Market Signal Briefing

Enovis (ENOV - Free Report) came out with quarterly earnings of $0.95 per share, beating the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of $0.98 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +17.28%. A quarter ago, it was expected that this manufacturing and engineering company would post earnings of $0.67 per share when it actually produced earnings of $0.75, delivering a surprise of +11.94%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Enovis, which belongs to the Zacks Medical Info Systems industry, posted revenues of $575.76 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1.41%. This compares to year-ago revenues of $560.97 million. The company has topped consensus revenue estimates three 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.

Enovis shares have lost about 16.2% since the beginning of the year versus the S&P 500's gain of 1.5%.

What's Next for Enovis?While Enovis has underperformed 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 Enovis 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 $0.80 on $579.42 million in revenues for the coming quarter and $3.26 on $2.35 billion 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, Medical Info Systems is currently in the bottom 36% 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, Senseonics Holdings (SENS - Free Report) , is yet to report results for the quarter ended December 2025. The results are expected to be released on March 2.

This medical technology company is expected to post quarterly loss of $0.43 per share in its upcoming report, which represents a year-over-year change of -7.5%. The consensus EPS estimate for the quarter has been revised 6.2% higher over the last 30 days to the current level.

Senseonics Holdings' revenues are expected to be $14.2 million, up 71.1% from the year-ago quarter.

Donaldson (DCI - Free Report) came out with quarterly earnings of $0.83 per share, missing the Zacks Consensus Estimate of $0.9 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -7.37%. A quarter ago, it was expected that this maker of filtration systems would post earnings of $0.93 per share when it actually produced earnings of $0.94, delivering a surprise of +1.08%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Donaldson, which belongs to the Zacks Pollution Control industry, posted revenues of $896.3 million for the quarter ended January 2026, missing the Zacks Consensus Estimate by 0.24%. This compares to year-ago revenues of $870 million. The company has topped consensus revenue estimates three 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.

Donaldson shares have added about 17.8% since the beginning of the year versus the S&P 500's gain of 1.5%.

What's Next for Donaldson?While Donaldson 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 Donaldson 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 $1.06 on $973.9 million in revenues for the coming quarter and $4.04 on $3.82 billion 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, Pollution Control 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.

Another stock from the same industry, LiqTech International, Inc. (LIQT - Free Report) , has yet to report results for the quarter ended December 2025. The results are expected to be released on February 27.

This company is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of +56.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

LiqTech International, Inc.'s revenues are expected to be $5.2 million, up 52.5% from the year-ago quarter.

Celsius Holdings Inc. (CELH - Free Report) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +38.37%. A quarter ago, it was expected that this company would post earnings of $0.28 per share when it actually produced earnings of $0.42, delivering a surprise of +50%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Celsius, which belongs to the Zacks Food - Miscellaneous industry, posted revenues of $721.63 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 13.08%. This compares to year-ago revenues of $332.2 million. The company has topped consensus revenue estimates three 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.

Celsius shares have added about 10.7% since the beginning of the year versus the S&P 500's gain of 1.5%.

What's Next for Celsius?While Celsius 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 Celsius 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 $0.28 on $718.17 million in revenues for the coming quarter and $1.48 on $3.25 billion 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, Food - Miscellaneous is currently in the bottom 19% 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.

Another stock from the same industry, HF FOODS GROUP INC. (HFFG - Free Report) , has yet to report results for the quarter ended December 2025.

This company is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of -9.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

HF FOODS GROUP INC.'s revenues are expected to be $308.37 million, up 1% from the year-ago quarter.

Aurinia Pharmaceuticals (AUPH - Free Report) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +25.79%. A quarter ago, it was expected that this biotechnology company would post earnings of $0.16 per share when it actually produced earnings of $0.23, delivering a surprise of +43.75%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Aurinia, which belongs to the Zacks Medical - Drugs industry, posted revenues of $77.11 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.64%. This compares to year-ago revenues of $59.87 million. The company has topped consensus revenue estimates four 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.

Aurinia shares have lost about 9.5% since the beginning of the year versus the S&P 500's gain of 1.5%.

What's Next for Aurinia?While Aurinia has underperformed 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 Aurinia 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 $0.18 on $75.45 million in revenues for the coming quarter and $0.85 on $311.54 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, Medical - Drugs is currently in the bottom 44% 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, Profound Medical (PROF - Free Report) , is yet to report results for the quarter ended December 2025. The results are expected to be released on March 5.

This company is expected to post quarterly loss of $0.27 per share in its upcoming report, which represents a year-over-year change of -35%. The consensus EPS estimate for the quarter has been revised 1.9% higher over the last 30 days to the current level.

Profound Medical's revenues are expected to be $7.65 million, up 83% from the year-ago quarter.

The long-term growth story for AstraZeneca PLC beyond 2030 is increasingly focused on next-generation cell therapies and immune engagers, according to UBS, driving an increase to its price target and reiterated 'buy' rating.

Analyst Matthew Weston said the company and the wider sector face a "significant patent cliff" around 2030-and-beyond but argues the FTSE 100 drugmaker is well positioned to manage this with "sector leading replacement power".

One area of focus is its pipeline of assets, with the Swiss bank's analysis highlighting the R&D productivity at the Anglo-Swiss giant "consistently outperforming" large EU peers.

UBS points to blockbuster potential from several late stage assets: Enhertu (breast cancer), Imfinzi (immunotherapy), baxdrostat (hypertension), efzimfotase alfa (bone disorder), camizestrant (breast cancer) and AZD5004 (obesity).

"These should underpin the company's ambition to grow ahead of sector average late this decade," said Weston, estimating $17.2 billion of incremental total revenue potential in 2030E if current late-stage pipeline moves to 100% probability of success.

At December’s ASH medical conferences, AZ showed off promising early data for a dual targeting CAR-T therapy for multiple myeloma, which UBS believes the drug may have manufacturing advantages and a safety profile that could differentiate it in a competitive market. It estimates peak sales of $4 billion, up from $2.5 billion, and lifts its probability of success in myeloma to 60%.

Surovatamig, a T cell engager for B-cell lymphoma, is seen as “an emerging option”, with a “clear opportunity” in patients ineligible for CAR-T or previously treated with other therapies. UBS estimates peak sales of $1 billion and raises its probability of success to 60%.

Higher success probabilities and model updates lift UBS core earnings forecasts by about 3% for 2027-2030, underpinning the higher valuation, underpinning the higher valuation and new price target of 17,600p, up from 16,300p.

3 mins mins

Status: Vitalik’s project-budget ETH sell-off completion unconfirmedA circulating claim states the ETH sell-off tied to a “project budget” wallet is complete after 23 days. That completion status remains unconfirmed, and the exact duration has not been broadly corroborated by primary on-chain reporting.

crypto.News reported that wallets linked to vitalik buterin declined from roughly 241,000 ETH to 224,000 ETH during February, implying about 17,000 ETH in outflows. Separately, Coinlaw.io has described an earlier 16,384 ETH “austerity” allocation for ecosystem funding, a useful reference point for gauging recent disposals.

Why the Vitalik Buterin ETH sell-off matters nowThe market tends to weigh signal over size when prominent insiders transact during stress. CCN has noted that the absolute volume of Vitalik’s sales is small versus typical daily ETH turnover, but the timing can still pressure confidence.

Countervailing signals also matter. ZyCrypto reported that the ethereum foundation began staking part of its treasury with an initial 2,016 ETH deposit on February 24, a step that may be interpreted as long-term alignment distinct from any Vitalik-linked project budgeting.

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At the time of this writing, Ethereum (ETH) trades at $2,057.70, with sentiment classified as Bearish, 14.97% volatility, a 50-day SMA of $2,543.65, a 200-day SMA of $3,167.49, and an RSI(14) near 45.38. These are descriptive metrics rather than forecasts.

Technical commentary has emphasized fragile liquidity and sub-$2,000 retests. As reported by NewsBTC: “Ethereum faces persistent selling pressure below $2K as weak momentum, tight liquidity, and sales by Vitalik weigh on market sentiment.”

ETF-related flows have been cited as a partial offset. According to CoinGape, ETH ETF inflows have signaled renewed investor interest even as on-chain selling by high-profile holders draws attention.

Whale behavior remains a second offsetting theme. Coinpaper highlighted that whales accumulated about 8.9 million ETH during a broader 43% drawdown, while a treasury firm reportedly sold 7,550 ETH at a loss and Vitalik’s holdings declined toward 224,000 ETH. These figures underscore redistribution rather than a one-way exit.

What to watch next: signals and uncertaintyETH ETF inflows versus Vitalik Buterin ETH sell-off pressureThe balance between net ETF inflows and any renewed Vitalik-linked selling will shape near-term liquidity. Sustained primary-market demand could absorb sporadic on-chain sales, but inconsistent flows may leave price more sensitive to insider timing.

Whale accumulation, liquidity, and sentiment checkpointsMonitoring whale net positions, exchange reserves, and spot-liquidity depth can clarify whether absorption is improving. Cointelegraph’s technical coverage has focused on pivotal support zones; if those areas weaken, sentiment could deteriorate before stabilizing.

FAQ about Vitalik Buterin ETH sell-offHow much ETH did Vitalik-linked wallets move or sell recently, and from which addresses?Based on Lookonchain, recent disposals are around 18,684 ETH versus a 16,384-ETH plan; labels like “project budget” are heuristic and not regulator-verified.

What impact did these sales have on Ethereum price, liquidity, and market sentiment?Direct liquidity impact appears modest; signaling turned sentiment cautious. Price tested sub-$2,000 amid tight liquidity, while ETF inflows and Ethereum Foundation staking partly offset weakness.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Bitcoin has bounced back from the brink this week, with the bitcoin price climbing toward $70,000 after coming within touching distance of disaster.

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The bitcoin price remains down by nearly 50% from its October 2025 peak of $126,000 per bitcoin, a sudden decline that’s left traders braced for an imminent, “massive trigger.”

Now, as the chief executive of Goldman Sachs reveals a surprise bitcoin flip, influential cofounder of Wikipedia, Jimmy Wales, has issued a worrying bitcoin price prediction.

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Forbes‘My Anxiety Is High’—JPMorgan CEO Issues Financial Crisis Warning As Bitcoin Bulls Predict A Price BoomBy Billy Bambrough

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Wikipedia cofounder Jimmy Wales has issued a serious bitcoin price warning.

Getty Images for SXSW London

“People who think that bitcoin is going to zero are likely mistaken,” Wales, who first experimented with bitcoin payments on Wikipedia as far back as 2014, posted to X.

“The design is robust enough that it will continue to exist in perpetuity, barring some currently unforeseen breakdown in cryptography or a surprise 51% attack (even then, a fork would carry on I would imagine)," Wales wrote, referring to a possibility that could occur if a quantum computer is able to break the cryptographic algorithms that underpin bitcoin and much of the internet.

However, Wales fears bitcoin is more likely to be susceptible to a long, slow march into irrelevance.

“What [bitcoin] can do, though, is decline to a price consistent with hobbyist tinkering,” Wales wrote. “Because it is a complete failure as a currency, as a store of value, etc., it isn't going to become the dominant money of the future.”

Wales predicted the bitcoin price could fall as low as $10,000 ("in today’s dollars") by 2050, suggesting that continued inflation could make $10,000 far less valuable by that time.

It could “possibly [go] much lower,” Wales added.

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ForbesGoldman Sachs CEO Reveals Surprise Bitcoin Flip As Traders Brace For Price ShockBy Billy Bambrough

The bitcoin price has crashed from a peak of $126,000 per bitcoin in October last year, though many bitcoin price bulls have issued bitcoin price predictions that see it bouncing back.

Forbes Digital Assets

The bitcoin price has for years defied predictions that it’s headed toward zero, even as it remains highly volatile.

This month, the closely-watched crypto fear and greed index, a measure of bitcoin and crypto market sentiment, dropped to its lowest level ever recorded, while Google searches for phrases “bitcoin going to zero” and “is bitcoin dead?” have spiked.

Bitcoin’s sentiment slump comes after a months of price decline in the face of gold’s historical rally, destroying the idea that bitcoin had carved out a niche as a safe haven asset that would rise alongside gold in times of financial risk—a new asset class that was often referred to as "digital gold."

However, bitcoin continues to win supporters, with the family of U.S. president Donald Trump emerging in recent years as among the most bullish on the future of bitcoin.

Trump’s son Eric last week reiterated his prediction that bitcoin will eventually reach $1 million, saying he has never been more bullish on the cryptocurrency.

“I’m a huge proponent because I do think it hits $1 million dollars,” Eric Trump said during the World Financial Forum at his father’s Florida resort Mar-a-Lago in comments reported by Coindesk. “Go back two years. Bitcoin was at $16,000. Where is it at right now, $70,000?”

In the latest Bitcoin news, $2.5 trillion Citibank shared that it would be integrating BTC services this year. This comes amid the broader adoption of the coin for payment services.

CitiBank Expands Into Crypto With Bitcoin Offering The banking giant is reportedly planning to launch an infrastructure that will enable the integration of Bitcoin with the traditional financial system. This is important for the reporting, compliance, and processing of taxes.

🚨 UPDATE

$2.5T CITIBANK HAS JUST ANNOUNCED THAT IT WILL OFFER BITCOIN SERVICES IN 2026.

This is HUGE! pic.twitter.com/H3TE8WET5W

— That Martini Guy ₿ (@MartiniGuyYT) February 26, 2026

CitiBank will provide key management services on Bitcoin, as well as institutional custody services, to its customers. This is significant because BTC is now an asset that operates 24/7, thus the need for digital currency support.

The bank had announced towards the end of 2025 that it was lining up the launch of its services in crypto custody in 2026. The recent announcements show that the process is now in the execution phase. It seems that the bank is reacting to institutional demand, which has been growing over time.

For example, towards the end of last year, the biggest U.S. bank, with about $4 trillion in AuM, JPMorgan filed for the issuance of structured notes linked to the performance of BlackRock’s IBIT. This will allow investors to gain a maximum of 16% returns.

On the other hand, Citi has always been bullish on cryptocurrency. Last year, Citibank forecasted that the price of Bitcoin could reach as high as $199,000, but this did not happen, especially given the recent crypto market crash.

Why Are Institutions Adopting BTC Despite Dip? Financial services firm River stated that the adoption of the virtual currency by institutions, banks, merchants, publicly traded companies, and even nation-states has accelerated despite the recent decline of the price of the cryptocurrency.

“There is no bear market in Bitcoin adoption,” River stated. “Bitcoin adoption is compounding in ways that aren’t affecting the price, yet.”

60% of the best US banks are developing BTC products. They stated that with the positive regulatory environment, like the CLARITY Act, banks like Citibank are now able to hold and offer Bitcoin to their customers.

Businesses were the largest buyers of the virtual currency BTC in 2025. Most of the purchases came from crypto treasury companies, which saw a 2.5 times increase in adoption last year.

Source: River In 2025, institutions have accumulated 829,000 BTC through purchases by businesses, governments, funds, and exchange-traded funds.

Registered investment advisors have been net buyers of BTC for eight consecutive quarters and invested $1.5 billion each quarter for the past two years in Bitcoin ETFs.

TLDR: Tether exchange reserves have dropped from $60B to $51.1B, draining $9B in liquidity over just two months. The $50B USDT level is now the critical support zone; a breakdown could push reserves toward the $44B mark. Active on-chain addresses fell sharply from 376,000 to 263,000, confirming weakening retail and institutional activity. CryptoQuant warns that without stablecoin stabilization and returning participants, market pain is likely to continue. Crypto market liquidity is shrinking at a pace that has put analysts and traders on high alert. Tether’s exchange reserves have fallen from $60 billion to $51.1 billion in just two months.

That $9 billion withdrawal is widely seen as the main force behind the underwhelming market performance in January and February.

With reserves now hovering just above the $50 billion mark, attention has shifted to whether that level can hold. The answer may determine the near-term direction for Bitcoin, Ethereum, and XRP alike.

A $9 Billion Drain Is Reshaping Conditions Across the Crypto Market The scale of the liquidity withdrawal has been swift and difficult to ignore. Over two months, Tether exchange reserves shed $9 billion, leaving the market noticeably thinner than it was heading into the new year.

As the dominant stablecoin, Tether serves as the primary liquidity engine for the entire crypto sector. When its reserves contract at this rate, the ripple effects are felt across trading pairs and asset classes.

Reduced stablecoin reserves translate directly into lower buying power on exchanges. Traders who might otherwise step in to absorb selling pressure simply have less dry powder available to deploy.

This dynamic helps explain why price action across major assets has been sluggish and unconvincing throughout the early months of 2025. Markets tend to drift lower when the liquidity cushion underneath them thins out.

CryptoQuant flagged this trend in a post on X, pointing to the reserve decline as the core issue behind recent market weakness.

The Liquidity Drain: Is the Crypto Market Running Dry?

“Without a stabilization in stablecoin reserves and a return of active participants, the "pain" is likely to persist. Watch the $50B USDT level-it’s the last line of defense.” – By @yash717jain pic.twitter.com/WKtiV3QDOu

— CryptoQuant.com (@cryptoquant_com) February 26, 2026

The firm stated that without stabilization in stablecoin reserves and a return of active participants, the pain is likely to persist.

That framing puts the current situation in stark terms—recovery depends on reversing a trend that is still moving in the wrong direction.

The $50B USDT Level Now Stands as the Market’s Last Line of Defense The $50 billion threshold has emerged as the most-watched level in the current market environment. CryptoQuant has identified this mark as a structural support zone that the market cannot afford to lose.

A confirmed breakdown below $50 billion would expose the next support level at $44 billion, leaving a wide gap with little in between. That kind of open air below a key level tends to accelerate downside moves rather than slow them.

On-chain data adds another layer of concern to the picture. Active addresses have dropped from a peak of 376,000 to 263,000, reflecting a sharp pullback in market participation.

Fewer unique senders and receivers point to both retail and institutional disengagement happening simultaneously. This retreat in user activity compounds the pressure that the stablecoin reserve decline is already generating.

When liquidity shrinks and participation falls at the same time, markets lose the structural support needed to sustain prices.

Each metric reinforces the weakness signaled by the other, making a recovery harder to achieve without a clear catalyst.

For the $50 billion USDT level to hold, stablecoin reserves would need to stabilize soon, and traders would need to return to the market in meaningful numbers.

The TRX price topped out at $0.3695 in Q3 2025 and that’s where the music stopped. Since then, momentum hasn’t just cooled, it’s stalled. The $0.3339–$0.3500 range has quietly turned into a major brick wall, turning sellers back into control.

That zone isn’t random noise on the TRX price chart. It’s become the dominant supply area, and rejections spree from it are already unfolding. At current levels near $0.2864, TRX/USD is stuck beneath a ceiling it hasn’t been able to crack.

And when rally pushed back from that pressure its generally a top and that’s rarely a bullish tell.

Long-Term Channel Back in FocusNow here’s where things get technical. TRX broke out of a long-term ascending channel in 2025 which was a bullish development at the time. But markets have a sense of humor. That former breakout level, the upper border of the channel, is now being tested as support.

If it holds, structure survives. If it breaks, TRX price re-enters the channel.

And that’s where the downside math starts getting uncomfortable. A confirmed slip below that wedge support opens the path toward $0.2215. Lose that, and $0.1354 becomes the logical endpoint of a broader correction phase. From $0.2864, that’s roughly a 50% haircut.

So when traders talk about a bearish TRX price prediction, this is what they’re looking at this structure, not emotion.

Utility Fueled the RallyBut price doesn’t move in a vacuum. The previous rally wasn’t built on hype alone. It was driven by increased USDT activity on the network. More stablecoin transfers meant higher blockchain utility, which meant more active addresses.

In February, active addresses peaked at 5.60 million. They’ve since dipped to 4.74 million. The decline isn’t dramatic or big. In fact, the broader multi-year rising trend in active addresses is still intact. It’s been tested several times and hasn’t broken.

Still, here’s the uncomfortable truth: the more a trendline is tested, the more fragile it becomes.

The 4 Million Line in SandQ1 2026 could mark another retest of that rising active address trend. If the metric breaks down decisively, especially below the psychological 4 million level it suggests declining network utility.

And that could have serious consequences. As stablecoin plays a big part, if Lower stablecoin transfer activity is materialized that means reduced liquidity. Reduced liquidity tends to hit price. Hard.

So what’s next? Everything hinges on support both on the TRX price chart and in active addresses. If both crack, a full correction toward $0.2215 and even $0.1354 isn’t far-fetched.

At this point, the TRX price isn’t crashing. But it’s standing on a trapdoor.

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

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After the nearly 7% surge staged by Bitcoin over the past day, analysts began to predict BTC reaching the $75,000 territory in the near future. Among them are Michael van de Poppe and Ted Pillows.

Bitcoin is currently trading at $68,200 after jumping to touch $70,000 briefly earlier today.

Bitcoin is likely to head for $75,000, analysts predictAnalysts, along with the rest of crypto users, have been closely following the recent Bitcoin price action as the world’s leading cryptocurrency jumped by almost 7% overnight — from $65,000 to the $70,000 territory.

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Amsterdam-based trader and analyst Michael van de Poppe happily tweeted that Bitcoin began grinding backwards: “Strong move and it's back into a lower timeframe uptrend.” According to his marks on the four-hour Bitcoin chart, this price surge could happen as early as the beginning of March.

The price skyrocketed on the news that the Jane Street fund may have been suppressing the Bitcoin price — Terraform Labs took the aforementioned fund to court, filing a lawsuit against it.

There we go, #Bitcoin grinds back upwards.

Strong move and it's back into a lower timeframe uptrend.

From that, I assume we'll start to see a rally towards $75K at the start of March. pic.twitter.com/zfyGJh3xKV

— Michaël van de Poppe (@CryptoMichNL) February 26, 2026 The second prominent investor and analyst who expressed a similar take on the X platform was Ted Pillows. He also shared his joy about Bitcoin rebounding to $67,000. Pillows believes that if BTC manages to hold within the $67,000 and $67,500, it “could rally towards the $72,000-$74,000 level.”

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$8.8 billion BTC and ETH options to expire on DeribitMajor crypto exchange Deribit has published an options expiry alert, warning the community that on Friday, at 8:00 a.m. UTC, more than $8.8 billion in crypto options, Bitcoin and Ethereum, are to expire on this platform.

The majority of these options are on Bitcoin ($7.8 billion). The rest is for Ethereum: roughly $961 million. The put/call ratio here is 0.76, which means that the majority of traders are betting on Bitcoin going up — more calls than puts.

🚨 Options Expiry Alert 🚨
At 08:00 UTC tomorrow, over $8.8B in crypto options are set to expire on Deribit.$BTC: ~$7.8B notional | Put/Call: 0.76 | Max Pain: $75K $ETH: ~$961M notional | Put/Call: 0.77 | Max Pain: $2,200

Call OI dominates across both assets, with BTC carrying… pic.twitter.com/5r8MjeQtJ9

— Deribit (@DeribitOfficial) February 26, 2026 Curiously, the maximum pain point (the level where all bets are off) is $75,000 for Bitcoin, the level forecast by analysts above. However, it is a big question if BTC is able to reach $75,000 by Friday morning since this would be quite a substantial surge of 10.3%.

Rising concerns around America’s $35 trillion national debt have sparked intense debate about the future of the global financial system. While policymakers continue relying on traditional tools like rate adjustments and monetary expansion, some crypto analysts argue that bigger structural changes may already be underway.

Among them, Edo Farina has floated a bold theory: that XRP could eventually play a role in a broader financial reset, not as a speculative coin, but as infrastructure within a new settlement framework.

From the beginning, XRP has faced skepticism. Critics have questioned its role, its ties to institutions, and whether it can truly differentiate itself from thousands of other digital assets. Yet, supporters argue that its long-term positioning has always centered on cross-border settlement and financial plumbing rather than retail hype cycles.

“What’s Really Changing Globally”Farina frames the discussion around macro reality. The U.S., he argues, cannot sustainably manage its debt through endless money printing or higher taxation. Inflation erodes purchasing power, and confidence in fiat systems is gradually weakening.

“A new financial system is emerging where debt is being tokenized onto blockchain rails,” Farina says. In that environment, he believes XRP could serve as a neutral bridge asset, facilitating value transfer between institutions and even sovereign entities.

He emphasizes that governments may eventually need to participate directly in digital asset ecosystems to maintain influence. “If you want control, you have to participate,” he argues, suggesting that ignoring blockchain infrastructure may no longer be an option for major economies.

Gold, De-Dollarization, and BlockchainFarina ties his thesis to accelerating de-dollarization trends and record central bank gold accumulation. Around the world, nations are diversifying reserves and reducing reliance on the U.S. dollar for trade settlement.

“There will be an intersection between precious metals and blockchain technology,” he claims. He outlines two possibilities. Tokenized gold operating on blockchain networks like the XRP Ledger, or digital assets indirectly linked to commodity-backed systems.

In his view, a split global financial order, with competing currency blocs, could increase demand for neutral settlement layers that are not directly controlled by any single nation.

Infrastructure Over SpeculationHowever, going deep inside, Farina’s argument is not about short-term price targets. It is about positioning. If global finance shifts toward tokenized assets, real-time settlement, and commodity-linked digital rails, assets designed for liquidity bridging could become strategically important.

Whether XRP ultimately plays that role remains speculative. But as debt levels climb and monetary systems evolve, discussions about blockchain-based settlement are no longer fringe; they are increasingly part of mainstream macro conversations.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQsHow could XRP be used in a debt-driven financial reset?

Supporters believe tokenized debt and cross-border payments may require fast settlement layers, where XRP could provide liquidity.

Could XRP support tokenized gold or commodity-backed systems?

Some analysts suggest blockchain networks like XRP Ledger could host tokenized gold or assets tied to commodities.

Is XRP’s role in a financial reset guaranteed?

No. The theory is speculative. While XRP targets cross-border settlement, adoption depends on regulation and institutions.

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

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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Trump family-linked American Bitcoin posts $59 million Q4 loss as bitcoin price slidesThe bitcoin mining company now holds over 6,000 BTC, with roughly one-third acquired through mining and two-thirds through open-market purchases and strategic transactions. Feb 26, 2026, 12:55 p.m.

American Bitcoin (ABTC), the bitcoin BTC$68,192.93 mining company backed by the family of President Donald Trump, said it lost $59 million in the fourth quarter as the plummeting price of the largest cryptocurrency eroded the value of its holdings.

The company, which went public in September, less than a month before the largest cryptocurrency hit a record high, is pursuing a dual strategy of mining and purchases, with roughly one-third of its BTC coming from mining operations. The rest comes from open-market purchases and strategic transactions, funded in large part by selling stock.

The company, which is 20% owned by Eric Trump and Donald Trump Jr, generated $150.5 million through an at-the-market stock offering during the quarter. The capital allowed it to boost its per-share bitcoin exposure by nearly 50%. It now holds more than 6,000 BTC, it said.

During the quarter, it mined bitcoin at a 53% gross margin, suggesting production costs were significantly below spot prices even as the price of the cryptocurrency fell. Revenue rose 22% from the third quarter.

New Financial Accounting Standards Board (FASB) guidelines require firms to mark crypto holdings to market. Bitcoin’s price fell 23% during the period, forcing American Bitcoin to report a $227 million non-cash loss.

Shares in the company are up 3.8% in pre-market trading at $1.09. They are down nearly 90% from a high of around $9 seen last year.

The company's majority owner, Hut 8 (HUT), reported fourth-quarter earnings on Wednesday, sending the shares down 7% even as rivals such as MARA Holdings (MARA) and Riot Platforms (RIOT) advance.

Hut 8 said it ended the year with an 8,500 MW development pipeline. It also secured a new $200 million revolving credit facility with Two Prime and expanded its Coinbase facility to $200 million, bringing total credit capacity to $400 million.

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STS Digital raises $30 million to expand crypto options platform

18 minutes ago

The Bermuda-based firm offers trading across 400+ cryptocurrencies with spot, vanilla, and exotic options, targeting institutional demand as crypto options open interest reaches $40 billion.

What to know:

STS Digital raised $30 million from CMT Digital, Kraken exchange parent Payward and other investors to expand its institutional trading platform.The Bermuda-based firm offers trading across 400+ cryptocurrencies with spot, vanilla and exotic options targeting institutional demand.STS aims to become a foundational liquidity layer for crypto derivatives, capitalizing on growing institutional adoption of options for hedging and yield generation.

Starknet, an Ethereum Layer 2 network developed by StarkWare, is preparing to launch strkBTC, a new bitcoin-based asset designed to enable shielded balances and confidential transfers while maintaining full composability across decentralized finance applications.

The token will allow bitcoin holders to interact with DeFi on Starknet while protecting transaction amounts and counterparties from public view, according to details shared by StarkWare and the Starknet Foundation.

The system issues strkBTC deterministically in response to verifiable bitcoin deposits, avoiding discretionary control in the issuance process. Privacy protections operate at the protocol level rather than through custodians, wallets, or third-party applications, according to the team. Starknet said this structure supports confidentiality while preserving auditability and risk-management compatibility, and that strkBTC will also be eligible for bitcoin staking on Starknet, allowing users to earn yield while shielding balances if they choose.

Eli Ben-Sasson, co-founder of StarkWare and board member of the Starknet Foundation, said strkBTC aims to address longstanding tradeoffs between privacy and programmability in blockchain systems.

"Typically, there is a performance-privacy payoff," Ben-Sasson said in a statement. "We are breaking that, with an offering that isn't more of the same." He added that "with strkBTC, exposure to bitcoin can move through DeFi with private balances and transfers without breaking composability or isolating capital," describing privacy as "a fundamental requirement for market participation."

Privacy key to unlocking bitcoin's financial utility Starknet Foundation Executive Director James Strudwick said bitcoin capital has historically remained underutilized due to usability and trust constraints. He noted that enabling bitcoin to function as a "productive" financial asset requires an intentional path toward trust minimization and transparency, adding that such efforts could help transition bitcoin from "dormant capital to a fully integrated, active financial asset."

The move reflects Starknet's broader strategy to expand bitcoin's role within its ecosystem. The network previously introduced bitcoin staking and yield products, allowing holders to earn rewards while maintaining custody of their assets, alongside incentive programs designed to activate idle BTC and support lending, collateral, and other financial use cases. These efforts form part of Starknet's longer-term goal of integrating bitcoin into decentralized finance while scaling its functionality through zero-knowledge cryptography.

StarkWare said strkBTC builds on lessons from earlier privacy-focused systems while extending confidentiality beyond simple payments to support complex financial transactions. Anat Veredgorn, a product team lead at StarkWare, said the system combines efficient client-side proving with verification speeds capable of scaling globally, adding that "it's not only privacy, it's actually privacy that works in practice."

Starknet Foundation VP of Growth Damian Chen said privacy could play a key role in attracting institutional capital that has remained hesitant to participate in public blockchain markets. 

"Public blockchains expose sensitive positions, trading counterparties, and proprietary strategies, which create an assortment of compliance and competitive challenges," Chen said, adding that enabling privacy at the infrastructure level "removes a critical barrier to broader blockchain adoption."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin climbed to $69,550 on Wednesday, its highest point in over a week, after a sharp swing upward from around $62,350 in less than a day. The move came as US stock markets turned green again, giving investors across the board a reason to buy back in.

ETF Cash Returns After Five Weeks Of Outflows One of the clearest signs of renewed confidence came from the spot Bitcoin exchange-traded fund market. Reports say US-listed Bitcoin ETFs pulled in $257.7 million in a single day on Tuesday — a notable turnaround after five straight weeks of withdrawals that had drained roughly close to $4 billion from those same funds.

Fidelity drew approximately $83 million of that total. BlackRock’s iShares Bitcoin Trust attracted close to $79 million. The return of institutional buying added fuel to a rally already building on the back of a calmer macro backdrop.

The broader stock market’s recovery was partly tied to US President Donald Trump’s State of the Union address on Tuesday night, in which he described his first year in office as an economic success.

He pointed to falling mortgage rates and a 1.7% drop in core inflation over the final three months of 2025. Markets took the speech as a sign that the policy chaos seen in recent months — particularly around tariffs and court battles — might be settling down.

BTCUSD trading at $68,219 on the 24-hour chart: TradingView Spot Buyers, Not Speculators, Are Behind This Rally What makes this price move stand out is the data beneath the surface. Reports note that Bitcoin’s aggregated open interest — a measure of outstanding futures positions — has actually been declining even as prices climbed.

It fell from above 240,000 BTC earlier in the week to around 235,167 BTC. That kind of drop suggests traders with borrowed money were closing out positions rather than opening new ones.

Funding rates tell a similar story. They remain slightly negative at around -0.0037%, meaning short sellers are currently paying fees to traders betting on higher prices. That is an unusual setup during a strong rally, and it points to a market where aggressive speculation has been squeezed out rather than amplified.

Ticking Upward The cumulative volume delta — which tracks whether buyers or sellers are more aggressive on spot markets — has been ticking upward, confirming that real purchasing activity is driving the move.

According to market experts, options market dynamics are also playing a role. Dealers holding what is known as a positive gamma position tend to buy when prices dip and sell when prices rise, as part of routine hedging. That behavior acts as a natural shock absorber, smoothing out big swings and making explosive breakouts harder to sustain in either direction.

Featured image from Yellow, chart from TradingView

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XRP climbed back above its 200-week moving average Thursday. The move marks a pretty significant technical recovery for Ripple’s token, which has been bouncing around this crucial support level for weeks now.

Bitcoin took a sudden hit when someone at Lighter platform made an $8 million typo. The error sent Bitcoin’s price tumbling briefly to $47,511 before traders realized what happened and the price snapped back. Market watchers say these kinds of fat-finger mistakes happen more often than exchanges want to admit, and they can really mess with price action when they hit during thin trading periods.

Things look different over at Cardano.

USDC testing on Cardano’s network just crossed 100 transactions, and Charles Hoskinson seems pretty excited about it. The Cardano founder told reporters the milestone shows real progress toward getting the stablecoin fully integrated into their ecosystem. But it’s still early days – 100 test transactions doesn’t mean much until they can handle thousands or millions of real trades.

The crypto market’s been all over the place lately. XRP’s bounce above that 200-week level caught some traders off guard, especially since the token has been struggling to hold key support levels for months. Brad Garlinghouse, Ripple’s CEO, said during a blockchain summit that maintaining these technical levels is crucial for attracting institutional money. “We need stability before we can see serious institutional adoption,” he said.

And the Bitcoin error? That’s got people worried.

Jane Smith, speaking for Lighter platform, said they’re doing an internal review to figure out exactly what went wrong. The $8 million mistake happened February 26, and crypto analysts are calling it a wake-up call for exchanges that rely heavily on automated systems. John Doe from Crypto Insights put it bluntly: “This kind of error shows we still have major vulnerabilities in our trading infrastructure.”

The Cardano Foundation isn’t slowing down despite the modest numbers. They want to scale USDC transactions significantly by year-end, part of a bigger push to bring more DeFi projects onto their platform. Hoskinson called the 100-transaction milestone a “significant step forward” but admits there’s a long road ahead. The foundation thinks getting USDC working smoothly will attract developers who’ve been sitting on the sidelines. This follows earlier reporting on Bitcoin Falls Under K as Crypto.

XRP’s price action Thursday got traders talking. Trading volumes surged as the token broke above that 200-week moving average – a level that technical analysts watch closely because it often acts as major support or resistance. Some institutional investors have been waiting for exactly this kind of technical confirmation before jumping in, according to market sources.

But nobody’s getting too excited yet. The broader crypto market remains unpredictable, and XRP’s ability to hold above this level depends on factors way beyond Ripple’s control. Bitcoin’s dominance still drives most altcoin moves, and regulatory uncertainty continues hanging over the entire sector.

Lighter platform’s troubles highlight a bigger problem in crypto trading. Automated systems handle millions of transactions daily, but when they screw up, the consequences can be severe. The $8 million error didn’t just affect Bitcoin’s price temporarily – it raised questions about how well exchanges can prevent similar mistakes. Traders want to know what safeguards exist and whether they’re actually working.

Market participants are watching these developments carefully. XRP holders hope the technical breakout signals stronger price action ahead. Bitcoin traders want assurance that exchange errors won’t keep disrupting markets. Cardano supporters see USDC integration as validation of their blockchain’s capabilities, even though 100 test transactions barely scratches the surface of what’s needed for meaningful adoption.

The timing of these events seems coincidental but reflects the crypto market’s current state. Technical progress happens alongside operational failures, and positive developments compete with concerning incidents for traders’ attention. XRP’s recovery shows some tokens can still make technical progress despite market headwinds.

Regulatory concerns remain in the background. Ripple’s ongoing legal battles with the SEC haven’t been resolved, and that uncertainty affects how institutions view XRP. The company keeps pushing for broader adoption, but legal clarity would help more than technical chart patterns, according to some analysts. More on this topic: Bitcoin Holds Above K Despite Trading.

Cardano’s USDC milestone comes at a time when the network needs wins. Competition from other smart contract platforms has been intense, and Cardano has struggled to attract the developer activity that Ethereum and Solana enjoy. Getting a major stablecoin working properly could change that dynamic, but only if they can scale beyond test transactions.

The Lighter platform incident serves as a reminder that crypto infrastructure still has gaps. While the industry has matured significantly, basic operational errors can still cause significant market disruption. Exchanges need better safeguards, and traders need more confidence that their platforms won’t make costly mistakes.

These three separate developments – XRP’s technical recovery, Bitcoin’s price error, and Cardano’s USDC progress – paint a picture of an industry still finding its footing. Progress happens alongside setbacks, and technical achievements compete with operational failures for market attention.

The Lighter platform error joins a growing list of exchange mishaps that have rattled crypto markets this year. Similar incidents at major platforms like Binance and Coinbase have collectively caused over $50 million in trading disruptions, prompting calls for industry-wide standards on automated trading safeguards.

Meanwhile, Circle, USDC’s issuer, has been expanding aggressively across blockchain networks as competition with Tether intensifies. The company processed $2.8 trillion in transactions last quarter alone, and their partnership with Cardano represents part of a broader strategy to reduce dependence on Ethereum’s network congestion and high fees.

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The broad crypto market is regaining momentum, and the positive trend has extended to the U.S. spot Bitcoin ETF, with major Bitcoin funds seeing fresh growth.

On Wednesday, Feb. 25, data from SosoValue shows that the Bitcoin ETF recorded a strong resurgence in demand, as it has posted $506.51 million in daily net inflows over the last trading session.

The massive inflow has come after multiple weeks of little-to-no demand from investors due to prolonged volatility. Nonetheless, this rapid resurgence suggests that institutional appetite has been boosted alongside Bitcoin’s latest rally to $69,150.

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BlackRock drives over 58% of total capital While it has maintained its position as a key player in the Bitcoin ETF sector, BlackRock has achieved the highest inflow among the pack, accounting for over 58% of the total inflow recorded on the same day.

As such, BlackRock (IBIT) led the inflow with a total of $297.37 million in fresh capital, being more than half of the day’s total, bringing its total net assets to $52.50 billion.

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Nonetheless, it is important to note that the positive flip spanned all major Bitcoin funds as Grayscale (GBTC) followed as the top two, recording $102.49 million in inflows.

Fidelity Investments’s FBTC brought in $30.09 million, and Bitwise Asset Management attracted $39.37 million.

Furthermore, the ARKB fund managed jointly by ARK Invest and 21Shares added just $2.29 million, while VanEck’s HODL ETF posted $15.61 million in inflows.

Bitcoin surges near $70,000Following the major price resurgence seen over the last day, which sparked the renewed interest seen across Bitcoin ETFs, Bitcoin had traded extremely near the $70,000 level during the period.

While the level was last seen earlier this month, Bitcoin has continued to trade far below the level over the past weeks as bearish sentiment reached peak levels.

Nonetheless, the market saw a wave of fresh interest over the last day, this saw Bitcoin surge by over 4.05% in the last 24 hours, seeing its price trade at $68,175 as of writing time.

SAN ANTONIO--(BUSINESS WIRE)--Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the “Company”) today sent another letter to the Special Committee of Janus Henderson Group plc’s (NYSE: JHG) (“Janus Henderson”) Board of Directors, delivering a fully financed, actionable proposal to acquire Janus Henderson on compelling terms that provide meaningfully higher value than the transaction currently contemplated with Trian Fund Management, L.P. and its affiliated funds (“Trian”).1

Victory Capital Urges Special Committee to Immediately Consider Fully Financed and Actionable Proposal to Maximize Value for All Shareholders

Share Under the terms of this “best-of-both-worlds” proposal, Janus Henderson shareholders would receive total consideration of $57.04 per share, consisting of $30.00 in cash and a fixed exchange ratio of 0.350 shares of Victory Capital common stock, based on Victory Capital’s closing stock price as of February 25, 2026. This proposal represents a 37% premium to Janus Henderson’s unaffected share price as of October 24, 2025 and an approximately 16% premium to Janus Henderson’s currently contemplated transaction with Trian.

Following the transaction, Janus Henderson shareholders are expected to own approximately 38% of the combined company, which would have a total enterprise value of approximately $16 billion.2 This would provide substantial potential upside as benefits from synergies and growth are realized, while also delivering significant upfront cash proceeds to Janus Henderson shareholders.

A combination between Victory Capital and Janus Henderson would build on Victory Capital’s highly successful track record of acquiring and integrating investment firms into its platform, creating a global investment management business with exceptional diversification and distribution capabilities that is better positioned to compete at scale against the largest asset managers in the world. Additionally, Victory Capital’s proposal provides stability for clients as it intends to retain investment professionals, preserve the Janus Henderson brand and minimize disruption.

Victory Capital strongly believes that its proposal constitutes a “Company Superior Proposal” under the Trian merger agreement due to its higher value and minimal execution risk. Victory Capital has materially improved non-price terms compared to the currently contemplated transaction with Trian, including no financing outs, full specific performance protection for Janus Henderson, a lower client consent closing condition, a lower termination fee, and no requirement for Janus Henderson to make a payment to Victory Capital if Janus Henderson shareholders do not approve the transaction with Victory Capital. Accordingly, Victory Capital believes that the Special Committee should determine that the proposal constitutes (or would reasonably be expected to result in) a “Company Superior Proposal” and engage with Victory Capital as permitted under the merger agreement with Trian.

David C. Brown, Chairman and CEO of Victory Capital, said, “We are confident that combining Victory Capital and Janus Henderson, two similarly sized, complementary organizations, would create a more competitive platform that would deliver superior value for shareholders, employees and clients alike. Our proposal is fully financed and provides Janus Henderson shareholders with meaningful long‑term upside through ownership of a stronger, more competitive organization. We have a proven track record of successfully and thoughtfully integrating businesses, supporting investment firms, unlocking value through synergy realization, and growth, as recently demonstrated by our acquisition of Pioneer. We firmly believe Janus Henderson stakeholders would similarly benefit from the strategic alignment and long‑term value creation enabled by bringing our two firms together, and are ready to move forward expeditiously toward a transaction.”

Victory Capital’s November and December 2025 proposals to Janus Henderson’s Special Committee clearly provided superior value to Janus Henderson shareholders. Despite being the only credible, unaffiliated bidder, Victory Capital was not granted any meaningful engagement or any access to information that would have allowed the Company to further refine its proposal before Janus Henderson moved forward with an insider proposal. Victory Capital’s review of Janus Henderson’s and Trian’s public filings released after the announcement of the currently contemplated transaction with Trian has only strengthened Victory Capital’s conviction that it is uniquely positioned to deliver greater value to Janus Henderson and its shareholders.

Mr. Brown continued, “Despite submitting multiple superior proposals and repeatedly attempting to engage with Janus Henderson prior to the signing of the Trian merger agreement, the Janus Henderson Special Committee declined any meaningful dialogue. The letter we sent to the Special Committee today should clear up any misperception concerning the strength of our proposal and ability to complete a transaction. We believe it is important that both the Special Committee and Janus Henderson investors have correct and complete information about our compelling and actionable proposal. We are confident that a thorough evaluation will demonstrate that our proposal represents a superior alternative with minimal execution risk, and we urge the Janus Henderson Special Committee to fulfill its fiduciary duties and act in the best interest of Janus Henderson shareholders by promptly engaging with us.”

PJT Partners is serving as financial advisor to Victory Capital and Willkie Farr & Gallagher LLP is serving as legal advisor.

The full text of the letter sent today to Janus Henderson’s Special Committee can be found below:

February 26, 2026

To: The Special Committee of the Board of Directors, Janus Henderson Group plc

We have long believed that a combination of Victory Capital Holdings, Inc. (“Victory”) and Janus Henderson Group plc (“Janus Henderson” or the “Company”) would be transformative for both companies. The combination brings together two industry leaders to create a scaled, more competitive asset manager with exceptional diversification and distribution capabilities. We firmly believe that Victory is the right partner for Janus Henderson, and that a transaction with Victory is undoubtedly the value maximizing path for Janus Henderson shareholders.

The actionable proposals we put forth on November 24, 2025, December 8, 2025, and December 22, 2025 were clearly superior to any alternative proposals available to Janus Henderson, including the Trian transaction that was announced on December 22, 2025. We provided higher, more compelling value with minimal execution risk and a “best-of-both-worlds” transaction structure, where Janus Henderson shareholders would receive majority upfront consideration in cash while retaining meaningful ownership to participate in significant long-term value creation from synergies and strategic alignment.

Notwithstanding the fact that we were the only credible, unaffiliated party that expressed interest and indicated a valuation range in excess of Trian’s proposal, we were denied the opportunity to engage in any meaningful dialogue and not provided access to any information to refine our proposal, prior to Janus Henderson entering into an agreement with Trian (a Company insider).

Having reviewed public filings that have been made available subsequent to the announcement of the Trian transaction – information that could easily have been furnished to us if you had chosen to engage – as well as observing industry developments in the interim, our conviction that we are uniquely positioned to deliver superior value for Janus Henderson and its shareholders has only strengthened.

As outlined below, we are proposing a higher day one value with no financing risk, opportunity for Janus Henderson shareholders to participate in meaningful upside, and materially improved terms with minimal execution risk.

Proposed Higher Value and “Best-of-Both-Worlds” Transaction Structure

Specifically, our proposal is:

Cash consideration of $30.00 per share Fixed exchange ratio of 0.350 of a Victory share for each Janus Henderson share, reflecting $27.04 per Janus Henderson share and translating to 38% pro forma ownership in the combined company This day one value of $57.04 is 16% higher than the currently contemplated transaction with Trian and at a 37% premium to the Company’s unaffected share price (as of 10/24/2025). We would also highlight that unlike the Trian offer, our proposal offers attractive premiums consistent with recently announced acquisitions in the industry, for example, the acquisition of Schroders by Nuveen.

In addition to material upfront consideration delivered in cash, our proposal provides Janus Henderson shareholders significant ownership stake in the pro forma company, allowing them to participate in significant upside as markets recognize the value of the combination. As benefits around synergies and growth are realized and the Victory trading multiple appropriately reflects the pro forma company’s future prospects, Janus Henderson shareholders will share in the meaningful long-term value creation.

Fully Financed Offer with No Financing Risk

We intend to fund the transaction with cash on hand and committed financing. As previously stated, our offer is not subject to any financing conditions. We have attached a customary commitment letter from each of our debt financing sources, consisting of two of the most reputable global investment banks. We will have sufficient committed capital to consummate the proposed acquisition.

Pro forma for the combination, Victory’s gross leverage will be 3.5x 2025 EBITDA, excluding synergies and 2.6x 2025 EBITDA, including synergies. Based on our review of publicly available information regarding the Trian transaction, we believe our proposed transaction represents lower pro forma leverage versus the currently contemplated transaction (4.6x gross debt, including preferred equity, to 2025 EBITDA).

Under the contemplated transaction with Trian’s acquisition vehicle, Trian’s sole obligation in the case of a debt financing failure (or a preferred equity financing failure) is to have the vehicle’s various equity investors pay Janus Henderson a $222.85m “reverse” termination fee (3% of equity value as compared to a more customary 5-6%); Trian cannot be compelled to close in that situation. Our proposal, in contrast, has no financing outs and provides Janus Henderson with a full specific performance remedy if there were a failure in Victory’s financing.

Setting up the Company for Success

Victory believes that success in asset management relies on the quality and engagement of its people. Victory anticipates retaining substantially all Janus Henderson investment professionals, as we have done in substantially all our prior acquisitions. Our past acquisitions also stand testimony to the fact that once businesses are brought onto the Victory platform, client experience and investment performance have not been disrupted. In our recent acquisition of Pioneer, performance of the platform, which was strong, has further improved under our ownership. Pioneer has also continued to experience organic growth and is net flow positive since the transaction closed, demonstrating our commitment to maintaining excellence of investment teams and processes. More broadly, as a firm, Victory has achieved excellent investment performance, evident in our recent earnings reports.

In light of Victory’s successful long-term acquisition track record and plans to retain investment professionals, we do not believe that there is any meaningful risk of key employee attrition from our transaction. Further, we believe our revenue share-based compensation structure for investment professionals is highly attractive and a significant opportunity for investment professionals to participate in the success of the platform.

Following the combination, we also envision retaining key non-investment Janus Henderson employees for meaningful leadership roles. We also intend to retain the brand.

Anticipated Meaningful Synergies and Value Creation

A combination would result in considerable synergies and significant value creation for both companies’ shareholders. Our preliminary estimated cost synergies of $500m are driven primarily by efficiencies in the middle and back office, operational and administrative infrastructure, vendor consolidation and duplication, and leveraging the economies of scale of the combined platform. Sources of synergies identified here are similar to those in Victory’s past acquisitions and are not likely to cause client concerns.

Our stellar track record for realizing synergies speaks for itself. In all past transactions, we have not only delivered on meaningful cost synergies but often exceeded what we initially planned. We have also realized meaningful revenue synergies in our previous acquisitions, which have resulted in material upside for shareholders.

The public market has validated our success:

Victory’s share price increased ~120% in the year following the USAA Asset Management announcement and over 800% to-date. Victory’s share price has increased ~80% following the announcement of the Pioneer Memorandum of Understanding. Victory is the best performing traditional asset manager since its IPO, with a TSR of ~600%. Moreover, since our MBO in 2013, the TSR is over 2,000%. Since Trian initially disclosed its investment in Janus Henderson in October 2020, Victory has outperformed Janus Henderson in excess of 200% TSR for its shareholders. Minimal Disruption and Client Consent Risk

A combination of both firms lays the strategic foundation for the creation of a diversified global investment management business that is better positioned to compete at scale against the largest asset managers in the world. The combined platform will offer stability and participation in potential long-term value creation for shareholders and employees – key tenets that are absent in a transaction with a financial buyer such as Trian.

Multiple changes of ownership driven by monetization goals of a financial buyer create uncertainty for clients and employees that will be avoided with Janus Henderson’s inclusion within the Victory platform. As highlighted above, Victory plans to retain and support key investment professionals and minimize any impact on the investment process.

We also have substantial experience in successfully executing acquisitions requiring client consent. Our Pioneer and USAA Asset Management transactions were acquisitions of asset managers with large mutual fund complexes, and we successfully obtained the required mutual fund consents. With this combination of a successful history of obtaining mutual fund consents and our retaining Janus Henderson investment professionals, we believe that our proposal poses no client concerns. To demonstrate our conviction that our proposal raises no client consent concerns, we will reduce the client closing condition in the merger agreement from the 80% standard in the Trian agreement to 75%. This change provides Janus Henderson with meaningfully more closing certainty than the Trian transaction. From our review of the preliminary proxy statement, we note that the 75% threshold is what the Special Committee had sought from Trian.

Expeditious Due Diligence Timeline

We expect to conduct confirmatory financial, legal, operational and business due diligence.

Even though we were given no opportunities to conduct due diligence to-date or engage with Company management, we expect to complete our diligence expeditiously and be in a position to enter into a merger agreement shortly thereafter, provided the requisite access to information and Janus Henderson management is provided in a timely manner.

No Trian Voting Agreement Required

Consistent with our proposals on December 8, 2025 and December 22, 2025, we reaffirm that we do not require a voting agreement from Trian to consummate a transaction. With the compelling and superior proposal we are presenting, we are confident that Janus Henderson shareholders will overwhelmingly vote in favor of our transaction and satisfy the two-thirds voting standard for approving a merger under Jersey law. The specter of a 20% conflicted shareholder should not prevent the board of directors and the Special Committee from acting to provide all Janus Henderson shareholders with the opportunity to receive the benefits of a far superior transaction.

Our proposal will require a vote of our shareholders to approve the contemplated issuance of shares in the transaction as required under Nasdaq rules. Given the anticipated strength of the combined company, we are confident that our shareholders will approve the issuance of shares just as they overwhelmingly approved our share issuance in our 2025 acquisition of Pioneer.

Improvements to Trian Merger Agreement

The merger agreement for our proposal will be substantially the same as the Trian agreement but will reflect the increase in the purchase price and the stock consideration and reflect the following changes that materially increase deal certainty compared to the Trian deal.

In our merger agreement, we will:

Decrease the threshold in the client consent condition from the 80% in the Trian agreement to 75%. Eliminate the unusual provision in the Trian agreement requiring Janus Henderson to pay the buyer $111.42m in expense reimbursements (a highly off-market 1.5% of equity value) if Janus Henderson shareholders fail to approve the merger. In our merger agreement, Janus Henderson would not be required to make a payment to us if Janus Henderson shareholders do not approve our transaction. Reduce the termination fee from the 4% in the Trian agreement to the 3% that the Special Committee sought from Trian. Provide Janus Henderson with full recourse against Victory if there were a financing failure as opposed to Janus Henderson’s sole remedy of a $222.85m reverse termination fee payable by the equity investors in the Trian acquisition vehicle. No Adjustment to Proposal as a Result of 4% Termination Fee Payable to Trian Acquisition Vehicle

When the Janus Henderson board terminates the Trian merger agreement to accept our superior proposal, a $297.13m termination fee (4% of equity value) will be due to Trian, a Company insider, under the agreed terms of the Trian merger agreement. This leakage of value to an inside shareholder is unfortunate and could have been avoided had the Special Committee engaged with us prior to signing the merger agreement with Trian. Nonetheless, we have not reduced the value of our proposal, and our $57 per share proposal takes into account that this fee is payable to the Trian acquisition vehicle.

Our Proposed Transaction is a Superior Proposal

For the reasons stated in this letter, we believe that our proposed transaction is a superior proposal to Janus Henderson shareholders compared to the Trian transaction. Consistent with your fiduciary duties as directors and the terms of the Trian merger agreement, we believe your board of directors (acting on the recommendation of the Special Committee) should determine that this proposal constitutes (or would reasonably be expected to result in) a “Company Superior Proposal” (as defined in the Trian merger agreement) and engage in negotiations and discussions with us regarding this proposal and furnish us with information relating to the Company. We are prepared to enter into a confidentiality agreement with the Company in the form contemplated by the Trian merger agreement.

Closing Remarks; Next Steps

We have tremendous respect for Janus Henderson’s global franchise, leadership team, and brand and continue to remain very excited about this opportunity. We hope that this letter clears up any apparent misperceptions concerning the strength of our proposal and ability to complete a transaction. We, and our financial advisor PJT Partners, stand prepared to answer any further questions relating to our proposal.

We urge the Special Committee to fulfill its fiduciary duties and act in the best interest of Janus Henderson shareholders. Even though we were denied the opportunity to engage previously, the Special Committee can and must now discharge those duties by promptly beginning negotiations with us to deliver superior value to Janus Henderson shareholders.

We look forward to discussions with you and your advisors.

Given the market speculation that Victory is “Party A” referred to in your proxy materials and our belief that it is in the best interests of your and our shareholders to have current and complete information about our proposal and the reasons we believe that it is a compelling and actionable opportunity, we plan to make this letter publicly available concurrently with this submission to you.

This Proposal is solely an indication of interest, and does not constitute an offer, or the solicitation for an offer, or any commitment on our part to submit a definitive proposal at any time in the future or to proceed with any potential transaction. No obligations will be imposed on any person unless and until a written merger agreement that is mutually acceptable is entered into with respect to a transaction.

Very truly yours,

Victory Capital Holdings, Inc.

By: /s/ David C. Brown

David C. Brown

Chairman and Chief Executive Officer

About Victory Capital

Victory Capital (NASDAQ: VCTR) is a diversified global asset management firm with $323.2 billion in total client assets, as of January 31, 2026. We serve institutional, intermediary, and individual clients through our Investment Franchises and Solutions Platform, which manage specialized investment strategies across traditional and alternative asset classes. Our differentiated approach combines the power of investment autonomy with the support of a robust, fully integrated operational and distribution platform. Clients have access to focused, top-tier investment talent equipped with comprehensive resources designed to deliver competitive long-term performance.

Victory Capital is headquartered in San Antonio, Texas. To learn more, visit www.vcm.com or follow us on Facebook, Twitter (X), and LinkedIn.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of applicable U.S. federal and non-U.S. securities laws. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “assume,” “budget,” “continue,” “estimate,” “future,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof and include, but are not limited to, statements regarding the outlook for Victory Capital Holdings, Inc.’s (“Victory Capital”) future business and financial performance. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Victory Capital’s control and could cause Victory Capital’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. All statements, other than historical facts, including statements regarding the ultimate outcome of discussions between Victory Capital and Janus Henderson Group plc (“Janus Henderson”), including the possibilities that Victory Capital will not pursue a transaction with Janus Henderson or that Janus Henderson will reject a transaction with Victory Capital; the ability of the parties to complete a transaction when expected or at all; the risk that the conditions to the closing of any proposed transaction, including receipt of required regulatory approvals, client consents and approval of Victory Capital’s or Janus Henderson’s stockholders, are not satisfied in a timely manner or at all; potential litigation related to any proposed transaction; the risk that disruption from the proposed transaction adversely affects the respective businesses and operations of Victory Capital and Janus Henderson; the expected benefits of any proposed transaction, such as expected revenue, EBITDA, EBITDA margin, and/or synergies, efficiencies or cost savings; growth potential of Victory Capital, Janus Henderson or a potentially combined company; diversified product offerings and expanded distribution; market profile and financial strength, including near term and long-term value for shareholders, and opportunities for long-term growth and value creation; potential adverse reactions or changes to client and other business relationships resulting from the announcement, pendency or completion of the transaction; the ability to retain key employees; the competitive ability and position of Victory Capital, Janus Henderson or a potentially combined company; the ability to effectively and efficiently integrate the companies; future plans and investments; and any assumptions underlying any of the foregoing, are forward-looking statements. Factors that may affect the future results of Victory Capital are set forth in Victory Capital’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including Victory Capital’s most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC, which are available on the SEC’s website at www.sec.gov. The risks and uncertainties described above and in Victory Capital’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are not exclusive and further information concerning Victory Capital and its business, including factors that potentially could materially affect Victory Capital’s business, financial condition or operating results, may emerge from time to time. Readers are urged to consider these factors carefully in evaluating these forward-looking statements, and not to place undue reliance on any forward-looking statements. Readers should also carefully review the risk factors described in other documents that Victory Capital files from time to time with the SEC. The forward-looking statements in these materials speak only as of the date of these materials. Except as required by law, Victory Capital assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

This communication relates to a proposal which Victory Capital has made to the Special Committee of Janus Henderson’s Board of Directors for an acquisition of Janus Henderson. In furtherance of this proposal and subject to future developments, Victory Capital (and, if a negotiated transaction is agreed, Janus Henderson) may file one or more registration statements, proxy statements, tender offer statements or other documents with the SEC. This communication is not a substitute for any proxy statement, registration statement, tender offer statement, prospectus or other document Victory Capital and/or Janus Henderson may file with the SEC in connection with the proposed transactions.

INVESTORS AND SECURITY HOLDERS OF Victory Capital AND Janus Henderson ARE URGED TO READ ANY PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT Victory Capital, Janus Henderson AND THE PROPOSED TRANSACTION. Any definitive proxy statement(s) or prospectus(es) (if and when available) will be mailed to stockholders of Victory Capital and/or Janus Henderson, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC by Victory Capital free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Victory Capital (if and when available) will also be made available free of charge by accessing Victory Capital’s website at www.vcm.com.

Certain Information Regarding Participants

This communication is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, Victory Capital and its directors and certain of its executive officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies in respect any proposed transaction. Security holders may obtain information regarding the names, affiliations and interests of such individuals in Victory Capital’s definitive proxy statement for the 2025 annual meeting of stockholders, which was filed with the SEC on March 28, 2025 and certain of its Current Reports on Form 8-K. Additional information regarding the interests of such individuals in the proposed transaction will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website http://www.sec.gov and Victory Capital’s website at www.vcm.com.

1 Victory Capital sent three previous letters to the Janus Henderson Special Committee in November and December 2025 prior to the public announcement of the Trian merger agreement. Copies of those letters are exhibits to the Form 8-K filed by Victory Capital today with the Securities and Exchange Commission (the “SEC”) and available at the SEC’s website at www.sec.gov.
2 According to FactSet values as of close of business on February 25, 2026.

More News From Victory Capital Holdings, Inc.

Met 2025 revenue and exceeded revised adjusted EBITDA; reaffirms 2026 revenue and sets adjusted EBITDA target

Commercial Channel grew 22% and 15% for Q4 and full year, respectively

Generated $11.2 million operating cash flow and $4.4 million in free cash flow for the full year

FDA response for Hyalofast® PMA received in January 2026, Anika developing responses for submission

BEDFORD, Mass., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (Nasdaq: ANIK), a global leader in the osteoarthritis (“OA”) pain management and regenerative solutions spaces focused on early‑intervention orthopedics, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Anika reported fourth quarter revenue of $30.6 million, flat compared to the fourth quarter of 2024. Gross margin expanded to 63%, driven by favorable product mix and operating leverage. Commercial Channel revenue increased 22% year over year driven by timing of 2025 shipments to international customers and growth in the Integrity™ Implant System, while OEM Channel revenue declined 12%, reflecting anticipated U.S. OA Pain Management pricing dynamics.

For the full year 2025, total revenue was $112.8 million, a decrease of 6% compared to 2024, in line with expectations. Commercial Channel revenue increased 15% year over year, supported by continued Integrity growth and international OA Pain Management performance. OEM Channel revenue declined 17% for the year driven by lower Monovisc® and Orthovisc® pricing in the U.S. The Company delivered 57% gross margin for the year and generated $11.2 million in operating cash flow and $4.4 million in free cash flow.

“We closed 2025 with a strong fourth quarter, with top‑line growth led by our Commercial Channel and company‑wide results that included expanded gross margin, and positive operating income and free cash flow,” said Steve Griffin, President and Chief Executive Officer of Anika Therapeutics. “Our operating income performance in the fourth quarter and full year underscores the strength of our core OA Pain Management business despite U.S. pricing headwinds in 2025 and establishes a foundation for improved profitability.

2025 was an important year for advancing our product portfolio, highlighted by more than doubling Integrity procedures, the filing of the Hyalofast PMA with the FDA, and continued progress on the remaining filing requirements, the toxicity and bioequivalence studies, for the Cingal® NDA. Cingal and Hyalofast remain core strategic priorities for 2026 as we prepare for future U.S. market launches.

I’m proud to lead this organization as we build upon a strong foundation and deliver results for patients and shareholders. Looking ahead, our priorities are driving revenue and volume growth, including building on the momentum in our Commercial Channel; advancing our R&D pipeline; and improving execution – supported by rigorous expense management and productivity improvements at our manufacturing facility – to enhance profitability.”

Fourth Quarter and Full Year 2025 Business Highlights and Current Business Updates

International OA Pain Management grew 28% and 12% in the fourth quarter and full year, respectively, led by the international sales team’s continued regional expansion and improved market share.Integrity continued to demonstrate strong momentum, with procedures increasing for the seventh consecutive quarter and revenue more than doubling in 2025 to $6 million, driven by sustained surgeon adoption in the U.S., new line extensions, and expanding international penetration.Hyalofast PMA responses were received from the FDA in January 2026 as expected, and the Company is preparing responses to PMA deficiencies. The FDA review remains in line with the previously provided extended timeline.Successfully completed Cingal toxicity studies initiated in 2025; bioequivalence study initiated in December 2025 in preparation for an FDA NDA submission.The Company has initiated actions to reduce general and administrative expenses in the first half of 2026, reflecting a more focused cost structure following recent strategic divestitures and supporting continued investment in manufacturing and product development. Following these actions and customary transition periods for affected team members, the Company anticipates approximately $2.5 million in annualized adjusted EBITDA savings and $3.0 million in annualized stock‑based compensation savings.
Fourth Quarter 2025 Continuing Operations Financial Summary

Revenue $30.6 million, flat year over yearCommercial Channel revenue $13.3 million, up 22%OEM Channel revenue $17.3 million, down 12%Gross margin 63%Operating expenses $18.5 millionGAAP income from continuing operations $1.8 million, $0.13 per diluted shareAdjusted net income from continuing operations1 $4.6 million, $0.31 per diluted shareAdjusted EBITDA1 $4.5 millionCash and cash equivalents $57.5 million as of December 31, 2025
Full Year 2025 Continuing Operations Financial Summary

Revenue $112.8 million, down 6% year over yearCommercial Channel revenue $48.4 million, up 15%OEM Channel revenue $64.4 million, down 17%Gross margin 57%Operating expenses $74.9 millionGAAP loss from continuing operations $(10.0) million, $(0.70) per diluted shareAdjusted net income from continuing operations1 $1.6 million, $0.11 per diluted shareAdjusted EBITDA1 $5.3 million 1 See description of non-GAAP financial information contained in this release.

Fiscal 2026 Guidance

Anika is providing the following 2026 guidance:

Total Company Revenue between $114 and $122.5 million, up 1% to 9% year over year Commercial Channel, $53 to $58 million, maintaining up 10% to 20% year over yearOEM Channel, $61 to $64.5 million, maintaining flat to modestly lower year over year Adjusted EBITDA as a percent of revenue to 5% to 10%, reflecting higher revenues and reduced expenses offset by modestly lower U.S. pricing dynamics. Company Continues $15 Million 10b5-1 Share Repurchase
In accordance with Anika’s commitment to return capital to shareholders while maintaining the flexibility to execute on strategic growth objectives, the Company is continuing the $15 million 10b5-1 share repurchase which commenced in Q4 2025. Through the end of Q4 2025, the Company funded $5.5 million of this share repurchase commitment. To date, the Company has funded $10.7 million of the commitment, and the program’s completion is expected in the second quarter of 2026.

Conference Call and Webcast Information
Anika’s management will hold a conference call and webcast to discuss its financial results and business highlights today, Thursday, February 26, 2026, at 8:30 am ET. The conference call can be accessed by dialing 1-800-717-1738 (toll-free domestic) or 1-646-307-1865 (international) and providing the conference ID number 89327. A live audio webcast will be available in the Investor Relations section of Anika’s website, www.anika.com. A slide presentation with highlights from the conference call will be available in the Investor Relations section of the Anika website. A replay of the webcast will be available on Anika’s website approximately two hours after the completion of the event.

About Anika
Anika Therapeutics, Inc. (NASDAQ: ANIK), is the global leader in the design, development, manufacturing, and commercialization of hyaluronic acid innovations. In partnership with clinicians, our sole focus is dedicated to delivering and advancing osteoarthritis pain management and orthopedic regenerative solutions. At our core is a passion to deliver a differentiated portfolio that improves patient outcomes around the world. Anika’s global operations are headquartered outside of Boston, Massachusetts. For more information about Anika, please visit www.anika.com.

ANIKA, ANIKA THERAPEUTICS, CINGAL, HYALOFAST, INTEGRITY, MONOVISC, ORTHOVISC, and the Anika logo are trademarks of Anika Therapeutics, Inc. or its subsidiaries or are licensed to Anika Therapeutics, Inc. for its use.

Non-GAAP Financial Information1
Non-GAAP financial measures should be considered supplemental to, and not a substitute for, the Company’s reported financial results prepared in accordance with GAAP. Furthermore, the Company’s definition of non-GAAP measures may differ from similarly titled measures used by others. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, Anika strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. The Company presents these non-GAAP financial measures because it uses them as supplemental measures in internally assessing the Company’s operating performance, and, in the case of Adjusted EBITDA, it is set as a key performance metric to determine executive compensation. The Company also recognizes that these non-GAAP measures are commonly used in determining business performance more broadly and believes that they are helpful to investors, securities analysts, and other interested parties as a measure of comparative operating performance from period to period.

Adjusted EBITDA
Adjusted EBITDA is defined by the Company as GAAP net income (loss) from continuing operations excluding depreciation and amortization, interest and other income (expense), income taxes, stock-based compensation expense, and shareholder activism costs.

Adjusted Net Income (Loss) from Continuing Operations and Adjusted EPS from Continuing Operations
Adjusted net income (loss) is defined by the Company as GAAP net income from continuing operations, on a tax effected basis, excluding stock-based compensation. Adjusted diluted EPS from continuing operations is defined by the Company as GAAP diluted EPS from continuing operations excluding stock-based compensation.

A reconciliation of adjusted EBITDA to adjusted net income (loss) from continuing operations to net income (loss) from continuing operations and adjusted diluted EPS from continuing operations to diluted EPS from continuing operations, the most directly comparable financial measures calculated and presented in accordance with GAAP, is shown in the tables at the end of this release.

Forward-Looking Statements
This press release may contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning the Company's expectations, anticipations, intentions, beliefs or strategies regarding the future which are not statements of historical fact, including statements in Mr. Griffin’s quote about revenue and volume growth, the Company’s portfolio and improving profitability, statements about the clinical and regulatory pathway with respect to Hyalofast in the U.S., statements about the anticipated regulatory pathway for the NDA filing for Cingal, statements about potential savings associated with the reduction of general and administrative expenses, statements regarding the timing of the share repurchase program, and statements in the sub-headings and the section titled “Fiscal 2026 Guidance” regarding 2026 revenue and adjusted EBITDA. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks, uncertainties, and other factors. The Company's actual results could differ materially from any anticipated future results, performance, or achievements described in the forward-looking statements as a result of a number of factors including, but not limited to, (i) the Company's ability to successfully commence and/or complete clinical trials of its products on a timely basis or at all; (ii) the Company's ability to obtain pre-clinical or clinical data to support, or to timely file domestic and international pre-market approval applications, 510(k) applications, or new drug applications, including the PMA for Hyalofast and the NDA for Cingal; (iii) that the FDA or other regulatory bodies may not approve or clear the Company’s applications, including the Hyalofast PMA because of the failure to achieve the pre-defined primary endpoints or because the FDA may determine that achievement of secondary endpoints and/or post hoc data analyses are not sufficient to support approval; (iii) that such approvals or clearances will not be obtained in a timely manner or without the need for additional clinical trials, other testing or regulatory submissions, as applicable; (iv) the Company's research and product development efforts and their relative success, including whether we have any meaningful sales of any new products resulting from such efforts; (v) the cost effectiveness and efficiency of the Company's clinical studies, manufacturing operations, and production planning; (vi) the strength of the economies in which the Company operates or will be operating, as well as the political stability of any of those geographic areas; (vii) future determinations by the Company to allocate resources to products and in directions not presently contemplated; (viii) the Company's ability to successfully commercialize its products, in the U.S. and abroad; (ix) the Company's ability to provide an adequate and timely supply of its products to its customers; and (x) the Company's ability to achieve its growth targets. Additional factors and risks are described in the Company's periodic reports filed with the Securities and Exchange Commission, and they are available on the SEC's website at www.sec.gov. Forward-looking statements are made based on information available to the Company on the date of this press release, and the Company assumes no obligation to update the information contained in this press release.

For Investor Inquiries:
Anika Therapeutics, Inc.
Matt Hall, 781-457-9554
Director, Corporate Development and Investor Relations
[email protected]

         Anika Therapeutics, Inc. and SubsidiariesConsolidated Statements of Operations(in thousands, except per share data)(unaudited)           For the Three Months Ended December 31, For the Year Ended December 31,   2025   2024   2025   2024 Revenue $30,615  $30,602  $112,819  $119,907 Cost of Revenue  11,436   13,476   49,012   43,909 Gross Profit  19,179   17,126   63,807   75,998          Operating expenses:        Research and development  6,452   6,507   25,770   25,544 Selling, general and administrative  12,081   11,324   49,088   55,555 Total operating expenses  18,533   17,831   74,858   81,099 Loss from operations  646   (705)  (11,051)  (5,101)Interest and other income (expense), net  118   744   1,744   2,337 Income (loss) before income taxes  764   39   (9,307)  (2,764)Provision for income taxes  (1,037)  2,525   672   6,064 Income (loss) from continuing operations  1,801   (2,486)  (9,979)  (8,828)Loss from discontinued operations, net of tax  (1,509)  (19,379)  (901)  (47,557)Net loss $292  $(21,865) $(10,880) $(56,385)         Net income (loss) per share:        Basic          Continuing Operations $0.13  $(0.17) $(0.70) $(0.60)  Discontinued Operations $(0.11) $(1.33) $(0.06) $(3.23)  $0.02  $(1.50) $(0.76) $(3.83)         Diluted          Continuing Operations $0.12  $(0.17) $(0.70) $(0.60)  Discontinued Operations $(0.10) $(1.33) $(0.06) $(3.23)  $0.02  $(1.50) $(0.76) $(3.83)         Weighted average common shares outstanding:          Basic  14,273   14,578   14,339   14,721   Diluted  14,669   14,578   14,339   14,721           Anika Therapeutics, Inc. and SubsidiariesConsolidated Balance Sheets(in thousands, except per share data)(unaudited)     December 31, December 31,ASSETS 2025   2024 Current assets:   Cash and cash equivalents$57,481  $55,629 Accounts receivable, net 23,690   23,594 Inventories, net 18,787   23,809 Prepaid expenses and other current assets 3,400   5,494 Current assets held for sale -   5,126 Total current assets 103,358   113,652 Property and equipment, net 40,324   38,994 Right-of-use assets 25,939   25,685 Other long-term assets 4,034   5,656 Notes receivable 5,636   5,935 Deferred tax assets 1,275   1,177 Intangible assets, net 1,650   2,490 Goodwill 8,054   7,125 Non-current assets held for sale -   2,026 Total assets$190,270  $202,740     LIABILITIES AND STOCKHOLDERS� EQUITY   Current liabilities:   Accounts payable$6,041  $5,617 Accrued expenses and other current liabilities 15,867   13,567 Current liabilities held for sale -   4,122 Total current liabilities 21,908   23,306 Other long-term liabilities 701   772 Lease liabilities 24,196   24,014 Non-current liabilities held for sale -   659     Stockholders' equity:   Common stock, $0.01 par value 139   144 Additional paid-in-capital 87,498   88,961 Accumulated other comprehensive loss (4,959)  (6,783)Retained earnings 60,787   71,667 Total stockholders' equity 143,465   153,989 Total liabilities and stockholders' equity$190,270  $202,740      Anika Therapeutics, Inc. and SubsidiariesConsolidated Statements of Cash Flows(in thousands)(unaudited) For the Years Ended December 31,  2025   2024 Cash flows from operating activities:   Net loss$(10,880) $(56,385)Adjustments to reconcile net income to net cash provided by operating activities:   Depreciation 5,372   6,884 Amortization of acquisition related intangible assets 357   1,237 Non-cash operating lease cost 2,061   2,150 (Gain) loss on sale of assets (166)  2,864 Loss on impairment of intangible asset -   2,462 Stock-based compensation expense 10,084   13,130 Deferred income taxes (7)  260 Provision for doubtful accounts 265   1,185 Provision for inventory 5,821   44,708 Interest income on notes receivable (896)  - Changes in operating assets and liabilities:   Accounts receivable 408   3,366 Inventories 30   (9,424)Prepaid expenses, other current and long-term assets 2,327   558 Accounts payable 42   (2,506)Operating lease liabilities (1,996)  (2,082)Accrued expenses, other current and long-term liabilities (1,500)  (3,669)Income taxes (134)  665 Net cash provided by operating activities 11,188   5,403     Cash flows from investing activities:   Purchases of property and equipment (6,826)  (7,734)Proceeds from sale of Parcus 4,496   - Note receivable 1,329   - Proceeds from sale of intangible asset 600   - Acquisition of intangible asset -   (600)Net cash used in investing activities (401)  (8,334)    Cash flows from financing activities:   Repurchases of common stock (9,485)  (10,914)Proceeds from employee stock purchase plan 500   708 Cash paid for tax withheld on vested restricted stock awards (1,566)  (2,599)Proceeds from exercises of equity awards -   76 Net cash used in financing activities (10,551)  (12,729)    Exchange rate impact on cash 86   (48)    Increase (decrease) in cash and cash equivalents 322   (15,708)Cash and cash equivalents at beginning of period 57,159   72,867 Cash and cash equivalents at end of period$57,481  $57,159      Anika Therapeutics, Inc. and Subsidiaries
Reconciliation of GAAP Income (Loss) from Continued Operations to Adjusted EBITDA
  (in thousands)
(unaudited)
           For the Three Months Ended December 31, For the Years Ended December 31,   2025   2024   2025   2024 Income (loss) from continuing operations $1,801  $(2,486) $(9,979) $(8,828)Interest and other (income) expense, net  (118)  (744)  (1,744)  (2,337)Provision for income taxes  (1,037)  2,524   672   6,064 Depreciation and amortization  1,318   1,434   5,580   5,688 Stock-based compensation  2,458   2,251   10,216   12,158 Product rationalization  -   606   -   606 Non-recurring professional fees  116   -   596   - Costs of shareholder activism  -   -   -   2,185 Adjusted EBITDA $4,538  $3,585  $5,341  $15,536          Anika Therapeutics, Inc. and Subsidiaries
Reconciliation of GAAP Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations
(in thousands)
(unaudited)
           For the Three Months Ended December 31, For the Years Ended December 31,   2025   2024   2025   2024 Income (loss) from continuing operations $1,801  $(2,486) $(9,979) $(8,828)Product rationalization, tax effected  -   457   -   457 Stock-based compensation, tax effected  2,636   1,697   10,954   9,167 Non-recurring professional fees, tax effected  124   -   639   - Costs of shareholder activism, tax effected  -   -   -   1,647 Adjusted net income (loss) from continuing operations $4,561  $(332)  1,614  $2,443          Anika Therapeutics, Inc. and Subsidiaries
Reconciliation of GAAP Diluted Earnings from Continuing Operations Per Share to Adjusted Diluted Earnings from Continuing Opertions Per Share
(in thousands, except per share data)
(unaudited)
           For the Three Months Ended December 31, For the Years Ended December 31,   2025   2024   2025   2024 Diluted income (loss) from continuing operations per share $0.12  $(0.17) $(0.70) $(0.60)Product rationalization, tax effected  -   0.03   -   0.03 Stock-based compensation, tax effected  0.18   0.11   0.77   0.62 Non-recurring professional fees, tax effected  0.01   -   0.04   - Costs of shareholder activism, tax effected  -   -   -   0.11 Adjusted diluted net income (loss) from continuing operations per share $0.31  $(0.03) $0.11  $0.16           Anika Therapeutics, Inc. and SubsidiariesRevenue by Product Family(in thousands, except percentages)(unaudited)                 For the Three Months Ended December 31, For the Year Ended December 31,  2025  2024 $ change % change  2025  2024 $ change % changeOEM Channel$17,313 $19,669 $(2,356) -12% $64,406 $77,770 $(13,364)-17%Commercial Channel 13,302  10,933  2,369  22%  48,413  42,137  6,276 15% $30,615 $30,602 $13  0% $112,819 $119,907 $(7,088)-6%                

February 26, 2026 07:05 ET  | Source: The Joint Corp.

SCOTTSDALE, Ariz., Feb. 26, 2026 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT) the nation's largest franchisor of chiropractic care through The Joint Chiropractic® network, announced it will report its 2025 fourth quarter and full year financial results on Thursday, March 12, 2026, after the market close and host a conference call and simultaneous webcast at 5:00 p.m. ET that day. During the call, The Joint Corp. President and CEO Sanjiv Razdan and CFO Scott Bowman will review the Company’s financial results and provide a business update, followed by a question-and-answer session.

Shareholders and interested participants may listen to a live broadcast of the conference call by dialing (833) 630-0823 or (412) 317-1831 and asking to be joined into the ‘The Joint’ call approximately 15 minutes prior to the start time.

The live webcast of the call with an accompanying slide presentation can be accessed in the IR events section of The Joint’s website at https://ir.thejoint.com/events. A replay of the webcast will be archived on the Company’s investor relations website for approximately one year. An audio replay of the conference call will be available through Thursday, March 19, 2026, and can be accessed by dialing (855) 669-9658 or (412) 317-0088 and entering conference ID 6180519.

About The Joint Corp. (NASDAQ: JYNT)
The Joint Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, it is the nation’s largest operator, manager and franchisor of chiropractic clinics through The Joint Chiropractic network. The company is making quality care convenient and affordable, while eliminating the need for insurance, for millions of patients seeking pain relief and ongoing wellness. Headquartered in Scottsdale and with over 950 locations nationwide and more than 14 million patient visits annually, The Joint Chiropractic is a key leader in the chiropractic industry. The brand is consistently named to Franchise Times’ annual “Top 400” and “Fast & Serious” list of 40 smartest growing brands. Entrepreneur named The Joint “No. 1 in Chiropractic Services,” and it is regularly ranked on the publication’s “Franchise 500,” the “Fastest-Growing Franchises,” and the “Best of the Best” lists, as well as its “Top Franchise for Veterans” and “Top Brands for Multi-Unit Owners” lists. SUCCESS named the company as one of the “Top 50 Franchises” in 2024. The Joint Chiropractic is an innovative force, where healthcare meets retail. For more information, visit www.thejoint.com. To learn about franchise opportunities, visit www.thejointfranchise.com.

The Joint Business Structure
The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Connecticut, Delaware, Colorado, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Washington, West Virginia and Wyoming, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices.

Investor Contact:
Richard Land, 212-838-3777, Alliance Advisors IR, [email protected]

SummaryCompaniesGreg Abel to issue his first Berkshire annual shareholder letterWarren Buffett seen as a tough act to followCash, buybacks, dividend, CIO role could be addressedBerkshire results to accompany Abel's letterFeb 26 (Reuters) - Berkshire Hathaway's (BRKa.N), opens new tab new Chief Executive Greg Abel faces numerous challenges as the successor to famed billionaire Warren Buffett.

This Saturday, Wall Street will see how he tackled one unique to Berkshire: the highly anticipated annual letter to shareholders.

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Buffett, 95, stepped down at year-end, concluding six decades in which he transformed a failing textile company into a more than $1 trillion conglomerate that owns several insurers, the BNSF railroad, and dozens of energy, industrial and retail businesses.

While still chairman, Buffett said in November he would be "going quiet, opens new tab" as Abel took charge.

Buffett is a tough act to follow, and the 63-year-old Abel won't be a carbon copy.

Whether fielding questions alongside Buffett at annual meetings in Omaha, Nebraska, or in a 2022 letter, opens new tab about environmental sustainability that Buffett asked him to write, Abel has focused more on the nuts and bolts of Berkshire's businesses when addressing investors.

His letter may do the same, perhaps less lyrically than Buffett's eagerly awaited annual address. It is a chance to show how Berkshire will evolve - and perhaps even whittle down its $381.7 billion pile of cash.

"Warren Buffett was the Mark Twain of shareholder letter writers," said Evan Pondel, who founded investor relations firm Triunfo Partners and teaches at the University of Southern California's Annenberg School for Communication and Journalism. "Abel hasn't been an easy person to get to know at Berkshire. The annual letter is his opportunity to establish his voice, tone and strategy."

Abel joined Berkshire in 2000, and for the last eight years was a vice chairman overseeing dozens of non-insurance businesses.

He is widely regarded as having a deep understanding of Berkshire and commitment to its culture.

"Management credibility has been a big part of Berkshire's strategy," said Greg Miller, a professor at the University of Michigan's Ross School of Business specializing in financial communications. "Buffett's name brought credibility to what the company does and the choices it makes. Abel needs to step in and continue that."

SHARES HAVE LAGGEDBerkshire's fourth-quarter and annual results will accompany Abel's letter. Operating profit for all of 2025 could approach the record $47.44 billion set a year earlier.

Yet Berkshire's stock price has dropped 8% since last May 3, when Buffett announced his plans to step down, while the Standard & Poor's 500 (.SPX), opens new tab has risen 22%.

Analysts have long considered the cash buildup a drag. Berkshire has been a net seller of stocks for 12 straight quarters, and conducted no share buybacks for five straight quarters. Its stock trades at approximately 1.5 times book value.

Berkshire did not immediately respond to requests for comment.

No other CEO's words - including JPMorgan Chase's (JPM.N), opens new tab Jamie Dimon and BlackRock's (BLK.N), opens new tab Larry Fink - were as parsed as Buffett's. Each of his letters written since 1978 lives, opens new tab on the company's website.

Buffett often adopted a folksy tone. In 2008, he famously wrote, opens new tab about the financial excesses that led to the collapse in the U.S. housing market: "You only learn who has been swimming naked when the tide goes out."

Still, even if Abel writes mainly about Berkshire, he could turn his gaze elsewhere.

"Buffett's letters were not just about what Berkshire did, but how Buffett saw the world. People will want to know how Greg Abel sees the world," Miller said. "He has to walk a fine line between continuity and establishing himself."

BERKSHIRE FACES UNANSWERED QUESTIONSAbel's letter could address other unanswered questions.

They include how long Vice Chairman Ajit Jain, 74, whom Buffett called a "unique, opens new tab" talent, will stay on after decades leading Berkshire's insurance operations.

Berkshire also hasn't named a chief investment officer to replace Buffett, who ran most of its approximately $300 billion equity portfolio. Ted Weschler has helped manage the portfolio and could fill that role, as could Abel, or both.

Options to reduce cash, meanwhile, include resuming stock repurchases or paying Berkshire's first dividend since 1967.

"Greg will be opportunistic - that’s a hallmark of the Berkshire way," said Steven Check, a longtime Berkshire investor at Check Capital Management in Costa Mesa, California.

Pondel said Abel should use the letter to demonstrate adherence to Buffett's values, an approach to long-term shareholder value, and an investment thesis he can execute over the next decade.

That means being more than just Berkshire's new on-field general.

"Following Buffett is like taking the football from Tom Brady," said Macrae Sykes, portfolio manager at Gabelli Funds in Rye, New York, referring to the retired football quarterback. "As long as Abel can communicate well, and give clear and transparent business feedback, he will do well in building shareholder confidence."

Berkshire doubles S&P 500 returns over 25 yearsReporting by Jonathan Stempel in New York; editing by David Gaffen

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

NEW YORK--(BUSINESS WIRE)---- $CRWV #BFA--CoreWeave, Inc. Investors Bring Securities Fraud Class Action After Infrastructure Delays – Contact BFA Law by March 13 Deadline.

NEW YORK--(BUSINESS WIRE)--Leading securities law firm Bleichmar Fonti & Auld LLP announces that it has filed a class action lawsuit against Ardent Health, Inc. (NYSE:ARDT) and certain of the Company’s senior executives for securities fraud after a significant stock drop resulting from potential violations of the federal securities laws.

Investors have until March 9, 2026, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Ardent Health securities.

Share If you invested in Ardent Health, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/ardent-health-inc-class-action-lawsuit.

Key Details of the Ardent Health ($ARDT) Class Action:

Filing Law Firm: BFA Law Lead Plaintiff Deadline: March 9, 2026 Alleged Misconduct: Misrepresenting its receivables by delaying recognition of uncollectable accounts and misrepresenting its collection practices Stock Decline: November 13, 2025 – 33% Stock Drop Court: U.S. District Court for the Middle District of Tennessee Action: Contact BFA Law to discuss your rights Investors have until March 9, 2026, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Ardent Health securities. The class action is pending in the U.S. District Court for the Middle District of Tennessee. It is captioned Postiwala v. Ardent Health, Inc., et al., No. 3:26-cv-00022.

Why is Ardent Health Being Sued for Securities Fraud?

Ardent Health and its affiliates operate acute care hospitals and other healthcare facilities. A critical aspect of Ardent Health’s operations is the collection of accounts receivable and the framework by which Ardent Health determines the collectability of such accounts. According to the lawsuit, Ardent Health stated that it employed an active monitoring process to determine the collectability of its accounts receivable, and that this process included “detailed reviews of historical collections” as a “primary source of information.”

As alleged, in truth, Ardent Health did not primarily rely on “detailed reviews of historical collections” in determining collectability of accounts receivable, but instead “utilized a 180-day cliff at which time an account became fully reserved.” This allowed Ardent Health to report higher amounts of accounts receivable during the Class Period, and delay recognizing losses on uncollectable accounts. The lawsuit alleges that Ardent Health’s purported misrepresentations are a violation of the federal securities laws.

Why did Ardent Health’s Stock Drop?

On November 12, 2025, after market hours, Ardent Health revealed it had completed “hindsight evaluations of historical collection trends” that resulted in a $43 million decrease in revenue for the quarter. Ardent Health also revealed that it increased its professional liability reserves by $54 million because of “adverse prior period claim developments” resulting from a set of claims between 2019 and 2022 “as well as consideration of broader industry trends.”

This news caused the price of Ardent Health stock to drop $4.75 per share, or more than 33%, from a closing price of $14.05 per share on November 12, 2025, to $9.30 per share on November 13, 2025.

Click here for more information: https://www.bfalaw.com/cases/ardent-health-inc-class-action-lawsuit.

What Can You Do?

If you invested in Ardent Health, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/ardent-health-inc-class-action-lawsuit

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/ardent-health-inc-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

NEW YORK--(BUSINESS WIRE)---- $SMR #BFA--NuScale Power Corporation Investors File Securities Fraud Class Action Following ENTRA1 Issues – Contact BFA Law by April 20 Deadline.

Royal Bank of Canada's earnings rose in the first quarter of its fiscal year despite an elevated credit-loss provision, as the lender notched growth in its wealth management, personal banking, and capital markets operations.