which FMC appeared to accept lower prices for higher-priced products it had already sold into the sales channel. Absent these odd accounting changes, revenue was down "only" 22%.
Meanwhile, the company's price cuts are expected to drive better fourth-quarter volume, with management guiding to $1.11 billion in revenue at the midpoint. That would be flat compared to the prior year's fourth quarter. Meanwhile, management also expects positive adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $220 million at the midpoint, with adjusted earnings per share forecast to be $0.63 at the midpoint. That would be a $0.48 decline from the prior-year quarter, but still in positive territory.
Image source: Getty Images.
A low bar to clearIn addition to next quarter, FMC also gave a longer-term outlook to generate at least $650 million in EBITDA next year and at least $760 million in 2028. FMC was already trading in distressed territory, potentially reflecting the anticipation of the price cuts announced on the call. Given that FMC predicted adjusted profits next quarter and at least positive EBITDA next year, with growth in the year after, that seemed enough to lift investors' spirits.
Still, investors should tread carefully; this could merely be a short-covering rally. FMC has also disappointed relative to its guidance in the recent past. The stock is only appropriate for high-risk investors who would be OK with potentially losing their entire investment.
Billy Duberstein and/or his clients have the following options: short January 2027 $30 calls on FMC. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Cavco Industries, Inc. (CVCO) Q2 2027 Earnings Call October 30, 2026 1:00 PM EDT
Company Participants
Mark Fusler - Director of Financial Reporting, Investor Relations & Corporate Controller
William Boor - President, CEO & Director
Allison Aden - Executive VP, CFO & Treasurer
Conference Call Participants
Dan Moore - CJS Securities, Inc.
Greg Palm - Craig-Hallum Capital Group LLC, Research Division
John Lovallo - UBS Investment Bank, Research Division
Jesse Lederman - Zelman & Associates LLC
Tyler Batory - Oppenheimer & Co. Inc., Research Division
Catherine Lapey
Gregory Gibas - Northland Capital Markets, Research Division
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Second Quarter Fiscal Year 2027 Cavco Industries Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to Mark Fusler, Corporate Controller and Investor Relations. Please go ahead.
Mark Fusler
Director of Financial Reporting, Investor Relations & Corporate Controller
Good day, and thank you for joining us for Cavco Industries Second Quarter Fiscal Year 2027 Earnings Conference Call. During this call, you'll be hearing from Bill Boor, President and Chief Executive Officer; Allison Aden, Executive Vice President and Chief Financial Officer; and myself.
Before we begin, we'd like to remind you that comments made during this conference call by management may contain forward-looking statements. Forward-looking statements include statements about our expected and future business and financial performance and are not promises or guarantees of future performance.
They are expectations or assumptions about Cavco's financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies, current or future volatility in the credit markets or future market conditions. All forward-looking statements involve risks and uncertainties, which could affect Cavco's actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by or on
In the latest trading session, Recursion Pharmaceuticals (RXRX - Free Report) closed at $4.03, marking a -4.95% move from the previous day. The stock's change was less than the S&P 500's daily loss of 1.82%. Elsewhere, the Dow saw a downswing of 1.09%, while the tech-heavy Nasdaq depreciated by 2.86%.
The biotechnology company's stock has climbed by 4.18% in the past month, falling short of the Medical sector's gain of 5.28% and outpacing the S&P 500's gain of 0.71%.
Analysts and investors alike will be keeping a close eye on the performance of Recursion Pharmaceuticals in its upcoming earnings disclosure. The company is predicted to post an EPS of -$0.24, indicating a 33.33% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $10.92 million, indicating a 110.83% increase compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.93 per share and revenue of $42.82 million, indicating changes of +35.42% and -42.66%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Recursion Pharmaceuticals. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.41% higher. Recursion Pharmaceuticals is holding a Zacks Rank of #3 (Hold) right now.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 103, which puts it in the top 42% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Meritage Homes NYSE: MTH reported lower third-quarter sales, revenue and earnings as higher mortgage rates, affordability pressures and consumer uncertainty weighed on homebuyer demand. Management said it is responding by reducing discretionary spending, moderating land investment, managing home starts and inventory, and prioritizing liquidity.
, /PRNewswire/ -- Entergy's board of directors today declared a quarterly dividend of $0.68 per share on the company's common stock, an increase of $0.04 per share. The dividend will be paid Dec. 1, 2026, to shareholders of record as of Nov. 13, 2026.
Entergy has paid a cash dividend to its shareholders every quarter since 1988.
About Entergy
Entergy (NYSE: ETR) generates, transmits and distributes electricity to power life for more than 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We're focused on keeping costs for our customers as low as possible while providing reliable energy that our communities count on. We're also investing in growth for the future with a more resilient, cleaner energy system that includes modern natural gas, nuclear and renewable energy generation. As a nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at Entergy.com and connect with @Entergy on social media.
NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (NASDAQ: FCFS). The investigation concerns whether the Company and/or members of its senior management may have violated federal securities laws or engaged in other unlawful business practices. If you purchased or otherwise acquired FirstCash securities, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to learn more about your rights.
[LEARN MORE ABOUT POTENTIAL SECURITIES FRAUD CLAIMS]
What Happened?
On October 22, 2026, FirstCash released its third quarter 2026 financial results, reporting that its American First Finance (“AFF”) segment operating income fell approximately 28% year-over-year to $33 million. The Company stated this was “due primarily to the loss of earnings from previously reported merchant partner bankruptcies,” referring to Conn’s, Inc. and American Freight, which both filed for bankruptcy in 2024. FirstCash also reported that gross transaction volume of lease and loan originations decreased 15% year-over-year, due primarily to “continued weakness in the furniture industry coupled with an increased strategic focus on merchant quality.” On this news, the price of FirstCash shares declined by $31.96 per share, or approximately 14.7%, from $216.74 per share on October 21, 2026 to close at $184.78 on October 22, 2026.
What Should I Do?
At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.
If you purchased or otherwise acquired FirstCash securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.
[LEARN MORE ABOUT YOUR RIGHTS AS AN INVESTOR]
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found on Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
AptarGroup, Inc. (ATR) Q3 2026 Earnings Call October 30, 2026 9:00 AM EDT
Company Participants
Marry Skafidas - Senior Vice President of Investor Relations & Communications
Gael Touya - CEO, President & Director
Vanessa Kanu - Executive VP & CFO
Conference Call Participants
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Paul Knight - KeyBanc Capital Markets Inc., Research Division
Matthew Roberts - Raymond James & Associates, Inc., Research Division
George Staphos - BofA Securities, Research Division
Matthew Larew - William Blair & Company L.L.C., Research Division
Daniel Rizzo - Jefferies LLC, Research Division
Justin Bowers - Deutsche Bank AG, Research Division
Anojja Shah - UBS Investment Bank, Research Division
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Aptar's 2026 Third Quarter Results Conference Call. [Operator Instructions] Introducing today's conference call is Ms. Mary Skafidas, Senior Vice President, Investor Relations and Communications. Please go ahead.
Marry Skafidas
Senior Vice President of Investor Relations & Communications
Hello, everyone. Good morning, and thanks for being with us on our call today. Joining me on today's call are Gael Touya, President and CEO; and Vanessa Kanu, Executive Vice President and CFO.
Our press release and accompanying slide deck have been posted on our website under the Investor Relations page. During this call, we will be discussing certain non-GAAP financial measures. These measures are reconciled to the most directly comparable GAAP financial measure and the reconciliations are set forth in the press release. Please refer to the press release disseminated yesterday for reconciliations of non-GAAP measures to the most comparable GAAP measures discussed during this earnings call. As always, we will post a replay of this call on our website.
I would now like to turn the conference call over to Gael.
Gael Touya
CEO, President & Director
Thank you, Mary, and good morning, everyone. I'm pleased to
Mohawk Industries, Inc. (MHK) Q3 2026 Earnings Call October 30, 2026 11:00 AM EDT
Company Participants
Joseph Ahlersmeyer - Vice President of Finance & Investor Relations
Paul De Cock - CEO, President, COO, Interim President of Flooring Rest of World segment & Director
Nicholas Manthey - Chief Financial Officer
Conference Call Participants
Philip Ng - Jefferies LLC, Research Division
Michael Rehaut - Melius Research LLC
Stephen Kim - Evercore ISI Institutional Equities, Research Division
Adam Baumgarten - Vertical Research Partners, LLC
Trevor Allinson - Wolfe Research, LLC
John Lovallo - UBS Investment Bank, Research Division
Matthew Bouley - Barclays Bank PLC, Research Division
Michael Dahl - RBC Capital Markets, Research Division
Richard Reid - Wells Fargo Securities, LLC, Research Division
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Keith Hughes
Rafe Jadrosich - BofA Securities, Research Division
Presentation
Operator
Good day, and welcome to the Mohawk Industries Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Joe Ahlersmeyer, Vice President of Finance, Investor Relations. Please go ahead.
Joseph Ahlersmeyer
Vice President of Finance & Investor Relations
Thanks, Chloe. Good morning, everyone, and thank you for joining the call. With me today are Paul De Cock, Chief Executive Officer; and Nicholas Manthey, Chief Financial Officer. Today, management will detail our new strategic and capital allocation framework, discuss an update on the company's third quarter performance and provide guidance for the fourth quarter of 2026.
I'd like to remind everyone that our press release and statements that we make during this call may include forward-looking statements, which are subject to various risks and uncertainties, including, but not limited to, those set forth in our press release and our filings with the SEC. This call may include discussion of non-GAAP numbers. For a reconciliation of any non-GAAP to GAAP amounts, please refer to our
Mohawk Industries NYSE: MHK reported third-quarter 2026 sales of $2.8 billion, up 1% as reported and essentially flat after adjusting for foreign exchange and an additional shipping day, as the flooring manufacturer navigated softer demand late in the quarter. CEO Paul De Cock, speaking on his first earnings call in the role, said the company's operating performance was in line with expectations despite weakening conditions, particularly in U.S. builder markets.
RADNOR, Pa.--(BUSINESS WIRE)-- #classaction--Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, is investigating potential violations of the federal securities laws by Aurora Innovation, Inc. (“Aurora Innovation”) (NASDAQ: AUR) on behalf of investors who purchased or acquired Aurora Innovation securities and experienced significant financial losses. Aurora Innovation Reports Production Delays On October 28, 2026, after the market closed, Aurora Innov.
ELMER, N.J.--(BUSINESS WIRE)--ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTCID: ELMA), the parent company of The First National Bank of Elmer (the “Bank”), announces its operating results for the three and nine months ended September 30, 2026. For the three months ended September 30, 2026, Elmer Bancorp reported net income of $786,000, or $0.68 per average diluted common share, compared to $768,000, or $0.67 per average diluted common share for the three months ended September 30,.
IonQ (IONQ -5.30%), a developer of quantum computing systems, went public through a merger with a special purpose acquisition company (SPAC) five years ago. Its stock started trading at $10.60 and eventually hit an all-time high of $82.09 on Oct. 13, 2025.
Today, IonQ trades at about $29. Let's see why it dropped 65% from its all-time high -- and where it might be headed over the next year.
Image source: Getty Images.
How fast is IonQ growing?
Quantum computers can process certain computing tasks much faster than classical computers, but they're bigger, more expensive, and output a higher percentage of errors. IonQ, one of the early movers in this nascent market, is making quantum systems smaller, more scalable, and more accurate by trapping individual ions with tiny lasers to achieve quantum states.
Unlike older electron-powered systems, IonQ's trapped ion systems don't need to be cryogenically refrigerated. They can also achieve higher gate fidelity (accuracy) rates. It primarily sells its systems to research institutions and government agencies and offers remote access to them through its cloud-based quantum computing service.
From 2025 to 2028, analysts expect IonQ's revenue to surge from $130 million to $1.04 billion as it launches new systems, increases its total quantum computing power, and expands its rapidly growing government business.
$30.04-$1.68 (-5.30%)
NYSE · As of 4:00 PM ET 10/30/26
Why did IonQ's stock pull back?
IonQ's business is firing on all cylinders, but a few issues weighed down its stock. At its peak, IonQ's market cap hit $27.2 billion -- or 209 times the revenue it would generate in 2025. That lofty valuation set it up for a steep drop as the Iran war, persistent inflation, and the Fed's first rate hike in three years drove investors away from growth stocks over the past year.
Another factor was its planned acquisition of the cybersecurity firm Elisity for $1.3 billion in an all-stock deal. To fund that acquisition and its future investments, it priced a $2 billion stock and warrant offering in mid-October. That dilution should persist for the foreseeable future.
What does history suggest will happen next?
Today, IonQ looks more reasonably valued (but certainly not cheap) at 30 times this year's sales. However, many analysts still expect the Fed to raise its benchmark rates again over the next 12 months to tame inflation. If that happens, IonQ's stock could sink a lot lower.
To see how much damage rising interest rates could do to IonQ, we should look back at Dec. 28, 2022 -- when its stock sank to an all-time low of $3.02 per share. At the time, rising rates compressed its market cap to $624 million.
But that was still 57 times the revenue IonQ generated in 2022 -- so it was fundamentally more expensive at $3 per share than it is today at $29 per share. Therefore, we could see IonQ's stock trade sideways -- rather than plunge to the single digits -- if interest rates keep rising.
Quantum computers promise to help unlock new breakthroughs in medicine, fusion energy, and many other industries. Through the principles of quantum mechanics, these machines can complete complex calculations in minutes that would take today's supercomputers longer than the age of the universe.
These impressive capabilities hold the promise of outsize returns for investors in quantum computing stocks. There's just one catch. The industry is in its early days, making it unknown which of the many competing technologies will eventually come out on top.
In fact, research giant Gartner recently stated: "Gartner believes the market is overcrowded. Gartner expects that by 2030, an exhaustion of viable commercial revenue will force over 50% of quantum computing start-ups out of business."
I predict IonQ (IONQ -5.30%) will be one pure-play quantum computing enterprise to remain standing in 2030. I'm so confident in this prediction that I bought the company's stock. Here's a look at its long-term prospects.
Image source: Getty Images.
IonQ possesses winning technology
IonQ's technology uses trapped ions as the quantum particles powering its devices. This is a winning modality because it delivers high fidelity, a measure of the accuracy and reliability of quantum calculations. As a quantum computer attempts more involved calculations, computational errors pile up and must be corrected. This is one barrier to widespread adoption.
Delivering robust fidelity means fewer errors, and IonQ's devices hold the world record in this metric. Its fidelity is a core commercial differentiator from competitors. This strategy has directly translated into measurable business growth, allowing it to heavily outperform other pure-play quantum competitors. For example, its revenue in the second quarter reached $80.1 million, nearly double the Q2 sales of all other pure-play quantum computer companies combined.
The strength of IonQ's technology was further validated by its advancement to the final round of the Quantum Benchmarking Initiative, implemented by the Defense Advanced Research Projects Agency (DARPA). DARPA's government program evaluates which quantum computing technologies can achieve utility-scale by 2033.
On Oct. 27, IonQ announced it had won $7.5 million in follow-on funding from the Air Force Research Laboratory (AFRL) to build on the quantum computer network it established in Rome, New York. AFRL's award illustrates that the company not only built successful quantum computers but also expanded them into a computing network.
IonQ's business is growing
The enterprise has consistently delivered revenue growth, a sign that its tech is winning customers. Sales have risen annually since the company went public in 2021. The trend is poised to continue in 2026. IonQ forecast this year's revenue will come in between $450 million and $460 million compared to 2025's $130 million.
The company continues to evolve its offerings to keep its business growing. It acquired SkyWater Technology this year, providing a foundry to construct its quantum computer chips. SkyWater's addition is one of the reasons behind IonQ projecting at least $450 million in 2026 sales. It originally forecast revenue between $280 million and $290 million.
On Oct. 12, IonQ announced it was acquiring Elisity, a cybersecurity enterprise that will help it strengthen its quantum cryptography. A quantum computer can eventually become powerful enough to hack through critical cybersecurity defenses, such as those that protect websites and cryptocurrency. The Elisity acquisition is part of making IonQ's platform resilient against attacks, increasing its attractiveness to customers.
IONQ IonQ$30.04-$1.68 (-5.30%)
NYSE · As of 4:00 PM ET 10/30/26
IonQ's financials provide runway to 2030
IonQ exited Q2 with cash, cash equivalents, and investments of $3 billion. On Oct. 14, it announced a $2 billion equity offering in a bid to add to its existing cash stockpile.
The funds are sorely needed. Advancing quantum computer technology is expensive, not to mention the cost of its multiple acquisitions. In Q2, IonQ amassed expenses totaling $417.3 million, up from $181.3 million in 2025.
That's one of the factors contributing to the stock price falling in 2026. It hovers near the low end of its 52-week range as of this writing. However, IonQ's free cash flow (FCF) was a negative $570.2 million over the trailing 12 months. FCF strips out paper-only accounting metrics and isolates the actual dollars moving out of the bank account. If IonQ achieves its target of at least $450 million in sales this year, and is able to continue growing from there, this income, combined with its massive cash hoard, can keep the lights on into 2030.
From there, IonQ has to get FCF into positive territory to avoid the need for additional shareholder dilution or to tap into debt to fund operations. The big unknown is how SkyWater's capital-intensive manufacturing capabilities will affect FCF, but IonQ has historically been able to about double its sales annually. If it continues to aggressively ramp up revenue while bringing costs down, it holds the potential to last for the long haul.
Kimco Realty NYSE: KIM raised its full-year funds from operations and same-property net operating income outlook after reporting third-quarter growth in occupancy, leasing spreads and rent commencements.
, /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Everest Group, Ltd. (NYSE: EG) common stock between February 8, 2024 and October 27, 2025, inclusive (the "Class Period"), have until December 28, 2026 to seek appointment as lead plaintiff of the Everest Group class action lawsuit. Captioned City of Detroit General Retirement System v. Everest Group, Ltd., No. 26-cv-09448 (S.D.N.Y.), the Everest Group class action lawsuit charges Everest Group and certain of Everest Group's top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Everest Group class action lawsuit, please provide your information here:
You can also contact attorneys Ken Dolitsky or Michael Albert of Robbins Geller by calling 800/851-7783 or via e-mail at [email protected].
CASE ALLEGATIONS: Everest Group, together with subsidiaries, provides reinsurance and insurance products.
The Everest Group class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Everest Group remained materially exposed to and concentrated in casualty risks subject to escalating claim costs, including business defendants claimed Everest Group had reduced or exited; (ii) Everest Group had inadequately priced portions of that business; (iii) Everest Group's reserves were insufficient, causing it to understate its liabilities and expenses and materially overstate its earnings; and (iv) addressing these problems would require substantial reserve charges, protection against further adverse development, and reductions in Everest Group's casualty business, thereby sacrificing recurring premium revenue.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Everest Group common stock during the Class Period to seek appointment as lead plaintiff in the Everest Group class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Everest Group class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Everest Group class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Everest Group class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder rights litigation. Our Firm ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report, recovering more than $916 million for investors in 2025. This marks our fourth #1 ranking in the past five years. And in those five years alone, Robbins Geller recovered $8.4 billion for investors – $3.4 billion more than any other law firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Asset Management One Co. Ltd. raised its stake in Ciena Corporation (NYSE:CIEN – Free Report) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,391 shares of the communications equipment provider’s stock after purchasing an additional 1,579 shares during the period. Asset Management One Co. Ltd.’s holdings in Ciena were worth $21,599,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of CIEN. TKG Advisors LLC acquired a new stake in Ciena during the first quarter worth $3,244,000. Swiss National Bank raised its stake in shares of Ciena by 7.0% in the 1st quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock valued at $160,468,000 after buying an additional 26,900 shares in the last quarter. Wealth High Governance Capital Ltda acquired a new position in shares of Ciena in the 1st quarter valued at $10,883,000. Fifth Third Bancorp raised its stake in shares of Ciena by 983.2% in the 1st quarter. Fifth Third Bancorp now owns 17,168 shares of the communications equipment provider’s stock valued at $6,665,000 after buying an additional 15,583 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new position in shares of Ciena during the 2nd quarter worth about $2,124,000. 91.99% of the stock is owned by institutional investors.
Insider Activity at Ciena In related news, CFO Marc D. Graff sold 97 shares of Ciena stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $355.19, for a total transaction of $34,453.43. Following the completion of the sale, the chief financial officer directly owned 107,136 shares of the company’s stock, valued at $38,053,635.84. The trade was a 0.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary Smith sold 2,952 shares of the company’s stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $348.02, for a total value of $1,027,355.04. Following the completion of the sale, the chief executive officer directly owned 225,455 shares of the company’s stock, valued at approximately $78,462,849.10. This trade represents a 1.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 36,014 shares of company stock worth $13,457,571 over the last 90 days. Insiders own 0.58% of the company’s stock.
Ciena Price Performance Shares of CIEN stock opened at $348.57 on Friday. The stock’s fifty day moving average is $364.78 and its 200-day moving average is $401.52. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.17 and a current ratio of 3.80. The stock has a market capitalization of $49.43 billion, a PE ratio of 77.81, a PEG ratio of 5.05 and a beta of 1.28. Ciena Corporation has a 52 week low of $168.22 and a 52 week high of $637.51. Ciena (NYSE:CIEN – Get Free Report) last issued its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.38. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.64 billion. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The firm’s quarterly revenue was up 37.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. Equities research analysts expect that Ciena Corporation will post 6.00 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth A number of research analysts have commented on CIEN shares. Bank of America restated a “buy” rating and set a $550.00 price target (down from $660.00) on shares of Ciena in a research note on Thursday, August 20th. Rosenblatt Securities reaffirmed a “buy” rating and set a $525.00 price objective on shares of Ciena in a report on Thursday, September 17th. CL King set a $347.00 price objective on Ciena in a research note on Friday, September 4th. Rothschild & Co Redburn dropped their target price on Ciena from $538.43 to $406.81 and set a “neutral” rating for the company in a report on Monday, September 14th. Finally, Barclays raised their target price on Ciena from $475.00 to $548.00 and gave the stock an “overweight” rating in a research report on Thursday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Ciena currently has a consensus rating of “Moderate Buy” and an average price target of $485.93.
Read Our Latest Analysis on CIEN
About Ciena (Free Report)
Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.
The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.
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HYPE price held onto most of its gains while the crypto market sold off after the Binance hack. ICE agreed to bring Hyperliquid-based futures to US traders through TradeXYZ. Outside builders now generate a large share of Hyperliquid’s revenue. A golden cross is forming on the 4-hour chart just below the record high. Hyperliquid’s HYPE price held near $93 on Friday, up close to 20% on the week with a market value of about $23.7 billion, while the rest of the crypto market absorbed the largest exchange theft on record. An attacker drained roughly $6.3 billion from Binance late on Thursday and sent Bitcoin to its lowest level since mid-September. HYPE gave back only a small part of a rally that had started a few hours earlier, when Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, agreed to bring Hyperliquid-based perpetual futures to US traders.
ICE Deal Landed Hours Before the Hack ICE disclosed the agreement with TradeXYZ during Thursday’s US session, alongside its quarterly results, and HYPE climbed from around $80 to above $92 within the day. At 20:05 UTC that evening, funds started leaving Binance wallets on ten blockchains, and most of the money was gone within about 20 minutes, according to TRM Labs. The firm attributes the attack to TraderTraitor, a North Korean state-backed group.
Bitcoin fell about 4% to an overnight low near $76,400, and CoinGlass data shows that roughly $1.57 billion in leveraged positions were forcibly closed over 24 hours, most of them bets on higher prices. HYPE dropped along with the market but held above $88 the whole time.
Stolen Bitcoin Keeps Sellers Nervous At one point the wallets linked to the hack held nearly $1.5 billion in Bitcoin and about $900 million in ether, according to Arkham Intelligence data, so traders have to price in the chance that those coins get sold through other venues. Stablecoin issuers and partner firms have frozen about $3 billion, mostly in USDT and USDC, and Binance has promised to cover all losses from its own funds. HYPE had a fresh catalyst of its own that day, which gave buyers a reason to absorb the dip.
Outside Builders Brought In $38M Grayscale said in a post on X that Hyperliquid’s “outsourced” revenue reached $38 million last month. Grayscale runs a spot HYPE ETF under the ticker HYPG, so it has a commercial interest in the token.
Source: Grayscale on X The figure covers income that third parties generate by building on top of Hyperliquid’s infrastructure.
$38Moutsourced revenue last month, four sources
01 · HIP-3 DEPLOYERS
TradeXYZ and others list stocks, commodities and pre-IPO assets and share the fees
02 · BUILDER CODES
Phantom and other apps route their users’ orders to Hyperliquid
03 · USDC RESERVES
Coinbase passes on 90% of reserve income from about $6B in deposits
04 · AUCTIONS
Fees from spot trading and from auctions for new token listings
The deployer model is what links this income to the token. Under Hyperliquid’s HIP-3 framework, any company that wants to run its own perpetual futures market on the network has to lock up 500,000 HYPE for as long as that market operates. Trading fees also go into an assistance fund that buys HYPE on the open market.
ICE Still Needs a CFTC Sign-Off Perpetual futures have no expiry date, so a trader can keep a leveraged position open for as long as there is enough collateral in the account. Under the agreement, ICE will run the exchange and clearing, TradeXYZ will design the contracts, and Hyperliquid will supply the trading technology. US clients would get access through regulated futures brokers once the Commodity Futures Trading Commission (CFTC), the main US derivatives regulator, approves the plan. ICE is also taking a strategic stake in TradeXYZ. ICE CEO Jeffrey Sprecher called the products “additive to our futures markets, not a replacement for them” and noted that more than 99% of ICE’s current trading comes from institutions.
Golden Cross Forms Under $97 HYPE/USDT 4-hour chart. Source: TradingView / Alexander Stefanov HYPE gained about 30% between its October 24 low of $74.50 and Thursday night’s high of $97.02, which sits just under the record near $98 that the token set in September. The October 29 breakout pushed through both key moving averages and through the $82-$83 area, where sellers had stopped the price twice the week before. Since then the token has traded in a range between roughly $88.40 and $94.
The 50-period average is about to cross above the 200-period one, a golden cross that many traders read as a sign the trend has turned up. Both averages sit near $83, so that is the main floor if the price pulls back further. Trading volume has faded since the breakout, which suggests holders aren’t rushing to sell. The RSI momentum gauge has cooled from about 78 to 67.7, just below the 70 mark that usually means a move has run too hot.
Binance Reopening Tests the $94 Line Binance co-CEO Yi He said on Friday that the exchange expects to begin restoring withdrawals within 48 hours, while deposits are already working normally. That will be the first real test for the whole market, because some users will move their funds elsewhere and others may sell. For HYPE, a 4-hour close above $94 would put the $97.02 high and the September record back in reach, with $100 just above them. If the price falls back below $91.70, the bottom of the range at $88.40 comes back into play.
ICE is not the only company trying to bring Hyperliquid’s markets to the US. Payward, the parent company of Kraken, has separately proposed offering Hyperliquid-based perpetual futures through its CFTC-regulated Bitnomial businesses, after the CFTC allowed US-listed perpetual futures in May. Neither plan has an approval date yet, so the CFTC’s review will decide how soon US traders can reach Hyperliquid’s markets through a regulated broker.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
Hyperliquid, a decentralized derivatives protocol, reportedly generated $38 million in outsourced revenue in the past month, according to Grayscale. This figure aligns with Hyperliquid’s established revenue streams from third-party channels such as Builder Codes and HIP-3 markets. The protocol has a history of substantial revenue generation, with over $1.4 billion in cumulative protocol revenue and significant HYPE buybacks totaling over $1.26 billion. The recent revenue performance appears consistent with a robust financial outlook for Hyperliquid, potentially influencing market sentiment.
Key Takeaways Grayscale’s report suggests Hyperliquid continues to demonstrate strong financial performance, generating $38 million in revenue last month. Pricing in the prediction markets indicates that this financial success could enhance confidence in Hyperliquid reaching the $100 price target by year-end. Market activity shows a shift from 81% to 74% YES over the past 24 hours, suggesting some reassessment of the odds. What to Watch Market participants may monitor any further announcements or partnerships by Hyperliquid that could influence its price trajectory. Continued strong revenue reports or strategic partnerships could be consistent with scenarios where Hyperliquid reaches its $100 target. Conversely, any regulatory challenges or market downturns could affect confidence and pricing. The evolving sentiment over the next 62 days will be crucial in determining the outcome of this prediction market.
Term Structure
Contract Odds Δ since publish Volume 24h December 31 73.5% -0.5¢ $5K View market → January 1 2027 2.4% 0.0¢ — View market → January 1 2027 1.2% 0.0¢ — View market → January 1 2027 2.9% 0.0¢ $253 View market → January 1 2027 1.4% 0.0¢ $9 View market → January 1 2027 6% 0.0¢ $2K View market → January 1 2027 3.4% 0.0¢ — View market → January 1 2027 4.1% 0.0¢ $7K View market → January 1 2027 6% 0.0¢ $112 View market → January 1 2027 8% 0.0¢ $703 View market → January 1 2027 23% 0.0¢ $788 View market → January 1 2027 12.5% 0.0¢ $213 View market → January 1 2027 26% 0.0¢ $775 View market → January 1 2027 47.5% 0.0¢ $73 View market → Updated 3min ago
Hyperliquid has intensified its token burn activity, with $6.75 million worth of HYPE permanently removed from circulation within a 24-hour period. The large-scale burn, reported by HypedLaunches, amounted to 72,530 tokens withdrawn from the total supply.
Burn Rate Accelerates with Rising Fees and ActivityThe recent wave of burns followed a surge in trading activity, with HYPE/USDC pairs recording a daily trading volume of $2.98 billion. Increased user activity is directly connected to the platform’s unique economic model, which links token buybacks and burning with trading fees collected from the exchange.
Hyperliquid’s Assistance Fund gathers fees generated by trades and uses these resources to repurchase HYPE tokens in the market. Afterward, the team removes these tokens from circulation through a burn process, which contributes to reducing the available supply and supporting token value.
This mechanism is designed to align platform growth and trading enthusiasm with ongoing support for the HYPE token. While high trading volume typically boosts the Assistance Fund’s resources, the long-term impact on price depends on sustained demand for the token.
About $6.75 million in HYPE was burned in just one day, correlating with nearly $3 billion in HYPE/USDC trading volume, as higher platform activity amplified buybacks and supply reduction efforts.
AQAv2 and Short-Term Revenue ProspectsHyperliquid has also implemented the AQAv2 framework, which is expected to generate approximately $16 million in additional revenue for the Assistance Fund in early November. This future contribution could further fuel HYPE buybacks and deepen ongoing supply reduction.
Despite the projected figures, the full impact on HYPE’s market dynamics will depend on both the actual trading revenue and how the collected funds are allocated and spent.
The underlying economic structure relies not only on transaction volume but also on continuous engagement from traders to maintain price stability and upward momentum.
Mini dictionary: Hyperliquid is a decentralized perpetuals exchange known for its efficient trading mechanics and in-built incentive structures, including token buybacks and burns designed to reward active participants and maintain token value.
HYPE Price Rallies After Liquidity SweepRecent market movements indicate renewed optimism for the HYPE token. Crypto Spaces, a market analyst, identified that HYPE experienced a liquidity sweep below $75 before buyers entered the market, pushing the price up toward the crucial resistance area around $96–$98.
The quick recovery from the dip suggests buyers are active at lower levels, but the $96–$98 range remains a significant barrier to further gains. Technical analysts will be closely monitoring this area for either a breakout or a rejection and potential downturn.
The bounce above $75 and rally into $96-$98 represents a critical test for HYPE. A break above this resistance would reinforce bullish momentum, while a failure could result in consolidation or renewed selling pressure.
Should HYPE fail to surpass this region, it could lead to a new consolidation phase or a pullback. Conversely, a clear move above resistance may signal continued recovery and strengthen buyers’ confidence. The $75 mark is now seen as a key support level following the recent liquidity sweep.
Key LevelsRecent Price ActionMarket ImplicationSupport: $75Liquidity sweep, bounce occurredBuyers entered at the dipResistance: $96–$98Challenged after reboundPivotal for next trend directionMarket participants are now focused on whether upcoming AQAv2 revenues and ongoing fee-driven buybacks can sustain this recovery. The interplay between volume, revenue, buybacks, and technical resistance is likely to shape near-term movements for HYPE.
, /PRNewswire/ -- The board of directors of Leidos Holdings, Inc. (NYSE: LDOS) declared a quarterly cash dividend of $0.45 per outstanding share of the company's common stock, a $0.02 increase compared to the prior quarterly dividend of $0.43 per share. The cash dividend is payable on December 31, 2026, to stockholders of record as of the close of business on December 15, 2026.
About Leidos
Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with approximately 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.Leidos.com.
Media Contact:
Brandon Ver Velde
(571) 526-6257
[email protected]
Hercules Capital NYSE: HTGC reported third-quarter 2026 results marked by record year-to-date originations, portfolio growth and stable credit quality, while management said it expects higher investment income and net investment income in the fourth quarter as loan prepayments normalize.
Chief Executive Officer and Chief Investment Officer Scott Bluestein said the company’s net investment income covered its base shareholder distribution by 118% during the quarter. He also said Hercules has now delivered a supplemental distribution alongside its regular quarterly base distribution for 25 consecutive quarters.
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For the first nine months of 2026, Hercules originated a record $3.44 billion of debt and equity commitments, up 20% from a year earlier, and funded $1.93 billion, up 9.9%. The company ended the quarter managing approximately $6.5 billion of assets across its public business development company and private credit funds, an increase of 17.7% year over year.
Quarterly results and portfolio activity
Chief Financial Officer Andrew Olson said third-quarter total investment income was $140.1 million, up 1.5% from a year earlier, while net investment income totaled $87.3 million, or $0.47 per share. For the first nine months, total investment income was $430.8 million and net investment income was $268.4 million.
Core investment income, which excludes accelerated prepayment revenue, reached a record $135.7 million, compared with $134.4 million in the second quarter and up 6.1% year over year. The company’s core yield was 11.9% in the third quarter, while its GAAP effective yield was 12.3%.
Hercules recorded $701 million in new debt and equity commitments and more than $572 million in gross fundings during the third quarter. Life sciences companies accounted for 54% of commitments and 48% of fundings, while technology companies represented 46% of commitments and 52% of fundings. The company funded 32 businesses during the period, including seven new borrower relationships.
Early loan repayments totaled $148.3 million in the quarter, below management’s guided range. About 44% of the repayments came from mergers and acquisitions or balance-sheet cash, according to Bluestein. Through Sept. 30, early repayments totaled more than $946 million, and management expects 2026 to be a record year for early loan repayments.
Since the end of the third quarter through Oct. 26, Hercules closed $219.6 million of new commitments and funded $89.2 million. It also had $571.7 million in pending commitments represented by signed nonbinding term sheets. Bluestein said the company expects strong, more back-end-weighted originations in the fourth quarter and believes 2026 is on pace to exceed its 2025 records for commitments and fundings.
Credit metrics remain stable
Management said the investment portfolio remained balanced between life sciences and technology, with each representing approximately half of assets. No individual subsector accounted for more than 25% of the investment portfolio. Debt investments were spread across 137 companies and had a combined fair value of $4.65 billion.
Approximately 98% of Hercules’ debt investments were floating rate and included a floor. Nearly 60% of prime-based loans were at their contractual rate floor at quarter-end. The average duration of the debt portfolio was approximately 22 months.
The weighted average internal credit rating improved to 2.12 in the third quarter from 2.17 in the prior quarter. Grade 1 and 2 credits increased to 68.6% of the portfolio, while grade 3 credits declined to 30%. Grade 4 and 5 credits together represented less than 2% of the portfolio.
Hercules had two loans on non-accrual at quarter-end, unchanged from the prior quarter. Their investment cost was approximately $18.8 million and fair value was approximately $13.2 million, representing 0.4% and 0.3% of the total investment portfolio at cost and fair value, respectively. Bluestein said all debt investments on accrual were current on scheduled principal and interest payments.
Payment-in-kind income declined to about 7.5% of total revenue from 8.3% in the second quarter. About 85% of third-quarter PIK income came from loans where PIK was included in the original underwriting and the loans were rated 1, 2 or 3. Hercules collected $18.5 million in cash payments on accrued PIK during the quarter.
Balance sheet, NAV and fourth-quarter outlook
Net debt investment portfolio growth was $252.9 million in the third quarter and $380.7 million for the first nine months. Hercules raised $325 million of five-year, 6.3% unsecured notes during the quarter and used proceeds to repay $325 million of notes that matured in September. After quarter-end, it issued an additional $400 million of 6.7% unsecured notes due in 2029.
The company’s NAV per share increased $0.11 during the quarter to $12.26, driven primarily by net unrealized appreciation in investments and accretion from its at-the-market equity program. Hercules reported $8.2 million of net unrealized appreciation and $1.9 million of net realized losses in the quarter.
GAAP leverage increased to 111.1% from 103.9% in the prior quarter, while regulatory leverage rose to 96.1% from 88.5%, reflecting portfolio growth funded with borrowings amid lower prepayment activity. Hercules ended the quarter with $506.6 million of available BDC liquidity and more than $1 billion of available liquidity across the broader platform, including capital raised by funds managed through its registered investment adviser subsidiary.
For the fourth quarter, management expects core yield of 11.8% to 12% and prepayments of $200 million to $300 million. Olson said total investment income and net investment income are expected to rise from third-quarter levels, partly due to increased expected prepayment activity. The company expects fourth-quarter gross SG&A expenses of $27.5 million to $28.5 million, RIA expense allocation of about $4.5 million, and a quarterly dividend from the RIA of approximately $2 million to $2.5 million.
In response to analyst questions, Olson said management does not expect further material core-yield compression and believes yields should stabilize within the guided range. Bluestein also said Hercules is not investing in pure-play AI companies or direct GPU financing facilities, instead focusing on areas it believes can drive or benefit from AI adoption, including power, energy, networks, communications, defense technology and space technology.
About Hercules Capital (NYSE:HTGC)Hercules Capital, Inc is a business development company and specialty finance firm that provides debt financing to innovative, growth-oriented companies. The company focuses primarily on venture capital-backed businesses in the technology, life sciences, and sustainable and specialty technology sectors.
Hercules Capital offers secured loans and other forms of growth capital designed to support companies through various stages of development, including expansion, acquisitions, recapitalizations, and initial public offerings.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Increased Revenue 9% year-over-year to $205.6 million, driven by Social and CTV Growth
Achieved Net Income of $15.9 Million and Adjusted EBITDA of $75.4 million, representing a 37% Adjusted EBITDA margin
NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) -- DoubleVerify (“DV”) (NYSE: DV), the leading software platform for digital media measurement, data and analytics, today announced financial results for the third quarter ended September 30, 2026.
Third Quarter 2026 Financial Highlights:
(All comparisons are to the third quarter of 2025)
Total revenue of $205.6 million, an increase of 9%.Activation revenue of $117.6 million, an increase of 10%.Measurement revenue of $69.1 million, an increase of 8%. Social measurement revenue increased by 20%.International measurement revenue increased by 16%.Media Transactions Measured (“MTM”) for CTV increased by 22%. Supply-side revenue of $18.9 million, an increase of 5%.Net income of $15.9 million and adjusted EBITDA of $75.4 million, which represented a 37% adjusted EBITDA margin.Cash balance of approximately $251 million, with no debt outstanding. Recent Business Highlights:
Launched Ask Neura, a new conversational AI experience built directly into DV Pinnacle®, enabling advertisers and agencies to dynamically interact with DV data and insights to analyze and optimize campaign effectiveness.Announced the global availability of independent media quality measurement on TikTok Pangle.Launched attribution measurement and brand suitability evaluation pilots for ChatGPT Ads. Merger Agreement:
On August 6, 2026, DV entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Neptune BidCo US Inc., a Delaware corporation (“Parent”) and Wallace Merger Sub Inc., a Delaware corporation and a direct, wholly owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge (the “Merger”) with and into DV, with DV surviving the merger and continuing as the surviving corporation and a wholly owned subsidiary of Parent. Parent is the parent company of the Nielsen Company (US), LLC. Additional details regarding the transactions contemplated by the Merger Agreement are included in the definitive proxy statement filed by DV with the U.S. Securities and Exchange Commission (the “SEC”) on September 29, 2026.
On October 29, 2026, DV held a special meeting of stockholders of DV (the “Special Meeting”). At the Special Meeting, a majority of DV stockholders voted to adopt the Merger Agreement. Approximately 94% of votes cast were in favor of the adoption of the Merger Agreement, representing over 75% of the issued and outstanding shares of DV common stock as of the close of business on September 28, 2026, the record date for the Special Meeting. The voting results, which have been certified by an independent inspector of elections, are available on a Form 8-K filed by DV with the SEC on October 29, 2026.
The Company continues to expect the transactions contemplated by the Merger Agreement to close by the first quarter of 2027, subject to satisfaction of customary closing conditions.
In light of the pending transactions contemplated by the Merger Agreement, DV has suspended future earnings and investors calls for the duration of the transactions’ pendency. Additionally, DV has withdrawn all previously issued financial outlook and guidance for the duration of the transactions’ pendency. Future updates regarding the transactions contemplated by the Merger Agreement and DV’s strategic progress will be provided through official press releases and regulatory filings, as appropriate.
Key Business Terms
Activation revenue is generated from the evaluation, verification, and measurement of advertising impressions purchased through programmatic demand-side and social media platforms.
Measurement revenue is generated from the verification and measurement of advertising impressions that are directly purchased on digital media properties, including publishers, CTV and social media platforms.
Supply-Side revenue is generated from platforms and publisher partners who use DoubleVerify’s data analytics to evaluate, verify and measure their advertising inventory.
Gross Revenue Retention Rate is the total prior period revenue earned from advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers, divided by the total prior period revenue from advertiser customers.
Net Revenue Retention Rate is the total current period revenue earned from advertiser customers, which were also customers during the entire most recent twelve-month period, divided by the total prior year period revenue earned from the same advertiser customers, excluding a portion of our revenues that cannot be allocated to specific advertiser customers.
Media Transactions Measured (MTM) is the volume of media transactions that DoubleVerify’s software platform measures.
Measured Transaction Fee (MTF) is the fixed fee DoubleVerify charges per thousand Media Transactions Measured.
International Revenue Growth Rates are inclusive of foreign currency fluctuations.
DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of As of(in thousands, except per share data)September 30, 2026 December 31, 2025Assets: Current assets Cash and cash equivalents$250,852 $259,038 Trade receivables, net of allowances for doubtful accounts of $8,307 and $8,096 as of September 30, 2026 and December 31, 2025, respectively 228,009 221,158 Prepaid expenses and other current assets 41,786 39,132 Total current assets 520,647 519,328 Property, plant and equipment, net 130,054 103,284 Operating lease right-of-use assets, net 61,089 66,908 Goodwill 511,084 516,002 Intangible assets, net 81,299 101,616 Deferred tax assets 29,714 30,920 Other non-current assets 16,051 16,024 Total assets$1,349,938 $1,354,082 Liabilities and Stockholders' Equity: Current liabilities Trade payables$14,860 $14,662 Accrued expenses 62,570 73,552 Operating lease liabilities, current 7,349 9,057 Income tax liabilities 1,742 3,829 Current portion of finance lease obligations 13,823 6,982 Other current liabilities 10,693 13,481 Total current liabilities 111,037 121,563 Operating lease liabilities, non-current 72,634 77,917 Finance lease obligations 14,557 5,595 Deferred tax liabilities 11,240 11,467 Other non-current liabilities 7,072 6,208 Total liabilities 216,540 222,750 Commitments and contingencies (Note 15) Stockholders’ equity Common stock, $0.001 par value, 1,000,000 shares authorized, 177,293 shares issued and 156,189 outstanding as of September 30, 2026; 1,000,000 shares authorized, 176,546 shares issued and 161,900 outstanding as of December 31, 2025 177 177 Additional paid-in capital 1,082,656 1,059,938 Treasury stock, at cost, 21,104 shares and 14,646 shares as of September 30, 2026 and December 31, 2025, respectively (297,856) (247,982)Retained earnings 341,121 305,864 Accumulated other comprehensive income, net of income taxes 7,300 13,335 Total stockholders’ equity 1,133,398 1,131,332 Total liabilities and stockholders' equity$1,349,938 $1,354,082 DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data)2026
2025 2026
2025
Revenue$205,638 $188,621 $580,252 $542,703 Cost of revenue (exclusive of depreciation and amortization shown separately below) 38,542 33,465 104,185 97,557 Product development 44,427 44,842 136,201 136,762 Sales, marketing and customer support 47,981 47,022 141,836 141,594 General and administrative 28,009 26,997 80,691 83,100 Depreciation and amortization 18,334 15,191 50,333 42,275 Income from operations 28,345 21,104 67,006 41,415 Interest expense 652 467 1,540 1,330 Other (income) expense, net (251) 99 1,386 (5,185)Income before income taxes 27,944 20,538 64,080 45,270 Income tax expense 12,015 10,336 28,823 23,949 Net income$15,929 $10,202 $35,257 $21,321 Earnings per share: Basic$0.10 $0.06 $0.23 $0.13 Diluted$0.10 $0.06 $0.22 $0.13 Weighted-average common stock outstanding: Basic 155,200 162,031 156,623 163,285 Diluted 160,321 166,497 160,753 167,368 Comprehensive income: Net income$15,929 $10,202 $35,257 $21,321 Other comprehensive (loss) income: Foreign currency cumulative translation adjustment (1,346) 839 (6,035) 27,715 Total comprehensive income$14,583 $11,041 $29,222 $49,036 DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Accumulated Other Additional Comprehensive Total Common Stock Treasury Stock Paid-in Retained Income (Loss) Stockholders’(in thousands)Shares Amount Shares Amount Capital Earnings Net of Income Taxes EquityBalance as of January 1, 2026176,546 $177 14,646 $(247,982) $1,059,938 $305,864 $13,335 $1,131,332 Foreign currency translation adjustment— — — — — — (4,931) (4,931)Shares repurchased for settlement of employee tax withholdings— — 142 (1,437) — — — (1,437)Stock-based compensation expense— — — — 25,613 — — 25,613 Common stock issued upon exercise of stock options— — — — 43 — — 43 Common stock issued upon vesting of restricted stock units90 — — — — — — — Common stock issued upon vesting of performance stock units53 — — — — — — — Shares repurchased under authorized repurchase programs— — 7,270 (75,145) — — — (75,145)Excise tax on shares repurchased— — — (618) — — — (618)Treasury stock reissued upon settlement of equity awards— — (1,298) 20,239 (20,239) — — — Net income— — — — — 6,410 — 6,410 Balance as of March 31, 2026176,689 177 20,760 (304,943) 1,065,355 312,274 8,404 1,081,267 Foreign currency translation adjustment— — — — — — 242 242 Shares repurchased for settlement of employee tax withholdings— — 392 (4,025) — — — (4,025)Stock-based compensation expense— — — — 26,941 — — 26,941 Common stock issued under employee purchase plan— — — — 1,031 — — 1,031 Common stock issued upon exercise of stock options— — — — 1,223 — — 1,223 Common stock issued upon vesting of restricted stock units392 — — — — — — — Common stock issued upon vesting of performance stock units29 — — — — — — — Shares repurchased under authorized repurchase programs— — 2,497 (25,050) — — — (25,050)Excise tax on shares repurchased— — — (97) — — — (97)Treasury stock reissued upon settlement of equity awards— — (1,474) 20,870 (20,870) — — — Net income— — — — — 12,918 — 12,918 Balance as of June 30, 2026177,110 177 22,175 (313,245) 1,073,680 325,192 8,646 1,094,450 Foreign currency translation adjustment— — — — — — (1,346) (1,346)Shares repurchased for settlement of employee tax withholdings— — 183 (2,453) — — — (2,453)Stock-based compensation expense— — — — 26,512 — — 26,512 Common stock issued upon exercise of stock options— — — — 138 — — 138 Common stock issued upon vesting of restricted stock units153 — — — — — — — Common stock issued upon vesting of performance stock units30 — — — — — — — Excise tax on shares repurchased— — — 168 — — — 168 Treasury stock reissued upon settlement of equity awards— — (1,254) 17,674 (17,674) — — — Net income— — — — — 15,929 — 15,929 Balance as of September 30, 2026177,293 $177 21,104 $(297,856) $1,082,656 $341,121 $7,300 $1,133,398 DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Accumulated Other Additional Comprehensive Total Common Stock Treasury Stock Paid-in Retained Income (Loss) Stockholders’(in thousands)Shares Amount Shares Amount Capital Earnings Net of Income Taxes EquityBalance as of January 1, 2025174,003 $174 6,934 $(131,620) $974,383 $255,214 $(14,692) $1,083,459 Foreign currency translation adjustment— — — — — — 7,493 7,493 Shares repurchased for settlement of employee tax withholdings— — 210 (3,210) — — — (3,210)Stock-based compensation expense— — — — 25,080 — — 25,080 Common stock issued upon exercise of stock options58 — — — 222 — — 222 Common stock issued upon vesting of restricted stock units641 1 — — (1) — — — Common stock issued upon vesting of performance stock units71 — — — — — — — Shares repurchased under authorized repurchase programs— — 5,169 (82,240) — — — (82,240)Excise tax on shares repurchased— — — (64) (668) — — (732)Treasury stock reissued upon settlement of equity awards— — (18) 350 (350) — — — Net income— — — — — 2,361 — 2,361 Balance as of March 31, 2025174,773 175 12,295 (216,784) 998,666 257,575 (7,199) 1,032,433 Foreign currency translation adjustment— — — — — — 19,383 19,383 Shares repurchased for settlement of employee tax withholdings— — 35 (494) — — — (494)Stock-based compensation expense— — — — 28,053 — — 28,053 Common stock issued under employee purchase plan135 — — — 1,577 — — 1,577 Common stock issued upon exercise of stock options29 — — — 148 — — 148 Common stock issued upon vesting of restricted stock units954 1 — — (1) — — — Common stock issued upon vesting of performance stock units14 — — — — — — — Excise tax on shares repurchased— — — 157 — — — 157 Net income— — — — — 8,758 — 8,758 Balance as of June 30, 2025175,905 176 12,330 (217,121) 1,028,443 266,333 12,184 1,090,015 Foreign currency translation adjustment— — — — — — 839 839 Shares repurchased for settlement of employee tax withholdings— — 259 (3,391) — — — (3,391)Stock-based compensation expense— — — — 28,786 — — 28,786 Common stock issued upon exercise of stock options76 — — — 260 — — 260 Common stock issued upon vesting of restricted stock units313 — — — — — — — Common stock issued upon vesting of performance stock units6 — — — — — — — Shares repurchased under authorized repurchase programs— — 3,258 (50,065) — — — (50,065)Excise tax on shares repurchased— — — (396) — — — (396)Treasury stock reissued upon settlement of equity awards— — (641) 10,962 (10,962) — — — Net income— — — — — 10,202 — 10,202 Balance as of September 30, 2025176,300 $176 15,206 $(260,011) $1,046,527 $276,535 $13,023 $1,076,250 DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30, (in thousands)2026
2025
Operating activities: Net income$35,257 $21,321 Adjustments to reconcile net income to net cash provided by operating activities Bad debt expense 2,558 1,897 Depreciation and amortization expense 50,333 42,275 Amortization of debt issuance costs 326 326 Non-cash lease expense 6,344 5,903 Deferred taxes 1,120 17,055 Stock-based compensation expense 74,862 78,728 Interest expense, net 392 321 Loss on disposal of fixed assets — 101 Other (448) 771 Changes in operating assets and liabilities, net of effects of business combinations Trade receivables (10,286) 11,596 Prepaid expenses and other assets (1,802) (36,824)Trade payables 271 1,057 Accrued expenses and other liabilities (22,544) (6,070)Net cash provided by operating activities 136,383 138,457 Investing activities: Purchase of property, plant and equipment (31,353) (27,952)Acquisition of businesses, net of cash acquired — (82,578)Proceeds from maturity of short-term investments — 17,753 Other investing activities — (1,000)Net cash used in investing activities (31,353) (93,777)Financing activities: Proceeds from common stock issued upon exercise of stock options 1,404 630 Proceeds from common stock issued under employee purchase plan 1,031 1,577 Finance lease payments (5,832) (2,944)Shares repurchased under authorized repurchase programs (100,195) (132,305)Payment of excise tax on shares repurchased (884) (668)Shares repurchased for settlement of employee tax withholdings (7,915) (7,095)Net cash used in financing activities (112,391) (140,805)Effect of exchange rate changes on cash and cash equivalents and restricted cash (849) 4,109 Net decrease in cash, cash equivalents, and restricted cash (8,210) (92,016)Cash, cash equivalents, and restricted cash - Beginning of period 260,034 293,741 Cash, cash equivalents, and restricted cash - End of period$251,824 $201,725 Cash and cash equivalents$250,852 $200,729 Restricted cash - non-current (included in Other non-current assets on the Condensed Consolidated Balance Sheets) 972 996 Total cash and cash equivalents and restricted cash$251,824 $201,725 Supplemental cash flow information: Cash paid for interest$945 $878 Non-cash investing and financing activities: Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances$479 $5,139 Acquisition of equipment under finance lease$21,635 $13,805 Capital assets financed by accounts payable and accrued expenses$24 $35 Stock-based compensation included in capitalized software development costs$4,209 $3,190 Accrued excise tax on net share repurchases$547 $971 Comparison of the Three and Nine Months Ended September 30, 2026 and September 30, 2025
Revenue
Three Months Ended
September 30, Change Change Nine Months Ended
September 30, Change Change 2026 2025 $ % 2026 2025 $ % (In Thousands) (In Thousands) Revenue by customer type: Activation$117,572 $106,693 $10,879 10% $325,802 $310,814 $14,988 5%Measurement 69,122 63,829 5,293 8 197,685 180,155 17,530 10 Supply-side 18,944 18,099 845 5 56,765 51,734 5,031 10 Total revenue$205,638 $188,621 $17,017 9% $580,252 $542,703 $37,549 7% Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, management believes that certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP Net income, Non-GAAP Earnings Per Share, Free Cash Flow and Free Cash Flow Conversion (collectively "Non-GAAP Financial Measures") are useful in evaluating our business.
We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. We calculate Non-GAAP net income as GAAP net income adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as amortization of acquired intangibles assets, acquisition-related costs, other non-recurring costs, as well as the income tax effect of these adjustments. Basic non-GAAP earnings per share is calculated by dividing non-GAAP net income by the number of weighted-average common stock outstanding. Diluted Non-GAAP earnings per share adjusts the Basic Non-GAAP earnings per share for the potential dilutive impact of shares of common stock using the treasury stock method. We calculate free cash flow as net cash provided by operating activities determined in accordance with GAAP less purchases of property, plant, and equipment which includes capitalized software development costs. Free cash flow conversion is calculated as free cash flow divided by Adjusted EBITDA for the same period. We use the Non-GAAP Financial Measures as measures of operational efficiency to understand and evaluate our core business operations. We believe that these Non-GAAP Financial Measures are useful to investors for period-to-period comparisons of our core business and for understanding and evaluating trends in our operating results on a consistent basis by either excluding items that we do not believe are indicative of our core operating performance or by measuring cash generated by our operations that is available for various strategic initiatives.
The following tables show the Company’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release.
Three Months Ended September 30, Nine Months Ended September 30, 2026
2025
2026
2025
(In Thousands) (In Thousands)Net income$15,929 $10,202 $35,257 $21,321 Net income margin 8% 5% 6% 4%Depreciation and amortization 18,334 15,191 50,333 42,275 Stock-based compensation 25,088 27,379 74,862 78,728 Interest expense 652 467 1,540 1,330 Income tax expense 12,015 10,336 28,823 23,949 M&A and restructuring costs (recoveries) (a) 2,850 (10) 2,850 1,656 Other costs (b) 803 2,187 898 3,705 Other (income) expense (c) (251) 99 1,386 (5,185)Adjusted EBITDA$75,420 $65,851 $195,949 $167,779 Adjusted EBITDA margin 37% 35% 34% 31% Three Months Ended September 30, Nine Months Ended September 30, 2026
2025
2026
2025
(In Thousands) (In Thousands)Net Income$15,929 $10,202 $35,257 $21,321 Stock-based compensation 25,088 27,379 74,862 78,728 Amortization of acquired intangibles 6,522 7,929 19,613 23,236 M&A and restructuring costs (recoveries) (a) 2,850 (10) 2,850 1,656 Other costs (b) 803 2,187 898 3,705 Income tax effect of non-GAAP adjustments (d) (10,932) (11,620) (30,449) (33,271)Non-GAAP net income$40,260 $36,067 $103,031 $95,375 GAAP earnings per share: Basic$0.10 $0.06 $0.23 $0.13 Diluted$0.10 $0.06 $0.22 $0.13 GAAP Weighted-average common stock outstanding: Basic 155,200 162,031 156,623 163,285 Diluted 160,321 166,497 160,753 167,368 Non-GAAP earnings per share: Basic$0.26 $0.22 $0.66 $0.58 Diluted$0.25 $0.22 $0.64 $0.57 Non-GAAP Weighted-average common stock outstanding: Basic 155,200 162,031 156,623 163,285 Diluted 160,321 166,497 160,753 167,368 (a) M&A and restructuring costs for the three and nine months ended September 30, 2026 consist of transaction costs in connection with the Merger Agreement. M&A and restructuring costs (recoveries) for the three and nine months ended September 30, 2025 consist of transaction costs related to the acquisition of Rockerbox.
(b) Other costs for the three and nine months ended September 30, 2026 consist of expenses with respect to litigation and regulatory matters outside of the ordinary course. Other costs for the three and nine months ended September 30, 2025 consist of expenses incurred with respect to litigation and regulatory matters outside of the ordinary course and costs related to the early termination of an office lease.
(c) Other (income) expense for the three and nine months ended September 30, 2026 and September 30, 2025 consists of interest income earned on interest-bearing monetary assets, and the impact of changes in foreign currency exchange rates.
(d) We calculate the income tax effect of the adjustments using a non-GAAP effective tax rate to provide consistency across reporting periods. For the non-GAAP reconciliation, effective tax rates for the three and nine months ended September 30, 2026 and 2025 were calculated using assumed blended tax rates of 31%, respectively. These rates represent a blend of the statutory federal tax and state taxes rates associated with the most recent Annual Report on Form 10-K. We will periodically reevaluate this tax rate, as necessary, for significant events such as relevant tax law changes.
Three Months Ended September 30, Nine Months Ended September 30, 2026
2025
2026
2025
(In Thousands) (In Thousands)Net cash provided by operating activities$55,970 $51,181 $136,383 $138,457 Purchase of property, plant and equipment (10,297) (12,139) (31,353) (27,952)Free cash flow$45,673 $39,042 $105,030 $110,505 Free cash flow conversion 61% 59% 54% 66% These Non-GAAP Financial Measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Some of the limitations of these measures are:
they do not reflect changes in, or cash requirements for, working capital needs;they do not reflect our capital expenditures or future requirements for capital expenditures or contractual commitments;they do not reflect income tax expense or the cash requirements to pay income taxes;they do not reflect interest expense or the cash requirements necessary to service interest or principal debt payments; andalthough depreciation and amortization are non-cash charges related mainly to intangible assets, certain assets being depreciated and amortized will have to be replaced in the future, and they do not reflect any cash requirements for such replacements. In addition, other companies in our industry may calculate these Non-GAAP Financial Measures differently than we do, limiting their usefulness as a comparative measure. You should compensate for these limitations by relying primarily on our GAAP results and using the Non-GAAP Financial Measures only supplementally.
Total stock-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows:
Three Months Ended Nine Months Ended September 30, September 30, (in thousands)2026 2025 2026 2025Product development$9,679 $10,739 $29,198 $30,394Sales, marketing and customer support 7,692 7,932 22,404 24,387General and administrative 7,717 8,708 23,260 23,947Total stock-based compensation$25,088 $27,379 $74,862 $78,728 Forward-Looking Statements
This press release contains forward-looking statements. Statements contained in this communication other than statements of historical fact are forward-looking statements, including statements regarding the Merger and the other transactions contemplated by the Merger Agreement. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “likely” or “continue,” the negative of these terms and other comparable terminology. Any statements in this press release regarding the proposed Merger, and any other statements that are not historical facts are forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Important factors, risks and uncertainties that could cause actual results to differ materially from forward-looking statements include but are not limited to: (i) the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect the Company’s business and the price of our common stock; (ii) the timing to consummate the Merger, or the occurrence of any event, change, or other circumstances that could give rise to the termination of the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; (iii) the failure to satisfy the conditions to the consummation of the Merger, and the other transactions contemplated thereby; (iv) the risk that a governmental or regulatory approval that may be required for the Merger is not obtained or is obtained subject to conditions that are not anticipated; (v) the effect of the pendency of the Merger on the Company’s business relationships, operating results and business generally; (vi) certain restrictions during the pendency of the Merger that may impact our ability to pursue certain business opportunities or strategic transactions; (vii) risks that the Merger disrupts current plans and operations; (viii) risks related to diverting management’s attention from our ongoing business operations; (ix) the outcome of any legal proceedings that may be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto; (x) our ability to retain, hire and integrate skilled personnel, and maintain relationships with key business partners and customers, and others with whom we do business, in light of the proposed Merger; (xi) unexpected costs, charges or expenses resulting from the Merger; (xii) risks that the benefits of the Merger are not realized when and as expected; and (xiii) those risks described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and our Quarterly Reports on Form 10-Q for the quarter ended September 30, 2026. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can management assess the impact of all factors on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement the Company makes. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as otherwise required by law, the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
About DoubleVerify
DoubleVerify (NYSE: DV) is the industry’s leading media effectiveness platform that leverages AI to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. Learn more at www.doubleverify.com.
Investor Relations
Brinlea Johnson
The Blueshirt Group
[email protected]
Media Contact
Chris Harihar
Crenshaw Communications
646-535-9475
[email protected]
3 Surging Stocks That Don’t Need the AI Boom to Keep WinningDoubleVerify NYSE: DV stockholders approved the company’s proposed merger agreement and an advisory proposal covering merger-related executive compensation during a special virtual meeting held Oct. 29, 2026.
The company said the merger agreement, dated Aug. 6, 2026, is among DoubleVerify, Neptune BidCo US Inc. and Wallace Merger Sub Inc. DoubleVerify’s board of directors unanimously recommended that stockholders vote in favor of the transaction.
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SM Energy’s Civitas Merger Is Paying Off, But the Stock’s Run Raises the BarMark Zagorski, DoubleVerify’s chief executive officer, said the meeting was structured to consider three matters: adoption of the merger agreement, a non-binding advisory vote on executive compensation related to the transaction, and a potential adjournment proposal if more time were needed to seek approval.
Quorum Reached for Special Meeting Andy Grimmig, DoubleVerify’s chief legal officer and secretary, said at least 78.1 million shares were represented virtually or by proxy before additional ballots submitted during the meeting. That amount represented a majority of the company’s outstanding voting shares, establishing a quorum.
Permian Resources Rally Faces a TestThe company’s notice of the special meeting and proxy statement were sent to stockholders on or about Sept. 29, 2026. Stockholders of record as of Sept. 28, 2026, were eligible to vote.
A representative of Broadridge Financial Solutions Inc. served as inspector of elections. The inspector was responsible for determining voter eligibility, receiving ballots and tallying final votes.
Merger and Compensation Proposals Approved Grimmig presented the merger proposal, which called for stockholders to adopt the agreement and plan of merger involving DoubleVerify and the two Delaware-incorporated entities. Following the voting process, the inspector of elections reported that sufficient votes had been received to approve the merger agreement.
Stockholders also approved, on a non-binding advisory basis, compensation that may be paid or become payable to DoubleVerify’s named executive officers in connection with the merger agreement and the related transactions.
The board had unanimously recommended approval of both measures.
Adjournment Proposal Deemed Moot The third proposal would have authorized the company to adjourn the meeting if necessary or appropriate, including to provide stockholders additional time to review any proxy-statement updates or to solicit additional votes for the merger agreement.
Because the inspector confirmed that there were sufficient votes to approve the merger agreement and executive-compensation proposal, DoubleVerify said the adjournment proposal was moot.
No stockholder questions were submitted during the meeting. Zagorski thanked participants and adjourned the special meeting after the preliminary voting report was accepted. The final voting report will be filed with the company’s meeting minutes.
About DoubleVerify (NYSE:DV)DoubleVerify Holdings, Inc NYSE: DV provides software and data analytics that help advertisers, agencies, publishers and digital media platforms measure and improve the quality and effectiveness of digital advertising. Its technology is designed to verify whether ads are viewable, delivered in suitable environments and seen by legitimate audiences.
The company's solutions address areas including fraud prevention, brand safety and suitability, media quality, campaign measurement, reach and frequency, and advertising performance.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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DoubleVerify Holdings (DV - Free Report) came out with quarterly earnings of $0.25 per share, missing the Zacks Consensus Estimate of $0.27 per share. This compares to earnings of $0.22 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -7.41%. A quarter ago, it was expected that this software platform for digital media measurement and analytics would post earnings of $0.25 per share when it actually produced earnings of $0.22, delivering a surprise of -12%.
Over the last four quarters, the company has not been able to surpass consensus EPS estimates.
DoubleVerify, which belongs to the Zacks Internet - Software industry, posted revenues of $205.64 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 0.47%. This compares to year-ago revenues of $188.62 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
DoubleVerify shares have added about 18.6% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for DoubleVerify?While DoubleVerify has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for DoubleVerify was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.34 on $225.56 million in revenues for the coming quarter and $1.03 on $806.25 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Allot Communications (ALLT - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on November 12.
This internet protocol services company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -20%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Allot Communications' revenues are expected to be $30.17 million, up 14.2% from the year-ago quarter.
Citizens Financial Group Inc. RI acquired a new stake in shares of Lennox International, Inc. (NYSE:LII – Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,960 shares of the construction company’s stock, valued at approximately $696,000.
A number of other large investors have also made changes to their positions in the stock. Burkett Financial Services LLC purchased a new stake in shares of Lennox International during the third quarter worth about $26,000. SBI Securities Co. Ltd. lifted its stake in shares of Lennox International by 3,500.0% during the third quarter. SBI Securities Co. Ltd. now owns 72 shares of the construction company’s stock valued at $26,000 after buying an additional 70 shares during the period. Root Financial Partners LLC lifted its stake in shares of Lennox International by 137.9% during the first quarter. Root Financial Partners LLC now owns 69 shares of the construction company’s stock valued at $32,000 after buying an additional 40 shares during the period. N.E.W. Advisory Services LLC acquired a new stake in Lennox International during the second quarter worth approximately $37,000. Finally, Global Retirement Partners LLC acquired a new stake in Lennox International during the second quarter worth approximately $50,000. Institutional investors and hedge funds own 67.07% of the company’s stock.
Wall Street Analyst Weigh In Several analysts have commented on the stock. Stephens cut shares of Lennox International from an “overweight” rating to an “equal weight” rating and set a $350.00 target price for the company. in a research note on Thursday. Royal Bank Of Canada reduced their price target on Lennox International from $406.00 to $378.00 and set a “sector perform” rating on the stock in a research note on Thursday. Morgan Stanley decreased their price objective on Lennox International from $375.00 to $350.00 and set an “underweight” rating on the stock in a report on Thursday, October 15th. Oppenheimer downgraded Lennox International from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, The Goldman Sachs Group downgraded Lennox International from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $547.00 to $390.00 in a research report on Wednesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Lennox International presently has a consensus rating of “Hold” and a consensus price target of $459.08.
View Our Latest Stock Report on Lennox International Lennox International Price Performance Lennox International stock opened at $347.70 on Friday. Lennox International, Inc. has a 1 year low of $322.00 and a 1 year high of $587.27. The firm has a 50 day moving average price of $369.57 and a 200 day moving average price of $473.02. The company has a market cap of $12.02 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 1.53 and a beta of 1.16. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.77 and a current ratio of 1.21.
Lennox International (NYSE:LII – Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The construction company reported $6.84 earnings per share for the quarter, missing analysts’ consensus estimates of $7.29 by ($0.45). The company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Lennox International had a return on equity of 62.34% and a net margin of 13.77%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the business earned $6.98 EPS. Sell-side analysts predict that Lennox International, Inc. will post 21.25 earnings per share for the current year.
Lennox International Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Wednesday, September 30th. Lennox International’s dividend payout ratio is presently 25.24%.
Lennox International News Roundup Here are the key news stories impacting Lennox International this week:
Positive Sentiment: Despite weak guidance, some coverage argues that Lennox may be undervalued after the selloff. One analysis estimates the stock could be significantly below its intrinsic value, potentially attracting bargain hunters. Lennox Stock May Be Undervalued Positive Sentiment: Third-quarter revenue rose 10.2% year over year to approximately $1.6 billion. The Building Climate Solutions segment grew 24%, supporting commercial-market growth and providing evidence of continued demand for Lennox’s products. Lennox Third-Quarter Takeaways Neutral Sentiment: Lennox added smart thermostat energy-saving services, a move that could expand recurring service opportunities and strengthen its connected-home product offering, though the near-term financial impact was not disclosed. Lennox Adds Smart Thermostat Services Negative Sentiment: Adjusted third-quarter EPS was $6.84, below analyst estimates of roughly $7.18–$7.33 and down from $6.98 a year earlier. Segment profit declined 2%, while competitive pressure, inflation, tariffs, higher costs and lower factory absorption weighed on margins. Lennox Third-Quarter Earnings Negative Sentiment: Management reduced full-year 2026 adjusted EPS guidance to $21.00–$21.50 from $23.00–$24.00, signaling that the recovery will take longer than previously expected. Home Comfort Solutions margins were particularly pressured by pricing actions intended to defend or regain market share. Negative Sentiment: Analysts responded with multiple downgrades and target-price reductions: Oppenheimer moved to “perform,” Stephens to “equal weight,” RBC cut its target to $378, and Wells Fargo lowered its target to $355. The revisions reflect concerns about inflation, competition and delayed earnings recovery. Oppenheimer Downgrade Lennox International Profile (Free Report)
Lennox International Inc is a heating, ventilation, air conditioning and refrigeration company headquartered in Richardson, Texas. Founded in 1895 by Dave Lennox, the company develops and markets products designed to provide climate control and improve indoor air quality in residential and commercial buildings.
Its product portfolio includes air conditioners, heat pumps, furnaces, air handlers, thermostats, indoor air-quality equipment and related controls. Lennox also provides commercial heating and cooling systems, replacement components, installation support and other services through distributors, dealers and contractors.
Lennox primarily serves customers in the United States and Canada, with products and services also marketed in selected international markets.
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Lennox International (NYSE:LII) reported third-quarter revenue growth of 10.2% to $1.6 billion, supported by commercial-equipment demand, acquisitions and improving residential sales volumes. However, total segment profit declined about 2% to $323 million and adjusted earnings per share fell 7% to $6.84 as competitive pricing conditions and higher tariff-related costs weighed on margins.
Chief Executive Officer Alok Maskara said the company adopted a more dynamic pricing strategy in its residential business to defend and stabilize market share. While he said early results have been encouraging, the strategy reduced price realization at a time when tariffs and inflation were increasing.
“Profitability, however, fell short of our expectations,” Maskara said. He added that homeowner affordability, elevated mortgage rates and consumer uncertainty continued to constrain underlying residential demand. Residential Margins Face Price-Cost Pressure Home Comfort Solutions revenue increased 3% in the third quarter, though organic revenue declined 1%. That marked an improvement from a 9% organic decline in the second quarter. Direct-to-contractor sales fell 6%, compared with a 12% decline in the prior quarter, while two-step organic sales rose 13%, aided by comparisons against industry destocking last year.
Acquisitions added $39 million in Home Comfort Solutions revenue and $6 million in segment profit. Still, organic segment profit declined $46 million. Favorable mix and price contributed $13 million, but tariffs and related inflation, net of productivity savings, created $47 million in cost headwinds.
Maskara said the company had expected a late-second-quarter price increase to cover more of those costs. But competitive conditions and what he described as pricing fatigue limited the company’s ability to implement a midyear increase.
Management said the company did not experience additional share losses beyond those previously discussed in residential new construction. Instead, pricing actions during the quarter were intended to prevent further losses. Lennox expects full-year one-step organic sales to decline by low double digits, while two-step sales are expected to increase by low single digits.
Commercial Business Continues to Grow Building Climate Solutions revenue rose 24% in the third quarter, including 15% organic growth. Acquisitions accounted for 9 percentage points of the reported increase and contributed about $13 million in segment profit.
The company said investments in factories and sales coverage improved quoting speed and product availability, helping it win more emergency replacement business. Lennox also cited continued growth with national accounts through equipment and service offerings, as well as new heat-pump products.
Although higher sales volumes lifted organic segment profit, Building Climate Solutions margins declined because pricing did not fully offset tariff and inflation costs. Price increases take longer to implement under large national-account contracts, while competitive conditions limited realization with local contractors, according to the company.
Recovery Plan Targets Share, Productivity and Entry-Tier Products Lennox has launched a recovery plan focused on regaining share and restoring margins. The plan includes more targeted pricing by region and customer segment, productivity efforts across manufacturing, distribution and selling, general and administrative expenses, a refreshed entry-tier portfolio, and efforts to deepen relationships with national accounts and contractors.
The company plans to introduce additional entry-tier products, including side-discharge offerings, in early 2027. Maskara said entry-tier products have become more relevant as affordability challenges persist and overseas competition expands. The company expects the margin percentage on the lower-cost products to be similar to that of its current entry-level offerings after cost reductions.
Lennox also said its acquisition of the Comfort-Aire and Century brands, completed during the third quarter for $200 million, is performing in line with expectations. Management expects the businesses to contribute to earnings per share in 2027, with a significant portion of SG&A synergies anticipated after the acquired businesses transition to Lennox’s enterprise resource planning platform.
Chief Financial Officer Michael Quenzer said restructuring actions have begun, largely involving acquired operations, distribution consolidation and SG&A. The company may pursue additional restructuring as it evaluates distribution capacity and leases following the opening of a facility in Dallas.
Guidance Reduced as Pricing Outlook Weakens Lennox reduced its full-year adjusted EPS outlook to $21.00 to $21.50. The company cited lower-than-expected price realization and an expected tax rate of 21%, compared with its prior 20% assumption.
Full-year revenue growth is now expected to be approximately 6%, down from the prior 8% forecast. Building Climate Solutions revenue growth is projected at approximately 23%, up from 20% previously. Home Comfort Solutions revenue is expected to decline about 4%, compared with prior guidance for 1% growth. Free cash flow is expected to total $700 million to $750 million, reduced from $750 million to $850 million. For the full year, management expects enterprise margin to decline by about 200 basis points. Building Climate Solutions margins are expected to be roughly flat, while Home Comfort Solutions margins are projected to contract approximately 350 basis points, primarily due to lower one-step volumes and price-cost pressure.
The company generated $395 million in operating cash flow during the quarter, up $95 million from a year earlier, and reported trailing 12-month free-cash-flow conversion of 108%. Organic inventory units declined more than 15% year over year. Lennox repurchased approximately $151 million in shares during the quarter and expects about $225 million in capital expenditures for the year.
Looking ahead, Lennox did not provide formal 2027 guidance but said it expects its recovery plan to support sales, EBIT and EPS growth next year, with momentum building during the year. Management plans around muted industry volumes, resilient replacement demand and continued softness in new construction rather than a broad market recovery.
About Lennox International (NYSE:LII) Lennox International Inc is a heating, ventilation, air conditioning and refrigeration company headquartered in Richardson, Texas. Founded in 1895 by Dave Lennox, the company develops and markets products designed to provide climate control and improve indoor air quality in residential and commercial buildings.
Its product portfolio includes air conditioners, heat pumps, furnaces, air handlers, thermostats, indoor air-quality equipment and related controls. Lennox also provides commercial heating and cooling systems, replacement components, installation support and other services through distributors, dealers and contractors.
Lennox primarily serves customers in the United States and Canada, with products and services also marketed in selected international markets.
Why Dan Krupka Thinks Bitcoin and Gold Could Fall TogetherA Post-Midterm Return to Hostilities In Hormuz Could Drive Rising Energy Prices and Strengthen the DollarBitcoin Price Outlook: What Could Invalidate the Bearish Forecast?
As the market weeps from the biggest crypto theft in history, Bitcoin (BTC) could face renewed selling pressure in the coming months as a strengthening US dollar threatens to undermine one of crypto’s biggest macroeconomic investment narratives, according to Connection Capital founder Dan Krupka.
In comments provided to 99Bitcoins, Krupka challenged the increasingly popular “dollar debasement trade,” arguing that rising energy prices and weakness in major foreign currencies could push the dollar higher, dragging Bitcoin, gold and traditional financial markets lower.
His warning comes as Bitcoin trades around $77,500, while the US Dollar Index (DXY) remains near 102 after gaining ground since September.
Why Dan Krupka Thinks Bitcoin and Gold Could Fall Together
The debasement trade has become a central argument for owning scarce assets such as Bitcoin and gold. With government borrowing elevated and concerns about currency purchasing power mounting, investors have increasingly viewed both assets as alternatives to traditional fiat money.
However, Krupka argues that the trade overlooks a crucial development: the dollar has not experienced the sustained decline many investors expected.
Speaking to 99Bitcoins, Krupka explained how global energy market dynamics could impact Bitcoin and other assets in the months ahead.
“There’s been a lot of talk about the so-called ‘dollar debasement trade’, where the US dollar goes down and everything goes up, especially Bitcoin and gold. The thing is that the US dollar hasn’t really gone down, and over the last few months it’s actually started going up,” explained Krupka.
“It looks like this is going to continue simply because other currencies like the Euro and the Japanese yen are coming under pressure, primarily because of rising energy prices. If this happens, then the dollar will keep rising, and this will push Bitcoin, gold, and the broader markets lower in the coming months.”
The argument highlights an important distinction between Bitcoin’s long-term appeal as an inflation hedge and its short-term sensitivity to global liquidity conditions.
Although Bitcoin has a fixed supply of 21 million coins, that scarcity does not guarantee its price will rise when economic conditions deteriorate.
A strengthening dollar can make dollar-denominated assets more expensive for foreign investors, while tighter financial conditions can reduce appetite for speculative investments.
Consequently, even Bitcoin and gold could struggle simultaneously if investors increasingly favour holding dollars.
A Post-Midterm Return to Hostilities In Hormuz Could Drive Rising Energy Prices and Strengthen the Dollar
The critical factor in Krupka’s outlook is the vulnerability of major economies to higher energy costs.
Europe and Japan depend heavily on imported energy, leaving their economies exposed when oil and gas prices rise. Higher import costs can increase inflation, weaken economic growth, and complicate monetary policy decisions.
If those pressures weigh on the euro and Japanese yen, the dollar could strengthen against both currencies.
That matters because the euro and yen account for a substantial proportion of the US Dollar Index, making weakness in either currency particularly important for the direction of DXY.
(Source – TradingView, DXY)
The dollar index closed around 101.85 on October 29, compared with 101.45 at the end of September. Although it has slipped during the latest trading sessions, the broader recovery reinforces the importance of watching whether dollar strength resumes.
Crucially, Krupka’s scenario does not require investors to abandon concerns about US government debt or inflation. The dollar could strengthen relative to other currencies even while losing domestic purchasing power.
Bitcoin Price Outlook: What Could Invalidate the Bearish Forecast?
For Bitcoin investors, the most important question is whether the dollar’s recent resilience develops into a sustained upward trend.
A further increase in DXY, particularly alongside rising energy prices and tighter global financial conditions, would strengthen Krupka’s bearish argument.
However, the relationship is not automatic.
The dollar weakened slightly on October 30 as falling Treasury yields and concerns surrounding US technology stocks weighed on demand for American assets. Changes in Federal Reserve policy, cryptocurrency-specific capital flows and institutional demand could also alter Bitcoin’s trajectory.
Gold and Bitcoin do not always respond identically to economic shocks, either. Gold can attract defensive demand during periods when Bitcoin trades more closely with risk-sensitive assets.
For now, Krupka’s analysis presents a challenge to the assumption that currency debasement will inevitably push Bitcoin higher.
The key question for the months ahead is whether investors continue buying scarce assets to escape the dollar, or whether a stronger dollar itself becomes the trade that dominates global markets.
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U.S. spot Bitcoin ETFs have attracted $440.8 million over four consecutive trading sessions through Oct. 29, with BlackRock taking most of the inflows before Friday’s sell-off following Binance’s $6.3 billion hack.
Summary
BlackRock’s IBIT accounted for $410.6 million of the four-session total, leading other U.S. Bitcoin funds.
Thursday’s net inflows slowed to $17.2 million as withdrawals from two products offset purchases elsewhere.
The four-day intake recovered approximately 57% of the money withdrawn during the previous two losing sessions.
The reporting period ended Oct. 29, leaving Friday’s response to the Binance breach outside the total.
According to Farside Investors, the funds received $110.3 million on Monday, $176 million on Tuesday and $137.3 million on Wednesday, followed by a smaller positive balance on Thursday.
The figures show money entering the U.S. funds during a difficult stretch for Bitcoin, although the timing separates most of that buying from the exchange breach. The four-session total covers Oct. 26–29, while blockchain investigators placed the main Binance wallet outflows late on Oct. 29 UTC.
Friday’s trading therefore falls outside the $440.8 million figure. At the time of checking, Farside’s Oct. 30 entries remained unreported.
BlackRock leads Bitcoin ETF inflows with $410.6 million
BlackRock’s IBIT received fresh money on each of the four days, starting with $110.3 million on Monday. Purchases reached $151.5 million on Tuesday and $136 million on Wednesday before slowing to $12.8 million on Thursday.
Adding those entries gives IBIT $410.6 million, equivalent to approximately 93.1% of the category’s net inflows over the period. The percentage compares BlackRock’s total with the combined balance after withdrawals from other funds.
Fidelity’s FBTC brought in $35 million, comprising $24.5 million on Tuesday and $10.5 million on Thursday. Bitwise’s BITB attracted $10.1 million across Wednesday and Thursday, while Morgan Stanley’s MSBT received $4.2 million on Thursday.
Withdrawals from two products reduced the combined result. Grayscale’s Bitcoin Mini Trust lost $15.3 million on Thursday, and WisdomTree’s BTCW recorded $3.8 million in outflows.
Together, the positive entries across the four days totaled $459.9 million. Subtracting the $19.1 million withdrawn from those two funds produces the $440.8 million net figure.
Thursday’s session was considerably quieter than the preceding three. Its $17.2 million intake was approximately 87.5% below Wednesday’s $137.3 million, despite four products finishing with positive flows.
The inflow streak follows $773.5 million in withdrawals
Farside’s table shows that the latest buying followed two consecutive negative sessions, when investors withdrew $635.6 million on Oct. 22 and another $137.9 million on Oct. 23.
The combined $773.5 million withdrawal exceeded the subsequent four-day intake by $332.7 million. Calculated from the rounded daily figures, the new inflows recovered approximately 57% of the money that left during those two sessions.
The previous week nevertheless finished positive because of purchases earlier in that period. Across Oct. 19–23, the funds attracted a net $301.2 million, including $526.7 million on Monday and $524.8 million on Wednesday.
A longer measurement period showed a different result. Earlier 30-day flow calculations published by crypto.news put net withdrawals at $254.7 million for the 30 calendar days through Oct. 26, using Farside’s rounded daily totals.
During that window, IBIT attracted $961.9 million while FBTC lost $725 million. The divergence between the two issuers was already visible before the latest four-session streak.
The daily flow table records net money entering or leaving each product. It does not identify individual buyers or establish whether their purchases were driven by falling prices, portfolio rebalancing or another strategy.
Binance breach puts Friday’s Bitcoin trading in focus
Bitcoin subsequently fell below $77,000 during Oct. 30 trading following the Binance breach. Binance market data cited in that report placed the asset at $76,944 shortly after midnight UTC, before a recovery toward $78,000 later in the session.
Lacie Zhang, research lead at Bitget Wallet, said in that report that holding $76,000–$77,000 and recovering $80,000 through sustained spot demand would signal stabilization. She identified prolonged withdrawal restrictions and reserve concerns as potential sources of pressure on lenders and market makers.
In its asset-replacement plan, Binance said it had reserved more than $6.34 billion in company funds, including $5 billion already held in the cryptocurrencies affected by the attack.
The exchange said purchases of the remaining tokens were being conducted through market transactions and over-the-counter channels. Certain purchases could take longer because of limited token liquidity and OTC settlement times, according to its recovery update.
Macroeconomics expert and investment strategist Lyn Alden made noteworthy assessments regarding the long-term future of Bitcoin (BTC). Arguing that the US’s increasing budget deficits and money supply expansion will continue to support rare assets like Bitcoin, Alden stated that her baseline scenario for 2036 predicts a price of $1 million, while her optimistic scenario forecasts a price of $2 million.
Speaking on the Coin Stories program, Alden stated that structural problems in the global financial system are difficult to solve in the short term, and that investment strategies developed to counter the devaluation of fiat currencies will remain important in the coming years.
Lyn Alden: Bitcoin Could Reach $1 Million in 2036 When asked about his expectations for Bitcoin’s performance over the next 10 years, Alden said his baseline scenario was around $1 million. In an optimistic scenario, the price could reach $2 million, but given Bitcoin’s size, he didn’t find much higher estimates, such as $10 million, realistic.
Alden added that $500,000 could also be a reasonable outcome for 2036, but Bitcoin needs to continue increasing its share of global assets.
The analyst argued that for Bitcoin to reach $1 million, investors need to understand on a broader scale that the US financial problems are not temporary, but a structural issue that could persist for many years.
The interview also touched upon Bitwise’s 10-year predictions for Bitcoin. When reminded that the company’s pessimistic scenario predicted a price of $130,000, Alden stated that such a price would be an extremely negative outcome for 2036.
According to Alden, Bitcoin trading at only $130,000 after 10 years could indicate that the network is experiencing a serious technical problem, facing coordinated pressure from governments, or that global demand for self-storing, independent digital currency has been lower than expected.
The analyst stated that short-term price movements of Bitcoin should not be given too much importance, but long-term price performance is a significant indicator of network adoption.
“Expansion in Money Supply Could Support Bitcoin” Alden’s long-term Bitcoin outlook is based on his assessments of US fiscal policies.
The analyst noted that budget deficits in the US have reached approximately 7% of gross domestic product, pointing out that a significant portion of government spending consists of social security, healthcare, defense, and debt interest payments. Alden stated that reducing these expenditures is politically difficult and expects budget deficits to persist for a long time.
According to the analyst, with the dollar’s broad money supply growing at approximately 6% annually, it can be misleading for investors to evaluate bond yields solely based on nominal interest rates.
Taking a US Treasury bond yielding 5% as an example, Alden explained that if the dollar supply increased by 6% during the same period, the investor’s relative share of the total money supply would decrease by approximately 1%. He noted that this calculation is not a direct measure of inflation or real return, but it can be used to assess the impact of monetary expansion.
Alden believes this is one of the main reasons why investors are turning to assets like stocks, gold, and Bitcoin instead of staying in cash.
The analyst also stressed that he does not expect large-scale money printing in the near future. Instead, he stated that he adopts a scenario of slower but potentially years-long monetary expansion, arguing that markets have not yet fully priced in the permanence of this structural change.
One of Bitcoin’s Biggest Risks Could Be Artificial Intelligence The security of Bitcoin was also discussed in the interview. Alden stated that artificial intelligence technologies reduce the cost of cyberattacks, but this creates new risks that the cryptocurrency sector needs to consider.
However, the analyst stated that Bitcoin’s relatively simple design provides a significant advantage, noting that complex cryptocurrency projects have a wider attack surface.
Alden stated that he considers the short-term security risks stemming from artificial intelligence to be more significant than the quantum computing threat, but he assesses the likelihood of Bitcoin’s fundamental cryptography being seriously compromised as low.
Alden stated that these risks have not changed his approach to Bitcoin investments, adding that he continues to diversify his portfolio and believes that Bitcoin can remain a significant asset in the long term.
*This is not investment advice.
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A Bitcoin options trader known as Crash has claimed to have turned $250,000 into roughly $3.4 million this week, sharing an account screenshot alongside a separate claim of a 150x return on a BTC put.
Summary
Crash described the $250,000-to-$3.4 million result as a weekly gain across his trading.
A separate options trade allegedly turned $130 into $25,000 within six hours.
The attached screenshot displayed total account assets of $3,387,187.14.
His post emphasized closing positions after favorable moves, particularly when trading less liquid contracts.
Crash’s post described several trading results during the market decline, including the weekly account growth, a six-hour options trade, and a Bitcoin put that he said delivered a 150x return.
“Turning $250,000 into $3.4M this week on the market drop,” he wrote, before describing the smaller trade as his personal record for a percentage return on a single contract within one day.
The account image accompanying the post showed assets denominated in US dollars, with most of the displayed balance available and a smaller amount marked as in use. It presented an account balance rather than a transaction-by-transaction breakdown of the positions described in his message.
Turning $250,000 into $3.4M this week on the market drop
And $130 into $25,000 in 6 hours on a single options contract (my record % return wise on a contract in 1 day)
Semi educational but mostly just me recording my own proof and good moments
Tip of the video is to always be… pic.twitter.com/uYzOjgz1oY
— Crash (@CrashiusClay69) October 30, 2026
Bitcoin trader’s weekly gain differs from the 150x put
Using the rounded figures in the post, moving from $250,000 to $3.4 million represents a 13.6-fold ending balance. The difference between those amounts is $3.15 million, equivalent to a 1,260% gain on the stated starting capital.
Applying the screenshot’s more precise balance of $3,387,187.14 produces a slightly smaller result. Against the same $250,000 starting figure, the difference is $3,137,187.14, or approximately 1,255%.
Both calculations describe the arithmetic between the stated starting amount and ending balance. Neither establishes how much came from a particular contract, whether money moved into or out of the account, or how much of the displayed value represented closed trades.
The 150x figure appeared elsewhere in the post, where Crash referred specifically to a BTC put. He did not describe the entire $250,000 starting amount as having earned that multiple.
Keeping the two results separate changes the dollar calculation substantially. A position worth 150 times an initial $250,000 would reach $37.5 million, well above the account balance shown.
The $130 trade carries a different return
Crash separately claimed to have turned $130 into $25,000 in six hours on a single options contract.
Based on those stated amounts, the ending value would be approximately 192.3 times the initial outlay. Subtracting the $130 starting amount leaves a gain of $24,870, equivalent to roughly 19,131% before any trading costs not included in the figures.
The wording did not establish whether this was the same position as the Bitcoin put he described as returning 150x. The figures therefore represent separate claims in the post, without enough contract details to combine them into one trade history.
A contract’s strike price, expiration, purchase premium, and sale price would determine its actual return. Position size and transaction costs would determine the dollar profit.
His description placed the six-hour trade within one day and the larger account result across the week, giving the claims different measurement periods.
Put options can gain as Bitcoin falls
A put option gives its buyer the right, subject to the contract’s terms, to sell an underlying asset at a specified strike price. Cash-settled contracts pay a calculated settlement amount instead of requiring delivery of the asset.
As Bitcoin falls, a put can become more valuable because the right to sell at its strike price becomes more favorable. Its market price depends on more than Bitcoin’s direction, however.
The time remaining before expiration and the volatility priced into the contract can affect its premium. A comparatively small initial premium can produce a large percentage return if the option’s resale value rises substantially.
For a straightforward purchased put, the buyer can lose the premium paid if the contract expires worthless. An outright put purchase differs from selling an option, which creates a different set of obligations.
Crash focused his practical remarks on exiting profitable positions.
“Tip of the video is to always be selling / closing positions when you get a large move in your favor,” he wrote, placing particular emphasis on less liquid instruments.
In an options market, the displayed price and the price available for an entire position can differ. The bid-ask spread, available orders, and number of contracts being sold affect the proceeds a trader receives when closing the trade.
Meta description: Bitcoin trader Crash claims a $250,000 account grew to $3.4 million in a week, separately reporting a 150x put return and a six-hour options gain.
In brief Bitcoin dipped to about $76,400 on Friday, roughly 6% below its post-Fed level, after Binance's record $6.4 billion hack, versus a fall from $10,740 to $9,690 in minutes in March 2018 over an attack that Binance said stole nothing. Crypto's market value has grown from more than $400 billion in March 2018 to roughly $2.6 trillion, and U.S. spot Bitcoin ETFs now hold roughly 1.3 million coins. Binance says it has set aside more than $6.34 billion to cover losses, about $3 billion is frozen, and withdrawals should resume in 45 hours. Bitcoin is down about 4% a day after the biggest crypto hack on record. In March 2018, a failed attack on the same exchange knocked nearly 11% off its price in minutes, and Binance said at the time that no funds had been stolen.
Binance has confirmed yesterday's attack, and Chainalysis and TRM Labs put the theft at roughly $6.4 billion, more than four times the previous record hack: the $1.5 billion Bybit heist of February 2025. Bitcoin dipped to about $76,400 on Friday, around 6% below where it traded after Wednesday’s Federal Reserve decision.
Myriad: How low will Bitcoin go? Click to make your prediction.More than $1.3 billion in leveraged bets was liquidated, meaning trades placed with borrowed money that exchanges close automatically when prices move against them. And yet Bitcoin is holding relatively steady, all things considered.
The 2018 incident was a phishing and theft attempt: attackers took over accounts, created API keys (credentials that let trading bots act on an account) and used them to pump the obscure coin Viacoin while 31 accounts that had pre-deposited the coin sold it. Bitcoin fell from $10,740 to $9,690 within minutes and kept dropping to about $6,600 by April 5, though the market was already in a bear run after peaking near $20,000 in December 2017.
To have a grasp of the situation, the entire crypto market was worth just over $400 billion in March 2018 and is worth roughly $2.6 trillion now.
A big reason for that, and why panic doesn't hit markets the same way anymore, is U.S. spot Bitcoin ETFs. Funds like BlackRock’s iShares Bitcoin Trust let people buy Bitcoin through an ordinary brokerage account, and they now hold roughly 1.3 million BTC, about 6% of the supply.
Their shareholders don’t keep coins on Binance, and sovereign wealth funds such as Mubadala and the Abu Dhabi Investment Council have been buying. BlackRock’s fund alone took in $136 million on Wednesday, per Farside Investors data.
These funds don’t tend to panic sell so easily, and those funds remain locked for long periods of time.
The theft began at 4:05 p.m. ET Thursday, after U.S. markets closed, so Thursday’s preliminary $17 million of ETF inflows predate it and Friday’s flow figures are the first real read on whether those holders are selling.
The attacker still holds more than 420,000 ETH and 18,270 BTC, about $2.4 billion that no stablecoin issuer can freeze. The amount doesn’t account for other tokens, which would increase the holdings to more than $3 billion.
TRM and Chainalysis tie the attack to the North Korean group behind Bybit, which after that heist converted about 84% of the stolen Ethereum into Bitcoin through Thorchain, a cross-chain swap network.
Binance says it has set aside more than $6.34 billion of company funds to cover every loss, and it is buying the missing tokens on the open market and over the counter, meaning in private deals off the exchange. About $3 billion is frozen, deposits are operating normally, and withdrawals are on track to resume in 45 hours.
Market sentiment was already soft before the theft and slid further: CoinMarketCap’s Fear and Greed index, a 0-to-100 gauge of market mood, dropped to 36 points from 43 (now in “fear” territory after being “neutral” yesterday), and Bitcoin sits about 38% below its $126,080 record. Back in 2018, the market was well in “extreme fear” territory at 12 points on the scale when the incident happened. Traders were already in panic mode, and the attack just worsened an already ugly situation.
Glassnode data show long-term holders underwater on about 4 million coins bought between $85,000 and $118,000, and HashKey analyst Tim Sun said before the hack that the market’s problem “is not panic selling, but rather insufficient new buying interest.”
So, taken all together, what it all boils down to is this: A more optimistic market, much more liquidity, active long-term investors, a clearer regulatory framework, a sense of safety thanks to that regulatory clarity, quick action by stablecoin providers, and a price trend in recovery likely all played a role in keeping Bitcoin safe from a global panic despite the record-breaking hack.
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Coinbase had a mixed third quarter. Revenue came in at $1.20 billion, below the $1.233 billion analysts expected, according to company filings. Subscription and services revenue did better, reaching $570 million. The company is still heavily tied to trading activity, but its recurring income is growing.
Monthly Transacting Users fell to 7.4 million, down from 9.3 million a year earlier. During its earnings call, Coinbase blamed overall market conditions. Its share of crypto trading volume did rise to 10.7%, the fourth straight quarter of gains, which suggests it is winning business even as the broader market quiets.
Adjusted EBITDA was $332.9 million, extending a run of 15 straight profitable quarters on that measure. The prediction markets business passed $200 million in annualized revenue, and Coinbase One hit a record number of subscribers.
Coinbase CEO preps share sales Separately, filings reported on October 30 show CEO Brian Armstrong has set up a plan to sell up to 8.17 million Class A shares. He adopted the plan in August under SEC Rule 10b5-1, which lets executives schedule sales ahead of time. Sales could run from November 16 through October 2027, subject to stock price conditions. Co-founder Fred Ehrsam and President Emilie Choi have similar plans, bringing the total to about 13.6 million shares.
This is not new territory for Armstrong. In the past, VanEck analyst Matthew Sigel tracked about $545.7 million in sales over nine months, starting in April 2025. Armstrong has said these sales are part of his risk management, not a signal about the company.
Coinbase stock slumps nearly 15% Coinbase shares (COIN) fell about 15% today, but not necessarily due to this earnings report.
Binance disclosed a security breach on October 29 that it estimates at $6.3 billion, making it the largest crypto theft on record. Around $3 billion in assets has been frozen so far, with industry partners assisting in the freezes.
The hackers are allegedly linked to North Korea, though Binance has not attributed the attack to any group. The exchange says it has found no evidence of a leaked wallet private key.
Binance says it has $6.34 billion in reserves available to cover losses. Deposits were unaffected, and the company expects to resume withdrawals within 48 hours. Figures remain preliminary, and estimates vary slightly across outlets.
The market reacted quickly. Bitcoin fell roughly 4.5% to below $77,000. Shares of Strategy (MSTR) fell nearly 10% on the day. Strive (ASST) shares fell over 12% at times. Coinbase’s stock is down over 55% on the year.
Micah Zimmerman
Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.
The world's largest crypto is on track for a second straight negative October, defying one of its most reliable seasonal patterns
Bitcoin is down 8.4% so far this month. That puts it on track for its second consecutive negative October.
As of late October 2026, Bitcoin is trading in a band between $76,000 and $77,000. The decline for the month now sits at more than 8%, and the price is drifting toward the $76,000 mark.
How October went sideways
Earlier in October, Bitcoin rallied and peaked somewhere between $80,000 and $84,000.
That rally didn’t last. The price then fell sharply, hitting intraday lows around $76,500 as volatility picked up across the market.
Zoom out a bit and the drop looks steeper. Bitcoin’s 30-day high reached the mid-$86,000s before the slide began.
The current monthly loss of approximately 8.4% follows a roughly 3.9% decline in October 2025. Stack those together and you get back-to-back losing Octobers, assuming the month closes in the red.
The month that usually delivers
Since 2013, Bitcoin has posted positive October returns in 10 out of the last 13 years. The average gain over that stretch comes in near 19%.
This year’s performance runs directly against that historical pattern. And it comes against a backdrop of a much higher high: Bitcoin peaked in a range cited as above $110,000 to $126,000 in late 2025.
What traders are watching
The immediate focus is on technical support, the price levels where buyers have historically stepped in. Two sit right near the current price.
The first is the 100-day simple moving average. The second is the 0.382 Fibonacci retracement level. Both of those markers cluster around $76,000 to $76,200.
If the $76,000 area fails to hold, Bitcoin could face further downward pressure. A break below closely watched support often triggers stop-loss orders and forced selling, which can amplify volatility.
Macro conditions remain another variable worth monitoring. Bitcoin increasingly trades alongside broader financial markets, so shifts in the economic backdrop could influence whether support holds in the coming weeks.
For now, the near-term roadmap is fairly simple. Watch the $76,000 to $76,200 zone, watch how the month closes, and watch whether October 2026 officially joins October 2025 in the loss column.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Bitcoin fell to a six-week low on October 30. (Photo illustration by Chesnot/Getty Images)
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Bitcoin prices fell on both Thursday, October 29 and Friday, October 30, reaching their lowest in roughly six weeks as the news that Binance suffered a multibillion dollar hack exacerbated a downward trend.
The world’s largest digital currency by total market value dropped to approximately $76,140 on the latter day, according to Coinbase data from TradingView. Upon reaching this value, the cryptocurrency was trading at its lowest since on or around September 17.
Binance was compromised, and this resulted in the loss of approximately $6.3 billion worth of funds, according to a message that Binance posed on the X (formerly Twitter) platform. “Binance’s initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop,” the major exchange said at the time.
However, the same account provided an update later on, which indicated that “our subsequent investigation has uncovered additional points of breach.”
Several analysts weighed in on this event and how it contributed to bitcoin’s recent losses.
William Stern, founder of Cardiff, said that bitcoin’s downward movement was well underway before the markets reacted to the Binance hack. He emphasized the importance of the Federal Open Market Committee’s recent decisions to keep the target range for the federal funds rate unchanged, stating via email that “The Fed held rates steady, even though some members were pushing for a hike.”
“The hack just happened to hit a market that just had way too much leverage,” he noted.
Jordan Schlosser, co-founder at IPX Exchange, also commented on leveraged bets and how they impacted bitcoin’s recent drop.
“Futures open interest fell just 1.4% against a 3% price drop,” which he described as “a leverage flush rather than an exodus.”
He offered a fuller explanation for what happened, stating through emailed commentary that “Bitcoin’s dip to roughly $76,300 on Thursday, its lowest since mid-September, was accelerated by the reported $6.3 billion Binance hot-wallet breach, which hit a market already cautious after the Fed’s hawkish hold and forced over $1.5 billion in mostly long liquidations.”
Tim Enneking, managing partner of Psalion, also spoke to weakness in the market.
“Certainly the specific trigger for today’s drop was the ~$6.5B Binance hack – even though its impact on Binance customers with approx. $3B frozen, $1B in the SAFU reserve fund and $2+B promised by Binance itself – should be minimal,” he noted.
“However, the drop took place against a background of weakness: almost certain Democratic gains in next Tuesday’s mid-term elections, the unpredictability of Trump’s reaction and actions after those results, possibility of (and uncertainty regarding) another US attack on Iran shortly after those elections, and continued stubborn inflation after the US Federal Reserve’s decision this Wednesday to not alter interest rates,” stated Enneking.
Mitchell Askew, head of Blockware Intelligence at Blockware, took a different approach, choosing to focus on a key technical level.
“Bitcoin is down roughly 5% over the past day in the wake of the news, but it is approaching our most important support level,” he stated via email.
“Short-term holder realized price has historically marked the transition from bear market to bull market,” noted Askew. “Bitcoin reclaimed this level about two months ago, which is why we view the current structure as an uptrend, and it should now act as support.”
“If price holds above $75,000 through the weekend, we expect a rebound and a push into the $80,000s following next week’s midterm elections.”
Two new cryptographic breakthroughs raise concerns over the future of Bitcoin (BTC) and other cryptocurrencies, according to Ledger Chief Technology Officer Charles Guillemet.
According to Guillemet's Oct. 30 post on X, a recent study shows that it might be easier to break the mathematics behind elliptic-curve cryptography (ECC), which is how Bitcoin is secured.
“Thought it was a bad week for crypto? You may have missed the real news,” wrote Guillemet.
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New challenge for elliptic-curve cryptographyFirst, researchers at Ruhr University Bochum and the Max Planck Institute for Security and Privacy have published a new study called “A Subexponential Time Algorithm for Elliptic Curve Discrete Logarithm.”
Elliptic-curve cryptography works by making it practically impossible to solve the elliptic-curve discrete logarithm problem.
The best general method to solve it so far has been Pollard’s rho algorithm. Its computational cost increases exponentially with key size.
Now, the researchers have presented a subexponential algorithm that might in theory solve it more efficiently.
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There is a big caveat. It relies on another claim by OpenAI researchers that requires further investigation.
The new algorithm doesn’t put current cryptographic schemes at risk, Guillemet insisted.
The best attacks for popular curves, like secp256k1 for Bitcoin, NIST P-256 and Ed25519, are still based on Pollard’s rho.
The new one would only be more efficient for hypothetical curves of very large sizes. For now, it’s just theoretical.
More efficient quantum computing attacks on elliptic-curve crypto could break Bitcoin soonerThe second breakthrough is a big advance in the efficiency of quantum computing attacks on elliptic-curve cryptography.
Guillemet referenced a public research project, ECDSA.fail, aimed at improving the efficiency of quantum computing attacks against elliptic-curve digital signatures.
Researchers managed to reduce the estimated quantum circuit cost by about 70% relative to what Google previously reported, the Ledger executive explained.
Current estimates put the cost at about 0.91 billion in the logical-qubit-times-Toffoli-gates metric, down from 2.99 billion in Google’s figures.
What’s more important is that the French quantum computing company Alice & Bob has published a new paper estimating that it’s theoretically possible to break Bitcoin's secp256k1 cryptography using fewer than 30,000 physical cat qubits in about an hour.
The same paper estimates that factoring RSA-2048 would require 22,593 cat qubits and take about 3.14 days.
Of course, these numbers are for a very advanced fault-tolerant quantum computer that doesn’t exist yet.
Such a quantum computer does not exist, so there is no immediate risk to Bitcoin, Guillemet noted.
However, these findings are a reminder of how the estimated resources needed to break common cryptographic schemes keep shrinking.
Hyperliquid’s HYPE token traded at $90.43 at 20:07 UTC on October 30, down 2.6% over the trailing 24 hours but up 17.3% over the past week, according to CoinGecko. Bitcoin moved the other way, falling 4.0% in a day to $76,953 as the market absorbed a record hot-wallet theft at Binance. The gap between the two is the story: HYPE held nearly all of the gains it booked after Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, agreed to bring Trade[XYZ]’s perpetual markets onshore in the United States, even as the broader market sold off.
The token’s market capitalization is $21.67 billion, ranking it tenth among all crypto assets. HYPE sits 7.7% below its September 23 all-time high of $97.96, with a 24-hour trading range of $88.67 to $94.98. Daily volume reached $2.28 billion.
The Numbers Behind HYPE’s WeekSet the two assets side by side and the divergence is plain. HYPE is up 17.3% over seven days. Bitcoin is down 5.2% over the same window. That is a 22.5-percentage-point gap, the widest weekly performance split between the two in recent months.
The weekly move did not happen in a straight line. HYPE closed near $80.60 on October 28, then jumped to roughly $88.91 the next day, the session the ICE agreement was announced. The token has traded between $88 and $95 since, holding the breakout instead of giving it back.
Trading volume supports the move’s durability. The $2.28 billion in 24-hour volume equals about 10.5% of the token’s market capitalization, roughly three times the 3% ratio large-cap assets typically print on an ordinary day. Elevated turnover against market cap is a sign the move drew broad participation rather than a handful of large orders.
The ICE and Trade[XYZ] Deal in One ParagraphIntercontinental Exchange said on October 29 it signed a definitive agreement to operate Trade[XYZ]’s regulated perpetual markets and to build a new, dedicated retail market and clearing structure on Hyperliquid. The arrangement is conditioned on approval from the Commodity Futures Trading Commission and other regulators, and nothing has been approved yet. BlockchainReporter’s earlier report on the agreement breaks down the structure and the investment terms.
ICE Chief Executive Jeffrey Sprecher framed the deal as a retail expansion, not a replacement for the company’s institutional futures business. “We’ve seen a clear increase in retail participation in markets, and that participation is becoming far more global, with retail traders increasingly seeking short-duration exposure, often around the clock,” Sprecher said. “We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use. We see these perp markets as additive to our futures markets, not a replacement for them.”
Trade[XYZ] put the existing scale in plain numbers, saying its Hyperliquid markets have cleared more than $650 billion in volume in just over a year, an average of roughly $1.78 billion a day. “Trade[XYZ] was built on a vision of bringing the world’s most important markets on-chain, available 24/7. A year later, that vision is real: a new venue for price discovery, open whenever the world moves,” the firm said in the announcement.
The onshore market, once approved, would carry the same around-the-clock promise into U.S. retail trading. The firm’s X post announcing the deal put it directly: “Much of the world trades them. Until now, Americans could only watch.”
HYPE’s Price Levels and the Path Back to Its HighHYPE has to rise 8.3% from $90.43 to reclaim its $97.96 record. The 24-hour range gives the first set of levels. The low of $88.67 is the nearest support; a close below it would open the gap down to the October 28 close near $80.60, where the breakout began. On the upside, $94.98 is the near-term resistance, followed by the all-time high at $97.96.
The chart shows the 30-day path: a slide from the low $90s in early October to a $76.25 low on October 26, then the sharp two-day climb that followed the ICE announcement. The recovery reclaimed the $88 level on October 29 and has held above it through the Binance-linked selloff on October 30.
A close above $94.98 would put the all-time high back in view, with $100 as the next round level. The case for that path rests on continued relative strength and no negative surprise from the November 6 unlock. If HYPE closes below $88, the near-term bullish structure weakens and the $80 to $82 zone becomes the level to watch.
The Supply Side: Buybacks and a November UnlockTwo supply forces pull in opposite directions. Hyperliquid has been removing tokens from circulation through its buyback program, which BlockchainReporter covered when the strategy was tripled to $100 million in late October. Buybacks shrink the float and support the price when demand holds steady.
Against that, token-unlock trackers list a core-contributor unlock of 9,916,667 HYPE for November 6. At $90.43, that tranche is worth about $897 million. Unlocks of that size can create near-term selling pressure if recipients choose to sell, though scheduled unlocks are known in advance and are often absorbed over time.
The two forces are not symmetric. The buyback is a gradual flow, while an unlock is a discrete event with a fixed date. November 6 is the clearest near-term catalyst on the calendar, in either direction.
What the Binance Hack Does and Does Not Mean for HYPEHYPE’s gain while Bitcoin fell has invited a simple explanation: traders rotating out of centralized exchanges and into a decentralized venue. The data does not support that reading cleanly. Binance suspended withdrawals before HYPE’s October 29 spike, and most of HYPE’s weekly gain came on the session the ICE deal was announced, before the full scope of the hack was known.
The more defensible reading is correlation, not rotation. HYPE’s move is tied to the ICE announcement and the supply story, and it happened to coincide with a week when the broader market fell. Available data does not establish that Binance users moving to Hyperliquid drove the token higher.
What the episode does show is relative strength. When the broad market dropped 6% to 7% in a day, HYPE traded roughly flat to slightly down, holding above its breakout level. That is the concrete, verifiable fact. The narrative around it is still inference.
Frequently Asked Questions What is Hyperliquid’s HYPE price today?HYPE traded at $90.43 at 20:07 UTC on October 30, 2026, down 2.6% over 24 hours but up 17.3% over the past week, according to CoinGecko. Its market cap is $21.67 billion, ranking it tenth among crypto assets.
Why is Hyperliquid (HYPE) up this week?HYPE’s 17.3% weekly gain came after Intercontinental Exchange (ICE), owner of the New York Stock Exchange, agreed on October 29 to bring Trade[XYZ]’s perpetual futures markets onshore on Hyperliquid, subject to CFTC approval.
Will HYPE reach $100?HYPE needs an 8.3% rise to reclaim its $97.96 all-time high, with $100 as the next round level above that. The move depends on holding above $88 support and clearing $94.98 resistance; a close below $88 would weaken the near-term structure.
What is the November 6 HYPE unlock?Token-unlock trackers list a core-contributor unlock of 9,916,667 HYPE for November 6, worth roughly $897 million at current prices. Scheduled unlocks can create near-term selling pressure if recipients sell.
Is Hyperliquid affected by the Binance hack?Hyperliquid is a separate decentralized exchange and was not directly involved in the Binance hot-wallet theft. HYPE held near $90 while Bitcoin fell 4%, but available data shows correlation rather than proof that traders rotated from Binance to Hyperliquid.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
