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Dickmeyer Boyce Financial Management Inc. purchased a new position in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 14,901 shares of the software giant’s stock, valued at approximately $5,516,000. Microsoft comprises about 3.2% of Dickmeyer Boyce Financial Management Inc.’s portfolio, making the stock its 7th largest position.

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Microsoft in the fourth quarter worth $50,664,631,000. Auto Owners Insurance Co grew its holdings in shares of Microsoft by 56,160.8% during the fourth quarter. Auto Owners Insurance Co now owns 60,116,384 shares of the software giant’s stock valued at $29,073,486,000 after buying an additional 60,009,531 shares during the last quarter. Nuveen LLC acquired a new position in shares of Microsoft in the 1st quarter valued at $18,733,827,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Microsoft by 500.0% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 59,543,261 shares of the software giant’s stock valued at $30,840,432,000 after acquiring an additional 49,618,571 shares during the period. Finally, Laurel Wealth Advisors LLC raised its stake in Microsoft by 49,640.3% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 29,967,038 shares of the software giant’s stock worth $14,905,904,000 after acquiring an additional 29,906,791 shares during the last quarter. Institutional investors and hedge funds own 71.13% of the company’s stock.

Insider Transactions at Microsoft In other news, EVP Takeshi Numoto sold 4,810 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $496.48, for a total transaction of $2,388,068.80. Following the transaction, the executive vice president owned 42,677 shares in the company, valued at $21,188,276.96. This trade represents a 10.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Amy Coleman sold 1,262 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $411.34, for a total transaction of $519,111.08. Following the completion of the sale, the executive vice president directly owned 46,003 shares of the company’s stock, valued at approximately $18,922,874.02. The trade was a 2.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 38,572 shares of company stock valued at $17,775,330 in the last three months. 0.03% of the stock is currently owned by company insiders.

Microsoft Price Performance NASDAQ:MSFT opened at $499.99 on Monday. Microsoft Corporation has a 52 week low of $349.20 and a 52 week high of $553.72. The company has a quick ratio of 1.22, a current ratio of 1.23 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $3.71 trillion, a PE ratio of 27.84, a price-to-earnings-growth ratio of 1.61 and a beta of 1.10. The stock’s 50-day moving average price is $404.86 and its 200-day moving average price is $406.59.

Microsoft (NASDAQ:MSFT – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The software giant reported $4.74 earnings per share for the quarter, topping analysts’ consensus estimates of $4.24 by $0.50. The company had revenue of $90.01 billion during the quarter, compared to analysts’ expectations of $87.62 billion. Microsoft had a return on equity of 31.98% and a net margin of 40.31%.Microsoft’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.65 EPS. As a group, equities analysts expect that Microsoft Corporation will post 19.58 EPS for the current fiscal year.

Microsoft Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Thursday, August 20th will be given a $0.91 dividend. The ex-dividend date is Thursday, August 20th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 0.7%. Microsoft’s payout ratio is 20.27%.

Key Microsoft News Here are the key news stories impacting Microsoft this week:

Positive Sentiment: Citi raised its Microsoft price target to $600. The upgrade follows Microsoft’s quarterly Azure performance, with analysts highlighting the 43% cloud-revenue increase and stronger-than-expected earnings as evidence that AI demand is translating into accelerating cloud growth. Citi Raises Microsoft Stock Target to $600 Positive Sentiment: Microsoft’s custom AI chips may improve cloud economics. CEO Satya Nadella said the company’s internally developed chips can deliver efficiency gains of up to 40%. Better cost and energy efficiency could help Microsoft support AI workloads while protecting Azure margins. Microsoft Custom AI Chips Improve Efficiency Positive Sentiment: Azure is expanding in India. Microsoft opened a major Hyderabad data-center region and is committing approximately $20.5 billion to its Indian cloud and AI operations. Early customers include Adani Group and HDFC Bank, supporting the case for long-term international Azure growth. Microsoft Opens Largest India Data Center Hub Positive Sentiment: Fundamentals and institutional support remain strong. Microsoft recently exceeded quarterly revenue and EPS expectations, while Bill Ackman’s Pershing Square holds a reported $2.4 billion MSFT position. Scotiabank also raised its fiscal 2027 EPS estimate and maintained an Outperform rating. Bill Ackman Microsoft Stake Neutral Sentiment: AI demand is powerful but concentrated. Reports suggest OpenAI may account for a substantial portion of Microsoft’s AI sales, creating both a major growth engine and customer-concentration risk. Microsoft’s large AI backlog also does not guarantee equivalent future profitability. Negative Sentiment: Spending, margins and valuation remain concerns. Rising data-center capital expenditures and lower cloud gross margins could pressure cash flow if AI infrastructure costs grow faster than revenue. After the sharp post-earnings rally, the stock is also more vulnerable to profit-taking or disappointing guidance. Negative Sentiment: Insider sales and securities litigation add headline risk. CEO Judson Althoff sold 10,000 shares for roughly $4.9 million, and multiple law firms are publicizing a securities class action with an August 11 lead-plaintiff deadline. These developments do not establish wrongdoing but may weigh on near-term sentiment. Analysts Set New Price Targets MSFT has been the topic of several research analyst reports. UBS Group set a $525.00 price target on Microsoft in a research note on Thursday, July 30th. Evercore set a $528.00 target price on Microsoft in a report on Thursday, July 30th. Piper Sandler upped their target price on Microsoft from $540.00 to $550.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. HSBC cut their price target on shares of Microsoft from $593.00 to $571.00 in a report on Thursday, April 30th. Finally, Phillip Securities lowered shares of Microsoft from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, August 3rd. Forty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $558.87.

View Our Latest Stock Report on MSFT

Microsoft Company Profile (Free Report)

Microsoft Corporation is a global technology company headquartered in Redmond, Washington. Founded in 1975 by Bill Gates and Paul Allen, Microsoft develops, licenses and supports a broad range of software products, services and devices for consumers, enterprises and governments worldwide. Its operations span personal computing, productivity software, cloud infrastructure, enterprise applications, developer tools and gaming.

Microsoft’s product portfolio includes the Windows operating system and the Microsoft 365 suite of productivity and collaboration tools (Office apps, Outlook, Teams).

Recommended Stories Five stocks we like better than Microsoft Albemarle’s Blowout Quarter Shows Why Lithium Still Matters Can DICK’S Turn Foot Locker Into a Winner? Why Dutch Bros Plunged Despite a Q2 Earnings Beat and Record Revenue Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War Want to see what other hedge funds are holding MSFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microsoft Corporation (NASDAQ:MSFT – Free Report).

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I've been writing about Procter & Gamble (PG -0.80%) for years, and my conviction has never been higher, because the company keeps doing the boring, hard things that compound over time: It protects its brands, invests in innovation, and quietly returns a lot of cash to shareholders even when the environment is rough.

Fiscal 2026 was not a blowout year for Procter & Gamble. Net sales grew 3%, organic sales rose 1%, and core earnings per share increased 1%. That's the kind of result many investors would shrug at. What matters to me is that those numbers landed right inside the company's guidance in a year that featured currency swings, higher energy and transportation costs, and uneven demand across regions.

P&G's strategy is deliberately simple. It focuses on daily use categories where performance drives brand choice and seeks to deliver superiority in product, packaging, communication, retail execution, and value. It pairs that with what it calls "constructive disruption" and a heavy dose of productivity, meaning it constantly looks for ways to do the same work with fewer resources. The result is a business that rarely looks spectacular quarter to quarter but, over many years, keeps nudging growth and margins in the right direction.

Image source: Getty Images.

Innovation that actually shows up in products This is not a sleepy soap company. In April, Procter & Gamble was named the top household products company on Fortune's America's Most Innovative Companies list for the third year in a row, with product innovation singled out as its biggest strength.

What makes me more confident today than a few years ago is how P&G is marrying that science with data. The company talks openly about using AI-led tools to optimize brand-building and go-to-market strategies, and about using digital platforms to sharpen where and how its brands show up in stores and online. E-commerce now accounts for about 20% of total sales, growing 6% in fiscal 2026, which shows its brands are not stuck on the old shelf-only model.

A dividend story with real substance Income investors already know the headline numbers, but they still matter. Procter & Gamble has paid a dividend for 136 straight years and has raised that dividend for 70 consecutive years. The company is a strong Dividend King -- which is a company that's grown its dividend payment for at least 50 consecutive years. In April, the board raised the quarterly payout 3% to $1.0885 per share, and the company expects to return about $10 billion in dividends and roughly $5 billion in share repurchases in fiscal 2026.

To me, the streak is not impressive on its own. What impresses me is that P&G keeps raising the dividend while still funding innovation and absorbing cost shocks. The payout ratio sits in the mid-60 % range, leaving room to invest in brands, supply chain upgrades, and digital tools. When a company can do all of that and still return more than $15 billion a year to shareholders, it says something about the durability of its cash engine.

Today's Change

(

-0.80

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-1.18

Current Price

$

145.79

Why conviction is higher, not lower The past few years have thrown almost everything at consumer goods companies: inflation, currency swings, shifting channel mix, and pressure from private labels. Procter & Gamble pushed through that with modest but consistent organic growth, disciplined pricing, and a willingness to take on trade and cost headwinds without chasing unsustainable volume.

There are still risks. Input costs can spike again, currencies can move against it, and competitors can narrow the gap in product performance. The stock isn't cheap relative to the market, and achieving single-digit organic growth will require patience.

Even so, I see a company that has proved it can navigate choppy waters without losing sight of the basics: Make better products than rivals, watch costs closely, keep learning from data, and share the rewards with its owners. That's why, after years of following Procter & Gamble, my conviction is higher now. For long-term investors who want a consumer goods anchor that actually earns its premium, I still think this stock belongs near the core of a portfolio.

Highlights

Hole 26MN-109 returned, at Goldwedge:2.83 g/t gold over 11.89 metres ("m") from 97.08 m and 9.46 g/t gold over 8.72 m from 126.00 m within the Zanzibar Formation.3.38 g/t gold over 33.31 m from 138.90 m, including 6.90 g/t gold over 12.89 m from 138.90 m within the Gold Hill Formation and Manhattan Caldera Volcanics.Hole 26MN-114 returned, along the Zanzibar Trend:15.28 g/t gold over 2.56 m from 94.27 m and 0.98 g/t gold over 23.2 m from 112.13 m, including 5.11 g/t gold over 3.38 m from 112.13 m, within the Gold Hill Formation.Vancouver, British Columbia--(Newsfile Corp. - August 10, 2026) - Scorpio Gold Corp. (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio Gold", or the "Company") is pleased to announce results from four step-out holes of the Phase Two drill program at the Manhattan District Project ("Manhattan"), Nevada, USA: 26MN-109, 26MN-111, 26MN-112, and 26MN-114, see Figure 1. The results are tabulated in Table 1 and discussed below. Scorpio Gold has drilled 109 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-045, 26MN-046 through 26MN-119, for a grand total of 31,391 m. With the results herein, Scorpio Gold has reported assays on 103 of these (25MN-011 through 25MN-045, 26MN-046 through 26MN-112, and 26MN-114, totalling 29,156 m, and assays are pending from 6 holes (26MN-113, 26MN-115 through 26MN-119), totalling 2,236 m. The pending results will be reported as they become available.

In addition to the Phase Two drill program, the Company is reviewing historic core that is available at Manhattan and analyzing any historic core and pulps for silver. This new silver data from historic materials is supplementary to silver data that has been collecting since 2024 on new core drilled by the Company. Silver, or a gold equivalent ("AuEq"), has not been used or included in any results to date. Any new significant results from historic core or pulps will be reported as they become available.

"We continue to deliver solid grade hole after hole at Manhattan, and 26MN-109 demonstrates that not only are the Paleozoic rocks hosting mineralization, but the Volcanics of the Manhattan Caldera have mineralization potential, with grades of 3.38 g/t gold over 33.31 metres. While these volcanic units were typically dismissed by previous operators, USGS dating shows the Volcanics were formed well before the mineralization was emplaced, which adds more targets to the Manhattan District.

The volcanic contact near Goldwedge is now its own defined target. Hole 26MN-109 is a 50-metre step-out that carried mineralization through four separate intervals, including 2.83 g/t gold over 11.89 metres and 9.46 g/t gold over 8.72 metres and 0.68 g/t gold over 12.62 metres from 177.21 metres entirely within fractured volcanics with vein-hosted mineralization. Testing the Volcanic contact and the ground beyond it is the next step for Goldwedge," said Harrison Pokrandt, VP Exploration for Scorpio Gold.

Figure 1. Surface Plan Map of drill holes. Map Inset areas shown in Figure 2.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/308780_bd4663f29406c8db_002full.jpg

Goldwedge: Drill hole 26MN-109 is an approximately 50 m step-out to drill holes 24MN-009 and 25MN-048. Recent drilling at Goldwedge, including the results within, has demonstrated consistently strong mineralization:

1.69 g/t gold over 55.70 m from 118.90 m (24MN-009)0.59 g/t gold over 49.23 m from 31.69 m (26MN-048)11.84 g/t gold over 8.39 m from 106.21 m (26MN-075)1.27 g/t gold over 45.23 m from 137.95 m (26MN-086)1.17 g/t gold over 21.58 m from 111.71 m (26MN-089)2.04 g/t gold over 11.83 m from 115.67 m (26MN-091)1.60 g/t gold over 33.53 m from 6.70 m (26MN-101)2.05 g/t gold over 97.99 m from 64.16 m (26MN-110)The Gap Zone: Drill hole 26MN-112 is a 50 m step-out to hole 25MN-011 and 25MN-013. The Gap Zone is the previously undrilled area that connects Goldwedge to the Reliance Trend and ultimately, the historic West Pit. First tested in early 2025, and including the results within, significant mineralization at the Gap Zone includes:

1.24 g/t gold over 92.81 m from 3.05 m (25MN-011)1.27 g/t gold over 14.75 m from 194.95 m (25MN-013)0.80 g/t gold over 33.13 m from 118.38 m (25MN-017)0.94 g/t gold over 36.97 m from 162.95 m (25MN-020)2.21 g/t gold over 7.38 m from 222.14 m (25MN-030)Zanzibar Trend: Drill holes 26MN-111 and 26MN-114 are both approximately 50 m step-outs to multiple drill holes along the trend. These add to the significant mineralization encountered along the Zanzibar Trend, including:

3.14 g/t gold over 49.62 m from 59.95 m (25MN-044)0.66 g/t gold over 57.64 m from 29.59 m (25MN-045)2.10 g/t gold over 22.25 m from 34.14 m (26MN-063)2.74 g/t gold over 16.49 m from 45.45 m (26MN-066)12.78 g/t gold over 5.91 m from 134.51 m (26MN-067)0.69 g/t gold over 23.23 m from 4.05 m (26MN-070)2.68 g/t gold over 11.34 m from 0.76 m (26MN-071)2.77 g/t gold over 12.68 m from 58.64 m (26MN-080)Black Mammoth: Black Mammoth is a ~200+ m step-out from Goldwedge. Additional results at Black Mammoth will be reported as they become available. Significant mineralization includes:

0.75 g/t gold over 24.69 m from 230.12 m (26MN-053)1.02 g/t gold over 40.23 m from 195.69 m (26MN-057)0.62 g/t gold over 62.21 m from 230.43 m (26MN-069)6.04 g/t gold over 4.86 m from 308.23 m (26MN-072)0.58 g/t gold over 18.04 m from 311.05 m (26MN-078)0.83 g/t gold over 18.01 m from 277.68 m (26MN-092)2.56 g/t gold over 13.38 m from 293.28 m (26MN-096)All 2026 drill holes tested within and beyond the Inferred Resource Constraining Pit ("IRCP"), targeting new mineralization outside of the 2025 MRE block model, see Figures 4 and 6. For further details see "Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada" with an effective date of June 4, 2025, on Scorpio Gold's website at https://wp-scorpiogold-2025.s3.ca-central-1.amazonaws.com/media/2025/10/SGN_Manhattan_Mineral_Resource_Estimate_-_Amended_43-101.pdf.

Figure 2. Inset Surface Plan Map of the Goldwedge, Gap Zone, and Zanzibar Trend Target Areas, with drill hole traces projected to surface and result highlights noted.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/308780_bd4663f29406c8db_003full.jpg

Drill Hole IDTarget
Azimuth / DipFrom (m)To (m)Intercept¹ (m)Gold (g/t)26MN-109Goldwedge18.5940.8422.250.22249 m246° / -83°73.2181.848.630.33

97.08108.9711.892.83

126.00134.728.729.46

138.90172.2133.313.38
including138.90151.7912.896.90

177.21189.8312.620.6826MN-111Zanzibar Trend49.3754.805.431.20507 m043° / -49°59.1964.625.430.92

110.34120.7010.360.42

152.71157.284.570.5126MN-112Gap Zone43.2859.7416.460.28258 m082° / -61°106.68114.918.230.26

128.93132.133.200.9526MN-114Zanzibar Trend64.1972.978.780.21217 m043° / -49°84.8085.390.593.80

94.2796.832.5615.28

112.13135.3323.200.98
including112.13115.523.385.11

159.90161.451.555.50

171.76176.484.722.00 ¹ Intervals contain no more than 3 continuous metres grading less than 0.1 g/t gold.

Table 1. Results from the current batch of drill holes. Note: There is insufficient geological information to estimate a true width for the drill intercepts reported.

Goldwedge Results:
26MN-109: This drill hole contains four significant intervals hosted within Ordovician Zanzibar Formation faulted and brecciated limestones. The first interval of 0.22 g/t gold over 22.25 m from 18.59 m has multiple feeder faults noted through the interval. The second interval of 0.33 g/t gold over 8.63 m from 73.21 m contains carbonaceous fault gouge at the start of the interval with strong brecciation and veining below. The third and fourth intervals of 2.83 g/t gold over 11.89 m from 97.08 m and 9.46 g/t gold over 8.72 m from 126.00 m contain fault breccia's throughout, with feeder structures within their respective intervals. The headline interval is hosted within Cambrian Gold Hill Formation marbles, to 167.79 m, and Manhattan Caldera volcanics ("Volcanics") for the remainder of the interval (to 172.21 m). This interval of 3.38 g/t gold over 33.31 m from 138.90 m, including 6.90 g/t gold over 12.89 m from 138.90 m, is strongly faulted and brecciated throughout, with stronger silicification near the top of the interval (Figure 3) and an increase in fault gouge near the bottom. A final interval of 0.68 g/t gold over 12.62 m from 177.21 m sits entirely within strongly fractured Volcanics, with vein-hosted mineralization. See cross-section A to A' (Figure 4).

Figure 3. Drill hole 26MN-109, interval 142.89 m to 147.83 m, displaying Cambrian Gold Hill Formation brecciated and silicified marble with quartz-calcite epithermal veins.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/308780_bd4663f29406c8db_004full.jpg

Figure 4. Cross-section A-A', showing gold grades with reported intervals highlighted.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/308780_bd4663f29406c8db_005full.jpg

Gap Zone Results:
26MN-112: This drill hole contains three intervals within the Cambrian Gold Hill Formation. The first interval of 0.28 g/t gold over 16.46 m from 43.28 m is hosted in veins and breccias within both fine grained clastic meta-sediments ("Muds") and marble. The later two intervals of 0.26 g/t gold over 8.23 m from 106.68 m and 0.95 g/t gold over 3.2 m from 128.93 m are both hosted within Muds with vein-hosted mineralization.

Zanzibar Trend Results:
26MN-111: This drill hole contains four intervals within the Cambrian Gold Hill Formation. The first interval of 1.20 g/t gold over 5.43 m from 49.37 m is hosted within silicified marble and transitions to Muds, from 50.02 m to 51.97 m (Figure 5). Strong epithermal breccia and veining is noted at this lithological contact in the middle of the interval. The second interval of 0.92 g/t gold over 5.43 m from 59.19 m is like the first, with marble noted until 59.86 m followed by a brecciated gouge fault contact with Muds below. Mineralization is again concentrated at the faulted lithological contact. The later two intervals of 0.42 g/t gold over 10.36 m from 110.34 m and 0.51 g/t gold over 4.57 m from 152.71 m are hosted in strongly silicified Muds. Both intervals contain feeder veins and faults.

26MN-114: This drill hole contains six intervals within the Cambrian Gold Hill Formation. The first interval of 0.21 g/t gold over 8.78 m from 64.19 m is vein hosted within Muds and sits directly above a lithological contact with a marble unit. The second interval of 3.80 g/t gold over 0.59 m from 84.80 m is a single sample with mineralization hosted in a fault within marble. The third interval of 15.28 g/t gold over 2.56 m from 94.27 m is hosted in breccia and veins within Muds and sits directly below a lithological contact with a marble unit. The fourth and fifth intervals of 0.98 g/t gold over 23.20 m from 112.13 m, including 5.11 g/t gold over 3.38 m from 112.13 m, and 5.50 g/t gold over 1.55 m from 159.90 m are entirely within Muds units. The fourth interval has an increase in brecciation and veining from the above intervals with a subtle increase in clay alteration with depth. The fifth interval is also brecciated with silica-rich shear textures noted near the bottom of the interval above a faulted lithological change. The final interval of 2.00 g/t gold over 4.72 m from 171.76 m is within a brecciated marble unit, with both mid-interval and end of interval gouge faults concentrating mineralization. See cross-section B to B' (Figure 6).

Figure 5. Drill hole 26MN-111, interval 50.60 m to 53.13 m, displaying silicified brecciated transition zone between Cambrian Gold Hill Formation Marble and Muds.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/308780_bd4663f29406c8db_006full.jpg

Figure 6. Cross-section B-B', showing gold grades with reported intervals highlighted.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/308780_bd4663f29406c8db_007full.jpg

QA/QC

HQ sized diamond drill core samples were cut in halves, then bagged and secured with security tags to ensure integrity during transportation to the Elko, NV, MSALABS facility for preparation. For quality assurance ("QA"), unmarked coarse blanks, unmarked certified reference materials, and requested laboratory duplicates were inserted into the sampling sequence. QA samples were systematically inserted into each batch of samples, amounting to approximately 10% of the run of samples. Samples were analyzed for gold using a two-cycle PhotonAssayTM analysis method (~500 g) of crushed material (70% passing 2 mm). All MSALABS facilities comply with ISO 17025:2017.

About the Manhattan District

Manhattan, located in the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately 20 kilometers south of the operating Round Mountain Gold Mine (https://www.kinross.com/operations/default.aspx#americas-roundmountain), which has produced more than 15 million ounces of gold. For the first time, the Company has consolidated Manhattan's past-producing mines under a single entity that holds valuable permitting and water rights. Historically, Manhattan has produced approximately 700,000 ounces of gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s.¹ The maiden mineral resource estimate (the "Maiden MRE") covering the Goldwedge and Manhattan Pit areas of Manhattan is comprised of 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 oz contained gold in the inferred category.²

A historical mineral resource estimate (the "Historical MRE") covers the Black Mammoth, April Fool, Hooligan, Keystone, and Jumbo areas of Manhattan and comprises 1,652,325 tonnes grading 5.89 g/t gold for a total of 303,949 oz contained gold.³ The deposit is interpreted as a low-sulfidation, epithermal, gold-rich system situated adjacent to the Tertiary-aged Manhattan caldera in the Southern Toquima Range of Nevada. A "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") has not done sufficient work to make the Historical MRE current, and the Company is not treating the Historical MRE as current.

Notes

Adjacent Properties: The Company has no interest in, or rights to, any of the adjacent properties mentioned, including the Round Mountain Gold Mine, and exploration results on adjacent properties are not necessarily indicative of mineralization on the Company's properties. Any references to exploration results on adjacent properties are provided for information only and do not imply any certainty of achieving similar results on the Company's properties.Historical Data: This news release includes historical information that has been reviewed by the Company's qualified person. The Company's review of the historical records and information reasonably substantiate the validity of the information presented in this presentation. The Company encourages readers to exercise appropriate caution when evaluating these data and/or results.Third-Party Mineral Projects: These deposits are cited solely for geological context. The Company cautions that these properties are not necessarily adjacent to, nor does the Company or have any interest in or control over them. Although certain geological features may be similar, there is no assurance that mineralization comparable to these deposits will be discovered on any of the Company's properties. Information regarding the aforementioned deposits is taken from publicly available sources and technical reports believed to be reliable but has not been independently verified by the Company. The Company encourages readers to exercise appropriate caution when evaluating these data and/or results.Mineral Resource Estimate (MRE): All scientific and technical information relating to Manhattan pertaining to Maiden MRE contained in this news release is derived from the Technical Report dated April 23, 2026 (with an effective date of June 4, 2025) titled "Mineral Resource Estimate and NI 43-101 Technical Report" (the "Technical Report") prepared by Matthew R. Dumala, P.Eng (BC) of Archer Cathro Geological (US) Ltd., Patrick Loury, M.Sc., CPG (AIPG) of Daniel Kunz & Associates, Annaliese Miller, LG (WA) of Geosyntec Consultants, Inc. and Art Ibrado, PhD, PE (AZ) of Fort Lowell Consulting PPLC. The information contained herein in respect of the Maiden MRE is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full text of the Technical Report, a copy of which has been filed with the applicable securities regulators and is available under the Company's profile on www.sedarplus.ca.Historical MRE: A Qualified Person has not done sufficient work to make the Historical MRE current, and the Company is not treating the Historical MRE as current. The Company considers the Historical MRE relevant as it demonstrates the presence of significant gold mineralization across multiple zones within Manhattan; however, its reliability is uncertain because it was prepared prior to the adoption of the current CIM Definition Standards and current QA/QC practices. The Historical MRE provides limited disclosure of assumptions, parameters, estimation methods, cutoff grades, and QA/QC protocols, and therefore these cannot be fully verified by the Company. The categories used in the historical estimate predate, and are not directly comparable to, current CIM Definition Standards, and the Company is not treating the Historical MRE as a current Mineral Resource Estimate. To upgrade and verify the Historical MRE in order to make it a current Mineral Resource Estimate, the Company would be required to undertake confirmatory drilling, modern QA/QC sampling, validation and digitization of historical datasets and updated geological modeling followed by the preparation of a new Mineral Resource Estimate in accordance with CIM Definition Standards and NI 43-101. The Company encourages readers to exercise appropriate caution when evaluating the Historical MRE.

All scientific and technical information relating to Manhattan pertaining to the Historical MRE contained in this news release is derived from the Technical Report dated May 1997 titled "Exploration and Pre-Production Mine Development, Manhattan District Project, Nye County" (the "Historical Technical Report") prepared by New Concept Mining, Inc. The information contained herein in respect of the Historical MRE is subject to all the assumptions, qualifications and procedures set out in the Historical Technical Report and reference should be made to the full text of the Historical Technical Report.

References: (1) Strachan, D. G., and Master, T. D., 2005: Update and Revision of the Gold Wedge Project Development, Nye County. Report prepared for Nevada; Royal Standard Minerals, Inc. and dated March 31, 2005; (2) Dumala, M. R., and Lowry, P., 2025: Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada. Report prepared for Scorpio Gold Corporation and dated October 23, 2025 (with an effective date of June 4, 2025); and (3) Berry, A., and Willard, P., 1997: "Exploration and Pre-Production Mine Development, Manhattan District Project, Nye County". Report prepared for New Concept Mining, Inc. and dated May 1997. Qualified Person

The scientific and technical information in this news release has been reviewed, verified and approved by Thomas Poitras, P. Geo., Chief Geologist of Scorpio Gold, a "Qualified Person", as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Verification included review of laboratory certificates, review of field logs and chain-of-custody records, inspection of blank/standard/duplicate performance, and review of collar and down-hole survey data. No limitations or failures to verify were identified.

About Scorpio Gold Corp.

Scorpio Gold holds a 100% interest in the Manhattan District located in the Walker Lane Trend of Nevada, USA. Scorpio Gold's Manhattan District is ~4,780-hectares and comprises the advanced exploration-stage Goldwedge Mine, with a 400 ton per day maximum capacity gravity mill, and four past-producing pits that were acquired from Kinross in 2021 (see news release dated March 25, 2021 https://scorpiogold.com/news/scorpio-gold-closes-purchase-of-kinross-manhattan-property-nye-county-nevada/). The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 140,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.

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

ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION

Connect with Scorpio Gold:
Email | Website | Facebook | LinkedIn | X | YouTube
To register for investor updates please visit: scorpiogold.com
(TSXV: SGN) (OTC Pink: SRCRF) (FSE: RY9)

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management as of the date of this news release.

Forward-looking statements in this news release include, among others, statements relating to: the timing, scope and interpretation of assay results; potential for resource growth and discovery; the potential continuity, extent, grade and characteristics of mineralization along the Reliance Trend, Black Mammoth, Gap Zone, Zanzibar Trend and Mustang Hill; the intended follow-up exploration activities and timing thereof; the Company's exploration plans and objectives; expected future drilling programmes; anticipated timing of future disclosures and announcements; and other statements that are not historical facts. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including: that the Company will be able to obtain sufficient financing to complete planned exploration activities; that the Company will be able to obtain necessary permits and regulatory approvals in a timely manner; that exploration results will be consistent with management's expectations; that general business and economic conditions will not change in a materially adverse manner; that equipment and qualified personnel will be available when required; and that the Company's interpretations of geological data are accurate. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations, which may not be available when needed or on acceptable terms and conditions; the inherent risks involved in the exploration and development of mineral properties, including uncertainties related to the interpretation of drill results and other geological data; fluctuations in commodity prices; compliance with extensive government regulation and changes in domestic and foreign laws and regulations that could adversely affect the Company's business and results of operations; uncertainties related to obtaining necessary permits and regulatory approvals; risks related to the Company's ability to retain key personnel; environmental risks and hazards; title matters and surface rights issues; competition in the mining industry; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance; and other risks and uncertainties disclosed in the Company's public filings.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308780

Source: Scorpio Gold Corp

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The home improvement industry has been under pressure in recent years. Macroeconomic headwinds, most notably elevated interest rates and above-normal inflation, have hurt demand for the two largest players, Home Depot (HD +1.75%) and Lowe's (LOW +2.27%).

And these two retail stocks have underperformed the market. Home Depot shares are up 8% in the past three years (as of Aug. 7), while Lowe's shares have fallen 1%. Investors deciding between these two should focus on one key data point.

Here's one reason Lowe's may be a smarter buy than Home Depot before Aug. 19.

Image source: Getty Images.

A fresh financial update is on deck Lowe's is set to report financial results for its fiscal 2026 second quarter on Aug. 19. Besides the obvious revenue and profit figures, investors should pay attention to some important information.

Same-store sales increased 0.6% in Q1. It will be extremely encouraging to see this figure grow in the latest fiscal quarter, as it measures the performance of locations open at least 13 months.

Trends for both do-it-yourself and professional customer cohorts will be insightful. The leadership team continues to expect pro demand to outpace DIY.

Lowe's acquired Foundation Building Materials last October and Artisan Design Group in June 2025. Any commentary that management provides on cost synergies and integration progress will be valuable. This will indicate if these significant billion-dollar capital allocation decisions are bearing fruit.

Today's Change

(

2.27

%) $

4.95

Current Price

$

223.35

Valuation matters Of course, investors shouldn't buy Lowe's stock to front-run the financial release on Aug. 19. This sort of urgency promotes short-term thinking. In the grand scheme of things, a single quarter's numbers have minimal influence on overall valuation.

The best mentality is one that supports long-term ownership of businesses. This is the right philosophy to have. It allows compounding to work.

That being said, Lowe's is a better stock to buy right now over Home Depot for one simple reason: it's cheaper. The former trades at a forward price-to-earnings ratio of 16.5, while the latter can be bought at a 22.3 multiple. This means that the market is offering Lowe's at a 26% discount to its larger rival. That's a notable disparity when their business models are almost identical.

From fiscal 2020 to fiscal 2025, diluted earnings per share (EPS) at Lowe's grew at a much faster rate than it did at Home Depot. And looking at the next three fiscal years, the consensus view among sell-side analysts is that Lowe's will register a 6.5% annualized gain, slightly better than the expectation for Home Depot.

The market should eventually reward Lowe's with a valuation ratio that closes the gap with Home Depot.

Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Home Depot. The Motley Fool recommends Lowe's Companies. The Motley Fool has a disclosure policy.

Posted by Defense World Staff on Aug 10th, 2026

Deane Retirement Strategies Inc. boosted its holdings in shares of CF Industries Holdings, Inc. (NYSE:CF – Free Report) by 27.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,022 shares of the basic materials company’s stock after acquiring an additional 13,220 shares during the period. CF Industries comprises about 2.8% of Deane Retirement Strategies Inc.’s portfolio, making the stock its 8th largest position. Deane Retirement Strategies Inc.’s holdings in CF Industries were worth $6,708,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in CF Industries by 3.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,458,907 shares of the basic materials company’s stock valued at $579,062,000 after buying an additional 146,682 shares during the period. Boston Partners lifted its holdings in CF Industries by 15.3% during the third quarter. Boston Partners now owns 3,587,999 shares of the basic materials company’s stock worth $321,852,000 after buying an additional 476,769 shares during the period. Invesco Ltd. lifted its holdings in CF Industries by 12.0% during the fourth quarter. Invesco Ltd. now owns 3,570,249 shares of the basic materials company’s stock worth $276,123,000 after buying an additional 381,716 shares during the period. Ameriprise Financial Inc. boosted its position in CF Industries by 0.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,287,256 shares of the basic materials company’s stock valued at $302,428,000 after acquiring an additional 11,792 shares in the last quarter. Finally, Northern Trust Corp boosted its position in CF Industries by 5.5% during the 4th quarter. Northern Trust Corp now owns 3,147,611 shares of the basic materials company’s stock valued at $243,436,000 after acquiring an additional 163,320 shares in the last quarter. Institutional investors own 93.06% of the company’s stock.

CF Industries Trading Up 0.0% Shares of NYSE:CF opened at $114.39 on Monday. The business’s 50-day moving average is $114.22 and its 200 day moving average is $113.80. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.86 and a quick ratio of 4.32. CF Industries Holdings, Inc. has a 1 year low of $75.42 and a 1 year high of $141.96. The firm has a market capitalization of $17.57 billion, a P/E ratio of 8.48 and a beta of 0.39.

CF Industries (NYSE:CF – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $4.73 earnings per share for the quarter, missing the consensus estimate of $5.63 by ($0.90). CF Industries had a return on equity of 24.41% and a net margin of 27.12%.The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.45 billion. During the same period in the prior year, the business posted $2.37 EPS. CF Industries’s revenue was up 17.6% compared to the same quarter last year. On average, research analysts predict that CF Industries Holdings, Inc. will post 15.53 earnings per share for the current fiscal year.

CF Industries Increases Dividend The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a $0.60 dividend. This is a boost from CF Industries’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, August 14th. This represents a $2.40 dividend on an annualized basis and a yield of 2.1%. CF Industries’s dividend payout ratio (DPR) is 14.83%.

Analyst Ratings Changes Several research firms have recently commented on CF. Royal Bank Of Canada reduced their price target on CF Industries from $125.00 to $115.00 and set a “sector perform” rating for the company in a research report on Friday, July 17th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating and issued a $129.00 target price on shares of CF Industries in a research note on Friday, July 24th. Wall Street Zen downgraded shares of CF Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Zacks Research lowered shares of CF Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Finally, BMO Capital Markets cut their price objective on shares of CF Industries from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $116.25.

Get Our Latest Stock Analysis on CF Industries

Key CF Industries News Here are the key news stories impacting CF Industries this week:

Positive Sentiment: CF Industries is beginning construction on its approximately $4 billion Blue Point blue ammonia project in Louisiana. The project could expand the company’s lower-carbon ammonia business and support long-term growth. CF Industries to begin construction of $4bn Louisiana blue ammonia project Positive Sentiment: Management is targeting approximately $3.3 billion in mid-cycle EBITDA by 2030 and indicated that higher construction costs are improving the economics of new nitrogen capacity. Tight industry fundamentals are expected to persist into 2027, potentially supporting pricing and margins. CF Industries targets $3.3B mid-cycle EBITDA by 2030 Positive Sentiment: CF Industries reportedly hinted at developing a second blue ammonia plant, potentially strengthening its competitive position as some rivals retreat from similar projects. CF Industries hints at second blue ammonia plant as rivals retreat Neutral Sentiment: The company’s earnings call emphasized greater mid-cycle earnings power and favorable nitrogen-market fundamentals, but the benefits are longer term and depend on successful project execution and sustained pricing. CF Q2 Earnings Call Highlights Higher Mid-Cycle Earnings Power Negative Sentiment: Second-quarter earnings fell short of expectations: EPS was $4.73 versus a $5.63 consensus, while revenue of $2.22 billion also missed estimates. Lower volumes and a Yazoo City outage offset stronger nitrogen pricing, putting near-term pressure on the stock. CF Q2 Earnings Miss Estimates Despite Strong Nitrogen Pricing About CF Industries (Free Report)

CF Industries Holdings, Inc is a leading global manufacturer of hydrogen and nitrogen products for agricultural and industrial customers. The company specializes in the production of ammonia, granular urea, urea ammonium nitrate (UAN), nitric acid and ammonium nitrate, which serve as key inputs for fertilizer blends, industrial chemicals and other downstream applications.

Headquartered in Deerfield, Illinois, CF Industries operates production facilities and distribution terminals across North America and the United Kingdom.

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Micron Technology, Inc. (NASDAQ:MU) stock gained about 1% in Monday premarket trading as technology stocks moved higher ahead of the opening bell. Nasdaq futures rose 0.41%, while S&P 500 futures gained 0.17%.

The move comes as investors weigh Micron’s longer-term growth prospects against expectations for slowing memory pricing momentum and rising competition from Chinese manufacturers.

On Aug. 7, Citigroup analyst Atif Malik maintained a Buy rating on Micron but lowered his price forecast to $1,150 from $1,400. The firm expects memory pricing momentum to slow over the next year, even as DRAM and NAND prices continue to rise from current levels.

Citi Trims Micron ForecastCiti reduced its valuation multiple and lowered its fiscal 2027 and 2028 earnings estimates.

The firm expects DRAM and NAND prices to continue climbing but sees the pace of gains slowing over the next four quarters. Citi expects memory prices to peak in the second quarter of next year.

The more cautious outlook reflects concerns that the current memory upcycle could lose momentum as supply expands and pricing growth moderates.

China Competition Remains Key RiskCiti identified rising Chinese memory capacity as the biggest long-term risk to its Micron thesis.

The firm said additional NAND and DRAM supply from China could pressure Micron’s pricing power outside the U.S., even if American restrictions limit the Chinese companies’ access to the U.S. market.

Despite those risks, another market strategist sees substantial upside remaining in Micron as the memory cycle progresses.

Parker Sees Micron Doubling By Cycle EndTrivariate Research CEO Adam Parker told CNBC on Friday that Micron, NVIDIA Corp. (NASDAQ:NVDA) and other compute-related stocks could trade meaningfully higher over the next 12 months. However, he expects the group to advance in a steadier grind rather than through another sharp rally.

Parker said Micron could double by the end of the cycle because investors may already be pricing in too much earnings deterioration after the eventual peak.

He also argued that investors are focusing too heavily on Micron’s income statement and not enough on its improving balance sheet. Parker pointed to the company’s revenue outlook, high gross margins and potential to generate substantial free cash flow over the next several years.

Still, Parker said investors should manage their exposure to AI semiconductor stocks through broader diversification because volatility remains elevated.

Earnings And Analyst OutlookMicron’s next major scheduled catalyst is its earnings report, estimated for Sept. 22, 2026.

Analysts expect earnings of $31.29 per share, up sharply from $3.03 a year earlier. Revenue is estimated at $50.82 billion, compared with $11.31 billion in the year-ago period.

Micron trades at a price-to-earnings ratio of about 19.8.

Top ETF ExposureMicron also carries significant weight in several technology and semiconductor exchange-traded funds.

Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ): 8.91% State Street SPDR NYSE Technology ETF (NYSE:XNTK): 8.75% Invesco AI and Next Gen Software ETF (NYSE:IGPT): 8.71% Micron’s sizable weighting means significant inflows or outflows from these ETFs can contribute to buying or selling pressure in the stock.

Price ActionMU Stock Price Activity: Micron Technology shares were down 0.06% at $877.07 during premarket trading on Monday, according to Benzinga Pro data.

Photo via Shutterstock

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GBP/USD enters the week of 10–14 August near 1.3500 – its highest level since 15 July. Sterling is building on the momentum from a sharp decline in the dollar following a weak US labour market report, which reduced expectations of a Federal Reserve rate hike in September. Further support has come from the drop in oil prices: cheaper energy is easing inflation risks and reducing pressure on the UK economy.

Geopolitics remains a key factor. Donald Trump announced progress in negotiations between Iran and Oman regarding the Strait of Hormuz, although no final agreement has yet been reached. A further decline in oil prices would reinforce expectations that the Bank of England can maintain a gradual approach to monetary policy. At its last meeting, the regulator left rates unchanged, and Andrew Bailey confirmed that the disinflation process continues.

The main event for sterling this week will be Thursday’s preliminary GDP estimate for the second quarter. The economy is expected to grow by 0.2% quarter-on-quarter, down from 0.6% previously, with the annual rate projected at 1.6% versus 0.9%. June GDP is forecast to rise by 0.1%. Stronger-than-expected data would support GBP/USD, while a marked slowdown could put renewed pressure on the pound.

On the US side, the key release will be July inflation data on Wednesday, with core CPI expected at 2.5% year-on-year and headline CPI at 3.4%. Thursday brings PPI, followed by retail sales and the University of Michigan’s preliminary consumer sentiment index on Friday. Weak inflation and consumer figures could weigh heavily on the dollar and support further GBP/USD gains, while sustained price pressures would strengthen the case for Fed tightening.

Technical Analysis

On the H4 GBP/USD chart, a wide consolidation range is forming around the 1.3470 level. An upside breakout would open the way for a move towards 1.3522 and then 1.3535. A downside breakout would suggest a move towards 1.3436, and a break below this level would open the way for the trend to extend to 1.3190. The MACD indicator supports this scenario, with its signal line above zero and pointing downwards.

On the H1 chart, the market has formed a compact consolidation range around the 1.3470 level, currently extending between 1.3434 and 1.3500. A move lower towards 1.3470 is expected, followed by a move higher to 1.3535. The Stochastic oscillator confirms this scenario, with its signal line below 50 and pointing downwards. In the short term, a decline towards 20 is expected, followed by a rise towards 80.

Conclusion GBP/USD has started the week on a strong footing, trading near its highest level since mid-July. The pound has benefited from a weaker dollar following soft US labour market data and falling oil prices, which have eased inflation concerns and reduced expectations of aggressive Fed tightening. Geopolitical progress regarding the Strait of Hormuz has also supported risk sentiment. Markets will now focus on UK GDP data on Thursday and US inflation figures on Wednesday, both of which will provide important clues about the policy outlook for the BoE and Fed. Technically, the pair appears poised for further upside towards 1.3535, with near-term direction hinging on this week’s key data releases. A break below 1.3436 would shift the outlook to bearish, exposing the 1.3190 level.

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August 10, 2026 06:21 ET  | Source: Ryman Hospitality Properties, Inc.

NASHVILLE, Tenn., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today announced a definitive agreement under which the Company will purchase the fee simple interest in Grande Lakes Orlando Resort (“Grande Lakes” or the “Property”) in Orlando, Florida, for $1.38 billion from Trinity Investments. The 409-acre complex includes two hotels, a 1,010-room JW Marriott and a 582-room Ritz-Carlton, and a Greg Norman-designed 18-hole championship golf course. The Company plans for the Property to continue to be operated by Marriott International under the JW Marriott and Ritz-Carlton brands. The purchase price represents a 12.5x Adjusted EBITDAre multiple on the Property’s trailing-twelve-month results through June 30, 2026.1 The Company expects the acquisition of Grande Lakes to be accretive to adjusted funds from operations (“Adjusted FFO”) per diluted share for 2027.

Mark Fioravanti, President and Chief Executive Officer of the Company, said, “Grande Lakes is a terrific asset and one that fits all of our ownership criteria. The transaction strengthens our JW Marriott and Gaylord Hotels customer rotation strategies, expands our presence in the nation’s top meetings market and creates the opportunity for meaningful portfolio synergies. Building on the success of our growing JW Marriott platform, Grande Lakes establishes a nationwide rotational network for the JW Marriott brand within our hotel portfolio. Grande Lakes also introduces Ritz-Carlton as a new luxury brand within our portfolio, providing access to a high-value customer segment and unique customer insights that can further strengthen our platform and support long-term value creation across the portfolio.”

Grande Lakes Orlando Resort is one of the largest resorts in the greater Orlando area and features 1,592 guest rooms and approximately 320,000 square feet of versatile indoor and outdoor meeting and event space. Guests can enjoy an array of world-class amenities, including the 40,000-square-foot Ritz-Carlton spa & fitness center; 14 food and beverage outlets; the Grande Lakes Waterpark featuring water slides, a lazy river, and the AquaVenture aqua course; and a Greg Norman-designed 18-hole golf course at The Ritz-Carlton Golf & Tennis Club, home of the PNC Championship. The Property has recently benefitted from approximately $150 million in capital investments, encompassing all guestrooms, meeting space and core public areas across both hotels.

Orlando has consistently ranked as the top meetings destination in North America by Cvent and benefits from strong year-round leisure demand drivers. Orlando International Airport is the 7th busiest in the U.S. by total passenger volume.

The Company expects to close the Grande Lakes transaction in the third quarter of 2026, subject to customary closing conditions.

BofA Securities and J.P. Morgan acted as financial advisors to Ryman Hospitality Properties, Inc., and Bass, Berry & Sims PLC and Greenberg Traurig, LLP acted as legal advisors. 

1 Adjusted EBITDAre is a non-GAAP financial measure. Refer to “Grande Lakes Adjusted EBITDAre” later in this press release for an explanation of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

Investor Presentation

The Company has made available an investor presentation containing supplemental information related to this transaction. The presentation can be found on the Investor Relations section of the Company’s website under Events & Presentations.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the pending Grande Lakes transaction and the Company’s expectations for Grande Lakes upon the closing of the transaction. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include the risks and uncertainties associated with the pending Grande Lakes transaction, including, but not limited to, the occurrence of any event, change or other circumstance that could delay the closing of the Grande Lakes transaction, or result in the termination of the agreement for the Grande Lakes transaction; adverse effects on Company’s common stock because of the failure to complete the Grande Lakes transaction; the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future; and changes in interest rates. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

  Investor Relations Contacts:
Mark Fioravanti, President and Chief Executive Officer
(615) 316-6588
[email protected] Hutcheson, Chief Financial Officer
(615) 316-6320
[email protected]

Sarah Martin, Vice President, Investor Relations
(615) 316-6011
[email protected]

Media Contact:
Shannon Sullivan, Vice President, Corporate and Brand Communications
(615) 316-6725
[email protected]   Grande Lakes Adjusted EBITDAre

Adjusted EBITDAre is calculated and presented by the Company based on unaudited information provided to the Company from the seller or an affiliate of the seller. Adjusted EBITDAre, a non-GAAP financial measure, is calculated as Net Income calculated in accordance with GAAP plus interest expense, depreciation and amortization and non-operating items related to ownership structure. Below is a reconciliation of Adjusted EBITDAre to Net Income, its most directly comparable GAAP figure. The Company used Adjusted EBITDAre to evaluate the operating performance of the property and to price the acquisition.

         12 Months Ended   June 30,(in thousands)  2026Net Income $10,414Interest expense, net  57,754Depreciation expense  39,844Non-Operating Items Related to Ownership Structure  1,993Adjusted EBITDAre $110,005    

Microchip Technology (MCHP +13.89%) built its business on microcontrollers (the small, inexpensive chips that run factory equipment and cars). So it may come as a surprise that the company's fastest-growing end market right now is the data center.

On the company's Aug. 6 earnings call, management said data center revenue grew 97.8% year over year in the fiscal first quarter, after growing 77% in the quarter before. And the company now expects its total data center portfolio to reach about $1 billion in calendar 2026, up 69.3% from last year.

Investors noticed. Shares of the microcontroller specialist jumped about 14% on Friday to about $85, capping a week in which it reported a quarter that was strong well beyond the data center.

Image source: Getty Images.

A sharp snapback Microchip is climbing out of one of the deepest downturns in its history, and the fiscal first quarter of 2027 (the period ended June 30, 2026) showed the recovery gaining speed. Net sales rose 38% year over year to $1.485 billion, up 13.2% sequentially and above the high end of management's guidance.

The profit recovery is even sharper, because so many of Microchip's costs are fixed. Non-GAAP (adjusted) gross margin came in at 63.8%, up from 61.6% the quarter before. Adjusted earnings per share were $0.76, up 181.5% from $0.27 a year earlier.

And on a GAAP basis, the company swung to net income of $202 million from a loss of $46.4 million in the year-ago period.

The signals behind the numbers point in the same direction. Inventory days fell from 185 to 175 during the quarter, and bookings ran ahead of shipments. The company also cut its net debt by about $170 million and paid out $246.9 million in dividends.

Management expects the momentum to continue into fiscal Q2. "We expect net sales for the September quarter to be up sequentially between 7% and 9%, which at the midpoint would represent year-over-year growth of approximately 40.6%," CEO Steve Sanghi said in the earnings release.

Data center is becoming a second business The recovery explains the quarter. The data center explains why this could be more than a cyclical rebound.

Microchip's $1 billion calendar-2026 forecast splits into two roughly equal halves. About $500 million should come from its Data Center Solutions unit, which makes products exclusively for data centers: PCIe switches and retimers, storage controllers, and memory controllers. That unit generated $302.7 million in calendar 2025, and management expects about 65% growth from it this year.

The other half comes from Microchip's catalog products (the power-management and timing chips, security products, and microcontrollers it already sells everywhere) being sold into data centers as well. All told, the company says its broader data center and compute end market already represents about 18% of total revenue.

What's more, the design-win pipeline suggests the growth has legs. Microchip said its PCIe Gen 6 connectivity design wins doubled sequentially, from six programs at the end of the prior quarter to 12 exiting the fiscal first quarter. Those wins should turn into revenue as customers' systems ramp over the next couple of years.

Sure, $1 billion would still be a minority of what should be roughly $6 billion in annual sales. But that piece of the business is growing about 69% a year, attached to the artificial intelligence (AI) data center build-out. It could change the company's growth profile -- especially when Microchip's core industrial and automotive markets move with the economy rather than ahead of it.

Today's Change

(

13.89

%) $

10.33

Current Price

$

84.69

Two very different multiples The stock's valuation captures the transition. Measured against the past year's GAAP earnings, still depressed by the downturn, the stock costs well over 100 times earnings. Measured against what's expected over the next 12 months, it costs about 21 times. The gap reflects how quickly profits are rebuilding as revenue returns and factories refill.

That 21 times forward earnings is the price of believing the recovery continues on schedule. The September-quarter guidance suggests it does, and the dividend ($1.82 per share annualized, a 2.15% yield) gets paid while investors wait.

So the quarter made two separate cases. The cyclical case is sales up 38% with margins expanding. The structural case is a data center business growing fast enough to double in well under two years, inside a company the market still thinks of as an industrial chip supplier. The first case is what Friday's 14% jump paid for. The second is the one I'll be watching from here.

A sign marks the offices of Thermo Fisher Scientific offices in Waltham, Massachusetts, U.S., August 2, 2023. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights, opens new tab

CompaniesHYDERABAD, Aug 10 (Reuters) - Thermo Fisher Scientific (TMO.N), opens new tab is eyeing a 15%-20% increase in its customer base in India over the next ​five years, betting on the growing biopharma research and ‌manufacturing ecosystem, the head of its India unit said.

The U.S.-based company, which makes lab and drug development equipment and supplies analytical instruments, antibodies, and genetic ​analysis products, said it is eyeing continued double-digit growth ​in India driven by rising demand from biopharma, semiconductor, and ⁠clean energy sectors.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

"From a laboratory standpoint, as more laboratories create ​quality standards in line with global standards, our products will be ​found there. With more quality labs coming up, that's where our customer base is growing," Srinath Venkatesh, managing director for India and South Asia, told ​Reuters in an interview last week, but declined to disclose its ​current customer base.

The company is also counting on rising demand from the obesity-drug ‌market ⁠as more pharmaceutical companies in India work around the therapy area, he said.

Thermo Fisher serves customers globally, with the U.S. being its major market. The Asia-Pacific region accounts for about 18% of ​its revenue, with ​India among its ⁠fastest-growing markets, the company said.

"We expect continued double-digit CAGR (compound annual growth rate) growth from India. We ​have made deliberate investments in the region, more so ​than ⁠in the past," said Tony Acciarito, president for Asia Pacific, Middle East and Africa, who was also present in the interview.

The company employs ⁠more ​than 5,000 people in India and plans ​to expand its workforce, particularly in customer-facing roles, as it broadens its presence in ​the country, Venkatesh said.

Reporting by Rishika Sadam; Editing by Rashmi Aich

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

Rishika leads Reuters’ coverage of India’s pharmaceutical and healthcare sector. Her reporting focuses on key themes such as the emergence of weight-loss drugs, the country’s drug regulatory framework and manufacturing quality standards, and developments shaping India’s pharmaceutical exports to major markets including the United States and Europe. She also covers the country’s rapidly growing hospital industry. With nearly a decade of experience in journalism, Rishika has previously reported extensively on Indian politics, national elections, and on social affairs and criminal justice.

Table of contents

The numbers don’t line up the way they used to. Hyperliquid’s open interest has climbed to fresh highs, but the revenue that backs its HYPE token has dropped for four consecutive quarters. The culprit is a deliberate strategic choice: a fee-sharing program that shunts half the platform’s volume—and the fees that come with it—to outside builders. It is a tradeoff that worked for growth but is now thinning the direct income stream that market participants once took for granted.

According to the original report, the gap between surging activity and shrinking revenue traces back to a program that incentivizes third-party developers to route volume through the exchange. This approach has undoubtedly helped Hyperliquid lock in market share, especially in the increasingly crowded market for crypto perpetuals. But it has introduced a direct friction between volume metrics and the bottom line. The exchange’s own earnings—and by extension the value accrual mechanism for HYPE—are getting diluted at the very moment the platform looks busiest.

The rise of real-world asset perpetuals on Hyperliquid adds another layer. Traders have flocked to the synthetic exposure RWA perps offer, pushing open interest to records. But much of that volume now migrates through external integrations that claim their share of fees before any revenue touches the protocol’s treasury. The fee-sharing split is designed to be generous enough that builders prefer Hyperliquid over competing venues, but it means the platform’s own cut shrinks in real time. At a time when real-world asset tokenization is booming and attracting institutional capital, that tradeoff is especially visible.

Hyperliquid’s model is not an isolated case. Derivatives exchanges across DeFi have been wrestling with how to balance volume incentives against revenue that can be returned to token holders or used for protocol buybacks. Many platforms have chosen short-term volume sops that eventually force a reckoning. Hyperliquid is simply hitting that tension earlier than expected. The fee split doesn’t just lower current earnings; it also introduces uncertainty about what a normalized revenue level might look like if and when the incentives are dialed back. Market participants who value HYPE based on platform income are now trying to price that unknown.

A Structural Gap, Not a Cyclical One The decline in revenue isn’t a product of falling trading interest. It’s a direct consequence of the protocol’s architecture for attracting order flow. More volume doesn’t automatically translate into more protocol-level value when half of it is never captured in the first place. The open interest figures can create a misleading picture of platform health if they are read in isolation.

Revenue that once fed token burns, staking rewards, or buybacks is now being siphoned into an ecosystem of external developers. That ecosystem may strengthen the broader Hyperliquid network, but it doesn’t strengthen the token’s direct cash-flow story in the same way. This is similar to the kind of tension that has appeared on other fee-sharing exchanges, where the market eventually demands clarity on whether volume incentives are a temporary growth hack or a permanent feature.

What HYPE Holders Are Missing The expectation that platform revenue accrues to the token is a powerful narrative in DeFi, and it has been central to HYPE’s value proposition. When that link weakens, the fundamental story shifts. Traders and token holders who bought into HYPE partly on the thesis that rising volumes would boost its real yield now face a more complicated reality. The volume is there; the yield is not.

In decentralized perps markets, liquidity and composability often attract an initial wave of users, but sustained token demand depends on more than just headline metrics. If the fee-sharing program remains the default, HYPE’s economic model may need to be rethought. It’s not just about a few quarters of declining revenue—it’s about whether the current growth path can ever restore a direct line from user activity to token value without disrupting the developer incentives that got it there in the first place. As the uncertain regulatory outlook for decentralized derivatives platforms continues to complicate long-term planning, the margin to recalibrate economic models becomes narrower.

The RWA Perpetuals Wildcard Hyperliquid’s RWA perpetuals market is still nascent, but its speed of adoption has outpaced the platform’s ability to capture value from it. The flood of new users trading tokenized commodity and equity exposure has been a gift for growth, yet the beneficiary has been the broader funnel of builders rather than the protocol treasury. That could change if the fee-sharing terms are eventually adjusted, but any adjustment would need to be calibrated carefully to avoid pushing volume toward competitors who are ready to offer equally attractive splits.

What’s left is a question of market structure. Can a venue reliant on external developers to drive order flow ever capture enough native revenue to satisfy token holders who demand both growth and value capture? Hyperliquid’s four-quarter revenue slide suggests that the market isn’t sure. The coming quarters will test whether the protocol can shift its economic levers without losing the volume that made it a contender. For now, the gap between open interest and income is the one number that truly matters.

AUTHOR

Freelance writer and crypto enthusiast with a focus on Web3, delivering clear and engaging articles. Known for his well-researched articles and insightful analysis, Shayan covers a broad range of topics including market trends, blockchain technology, decentralized finance (DeFi), and emerging crypto projects. His writing aims to educate both beginners and experts, providing clear, engaging content that helps readers stay informed about the fast-evolving crypto space. Shayan's expertise and dedication make him a trusted voice in the blockchain community.

Empery Digital sold 1,635 Bitcoin for $102.2 million between July 1 and Aug. 6, cutting its total holdings to 1,279 BTC, according to an Aug. 7 SEC filing. 

Summary

Empery Digital sold 1,635 BTC for $102.2 million between July 1 and August 6, 2026. Only 325 BTC remained unrestricted after 954 BTC secured $35 million of outstanding company debt. Unrestricted Bitcoin holdings fell 76% from 1,375 BTC at June 30, according to company filings. Empery repaid $20 million after June, prompting its lender to return 585 pledged Bitcoin tokens. A $62.1 million property commitment remains conditional, with due diligence extended through August 13, 2026. Of that balance, 954 BTC remained pledged to a lender, leaving a derived 325 BTC unrestricted.

The latest disclosure extends a sharp reduction in the Nasdaq listed company’s Bitcoin treasury. Empery held 2,914 BTC on June 30, including 1,375 unrestricted coins. The available pool therefore fell by 1,050 BTC, or about 76.4%, in just over five weeks.

The July and August sales came after Empery had already sold 1,167 BTC for $80.1 million during the first half of 2026. Those earlier disposals produced a $56.8 million realized loss based on the original cost of the Bitcoin sold, according to the filing.

Empery Digital Sold 1,635 BTC Since July, Unrestricted Holdings Fell to 325 BTC

According to CryptoSlate, Bitcoin treasury company Empery Digital sold 1,635 BTC for approximately $102.2 million from July 1 to August 6, reducing its total holdings to 1,279 BTC. Of this amount,… pic.twitter.com/NvcqcUuhD6

— Wu Blockchain (@WuBlockchain) August 10, 2026 The latest figures also move beyond the company’s July 10 filing. At that point, Empery said it held 1,514 BTC and about $73.9 million in cash after selling 1,400 BTC since May 7. As crypto.news reported in earlier July coverage, the company said those proceeds were intended for debt repayment, a planned property purchase, legal expenses and operations.

The filing also shows how the treasury sales fit into a broader capital allocation plan. Through Aug. 6, Empery had repurchased 26.24 million shares for $149.7 million at an average price of $5.71. The company said proceeds from $105 million of borrowings, together with Bitcoin sales, helped finance the repurchases. Digital asset losses totaled $106.3 million in the first half and represented 87% of operating expenses.

That marks a major change from the company’s original treasury expansion. In August 2025, Empery reported holding more than 4,000 BTC as it pursued a strategy centered on increasing Bitcoin exposure. Its balance sheet now combines a much smaller Bitcoin reserve with debt reduction, share repurchases and new infrastructure investments.

Debt fell, but most remaining BTC is still pledged Empery repaid another $20 million under its master loan arrangement after June 30, reducing outstanding borrowings from $55 million to $35 million. The lender returned 585 BTC, bringing pledged collateral down from 1,539 BTC to 954 BTC.

The loan still carries tight collateral conditions. A February amendment set the collateral call level at 153% and the liquidation level at 143%, while reducing the period to restore collateral at the liquidation threshold to 12 hours. Empery had already supplied 576 BTC after a February collateral call and another 186 BTC after a June call. In related March coverage, the company was already selling Bitcoin while reducing leverage and repurchasing shares.

Data center funding could create another cash requirement Empery is also expanding beyond its Bitcoin treasury strategy. Through its EMHU venture with TexStack Infrastructure, the company contributed $2.9 million and committed another $62.1 million if a proposed Midwest property acquisition closes. The roughly $230 million property is intended to be converted into an AI data center.

The Aug. 7 filing adds a new deadline. EMHU extended its due diligence review period by 15 days to Aug. 13 and can extend it another 15 days. Empery said it expects the acquisition to close during the third quarter but cautioned that “there can be no assurance that it will occur.”

Separately, Empery closed a $20 million investment in Cardinal Data Power on July 20 for an approximately 8% stake, according to an SEC release. In recent data center coverage, crypto.news tracked a broader shift by several digital asset treasury companies toward AI infrastructure as the treasury model came under pressure.

Management said cash, operations, borrowing and potential Bitcoin sales should “be sufficient to fund planned operations beyond one year.” The statement is forward looking. Empery had $3.6 million of cash, cash equivalents and restricted cash and a $5.6 million working capital deficit at June 30, while its unrestricted Bitcoin cushion has since narrowed to 325 BTC.

What happens next depends partly on the Aug. 13 property review deadline and whether EMHU extends the review again or moves toward closing. Any further Bitcoin disposal would require another company decision. The current filing lists potential Bitcoin sales among possible funding sources but does not say additional sales are certain.

Grayscale’s XRP Trust has disclosed that it sold over $180 million worth of XRP during the first half of 2026, following a spike in investor redemptions. The regulatory filing, dated through June 30, indicates the fund offloaded approximately 103 million XRP tokens within this six-month period.

Redemptions Drive Major XRP OutflowsTo meet redemption requests from investors, the trust had to liquidate a significant portion of its XRP holdings. The realized losses from these sales totaled about $34 million, while unrealized losses continue to remain on the books due to the lower residual market value of its remaining assets.

Grayscale’s trust mechanism delegates creations and redemptions to authorized participants. As a result, XRP was sold mechanically, rather than by discretionary decisions from Grayscale’s managers, reflecting the fund’s open-ended structure.

New contributions and inflows during the period failed to keep pace with large-scale withdrawals, leading to a marked reduction in both the trust’s XRP balance and overall net asset value.

Wider Market Impact and XRP Price MovementsThe large redemptions from Grayscale’s XRP Trust coincided with notably weaker sentiment across XRP-related investment products. Other funds linked to XRP have also recorded significant outflows, while trading activity in derivatives markets has waned. Over the same period, XRP’s price hovered in a narrow range near $1.05 to $1.07, with market participants closely tracking the $1 level for signals of either renewed buying or further declines.

This pattern underscores how redemption-driven selling can translate into substantial spot market pressure on underlying cryptocurrencies. In assets with lighter liquidity or stronger sentiment swings, such selling may accelerate price moves to the downside.

The regulatory update confirms that escalating redemptions required mechanical sales of over 100 million XRP, resulting in $34 million in realized losses for the trust, with further unrealized losses unsettled in the portfolio.

Blockchains, Real-World Integration, and Market InnovationWhile the XRP Trust navigates outflows and price volatility, the broader market continues to advance with new platforms facilitating more seamless access to both digital and traditional assets. For instance, 1stepSwap offers investors a streamlined way to hold real-world assets—including shares of major U.S. companies and commodities like gold and silver—directly in their crypto wallets. The key innovation lies in the platform’s ability to source the best available market price instantly, letting users transact leading global equities and diversify portfolios quickly and efficiently without the need for intermediaries or complex processes.

Industry analysts caution that ongoing changes in investor flows, coupled with the emergence of new on-chain solutions for holding traditional assets, could shape how capital migrates within both the crypto and broader financial ecosystem.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Canary Capital’s XRP exchange traded fund ended the first half of 2026 with $81.6 million fewer net assets even after positive capital share activity added $82.4 million. 

Summary

Canary XRP ETF ended June with $241.2 million, down $81.6 million from December despite creations. Net capital share transactions added $82.4 million, while operations reduced assets by $164.0 million overall. Unrealized XRP depreciation accounted for $159.7 million of the fund’s operational decline during 2026 midyear. XRP holdings climbed 31.7% to 231.3 million tokens, even as their dollar value declined sharply. XRPC posted a 42.84% NAV loss during 2026’s first six months, according to Canary data. An Aug. 7 SEC filing shows that falling XRP valuations more than offset the increase in shares during the six months through June 30.

The unaudited Form 10 Q puts XRPC’s net assets at $241.17 million on June 30, down from $322.82 million at the end of 2025. Meanwhile, outstanding shares increased from 16.49 million to 21.77 million as the fund created 5.65 million shares and redeemed 370,000. XRP itself fell 43.27% from $1.84 to $1.04 over the same period.

Investors poured $82 million into Canary’s XRP ETF, but falling prices erased double what they put in

One large allocation or the start of a broader bid? pic.twitter.com/z2cGvbw7hs

— Xora Finance (@xora_finance) August 10, 2026 Canary XRP ETF added shares while XRP erased value The accounting behind the decline shows two forces moving in opposite directions. XRPC recorded $88.26 million from shares sold and $5.90 million from shares redeemed. The resulting $82.36 million increase from capital share transactions was outweighed by a $164 million decrease in net assets from operations.

Most of that operational decline came from XRP rather than fees. The fund recorded $159.70 million in unrealized depreciation, $3.59 million in realized investment losses and $716,898 in sponsor fees during the six month period. Unrealized depreciation was therefore almost twice the value added through net capital share transactions.

The contrast follows an initially strong reception for the fund. As crypto.news reported in its launch day coverage, XRPC generated about $58 million in trading volume when it debuted on Nasdaq in November 2025, making it one of that year’s largest new ETF launches by first day volume.

The $82 million figure is not simply investor cash inflow The $82.36 million increase should not be treated as $82.36 million of retail investors depositing cash into XRPC. Canary’s SEC prospectus allows authorized participants to create and redeem baskets using either cash or XRP. Investors trading XRPC shares on Nasdaq do not directly create or redeem shares with the trust.

The latest filing shows the distinction clearly. XRPC purchased 34.13 million XRP valued at $52.20 million during the first half, while another 25.93 million XRP valued at $36.05 million entered the trust through in kind share creations. The fund also sold 3.93 million XRP worth $5.90 million to meet redemptions and reported no XRP distributed in kind for redemptions.

Accordingly, the filing supports describing the $82.36 million as net capital share activity rather than a direct measure of investor cash inflows. It does show that creation activity exceeded redemptions during the period.

XRPC held 31.7% more XRP but the position was worth less XRPC’s XRP holdings increased from 175.63 million tokens at the beginning of 2026 to 231.28 million on June 30, a rise of about 31.7%. Yet the fair value of the XRP position fell from $322.97 million to $241.28 million because the underlying asset declined sharply.

That disconnect has also appeared across the wider U.S. XRP ETF market. In related ETF flow coverage, crypto.news reported in July that cumulative inflows across spot XRP funds remained well above their combined net assets as falling token prices reduced portfolio values.

The price weakness does not mean creations stopped altogether. More recent fund flow reporting showed XRP ETFs recording fresh net inflows on July 29 after a four day pause, while XRP remained near the $1.10 area.

XRPC assets slipped further after the June quarter Canary’s latest published fund data shows XRPC remained below its June level after the reporting period. Net assets stood at $237.38 million on Aug. 7, with both NAV and market price at $10.85. Shares outstanding had increased to 21.87 million from 21.77 million at June 30.

The same data puts XRPC’s NAV return at negative 43.93% for 2026 through Aug. 7, compared with negative 42.84% through June 30. Its market price return was negative 44.22% year to date. Those figures show that the valuation pressure documented in the SEC report had not fully reversed by early August.

For XRPC, the next financial filing will provide another formal snapshot of whether continued share creation can offset movements in XRP’s price. The first half results already make the current dynamic clear: the trust accumulated substantially more XRP, but the falling value of each token left the fund with fewer dollars in net assets.

The prospect of quantum computers breaking today’s cryptographic defenses is raising urgent concerns among blockchain security experts. Analysts believe that the first indication of quantum-powered breaches may not be high-profile thefts, but a series of unexplained breaches targeting multiple crypto wallets at once.

Quantum computers and blockchain securityQuantus Network CEO and co-founder Christopher Smith warned that a sufficiently advanced quantum computer could derive private keys from public ones exposed on blockchain networks. This capability would allow attackers to move funds without infiltrating wallets, devices, or exchange infrastructures. Smith noted that in such events, there would be no discernible traces of how the breach occurred: only the fact that funds had been withdrawn.

His warning follows significant progress in quantum algorithms, which have recently reduced the estimated computational resources necessary to attack elliptic-curve cryptography—a mechanism widely used by leading blockchains for security.

Quantum computing refers to a new paradigm in computation, leveraging quantum bits (qubits) to solve certain problems much faster than classical computers.

Mini dictionary: Elliptic-curve cryptography is a method of encrypting data that relies on the mathematics of elliptic curves, widely used for its efficiency in securing digital transactions and communications.

Potential quantum targets in cryptoWhile much of the crypto community’s concern centers on the fate of Satoshi Nakamoto’s untouched Bitcoin—valued at $63 billion—Smith suggested that more attractive targets could be found elsewhere. He identified administrative keys for multi-chain stablecoins such as Tether’s USDT as especially valuable. According to Smith, a successful quantum attack on such administrative wallets could enable malicious actors to rapidly mint new tokens and flood the market before issuers had time to react.

Tether, the company behind USDT, manages the world’s largest stablecoin, which operates across several blockchains. Some of these networks have already taken initial steps to prepare for a post-quantum cryptography era.

Security researcher Sean Cheetham from Blockchain Capital predicted that attackers might avoid high-visibility targets and instead quietly access exchange “hot wallets,” which routinely handle user funds and are often linked to public keys.

Smith emphasized that an attacker could disguise a quantum theft as a standard compromise, providing alternative explanations such as a lost key, thus delaying detection.

Cheetham explained that such incidents would appear ordinary, as the true method of compromise would remain undetected under current investigative techniques.

Timeline for quantum riskRecent advances in artificial intelligence are accelerating the potential impact of quantum computing. In March, Google pushed up its post-quantum transition plans to 2029, following an AI-assisted breakthrough indicating that cracking elliptic curve cryptography could require fewer qubits than previously anticipated.

Roy Blackstone, CEO of crypto security firm NGRAVE, remarked that earlier quantum risk assessments did not anticipate such rapid progress in AI and quantum algorithm research.

Despite these developments, estimates for when a quantum computer will be capable of breaking cryptographic protections remain highly variable. Smith, who leads Quantus Network, said there is a “50-50” chance this milestone could be reached by 2028, given the current pace of research.

Cheetham forecasted that the early 2030s were almost a certainty for the arrival of this technology, though he acknowledged an earlier breakthrough remains possible. Michael Coates, chief information security officer at the Solana Foundation, declined to offer a timeline, stating that uncertainty prevails and the timeframe has constantly shifted.

Blackstone observed that despite disagreements over timing, major blockchain networks are already preparing for post-quantum migration. He warned that failure to do so could have disastrous consequences.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Coinsbuy, a digital asset processing platform built for enterprise and merchant clients, was hit with a major security breach that drained more than $7.9 million from wallets across the Ethereum and TRON networks. The attack, identified on August 10, marks the first publicly known hack of the platform since it launched around 2019.

What makes this one particularly thorny for investigators: the attacker funneled a portion of the stolen crypto into Monero, the privacy coin specifically designed to make transaction tracing as difficult as possible.

How the attack unfolded On-chain monitoring by Specter flagged suspicious activity tied to Coinsbuy-linked wallets, revealing that funds were being systematically drained across two of the industry’s most widely used networks. The attacker targeted assets on both Ethereum and TRON, suggesting either compromised private keys or a vulnerability in how Coinsbuy managed its multi-chain wallet infrastructure.

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After siphoning the funds, the hacker moved quickly to obscure the trail. Portions of the stolen crypto were routed through various exchanges and converted into Monero (XMR), a coin whose privacy features make it notoriously resistant to blockchain forensics.

Damage control and frozen funds Coinsbuy partnered with ChangeNOW, a non-custodial crypto exchange, to freeze a six-figure sum of the stolen assets before the attacker could fully liquidate them.

As a precautionary measure, Coinsbuy temporarily suspended all deposit and withdrawal services across its platform. The pause was relatively brief, with operations restored shortly after.

Current investigations suggest the breach was an isolated incident rather than evidence of some deeper systemic vulnerability within Coinsbuy’s infrastructure.

Why enterprise crypto platforms are increasingly in the crosshairs Coinsbuy occupies a specific niche in the crypto ecosystem. Rather than serving retail traders, it provides digital asset processing tools for businesses and merchants. The platform has operated in this space since roughly 2019, largely flying under the radar of the broader crypto community.

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

Grayscale withdrew registration statements for three planned U.S. altcoin exchange traded products on Aug. 7, ending the current registration process for its Cardano, Hedera and Polkadot funds. 

Summary

Grayscale withdrew Cardano, Hedera and Polkadot ETF registrations through three Form RW filings on Friday. All three filings state registrations never became effective and no securities were issued or sold. NYSE Arca and Nasdaq had already withdrawn corresponding listing proposals during September and November 2025. SEC generic listing standards now let qualifying crypto products bypass separate exchange rule change filings. Bittensor, Aave, BNB, NEAR and Zcash registrations remained preliminary in recent SEC filings reviewed. SEC records show the three Form RW submissions were accepted between 4:33:37 p.m. and 4:36:47 p.m. ET, a span of exactly 190 seconds.

The filings are withdrawal requests, not SEC rejections. Grayscale said it no longer intends to proceed with the planned distribution of shares under those registration statements. It also confirmed that none had become effective and that no securities had been issued or sold.

Grayscale withdraws three S-1 registrations The Cardano filing sought withdrawal of registration statement No. 333-289948, originally filed in August 2025. The Hedera request covered No. 333-290129, first filed in September 2025, while the Polkadot filing covered No. 333-289949, also first filed in August 2025.

Grayscale Withdraws Registration Applications for ADA, HBAR and DOT ETFs

According to SEC filings, Grayscale filed three Form RW submissions on August 7, withdrawing the S-1 registration statements for the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF and Grayscale… pic.twitter.com/haXOpqcOuE

— Wu Blockchain (@WuBlockchain) August 10, 2026 Each request gives the same core explanation: the sponsor does not intend to proceed with the planned share distribution. The documents provide no separate commercial, demand related or regulatory reason. They also state that no preliminary prospectus had been distributed.

Meanwhile, the latest withdrawals follow earlier exits on the exchange listing side. SEC records show NYSE Arca withdrew its proposed rule change for the Grayscale Cardano Trust on Sept. 29, 2025. Nasdaq’s proposed rule changes for the Grayscale Polkadot Trust and Grayscale Hedera Trust were both withdrawn on Nov. 3, 2025.

Those exchange proposals were separate from the S-1 registrations withdrawn on Aug. 7. The Cardano review was covered as previously reported, while Nasdaq’s Polkadot proposal appeared in earlier related coverage. The Hedera review also entered the SEC process in March 2025, as crypto.news reported in its earlier coverage.

New SEC rules changed the crypto ETF approval route The regulatory backdrop changed after those original exchange proposals were filed. In September 2025, the SEC approved generic listing standards allowing qualifying commodity based trust shares, including digital asset products, to list without a separate Section 19(b) rule change for each fund.

The faster exchange route does not replace Securities Act registration. A sponsor still needs an effective registration statement before selling shares. That distinction matters here because Grayscale withdrew the S-1 layer itself. A current overview of the U.S. ETF process explains how exchange listing and registration now operate separately.

What happens next for Grayscale’s altcoin ETF slate Under Rule 477(b), an application to withdraw an entire registration statement before effectiveness is deemed granted when filed unless the SEC objects within 15 calendar days. The three requests therefore take effect without a separate approval order unless the Commission intervenes during that window.

The withdrawals do not establish that the SEC rejected ADA, HBAR or DOT products, and they do not prevent Grayscale from filing again later. For now, SEC records reviewed Aug. 10 show preliminary registrations for Bittensor, Aave, BNB, NEAR and Zcash at different stages. The Zcash registration received its third amendment on July 31.

Grayscale also has altcoin products further along. The SEC declared the Grayscale Avalanche Staking ETF registration effective on March 11 and the Grayscale Hyperliquid Staking ETF registration effective on June 2. Those differing statuses show the Aug. 7 filings are not evidence of a companywide retreat from altcoin exchange traded products.

What remains unknown is why Grayscale ended these three registrations together. The filings give no explanation beyond the decision not to proceed, leaving claims about investor demand, economics or regulatory resistance unconfirmed.

AMD and SanDisk both fell about 9% after reporting strong quarterly results last week, but one investor sees very different opportunities in the two stocks.

James Foord, economist and leader of The Pragmatic Investor, is bearish on AMD but bullish on SanDisk.

As per TipRanks, he believes AMD’s rapid AI growth is not yet producing the margin gains investors should expect, while SanDisk may be building a more profitable and less cyclical business.

AMD reported record second-quarter revenue of $11.54 billion, up 50% from a year earlier, while adjusted earnings reached $1.66 a share.

Data Center revenue more than doubled to $6.72 billion as demand for EPYC processors and Instinct accelerators accelerated.

Yet AMD expects adjusted gross margin to remain at 56% in the third quarter, unchanged from Q2. That flat outlook landed badly after the stock’s earnings run.

“The margin problem is the new bear case,” Foord argues. He believes AMD’s shift from individual accelerators towards rack-scale systems adds networking, integration and other costs, potentially limiting the operating leverage investors expect from booming AI sales.

Wall Street has noticed the same tension. William Blair analyst Sebastien Naji said the quarter left “much to prove,” pointing to fierce competition and the need for Helios to ramp and win accelerator share.

SanDisk’s numbers were striking. Fiscal fourth-quarter revenue surged 372% year on year to $8.97 billion, adjusted EPS reached $39.25 and non-GAAP gross margin climbed to 84.6%.

Data-centre revenue doubled sequentially to nearly $3 billion. But investors focused on September-quarter gross-margin guidance of 83% to 85%, suggesting profitability may be near a plateau.

Foord sees the pullback differently. “SanDisk is a Strong Buy today,” he said, according to TipRanks, arguing that the company’s New Business Model agreements could reduce the boom-and-bust character of NAND earnings.

SanDisk now has eight customers covered by those agreements, with $93.9 billion of minimum contracted revenue at floor pricing.

About half of fiscal 2027 bits and roughly two-thirds of fiscal 2028 bits are committed.

JPMorgan analyst Harlan Sur said the results point towards stronger earnings power, lower cyclicality and more durable fundamentals.

Raymond James analyst Melissa Fairbanks went further, lifting her SanDisk target to $2,000 from $1,470.

Barron’s reported that she sees AI data-centre demand and the new contract model improving earnings visibility, pricing discipline and margin resilience.

AMD still has catalysts. EPYC demand remains strong, Instinct deployments are expanding and its Helios rack-scale platform could strengthen the company’s challenge to Nvidia.

If those products drive market-share gains and margin expansion, Foord’s bearish case could weaken quickly.

SanDisk faces the opposite burden of proof. RBC Capital Markets analyst Srini Pajjuri warned that investors may remain sceptical about floor pricing until the agreements have been tested through a weaker memory environment.

On July 21, Health and Human Services Secretary Robert F. Kennedy Jr. told reporters, “We do have the outbreak under control.” At that moment the multistate cyclosporiasis outbreak tied to iceberg lettuce had sickened roughly 1,600 people across five states, with 94 hospitalizations and no deaths. Three weeks later, the case count has nearly quadrupled, two deaths have been recorded, and a national salad chain has filed for bankruptcy. The gap between the podium and the produce aisle has rarely been wider.

What Kennedy Said, and the Wrinkle Behind It Kennedy added that “We have an extensive forensics, epidemiological forensics, and we’ve identified the source of the outbreak. We and the companies that are involved have implemented a recall.” The recall referenced iceberg lettuce from Taylor Farms de Mexico, pulled July 17, 2026. But days before Kennedy spoke, the FDA had acknowledged a Taylor Farms sample came back a false positive, muddying the “identified” claim in real time. Subsequent CDC and FDA updates converged back on Taylor Farms. The confidence did not.

What the Numbers Actually Show The CDC’s August 5 update logged 6,358 illnesses across 15 states, at least 278 hospitalizations, and two deaths, both in Michigan, with onset dates running June 22 through July 31. Separately, the FDA has estimated “at least 10,000” sickened, and more than 25,000 Cyclospora infections have been logged nationally this year, more than five times the prior record set in 2019, a broader tally that includes clusters unrelated to this outbreak.

The Salad Chain That Didn’t Serve the Lettuce Here is the twist: none of the hardest-hit healthy chains used the recalled iceberg. They got wrecked anyway. Salad and Go filed for Chapter 11 on August 5, closing all locations and citing the outbreak as an accelerant to existing pressures. Chopt saw traffic fall 24% on July 18, the day after the FDA announcement (Placer.ai via CNBC). Sweetgreen (NYSE:SG) said consumer concerns produced roughly a 6-percentage-point drag on July same-store sales; CEO Jonathan Neman noted on X that the chain has never served iceberg lettuce and sources only U.S.-grown greens. On August 6, Sweetgreen cut full-year guidance to same-store sales of -8.0% to -7.0% and adjusted EBITDA of -$27.0 million to -$23.0 million. The stock is down 35.41% since July 10.

The Contrast: Taco Bell and Chipotle Yum Brands (NYSE:YUM | YUM Price Prediction), whose Taco Bell was the only major chain actually linked to the recall, took an early hit, with foot traffic down 20.8% on July 23 versus comparable Thursdays. CEO Chris Turner said on the Q2 call that “Elevated uncertainty initially weighed on consumer demand. Since then, consumers have become increasingly aware that this is an industry-wide issue, not an issue specific to Taco Bell.” Taco Bell still delivered 7% same-store sales growth. Chipotle Mexican Grill (NYSE:CMG) CFO Adam Rymer flagged “a softening, call it about 200 basis points or so” in late July from cyclospora fears, separate from Chipotle’s salmonella recall tied to jalapenos that sickened roughly 300 people.

The Category Absorbs the Blow NielsenIQ pegged fresh lettuce unit sales down 9% for the week ending July 18 and prepackaged salad dollar sales down 14% for the four weeks ended July 25. Sysco stopped buying Mexican iceberg entirely, even as CEO Kevin Hourican called Taylor Farms a “high quality, high integrity shop.” Local growers benefited: farmers-market sales rose 15% to 30% in some markets (WSJ, via Forbes).

Stabilizing signals are emerging. Michigan lifted its precautionary advisory on bagged salad mixes on August 6 as new infections slowed. But three weeks after a Cabinet secretary declared the outbreak “under control,” one chain is gone, another has slashed guidance, and the produce aisle is still recovering trust it did not lose on its own.

Contact [email protected] for any questions or corrections.

The public debut of Space Exploration Technologies (SPCX +15.83%) in early June marked one of the most ambitious market entries in history. While SpaceX stock surged during its opening sessions, shares have retreated sharply over the last month -- trading well below the post-IPO peak.

SpaceX's first earnings report as a public company offers a clear window into whether the pullback has created an attractive entry point or whether further proof is still required.

Image source: Getty Images.

How were SpaceX's earnings? SpaceX's second-quarter numbers show a business accelerating across all three core segments while still incurring significant investment costs. Total revenue surged 92% year over year to $7.8 billion. The space segment generated $962 million, a 29% increase from the prior-year period. However, operating losses widened to $542 million compared to negative $369 million a year earlier.

Connectivity, driven by the Starlink broadband network, remained SpaceX's largest and most profitable engine. Revenue reached $4.3 billion, up 66% year over year. Meanwhile, operating income expanded 79% to $1.6 billion, underscoring improving scale as the subscriber base doubled to 12 million. Average revenue per user (ARPU) held steady at $66, while new enterprise and government contracts provided additional lift to the segment's consumer base.

The artificial intelligence (AI) infrastructure division delivered the most dramatic growth for SpaceX. Revenue soared 247% year over year to $2.6 billion, with the bulk coming from cloud and compute services as well as additional subscriptions to Grok and X. Operating losses stood at $1.3 billion, a modest improvement from the prior quarter, though still substantial.

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What should investors watch next? Perceptions of SpaceX will hinge on two interlocking variables: the scale and efficiency of capital expenditure (capex) and the trajectory of AI-driven revenue. Capex during the second quarter was dominated by the AI segment at nearly $16 billion, far exceeding the combined outlays across launch and connectivity.

Investors will demand evidence that this spending translates into durable utilization rates and expanding profit margins, rather than an open-ended infrastructure build. In the upcoming quarters, SpaceX will need to show whether AI revenue can sustain its current trajectory as new cloud agreements ramp up and as additional capacity comes online. Equally important will be any deceleration in connectivity growth or further narrowing of losses in the launch segment, both of which will determine how quickly overall profitability can emerge.

History offers a cautionary tale for what typically follows mega-IPO stocks. Over the past several decades, the median first-year maximum drawdown has run between 42% and 55%, with median 12-month returns often negative relative to the broader market. The five largest IPOs by capital raised delivered one-year returns ranging from single-digit gains to declines of 37%. Notably, most of the stocks in this cohort compounded strongly in the years ahead.

Staggered lockup releases usually coincide with elevated selling pressure and add an extra layer of volatility in the months that follow early earnings reports. Unless SpaceX posts sustained outsize growth that repeatedly exceeds expectations, the combination of ongoing share supply and the historical post-IPO digestion period points toward further choppiness and the risk of additional downside over the next year.

Is SpaceX stock a buy right now? While SpaceX's connectivity business is already profitable and growing solidly, and the launch franchise retains competitive advantages over peers in the space exploration industry, the AI contribution remains in its early stages.

SpaceX trades at a price-to-sales (P/S) ratio of 73, a frothy multiple relative to current run rate revenue. Even after the post-IPO correction, the company's $1.4 trillion market cap clearly embeds lofty assumptions about the AI segment's ability to scale as big tech accelerates infrastructure spend.

Until successive earnings reports illustrate that capital intensity is moderating and that AI revenue is converting into sustainable operating leverage, the stock is at risk of continuing to price in a best-case scenario. Smart investors should exercise caution rather than aggressively buying the dip right now. In my view, SpaceX still has several meaningful milestones to prove before the valuation can be fully justified.

Sui is advancing plans to integrate post-quantum cryptographic tools, aiming to shield user accounts from potential future threats posed by quantum computers. The Layer 1 blockchain will incorporate two signature methods standardized by the National Institute of Standards and Technology (NIST).

These additions allow optional upgrades to quantum-resistant keys while preserving existing recovery phrases and addresses.

Quantum computers capable of running Shor’s algorithm could eventually compromise the elliptic-curve cryptography that underpins most blockchain accounts today.

On public ledgers, public keys become permanently visible once an account initiates a transaction, creating opportunities for “harvest-now, decrypt-later” collection of data.

Recent estimates suggest a sufficiently advanced quantum system might recover private keys from exposed public ones relatively quickly.

Regulatory timelines are also tightening, with moves to phase out classical algorithms in sensitive systems in the coming years.

Sui’s architecture emphasizes cryptographic flexibility, enabling new signature schemes to be introduced as standard protocol features rather than requiring major overhauls to consensus or network state.

This approach supports a smoother transition compared to chains that would need broader migrations.

The network will deploy two complementary schemes tailored to different use cases.

For routine accounts and everyday transactions, ML-DSA-65 (aligned with NIST’s FIPS 204) will function as a native protocol-level option at security Level 3.

This parameter set was selected over lighter alternatives to provide additional margin, informed by recent demonstrations of advances in analyzing related candidates.

Similar Level 3 choices appear in other systems securing substantial web traffic and hardware key services.

For high-value assets held in vaults, the hash-based SLH-DSA-SHA2-128s (FIPS 205) will operate inside Move smart contracts.

This placement keeps the more mature hash-based approach flexible and avoids locking the core protocol to one standard, allowing compatibility with evolving industry practices—particularly useful given Sui’s cross-chain connections.

Relying on distinct mathematical foundations (lattice-based versus hash-based) means a vulnerability in one does not automatically affect the other.Migration remains user-friendly.

Private keys under the new schemes derive from the same 32-byte seed size used today, generated via a standardized new path from existing recovery phrases.

Wallets will continue to handle backups and restores in familiar ways. Address aliases, already live on the network, enable accounts to switch authorization keys to the quantum-safe versions without relocating assets or altering addresses.

No compulsory moves or bulk transfers are required.Larger signature and public-key sizes relative to current Ed25519 implementations will expand transaction footprints—an industry-wide trade-off for enhanced resistance.

Verification performance for ML-DSA-65 is expected to remain comparable enough that per-signature costs do not increase meaningfully, with Sui’s existing limits and programmable transaction support accommodating the change.

Further optimizations are in progress.Implementation of the core components is complete and has undergone benchmarking.

Quantum-safe vaults are aimed at mainnet rollout later in 2026.

Native ML-DSA-65 accounts are scheduled for testnet by year-end, with full mainnet authentication targeted for the first quarter of 2027.

Supporting updates for wallets, SDKs, and command-line tools will accompany these releases.

Independent audits continue, and schedules may adjust based on review outcomes and testnet results.

The features will roll out as optional, additive capabilities—similar to prior introductions such as zkLogin and passkeys—leaving existing accounts, contracts, and applications unaffected. This positions Sui to adapt as quantum capabilities mature without disrupting current operations.

Wintermute USA is now a registered SEC broker-dealer and FINRA member. The approval enables proprietary trading in U.S. equities and options. The firm can act as an authorized participant for eligible ETFs. Wintermute is positioning itself for the growth of tokenized securities. Wintermute has reached a significant regulatory milestone in the United States after its American subsidiary obtained broker-dealer registration with the Securities and Exchange Commission (SEC) and membership in the Financial Industry Regulatory Authority (FINRA). The approval expands the firm’s regulated activities beyond digital asset liquidity provision, allowing it to participate directly in U.S. securities markets while laying the groundwork for future tokenized financial products.

Why broker-dealer registration matters For most crypto-native firms, operating in traditional financial markets requires a separate regulatory framework from the one governing digital assets. Broker-dealer registration places Wintermute USA within the same supervisory regime as many established Wall Street trading firms.

The authorization allows the company to trade U.S. equities and equity options exclusively for its own account, provide liquidity to national securities exchanges and over-the-counter counterparties, and self-clear transactions involving eligible digital asset securities executed on a proprietary basis.

Wintermute also becomes eligible to serve as an Authorized Participant (AP) for exchange-traded products, including crypto-linked ETFs where permitted. Authorized Participants play a central role in ETF markets by creating and redeeming fund shares, helping keep ETF prices aligned with the value of their underlying assets.

Rather than representing a direct expansion into retail brokerage, the registration strengthens Wintermute’s institutional trading capabilities.

Bridging traditional finance and digital assets Wintermute has consistently argued that digital assets and traditional financial markets are becoming increasingly interconnected rather than competing ecosystems.

Founder and CEO Evgeny Gaevoy said the firm expects conventional finance and blockchain-based markets to continue developing in parallel before integrating more deeply over time. That view helps explain why the company pursued broker-dealer status instead of remaining focused exclusively on crypto market making.

The registration allows Wintermute to operate under established U.S. securities regulations while continuing to provide liquidity across cryptocurrency markets. It also reduces operational barriers as tokenized financial instruments gradually enter regulated markets.

Instead of building separate infrastructure for every asset class, the company can increasingly leverage a single institutional trading platform across traditional securities and digital assets.

Tokenized securities are the longer-term objective Although the immediate authorization covers conventional securities activities, one of the most notable aspects of the announcement is Wintermute’s intention to expand into tokenized stocks once regulators permit broader market participation.

Tokenized securities represent traditional financial assets issued or mirrored on blockchain networks. Supporters argue they can improve settlement efficiency, enable programmable ownership and expand access to around-the-clock trading.

Regulatory frameworks, however, remain fragmented across jurisdictions. The SEC has not yet established comprehensive rules governing large-scale trading of tokenized public equities, meaning Wintermute’s ambitions remain dependent on future regulatory approvals.

By obtaining broker-dealer status before those markets mature, the company positions itself to move quickly once additional permissions become available.

Scale gives Wintermute an advantage Wintermute enters the U.S. broker-dealer market with an established institutional presence rather than as a new entrant.

According to the company, the broader Wintermute group facilitates more than $10 billion in average daily trading volume while providing liquidity across more than 60 centralized and decentralized trading venues worldwide.

That experience could become increasingly valuable as institutional investors seek liquidity providers capable of operating across multiple market structures.

Unlike firms focused solely on crypto exchanges, Wintermute is attempting to build expertise spanning centralized exchanges, decentralized protocols and regulated securities venues.

This diversification may also reduce dependence on crypto trading volumes, which historically fluctuate alongside digital asset market cycles.

Regulatory convergence is reshaping crypto market infrastructure Wintermute’s approval reflects a broader shift in how major crypto firms are approaching regulation.

Rather than operating outside traditional financial systems, many institutional digital asset businesses are pursuing regulated licenses that allow them to participate directly in securities markets. Similar strategies have emerged among crypto custodians, exchanges and market makers seeking closer integration with conventional finance.

For regulators, broker-dealer oversight provides familiar compliance standards covering capital requirements, reporting obligations, customer protection rules and market conduct.

For institutional clients, those regulatory frameworks can lower operational uncertainty when engaging with digital asset service providers.

The Industry Perspective Wintermute’s broker-dealer registration does not immediately transform U.S. securities markets, nor does it authorize unrestricted trading of tokenized equities.

Its significance lies in positioning the firm ahead of anticipated market evolution.

As regulators continue developing frameworks for tokenized securities, crypto ETFs and blockchain-based settlement systems, firms already operating under established securities rules may gain an advantage over competitors still relying exclusively on crypto-specific licenses.

Whether tokenized stocks become a meaningful institutional market will depend on future SEC rulemaking, exchange participation and investor demand. Wintermute now has much of the regulatory infrastructure needed to participate once those markets begin expanding.

Wendy’s has lost its place as America’s runner-up to McDonald’s, ending a six-year run as the second-largest burger chain, being surpassed by a resurgent Burger King.

Burger King reclaimed the No. 2 position as its U.S. turnaround gains momentum, with domestic same-store sales jumping 8.5% in the second quarter. Wendy’s, meanwhile, reported a 7% decline in U.S. same-store sales, marking its sixth consecutive quarter of contraction.

Wendy’s new CEO Bob Wright acknowledged the chain’s problems Friday, saying its competitive edge has weakened as customers have pulled back.

“Today we are clearly not performing at our potential,” he wrote in a statement.

“Our traffic, our value proposition and franchisee economics are not meeting our expectations. We have already begun taking action across five areas that we’ve identified to drive the turnaround: rebuilding a quality menu at compelling value, marketing that drives demand, operational excellence, a digital experience that builds frequency, and restaurants as an engine for growth.”

Burger King’s comeback is fueled by an 8.5% jump in US same-store sales, while Wendy’s saw a 7% decline. jetcityimage – stock.adobe.com McDonald’s remains the dominant U.S. burger chain by a wide margin, leaving Burger King and Wendy’s fighting for a distant second place.

Wendy’s had surpassed Burger King roughly six years ago, helped by the successful nationwide rollout of its breakfast menu. But its hold on the No. 2 spot has eroded as Burger King poured money into improving restaurants, advertising and its core menu.

Restaurant Brands International, Burger King’s parent company, launched a broad U.S. turnaround effort in late 2022 after sluggish sales. The strategy has included restaurant remodels, increased marketing spending and changes intended to improve food quality and the customer experience.

More recently, Burger King has focused on its signature Whopper.

The chain revamped the burger earlier this year, making changes to its bun, packaging, mayonnaise and other elements. Burger King U.S. and Canada President Tom Curtis told The Wall Street Journal that the improvements are helping bring customers back.

“A lot of people are saying they’re coming back for the first time in a long time,” Curtis said.

Wendy’s just got dethroned as America’s second-biggest burger chain after six years, with Burger King sizzling back into the No. 2 spot. Mahmoud Suhail – stock.adobe.com Burger King has also introduced a Whopper quality guarantee, pledging to remake an order if a customer is unhappy with it and provide another Whopper free on a future visit.

“When we asked guests where we could do better, they gave us a lot of honest feedback, and now it’s our responsibility to act on it,” Curtis wrote in a statement in July. “We’re not going to get everything right every single time, but we’re committed to listening intently and improving every day.

“When guests choose us, they expect high-quality food, orders made the way they asked, and a team that’s there when they need us. That’s what these changes are about. We’re raising the standard in our restaurants, so every Guest feels like they made the right choice.”

Curtis said the chain believes it is taking market share from competitors, including potentially McDonald’s, and sees an opportunity to turn newly won customers into regulars.

“The next generation of burger lovers are being exposed to Burger King, and that means we’ve got runway ahead for years to come,” Curtis told the Journal.

The gains underscore a sharp reversal in fortunes for two longtime rivals that have wrestled with many of the same pressures in recent years.

Wendy’s has lost its place as America’s runner-up to McDonald’s, ending a six-year run as the second-largest burger chain, being surpassed by a resurgent Burger King. FOTO_STOCKER – stock.adobe.com Both companies navigated the COVID-19 pandemic, supply-chain disruptions and rising food and labor costs before confronting increasingly price-conscious consumers frustrated by years of restaurant menu inflation.

Burger King responded with its multiyear turnaround campaign. Wendy’s, by contrast, has faced leadership turnover just as restaurant traffic weakened and beef costs added pressure to its business.

Longtime Wendy’s CEO Todd Penegor retired in 2024 after eight years at the helm. Former PepsiCo executive Kirk Tanner succeeded him but left a little more than a year later to become CEO of Hershey.

Wendy’s CFO Ken Cook then served as interim chief executive before the company named Wright, the former CEO of Potbelly, to the permanent job in May.

“I returned to Wendy’s because I believe we can fix our issues and I am excited to work with our team and our franchisees to drive a strong turnaround,” Wright wrote in Friday’s release of second quarter results.

TickerSecurityLastChangeChange %MCDMCDONALD’S CORP.274.48-1.78-0.64%QSRRESTAURANT BRANDS INTERNATIONAL INC.73.89+0.97+1.33%WENTHE WENDY’S CO.7.69+0.30+4.06%SHAKSHAKE SHACK71.13+0.89+1.27%JACKJACK IN THE BOX INC.17.58+0.20+1.15%YUMYUM! BRANDS INC.150.76-1.52-1.00% He said Wendy’s recent problems have hurt customer traffic and put pressure on restaurant economics, an increasingly important issue for a largely franchised chain whose operators must absorb higher costs while competing aggressively for value-conscious diners.

Burger King’s improvement also comes as McDonald’s works through challenges in its own U.S. operation. McDonald’s has been revamping its burgers, testing new menu items and looking for ways to improve food quality, service and value.

Still, Burger King’s move ahead of Wendy’s does not put it close to overtaking the Golden Arches.

McDonald’s accounted for about 48% of the U.S. burger market in 2024, according to Barclays data. Wendy’s held an estimated 11.4% share at the time, compared with about 10% for Burger King.

Once a dominant force in cryptocurrency derivatives trading, BitMEX has failed to complete a long-running sale process, according to people familiar with the matter. The platform, which pioneered perpetual futures contracts and once commanded a large share of leveraged trading activity, spent roughly two years seeking a buyer before its parent company decided to wind down operations.

Potential acquirers ultimately walked away, citing persistent founder ownership stakes and a steadily shrinking business as key obstacles.

Investment bank Broadhaven advised on the sale, which reportedly targeted a valuation near $1 billion.

Discussions involved rival exchanges as well as payments and wallet firm Exodus.

Yet none of the talks produced a completed transaction. Sources indicated that buyers grew uneasy over the continued majority equity control held by co-founders Arthur Hayes, Ben Delo, and Samuel Reed.

Although the three had stepped away from day-to-day management after US criminal charges related to anti-money laundering compliance in 2020, their substantial ownership remained intact.

This structure complicated negotiations, as acquirers typically prefer arrangements that allow them to retain and incentivize key personnel through portions of the purchase price rather than navigating significant founder influence post-deal. Compounding the ownership issue was BitMEX’s deteriorating market position.

Throughout the sale process, trading activity continued migrating to larger centralized platforms such as Binance and Bybit, as well as emerging decentralized perpetual futures venues.

Market share eroded sharply from the double-digit percentages the exchange once enjoyed to fractions of a percent in recent periods.

Daily volumes in some segments fell to levels that made growth-oriented revenue multiples difficult to justify.

Lingering reputational concerns tied to earlier regulatory actions further deterred interest, even after the co-founders received presidential pardons in 2025.

The unsuccessful sale paved the way for the decision to close.

HDR Global Trading, the Seychelles-based operator, announced that BitMEX would cease operations on September 23, 2026.

New user registrations stopped immediately, with risk limits and forced position closures planned in the intervening weeks to allow an orderly exit.

The company has stated that assets exceed liabilities and that no customer funds were ever lost to hacks over its more than decade-long history.

Still, the combination of regulatory history, competitive pressure, and the inability to secure an exit via sale left continued independent operation unviable.

BitMEX’s trajectory illustrates broader shifts in the crypto derivatives landscape.

The perpetual swap product it helped popularize now dominates volume across many competing venues, yet the original innovator could not maintain its early advantages.

Declining liquidity and the challenges of operating a fully compliant global platform under reduced activity levels made a clean sale elusive.

For potential buyers, the risks associated with founder ties and a contracting franchise outweighed any remaining brand value or technical infrastructure.

As the platform prepares for final shutdown, the episode underscores how ownership structures and sustained competitive performance can determine outcomes in crypto mergers and acquisitions. What began as an ambitious effort to transfer a pioneering exchange ended without a deal, marking the close of a significant chapter in the crypto industry’s development.

Posted by Defense World Staff on Aug 9th, 2026

Blacksheep Fund Management Ltd raised its stake in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) by 54.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 130,140 shares of the software giant’s stock after acquiring an additional 45,860 shares during the period. Microsoft makes up 19.5% of Blacksheep Fund Management Ltd’s holdings, making the stock its 2nd biggest holding. Blacksheep Fund Management Ltd’s holdings in Microsoft were worth $48,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in MSFT. Longfellow Investment Management Co. LLC boosted its position in shares of Microsoft by 51.3% during the second quarter. Longfellow Investment Management Co. LLC now owns 59 shares of the software giant’s stock worth $29,000 after buying an additional 20 shares during the period. Bernzott Capital Advisors acquired a new stake in shares of Microsoft in the fourth quarter valued at $34,000. Timmons Wealth Management LLC purchased a new stake in shares of Microsoft in the 4th quarter valued at $36,000. Fairway Wealth LLC raised its holdings in shares of Microsoft by 287.0% in the 4th quarter. Fairway Wealth LLC now owns 89 shares of the software giant’s stock valued at $43,000 after buying an additional 66 shares during the period. Finally, LSV Asset Management acquired a new position in Microsoft during the 4th quarter worth about $44,000. 71.13% of the stock is owned by hedge funds and other institutional investors.

Microsoft Stock Performance Shares of MSFT stock opened at $499.99 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.22 and a debt-to-equity ratio of 0.07. The firm has a fifty day moving average price of $404.86 and a 200 day moving average price of $406.96. The company has a market cap of $3.71 trillion, a P/E ratio of 27.84, a PEG ratio of 1.61 and a beta of 1.11. Microsoft Corporation has a 12 month low of $349.20 and a 12 month high of $553.72.

Microsoft (NASDAQ:MSFT – Get Free Report) last posted its earnings results on Wednesday, July 29th. The software giant reported $4.74 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.50. Microsoft had a return on equity of 31.98% and a net margin of 40.31%.The firm had revenue of $90.01 billion during the quarter, compared to analysts’ expectations of $87.62 billion. During the same quarter in the previous year, the business earned $3.65 earnings per share. The firm’s revenue was up 17.7% compared to the same quarter last year. Sell-side analysts predict that Microsoft Corporation will post 19.58 earnings per share for the current fiscal year.

Microsoft Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.91 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $3.64 annualized dividend and a dividend yield of 0.7%. Microsoft’s dividend payout ratio (DPR) is presently 20.27%.

Wall Street Analysts Forecast Growth Several equities analysts have weighed in on the company. Guggenheim reaffirmed a “buy” rating and issued a $586.00 target price on shares of Microsoft in a research report on Monday, July 27th. Oppenheimer reissued an “outperform” rating and set a $515.00 price target on shares of Microsoft in a research report on Wednesday, July 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Microsoft in a research note on Monday, July 6th. Phillip Securities cut shares of Microsoft from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, August 3rd. Finally, Raymond James Financial downgraded shares of Microsoft from a “market perform” rating to a “market perform” rating in a research note on Tuesday, May 5th. Forty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $558.87.

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Microsoft News Roundup Here are the key news stories impacting Microsoft this week:

Positive Sentiment: Citi raised its Microsoft price target to $600. The upgrade follows Microsoft’s quarterly Azure performance, with analysts highlighting the 43% cloud-revenue increase and stronger-than-expected earnings as evidence that AI demand is translating into accelerating cloud growth. Citi Raises Microsoft Stock Target to $600 Positive Sentiment: Microsoft’s custom AI chips may improve cloud economics. CEO Satya Nadella said the company’s internally developed chips can deliver efficiency gains of up to 40%. Better cost and energy efficiency could help Microsoft support AI workloads while protecting Azure margins. Microsoft Custom AI Chips Improve Efficiency Positive Sentiment: Azure is expanding in India. Microsoft opened a major Hyderabad data-center region and is committing approximately $20.5 billion to its Indian cloud and AI operations. Early customers include Adani Group and HDFC Bank, supporting the case for long-term international Azure growth. Microsoft Opens Largest India Data Center Hub Positive Sentiment: Fundamentals and institutional support remain strong. Microsoft recently exceeded quarterly revenue and EPS expectations, while Bill Ackman’s Pershing Square holds a reported $2.4 billion MSFT position. Scotiabank also raised its fiscal 2027 EPS estimate and maintained an Outperform rating. Bill Ackman Microsoft Stake Neutral Sentiment: AI demand is powerful but concentrated. Reports suggest OpenAI may account for a substantial portion of Microsoft’s AI sales, creating both a major growth engine and customer-concentration risk. Microsoft’s large AI backlog also does not guarantee equivalent future profitability. Negative Sentiment: Spending, margins and valuation remain concerns. Rising data-center capital expenditures and lower cloud gross margins could pressure cash flow if AI infrastructure costs grow faster than revenue. After the sharp post-earnings rally, the stock is also more vulnerable to profit-taking or disappointing guidance. Negative Sentiment: Insider sales and securities litigation add headline risk. CEO Judson Althoff sold 10,000 shares for roughly $4.9 million, and multiple law firms are publicizing a securities class action with an August 11 lead-plaintiff deadline. These developments do not establish wrongdoing but may weigh on near-term sentiment. Insider Transactions at Microsoft In related news, EVP Takeshi Numoto sold 4,810 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $496.48, for a total transaction of $2,388,068.80. Following the transaction, the executive vice president owned 42,677 shares in the company, valued at $21,188,276.96. This trade represents a 10.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Amy Coleman sold 1,262 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $411.34, for a total value of $519,111.08. Following the transaction, the executive vice president owned 46,003 shares in the company, valued at $18,922,874.02. This represents a 2.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 38,572 shares of company stock worth $17,775,330. Corporate insiders own 0.03% of the company’s stock.

About Microsoft (Free Report)

Microsoft Corporation is a global technology company headquartered in Redmond, Washington. Founded in 1975 by Bill Gates and Paul Allen, Microsoft develops, licenses and supports a broad range of software products, services and devices for consumers, enterprises and governments worldwide. Its operations span personal computing, productivity software, cloud infrastructure, enterprise applications, developer tools and gaming.

Microsoft’s product portfolio includes the Windows operating system and the Microsoft 365 suite of productivity and collaboration tools (Office apps, Outlook, Teams).

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