Market Signal Briefing

Kinder Morgan has a lot of growth coming down the pipeline over the next few years.

Kinder Morgan (KMI +0.11%) generates a substantial amount of stable cash flow, with regulated rate structures, long-term contracts, and hedging agreements supporting around 95% of its earnings. It also has a long list of expansion projects underway. That gives the natural gas pipeline company tremendous visibility. It expects to produce more cash in the coming year, driving its confidence that it can continue increasing its 4.3%-yielding dividend in 2026.

Here's a look at what the pipeline stock sees ahead.

Image source: Getty Images.

Drilling down into Kinder Morgan's 2026 outlook
Kinder Morgan recently provided its financial expectations for the coming year. The natural gas infrastructure giant anticipates producing $8.7 billion of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). That's about 4% more than it expects to produce this year. Meanwhile, the company sees its adjusted earnings rising by 8% to $1.37 per share.

The gas pipeline company will get a lift from several project completions. The company placed $500 million of expansion projects into commercial service during the third quarter of this year, including the $263 million Altamont Green River Pipeline project, which will help fuel growth over the next year. Meanwhile, it's on track to complete the Cumberland ($200 million estimated cost) and Hilland Express ($100 million) projects in the first quarter of next year, followed by the GCX expansion ($200 million) in the second quarter and the Plantation North Expansion ($500 million) by the end of the year.

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This earnings growth gives Kinder Morgan the confidence that it can pay $1.19 per share in dividends next year. That's a roughly 2% increase from this year's level, and would mark its 9th straight year of raising the dividend.

The company also anticipates ending next year with a 3.8 times leverage ratio. That's down from 3.9 times at the end of the third quarter and in the low end of its 3.5-4.5 times target range. This conservative level will provide the company with ample flexibility to opportunistically pursue new investments next year.

More growth coming down the pipeline
Kinder Morgan expects to invest $3.4 billion into organic expansion projects in 2026. That's $400 million more than this year's level. This increase in capital spending will help complete its 2026 slate of capital projects and fund those with in-service dates farther out in the future.

The company ended the third quarter with $9.3 billion of organic capital projects in its backlog. That's over three times the size of its backlog at the end of 2023. Most of those projects ($8.4 billion) are related to natural gas infrastructure.

The bulk of its backlog will enter service in the 2027 to 2029 time frame. It has three large-scale gas pipeline projects underway (Trident, Mississippi Crossing, and South System Expansion 4). That trio of gas pipeline projects will all cost between $1.7 billion and $1.8 billion to complete. Meanwhile, given the size and timeline of the Plantation North Expansion, it will be a more significant growth driver in 2027. The company also has one project with a 2030 in-service date, the $400 million Bridge project that it expects to complete in the second quarter of that year.

As a result, the company's earnings growth rate should accelerate in 2027 as Plantation North and the first phase of Trident provide it with incremental earnings. This elevated growth rate should continue through 2030.

The company is working to enhance its already robust growth outlook. It recently proposed building the Western Gateway Pipeline in partnership with Phillips 66. The pipeline system would transport refined products from Texas toward markets in the West and could enter service by 2029. Additionally, Kinder Morgan is pursuing upwards of $10 billion in new gas-related infrastructure projects to support the growing demand for cleaner-burning fuel from data centers and power companies. Meanwhile, Kinder Morgan has ample financial capacity to make acquisitions as opportunities arise. For example, it closed its $640 million acquisition of a natural gas gathering and processing system earlier this year.

A well-oiled, dividend-paying machine
Kinder Morgan's energy infrastructure assets generate lots of stable cash flow. That gives it the funds to invest in growing its business, while also allowing it to pay a super-safe, high-yielding, and steadily rising dividend. The company expects to continue growing in 2026 before hitting the gas in 2027 as its larger-scale projects begin entering commercial service. This combination of income and growth could enable Kinder Morgan to produce high-octane total returns in the coming years, making it an attractive energy stock to buy and hold.

These stocks have plenty of room to run.

The Magnificent Seven technology stocks have powered the S&P 500 through this bull market so far -- that's because investors like their solid, well-established businesses and their promise in the high-potential artificial intelligence (AI) market. Some are bigger AI players than others, but they all are participating to some degree in this technology. Investors are enthusiastic about AI because it may supercharge earnings and stock performance over time.

And, as mentioned, the stock performance already has started, with the Magnificent Seven stocks each advancing in the double- or triple-digits over the past three years. This is great, but it's resulted in one thing that may be holding investors back from buying at least certain players right now: Stocks have become more expensive.

In fact, some analysts and investors have even worried about an AI bubble. Those concerns weighed on the S&P 500 in the early weeks of November, though tech companies' earnings reports and comments on demand haven't supported the idea of a bubble taking shape. Earnings have climbed, and companies have spoken of high demand for AI products and services.

Still, it's clear many AI stocks are expensive these days. But the good news is bargains also exist -- even among Magnificent Seven AI stocks. And two in particular may be offering investors a once-in-a-decade buying opportunity before the new year: They are the cheapest of the Magnificent Seven, but due to their potential in AI, this may not last for long. Let's check out these stocks to buy now.

Image source: Getty Images.

1. Meta Platforms
Meta Platforms (META 1.51%), trading for 26x forward earnings estimates, is the cheapest Magnificent Seven stock today. This is a fantastic deal considering the company's long history of earnings growth, which offers it the ability to invest in AI and reward shareholders with dividends.

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You may know Meta mainly for its social media leadership -- the company owns a number of apps, including Facebook and Instagram -- and this platform has been its ticket to revenue growth. Advertisers come to Meta to reach us, and this has resulted in billion-dollar revenue and profit for the company.

Meta now aims to use AI to revolutionize advertising, automating ads across its platform and making them more successful. Meanwhile, the presence of AI on its apps may keep us on them longer. All of this may result in advertisers increasing their spending on ads here. And Meta's investments in AI also could lead to the development of new products and services that may drive revenue down the road.

All of this makes Meta look like a steal at today's valuation.

2. Alphabet
Alphabet (GOOG +1.01%) (GOOGL +1.07%) is the second-cheapest of these seven tech titans, as it trades for 29x forward earnings estimates. Like Meta, Alphabet may not remain at this level for long as its AI investment powers revenue higher.

Alphabet uses AI across its Google Search business, and that should boost advertising revenue as it takes a route similar to Meta's -- improving the overall advertising experience and ad results. And Alphabet also is benefiting from AI through its Google Cloud business -- here, it offers a wide range of AI products and services to customers, and these have been fueling revenue growth.

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In the latest quarter, for example, Google Cloud revenue climbed 34% to more than $15 billion, and for the first time ever, Alphabet reached total quarterly revenue of more than $100 billion. As a leading cloud player, Google Cloud should be well-positioned to attract AI customers looking for capacity -- demand already has been surging and hasn't shown signs of letting up. In the quarter, Alphabet said demand for AI infrastructure and generative AI systems drove cloud revenue.

So, Alphabet, like Meta, is on track for more growth as this AI boom marches on -- and that means getting in on these stocks at today's levels may be a once-in-a-decade opportunity.

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An underweight position in device and services company Apple (AAPL) detracted from relative performance, as the stock outperformed during the period. An overweight position in enterprise software company Intuit (INTU) also detracted from relative results. Contributors to relative performance included AppLovin (APP), the developer and owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games.

Strategic highlights: 

Aegon announces ambition to become a leading US life insurance and retirement group Aegon to move its head office and legal seat to the US and be renamed Transamerica Inc. at completion of transition, which Aegon aims to conclude by January 1, 2028Aegon Asset Management to focus on growing third-party revenues and improving efficiencyContinued focus on profitable growth in Aegon’s International business Strategic review of Aegon UK, evaluating all options, including divestment Financial highlights:

Achieving all financial targets for 2025Further execution upon Aegon’s strategy to reduce capital employed in Financial Assets through a reinsurance transaction on part of its SGUL block, reducing mortality and policyholder behavior risk and capital employed by USD 0.3 billion. Negative impact on RBC ratio neutralized with a capital investment of USD 800 million, which will enable additional operating capital generation and remittances of USD 75 million per annumNew EUR 400 million share buyback program to be split evenly between the first and the second half of 2026New financial ambitions for the transition period including dividend growth of > 5% per annum from around EUR 0.40 per share for 2025Estimated one-time implementation cost of relocation of around EUR 350 million to be incurred between 2H 2025 and 1H 2028 Schiphol, December 10, 2025 - Today, at its Capital Markets Day (CMD) 2025 in London, Aegon announces its ambition to become a leading US life insurance and retirement group and move its head office and legal seat to the US. Following the completion of the re-domiciliation process, which Aegon aims to conclude by January 1, 2028, the holding company, Aegon Ltd., will be renamed Transamerica Inc., while the business units will continue to operate under their current brands.

Aegon CEO Lard Friese together with Aegon CFO Duncan Russell, Transamerica CEO Will Fuller, and Aegon Asset Management CEO Shawn C.D. Johnson will present Aegon’s strategy and growth ambitions. The CMD, entitled “The Next Frontier”, builds on the successful execution of the first two chapters of Aegon’s transformation journey, which began in 2020.

Accelerating growth to become a leading business in the US
Aegon CEO Lard Friese commented: “Today marks a historical moment in the transformation of our company. Over the past five years, we have successfully transformed Aegon into a strong, focused, well-performing group. Now, we are ready for the next frontier: to fully capture the opportunities in the largest life insurance market in the world: the US. With Transamerica, which now represents around 70% of our operations, we are strongly positioned to serve a large and underserved segment: Main Street American families, and medium-sized companies. Aegon’s ambition is clear: we want to become a leading US life insurance and retirement group.”

Aegon’s decision to relocate its head office and legal domicile follows the review that was announced in August 2025. The move supports Aegon’s commitment to prioritize resources towards building a leading US life insurance and retirement group. Aegon aims to begin to report under US GAAP for the first time at its full year 2027 results. To facilitate the transition, Aegon will stop publishing trading updates in 2026 and 2027, limiting disclosures to comprehensive half-year reporting. After the relocation, Transamerica Inc.’s common stock will remain listed on Euronext and NYSE.

Lard Friese said: “The organizational implications of our decision to relocate to the US are profound and defining for our identity. I realize this decision will, ultimately, result in a significant impact for colleagues at our head office in the Netherlands. We will work to support our colleagues throughout the process. While this was not an easy decision to make, it fully embraces the reality of our business and prioritizes resources to build a leading franchise in the US. Once the re-domiciliation is completed, Aegon will change its name to Transamerica Inc. and become an American life insurance, annuity, and retirement group with international insurance and asset management subsidiaries.”

Aegon intends to convene an Extraordinary General Meeting in the fourth quarter of 2026 to seek shareholder approval for the move to the US. Vereniging Aegon, Aegon’s largest shareholder, considers the decision to relocate Aegon Ltd. to the US an important and positive step for Aegon. Vereniging Aegon has indicated that it will review and constructively consider any forthcoming proposals in relation to the impact on the Vereniging of the proposed relocation to the US.

The transition is expected to have an estimated one-time implementation cost of around EUR 350 million to be incurred between 2H 2025 and 1H 2028.

Reinsurance of a portfolio of SGUL policies with a net face value of USD 10 billion
Consistent with its strategy to reduce capital employed by Financial Assets, which are legacy blocks, Aegon has decided to reinsure a block of Secondary Guarantee Universal Life (SGUL) contracts. The transaction covers 30% of the face value of Transamerica’s SGUL business, bringing the total value addressed to 80% of the total SGUL portfolio in combination with previously executed management actions. It decreases the total capital employed by USD 0.3 billion to USD 2.7 billion, well ahead of the targeted reduction in 2025.

The transaction occurs at a price consistent with Aegon’s best estimate assumptions, resulting in a minimal impact on the company’s IFRS valuation equity and operating profit, while removing potential variances and risks associated with mortality and policyholder behavior in the future.

The transaction will unwind existing financing structures and trigger tax constraints along with realized losses, impacting the RBC ratio. It comes together with a USD 800 million investment into Transamerica which neutralizes the impact on the RBC ratio and will enable additional operating capital generation and remittances of USD 75 million per annum, which compares favorably to the alternatives.

Maximizing the value of Aegon’s business portfolio
In the US, the underlying market trends favor Transamerica’s business: people are living longer, the protection gap is widening, and there is significant opportunity for Aegon to support American families in preparing for retirement. To underpin Aegon’s growth plans, Transamerica aims to:

Make World Financial Group (WFG), Transamerica’s affiliated insurance distribution network of more than 92,000 independent agents, the top agent network for “Main Street” America (middle market and mass affluent), with the aim to increase WFG’s total life sales by 14% per annum to around USD 900 million and increase WFG’s total annuity sales by 7% per annum to around USD 5.0 billion in 2027. Scale the Protection Solution business by increasing life sales by 15% per annum to around USD 720 million in 2027. Capitalize on Transamerica’s leadership position in pooled Retirement plans and broaden its ancillary product range, targeting approximately USD 275 billion Retirement plan AuA in 2027, while increasing Return on Assets from 8 bps (YTD 2025) to around 11 bps.Continue to decrease Transamerica’s exposure to its Financial Assets. This plan aims to enable Transamerica to grow its operating result and its remittances by around 5% per annum over the course of the next two years from a 2025 run-rate of USD 1.4 to 1.6 billion and USD 675 million respectively. This includes the impact of the SGUL reinsurance transaction and related investment into Transamerica.

In addition, Aegon outlined its plans for its asset management business, which include:

Expanding its third-party business segment by focusing on higher revenue-margin strategies which will enable third-party revenue growth to outpace AuM growth. Implementing a number of initiatives to improve the scalability and efficiency of its organization with the ambition to improve the Global Platforms operating margin to at least 20% in 2027, from around 16% expected for 2025. Key enablers include cost reduction programs, a simpler business organization and a single portfolio management system. Growing its Strategic Partnerships in China and France, which have historically been a strong source of earnings and remittances. Continuing the strong collaboration between Transamerica and Aegon Asset Management (Aegon AM), which includes investment in capabilities to contribute to Transamerica's growth plans. These plans aim to increase Aegon AM’s operating result to more than EUR 200 million in 2027, from a 2025 run-rate of EUR 170–200 million, and to increase its remittances of approximately EUR 80 million estimated for 2025 by more than 5% per annum until 2027.

In the UK, Aegon’s strategy to transform Aegon UK into a leading digital savings and retirement platform, as outlined in June 2024, continues to make good progress and the business remains a reliable and growing source of revenues for the Group. In the context of our stronger focus on the U.S., Aegon will begin a strategic review of Aegon UK to assess the best way to accelerate and maximize value for all stakeholders. In this review all options will be evaluated, including a potential divestment.

With respect to its International business, which includes growth markets in Spain & Portugal, Brazil, China, and Transamerica Life Bermuda, Aegon will continue to invest in profitable growth. These businesses, primarily operated through partnerships, will continue to upstream remittances and contribute to the Group’s operating results, building their growth on product innovation, customer service, and expanding distribution.

a.s.r. shareholding
Aegon will remain a patient shareholder of a.s.r. and benefit from its progress, holding its stake until the a.s.r. share price reflects its intrinsic value and/or until value-creating opportunities present themselves. As Aegon CEO Lard Friese, who is currently a non-independent member of the supervisory board of a.s.r., will be fully focused on delivering on the ambitions that Aegon has set out today, Aegon will nominate a new member of the supervisory board of a.s.r. Following the approval of the nominee by all relevant stakeholders of a.s.r., Lard Friese will step down as non-independent member of its supervisory board.

Capital management implications
Under the new strategic ambition, Aegon’s approach to capital management will not change. Aegon's operating companies will remain well capitalized and Cash Capital at Holding will be maintained around the mid-point of the EUR 0.5 to 1.5 billion operating range. Excess capital will be returned to shareholders over time, unless it can be invested in value-creating opportunities. To support shareholder returns and reach the targeted level of EUR 1.0 billion at the end of 2026, Aegon announces today a new EUR 400 million share buyback program to be split evenly between the first and the second half of 2026. The share buyback program will start at the beginning of January 2026.

Consistent with the strategy announced today, the financial flexibility enabled by the capital management framework will be prioritized to the US.

Across its businesses, Aegon will continue to increase the proportion of capital employed in strategic business lines with attractive returns. At the same time, Aegon aims to drive capital employed by the US Financial Assets down to USD 2.2 billion by year-end 2027, while reducing risk sensitivities through management actions and transactions.

Financial targets
As a result of Aegon’s plans to further strengthen its businesses and grow profitably:

The company’s operating result is expected to grow by around 5% per annum between 2025 and 2027 from EUR 1.5 - 1.7 billion (run-rate taking into account an assumed EUR/USD exchange rate of 1.20), driven by growth of Aegon’s US Strategic Assets. OCG after holding funding and operating expenses is expected to grow between 0% and 5% per annum over the same timeframe, from around EUR 0.9 billion for 2025 (run-rate taking into account both the positive impact of the SGUL derisking transaction and related investment into Transamerica and the negative impact of an assumed EUR/USD exchange rate of 1.20) as higher earnings on in-force are offset by higher new business strain. Free cash flow is expected to grow by around 5% per annum from around EUR 0.8 billion per year (run-rate taking into account both the positive impact of the SGUL derisking transaction and related investment into Transamerica and the negative impact of an assumed EUR/USD exchange rate of 1.20 and the reduced cash flows from a.s.r. driven by the reduced size of the stake) as the pay-out ratio of OCG gradually increases over time. Dividends remain well covered by free cash flow and, on a per share basis, will benefit from the reduction in share count from the announced share buyback programs, enabling a growth of dividend per share in excess of 5% per annum. Contacts

Link to live Capital Markets Day webcast
Aegon is hosting a Capital Markets Day (CMD) in London on December 10 from 13:00 GMT (14:00 CET) to provide an update on our strategy and financial targets. You can follow the presentations and discussions at our Capital Markets Day via a live webcast. Please use this link to register.

About Aegon
Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues. Aegon is headquartered in Schiphol, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.

Local currencies
This document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.

Cautionary note regarding non-IFRS measures
This document includes the following non-IFRS financial measures: operating result and valuation equity. Operating result is calculated by consolidating on a proportionate basis Aegon’s joint ventures and associated companies, except for its associate a.s.r. Operating result reflects Aegon’s profit before tax from underlying business operations and mainly excludes components that relate to accounting mismatches that are dependent on market volatility or relate to events that are considered outside the normal course of business. Valuation equity represents the sum of shareholders’ equity and Contractual Service Margin (CSM) after-tax (embedded value of unearned profits in insurance contracts). This measure is intended to provide a more comprehensive view of the Group’s economic value. Aegon believes that these non-IFRS measures, together with the IFRS information, provide meaningful supplemental information about the operating results of Aegon’s business including insight into the financial measures that senior management uses in managing the business.

Forward-looking statements
The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the United Kingdom and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;Civil unrest, (geo-) political tensions, military action or other instability in countries or geographic regions that affect our operations or that affect global markets;Changes in the performance of financial markets, including emerging markets, such as with regard to:          The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios; The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds; The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;The impact from volatility in credit, equity, and interest rates; Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;The effect of tariffs and potential trade wars on trading markets and on economic growth, globally and in the markets where Aegon operates.Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain and our ability to pay dividends;Changes in the European Commission’s or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;Changes affecting interest rate levels and low or rapidly changing interest rate levels;Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;The effects of global inflation, or inflation in the markets where Aegon operates;Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;Increasing levels of competition, particularly in the United States, the United Kingdom, emerging markets and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;The frequency and severity of insured loss events;Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;Customer responsiveness to both new products and distribution channels;Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows;Aegon’s failure to swiftly, effectively, and securely adapt and integrate emerging technologies;The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results from such transactions, and its ability to separate businesses as part of divestitures. In particular, there is no certainty or guarantee, if pursued, what the manner, timing, and potential impacts of a relocation of the company’s legal domicile and head office to the United States would be and if such relocation can be completed successfully.Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;Changes in the policies of central banks and/or governments;Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national (such as Bermuda) or US federal or state level financial regulation or the application thereof to Aegon;Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;The rapidly changing landscape for ESG responsibilities, leading to potential challenges by private parties and governmental authorities, and/or changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, or other ESG targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws; andReliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon's discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes, even if we use words such as "material" or "materiality" in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future. This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2024 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

WORLD FINANCIAL GROUP (WFG)
WFG CONSISTS OF:
IN THE UNITED STATES, WORLD FINANCIAL GROUP INSURANCE AGENCY, LLC (IN CALIFORNIA, DOING BUSINESS AS WORLD FINANCIAL INSURANCE AGENCY, LLC), WORLD FINANCIAL GROUP INSURANCE AGENCY OF HAWAII, INC., WORLD FINANCIAL GROUP INSURANCE AGENCY OF MASSACHUSETTS, INC., AND / OR WFG INSURANCE AGENCY OF PUERTO RICO, INC. (COLLECTIVELY WFGIA), WHICH OFFER INSURANCE AND ANNUITY PRODUCTS.
IN THE UNITED STATES, TRANSAMERICA FINANCIAL ADVISORS, INC. IS A FULL-SERVICE, FULLY LICENSED, INDEPENDENT BROKER-DEALER AND REGISTERED INVESTMENT ADVISOR. TRANSAMERICA FINANCIAL ADVISORS, INC. (TFA), MEMBER  FINRA, MSRB, SIPC , AND REGISTERED INVESTMENT ADVISOR, OFFERS SECURITIES AND INVESTMENT ADVISORY SERVICES.
IN CANADA, WORLD FINANCIAL GROUP INSURANCE AGENCY OF CANADA INC. (WFGIAC), WHICH OFFERS LIFE INSURANCE AND SEGREGATED FUNDS. WFG SECURITIES INC. (WFGS), WHICH OFFERS MUTUAL FUNDS.
WFGIAC AND WFGS ARE AFFILIATED COMPANIES.

20251210_PR_Aegon Capital Markets Day 2025 – The Next Frontier

South Korea's biggest online retailer Coupang said on Wednesday that its Chief Executive Officer Park Dae-jun has resigned, taking responsibiliity for a huge data breach at the company.

This quantum computing pure play's valuation is far out of touch with its fundamentals.

Investors haven't been able to get enough of quantum computing stocks in recent years, and IonQ (IONQ +0.06%) has been a big winner thanks to that trend. The stock has increased by more than 40% over the past year and by roughly 1,000% over the past three years.

The company is building quantum computers for commercial applications. Its CEO has gone so far as to state that its ambition is to dominate the quantum computing market in a similar way to how Nvidia has dominated the market for artificial intelligence (AI) accelerator chips.

But with IonQ trading at over $50 per share, I wouldn't touch the stock with a 10-foot pole. Here is why IonQ doesn't make sense to buy today, and my view on a price at which the stock might begin looking more approachable.

IonQ's valuation is an implosion waiting to happen
In one sense, the market's optimism about quantum computing is totally understandable. In some specific applications, quantum computers can be exponentially more powerful than the classical computers in use today, giving them exciting potential in AI and other computing-intensive applications. However, the technology is still very young, and one of the core issues with it is that quantum computers are finicky, and they're massively more error-prone than traditional computers. The quantum error correction and mitigation problems are among the central challenges facing every player in the space -- and until they are surmounted, these machines will hardly be practical for real-world uses.

IonQ management is only anticipating revenues of $106 million to $110 million for 2025, yet its market cap is $18.3 billion. That gives it a price-to-sales (P/S) ratio of 166, making IonQ one of the most expensive stocks on Wall Street.

Image source: Getty Images. 

Such a high valuation leaves plenty of room for the stock to fail if things don't go well, and there are numerous ways things could go wrong for IonQ. For instance, it's unclear how long it will be before quantum computers become broadly usable, what IonQ's eventual market share in that niche will look like, and whether the company will turn a profit anytime soon.

IonQ isn't necessarily an unbuyable stock, but the price should adequately reflect the risks involved in such a speculative investment.

Even Nvidia -- which IonQ's CEO has repeatedly compared his business to -- trades at about 20 times its estimated 2025 revenue. To slide to that valuation, IonQ's market cap would have to drop by about 88% to $2.2 billion. Assuming the outstanding share count stayed about the same as it is now, that would price IonQ shares at between $6 and $7.  

Today's Change

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0.06

%) $

0.03

Current Price

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54.39

One might argue that IonQ should be priced at a lower premium than the top AI stock, but it would at least be significantly less risky to buy at that valuation. It may seem unlikely that IonQ could fall that far, but its shares traded in that range as recently as the summer of 2024.

Who knows what could happen if the broader market, following a massive tech bull market since early 2023, begins to stumble. Stock prices can behave irrationally for months or even years. However, business fundamentals tend to prevail in the long run, and IonQ is flashing warning signs at its recent share prices.

Amazon is positioned to outperform mega-cap peers, driven by its expansive data center footprint and AI infrastructure leadership. AMZN's AWS segment is primed for accelerated growth, with government contracts and AI demand supporting potential 25% revenue growth in 2026. Digital advertising is a high-margin, fast-growing segment, with Prime Video and sports integrations fueling a potential $1T valuation opportunity.

Amid shifting macro signals and rising fiscal concerns, dividend-paying large caps are emerging as a compelling strategy for investors seeking income and resilience in uncertain markets. The WisdomTree U.S. LargeCap Dividend Fund (DLN) has consistently outperformed the iShares Russell 1000 Value ETF (IWD) across multiple time horizons, driven by its fundamentally weighted and dividend-focused approach. DLN's emphasis on actual cash dividends not only boosts yield but also reshapes portfolio exposure, offering investors a more disciplined and performance-oriented way to access large-cap value.

December 10, 2025 1:45 AM EST | Source: Defiance Silver Corp.
Vancouver, British Columbia--(Newsfile Corp. - December 10, 2025) - Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) (WKN: A1JQW5) ("Defiance" or the "Company") is pleased to announce the results of its 2025 Annual General and Special Meeting (the "AGM") held on Friday, December 5, 2025.

Shareholders approved all items to be acted upon, as outlined in the management information circular of the Company dated October 22, 2025, namely:

Electing all nominees to the board of directors of the Company.Appointing Davidson & Company LLP as auditor of the Company for the ensuing year and authorizing the Directors to determine the auditor's compensation.Approving, ratifying and confirming the Company's 2021 Omnibus Plan.A total of 90,698,476 common shares of the Company were voted at the meeting, representing approximately 24.918% of the issued and outstanding common shares of the Company (see below).ResolutionVotes ForVotes AgainstVotes WithheldTo set the number of directors at five98.53%1.470%n/aTo elect the following as directors:Christopher Wright97.279%n/a2.721 %Ronald Sowerby99.016%n/a0.984%James Bergin93.7536%n/a6.427%George Cavey95.502%n/a4.498%Paul A. Smith95.359%n/a4.461%Appointment of Auditor96.699%n/a3.301%Approve, ratify and confirm the 2021
Omnibus Plan93.238%6.762%n/a"We appreciate the continued support of our shareholders. Our team remains committed to creating long-term value through strategic exploration and the advancement of our key assets," stated Christopher Wright, CEO of the Company.

About Defiance Silver Corp.

Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) is an exploration company advancing the district-scale Zacatecas project, located in the historic Zacatecas Silver District, the 100% owned Tepal Gold/Copper Project in Michoacán state, Mexico and the newly acquired Green Earth Metals property portfolio in Sonora State. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing, and developing several operating mines and advanced resource projects. Defiance Silver's corporate mandate is to advance its projects through capital-efficient exploration focused on resource growth and new mineral discoveries.

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

Cautionary Statements Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts may be "forward-looking information" for the purposes of Canadian securities laws. Such forward-looking information and statements involve known and unknown risks and uncertainties that may cause Defiance's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon... The words "believe", "expect", "anticipate", "contemplate", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule", "understand" and similar expressions identify forward-looking information.

Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability of suitable financing alternatives; fluctuations in gold and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from Defiance's Mexican activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Accordingly, all such factors should be considered carefully when making decisions with respect to Defiance, and prospective investors should not place undue reliance on forward-looking information. Forward-looking information in this news release is made as at the date hereof. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277489

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in BOE over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

, /PRNewswire/ -- Hello Group Inc. (NASDAQ: MOMO) ("Hello Group" or the "Company"), a leading player in Asia's online social networking space, today announced its unaudited financial results for the third quarter of 2025.  

Third Quarter of 2025 Highlights

Net revenues decreased by 0.9% year over year to RMB2,650.1 million (US$372.3 million*) in the third quarter of 2025.
Net revenues from overseas increased by 69.0% year over year to RMB534.8 million (US$75.1 million) in the third quarter of 2025.
Net income attributable to Hello Group Inc. was RMB348.9 million (US$49.0 million) in the third quarter of 2025, compared to RMB449.4 million in the same period of 2024.
Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB404.5 million (US$56.8 million) in the third quarter of 2025, compared to RMB493.3 million in the same period of 2024.
Diluted net income per American Depositary Share ("ADS") was RMB2.06 (US$0.29) in the third quarter of 2025, compared to RMB2.46 in the same period of 2024.
Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the third quarter of 2025, compared to RMB2.70 in the same period of 2024.
For the Momo app total paying users was 3.7 million for the third quarter of 2025, compared to 6.9 million for the same period last year, and 3.5 million from last quarter. Tantan** had 0.7 million paying users for the third quarter of 2025 compared to 0.9 million from the year ago period and 0.7 million from last quarter.

First Nine Months of 2025 Highlights

Net revenues decreased by 1.7% year over year to RMB7,791.3 million (US$1,094.4 million) for the first nine months of 2025.
Net revenues from overseas increased by 71.0% year over year to RMB1,391.8 million (US$195.5 million) for the first nine months of 2025.
Net income attributable to Hello Group Inc. was RMB566.7 million (US$79.6 million) for the first nine months of 2025, compared to RMB852.3 million during the same period of 2024.
Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB712.2 million (US$100.0 million) for the first nine months of 2025, compared to RMB1,002.4 million during the same period of 2024.
Diluted net income per ADS was RMB3.32 (US$0.47) for the first nine months of 2025, compared to RMB4.51 during the same period of 2024.
Non-GAAP diluted net income per ADS (note 1) was RMB4.17 (US$0.59) for the first nine months of 2025, compared to RMB5.31 during the same period of 2024.

* This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.119 to US$1.00, the effective noon buying rate for September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

** In line with our strategic focus on return on investment in user acquisition and considering Tantan's diminished materiality to the Group's revenue, we will discontinue the monitoring of Tantan's MAUs. We believe that the number of Tantan's paying users represent a more meaningful metric that better aligns with our current strategy and overall performance.

"Q3 was a busy quarter. I am pleased to see that our team responded swiftly to external challenges and delivered good results in both user and financial metrics." commented Yan Tang, Chairman and CEO of Hello Group. " As one of the earliest mobile social platforms in China, Momo has maintained strong brand relevance and user stickiness over the years. Continuous product innovation and algorithm enhancements have driven steady improvement in key user metrics, laying a solid foundation for the sustained performance of our cash cow business. On the overseas front, revenue continued to grow robustly, driven by the rapid expansion of multiple social entertainment and dating brands in our portfolio. We expect the overseas business to become an increasingly important contributor to the Group's future revenue growth."

Third Quarter of 2025 Financial Results

Net revenues

Total net revenues were RMB2,650.1 million (US$372.3 million) in the third quarter of 2025, a decrease of 0.9% from RMB2,674.7 million in the third quarter of 2024.

Value-added service revenues mainly include virtual gift revenues from various audio, video and text- based scenarios, and membership subscription revenues. Total value-added service revenues were RMB2,611.4 million (US$366.8 million) in the third quarter of 2025, a decrease of 1.2% from RMB2,642.7 million during the same period of 2024. The decrease was primarily due to external factors that influenced the operational focus of certain broadcasters and agencies as well as the weak consumer sentiment on Momo app, and to a lesser extent, the decline in Tantan's paying resulting from a decline in user base. The decrease was largely offset by the revenue growth from our overseas apps, driven by the rapid expansion from multiple social entertainment and dating brands across our rich portfolio.

Other services revenues were RMB38.8 million (US$5.4 million) in the third quarter of 2025, compared to RMB32.0 million during the same period of 2024.

Net revenues from Chinese mainland decreased from RMB2,358.3 million in the third quarter of 2024 to RMB2,115.4 million (US$297.1 million) in the third quarter of 2025, primarily due to the decrease in net revenues from Momo app and Tantan app. Net revenues from overseas increased from RMB316.4 million in the third quarter of 2024 to RMB534.8 million (US$75.1 million) in the third quarter of 2025, driven by the growth of audio- and video-based products in the MENA region, primarily by the new apps, along with incremental revenue from other emerging brands.

Cost and expenses

Cost and expenses were RMB2,309.4 million (US$324.4 million) in the third quarter of 2025, an increase of 1.0% from RMB2,286.2 million in the third quarter of 2024. The increase was primarily attributable to: (a) an increase in revenue sharing with virtual gift recipients for overseas apps, partially offset by a decrease in revenue sharing with broadcasters on Momo apps; (b) an increase in commission fees paid to payment channels for overseas apps; and (c) an increase in amortization of intangible assets from business acquisitions.

Non-GAAP cost and expenses (note 1) were RMB2,250.0 million (US$316.1 million) in the third quarter of 2025, compared to RMB2,242.2 million during the same period of 2024.

Income from operations

Income from operations was RMB344.5 million (US$48.4 million) in the third quarter of 2025, compared to RMB410.7 million during the same period of 2024.

Non-GAAP income from operations (note 1) was RMB404.0 million (US$56.7 million) in the third quarter of 2025, compared to RMB454.7 million during the same period of 2024.  

Income tax expenses

Income tax expenses were RMB65.1 million (US$9.1 million) in the third quarter of 2025, compared to RMB95.3 million in the third quarter of 2024. The decrease in income tax expenses was primarily due to the lower profit in the third quarter of 2025.

Net income

Net income was RMB349.6 million (US$49.1 million) in the third quarter of 2025, compared to RMB449.4 million during the same period of 2024.

Non-GAAP net income (note 1) was RMB405.2 million (US$56.9 million) in the third quarter of 2025, compared to RMB493.3 million during the same period of 2024.

Net income attributable to Hello Group Inc.

Net income attributable to Hello Group Inc. was RMB348.9 million (US$49.0 million) in the third quarter of 2025, compared to RMB449.4 million during the same period of 2024.

Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB404.5 million (US$56.8 million) in the third quarter of 2025, compared to RMB493.3 million during the same period of 2024.

Net income per ADS

Diluted net income per ADS was RMB2.06 (US$0.29) in the third quarter of 2025, compared to RMB2.46 in the third quarter of 2024.

Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the third quarter of 2025, compared to RMB2.70 in the third quarter of 2024.

Cash and cash flow

As of September 30, 2025, the Company's cash, cash equivalents, short-term deposits, long-term deposits, short-term investments, short-term restricted cash and long-term restricted cash totaled RMB8,861.9 million (US$1,244.8 million), compared to RMB14,728.5 million as of December 31, 2024.

Net cash provided by operating activities in the third quarter of 2025 was RMB143.5 million (US$20.2 million), compared to RMB341.0 million in the third quarter of 2024.

First Nine Months of 2025 Financial Results

Net revenues for the first nine months of 2025 were RMB7,791.3 million (US$1,094.4 million), a decrease of 1.7% from RMB7,926.5 million in the same period of 2024.

Net income attributable to Hello Group Inc. was RMB566.7 million (US$79.6 million) for the first nine months of 2025, compared to RMB852.3 million during the same period of 2024.

Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB712.2 million (US$100.0 million) for the first nine months of 2025, compared to RMB1,002.4 million during the same period of 2024.

Diluted net income per ADS was RMB3.32 (US$0.47) during the first nine months of 2025, compared to RMB4.51 in the same period of 2024.

Non-GAAP diluted net income per ADS (note 1) was RMB4.17 (US$0.59) during the first nine months of 2025, compared to RMB5.31 in the same period of 2024.

Net cash provided by operating activities was RMB633.4 million (US$89.0 million) during the first nine months of 2025, compared to RMB1,216.4 million in the same period of 2024.

Recent Development

Share repurchase program

As of December 10, 2025, the Company has repurchased 54.7 million ADSs for US$341.6 million on the open market under the Share Repurchase Program announced on June 7, 2022 and amended on March 14, 2024 and March 12, 2025, at an average purchase price of US$6.23 per ADS. The remaining size of the program is US$144.5 million.

Business Outlook

For the fourth quarter of 2025, the Company expects total net revenues to be between RMB2.52 billion to RMB2.62 billion, representing a decrease of 4.4% to 0.6% year over year. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Note 1: Non-GAAP measures

To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation, amortization of intangible assets from business acquisitions and tax impacts related to the amortization of intangible assets from business acquisitions.

Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Our non-GAAP information (including non-GAAP cost and operating expenses, income from operations, net income, net income attributable to Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation, amortization of intangible assets from business acquisitions, and tax impacts related to the amortization of intangible assets from business acquisitions.  A limitation of using these non-GAAP financial measures is that share-based compensation, amortization of intangible assets from business acquisitions and tax impacts related to the amortization of intangible assets from business acquisitions have been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.

Conference Call

Hello Group's management will host an earnings conference call on Wednesday, December 10, 2025, at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on December 10, 2025).

Participants can register for the conference call by navigating to:

https://s1.c-conf.com/diamondpass/10051507-10xa67.html.

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

A telephone replay of the call will be available after the conclusion of the conference call through December 17, 2025. The dial-in details for the replay are as follows:

U.S. / Canada: 1-855-883-1031
Hong Kong: 800-930-639
Passcode: 10051507

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group's website at https://ir.hellogroup.com.

About Hello Group Inc.

We are a leading player in Asia's online social networking space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. Starting from 2019, we have incubated a number of other new apps, such as Hertz, Soulchill, and Duidui, which target more niche markets and more selective demographics.

For investor and media inquiries, please contact:

Hello Group Inc.

Investor Relations
Phone: +852-3157-1669
Email: [email protected] 

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: [email protected] 

In U.S.

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected] 

Safe Harbor Statement

This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the fourth quarter of 2025, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program.

Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the third quarter of 2025 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the fourth quarter of 2025 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth.  Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, general economic conditions, and other factors.  For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.

All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.          

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Operations

(All amounts in thousands, except share and per share data)

Three months

First nine months

Ended September 30

Ended September 30

2024

2025

2025

2024

2025

2025

RMB

RMB

US$

RMB

RMB

US$

Net revenues(i):

Value-added service

2,642,712

2,611,356

366,815

7,823,965

7,680,550

1,078,880

Other services

31,952

38,768

5,446

102,510

110,777

15,561

Total net revenues

2,674,664

2,650,124

372,261

7,926,475

7,791,327

1,094,441

Cost and expenses:

Cost of revenues

(1,623,723)

(1,658,331)

(232,944)

(4,722,520)

(4,835,117)

(679,185)

Research and development

(196,382)

(183,263)

(25,743)

(581,741)

(562,891)

(79,069)

Sales and marketing

(354,881)

(343,854)

(48,301)

(1,013,081)

(1,020,359)

(143,329)

General and administrative

(111,174)

(123,992)

(17,417)

(364,037)

(353,342)

(49,634)

Total cost and expenses

(2,286,160)

(2,309,440)

(324,405)

(6,681,379)

(6,771,709)

(951,217)

Other operating income, net

22,221

3,842

540

50,988

27,889

3,918

Income from operations

410,725

344,526

48,396

1,296,084

1,047,507

147,142

Interest income

134,875

90,309

12,686

386,919

316,160

44,411

Interest expense

(34,809)

(18,333)

(2,575)

(91,000)

(72,409)

(10,171)

Other gain or loss, net

-

1,820

256

(43,870)

1,780

250

Income before income tax and share of income (loss) on equity method
investments

510,791

418,322

58,763

1,548,133

1,293,038

181,632

Income tax expenses

(95,298)

(65,130)

(9,149)

(755,525)

(773,926)

(108,713)

Income before share of income (loss) on equity method investments

415,493

353,192

49,614

792,608

519,112

72,919

Share of income (loss) on equity method investments

33,876

(3,579)

(503)

59,730

49,579

6,964

Net income 

449,369

349,613

49,111

852,338

568,691

79,883

Less: net income attributable to non-controlling interest

-

725

102

-

2,013

283

Net income attributable to the shareholders of Hello Group Inc.

449,369

348,888

49,009

852,338

566,678

79,600

Net income per share attributable to ordinary shareholders

Basic

1.29

1.05

0.15

2.36

1.69

0.24

Diluted

1.23

1.03

0.14

2.26

1.66

0.23

Weighted average shares used in calculating net income per ordinary share

Basic

347,943,851

332,480,464

332,480,464

361,613,017

334,932,043

334,932,043

Diluted

365,942,405

339,420,383

339,420,383

377,697,017

341,305,373

341,305,373

(i) The following table presents revenues by geographic area based on the addresses of our customers of our users:

Three months

First nine months

  Ended September 30

Ended September 30

2024

2025

2025

2024

2025

2025

RMB

RMB

US$

RMB

RMB

US$

Chinese mainland

2,358,283

2,115,350

297,141

7,112,639

6,399,512

898,934

Overseas

316,381

534,774

75,120

813,836

1,391,815

195,507

Total

2,674,664

2,650,124

372,261

7,926,475

7,791,327

1,094,441

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

(All amounts in thousands, except share and per share data)

Three months

First nine months

  Ended September 30

Ended September 30

2024

2025

2025

2024

2025

2025

RMB

RMB

US$

RMB

RMB

US$

Net income 

449,369

349,613

49,111

852,338

568,691

79,883

Other comprehensive loss, net of tax:

Foreign currency translation adjustment

(287,150)

(39,713)

(5,578)

(190,687)

(156,527)

(21,987)

Comprehensive income

162,219

309,900

43,533

661,651

412,164

57,896

Less: comprehensive loss attributed to the non-controlling interest

(6,400)

(1,297)

(182)

(2,114)

(2,816)

(396)

Comprehensive income attributable to Hello Group Inc.

168,619

311,197

43,715

663,765

414,980

58,292

Hello Group Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except share and per share data)

December 31

September 30

September 30

2024

2025

2025

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

4,122,659

4,192,578

588,928

Short-term deposits

2,026,245

4,525,808

635,736

Restricted cash

4,566,477

123,900

17,404

Short-term investment

-

19,572

2,749

Accounts receivable, net of allowance for credit losses of RMB12,433
and RMB17,636 as of December 31, 2024 and September 30, 2025,
respectively

192,317

248,915

34,965

Prepaid expenses and other current assets

1,104,172

824,153

115,768

Total current assets

12,011,870

9,934,926

1,395,550

Long-term deposits

3,059,860

-

-

Long-term restricted cash

953,285

-

-

Right-of-use assets, net

252,169

148,998

20,930

Property and equipment, net

897,036

1,014,094

142,449

Intangible assets, net

86,661

265,507

37,296

Rental deposits

13,280

3,839

539

Long-term investments

825,533

1,551,807

217,981

Other non-current assets

110,960

172,710

24,260

Deferred tax assets

36,066

33,805

4,749

Goodwill

136,250

615,300

86,431

Total assets

18,382,970

13,740,986

1,930,185

Liabilities and equity

Current liabilities

Accounts payable

615,254

552,338

77,586

Deferred revenue

427,702

473,129

66,460

Accrued expenses and other current liabilities

704,410

692,217

97,235

Lease liabilities due within one year

141,971

92,929

13,054

Income tax payable

157,057

19,548

2,746

Deferred consideration in connection with business acquisitions-current

28,027

76,093

10,689

Convertible Senior Notes-current

20,191

-

-

Long-term borrowings, current portion

1,938,385

2,610

367

Short-term borrowings

2,365,535

-

-

Total current liabilities

6,398,532

1,908,864

268,137

Deferred consideration in connection with business acquisitions-non
current

65,694

-

-

Lease liabilities

115,105

60,859

8,549

Deferred tax liabilities

241,915

513,495

72,130

Long-term borrowings

-

3,508

493

Other non-current liabilities

129,051

47,543

6,678

Total liabilities

6,950,297

2,534,269

355,987

Shareholder's equity (ii)

11,432,673

11,206,717

1,574,198

Total liabilities and shareholder's equity

18,382,970

13,740,986

1,930,185

(ii): As of September 30, 2025, the number of ordinary shares outstanding was 314,131,458.

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

(All amounts in thousands, except share and per share data)

Three months

First nine months

Ended September 30

Ended September 30

2024

2025

2025

2024

2025

2025

RMB

RMB

US$

RMB

RMB

US$

Cash flows from operating activities:

Net income

449,369

349,613

49,111

852,338

568,691

79,883

Adjustments to reconcile net income to net cash provided by operating
activities:

Depreciation of property and equipment

13,144

9,857

1,385

40,979

33,477

4,702

Amortization of intangible assets

1,279

10,076

1,415

3,837

23,922

3,360

Share-based compensation

43,951

50,650

7,115

150,079

129,311

18,165

Share of (income) loss on equity method investments

(33,876)

3,579

503

(59,730)

(49,579)

(6,964)

Gain or loss on fair value changes of short-term investments

-

(1,820)

(256)

-

(1,820)

(256)

Returns on investments

-

-

-

1,197

797

112

Loss on long-term investments

-

-

-

43,870

40

6

Gain or loss on disposal of property and equipment

(142)

(91)

(13)

(62)

(339)

(48)

Provision of loss on receivable and other assets

1,754

168

24

3,675

5,885

827

Changes in operating assets and liabilities:

Accounts receivable

(3,876)

13,340

1,874

11,952

(23,651)

(3,322)

Prepaid expenses and other current assets

(97,212)

189,050

26,556

(91,846)

67,409

9,469

Rental deposits

493

3,256

457

(309)

11,162

1,568

Deferred tax assets

(117)

1,340

188

(4,195)

2,261

318

Other non-current assets

22,945

32,021

4,498

(183,398)

113,693

15,970

Accounts payable

16,036

(61,473)

(8,635)

(15,710)

(70,969)

(9,969)

Income tax payable

35,209

(400,264)

(56,225)

(1,288)

(137,941)

(19,376)

Deferred revenue

(838)

9,298

1,306

568

21,017

2,952

Accrued expenses and other current liabilities

(3,390)

(60,925)

(8,558)

61,357

(202,711)

(28,475)

Deferred tax liabilities

(85,088)

20,333

2,856

294,333

214,229

30,093

Other non-current liabilities

(18,688)

(24,461)

(3,436)

108,705

(71,487)

(10,042)

Net cash provided by operating activities

340,953

143,547

20,165

1,216,352

633,397

88,973

Cash flows from investing activities:

Purchase of property and equipment

(19,796)

(118,363)

(16,626)

(263,814)

(172,339)

(24,208)

Payment for long-term investments

(28,000)

(369,697)

(51,931)

(33,250)

(442,290)

(62,128)

Payment for business acquisition

-

(412,378)

(57,926)

-

(606,768)

(85,232)

Purchase of short-term deposits

(2,133,086)

(2,545,730)

(357,597)

(2,133,086)

(2,545,730)

(357,597)

Cash received on maturity of short-term deposits

-

353,022

49,589

1,081,016

1,460,267

205,122

Payment for short-term investments

-

(18,014)

(2,530)

-

(18,014)

(2,530)

Purchase of long-term deposits

-

-

-

(718,860)

-

-

Cash received on maturity of long-term deposits

-

1,483,045

208,322

718,860

1,633,045

229,392

Cash received from sales of long-term investment

-

-

-

2,000

-

-

Returns of investments

-

1,145

161

-

1,145

161

Loan to a third-party company

(96,680)

(10,458)

(1,469)

(96,680)

(44,214)

(6,211)

Other investing activities

212

161

23

895

655

92

Net cash used in investing activities

(2,277,350)

(1,637,267)

(229,984)

(1,442,919)

(734,243)

(103,139)

Cash flows from financing activities:

Proceeds from exercise of share options

4

1

-

17

5

1

Repurchase of ordinary shares

(265,441)

(147,160)

(20,671)

(772,263)

(445,885)

(62,633)

Deferred payment for business acquisition

-

(17,132)

(2,407)

-

(17,132)

(2,407)

Dividends payment

-

-

-

(716,302)

(346,182)

(48,628)

Payment in relation to redemption of convertible bonds

-

-

-

-

(20,221)

(2,840)

Proceeds from short-term borrowings

1,033,900

-

-

2,365,535

-

-

Repayment of short-term borrowings

-

(675,000)

(94,817)

-

(2,365,535)

(332,285)

Repayment of long-term borrowings

(215,400)

(1,938,862)

(272,350)

(215,615)

(1,939,536)

(272,445)

Net cash provided by (used in) financing activities

553,063

(2,778,153)

(390,245)

661,372

(5,134,486)

(721,237)

Effect of exchange rate changes

(178,773)

(11,306)

(1,591)

(130,234)

(90,611)

(12,728)

Net (decrease) increase in cash and cash equivalents 

(1,562,107)

(4,283,179)

(601,655)

304,571

(5,325,943)

(748,131)

Cash, cash equivalents and restricted cash at the beginning of period

10,149,590

8,599,657

1,207,987

8,282,912

9,642,421

1,354,463

Cash, cash equivalents and restricted cash at the end of period

8,587,483

4,316,478

606,332

8,587,483

4,316,478

606,332

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

1.

Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income (loss) to comparable GAAP measures.

Three months

Three months

Three months

Ended September 30, 2024

Ended September 30, 2025

Ended September 30, 2025

GAAP

Share-based
compensation

Non-GAAP

GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts(iii)

Non-GAAP

GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts(iii)

Non-GAAP

RMB

RMB

RMB

RMB

RMB

RMB

RMB 

RMB

US$

US$

US$

US$

US$

Cost of revenues

(1,623,723)

2,143

(1,621,580)

(1,658,331)

3,480

2,320

-

(1,652,531)

(232,944)

489

326

-

(232,129)

Research and development

(196,382)

11,030

(185,352)

(183,263)

1,335

11,302

-

(170,626)

(25,743)

188

1,588

-

(23,967)

Sales and marketing

(354,881)

4,774

(350,107)

(343,854)

3,982

3,986

-

(335,886)

(48,301)

559

560

-

(47,182)

General and administrative

(111,174)

26,004

(85,170)

(123,992)

-

33,042

-

(90,950)

(17,417)

-

4,641

-

(12,776)

Cost and operating expenses

(2,286,160)

43,951

(2,242,209)

(2,309,440)

8,797

50,650

-

(2,249,993)

(324,405)

1,236

7,115

-

(316,054)

Income from operations

410,725

43,951

454,676

344,526

8,797

50,650

-

403,973

48,396

1,236

7,115

-

56,747

Net income attributable to Hello Group Inc.

449,369

43,951

493,320

348,888

8,797

50,650

(3,842)

404,493

49,009

1,236

7,115

(540)

56,820

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

1.

Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income (loss) to comparable GAAP measures-continued.

First nine months

First nine months

First nine months

Ended September 30, 2024

Ended September 30, 2025

Ended September 30, 2025

GAAP

Share-based
compensation

Non-GAAP

GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts(iii)

Non-GAAP

GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts(iii)

Non-GAAP

RMB

RMB

RMB

RMB

RMB

RMB

RMB 

RMB

US$

US$

US$

US$

US$

Cost of revenues

(4,722,520)

5,821

(4,716,699)

(4,835,117)

6,505

5,654

-

(4,822,958)

(679,185)

914

794

-

(677,477)

Research and development

(581,741)

33,328

(548,413)

(562,891)

3,334

31,072

-

(528,485)

(79,069)

468

4,365

-

(74,236)

Sales and marketing

(1,013,081)

15,040

(998,041)

(1,020,359)

10,246

12,456

-

(997,657)

(143,329)

1,439

1,750

-

(140,140)

General and administrative

(364,037)

95,890

(268,147)

(353,342)

-

80,129

-

(273,213)

(49,634)

-

11,256

-

(38,378)

Cost and operating expenses

(6,681,379)

150,079

(6,531,300)

(6,771,709)

20,085

129,311

-

(6,622,313)

(951,217)

2,821

18,165

-

(930,231)

Income from operations

1,296,084

150,079

1,446,163

1,047,507

20,085

129,311

-

1,196,903

147,142

2,821

18,165

-

168,128

Net income attributable to Hello Group Inc.

852,338

150,079

1,002,417

566,678

20,085

129,311

(3,842)

712,232

79,600

2,821

18,165

(540)

100,046

(iii) Includes tax impacts related to the amortization of intangible assets from business acquisition. There is no tax impact related to share-based compensation.

SOURCE Hello Group Inc.

Reykjavík, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

Nanoq drilling results confirm significant gold copper
mineralisation

**Consistent grade within multiple stacked zones and identification of identical, parallel structures**
–
**Intersections up to 187.4 g/t Au over 1.5m1 and up to 1.1% Cu over 0.5m2 at shallow depths**
–
**Webcast presentation hosted at 14.00GMT, details contained in the release**

TORONTO, ONTARIO – 10 December 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, is pleased to announce the results from its 2025 exploration programme at the Nanoq gold project in South Greenland, on the eastern flank of the Nanortalik gold belt, which also contains the Amaroq operated Nalunaq gold mine.

James Gilbertson, VP Exploration of Amaroq, commented:
“I am extremely pleased to announce the results from the 2025 Nanoq drilling programme. The outcomes have exceeded our pre-drill expectations and provide us with strong confidence in Nanoq’s potential to host a material gold deposit.

        “Our aim for the 2025 programme was to build on the encouraging results from previous exploration efforts at Nanoq, enabling a robust understanding of the geological model and subsurface at this outcropping prospect, ahead of larger-scale resource drilling. Not only did we achieve this, but we also succeeded in confirming Nanoq’s significant gold-hosting potential, including shallow high-grade intersections, such as 187.4 g/t Au over 1.5m and 19.6 g/t Au over 4.9m, as well as broad zones of mineralisation approaching 9.0m in thickness. The confidence gained from these results, will enable us to fast-track resource drilling, with the target of a maiden resource in the near term, accelerating our planned development pathway for Nanoq.

“Further to this, our current drilling only covers a portion of the interpreted system. Our results suggest that mineralisation remains open at depth, along strike, and within a number of parallel structures to the west. With shallow, stacked mineralised zones and strong grades, we believe Nanoq could represent a much larger gold system than currently defined.”

Highlights

4,807mof diamond drilling completed across 27 holes, successfully testing ~600m of strike length within the Nanoq Central Zone with mineralised intervals averaging approximately 3.3m thickness at a grade of 9.98g/t3 Au at vertical depth of up to 70m.63% of holes intersected mineralisation including up to 187.4 g/t Au over 1.5m and 19.6 g/t Au over 4.9m, all at shallow depths; despite the programme being designed primarily to advance subsurface geological understanding.Core drilling suggests the presence of thick intersections of up to 3.83g/t Au over 9.0m and 6.7g/t Au over 7.39m, in both folded quartz veins and surrounding host rocks, creating significant upside potential and large minable packages; with only the top ~70m depths tested. Detailed mapping has extended the interpreted strike of the Central Zone to 1.5 km (impeded by retreating ice-cap) and identified, previously unrecognised, repeat mineralised structures, with high surface grades of up to 9.5 g/t Au.Results also continue to confirm that significant copper is present in the system, with up to 0.56% Cu over 2.46m and assay grades of up to 1.12% Cu over 0.5m.High-grade gold is now confirmed in multiple structural settings, including saddle-reef style fold hinges and vertically extensive fault zones, highlighting multiple pathways for future resource growth.Results provide a strong technical basis for a significantly expanded follow-up drilling programme in 2026, supported by existing camp infrastructure, drill pads and winterised equipment all in place, coupled with Amaroq’s strong liquidity position.These results strengthen our geological interpretation and compare favourably with early-stage drilling outcomes from well-known orogenic gold systems, reinforcing our confidence in the scale and continuity of the mineralised structures.We are exploring infrastructure solutions, including a short 3km access road from site to a potential harbour, that would allow us to move material efficiently, facilitating a potential bulk sample. A short online presentation will be held this afternoon at 14:00 GMT to discuss the results. To register, please use the following link: https://edge.media-server.com/mmc/p/7as3dbnv

References to the accompanying presentation on Nanoq 2025 results as well as a PDF version of this release are available on our website at the link below: https://www.amaroqminerals.com/investors/presentations/

Further a video introduction to the project, the geology and drilling results can also be accessed on our website on the following link: https://www.amaroqminerals.com/investors/videos/

Background to the Nanoq Gold Project
These results confirm the Nanoq Project as one of Amaroq’s most significant emerging gold discoveries in South Greenland. First identified in the 1990s but never systematically explored, Nanoq hosts a large zone of gold-bearing quartz veining within a folded sequence of volcanic and sedimentary rocks, geological features commonly associated with significant orogenic gold deposits worldwide.

Amaroq began work at Nanoq to test its potential to form a second high-grade gold source to complement production from Nalunaq. Early sampling and scout drilling in 2024, indicated high grades at shallow depths, suggesting that the system could be both meaningful in scale and economically attractive.

Although Nanoq lies within the same Nanortalik Gold Belt as the Nalunaq mine, it is emerging as a geologically distinct system. Nalunaq’s gold is largely confined to a single, narrow high-grade vein mined via underground methods, whereas Nanoq hosts multiple gold-bearing veins across different rock units with significantly greater combined thickness near surface. This difference in geometry and mineralisation style suggests that Nanoq may follow a different development path, potentially starting with open-pit mine access, underscoring its potential as a standalone project in Amaroq’s pipeline.

Summary of 2025 Exploration Results
Between July and October 2025, Amaroq conducted the first comprehensive exploration campaign at Nanoq since 1997, including the project’s first major drill programme.

Because Nanoq had never been properly mapped or modelled, the 2025 programme focussed on building a strong geological foundation: understanding the structures that control gold mineralisation, how the veins are arranged, and where additional high-grade zones may occur. This work is essential in modern mineral exploration, as it enables future drilling to target gold zones efficiently and cost-effectively.

Mobilisation and construction of the 45-person exploration camp were completed in July 2025, followed by detailed geological mapping in early August and drilling from mid-August to late September 2025. The programme was completed ahead of schedule and within budget.

With the latest results confirming both the geological model and the presence of further gold mineralisation, Nanoq is now positioned as a high-potential growth asset within Amaroq’s expanding gold portfolio.

The Company is now evaluating the steps required to collect a bulk sample for early metallurgical testing, with a view to assessing how this material may perform within the existing Nalunaq processing flowsheet. Given Nanoq’s proximity to the coastline, the Company sees a clear pathway for short-haul transport and ship-based transfer of material to Nalunaq. As part of this, the Company are exploring infrastructure solutions, including a short 3km access road from the drill sites to a potential harbour site, that would allow us to move material efficiently.

Geological Mapping
Mapping was carried out by consultants Warren Pratt and Luca Smeraglia (Specialised Geological Mapping Ltd), alongside Amaroq geologists, taking advantage of near-continuous outcrop exposure across the project.

Gold-bearing quartz veins are hosted within a folded volcano-sedimentary sequence. These veins occur across multiple rock types within this package, with tourmaline-bearing black mudstones acting as a preferential host lithology. Mineralisation is concentrated in fold hinges, forming nested saddle-reef structures, as well as in steeply dipping sheared fold limbs and fault zones, where veins commonly display boudinage textures. Veins appear to exploit competency and ductility contrasts between lithologies, a characteristic feature of many orogenic gold systems.

Following the completion of this geological interpretation, Amaroq undertook additional prospecting to the south and west of the Central Zone to test predicted strike extensions and the presence of repeat structures identified in earlier geophysical models. This work successfully confirmed a further 500m of gold-anomalous structure immediately south of the drilled area, extending the total interpreted strike length of the Central Zone to approximately 1,500m, with indications that the system may continue beneath the ice cap.

In parallel, prospecting 500m west of the Central Zone led to the discovery of a continuous ~1km long quartz-vein system, now designated the ‘West 1’ Zone. Importantly, this structure is hosted within the same folded volcano-sedimentary sequence and black-mudstone contact that controls mineralisation in the Central Zone, demonstrating the presence of repeated, structurally analogous mineralised units across the Nanoq area. Surface sampling from West 1 returned values of up to 9.54 g/t Au, confirming the zone as a high-priority target for follow-up drilling.

Drilling and Interpretation
Drilling data has reinforced the geological model and has been integrated with surface mapping, geochemistry and structural observations to build a refined 3D geological and mineralisation model. This will continue to be developed with external consultants to support effective targeting for the 2026 drill programme and provide the basis for a potential maiden Mineral Resource estimate.

Intersected mineralised widths range from 0.5m up to 9.0m, demonstrating that gold occurs in both narrow veins and broad zones. The presence of coarse gold indicates a high “nugget effect” in the deposit, meaning that individual assay grades can be highly variable. However, mineralisation was consistently encountered across these multi-metre intercepts (up to 9.0m thick), which is very encouraging. Importantly, mineralisation occurs predominantly at shallow depths and in stacked (nested) structures, supporting the view that the Nanoq gold system may be amenable to open-pit mining. At the same time, deeper extensions are apparent in the saddle-reef fold hinges and vertically extensive shear zones, leaving significant room for further expansion.

Core were also assayed for multielement, particularly copper which was recorded historically and during the 2024 scout drilling. From these assays, while no direct correlation between gold and copper is so far evident, a number of intersections of over 0.3% copper were intersected and up to 0.5m at 1.12% Cu.

This year’s exploration has significantly advanced Amaroq’s understanding of Nanoq’s geology and the controls on gold mineralisation, building a strong foundation for future resource drilling.

Environmental and Metallurgical Studies

Initial environmental baseline surveys were launched to collect data required for future feasibility and permitting studies.

A series of small (~100kg) bulk metallurgical samples were collected from both surface outcrop and drill core. Amaroq is now engaging with SGS to conduct the first phase of metallurgical test work. This work will assess potential recovery characteristics and processing behaviour, including how Nanoq material might perform within the Nalunaq processing flowsheet as a possible future supplemental ore source.

Drilling Details
Drilling was carried out using three Amaroq-owned rigs operated by Energold Drilling, working from the Nanoq exploration base located approximately 130km northeast of Nalunaq

Table 1: 2025 Nanoq Core Drilling Coordinates

Hole IDXYZAzimuthDipTotal Depth (m)NAN2501597848677456442912542220.5NAN2502597911677461741613042220.8NAN2503597983677466240212641180.5NAN2504597848677456442913062260NAN2505597911677461741613263250.2NAN2506597983677466240212761210.7NAN2507597957677458042113245126NAN2508597794677450544513539255.8NAN250959795767745804211296780NAN2510597854677445743713340120.8NAN2511597746677444045113339246.1NAN2512597794677450544513257270.1NAN251359785467744574371276480.2NAN2514597691677438545713240241.7NAN2515597791677440244713642141.8NAN2516597746677444045113862262.5NAN2517597691677438545713958267.1NAN2518597738677434645113445139NAN251959779167744024471316582.2NAN252059773867743464511387280NAN2521597607677424245413245102NAN2522597977677451143531043251.3NAN252359760767742424541276482.1NAN2524597925677445443730942251.5NAN252559791267745074301334460NAN2526597925677445443730860162NAN2527597922677445343630757162 Projection: WGS84 UTM zone 23N

Table 2: Significant Intersection Gold Intersections

Hole IDFrom (m)To (m)Interval (m)Au (g/t)Cu(%)NAN250254.7055.771.072.43PendingNAN250736.1136.640.537.880.18NAN250886.2789.152.883.000.07 Including 0.7411.50 NAN251030.0039.009.003.830.08 Including 1.5119.12 NAN251156.3858.001.625.99PendingNAN251471.6072.100.505.810.05NAN251513.3017.003.7011.090.007 Including 1.1533.80 NAN251676.5578.201.651.710.04 Including 1.002.75 NAN251773.2078.104.9019.600.08 Including 0.7982.60 NAN252014.2018.524.321.280.05 Including 0.445.84 NAN252118.5019.000.502.49PendingNAN252243.6046.202.601.600.04NAN252250.5051.100.602.460.56NAN252254.3059.805.501.470.08NAN252271.1574.102.951.070.03NAN252469.6177.007.396.700.05 Including 1.2834.16 NAN25259.3210.821.50187.380.14NAN252530.2036.005.809.370.11 Including 0.5081.10 NAN252741.2048.006.803.790.02 Including 0.5040.50  Intersection chosen to owner geology
# True thickness estimated to be 50-95% of apparent thickness

Table 3: Anomalous Intersection Copper Intersections

Hole IDFrom (m)To (m)Interval (m)Cu (%)NAN240212.0512.550.50.33NAN252453.9354.460.530.40NAN252454.4655.661.20.36NAN252250.551.10.60.56NAN252259.359.80.50.51NAN252291.892.30.51.12NAN2517167.48168.10.620.36NAN2516167.9168.50.60.74NAN250620.4210.60.65NAN25032424.50.50.70NAN250324.525.510.62NAN250325.526.30.80.52NAN250325.526.30.80.55NAN250252.8453.80.960.33 # True thickness estimated to be 50-95% of apparent thickness

Sampling and QAQC Disclosure

NQ drill core was cut in half using a diamond blade core saw. Core was predominantly selectively sampled with some drillholes sampled in their entirety. Cut-lines were consistently drawn 5 degrees below the orientation line (if present), otherwise along the core foliation axis and the right-hand side of the core was sampled. Samples were placed into thick polymer bags with a unique numbered sample ticket. Most samples were sent directly to an accredited laboratory, ALS Geochemistry in Loughrea, Ireland, for preparation and analysis. Approximately 20% of the samples were prepared at ALS Geochemistry's containerised preparation laboratory at Nalunaq mine, before being packaged and shipped to ALS Loughrea for analysis. Samples taken from HQ core (hole NAN2525 only) were quarter-core samples, with the remaining three-quarters retained for reference and future metallurgical test work. Grab samples were collected from outcrops using geological hammers and placed into calico cotton sample bags with a numbered sample ticket.

Sample preparation scheme PREP-31BY was used on all samples. This involves crushing to 70% under 2 mm, rotary splitting off 1 kg, and pulverizing the split to better than 85% passing 75 microns. Samples were then analysed by 50 g fire assay with method Au-AA26 which has a detection limit of 0.01 ppm Au. Samples containing visible gold were assayed with screen-metallics fire assay technique Au-SCR24 which has a detection limit of 0.05 ppm Au. This involves screening 1 kg of pulverised sample to 106 microns followed by a gravimetric assay of the entire plus fraction and a duplicate 50 g AAS assay of the minus fraction. Samples were also analysed using a multi-element ICP package (ME-ICP61) and portable XRF method pXRF-34 for Si, Ti and Zr.

Amaroq's QA/QC program consists of the systematic insertion of three different certified reference materials of known low, mid and high gold contents, coarse blank material, and prep duplicates (coarse and pulp) at a rate of 1 in 20 or 5% per QA/QC type. In addition, ALS insert blanks and standards into the analytical process. No QAQC issues were noted with the results reported herein.

Surface Samples
A series of rock chip samples were collected from the across the Nanoq project and specifically West 1. Rock chip samples were collected from outcrops using geological hammers and placed into calico cotton sample bags with a numbered sample ticket.

All samples were packaged and sent to an accredited laboratory, ALS Geochemistry, Loughrea, Ireland, for analysis. Preparation scheme PREP-31BY was used on all samples. This involves crushing to 70% under 2 mm, rotary split off 1 kg, and pulverizing the split to better than 85% passing 75 microns. Samples were then analysed using by 50 g fire assay with method Au-AA26 which has a detection limit of 0.01 ppm Au.

Grab sample QAQC procedures consisted of the systematic blanks, and field duplicates at a rate of 1 in 20 or 5% per QA/QC type. In addition, ALS insert blanks and standards into the analytical process.

Enquiries:
Amaroq Ltd. C/O        
Ed Westropp, Head of BD and Corporate Affairs                         
+44 (0)7385 755711
[email protected]

Eddie Wyvill, Corporate Development                         
+44 (0)7713 126727
[email protected]

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Freddie Wooding
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Harry Rees
+44 (0) 20 7523 8000

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

Further Information:
About Amaroq

Amaroq’s principal business objective is the identification, acquisition, exploration and development of gold and strategic metal assets in Greenland. The Company’s flagship asset is the 100%-owned Nalunaq Gold Mine, currently in production and ramp up, and supported by a growing pipeline of high-grade satellite gold targets across South and West Greenland.

Amaroq also acquired a 100% interest in the Black Angel zinc-lead-silver project in West Greenland, historically one of Greenland’s highest-grade base metal operations, where the Company is advancing studies to evaluate the potential for future redevelopment as part of its emerging West Greenland Hub strategy.

Beyond gold and base metals, Amaroq controls a broad portfolio of strategic metal licences across South Greenland, including advanced exploration projects at Stendalen (copper-nickel sulphides) and within the Sava Belt, where the Company is exploring for copper, nickel, rare earth elements and other critical minerals.

Amaroq is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act

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

Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events and the future growth of the Corporation's business. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include but are not limited to the factors discussed under "Risk Factors" in the Final Prospectus available under the Corporation's profile on SEDAR at www.sedar.com. Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Corporation assumes no obligation to update or revise any forward-looking information to reflect new circumstances or events. No securities regulatory authority has either approved or disapproved of the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Inside Information
This announcement contains information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

Qualified Person Statement

The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

Mr. Gilbertson has reviewed and approved the scientific and technical information contained in this news release. Specifically, Mr Gilbertson has reviewed the sampling and analytical procedures described and considers the data to be reliable for the purpose of this disclosure.

Glossary

AugoldCuCopperggramsg/tgrams per tonneppmParts per millionkmkilometreskozthousand ouncesmmetersozouncesttonnes 1 NAN2525 9.32-10.82m
2 NAN2522 91.8-92.3m
3 Weighted average of significant intersections from the 2025 drilling. Is not a resource or economic average and does not reflect mineable grades or widths
4 Surface grab results are disclosed for the first time in this news release. Sampling methodology and QA/QC procedures are provided in the Sampling and QAQC Disclosure section below.

XRP price started a decent increase above $2.150. The price is now correcting gains and might struggle to stay in a positive zone.

XRP price started a downside correction and tested the $2.080 zone.
The price is now trading above $2.050 and the 100-hourly Simple Moving Average.
There is a bullish trend line forming with support at $2.070 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if it clears $2.120.

XRP Price Dips Again
XRP price started a downside correction from the $2.180 zone, like Bitcoin and Ethereum. The price dipped below the $2.150 and $2.120 levels to enter a consolidation phase.

The price even dipped below the 50% Fib retracement level of the upward move from the $2.042 swing low to the $2.1778 high. However, the bulls remained active above the $2.080 support. There is also a bullish trend line forming with support at $2.070 on the hourly chart of the XRP/USD pair.

The price is now trading above $2.050 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.120 level.

Source: XRPUSD on TradingView.com
The first major resistance is near the $2.150 level, above which the price could rise and test $2.180. A clear move above the $2.180 resistance might send the price toward the $2.2250 resistance. Any more gains might send the price toward the $2.250 resistance. The next major hurdle for the bulls might be near $2.2880.

More Losses?
If XRP fails to clear the $2.120 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.070 level, the 76.4% Fib retracement level of the upward move from the $2.042 swing low to the $2.1778 high, and the trend line. The next major support is near the $2.050 level.

If there is a downside break and a close below the $2.050 level, the price might continue to decline toward $2.00. The next major support sits near the $1.9850 zone, below which the price could continue lower toward $1.920.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.070 and $2.050.

Major Resistance Levels – $2.120 and $2.180.

Token holders urged to migrate assets promptly as MANTRA outlines steps for a seamless transition and forthcoming token split.

Key Takeaways

MANTRA has initiated the migration of its OM token from the Osmosis network to its mainnet.
Token holders must complete the migration to receive full benefits from a planned 4-to-1 token split during the mid-January network upgrade.

MANTRA has begun migrating its OM token off the Osmosis network as the project prepares for a planned network upgrade expected in mid-January.

Users must transfer their OM tokens to the MANTRA mainnet to receive full credit for an upcoming 4-to-1 split, according to the project’s announcement today. The first step in the migration process involves halting OM trading on Osmosis.

Token holders who fail to complete the migration before the upgrade may not receive the full allocation from the planned split.

Disclaimer

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017,
aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy,
our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a
rigorous Review Methodology when evaluating exchanges and tools. From emerging
blockchain projects and coin launches to industry events and technical developments, we cover
all facets of the digital asset space with unwavering commitment to timely, relevant information.

Tidal Trust has filed for the first Bitcoin AfterDark ETF with the U.S. SEC. The product looks to capture overnight price movements of the token.

What Is the Bitcoin AfterDark ETF?
Tidal Trust has filed with the SEC for its proposed Bitcoin AfterDark ETF product. It is an ETF that would hold the coin only during non-trading hours in the United States. This filing also seeks permission for two other BTC-linked products managed with Nicholas Wealth Management.

Source: SEC
According to the registration documents, the ETF would buy Bitcoin at the close of U.S. markets and then sell the position the following morning upon the reopening of trading. In other words, it will effectively hold BTC only over the night

“The fund trades those instruments during U.S. overnight hours and closes them out shortly after the U.S. market opens each trading day,” the filing said.

During the day, the fund’s assets switch to U.S. Treasuries, money-market funds, and similar cash instruments. That means even when the fund has 100% notional exposure to Bitcoin overnight, a substantial portion of its capital may still sit in Treasuries during the day.

Eric Balchunas, senior ETF analyst cited earlier research and said, “most of Bitcoin’s gains historically occur outside U.S. market hours.” If those patterns persist, the Bitcoin AfterDark ETF token will outperform more traditional spot BTC products, he said.

Source: X
Balchunas added that the effect may be partly driven by positioning in existing Bitcoin ETFs and related derivatives activity.

The SEC has of late taken an increasingly more accommodating approach toward crypto-related ETFs. This September, for instance, REX Shares launched the first Ethereum Staking ETF. It represented direct ETH exposure and paid out on-chain staking rewards. 

Also on Tuesday, BlackRock filed an application for an iShares Staked Ethereum ETF. The filing states that Coinbase Custody will be the main custodian.

Bitcoin Price Rises Before Fed Rate Decision
BTC briefly reached $94,000 but then stabilized around $92,000 as traders awaited the Federal Reserve’s interest-rate decision. On December 9, BTC ETFs also saw $287.18 million in net inflows. This is the largest it has seen in more than two weeks.

Source: SoSoValue
Forecasts are becoming more positive. Standard Chartered predicted that Bitcoin might reach $100,000 by the end of the year. He also shared a long-term target of $200,000

Meanwhile, many major banks expect the Fed to lower rates later today. This is part of the reason the crypto market is up today.

Hundreds of crypto wallets linked to Silk Road that had been dormant for over a decade became active on Tuesday, moving bitcoin into one unidentified address.

Arkham Intelligence data shows that around 312 wallets associated with now-defunct darknet marketplace Silk Road collectively transferred $3.14 million worth of BTC to the address "bc1q…ga54" on Tuesday. 

It is currently unclear why the wallets became active. The Silk Road-linked wallets still hold roughly $41.3 million in BTC as of today, according to Arkham. 

In January, Coinbase Director Conor Grogan said on X that he had identified roughly $47 million worth of BTC in wallets tied to Ross Ulbricht, creator of Silk Road. On Tuesday, Grogan resurfaced that post in a reply to Plasma Foundation's pseudonymous operator "0xG00gly," who flagged the latest Silk Road-linked transfers.

The Block has reached out to Ulbricht for further information.

Earlier this year, U.S. President Donald Trump signed an executive order issuing a full and unconditional pardon for Ulbricht, who been serving multiple life sentences without parole for creating Silk Road. While the darknet marketplace facilitated the sale of narcotics and other illegal goods, it played a significant role in popularizing bitcoin, which was used for transactions on the platform.

In May, Ulbricht delivered his first public speech following the pardon, emphasizing freedom, decentralization and unity as core principles for the next technological leap — one he said could help liberate and empower people around the world.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin is holding above $90,000 as the market heads into a highly anticipated FOMC meeting, a moment that could define the next direction for risk assets. But while price action keeps traders on edge, on-chain indicators are painting a surprisingly different picture beneath the surface. According to a new CryptoQuant report by XWIN Research Japan, Bitcoin’s exchange reserves have continued to fall sharply throughout 2025, even as price corrected toward the $90K range.

The data shows that the total amount of BTC held on centralized exchanges has dropped to 2.76 million BTC, reaching one of the lowest levels ever recorded. What makes this trend even more striking is its timing: during the steep November–December sell-off, exchange balances did not rise—they fell faster. The report highlights this behavior in the red-marked zone of the chart, showing accelerating outflows while the price was dropping.

This pattern signals something unusual: investors are not sending coins to exchanges to sell into weakness. Instead, they continue withdrawing BTC into long-term custody, suggesting confidence rather than capitulation. As volatility builds ahead of the FOMC decision, the contrast between short-term price fear and long-term accumulation is becoming one of the most important dynamics in the current Bitcoin market.

Shrinking Exchange Reserves Signal Structural Strength
The report emphasizes that Bitcoin’s rapidly shrinking exchange reserves carry important structural implications for the market. When fewer coins sit on centralized exchanges, it means less Bitcoin is available for immediate sale, effectively tightening the liquid supply. According to the data, this decline is not being driven by short-term speculators but by long-term holders and institutional entities steadily moving BTC into self-custody or cold storage.

Bitcoin Exchange Reserve | Source: CryptoQuant
What makes this trend remarkable is its timing. Historically, sharp price declines trigger a wave of inflows to exchanges as investors prepare to sell or panic-exit their positions. This cycle, however, tells a very different story. Even as Bitcoin corrected into the $90K region, exchange balances kept falling, suggesting that buyers with a long-term outlook are actively accumulating rather than retreating.

This divergence between price action and on-chain behavior signals underlying strength. While short-term volatility may continue—especially around macro catalysts like the FOMC meeting—the broader structure points toward a market quietly tightening its available supply. As reserves move toward historic lows, a future “supply shock” becomes increasingly plausible.

Despite the weak spot market performance, on-chain metrics are slowly turning bullish, hinting that the foundation for the next major trend may already be forming beneath the surface.

BTC Tests Critical Support as Market Awaits Direction
Bitcoin’s price action on the 3-day chart shows a market attempting to stabilize after a sharp corrective phase. BTC is currently trading around $90,437, hovering just above the 200-day moving average — a level that has historically acted as a major dynamic support during mid-cycle retracements. The recent bounce from the $87K–$88K region suggests that buyers are defending this zone, but the structure remains fragile as long as the price stays below the 50-day and 100-day moving averages, both of which are now sloping downward.

BTC consolidates around key level | Source: BTCUSDT chart on TradingView
The chart reveals a clear shift in momentum. After months of steady higher lows, Bitcoin broke its ascending structure in late November, leading to a fast drop toward the high-$80K range. Volume increased during the decline, indicating stronger participation on the sell side. However, the subsequent candles show shrinking sell volume, hinting at exhaustion among short-term sellers.

For a meaningful recovery, BTC must reclaim the $95K–$97K area, where previous support turned into resistance. Failure to break that zone would likely keep the market in a consolidation phase, with risks of another retest of the 200-day MA.

Featured image from ChatGPT, chart from TradingView.com

In brief
Solana's 30-day profit/loss ratio has been below one since mid-November, signaling more losses are being realized than profits.
The major altcoin is in a "full liquidity reset," a pattern that has historically preceded bottoming phases, according to on-chain analysts.
Roughly $500 million in leveraged long positions face liquidation if Solana’s price falls to $129.
Bitcoin’s Tuesday buying spree spurred major altcoins higher, but Solana’s underlying health is on shaky ground amid retreating liquidity and market uncertainty.

A look at Solana’s 30-day average realized profit-to-loss ratio shows it has traded below one since mid-November, according to a Wednesday tweet from on-chain analytics platform Glassnode.

A ratio below one indicates that realized losses exceed profits, suggesting that liquidity has contracted to bear-market levels.

“Solana is under a full liquidity reset,” on-chain analytics platform Altcoin Vector tweeted on Saturday. That signal has indicated the start of a new liquidity cycle and has led to “bottoming phases” in the past.

“If the pattern repeats April’s setup, reignition could take around four more weeks, lining up with early January,” Altcoin Vector analysts noted.

"The reset is being driven by realized losses prompting sell-offs, a decline in futures open interest, market-makers pulling back, and liquidity fragmenting across trading pools," Wenny Cai, COO of SynFutures, told Decrypt.

While the mid- to long-term outlook remains slightly bullish, especially if macroeconomic overhangs clear, the near term remains noisy and susceptible to shocks.

On one hand, there is structural bullish support from investors scooping up Solana after the recent downtrend. On the other hand, there’s a significant risk of liquidation amid increasing leverage.

That support is materializing in two forms: a persistent outflow of Solana from exchanges, reducing readily available sell-side supply, and continued capital flowing into spot Solana ETFs, which have accumulated $17.72 million in net inflows this week, nearly matching last week’s $20.30 million haul, according to SoSoValue data.

“This presents an opportunity for strategic accumulation and network upgrades, fostering long-term resilience and innovation in the Solana ecosystem,” Ryan Lee, chief analyst at BitGet, told Decrypt.

Despite these underlying bids, leverage market conditions remain tense.

Bitcoin’s muted price action and large liquidation spikes indicate that leverage remains relatively high across the broader crypto market, as evidenced by $432 million in liquidations over the past 24 hours, according to CoinGlass data. 

With Solana rising 3.2% over 24 hours, per CoinGecko data, $15.6 million in positions were forced to close, making it the third-largest liquidated asset, behind Bitcoin and Ethereum.

The spike in liquidations followed Bitcoin’s bounce, as Decrypt previously reported. Still, $500 million in long positions would be liquidated if Solana drops to $129, roughly 5.5% below its current price of $137.

If Solana were to drop lower, triggering the aforementioned long liquidation cluster, it would be a sign of a healthy market reset, Lee added, indicating that it would “clear excess leverage” and pave the way for renewed institutional inflows and a stronger rebound for Solana.

On the flip side, a near 3% move would catalyze $110 million in short covering, adding more fuel to Solana’s recent bounce.

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

Solana failed to stay above $142 and corrected gains. SOL price is now trading below $140 and might find bids near the $135 zone.

SOL price started a downside correction below $142 against the US Dollar.
The price is now trading above $135 and the 100-hourly simple moving average.
There is a bullish trend line forming with support at $135 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could extend losses if it dips below the $135 zone.

Solana Price Starts Downside Correction
Solana price failed to surpass $145 and started a downside correction, like Bitcoin and Ethereum. SOL dipped below $142 and $140 to enter a short-term bearish zone.

There was a move below the 50% Fib retracement level of the upward wave from the $131 swing low to the $145 high. However, the bulls are active near $136. There is also a bullish trend line forming with support at $135 on the hourly chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com
Solana is now trading above $135 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $140 level. The next major resistance is near the $145 level. The main resistance could be $148. A successful close above the $148 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $165 level.

More Losses In SOL?
If SOL fails to rise above the $142 resistance, it could start another decline. Initial support on the downside is near the $136 zone and the 61.8% Fib retracement level of the upward wave from the $131 swing low to the $145 high. The first major support is near the $135 level and the trend line.

A break below the $135 level might send the price toward the $132 support zone. If there is a close below the $132 support, the price could decline toward the $125 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $135 and $132.

Major Resistance Levels – $142 and $145.

Crypto prices today are edging higher as traders position for the Federal Reserve’s December interest rate decision and a possible shift in liquidity conditions.

Summary

Bitcoin, Ethereum, and major altcoins rose ahead of the Fed policy decision.
Traders expect a 25bp cut with mixed historical reactions after FOMC events.
Analysts see possible short-term swings, with key support near $87,000.

The total cryptocurrency market value rose 3% to $3.2 trillion, extending a quiet recovery across major assets. Bitcoin gained 2.3% in the past day to $92,496, while Ethereum increased 6% to $3,312. Solana rose 3.9% to $138, continuing its steady climb.

Mid-cap names posted larger moves, with Zcash up 11% to $440, Avalanche up 6.2% to $14, and Monero up 5.4% to $390. There was also a slight improvement in sentiment.

The Crypto Fear & Greed Index left the “extreme fear” range, moving from 22 to 26. Liquidations totaled $429 million, rising 106% in the last day, indicating that traders are adjusting their leverage before the announcement. Open interest rose 3% to $133 billion, while the market-wide relative strength index stayed near a neutral 51.

Fed decision sets the tone for short-term moves
The Fed will release its December 2025 rate decision at 2:00 p.m. ET (4:00 p.m. UTC). The markets almost certainly anticipate a 25-basis-point cut. Traders are keeping an eye out for any changes to the policy outlook for 2026. 

If a confirmed 25-basis-point rate cut is paired with a dovish dot plot that predicts multiple reductions in 2026, market liquidity would likely increase. In this scenario, Bitcoin could rise to between $92,000 and $95,000 and short liquidation cascades worth more than $120 million could occur, triggering more volatility.

CryptoQuant analysts note that Bitcoin often sees uneven moves around rate cuts. After September’s cut, Bitcoin reached a four-week high before dropping nearly $2,000, and October showed a similar pattern. They warn that a “buy the rumor, sell the news” move is still possible if today’s cut matches expectations.

Key analyst short-term outlooks
Tom Lee of Fundstrat expects a relief rally after the decision, setting a target of $100,000–$110,000 by year-end. CoinDCX Research shares a similar view, projecting 22% upside and pointing to a base case near $111,000, while leaving room for a move toward $130,000–$140,000 if momentum returns to spot ETF inflows.

Cathie Wood takes a more cautious stance. She notes that Bitcoin needs to hold the $87,000 area to avoid a deeper pullback if the Fed signals fewer cuts in 2026 or shows concern about inflation.

CryptoQuant’s short-term guidance points traders toward leverage metrics, exchange reserves, and ETF flows as the main indicators to watch. They note that liquidity is still mixed, and the next move will depend more on Powell’s tone than the cut itself.

Despite the breakout, DOGE faces significant structural resistance from major EMAs.

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

Part of the Team Since

Apr 2025

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

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December 10, 2025

The Solana network’s foundation is weakening as liquidity thins and profitability drops, according to on-chain data.

Key Takeaways:

Solana is undergoing a “full liquidity reset,” with realized losses exceeding profits and liquidity falling.
Exchange outflows and steady ETF inflows are providing structural support despite thinning liquidity.
Analysts see potential recovery by early January, but near-term volatility remains high.

According to Glassnode, Solana’s 30-day average realized profit-to-loss ratio has remained below 1 since mid-November, a level typically associated with bear-market behavior.

A reading under 1 means traders are realizing losses more often than profits, signalling deteriorating sentiment and reduced liquidity.

Analysts Say Solana Entering “Full Liquidity Reset”On-chain research group Altcoin Vector described the current environment as a “full liquidity reset,” a pattern that has historically marked the beginning of new liquidity cycles and preceded market bottoms.

If the structure mirrors April’s setup, analysts said liquidity could begin to recover in roughly four weeks, pointing to early January for potential renewed momentum.

A key lesson in alt positioning: when liquidity ignites, the move is fast.$SOL is under a full liquidity reset, setting a new liquidity cycle, as in past bottoming phases.

Forced selling exhausts, the ecosystem cleans from the inside out, and SOL begins building the base for… pic.twitter.com/tiLw6gwhdb

— Altcoin Vector (@altcoinvector) December 5, 2025
Despite the pressure, Solana isn’t without support. Persistent withdrawals from centralized exchanges have steadily reduced available supply, while demand from ETF buyers continues to build.

Spot Solana ETFs recorded $17.72 million in net inflows so far this week, nearly matching last week’s $20.30 million, according to SoSoValue.

Still, the broader environment remains fragile. Elevated leverage across crypto markets has amplified volatility, with CoinGlass reporting $432 million in liquidations over the past 24 hours.

Solana accounted for $15.6 million of that, making it the third-most liquidated asset behind Bitcoin and Ethereum, as the token climbed 3.2% on the day, per CoinGecko.

Analysts say the mid- to long-term outlook for Solana remains slightly constructive, especially if macro uncertainty clears and liquidity returns to the market.

However, in the near term, shrinking profitability, thinning liquidity, and heavy leverage leave the asset vulnerable to sharp swings.

As reported, Pye Finance has revealed a $5 million seed round led by some of the major players in the space. The goal is to turn billions in locked SOL stakes into an active yield market.

Variant and Coinbase Ventures led this round, with participation from Solana Labs, Nascent, Gemini, and others, according to the press release.

Pye says that it’s building bond markets for validators and stakers on Solana (SOL). The platform enables validators to draw and keep stake. They can offer rewards across more than a thousand validators.

Fed Liquidity Boost Could Send Bitcoin “Sharply Higher”As reported, Bitcoin’s climb above $92,000 has stirred fresh optimism among market watchers who now believe this week’s Federal Reserve meeting could set off a far bigger rally.

Analysts at the London Crypto Club say a liquidity boost from the Fed on Wednesday may act as a powerful catalyst, potentially driving the world’s largest cryptocurrency “sharply higher.”

In their latest note, David Brickell and Chris Mills argue that the central bank is poised to deliver a “dovish surprise,” forecasting that policymakers will inject liquidity through a creative bond-buying mechanism rather than explicit quantitative easing.

“We’re moving into a continued rate-cutting cycle accompanied by balance sheet expansion as the Fed effectively turns on the money printers to monetise the deficit,” they wrote.

Meanwhile, a key on-chain indicator known as “liveliness” is climbing again, even as Bitcoin’s price action remains subdued.

Analysts say the divergence suggests renewed underlying demand, with dormant coins moving at levels not seen in years, a sign that long-term holders may be re-entering the market.

Last week, Bitfinex said the market is showing “seller exhaustion” following a period of heavy deleveraging and panic-driven exits by short-term holders.

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A curious trend in Bitcoin trading has encouraged a U.S. wealth manager to build an ETF around an idea most traders only joke about: Bitcoin often behaves better while Americans are asleep.

Nicholas Financial Corporation has asked regulators to approve a fund that trades BTC only outside normal U.S. equity hours. Instead of tracking the cryptocurrency continuously, the vehicle would step into Bitcoin at the closing bell and step back out before New York trading restarts.

During the daytime lull, the ETF intends to park its capital in short-term Treasuries — a move designed to avoid market swings while earning yield.

Why Build a Product Around Midnight Moves?
The strategy stems from statistical quirks uncovered by analytics provider Velo.xyz. Its research suggests that over the last year Bitcoin’s positive momentum accumulated disproportionately overnight, only to fade when U.S. traders returned.

Bloomberg’s Eric Balchunas noted that the same behaviour appeared in 2024, hinting that institutional flows, derivatives unwinds and ETF mechanics might be concentrating performance in those hours.

BITCOIN AFTER DARK: new filing for an ETF that will only hold bitcoin at night, buying it when the US market closes and selling it when it opens. pic.twitter.com/0RrQTuP21t

— Eric Balchunas (@EricBalchunas) December 9, 2025

Rather than dismissing it as coincidence, Nicholas Financial sees it as an exploitable market feature.

A Second Filing Signals Bigger Ambitions
Alongside the AfterDark ETF (NGTH), the firm submitted paperwork for a second product — the Nicholas Bitcoin Tail ETF (BHGD). Although that fund’s mechanics remain under wraps, the dual filings suggest Nicholas wants to carve out a specialized niche in the growing Bitcoin investment universe.

If regulators sign off, the AfterDark ETF would be one of the first to treat time as a primary factor in portfolio construction. It also reinforces how dramatically the digital-asset industry has matured: investors now have products tailored not just to Bitcoin’s price, but to the hours when that price tends to behave best.

Whether the night-focused strategy delivers an edge is uncertain — but its existence shows how creative fund engineering has become as Bitcoin moves deeper into the traditional financial system.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

On Tuesday, the Ethereum price experienced a notable surge, climbing by 6.5% and reclaiming the critical $3,300 mark for the first time in nearly a month. This has allowed Ethereum to outpace its peers among the top ten cryptocurrencies by market capitalization, showcasing a nearly 12% recovery for the leading altcoin over the past week.

ETH Grows In Demand 
Analysts from Bull Theory attribute this resurgence to several key factors, including significant institutional interest in Ethereum. The firm highlighted BitMine, which holds the largest public company collection of ETH, as a major player in this recovery phase. 

In a recent social media update on X (formerly Twitter), the analysts pointed out that demand for ETH is on the rise as Wall Street quietly builds on the Ethereum platform.

Notably, major financial institutions are beginning to make substantial moves in the Ethereum space. BlackRock, which manages $13.5 trillion, is launching tokenized funds and has filed for a staked Ethereum exchange-traded fund (ETF). 

Other notable players include JPMorgan with $4 trillion in assets, Deutsche Bank at $1.1 trillion, and Standard Chartered with $800 billion. These firms are developing tokenization and decentralized finance (DeFi) infrastructure specifically on Ethereum and its Layer 2 (L2) solutions.

In addition, well-known financial entities such as Amundi, HSBC, BNY Mellon, Coinbase (COIN), Kraken, and Robinhood (HOOD) are incorporating Ethereum into their operations for functions like custody, settlement, and rollup infrastructure. 

As a result, these large companies are holding and staking ETH to generate yield, significantly increasing the altcoin’s demand. BitMine, for instance, anticipates earning over $400 million annually from its staking position.

Could The Ethereum Price Hit $12,000?
Such institutional involvement has led market experts like Tom Lee to speculate that the Ethereum price could potentially reach $12,000 by 2026, driven by growing staking demand and the scaling of tokenization efforts. 

Adding to the momentum, Arkham reported that Tom Lee’s Ethereum treasury firm acquired 138,452 ETH since last week, valued at approximately $431.97 million. BitMine currently holds $12.05 billion in ETH and has an additional $1 billion allocated for further purchases. 

In a different development that could bolster the Ethereum price further, Chris MacDonald, an analyst for The Motley Fool, highlighted reports indicating that the Office of the Comptroller of the Currency (OCC) confirmed US banks can now legally conduct “riskless principal” transactions in crypto assets. 

The analyst asserted that this new regulatory approval may lead to an influx of capital into digital assets, which would likely benefit the Ethereum price and holders, as well as other top cryptocurrencies.

The daily chart shows ETH’s price surge above $3,300 on Tuesday. Source: ETHUSDT on TradingView.com
As of this writing, the Ethereum price is trading at $3,325. Despite recent gains, the price is still nearly 33% below the all-time high of $4,946, which was reached earlier this year. 

Featured image from DALL-E, chart from TradingView.com