Market Signal Briefing

Daniel Schneider
President & CEO

All right. Well, good afternoon, good morning to everyone. This is Photocure ASA Fourth Quarter and Full Year 2025 Results. I'm Dan Schneider, President and CEO. Today with me is Erik Dahl, CFO; and Priyam Shah, our Vice President of IR.

Just a reminder, the usual disclaimers are in effect for today's presentation.

So I'd like to start off with the strategic priorities and initiatives of Photocure. Our strategic priorities guide how we execute and allocate resources across the company. At a high level, our strategy is centered around 3 key pillars: Strengthen the core Hexvix/Cysview business, advance blue light cystoscopy as a definitive standard of care in bladder cancer, and third, expand our reach into a broader uro-oncology and precision diagnostics space.

Taking a deeper dive on the first pillar, accelerate and expand, we need to deliver on our financial guidance for disciplined growth in revenue and EBITDA in our core business and continue generating operating leverage. We also need to drive the BLC mobile strategy, ForTec, in the U.S. that hits the hospital markets or the hospitals who otherwise would have access to blue light cystoscopy.

And in the EU, it's important we increase our penetration in our high priority growth markets through BLC expansion and additional image quality upgrades throughout the continent and also expand our geographic footprint, for example, most recently Spain last year, and leverage our distribution partnerships throughout the globe.

In the second pillar, positioning and access, we are building the foundations for BLC as a primary precision diagnostic tool to facilitate early and appropriate use of new NMIBC therapeutics, detection, surveillance, and therapeutic monitoring. We also

Q4: 2026-02-17 Earnings SummaryEPS of -$0.06 beats by $0.01

 |

Revenue of

$329.38M

(-10.37% Y/Y)

beats by $35.78M

Ferroglobe PLC (GSM) Q4 2025 Earnings Call February 18, 2026 8:30 AM EST

Company Participants

Alex Rotonen - Vice President of Investor Relations
Marco Levi - CEO & Executive Director
Beatriz García-Cos Muntañola - CFO & Principal Accounting Officer

Conference Call Participants

Martin Englert - Seaport Research Partners
Nick Giles - B. Riley Securities, Inc., Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to Ferroglobe's Fourth Quarter and Full Year 2025 Earnings Call. [Operator Instructions] As a reminder, this conference call may be recorded. I would now like to turn the call over to Alex Rotonen, Ferroglobe's Vice President of Investor Relations. You may begin.

Alex Rotonen
Vice President of Investor Relations

Good morning, everyone, and thank you for joining Ferroglobe's Fourth Quarter and Full Year 2025 Conference Call. Joining me today are Marco Levi, our Chief Executive Officer; and Beatriz Garcia-Cos, our Chief Financial Officer. Before we get started with some prepared remarks, I'm going to read a brief statement. Please turn to Slide 2 at this time. Statements made by management during this conference call that are forward-looking are based on current expectations. Factors that could cause actual results to differ materially from these forward-looking statements can be found on Ferroglobe's most recent SEC filings and the exhibits to those filings, which are available on our website at ferroglobe.com.

In addition, this discussion includes references to EBITDA, adjusted EBITDA, adjusted gross debt, adjusted net debt and adjusted diluted earnings per share, among other non-IFRS measures. Reconciliations of those non-IFRS measures may be found in our most recent SEC filings. We'll be participating in the BMO Metals, Mining and Critical Materials Conference in Hollywood, Florida on February 23 and 24. We hope to see you there.

With that, I'll turn the call over to Marco.

Marco

Santos Limited (SSLZY) Q4 2025 Earnings Call Transcript

An oil pump jack is seen in an oil field near Lake Maracaibo, in Cabimas, Venezuela October 14, 2022. REUTERS/Issac Urrutia Purchase Licensing Rights, opens new tab

WASHINGTON, Feb 18 (Reuters) - The U.S. Treasury Department said on Wednesday that companies working in the Venezuelan oil business must pay local taxes, permits and fees to the government of Venezuela, while royalties and federal taxes must be paid into a fund managed by the United States.

The Treasury said the royalties on energy, fixed per-barrel levies and federal taxes must be paid into the Foreign Government Deposit Funds, managed by the Trump administration. The information is in a document called Frequently Asked Questions, which was seen by Reuters ahead of its publication on Treasury's website.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

The FAQ refers to two authorizations, known as general licenses, that Treasury issued on February 10. One lifted U.S. sanctions on exports, sales, storage and transportation of Venezuelan oil. The other authorized the provision of U.S. goods, technology, software or services for the exploration, development or production of oil and gas in Venezuela.

Reporting by Timothy Gardner Editing by Rod Nickel

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

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.

That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Hennes & Mauritz AB (HNNMY - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

While there are numerous reasons why the stock of this company is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Hennes & Mauritz is 7.4%, investors should actually focus on the projected growth. The company's EPS is expected to grow 23.3% this year, crushing the industry average, which calls for EPS growth of 17.1%.

Impressive Asset Utilization RatioGrowth investors often overlook asset utilization ratio, also known as sales-to-total-assets (S/TA) ratio, but it is an important feature of a real growth stock. This metric exhibits how efficiently a firm is utilizing its assets to generate sales.

Right now, Hennes & Mauritz has an S/TA ratio of 1.35, which means that the company gets $1.35 in sales for each dollar in assets. Comparing this to the industry average of 1.34, it can be said that the company is more efficient.

In addition to efficiency in generating sales, sales growth plays an important role. And Hennes & Mauritz looks attractive from a sales growth perspective as well. The company's sales are expected to grow 8.3% this year versus the industry average of 3.9%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Hennes & Mauritz. The Zacks Consensus Estimate for the current year has surged 5.7% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made Hennes & Mauritz a Zacks Rank #2 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.

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

This combination positions Hennes & Mauritz well for outperformance, so growth investors may want to bet on it.

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Ambev (ABEV - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

While there are numerous reasons why the stock of this beverage company is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Ambev is 1.3%, investors should actually focus on the projected growth. The company's EPS is expected to grow 2.8% this year, crushing the industry average, which calls for EPS growth of 1.1%.

Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric shows how efficiently a firm is utilizing its assets to generate sales.

Right now, Ambev has an S/TA ratio of 0.62, which means that the company gets $0.62 in sales for each dollar in assets. Comparing this to the industry average of 0.52, it can be said that the company is more efficient.

While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And Ambev is well positioned from a sales growth perspective too. The company's sales are expected to grow 13.3% this year versus the industry average of -0.1%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for Ambev have been revising upward. The Zacks Consensus Estimate for the current year has surged 2.8% over the past month.

Bottom LineAmbev has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

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

This combination indicates that Ambev is a potential outperformer and a solid choice for growth investors.

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a great growth stock is not easy at all.

By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Kaiser Aluminum (KALU - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

While there are numerous reasons why the stock of this aluminum products company is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Kaiser is 17.4%, investors should actually focus on the projected growth. The company's EPS is expected to grow 23.9% this year, crushing the industry average, which calls for EPS growth of 23.4%.

Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric exhibits how efficiently a firm is utilizing its assets to generate sales.

Right now, Kaiser has an S/TA ratio of 1.3, which means that the company gets $1.3 in sales for each dollar in assets. Comparing this to the industry average of 0.8, it can be said that the company is more efficient.

In addition to efficiency in generating sales, sales growth plays an important role. And Kaiser looks attractive from a sales growth perspective as well. The company's sales are expected to grow 31.5% this year versus the industry average of 3.6%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Kaiser. The Zacks Consensus Estimate for the current year has surged 9.3% over the past month.

Bottom LineKaiser has not only earned a Growth Score of A based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #1 because of the positive earnings estimate revisions.

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

This combination positions Kaiser well for outperformance, so growth investors may want to bet on it.

Key Takeaways MKSI reported Q4 adjusted EPS of $2.47, missing estimates, despite 10.5% revenue growth.MKS saw margin pressure as the gross margin fell to 46.5% and the EBITDA margin declined to 24.1%.MKSI guided 1Q26 revenues of $1.04B, with EPS of $2.00. MKS Inc. (MKSI - Free Report) reported fourth-quarter 2025 adjusted earnings of $2.47 per share, which missed the Zacks Consensus Estimate by 1.59%. The figure increased 14.9% year over year.

Revenues of $1.03 billion beat the consensus mark by 1.2% and increased 10.5% year over year.

Following fourth-quarter 2025 results on Tuesday, MKSI shares are down 8.67% in the early pre-market trading. MKS shares have returned 146.1% in the trailing 12 months, outperforming the broader Zacks Computer and Technology sector’s 18.1% return.

MKSI’s Q4 Top-Line DetailsProduct revenues (87.8% of total revenues) totaled $907 million, up 10.1% year over year. Services revenues (12.2% of total revenues) increased 13.5% year over year to $126 million. 

Revenues from the Semiconductor market (42.1% of total revenues) increased 8.7% year over year to $435 million. Electronics & Packaging revenues (29.3% of total revenues) amounted to $303 million, up 19.3% year over year. Specialty Industrial revenues (28.6% of total revenues) rose 5% year over year to $295 million.

MKSI’s Q4 Operating DetailsIn the fourth quarter of 2025, the adjusted gross margin contracted 70 basis points (bps) on a year-over-year basis to 46.5%.

Adjusted EBITDA increased 5.1% year over year to $249 million. Adjusted EBITDA margin contracted 120 bps year over year to 24.1%.

Total operating expenses increased 8.7% year over year to $263 million in the reported quarter.

MKS reported a non-GAAP operating income of $217 million, up 9% year over year. The adjusted operating margin contracted 30 bps year over year to 21%.

MKSI’s Balance SheetAs of Dec. 31, 2025, MKS Instruments had cash and cash equivalents of $675 million compared with $697 million as of Sept. 30. As of Dec. 31, 2025, long-term debt totaled $4.15 billion.

Cash flow from operations was $142 million in the fourth quarter of 2025 compared with $197 million in the previous quarter.

The free cash flow was $91 million compared with $147 million in the fourth quarter of 2025.

MKSI’s Q1 GuidanceMKSI expects first-quarter 2026 revenues of $1.04 billion (+/- $40 million).

MKS anticipates a gross margin of 46% (+/- 1%). The company expects an adjusted EBITDA of $251 million (+/- 24 million).

On a non-GAAP basis, MKSI expects earnings of $2.00 (+/- 28 cents) per share.

Zacks Rank & Other Stocks to ConsiderCurrently, MKSI carries a Zacks Rank #2 (Buy).

Micron Technology (MU - Free Report) , MongoDB (MDB - Free Report) and Credo Technology Group (CRDO - Free Report) are some other top-ranked stocks that investors can consider in the broader Zacks Computer and Technology sector.

Micron Technology shares have skyrockted 283.1% in the past 12 months. This Zacks Rank #1 (Strong Buy) company is scheduled to release second-quarter 2026 results on March 19. You can see the complete list of today’s Zacks #1 Rank stocks here.

MongoDB shares have returned 20.1% in the past 12 months. MDB is scheduled to release its fourth-quarter 2026 results on March 2. The company currently sports a Zacks Rank #1.

 Credo Technology Group shares have surged 73.9% in the past 12 months. CRDO is set to report its third-quarter fiscal 2026 results on March 2. The company currently flaunts a Zacks Rank #1.

Energy stocks have been a crapshoot for investors over the past five years, partly because of a disconnect between where consumer dollars are going and where investor capital has been flowing.

Key Takeaways WTI crude fell sharply YoY in Q4, while Henry Hub gas prices rose across all three months.About 45.8% of S&P 500 energy firms reported, posting 27.1% earnings growth despite lower revenues.FTI, RIG and TRGP carry positive Earnings ESP, signaling potential Q4 earnings beats. The contrast between oil and natural gas trends is setting up an interesting earnings season for the energy sector. While crude prices were notably weaker year over year in the fourth quarter, natural gas prices moved higher across all three months. At the same time, softer demand tied to slower economic activity and trade tariff uncertainties has added another layer of complexity. Could certain energy stocks outperform expectations and deliver results that are better than what was anticipated?

Quarterly Review of Oil & Natural Gas Pricing vs. Year-Ago PeriodInvestors should know that there is a high correlation between commodity prices and the earnings of energy companies.

So, how does the price of oil and gas compare with the year-ago period?

Per data from the U.S. Energy Information Administration, in October, November and December 2024, the average monthly WTI crude price was $71.99, $69.95 and $70.12 per barrel, respectively. In 2025, the average prices were $60.89 in October, $60.06 in November and $57.97 in December, i.e., much weaker year over year. The primary driver of this drop was an ongoing global oversupply that outpaced the demand growth. OPEC+ nations also began to roll back their voluntary production cuts in September, increasing supply.

However, the news is bullish on the natural gas front. In 2024, U.S. Henry Hub average natural gas prices were $2.20 per million British thermal units (MMBtu) in October, which slid to $2.12 in November before edging up to $3.01 in December. Coming to 2025, the fuel traded at $3.19, $3.79 and $4.26 per MMBtu in October, November and December, respectively. In other words, natural gas traded noticeably higher in all three months year over year.

How Low Oil Prices Are Affecting the Energy Sector's Q4 EarningsApproximately 45.8% of S&P 500 oil and energy companies have released their fourth-quarter results so far. The latest Zacks Earnings Trends report indicates that the sector’s fourth-quarter performance has improved meaningfully compared to earlier projections. Companies that have reported are delivering robust earnings growth, with earnings rising 27.1% year over year despite a modest 1.3% decline in revenues. Performance quality has also been strong, as 81.8% of these companies surpassed both EPS and revenue expectations.

When looking at the full sector-wide blended outlook for fourth-quarter 2025, which combines both reported and estimated results, the picture has strengthened significantly. The updated blended estimate now calls for earnings growth of 13.7% year over year, marking a strong acceleration from the modest 3.2% growth seen in the third quarter. However, this earnings improvement came despite weak top-line momentum, as the fourth-quarter revenues are projected to decline slightly by 0.4%, indicating that profit gains were likely driven by margin expansion, cost discipline and operating leverage rather than volume growth. Furthermore, the sector's projected net margin for the fourth quarter is a healthy 1.08%.

Oil/Energy Companies’ Earnings in FocusIn light of this context, let’s explore how the following oil and energy companies are shaping up ahead of their fourth-quarter earnings reports on Feb. 19, and how they’re poised to tackle the challenges they face.

Our proprietary model indicates that a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Let’s explore three prominent companies and evaluate how they are positioned before their fourth-quarter earnings release.

TechnipFMC plc (FTI - Free Report) is scheduled to report quarterly earnings before the market opens. The chances of this Newcastle & Houston-based company delivering an earnings beat this time around are high, as it has an Earnings ESP of +1.61% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company is engaged in designing, producing and servicing technologically sophisticated systems and products for subsea, onshore/offshore, and surface projects.

The Zacks Consensus Estimate for FTI’s earnings is pegged at 51 cents per share, indicating a 5.6% decrease from the prior-year reported figure. FTI’s earnings beat the Zacks Consensus Estimate thrice in the trailing four quarters while missing once, delivering an average surprise of 20.2%.

This is depicted in the chart below:

On the other hand, Transocean Ltd. (RIG - Free Report) is scheduled to report quarterly earnings following the market's close. Our proven model predicts an earnings beat for Transocean this time around. This is because it has an Earnings ESP of +5.88% and a Zacks Rank #3 at present.

Transocean is the world’s largest offshore drilling contractor and leading provider of drilling management services. The company provides rigs on a contractual basis to explore and develop oil and gas. 

The Zacks Consensus Estimate for Transocean’s earnings is pegged at 9 cents per share, indicating a 200% increase from the prior-year reported figure. RIG’s earnings beat the Zacks Consensus Estimate thrice in the last four quarters and missed once.

This is depicted in the chart below:

Finally, Targa Resources Corp. (TRGP - Free Report) is scheduled to report quarterly earnings before the opening bell. Things are looking bright for Targa Resources this time around, as it has an Earnings ESP of +0.18% and carries a Zacks Rank #3 at present.

Targa Resources is a premier energy infrastructure company. A leading provider of integrated midstream services in North America, the company primarily derives its revenues from gathering, compressing, treating, processing and selling natural gas.

The Zacks Consensus Estimate for TRGP’s earnings is pegged at $2.37 per share, indicating a 64.6% increase from the prior-year reported figure. TRGP’s earnings beat the Zacks Consensus Estimate once in the last four quarters while missing thrice, delivering an average negative surprise of 7.5%.

This is depicted in the chart below:

Ethereum’s 50% staking milestone triggers backlash over 'misleading' supply dataCoinShares researcher Luke Nolan says the 50% figure is ‘inaccurate, or at least materially misleading’ and staked ether is closer to 30% of supply. Ethplorer.io’s Aleksandr Vat agrees. Feb 18, 2026, 5:18 p.m.

Ethereum has crossed a symbolic threshold, with more than half the total ether (ETH) issued now held in its proof-of-stake (PoS) contract for the first time in the network’s 11-year history, Santiment said in a post on X that has been met with criticism.

The onchain analytics firm on Tuesday said that 50.18% of all ETH issued historically is now sitting in the staking deposit contract. The figure reflects cumulative ETH that has flowed into the contract since staking was introduced ahead of the network’s 2022 transition from proof-of-work to PoS.

STORY CONTINUES BELOW

According to CoinDesk data, the total supply of ether is 120.69 million tokens. Bitmine, the world’s largest ether-focused treasury firm, has 4.29 million ETH, of which 2.9 million is staked. According to Arkham data, the largest holder is the Eth2 Beacon Deposit Contract with 77.1 million or over 60% of the total supply. It holds the most because it serves as the central, mandatory gateway for staking to secure the blockchain. Beacon is followed by Binance with 4.1 million ETH, BlackRock with 3.4 million and Coinbase with 2.9 million.

While the tokens are staked, they cannot be transferred or traded. Withdrawals have been enabled since the Shanghai upgrade in 2023, allowing validators to exit and return ETH to circulation.

That distinction prompted some analysts to caution against interpreting the 50% figure as a permanent supply lock.

‘Inaccurate and materially misleading’“The post is inaccurate, or at least materially misleading,” Luke Nolan, senior research associate at CoinShares, told CoinDesk. “It references the one-way deposit contract used for ETH staking, but does not account for withdrawals. While ETH is sent into that contract when validators stake, it is not a permanent sink.”

Since withdrawals were enabled, ETH can exit the validator set and re-enter circulation, meaning that looking at the deposit contract balance alone can overstate the amount effectively staked, Nolan said.

“There is also an important nuance around the numbers being cited,” he added. “It is not correct to suggest that over 80 million ETH are currently staked. Roughly 80 million ETH have passed through the staking contract historically, but the amount actively staked today is closer to 37 million ETH, which is around 30% of the current circulating supply. That distinction materially changes the narrative.”

Aleksandr Vat, BizDev at Ethplorer.io, agreed with Nolan and provided CoinDesk with supporting data reinforcing that distinction.

The Beacon deposit contract balance on the Etherscan tracker, currently around 80.97 million ETH, reflects cumulative deposits since launch and does not decrease when validators exit. Withdrawals are processed by minting ETH back to execution-layer addresses rather than subtracting from the deposit contract itself, Vat said.

According to active staking metrics, approximately 37,253,430 ETH are presently staked, based on data from Ethplorer and CryptoQuant, implying that staking represents 30.8% of the total supply.

Santiment’s 50% figure appears to compare the cumulative Beacon contract balance to historically issued supply prior to EIP-1559 burns, Vat said. While that may be mathematically consistent depending on the denominator used, it does not represent the amount of ETH currently locked or removed from circulation, he noted.

Ethereum matures into ‘digital bond’Even so, the milestone highlights how central staking has become to Ethereum’s economic design, Vineet Budki, partner and CEO at Sigma Capital, told CoinDesk. As participation rises, a larger share of ETH earns yield through validator rewards, reinforcing its positioning as a yield-bearing crypto asset, he said, adding he sees the development as evidence of Ethereum’s maturation into what he called a “digital bond.”

“Ethereum’s milestone of 50% staked supply marks its evolution into a digital bond, where the network’s security is fueled by long-term conviction rather than short-term speculation,” Budki said. “By locking half the total issuance in a one-way vault, the protocol has engineered a structural supply crunch.”

Budki also pointed to accelerating network activity, including a 125% year-over-year increase in daily transactions, a doubling of daily active addresses and an increase in tokenized real-world assets, much of it occurring on layer-2 networks that settle back to Ethereum’s base layer.

Nolan noted, however, that recent validator growth has been concentrated among large participants.

“A significant portion of recent validator entries has been driven by large entities such as Bitmine and U.S.-listed ETFs, which have taken up a notable share of the entry queue,” he noted.

With staking levels continuing to climb, the debate shows just how Ethereum’s supply metrics, and how they are presented, can significantly shape market narratives, Budki concluded.

More For You

Coinbase’s Base moves away from Optimism’s 'OP stack' in major tech shift

13 minutes ago

Base launched in 2023 and quickly became one of the most widely used Ethereum layer-2 networks.

What to know:

Coinbase’s Ethereum layer-2 network, Base, is changing the technology that powers it, stepping back from relying on Optimism’s OP Stack, the toolkit it originally launched on.Base launched in 2023 and quickly became one of the most widely used Ethereum layer-2 networks, with $3.85 billion in locked in the protocol today.The OP token is down 4% from the past 24 hours following the announcement of this news.

Peter Thiel, the billionaire venture capitalist behind Founders Fund, has fully exited his position in Ethereum-focused treasury firm ETHZilla. According to a recent SEC filing, Thiel sold his entire 7.5% stake in the company, a move that has raised eyebrows across the crypto space. This decision follows a drastic 95% collapse in ETHZilla’s stock value, linked to the fall in Ethereum's price, which dropped from nearly $4,900 to around $1,970.

ETHZilla, which originally started as a biotech firm, pivoted in mid-2024 to an Ethereum treasury business model. The company was designed to hold Ethereum as a core asset, offering exposure to the cryptocurrency through public equity shares. At its peak, ETHZilla reportedly held over 100,000 ETH, positioning itself as a corporate vehicle for Ethereum investments.

Struggles of the Ethereum Treasury ModelThe Ethereum treasury model, akin to the one used by Bitcoin-focused companies like Strategy, relies on accumulating large amounts of digital assets to boost both corporate value and market exposure. The premise works well in bullish markets, where rising crypto prices boost both the value of the treasury and share prices.

However, this strategy is particularly vulnerable in bear markets. As Ethereum’s price fell sharply, ETHZilla found itself in a precarious position. The company was forced to liquidate parts of its ETH holdings to service debt and repurchase stock, all while trying to diversify its operations. In late 2025, ETHZilla sold over $114 million worth of Ether to stabilize its financials, marking a significant shift away from its original strategy.

Despite these efforts, ETHZilla’s share price continued to plummet, down by 95% from its peak. The company’s struggles suggest that the Ethereum treasury model, at least during times of market downturn, may not be as resilient as initially thought.

Peter Thiel’s Motivations Behind the ExitWhile the official reasons for Thiel’s decision to exit remain unclear, several factors likely influenced the move. One possibility is risk management, especially in light of the significant market downturn and the declining value of ETHZilla’s shares. With the company’s stock and Ethereum’s value both in freefall, divesting from ETHZilla could have been a strategy to preserve capital.

Another possible explanation is a growing skepticism about the Ethereum treasury model itself. Thiel has been known for his preference for Bitcoin, which he views as “digital gold.” His skepticism towards Ethereum has been well-documented in the past, with Thiel describing ETH as a “slow-moving albatross.” If he saw Ethereum as more of a speculative asset than a stable store of value, exiting ETHZilla might reflect a lack of confidence in the firm’s long-term viability.

Lastly, Thiel’s exit may be part of a broader strategic reallocation of capital. While Founders Fund sold its ETHZilla stake, it still holds a 4.5% share in BitMine, a competing Ethereum-focused company. This, as we reported, has led to speculation that Thiel is moving his resources to a more promising venture, potentially signaling a shift away from the Ethereum treasury model.

ETHZilla’s Shift to Aerospace and ProspectsAfter Thiel’s exit, ETHZilla has pivoted to diversify its operations, as Coinpaper reported. The company recently launched ETHZilla Aerospace, a subsidiary focused on tokenized equity in leased jet engines. This move appears to be an attempt to offset its losses and tap into a new market outside of cryptocurrency.

While ETHZilla remains one of the largest public holders of Ethereum, with over 69,000 ETH worth approximately $140 million, the future of its Ethereum treasury model looks uncertain. With the company facing ongoing challenges, including significant debt and declining share prices, it may take time to see if the aerospace pivot will provide the necessary financial stability.

Despite these efforts, the crypto market’s volatility and Ethereum’s price fluctuations continue to weigh heavily on ETHZilla’s prospects. The company's strategy to pivot into aerospace may represent a desperate attempt to diversify, or it could signal a new direction for the company as it seeks stability after a turbulent year.

RLUSD, Ripple’s U.S. dollar-backed stablecoin, has entered the top 50 stablecoins by market capitalization, according to data shared by BankXRP on X. The post highlighted the token’s rapid climb in rankings as adoption accelerates across the market.

$RLUSD just cracked the Top 50. 🟢@Ripple’s stablecoin is scaling faster than expected, proving that compliance + utility pic.twitter.com/3ygB8RpRD0

— 𝗕𝗮𝗻𝗸XRP (@BankXRP) February 18, 2026

The move reflects growing traction for RLUSD amid what supporters describe as a focus on compliance and real-world utility. Entering the top 50 signals a notable increase in circulating supply and usage compared with earlier stages of the token’s rollout. Stablecoin rankings are closely watched by traders and institutions because they often indicate liquidity depth, trust, and integration across exchanges and payment rails. A higher position can also enhance visibility among partners evaluating settlement and on-chain dollar options.

Market participants will now be watching whether RLUSD can sustain its upward momentum and continue climbing the rankings in the coming weeks. Further expansion in exchange listings, integrations, or reported use cases could reinforce its current trajectory, while slower growth may test the durability of this early surge.

Source: BankXRP.

Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.

This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.

TLDR American Bitcoin Corp has reached 6,039 BTC in its corporate treasury. The company is now the 17th largest corporate holder of Bitcoin globally. ABTC uses a “mining-to-treasury” strategy to retain the Bitcoin it mines. Since going public in September 2025, ABTC has achieved a 116% Bitcoin yield. Despite the Bitcoin reserve growth, ABTC’s stock has fallen by 86%. American Bitcoin Corp (ABTC), a company backed by the Trump family, has reached a major milestone in the cryptocurrency market. After just six months of going public, the company now holds 6,039 Bitcoin (BTC), valued at approximately $409 million. This achievement positions ABTC as the 17th largest corporate holder of Bitcoin globally.

ABTC’s Bitcoin Reserves and Mining-to-Treasury Strategy American Bitcoin Corp’s Bitcoin reserves have quickly grown due to its “mining-to-treasury” approach. Instead of selling the Bitcoin it mines, ABTC retains the coins, which has contributed to the company’s swift growth. In January alone, it added 217 BTC to its holdings, showing continued success in this strategy.

The company has combined both mining operations and market purchases to fuel its treasury growth. This hybrid strategy has led to a 116% yield in Bitcoin since ABTC’s debut on the Nasdaq in September 2025. By keeping its mined Bitcoin instead of selling, ABTC has steadily built its reserve, distinguishing itself from traditional miners.

Stock Performance and Market Volatility Despite growing its Bitcoin treasury, ABTC’s stock has faced significant challenges in the market. Since going public, the company’s shares have dropped by 86%, affected by Bitcoin’s volatility and the expiration of the lock-up period for early investors. This sharp decline in stock price is a reflection of the broader market trends impacting both ABTC and the cryptocurrency space.

Today we reached an incredible milestone for American Bitcoin — Crossing 6,000 BTC in under 6 months since our Nasdaq debut!

Today is a testament to @ABTC execution which has build one of the fastest-growing Public Bitcoin reserves in the world, outpacing many established… pic.twitter.com/JNjYZfeajL

— Eric Trump (@EricTrump) February 17, 2026

Despite the stock downturn, analysts remain confident about ABTC’s prospects. Both Roth Capital and H.C. Wainwright & Co. have maintained Buy ratings with a $4 price target. These ratings reflect optimism about the company’s long-term potential, even with short-term market volatility.

Bitcoin’s Influence on ABTC’s Growth American Bitcoin Corp’s treasury growth highlights its effective use of Bitcoin mining and market participation. The company’s strategy has enabled it to quickly accumulate a significant amount of Bitcoin, surpassing other firms like GameStop and Gemini Space Station in corporate holdings. However, the broader market conditions continue to affect the company’s stock performance.

ABTC’s current position in the global ranking of Bitcoin corporate treasuries signals its ambition in the cryptocurrency space. Despite the challenges, the company’s approach of retaining its mined Bitcoin continues to prove effective in growing its reserve. As Bitcoin prices remain volatile, ABTC’s future strategy will be crucial in maintaining its position in the market.

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XRP has surpassed Ethereum in terms of the crypto assets that are most discussed among institutional investors. This comes as its ETFs continue to record notable inflows despite net outflows from Bitcoin and Ethereum ETFs.  

XRP Ranks Above Ethereum In Institutional Interest Grayscale drew attention to its Head of Research, Rayhaneh Sharif-Askary’s statement during the XRP Community Day, in which she revealed that the altcoin is the second most talked about asset behind Bitcoin in some cases. This puts the token ahead of other altcoins, including Ethereum, in terms of crypto assets that are generating interest among institutional investors. 

Sharif-Askary noted that advisors are constantly asked by their clients about the altcoin, a development that provides a positive outlook for the altcoin. Grayscale is notably among the crypto ETF issuers that offer an XRP ETF. These funds have seen significant inflows since they launched in November last year. 

Wall Street giants such as Goldman Sachs and Jane Street have already disclosed significant exposure to the token through these ETFs. According to Goldman Sachs’ Q4 filing, it currently holds shares in Bitwise, Franklin Templeton, Grayscale, and 21Shares’ XRP funds. 

SoSoValue data shows that these ETFs currently have net assets of just over $1 billion, which represents 1.17% of the altcoin’s market cap. These funds have also continued to see considerable inflows despite the current crypto market downtrend. This month, they have recorded net inflows of $46.69 million. Meanwhile, the Bitcoin and Ethereum ETFs continue to see outflows and are expected to see another month of net outflows. 

Crypto pundit X Finance Bull highlighted this demand for the token among institutional investors, noting that they were likely positioning ahead of regulatory clarity. The pundit expects that the altcoin will be one of the major beneficiaries once the CLARITY Act is passed. Ripple CEO Brad Garlinghouse has predicted that the crypto bill could be 80% close to signing by April. 

The Altcoin Leading In YTD Flows A CoinShares research report shows that the XRP funds are currently leading Bitcoin, Ethereum, and other crypto assets in year-to-date (YTD) inflows. These funds have seen $148 million in YTD flows while the BTC and ETH funds are in the red at the moment, with YTD outflows of $1 billion and $458 million, respectively.

Furthermore, the Solana funds are behind XRP, with YTD inflows of $99 million. It is worth noting that XRP funds again saw inflows last week, as Bitcoin and Ethereum ETFs bled. CoinShares shows that these funds recorded net inflows of $33.4 million. On the other hand, the BTC and ETH ETFs saw outflows of $133 million and $85 million, respectively.

At the time of writing, the altcoin price is trading at around $1.47, up in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $1.48 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Freepik, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

BlackRock has sharpened the staking posture for its iShares Staked Ethereum Trust ETF (ETHB), outlining a plan to keep most of the fund’s ETH staked and earning rewards rather than held in custody.

In its latest amended filing, the sponsor said that under normal market circumstances, it would seek to keep 70% to 95% of the fund’s ETH staked.

The remainder would sit in what it calls a Liquidity Sleeve, an unstaked buffer designed to handle day-to-day creations, redemptions, and expenses.

The change clarifies the product’s intent. ETHB packages spot ETH exposure into an exchange-traded fund while also incorporating Ethereum staking within the same ETF structure.

By embedding staking, the product moves closer to a carry-oriented strategy in which yield forms a core component of expected returns.

Staking ambition meets ETF liquidity mathETHB is structured to issue and redeem shares in 40,000 share baskets.

The trust primarily holds ETH in custody and uses a prime execution agent, Coinbase, to facilitate staking through approved validator arrangements.

The goal is to keep the majority of ether working while preserving the basic ETF promise, shares that can be created and redeemed in a predictable way.

That promise becomes more difficult when most of the portfolio is staked. Staked EtherEUM is still an on-chain asset, but the process of putting it to work and pulling it back out runs on Ethereum’s rules, not Wall Street’s settlement expectations.

The filing addresses that tension by formalizing a liquidity plan alongside the 95% staking target.

The sponsor said it intends to maintain a Liquidity Sleeve of 5%-30% of unstaked ETH, sizing it dynamically based on expected flows and network conditions.

If the buffer is depleted during heavy redemptions, BlackRock contemplates using cash in lieu of redemptions, and it also describes the possibility of delayed settlement for in-kind redemptions in stressed scenarios.

That is a technical point with a practical meaning for arbitrage. Staking introduces a liquidity clock into the mechanism intended to keep an ETF’s market price aligned with the value of its holdings.

For investors used to thinking of ETFs as clean plumbing, the filing is a reminder that this product is trying to do two jobs at once. It must behave like an ETF, even as it operates a staking book that keeps most of its ETH deployed.

The queue turns staking into time to yieldEthereum staking is not instant. Validators enter and exit through rate-limited queues that are designed to protect consensus stability.

ETHB’s filing makes that protocol design a headline risk factor because it directly affects when the fund can begin earning rewards on newly deposited ether.

The prospectus notes that staking activation requires joining an activation queue and then waiting an additional four epochs (about 25 minutes) before rewards begin accruing. It also lists a maximum activation throughput of roughly 57,600 ETH per day.

As of Feb. 5, 2026, the filing cited an activation queue of roughly four million ETH, which would take approximately 70 days.

If ETHB experiences a surge of inflows and attempts to stake the bulk of newly deposited tokens, a meaningful portion of the assets could remain in line for weeks before producing staking rewards.

That delay is a material structural feature for a product designed to keep 70% to 95% of its assets staked. It introduces a ramp-up period in which the fund is allocated for staking but has yet to generate staking rewards.

The document also spells out the mechanics on the way out.

It outlines exit and withdrawal steps that include an exit delay, a withdrawability delay of approximately 27 hours, and a withdrawal sweep that can take approximately 7 to 10 days. It adds that the process can take weeks to months during periods of congestion.

Those constraints matter most in the scenarios ETFs are built to withstand: fast price moves and shifting flows.

Investors can buy and sell shares throughout the day, but the fund’s ability to adjust its stake position or restore its liquidity sleeve after large flows is constrained by the network’s queues and timing.

The cost of turning protocol yield into a regulated wrapperETHB’s filing also makes the economics of staking inside an ETF explicit.

The trust will pay a Staking Fee, which includes remuneration for the sponsor and a share for the prime execution agent, including amounts payable to staking providers.

As of the prospectus date, the filing stated that those components constitute 18% of the gross Staking Consideration, with the trust retaining the remainder.

Alongside that staking fee, ETHB charges a traditional sponsor fee of 0.25% annually on net asset value, with a 12-month waiver to 0.12% for the first $2.5 billion of trust assets.

For crypto native investors, that fee stack is a central question.

Staking returns on Ethereum are not fixed and can vary with network participation, fees, and the broader staking mix.

A regulated wrapper can make staking accessible through familiar brokerage rails, but it can also reduce the portion of rewards that ultimately reaches shareholders, even before considering any delay caused by the activation queue.

ETHB would pull in millions in revenue for BlackRockThe filing’s 95% staking ambition invites an investor question that is common in traditional finance, what does this mean for fee revenue if the product scales.

BlackRock’s spot ETH ETF, ETHA, provides a reference point. This is the largest spot Ethereum fund.

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As of Feb. 13, 2026, BlackRock’s iShares product page listed ETHA with $6.58 billion in net assets and 425.4 million shares outstanding.

It also listed a Basket ETH Amount of 302.14 ETH per 40,000 share basket. Those figures imply ETHA holds about 3.21 million ETH.

If ETHB were half as successful as ETHA by size, that would translate to roughly $3.29 billion in assets under management and about 1.61 million ETH held.

Using the mechanics described in the ETHB filing, and keeping the assumptions explicit, the potential staking economics can be sketched as a range rather than a single point.

Assume the fund maintains an aggressive posture, with 95% of its ETH staked.

For staking yield, use two public reference points that bracket recent conditions, Coinbase’s estimated ETH staking reward rate of about 1.89% APY and ValidatorQueue’s network APR snapshot of about 2.84%.

We will use the prospectus’s ETH price reference of $1,918 as the conversion baseline.

Under those assumptions, a half-ETHA-scale ETHB could generate gross staking rewards, in steady state, of about 28,800 ETH per year at 1.89%, or about 43,300 ETH per year at 2.84%.

Apply the filing’s 18% skim pool, and the aggregate amount carved out for the sponsor, the prime execution agent, and staking providers would be about 5,200 ETH per year at 1.89%, or about 7,800 ETH per year at 2.84%.

Using the $1,918 reference, those figures correspond to about $10.0 million and about $15.0 million.

Meanwhile, calculating the sponsor fee is simpler.

On about $3.29 billion of assets, a 0.25% annualized sponsor fee implies about $8.2 million per year after the waiver period. In year one, if the product fully qualifies for the 0.12% waiver on the first $2.5 billion, the sponsor fee would be approximately $5 million.

Taken together, a steady-state revenue target at half the ETHA scale can be framed as roughly $11 million to $20 million per year, combining the sponsor fee with an assumed share of the staking skim pool.

A new feedback loop between ETF flows and the networkBlackRock's ETHB filing points to a second-order effect that could matter if staking ETFs grow.

If multiple US-listed funds begin staking at scale, Ethereum’s activation queue becomes a market variable alongside ether’s price and ETF flow data.

ValidatorQueue’s snapshot showed about 3.9 million ETH in the queue, with an estimated 67-day entry wait and an APR of about 2.84%.

In that environment, the relationship between demand and yield becomes more mechanical. Bigger ETF inflows that chase staking rewards can lengthen the queue, delaying yield realization.

Over time, larger staking participation can also put pressure on yields, because the same reward flow is distributed across a larger staked base.

The reverse can happen in risk-off periods. If exits rise, entry queues can shorten, but the same conditions can stress ETF liquidity.

The filing’s discussion of cash-in-lieu redemptions and delayed settlement underscores that when investors prioritize redemption mechanics, network congestion and withdrawal timing can become more consequential.

BlackRock’s plan to stake up to 95% of ETHB’s assets is therefore less a simple yield add-on and more a shift in how investors may need to evaluate ETH exposure in an ETF wrapper.

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Shiba Inu unveils an AI relationship platform as the team warns users about fake SOU NFT portals and rising phishing scams.

Newton Gitonga2 min read

18 February 2026, 05:38 PM

Shiba Inu’s lead ambassador has unveiled a new AI-powered relationship platform, while the project is also moving to protect users following a past security breach. The update links innovation with risk awareness across the SHIB ecosystem. Team members say the tool may expand into Web3 use cases over time. At the same time, developers warn users about rising phishing threats tied to a newly launched NFT initiative.

AI Relationship Platform Eyes Web3 IntegrationDuring a Feb. 18 livestream, Shytoshi Kusama revealed plans for an AI-powered relationship platform focused on translation and compatibility. He described it as a personal initiative separate from his Shiba Inu leadership role. The platform aims to help couples detect patterns, friction points, and long-term compatibility risks before conflicts escalate.

However, the Shiba Inu team sees broader Web3 potential. Lucie, a Shiba Inu team member, outlined five possible use cases connected to the SHIB ecosystem. She said the first could function as a DAO compatibility tool. The AI system could match co-founders, multisig partners, validators, or DAO teams to reduce internal conflict early.

Lucie also explained that the platform may introduce a token-gated premium layer. This layer would unlock deeper AI insights using ecosystem tokens. She noted that this model could drive utility-based engagement across the community.

In addition, she described a reputation and social signal system. The feature would link compatibility and communication insights to optional on-chain identity. According to Lucie, this could strengthen coordination within decentralized teams.

She further suggested the tool could operate as an NFT or badge layer on Solana. The low-fee infrastructure could host collaboration or relationship milestone badges as social proof. Finally, she said the AI translator layer could serve as a mediator in governance discussions or advanced user support systems within ecosystem apps.

Shiba Inu Issues Scam Warning Over SOU NFTMeanwhile, Shiba Inu has launched the SOU NFT as part of recovery efforts tied to the Shibarium hack last September. SOU, short for “Shib owes you,” exists as an on-chain NFT. The team describes it as a good-faith initiative to support impacted Shibarium users through payouts, donations, and occasional rewards.

As the Shiba Inu SOU rollout continues, Lucie has issued a crucial scam warning. She stated on social media that scammers already operate fake SOU portals. She warned that phishing links now mirror official websites to drain user wallets.

Lucie urged users to verify contract addresses and use hardware wallets. She advised the community to bookmark the official portal. She added that users should trust their instincts if something appears suspicious.

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World Liberty Financial (CRYPTO: WLFI) surged 17% as Goldman Sachs (NYSE:GS) CEO David Solomon and NYSE President Lynn Martin spoke at the inaugural World Liberty Forum at Mar-a-Lago, signaling Wall Street's embrace of tokenization. The Goldman Revelation Solomon revealed he owns “very little, but some” Bitcoin (CRYPTO: BTC), describing himself as an observer still trying to understand how it moves.

TL;DR

XRP Ledger activated the XLS-81 “Permissioned DEX” amendment, enabling the creation of controlled versions of its native DEX with restricted access. The network also implemented XLS-85 Token Escrow, extending the escrow system beyond XRP to trustline-based tokens, Multi-Purpose Tokens, stablecoins, and RWAs. The infrastructure is aimed at banks and brokers that require onchain settlement with counterparty control. XRP Ledger activated the XLS-81 amendment, known as “Permissioned DEX,” an upgrade that allows the creation of decentralized exchanges with restricted access directly on the network. The new feature enables controlled versions of the protocol’s native DEX while keeping the trading mechanics within the ledger itself.

Unlike the existing open order book, the new model allows designated administrators to determine who can place offers and who can accept them. This creates a “members-only” marketplace tied to compliance requirements such as KYC and AML processes. Access is therefore limited to previously approved users.

The design proposed by XRP targets regulated institutions such as banks and brokers that require onchain settlement and blockchain-based liquidity, but with control over counterparty eligibility. The structure allows participants to operate within the public ledger infrastructure without opening markets to all users.

Debate Over Native XRP Staking and Design Changes In addition, the network recently implemented XLS-85 Token Escrow. This upgrade extended the native escrow system beyond XRP, incorporating trustline-based tokens and Multi-Purpose Tokens, including stablecoins and tokenized real-world assets. With this expansion, the network enables conditional settlement agreements for a broad range of assets issued on the platform.

The combination of an expanded escrow system and a permissioned DEX creates a toolkit geared toward regulated tokenized markets. The framework covers issuance, conditional custody, and secondary trading within a controlled environment.

The Ledger was designed for payments, token issuance, and decentralized exchange functionality built into the base layer. In recent months, a RippleX engineer explored the possibility of introducing native staking, while David Schwartz took part in discussions about potential design changes.

In brief Jake Chervinsky will lead the Hyperliquid Policy Center as CEO. The organization was funded with $29 million worth of HYPE tokens. The HPC plans to serve as a resource for policymakers. There’s a new heavyweight fighting for the future of decentralized finance on Capitol Hill.

The Hyperliquid Policy Center, or HPC, announced its debut on Wednesday, positioning itself as a resource for U.S. policymakers on DeFi and derivatives like perpetual futures.

In a press release, founder and CEO Jake Chervinsky said that blockchains are poised to become the bedrock of the financial system, and the U.S. must choose between adopting new rules to support the technology or to “wait and watch as other nations seize the opportunity.”

1/ I am proud to announce the launch of Hyperliquid Policy Center, where I will serve as CEO.

HPC is an independent research and advocacy organization dedicated to ensuring that DeFi can flourish in the United States.

The future of finance will be decentralized. https://t.co/ObDFGsjlwj

— Jake Chervinsky (@jchervinsky) February 18, 2026

Chervinsky previously served as chief legal officer at venture capital firm Variant, which has invested in DeFi staples like Uniswap and Morpho. Prior to that, Chervinsky worked at the Blockchain Association, a nonprofit trade association based in Washington, D.C.

The Hyper Foundation, which supports Hyperliquid, has contributed 1,000,000 HYPE to fund the center’s initial operations. That sum was worth around $29 million on Wednesday, with the exchange’s native token rising 22% over the past month, according to CoinGecko. 

The development underscores how Hyperliquid has evolved since the decentralized exchange specializing in perpetual futures debuted three years ago. Although the project was once viewed as a scrappy contender in the DeFi space built around a tight-knit community, some members are setting their sights on policy discussions among the country’s political elite.

That includes Hyperliquid co-founder and CEO Jeff Yan, who said on X that the decentralized nature of exchange’s decentralized development “meant that Hyperliquid lacked a unified voice in important policy discussions until now.”

Yan acknowledged that the organization’s debut comes at a critical time, with a market structure bill stalled in the Senate that has the potential to establish new rules for DeFi.

In October, Chervinsky pushed back against a proposal from Senate Democrats that would require the websites that people use to access DeFi protocols, also known as front ends, to register with regulators and perform Know Your Customer checks. Chervinsky claimed that the Treasury Department could ban DeFi projects under the rules.

I’m excited to support the @HyperliquidPC launch. The Hyperliquid ecosystem needs a policy voice that represents our core values in DC. I’ve gotten to know @jchervinsky and seen his principled and unwavering support of defi over the years. There is no better person to advocate… https://t.co/hSOlEjEci6

— jeff.hl (@chameleon_jeff) February 18, 2026

“This proposal is less a regulatory framework and more an unprecedented, unconstitutional government takeover of an entire industry,” he said on X. “All U.S. DeFi devs [would] go offshore or have their projects die at home.”

The HPC doesn’t bill itself as just another crypto lobby like the Blockchain Association, Coin Center, or the Chamber of Digital Commerce, which was established in 2014

HPC’s mandate is specifically focused on advancing “decentralized market infrastructure,” with an emphasis on perps—where the Hyperliquid blockchain has built its dominant market share.

Unlike traditional futures, perps don’t have an expiration date, allowing a trader to hold positions indefinitely. They use periodic payments between long and short traders to keep the derivative’s price pegged to an asset’s spot price, also known as a funding rate.

Hyperliquid was once known as a go-to platform for trading digital assets, including meme coins, on leverage. However, the exchange has expanded into real-world assets in recent months, including precious metals like gold and silver.

Under former Acting CFTC Chair Caroline Pham, the regulator greenlit Bitnomial, allowing the exchange’s customers to access spot crypto trading alongside perps and options. And there’s a chance that perps could continue to proliferate under her successor, Michael Selig.

On a recent episode of Bloomberg’s “Odd Lots” podcast, Selig was asked by co-host Joe Weisenthal whether perpetual futures could become more commonplace in traditional finance moving forward. As an example, Weisenthal floated perps for oil.

“If there’s demand for these products, it's definitely something that we'll consider,” Selig said. “It’s been too long that this stuff is only developed offshore, and we really want to bring it back with clear rules of the road.”

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Intesa Sanpaolo Bitcoin ETF holdings: ~$96M disclosed in 13F filingItaly’s largest bank, Intesa Sanpaolo, reported exposure to approximately $96 million of U.S. spot Bitcoin ETFs in its fourth-quarter 2025 portfolio disclosure. Based on data from the U.S. Securities and Exchange Commission (Form 13F), the positions were held as of December 31, 2025.

The filing lists exposure via ARK 21Shares Bitcoin ETF (ARKB) and iShares Bitcoin Trust (IBIT), indicating use of regulated, exchange-traded vehicles rather than direct token custody. Because Form 13F reports quarter-end positions and is filed weeks later, the holdings may have changed after the reporting date.

For a bank of Intesa Sanpaolo’s scale, the dollar amount is modest in balance-sheet terms, but it is notable as a formal, regulated footprint in spot Bitcoin exposure. The disclosure places a large European institution within the same ETF ecosystem used by U.S. asset managers and advisers.

Why this disclosure matters for European banks and clientsFor European banks, U.S. spot Bitcoin ETFs offer a supervised access point that can fit within existing control frameworks and product-governance rules. Using ETFs also helps separate market exposure from on-chain custody risks and operational complexities.

Coverage of the filing underscored the move’s significance for an Italian incumbent. “Italian banking giant Intesa Sanpaolo has revealed nearly $100 million in Bitcoin ETF holdings,” said Crypto.news, referencing the bank’s latest 13F disclosure.

For clients, ETF-based exposure can simplify suitability assessments, reporting, and safekeeping relative to direct crypto holdings. The filing signals a pathway for institutions to meet demand through regulated wrappers without implying a broader endorsement of the asset.

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

Splitting exposure across ARKB and IBIT suggests diversification across leading, liquid spot vehicles. Concentration risks can be reduced when allocations span multiple issuers and operational setups within the same asset class.

Risk posture appears calibrated rather than directional. The bank’s use of ETF wrappers, combined with hedging tactics discussed below, indicates an emphasis on managed exposure over high-conviction speculation.

At the time of this writing, Intesa Sanpaolo shares (ISP.MI) traded around €5.97 on a delayed Milan quote, based on data from Yahoo Finance. This provides a neutral backdrop for interpreting the disclosure within the issuer’s broader market context.

Filing details: ARKB vs IBIT split, hedges, and 13F timingForm 13F captures U.S.-listed equity securities and certain options as of the quarter’s end, typically published several weeks later. It is a position snapshot, not a real-time view, and does not include all risk exposures or cash balances.

Alongside the ETF positions, the disclosure cycle has been discussed in parallel reporting with a sizable put-option position on MicroStrategy, a Bitcoin-treasury proxy. Coindoo attributed that hedge to Intesa Sanpaolo in coverage of the filing period, describing it as a risk-management complement to long ETF exposure.

Holdings split between ARK 21Shares (ARKB) and iShares (IBIT)As of December 31, 2025, about $72.6 million was in ARK 21Shares Bitcoin ETF and roughly $23.4 million in iShares Bitcoin Trust, as reported by Archyde. The figures indicate a majority weighting to ARKB with a meaningful allocation to IBIT.

Why pair ETF exposure with MicroStrategy put optionsMicroStrategy’s equity is highly sensitive to Bitcoin moves and corporate leverage, making puts on the stock a potential tail-risk hedge. As covered by Coindoo, pairing long ETF exposure with such options can help cushion drawdowns or dislocations.

FAQ about Intesa Sanpaolo Bitcoin ETF holdingsHow much of Intesa’s position is in ARK 21Shares Bitcoin ETF (ARKB) versus iShares Bitcoin Trust (IBIT)?Approximately $72.6 million in ARKB and $23.4 million in IBIT as of December 31, 2025, as reported by Archyde.

Are these Bitcoin ETF holdings proprietary trading or client-directed, and what does any DFND/shared designation imply?Filings don’t state this. Some coverage interprets DFND/shared as shared investment discretion aligned with client-directed flows, according to AInvest.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Solana’s price is showing renewed downside risk after bearish engulfing candles rejected key resistance, with weakening market structure increasing the likelihood of testing sub-$80 support levels.

Summary

Bearish engulfing candles confirm rejection at the key $90 resistance Loss of the point of control signals weakness, favoring further downside $78–$80 support is the critical zone, with Fibonacci and liquidity confluence Solana (SOL) price action has shifted back into a vulnerable technical position after a failed attempt to reclaim higher resistance. What initially looked like a potential stabilization has now turned into renewed weakness, as sellers regain control after a rejection at a key resistance zone. The broader structure remains corrective, and recent candlestick behavior suggests that downside continuation is becoming increasingly likely.

As price trades back below important value levels, attention is now turning to high-timeframe support zones that could come into play in the near term. Whether these levels hold or fail will determine if Solana can stage a meaningful bounce or if the correction deepens further.

Solana price key technical points Bearish engulfing candles rejected $90 resistance, reinforcing seller control Loss of the point of control signals weakness, favoring rotation lower $78–$80 support zone aligns with Fibonacci confluence, acting as a key downside target SOLUSDT (4H) Chart, Source: TradingView Solana recently attempted to push above the $90 resistance level, but the move failed to gain traction. Price quickly closed back below resistance, forming bearish engulfing candles that invalidated the breakout attempt. These engulfing structures are significant because they often reflect aggressive selling pressure entering the market when buyers lose control.

The rejection from resistance is further reinforced by Solana’s inability to hold above the point of control (POC). Multiple counter-trend closes below this level indicate that the market has shifted away from balance and back into bearish momentum. When price loses the POC after a failed breakout, it often signals the start of a deeper corrective rotation.

Loss of value opens path toward $78 support With price now trading below the point of control, the next logical downside magnet is the value area low. This level defines the lower boundary of fair value within the current range and frequently acts as a target during corrective phases.

Below the value area low sits high-timeframe support around $78, which also marks the lower edge of the broader trading structure. A move into this region would place Solana below the $80 psychological level, increasing volatility as traders reassess risk.

From a technical perspective, the $78 area carries additional significance due to its alignment with the 0.618 Fibonacci retracement. Fibonacci confluence often attracts price during corrective moves, particularly when paired with visible resting liquidity.

Liquidity sweep or deeper breakdown? The swing low near $78 indicates an area with likely resting liquidity. Markets often dip into such zones to trigger stop-loss orders before deciding on the next directional move. If Solana quickly trades into this region and then reclaims it with strong buying interest, the move could resemble a liquidity sweep, setting the stage for a reactive bounce.

However, timing and structure will be critical. A slow grind lower, or prolonged acceptance below $78, would weaken the bounce thesis and suggest that a deeper corrective phase is unfolding. In that scenario, the market would be signaling that buyers are not yet ready to defend key support.

Broader market structure remains corrective From a market structure standpoint, Solana has not yet invalidated its bearish bias. Lower highs remain intact, and recent attempts to reclaim resistance have failed. Without a decisive reclaim of value and strong bullish volume, rallies should continue to be treated as corrective rather than trend-changing.

The presence of bearish engulfing candles at resistance adds further weight to this view, as such patterns often precede continuation lower rather than immediate reversal.

What to expect in the coming price action From a technical, price-action, and market-structure perspective, Solana is likely to continue rotating lower in the short term. As long as the price remains below the resistance and the point of control, the probability favors a move toward the value area, low and high-timeframe support near $78.

Traders should closely monitor price behavior around this zone. A sharp reaction and reclaim could trigger a short-term relief bounce, while sustained trading below $80 would increase the risk of a deeper correction.

Until bullish acceptance returns above key value levels, downside risks remain elevated, and Solana’s next meaningful move is likely to be defined by how the price reacts at sub-$80 support.

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 Key Insights:

Hyperliquid commits 1 million HYPE tokens to fund Washington policy operations. Jake Chervinsky appointed CEO to lead decentralized finance engagement efforts. Policy center targets U.S. regulatory framework for crypto perpetual futures markets. Hyperliquid Launches DC Policy Arm With $28M War Chest Hyperliquid has opened the Hyperliquid Policy Center in Washington, D.C., backed by a $28 million token commitment. The funding comes from a 1 million HYPE token donation by the Hyper Foundation. The launch places Hyperliquid in direct contact with U.S. lawmakers on digital asset policy.

Jake Chervinsky will serve as the center’s first chief executive officer. The group will focus on decentralized finance and related legislation. It will operate from Washington and engage with regulators and members of Congress.

$28M in HYPE Tokens Unstaked The Hyper Foundation confirmed it will provide 1 million HYPE tokens to fund the new policy arm. Based on recent prices, the tokens are worth about $28 million. The foundation said the tokens will be unstaked to finance the center’s work.

In a post, Hyperliquid said, “The Hyper Foundation will contribute 1M HYPE tokens to support the creation of the Hyperliquid Policy Center.” It added, “The tokens will be unstaked later today.” The funds will cover operations, staffing, and outreach.

Push for Perpetuals Framework The Hyperliquid Policy Center will promote rules for perpetual futures, also known as perps. The group states that perps are simpler than options and standard futures contracts. It also says they provide direct exposure to the underlying asset.

Most perpetual trading now takes place on offshore platforms. The center plans to work with U.S. officials on a domestic framework for these products. The focus will remain on how decentralized derivatives fit within existing laws.

Representation in Washington Hyperliquid said the community will gain representation in Washington, D.C. The firm expressed confidence in Chervinsky’s leadership of the policy effort.

The company stated that the center “will have a meaningful impact in favor of clear regulations for decentralized finance.” The launch marks Hyperliquid’s entry into formal policy engagement in the United States.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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

The Dogecoin (DOGE) price is buckling under the weight of falling crypto market sentiment. In a unique twist, the leading meme coin is currently changing hands for $0.1011, down 2.25% in the past 24 hours, per CoinMarketCap data. With a new wave of sell-off on the altcoin market, the chances that the Dogecoin price will test the weekly low remain high.

Dogecoin price at risk of more sell-off?Sentiment on the altcoin market is highly negative at the moment, as total altcoin volume has fallen by over 50%. Dogecoin is particularly susceptible to a sell-off, as key metrics like daily trading volume have fallen by 7%, a sign of a waning short-term outlook.

Dogecoin has a very rich history of adapting to market trends, exhibiting more volatility in relation to Bitcoin. According to open interest data over the past few months, there is hardly any stability on the DOGE market.

Futures market traders are always switching sides, in line with spot market trends. In early February, Dogecoin open interest jumped by 12% in 24 hours, a move that sent a positive projection to the meme coin’s traders.

Current open interest trend is negative, aligning with the grand bearish outlook of the broader market.

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Dogecoin ETF not adding momentumWhile the broader crypto market is pushing for a rebound, the potential growth catalysts for Dogecoin are significantly limited. Dogecoin ETF products have not lived up to their potential since their launch, raking in just $6,670,000.

This figure pales in comparison to the XRP ETF that has now bagged a total inflow of $1.23 billion. Notably, with ETF not providing the required liquidity to trigger scarcity, the rebound potential of Dogecoin remains quite limited.

The digital currency might be at risk of short-term price slippage, but support from personalities like Elon Musk remains a major attraction for the coin.

TLDR Table of Contents

TLDRBMNR Stock: A Bullish Pattern EmergesEthereum’s Recovery Can Drive BitMine Stock HigherGet 3 Free Stock Ebooks BitMine’s stock has fallen from a high of $160 to $20, but a bullish pattern suggests a potential rebound. The falling wedge pattern on the daily chart indicates a strong upward breakout as the stock nears key resistance levels. Ethereum’s recovery, with impressive growth in transactions and active addresses, is a major catalyst for BitMine’s potential price rise. BitMine has benefited from staking and government bond investments, positioning itself as a cash flow machine with no debt. The company’s Ethereum accumulation strategy and venture investments further strengthen its outlook for future growth. BitMine’s (BMNR) stock price has come under pressure in recent months, primarily due to reduced demand for Digital Asset Treasury (DAT) companies and the decline in Ethereum’s price. Ethereum has dropped from its record high of nearly $5,000 to its current value of $1,800. Despite this, there are strong indicators suggesting that BitMine’s stock, currently trading at $20, could experience a rebound in the near future.

BMNR Stock: A Bullish Pattern Emerges BMNR’s stock has shown a strong bearish trend recently, dropping from its record high of $160 in July to the current $20. However, technical analysis of the daily chart reveals a falling wedge pattern, typically signaling a bullish breakout. This pattern consists of two descending trendlines that are converging, and the closer they get, the more likely it is that the stock will make a strong upward move.

Bitmine Immersion Technologies, Inc., BMNR

The Percentage Price Oscillator (PPO) has also shown a bullish crossover, which typically indicates potential upward momentum. Meanwhile, the Relative Strength Index (RSI), which was once in the oversold territory at 25, has moved up to 40 and is nearing the key 50 level. This suggests that BitMine’s stock is in a good position for a rebound, with resistance levels at $35 and $50 offering potential targets.

Ethereum’s Recovery Can Drive BitMine Stock Higher Another catalyst for BitMine’s stock price is the strong fundamentals behind Ethereum. Despite the broader market downturn, Ethereum’s blockchain has seen impressive growth. According to recent data, Ethereum processed over 70 million transactions in the past 30 days, representing an 18% increase. Active Ethereum addresses have also jumped to over 14.6 million, and the network’s transaction fees soared by 100% to $20 million.

Ethereum’s decentralized finance (DeFi) ecosystem has also reached new highs, with the total value locked (TVL) in Ethereum-based DeFi protocols increasing in Ethereum terms. Moreover, Ethereum’s dominance in the stablecoin market has grown, handling over $1 trillion per month. These developments underscore the strength of Ethereum, which could provide a favorable environment for BitMine’s stock recovery.

BitMine continues to accumulate Ethereum and generate substantial income through staking and investments in government bonds. Unlike its competitors, BitMine remains debt-free, which positions it well for long-term growth. With Ethereum showing signs of recovery and BitMine continuing its strategic investments, the stock looks poised for a potential upward movement.