Market Signal Briefing

Safe Labs is rolling out a way for users to earn euro-denominated yield using a EUR CoinVertible vault on Morpho.

This recent case comes amid explosive growth in crypto fraud comprising pig butchering that amalgamates romance scams with fake trading opportunities.  In December 2025, a Bitcoin investor mentioned that he lost all his retirement savings after being groomed by an online trader who used AI-generated images. US federal agents from North Carolina have captured over $61 million worth of USDt associated with a large-scale “pig butchering” crypto investment scam that hunted victims via fake online relationships and fraudulent trading platforms. 

As per the Office of US Attorney for the Eastern District of North Carolina in Raleigh on Feb 24, the hackers presented as romantic partners and alleged to have special trading expertise. 

They then directed their victims toward compelling but fake crypto sites that showed fictitious investment portfolios posing unusually high returns that attracted them to invest more before the hackers blocked their withdrawals and demanded extra fees when victims attempted to have their money back. 

Investigators from Homeland Security Investigations tracked the funds of the victims over various wallets used to launder the proceeds before recognising various addresses that still had substantial amounts, which were captured and made subject to forfeiture. 

The Growing Cases  The prosecutor highlighted that Tether cooperated in the investigation: “The Department of Justice and HSI accepts Tether for its assistance in moving these assets,” the release mentions, in the recent example of stablecoin issuers working with officials to freeze as well as recover funds going via US dollar-pegged tokens such as USDt of Tether. 

This recent case comes amid explosive growth in crypto fraud comprising pig butchering that amalgamates romance scams with fake trading opportunities. Data from the 2026 Crypto Scam Report of Chainalysis found that crypto scam losses last year attained $17 billion, with AI-influenced impersonation and social engineering scams increasing by 1,400% year-on-year and being far more profitable than traditional phishing or giveaway schemes. 

In December 2025, a Bitcoin investor mentioned that he lost all his retirement savings after being groomed by an online trader who used AI-generated images and a fabricated persona to gain trust before convincing him to shift his coins into a fake investment platform. 

Highlighted Crypto News Today: 

AI Cryptos Soar as the Artificial Intelligence Sector Eases with Wall Street

A passionate journalist with a strong foundation in content writing and an experience in the crypto industry. With a commitment to self-growth, Sharmistha aims to make a meaningful impact in the media and communications landscape.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Cardano (ADA) has recorded a 7% price uptick in the last 24 hours as it seeks to gradually clear the downtrend of the past month. This marks a significant turn from the downward path ADA has been on recently, leading some market participants to wonder if the move is a "dead cat bounce" event. In the last 30 days, Cardano’s price had plummeted by over 22% and more than 5% in seven days.

Renewed altcoin risk appetite drives Cardano bounceAs per CoinMarketCap data, Cardano outperformed the broader cryptocurrency market, climbing from a daily low of $0.2546 to a peak of $0.271. This bullish move has sparked concerns of a possible dead cat bounce at play, which could trap bulls.

For perspective, a dead cat bounce refers to a momentary recovery period in the price of an asset that pushes the price up sharply. It usually occurs after a significant decline over time. So, when its price ascends, bulls consider this a rally and rush to acquire the asset, only to get trapped when it continues its previous downward journey.

A critical look at the asset’s performance suggests that it is largely beta-driven by Bitcoin’s direction and general market sentiment. Notably, Bitcoin (BTC) soared from around $62,000 to $66,000, breaching the $65,000 resistance level. Cardano is likely to sustain the price reversal if BTC stays above the $65,000 mark.

Cardano Price Chart | Source: CoinMarketCapAdditionally, the sentiment toward riskier assets like altcoins has improved across the sector. This has allowed Cardano to ride the wave of positive sentiment on the altcoin market. If the momentum lingers, ADA traders might not experience a dead cat bounce scenario.

As of this writing, Cardano exchanges hands at $0.2693, which represents a 4.78% increase. The current price shows ADA has slipped slightly from its earlier gains. While this might spark volatility concerns, the asset’s trading volume remains green.

Cardano’s open interest and bullish continuationCardano’s volume is up by 0.94% to $413.38 million within the same 24-hour time frame under consideration. If volume stays up and ADA’s price holds above the $0.26 support, it could avoid the potential reversion of its new rally.

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As U.Today reported, the $0.28 to $0.30 price zone remains a crucial support level for Cardano. The coin was trading at this level before mid-February, when it plunged downward amid market uncertainty. The asset’s earlier climb was triggered by bullish developments in the ecosystem.

In order to support ADA’s climb, open interest, which previously dropped below $500 million because of traders’ cautious approach, also needs to rebound. Such a development might help Cardano sustain this spike in price. 

Circle reported $770 million in Q4 revenue and reserve income as USDC circulation reached $75.3 billion and issued 40% CAGR guidance.

Shiba Inu’s projected 700% cycle target and Dogecoin’s rare 1,100-day profit milestone spotlight diverging signals.

Newton Gitonga2 min read

25 February 2026, 02:11 PM

Memecoin markets are back in focus. Renewed speculation around Shiba Inu's cycle targets and a structural development for Dogecoin are drawing trader attention, even as both assets retreat under broader Bitcoin-led pressure.

Shiba Inu currently trades at, $0.00000615, up 3.84% in 24 hours. The decline carries no coin-specific catalyst. SHIB is moving in lockstep with Bitcoin weakness, a pattern analysts describe as classic beta-driven selling. Without a fresh ecosystem trigger, price action remains reactive rather than directional.

A widely circulated forecast projects a cycle peak for SHIB between $0.00003 and $0.00005 by late 2026. That would represent a gain of roughly 400% to 700% from current levels. The projection has reignited debate among traders over whether such targets are grounded in fundamentals or driven solely by cycle optimism.

Shiba Inu Technicals Hang on a Narrow Support BandThe immediate technical picture is fragile. Shiba Inu must hold above $0.0000060 to keep a recovery scenario alive. A bounce from that level targets $0.00000650. Failure to hold opens the door to $0.00000550, a more significant zone where broader selling could accelerate.

Sentiment sits in contested territory. Short-term traders see a rebound setup forming. Longer-term holders remain cautious. The core concern is structural: Shiba Inu carries one of the largest token supplies in the crypto market. That supply acts as a persistent ceiling on price appreciation unless offset by meaningful demand growth.

Shibarium, the project's Layer-2 blockchain, is central to that demand equation. Increased adoption of Shibarium would drive token burns and reduce circulating supply over time. Without measurable traction there, ambitious price targets remain speculative. Ecosystem progress, not speculation, will determine whether the late-2026 forecast holds any credibility.

Dogecoin Crosses a Rare Historical ThresholdDogecoin has reached a notable milestone. For the first time in its history, the asset has logged more than 1,100 days during which the market price traded above its current level of $0.0966. The metric is called Number of Days Spent at a Profit, tracked by analyst João Wedson of Alphractal.

The reading carries weight. It means a substantial portion of market participants who bought Dogecoin at higher prices have been sitting at a loss for an extended period. That creates embedded selling pressure, with holders waiting to break even before exiting. Markets with elevated readings in this metric often signal late-cycle resets rather than fresh accumulation phases.

DOGE is up 6.80% in the last 24 hours to trade at around $0.09690 at the time of writing. Its technical structure remains weak. The price sits below key moving averages. The Relative Strength Index hovers near 40, not yet oversold, but reflecting sustained downward momentum without meaningful buying interest stepping in.

Institutional visibility exists. The 21Shares Dogecoin ETF, trading under the ticker TDOG, provides regulated exposure to the asset. However, combined U.S. Dogecoin ETF holdings remain below $10 million. Flows are muted. The product exists, but it has not yet become a meaningful demand driver.

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Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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Panoro Energy ASA (PESAF) Q4 2025 Earnings Call Transcript

Financing will support expanded capacity and category-leading growth

, /PRNewswire/ -- Archer Meat Snacks, one of the fastest-growing meat snack brands in the U.S., today announced that it has secured a roughly $100 million aggregate credit facility from JPMorgan Chase & Co. (NYSE: JPM). The financing will provide additional capacity to support Archer's rapid growth and expanding national footprint.

"This credit facility from J.P. Morgan is an important milestone for our business as we enter our next stage of growth," said Eugene Kang, CEO and Founder of Archer Meat Snacks. "The increased flexibility allows us to invest in capacity, speed, and execution as we meet surging demand and continue attracting new-to-category consumers."

Archer's focus on clean-label, high-protein, and culinary-inspired flavors is transforming the category. The brand grew 35.9% year-over-year, far outpacing the category's 8.8% growthi. Sales of Archer meat sticks rose 57.7%, securing the No. 5 spotii in the category and helping drive overall meat stick growth of 15.6%. Archer is on track to reach more than $500 million in sales in 2026.

To meet the surging demand amid consumer trends towards clean label, protein, convenience and snacking, Archer opened its second manufacturing facility in Los Angeles in November. This manufacturing scale enables speed and quality control, producing more than 36 million pounds of meat sticks per year, or over 1 billion Archer mini meat sticks – doubling Archer's overall manufacturing capacity. The plant represents both the strength of the Archer business today and the company's commitment to building for tomorrow.

Founded in 2011 and available in over 30,000 retail locations nationwide, today Archer is the #1 premium, better-for-you jerky brand in MULOiii. Amid accelerating growth and rising brand visibility, over the past 12 months, Archer completed a major rebrand, launched a national marketing campaign, and secured a multi-year sponsorship of the Los Angeles Dodgers.

"We are proud to support Archer at such an exciting moment in its growth trajectory," said Rick Nogueira, Region Manager for Orange County & Inland Empire Markets, Commercial Banking at J.P. Morgan. "We look forward to continuing to provide services and expertise to help Archer grow and scale."

For more information about Archer, visit www.archerjerky.com.

About Archer
Archer is one of America's leading clean-ingredient meat snack brands, crafting premium products using only grass-fed and grass-finished beef and all-natural proteins – never any fillers, shortcuts, or ingredients you can't pronounce. The brand's "Stick to Real" philosophy positions Archer as the trusted go-to for consumers who seek food made from real ingredients and refuse to compromise on taste or quality.

Archer offers grass-fed beef jerky, all-natural turkey jerky, and a variety of meat sticks – including fan-favorite Mini Sticks – in savory and culinary-inspired flavors. Sold at more than 30,000 stores nationwide, including Costco, Whole Foods Market, Walmart, Starbucks, Target, and 7-Eleven. Archer is also the official meat snack partner of the Los Angeles Dodgers. To learn more, visit archerjerky.com or follow @ArcherJerky on social media including Instagram, Facebook, or LinkedIn (@ArcherMeatSnacks).

i SPINS, Total US, SS Jerky and Meat Snacks, 24-Weeks Ending 11/30/25
ii SPINS, MULO + Natural, SS Jerky and Meat Snacks, 24-Weeks Ending 11/30/25
iii L12W ending 6/15/2025 in MULO 

SOURCE Archer

MONTERREY, Mexico, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the fourth quarter of 2025.

FEMSA: Total Consolidated Revenues grew 5.7% and Income from Operations increased 8.5% compared to 4Q24.FEMSA RetailA: Proximity Americas total Revenues grew 5.3% and Income from operations increased 7.7% versus 4Q24.SPIN: Spin by OXXO had 10.5 million active usersB representing 22.0% growth compared to 4Q24 while Spin Premia had 28.1 million active loyalty usersB representing 13.8% growth compared to 4Q24, and an average tenderC at OXXO Mexico of 49.3% which increased from 40.7% in 4Q24.COCA-COLA FEMSA: Total Revenues and Income from Operations grew 2.9% and 13.3%, respectively against 4Q24. Financial Summary for the Fourth Quarter 2025
Change vs. comparable period Total RevenuesGross ProfitIncome from OperationsSame-Store SalesAs Reported4Q25YTD254Q25YTD254Q25YTD254Q25YTD25FEMSA Consolidated5.7%7.6%0.5%6.2%8.5%4.7%  Proximity Americas5.3%7.0%6.1%8.4%7.7%1.4%4.4%1.0%Proximity Europe2.5%14.6%(10.5%)8.9%10.8%20.4%N.A.N.A.Health4.6%10.5%(34.7%)(0.8%)(52.3%)(13.1%)4.7%8.0%Fuel3.6%2.8%2.1%3.2%8.4%2.8%8.7%6.9%Coca-Cola FEMSA2.9%4.3%1.8%3.4%13.3%7.0%  Comparable(A)    FEMSA Consolidated5.2%4.9%1.3%4.2%9.6%2.1%  Proximity Americas6.3%3.7%6.4%6.7%8.4%(2.9%)4.5%N.A.Proximity Europe2.3%3.2%0.3%(2.0%)10.8%8.8%N.A.N.A.Health6.7%6.3%(5.5%)(4.2%)(50.5%)(15.4%)9.2%N.A.Fuel3.6%2.8%2.1%3.2%8.4%2.8%8.7%6.9%Coca-Cola FEMSA6.0%6.5%4.6%5.2%167%7.0%            Jose Antonio Fernández Garza-Lagüera, FEMSA’s Chief Executive Officer, commented:

“As I begin my tenure at the helm of this amazing Company, I am humbled by the responsibility but excited at the size and relevance of the opportunities ahead for FEMSA. The people that built this business over the past 135 years, and those who led them before me, created one of the premier enterprises not only in Mexico or Latin America, but I truly believe, in the world.

I am convinced we have in OXXO and Coca-Cola FEMSA, two of the most remarkable and valuable assets in their respective global industries, not just because of what they represent today, but just as importantly, what they can become in the future. There are many opportunities for our retail and beverage platforms to continue to grow, in Mexico and beyond, consistent with our strategic intent of creating economic and social value wherever we operate.

During the fourth quarter, our results in Mexico maintained the positive trend that we first saw during the third quarter, particularly at OXXO, where traffic continued to recover sequentially helping us achieve comparable sales approaching the mid-single digit range. Outside of Mexico, OXXO again showed positive dynamics in South America, and we were able to close the transaction giving us full ownership of OXXO Brazil, while in Europe the team delivered strong operating income for the period. For its part, Coca-Cola FEMSA closed the year on a strong note, with consolidated volume growth and the highest December volumes in its history for the four largest operations.

Beyond the operational results, we have launched an important restructuring effort that includes the integration of the corporate teams from the Proximity & Health division into FEMSA corporate, creating a flatter, more efficient structure, as well as aligning Spin closer to OXXO and refocusing our digital strategy to maximize the combined potential of our unique platform. The efficiency and top line benefits derived from this effort will ramp up during this year and will be fully in place for 2027 and beyond.

As we look ahead at 2026, despite still facing a soft but stabilizing consumer environment and recently implemented taxes on important categories in our key Mexico market, we like our current momentum across most of our business units, and we are optimistic that the resilience and strength of our geographically diversified platform will again serve us well as we pursue our ambitious growth agenda.”

ABOUT FEMSA
FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Spin, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA has more than 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Best-in-Class World Index & Dow Jones Best-in-Class MILA Pacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV Total México ESG, among other indexes.

_____________
(A) Please refer to page 13 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
A FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA Health.
B Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.
Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.
C Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.

Hiscox Ltd shares rose around 5% to hit 1,560p, their highest level since late 2019, after the insurer's full-year results beat expectations and it unveiled a larger share buyback than forecast.

Retail insurance contract written premiums rose 10.0% in the fourth quarter, taking full-year growth to 6.3% on a constant currency basis.

The retail combined ratio was 92.6%, above the 92.8% consensus forecast, and profit before tax rose 6.9% to $732.7 million, beating the City consensus by 16.1%.

Chief executive Aki Hussain said 2025 marked a "pivotal year", with strong retail growth, margin expansion and accelerating product innovation underpinning progress on the group’s change strategy.

That improved performance supported a 20% increase in the final dividend to 35.9 cents per share and another $300 million buyback, taking returns to more than $1.1 billion for the past three years.

Analysts at Jefferies said investors would focus on three points: retail premium growth of 6.3% for 2025, earnings per share ahead of consensus and the new buyback, which was around 43% above the consensus.

However, the broker flagged that maintaining US growth remains key and leaves some execution risk for the medium-term.

"When we delve deeper into the growth trends, we note that while Hiscox USA continues to lift its growth momentum (+4.4% for FY 2025), the pace is lagging consensus (+7.3% v.s. Visible Alpha consensus of +9.1%).

"In our view, re-accelerating volume growth Hiscox USA will be key to hitting the ambitious medium-term targets, and execution risk remains high."

House broker Peel Hunt flagged that the solvency ratio ended the year at 211%, post the final dividend and new share buyback, above the top end of the 190-200% solvency range. 

"As such, Hiscox is keeping some powder dry as it continues to see opportunities to deploy capital in 2026," analysts said, arguing that Hiscox loosk "one of the best positioned to manage a softening cycle, as retail delivers momentum at better margins".

The shares have benefitted from read-across to M&A activity in the Lloyd’s insurance and wider UK market this year, most notably the takeover talks between Beazley and Zurich Insurance.

-

Innovative Windows-based solution empowers companies of any size to deploy Intellicheck’s industry-leading ID verification instantly

MELVILLE, N.Y.--(BUSINESS WIRE)--Intellicheck, Inc. (Nasdaq: IDN), an industry-leading identity company delivering proprietary on-demand digital and physical identity validation solutions, today announced the roll out of its enriched Desktop Application.

The new Desktop Application allows any sized organization to immediately stop identity theft and fraud losses. Implementation is immediate. No system integration is needed. This comes at minimal cost. The technology solution works with the scanners most organizations already have in place.

Intellicheck’s Desktop Application is designed for customers of all sizes. The application ensures a superior, frictionless and rapid customer authentication experience. Businesses can also benefit from Intellicheck’s additional comprehensive ID verification signals. Transaction history is automatically and securely stored in the cloud. This enables centralized visibility, search, and reporting through the Intellicheck Hub.

The new Desktop Application provides an effective solution to a long standing problem. Many industry businesses routinely rely on core provider platforms. These third-party providers typically have lengthy development queues. This usually results in deployment delays for new services. Intellicheck’s desktop application eliminates the roadblock with immediate access to Intellicheck’s state-of-the-art fraud-prevention tools.

“Fraud doesn’t wait for integration timelines. No organization should have to either,” said Intellicheck CEO Bryan Lewis. “The Desktop Application gives all types of organizations the ability to act immediately. There are no wait times to benefit from Intellicheck’s technology. Now, any organization can have strengthened frontline defenses while delivering an enhanced customer experience. This combination of speed, intelligence, and control is a competitive advantage in today’s fraud environment.”

Intellicheck’s Desktop Application provides key benefits to businesses ranging from community banks and credit unions to employment agencies, title insurers and auto dealerships. They include :

Rapid deployment with existing hardware Intuitive interface with no integration needed Real-time, proven identity verification Seamless, cloud-connected reporting and analytics through the Intellicheck Hub A consistent, centralized experience across locations Intellicheck’s new Desktop Application is available now for any organization seeking immediate, best-in-class identity verification and an exceptional customer experience. More information about Intellicheck’s Desktop Application can be found here.

About Intellicheck

Intellicheck (Nasdaq: IDN), the industry leader in identity verification management, prevents the use of unauthorized IDs to stop identity-based fraud. Intellicheck is the only SaaS-based validation and proofing service that uses a unique and proprietary analysis of DMV-issued IDs to create trusted, real-time customer identity verification experiences across a wide variety of sectors, both in-person and digitally. Intellicheck is processing identity transactions for almost half the adult population in the United States and Canada annually with state-of-the-art technology solutions that are providing a seamless, invisible ID verification experience while delivering 99.975% decisioning in under a second when a customer is using our tools to capture the document. For more information on Intellicheck, visit us on the web and follow us on LinkedIn, X, Facebook, and YouTube.

More News From Intellicheck, Inc.

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Return on Average Equity hits 15.3% in Q4

Record Quarterly Net Investment Income of $39.9 million, or $0.52 per share

Record Annual Net Investment Income of $144.1 million, or $2.08 per share

2025 Total Investment Income grows 23.5% year-over-year

, /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("the Company"), a leading alternative asset manager, today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights

Total investment income of $83.2 million, an increase of 17.5% year-over-year. Net investment income ("NII") of $39.9 million, or $0.52 per basic share. NII grew 15.4% year-over-year. Net increase in net assets resulting from operations of $39.5 million, or $0.51 per basic share. 15.3% Return on Average Equity "ROAE" (NII/Average Equity). 6.7% Return on Average Assets "ROAA" (NII/Average Assets). Net Asset Value ("NAV") of $1.1 billion, or $13.42 per share at the end of Q4 and NAV increased 32.9% year-over-year. Total gross investment commitments of $543.1 million. Total gross investments funded of $434.8 million, which was comprised of $170.7 million to 5 new portfolio companies, $264.0 million to 25 existing portfolio companies and $0.1 million to multi-sector holdings. Total investment exits and repayments of $218.8 million, which was comprised of $47.2 million from investments sold to multi-sector holdings, $64.4 million from scheduled/amortizing debt payments, $96.3 million from early debt repayments and refinancings and $10.9 million from warrant and equity sales. Sixth year of a consistent or increased regular dividend, with a fourth quarter distribution of $0.51 per share. Also, the Company announced a transition to monthly distributions, which started in January 2026 and total $0.51 in the first quarter. Full Year 2025 Highlights

Total investment income of $293.7 million, an increase of 23.5% year-over-year. Net investment income of $144.1 million, or $2.08 per share. Total gross investments funded of $1.5 billion, an increase of 21.3% year-over-year. Net investment portfolio growth at cost of $636.7 million, an increase of 36.2% year-over-year. Total platform assets under management of $2.8 billion, an increase of 38.2% year-over-year. Undistributed earnings spillover of $68.7 million, or $0.84 per share outstanding, based on total shares outstanding as of December 31, 2025. "Trinity Capital had a milestone year in 2025, including record originations, earnings growth, and continued diversification across our five lending verticals," CEO Kyle Brown said. "These results directly reflect the consistency of our disciplined underwriting approach and the scalability of our platform as a whole."

Added Brown: "Our internally managed structure remains a key differentiator. By aligning management and shareholder interests within a single platform, and pairing our publicly traded BDC with a growing managed funds business, we're building a robust and flexible capitalization model designed to support long-term growth and deliver stable, consistent returns for shareholders. With more than six years of consistent dividends and continued momentum across our portfolio, we remain focused on disciplined execution and delivering long-term value for our investors, partners, and shareholders."

Fourth Quarter 2025 Operating Results

For the three months ended December 31, 2025, total investment income was $83.2 million, compared to $70.8 million for the three months ended December 31, 2024. The effective yield on the average debt investments at cost was 15.2% for the fourth quarter of 2025, compared to 16.4% for the fourth quarter of 2024. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the fourth quarter of 2025 were $19.4 million, compared to $17.2 million during the fourth quarter of 2024. The increase was primarily attributable to higher compensation associated with additional headcount, an increase in professional fees, and higher G&A expenses offset by expenses allocated to the Company's registered investment adviser subsidiary.

Interest expense for the fourth quarter of 2025 was $23.9 million, compared to $19.1 million during the fourth quarter of 2024. The increase was primarily attributable to the increase in weighted average debt outstanding.

Net investment income was approximately $39.9 million, or $0.52 per share based on 77.0 million basic weighted average shares outstanding for the fourth quarter of 2025, compared to $34.6 million or $0.58 per share for the fourth quarter of 2024 based on 59.4 million basic weighted average shares outstanding.

During the three months ended December 31, 2025, the Company's net unrealized appreciation totaled approximately $33.4 million, which included net unrealized appreciation of $26.1 million from its debt investments, appreciation of $6.8 million from its warrant investments, and appreciation of $0.7 million from its equity investments. This was partially offset by $0.2 million net unrealized depreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $33.9 million, primarily due to the conversion of two debt positions.

Net increase in net assets resulting from operations was $39.5 million, or $0.51 per share, based on 77.0 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $45.9 million, or $0.77 per share, based on 59.4 million basic weighted average shares outstanding for the fourth quarter of 2024.

Net Asset Value

Total net assets at the end of the fourth quarter of 2025 increased by 9.6% to $1.1 billion, compared to $998.3 million at the end of the third quarter of 2025. The increase in total net assets was primarily due to accretive ATM issuances and net investment income exceeding the dividend declared. NAV per share increased to $13.42 per share in the fourth quarter from $13.31 per share as of September 30, 2025.

Portfolio and Investment Activity

As of December 31, 2025, the Company's investment portfolio had an aggregate fair value of approximately $2.4 billion and was comprised of approximately $1.9 billion in secured loans, $336.8 million in equipment financings, and $218.1 million in equity and warrants, across 176 portfolio companies. The Company's debt portfolio is comprised of 85.4% first-lien loans and 14.6% second-lien loans, with 82.9% of the debt portfolio at floating rates based on principal outstanding.

During the fourth quarter, the Company originated approximately $543.1 million of total new commitments. Fourth quarter gross investments funded totaled approximately $434.8 million, which was comprised of $170.7 million of investments in 5 new portfolio companies, $264.0 million of investments in 25 existing portfolio companies and $0.1 million to multi-sector holdings. Gross investment fundings during the quarter for secured loans totaled $302.3 million, equipment financings totaled $106.5 million and warrant and equity investments totaled $26.0 million.

Proceeds received from exits and repayments of the Company's investments during the fourth quarter totaled approximately $218.8 million, which included $47.2 million from investments sold to multi-sector holdings, $64.4 million from scheduled/amortizing debt payments, $96.3 million from early debt repayments and refinancings and $10.9 million from warrant and equity sales. The investment portfolio increased by $192.1 million on a cost basis, an increase of 8.7%, and $225.7 million on a fair value basis, an increase of 10.3% as compared to September 30, 2025.

As of the end of the fourth quarter, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status with a total fair value of approximately $15.2 million, or 0.7% of the Company's debt investment portfolio at fair value.

The following table shows the distribution of the Company's loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of December 31, 2025 and September 30, 2025 (dollars in thousands):

December 31, 2025

September 30, 2025

Investment Risk Rating

Investments
at

Percentage
of

Investments
at

Percentage
of

Scale Range

Designation

Fair Value

Total
Portfolio

Fair Value

Total
Portfolio

4.0 - 5.0

Very Strong
Performance

$

101,432

4.5

%

$

102,624

5.3

%

3.0 - 3.9

Strong Performance

740,303

33.7

%

668,545

33.5

%

2.0 - 2.9

Performing

1,264,773

57.5

%

1,148,937

57.5

%

1.6 - 1.9

Watch

65,343

3.0

%

42,811

2.1

%

1.0 - 1.5

Default/Workout

15,228

0.7

%

20,739

1.0

%

Total Debt Investments excluding
Senior Credit Corp 2022 LLC

2,187,079

99.4

%

1,983,656

99.4

%

.

Senior Credit Corp 2022
LLC (1)

12,885

0.6

%

12,885

0.6

%

Total Debt Investments

$

2,199,964

100.0

%

$

1,996,541

100.0

%

(1)   An investment risk rating is not applied to Senior Credit Corp 2022 LLC.

As of December 31, 2025, the Company's loan and equipment financing investments had a weighted average risk rating score of 2.9, consistent with the score as of September 30, 2025. The Company's grading scale is comprised of numerous factors, two key factors being liquidity and performance to plan. A company may be downgraded as it approaches the need for additional capital or if it is underperforming relative to its business plans. Conversely, it may be upgraded upon a capitalization event or if it is exceeding its plan. As such, the overall grading may fluctuate quarter-to-quarter.

Liquidity and Capital Resources

As of December 31, 2025, the Company had approximately $335.2 million in available liquidity, including $19.1 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $316.1 million in available borrowing capacity under its KeyBank credit facility, subject to existing terms and advance rates and regulatory and covenant requirements. This excludes capital raised by Senior Credit Corp 2022 LLC and funds managed by the Company's wholly owned registered investment adviser subsidiary.

As of December 31, 2025, the Company's leverage, or debt-to-equity ratio, was approximately 119%, consistent with the ratio as of September 30, 2025.

During the three months ended December 31, 2025, the Company utilized its equity ATM offering program to sell 6,428,816 accretive shares of its common stock at a weighted average price of $14.96 per share, raising $95.2 million of net proceeds.

During the three months ended December 31, 2025, the Company utilized its debt ATM offering program and during the period issued and sold $25.4 million in aggregate principal amount of its March 2029 Notes (the "ATM March 2029 Notes") and $2.6 million in aggregate principal amount of its September 2029 Notes (the "ATM September 2029 Notes") and raised $25.3 million and $2.6 million, respectively, of net proceeds.

Distributions

On December 17, 2025, the Company's Board of Directors declared a regular dividend totaling $0.51 per share with respect to the quarter ended December 31, 2025, which was paid on January 15, 2026, to stockholders of record as of December 31, 2025. Within this same declaration, the Board of Directors announced a transition from quarterly to monthly dividends, beginning in January 2026. Regular monthly dividends of $0.17 per share were approved for each of January, February, and March 2026. The January 2026 dividend was paid on January 30, 2026, to stockholders of record as of January 15, 2026.

Recent Developments

For the period from January 1, 2026 to February 23, 2026, the Company issued and sold 1,361,786 shares of its common stock at a weighted-average price of $15.81 per share and raised $21.3 million of net proceeds under its equity ATM offering program.

Conference Call

Trinity Capital will hold a conference call to discuss its fourth quarter and full year 2025 financial results at 12:00 p.m. Eastern Time on Wednesday, February 25, 2026.

To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ425 if asked, approximately 10 minutes prior to the start of the call. The conference call and presentation will also be available on the investor relations section of the Company's website at ir.trinitycapital.com.

A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until March 4, 2026. To access the replay, please dial (800) 757-4761 or (402) 220-7215. You may also access the webcast replay of the call and the presentation on the investor relations section of the Company's website at ir.trinitycapital.com.

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies. With five distinct business verticals — Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences — Trinity Capital stands as a long-term trusted partner for innovative companies seeking tailored debt solutions. Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).

Forward-Looking StatementsThis press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein, except as required by law. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or on the webcast/conference call, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.

TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

December 31,

December 31,

2025

2024

ASSETS

Investments at fair value:

Control investments (cost of $107,747 and $82,391, respectively)

$

123,760

$

89,249

Affiliate investments (cost of $63,422 and $34,309, respectively)

50,495

34,727

Non-Control / Non-Affiliate investments (cost of $2,225,715 and $1,643,526,
respectively)

2,243,820

1,601,594

Total investments (cost of $2,396,883 and $1,760,226, respectively)

2,418,075

1,725,570

Cash and cash equivalents

19,110

9,627

Interest receivable

19,031

16,542

Deferred credit facility costs

5,872

6,586

Other assets

22,431

15,916

Total assets

$

2,484,519

$

1,774,241

LIABILITIES

Credit Facility

$

373,900

$

113,000

Secured Notes, net of $1,467 and $0, respectively, of unamortized deferred financing
costs

198,533

Unsecured Notes, net of $10,118 and $10,327, respectively, of unamortized deferred
financing costs and premium/discount

721,763

764,673

Distribution payable

41,574

31,451

Security deposits

3,008

8,472

Accounts payable, accrued expenses and other liabilities

51,742

33,663

Total liabilities

1,390,520

951,259

NET ASSETS

Common stock, $0.001 par value per share (200,000,000 authorized, 81,518,294 and
61,669,059 shares issued and outstanding as of December 31, 2025 and
December 31, 2024, respectively)

82

62

Paid-in capital in excess of par

1,100,343

829,626

Distributable earnings/(accumulated deficit)

(6,426)

(6,706)

Total net assets

1,093,999

822,982

Total liabilities and net assets

$

2,484,519

$

1,774,241

NET ASSET VALUE PER SHARE

$

13.42

$

13.35

TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

Three Months
Ended

Three Months
Ended

Twelve Months
Ended

Twelve Months
Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

INVESTMENT INCOME:

Interest and dividend income:

Control investments

$

2,605

$

2,734

$

10,172

$

8,764

Affiliate investments

1,126

1,099

5,242

2,903

Non-Control / Non-Affiliate investments

73,823

62,477

264,101

215,062

Total interest and dividend income

77,554

66,310

279,515

226,729

Fee and other income:

Affiliate investments

731

687

2,751

3,196

Non-Control / Non-Affiliate investments

4,950

3,835

11,386

7,766

Total fee and other income

5,681

4,522

14,137

10,962

Total investment income

83,235

70,832

293,652

237,691

EXPENSES:

Interest expense and other debt financing costs

23,884

19,052

80,565

61,948

Compensation and benefits

14,880

12,180

51,402

43,517

Professional fees

1,815

1,964

7,565

5,318

General and administrative

3,075

2,618

10,378

8,858

Total gross expenses

43,654

35,814

149,910

119,641

Allocated expenses to Trinity Capital Adviser, LLC

(1,059)

(347)

(2,930)

(473)

Total net expenses

42,595

35,467

146,980

119,168

NET INVESTMENT INCOME/(LOSS) BEFORE TAXES

40,640

35,365

146,672

118,523

Excise tax expense

714

781

2,595

2,678

NET INVESTMENT INCOME

39,926

34,584

144,077

115,845

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

Control investments

—

(310)

—

(4,226)

Affiliate investments

75

—

(18,964)

—

Non-Control / Non-Affiliate investments

(33,961)

9,597

(45,364)

(5,504)

Net realized gain/(loss) from investments

(33,886)

9,287

(64,328)

(9,730)

NET CHANGE IN UNREALIZED
APPRECIATION/(DEPRECIATION) FROM
INVESTMENTS:

Control investments

(2,949)

8,540

4,554

18,997

Affiliate investments

(1,385)

(304)

(3,538)

89

Non-Control / Non-Affiliate investments

37,755

(6,248)

54,839

(9,605)

Net change in unrealized appreciation/(depreciation) from
investments

33,421

1,988

55,855

9,481

NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS

$

39,461

$

45,859

$

135,604

$

115,596

NET INVESTMENT INCOME PER SHARE - BASIC

$

0.52

$

0.58

$

2.08

$

2.20

NET INVESTMENT INCOME PER SHARE - DILUTED

$

0.52

$

0.56

$

2.08

$

2.11

NET CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS PER SHARE - BASIC

$

0.51

$

0.77

$

1.96

$

2.19

NET CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS PER SHARE - DILUTED

$

0.51

$

0.74

$

1.96

$

2.10

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC

77,026,130

59,407,888

69,286,014

52,705,732

WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED

77,026,130

63,431,004

69,286,014

56,728,848

SOURCE Trinity Capital Inc.

Reddit (RDDT) remains a Buy despite a 20% pullback, with robust fundamentals and no structural AI threat undermining its human-first platform. RDDT's Q4 2025 revenue grew ~70% YoY, ARPU rose 42%, and EBITDA margins reached 45%, all exceeding guidance and supporting continued scale. AI is an opportunity, not a risk, for RDDT: data licensing, product enhancements, and ad optimization are driving incremental value and differentiation.

Sudbury, Ontario--(Newsfile Corp. - February 25, 2026) - Transition Metals Corp. (TSXV: XTM) ("Transition" or the "Company"), is pleased to announce that it will exhibit at the 2026 Prospectors & Developers Association of Canada ("PDAC") conference in Toronto, Ontario, from March 1-4, 2026.

Transition will showcase its' project portfolio and will be available to meet with investors, strategic partners, and industry participants throughout the convention. Attendees are invited to visit Transition in the Investors Exchange at Booth #2126 at the Metro Toronto Convention Centre.

Transition President & CEO Scott McLean commented: "PDAC is an important venue for building relationships and advancing business development initiatives. We are always interested in connecting with groups looking for high-quality Canadian exploration opportunities, and to discuss partnership structures that can advance projects while preserving shareholder leverage. We look forward to renewing our existing industry partnerships and developing new ones during PDAC."

The Transition Team (Figure 1) will be in attendance for the duration of the conference, including Scott McLean (CEO), Greg Collins (COO), Tom Hart (Chief Geologist), Ben Williams (Exploration Manager), Sarah Reese (Project Geologist), and Bill Stormont (Corporate Development). We encourage conference participants to stop by our booth to learn more about Transition and our board portfolio of projects.

Figure 1: Transition Metals Team to attend PDAC 2026

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2766/285249_dd8668ef043f9b73_001full.jpg

Explore our Project Portfolio

Transition Metals is a dynamic multi-commodity mineral exploration company. Known for our creative use of cutting-edge technologies, custom-built digital compilations, and rigorous fieldwork, our team has been successful identifying opportunities that may otherwise have remained undiscovered. The Company's portfolio encompasses over 23 projects and royalties, with multiple opportunities available for partnership, option, or acquisition (Figure 2, Table 1).

Figure 2: Map of Transition Metals' portfolio of projects and royalties within Canada

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2766/285249_transition_figure2_550.jpg

Meeting Requests

To arrange an in-person meeting at PDAC, please contact:

Bill Stormont
Corporate Development
Transition Metals Corp.
Email: [email protected]

Table 1: Select projects from Transition Metals' portfolio

CommodityProvinceNameCommentAuONGowgandaCamp Scale Gold System in the AbitibiPGMONSaturday NightPGE Mineralized Early-MCR IntrusionAu-Ag-CuYKPike WardenEmerging Epithermal / Porphyry SystemAuONJolly GoldCamp Scale Gold System in the WabigoonNi-Cu-PGMONMaude LakeLarge Intrusion Hosting High-Tenor Nickel SystemAuBCHomathkoDrill Ready High Grade Gold SystemAuNSHighland GoldDistrict Scale Gold SystemUNTDessert LakeDistrict Scale Unconformity Uranium ProspectAuONCrydermanHigh Grade Orogenic GoldCu & ZnSKWollastonDistrict Scale Sedimentary-hosted MineralizationNiONBancroftStructurally Modified Magmatic SulphidesCu-AuONIsland CopperBreccia Hosted Copper-Gold SystemNiONOwl LakeLarge Early-MCR IntrusionQualified Person

The technical elements of this news release have been approved by Mr. Benjamin Williams, P.Geo. (PGO), Exploration Manager of Transition Metals Corp., and a Qualified Person under National Instrument 43-101.

About Transition Metals Corp.

Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer. Its award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Joint venture partners earn an interest in the projects by funding a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder's equity dilution.

Further information is available at www.transitionmetalscorp.com or by contacting:

Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 667-6178

Cautionary Note on Forward-Looking Information

Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285249

Source: Transition Metals Corp.

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GoDaddy, the web hosting company and domain registrar, posted a mixed fourth-quarter earnings report. (AFP via Getty Images)

GoDaddy stock has fallen into a serious slump this year, sinking 26% against a 0.6% gain for the broader U.S. stock market. The web hosting company’s latest earnings report only added to that pain.

, /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI);("Scinai", or the "Company"), today announced that, following an additional review by the Israel Innovation Authority (IIA), its project to advance a robotic aseptic fill & finish platform has been approved for expanded support.

With this update, Scinai is now utilizing the full approved grant budget for the program, totaling NIS 5 million over two years, approximately 66% of which is non-dilutive funding.

The program supports the acquisition and validation of a fully automated, versatile robotic-arm aseptic fill & finish system designed to align with EU GMP Annex 1 standards. Validation of the system is targeted for completion in the third quarter of 2026.

The investment forms part of Scinai's broader strategy to expand and modernize its CDMO capabilities following the recent acquisition of Recipharm Israel Ltd. and the signing of a strategic commercial collaboration agreement with Recipharm. Together, the Jerusalem biologics facility and the newly acquired Yavne small-molecule site establish an integrated two-site development and manufacturing platform, while the Recipharm collaboration provides a defined pathway for clients to graduate from early clinical development to late-stage and commercial manufacturing within Recipharm's global network.

Robotic aseptic processing significantly reduces human intervention in sterile manufacturing, enhances reproducibility, and strengthens contamination control. The system is expected to expand Scinai's clinical manufacturing capabilities at its Jerusalem site and further reinforce its positioning as a technology-driven CDMO partner for emerging biotech companies.

"The expanded support from the Israel Innovation Authority strengthens our ability to invest in next-generation sterile manufacturing capabilities while maintaining disciplined capital allocation," said Amir Reichman, Chief Executive Officer of Scinai. "Following the Recipharm Israel acquisition and the launch of our commercial collaboration framework, we are focused on scaling our two-site CDMO platform and enhancing the technological depth of our biologics offering. Maximizing non-dilutive funding remains a core component of that strategy."

Elad Mark, Chief Operating Officer of Scinai, added: "The robotic aseptic fill and finish platform represents a significant step forward in our sterile manufacturing capabilities. Automated aseptic processing reduces operator intervention, enhances batch consistency, and strengthens contamination control in alignment with EU GMP Annex 1 requirements. This investment enhances our ability to support complex biologics programs and aligns with the broader expansion of our development and manufacturing footprint."

The Company is monitoring the anticipated launch of a potential new IIA program intended to support industrial CAPEX investments, which would be subject to approval of Israel's 2026 state budget and formal announcement by the Authority. Subject to the availability of such non-dilutive support, Scinai would evaluate opportunities to further enhance capabilities at its Yavne small-molecule site in alignment with its CDMO expansion strategy.

About Scinai Immunotherapeutics

Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) is a biopharmaceutical company operating a contract development and manufacturing organization (CDMO) alongside a focused immunology R&D pipeline.

The Company's wholly owned CDMO unit provides fee-for-service development and manufacturing solutions to biotech and pharmaceutical companies. It operates two sites in Israel: a biologics development and clinical manufacturing facility in Jerusalem and a small-molecule API development and GMP manufacturing site in Yavne.

The CDMO supports external clients from preclinical development through Phase I/II clinical supply, including biologics process development, analytical method development, sterile fill and finish, clinical cGMP manufacturing, and small-molecule API process development and optimization, analytical methods development and GMP production.

Through a strategic commercial collaboration agreement with Recipharm, Scinai offers clients a defined pathway from early clinical development to late-stage and commercial manufacturing within Recipharm's global network. This structure enables continuity of development, streamlined tech transfer, and reduced scale-up risk as programs advance.

The CDMO unit engages with early-stage and emerging biotech companies and mid-size pharmaceutical companies outsourcing early development programs.

In parallel, Scinai is advancing, through its R&D unit, a focused immunology pipeline, including PC111, a first-in-class anti-FasL monoclonal antibody targeting orphan dermatologic indications, and next-generation NanoAb-based programs in inflammation. The Company is seeking strategic partnerships, co-development agreements, and regional licensing opportunities to advance selected programs toward clinical validation.

Company website: www.scinai.com

Company Contacts

Investor Relations - Allele Capital Partners | +1 978 857 5075 | [email protected]
Business Development | +972 8 930 2529 | [email protected]

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements include statements regarding, among other things, the expected benefits of the Share Purchase Agreement and Commercial Collaboration Agreement with Recipharm, the anticipated expansion and scaling of the Company's CDMO platform, the expected validation and timing of the robotic aseptic fill and finish system, the anticipated benefits of robotic aseptic processing, potential future participation in Israel Innovation Authority programs, and the Company's strategic and capital allocation plans. Words such as "expects," "intends," "plans," "believes," "may," "will," "anticipates," "estimates," "targets," and similar expressions are intended to identify forward-looking statements.

These statements are based on current expectations and assumptions and are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation: the risk that the expected benefits of the Share Purchase Agreement and Commercial Collaboration Agreement will not be realized; the risk that the Company will not successfully integrate or expand its CDMO operations; delays or challenges in the validation or commercialization of the robotic aseptic fill and finish system and its resulting effect on Scinai's clinical manufacturing capabilities; failure to obtain, or delays in obtaining, grants or other non-dilutive funding, including under the EU STEP program or potential Israel Innovation Authority programs; lower than anticipated revenues from the CDMO business; failure to secure new client agreements; risks relating to the Company's ability to maintain compliance with Nasdaq continued listing requirements; risks associated with the Company's need for additional capital; risks related to research and development activities, including delays in or unsuccessful results from preclinical or clinical studies; regulatory risks; and general market and economic conditions.

More detailed information regarding these and other risks and uncertainties is included under the heading "Risk Factors" in the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on May 7, 2025, and in the Company's subsequent filings with the SEC.

Forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise.

Logo - https://mma.prnewswire.com/media/2310190/Scinai_Immunotherapeutics_Logo.jpg

SOURCE Scinai Immunotherapeutics Ltd.

, /PRNewswire/ -- In celebration of International Cochlear Implant Day, Cochlear North America is proud to announce the recipients of the 2026 Cochlear Academic Scholarships. This year, eight exceptional students, who are also recipients of the Cochlear™ Nucleus® System, Cochlear Baha® System, or Cochlear Osia® System, were selected for their academic excellence, leadership, and commitment to making a positive impact in their communities.

Cochlear North America 2026 Academic Scholarship Recipients "Each of our scholarship recipients has shown what's possible when passion and perseverance come together," Lisa Aubert, President, Cochlear North America said. "Their drive, their leadership, and the way they continue to lean into their goals is truly inspiring. We're honored to support them and can't wait to see the impact they'll make in the world."

Graeme Clark Scholarship Winners

Named in honor of Professor Graeme Clark, pioneer of the multi‑channel cochlear implant, the Graeme Clark Scholarship recognizes academically outstanding Cochlear Nucleus Implant recipients.

Fateha C. — University of Houston: Pursuing a degree in Computer Information Systems, Fateha is curious about how technology can make communication and opportunity more accessible. Through her involvement in STEM leadership, she hopes to one day become a professor and mentor who encourages more women to feel confident in tech spaces. Marley V.P. — Yale University: A leader in accessibility, advocacy, and multilingual communication, Marley will study Finance and Global Affairs with a mission to drive equitable economic policy and disability inclusion worldwide. Sadie P. — Oklahoma State University: Inspired by the science that made her hearing possible, Sadie plans to study Biochemistry/Molecular Biology to research and advance medical technologies that transform lives. Sofia O. — Dalhousie University: A lifelong cochlear implant user and advocate, Sofia is pursuing an MSc in Audiology with plans for a PhD. She is also a co-producer of Hear Here, a podcast from Archie's Cochlear Implant Lab at the Hospital for Sick Children in Toronto, that explores life with a cochlear implant. Sofia focuses her work on hearing-fatigue research and innovations that elevate quality of life for cochlear implant users worldwide. Viktor D. — Cornell University: A musician and engineering scholar, Viktor aims to study Materials Science or Biomedical Engineering to contribute to the next generation of hearing‑technology innovation. Anders Tjellström Scholarship Winners

Named for the co‑creator of the first bone conduction implant, this scholarship honors Baha® and Osia® System recipients who excel academically and demonstrate community leadership.

Kaitlin B. — University of California Irvine: Kaitlin, a bilateral Osia recipient, is pursuing Biomedical Engineering (Premedical) and hopes to design next‑generation hearing devices while becoming a physician who advocates for medically complex patients. Peyton S. — Utah State University: Living with Nager Syndrome, Peyton uses her Baha technology to thrive academically and creatively; she plans to become an interior designer specializing in pediatric medical spaces that promote comfort and inclusion. Cochlear North America Vocational Scholarship

Now in its fourth year, the scholarships include the Cochlear Americas Vocational Scholarship, for students attending technical, vocational or trade schools.

Lailoni C. — Franklin Hair Academy: Lailoni's recent cochlear implantation transformed her access to sound, giving her the confidence to pursue her dream of becoming an inclusive cosmetologist and future salon owner who serves both spoken‑language and ASL communities. About the Cochlear Academic Scholarships

Each student will receive $2,000 per year for up to four years toward an accredited college or university program, reflecting Cochlear's commitment to supporting access to education and enabling future innovators, leaders, and changemakers.

For more information about Cochlear's annual scholarship programs, visit our website here.

About Cochlear Limited (ASX: COH)

People have always been Cochlear's inspiration, ever since Professor Graeme Clark set out to create the first multi-channel cochlear implant after seeing his father struggle with hearing loss. Since 1981, Cochlear has helped more than 750,000 people of all ages in more than 180 countries to hear. As the global leader in implantable hearing solutions, Cochlear connects people with life's opportunities, and welcomes them to the world's largest hearing implant community.

Cochlear has a global workforce of more than 5,500 people, with a passion for progress, who strive to meet the needs of people living with hearing loss. The company continually innovates to anticipate future needs, investing more than AUD$3 billion to date in research and development to push the boundaries of technology and help more people hear.

SOURCE Cochlear North America

North Vancouver, British Columbia--(Newsfile Corp. - February 25, 2026) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company") is pleased to announce the appointment of Campbell Olsen as Chief Executive Officer and Director. Mr. Olsen has had a long career in investment and operational management in the mining industry.

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Privacy matters big time. The Enterprise Ethereum Alliance dropped news February 24th about forming a Privacy Working Group that’s pretty much designed to solve blockchain’s biggest enterprise headache – keeping business data locked down tight.

Companies want blockchain but can’t stomach the transparency part, and that’s been killing adoption rates across major industries. The EEA’s new group brings together heavy hitters like Applied Blockchain, Consensys, EY, Polygon, Kaleido, and ZKsync to tackle this mess head-on. These aren’t random players – they’re the folks actually building privacy tech that works. Consensys runs the Linea project that’s been pushing privacy features hard, while EY’s Nightfall protocol keeps making waves with transaction privacy capabilities that financial institutions actually want to use.

Not your typical working group.

Mo Jalil from the Ethereum Foundation didn’t mince words about the problem. “Privacy is a major hurdle for Ethereum’s enterprise adoption,” he said, and his team’s Privacy & Scaling Explorations unit is diving deep into the working group’s efforts. The Foundation’s Institutional Privacy Task Force has been grinding on interoperable privacy solutions that can work across different Ethereum network layers, and Jalil thinks collaboration beats competition when it comes to cracking these privacy challenges.

The working group’s mission is basically mapping out every privacy solution that makes sense for enterprises using Ethereum networks. Companies need to understand what’s available and how different approaches handle their regulatory headaches and operational requirements. Knowledge sharing becomes the name of the game here, because most institutions don’t have teams that can evaluate zero-knowledge proofs versus other privacy methods.

Redwan Meslem from the EEA put it this way: “We’re uniting ecosystem leaders for privacy innovation while maintaining Ethereum’s ethos.” The goal isn’t just throwing privacy features at the wall – it’s meeting enterprise confidentiality and compliance needs without breaking what makes Ethereum valuable in the first place.

They’re writing a publication too.

The document will give institutions a structured breakdown of privacy solutions available for Ethereum use, and the EEA plans updates every six months because this space moves fast. That’s aggressive timing, but privacy tech development has been accelerating like crazy, especially with zero-knowledge rollups gaining traction and Layer-2 solutions getting more sophisticated. For more details, see Pharos Network Launches Alliance to Standardize.

Kaleido’s involvement through its Paladin project adds enterprise-grade blockchain solutions that prioritize both privacy and scalability. The company has been working directly with financial institutions that want blockchain benefits without exposing sensitive transaction data. ZKsync brings zero-knowledge technology that enhances transaction confidentiality, which is becoming essential for secure enterprise operations that can’t afford data leaks.

The timing couldn’t be better for this initiative. Financial institutions are circling blockchain technology but keep hitting privacy walls that compliance teams won’t approve. February 24th marked a turning point where the EEA decided to stop waiting and start building coalitions that can actually solve these problems. Banks and insurance companies have been asking for Ethereum-based solutions, but robust privacy measures weren’t keeping pace with demand.

EY’s Nightfall protocol stands out as a key contributor because it allows private transactions on public networks – something businesses desperately need. According to EY, Nightfall lets companies maintain operational confidentiality while still using public blockchain infrastructure, and that capability is gaining serious traction among enterprises exploring blockchain integration. The protocol’s features will probably get major attention in the working group’s research and publication efforts.

Polygon’s participation adds crucial Layer-2 network expertise that’s becoming vital for enterprise blockchain deployment. Known for scalability solutions, Polygon brings knowledge about how Layer-2 networks can integrate with privacy technologies to meet enterprise requirements without sacrificing performance. The collaboration aims to explore whether Layer-2 solutions can handle both throughput and privacy demands that enterprises throw at them.

The Ethereum Foundation’s Privacy & Scaling Explorations team involvement signals this isn’t just another industry working group that produces white papers nobody reads. Jalil’s team has been developing open, interoperable privacy solutions designed for adoption across various Ethereum networks, and their work aligns perfectly with the EEA’s mission to drive enterprise adoption by tackling blockchain privacy challenges directly.

Organizations interested in joining the Privacy Working Group can reach out to the EEA, and the alliance is actively seeking participants who can contribute technical expertise or enterprise perspective. The collaborative approach aims to advance Ethereum’s role in business environments where privacy isn’t optional – it’s mandatory for regulatory compliance and competitive protection. For more details, see Salvium Gets Green Light for EU.

Applied Blockchain’s involvement brings additional technical depth to privacy solution development, particularly in areas where traditional privacy approaches haven’t worked for enterprise requirements. The company has been working on privacy-preserving technologies that can handle complex business workflows without exposing sensitive operational data to competitors or regulators who shouldn’t have access.

The EEA expects its first publication release later this year, serving as a practical guide for financial institutions and enterprises exploring Ethereum integration. The commitment to twice-yearly updates shows they understand how quickly blockchain privacy solutions evolve and how fast enterprise requirements change in response to regulatory shifts and competitive pressures.

Contact information remains available at [email protected] for organizations wanting more details about participation. The working group represents a major step toward making Ethereum viable for enterprise use cases that demand both blockchain benefits and privacy protection that compliance teams can actually approve.

The working group’s formation comes as regulatory frameworks worldwide are tightening around data protection and financial privacy. The EU’s Markets in Crypto-Assets (MiCA) regulation and similar legislation in other jurisdictions are creating compliance pressures that make privacy features essential rather than optional for enterprise blockchain deployment.

Major consulting firms like PwC and Deloitte have been advising clients to hold off on blockchain projects until privacy solutions mature enough to meet audit requirements. Their enterprise clients – particularly in banking, healthcare, and supply chain management – need blockchain’s transparency benefits for internal operations while maintaining confidentiality from external parties, creating a technical challenge that traditional privacy approaches haven’t adequately addressed.

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02/25 update below. This post was originally published on February 23

Bitcoin and crypto prices have struggled over the last six months, with the bitcoin price collapsing amid fears of global order “break down.”

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The bitcoin price has lost 50% of its $126,000 per bitcoin October peak, wiping $2 trillion from the combined crypto market, even as Tesla billionaire Elon Musk confirms a bitcoin and crypto price “game-changer.”

Now, as Goldman Sachs’ chief executive reveals a surprise bitcoin flip, legendary crypto trader Arthur Hayes has predicted a financial crisis worse than 2008 will catapult the bitcoin price to a record high.

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ForbesBitcoin Price Suddenly Braced For A ‘Massive Trigger’—Predicted To Open The Crypto ‘Flood Gates’ To TrillionsBy Billy Bambrough

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Federal Reserve chair Jerome Powell has been warned a financial crisis worse than 2008 will sent the bitcoin price sharply higher.

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"This AI financial crisis will restart the money printing machine," Hayes, a cofounder of the bitcoin and crypto derivatives pioneer BitMex who now runs the Maelstrom family office, wrote in a blog post, pointing to the 2023 regional U.S. banking crisis that “destroyed" three banks in just two weeks.

"This time it will be much worse, as the genesis of the crisis is the unstoppable nature of AI, a narrative the market believes and is terrified by."

02/25 update: JPMorgan chief executive Jamie Dimon has added his voice to a growing chorus of warnings that the economy could be teetering on the verge of a financial crisis to rival the 2008 market meltdown.

“There will be a cycle one day … I don’t know what confluence of events will cause that cycle. My anxiety is high over it,” Dimon said during a JPMorgan annual investor update in comments reported by CNBC. “I’m not assuaged by the fact that asset prices are high. In fact, I think that adds to the risk.”

Fears have grown in recent weeks that the artificial intelligence revolution and the sky-high levels of investment in the technology could negatively impact the wider economy, with the stock market and crypto prices already coming off their peaks.

“There’s always a surprise in a credit cycle,” Dimon said. “The surprise has often been which industry” is impacted the most. “You didn’t expect utilities and phone companies in ’08, ’09, and this time around, it might be software, because of AI.”

Meanwhile, the coming AI revolution could be both successful and disastrous, according to a widely shared vision of the future written by analysts with Citrini Research that imagined a 2028 future blighted by evaporating consumer spending, vanishing jobs and an economy that had been decimated by efficiency.

"AI got better and cheaper. Companies laid off workers, then used the savings to buy more AI capability, which let them lay off more workers. Displaced workers spent less. Companies that sell things to consumers sold fewer of them, weakened, and invested more in AI to protect margins. AI got better and cheaper," the researchers imagined, calling it "a feedback loop with no natural brake."

For all the doom and gloom, the essay ends on an optimistic note: "The negative feedback loops have not begun," the researchers wrote. "We are certain some of these scenarios won’t materialize. We’re equally certain that machine intelligence will continue to accelerate. The premium on human intelligence will narrow. As investors, we still have time to assess how much of our portfolios are built upon assumptions that won’t survive the decade. As a society, we still have time to be proactive."

Citrini’s analysts imagine that highly efficient AI agents will use crypto to find the most cost-effective options for the people they're working for, naming solana and ethereum layer twos as their likely choice.

"Agents went looking for faster and cheaper options than cards," the researchers wrote. “Most settled on using stablecoins via solana or ethereum L2s, where settlement was near-instant and the transaction cost was measured in fractions of a penny.”

Hayes predicted that the coming artificial intelligence boom will result in a white-collar jobs apocalypse that will plunge the U.S. economy into a deflationary spiral and spur the Federal Reserve into massive money printing, devaluing the U.S. dollar and sending the bitcoin price sharply higher.

“The Fed printed money for over a decade to repair the financial system in response to the 2008 global financial crisis. I expect a similar thrust higher in Fed monetary shenanigans in 2026 once ‌a wide swath of [non-too-big-to-fail banks] will go under if they don’t solve their internal political squabbles and print [that] money,” Hayes wrote, adding that “deflation is bad, but ultimately good for fiat credit-sensitive assets like bitcoin."

Hayes warning to the Fed comes as fears of impending financial doom swirl, pushing the closely-watched bitcoin fear and greed index to record lows.

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Forbes‘Hugely Important’—Bessent Issues ‘Surprise’ Warning That Could Be About To Trigger A Gold And Bitcoin Price ShockBy Billy Bambrough

The bitcoin price has fallen sharply since October, though many bullish bitcoin price watchers are predicting that bitcoin will soon soar.

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This month, billionaire hedge fund manager Ray Dalio warned recent geopolitical event are signs the world order is breaking down, piling pressure on the U.S. dollar.

“Sell out of all debt and buy gold because wars are financed by borrowing and printing money, which devalues debt and money, and because there is a justifiable reluctance to accept credit,” Dalio, who has repeatedly warned that the era of dollar dominance is coming to an end, wrote in his latest, viral X essay, predicting imminent conflict will result in the devaluation of the dollar.

While a weaker dollar has historically been a bullish signal for bitcoin, since early 2025 bitcoin has developed a positive correlation to the dollar, matching its rises and falls, it was noted by Coindesk.

One of longest mining capitulations nears end, signaling potential BTC price bottomHash Ribbon recovery and sub production pricing suggest the worst of the bitcoin drawdown may have passed. Feb 25, 2026, 11:25 a.m.

The worst of bitcoin’s 50% drawdown may already be behind us.

The Hash Ribbon indicator is close to signaling the end of a three month miner capitulation. One of the longest capitulations on record, according to Glassnode data.
The metric compares the 30 day and 60 day moving averages of hash rate and is based on the observation that bitcoin often bottoms when miners are under maximum financial stress. Capitulation occurs when mining revenue drops below operating costs, forcing less efficient miners to shut down machines and sell BTC reserves to fund electricity, debt, and overhead. That combination reduces hash rate and adds sustained sell pressure to the market.

STORY CONTINUES BELOW

A recovery signal is triggered when the 30 day hash rate moving average crosses back above the 60 day, indicating miners are returning online and network stress is easing and that moment is approaching. Historically, when this crossover aligns with improving price momentum, it has marked strong accumulation zones.

Since late November, when the metric first inverted, bitcoin has fallen from around $90,000 to a low near $60,000 in early February, before rebounding to roughly $65,000 as of press time.
Such major corrections are typical during miner stress events. Since 2011, there have been about 20 mining capitulations, most coinciding with local or major bottoms, including January 2015, December 2018 and December 2022.

Hash rate which is the total computational power securing the network is now rebounding, signaling renewed confidence among miners.
At the same time, bitcoin is now trading below its estimated average production cost of $66,000, a level often associated with deep value, according to checkonchain data. The last time this occurred was November 2022, when BTC bottomed near $15,500.

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Crypto rebounds from oversold levels, altcoin season indicator revisits January high

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Bitcoin rose as much as 3.7% overnight before paring gains, while altcoins outperformed and the altcoin season indicator hit its highest level since January.

What to know:

BTC climbed as much as 3.7% before trimming gains to remain 2.4% higher near $65,600, within its three-week range.SOL and ADA added 4.5%, while VIRTUAL, ETHFI and MORPHO posted advances of more than 10%, helping send the altcoin season metric back to its January high.The Relative Strength Index (RSI) bounced from oversold to neutral, hinting at consolidation. Equities edged higher, and silver’s 4% jump suggests speculative risk appetite.

Numo has released a hardware-free Android application that allows merchants to accept Bitcoin payments using a contactless “tap-to-pay” experience powered by the Cashu protocol. Launched on February 24, 2026, the Numo point-of-sale (POS) app transforms any NFC-enabled Android device into a payment terminal.

Three XRP yield providers are nearing launch directly within the Xaman Wallet interface, which could materially expand the asset’s utility for holders.

Xaman founder Wietse Wind disclosed that the products will be accessible from the wallet home screen and will display deployed capital within the native asset list, streamlining participation in yield strategies without requiring external platforms. Wietse asked the community which provider would go live first and which users preferred, signaling imminent rollout.

The announcement prompted questions around liquidity risk, including concerns about a potential supply shock that could impair redemptions back into XRP.

To this, the Xaman founder responded that such mechanics depend on each provider’s structure and encouraged users to submit in-app support tickets so consolidated answers can be obtained directly from the yield platforms.

Meanwhile, broader infrastructure around XRP yield generation is expanding. Networks such as Flare and Axelar have introduced mechanisms that enable XRP holders to access defi activity across chains.

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Furthermore, SBI Ripple Asia has partnered with Doppler Finance to explore XRP yield products and tokenization on the XRP Ledger.

Community figure WrathofKahneman described the initiative as an effort to build institutional-grade yield infrastructure and broaden the use cases for tokenized real-world assets, raising the possibility of yield integration at the SBI parent level.

At the time of writing, XRP is up 3.41% over 24 hours to $1.37. The token underperformed the market’s pullback, driven by risk-off sentiment rather than coin-specific catalysts, and analysts cite $1.30 as the next major technical support level.

While derivatives positioning points to heavy bearish trends, extreme negative sentiment sometimes precedes counter-trend bounces. Market watchers are looking for longer-term regulatory clarity in the SEC case and growth in the payment utility, which could trigger institutional re-engagement.

TL;DR

Bitcoin rebound: BTC recovered from a $62,500 low to around $65K, gaining more than 3% as buyers stepped in after futures‑driven volatility and tariff‑related uncertainty. Altcoin strength: ETH at $1,900, XRP at $1.37, BNB at $602, and SOL at $82 highlight broad market recovery, with SOL and XMR leading larger‑cap gains and KITE jumping 20%. Jane Street debate: Rumors of halted algorithmic selling tied to legal action against Jane Street fueled the discussion, though the firm rejected the claims.
Bitcoin’s market narrative shifted sharply after days of sliding to $62,500, with the asset rebounding toward $66,500 before cooling. The recovery coincided with renewed debate over whether institutional algorithmic flows, particularly those linked to Jane Street, had influenced recent volatility. Updated price data shows BTC trading around $65K, up more than 3%, as traders reassess both macro pressures and the legal noise surrounding alleged coordinated selling.

Bitcoin Rebounds After Sharp Multi‑Day Decline The week opened with Bitcoin struggling to reclaim momentum after repeated rejections near $70,000 and a swift drop to $66,000. A brief weekend recovery above $68,000 faded once tariff‑related uncertainty resurfaced, followed by a rapid plunge below $64,500 when futures markets opened. Bears pressed further, driving BTC to a three‑week low of $62,500 before buyers stepped in. With BTC now near $65K, the asset has regained the $1.3 trillion market cap level and strengthened its dominance above 56%.

Altcoins mirrored bitcoin’s turbulence but have since bounced. ETH trades around $1,900, nearly 5% higher, while XRP has reclaimed $1.37 with a gain of more than 3%. BNB has climbed to $602, up more than 2%. SOL and XMR lead the larger‑cap rebound, with SOL at $82 after nearly 8% growth and XMR above $335. Broader market strength lifted TRX, DOGE, BCH, ADA, and HYPE, while KITE surged 20% to enter the top 100.

Speculation Builds Around Jane Street’s Alleged Algorithmic Selling Market chatter intensified after a theory circulated claiming Jane Street had been executing daily 10am Eastern algorithmic BTC sales, contributing to months of downside. The firm, now facing legal action from Terraform Labs, has been accused of market manipulation affecting the crypto market since 2022. Jane Street dismissed the claims as baseless, while some analysts argued the theory oversimplified market dynamics.

The Terraform Labs complaint referenced manipulation during bitcoin’s 2022 bear‑market bottom at $15,600, adding fuel to speculation. Some traders suggested that if Jane Street paused its strategy amid legal proceedings, the market may have adjusted higher. Others remained skeptical, noting that price action still aligned with macro catalysts and liquidity shifts.

Bitcoin adoption by institutions, banks, companies, and governments reached record levels in 2025, even as the asset’s price dropped 50% from its all-time high in October, according to the financial company River Report (published February 24).

No Bear Market in AdoptionAccording to River analysts, while Bitcoin’s price has fallen significantly, adoption among institutions and users continues to rise, indicating that market prices may not fully reflect its growing usage.

Institutional investors, including businesses, governments, funds, and ETFs, collectively purchased 829,000 BTC in 2025. Registered investment advisers increased Bitcoin positions for eight consecutive quarters, investing around $1.5 billion in Bitcoin ETFs quarterly over the past two years.

River highlights that millions of private investors gained access to Bitcoin through brokerage accounts, pension plans, sovereign wealth funds, and corporate balance sheets. Companies became the largest buyers in 2025, with crypto-corporate entities accounting for most transactions, growing 2.5-fold over the year.

Simultaneously, 60% of the largest US banks began developing Bitcoin-based products. "Thanks to the favorable regulatory environment in the US, banks can now store Bitcoin and offer Bitcoin products to their customers," the report notes.

Payments and Trade TurnoverThe number of American merchants accepting Bitcoin grew significantly. Bitcoin payments tripled, while global Bitcoin usage in payments increased by 74%. Lightning Network transaction volume surged 300%, with River estimating that the network now processes over $1.1 billion per month.

State Players Join Bitcoin AdoptionFor the first time in 2025, Bitcoin appeared in the reserves of five countries, including Luxembourg, Saudi Arabia, the Czech Republic, Brazil, and Taiwan. River estimates that a total of 23 countries now hold Bitcoin through state mining, confiscations, or central bank deposits.

Declining Volatility

One key finding from River’s report is the decline in Bitcoin volatility to levels comparable with gold and the S&P 500. Analysts believe this indicates Bitcoin is being seen as a more mature asset. "As volatility declines, the barrier to entry for more conservative investors also decreases," the report states. "Over time, this opens access to larger pools of capital."

Looking Ahead

Bitcoin adoption in 2025 expanded across institutional savings, corporate balance sheets, government reserves, banking products, and payment infrastructure. River predicts this growth will continue and accelerate in the coming years. Historical patterns show that adoption and price often move on different timelines, as observed after the 2018 crash and the 2022 FTX collapse.

Metcalfe’s Law and Future Potential

Metcalfe’s Law suggests that a network’s value is proportional to the square of its users. If River’s adoption data is correct, Bitcoin’s potential value is building rapidly, leaving the question of when and under what macroeconomic conditions this will reflect in its price.

Bitcoin is holding around $65,000, as Bitcoin ETFs saw $257.7 million in net inflows on Tuesday, while Ethereum ETFs reported $9.2 million in net inflows. Cryptocurrency Ticker Price Bitcoin (CRYPTO: BTC) $65,360.41 Ethereum (CRYPTO: ETH) $1,920.21 Solana (CRYPTO: SOL) $82.84 XRP (CRYPTO: XRP) $1.37 Dogecoin (CRYPTO: DOGE) $0.09402 Shiba Inu (CRYPTO: SHIB) $0.056007 The meme coin sector rose 1.7% to $33.7 billion, mirroring broader strength across risk assets.