Track market-moving stories before they get noisy

Grayscale is treating the climb of its Zcash fund past $1 billion in assets as a sign that listed crypto products are entering a more selective phase, one no longer defined only by bitcoin and ether.

The firm said as much when it marked the figure.

On September 24 it posted that the world’s first Zcash fund, trading as ZCSH, had reached $1 billion in assets under management, and called ZEC one of the assets shaping the next era of digital finance.

The product began trading on NYSE Arca on August 25 after Grayscale converted its older Zcash trust, formed in 2017, into an exchange-listed vehicle with spot exposure to the token.

The headline number needs context.

SoSoValue data around September 24 showed about $1 billion in net assets against roughly $306 million in cumulative net inflows, so new capital was less than a third of reported value.

A Grayscale filing shows that DCG International Investments, tied to the parent group, acquired about $100 million of shares on September 8 in exchange for roughly 85,705 ZEC.

Outside cash is closer to $200 million once that related-party swap is set aside.

The balance reflects coins already held in the legacy trust and a sharp rise in ZEC, which traded near $1,500 around the milestone, about double its level when listing began.

Even so, the launch was fast.

The fund passed $500 million within about two weeks and reached $1 billion inside its first month.

Krista Lynch, Grayscale’s managing director and head of trading and capital markets, later said at Token2049 in Singapore that, measured by assets gathered in its first month as an ETF, ZCSH sits in the top 1 percent of funds launched over the past decade.

She linked that result to the Securities and Exchange Commission’s (SEC) generic listing standards, which she said now cover roughly fifteen tokens and let issuers choose products by demand and conviction rather than a bespoke rule change for every asset.

In January, Grayscale had twenty-seven assets under review across artificial intelligence, decentralized finance, consumer uses, and infrastructure.

Her point was that the list is being narrowed.

Zcash’s rise as a popular altcoin is what made that product possible.

For most of its life it sat far behind bitcoin, even though it was built as a bitcoin-like currency with optional privacy: transparent addresses that behave like an open ledger, and shielded ones that hide sender, recipient, and amount with zero-knowledge proofs.

Through 2025 and 2026 that privacy case found a larger audience.

Shielded supply, long stuck near single digits as a share of circulating coins, moved into a range of roughly a quarter to nearly a third.

$1B in AUM.

The world's first Zcash fund $ZCSH just hit a new milestone.

Grayscale is committed to providing investors with exposure to the assets defining the next era of digital finance. $ZEC is one of them. pic.twitter.com/AKxxNAA2gJ

— Grayscale (@Grayscale) September 24, 2026

The token rallied from about $60 to the $1,500 area, and Grayscale research argued the move still left room if ZEC took a larger share of the digital-currency sector.

Access widened at the same time: brokerage products in the United States and a physically backed product in Europe meant investors could buy exposure without running a shielded wallet.Industry support has followed that rerating.

Cameron and Tyler Winklevoss, through Winklevoss Asset Services, filed an S-1 on October 6 for a spot Zcash fund that would list on Nasdaq under the ticker WINK, with Gemini Trust as custodian and a proposed sponsor fee of 0.25 percent, well below Grayscale’s 2.5 percent. Gemini announced the filing.

Winklevoss Capital indicated a non-binding interest in buying up to $100 million of shares, and the Winklevoss-backed treasury company Cypherpunk Technologies was named an ecosystem partner.

A filing is not an approval, but it puts a second well-known sponsor behind the same asset.

Critics argue the popularity is running ahead of the record.

Bitcoin pool operator Chun Wang has called the rally a bid rather than earned status, pointing to the original founders’ reward, which sent 20 percent of new issuance to insiders for four years, to the collapse of a development organization, and to a soundness bug in the Orchard shielded pool that sat undisclosed for years.

Developers say there is no evidence it was exploited; the Winklevoss prospectus notes there is also no cryptographic way to prove it was not, because the pool is private.

Others note a structural irony: a spot ETF is a regulated, transparent custody product, so holders get the price of a privacy coin without the privacy.

Lobbyists funded by a $750,000 community grant are now trying to keep shielded transfers from being treated like mixers under anti-money-laundering rules. Whether Zcash’s new phase lasts depends on whether capital stays once price gains, converted holdings, and celebrity filings are no longer doing most of the work.

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EQUITY ALERT: Rosen Law Firm Files Securities Class Action Lawsuit on Behalf of The Ensign Group, Inc. Investors -- ENSG Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of The Ensign Group, Inc. (NASDAQ: ENSG) between February 10, 2022 and June 18, 2026, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Ensign investors under the federal securities laws.

To join the Ensign class action, go to https://rosenlegal.com/cases/the-ensign-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Ensign’s business model depends on the systematic and widespread neglect of elderly people who live in its facilities, including those with needs for high levels of care; (2) Ensign’s abuse and neglect includes not giving residents enough food, medical attention, or even basic toiletries as well as failing to respond to residents in clear distress, which has resulted in resident deaths; (3) Ensign uses self-reporting measures as a way to cover up that it systematically neglects patients; (4) Ensign defrauds Medicaid and Medicare by taking federal funds to help patients who need high levels of care, and then neglecting those same patients; (5) Ensign falsifies the number of hours that Certified Nursing Assistants spend with residents; (6) Ensign engages in an illegal scheme to rent the licenses of Administrators who are not generally present at, nor actually managing, its facilities; (7) Ensign materially understated the reputational and litigation exposure that comes with a dangerous, abhorrent, and illegal business model; and (8) as a result, defendants’ statements about Ensign’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 7, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to https://rosenlegal.com/cases/the-ensign-group-inc/join or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected].

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

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Key Highlights

USD/JPY started a fresh increase from the 156.40 support. A breakout pattern is forming with resistance at 158.40 on the 4-hour chart. EUR/USD struggled to recover and remained below the 1.1250 pivot. Bitcoin corrected some gains and might revisit $80,000. USD/JPY Technical Analysis The US Dollar remained supported above 156.40 against the Japanese Yen. USD/JPY formed a base and started a fresh increase above 157.00.

Looking at the 4-hour chart, the pair surpassed the 50% Fib retracement level of the downward move from the 159.03 swing high to the 156.37 low. The pair settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

It is now consolidating below the 76.4% Fib retracement. There is also a breakout pattern forming with resistance at 158.40. A close above 158.40 could initiate a steady increase.

The first major resistance might be 159.00. The next key resistance could be near 160.00, above which the pair could aim for a move to 161.20. If there is a fresh downside correction, the pair could find support near the confluence area of the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour) at 157.25.

The first major support might be 156.40. A close below 156.40 might accelerate the decline. In the stated case, the pair might drop to 155.00.

Looking at EUR/USD, the bears remained in action, but they seem to be losing steam and the pair might attempt a recovery wave.

Upcoming Key Economic Events:

Michigan Consumer Sentiment Index for Oct 2026 (Prelim) – Forecast 47.6, versus 48.1 previous.

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Bloom Energy (BE -6.34%) passed $1 billion in quarterly revenue for the first time in the second quarter of 2026. Sales climbed 166% year over year to $1.07 billion, and the fuel cell maker earned $196 million for common stockholders, compared to a loss of around $43 million a year before.

And management expects the growth to keep coming. In July, Bloom upped its 2026 revenue guidance again, and the latest range of $3.9 billion to $4.2 billion has a midpoint around double 2025's $2.02 billion.

But can Bloom keep making money while it doubles in size? I think the profit looks solid. The margin behind it, though, is weaker than its 33.4% headline number suggests.

Image source: Getty Images.

A refund boosted the marginBloom's second-quarter gross margin (the share of revenue left after the direct costs of what it sells) was 33.4%, versus 26.7% a year before. At first glance, that's just what investors like to see from a manufacturer ramping up volume.

Still, part of that rise came from a court decision. In February, the Supreme Court found that some tariffs imposed under the International Emergency Economic Powers Act were illegal.

Bloom flagged around $37.4 million of those already paid tariffs as recoverable. And it booked the full amount as a recovery against its cost of product revenue in the second quarter, but only around $5 million had actually been refunded by June 30.

Pull that refund out, and Bloom's second-quarter gross margin was about 30%. The first quarter landed at 30%, and the fourth quarter of 2025 at 30.8%, so the underlying number has stayed flat for three straight quarters. In the same span, quarterly revenue rose from around $778 million to $1.07 billion. In other words, Bloom sold much more, but each dollar of sales didn't get any more profitable.

Does the profit hold up without the refund?It does. Taking out the refund cuts Bloom's second-quarter operating income from $182 million to around $145 million, versus an operating loss of $3.5 million the year before.

Net income for common stockholders would have been around $159 million.

Most of the profit is from scale. Bloom's operating expenses climbed 57% year over year as revenue jumped 166%, so they shrank to around 16% of revenue, down from about 28%.

Even without the refund, Bloom's operating margin was about 14%, up from 9.6% in the first quarter.

Part of the business behind the systems is improving, too. Service gross margin rose to 19%, up from 9% the year before, boosted by more revenue from maintenance contracts for Bloom's installed fleet. Bloom also credits manufacturing improvements and more automation with cutting its production costs.

Tariffs are backOf course, tariffs also squeezed Bloom's margins before. In its third-quarter 2025 filing, Bloom said it expected tariffs to dent its gross margin by around 1% in 2025.

And new ones already apply. In late July, the U.S. Trade Representative put tariffs of 10% or 12.5% on imports from 60 economies. Bloom's annual report also says it expects 50% tariffs on imported steel, aluminum, and copper to hurt its costs.

That ups the stakes for management's margin target. Bloom still guides for a non-GAAP (adjusted) gross margin of around 34% in 2026, the same target it gave in April, before the refund.

Bloom's adjusted gross margin was 31.5% in the first quarter, and the second quarter's would have been around 31% without the refund. Meeting the full-year target, then, probably means more like 35% for the second half.

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Meanwhile, Bloom has now had three straight profitable quarters, but the fourth quarter of 2025 barely counted at $1.1 million. A profitable third quarter would mean four in a row -- a full year of profits, and the bar I've been waiting for with this stock.

As I write this, Bloom's stock is near $276, about 21% off its 52-week high of $351.28. But the price is about 56 times the earnings analysts expect for Bloom in 2027. A price-to-earnings ratio that high arguably assumes margins keep expanding as Bloom grows.

In the end, can Bloom stay profitable as it doubles? I think so, refund or no refund. But its underlying gross margin hasn't budged from around 30% for three quarters, and this valuation needs it to rise. Until it does, I'd hold off buying shares.

Polkadot has introduced its new stablecoin, dotUSD, describing it as an asset with no issuing company behind it. The launch took place on October 8, signaling the network’s effort to address concerns over centralization in the current $250 billion stablecoin market.

Current launch relies fully on USDT reservesDespite Polkadot’s claim of offering a new model, the first phase of dotUSD’s rollout functions as a wrapped version of Tether’s USDT. Users can mint dotUSD on a one-to-one basis with USDT, meaning each dollar of dotUSD is backed directly by a dollar of USDT in reserve. This model currently mirrors the centralized structure that Polkadot said it intended to avoid.

The phased launch follows governance referendum 1944, which details how users may mint dotUSD by depositing USDT, up to a predetermined supply cap. This approach puts Tether’s token at the core of dotUSD’s stability in its initial stage.

To kickstart trading, Polkadot’s treasury provides liquidity by funding a DOT-dotUSD pool through its Asset Hub. Early drafts allocated $2.5 million in USDT and $2.5 million in DOT to the pool, totaling $5 million. Subsequent revisions lowered both amounts to $1.5 million each, establishing a $3 million launch pool.

The Polkadot Community Foundation, which submitted the proposal, states it acts in an administrative role only and does not issue, operate, or hold custody of dotUSD, DOT, or USDT.

Mini dictionary: Polkadot Community Foundation, a non-profit organization facilitating governance and development initiatives on the Polkadot blockchain ecosystem.

StablecoinBacking AssetIssuing AuthorityPhase One CapdotUSDUSDTNone (administered, not issued)Defined by proposalUSDTUSD-reserves & equivalentsTether LimitedN/AInitial model contradicts decentralization claimsThe governance proposal behind dotUSD’s launch previously cautioned against reliance on centralized stablecoins such as USDT and USDC. These issuers retain the ability to freeze assets, deny access to wallets, or blacklist addresses—often acting in response to government requests, with limited recourse for users.

Despite this warning, dotUSD’s current phase exposes its users to the same risks. Each dollar of dotUSD is a direct claim on USDT reserves, meaning if Tether freezes the associated wallet, the value and liquidity of dotUSD are equally impacted.

Those concerns outlined in the proposal, especially the ability of centralized issuers to freeze or block user funds, now directly apply to dotUSD’s first stage since it is fully dependent on USDT reserves.

Tether’s freezing activities are well documented. In one 30-day window, Tether reportedly froze $514 million in USDT across 370 Ethereum and Tron addresses. Cumulatively, over $1.26 billion was blacklisted during 2025.

Freezes imposed on wallets are seldom lifted, and Tether’s interventionist powers are currently facing legal challenges. On October 6, payments company Conduit sued Tether in a New York federal court after a $2.76 million freeze allegedly locked its main account for more than a year. Conduit alleges the freeze occurred despite Brazilian police confirming no investigation of the address. Another lawsuit followed from two Thai businessmen regarding $42.4 million in USDT, reportedly frozen on informal law enforcement requests before any warrant was issued. Tether has dismissed these lawsuits as baseless and underscored its cooperation with more than 340 law enforcement agencies.

The decentralized vision for dotUSD remains a future goal. In its next phase, dotUSD aims to transition to a model backed by DOT-collateralized vaults, supported by an oracle, a stability pool, liquidations, and a redemption mechanism. However, a firm date for this upgrade has not been set.

Discussions about a fully DOT-backed stablecoin have circulated within the Polkadot community since July 2025, when co-founder Gavin Wood referenced the project at the Web3 Summit. Until the second phase materializes, dotUSD’s decentralized promise remains unfulfilled.

For now, dotUSD operates as a wrapped USDT token, with users directly exposed to the risks associated with Tether reserves. The transition to a protocol leveraging DOT collateral is still in development, with no announced launch date for phase two.

Ethereum Foundation researcher Justin Drake has urged the crypto industry to start preparing for what he calls “bunker mode,” arguing that rapid advances in AI-driven mathematics could threaten cryptographic systems sooner than the industry expects.

In an October 7 post, Drake recommended a controlled migration of assets to fresh addresses whose public keys remain hidden behind hashes. He specifically urged large holders to consider moving funds to addresses that have never signed transactions and to move remaining funds whenever they sign a transaction.

He warned that the industry should consider the possibility that ECDSA could become breakable within “months, not years,” potentially through classical computing rather than quantum computers.

His argument rests on recent advances in AI for mathematics. Drake pointed to breakthroughs involving problems such as integer multiplication, 3SUM, and the Erdős unit distance conjecture as evidence that AI could uncover mathematical shortcuts that humans have missed.

He argued that elliptic curves deserve particular scrutiny because of their mathematical structure and suggested that the industry should accelerate its move toward hash-based cryptography.

Vitalik Takes the Warning Seriously Ethereum cofounder Vitalik Buterin pushed back against the idea that users should immediately scramble to move their funds, but he agreed that AI-driven advances in mathematics deserve serious attention.

Buterin argued that the industry should consider AI vulnerability alongside quantum vulnerability. He also questioned the assumption that lattice-based cryptography will remain safe simply because elliptic curves face greater scrutiny today.

The programmer still warned users against rushed migrations, warning that he had “lost more money in botched migrations than I have lost in all hacks combined.” He later clarified that multisig users should ideally change signing keys after each operation while continuing to gather signatures offchain where possible.

Not Everyone Sees an Emergency The response from cryptographers has been sharply divided. Yehuda Lindell, head of cryptography at Coinbase, called Drake's argument a bad take, saying that there is currently no evidence that decades-old assumptions behind elliptic curve cryptography have failed.

Lindell argued that AI proving difficult mathematical theorems does not show it can solve problems like elliptic curve discrete logarithms. He also noted that a genuine break of elliptic curve cryptography would create consequences far beyond crypto, affecting bank websites, financial systems, software signing and other internet infrastructure.

Longtime Ethereum developer and researcher Dankrad Feist made an even more direct point. If attackers can immediately compromise any exposed public key, he argued, moving funds into protected addresses wouldn't necessarily save them because the underlying assets could lose all value.

Dragonfly managing partner Haseeb Qureshi took the opposite view, describing Drake's warning as a sober response to rapid mathematical progress and suggesting the industry should temporarily adopt a more defensive approach.

How Much Cryptography Could AI Already Be Hiding? The discussion has also shifted toward a harder question: how many novel attacks on cryptography could already exist but remain undisclosed?

Responding to a question about how many such attacks might emerge, Matthew Green, an associate professor of computer science at Johns Hopkins University, raised an even broader concern, saying he thinks the industry could “lose public key cryptography,” particularly public-key encryption.

Solana cofounder Anatoly Yakovenko pushed back on that premise, arguing that AI will not simply solve discrete logarithms, prime factorization, or the P ≠ NP conjecture, but could instead uncover vulnerabilities in specific curve parameters or groups.

That distinction sits at the heart of the debate. AI could potentially discover weaknesses in how cryptographic systems are implemented without overturning their underlying mathematical assumptions.

Solana Says Its Design Offers “A Defined Path Forward” Solana Foundation VP of Technology Jacob Creech rejected the need for Justin Drake’s proposed “bunker mode” on Solana.

Creech argued that Solana's use of Ed25519 gives users a different recovery path if an attacker eventually breaks the underlying elliptic curve. The signing key derives from a secret seed through hashing, while the seed itself never appears onchain.

According to Creech, a network upgrade could let legitimate owners prove knowledge of their seed with a hash-based proof and migrate their accounts to a safer signature scheme. In the unlikely event of a break in Solana’s cryptography, validators, not users, would be responsible for upgrading infrastructure to ensure continuity. Creech also stated that “a working proof of concept already exists”, pointing to Anza’s Proof of Knowledge Seed protocol.

Helius CEO Mert Mumtaz similarly urged users not to follow Drake's recommendation, arguing that careless fund movements could create a more immediate risk than an overnight cryptographic breakthrough.

A Crypto Problem or an Internet Problem? The debate ultimately extends far beyond Bitcoin, Ethereum, or Solana. If AI genuinely discovers an efficient way to break widely used public-key cryptography, the consequences would reach banking, brokerage platforms, payment networks, TLS, software updates, and other critical internet infrastructure. 

However, centralized companies and institutions could potentially respond faster to any threat.  Blockchains face a tougher challenge because decentralized networks need coordination and consensus to make fundamental changes. That makes having a contingency plan before such a scenario emerges particularly important.

Solana already has one. Its Ed25519 design allows users to prove control of their underlying seeds and migrate to a safer signature scheme through a network upgrade, with a working proof of concept already available.

There is currently no public evidence that AI has broken ECDSA or another major cryptographic hardness assumption. In a recent tweet, Solana cofounder Anatoly Yakovenko described the panic as “fear based on uncertainty from smart people unable to predict the future,” but urged developers to ship post-quantum cryptography solutions.

For now, the argument centers on how seriously the industry should prepare for a possibility that researchers cannot rule out but also cannot demonstrate.

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Solana (CRYPTO: SOL) briefly processed more trades than the NYSE in September, according to Citrini Research, as tokenized stocks and real-world assets push deeper into traditional finance.

Why Citrini Says Crypto Finally Found Its PurposeCitrini Research wrote in a Thursday note that crypto spent 15 years building programmable financial infrastructure without a clear use case, until AI agents and tokenized assets gave it one. 

The firm argues that as AI agents increasingly manage money and make decisions on behalf of users, financial assets need to become machine-readable and transferable the same way consumer data already has.

The inflection point traces back to March, when the Iran conflict escalated over a weekend and Hyperliquid as measured by Hyperliquid Strategies (NASDAQ:PURR) became one of the only liquid venues where traders could price crude oil in real time. 

Since then, Citrini says tokenized real-world asset adoption has moved into a much higher gear.

How Robinhood, Coinbase and US Regulation Are Shaping Tokenized Stock TradingCitrini pointed to two forces accelerating the move on-chain:

Composable tokenized equities: Robinhood (NASDAQ:HOOD) Chain’s stock tokens let tokenized shares move freely between apps and blockchain rails, rather than staying locked inside a single issuer’s platform, and that model has since spread to more chains Regulatory momentum: two days after the CLARITY Act failed in the Senate, the SEC issued an innovation exemption opening a path for tokenized stock trading, while Coinbase’s (NASDAQ:COIN) proposed US stock perpetual futures product sits with “approval pending” status at the CFTC Which US Stocks Is Securitize Bringing to Solana?Securitize announced Thursday, according to WSJ, that it’s bringing 12 major US stocks onto Solana through a new product called Securitize Stocks. The initial lineup includes:

Apple (NASDAQ:AAPL) Nvidia (NASDAQ:NVDA) Tesla (NASDAQ:TSLA) Microsoft (NASDAQ:MSFT) Trading starts on Securitize’s existing Solana platform, with Jump Trading providing liquidity and settlement happening in USDC (CRYPTO: USDC). 

Securitize plans to expand the stocks to NYSE’s planned 24/7 digital trading platform and the upcoming OKX-ICE Tokenized Securities Venue, a joint venture between NYSE parent Intercontinental Exchange and OKX.

Each token stays backed one-for-one by an actual share and preserves shareholder benefits like dividends and voting rights, according to Securitize CEO Carlos Domingo.

Photo via Shutterstock

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Bitwise Asset Management announced that it will close its Dogecoin ETF, citing weak investor demand for the product. Trading of the Bitwise Dogecoin ETF (BWOW) will cease on October 14, and shareholders will receive cash distributions around October 22. The fund, which started trading on NYSE Arca in November 2025, held approximately $725,870 in assets as of October 7, with a recorded trading volume of about $51,480 in September.

Dogecoin ETF fails to draw fund investorsHunter Horsley, CEO of Bitwise, described the ETF’s performance as disappointing, despite his own personal interest in Dogecoin. Horsley emphasized that although Dogecoin has developed a recognizable identity within the digital asset sector, this did not translate into significant demand among traditional ETF buyers.

Addressing the closure at the Digital Asset Summit 2026 Asia, Horsley stated that investor interest in Dogecoin differs between users of crypto trading apps and buyers of traditional exchange-traded funds. He rejected the suggestion that Bitwise targeted the wrong market, noting that the two groups have distinct preferences and behaviors.

Horsley pointed out that traditional ETF investors are fundamentally different from those who engage with cryptocurrencies directly through digital platforms, underscoring that reaching busy professional investors remains a challenge in driving broad adoption.

Strong demand for Solana and NEAR fundsWhile the Dogecoin ETF saw limited uptake, Bitwise’s other products experienced more robust interest. The Bitwise Solana Staking ETF (BSOL) currently manages about $1.3 billion in assets. According to Horsley, the success of the Solana fund stems from investor appetite for Solana exposure, driven not only by staking rewards but by the broader ecosystem involving stablecoins, tokenized assets, and on-chain services.

Bitwise also recently launched an ETF tied to NEAR Protocol, a blockchain focused on interoperability across different networks. The NEAR ETF attracted $58 million in inflows during its first week, suggesting stronger market appetite for newer blockchain projects that facilitate asset transfers between chains.

Mini dictionary: NEAR Protocol is a proof-of-stake, layer-1 blockchain known for emphasizing cross-chain compatibility, which allows users and dApps to transfer tokens and data between different blockchain networks efficiently.

ETF NameAsset SizeLaunch DateDogecoin ETF (BWOW)$725,870November 2025Solana Staking ETF (BSOL)$1.3 billion2024NEAR ETF (NRR)$58 million (first week)September 2026Investor interest in the Solana and NEAR funds far outpaced that of the Dogecoin ETF, reflecting broader confidence in projects with cross-chain services and rapidly expanding ecosystems.

Bitwise eyes AI investment productsLooking ahead, Bitwise is intensifying its focus on artificial intelligence investment products. In August, the firm filed for an AI Cyber Defense ETF, and in September, it submitted a request for an AI Bond ETF. However, regulatory filings do not ensure that these products will launch.

Bitwise believes that growing use of automated software agents, sometimes leveraging AI, will increase demand for cross-chain asset management and transfer services, especially for networks like NEAR Protocol that prioritize interoperability.

The broader cryptocurrency sector is also embracing AI-powered solutions. Binance, a major global exchange, debuted new AI-driven features geared toward delivering market information and automating trading strategies for users and developers.

For longer-term investors, Horsley highlighted Bitwise’s BITW and BITQ index funds, which offer diversified exposure across the digital asset market for those looking to avoid managing individual cryptocurrencies or platforms.

North Korea-linked operators use cross-chain swaps, decentralized exchanges and professional intermediaries to move stolen cryptocurrency. THORChain played a documented role in processing assets associated with the 2025 Bybit theft, illustrating how legitimate liquidity infrastructure can be exploited. OTC brokers and informal settlement networks create financial relationships that are not fully visible through blockchain transaction records. North Korean hacking groups have turned cryptocurrency theft into a sophisticated financial operation, relying on cross-chain infrastructure, professional money launderers and informal payment networks to move assets beyond the reach of exchanges and law enforcement.

The scale of the problem became particularly visible after the $1.46 billion Bybit theft in February 2025. The FBI attributed the attack to North Korea’s TraderTraitor activity, while subsequent blockchain investigations documented the rapid movement of stolen Ether through thousands of transactions.

More recent reporting by Wu Blockchain has drawn attention to the intermediaries operating between the initial theft and the eventual use of stolen funds. These networks can exchange assets, supply liquidity and arrange settlement without requiring the original attackers to manage every transaction.

The result is a laundering ecosystem in which the technical compromise of a cryptocurrency platform and the financial processing of stolen assets may be handled by different participants.

How the Bybit Hack Exposed Cross-Chain Laundering The Bybit incident began with a compromise of the exchange’s Ethereum cold-wallet signing process. Attackers manipulated the transaction approval workflow, allowing assets to be transferred to unauthorized addresses.

After the theft, the attackers moved large quantities of Ether through intermediary wallets and cross-chain services.

One of the most closely examined services was THORChain, a decentralized liquidity protocol that enables native cryptocurrency swaps between supported blockchains.

Unlike a centralized exchange, a cross-chain liquidity protocol can facilitate asset conversion without relying on a conventional customer account.

In the Bybit case, blockchain investigators reported substantial flows through THORChain as stolen Ether was converted into Bitcoin and other assets.

The mechanism matters because a conversion from ETH to BTC changes the environment in which investigators must follow the funds.

Ethereum’s account-based transaction model and Bitcoin’s unspent transaction output model record transfers differently. Following a cross-chain swap therefore requires investigators to associate an incoming transaction on one network with an outgoing transaction on another.

That association may be possible using transaction timing, amounts, protocol events and other observable evidence, but it is more complicated than tracing transfers between addresses on the same blockchain.

Cross-chain services are not inherently illicit. They also support legitimate trading and liquidity management. Their relevance to money laundering comes from the ability to exchange assets across networks, particularly when access does not involve conventional identity verification.

The Bybit investigation demonstrated that stolen cryptocurrency can be moved through widely used decentralized infrastructure without compromising that infrastructure itself.

The Professional Launderers Behind the Transactions Blockchain movements reveal where assets travel. They provide a less complete picture of the commercial relationships behind those transfers.

North Korea-linked operations have been associated with intermediaries that exchange suspicious cryptocurrency for other assets, arrange transfers through OTC channels or facilitate payments through networks outside conventional banking.

Some laundering services operate as brokers rather than simple exchange platforms.

An intermediary may accept cryptocurrency associated with a theft and arrange to provide the client with different assets or value through another settlement channel, retaining a fee or discount.

That arrangement can transfer part of the operational risk from the original thief to a separate financial facilitator.

It also complicates efforts to establish the amount ultimately available to the attackers.

For example, Elliptic reported that approximately $200 million connected to the Bybit theft moved through the eXch cryptocurrency exchange service. The figure describes activity attributed to that service, not a verified cash payment to the attackers.

Investigators therefore distinguish between three measures: the value originally stolen, the volume processed through laundering services and the proceeds ultimately obtained by the perpetrators.

Only the first two can sometimes be estimated directly from publicly observable blockchain activity.

A broader investigation by 38 North has examined the role of financial facilitators and OTC brokers in helping North Korean actors convert cryptocurrency into usable resources.

Those intermediaries are significant because they can connect digital-asset transactions to commercial payments, local-currency liquidity or other financial arrangements that blockchain records alone cannot fully reveal.

From Stolen Tokens to Usable Value The laundering process does not follow a single fixed route. Assets may pass through different services, return to earlier networks or remain in cryptocurrency rather than being converted into fiat.

The following sequence illustrates the principal stages investigators examine. It is a generalized model, not a verified transaction path for every North Korean theft.

CRYPTO CRIME / MONEY FLOW

How Stolen Crypto Moves Through Laundering Networks

A simplified view of the financial infrastructure used to process stolen digital assets.

01

The Initial Theft

Attackers compromise an exchange or wallet and transfer cryptocurrency to addresses under their control.

ENTRY POINT

↓

02

Swaps and Chain-Hopping

Assets move between wallets, liquidity protocols and blockchains, changing their form and complicating transaction tracing.

ONCHAIN MOVEMENT

↓

03

Professional Intermediaries

OTC brokers and financial facilitators exchange assets or arrange settlement through separate financial channels.

LIQUIDITY & SETTLEMENT

↓

04

Usable Financial Value

Proceeds may emerge as fiat currency, commercial payments or cryptocurrency retained for later use.

FINAL ECONOMIC USE

Methodology: Illustrative sequence based on laundering patterns documented in investigations by the FBI, Elliptic and 38 North. Individual cases may involve different routes, additional intermediaries or repeated stages.

Where Investigators Can Interrupt the Flow The earliest stages of laundering offer opportunities for exchanges and blockchain analytics firms to identify suspicious movements before assets reach intermediaries.

The FBI’s February 2025 advisory on the Bybit theft provided addresses associated with TraderTraitor and urged exchanges, bridges, decentralized finance services and other virtual-asset providers to block transactions involving identified stolen funds.

For compliance teams, that requires more than screening a recipient address against a static sanctions list.

Transaction monitoring should incorporate exposure to known thefts across multiple blockchains. A newly created wallet may have no direct sanctions designation but could receive assets shortly after they pass through a cross-chain swap associated with a confirmed exploit.

Such connections require careful interpretation. Indirect exposure alone does not establish that the recipient knowingly participated in money laundering.

Liquidity providers and exchanges can also monitor unusual transaction patterns, including rapid conversions, fragmented transfers and activity involving addresses recently associated with a security incident.

When suspicious assets reach a centralized platform, investigators may have an opportunity to preserve records, identify account holders and request restrictions through appropriate legal procedures.

The Bybit response provides a documented example. According to the exchange’s incident timeline, industry participants helped freeze approximately $42.89 million in exploited funds by February 23, 2025.

For stablecoins with issuer-controlled freezing functionality, timely coordination with issuers may provide another intervention point. Native Bitcoin and Ether do not offer an equivalent centralized freezing mechanism.

The final stage requires a different investigative approach.

OTC brokers and informal financial facilitators may connect cryptocurrency transfers to bank accounts, cash movements or trade settlements. Detecting those relationships can require suspicious activity reports, financial intelligence, customer records and cooperation across jurisdictions.

Research published by 38 North in March 2026 identified examples involving facilitators operating across several countries and argued that authorities should devote greater attention to cash-out networks, not only the hackers responsible for the initial theft.

Why Cash-Out Networks Matter More Than Another Wallet Address North Korea’s cryptocurrency operations expose a limitation of blockchain transparency: public transaction records can document the movement of assets without identifying every financial relationship behind them.

The distinction becomes especially consequential when professional intermediaries purchase stolen cryptocurrency at a discount or arrange settlement through separate payment networks.

Investigators may know which service received the assets while lacking evidence of the final payment or its recipient.

In some cases, conversion into conventional currency may not be necessary. Research on North Korean sanctions evasion has documented efforts to use cryptocurrency directly in commercial transactions, potentially reducing dependence on conventional cash-out channels.

This shifts part of the investigative focus from cryptocurrency exchanges to the wider financial and commercial networks through which illicit proceeds acquire economic value.

The latest Bitget case remains relevant to that work. Wu Blockchain reported that the exchange revised the assets involved in its September incident to approximately $387.5 million, while North Korean attribution had not been conclusively established in a published technical investigation.

Until additional evidence becomes available, conclusions about the precise perpetrators and their eventual proceeds should remain qualified.

The Bybit case provides stronger attribution, supported by the FBI, and a more developed public record of subsequent laundering activity.

Together, the investigations illustrate why stopping cryptocurrency theft proceeds requires two distinct capabilities: following assets across networks and identifying the people or institutions willing to convert those assets into usable value.

The first is increasingly supported by blockchain analytics. The second depends on financial intelligence, enforceable compliance controls and international cooperation.

Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.

Full Profile

In brief Orca and Loopscale merged under the Formation brand, headquartered in New York, with Loopscale co-founder Luke Truitt as CEO; financial terms were not disclosed. Formation targets financing for AI, energy, robotics and defense assets, backed by Orca's $550 billion-plus in trading volume and Loopscale's $150 million in deposits and $2 billion in loans facilitated. Formation plans to operate a tokenized securities venue under the SEC's five-year Innovation Exemption and to introduce issuer tools within 12 months. Solana decentralized exchange Orca and lending protocol Loopscale are merging into a single company called Formation, the two teams announced Wednesday.

The new firm is headquartered in New York and led by Loopscale co-founder Luke Truitt as CEO, with fellow co-founder Mary Gooneratne as chief operating officer and Orca's Christopher Montagano as chief strategy and legal officer. Neither announcement discloses financial terms.

Myriad: Where does Solana go next? Click to make your prediction.Formation pairs Orca's trading infrastructure with Loopscale's credit order book and vaults, so an issuer can launch an asset with trading and credit live from day one, according to Loopscale's FAQ. Orca has processed more than $550 billion in trading volume since 2021, while Loopscale reports more than $150 million in deposits and over $2 billion in loans facilitated, according to the companies’ own numbers.

The idea is to provide a full stack of decentralized financial services, integrating liquidity solutions, credit, and vaults into one platform.

Orca launched in February 2021 and raised an $18 million Series A that September. Loopscale, formerly known as Bridgesplit, raised $4.25 million in 2021 from CoinFund, Jump, Coinbase Ventures, Solana Ventures, and Room40.

Formation is targeting AI, energy, robotics, and defense companies whose financing needs it says traditional markets serve poorly.

Truitt cast the merger as a bet that capital markets have to keep pace with the industries they fund. "Every major technological revolution has been paired with a financial one," he said in the press release.

Formation’s business is exploring the possibilities opened by the SEC's Sept. 17 innovation exemption, a five-year order that lets tokenized securities venues trade tokenized U.S.-listed stocks through permissioned automated market maker pools without registering as exchanges. Formation says it plans to operate such a venue and pursue additional licenses, building on Orca's nearly two years of engagement with securities and commodities regulators.

Formation's press release adds that its planned products are subject to legal and regulatory requirements and may not be available to U.S. persons. Loopscale's lending, borrowing, vaults and order book keep running as before, and existing positions are unchanged.

ORCA will serve as the token for all of Formation, so Loopscale will not launch its own, per the same FAQ. Loopscale points keep accruing and will convert later this year.

Over the next 12 months, Formation plans to introduce tools for issuers and new capital allocation strategies alongside its existing trading, lending and vault products.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

When a consumer taps to pay for a new winter coat or a flight home, they likely don't think about the global financial infrastructure moving their money. Klarna Group (KLAR +1.58%) acts as that silent bridge, functioning as a technology-driven payments provider that has evolved from a niche tool for deferred payments into a comprehensive digital banking ecosystem.

Despite this reach, the stock has struggled, falling to $13.46 as of Oct. 8, 2026, marking a 65% decline over the past year as the market weighed the company's aggressive growth against its path to sustained profitability.

Our proprietary Hidden Gems scoring system assigns Klarna Group an overall Superscore of 70 out of 100, placing it in the Above Average category. The Superscore is an AI-powered score that evaluates a company's overall strength by combining financial performance, product market position, technological capabilities, leadership quality, and relative valuation. It represents the unification of all our scores into a single score for public companies, with five rating bands: Exceptional (90-100), Strong (75-89), Above Average (60-74), Average (40-59), and Cautious (0-39).

A 70 Superscore places Klarna in the Top ~31% of every company we score, representing a signal that invites deeper investigation into the company's operations and risks.

Why KLAR Has a 70 SuperscoreRobust revenue growth: The company reported 27% year-over-year revenue growth in Q2 2026, reaching $1.04 billion as its expanded network of 1.2 million merchants drove higher payment volumes.Operational efficiency: Integration of an AI assistant to handle 80% of customer service chats allowed the company to keep service costs flat despite a 32% surge in total transaction volume during the fourth quarter of its 2025 fiscal year.Deposit-led funding: Roughly 90% of the company's funding currently originates from low-cost consumer deposits, providing a structural cost advantage that shields its margins from volatile wholesale financing markets.Strong network effects: A two-sided ecosystem connecting 120 million active consumers with over 1.2 million merchants creates a data-rich environment that lowers the cost of acquiring new users and merchants.Why Is KLAR's Superscore Not Higher?Persistent net losses: Despite improving operating metrics, the company posted a net loss of $273 million for the full-year 2025, underscoring the challenge of balancing global expansion with a bottom-line profit.Credit-provision volatility: The shift toward higher-risk Fair Financing products caused credit loss provisions to spike by 60% in fiscal 2025, creating immediate margin pressure that offsets gains in payment processing.Valuation risk: The stock's trailing price-to-sales ratio has steadily declined over the past year, dropping to 1.3x as of Oct. 8, but shares could drop further if growth cools or if credit losses accelerate beyond current expectations.Klarna benefits from high capital efficiency, with a return on net tangible assets ranking in the top 20% of our universe. Because the company earns outsized profits on a relatively small base of hard tangible assets, the market often assigns a premium to its ability to turn revenue growth into meaningful long-term value, though this efficiency must still compete with the risks inherent in its credit-heavy model.

Table 1: Hidden Gems Database Scores for Klarna Group (KLAR)ScoreScore (out of 100)RankSupporting Data PointProduct (1Y)82Top ~16%Successful pivot to a global default PSP strategy with the Klarna Card crossing 5 million users.Product (5Y)61Top ~49%Transition from niche BNPL provider to a comprehensive digital commerce network with a 21% 5-year revenue CAGR.Financial (1Y)60Top ~45%Revenue grew 32% in fiscal 2025, but operating cash flow turned negative at -$1.032 billion.Financial (5Y)64Top ~34%Consistently high revenue growth offset by volatile cash flow and historical dependence on external financing.Leaders73Top ~36%Management demonstrates transparency through granular KPIs and a well-defined AI-driven roadmap.AI22Bottom ~24%Heavy reliance on traditional lending moats leaves the company vulnerable to commoditization by major AI platforms.Valuation Risk67Top ~24%The stock trades at a trailing price-to-sales ratio of 1.50x, reflecting its current market valuation.Is KLAR Right For Your Portfolio?This stock warrants a closer look if...

You are seeking exposure to an evolving digital banking model comparable to leading best bank ETFs in the payments space.You believe that AI-driven automation will continue to lower operating costs and lead the company toward sustainable profitability.You may want to keep researching before buying if...

You are concerned about the sustainability of a business model reliant on consumer credit in a shifting economic cycle.You prefer to wait for proof that the company can achieve consistent GAAP profitability without relying on one-time financial adjustments.This Superscore is just one data-driven signal worth investigating, and you should weigh it against your own research, financial goals, and risk tolerance before making any investment decisions.

My 5-year prediction for KLAR stockThe key to Klarna's ability to produce business growth over the long haul relies on its ecosystem. That's what gives me optimism about the company's long-term success. It exited the second quarter with 120 million active consumers, representing 8% year-over-year growth, and 1.2 million merchants, which is a whopping 54% year-over-year increase.

Klarna's stock has plunged significantly from its September IPO price of $40 per share, as the company cut its 2026 guidance amid softness in the German market, Klarna's largest market by volume. However, the U.S. market is its fastest growing region, and that's a positive sign for its business growth.

The company's core buy now, pay later offering is key in an environment of persistent inflation, helping consumers to make purchases. Over the long run, Klarna is moving toward becoming a full-scale digital neobank. Its Fair Financing product, which is its long-term, interest-bearing lending segment, saw 82% year-over-year growth in Q2 gross merchandise volume. This segment should help it fuel margin growth. In fact, it achieved Q2 net income of $9 million, a substantial turnaround from a net loss of $53 million in the prior year.

Klarna's trailing price-to-sales ratio is down to 1.3x, its lowest level since the IPO. While it could drop further, I think there's greater potential for shares to rebound considering how far it's fallen, making now a good entry point into the stock.

The Hidden Gems Superscore reflects The Motley Fool's proprietary AI-driven evaluation of a company across product, financial, leadership, and valuation pillars as of the article date and may change over time. Performance figures are point-in-time. Past performance does not guarantee future results.

Intel (INTC -5.34%) has had a strong 2026, rising over 200% this year. That has made it one of the S&P 500's top 10 performers, but with 2027 around the corner, is it still a good investment now?

Image source: The Motley Fool.

2027 will be a "show me" year for Intel Intel is on shaky ground. The stock rallied from its late 2025 lows after the U.S. government and Nvidia (NVDA -2.94%) bought stakes in the company. Both want to see Intel succeed, as it is important to have a wider array of options in the chip foundry and central processing unit (CPU) marketplaces. While Intel's CPU products are still solid and are seeing widespread adoption in data centers, the biggest questions about its future surround its chip foundry segment.

Premium Feature

Moneyball Superscore

70/100

Today's Change

(

-5.34

%) $

-6.04

Current Price

$

107.08

Most companies that design computer processors don't do their own manufacturing in-house. They contract with a chip foundry that takes their orders and produces the chips to their specs.

Intel is one of the few that did both the design and manufacturing, but over the years, its production lines had fallen behind the leading foundries in performance and technology. It got close to the point of closing down that segment of the business before outside investors stepped in. This gave Intel the funds necessary to work toward catching up to the cutting-edge with new, smaller process nodes.

Now, it's able to produce its 18A series -- 1.8-nanometer chips that are among the most powerful in the world. And the strong yields it can deliver with that feature-dense process node have gotten Intel back into the foundry game.

These developments caused a monster rally for the stock this year, and as a result, it now trades at an expensive forward price-to-earnings valuation.

INTC PE Ratio (Forward) data by YCharts. PE = price-to-earnings.

A price tag that lofty indicates that investors are expecting a lot of growth over an extended period, and that's where 2027's projections come in.

I think 2027 will be a "show me" year for Intel. It has the technology; now it has to demonstrate what that does for the business. Can it attract new clients? Can it become a secondary supplier of chip manufacturing to already successful big tech companies? If it can, Intel will be able to grow into its current valuation and be a reasonable stock. If it can't, then it may give up some of the gains it has made this year.

Right now, Wall Street isn't bullish on its near-term prospects; the consensus outlook is only for 15% revenue growth next year. If that view proves accurate, I wouldn't be surprised to see Intel's stock lose some value and end up in the $85 to $89 per share range. But if Intel can sign some big clients and start to produce chips for them, a further rally could be possible, although it won't be a large one because of the massive amount of growth already priced into the stock.

Projecting Intel to stay flat in the neighborhood of $110 per share seems like the most logical conclusion to me, which is why I don't think it's a great stock to continue owning from here.

Affirm Holdings (AFRM - Free Report) closed at $76.28 in the latest trading session, marking a +1.29% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.47%. On the other hand, the Dow registered a gain of 0.1%, and the technology-centric Nasdaq decreased by 1.25%.

The operator of digital commerce platform's stock has climbed by 10.51% in the past month, exceeding the Computer and Technology sector's gain of 6.08% and the S&P 500's gain of 1.15%.

Analysts and investors alike will be keeping a close eye on the performance of Affirm Holdings in its upcoming earnings disclosure. The company's earnings report is set to go public on November 5, 2026. The company's earnings per share (EPS) are projected to be $0.34, reflecting a 47.83% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.21 billion, indicating a 29.95% growth compared to the corresponding quarter of the prior year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.87 per share and revenue of $5.51 billion. These totals would mark changes of -66.18% and +29.34%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for Affirm Holdings. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Affirm Holdings holds a Zacks Rank of #3 (Hold).

From a valuation perspective, Affirm Holdings is currently exchanging hands at a Forward P/E ratio of 40.19. This expresses a premium compared to the average Forward P/E of 20.39 of its industry.

It is also worth noting that AFRM currently has a PEG ratio of 3.08. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Internet - Software industry had an average PEG ratio of 1.19 as trading concluded yesterday.

The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 102, placing it within the top 42% of over 250 industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Pound-Canadian Dollar could rebound if BoE policymakers turn more hawkish, although firmer oil prices may continue to support the Loonie.
The Pound to Canadian Dollar (GBP/CAD) exchange rate drifted lower on Wednesday as a fresh rise in oil prices underpinned the 'Loonie'.

Latest — Exchange Rates:

Pound to Canadian Dollar (GBP/CAD): 1.882128 (-0.11%)

Euro to Canadian Dollar (EUR/CAD): 1.594999 (-0.13%)

Dollar to Canadian Dollar (USD/CAD): 1.42265 (-0.23%)

DAILY RECAP:

The Canadian Dollar (CAD) edged higher on Wednesday, with the commodity-linked currency drawing support from a fresh uptick in global oil prices.

Brent crude climbed back above $101 a barrel as concerns over potential storm-linked supply disruptions in the Gulf of Mexico and escalating tensions between Saudi Arabia and Yemen’s Iran-backed Houthis outweighed signs of improving Middle Eastern crude exports.

The rise in oil prices provided a welcome boost for the ‘Loonie’, which remains closely correlated with movements in the energy market given Canada’s position as a major oil producer and exporter.

CAD had already recovered some ground on Tuesday after data showed Canada’s trade surplus widened considerably more than expected in August, reaching C$4.2bn as exports to the US surged ahead of the latest round of tariffs.

The Pound (GBP) traded without a clear directional bias on Wednesday, with a relatively quiet UK economic calendar limiting liquidity in the currency.

Rising UK gilt yields did apply some modest pressure to Sterling, however, with the rise in borrowing costs raising fresh doubts about the fiscal headroom available to Chancellor John Healey in his upcoming Autumn Budget.

However, Sterling's losses were simultaneously tempered by growing expectations that the Bank of England (BoE) will deliver an interest rate hike in November.

Near-Term GBP/CAD Forecast: Hawkish BoE Commentary to Strengthen Sterling?
Turning to the second half of the week, the Pound to Canadian Dollar (CAD/USD) exchange rate will likely be influenced by scheduled speeches from several BoE policymakers.

These speakers include two of the three members of the Monetary Policy Committee - Megan Greene and Huw Pill - who voted for an immediate rate hike last month, as well as Governor Andrew Bailey.

If Bailey joins his more hawkish colleagues in talking about the need for tighter monetary policy, it's likely to reinforce expectations for a November rate hike and lift Sterling.

In the meantime, movement in the 'Loonie' is likely to remain firmly linked to oil price dynamics, with CAD likely to remain underpinned so long as oil prices continue to climb.

Exchange Rates UK Research
Our currency coverage draws on live market data, official economic releases and published bank research.

The Aptos Foundation is moving 210 million APT into storage and planning never to sell it.

The Foundation says it will lock and stake those tokens instead of selling them. Its day-to-day operations will be paid for with the staking rewards the tokens earn.

That is a sizable pile. The locked amount equals approximately 18% of APT’s circulating supply at the time of the announcement, and about 37% of the Foundation’s original mainnet allocation.

What the Foundation is actually changing Until now, treasury sales were the Foundation’s main source of operating money. Under the new plan, staking rewards from the locked tokens take over that job.

The distinction matters for anyone holding APT. A foundation that pays its bills by selling tokens adds steady supply to the market. A foundation that pays its bills from staking income does not need to sell.

Staking also has a security benefit. On a proof-of-stake network like Aptos, tokens committed to staking act as collateral that keeps validators honest. The more value at stake, the costlier it becomes to misbehave.

The Foundation says the goal is to strengthen network security while giving itself a long-term funding source. The research describes the commitment as indefinite, which signals a shift away from short-term treasury management and toward longer-term sustainability.

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Part of a much bigger tokenomics overhaul The 210 million APT lockup does not stand alone. It belongs to a wider tokenomics overhaul approved through governance, and the other pieces are just as significant.

First, APT is getting a hard supply cap of 2.1 billion tokens. Once that ceiling is enforced, the total supply cannot grow past it. The locked stash works out to exactly one-tenth of that cap.

Second, annual staking rewards are being cut roughly in half, from about 5.19% to 2.6%. Fewer tokens paid out to stakers means slower growth in new supply.

Third, gas fees are going up tenfold. All of those fees will be burned, meaning the tokens used to pay for transactions are removed from circulation permanently.

Burning is already part of the picture. Approximately 1.9 million APT have been burned since the network launched.

The governance proposals behind these changes received strong community support. The full set of changes is expected to be carried out by September 2026.

The timing is deliberate. It lines up with the end of the initial four-year vesting cycle for core contributors and early investors.

The vesting cliff that changes the math Aptos’s first four-year vesting cycle concludes on October 12, 2026. After that, the Foundation expects monthly token unlocks to drop by about 60%.

The Foundation is pairing a natural decline in insider unlocks with a supply cap, lower staking issuance, higher fee burns, and a commitment to stop selling its own treasury.

What this means for APT holders and the network There is a built-in tension worth watching. The Foundation is betting its operating budget on staking rewards at the same moment the reward rate is being halved. Its income now rises and falls with a rate it just voted to cut.

Stakers face their own adjustment. Moving from about 5.19% to 2.6% means half the yield for anyone staking APT today.

The tenfold gas fee increase means more tokens burned per transaction. It also makes every transaction more expensive for users and developers building on Aptos.

The near-term milestones are clear. Watch whether the governance-approved changes land on schedule by September 2026, and whether monthly unlocks actually fall by about 60% after the vesting cycle ends on October 12, 2026.

With every fee now destined for the burn, on-chain activity is no longer just a health indicator for Aptos. It has become a core input to the token’s supply curve.

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

Aptos, a Layer-1 blockchain network, will conclude its four-year vesting schedule for core contributors and early backers on October 12, reducing its scheduled monthly APT token releases by approximately 60%.

End of early backer and contributor vestingThe final tranche for both core contributors and early backers was distributed on September 12, 2026. According to the Aptos Foundation, this coincides with the fourth anniversary of its mainnet launch in October 2022, marking the official end of the vesting cycle.

At network genesis, Aptos allocated 190 million APT to core contributors and 134.78 million APT to early backers, representing a combined 324.78 million tokens, or 32.48% of the initial 1 billion APT supply. These allocations were subject to a 12-month lockup, followed by monthly vesting over the next 36 months.

Each month, 11.31 million APT were released, of which 6.77 million went to core contributors and early backers. With the vesting program ending, only 4.54 million APT per month will be distributed, directed to the Community and Aptos Foundation pools until 2032. These pools each disburse 1/120 of their remaining tokens monthly.

The transition reduces annual token releases from approximately 135.7 million APT to 54.5 million. The Aptos Foundation confirmed this 60% reduction in an earlier tokenomics update, forecasting that its grant distributions will fall by more than half from 2026 to 2027.

Currently, 331.69 million APT remain locked in the Community and Foundation vesting pools. As of September 30, Aptos’ circulating supply stood at 871.02 million APT, while the overall supply reached nearly 1.2 billion APT.

Staking rewards and supply dynamicsStaking is now the main source of new APT tokens entering circulation. The network’s annual staking reward rate has dropped from 5.19% to 2.6%, resulting in approximately 19.8 million new APT minted per year. Around 763 million APT, or 63% of the total supply, is currently staked with network validators. Unstaking tokens requires a waiting period of up to 14 days.

All transaction fees on Aptos are burned to reduce supply pressure. From its launch until mid-September 2026, the network burned approximately 1.9 million APT through transaction fee destruction.

A recent overhaul led to a tenfold increase in gas fees, while stablecoin transfers on Aptos remain low-cost at roughly $0.00014 per transfer.

A hard cap of 2.1 billion APT governs the network’s tokenomics. This cap was established after Proposal #183 passed onchain, with 335.2 million APT voting in support and about 1,500 in opposition.

MetricPre-October 2026Post-October 2026Monthly APT release11.31 million4.54 millionAnnual APT release135.7 million54.5 millionStaking reward rate5.19%2.6%At launch, Aptos minted 1 billion APT, and staking has since produced another 196 million tokens. With the hard cap in place, approximately 904 million APT can still be introduced into the ecosystem.

The Aptos Foundation announced that it will lock and stake 210 million APT on a permanent basis. This stake, comprising roughly 37% of the Foundation’s mainnet holdings, will not be sold or distributed. Instead, rewards from the stake will fund ongoing Foundation operations.

Institutional adoption and real-world assetsAptos currently hosts around $723 million in real-world assets. Major financial institutions, including Franklin Templeton and BlackRock, have launched tokenized fund products on the network. In January, Bitnomial rolled out the first regulated APT futures contracts in the United States.

Aptos is a Layer-1 blockchain focused on high-throughput and low-latency transactions, developed by former Meta engineers.

Mini dictionary: Bitnomial, a Chicago-based exchange, specializes in regulated crypto derivatives, offering futures and options contracts for assets such as Bitcoin, Ethereum, and now Aptos (APT).

Kinder Morgan (KMI - Free Report) ended the recent trading session at $32.25, demonstrating a +1.35% change from the preceding day's closing price. The stock exceeded the S&P 500, which registered a loss of 0.47% for the day. Meanwhile, the Dow experienced a rise of 0.1%, and the technology-dominated Nasdaq saw a decrease of 1.25%.

The oil and natural gas pipeline and storage company's stock has climbed by 1.31% in the past month, falling short of the Oils-Energy sector's gain of 1.58% and outpacing the S&P 500's gain of 1.15%.

The upcoming earnings release of Kinder Morgan will be of great interest to investors. The company is predicted to post an EPS of $0.33, indicating a 13.79% growth compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $4.38 billion, showing a 5.73% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $1.56 per share and a revenue of $18.34 billion, demonstrating changes of +20% and +8.26%, respectively, from the preceding year.

Investors should also pay attention to any latest changes in analyst estimates for Kinder Morgan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.57% higher. Currently, Kinder Morgan is carrying a Zacks Rank of #3 (Hold).

Looking at its valuation, Kinder Morgan is holding a Forward P/E ratio of 20.46. This valuation marks a premium compared to its industry average Forward P/E of 18.04.

Meanwhile, KMI's PEG ratio is currently 2.24. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Production and Pipelines industry had an average PEG ratio of 1.84 as trading concluded yesterday.

The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 39, positioning it in the top 16% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

New York, New York--(Newsfile Corp. - October 8, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of securities of Fluence Energy, Inc. (NASDAQ: FLNC) between November 24, 2025 and September 16, 2026, inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 30, 2026.

SO WHAT: If you purchased Fluence Energy securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Fluence Energy class action, go to https://rosenlegal.com/cases/fluence-energy-inc-2026-09/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 30, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Fluence Energy's ability to deliver its backlog and recognize the revenue underlying its fiscal 2026 guidance depended on new contract manufacturing facilities, including facilities that were not completed, not operational, and/or not capable of producing at the volumes the guidance assumed; (2) the corrective measures Fluence Energy had implemented to address production problems at its contract manufacturers were not remediating those problems, which persisted and extended to Fluence Energy's new facilities; (3) as a result, a material portion of the backlog that defendants represented as "securing" or "covering" Fluence Energy's fiscal 2026 revenue guidance were likely to be delivered and recognized in fiscal 2026; and (4) as a result of the foregoing, defendants' positive statements about Fluence Energy's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Fluence Energy class action, go to https://rosenlegal.com/cases/fluence-energy-inc-2026-09/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318172

Source: The Rosen Law Firm PA

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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NEW ORLEANS, Oct. 08, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 13, 2026 to file lead plaintiff applications in a securities class action lawsuit against The Simply Good Foods Company (“Simply Good” or the “Company”) (NasdaqCM: SMPL), if they purchased Simply Good shares between October 24, 2024 and April 8, 2026, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

Get Help

Simply Good investors should visit us at https://claimsfiler.com/cases/nasdaq-smpl/ or call toll-free (833) 538-3601. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Simply Good and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On October 23, 2025, the Company announced its Q4 and YE August 30, 2025 financial results, disclosing that its OWYN (Only What You Need, Inc.) segment, acquired in 2024 for $280 million, had suffered a slowdown in sales growth due to a previously undisclosed product quality issue, specifically, that “a raw material sourcing decision for pea protein,” which predated the close of the OWYN acquisition but was implemented shortly thereafter, had “resulted in taste and texture issues” as the products aged, leading to negative product ratings and reviews and depressed sales for OWYN. The Company also disclosed disappointing 2026 net sales guidance in the range of negative 2% to positive 2%, a decline in the rate of growth of at least 75% from the 9% net sales growth it had reported for fiscal 2025. On this news, the price of Simply Good shares fell more than 17%.

Then, on April 9, 2026, the Company announced its Q2 2026 earnings results, disclosing that OWYN’s quarterly sales had contracted by nearly 17% year-over-year, as well as a $187 million impairment charge against its OWYN brand intangible assets and reduction of 2026 net sales outlook to a range of negative 7% to negative 10%. On this news, the price of Simply Good shares fell more than 27% over a two-day trading period.

The case is Monroe County Employees’ Retirement System v. The Simply Good Foods Company, No. 26-cv-06971.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

Did you buy ASTS securities between March 4, 2025 and July 15, 2026?

Affected ASTS Investor Summary

Who: AST SpaceMobile, Inc. (NASDAQ: ASTS) What: Securities fraud class action lawsuit filed Class Period: March 4, 2025 through July 15, 2026 Deadline to Seek Lead Plaintiff Status: November 13, 2026 Key Lawsuit Allegations: Material misstatements and/or omissions concerning the company's capital and liquidity position. Investor Action: Contact Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) for recovery options , /PRNewswire/ -- Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, informs investors that a securities fraud class action lawsuit has been filed against AST SpaceMobile, Inc. (AST) (NASDAQ: ASTS) on behalf of those who purchased or acquired AST securities between March 4, 2025 and July 15, 2026, inclusive. The lawsuit is filed in the United States District Court for the Western District of Texas and is captioned Hunter v. AST SpaceMobile, Inc., No. 7:26-cv-00378 (W.D. Tex.). Investors have until November 13, 2026, to file for lead plaintiff status. 

CONTACT KTMC TO DISCUSS YOUR LEGAL RIGHTS:
If you purchased or acquired AST securities and have lost money on your investment, please provide your information here:

https://www.ktmc.com/asts-ast-spacemobile-inc-class-action-lawsuit?utm_source=PR_Newswire&utm_medium=pressrelease&utm_campaign=asts&mktm=PR 

To view the AST video on YouTube, click here: https://youtu.be/Y3ho2nK1mZo?si=UWOeZxO1resG0YuO 

You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at [email protected]. There is no cost or obligation to speak with an attorney.

AST SPACEMOBILE, INC. CLASS ACTION LAWSUIT - COMPLAINT ALLEGATION SUMMARY:
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material facts about the company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) AST's increasing capital requirements were likely to increase the company's debt load and share dilution with greater frequency and at greater scale than Defendants had signaled to investors; (2) accordingly, AST had overstated the sufficiency of the company's capital and liquidity position to achieve its strategic and business goals; (3) AST likewise overstated the durability of its competitive position in the satellite D2C market; (4) even following the EchoStar Transaction, Defendants continued overstating AST's competitive position in the satellite D2C market; (5) AST was experiencing slow user adoption in the U.S. and Japan; (6) the foregoing was likely to have a significant negative impact on AST's business and financial prospects; and (7) as a result, Defendants' public statements were materially false and misleading at all relevant times.

Why did AST's Stock Drop?
Between September 8, 2025 and July 15, 2026, a series of stock downgrades and company disclosures caused AST's stock price to fall significantly. Specifically, on January 7, 2026, Scotiabank downgraded AST to sell, citing, among other things, significant competition from SpaceX's Starlink, slow customer adoption, and delays in launching AST's satellites. Then, on July 15, 2026, AST issued a press release "announc[ing] the pricing of $1.0 billion aggregate principal amount of 1.625% convertible senior notes due 2034".  Following these disclosures, AST's Class A common stock price fell $11.30 per share, or 17.04%, to close at $55.01 per share on July 16, 2026.

WHAT AST SPACEMOBILE, INC. INVESTORS CAN DO NOW:

File to be lead plaintiff by November 13, 2026. Contact KTMC for a free case evaluation. All representation is on a contingency fee basis, there is no cost to you. Retain counsel of choice or take no action. THE LEAD PLAINTIFF PROCESS FOR AST SPACEMOBILE, INC. INVESTORS:
AST investors may, no later than November 13, 2026, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP encourages AST investors to contact the firm for more information.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP (KTMC):
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including being recognized in Chambers & Partners USA 2026 as a Band 1 Top Firm in Securities and Class Actions, Legal 500's Tier 1 Rankings for Securities and M&A Litigation, The National Law Journal's Plaintiff's Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group's Honor Roll of Most Feared Law Firms, The Legal Intelligencer's Class Action Firm of the Year, Lawdragon's Leading Plaintiff Financial Lawyers, and Law360's Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent. The complaint in this matter was not filed by KTMC.

CONTACT:
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected] 

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes. 

SOURCE Kessler Topaz Meltzer & Check, LLP

Think about Apple in 1997, Tesla in 2008, or Twitter/X in 2022. Today, Ronin’s DNA is also remodeling itself on a molecular level.

AI-infused builders. Community-led governance. Axie Infinity’s relentless experimentation. Right as markets are sprouting new wings, Ronin is in the midst of its own metamorphosis. Here are some of the highlights:

Ronin is home to a growing group of builders and creators experimenting with games, content, communities, and new ways to use the network.

That creativity is showing up across the ecosystem, from established studios expanding their games to communities creating entirely new experiences around them.

The games building on Ronin continue to be one of the biggest sources of activity across the ecosystem.

Moku has been expanding its universe with Nomgar Clash. Players can burn NFTs from games that have shut down and turn them into units inside Nomgar, giving old digital assets a new life in a completely different game.

Moku has also welcomed Pupkins into its growing universe, adding another layer to its expanding lineup of games and experiences. And they’re far from done: Grand Arena Season 2, Super Battle Moki and Blade are all on the way.

Fableborne wrapped up Season 5 with over 500,000 POWER in prizes, while introducing new gear, units, a new biome and a more polished gameplay experience. Season 6 is already on the horizon for this year.

Angry Dynomites continues to evolve with Guilds, new materials, quests and regular live-ops, including seasonal events that keep the game changing between major updates. And the community is building too, with new games like Rawr Defense, which just wrapped up its first playtest with a prize pool of over 9 million coins.

Yakkamon is building momentum ahead of Early Access, with more than 150,000 trainers already pre-registered. Its free mint of 10,000 NFT Eggs also brought plenty of attention, with the collection surpassing 1.30 million RON in trading volume during its first couple of weeks.

Chicken Saga is deep into Season 4, with thousands of battles being played every day and millions of $COCK distributed to players.

Sunflower Land has entered its Ascension Age, introducing a new prestige system, new islands, reworked skills, seasonal progression and exclusive NFTs.

Pixels is taking a different approach, opening up its technology to the community and giving developers more freedom to experiment with the foundations of the game.

Ragnarok Landverse Americas has been going strong with their community with the recent ROLA Major, NOVA events that can let you exchange coins for in-game items and perks, engaging PvE events with exciting rewards, and their seasonal server tournament which is coming soon.

Ronke: Shipping so fast we can barely keep up... Releasing Ronke Quest; Complete quests, stack points, earn onchain rewards. Ronkeverse(dot)fun; every coin paired with $RONKE, every trade after and graduation burns supply and holders get airdrops by Ronke Score.

There’s plenty happening across the rest of the ecosystem too. Wild Forest continues to push into competitive gaming with PvP tournaments, while Calamity is gearing up for its next major update. BetonRonin is bringing onchain poker to Ronin. And Silly Kitties, led by one of Ronin’s longest-standing creators, Cagyjan, is taking digital collectibles into the real world.

Different ideas, different approaches, all adding new layers to the ecosystem.

In September, Ronin teamed up with Zio for an AI Video Marketing Bootcamp, bringing creators together to explore how AI can help them produce better gaming content, faster.

It’s one example of something that has always been part of Ronin’s DNA: creators. They’ve been an essential part of the ecosystem from the beginning, and they’ll continue to shape where it goes next.

Giving them the tools, platforms and opportunities to experiment, create and reach their audiences is key to building an ecosystem that can keep evolving.

While games and creators are pushing the ecosystem forward, Ronin itself continues to evolve underneath them.

Ronin Governance is taking shape, with the first proposal, RGP-1, set to put treasury assets and liquidity deployment to a community vote.

Ronin GovernanceSep 22

The first framework for Ronin Governance is almost here: RON holders will soon be able to vote on economic and treasury decisions that impact our ecosystem. While this scope can increase over time, protocol and security-critical decisions remain under validator governance for now.

RON holders: Cast your first vote soon! The RGP-1 proposal process is set to begin in October. This will determine whether treasury assets will become liquidity for RON/WETH and RON/USDC pools on the Katana DEX.

Proof of Distribution <> RON Conviction Update: Starting September 10th, we’ve applied a new weight on Builder Scores. RON Conviction rewards communities that show conviction in RON. More details below.

The Karst Upgrade also launched yesterday!, bringing Ronin in line with Ethereum’s latest upgrades while introducing new infrastructure for managing core contracts.

And on the wallet side, Ronin Waypoint has evolved into Ronin Stash, giving new users a simpler way to get started without having to manage a seed phrase. The goal is straightforward: make onboarding into Ronin easier while still giving experienced users the flexibility to use a traditional seedphrase wallet when they want to.

From the people building games and content to the infrastructure supporting them, the ecosystem keeps expanding in different directions.

Axie was born in 2018. Eight years later, it remains one of the biggest gaming IPs in Web3. And after years of building the foundations, its universe is opening up in new directions.

The Axie Vibeathon is putting game creation directly into the hands of the community. With AI-powered tools lowering the barrier to creating playable experiences, the Vibeathon gives builders a chance to experiment with new Axie games and compete for rewards along the way.

It’s a natural evolution for an IP that has always been shaped by its community: giving people the tools to build new experiences around the Axies they already know and love.

Terrariums are starting to turn one of Axie’s longest-standing ideas into something more tangible. With Terrariums v1.2, Land becomes a more active part of the Axie experience, with Estates allowing connected Land plots to work together and creating new ways for players to use their collections.

The vision for Land has always been bigger than owning a piece of virtual real estate. Terrariums are starting to bring that vision to life.

Den of Mysteries continues to evolve as a dungeon-crawling experience, giving Axies another world to explore and players another way to interact with the IP.

Meanwhile, Axie Classic continues to bring the competitive side of the community together. The latest Classic Invitational marks another chapter for the game, with the community set to take an even greater role in shaping its future.

And then there’s Atia’s Legacy. After several playtests, the community already knows what it feels like to step into this new vision of Lunacia. The latest playtest left players wanting more, and anticipation is building for the next chance to return.

Eight years in, there are still plenty of worlds for axies to explore.

Still here. Still building.

Proof of Distribution is now well into its fifth season, and the protocol is steadily becoming a core part of how Ronin supports its builders.

By the end of Season 5, more than 2 million RON will have been distributed to builders through PoD, rewarding projects based on their contribution to the ecosystem. The system is designed around measurable activity, with Builder Score helping identify the projects creating a meaningful impact on Ronin.

The system has also continued to evolve based on what Ronin has learned from each season. The latest addition, RON Conviction, introduces a new multiplier to Builder Score that takes community conviction into account. Builders with stronger RON conviction can see their scores amplified, while lower conviction reduces the multiplier.

And PoD is open to anyone building on Ronin. If you’re building a game, app or project, you can register your contracts and start participating in the program.

Register for Proof of Distribution

Proof of Distribution gives Ronin a way to recognize the builders contributing to the ecosystem. Honor Score is designed to do something similar for users.

Honor Score brings together signals from a user’s activity across Ronin to create a measure of meaningful ecosystem contribution. The goal is to give builders better insight into their communities while giving users a reputation layer that can unlock new opportunities over time.

And we’re already seeing what this can look like in practice.

For its recent free mint, Yakkamon used Honor Score to identify 1,000 Ronin users for its whitelist, helping connect the launch with people who had already demonstrated meaningful participation in the ecosystem.

From the developer side, the Yakkamon team also highlighted how smoothly the launch process came together:

“From a developer point of view everything has been seamless. The launchpad customisation was great. The marketing support has been top notch and very proactive. We continue to be impressed with the Ronin team. Cheers!”

For Ronin, this is the bigger idea behind Honor: giving builders better ways to understand their communities, while giving users a reputation that can become increasingly useful across the ecosystem.

As Honor Score develops, expect more ways for your reputation to shape the experiences, rewards and opportunities available to you across Ronin.

From the network itself to Axie, from established games to new experiments, there’s a lot happening across Ronin.

Games are getting bigger. Communities are building their own experiences. Creators are finding new ways to contribute, and new worlds are waiting around the corner.

And that’s what makes Ronin exciting: there’s always something being built, played or experimented with.

This recap only covers what’s happening right now.

See you in the next one.

Tom Lee's BitMine is weeks away from controlling 5% of all Ethereum in circulation, and what the company does after crossing that threshold could reshape demand for the entire network.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR | BMNR Price Prediction), chaired by Tom Lee, now holds approximately 4.9% of all ether (CRYPTO:ETH) in circulation. In its latest update on October 5, 2026, BitMine reported owning 6,016,414 ether, valued at about $14.7 billion based on ether’s October 8 price. This figure has increased by around 15,100 coins in just one week. Lee has set the ambitious goal of reaching 5% of the total supply, meaning BitMine is now just about 88,600 ether short of that target.

Unfortunately for Ethereum holders, ether’s price has dipped recently. As of October 8, it trades around $2,448, down nearly 9% over the past week, and roughly 50% lower than its peak of $4,946 reached in August 2025. So what does it mean for Ethereum holders when a single company like BitMine owns 5% of the total supply?

BitMine Is About 88,600 Ether Short of 5% of Ethereum

Ethereum has a total circulating supply of about 122.1 million coins, which means 5% equates to roughly 6.1 million Ether. With BitMine needing about 88,600 more coins to reach this milestone, and at its current purchasing rate of about 15,100 ether per week, it could reach this goal in about six weeks.

A significant portion of BitMine’s ether is staked. Staking involves locking coins to help secure the Ethereum network; in return, participants earn rewards paid in more ether. BitMine has staked about 5,067,309 ether, about 84% of its total holdings, and expects to earn about $363 million a year in staking rewards.

However, staked coins can’t be sold immediately. To retrieve its staked ether, BitMine must join the exit queue, the mechanism the network uses to gradually release staked ether. Currently, about 800,000 ether are already waiting in that queue, and BitMine’s staked amount alone is more than six times the current exit line.

BitMine Keeps Buying Ethereum, but Ether’s Price Keeps Falling

BitMine supporters may see the company’s consistent buying as a positive sign. By buying Ether every week, regardless of price, BitMine removes coins from the market, and it has sustained this buying activity for over a year.

However, remember that pulling coins off the market does not automatically attract more buyers. The price of ether is determined by trades occurring on exchanges, where buyers and sellers interact. BitMine is just one buyer among many, and ether’s 9% price drop over the past week shows that this steady buying hasn’t been enough to offset selling pressure from others.

Additionally, most Ether transactions happen on exchanges and don’t directly involve the blockchain. Thus, public data doesn’t reveal who sold those coins to BitMine or if other buyer interest is increasing.

Why One Company Holding 5% of Ethereum Carries Risk

For perspective, Strategy Inc. (NASDAQ:MSTR), the largest corporate holder of Bitcoin, had reported holding 843,775 Bitcoin (CRYPTO:BTC) in July, which is around 4% of Bitcoin’s total supply. BitMine’s Ethereum stake is already larger, raising concerns about a single company holding too much of one network’s coins.

This concentration comes with its own set of risks. A large holder like BitMine could push prices up when buying, but the opposite could happen if it decides to sell. Traders are aware of BitMine’s substantial position, and because most of its Ether is staked and cannot be sold quickly, any selling action would take weeks due to the exit queue.

Moreover, BitMine’s updates do not disclose its average purchase price or future plans after reaching the 5% target. Without this information, outside investors cannot determine the price at which BitMine might feel compelled to sell.

What Happens to Ethereum When BitMine Reaches 5%? Crossing the 5% threshold may not immediately change the landscape for Ethereum, as it only adds about 88,600 more coins to BitMine’s holdings. The more pressing question is what will happen to BitMine’s purchasing activity. Since Lee set 5% as a target, if BitMine reaches it, there’s no clear goal beyond that, which could signal the loss of a reliable source of market demand.

Two outcomes will help clarify the situation. First, if BitMine continues to report weekly purchases of around 15,000 ether after hitting 5%, that would indicate sustained demand. Conversely, if buying stops and Ether remains below about $2,450, it may suggest other buyers haven’t stepped in to fill the gap left by BitMine. A rise in Ether’s price without BitMine’s involvement would signal a growing demand beyond this single entity.

Contact [email protected] for any questions or corrections.

Palantir’s Valuation Problem Just Met 2 New Growth CatalystsZeta Global NYSE: ZETA unveiled AthenaOS, an AI-focused operating system intended to bring together customer data, intelligence, workflows and business applications across marketing and other enterprise functions.

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At the company’s Zeta Live event, Chief Technology Officer and Head of Product Christian Monberg said the platform is designed to address the challenge of disconnected AI tools. “Disconnected tools produce disconnected outcomes,” Monberg said, arguing that businesses need systems that can connect data, governance, collaboration and execution rather than adding isolated AI products.

As Digital Ad Spend Hits a High, These Firms Could Reap RewardsMonberg described AthenaOS as a layered system consisting of context and data, AI infrastructure, orchestration, applications and user experiences. The platform is intended to use business and user context to coordinate AI agents, create customized applications and allow work to continue across different tools and environments.

AthenaOS Demonstrations Focus on Intent and Workflow Roman Gun, Zeta Global’s vice president of product, demonstrated how AthenaOS could turn a user request into a marketing workflow. In one example, an airline marketer asked Athena to optimize flights to Spain while keeping spending flat and prioritizing bookings.

The Next Market Leaders? 5 Growth Stocks to Watch in 2026According to the demonstration, Athena identified relevant campaigns, audiences, customer context and performance data, then generated a growth plan covering demand, targeting, forecasting, creative readiness, activation and measurement. The system forecast 2,180 bookings, or roughly 9% above a 2,000-booking target, with spending held flat after recommendations were applied.

Gun said the platform is intended to let users work across previously separate functions, including performance recommendations and forecasting, while retaining approval controls before actions are executed. “That is how we go ahead and take marketing from singular jobs to be done to intent and outcome that you can measure,” he said.

A separate retail-oriented demonstration showed Athena creating a demand forecasting application in response to an anticipated heat wave. The app combined purchases, browsing, loyalty behavior, category affinity, programmatic intent, weather, inventory, margin and media information, according to the presentation.

In the scenario, Athena recommended moving 14,000 units into a market, maintaining pricing, reducing unnecessary promotions, adding $62,000 in programmatic acquisition spending and increasing regional allocation by 8%. The system projected a network-wide strategy that would add $4.8 million in sales at a $310,000 transfer cost. In a subsequent simulated update, Athena said the plan prevented projected stock-outs in 34 stores, moved $4.1 million of inventory into stronger-demand locations, avoided $1.2 million in markdowns and generated $2.7 million in incremental media revenue.

Integrations and Custom Applications Zeta executives said Athena is designed to be accessible beyond its core platform. Gun demonstrated an Athena interaction within Outlook, while Monberg said the company is working to make its intelligence available in customers’ preferred applications and systems.

Monberg said Zeta can now build customized user interfaces in minutes, compared with approximately a week when the company introduced its generative UI capability at the prior Zeta Live event. He also said a midsize agency had asked Zeta to make its intelligence and activation capabilities available through the agency’s own platform.

Among integrations discussed at the event were Palantir Foundry, Snowflake, ChatGPT, Slack and Microsoft Teams. Chief Data Officer Neej Gore said Palantir’s business ontology and Zeta’s customer ontology could be combined for marketing use cases. He also said Zeta data will be available in aggregate form through Snowflake’s Model Studio, allowing customers to develop models in Snowflake and push them back to Zeta.

Data Cloud, Advertising and Loyalty Gore said the Zeta Data Cloud is intended to provide the “living intelligence” behind AthenaOS, including customer memories, current moments and future motives. He said the company processes more than $100 billion in transactions through its Data Cloud each quarter and that intent signals across its owned-and-operated properties and publisher network had increased 1,200% year over year.

The company also discussed applications for advertising, loyalty, retail and B2B marketing. Monberg said an agentic advertising workflow could connect intelligence, forecasting, creative tools, activation and measurement in one environment, reducing the need for marketers to move among multiple vendors.

For loyalty, he said organizations need connected data rather than separate loyalty and email identifiers. Gore also highlighted share-of-occasion analytics, commerce diagnostics, upgraded CustomerPulse and CompetitorPulse offerings, and enhancements to its Buyer Pulse B2B product through a partnership with ZoomInfo.

Gore said Zeta had acquired Senso, whose technology will be incorporated into the company’s generative engine optimization, or GEO, offerings. He also referenced the company’s acquisition of Digital Audience, a European company that Zeta said would expand audience marketplace and syndication capabilities.

Beta Program Planned Before General Availability Monberg said AthenaOS is entering beta and that Zeta plans to admit users in cohorts to gather feedback and refine the product. The company expects general availability in the first quarter, he said.

“AI without data is just kind of a blank vessel,” Monberg said. “AI purpose-built around data makes for really stunning outcomes that are vastly differentiated.”

About Zeta Global (NYSE:ZETA)Zeta Global is a technology company that provides data-driven marketing and customer-experience solutions to brands and agencies. Its platform helps organizations acquire, grow and retain customers by combining consumer data, artificial intelligence and marketing automation across digital channels.

The company's offerings include the Zeta Marketing Platform, which supports audience discovery, campaign planning, activation, personalization and measurement. Zeta also provides data-management and analytics capabilities through its proprietary data assets, helping marketers develop customer insights and deliver coordinated campaigns across channels such as email, online advertising, connected television and other digital media.

Founded in 2007, Zeta Global serves enterprise marketers and agencies, primarily in the United States and other markets where digital advertising and customer-engagement services are in demand.

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Investment ThesisThis recent pullback in Celestica Inc. (NYSE:CLS) stock, caused by a massive $3B Secondary Public Offering (SPO) — which involved a significant discount on the shares offered –, gave investors an attractive entry point to buy this promising asset. Market focus on the dilution of shareholders’ equity is a short-term issue, but in the long term, it remains relevant to continue strengthening the company’s moat.

Now, looking at the rapid expansion of the CCS segment, with record revenue and an operating margin of 8.7%, it’s clear that Celestica’s leadership continues to strengthen. And that allows the company to continue its transition to becoming an AI infrastructure systems integrator. Moreover, significant PEG discount and revenue growth while maintaining the EV/Sales multiple suggest a potential 65% increase in the company’s value over the next 12–18 months.

Growth in the CCS Segment Strengthens Celestica’s MoatCelestica’s strategy is centered on transforming its previous business model, which saw the Connectivity & Cloud Solutions (CCS) and Advanced Technology Solutions (ATS) segments account for approximately 60% and 40% of revenue, respectively. Starting in 2023, with the onset of the AI supercycle, that ratio began to shift in favor of the CCS segment, which is a sign of the parabolic growth in demand for server equipment.

In Q1 2023, according to the data, revenue in the ATS segment totaled $792M, compared to $1.045B in the CCS segment. Still, over time, the electronics segment is becoming less significant relative to networking equipment, necessary for data center operators, cloud providers, and hyperscalers. According to data for Q2 2026, revenues from the ATS segment increased only to $888M, whereas the CCS segment reached a record $3.81B. Moreover, compared to the operating margin figures by segment, we should note the clear advantage of CCS over ATS (8.7% vs. 6.3%, as of Q2 2026).

I believe that the focus on the CCS segment will continue to grow, since network equipment manufacturing supports the operation of cloud applications and AI models. Within its product portfolio, Celestica is also expanding its offerings in the high-speed network switches and data storage systems subsegments. These moves help strengthen Celestica’s competitive moat, because they enable the company to offer increasingly comprehensive services to customers, which are tailored to their individual needs.

However, there is a fly in the ointment: Celestica is facing increasing competition from diversified Asian players that offer similar service portfolios. They include Foxconn, the leader in the AI server segment (working closely with Nvidia), along with the Taiwanese giant Quanta Computer, working with hyperscalers such as Microsoft, Alphabet, and Meta Platforms. Therefore, one of Celestica’s strategic moves is to seek new partners among these giants, enabling it to bring new, meaningful products to market.

The most significant example is the new partnership with AMD (announced on March 16, 2026), enabling the launch of the Helios AI platform, a computing solution that uses the entire rack as its basic unit (volume production is expected in early 2027). Further implementation of the plans listed above should help Celestica strengthen its role as a provider of full-rack solutions. Apart from AMD, the management announced during the most recent conference call a partnership with OpenAI (OPENAI), which the company plans to begin supplying with specialized racks.

The Phenomenon of Repeated Forecast Upward Revisions for 2026–2027Celestica recorded another increase in revenue in Q2 2026 (+62% YoY), achieving $4.7B. The adjusted operating margin for the year rose from 7.4% to 8.2%. In light of strengthening customer demand and the partial resolution of previous component supply issues, management increased its previous full-year revenue forecast for 2026 from $19.0B to $20.5B, along with an adjusted operating margin forecast from 8.1% to 8.4%. In addition, ongoing implementation of new projects (most notably in collaboration with AMD and OpenAI) will drive revenue growth in 2027 as well.

Consensus forecasts from analysts predict that annual revenue growth in 2027 will be 72.4% (revenue growth of 65.94% is expected in 2026), increasing the figure to $35.45B. Even though this growth will slow down starting in 2028, revenue is projected to reach $70.55B by 2030.

A Large-Scale SPO Worth $3B: Necessity or Mistake?Looking at the reasons behind CLS’s decline in value over the past quarter, one thing worth mentioning right away is the large-scale SPO announced on August 5, 2026. The quarterly report indicates that the number of shares outstanding at the end of Q2 2026 was 115.0M. Within the framework of the $3B SPO, a further 9.677M common shares were issued at a price of $310. One day before the offering, at the market close, share price stood at $362.76, then dropped to $314.53 the following day. The significant decline in market capitalization was due to a discount of more than 14% in the pricing of the recently issued shares relative to the market value at the time of the SPO.

Considering that the number of shares outstanding automatically increased from 115.0M to 124.677M, share dilution amounted to 8.41%. Moreover, in the context of this SPO, Celestica additionally granted the underwriters an option to purchase 1.451M common shares. Thus, share dilution could potentially increase to 9.68%.

Certainly, the terms of the SPO represented a steep discount to the current value of CLS shares, resulting in bearish pressure. This significant dilution of shareholders’ equity in a single transaction caused a wave of profit-taking among institutional investors, which led to a sharp price correction. But the negative impact of this news ends there, plus it’s already old news that won’t increase selling pressure, neither in the short term nor in the long term.

However, analyzing the reasons behind this transaction, its great importance for maintaining the business’ previous growth rate should be highlighted. The management of Celestica has confirmed the need to raise additional funds ($536M as of Q2 2026), the proceeds of which will be used to finance CapEx (spending is projected to rise to $1B in 2026) and replenish working capital. Given that customer demand is showing parabolic growth, the company’s operational capabilities must be scaled up through investments in fixed assets. Doing so will enable Celestica to realize its corporate goals of consolidating its leadership in the server equipment market. The reasons for raising these funds also include the realization of new projects with AMD and OpenAI.

CLS ValuationTo analyze the attractiveness of CLS stock, let’s take a look at the forward PEG, EV/Sales, and EV/EBITDA ratios relative to other competitors: Jabil Inc. (JBL), Flex Ltd. (FLEX), Sanmina Corporation (SANM), and Plexus Corp. (PLXS).

These are the average multiples: 0.78x, 1.26x, and 15.00x. As a result, CLS is trading at a 21.8% discount based on Non-GAAP PEG (FWD), whereas based on EV/Sales (FWD) and EV/EBITDA (FWD), their shares are trading at premiums of 62.7% and 47.3%, respectively.

But when lumping CLS together with its competitors listed above, we should keep in mind the fundamental difference between the companies themselves. This is because virtually all of its competitors trade at lower multiples but lack the competitive moat that CLS possesses. With regard to Celestica, the company is a market leader and is expanding its roster of strategic partners. In addition, its comprehensive suite of services for organizing AI clusters in the CCS segment is also expanding.

Based on the results for 2027, revenue is expected to grow to $35.45B, which I believe will keep the EV/Sales multiple around 2.00x as operating margins continue to rise. Thus, using this multiple on the projected revenue, the projected valuation of the business is estimated to grow from the current $43B to $71B. Based on current stock prices, that implies a 65.1% upside potential over the next 12–18 months.

According to Wall Street estimates, analyst consensus forecasts indicate an average price target of $473.91, suggesting a 27.02% increase. Out of 22 Wall Street analysts, everyone has a positive rating on the stock (17 at “Strong Buy” and 5 at “Buy”). Recently, for example, the analysts at UBS revised their neutral rating, increasing it from “Hold” to “Buy” with a target price of $430. Their main reason for the revision is an upward revision of forecasts for the CCS segment, showing that Celestica’s management strategy to increase the share of full-rack solutions is on the right track.

Supply Chain Disruption RisksLike before, I think that potential supply chain disruptions remain the main risk for Celestica. Company management also mentioned this during their latest conference call. These disruptions could lead to delays in the delivery of certain components needed to build complete solutions. One negative consequence of this could be the deferral of revenue to subsequent quarters, resulting in volatility in financial metrics in future quarterly reports.

But this risk was already known based on the results of Q1 2026. The result was that revenue exceeded forecasts, but operating margins, actually, improved. The main reason for this is Celestica’s partnership model with its customers, which shifts most of the costs onto the customers themselves. These factors reduce pricing risks and help maintain the positive trend of growing operating margins. As a result, whereas last time I would have rated this risk at 6 out of 10, now I am lowering its significance to 4.

ConclusionThus, CLS’s recent correction is temporary, because the company maintains strong fundamental momentum, which allows us to reaffirm its “Buy” rating. The $3B raised will be used to scale Celestica’s operational capabilities, helping it solidify its position as a market leader. Its plans with AMD and the new partnership with OpenAI provide an opportunity to increase sales in the CCS segment, with a record operating margin of 8.7%. Based on my valuation of CLS shares, I forecast a 65% upside potential for the company’s value, in line with the high valuations from Wall Street.

Analyst’s Disclosure: I have a beneficial long position in the shares of CLS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

SpaceX is quietly renting computing power to the very companies trying to outcompete its own AI chatbot, and the landlord strategy is pulling in billions. The question is whether Google and Anthropic will keep paying rent or build their own…

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SpaceX (NASDAQ:SPCX | SPCX Price Prediction) runs two AI stories in opposite directions. Its Grok chatbot trails the leaders. A Momentic Marketing report published August 18, 2026, built on May 2026 Similarweb data, ranked Grok fifth of seven major assistants by worldwide web visits, behind ChatGPT, Gemini, Claude and DeepSeek, and found it lost worldwide share over the past quarter. SpaceX rents computing power to Grok’s rivals. Gwynne Shotwell said on the August 4 earnings call:

“We’re rapidly expanding our compute capacity to meet our own needs as Grok expands, as well as those for other leading companies such as Google and Anthropic.”

Shares traded at $164.47 this morning, down 1.87% on the day and up 11.17% over the past month.

What SpaceX Actually Sells in AI The AI unit bundles cloud compute, Grok development and the X platform. It brought in $2.56 billion in Q2, up 247% from a year earlier. AI Solutions & Infrastructure generated $2.194 billion, while advertising declined to $367 million. Starlink’s Connectivity unit led at $4.29 billion. Launch services brought in $962 million.

Cloud Services Agreements total $14.1 billion in signed sales, with the first phase contributing $1.6 billion of incremental AI infrastructure revenue in the quarter.

Landlords Collect Rent Whoever Wins A landlord collects rent regardless of which tenant wins. Elon Musk suggested Grok will occupy only a minority of SpaceX’s compute:

“I would expect maybe 10% of our compute to be used for grok training, something like that.”

Management claimed a less than one-year payback on new capital deployments for compute. The AI segment’s adjusted EBITDA turned positive for the first time at $1.1 billion.

SpaceX joins Oracle (NYSE:ORCL) and CoreWeave (NASDAQ:CRWV) as GPU landlords. Much of Oracle’s backlog is attributable to OpenAI. CoreWeave’s revenue has historically come mostly from Microsoft (NASDAQ:MSFT) and OpenAI, Hyperframe Research noted.

Capital Costs and Concentration Could Break the Model Q2 capex hit $18.37 billion, with $15.83 billion for AI computing power. Management said the next two quarters to be very similar to the current quarter from a CapEx level perspective. The AI unit posted a $1.3 billion operating loss, and the company lost $541 million overall.

The tenant list is concentrated. Alphabet (NASDAQ:GOOGL) runs its own data centers. If Google and Anthropic build sufficient capacity, they stop leasing. Musk said SpaceX expects a very small percentage of its chip supplier’s GPUs next year. The stock trades at a forward P/E of 200, leaving little room for disappointment.

Next Quarterly Report Will Test the Landlord Thesis Management signed an additional $6.7 billion of cloud services revenue over six months starting in October. The next quarterly report should push AI Solutions & Infrastructure revenue above $2.194 billion, Cloud Services Agreements above $14.1 billion, and capacity above 1.4 GW on track for over 2 gigawatts by year-end. If all three occur, the landlord thesis holds. If infrastructure revenue stalls while AI capex stays near $15.8 billion quarterly, it breaks.

Contact [email protected] for any questions or corrections.