Market Signal Briefing

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.

Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.

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.

The logo of Equinix is pictured at the entrance of a data center in Pantin, outside Paris, France, December 7, 2016. REUTERS/Benoit Tessier Purchase Licensing Rights, opens new tab

Feb 26 (Reuters) - Equinix (EQIX.O), opens new tab and Canada Pension Plan Investment Board are close to reaching a deal to acquire atNorth, a pan-Nordic data-center operator backed by Partners Group, Bloomberg News reported on Thursday, citing people familiar with the matter.

The deal, which may be announced in the coming days, could value atNorth at about $4 billion including debt, according to the report.

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CPPIB and Partners Group declined Reuters requests for comment, while Equinix did not immediately respond.

Data-centre operator Equinix has been expanding aggressively to capture rising demand for digital infrastructure, while pension funds have been increasing exposure to data-center assets.

Iceland-based atNorth operates data centres across Iceland, Denmark, Sweden and Finland, catering to hyperscale cloud, AI and high-performance computing customers. Private equity firm Partners Group acquired the business in 2022 for an undisclosed amount and has since supported its regional expansion.

Reporting by Kritika Lamba in Bengaluru; Editing by Shailesh Kuber

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

Philadelphia, Pennsylvania--(Newsfile Corp. - February 26, 2026) - WHAT IS HAPPENING? Grabar Law Office is investigating claims on behalf of shareholders of Kyndryl Holdings, Inc. (NYSE: KD). The investigation concerns whether certain officers and directors breached the fiduciary duties they owed to the company.

If you purchased Kyndryl shares prior to August 7, 2024, you can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to you whatsoever. Please visit https://grabarlaw.com/the-latest/kyndryl-shareholder-investigation/, contact Joshua Grabar at [email protected], or call 267-507-6085.

WHY? According to a recently filed federal securities fraud class action lawsuit, on February 9, 2026, Kyndryl announced that it was unable to timely file its Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, that the Securities and Exchange Commission was investigating the Company's cash management practices and disclosures, that the Audit Committee of the Board of Directors was reviewing those issues internally, that the Company anticipated reporting material weaknesses in internal controls with respect to information and communication, as well as tone at the top.

WHAT YOU CAN DO NOW: If you purchased Kyndryl Holdings (NYSE: KD) shares prior to August 7, 2024, you are encouraged to visit https://grabarlaw.com/the-latest/kyndryl-shareholder-investigation/, contact Joshua Grabar at [email protected], or call 267-507-6085. You can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to you whatsoever. #Kyndryl #KD $KD

Attorney Advertising Disclaimer

Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285440

Source: Grabar Law Office

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Investors love dividend stocks because they provide dependable passive income streams and an excellent opportunity for solid total return. Total return includes interest, capital gains, dividends, and distributions realized over time. In other words, the total return on an investment or portfolio consists of income and stock appreciation. At 24/7 Wall St., we have focused on dividend stocks for over 15 years because, despite the stock market’s ups and downs, many people need reliable passive income streams to supplement their income from employment or other sources such as Social Security and pensions.

According to the Internal Revenue Service (IRS), passive income generally includes earnings from rental activity or any trade, business, or investment in which the individual does not materially participate. It can also include income from limited partnerships, stocks, bonds, and other similar enterprises in which the investor is not actively involved. The more passive income can help cover rising costs, such as mortgages, insurance, taxes, and other expenses, the easier it is for investors to set aside money for future needs as they prepare for retirement. Dependable recurring dividends, especially those paid monthly, are a recipe for success.

We screened our 24/7 Wall St. ultra-high-yield dividend research database for companies that can generate investors’ big income streams while also offering growth potential, and five stocks that deliver huge dividends look like outstanding ideas to generate dependable passive income. Buying $10,000 of each stock will generate $5,489 each year in passive income. The figures and prices reflect the time this post was written, and the totals provided may be higher or lower when purchased.

Why do we cover ultra-high-yield dividend stocks?

While not suited for everybody, those trying to build strong passive income streams can do exceptionally well with some of these top companies in their portfolios. Paired with more conservative blue-chip dividend giants, investors can use a barbell approach to generate substantial passive income.

Ares Capital This business development company (BDC) specializes in providing financing solutions for the middle market, and it has a 9.89% dividend. Ares Capital (NASDAQ: ARCC) specializes in acquisitions, recapitalizations, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions for middle-market companies.

It also makes growth capital and general refinancing. It prefers to invest in companies in basic and growth manufacturing, business services, consumer products, healthcare products and services, and information technology.

The fund will also consider investments in industries such as:

Restaurants Retail Oil and gas Technology It focuses on investments in the Northeast, Mid-Atlantic, Southeast, and Southwest regions from its New York office; the Midwest region from its Chicago office; and the Western region from its Los Angeles office.

The fund typically invests between $20 million and $200 million, with a maximum of $400 million, in companies with EBITDA between $10 million and $250 million annually. It makes debt investments between $10 million and $100 million.

The fund invests through:

Revolvers First-lien loans Warrants Unitranche structures Second-lien loans Mezzanine debt Private high yield Junior Capital Subordinated debt Non-control preferred and common equity The fund also selectively considers third-party-led senior and subordinated debt financings and opportunistically acquires stressed and discounted debt positions.

Ares Capital prefers to act as an agent and lead transactions in which it invests. The fund also seeks board representation in its portfolio companies.

Royal Bank of Canada has an Outperform rating with a $22 target price.

$10,000 will purchase 528 shares at $1.92 each. That equals $1,014 per year.

Arko Petroleum This recent initial public offering is an investor’s home run, with a 10.35% dividend, and those who buy shares will receive a 1099 instead of a K-1. Arko Petroleum (NASDAQ: APC) is a North American fuel distribution company.

The company supplies in states across these sections of the country:

Mid-Atlantic Midwestern Northeastern Southeastern Southwestern It operates through three segments: Wholesale, Fleet Fueling, and GPMP (GPM Petroleum, a subsidiary).

The Wholesale segment distributes fuel to gas stations operated by third-party dealers, sub-wholesalers, and bulk and spot purchasers (commercial, government, industrial businesses, and rack-buying dealers), on either a cost-plus or consignment basis, generally pursuant to long-term contracts.

Arko’s Fleet Fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations that serve commercial vehicle fleets) that primarily sell fuel to commercial and municipal entity customers.

Its GPMP segment sells and supplies fuel to substantially all the Arko Retail Sites at the cost of fuel plus a fixed margin.

Since this was a recent IPO, Wall Street firms have not yet released research coverage but will soon.

$10,000 will purchase 520 shares, each paying $2. That equals $1,040 each year.

Ellington Financial Ellington Financial (NYSE: EFC) has been at the forefront of data-driven investing since its founding in 1994. This high-quality mortgage real estate investment trust (REIT) company is a favorite among Wall Street investors and pays a substantial 12.60% monthly dividend. Its subsidiary, Ellington Financial Operating Partnership, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States.

The company develops and manages residential mortgage-backed securities (RMBS) backed by:

Prime jumbo, Alt-A, manufactured housing, and subprime residential mortgage loans RMBS for which the principal and interest payments are guaranteed Residential mortgage loans Commercial mortgage-backed securities Commercial mortgage loans and other commercial real estate debt Ellington Financial also provides collateralized loan obligations, mortgage-related and non-mortgage-related derivatives, corporate debt and equity securities, corporate loans, and other strategic investments. In addition, the company offers consumer loans and asset-backed securities backed by consumer and commercial assets.

B. Riley has a Buy rating with a $16 price objective.

$10,000 will purchase 805 shares at $1.56 per share. That equals $1,255 per year.

Starwood Property Trust Starwood Capital is a well-established global investor with international investments across more than 30 countries and an affiliate of this high-yield company, which boasts a 10.80% dividend yield and is led by real estate legend Barry Sternlicht. Starwood Property Trust (NYSE: STWD) is a REIT operating in the United States, Europe, and Australia.

It operates through four segments:

Commercial and Residential Lending Infrastructure Lending Property Investing and Servicing The Commercial and Residential Lending segment:

Originates, acquires, finances, and manages commercial first mortgages Non-agency residential mortgages Subordinated mortgages Mezzanine loans Preferred Equity Commercial mortgage-backed securities (CMBS) Residential mortgage-backed securities The Infrastructure lending segment originates, acquires, finances, and manages infrastructure debt investments.

The Property segment primarily develops and manages equity interests in stabilized commercial real estate, including multifamily and net-leased properties, held for investment.

The Investing and Servicing segment:

Manages and works out problem assets Acquires and contains unrated, investment-grade, and non-investment-grade rated CMBS comprising subordinated interests of securitization and re-securitization transactions Originates conduit loans to sell these loans into securitization transactions and acquire commercial real estate assets, including properties from CMBS trusts Wells Fargo has an Outperform rating and a $22 price target.

$10,000 will buy 556 shares, each paying $1.92. That equals $1,070 per year.

TXO Partners This is an outstanding way to collect a rich 11.10% dividend and play oil and gas from a value angle. TXO Partners (NYSE: TXO) is a master limited partnership focused on the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid (NGL) reserves in North America.

The company’s acreage positions are concentrated in the Permian Basin of West Texas and New Mexico, the San Juan Basin of New Mexico and Colorado, and the Williston Basin of Montana and North Dakota.

Its assets consist of approximately 1,117,628 gross (549,229 net) leasehold and mineral acres located primarily in the Permian, San Juan, and Williston Basins.

TXO Partners’ assets include a 50% interest in Cross Timbers Energy (Cross Timbers).

As an operator, it designs and manages the development, recompletion, or workover of all the wells it operates, and supervises day-to-day operation and maintenance activities. The company markets the majority of the natural gas, NGL, crude oil, and condensate production from the properties on which it operates.

Raymond James has a Buy rating with an $18 target price.

$10,000 will buy 793 shares, each paying $1.40. That equals $1,110 per year.

CAVA Group is downgraded to sell, due to valuation concerns, despite strong qualitative fundamentals and growth potential. Q4 earnings saw only 0.5% same-restaurant sales growth, raising doubts about near-term compounding and momentum. Management guides for 3–5% same-restaurant sales growth, below prior high-single-digit expectations, limiting upside.

Taylor Morrison remains range-bound, offering attractive risk/reward for seasonal trades despite tepid 2026 guidance and challenging market conditions. TMHC projects 2026 home closings down 15% and revenue down ~17%, yet maintains industry-high margins and a $400M buyback commitment. Management is retrenching to core markets, limiting land investment in price-sensitive submarkets to protect margins amid elevated inventory and high incentives.

A new collaboration in decentralized finance is reshaping onchain capital efficiency, as Venus Flux debuts on BNB Chain with a powerful unified liquidity layer.

Summary

Venus Protocol and Fluid introduce a new liquidity standard on BNB ChainWhat is Venus Flux and how does it work?Core capabilities: Lend, Borrow, Multiply and SwapThe innovation frontier: Smart Collateral and Smart DebtHow the Liquidity Layer operates under the hoodA strategic alliance for the BNB Chain ecosystemLive launch and how users can access Venus FluxAbout Venus Protocol and Fluid Venus Protocol and Fluid introduce a new liquidity standard on BNB Chain Venus Protocol, the leading lending platform on BNB Chain, has entered a strategic alliance with Fluid, a pioneer in connected liquidity architecture. Together, the teams have launched Venus Flux, presented as the first unified liquidity layer purpose-built for the BNB Chain ecosystem.

In legacy DeFi models, capital typically remains locked inside isolated lending vaults or DEX liquidity pools. However, this siloed design leaves users trapped in fragmented positions, forcing them to bridge assets across platforms, pay higher gas fees and miss real-time opportunities.

Fluid contributes a modular liquidity infrastructure that natively connects lending, borrowing and trading. Moreover, the collaboration aims to turn fragmented BNB Chain liquidity into a coordinated system that can route capital where it is most productive.

What is Venus Flux and how does it work? The project tagline, “Let your liquidity Flux, watch your yield grow,” highlights its ambition. Venus Flux is more than a new interface; it is a fundamental re-engineering of how capital circulates onchain, powered by Fluid Liquidity Layer technology.

By integrating Fluid’s fluid liquidity architecture at the protocol level, the platform links lending positions, borrowing capacity and DEX liquidity into a single system. That said, users still interact through familiar functions, while the backend infrastructure manages complex liquidity routing.

Instead of sitting idle, deposited assets become part of a dynamic liquidity stream. With a single deposit, users gain simultaneous access to lending, borrowing and trading liquidity inside one coordinated framework, designed to maximize capital efficiency without manual repositioning.

Core capabilities: Lend, Borrow, Multiply and Swap Venus Flux focuses on four primary user actions: Lend, Borrow, Multiply and Swap. Each feature is wired into the unified liquidity engine and is exposed through a simplified interface.

Lend (Automated Optimization): Users can supply assets to the Liquidity Layer through Lend. These deposits enter a shared, protocol-agnostic pool that serves the entire stack. Moreover, the system automatically routes funds toward optimized yield sources, without requiring users to juggle multiple isolated positions.

Borrow (Capital Efficiency Redefined): Leveraging Fluid’s advanced liquidation engine, users can access higher Loan-to-Value (LTV) ratios than previously available on BNB Chain. This aims to provide greater borrowing power while seeking to lower liquidation friction through smarter risk management and execution.

Multiply (One-Click Leverage): For more advanced market participants, the Multiply feature offers one click leverage by automating complex looping strategies. With a single transaction, users can increase exposure and potential yield, rather than manually running repetitive borrowing and lending cycles.

Swap (Integrated Liquidity & Execution): A native DEX is embedded directly into the protocol. This integrated dex liquidity allows users to swap assets within Flux for efficient position rebalancing, liquidation handling, leverage execution and unwinding. Because swaps operate at the protocol layer, transaction overhead is reduced and execution quality across Lend, Borrow and Multiply flows can be improved.

The innovation frontier: Smart Collateral and Smart Debt The defining strength of the platform lies in its proprietary Smart features, which aim to merge lending and trading into one continuous experience. However, these capabilities are built on conservative accounting at the Liquidity Layer.

Smart Collateral: Traditionally, pledged collateral is effectively “dead” capital. With the smart collateral feature on Venus Flux, the same assets can serve multiple roles. Collateral can also function as DEX liquidity, generating swap fees while simultaneously backing the loan and contributing to lending yield.

This design creates a multi-layered yield stack from a single capital base, which may boost overall returns without requiring users to track numerous positions manually. Moreover, it supports more flexible capital deployment while keeping collateralization constraints in place at the core accounting layer.

Smart Debt: Borrowed funds no longer need to remain idle or purely cost-bearing. Smart Debt routes borrowed capital into DEX AMM positions, allowing the position to earn trading (LP) fees. In favorable market conditions, these fees can offset the borrowing APR, and in some cases may generate net positive yield for the borrower.

How the Liquidity Layer operates under the hood The Liquidity Layer sits at the center of the architecture, holding and managing all system-wide funds. All ledger states and accounting are unified here, creating a single source of truth for balances, liabilities and deployed liquidity across integrated protocols.

When users deposit assets, these funds can be rebalanced automatically across supported venues. For example, capital designated as Smart Collateral is recorded as supplied liquidity within the lending index while simultaneously being deployed as LP positions in associated DEX protocols, according to predefined strategies.

Assets then rebalance dynamically based on AMM mechanics and protocol parameters. That said, users do not need to shuttle coins manually between platforms; their positions are reconciled and reflected through the unified settlement layer, which abstracts the complexity.

Because liquidity is shared across protocols, the same pool of assets can earn lending yield while also accumulating DEX LP fees. This dual income structure significantly improves capital efficiency and illustrates how the unified liquidity layer differentiates itself from traditional isolated money markets.

A strategic alliance for the BNB Chain ecosystem This partnership combines two distinct strengths within DeFi. Venus Protocol contributes deep liquidity and a long-standing reputation as a BNB Chain pioneer since its launch in 2020, while Fluid delivers the technical velocity needed to make that liquidity more intelligent.

“Venus Flux represents a leap forward in our mission to provide the most robust and capital-efficient money markets on BNB Chain,” said Leon, Head of BD at Venus Labs. Moreover, he emphasized that the new architecture is designed to set a higher standard for integrated onchain credit markets.

“By partnering with Fluid, we are delivering a more advanced lending market experience to our users while introducing a new DEX product within the Venus ecosystem,” Leon added, highlighting the additional trading functionality opened by the Liquidity Layer.

“Venus Protocol is the biggest and most trusted money market on BNB Chain, with scale and real user demand that few protocols achieve,” said Samyak Jain, Co-Founder and CTO at Fluid. He underlined that the alliance is designed to extend access to institutional-grade market mechanics.

“Bringing Fluid’s Liquidity Layer to Venus Flux is exciting because it allows that liquidity to move more efficiently across lending, borrowing and trading — unlocking institutional-grade market mechanics for institutions, professional traders and retail users alike,” Jain concluded.

Live launch and how users can access Venus Flux Venus Flux is now live on BNB Chain, opening access to a more liquid, transparent and optimized onchain financial environment. The launch targets both retail users seeking simplified, “set-and-forget” yield strategies and DeFi-native traders looking to maximize capital efficiency.

The venus protocol partnership with Fluid is positioned as a starting point for broader innovation across BNB Chain. However, the current focus remains on proving the robustness of the Liquidity Layer and Smart features at scale, under real market conditions.

Users can explore the platform’s lending, borrowing, leverage and swap capabilities directly via the official interface at https://flux.venus.io/. From there, they can track yields, manage collateral and interact with the Smart Liquidity engine using a single deposit.

About Venus Protocol and Fluid Venus is the leading lending protocol on BNB Chain. Established in 2020, it was the first lending platform on the network and continues to provide the deepest lending liquidity for key assets across the BNB ecosystem.

Fluid describes itself as the world’s most capital-efficient Liquidity Layer for finance, capable of supporting an entire ecosystem of financial products on top of its infrastructure. It connects lending, borrowing, trading and additional products into a single seamless onchain system.

With $5B+ in Total Market Size and more than $190B+ in cumulative volume, Fluid is seeking to redefine capital efficiency across finance. Moreover, its collaboration with Venus marks a significant expansion of that vision into the BNB Chain environment.

In summary, Venus Flux brings a unified liquidity architecture, Smart Collateral, Smart Debt and integrated DEX functionality together in one system, aiming to set a new benchmark for capital-efficient DeFi on BNB Chain.

Institutional interest in Strategy’s (formerly MicroStrategy) preferred securities is building at a time when the company’s common stock, MSTR, remains one of the market’s most-watched bearish trades tied to Bitcoin.

The clearest signal came this week, when Prevalon Energy and Anchorage Digital said at Strategy World 2026 that they had each allocated part of their corporate treasury to STRC, Strategy’s variable-rate perpetual preferred stock.

Those developments matter because they suggest Strategy is finding demand for its capital structure outside the common stock, MSTR, which remains one of the market’s most heavily shorted large-cap names.

Still, Strategy is buying Bitcoin, even as the top crypto trades below the company’s average purchase cost.

That combination has kept debate around the stock intense, especially among investors focused on whether the Michael Saylor-led firm's financing model can keep supporting its Bitcoin accumulation strategy without putting more pressure on the common stock.

The question, then, is not whether institutional buying in the preferred stack can end shorting in MSTR. It probably cannot.

The more important question is whether that demand can gradually improve Strategy’s cost of capital, and in doing so, weaken one of the core arguments behind the short case.

That short case has generally centered on funding. Bulls see Strategy as a leveraged Bitcoin vehicle with multiple financing channels.

Bears argue that the equity premium and Bitcoin acquisition strategy only work as long as the market keeps funding the company, and keeps doing it at prices that make the model viable.

Right now, the data supports both sides of that argument.

Strategy is still buying Bitcoin, while the short base remains in placeIn a late February update, Strategy disclosed it bought 592 BTC in the week ending Feb. 22, lifting its total holdings to 717,722 BTC. The company’s average purchase cost sits around $76,000 per coin.

With Bitcoin trading below that level in recent sessions, the treasury is sitting on an unrealized loss of nearly $6 billion.

Strategy's Bitcoin Holdings (Source: Saylor Tracker)That does not change the long-term thesis for Strategy supporters, but it does shape how the stock is traded in the near term.

When Bitcoin weakens, MSTR tends to absorb the stress quickly because investors are not just pricing Bitcoin; they are also pricing leverage, capital access, and the durability of the company’s funding model.

At the same time, short sellers have not left.

Data from Marketbeats shows about 37.8 million shares (equivalent to more than $5 billion) sold short as of the Feb. 13 settlement date, roughly 14% of float. That is a meaningful level of bearish positioning, but it is not extreme enough on its own to guarantee a squeeze.

MSTR Short Interest (Source: Marketbeat)The stock loan data helps explain why. MSTR is not hard to borrow. Borrow fees have been hovering around 0.41% annualized, with millions of shares available to lend.

That means shorts are not under pressure from rising stock-loan costs. If they are forced to cover, it is more likely because price moves against them, or volatility becomes too costly to manage, not because borrow costs spike.

This distinction matters because it changes how to interpret institutional interest in Strategy’s preferreds.

A growing preferred bid does not automatically trap MSTR shorts. It can, however, alter the economics that shorts are betting against.

Strategy is building a preferred stack to widen its investor baseStrategy’s financing model is increasingly structured around investor segmentation.

The company’s common stock remains the higher-volatility instrument for investors who want amplified exposure to Bitcoin.

The preferred stack is the other side of that structure, senior securities designed for investors who want yield and a higher claim in the capital structure, with less sensitivity to daily moves in MSTR.

STRC is the clearest example. Strategy frames it as a variable-rate preferred with a $100 stated amount, an annualized dividend rate of 11.25% as of February 2026, and monthly adjustments.

Strategy has also said STRC has scaled to an aggregate stated amount of $3.4 billion. Alongside that, the company has highlighted a $2.25 billion USD reserve that it says is intended to cover about 2.5 years of preferred dividends and debt interest.

Strategy's STRC Key Metrics (Source: STRC.live)That reserve is central to the pitch. It addresses a straightforward concern for income-oriented investors: whether Strategy can continue paying high coupons without having to sell Bitcoin into weakness.

There is also STRK, a convertible perpetual preferred that pays an 8% fixed dividend and is convertible into 0.1 shares of MSTR.

On paper, both instruments expand the financing toolkit. In practice, they also help Strategy move closer to something that looks like a corporate credit curve tied to Bitcoin exposure.

That is important because it gives the company more than one way to raise capital, and gives investors more than one way to express a view on Strategy.

If that ecosystem matures, it can change how MSTR is valued and how it is shorted.

Preferred demand can support the funding story, or feed hedged short positioningInstitutional demand for the preferred stack can cut in two directions.

The first path is constructive for the broader Strategy story. If STRC and related preferred issues find stable institutional sponsorship, their effective yields can fall over time, and new issuance can become easier to place.

That improves Strategy’s cost of capital. It also reduces the need to rely heavily on common stock issuance when market conditions are weak.

That matters because the most durable short thesis in MSTR is not about one week of Bitcoin price action. It is about funding friction.

If bears believe Strategy will eventually face a funding wall, they can stay short through volatility and wait for pressure to build.

However, if the company proves it can repeatedly issue preferreds, service obligations, and maintain reserve coverage, that thesis becomes harder to defend.

A useful benchmark is the broader high-yield market. The ICE BofA US High Yield Index's effective yield was around 6.5% in late February. STRC’s 11.25% headline dividend rate is roughly 470 basis points higher.

That spread shows investors are still demanding a significant premium for Strategy risk.

But the spread is also a measurable signal. If it narrows materially over time, and Strategy can issue preferred-like instruments at levels closer to high-yield norms, investors will likely read that as evidence the funding machine is becoming more durable.

In that scenario, MSTR shorts can remain active, but the core fundamental case for betting on financing stress weakens.

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The second path is less obvious and, in some ways, more important for trading.

Institutional demand for preferreds can also reinforce short interest in the common stock, as institutions often hedge.

STRK’s conversion feature makes that especially relevant. A buyer can hold STRK for yield and conversion optionality, then hedge equity exposure by shorting MSTR.

Even investors in non-convertible preferreds can hedge correlated risk with MSTR shares or options.

In other words, more institutional adoption of Strategy’s preferreds does not necessarily mean lower short interest in MSTR. It can mean a different kind of short interest, one driven less by outright bearishness and more by structured, hedged positioning.

The next 6 to 12 months will likely come down to pricing, not headlinesThe key issue now is whether Strategy’s preferred strategy has real product-market fit in institutional credit, or whether demand remains limited to investors willing to accept double-digit yields for a highly specialized Bitcoin-linked risk.

There are three broad paths the market could follow.

In a constructive setup, Bitcoin stabilizes or moves higher, confidence in Strategy’s reserve framework improves, and preferred yields drift lower.

Strategy keeps funding at better terms, and pressure on the equity story eases. MSTR could still carry short interest, but more of it may shift into hedged trades rather than outright directional bets against the company.

In a rangebound setup, Bitcoin trades sideways, and preferred demand remains available only at high yields, around 10% to 12% or more. That keeps Strategy’s cost of capital elevated.

In that environment, MSTR shorting remains attractive for investors betting on premium compression and long-run dilution, especially since borrow costs remain low and borrow supply is ample.

In a bearish setup, Bitcoin falls again, and preferred buyers either demand higher yields or step back. Strategy may still be able to raise capital, but on more punitive terms.

That would put the equity story under more pressure and strengthen the case for shorts who view MSTR as a premium that can compress toward the value of its Bitcoin holdings.

None of these paths depends on a classic short squeeze setup. The current stock-loan profile does not support that as the primary narrative. The real contest is over capital durability.

What matters now for shorts, and bullsAnchorage and Prevalon's STRC position is meaningful because it is not a direct bullish call on MSTR.

It is a sign that institutional investors are willing to engage with Strategy through the senior part of the capital structure, and to treat that exposure as a yield product with a defined risk premium.

That is the larger shift underway. Strategy is not only about selling a stock tied to Bitcoin; it is also about building a full funding stack around BTC, one that includes equity, fixed-income-like preferreds, and convertible preferreds.

If that stack gains traction, the company becomes less dependent on any single source of capital.

For bulls, that would support the case that Strategy can continue operating its Bitcoin acquisition model through different market regimes.

For bears, it does not remove the opportunity, but it changes the terms. The short thesis shifts away from an imminent funding break and toward relative pricing, premium compression, and the possibility that the company still pays too much for capital compared with traditional issuers.

That is why institutional demand for Strategy’s preferreds will not end shorting in MSTR. It can, however, change the game by shifting the fight from a simple squeeze narrative to a more complex debate over credit and equity pricing.

The indicators to watch are clear and mostly focus on financing quality. Investors will be watching STRC and STRK pricing, effective yields, the size and use of the $2.25 billion USD reserve, the pace of new issuance, MSTR’s premium to the value of its Bitcoin holdings, and whether short interest rises alongside preferred adoption.

If short interest increases while preferred demand also grows, that would be a strong sign that hedged institutional trades are becoming a larger share of the short base.

However, if preferred yields compress and issuance expands, that would signal Strategy is winning the more important battle, the one over the cost and durability of capital.

In this market, that may matter more than whether shorts disappear.

Mentioned in this articlePosted in

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Telegram Wallet USDT yield live; Bitcoin/Ethereum yield not launchedTelegram Wallet USDT yield is live via Affluent smart vaults, enabling in‑app earnings on USDT. As reported by CoinCentral, the integration targets up to 3.5% APY delivered through DeFi strategies.

In contrast, TON Wallet Bitcoin yield and TON Wallet Ethereum yield have not launched. As reported by TechCrunch, Wallet in Telegram discussed an Earn experience and support for BTC as an asset, but provided no confirmed launch or rates for BTC/ETH yield.

Why it matters: USDT is live; TON Wallet Ethereum yield unclearThis distinction matters because headline phrasing can blur the difference between asset support and yield availability. USDT yield is available today; Ethereum yield in TON Wallet remains unclear, and Bitcoin yield is likewise unconfirmed in‑app.

Product leaders have framed yield as a way to improve utility without adding complexity. “We aim to help users turn their idle holdings into productive assets, simply and safely,” said Egor Danilov, CPO of Wallet in Telegram.

BingX: a trusted exchange delivering real advantages for traders at every level.

To access USDT yield, open Wallet in Telegram, navigate to Earn, choose USDT, review terms and risk disclosures, then confirm. The flow presents Affluent as the provider and surfaces indicative APY and any constraints.

Affluent’s smart vaults abstract DeFi strategy selection and execution, so the user experience is click‑and‑earn while strategy management remains under the hood. This design centralizes strategy logic while keeping asset selection simple in the app.

Key risks include smart‑contract vulnerabilities, counterparty exposure within integrated strategies, and stablecoin depeg risk. APY is variable and may change without notice; availability can be limited by jurisdiction and eligibility screening.

At the time of this writing, Toncoin (TON) metrics indicate a price near 1.28, medium volatility around 4.35%, and an RSI near 37.6 with bearish sentiment. The figures provide context rather than implications for yield.

Alternatives and verification: incentives now and checking claimsEthena Labs’ USDe/tsUSDe incentives available within TON ecosystemAs reported by CryptoSlate, Ethena Labs integrated USDe and staked tsUSDe into the TON ecosystem, with incentives including a 10% APY bonus for tsUSDe held non‑custodially, distributed weekly in TON. These incentives are separate from Telegram Wallet USDT yield and are accessed through compatible TON wallets and supported apps.

How to verify any future BTC/ETH yield announcements in-appTo verify any future BTC/ETH yield claims, check the Earn tab in Wallet in Telegram for asset‑specific APR, provider name, and legal terms. Confirm in‑app banners, disclosures, and version notes before relying on third‑party posts.

FAQ about TON Wallet Bitcoin yieldHow do I earn USDT yield in Telegram Wallet and what APY, fees, and lockups apply?Open Wallet in Telegram, tap Earn, select USDT via Affluent, review terms. APY is variable (reports cite up to 3.5%), fees and lockups are vault‑specific in‑app.

Is the USDT yield in Telegram Wallet custodial or non-custodial and who provides it?It is offered through Affluent smart vaults within Wallet in Telegram. Custody depends on vault design; review in‑app disclosures to understand providers, permissions, and associated counterparty or contract risks.

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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Oobit has introduced a new infrastructure layer that allows users to send stablecoins from self-custody wallets directly into local bank accounts with near-instant settlement. Announced on February 23, 2026, Oobit's Wallet-to-Bank feature effectively removes the “banking wall” that typically delays crypto-to-fiat conversions.

Bitcoin climbed back into its prior range, while the liquidation heatmap showed heavier liquidity bands waiting overhead. At the same time, the weekly chart put focus on the 200 week EMA, where the next close could shape the next move.

Bitcoin Reclaims Range as Liquidity Bands Stack OverheadBitcoin traded back near $68,320 on the BTC USD Binance 4 hour liquidation heatmap, after a sharp late February rebound pushed price off the recent lows and back into the middle of the prior range. The chart showed a fast move higher into Feb. 26, following a slide earlier in the month that briefly drove BTC into the low to mid $60,000s before buyers stepped in.

Bitcoin Liquidation Heatmap. Source: Columbus on X and MMT Pro

Columbus, who posted the update on X, said the latest push did more than bounce, because price reclaimed the range after defending the low. He framed the move as a sign that sellers failed to extend the breakdown, while bids held control during the rebound.

The heatmap highlighted thicker “liquidity bands” sitting above current price, with stacked levels visible in the low $70,000s through the $80,000 area. At the same time, the chart showed notable bands below, including around the mid $60,000s and low $60,000s, marking areas where liquidation pressure could cluster if price reverses.

Columbus said price action now depends on whether Bitcoin holds around the middle of the range. He added that any pullback that stays within the range would look more like a reset than a breakdown, while the next area of attention sits at the overhead liquidity pockets shown by the brighter bands above current levels.

Bitcoin Weekly Tests Long-Term Trend LineBitcoin’s weekly chart showed price pressing against the 200-week exponential moving average, a long-term trend line that often acts as a key decision zone for market direction. The chart from TradingView marked a rising channel that guided price through 2024 and into early 2025. Recently, price slipped back toward the lower boundary of that channel, while the long-term average curved upward beneath it. This structure placed the market near a zone where prior trends either held or gave way.

Bitcoin TetherUS weekly chart. Source: Captain Faibik on X

Captain Faibik said a weekly close above the 200-week EMA would signal a recovery phase toward higher resistance zones shown by the upper channel line. He framed the setup as a test of trend control after the pullback from the channel’s upper region. The chart showed repeated reactions near channel boundaries in the past, which often shaped the next leg of the move.

The same weekly view also showed how the long-term average rose steadily during the broader advance. That slope reflected the longer-term trend even as shorter swings pulled price back toward the mean. As a result, the next weekly close relative to that moving average remains a focal point for whether price resumes the broader rotation inside the channel or extends the recent correction.

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Ether’s rebound turned into a tug of war, with two analysts pointing to nearby levels that could decide the next move. One chart keeps the upside “choppy” under $1,996, while another redraws micro support at $1,964 to $2,030 and flags $2,150 and $2,215 as the next hurdles.

ETH rally stays choppy as analyst flags $1,996 ceilingEther traded near $1,955 on the ETHUSD 30 minute chart after a rebound that the analyst behind Man of Bitcoin called uneven. In a post on X, the account said it reads the move as “wave c of 3” and set an “ideal” upside target near $1,979.

Ethereum U.S. Dollar 30 minute chart (ETHUSD, Binance). Source: Man of Bitcoin on X (@Manofbitcoin)

However, the post added that the setup stays vulnerable while price remains below $1,996. That level sat just above the latest swing, and the analyst warned the pattern could still break lower if ETH cannot reclaim it.

On the chart, a higher resistance line appeared near $2,145, while a lower horizontal level marked $1,755 as a key downside zone. The same chart also showed Fibonacci markers, including 0.786 at $1,832.40 and 0.887 at $1,600.83, as deeper levels that could come into focus if selling resumes.

ETH rebound redraws micro support as higher resistances come into viewEther’s rebound on the ETHUSD 30 minute chart showed a sharp recovery from a recent swing low, according to analysis shared by More Crypto Online on X. The analyst said the structure forced an adjustment to near-term support, placing the micro support band between $1,964 and $2,030 as the zone price needs to defend to keep the short-term structure intact.

Ethereum U.S. Dollar 30 minute chart (ETHUSD, Index). Source: More Crypto Online on X 

The same chart mapped a sequence of impulsive waves off the low, with price pushing through prior congestion before stalling near a mid-range resistance line. As a result, the analyst marked $2,150 and $2,215 as the next resistance areas to monitor on any continuation attempt. Those levels aligned with prior reaction zones and projected extensions on the chart.

Below the market, the chart highlighted deeper downside references if the rebound fails. A broader support shelf sat near $1,820, marked by the 78.6% retracement, while lower extensions clustered near $2,215 to $2,398 on the upside and $1,600 on deeper downside scenarios. The structure framed the move as a developing advance with defined risk below the micro support band.

In brief U.S. spot Bitcoin ETF inflows hit $506M Wednesday, their highest level since February 2. The Coinbase premium index flipped positive for first time since mid-January. One analyst warned that easing selling pressure doesn't confirm a trend reversal. Bitcoin extended its rally Thursday as on-chain data showed easing selling pressure and U.S. spot ETFs recorded their largest inflow day in nearly three weeks.

The leading cryptocurrency climbed 4.4% over the past 24 hours to around $68,300, according to CoinGecko data. The move extends Wednesday's pre-Nvidia earnings-driven rally in tech stocks, which also influenced Bitcoin, Decrypt previously reported.

NVIDIA's blockbuster earnings report on Wednesday gave this uptrend a tailwind, pushing the entire crypto market up 4.4% to $2.43 trillion, per CoinGecko. The chipmaker posted quarterly revenue of $68.1 billion, up 73% year-over-year, significantly exceeding Wall Street expectations across all major metrics.

U.S. spot Bitcoin ETFs recorded $506 million in inflows on Wednesday, the highest since February 2's $561 million haul, according to SoSoValue. The surge suggests institutional demand is reaccelerating after a period of subdued activity.

"Bitcoin spot demand is growing for the first time since late November," Julio Moreno, head of research at CryptoQuant, tweeted Thursday.

Additional on-chain data points to reduced selling pressure on U.S. exchanges. The Coinbase premium index—which measures the price difference between Bitcoin on Coinbase versus Binance, and serves as a proxy for U.S. institutional demand—has climbed from deeply negative territory around February 12 to 0.05 this week.

"Selling pressure on Coinbase is easing," CryptoQuant founder Ki Young Ju also tweeted Thursday, pointing to the metric's turnaround.

Lacie Zhang, Market Analyst at Bitget Wallet, told Decrypt that the shifting dynamics could signal a strategic entry point for investors. "This easing, evidenced by a 25% drop in on-chain outflows and growing apparent demand since late November, could indeed set the stage for a market bottom," she said. "It presents a buying opportunity with improved risk-reward ratios that encourage long-term investment in the sector."

Not all analysts share that optimism.

Illia Otychenko, Lead Analyst at CEX.IO, offered a more measured view, attributing the reduced selling pressure to cooling speculative activity rather than a fundamental shift in demand. "Since early February 2026, futures volume has dropped by about 44%, and spot volume is down roughly 50% from recent highs," he told Decrypt. "When leverage declines, and trading slows, forced selling also tends to decrease."

Despite the positive signals, Otychenko cautioned that the current setup does not yet confirm a trend reversal since the market structure remains fragile and demand hasn’t really caught up yet.

While current developments are "constructive," Otychenko said, he added that they are "not strong enough on their own to confirm a bottom—or kickstart an uptrend—especially without improving macro conditions."

Regardless, users on prediction market Myriad, owned by Decrypt’s parent company Dastan, assign a 46% chance that Bitcoin’s next move would pump it to $84,000, up from lows of That probability has increased from 31% on Wednesday.

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Posted: February 26, 2026

The crypto market has been trying to recover after Bitcoin [BTC] dropped close to $62,000 over the last two days.

During this fall, Peter Schiff never missed a chance to criticize Bitcoin, calling it a “bubble” and suggesting this could be the start of its collapse.

But Bitcoin is now showing some signs of recovery. After the dip, the world’s largest cryptocurrency bounced back to around $68,197, rising nearly 4.75% in the past 24 hours. 

Peter Schiff slams Bitcoin once again Still, Schiff took to X and noted, 

“Imagine what would happen to Bitcoin if Trump posted the following on Truth Social. “I guess that jerk stock broker Peter Schiff was right. Bitcoin is a Ponzi.””

Interestingly, this time, Schiff changed his tone slightly.

Instead of only criticizing Bitcoin on technical or economic grounds, he started linking its volatility to politics, especially the support that he believes BTC receives from U.S. President Donald Trump and his administration.

Schiff’s argument suggests that Bitcoin is surviving because of political backing and that if government support shifts, the asset could suffer. 

Did this comment impact Bitcoin’s price? But the market reacted differently. When Schiff’s comments began circulating, Bitcoin was trading around $64,236, but then the price moved up sharply toward $68,000.

However, this rally was not necessarily about supporting Trump or rejecting Schiff’s views. A closer look at the charts shows a more basic explanation.

There was no major news or strong fundamental reason behind the rise. Instead, many traders who had bet on the price falling, i.e., the short sellers, were forced to close their positions as Bitcoin started climbing.

Source: CoinGlass

For context, when short sellers rush to buy back Bitcoin to limit their losses, it pushes the price up even faster, also known as a short squeeze. 

So, rather than being a political statement, the move looks more like a technical bounce. 

A mixed bag of critics and supporters As expected, the crypto community pushed back on the comments made by Schiff and said,

“If one person’s post can kill it, it was never Bitcoin. That’s the whole point.”

Echoing similar sentiments, another user added, 

“Markets react to headlines. Protocols don’t. Bitcoin isn’t governed by social media posts.”

However, some also supported Schiff’s narrative, as highlighted by another X user who argued, 

“Schiff’s been predicting bitcoin’s collapse since $200. we’re already down 49% from ath without any trump post needed. still waiting.”

Is Schiff correct this time? All in all, the current market fear comes from a simple contradiction. Bitcoin’s biggest rally, when it reached around $124,500, happened after Donald Trump returned to the U.S. presidency. 

But Peter Schiff is now trying to turn that story around. He argues that the $124K peak was not a sign of long-term strength. Instead, he believes it was a political bubble, driven more by excitement than by real fundamentals.

In fact, recently, too, Schiff argued that selling gold to buy Bitcoin was a “huge mistake.” 

In simple terms, Schiff is saying that the same political support that pushed Bitcoin up could also lead to its fall. 

But for now, it remains only a theory. The market appears to be tuning out the noise and focusing on the fact that Bitcoin is still standing strong.

Final Summary The recovery from $62,000 to near $68,000 shows buyers are still active at key support levels. Schiff links Bitcoin’s strength to political backing, but the market’s recent move looks technical, not political.

A viral claim is circulating on social media platforms like X and Telegram claiming that China is planning to launch a “Chinese Bitcoin” that is 10X cheaper and 10X faster than Bitcoin.

The claim has created excitement and confusion, especially as China continues to work on digital currency projects.

Therefore, Coinpedia decided to fact-check whether this claim is real or just another rumor.

Who Made This Claim?The claim was made by Chinese crypto whale Wei Zhao, who said that China is launching a “Chinese Bitcoin” that is 10X cheaper and 10X faster than Bitcoin. Although these claims do not cite any official Chinese government announcement,

But is all this claim true? Let’s break it down.

Coinpedia’s Key Findings: What’s Actually True?No Official Announcement from the Chinese Authority 

There is no official announcement from the People’s Bank of China or state-backed blockchain projects about launching a “Chinese Bitcoin.” 

The claim appears to come only from social media rumors and influencers, not from any official announcement or policy.

China Has Banned Bitcoin and Private Cryptocurrencies

Until now, China has maintained a strict ban on cryptocurrencies. The government already declared all crypto transactions illegal and banned trading, mining, and exchange activity.

Instead of promoting Bitcoin alternatives, China has focused on expanding its state-controlled digital yuan system.

China Is Developing a Digital Currency, But It’s Not Bitcoin

China has already developed its own state-backed digital currency called the digital yuan (e-CNY), issued directly by the People’s Bank of China. This is a central bank digital currency (CBDC), not a decentralized cryptocurrency like Bitcoin.

The Chinese government believes in a centralized powered token; therefore, they won’t be launching such a token that they cannot track and maintain control over.

Summary Table: Coinpedia’s Evidence Against the TheoryClaim Made by TheoryCoinpedia’s Counter-EvidenceIs China launching Chinese BitcoinNo official announcement from a government bodyDoes China support any digital assets? Yes, the digital yuan, which operates as a centralized legal tender backed by China’s currency, is not a Bitcoin competitor.China is supporting decentralized cryptoNo, because China banned Bitcoin, which is a decentralized cryptocurrency.ConclusionClaimIs China launching a “Chinese Bitcoin” that is 10X cheaper and faster than Bitcoin?Verdict❌ FalseFact-Check by CoinpediaAs per Coinpedia’s research and review of the official Chinese government policy, there is no verifiable evidence that China is launching a decentralized Bitcoin competitor.Until official confirmation is provided by Chinese authorities, this claim remains false and misleading. 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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Although spot ETFs have garnered significant institutional attention, Bitcoin's ETF release and lack of bullish performance have left many wondering why the asset is still struggling below major levels. The cause is not a single company or an unseen player manipulating the market. Rather, it boils down to how the ETF structure alters how prices are set.

Can institutions help Bitcoin?The Authorized Participant (AP) system is at the heart of the conversation. ETF prices are kept in line with the underlying value of Bitcoin by the liquidity provided by large financial institutions like Jane Street, JPMorgan and others. They are there to maintain efficiency, not to raise prices. This distinction is important. As market makers and arbitrageurs, APs prioritize risk management over placing bullish wagers on Bitcoin's long-term trajectory.

BTC/USDT Chart by TradingViewDemand for ETFs does not always translate into direct spot Bitcoin purchases, which is the main structural change. According to conventional wisdom, institutional purchases of Bitcoin on the open market would be compelled by ETF inflows, raising the price.

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The need for quick spot purchases can actually be decreased by APs using futures markets or other related instruments to hedge exposure. Demand that previously might have led to severe supply constraints is now absorbed across several financial tiers.

Issues with supplyThis phenomenon erodes the feedback loop that has historically propelled Bitcoin's spectacular surges. Exposure can be artificially generated rather than buyers chasing a limited supply on exchanges.

Price reactions become smoother as futures markets absorb pressure. The system reduces the ferocity of price discovery rather than outright suppressing Bitcoin.

This effect is reinforced by in-kind creation and redemption mechanisms. Institutions can source Bitcoin gradually through over-the-counter channels rather than creating noticeable spikes in exchange rates. This eliminates the abrupt shocks that once caused vertical moves and gradually distributes buying pressure.

Although Bitcoin is still technically unstable, it is currently showing signs of stabilization from a market standpoint. Although buyers appear to be attempting to defend important zones based on recent attempts to maintain support, the overall trend still shows caution rather than renewed momentum.

Cardano price is under pressure, but its largest holders are buying aggressively into the dip. Whales and sharks have accumulated more than 819 million ADA, signaling strong conviction beneath the surface volatility and hinting at a potential long-term reversal.

Summary

Whales and sharks added 819.14 million ADA over six months, despite a 71% price decline. ADA is trading around $0.29, facing rejection near the $0.30 psychological barrier and upper Bollinger Band. While support sits at $0.2520, a slightly negative CMF shows short-term selling pressure persists. Cardano whales and sharks go on a buying spree Data from the on-chain analytics platform Santiment reveals a striking trend: wallets holding between 100,000 and 100 million ADA have been consistently stacking the token for the last six months.

This period saw ADA’s price endure a punishing 71% decline, falling from $0.90 to roughly $0.26.

Despite this capital erosion, these key stakeholders added 819.14 million ADA to their portfolios, representing a 1.6% increase in their total share of the circulating supply.

Valued at approximately $213.9 million, this concentrated buying during a steep drawdown is a classic signal of a market bottom, as high-conviction holders absorb the liquidity left behind by panicked sellers.

Cardano price at a crossroads The ADA/USDT daily chart illustrates a market struggling to translate this whale accumulation into immediate upward momentum.

Currently trading near $0.2935, the price is hovering just above the 20-day Simple Moving Average (SMA) of $0.2753. Recent price action shows a clear rejection at the upper Bollinger Band near $0.2985, identifying it as the immediate ceiling that bulls must shatter.

Cardano price analysis | Source: Crypto.News While strong horizontal support has been established at the $0.2520 level, the Chaikin Money Flow (CMF) remains slightly bearish at -0.04. This negative reading suggests that despite the whale activity, there is still enough short-term distribution from smaller participants to keep the price suppressed.

For a definitive bullish flip, ADA needs a sustained daily close above the $0.30 psychological barrier.

If it can maintain its position above the 20-day SMA, a retest of the $0.32 resistance is likely, though a slip below $0.25 would signal that the accumulation phase may need to extend further before a breakout occurs.