Track market-moving stories before they get noisy

After Palantir Technologies (PLTR -0.17%) delivered an impressive second-quarter earnings report last week, the stock market rewarded its success with a big share price move. Palantir stock is up more than 35% over the last week, and its market cap has grown by more than $115 billion since July 31.

Those gains have analysts from Citi, Northland Securities, Mizuho Securities, and more upping their price targets, and some project that the data analytics company's shares could rise by nearly 50% over the next year. But Cathie Wood, founder and CEO of Ark Investment Management, isn't waiting around. Her asset management firm's family of exchange-traded funds (ETFs) have sold $21 million worth of Palantir stock since the company's Aug. 3 earnings report.

Why is Wood taking profits now? I believe it says a lot about her overall strategy.

Ark Invest CEO Cathie Wood. Image source: Getty Images.

Taking profits Wood began moving shares the day after the earnings report that wowed the market. Palantir's shares had jumped by 29% in a single day, so Wood's decision to take profits was well-timed.

Five of her ETFs sold off just over $21 million in Palantir stock over three days.

Fund

Market Value of Shares Sold Aug. 4, 2026

Market Value of Shares Sold Aug. 5, 2026

Market Value of Shares Sold Aug. 6, 2026

Total Market Value of Shares Sold Aug. 4-6

Ark Innovation Fund

$4.8 million

$6.1 million

$583,200

$11.48 million

Ark Next Generation Internet ETF

N/A

$1.6 million

$2.9 million

$4.50 million

Ark Autonomous Technology & Robotics ETF

N/A

$2.7 million

$191,700

$2.89 million

Ark Blockchain & Fintech Innovation ETF

$1.2 million

$200,700

N/A

$1.4 million

Ark Space & Defense Innovation ETF

N/A

$747,700

$79,200

$826,900

Data source: cathiesark.com. 

While that's a lot of shares, it was only a small percentage of the amount of Palantir stock in Wood's ETFs. Ark still holds $451 million in Palantir stock, making it the fifth-largest holding in her portfolio. The stock makes up 3.5% of Ark Invest's holdings.

Buying and selling is par for the course at Ark Ark's portfolios are actively managed, and Wood moves in and out of positions all the time. (She made more than 50 trades on Aug. 6 alone). Wood is known for her focus on companies pursuing disruptive innovation, primarily in technology, medicine, and finance, and her ETF's portfolios include many companies working in artificial intelligence, cloud computing, robotics, blockchain, and space exploration.

She also often rebalances her portfolios by trimming outsize positions. While Palantir isn't a megacap stock, it posted mammoth gains over the last week, making it a good candidate for trimming.

And thanks to the 25% one-day gain following Palantir's earnings report, Wood was able to take sizable profits that she could redeploy toward other opportunities that she believes are undervalued. Among the numerous stock purchases Ark made last week were Space Exploration Technologies, Cerebras Systems, Block, and Coinbase Global.

However, I think Palantir has much more short-term and long-term potential than any of those companies. SpaceX is one of Wood's favored holdings right now, with the second-greatest weighting in her company's ETFs. But shares of Elon Musk's company will likely be highly volatile as it invests heavily in data centers and AI infrastructure to build out its fledgling business.

I would much rather keep my money in Palantir and its highly successful AI-powered software platform, which the market is cheering for right now.

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Palantir's disruptive AI is changing how companies work There are few companies as disruptive as Palantir, which is teaching its customers how to best incorporate AI into their systems to make them more productive. Palantir's ontology system creates a digital twin of a client's operations for its AI to review, analyze, and recommend improvements.

"I think strategically what's really interesting to watch ... was they're not only helping their customers modernize their data, but they're actually helping customers kind of optimize and choose the best model," Tyler Radke, a senior equity analyst at Citi, said in an interview on BNN Bloomberg last week.

Palantir closed $3.37 billion in total contract value in the second quarter alone, signing 220 million-dollar deals, with 73 of those valued at least $10 million. That helps explain how its U.S. commercial revenue grew 149% in the second quarter, marking the fourth consecutive quarter of more than 100% revenue growth for that segment of the business.

Wood's philosophy works for her. But Palantir still has a long road ahead, and I think she's leaving money on the table by selling the stock now.

As U.S. Debt Surpasses GDP, These 2 ETFs Are Emerging Winners in the “Sell America” TradeTencent Music Entertainment Group NYSE: TME reported second-quarter 2026 revenue of RMB 8.9 billion, up 6% from a year earlier, as growth in music-related services and the consolidation of Ximalaya offset pressure in advertising. Net profit attributable to equity holders rose to RMB 2.5 billion from RMB 2.4 billion in the prior-year period.

Chief Financial Officer Shirley Hu said music-related services revenue increased 11% year over year, supported by membership services and offline performance-related offerings. Membership revenue reached RMB 4.8 billion, up 8% from a year earlier, while Ximalaya contributed about RMB 400 million to total revenue during the quarter.

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The "Spotify of China" Just Got a Whole Lot CheaperThe company reported diluted earnings per ADS of RMB 1.57. Adjusted EBITDA rose 5% year over year to RMB 3.3 billion, while non-GAAP net profit attributable to equity holders increased 4% to RMB 2.7 billion.

Music IP and offline services drive growth Executive Chairman Cussion Pang said marketing and consumption services continued to expand through concerts, merchandise and other IP-driven experiences. The company said IP-related consumption services, especially live events and artist merchandise, recorded strong double-digit year-over-year growth during the quarter.

These 3 Stocks Just Rewarded Investors With Big Dividend BumpsTencent Music cited concerts and artist-development initiatives involving rapper Zhou Yan, singer Tia Ray and actor and singer Steven Zhang. Pang said the opening show of Zhou Yan’s stadium tour in Xi’an drew more than 30,000 fans, while Tia Ray’s tour concluded with two sold-out arena shows in Hangzhou.

The company also highlighted the expansion of its TIMA concert brand, which moved to Kai Tak Sports Stadium in Hong Kong in its second year. Tencent Music said it increased audience capacity by more than three times from the prior year.

Hu said offline performance-related services generated robust results, including concerts for strategically collaborating artists Silence Wang and Sam Fish. Digital album sales also performed solidly, she said, led by the release of Jeff Chang’s album, Children of the Sun.

Pang said Tencent Music is expanding partnerships beyond music licensing into content co-creation, physical products and offline experiences. The company recently deepened its partnership with Three Music Group and invested in The Black Label to support artist promotion and merchandise development.

Ximalaya broadens audio strategy Management described the addition of Ximalaya as a key expansion of Tencent Music’s content and platform strategy. The company said the audio platform adds audiobooks, podcasts, online novels, history, children’s content and educational programming, creating more listening occasions and potentially increasing user engagement.

Pang said nine of Ximalaya’s top 10 new online-novel titles this year were produced in-house, which he said demonstrates the platform’s original-content capabilities and offers better economics from owned hits.

Chief Executive Officer Ross Liang said Tencent Music has begun adding premium audio content to its SVIP membership offering. Over time, the company also sees opportunities to improve advertising efficiency through shared technology and infrastructure following the Ximalaya consolidation.

During the question-and-answer session, Liang said Ximalaya brings a user base that includes white-collar and female users in China’s Tier 1 and Tier 2 cities. He also pointed to opportunities to deepen ties with China Literature for audiobook adaptations and with Tencent Video for audio versions of popular video programming.

Advertising faces headwinds; margins expected to ease Hu said the advertising business, particularly its ad-supported model, is facing headwinds amid a challenging macroeconomic environment and competitive market. The company is seeking to improve advertising exposure, entry rates and effective cost per mille, or eCPM, while introducing more interactive products and expanding distribution through Tencent’s ecosystem.

Gross margin was 44.2% in the second quarter, compared with 44.4% a year earlier. Hu said changes in revenue mix affected the result as offline performance-related services became a larger part of revenue. She added that Ximalaya had a favorable impact on gross margin in the quarter after accounting for intangible-asset amortization recorded in purchase accounting.

Operating expenses totaled RMB 1.3 billion, or 14.5% of revenue, compared with 13.7% a year earlier. Hu said the company reduced channel spending and shifted toward higher-return projects, while relying more heavily on collaborations across the Tencent ecosystem, including WeChat video accounts, WeChat Pay, Tencent Video and Tencent Games.

For the second half, Hu said Tencent Music expects gross margin to decline slightly year over year. She said sales expenses and operating expenses are expected to rise modestly for the full year, net margin is expected to decrease slightly, and EBITDA is expected to edge higher.

SVIP, AI and shareholder returns remain priorities Liang said the company is working to protect and expand its higher-value SVIP user base through premium music, audio content, digital albums, merchandise, photo cards, NFC cards and gaming-related member benefits. He said casual and light users have been more affected by competitive conditions than high-value users.

Tencent Music also continued to introduce AI-based discovery tools, including upgraded AI agents on QQ Music and Kugou that can generate personalized playlists. Liang said the integration with Weixin’s Xiaowei AI agent remains in testing, but users are already using it to create playlists, share songs and stream music through voice or text commands.

Management said AI is primarily intended to improve engagement, activity and efficiency, though Liang said the company has also generated commercial returns from AI music-generation functions in its apps.

As of June 30, Tencent Music had RMB 44.2 billion in combined cash equivalents, term deposits and short-term investments, up from RMB 41 billion at March 31. Under its repurchase program, the company bought back 43.5 million ADSs for $400 million during the second quarter. Pang said Tencent Music remains on track to complete its existing $1 billion shareholder-return program and is preparing for another round of repurchases.

About Tencent Music Entertainment Group (NYSE:TME)Tencent Music Entertainment Group NYSE: TME is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent's music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.

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CeDeFi trading platform Grvt has partnered with Ondo Finance to build a position of up to $100 million in the tokenization firm’s yield-bearing USDY product over the next 12 months.

Summary

Grvt plans to build a $100 million position in Ondo Finance’s USDY token over the next 12 months. USDY returns will feed into Grvt Earn’s base rate, allowing users to access the yield without buying or managing the token directly. At USDY’s current APY of about 3.5%, a fully deployed $100 million position would generate roughly $3.5 million in annualized gross yield. The planned allocation would equal about 4.6% of USDY’s current $2.14 billion in assets under management. According to Grvt, USDY will be integrated into Grvt Earn, where the tokenized Treasury product will become another source of returns behind the platform’s existing base yield rather than an asset users need to buy or manage directly.

Under the arrangement, Grvt will hold and manage USDY on its own balance sheet, while income generated by the position will feed into the single base rate offered through Grvt Earn. The structure is designed to give users access to returns from several sources through one balance.

USDY is a tokenized secured note issued by Ondo Finance and backed primarily by short-term U.S. Treasurys, shares in Treasury-focused exchange-traded funds and bank deposits. Data cited in the announcement puts USDY’s assets under management at about $2.14 billion, with approximately 15,626 holders.

At that size, a fully deployed $100 million Grvt position would account for about 4.6% of USDY’s current assets under management. With USDY currently offering an annual percentage yield of roughly 3.5%, the allocation could produce around $3.5 million in annualized gross yield if the full amount is deployed and the rate remains at that level.

USDY accrues yield daily, and Grvt plans to combine the returns with other income already supporting Grvt Earn. Existing sources include revenue generated by the trading platform and lending activity through Aave.

Grvt CEO Hong Yea said the company designed Grvt Earn so customers could keep their capital earning returns without managing the infrastructure behind individual yield sources.

“We built Grvt Earn so users can keep their capital productive without having to manage the financial plumbing underneath it,” Yea said. “Together, we are creating a model where one balance can draw from multiple financial markets while remaining ready to trade.”

Rather than distributing USDY directly to Earn users, Grvt will manage the token on its balance sheet and incorporate the resulting returns into the product’s base rate. Users can therefore retain a single balance on the platform while Grvt handles the underlying allocation.

Yea said Ondo provides Grvt with access to the U.S. Treasury market through a tokenized product and linked the planned allocation size to the company’s expectations for using such assets in onchain financial services.

“Our target of building a USDY position toward $100 million reflects the scale at which we believe tokenized assets can support everyday onchain financial products,” he said.

Ondo Finance has expanded Treasury products onchain The agreement adds another distribution channel for Ondo Finance, which has built several products that bring traditional securities onto blockchain networks.

USDY has previously been introduced into other decentralized finance markets. In February 2025, crypto.news reported on a campaign between Ondo and NAVI Protocol on Sui that used USDY as part of a liquidity incentive program. Participants could supply liquidity and qualify for rewards distributed in NAVX and USDY.

Ondo also operates OUSG, its tokenized short-term U.S. government Treasury product. Unlike USDY, which is structured as a yield-bearing secured note, OUSG provides qualified investors with tokenized exposure to short-duration U.S. government securities.

In May, an institutional settlement test involving JPMorgan, Mastercard, Ripple and Ondo used OUSG for a cross-border redemption on the XRP Ledger. The test moved the tokenized Treasury asset through blockchain infrastructure while JPMorgan’s Kinexys network handled the dollar payment to Ripple’s bank account in Singapore.

Ondo had previously expanded OUSG to the XRP Ledger in June 2025, allowing qualified purchasers to mint and redeem the product around the clock using Ripple’s RLUSD stablecoin for settlement. At the time, OUSG had more than $670 million in total value locked across supported networks.

The company has since expanded beyond Treasury products. In June, Ondo brought a group of tokenized U.S. stocks and ETFs to Hyperliquid’s HyperEVM, initially supporting 35 securities including SPY, QQQ, Nvidia, Tesla, Alphabet and Netflix. Its Ondo Global Markets platform had accumulated more than $970 million in total value locked and nearly $18 billion in cumulative trading volume at the time.

Tokenized Treasurys have become a major RWA segment Grvt’s planned USDY allocation comes as U.S. government debt has become one of the largest categories in the tokenized real-world asset market.

As previously covered by crypto.news, the value of tokenized real-world assets excluding stablecoins reached roughly $31 billion to $34 billion by May 2026, compared with about $5.4 billion at the start of 2025. Tokenized U.S. Treasurys accounted for approximately $15 billion, while Ethereum hosted about 60% of tokenized RWA value.

Several large financial firms now operate products in the segment. BlackRock’s BUIDL is a tokenized money market fund distributed through Securitize, while Franklin Templeton’s BENJI represents shares in its OnChain U.S. Government Money Fund.

Franklin Templeton has also continued adding distribution routes for BENJI. In May, Kraken parent Payward agreed to integrate the product into its platform for collateral and cash-management uses, allowing eligible clients to put idle dollar balances into an onchain yield product.

A month later, Franklin Templeton added BENJI to MoonPay Trade, enabling institutional customers to exchange stablecoins including USDC and USDT for the tokenized fund through MoonPay’s onchain trading infrastructure.

Grvt expands after $19 million funding round For Grvt, the Ondo deal follows a capital raise that gave the platform additional funding to develop its hybrid trading infrastructure.

In September 2025, Grvt raised $19 million in a Series A round for its zero-knowledge-powered decentralized exchange. The platform operates on ZKsync and combines elements of centralized trading infrastructure with onchain settlement and self-custody.

Grvt has positioned its architecture around privacy, security, and scalability for onchain financial markets. The September financing followed the development of its exchange infrastructure and was intended to support continued expansion of the platform.

More recently, Grvt released its own token as it continued building products around its trading and yield services. Grvt Earn now sits alongside that exchange infrastructure, with platform revenue and Aave lending already supplying parts of its yield before the planned USDY allocation is fully deployed.

Key Takeaways BEN's AUM reached a record $1.79 trillion as of June 30, 2026, up 11.2% y/y.Alternative AUM hits a record $294.2 billion, driven by private markets fundraising.BEN's 250 Digital acquisition and Franklin Crypto launch expand its digital-asset capabilities. Driven by strong inflows across asset classes and continued expansion into alternatives and private markets, Franklin Resources, Inc. (BEN - Free Report) has been witnessing steady growth in its assets under management (AUM). Over the last five fiscal years (2021-2025), AUM recorded a compound annual growth rate (CAGR) of 3.1%, despite declines in fiscal 2022 and 2025. The growth trend continued in the first nine months of fiscal 2026, with AUM reaching a record $1.79 trillion as of June 30, 2026, up 11.2% year over year.

AUM Growth Trend
Image Source: Franklin Resources, Inc.

A key strength for Franklin is its diversified AUM mix across traditional and alternative asset classes. The company’s alternative AUM reached a record $294.2 billion in the third quarter of fiscal 2026, driven by strong fundraising momentum in private markets and greater exposure to higher-growth asset classes. The acquisition of Apera Asset Management further strengthened its alternative credit capabilities, lifting alternative credit AUM above $90 billion and total alternatives AUM to about $270 billion in 2025.

Beyond alternatives and private markets, digital assets have emerged as a new growth area for Franklin, with AUM reaching $3.2 billion in the third quarter of fiscal 2026. In June 2026, the acquisition of 250 Digital and the launch of Franklin Crypto expanded its institutional trading, separately managed account and tokenization capabilities. Further, partnerships with MoonPay in June 2026 and Payward in May 2026 broadened access to tokenized money market funds and institutional digital-asset services. These initiatives are expected to provide additional avenues for AUM growth while further diversifying the company’s asset base.

The upward trend in AUM continued in July, with Franklin reporting preliminary AUM of $1.80 trillion as of July 31, 2026, up from $1.79 trillion at the end of June. The increase was driven by $6 billion in long-term net inflows and favorable market conditions. Continued AUM growth reflects sustained client demand and momentum across Franklin’s diversified investment platforms.

Private credit concerns may moderately slow Franklin’s near-term AUM growth amid investor concerns around liquidity, valuations and credit quality. Nevertheless, the company’s diversified asset mix, strong private markets fundraising, strategic acquisitions and expanding digital-asset capabilities are expected to drive further AUM growth.

AUM Performance of Franklin’s PeersT. Rowe Price Group, Inc. (TROW - Free Report) has witnessed steady AUM growth, supported by its diversified asset mix. AUM recorded a 6.5% CAGR during 2020-2025, with the growth trend continuing in the first half of 2026.

TROW’s growth was driven by market appreciation and strength in multi-asset and fixed-income products, despite continued equity outflows.

Similarly, Lazard, Inc. (LAZ - Free Report) has witnessed steady AUM growth, with a 2.8% CAGR during 2016-2025. Growth continued in the first half of 2026, supported by positive net flows that marked its best first-half inflow performance in nearly 20 years.

LAZ also expanded its private market capabilities through strategic acquisitions, with its Elaia Partners stake adding $1 billion to AUM in the second quarter of 2026.

BEN Price Performance & Zacks RankThe company’s shares have gained 23.8% in the past six months compared with the industry’s 3.6% rise.

Price Performance
Image Source: Zacks Investment Research

Currently, the company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Western Digital's Q4 revenues rose 44% as strong storage demand fueled top-line growth. WDC expects Q1 FY27 revenues of $4.1B and gross margins of 55%-56%, signaling continued momentum.Strong cash flow and margin expansion could support WDC's earnings growth and further share-price upside. With the rise of artificial intelligence (AI), NVIDIA Corporation (NVDA - Free Report) has emerged as a prime beneficiary, with its shares soaring and helping the company surpass a $5-trillion market capitalization. The rally has been fueled by incessant demand for NVIDIA’s advanced chips and CUDA software platform.  

Given NVIDIA’s remarkable AI-driven growth, investors would be tempted to buy the stock. However, NVIDIA’s gains have been subdued this year, up only 16.7%. Even though the broader tech sector has remained resilient, investors are increasingly concerned about a potential slowdown in AI spending and its impact on NVIDIA’s earnings, which have so far remained phenomenal.  

Tighter restrictions on chip exports to China and stiff competition could also weigh on NVIDIA’s growth trajectory. Against this not-so-encouraging backdrop, investors should consider other beneficiaries in the AI ecosystem, such as Western Digital Corporation (WDC - Free Report) , whose shares have surged 154.5% this year and have further room to scale upward.  

Western Digital continues to benefit from AI-driven demand for high-capacity data storage. Let’s explore in detail why Western Digital could be a smart buy now –  

WDC’s AI Tailwinds and Earnings Growth Create Further Upside Western Digital recently reported revenues of $3.75 billion in the fiscal fourth quarter of 2026, up 44% from a year ago, according to the company’s press release. The company’s top-line growth isn’t due to cost-cutting or acquisitions; it is primarily driven by strong demand for storage products.  

Further, the company expects revenues of $4.1 billion for the first quarter of fiscal 2027, plus or minus $100 million. At the midpoint, this would represent 42-49% year-over-year growth, indicating that revenue growth is expected to carry into fiscal 2027, and the robust performance reported last quarter wasn’t just a temporary surge. 

As storage continues to become a strong component of the AI infrastructure buildout, Western Digital is poised to gain further. The company is therefore forecasting a healthy non-GAAP gross margin of 55-56% for the fiscal first quarter of 2027, up from 54.4% reported in the fiscal fourth quarter of 2026. 

Further, margin expansion, along with strong revenue growth, could enhance Western Digital’s operating leverage, translating into faster growth in operating income and earnings. The company has generated a strong free cash flow of $1.28 billion in the fiscal fourth quarter of 2026, providing the company greater financial flexibility to reinvest in research and development, strengthen the balance sheet, and fund growth initiatives. 

Hence, strong revenue growth, margin expansion and robust cash flow are expected to continue to boost Western Digital’s earnings growth and support further upside in its share price. Brokers also see greater upside potential in Western Digital. 

The average short-term price target for WDC stock is $664.77, representing a 53.1% upside from its last closing price of $434.30. The highest price target stands at $1,050, suggesting a potential upside of 141.8%.

 

Image Source: Zacks Investment Research

Therefore, it’s prudent for investors to place bets on Western Digital at the current levels to capitalize on its upside potential. Consequently, the company’s expected earnings growth rate for the current year is 84.4%. The Zacks Consensus Estimate of $18.85 for WDC’s earnings per share is up 165.1% year over year.

 

Image Source: Zacks Investment Research

Western Digital currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.

Key Takeaways HOOD to launch zero-fee UK crypto trading with access to more than 50 digital assets. Robinhood adds AI-powered Cortex Digests for Crypto to deepen engagement and explain market moves. HOOD's crypto transaction-based revenues declined 43.2% y/y to $234 million in the first six months of 2026. Shares of Robinhood Markets Inc. (HOOD - Free Report) gained 1.32% after it announced expanding its cryptocurrency trading business in the United Kingdom. The company is set to roll out zero-fee crypto trading to eligible UK customers later this week, strengthening its international footprint while broadening its all-in-one investment platform.

HOOD Expands UK Crypto Offering With AI-Powered InsightsThrough Bitstamp UK, Robinhood will allow eligible UK customers to trade more than 50 digital assets through its app alongside stocks, Stocks & Shares ISAs, equities, options and futures. The offering includes Bitcoin, Ethereum, XRP and Hyperliquid, with zero trading fees and no account maintenance or custody charges. The low-cost model is expected to help the company attract customers and increase platform engagement.

Robinhood is also introducing Cortex Digests for Crypto, an AI-powered tool that analyzes breaking news, market data, technical indicators, and proprietary insights to explain crypto price movements. The feature will likely improve user engagement and strengthen the company’s AI-driven investment platform. As of June 30, 2026, funded customers rose 7% year over year to 28.4 million, providing a growing base for the strategy.

Crypto Weakness Highlights Growth OpportunityThe expansion comes as Robinhood’s crypto business faces pressure. Crypto transaction-based revenues declined 43.2% year over year to $234 million in the first six months of 2026, compared with $412 million in the year-ago period, reflecting weaker cryptocurrency trading activity. Crypto notional trading volume increased 30.9% year over year to $106 billion in the first six months of 2026 from $81 billion in the year-ago period. The UK launch is expected to help expand HOOD’s digital assets customer base, with the zero-fee model making customer adoption, trading volumes, and cross-selling key to its financial performance.

Despite weakness in crypto, Robinhood’s transaction-based revenues totaled $1.19 billion for the first six months of 2026, driven by strong activity in equities, options, and event contracts. This highlights the benefit of HOOD’s increasingly diversified revenue base.

Robinhood Strengthens Global Crypto EcosystemRobinhood is expanding its onchain presence through Robinhood Chain, a Layer 2 blockchain built on Arbitrum. Since its July 1 global launch, the network has generated more than $18 billion in DEX trading volume and surpassed $840 million in total value locked, supporting HOOD’s efforts to build a broader digital-asset ecosystem beyond traditional crypto trading.

The UK launch complements this strategy as HOOD expands its broader platform. As of June 30, 2026, total platform assets rose 32% year over year to $369 billion, while Gold subscribers increased 39% to 4.84 million. Growing asset and subscription customer bases provide additional opportunities to introduce products and increase wallet share.

Our View on RobinhoodRobinhood’s UK crypto launch strengthens its international footprint and expands its all-in-one investment offering. The initiative will likely help offset and expand crypto business while complementing HOOD’s broader onchain strategy. Strong overall business growth provides a foundation for expansion, although its success will depend on customer adoption and trading volumes, with regulatory and competitive pressures remaining key risks.

Over the past six months, Robinhood shares have soared 32.9%, significantly outperforming the industry’s 16.4% growth.

Image Source: Zacks Investment Research

Currently, Robinhood carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Similar Moves Highlight Growing Digital-Asset AdoptionLike HOOD, Wells Fargo (WFC - Free Report) and The Bank of New York Mellon (BNY - Free Report) are expanding beyond traditional crypto services into blockchain-based financial solutions.

Wells Fargo is developing tokenized deposits for real-time on-chain payments and settlements, while BNY is partnering with Galaxy Digital to add staking to its Digital Asset Custody platform. These initiatives could help both banks broaden fee-generating opportunities, strengthen client relationships, and capitalize on rising institutional demand for digital assets.

Rocket Lab USA Inc. (NASDAQ:RKLB) isn’t just seeing strong demand for its next-generation Neutron rocket. The company believes that demand could give it more pricing power as the launch market remains constrained.

Rocket Lab brought Neutron to market with an average selling price of $50 million to $55 million, Chief Financial Officer Adam Spice said during the company’s second-quarter earnings call. The company also committed to avoiding significant discounts on early launches — and says it has stuck to that promise.

More importantly, management now sees room for prices to move higher.

"We feel very good, though, about where the market is from a supply versus demand perspective," Spice said. "I think right now the view is that we see more upside to ASPs than certainly to anything considered down or sideways."

Neutron Could Get More ExpensiveASP, or average selling price, is simply the average amount Rocket Lab expects to charge for a Neutron launch.

Spice said the company has deliberately left itself room to adjust pricing as demand strengthens.

"I think it’s left us room to move pricing as demand continues to firm up," he said. "And again, I think there’s probably more upside in that mix than downside."

That matters because Rocket Lab is entering a market where launch capacity is already difficult to secure.

CEO Peter Beck said that if customers want to book launches now — particularly launches after 2029 — their options are "extremely limited." Rocket Lab believes Neutron can help ease that bottleneck by adding another reliable medium-lift launch option.

Read Next

Demand Is Building Before Neutron FliesThe pricing opportunity is especially notable because Neutron has not yet completed its first flight.

Rocket Lab said production remains aligned with its target of delivering Neutron to the launch pad in the fourth quarter of 2026, although Beck acknowledged that the window for a year-end launch is narrowing. The company is prioritizing a vehicle that can move quickly from its first flight toward higher launch cadence.

At the same time, customers are already booking Neutron missions.

Rocket Lab recently secured a dedicated Neutron mission for the U.S. Space Force and a dedicated commercial launch for Kepler Communications. The company also said demand for Neutron’s early flights is strong.

That combination — limited launch capacity, early customer commitments and an unflown rocket with a stated $50 million-$55 million starting price — gives Rocket Lab an unusual opportunity to test how much customers are willing to pay for additional launch capacity.

The Bigger Opportunity Is Pricing PowerRocket Lab’s second-quarter revenue rose 62% year over year to a record $234 million, while its total backlog reached approximately $2.36 billion. Launch accounted for about 40% of that backlog, with Space Systems making up the remainder.

For investors, the important question isn’t simply whether Neutron launches successfully.

It is whether Rocket Lab can turn a supply-constrained launch market into higher-value contracts.

Management isn’t promising a specific price increase. But its message is clear: at least for now, Rocket Lab sees the balance of risk in Neutron pricing tilted upward rather than downward.

Read Next

Image via Shutterstock

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Fracking Halliburton And The Big Bet South Of The Border YPF Sociedad Anónima NYSE: YPF reported record second-quarter 2026 profitability and cash generation, driven by higher international prices, expanding shale production, refinery utilization and cost-control measures.

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Chairman and CEO Horacio Marín said adjusted EBITDA reached $2.8 billion, which he described as the company’s best quarterly result. The figure was up 76% from the prior quarter and 2.5 times the year-earlier period, according to Finance Vice President Pedro Kearney. Revenue totaled about $6.6 billion, increasing 33% sequentially and 42% year over year.

3 Targeted Oil Plays as the Iran Crisis Lifts CrudeThe company posted operating income of $1.8 billion and net income of $1.2 billion. Adjusted EBITDA margin reached 43%, its highest level in two decades, while free cash flow was $824 million despite more than $1.3 billion in capital expenditures and payments related to the Equinor asset acquisition and interest expense.

Cash liquidity rose to nearly $2.5 billion at the end of June from about $1.7 billion at the end of March. Net leverage declined to 1.1 times, its lowest level in more than a decade, Kearney said.

Shale production and capital spending accelerate YPF’s shale oil production rose to 213,000 barrels per day in the second quarter, up 4% sequentially and 47% from a year earlier. Shale represented 80% of the company’s total oil output during the period.

The company is increasing drilling activity in Vaca Muerta, where it was operating 16 rigs at the time of the call, compared with 12 at the end of 2025. Marín said YPF expects to have 19 rigs operating by year-end and 21 by February 2027.

Management reaffirmed its target for average shale oil production of about 215,000 barrels per day in 2026 and an exit rate near 250,000 barrels per day. Marín said the planned September startup of an oil treatment plant at La Angostura Sur is the main remaining facility requirement for achieving the year-end production target.

Second-quarter capital spending was weighted toward unconventional development, with 77% of total investment allocated to shale operations. YPF raised its full-year capital expenditure outlook by roughly 5% to a range of $5.8 billion to $6.2 billion, with about 70% expected to be directed to shale.

Total lifting costs, excluding specific well service costs, fell 31% year over year to $8.40 per barrel of oil equivalent. In the shale oil hub, lifting costs were around $4 per barrel of oil equivalent, according to Strategy, New Businesses and Controlling Vice President Maximiliano Westen.

Portfolio sales shift company toward shale YPF continued divesting conventional and non-core assets. The company signed agreements to sell the operating Chachahuén field and its non-operating interests in the El Corcobo and CNQ7A blocks in Mendoza for a combined $405 million, subject to final approvals and closing.

Marín said that after excluding assets under divestment, roughly 95% of YPF’s oil production would come from shale operations. He also said the company signed an agreement, subject to closing, to sell its 70% stake in Metrogas.

During the question-and-answer session, Marín said the company had substantially completed sales of non-core assets and continues a process to sell remaining conventional fields. He said YPF Agro will remain wholly owned after a prior sale process did not succeed, with the business being repositioned under the company’s new-energy operations.

Downstream performance and export infrastructure Refinery processing averaged a record 351,000 barrels per day, up 2% from the first quarter and 16% from a year earlier. The higher throughput enabled YPF to meet local fuel demand without imports, supply local refiners and export nearly 100,000 cubic meters of gasoline and diesel during the quarter.

Domestic gasoline and diesel sales volumes increased 7% sequentially and 10% year over year. YPF said its market share rose to 59% from 57% in the first quarter, while its midstream and downstream adjusted EBITDA margin expanded to nearly $30 per barrel.

Management expects refinery utilization to normalize as scheduled maintenance occurs in the second half, though Marín said average utilization could remain around 100% in the fourth quarter. The company said fuel pricing will continue to reflect international prices as well as local supply-and-demand conditions.

YPF said the Vaca Muerta Sur, or VMOS, oil pipeline project was about 80% complete as of July and remains on track for commercial operations by the end of the fourth quarter, with first oil expected in early 2027. The company also cited a backup plan for a monobuoy component after discussing potential shipping concerns during the call.

LNG and Loma La Lata Oil projects advance In May, YPF submitted its application under Argentina’s Large Investment Incentive Regime, or RIGI, for the wholly owned Loma La Lata Oil project. The project encompasses five blocks and more than 1,150 wells, with estimated investment of $25 billion over 15 years.

At plateau beyond 2032, YPF expects Loma La Lata Oil to produce roughly 240,000 barrels per day, dedicated to export markets through VMOS, while also contributing about 10 million cubic meters per day of gas to the domestic market. The company estimated annual oil and gas revenue of approximately $7 billion at an assumed Brent price of $70 per barrel.

YPF also advanced its Argentina LNG initiative. Eni and XRG agreed to acquire 32% interests each in an upstream venture holding five wet-gas blocks dedicated to the LNG project, while YPF will retain a 36% interest and serve as operator. Marín said the company has completed key documentation, launched a virtual data room with export credit agencies and expects to be ready for a final investment decision in the fourth quarter.

The company also highlighted RIGI approval for the San Matías Gas Pipeline, a planned 470-kilometer pipeline connecting Vaca Muerta with the San Matías Gulf. The project is expected to transport about 27 million cubic meters per day by mid-2028 and require approximately $1.3 billion of investment.

For 2026, YPF raised its adjusted EBITDA outlook to about $8 billion from prior guidance of around $6 billion, based on an assumed Brent price of $75 per barrel in the second half. The company expects positive free cash flow of about $2 billion for the year, including M&A proceeds collected and expected from transactions in progress, and anticipates net leverage near 1 times.

About YPF Sociedad Anónima (NYSE:YPF)YPF Sociedad Anónima NYSE: YPF is an integrated oil and gas company headquartered in Buenos Aires, Argentina. The company’s primary businesses encompass upstream exploration and production of crude oil and natural gas, midstream transportation and storage, and downstream refining and distribution. YPF operates several major refineries and a nationwide network of service stations, supplying fuels, lubricants, and petrochemical products to both retail and industrial customers.

Founded in 1922 as Yacimientos Petrolíferos Fiscales, YPF was the world’s first state‐owned oil company.

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Should You Invest $1,000 in YPF Sociedad Anónima Right Now?Before you consider YPF Sociedad Anónima, you'll want to hear this.

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The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.

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Lumentum just reported earnings, with shares initially down 2% following the report. Here are the key numbers:

Revenue: $1.006 billion vs. $987.70 million expected Adjusted EPS: $3.23 vs. $2.97 expected Quick Read:

Lumentum beat Wall Street’s revenue and earnings expectations, but shares initially moved lower.
Revenue soared 109% year over year and 24% sequentially, reflecting continued momentum across the business.

38 minutes ago

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Beyond the headline guidance, four wildcards could swing tonight’s reaction on Lumentum (NASDAQ:LITE | LITE Price Prediction).

Options positioning skew. The full-chain put/call ratio sits at 1.08, but the September 4 expiration spikes to 11.01, signaling institutional hedging into the post-earnings window.

Insider selling. Despite bullish social sentiment scoring 78, insiders logged 22 recent transactions, net selling, a caution flag consensus is discounting.

OCS ramp execution. The optical circuit switch backlog above $400M requires flawless manufacturing scale-up, and product mix shifts have historically materially impacted profitability quarter to quarter.

Trade and tariff exposure. Export controls, ongoing Huawei bad-debt exposure, and ASP compression are outside sell-side models targeting $1,125.93.

42 minutes ago

Live

Bull Case AI demand outrunning supply: CEO Michael Hurlston flagged an EML supply-demand imbalance “greater than 30%”, with components “effectively sold out for the foreseeable future.” Beat streak: Four consecutive EPS beats, with Q3 FY26 revenue up 90.1% year over year. Sentiment tailwind: Composite score 69.58 and Reddit readings as high as 82 (very bullish). Bear Case Expectations sky-high: Shares up 599.67% in a year at a 156 trailing P/E. Prior beat, ugly reaction: Q3 FY26 delivered a 4.62% beat yet shares fell 5.48% the next day. Capacity-gate growth: Hurlston warned Lumentum is “significantly under-shipping demand” on pump lasers, with Greensboro not online until 2028. Insiders selling: 22 recent insider transactions, net direction selling. 1 hour ago

Live

Lumentum enters tonight’s earnings report with management guiding for record quarterly revenue of $960 million to $1.01 billion.

The company also expects an operating margin of 35-36%, which would mark another improvement from 32.2% in Q3.

Investors will be watching for updates on Lumentum’s emerging co-packaged optics and optical circuit switch businesses, which are expected to become important fiscal 2027 growth drivers.

The report will provide a major credibility check on CEO Michael Hurlston’s $2 billion quarterly revenue target and his projection that co-packaged optics could create “greater than $5 billion of incremental revenue.”

With NVIDIA’s $2.02 billion investment now on the balance sheet and additional Greensboro capacity expected in 2028, Lumentum must show that its 600%+ one-year rally is being supported by accelerating fundamentals.

Lumentum Holdings (NASDAQ:LITE) reports Q4 FY2026 earnings after the close today at 4:00 PM ET. With shares up over 600% in the past year driven by AI optical demand, expectations heading into earnings are extraordinarily high.

Momentum Meets Execution Risk Last quarter, Lumentum delivered revenue of $808.4 million, up 90.12% year over year, and non-GAAP EPS of $2.37, beating by 4.62%. Systems revenue climbed 121.1%, and non-GAAP operating margin expanded 700 basis points sequentially to 32.2%.

Despite the beat, shares slipped 5.06% on the print, a signal that expectations had run ahead of the numbers. The stock now trades around $816.56, off from a post-Q3 peak near $1,013. Full-chain put/call sits at 1.14, tilted defensive.

Consensus Estimates Metric Q4 FY26 Estimate YoY Change FY26 Implied Q4 Guide Range Revenue $987.7M +105% ~$2.99B $960M-$1.01B EPS (Non-GAAP) $2.9689 +237% ~$8.11 $2.85-$3.05 Consensus sits near the midpoint of guidance, leaving no cushion. The sequential jump from 32.2% operating margin to 35% requires continued pricing discipline and mix tailwinds.

What I’m Watching Tonight Tonight, I’ll be watching whether gross margin, at 47.9% last quarter, expands further. CEO Michael Hurlston has previously said “there is a lot of room for improvement on gross margin,” driven by better factory absorption and pruned product lines.

I’ll all focus on the EML supply-demand gap Hurlston pegged at “somewhere greater than 30%,” and the plan for supply to “increase 50% on year” by the December quarter.

Analysts will be tracking the pump laser capacity out of Rose Orchard. Hurlston called constraints there “probably the biggest issue,” with narrow linewidth assemblies “effectively sold out for the foreseeable future.”

Investors will be looking for updates on the multi-hundred-million-dollar CPO purchase order for the first half of calendar 2027 as well as the OCS ramp against a backlog exceeding $400M. Finally, watch for new long-term agreements with prepayments or take-or-pay terms tied to CapEx.

Earnings History Quarter EPS Surprise 1-Day Move 7-Day Move 30-Day Move Q3 FY26 +4.62% -5.48% +9.12% -5.18% Q2 FY26 +18.57% +8.35% +23.32% +37.62% Q1 FY26 +7.05% +2.98% +9.05% +47.18% Q4 FY25 -12.88% -4.67% -3.61% +40.37% On average, shares moved +11.21% seven days after earnings over the past year.

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Key Takeaways Universal Display's $1.06 EPS beat estimates, while $152.2 million revenue missed by 3.9%Material sales fell 25.3% to $66.2 million, while royalty and license revenue rose 7.3%.Universal Display expects second-half material margins to move toward historical levels of 60%. Universal Display Corporation (OLED - Free Report) delivered second-quarter earnings above the Zacks Consensus Estimate, but revenues fell short as material sales weakened. Earnings of $1.06 per share topped the $1.04 consensus estimate by 1.9%, while revenues of $152.2 million missed the $158 million estimate by 3.9%.

The mixed result reflects a business with resilient royalty revenues but weaker material volumes. Management expects second-half revenue to exceed first-half levels, yet its 2026 outlook remains toward the lower end of the $630 million to $670 million range, leaving material demand and margins as key recovery indicators.

Universal Display Beats on Earnings Despite Revenue MissThe second-quarter earnings beat was supported by the revenue mix and a favorable cumulative catch-up adjustment in royalty and license fees. Royalty and license revenue increased 7.3% year over year to $81.2 million, while material sales declined sharply.

The result shows why quarterly earnings can remain relatively resilient even when material volumes are under pressure. Still, the revenue shortfall limits visibility because material sales are closely tied to customer production and OLED panel demand.

OLED Material Sales Fall While Royalties RiseMaterial sales declined 25.3% year over year to $66.2 million, primarily because of lower unit material volume, changes in customer mix and a $6.9 million unfavorable period-over-period change in the cumulative catch-up adjustment. Royalty and license fees, in contrast, rose to $81.2 million from $75.7 million.

The shift helped cushion revenues but did not prevent profitability from weakening. Operating income fell to $53.6 million from $68.5 million, while net income declined to $49.4 million from $67.3 million. The contrasting trends also make material volumes an important measure of the company's underlying demand.

Universal Display Lowers Revenue ExpectationsUniversal Display now expects 2026 revenues toward the lower end of its $630 million to $670 million range. Management cited cautious customer forecasts and lower expected material volume as factors behind the outlook.

At the same time, management expects second-half revenues to exceed first-half revenues, supported by product launches and customer forecasts. That improvement is important to the recovery thesis because it would show that the first-half weakness is not becoming a full-year deterioration in OLED demand.

Image Source: Zacks Investment Research

OLED Margins Could Recover in the Second HalfTotal gross margin was 76% in the second quarter, down from 77% a year earlier. Material gross margin fell more sharply to 50% from 61%, reflecting lower material sales and mix-related pressure.

Management expects material gross margins to move back toward historical levels of approximately 60% in the second half. A return toward that level would provide evidence that the margin pressure seen in the second quarter is easing as product mix and plant utilization improve.

Universal Display Needs Material Demand to ReboundThe central issue after the quarter is whether weaker material volumes prove temporary. Seasonal product launches, new OLED capacity and broader adoption in IT, automotive and other applications could support demand, but management continues to see uneven conditions across consumer electronics.

Gen 8.6 OLED manufacturing is moving into commercial production, while Universal Display continues to develop phosphorescent blue, tandem architectures and AI-driven materials discovery. LG Display Co., Ltd. (LPL - Free Report) is also advancing OLED applications in IT and automotive, providing an industry reference for the broader adoption cycle.

MKS Inc. (MKSI - Free Report) , which supplies process technologies used in flexible and rigid OLED manufacturing, offers another reference to the capital investment taking place across the display-production ecosystem.

Mixed Earnings Keep the Zacks Signals CautiousUniversal Display currently carries a Zacks Rank #4 (Sell), with a Value Score of D, Growth Score of F, Momentum Score of C and VGM Score of F. The C Momentum Score provides a modest counterpoint to the weak Growth and VGM readings, but the overall setup remains cautious.

Image Source: Zacks Investment Research

The Zacks Style Scores are complementary indicators designed to help evaluate value, growth and momentum characteristics, while the Zacks Rank places primary emphasis on earnings estimate revisions. The Style Score framework notes that stocks with Zacks Rank #1 or #2 and A or B Style Scores have historically offered the more favorable setup.

For Universal Display, the earnings beat does not remove the revenue shortfall, weaker material volumes or reduced 2026 visibility. A sustained recovery will depend on whether second-half revenue improves as expected and material margins move back toward historical levels. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Bitcoin treasury Twenty One’s new CEO has reassured investors that the firm will become “more than a Bitcoin treasury” following shareholder concerns about the company. 

The Tuesday letter to shareholders comes after the Bitcoin treasury — the second biggest in the space — released its quarterly earnings: the company posted a net loss of $413.5 million in Q2 2026, driven almost entirely by a non-cash “change in fair value” of its BTC holdings. 

Bitcoin treasuries have faced a rough 2026 so far following Bitcoin’s price plunge. The leading cryptocurrency has shed about 50% of its value since it notched a all time high of $126,080 in October, hurting such companies’ stock price. 

“Twenty One owns one of the largest Bitcoin balance sheets in the public markets. That is a real advantage, but if Twenty One is going to be worth owning, it must become more than a Bitcoin treasury,” wrote Raphael Zagury, who took the helm in July, replacing Jack Mallers. 

Zagury said investors had voiced concerns about the stock trading at a discount to the Bitcoin it holds, and that some thought “the build is not happening fast enough.”

“That work has started: searches for key operating roles are underway,” he said to reassure investors. “Ultimately, actions, not words, will address these concerns and move the company forward.”

Zagury added that the company was going to build a conservatively leveraged Bitcoin-backed lending/credit business, and support Bitcoin developers, “no-strings attached.”

“I will finish with this: Twenty One is not a substitute for Bitcoin,” Zagury said. “Investors who want pure Bitcoin exposure should understand that Bitcoin itself is the cleanest expression of that view. Twenty One must earn the right to be something different: a way to own the build around Bitcoin.”

Twenty One was the product of Tether, Bitfinex, Cantor Fitzgerald, and SoftBank (which now no longer is part of the project). It has the second biggest public Bitcoin treasury, according to Bitcointreasuries.net, with a total of 43,514 coins — or $2.7 billion in Bitcoin’s current price of $63,464. 

It debuted last year through a SPAC merger with Cantor Equity Partners, a blank check company affiliated with financial services firm Cantor Fitzgerald.

Bitcoin treasuries exploded last year as public companies wanting to boost their stock prices rushed to accumulate Bitcoin — and other cryptocurrencies. 

Following in the footsteps of software company Strategy (formerly MicroStrategy), such firms have seen their stock suffer as crypto markets have sold off since October. Even Strategy, the largest corporate holder of Bitcoin, has sold chunks of Bitcoin to create a cash buffer. 

Twenty One in July said it would try and create a model like Berkshire Hathaway: build and acquire high-quality operating businesses that “leverage Twenty One’s balance sheet while maintaining disciplined capital allocation at the parent company and create a long-term ownership model inspired by Berkshire Hathaway.”

Twenty One’s stock (NYSE: XXI) was down over 1% over the past day on Tuesday. Year-to-date, the company’s stock is down by more than 50%.

Mathew Di Salvo

Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.

Casa CEO Nick Neuman pointed to onchain data from the recent Coldcard firmware exploit as evidence that self-custody strengthens Bitcoin’s resilience as an asset class.

In an X post on Aug. 9, Neuman cited figures showing that in the days after the Coldcard hack, where approximately 2.1k BTC was stolen, 22k BTC moved to exchanges and 233k BTC left long-term holder wallets in on-chain transactions, according to data by Checkonchain. “The onchain metrics around the Coldcard incident reinforce how important self-custody is to the resilience of Bitcoin as an asset class,” Neuman wrote.

DATA BY CHECKONCHAIN Galaxy Research has tracked confirmed losses from the Coldcard entropy flaw as low as 1.7k, ranging to more than 2k BTC. The stolen coins are tracked across multiple attack waves beginning July 30, with higher estimates approaching $130 million. The vulnerability stemmed from a March 2021 firmware issue that weakened seed generation on certain Coldcard models.

Neuman said Casa’s own customer conversations indicated that some of the 233k BTC movement reflected holders shifting from non-Coldcard single-key setups (such as Ledger or Trezor) into multisig wallets after reassessing single-key risk. Other flows involved multisig users removing Coldcard devices from their keysets.

“So somewhere between ~10x-100x the amount of bitcoin stolen was moved to safety as people sounded the alarm,” he wrote. “This is a giant flashing neon sign showcasing the resilience that self-custody adds to the network.”

Neuman contrasted the outcome with a hypothetical centralized custodian breach. In that scenario, he argued, the numbers would likely reverse: limited funds might escape while the majority would be lost in a single event. With self-custody, attackers had to target individual wallets, limiting the scale of any single success and giving holders time to react.

“If all that BTC was held at a custodian and the custodian was hacked instead, those numbers would have been flipped,” Neuman stated. “As it was, the thieves had to crack one wallet at a time (and are still going), earning a little BTC each wallet, instead of cracking one wallet and getting a massive payday.”

He concluded that self-custody benefits not only individual holders but the Bitcoin network itself by distributing risk and preserving confidence.

Casa, founded in 2018, provides multi-signature vault solutions aimed at higher-value holders and institutions seeking practical self-custody. Bitcoin Magazine has previously covered the company’s multisig products and Neuman’s views on sovereignty and institutional adoption.

The Coldcard incident has prompted renewed discussion across the industry about single-signature hardware wallets, key generation practices, and the relative merits of multisig and emerging covenant-based vault designs. Onchain data cited by Neuman suggests that, whatever the technical shortcomings of specific devices, the ability of holders to move funds independently limited the systemic impact.

Table of contents

Investors pulled $145 million from U.S. spot Bitcoin ETFs on Aug. 10, the largest single-day redemption in over a week, according to data tracked by SoSoValue and highlighted in the original report. Spot Ether ETFs also bled $14.59 million, extending a pattern of tepid demand for Ethereum-based fund products. But the headline numbers masked a telling fissure: Grayscale’s mini trusts, which offer the same underlying exposure at a sharply lower fee, registered notable inflows, with the Bitcoin Mini Trust pulling in $37.06 million and the Ethereum Mini Trust attracting $8.59 million.

The divergence points to a market increasingly discriminating about cost. The Grayscale Bitcoin Trust (GBTC) and its larger Ethereum counterpart have long struggled with outflows as early investors exit and competitors undercut them on management fees. The mini versions, introduced this year, are designed to recapture those dollars by matching fee structures of leading rivals like BlackRock’s IBIT and Fidelity’s FBTC. Monday’s data suggests that strategy is working, at least in relative terms, even as the broader ETF complex faces headwinds.

The Mini Trust Divergence Grayscale’s mini trusts, which trade under tickers BTC and ETH, are physically backed and carry expense ratios of just 0.15%—a fraction of GBTC’s 1.5% fee. When spot Bitcoin ETFs launched in January 2024, GBTC hemorrhaged billions as traders arbitraged the discount to NAV and rotated into cheaper products. That exodus has slowed, but last week’s net outflows show that the product still leaks capital. By contrast, the Bitcoin Mini Trust has steadily grown, and Monday’s $37 million intake was its best day since early July. The gap between the two vehicles reflects the fee sensitivity of both retail and institutional allocators.

Cost is not the only variable. Liquidity, spread, and custody considerations matter, but the fee line is the first filter many investors apply. As the mini trusts gain scale, they could cannibalize GBTC further, forcing a deeper restructuring of Grayscale’s product suite. The question is whether the mini trust inflows represent new money or simply a migration from the older, pricier wrapper.

Ether ETF Demand Remains Soft Ether ETFs fared worse, with the entire category posting $14.59 million in net redemptions. Unlike Bitcoin funds, which have attracted net positive flows over the past month, Ether ETFs have yet to demonstrate durable demand. Since their July launch, spot Ether funds have struggled to convert curiosity into committed capital. Part of the problem is the lack of staking yield: holding ETH through an ETF means forgoing the staking rewards that native holders earn, a drag that becomes more pronounced as on-chain staking rates rise.

The Ethereum Mini Trust’s $8.59 million inflow, though small, suggests that cost-conscious investors are the ones testing the waters, not large-scale institutional whales. Without a staking component, the value proposition for Ether ETFs remains incomplete. Until issuers find a way to incorporate staking returns within a regulated vehicle—something the SEC has so far blocked—these funds will likely trail their Bitcoin counterparts in asset gathering.

Fee Wars Reshape the ETF Landscape The crypto ETF market has evolved into a race to the bottom on cost. With 11 spot Bitcoin ETFs now trading in the U.S., issuers have slashed fees to near zero to differentiate. BlackRock’s IBIT and Fidelity’s FBTC, both waiving fees for initial periods, have dominated flows. Grayscale’s mini products are its defensive response, and the numbers indicate they are clawing back share. Still, Monday’s outflows from the broader group highlight that cost alone cannot shield funds from sentiment-driven redemptions. When Bitcoin’s price wavers or risk appetite contracts, even the cheapest wrapper will see money leave.

Institutional capital is, however, finding other on-chain products. A recent weekly tokenization roundup noted that real-world asset (RWA) markets crossed $20 billion on-chain, with institutions opting for tokenized Treasuries and private credit over volatile crypto funds. This suggests that the same allocators who pulled from Bitcoin ETFs on Monday may be parking capital in yield-generating instruments that feel less speculative. The ETF flows, in that light, look less like a rejection of crypto and more like a rotation within digital asset strategies.

What remains unclear is whether the Grayscale mini trusts can maintain their momentum once the initial fee advantage narrows. As more issuers introduce similar low-cost products, the mini trusts’ edge will erode. Additionally, regulatory uncertainty—something that continues to hang over the sector following a last-minute push by banks to derail a landmark crypto bill—keeps institutional investors cautious. The Senate vote on that bill, covered in a separate report on bank lobbying, could reset the risk calculus for digital asset funds. Until then, flows may remain erratic.

For now, the takeaway is one of fragmentation. The days when one Bitcoin ETF product could dominate are over. Investors are parsing fees, liquidity, and redemption mechanics like never before, and capital flows are reflecting those calculations. The mini trusts may not reverse the overall trend, but they are carving out a growing niche—proof that in an increasingly crowded field, even single-digit basis points can redirect millions.

AUTHOR

With over five years of experience in crypto, blockchain, and tech content, Ishtiyaq makes complex topics easy to understand. He simplifies blockchain and digital currency concepts for a wide audience, ensuring that beginners and experts alike can grasp key ideas. His clear and engaging writing helps readers stay informed about the latest trends, developments, and innovations in the crypto space. Whether explaining blockchain technology, digital assets, or DeFi, Ishtiyaq breaks down complicated ideas into simple, digestible content. His goal is to help people navigate the fast-changing world of cryptocurrency with confidence, clarity, and a deeper understanding.

Cardano founder Charles Hoskinson identified RealFi as the ecosystem’s strongest candidate to help push Cardano’s total value locked (TVL) to $1 billion within the next 12 months.

Hoskinson made the bullish projection during a recent Ask Me Anything (AMA) session while discussing RealFi’s potential. According to the Cardano founder, the project could attract substantial new capital to Cardano’s decentralized finance (DeFi) ecosystem by connecting blockchain-based finance with real-world economic activity.

Hoskinson Identifies RealFi as Cardano’s Best Path to $1B TVL During the AMA, Hoskinson described RealFi as the Cardano ecosystem’s most promising product for reaching the ambitious $1 billion TVL milestone.

He pointed to the project’s structure and focus on real-world financial applications as key advantages. In his view, these characteristics could give RealFi a stronger opportunity to attract significant liquidity than other products currently being developed across the Cardano ecosystem.

Moreover, Hoskinson described RealFi as the “bank the unbanked” component of Cardano’s broader vision. The project seeks to connect DeFi with real economic activity, potentially giving users in underserved markets greater access to financial services.

Nonetheless, Hoskinson acknowledged that RealFi still has considerable work ahead. The project must complete several development stages, make necessary adjustments, and implement further technological improvements before it can reach its full potential.

Cardano Faces a Significant TVL Gap Hoskinson’s $1 billion projection appears particularly ambitious when compared with Cardano’s current TVL.

Cardano’s DeFi ecosystem currently holds $67.9 million in TVL, according to data from DeFiLlama. That represents only a small portion of the $1 billion target. Furthermore, Cardano’s TVL has declined by about 2.72% over the past 24 hours. 

The gap becomes even more evident when Cardano is compared with other major blockchain networks. Ethereum currently leads with approximately $41.24 billion in TVL, while BNB Smart Chain, Solana, and Tron hold roughly $4.93 billion, $4.83 billion, and $4.79 billion, respectively.

Consequently, Cardano would need to increase its current TVL by approximately 1,372% to reach $1 billion.

Cardano TVL RealFi Builds Momentum Through Testnet Although RealFi is yet to launch on Cardano’s mainnet, the project has already begun generating activity through its testnet.

On August 5, RealFi marked one month since the launch of Phase 1 of its testnet and highlighted strong participation from its Pioneer community. The project reported that more than 3,000 wallets had become active since launch, while users had completed over 36,000 on-chain actions.

Additionally, more than 1,200 users had completed the full quest line, which includes activities such as swapping, staking, unstaking, and claiming. Meanwhile, RealFi’s Discord community had grown to approximately 930 members. 

The testnet allows participants to experiment with test USDr and RealFi’s efficiency layer. As a result, users can explore how diversified direct lending backed by real economic activity could improve capital efficiency.

In the meantime, RealFi remains in its testing phase, with its mainnet launch expected later this year. Therefore, the project’s development progress could play a significant role in determining whether Hoskinson’s $1 billion TVL thesis becomes achievable. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Tether-backed Bitcoin-focused company Twenty One Capital has reported a $413.5 million net loss for the second quarter of 2026 after Bitcoin’s decline reduced the value of its holdings.

Summary

Twenty One Capital lost $413.5 million during the second quarter of 2026. A $401.5 million Bitcoin valuation loss accounted for most of the quarterly deficit. CEO Raphael Zagury plans to add acquisitions, capital markets services, and Bitcoin-backed loans. The NYSE-listed company gives U.S. investors stock-based exposure to a large corporate Bitcoin reserve. Bitcoin losses have dominated Twenty One Capital’s results According to Twenty One Capital’s second-quarter financial report, a $401.5 million decline in the value of its Bitcoin holdings accounted for most of the company’s quarterly loss.

Twenty One Capital’s latest loss has shown how strongly its financial statements depend on Bitcoin’s price at the end of each reporting period. Because the company holds the cryptocurrency as its main asset, changes in Bitcoin’s fair value pass through its reported earnings even when it does not sell the coins.

The $401.5 million reduction tied to Bitcoin represented about 97% of the total second-quarter loss. Remaining expenses accounted for roughly $12 million, based on the two figures in the report, although the source did not provide a complete breakdown of those costs.

A similar effect appeared in the company’s first-quarter accounts. Twenty One Capital reported an $859.7 million net loss for the three months ended March 31, according to its SEC quarterly filing. An $847.8 million decline in the fair value of its Bitcoin holdings caused most of that loss.

As of March 31, Twenty One held 43,514 BTC with a reported fair value of $2.95 billion, down from $3.80 billion at the end of 2025. Its cost basis for the holdings stood at about $3.69 billion, while the price used to value each coin fell from $87,316 on Dec. 31 to $67,832 on March 31.

Combined, the first two quarters have produced reported net losses of about $1.27 billion. Nearly $1.25 billion of that amount came from the lower accounting value of the company’s Bitcoin, based on the first-quarter filing and the second-quarter figures.

Such fair-value losses do not necessarily represent cash leaving the business. The first-quarter filing shows that Twenty One sold one Bitcoin and recorded a $3,180 gain on that disposal, while the much larger loss came from revaluing the coins it continued to own. Bitcoin’s closing price in later reporting periods can reverse part of a previous loss or create another expense under the same accounting treatment.

Twenty One Capital plans businesses beyond its treasury New CEO Raphael Zagury has said Twenty One cannot rely only on holding Bitcoin and must develop businesses capable of producing cash flow. His plan centers on buying operating companies, using debt and equity markets to raise capital, and offering loans secured by Bitcoin.

Zagury took over from Strike founder Jack Mallers on July 20, according to the company’s leadership announcement. Mallers stepped down to concentrate on Strike but remained involved in the leadership handover.

“Twenty One holds one of the largest Bitcoin balance sheets in the public markets,” Zagury said in the announcement.

“My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution.”

The company identified five strategic priorities when Zagury became CEO. In addition to acquisitions and Bitcoin financial services, management plans to develop its capital markets operation, manage its Bitcoin reserves through debt and equity transactions, and keep a holding-company structure for acquired businesses.

Zagury has experience across both traditional finance and Bitcoin infrastructure. Before taking the top job, he served as a Twenty One director and interim audit committee chair. His earlier roles included positions at Goldman Sachs, Deutsche Bank, and Merrill Lynch, while he also helped lead Bitcoin mining and infrastructure company Elektron Energy.

In May, Twenty One said it was considering a combination with Strike and Elektron that would have joined payments, mining, treasury management, and financial services. The company later removed Strike from consideration after Mallers left the CEO position, leaving the payments business as an independent company.

Tether has tightened control of the Bitcoin company Twenty One began with support from Tether, Bitfinex, SoftBank, and Cantor Equity Partners. Its 2025 launch plan valued the business at $3.6 billion and called for more than 42,000 BTC, alongside capital raised through convertible notes and a private investment in public equity.

Tether later acquired SoftBank’s full interest in the company, crypto.news reported in May. The transaction removed a large outside shareholder and increased Tether’s influence over the listed company.

The original structure had included Bitcoin contributions from Tether, Bitfinex and SoftBank. A separate financing package consisted of convertible senior secured notes and common equity, with the proceeds allocated mainly to additional Bitcoin purchases and corporate expenses.

By the time Twenty One entered the public market in December 2025, its treasury had grown to more than 43,500 BTC. Earlier coverage of its debut noted that falling Bitcoin prices were already putting pressure on the stock and other digital-asset treasury companies.

Investors were also questioning whether Twenty One could develop enough operating revenue to distinguish its shares from direct Bitcoin holdings or spot exchange-traded funds. At the time, the company employed four full-time workers and had not provided a product-launch schedule.

Under Zagury, management has placed more attention on acquiring businesses and generating income rather than measuring performance only by the size of the Bitcoin reserve. Twenty One still uses Bitcoin per share, expressed in satoshis, as one of its internal performance measures.

The company’s first-quarter filing showed 12,557 satoshis per Class A share at both Dec. 31 and March 31. Twenty One had 346.5 million Class A shares outstanding at the end of the quarter, while its Bitcoin balance fell by one coin.

U.S. investors face Bitcoin and company-specific risks Twenty One trades on the New York Stock Exchange under the ticker XXI, giving U.S. investors access to its Bitcoin holdings through a regulated public stock. That exposure also includes corporate expenses, debt, management decisions, and share issuance, which do not apply when an investor holds Bitcoin directly.

The shares were trading near $4.59 on Aug. 11, while Bitcoin changed hands around $63,802. Because XXI represents an operating company rather than a spot Bitcoin ETF, its stock price can trade above or below the value of the Bitcoin attributable to each share.

Twenty One has also used Bitcoin to support its financing. Its first-quarter SEC report listed about $484.4 million of convertible notes and said 16,116 BTC served as collateral for them. Management stated that the pledged coins could not be treated as an available source of liquidity while they remained tied to the notes.

At the end of March, the company held $114.1 million in cash and $117.9 million in net working capital. Management said those resources were sufficient to fund operations for at least one year from the filing date and did not expect to sell Bitcoin during that period to meet ordinary liquidity needs.

A governance issue emerged after SoftBank’s representatives left the board following Tether’s purchase. As crypto.news covered in June, the NYSE warned Twenty One that its audit committee no longer met the exchange’s independence rules.

The exchange gave the company until June 5 to appoint a qualified independent audit committee member before attaching a below-compliance indicator to its listing. Twenty One appointed an independent director on June 8, according to its investor-relations records.

AppLovin Corp (NASDAQ:APP) shares fell 5% to $321 after Bank of America downgraded the stock to Neutral, citing greater uncertainty around the company’s ability to sustain its long-term 30% revenue growth trajectory.

Bank of America said AppLovin’s second quarter results raised questions about a previously assumed source of baseline sequential growth. The firm said engineer-directed improvements to the company’s gaming models appeared to be the primary driver of quarterly growth, while it was less clear whether the 3% to 5% sequential growth from self-learning remained applicable.

The firm said the future trajectory of self-learning was not explicitly addressed in AppLovin’s recent earnings report or third-quarter guidance. Given what it estimates is AppLovin’s roughly two-times market share relative to its next-largest competitor, Bank of America said 3% sequential growth from self-learning alone may no longer apply over the long term.

Bank of America also said AppLovin’s next wave of innovation requires more evidence before it can support the company’s 30% long-term annual revenue growth target. Management has outlined plans to train larger and more complex recommender system models, which it believes could generate larger gains over time by benefiting from scaling effects similar to those seen in large language models.

While Bank of America described AppLovin as a technology leader that has out-innovated Google and Meta in the in-app bidding market, it said there was not yet enough evidence to assess the magnitude or durability of potential gains from the larger recommender models.

As a result, Bank of America lowered its 2027 revenue growth forecast to 23% from 31% and reduced its 2027 EBITDA estimate to $8.3 billion from $9 billion.

The firm also lowered its third quarter model to the midpoint of AppLovin’s guidance range from the high end and reduced its 2027 Consumer revenue forecast to $2 billion from $2.3 billion.

Bank of America lowered its price objective to $400 from $430, based on a 16-times multiple of estimated 2027 EBITDA. It kept the valuation multiple unchanged, saying it expects limited downside to its estimates and does not anticipate AppLovin losing significant market share.

The firm said the debate around AppLovin is increasingly likely to center on the company’s maturity. Without another innovation cycle, Bank of America said AppLovin could increasingly be viewed as a mature adtech platform, with its valuation moving closer to that of established, scaled online advertising companies.

Key Takeaways FIX's 2026 and 2027 EPS estimates rose, with no downward revisions in the past 30 days.Record backlog hit $14.06B as technology demand and Modular expansion strengthened revenue visibility.Strong margins, cash flow and balance sheet support growth, though premium valuation raises execution risks. Wall Street’s confidence in Comfort Systems USA, Inc. (FIX - Free Report) is strengthening after another quarter of rapid growth, record backlog and strong cash generation. The estimate revision trend is one of the strongest arguments supporting FIX. Over the past 30 days, the Zacks Consensus Estimate for 2026 earnings has increased to $45.48 per share from $43.08, while the 2027 estimate has risen to $57.27 from $52.59. There have been no downward revisions. The current estimates imply earnings growth of 57.5% in 2026 and another 25.9% in 2027.

Revenue expectations also point to sustained expansion, with the Zacks Consensus Estimate indicating growth of 38.3% in 2026 and 18.4% in 2027.

FIX Estimate Revision Trend

Image Source: Zacks Investment Research

Brokerage sentiment has strengthened as well. FIX’s Average Brokerage Recommendation stands at 1.33 on a scale of 1 to 5, compared with 1.50 a month ago. Of the 12 recommendations, 10 are Strong Buy, representing 83.3% of the total compared with 75% a month earlier. Wall Street’s average price target of $2,139.88 suggests nearly 28% upside from the latest closing price.

The fundamental picture supports much of that optimism. Second-quarter revenues jumped 50.3% year over year to $3.27 billion, while earnings nearly doubled to $12.53 per share from $6.53. Operating cash flow reached $1.14 billion, and backlog climbed to a record $14.06 billion from $8.12 billion a year earlier.

Image Source: Zacks Investment Research

FIX's Backlog and Technology Demand Support Further GrowthComfort Systems entered the second half of 2026 with unusually strong revenue visibility. Backlog reached a record $14.06 billion at June-end, rising 73% year over year and 13% sequentially. Same-store backlog entering the third quarter was 69% above the prior-year level, while project pipelines remained at historically high levels.

Technology remains the biggest driver. Industrial customers accounted for 75% of first-half revenues, while technology alone represented 58%, up sharply from 40% in the prior-year period. That gives Comfort Systems significant exposure to ongoing investment in data centers and other complex technology infrastructure.

The company is also seeing strength across both major operating businesses. Electrical revenues increased 81% in the second quarter, while Mechanical revenues rose 40%. Management now expects same-store revenue growth for 2026 to finish in the mid-to-high 30% range after growing 47% during the first six months.

Modular Expansion Adds Another Growth EngineComfort Systems’ Modular business is becoming an increasingly important part of the growth story. Modular accounted for 17% of year-to-date revenues, supported by demand from large technology customers. The company is also working to broaden its customer base through pilot projects with frontier labs and colocation providers.

Capacity expansion should support this opportunity. Comfort Systems has more than 3.5 million square feet dedicated to Modular production and expects to exceed 4 million square feet by the end of 2026. Capacity is expected to reach roughly 5 million square feet by late summer 2027. Management emphasized that expansion is tied to meaningful multiyear customer commitments rather than speculative construction.

Acquisitions provide another source of growth. Hunt Electric, acquired in May, is expected to contribute about $250 million of annualized revenues and expands Comfort Systems’ electrical capabilities in Utah.

Margin Strength and Cash Flow Reinforce the Bull CaseGrowth is translating into better profitability rather than simply higher revenues. Mechanical gross margin improved to 25.6% from 22.9% in the second quarter, while Electrical gross margin expanded to 26.4% from 25.3%. Management expects gross margins to remain within the strong ranges recorded recently. Meanwhile, SG&A fell to 8.8% of revenues from 9.7%, helping operating margin rise sharply.

Cash generation is another major strength. Second-quarter operating cash flow reached $1.14 billion, while free cash flow was $999.3 million. For the first six months, free cash flow reached $1.24 billion versus $113.1 million a year earlier.

The balance sheet provides considerable flexibility. Cash stood at $1.85 billion at June-end compared with $981.9 million at 2025-end, while total debt fell to roughly $54 million from $145 million. This gives Comfort Systems room to expand capacity, pursue acquisitions and return capital to shareholders.

FIX’s Rally and Premium Valuation Raise the BarInvestors should not overlook how much optimism is already embedded in FIX shares. The stock has surged 79.4% year to date, easily outperforming the Zacks Building Products - Air Conditioner and Heating industry’s 26.2% gain, the Zacks Construction sector’s 10.1% advance and the S&P 500’s 13.1% rise.

FIX Price Performance (YTD)

Image Source: Zacks Investment Research

That performance has pushed valuation higher. FIX trades at 31.79X forward 12-month earnings, above the industry’s 24.41X and its five-year median of 22.89X. Although the multiple remains below the upper end of its five-year range of 13.32X-48.14X, investors are paying a sizable premium for continued earnings growth.

The valuation means execution needs to remain strong. Any slowdown in backlog conversion, margin expansion or technology spending could make the shares more sensitive to earnings disappointments.

FIX Stock’s Valuation (P/E F12M)

Image Source: Zacks Investment Research

Technology Exposure and Execution Risks Need WatchingComfort Systems’ rising technology exposure is a powerful tailwind but also creates concentration risk. Technology generated 58% of first-half revenues compared with 40% a year ago. Meanwhile, 90% of revenues came from construction, with new-building construction alone accounting for 75%. A meaningful slowdown in data-center, semiconductor or other technology-related capital spending could therefore weigh on growth.

Rapid expansion also requires substantial investment. Management expects 2026 capital expenditures to approximate 5% of revenues as it expands production facilities and Modular capacity.

Labor availability, specialty-material costs, inflation, supply-chain disruption, project cancellations and the challenge of integrating acquisitions remain other risks. The company also cautions that backlog may not always translate fully into revenues or profits. These factors matter more when a stock carries a premium valuation.

How Does FIX Compare With EMCOR, Sterling and Quanta?Comfort Systems competes with EMCOR Group (EME - Free Report) , Sterling Infrastructure (STRL - Free Report) and Quanta Services (PWR - Free Report) across different parts of the mission-critical infrastructure market. EMCOR is a close competitor in mechanical and electrical construction and building services, while Sterling Infrastructure has significant exposure to data centers, semiconductor facilities and advanced manufacturing. Quanta Services competes in electrical construction and integrated infrastructure solutions.

FIX’s 79.5% YTD gain leads Sterling Infrastructure’s 72.6%, Quanta Services’ 56.6% and EMCOR’s 32.3%. The valuation picture is more mixed. Comfort Systems trades at 31.79X forward earnings compared with 23.87X for EMCOR and 22.39X for Sterling Infrastructure, making FIX considerably more expensive than both EMCOR and Sterling Infrastructure. However, Quanta Services trades higher at 37.41X. Thus, FIX’s premium to EMCOR and Sterling Infrastructure requires stronger growth, while its discount to Quanta Services offers some relative valuation support.

Buy, Hold or Sell FIX Stock Now?Comfort Systems’ premium valuation and heavy technology exposure are reasons for investors to remain selective, particularly after the stock’s 79.4% rally. Yet the fundamental momentum remains difficult to ignore. Record backlog, strong technology and Modular demand, expanding margins, exceptional cash generation and a strong balance sheet provide visibility into 2027.

More importantly, analysts are raising earnings estimates rather than trimming them. The improvement in brokerage sentiment and nearly 28% upside implied by Wall Street’s average price target further support the investment case.

With the 2026 and 2027 consensus estimate for EPS moving sharply higher and FIX currently carrying a Zacks Rank #1 (Strong Buy), the balance of growth, earnings revisions and business momentum supports a buy stance despite the stock’s premium valuation. You can see the complete list of today’s Zacks #1 Rank stocks here.

4 hours ago

According to official announcements, Coinbase has announced that Coinbase Business is expanding its payment services to offer businesses more flexible payment collection methods and support a wider range of customers, including AI agents. A key highlight of this update is support for AI agent payments. As AI agents increasingly autonomously purchase digital services, make purchases on behalf of users, and even execute independent transactions online, traditional payment infrastructure is struggling to meet the demands of these machine-to-machine transactions. Coinbase Business now supports accepting AI agent payments via the open machine-to-machine payment standard x402, with funds settled instantly to business accounts in USDC; businesses can choose to earn interest on these funds or withdraw them at any time. Additionally, Coinbase Business’s payment suite now fully supports USDT, enabling businesses to collect USDT through payment links, checkout pages, and invoices. Collected USDT is automatically converted to USDC and settled to the business’s Coinbase Business account. Coinbase Business has also rolled out new features including reusable payment links, flexible pricing, a unified product catalog, and buyer information collection tools. Businesses can create a single reusable payment link, set payment limits, pause or deactivate links, and configure minimum or maximum payment amounts—ideal for use cases such as donations, tips, and service-based billing. They can also input product details once in the catalog and reuse this data across different payment methods, while collecting customer information like names, email addresses, and shipping addresses. For businesses new to crypto payments, Coinbase Business offers benefits including lower fees than credit cards, no chargebacks, instant USDC settlements, and the ability to earn interest on idle USDC balances.

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KuCoin has secured ISO 22301:2019 certification for its business continuity management system, adding an international continuity standard to the exchange’s existing security and operational controls.

Summary

KuCoin has secured ISO 22301:2019 certification for its business continuity management system. The standard covers preparations for operational disruptions and recovery of critical services. KuCoin now lists ISO 22301 alongside ISO 27001 and SOC 2 Type II in its Trust Framework. The certification comes as regulators place more focus on operational resilience for crypto and financial firms. According to KuCoin’s Aug. 11 announcement, the certification covers its framework for preparing for operational disruptions, maintaining critical services and restoring affected systems when incidents occur.

KuCoin ISO 22301 certification covers service continuity ISO 22301 sets requirements for a Business Continuity Management System, or BCMS, under which companies identify possible operational disruptions, establish response procedures and prepare recovery plans for critical services.

For KuCoin, the certification adds business continuity management to a compliance framework that already includes ISO/IEC 27001:2022 for information security and SOC 2 Type II for operational controls.

The exchange said ISO 22301 is designed to cover disruptions that can come from cyber incidents, infrastructure failures, problems involving outside service providers and other unexpected events. Its focus extends beyond preventing an incident by requiring procedures for keeping important operations running and restoring services when interruptions occur.

Such requirements have particular relevance for cryptocurrency exchanges because trading takes place around the clock rather than within fixed market hours. Platforms must maintain access to trading, asset transfers, payments and other services across different regions and time zones.

KuCoin identified cloud outages, blockchain node failures, payment infrastructure problems and reliance on third-party providers among the operational risks that exchanges may need to manage alongside cybersecurity threats.

The certification follows previous additions to the exchange’s security controls. As crypto.news reported in December, KuCoin already held SOC 2 Type II, ISO 27001:2022, ISO 27701 and Cryptocurrency Security Standard certifications at the time it received its European regulatory authorization. The exchange also used third-party proof-of-reserves audits.

KuCoin now lists ISO/IEC 27001:2022 for information security management, SOC 2 Type II for operational reliability and ISO 22301:2019 for business continuity as three parts of its Trust Framework.

Operational resilience requirements have entered crypto regulation Business continuity controls have also become part of regulatory requirements for financial and crypto companies in several markets.

In the European Union, the Markets in Crypto-Assets Regulation establishes rules for crypto-asset service providers, while the Digital Operational Resilience Act sets requirements covering information and communications technology risks for regulated financial entities.

DORA includes requirements around ICT risk management, incident handling, resilience testing and third-party technology risks. KuCoin also cited regulatory guidance from the Monetary Authority of Singapore and the Hong Kong Monetary Authority when discussing the role of continuity planning in financial services.

KuCoin already operates under MiCA through its European subsidiary. The exchange secured its MiCA license in Austria in late 2025, allowing KuCoin EU Exchange GmbH to provide regulated crypto services across 29 European Economic Area countries through the framework’s passporting system.

The Austrian authorization covers trading, custody and other digital asset services. MiCA also places requirements on licensed crypto service providers involving capital, governance, customer asset segregation and disclosures.

KuCoin CEO BC Wong said at the time that regulatory compliance formed part of the company’s long-term strategy. The authorization followed KuCoin’s registration as a Digital Currency Exchange with Australian financial intelligence agency AUSTRAC in November 2025.

According to Wong, MiCA had made regulatory compliance a basic requirement for companies seeking to operate in Europe. He said the exchange was investing in custody systems, compliance workflows and market-making infrastructure while operating under the European framework.

KuCoin adds continuity controls to its trust framework With the latest certification, KuCoin is putting additional controls around how its services respond when normal operations are disrupted.

The company said the BCMS framework requires organizations to identify risks before an incident, establish continuity plans and improve their ability to recover important services. The process also requires ongoing review rather than treating continuity planning as a one-time exercise.

BC Wong said maintaining user trust depended on a platform’s ability to remain consistent and reliable as well as secure.

“Trust is built not only through security, but also through consistency and reliability,” Wong said.

“As the digital asset industry continues to mature, operational resilience is becoming just as important as security,” he added, saying the ISO 22301 certification strengthens KuCoin’s preparations for unexpected events and its ability to restore operations.

The certification comes as KuCoin has also been building its regulatory presence outside Europe.

In April, the Central Bank of Nigeria selected KuCoin as the only global cryptocurrency exchange among six companies participating in a supervisory pilot for virtual asset service providers. The Nigerian regulatory pilot focuses on anti-money laundering, counter-terrorist financing and counter-proliferation financing controls aligned with Financial Action Task Force standards.

Participants were required to provide detailed reports and work on governance, transaction monitoring and Travel Rule controls under the program. KuCoin joined five Nigerian fintech and crypto companies in the first group selected by the central bank.

Its regulatory record has also included enforcement actions in the United States. In March, KuCoin parent Peken Global Limited agreed to a $500,000 civil penalty to resolve Commodity Futures Trading Commission claims related to operating an unregistered offshore commodities exchange.

Under the CFTC settlement reached in March, Peken Global resolved the regulator’s remaining claims without admitting or denying the allegations and avoided a disgorgement order after cooperating with investigators.

The CFTC case followed KuCoin’s January 2025 guilty plea in a separate U.S. criminal case involving the operation of an unlicensed money transmitting business. The company agreed to pay more than $297 million in penalties in that case, while U.S. prosecutors had alleged deficiencies in its anti-money laundering and know-your-customer controls.

Against that regulatory history, KuCoin has continued adding formal security, compliance and operational standards to its systems. The ISO 22301 certification specifically addresses whether an organization has established processes to maintain or recover critical functions when disruptions occur.

Under its current Trust Framework, ISO/IEC 27001:2022 covers the management of information-security risks, while SOC 2 Type II assesses controls related to areas such as security and operational processes over a defined period. ISO 22301 adds a separate framework governing business continuity planning and recovery.

KuCoin said the three standards are intended to support information protection, service reliability and operational resilience across the exchange.

Wong said the company would continue investing in infrastructure under its “Trust First. Trade Next.” approach, with the latest certification focused on its ability to prepare for unexpected events and recover critical digital asset services efficiently.

Kayne Anderson BDC NYSE: KBDC reported second-quarter 2026 net investment income of $0.42 per share, exceeding its quarterly dividend by $0.02 per share, while net asset value declined amid realized and unrealized portfolio losses and the completion of its exit from broadly syndicated loans.

The company’s board declared a regular third-quarter dividend of $0.40 per share, payable Oct. 16 to shareholders of record as of Sept. 30. Co-Chief Executive Officer Ken Leonard said the dividend represented an annualized yield of about 10% based on current NAV per share and a dividend coverage ratio of 105%.

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“We remain confident in our ability to sustain this dividend through 2026,” Leonard said. Annualized return on equity based on net investment income was 10.5% during the quarter.

Net Asset Value Declines on Portfolio Losses Net asset value per share was $16.00 as of June 30, down $0.23, or 1.4%, from $16.23 at the end of the prior quarter. The decrease reflected $0.26 per share of realized and unrealized losses, partly offset by $0.02 per share of net investment income above the dividend and $0.01 per share from accretive share repurchases.

Chief Financial Officer Terry Hart said the company recorded net income of $0.16 per share and total investment income of $55.7 million, compared with $57.3 million in the first quarter. The decline in investment income was primarily attributed to $2 million less in payment-in-kind, or PIK, interest tied to ArborWorks. The prior quarter included a catch-up recognition of income that had been deferred since the fourth quarter of 2023 after the investment returned to accrual status.

Interest income was also affected by American Soccer being on non-accrual during the second quarter, Hart said, though new investments and the rotation out of broadly syndicated loans partly offset that impact.

Second-quarter realized losses totaled $12.2 million, including a $9.4 million loss from the liquidation of Sundance, a $0.9 million loss related to the restructuring of Diverzify debt, and $1.9 million of losses from selling the remaining broadly syndicated loan positions. Net unrealized losses were $4.6 million, primarily due to valuation changes in American Soccer, 4over and Regiment Security.

Private Credit Originations Continue as BSL Exit Concludes KBDC closed $138.7 million of new private-credit commitments during the quarter and funded $146.4 million, including new investments and draws on existing unfunded commitments. New floating-rate loans carried an average spread of 566 basis points over SOFR, 17 basis points wider than in the first quarter.

Leonard said the company continued to reject opportunities where risk-adjusted returns, sector exposure or leverage profiles did not meet its standards. He cited demand from middle-market borrowers, slower capital formation in non-traded and private investment vehicles, and higher risk premiums as factors supporting current loan pricing.

Repayment activity totaled $67.9 million, including $38.1 million of private-credit repayments and $29.8 million from sales of the remaining broadly syndicated loan positions. President Frank Karl said the company has now fully exited the broadly syndicated loan portfolio, which had been intended as a temporary allocation following KBDC’s initial public offering.

Karl said the broadly syndicated loans had spreads of roughly SOFR plus 300 basis points, compared with the 566-basis-point average on the company’s second-quarter direct-lending originations. “You are picking up 250 basis points plus or minus on a rotation out of those names,” he said.

Portfolio Credit Metrics and Liquidity As of June 30, KBDC’s portfolio consisted of 104 companies with a fair value of $2.3 billion and $293 million of unfunded commitments. Since quarter-end, the company had closed or was finalizing $69 million of new commitments, Karl said.

Excluding watch-list and opportunistic investments, portfolio companies had weighted-average leverage of 4.5 times, interest coverage of 2.4 times and loan-to-enterprise value of about 43%. The weighted-average EBITDA of its private middle-market borrowers was $53.7 million.

Non-accrual investments represented 2.7% of debt investments at fair value, up from 2.5% in the prior quarter. KBDC added 4over and Diverzify Intermediate LLC’s last-out tranche to non-accrual status, while Sundance was removed from non-accrual after its position was fully realized.

Karl said the company’s watch list represented about 5.5% of the debt portfolio’s fair value and had remained relatively consistent over an extended period. He described the credit environment as showing signs of “a shallow, slow slowdown,” including increased non-accruals and restructurings across the market.

PIK income fell to 4.5% of total investment income from 7.5% in the first quarter, following the one-time ArborWorks catch-up. The weighted-average portfolio yield, excluding non-accruals, rose to 10.2% from 10.1%, aided by the shift from broadly syndicated loans to higher-yielding private-credit investments.

Leverage Remains Within Target Range KBDC ended the quarter with $1.238 billion of debt outstanding and a debt-to-equity ratio of 1.17 times, up from 1.05 times at the end of the first quarter. Management said the increase mainly reflected expected realizations shifting into the third quarter rather than a deliberate effort to raise leverage.

The company targets a debt-to-equity ratio of between 1.0 and 1.25 times and expects to operate around the midpoint of that range over time. Liquidity totaled $476.7 million at quarter-end, including $39.7 million in cash and equivalents and $437 million of undrawn committed debt capacity.

Karl said KBDC expects some realizations during the third quarter, including transactions that had slipped from the second quarter, and does not anticipate a significant change in leverage. He also said approximately 5% of the portfolio is scheduled to mature during the second half of 2026, absent a material acceleration in exit activity.

About Kayne Anderson BDC (NYSE:KBDC)Kayne Anderson BDC, Inc NYSE: KBDC is a closed-end, non-diversified management investment company structured as a business development company under the Investment Company Act of 1940. The firm focuses on providing bespoke financing solutions to U.S. middle-market companies, offering first-lien and second-lien secured loans, unitranche facilities, mezzanine debt and selected equity co-investments. KBDC targets businesses with EBITDA profiles generally ranging from $10 million to $100 million, aiming to generate attractive income and potential capital appreciation for shareholders.

The company's portfolio spans a variety of sectors, including healthcare, technology, energy services, consumer products and industrials.

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With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.

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Artificial intelligence data centers are hitting a power problem that has little to do with computer chips, according to a new report from Thornburg Investment Management.

Key Takeaways Average AI server rack density has nearly quadrupled since 2021, straining building power systems. Transformer lead times now stretch up to five years amid a broader equipment crunch. TAOZ and TFGZ, two active Thornburg ETFs, hold power infrastructure names like Vertiv and Coherent. Nvidia Corporation’s (NVDA) latest AI hardware draws far more electricity per rack than entire data centers required a decade ago. The transformers, switchgear and cooling systems inside the building have not kept pace, the report found.

At Nvidia’s GTC 2026 conference, chief executive Jensen Huang described AI infrastructure as a five-layer cake. Energy, he said, forms its foundation. “Energy is the first principle of AI infrastructure and the binding constraint on how much intelligence the system can produce,” Huang said.

Thornburg equity research analyst Baadal Chaudhary calls that imbalance “Watts and Wafers.” Chips have scaled at a pace that keeps surprising investors, he wrote. The physical systems that deliver electricity to run them move on timelines measured in years, not quarters.

Transformers take two to five years to procure and switchgear can take up to three years, according to the report. The grid interconnection queue in Northern Virginia, a hub for data center construction, now runs seven years.

See more: Matthew Tuttle on Investing in AI Infrastructure

The broader AI power debate has focused on the electrical grid. This report, however, argues the sharper constraint sits inside the building. Average server rack density across the industry climbed to 27 kilowatts in 2026. That’s up from seven kilowatts in 2021, the report found. AI hardware is overwhelming electrical systems built for a different era.

Electricity Demands Surge Inside the Rack Traditional server racks, the metal frames holding a data center’s servers and networking gear, once drew 5 to 15 kilowatts. Nvidia’s GB200 platform, built for AI computing, runs at 100 to 137 kilowatts, the report found.

The upcoming Vera Rubin platform is projected to reach 200 to 300 kilowatts per rack, according to the report. Rubin Ultra is expected to exceed 600 kilowatts. Air cooling stops working above 40 to 50 kilowatts, pushing operators toward liquid systems that cool the chip directly.

That shift also costs more. AI-optimized data centers spend about $4.6 million per megawatt on cooling, versus $2.4 million at traditional sites, the report found.

Electrical infrastructure costs have climbed too. AI-optimized facilities spend roughly $3.6 million per megawatt on grey space electrical work, covering transformers and switchgear inside the building. Traditional facilities spend about $2.2 million on that same category, according to the report.

How Power Moves Through the Building Electricity does not arrive at a server ready to use. It enters at medium voltage from the grid, steps down through transformers, and passes through switchgear and backup systems. It then travels through distribution units before reaching the rack. Each handoff adds cost, delay, and lost energy.

One fix gaining ground is a shift to 800-volt direct current distribution, which sends power to the rack in fewer steps. The approach cuts copper requirements by more than 40% and lifts efficiency to 92% — 95%, according to the report. That compares with 75% to 85% for conventional systems.

Small shipments are expected to begin in late 2026, though the industry has not settled on a single standard. Nvidia favors native 800V, while hyperscalers including Meta Platforms, Inc. (META) and Alphabet Inc. (GOOGL) favor a different design, the report noted.

Roughly one-third of planned U.S. data center capacity is expected to include on-site power generation, the report found. That includes gas turbines and fuel cells. The equipment helps developers skip utility interconnection queues that can stretch two to four years. But it adds another layer to the building’s electrical stack.

Infrastructure Firms Feel the Strain Equipment backlogs show where the strain is concentrated. Eaton Corp. (ETN) reported data center orders up 240% in the Americas, with total backlog up 31% year over year, according to the report. Eaton, Vertiv Holdings Co. (VRT) and Schneider Electric have each flagged the same trend. Equipment content sold per megawatt is nearing double traditional levels for AI-optimized deployments.

The Thornburg American Opportunities Fund (TAOZ) and the Thornburg Focus Growth Fund (TFGZ), both launched April 1, 2026, are actively managed strategies. Rather than track a fixed index, the funds aim to capture that kind of shift directly.

TFGZ counts Vertiv Holdings Co. and Argan, Inc. (AGX), a power infrastructure contractor, among its top ten holdings, according to the fund’s factsheet. TAOZ holds Coherent Corp. (COHR), an optical components maker, at 4.3% of its portfolio, according to VettaFi.

TAOZ managed $8.75 million in assets and TFGZ managed $7.51 million as of August 10, according to VettaFi.

At least 13 U.S. states have introduced legislation to pause or restrict new data center projects, the report found. Roughly 34 gigawatts of planned capacity is now classified as stranded or delayed. Virginia, home to a dense cluster of data centers, recently passed a per-kilowatt-hour electricity tax aimed specifically at AI facilities.

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Key Takeaways USAC has about half of planned 2027 new units contracted, strengthening visibility into future fleet growth.USAC's gross margin fell to 63.5% as J-W's lower-margin manufacturing and services weighed on the mix.USAC's 3.72x leverage and premium valuation increase the importance of profitable growth and integration. USA Compression Partners, LP (USAC - Free Report) offers unusually clear visibility into future fleet growth. Roughly half of planned 2027 new units are already contracted, while a mid-teens percentage of planned 2028 units is committed.

That visibility supports the growth case, but margins, leverage and valuation leave little room for execution misses. The question is whether contracted demand can translate into enough earnings and cash-flow improvement to justify taking that risk now.

USAC Growth Visibility Supports the Bull CaseUSAC expects approximately 2.5% average annual new-horsepower growth through 2029, with plans to add more than 500,000 horsepower by 2030. Long equipment lead times are pushing customers to plan further ahead, helping the partnership secure commitments years before delivery.

The J-W acquisition also added manufacturing capacity and a broader customer base. Management believes internal packaging capability provides flexibility in an extended lead-time environment and can reduce capital exposure in later years if market conditions change.

USA Compression's Margins Temper the UpsideAdjusted gross margin fell to 63.5% in the second quarter from 65.4% a year earlier. J-W's manufacturing and aftermarket services carry lower historical margins than contract compression, creating a less favorable mix for the combined business.

USAC also expects about $1 million per month of incremental lube oil costs in the second half of 2026. Existing contracts do not provide a direct lube-oil pass-through, so the company must address higher costs as contracts expire and renew, although CPI escalators provide some inflation protection.

USAC's Balance Sheet Leaves Limited RoomUSAC ended the second quarter with a leverage ratio of 3.72x, just below its 3.75x near-term target. It had $1.21 billion drawn on its revolving credit facility, while cash interest expense was $47.4 million during the quarter.

Image Source: USA Compression Partners

Capital needs remain substantial. Full-year expansion capital spending is projected at $230-$250 million, and management is prioritizing excess cash flow toward new-horsepower growth. Weaker operating results, additional acquisitions or faster capital deployment could therefore reduce financial flexibility.

USAC Valuation Demands ExecutionUSAC trades at a trailing 12-month enterprise value-to-EBITDA ratio of 9.96, compared with 8.26 for the Zacks subindustry. That premium increases the importance of delivering utilization gains, integration benefits and profitable growth from the contracted pipeline.

Image Source: Zacks Investment Research

For sector context, Kodiak Gas Services (KGS - Free Report) is another large-horsepower contract compression operator in the United States. Natural Gas Services Group (NGS - Free Report) provides natural gas compression equipment, technology and services, giving investors additional compression-focused businesses to consider when comparing industry exposure.

USAC's Ratings Favor PatienceUSAC's growth runway is visible, but current margin pressure, leverage and a premium valuation argue for patience while the J-W integration develops. The distribution remains well covered, with second-quarter distributable cash flow coverage of 1.65x, yet management is directing excess cash toward fleet expansion rather than near-term distribution growth.

The stock currently carries a Zacks Rank #4 (Sell). It has a Growth Score of B and VGM Score of B, but a Value Score of C and Momentum Score of C. The favorable growth-oriented scores do not override the weaker Zacks Rank, which places greater weight on earnings estimate revisions and suggests investors may want to wait for a better entry setup rather than buy solely on the long-term growth case.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

AST SpaceMobile, Inc. (NASDAQ:ASTS) is getting closer to turning its satellite network into a commercial business, and Space Exploration Technologies Corp. (NASDAQ:SPCX) is helping put the pieces in orbit.

SpaceX has now launched six of AST SpaceMobile’s BlueBird satellites this year, including BlueBirds 8–10 in June and BlueBirds 11–13 on Aug. 5. The latest Falcon 9 mission brought AST SpaceMobile’s total BlueBird count in orbit to 13.

For AST SpaceMobile, those launches are part of a much bigger race: building enough of its constellation to begin commercial service and move toward a revenue target of nearly $1 billion.

"We still, nothing’s changed on our expectation and our goal of reaching approaching a billion of revenue in our first year of commercial service," Chief Strategy Officer Scott Wisniewski said during the company’s second-quarter earnings call.

The Satellite Count MattersAST SpaceMobile is targeting approximately 45 BlueBird satellites in orbit by early 2027, with BlueBirds 14 through 16 ready to ship and satellites 17 through 46 already in various stages of production and assembly.

The company says it is ramping toward a production cadence of six fully assembled satellites per month, while its broader plan calls for eventually deploying more than 100 BlueBird satellites for worldwide SpaceMobile service.

That makes launch capacity just as important as manufacturing capacity. AST SpaceMobile has said it wants additional access to orbit and is pursuing partnerships or acquisitions to reduce the risks associated with relying on third-party launch providers.

SpaceX is already part of that launch infrastructure. Its Falcon 9 rockets carried BlueBirds 8–10 and 11–13 into orbit this year.

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$1 Billion Would Come From More Than PhonesGetting satellites into orbit is only the first step. AST SpaceMobile expects its first full year of commercial service to combine government revenue, infrastructure sales and consumer connectivity.

Wisniewski said government could contribute "probably as much as half" of the first-year revenue target, with infrastructure revenue continuing alongside the ramp of commercial service.

The company is already expanding beyond direct-to-device connectivity. Management sees potential "multi-billion-dollar annual-plus revenue opportunities" across government and defense applications, including radar, secure communications, emergency response, IoT and space-based AI edge computing.

That broader opportunity is important because AST SpaceMobile isn’t simply trying to sell satellite phone coverage. It is trying to build a platform that can support multiple businesses on the same space infrastructure.

For investors, the next milestone is therefore not simply another successful SpaceX launch. It is whether AST SpaceMobile can turn a growing BlueBird constellation into commercial service — and eventually into the nearly $1 billion annual revenue run rate management still expects.

SpaceX can help get the satellites there. AST SpaceMobile still has to turn them into a business.

Read Next

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Robinhood launched its own blockchain less than a month ago, and Uniswap has already turned it into home turf. Uniswap V4 controls roughly 73% of all decentralized exchange liquidity tied to tokenized stocks on the Robinhood Chain, with V3 picking up another 26%. That leaves about 1% for everyone else to fight over.

Uniswap V4’s total value locked on Robinhood Chain sits at $38.18 million according to DefiLlama, while the chain’s broader RWA value has surged to approximately $70 million by late July 2026.

How Robinhood Chain got here Robinhood Crypto launched the Robinhood Chain on July 1, 2026, as an Ethereum-compatible layer-2 blockchain purpose-built for tokenized real-world assets. The flagship product: Stock Tokens, which are ERC-20 tokens that give holders economic exposure to underlying US equities and ETFs.

These tokens provide price exposure, not legal ownership rights. You get the economics of holding Apple or Tesla stock without actually owning shares in a brokerage account.

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More than 90 Stock Tokens tied to major US equities and ETFs were available immediately after launch. Multiple Stock Tokens have since achieved daily trading volumes exceeding $500,000, with some reaching into the millions.

The total early liquidity across Uniswap’s deployments on the chain started at around $4 million. Within weeks, that figure ballooned as traders and liquidity providers flooded in, pushing the chain’s total RWA value to the $70 million mark.

Why Uniswap owns the liquidity layer Uniswap deployed versions 2, 3, 4, and UniswapX on Robinhood Chain from day one. Uniswap V4 introduced a hook-based architecture that lets developers customize pool behavior, from dynamic fees to on-chain limit orders, without deploying entirely new contracts.

Uniswap also recently launched a product called Pools.trade, further expanding its toolkit on the chain.

The bigger picture for tokenized stocks The chain went from zero to $70 million in RWA value in roughly three weeks. Multiple Stock Tokens achieved daily trading volumes exceeding $500,000, reflecting strong market activity rather than idle liquidity.

The competitive implications extend to other tokenized asset platforms, including Backed Finance and Ondo, which now face a scenario where a household-name fintech brand is offering equity exposure on a dedicated blockchain with Uniswap’s DEX infrastructure already integrated at launch.

The risk side of the equation centers on regulatory uncertainty. Stock Tokens explicitly disclaim legal ownership, which sidesteps some securities law questions but raises others around whether these tokens constitute securities or derivatives.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

© Juanmonino / E+ via Getty Images

Anthropic is preparing what could be the largest IPO of 2026, and it’s telling investors the pitch goes well beyond chatbots. According to the Wall Street Journal, “Anthropic is targeting a public debut in September or early October, people familiar with its plans said.” In those same meetings, the company told some investors that it plans to push further into healthcare and biology AI use cases and that the work could help mitigate some of the negative sentiment around AI.

If the marquee AI listing of the year plants a flag in drug discovery, the rally in AI-adjacent healthcare could front-run the deal. Twist Bioscience is up 387.05% over the past year. Below are the five AI-native biotech and synthetic biology names best positioned if capital rotates into the theme, ranked by execution, catalyst density, and clarity of path to profitability.

No. 5: Absci Absci (NASDAQ:ABSI) is the smallest revenue story on the list but the loudest catalyst story. Q1 revenue was just $1.8 million on a trailing basis, yet analysts carry a $13.78 target with 10 of 11 ratings at Buy or Strong Buy. CEO Sean McClain called “2026 is going to be a data-rich year for Absci with multiple readouts ahead.” Cash sits at $125.7 million with runway into 1H 2028, and shares are up 224.5% over the past year on pipeline anticipation.

No. 4: Recursion Pharmaceuticals Recursion Pharmaceuticals (NASDAQ:RXRX) delivered Q2 revenue of $7.67 million, down from $19.2 million YoY. On the flip side, its net loss narrowed to -$131.00 million from -$171.90 million, a 23.79% improvement. Cash of $545.68 million funds operations into early 2028, and 2026 cash opex guidance was lowered by $15 million to $375 million. CEO Najat Khan said “Recursion has reached a pivotal point where our AI-native platform is translating unique data into potential first-in-class therapeutic opportunities.” Multiple clinical readouts land in 2H26.

No. 3: Schrodinger Schrodinger (NASDAQ:SDGR) posted Q1 revenue of $58.59 million, beating consensus estimates by 23%, with drug discovery revenue more than doubling to $22.9 million. Annual contract value grew 12% to $28.4 million. The company’s Bunsen agentic AI co-scientist launches this summer, and Eli Lilly’s acquisition of Ajax Therapeutics, which Schrodinger co-founded, values the deal at up to $2.3 billion. CEO Ramy Farid highlighted “strong growth in both ACV and drug discovery revenue.” Shares are up 22.68% in the past week.

No. 2: Twist Bioscience Twist Bioscience (NASDAQ:TWST) delivered Q3 revenue of $118.38 million, up 23.2%, marking its 14th consecutive quarter of sequential growth. Gross margin expanded to 52.8%, and management raised full-year guidance to $456 to $457 million. CEO Emily M. Leproust said the adjusted EBITDA breakeven milestone “is not the destination. It’s the foundation for delivering disciplined execution and profitable growth as we move through fiscal 2027.” A strategic AWS partnership for AI-powered drug discovery reinforces the thesis.

No. 1: Tempus AI Tempus AI (NASDAQ:TEM | TEM Price Prediction) is the cleanest execution story in the group. Q2 revenue hit $382.49 million, up 21.6%, with EPS of -$0.04 topping the -$0.1517 estimate for a 73.63% surprise, the fifth consecutive EPS beat. Oncology volumes grew 31%, gross margin expanded to 62.6%, and roughly $200 million in new data licenses were signed with BioNTech, Daiichi Sankyo, Level Set Bio and Incyte. Management raised full-year guidance to $1.595 to $1.605 billion with adjusted EBITDA of ~$65 million. CEO Eric Lefkofsky said “Q2 was another exceptional quarter for us. Our strategy is working.” A pending $1.5 billion Personalis acquisition adds ultrasensitive MRD technology. Shares jumped 16.5% in the past week as the AI-healthcare rotation accelerated.

What to Watch Next If Anthropic uses its listing to reframe AI around healthcare and biology, capital will hunt for public-market proxies that sit outside the mega-cap tech tier. The five above stocks carry the narrative: Tempus AI compounds beats and raises, Twist Bioscience nears breakeven on 14 straight quarters of growth, Schrodinger ships an agentic AI co-scientist, Recursion narrows losses into a data-rich second half, and Absci lines up multiple 2026 readouts. Whether the Anthropic deal prints in September or slips to October, this cohort is where the AI-biotech trade currently sits.

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