Market Signal Briefing

Callaway Golf (CALY - Free Report) came out with a quarterly loss of $0.25 per share versus the Zacks Consensus Estimate of a loss of $0.45. This compares to a loss of $0.33 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +44.44%. A quarter ago, it was expected that this maker of golf equipment and accessories would post a loss of $0.21 per share when it actually produced a loss of $0.05, delivering a surprise of +76.19%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Callaway, which belongs to the Zacks Leisure and Recreation Products industry, posted revenues of $367.5 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 53.39%. This compares to year-ago revenues of $924.4 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Callaway shares have added about 29.1% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Callaway?While Callaway has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Callaway was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.29 on $645.96 million in revenues for the coming quarter and $0.27 on $2.08 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Products is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Amer Sports, Inc. (AS - Free Report) , another stock in the same industry, has yet to report results for the quarter ended December 2025. The results are expected to be released on February 24.

This company is expected to post quarterly earnings of $0.27 per share in its upcoming report, which represents a year-over-year change of +58.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Amer Sports, Inc.'s revenues are expected to be $1.99 billion, up 21.7% from the year-ago quarter.

Agnico Eagle Mines (AEM - Free Report) came out with quarterly earnings of $2.69 per share, beating the Zacks Consensus Estimate of $2.56 per share. This compares to earnings of $1.26 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.91%. A quarter ago, it was expected that this gold mining company would post earnings of $1.76 per share when it actually produced earnings of $2.16, delivering a surprise of +22.73%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Agnico, which belongs to the Zacks Mining - Gold industry, posted revenues of $3.56 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 9.98%. This compares to year-ago revenues of $2.22 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Agnico shares have added about 28.1% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Agnico?While Agnico has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Agnico was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.31 on $3.8 billion in revenues for the coming quarter and $13.00 on $15.23 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Gold is currently in the top 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Newmont Corporation (NEM - Free Report) , another stock in the same industry, has yet to report results for the quarter ended December 2025. The results are expected to be released on February 19.

This gold and copper miner is expected to post quarterly earnings of $1.81 per share in its upcoming report, which represents a year-over-year change of +29.3%. The consensus EPS estimate for the quarter has been revised 13.5% higher over the last 30 days to the current level.

Newmont Corporation's revenues are expected to be $5.76 billion, up 2% from the year-ago quarter.

Air Canada (ACDVF - Free Report) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.2 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +138.94%. A quarter ago, it was expected that this company would post earnings of $0.56 per share when it actually produced earnings of $0.55, delivering a surprise of -1.79%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Air Canada, which belongs to the Zacks Transportation - Airline industry, posted revenues of $4.14 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.90%. This compares to year-ago revenues of $3.86 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Air Canada shares have added about 2.4% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Air Canada?While Air Canada has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Air Canada was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.16 on $3.9 billion in revenues for the coming quarter and $1.54 on $17.22 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Airline is currently in the top 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Transportation sector, EuroDry (EDRY - Free Report) , has yet to report results for the quarter ended December 2025.

This company is expected to post quarterly earnings of $1.20 per share in its upcoming report, which represents a year-over-year change of +580%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

EuroDry's revenues are expected to be $17.37 million, up 19.7% from the year-ago quarter.

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Bitcoin is collapsing. The star cryptocurrency has lost 40% since its peak of $126,000 in October.

The drop brings Bitcoin back to pre-Trump prices. Traders are panicking over this decline that began in November and has been accelerating since. U.S. and European regulators are tightening their grip, pushing investors to exit. Pressure is mounting from all sides, and it’s reflected in the prices.

No respite in sight.

In January, the U.S. Treasury Department launched a major crackdown on money laundering through cryptocurrencies. Binance and Coinbase are seeing their volumes melt away. Users are hesitant, wary of the new regulations coming their way. Some analysts believe this isn’t the end, with further drops possible. And with the Fed raising rates, investors are favoring bonds over risky cryptocurrencies.

Bitcoin also faces competition. Ethereum and Solana are gaining market share. They’re attracting more and more people, eroding Bitcoin’s historical dominance. Miners are struggling too, with electricity costs rising. Their profitability is taking a hit.

On January 15, Kraken suspended its operations following a cyberattack. This added to the instability.

Five days later, the ECB published a report warning about the risks of cryptocurrencies to financial stability. Investors took this as a warning. Warren Buffett added fuel to the fire on January 25: “Bitcoin is a mirage.” His words caused a stir in the financial community. MicroStrategy, a major Bitcoin holder, remains silent on this decline. Their silence is intriguing. Related coverage: Bitcoin Falls Below , 000.

BlackRock dropped a bombshell on January 28. According to them, institutional interest in Bitcoin is waning. Too volatile, too murky in terms of regulation. Tesla reduced its Bitcoin holdings by 10% at the end of January to mitigate risks. But Cathie Wood of Ark Invest took the opposite bet: $500 million in purchases on February 1. She’s betting on the long term despite the current storm.

Grayscale has cut its Bitcoin positions. Down 15% in its flagship fund at the beginning of February.

Mike Novogratz of Galaxy Digital remains optimistic but cautious: “Bitcoin has disruptive potential, but beware of short-term risks.” He spoke from New York on February 2. The same day, Chainalysis released a worrying report: suspicious Bitcoin transactions have jumped 20% since January. This raises questions about the security of exchange platforms.

Fidelity is holding firm. The asset manager maintains its Bitcoin positions and believes in the long-term cycle of cryptocurrencies. A spokesperson said they are sticking to their investment strategy despite the turbulence. For them, it’s cyclical.

Trading volumes are dropping everywhere. Platforms are seeing their users become more discreet. The new regulations on the horizon are frightening, especially in the United States where controls are increasing. Europe is following suit with its own measures. This follows earlier reporting on Bitcoin Plunges as Villeroy de Galhau.

Miners are suffering doubly. First, the Bitcoin price is falling, then electricity costs are soaring. Some are shutting down, others are relocating to cheaper countries. The computing power of the Bitcoin network remains stable for now, but that could change if the situation persists.

Investment funds are divided. Some, like Ark Invest, see a buying opportunity, while others, like Grayscale, prefer to reduce exposure. Institutions are waiting for clearer signals before making a move. No one wants to take unnecessary risks in this context.

Technical analysis shows Bitcoin below $80,000, far from its October peak. The psychological supports of $70,000 and then $60,000 are in traders’ sights. If they break, the drop could accelerate towards $50,000, a level that would bring Bitcoin back to mid-2024 prices.

Global central banks are coordinating their efforts against cryptocurrencies. The Bank of Japan joined the movement on February 3 by announcing restrictions on crypto investments by Japanese financial institutions. The Bank of England is echoing this with a strict regulatory framework planned for 2025. Mark Carney, former governor, stated that “the era of regulatory complacency is coming to an end.” The domino effect is spreading: Australia, Canada, and Switzerland are considering similar measures.

Tech giants are also changing course. Microsoft quietly removed Bitcoin from its treasury in January, following PayPal’s example, which reduced its crypto services by 30%. Amazon Web Services has suspended several blockchain projects, citing “growing regulatory uncertainty.” Meanwhile, hackers are taking advantage of the chaos: $2.1 billion stolen from crypto platforms since the beginning of 2025, according to Chainalysis. A chilling record. Crypto insurers are increasing their premiums by 40% in response to this surge in cyberattacks.

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Bitcoin (BTC) will revisit $100,000, and Ethereum (ETH) will surge back above $4,000 by the end of 2026 — but they’ll first see a painful drop on their way there, according to a new prediction from British multinational bank Standard Chartered.

Standard Chartered Flags Market Turbulence Ahead The bank revised its outlook, projecting that BTC could decline to approximately $50,000 in the months ahead, while Ether may find a floor near $1,400.

“I think we are going to see more pain and a final capitulation period for digital asset prices in the next few months. The macro backdrop is unlikely to provide support until we near [Kevin] Warsh taking over at the Fed,” Geoff Kendrick, Standard Chartered’s head of digital assets research, said in a recent research report.

“On the downside, I think this will see BTC to $50,000 or just below, ETH to $1,400. They will be buy levels, for end year forecasts of $100,000 BTC and $4,000 ETH.”

The $100,000 Bitcoin projection marks another reduction from the bank’s previous $150,000 target. In December, Kendrick had already lowered the forecast from an earlier estimate of $300,000. Meanwhile, the Ether outlook was revised to $4,000, down from the prior $7,500 prediction.

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Kendrick also revised down his end-of-2026 price targets across several major cryptocurrencies, reducing his Solana forecast to $135 from $250, XRP to $2.80 from $8.00, BNB to $1,050 from $1,755, and Avalanche to $18 from $100.

“These are mostly mark-to-market forecast changes to bring relative movements in line with BTC and ETH,” he opined.

Kendrick attributed the softer outlook in part to trends among exchange-traded fund investors. Bitcoin ETF holdings have decreased in recent months, with the average investor now facing unrealized losses after entering at an estimated average price of around $90,000, he said.

According to Kendrick’s estimates, ETF positions have contracted by nearly 100,000 BTC from their October 2025 peak. He added that investors may be more inclined to reduce exposure rather than accumulate during near-term price weakness.

Broader macroeconomic factors are also pressuring market sentiment. Kendrick pointed out that although recent U.S. economic indicators suggest some softening, expectations that the Federal Reserve will hold rates steady until Kevin Warsh’s first Federal Open Market Committee meeting as chair in mid-June are seen as constraining near-term momentum for risk assets.

Standard Chartered Maintains Long-Term Bullish Outlook  Despite anticipating further market stress in the near-term, the bank said the current correction remains less severe than previous downturns. At its lowest point in early February, Bitcoin had fallen roughly 50% from its October 2025 peak, while approximately half of the circulating supply remained in profit — declines viewed as significant but still milder than those seen in earlier cycles.

Importantly, the present cycle has not been accompanied by the failure of major crypto platforms, in contrast to the implosions of Terra/Luna and FTX in 2022. Kendrick said this points to a more mature and resilient market structure as institutional participation grows.

The analyst kept his longer-term outlook intact, reiterating end-2030 price targets of $500,000 for Bitcoin, $40,000 for Ether, and $2,000 for Solana, citing continued confidence in underlying adoption trends and structural growth drivers.

Bitcoin was trading at $65,638 at press time, down roughly 2.8% in the past day, per CoinGecko. The apex crypto has shed approximately 30% over the last 30 days alone and is 48% below its lifetime high of above $126,000 set in October 2025.

Meanwhile, Ether was valued at $1,926 at the time of writing after having plunged 21.1% in the past day. 

Is XRP About to Face Huge Selling Pressure? - These 3 Warning Signs Could Send Ripple's XRP Crashing David Schwartz, Ripple’s newly named CTO Emeritus and co-creator of the XRP Ledger, has provocatively labeled Bitcoin “a technological dead end.” His comments have sparked intense debate throughout the cryptocurrency community.

Ripple’s Schwartz Challenges Bitcoin’s Technological Relevance It all started when an XRP community member, Khaled Elawadi, asked Schwartz if he had ever contemplated returning to Bitcoin development after co-creating the XRP Ledger.

The former Ripple CTO flatly dismissed the idea. “Not really. I think Bitcoin is largely a technological dead end for the same reason the dollar is,” Schwartz wrote. “The technology just doesn’t seem to matter all that much to its success, at least not at the blockchain layer.”

Not really. I think bitcoin is largely a technological dead end for the same reason the dollar is. The technology just doesn't seem to matter all that much to its success, at least not at the blockchain layer.

— David 'JoelKatz' Schwartz (@JoelKatz) February 12, 2026 Schwartz’s remarks suggest that Bitcoin has essentially solidified into a monetary standard, where maintaining stability takes precedence over technological upgrades.

“For 99% of what makes Bitcoin interesting, all the blockchain needs to be able to do is allow people to rely on being able to hold and transfer Bitcoin in the future,” he added. That doesn’t require any technology that isn’t available in every public blockchain out there.”

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XRP vs Bitcoin: Which One Is Truly Decentralized? Schwartz’s comments have emerged amid a continuing debate with Bitcoin advocate Bram Kanstein, centered on whether the XRP Ledger is truly decentralized.

Kanstein argues that the XRP Ledger’s meaningful history begins at Ledger 32,570, citing an early software bug that resulted in the loss of the first 32,569 ledgers. He contends that this adjusted starting point indicates a degree of centralized control.

Schwartz, however, rejected that interpretation, calling it a technical glitch from the network’s formative period. He explained that participants opted not to enforce coordinated changes after the issue arose, instead continuing operations from the existing ledger state.

According to the exec, Bitcoin has had at least two incidents that showed much more centralization than the XRPL genesis glitch.

The exchange has reignited long-standing tensions between XRP and Bitcoin advocates, while highlighting the ongoing debate over what true decentralization actually entails.

Bitcoin (BTC) sellers resumed their activity on Thursday as the Bitcoin price turned away from its intraday high of $68,300. Analysts said that Bitcoin remained in capitulation, which could push the price lower, potentially reaching a bottom during the last quarter of 2026.

Key takeaways:

Multiple onchain indicators suggest Bitcoin is in deep capitulation as downside risks remain.

Long-term holder net-position change shows extreme distribution, mirroring past corrections that preceded further downside before bottoms.

Analysts forecast BTC price to hit a bottom in Q4/2026 based on various technical and onchain metrics.

Bitcoin’s capitulation persistsGlassnode’s long-term holder (LTH) net-position change shows that Bitcoin held by these investors over 30 days decreased by 245,000 BTC on Feb. 6, marking a cycle-relative extreme in daily distribution. Since then, this investor cohort has been reducing its exposure by an average of 170,000 BTC, as shown in the chart below.

Similar spikes in LTH net position change appeared during the corrective phases in 2019 and mid-2021, leading to BTC price consolidating before extended downtrends.

Bitcoin long-term holder net position change. Source: GlassnodeCryptoQuant data shows that Bitcoin’s MVRV Adaptive Z-Score (365-Day Window) has fallen to -2.66, reinforcing the intensity of the sell-side pressure.

“The current Z-Score reading of -2.66 proves that Bitcoin remains persistently in the capitulation zone,” CryptoQuant contributor GugaOnChain said in a Thursday Quicktake post, adding:

“The indicator suggests that we are approaching the historical accumulation phase.” BTC: MVRV Adaptive Z-Score (365-Day Window). Source: CryptoQuant
Bitcoin’s Realized Profit/Loss Ratio is about to break below 1, levels that have historically aligned with “broad-based capitulation, where realized losses outpace profit-taking across the market,” Glassnode said. 

Bitcoin Realized Profit/Loss Ratio. Source: GlassnodeAnalysts say Bitcoin will bottom out toward the end of 2026According to multiple analyses, Bitcoin could extend its downtrend, possibly reaching as low as $40,000 to $50,000 during the last quarter of the year.

The “final capitulation on $BTC is still ahead,” Crypto analyst Tony Research said in a recent post on X, adding:

“My take is, $BTC will bottom at $40K–50K, most likely forming between mid-September and late November 2026.” BTC/USD weekly chart. Source: Tony ResearchFellow analyst Titan of Crypto said that previous bear cycles in 2018 and 2022 printed their lows 12 months after the bull market top. 

Bitcoin’s current all-time high of $126,000 was reached on Oct. 2, 2025. 

“If this cycle follows the same rhythm, that puts the low around October,” the analyst added.

On-Chain College shared a chart showing that Bitcoin’s Net Realized Loss levels hit extreme levels at $13.6 billion on Feb. 7, levels last seen during the 2022 bear market. 

“The 2022 loss peak occurred 5 months before the actual bear market bottom was printed,” the analyst said, suggesting that BTC could form a bottom in July 2026.

Bitcoin net realized profit/loss, USD. Source: CheckonchainAs Cointelegraph reported, many analysts expect 2026 to be a bear market year, and various forecasts predict the BTC price dropping to as low as $40,000.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

During Bitcoin Investor Week in New York, Cathie Wood stated that the digital asset is the best hedge against the “deflationary chaos” sparked by artificial intelligence. Wood explained that technological acceleration and robotics will generate a productivity shock that will massively reduce costs—a scenario for which traditional financial systems are unprepared.

The impact of this vision lies in the fact that Bitcoin protects against inflation, but its fixed supply and decentralized architecture also isolate it from institutional fragility. Wood asserts that while the Federal Reserve ignores these data, the 75% annual drop in AI training costs will pressure debt-based growth models, favoring the transparency of the blockchain.

Moving forward, investors should monitor how central banks react to this shift in economic narrative from inflation toward productivity. The convergence between disruptive technologies will be decisive in validating whether Bitcoin can consolidate itself as a strategic asset against the volatility of traditional financial markets and the private equity sector.

Source:https://www.youtube.com/watch?v=viHdx8EOSg0

Disclaimer: Crypto Economy Flash News is compiled from official and verified public sources by our editorial team. Its purpose is to provide rapid information on relevant facts within the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We always recommend verifying the official channels of each project before making related decisions.

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Ahmed Balaha

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Ahmed Balaha

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Ahmed Balaha is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.

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36 minutes ago

Bitcoin is often seen as untouchable, the original force in crypto, rarely challenged on its fundamentals.

But one of Ripple’s most well-known voices sees things differently.

David Schwartz, CTO Emeritus and one of the original architects behind XRP, has called Bitcoin a technological dead end.

He wasn’t criticizing the price, but the architecture.

In a recent post, Schwartz argued that Bitcoin’s continued dominance relies more on its network effect than any real innovation, and warned that this lack of evolution could become a long-term weakness.

Not really. I think bitcoin is largely a technological dead end for the same reason the dollar is. The technology just doesn't seem to matter all that much to its success, at least not at the blockchain layer.

— David 'JoelKatz' Schwartz (@JoelKatz) February 12, 2026 In his view, the protocol barely evolves. It survives because it was first, not because it is the most advanced.

He compared it to the U.S. dollar. The technology does not drive dominance. Adoption does.

This debate between Bitcoin and XRP is a never-ending one. But what we know is that it always shifts back to price, and that is what mostly fuels bullish XRP price predictions.

XRP Price Prediction: $1.10 Is Still Closer Than $2.00XRP remains inside a descending channel, but the recent flush to $1.10 has the markings of a classic exhaustion move.

Since that drop, price action has tried to stabilize above $1.30, which now acts as the key short-term support. If that floor breaks, $1.10 becomes the next likely magnet.

Source: XRPUSD / TradingViewTo the upside, $1.50 is the first real friction zone. A clean move beyond that opens the door to $1.90, where the broader structure could begin to shift.

Until there is a breakout above the channel upperbound, this is technically still a downtrend.

That said, the recent action feels more like base-building than panic selling, a pattern that often precedes recovery.

Bitcoin versus XRP. Innovation versus network effect. The same debate, just a different cycle.

And while that debate plays out, price keeps doing what it always does, which is rewarding attention.

This cycle, it’s often the meme coins that move first.

Maxi Doge ($MAXI) is quickly becoming one to watch, rallying a growing community of traders sharing alpha, early opportunities, and good vibes while chasing high-upside plays.

In a Market Fueled by Attention, Maxi Doge Plays to Win

Maxi Doge ($MAXI) is not trying to win a technology debate.

It is built for what actually drives explosive moves in crypto. Narrative, momentum, and community conviction.

When majors grind inside descending channels and traders wait for a reclaim, capital starts scanning for something with asymmetric upside. Something early. Something loud. That is where meme energy usually steps in.

Maxi Doge leans fully into that reality. Bold branding. Clear positioning. Zero confusion about what it is. A high-conviction meme play designed for fast sentiment shifts, not slow protocol upgrades.

And the traction is real. The $MAXI presale has raised around $4.6 million so far, with staking rewards offering up to 68% APY for early participants.

Visit the Official Maxi Doge Website Here

TL;DR

Solana showcases its institutional roadmap at the Accelerate APAC event in Hong Kong. Panels address SOL ETFs, stablecoins, tokenization with participants like Mirae Asset and CME. AI-driven automation and infrastructure streamline audits, identity verification and 24/7 settlement. Solana reinforced its commitment to tokenization and digital payments during the Accelerate APAC event in Hong Kong, where developers and asset managers outlined a roadmap for 24/7 online capital markets. The conference adopted a clearly institutional tone, and panels addressed SOL ETFs, stablecoins, and tokenized securities with participation from firms such as Mirae Asset, ChinaAMC, CME Group, Fireblocks, and Cumberland.

Participants examined practical measures to integrate regulated products and emphasized compliance, custody, and scalable payment infrastructure. Moreover, speakers reduced speculative rhetoric and centered discussions on operational frameworks that facilitate onboarding of banks and asset managers into onchain markets. Consequently, the agenda shifted away from hype-driven narratives and toward tangible adoption standards.

Payments and tokenization take priority Sessions dedicated to payments highlighted compliant stablecoin rails and cross-border use cases designed for institutional deployment. In addition, experts analyzed how wallets must simplify user experience to support high transaction volumes. At the same time, tokenization systems received attention for their capacity to enhance liquidity and capital efficiency in traditional financial instruments.

Institutional themes also included discussion of SOL staking ETFs and digital asset trusts, reflecting demand for exposure products that reduce direct key management responsibilities. Meanwhile, infrastructure providers detailed technical requirements necessary to sustain continuous settlement and high throughput, emphasizing measurable performance indicators such as transaction cost and processing speed.

Speakers from Alibaba Cloud and crypto-native builders described growing convergence between blockchain settlement layers and AI-driven applications. They argued that integration of automation tools can streamline custody operations, identity verification, and compliance reporting. Several teams presented prototypes designed to withstand formal regulatory audits.

Key indicators discussed include onchain liquidity depth, settlement latency, fee predictability, and stablecoin peg stability during cross-border flows. Asset managers also evaluate governance transparency and contractual clarity in tokenized products before allocating capital. Furthermore, institutions conduct internal stress tests to assess margin management, reconciliation procedures, and custodial safeguards across digital asset venues. 

Collaboration among infrastructure providers, auditors, and regulators plays a decisive role in shaping institutional confidence. Banks must revise internal policies, compliance manuals, and audit protocols to incorporate blockchain-based settlement processes.

By the close of the event, Solana positioned itself as an execution layer for internet capital markets across Asia. Payments infrastructure, tokenization frameworks, custody standards, and regulated ETFs form the pillars of its institutional outreach. 

Ultimately, adoption depends on seamless infrastructure integration, regulatory alignment, and transparent operational controls that allow financial institutions to participate in onchain markets with measured confidence.

The Bitcoin price crash toward $60,000 has sparked debate across the crypto market, but recent analysis from BitQuant’s market experts explains why this move was inevitable and necessary. According to the firm, BTC’s sharp decline is not the result of widespread panic or manipulation but rather a natural development in its market structure. The firm explained that the recent local top, which exceeded $126,000, fell short of the expectations needed for healthy growth in the Bitcoin price. 

Early Top And Market Liquidation Disrupted Bitcoin Price Structure  In a lengthy post on X, BitQuant reported that its local top for Bitcoin was initially set at $145,000, but this was never reached, leaving the cryptocurrency above $126,000 earlier in October 2025. According to the firm, this earlier-than-expected peak caused a structural failure that prevented the Bitcoin market from building a solid foundation for continued price gains. 

On October 10, during the devastating liquidation event, BitQuant noted that a technical issue at Binance had triggered a sudden drop in BTC, from approximately $120,000 to $105,000, adding volatility to its already fragile setup. While some may interpret this Binance issue as manipulation, the crypto company stressed that such events are common in markets, especially in Bitcoin markets. The firm also added that the liquidation and technical error were not significant enough to justify the entire downside that followed. 

BitQuant highlighted that the key point is that Bitcoin’s early price top disrupted its natural cycle of distribution and correction, which normally would have allowed its price to consolidate before attempting higher levels. Without a strong base, the market could not sustain strong bullish momentum, creating the bearish conditions that fueled BTC’s retracement toward the $60,000- $62,000 region.

In a clean, structural scenario, the company stated that Bitcoin should have reached $145,000, distributed there, experienced a correction of about 25-30%, and then built a strong base before the next price expansion. 

New Structure Sets Stage For Future Expansion Although BitQuant has highlighted flaws in Bitcoin’s current market structure, the firm stated that the cryptocurrency has already established a new setup following its decline toward $60,000. The company noted that this updated price structure now supports a continuation toward BTC’s next expansion phase. 

Related Reading: Is Bitcoin A Better Investment Than Gold? Finance Expert Shares Deep Insights

BitQuant further clarified that this is not the start of a new market cycle, but rather a continuation of the cycle that began around $16,000. The firm emphasized that the market’s performance and success in the coming months will depend on whether traders and investors view the next move as a new cycle or a progression of the current one. Although Bitcoin’s decline toward $60,000 shook the market, the cryptocurrency has since recovered slightly and is trading back above $67,000 at the time of writing.

BTC trading at $67,994 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com

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Upbit delisting FLOW: FLOW/KRW and FLOW/BTC on March 16, 2026Upbit will remove Flow (FLOW) spot pairs FLOW/KRW and FLOW/BTC on March 16, 2026, at 15:00 KST, according to Upbit. Trading for both pairs will cease at that time.

FLOW was designated a “Trading Caution Designated Asset” on December 29, 2025 following internal risk reviews. The delisting formalizes that status after subsequent monitoring did not resolve identified concerns.

Decision follows Flow security exploit and DAXA trading risk alertA security incident on the Flow network on December 27, 2025 led to the fraudulent creation of approximately $3.9 million worth of FLOW, according to the Flow Foundation. Validators halted the network within six hours, and patches were deployed to prevent recurrence.

The report notes that about 1.094 billion counterfeit FLOW tokens were deposited to exchanges during the incident. Roughly 484.43 million of those were recovered and destroyed, with the remainder isolated pending further action.

A trading risk alert and a coordinated halt of FLOW deposits and withdrawals in south korea began on December 27, 2025, according to the Digital Asset Exchange Association (DAXA). The association indicated further steps would depend on investigation outcomes.

In its public summary of the event, the foundation emphasized customer asset integrity: “No existing user balances were compromised,” said the Flow Foundation.

The removal of FLOW/KRW and FLOW/BTC eliminates a key KRW venue for FLOW price discovery. Order books on KRW pairs may thin, and routing across remaining markets could face frictions until liquidity rebalances.

At the time of this writing, the data show FLOW at $0.04508 with volatility at 27.06% (extremely high) and an RSI-14 near 42.04 (neutral). These figures are background context, not forward-looking guidance.

User checklist before delisting and deposit/withdrawal statusConfirm balances; consider converting or withdrawing before March 16, 2026Users can verify any residual FLOW balances on the exchange and confirm applicable timelines. Depending on personal circumstances, they may convert to KRW or withdraw before the delisting time.

Monitor Upbit and DAXA notices on FLOW deposit/withdrawal changesDeposit and withdrawal availability has been coordinated under a risk alert since December 27, 2025. Users should monitor official notices from the exchange and the association for any changes or cutoffs.

FAQ about Upbit delisting FLOWWhy is Upbit removing Flow, what security issues triggered the decision?A December 27, 2025 exploit created counterfeit FLOW, followed by a December 29 trading-caution designation. Unresolved risk findings led to the March 16, 2026 delisting.

What does the DAXA alert mean for FLOW deposits and withdrawals in South Korea?The alert prompted a coordinated pause of FLOW deposits and withdrawals from December 27, 2025, with further actions contingent on investigative outcomes.

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

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Ripple CEO Brad Garlinghouse said that the company’s path toward a $1 trillion valuation runs directly through XRP, according to a post shared on X by InvestWithD. The remarks highlight XRP’s central role in Ripple’s long-term strategy and growth ambitions.

🚨BREAKING: Brad Garlinghouse Says Ripple WILL Be a Trillion-Dollar Crypto Company BY 2030 — “Ripple’s Reason for Existence Is XRP” 😳🤯

Today during XRP Community Day, @bgarlinghouse was asked where he sees @Ripple in 2030.

“There will be a trillion dollar crypto company. I… pic.twitter.com/0186a11QJj

— Diana (@InvestWithD) February 11, 2026

In the statement circulating on social media, Garlinghouse framed XRP not as a side asset but as a foundational pillar of Ripple’s expansion. He suggested that any significant scaling of the company’s value would be closely tied to the adoption and utility of XRP within its ecosystem. The comments arrive as market participants continue debating Ripple’s positioning in the broader digital asset industry and the extent to which XRP’s performance reflects the company’s trajectory.

While no specific timeline or financial roadmap was detailed, the assertion reinforces Ripple’s continued alignment with XRP as a strategic driver. Investors and community members will likely watch for further clarification on how Ripple plans to translate that vision into measurable milestones. Additional commentary or corporate updates could offer insight into how the company intends to bridge the gap between current valuations and the trillion-dollar benchmark.

Source: InvestWithD on X

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

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

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Ripple’s Chief Executive Officer (CEO) Brad Garlinghouse has outlined XRP’s irreplaceable role within the crypto company. In a recent discussion, the crypto executive talked about how XRP is driving adoption and growth across Ripple’s ecosystem, highlighting its importance and utility in payments, treasury, custody, infrastructure, and other key areas of the business. 

XRP Powers Ripple’s Products And Institutional Growth Garlinghouse recently appeared on X’s Spaces to discuss the significance of XRP for Ripple and to reaffirm its role in the company’s long-term strategy. The CEO stated that he wanted everyone in the XRP army and the community to know that XRP is the “North Star” guiding Ripple’s mission and day-to-day operations. 

According to him, the cryptocurrency is central to everything the firm does, including payment solutions, treasury management, custody, USD, and institutional engagement. Over the years, the firm has continued to develop its payment solutions, using XRP to enable faster, more efficient international transfers while also supporting corporate payment risk management and DEX transactions. 

Treasury management further leverages XRP alongside Ripple’s USD stablecoin, RLUSD, to provide liquidity. The crypto company has also recently strengthened its institutional custodian platform, Ripple Custody, through new partnerships with Securosys and Figment, to securely store and manage XRP for banks and asset managers. 

Garlinghouse emphasized that XRP is not just a digital asset but a foundational element that, when combined with the XRP Ledger (XRPL), drives utility, trust, velocity, and liquidity within the ecosystem. He made it clear that XRP underpins both current projects and future initiatives. 

The CEO also explained that regardless of whether the company is focused on Ripple payments, treasury services, payments on DEX’s, or Ripple Prime, its institutional digital asset custody platform, the primary objective remains the same—which is to strengthen XRP’s role within the global financial infrastructure. 

Institutional Adoption And Partnership Strategies During the discussion, Garlinghouse also addressed Ripple’s focus on institutional growth. He announced that Aviva investors, one of the largest asset management firms globally, has begun tokenizing assets on the XRP Ledger. 

This development illustrates the company’s strong commitment to expanding institutional opportunities while supporting consumer-focused partners. Additionally, it solidifies the firm’s position in the rapidly growing asset tokenization space and highlights XRP’s significant role within it.

Garlinghouse also indicated that the company collaborates with companies pursuing new markets and solutions, ensuring XRP remains integral across applications. He added that the firm’s President Monica Long would share further details about these initiatives. 

The CEO reiterated that XRP connects multiple aspects of the crypto company, describing the cryptocurrency as “the heartbeat” of the comany. By keeping XRP at the center of its operations, the payment firm continues to strengthen its confidence as a “platform company for financial infrastructure,” while reinforcing the broader utility of XRP and its ledger.

XRP trading at $1.37 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com

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Quantum computing could threaten crypto security, urging urgent upgrades to protect digital assets.

Key takeaways Quantum computing poses a significant threat to current cryptographic systems used in crypto. The emergence of quantum computers necessitates a strategic allocation of resources to mitigate risks. Quantum computers could potentially break cryptographic keys in a matter of minutes. Three key cryptographic components in crypto are vulnerable to quantum computing. Quantum computers, if built at a large enough scale, can break existing cryptographic systems. There is a reasonable chance of having a cryptographically relevant quantum computer by 2031. Improvements in quantum algorithms are reducing the number of qubits needed to break Ethereum’s cryptography. A cryptographically relevant quantum computer could compromise the security of the entire crypto industry. Cold storage wallets can be secured against quantum attacks by not revealing the public key until a transaction is made. Approximately 30% of keys are not protected behind a hash, posing a security risk. The transition to post-quantum cryptography involves both technical and social challenges. To maintain long-term privacy, blockchain systems must adopt quantum secure cryptography now. Privacy coins like Zcash will be prime targets for quantum computers due to their ability to allow fund theft without detection. Ethereum plans to upgrade all its cryptography to be post-quantum secure by 2029. The blockchain industry will attract a significant amount of post-quantum talent in the near future. Guest intro Justin Drake is a researcher at the Ethereum Foundation. He played a key role in Ethereum’s transition from proof-of-work to proof-of-stake, known as The Merge. His work focuses on cryptographic protocols, scalability, and security in blockchain technology.

The threat of quantum computing to cryptographic security “Quantum computers could potentially break cryptographic keys in a matter of minutes.” – Justin Drake “Quantum computing poses a significant threat to current cryptographic systems used in crypto.” – Justin Drake “Three key cryptographic components in crypto are vulnerable to quantum computing.” – Justin Drake “Quantum computers, if built at a large enough scale, can break existing cryptographic systems.” – Justin Drake “There is a reasonable chance we could have a cryptographically relevant quantum computer by 2031.” – Justin Drake The improvement in quantum algorithms is significantly reducing the number of qubits needed to break Ethereum’s cryptography. A cryptographically relevant quantum computer could compromise the security of the entire crypto industry. “The emergence of a powerful quantum computer poses a systemic risk to all crypto.” – Justin Drake Quantum computers could disrupt blockchain consensus mechanisms by breaking the cryptographic protections in place. “Quantum computers may take a long time to break cryptographic keys, but other modalities like supercomputing can do it much faster.” – Justin Drake Preparing for quantum threats in blockchain “We need to start preparing for the transition to new cryptography well in advance of the arrival of quantum computers.” – Justin Drake Cold storage wallets can be secured against quantum attacks by not revealing the public key until a transaction is made. “Approximately 30% of keys are not protected behind a hash, which poses a security risk.” – Justin Drake Exchanges typically manage their assets through a tiered storage system including cold, lukewarm, and hot wallets. “There is a competitive race among major companies to develop quantum computers that could potentially attack crypto.” – Justin Drake Governments are heavily investing in quantum computing technology, but their progress is largely undisclosed. “China is likely one of the few governments motivated to attack blockchain technologies.” – Justin Drake The transition to post-quantum cryptography involves both technical and social challenges. “The size problem in post-quantum cryptography significantly impacts blockchain throughput.” – Justin Drake Signature aggregation is a solution being developed to address the size problem in blockchain transactions. The future of blockchain security “Bitcoin’s infrequent upgrades pose a risk in the face of advancing quantum computing technology.” – Justin Drake “It would be catastrophic if each blockchain developed its own post-quantum solution independently.” – Justin Drake Collaboration between Ethereum and Bitcoin could lead to a unified post-quantum cryptographic solution. “Having broad industry standards in cryptography is beneficial for interoperability and security.” – Justin Drake The Falcon signature scheme is a notable example of a cryptographic standard being adopted for post-quantum security. Algorand’s state proofs utilize the Falcon signature scheme to provide post-quantum secure attestations of the blockchain state. “Post-quantum signatures enhance security by preventing quantum computers from forging signatures.” – Justin Drake “Quantum computing poses a significant threat to current encryption methods used in blockchain technology.” – Justin Drake To maintain long-term privacy, blockchain systems must adopt quantum secure cryptography now. Privacy coins like Zcash will be prime targets for quantum computers due to their ability to allow fund theft without detection. Ethereum’s approach to quantum security “Ethereum’s lost coins represent a negligible portion of its circulating supply.” – Justin Drake Migration to post-quantum secure wallets may require user action unless a proof of knowledge of the seed phrase is implemented. In the event of a quantum attack, Ethereum may need to shut down temporarily to implement security measures. The transition to post-quantum secure cryptography for Ethereum will involve a complex process that could temporarily halt the network. “Ethereum plans to upgrade all its cryptography to be post-quantum secure by 2029.” – Justin Drake “Algorand’s approach to upgrades involves deploying state proofs and iterating based on learned experiences.” – Justin Drake Post quantum cryptography has very different performance profiles compared to classical cryptography. Starting early with post quantum transitions is essential to learn and adjust strategies. “The blockchain industry will attract a significant amount of post-quantum talent in the near future.” – Justin Drake Hash-based cryptography is being pursued for its uncompromising security in addressing the size problem. The role of hash-based cryptography “Hash-based cryptography is chosen for its uncompromising security despite larger signature sizes compared to lattice-based signatures.” – Justin Drake The ‘hash gambit’ allows for larger signatures while solving size problems with smaller, fast-to-verify proofs. “Sharded mempools can effectively manage transaction flow and enhance scalability.” – Justin Drake Hash-based signatures offer a combination of security and simplicity, making them a viable option for blockchain technology. Merkle trees and hash-based signatures are foundational technologies that can enhance blockchain security. “Post-quantum cryptography is evolving with practical applications emerging from theoretical concepts.” – Justin Drake Lattice-based cryptography and hash-based cryptography are key categories selected for post-quantum cryptography standards. “Lattice-based cryptography will lead to significant advancements in privacy and computation within the next five to ten years.” – Justin Drake Nick Carter’s concerns about Bitcoin’s vulnerability to quantum threats are valid. Bitcoin may not withstand the test of time due to its security budget. Addressing Bitcoin’s quantum vulnerabilities “A small group of researchers can effectively address technical challenges in blockchain technology.” – Justin Drake The migration process for Bitcoin could take about a year. Increasing the block size is a technically naive solution to Bitcoin’s aggregation problem. Hash-based signatures can provide a scalability boost for Bitcoin without increasing block size. “Quantum computers will eventually scale up to break current cryptography, but the timeline is uncertain.” – Justin Drake The timeline for the emergence of quantum computers capable of breaking cryptography is unpredictable. Satoshi’s coins pose a unique threat to Bitcoin due to their large quantity and public key structure. The potential theft of Satoshi’s coins could lead to a contentious debate and possible fork in the Bitcoin community. The portrayal of the quantum threat to Bitcoin may be overstated, with only a small number of bitcoins actually vulnerable. Quantum computing could potentially allow for the theft of Satoshi’s coins within a couple of years. The urgency of upgrading blockchain security “The speed of quantum computing advancements could lead to rapid and widespread capabilities that outpace current security measures.” – Justin Drake Quantum computers can quietly accumulate secret keys before executing an attack on blockchain wallets. Chains must upgrade their security measures before quantum computing becomes a threat. AI may accelerate the discovery of mathematical breakthroughs that could threaten current cryptographic systems. The migration to post-quantum cryptography should be done quickly and is also a migration to post-AI cryptography. “We should avoid structured assumptions in cryptography and favor maximally unstructured methods like hash-based cryptography.” – Justin Drake The way we think about post-quantum cryptography is shifting from a defensive to an aggressive strategy. Ethereum’s proactive approach to quantum security could attract institutional capital. “Ethereum is becoming an attractive asset for investors due to its proactive stance on quantum threats.” – Justin Drake

Bitcoin (BTC) formed a new weekly low at $65,500 on Thursday, and the price has continued to trend lower over the past four days. Derivatives data also indicate that traders are heavily positioned to the downside. 

Analysts said that this setup may lead to a sharp move higher that forces sellers to close their positions, even as other indicators hint that the move may not be straightforward.

Key takeaways:

The seven-day average funding rate for Bitcoin has turned strongly negative for the first time since March 2023 and November 2022.

Bitcoin liquidity and stablecoin flow data show renewed capital outflows, reducing the odds of a sustained squeeze.

Bitcoin one-hour chart. Source: Cointelegraph/TradingViewBitcoin funding stays red as short positions riseBitcoin’s daily funding rate has remained in deep red territory since the beginning of February, marking its most negative period since May 2023. The seven-day simple moving average has flipped negative for the first time in nearly a year.

Bitcoin daily funding rate. Source: CryptoQuantThe funding rate is a periodic payment between the traders in futures markets. When it is negative, the short sellers pay long traders, signaling that the bearish positions are crowded, and vice versa.

Crypto analyst Leo Ruga said the current “red funding rate for days” signals that the bearish or short trade may be getting overcrowded. Ruga added,

“This is the kind of negative funding that typically appears during bottoming phases. Not because shorts are wrong, but because extended negative funding often marks exhaustion of selling pressure.”Similarly, market analyst Pelin Ay highlighted that the funding rate recently dropped near -0.02 last Friday, with sharp negative spikes. Ay added that when sharp price declines coincide with negative funding, it can set the stage for a short squeeze, particularly if $58,000 holds as the local support. 

The last time Bitcoin’s daily funding rate stayed deeply negative for 10 to 20 days after a bullish phase was in May 2021 and January 2022. In May 2021, BTC corrected for nearly two months before breaking out to new highs. In January 2022, the negative stretch preceded a broader bearish cycle. Thus, an extended negative funding has not produced an immediate reversal in the past.

Bitcoin funding rate comparison between May 2021 and Jan. 2022. Source: CryptoQuantOnchain data supports a cautious view. Bitcoin researcher analyst Axel Adler Jr. noted that the SSR oscillator, which measures Bitcoin’s strength relative to stablecoins, has mostly stayed in the negative territory since August 2025. 

A brief move into positive territory in mid-January (+0.057) coincided with a rally above $95,000, but the oscillator has since dropped to -0.15 as the price pulled back toward $67,000.

Bitcoin Stablecoin Supply Ratio (SSR). Source: Axel Adler. JrStablecoin flows tell a similar story. The 30-day change in USDT market cap turned positive in early January (+$1.4 billion), but it has since reversed to -$2.87 billion, signaling a period of capital outflows. 

Until liquidity trends and the SSR oscillator turn sustainably positive, Adler Jr. said that the BTC market remains in a “risk-off” phase.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

TLDR ETHZilla has launched a tokenized investment opportunity in leased jet engines through its subsidiary ETHZilla Aerospace. The company acquired two CFM56 commercial jet engines worth $12.2 million and is offering equity in these assets via the Eurus Aero Token I. The tokens, available to accredited investors, are priced at $100 each, with a minimum investment of 10 tokens. ETHZilla aims to provide a targeted return of 11% for token holders if they hold through the lease term, ending in 2028. Cash flows from the leased engines will be distributed monthly to token holders via blockchain technology. ETHZilla has expanded its operations into the tokenization sector, launching a new project focused on jet engine leases. The company, through its new subsidiary ETHZilla Aerospace, is offering tokenized equity in jet engines it recently acquired. This move comes as ETHZilla seeks to diversify its investments amid Ethereum prices continuing to decline.

ETHZilla Introduces Tokenized Engine Leases on Arbitrum ETHZilla’s new venture centers around tokenizing a $12.2 million investment in two leased CFM56 commercial jet engines. These engines are leased to a major U.S. airline, though the company has not disclosed the airline’s identity due to confidentiality concerns. By launching the Eurus Aero Token I on the Arbitrum layer-2 network, ETHZilla offers tokenized equity in the engines, allowing investors to participate in this emerging market.

ETHZilla CEO McAndrew Rudisill commented on the project, stating, “Offering a token backed by engines leased to one of the largest and most profitable U.S. airlines serves as a strong use case in applying blockchain infrastructure to aviation assets with contracted cash flows.” The company believes that this move will help modernize fractional ownership of aviation assets, a market traditionally dominated by institutional investors and private equity firms.

Token Sale Details and Project Goals The Eurus Aero Token I, available to accredited investors, will be sold through Liquidity.io’s token marketplace. Each token is priced at $100, with a minimum investment of $1,000, or 10 tokens. The project aims to offer a return of approximately 11% if token holders hold until the lease agreements conclude in 2028. However, a disclaimer notes that actual returns could differ based on various factors.

Cash flows from the leased engines will be distributed monthly to token holders through the blockchain. ETHZilla has structured the tokens with collateral consisting of the engines, related lease receivables, insurance proceeds, and other reserves. The company’s tokenization model ensures transparency and on-chain distribution, making it accessible to a broader group of investors.

ETHZilla’s expansion into tokenized aviation assets is part of a broader effort to pivot from its Ethereum holdings. The firm recently revealed a $250 million share buyback program, following a drop in the company’s market cap. ETHZilla’s share price has seen fluctuations, including a significant drop in recent months.

A sharp wave of bitcoin losses has rattled traders, but Cryptoquant says data shows a market still searching for a true bear market bottom. Bitcoin Downturn Deepens, but Cryptoquant Says Capitulation Isn't Complete Cryptoquant's latest Institutional Insights report, published Feb.

Journalist

Posted: February 13, 2026

The ongoing market volatility hasn’t spared the stablecoin sector, which has seen roughly $8 billion wiped from its market cap. This may be evidence that liquidity reserves, or “dry powder,” are tightening as risk appetite falls.

And yet, looking at how stablecoin firms are positioning themselves, it’s clear they view the slide as a temporary blip. Bo Hines, CEO of Tether’s U.S. arm, revealed plans to push Tether into the top 10 U.S. Treasury holders.

That’s notable since 83.11% of Tether’s reserves are in T-bills, making them a key source of revenue. Pushing further into this area, therefore, sends a clear signal that Tether might be gearing up for stronger demand ahead.

Source: Tether

Alas, it doesn’t stop with Tether. Circle has been minting USDC on Solana [SOL], a move analysts see as a strategic step towards turning the network into a Visa-scale settlement layer, thereby boosting stablecoin utility.

In short, the 2025 cycle, when the stablecoin market surged by 50%, laid the foundation for mainstream adoption. Therefore, the moves by Tether and Circle make sense, as both firms are positioning to meet rising demand.

Following a similar path, Ripple’s RLUSD stablecoin is starting to make waves too. While USDT is down 1.5%, RLUSD has rallied by 14%, showing that Ripple may not be far behind in executing its own strategic plays.

Looking at key metrics, it’s clear that RLUSD is gaining momentum. 

In the first two months of 2026, RLUSD’s market cap reached a record $1.5 billion. This surge buildt on the token’s 2,300% rally in 2025, further cementing its position as a major player in the stablecoin ecosystem.

Meanwhile, according to Token Terminal, RLUSD on Ethereum [ETH] has grown to $1.2 billion in supply – Marking roughly a 10x increase year-over-year. Such a hike only further highlights its growing role across multiple networks.

Source: Token Terminal

Building on this momentum, Binance has completed the integration of RLUSD on the XRP Ledger [XRPL]. This has given Ripple’s stablecoin a significant boost by making it more accessible for trading across multiple blockchain.

Taken together, RLUSD’s market growth, its supply on ETH, and now its integration with Binance show that Ripple is going “multi-chain.” By spreading its stablecoin across L1s, Ripple is aiming to reach more users.

According to AMBCrypto, the timing is key. 

With players like Tether and Circle expanding their reserves, Ripple’s move positions RLUSD to compete head-to-head in the stablecoin space. This is also a sign that it is ready to play a major role in the next wave of adoption.

Final Thoughts With strong market growth, growing supply on Ethereum, and Binance integration, Ripple is expanding RLUSD’s reach across multiple networks. Amid Tether and Circle making strategic moves, RLUSD is now set to compete in the space too.

TL;DR

LayerZero integrates with Cardano, connecting over 160 chains through omnichain messaging. The protocol removes technical friction between Cardano’s UTXO model and account-based networks. Over 400 tokens and $80 billion in assets gain direct settlement rails into Cardano. LayerZero, the omnichain messaging protocol that connects more than 160 blockchains and has handled over $200 billion in cross-chain volume, integrates with Cardano and grants access to more than 400 tokens and $80 billion in omnichain assets.

The integration removes technical barriers between Cardano’s extended UTXO model and account-based networks and opens stablecoin and Bitcoin liquidity pipelines to Cardano’s DeFi environment.

Cardano uses a UTXO architecture which prioritizes determinism and security. Cross-chain tooling often targets account-based designs, which created friction for asset transfer into Cardano. LayerZero operates at the messaging layer and enables chain-agnostic communication, so messages and tokens move between endpoints regardless of execution model. As a result, Cardano acquires connective infrastructure without altering base-layer guarantees.

LayerZero capabilities and asset coverage LayerZero offers an Omnichain Fungible Token Standard which keeps a single unified supply across multiple chains through a coordinated burn-and-mint process. The standard removes the need for wrapped tokens and lowers reliance on intermediary liquidity pools.

Over 400 tokens already implement the standard, and those tokens total about $80 billion in market value. Stablecoins and Bitcoin-backed assets gain direct rails into Cardano, while institutional tokenized holdings obtain practical settlement options for treasury management and custody operations.

Using the OApp framework, teams can build applications which send and receive messages, move tokens, and synchronize logic across LayerZero-connected networks.

A lending protocol on Cardano can source collateral from Ethereum A decentralized exchange can draw liquidity from more than 150 networks. A stablecoin issuer can distribute supply across chains while preserving a single supply record at the messaging layer.

Operational considerations warrant attention. Burn-and-mint coordination preserves supply integrity but requires gas and fee planning on each endpoint. Cardano’s on-chain governance and risk controls remain in force because connectivity sits outside consensus rules. 

Consequently, custodial arrangements and oracle quality determine much of the operational risk profile rather than core-layer modifications. Market actors must adapt monitoring, custody, and settlement practices accordingly.

Integration steps include aligning bridge contracts, validating cross-chain settlement flows, and updating wallet software to reflect omnichain token semantics. Security audits and continuous monitoring assume higher complexity when multiple endpoints participate in a token lifecycle. 

Regulators and institutional custodians often require transparent settlement records; messaging-layer flows provide traceability while custody models handle legal exposure. Analysts should track liquidity distribution, settlement times, onchain fee dispersion, and peg resilience as measurable indicators.

Adoption will depend on developer uptake and tooling integration Several production-grade protocols already use LayerZero on other networks, and those examples offer technical templates for porting to Cardano. Observers should monitor liquidity depth, stablecoin peg stability, and cross-chain fee patterns as leading indicators. Market participants and custodians should prepare operational playbooks and incident response plans for cross-chain settlement irregularities and liquidity shocks across multiple endpoints.

Cardano obtains broader cross-chain connectivity without changes to protocol fundamentals. LayerZero and the OFT Standard act as principal instruments for omnichain access, enabling Cardano projects to integrate major account-based networks and to gain access to a wider set of digital assets.

In an effort to integrate traditional finance with decentralized protocols, asset management firm BlackRock (NYSE:BLK) has teamed up with tokenization platform Securitize and Uniswap Labs to facilitate direct on-chain trading of its BUIDL fund. This development represents BlackRock’s inaugural foray into leveraging decentralized finance (DeFi) infrastructure for one of its tokenized assets.

Concurrently, BlackRock has acquired an undisclosed quantity of UNI tokens, the governance asset of the Uniswap ecosystem, sparking a notable market reaction with UNI’s value climbing approximately 20% in the immediate aftermath.

Launched through Securitize, the BUIDL fund is a tokenized representation of U.S. Treasury securities and cash equivalents, designed to offer investors a blockchain-based alternative to conventional money market funds.

As of February 11, 2026, it boasts around $2.4 billion in assets under management, positioning it as the premier institutional tokenized fund on public blockchains.

Access remains restricted to verified, qualified investors who must undergo whitelisting processes to ensure compliance with regulatory standards.

Since its inception, BUIDL has supported on-chain transfers and select liquidity options, with recent expansions to networks like Binance’s BNB Chain and Solana, as well as integrations into DeFi applications such as Euler through wrapped token variants.

The core of this new initiative lies in UniswapX, an advanced off-chain order routing mechanism developed by Uniswap Labs.

This system aggregates liquidity from various sources and executes settlements directly on the blockchain via smart contracts.

Securitize Markets, operating as a regulated broker-dealer and alternative trading system, oversees the trading process using a request-for-quote (RFQ) model.

This setup allows pre-approved investors to engage in trades while upholding necessary oversight and controls.

By tapping into Uniswap’s robust DeFi liquidity pools—Uniswap being one of the largest decentralized exchanges by trading volume—this partnership aims to enhance accessibility and efficiency for eligible participants.

Carlos Domingo, CEO of Securitize, highlighted the transformative potential of this collaboration, emphasizing how it combines the dependability and regulatory frameworks of established finance with the rapid, inclusive nature of DeFi protocols.

This move underscores a broader trend where major financial institutions are increasingly exploring blockchain technologies to modernize asset management and trading.

BlackRock’s involvement not only validates the maturity of DeFi infrastructure but also signals confidence in its scalability for institutional applications.

The market implications are seemingly profound.

For tokenized assets like BUIDL, direct DeFi integration could boost liquidity, reduce intermediaries, and attract a wider pool of sophisticated investors.

It bridges the gap between centralized financial systems and permissionless blockchain networks, potentially accelerating the adoption of real-world asset (RWA) tokenization.

Industry observers note that this could pave the way for more hybrid models, where compliance meets decentralization, fostering innovation in global finance.

Moreover, BlackRock’s UNI investment reflects strategic positioning within the DeFi space, aligning with its ongoing efforts to diversify into crypto-related ventures.

As UNI surged in response, it highlighted investor enthusiasm for such crossovers, with the token’s price reflecting heightened optimism about Uniswap’s role in future financial ecosystems.

This announcement comes at a pivotal time for the crypto sector, amid growing regulatory clarity and institutional interest.

By enabling on-chain trading, BlackRock and its partners are not just focused on expanding BUIDL’s utility but also contributing to the evolution of a more interconnected financial ecosystem.

France has introduced a new framework allowing individuals to use digital assets as collateral for Lombard loans. This development, effective since April 30, 2025, amends the French Monetary and Financial Code in order to permit the pledging of crypto-assets in exchange for euro-denominated loans from banks or neobanks.

Unlike traditional sales that might trigger tax events, this mechanism enables holders to access liquidity without relinquishing ownership of their cryptocurrencies.

Lombard loans, historically rooted in medieval banking practices where borrowers pledged valuables like gold or jewelry for short-term credit, have evolved considerably.

Named after the Lombardy region in Italy, these loans typically involve securing funds against marketable securities or assets at a fraction of their value—often 40-50% to mitigate risk.

In the crypto context, this means depositing, say, €100,000 worth of Bitcoin to borrow €40,000 in euros.

This approach mirrors decentralized finance (DeFi) protocols but operates within a regulated traditional finance (TradFi) environment, providing a hybrid solution that could appeal to institutional and retail investors.

The legal framework establishes a clear path for nantissement— the French term for pledging— of digital assets, creating a bridge between the volatile world of crypto and the stability of conventional banking.

Currently, the process is considered tax-neutral, meaning no immediate capital gains tax is imposed upon pledging.

However, fiscal experts caution that this interpretation remains debated among professionals.

Arnaud Touati, a lawyer specializing in fintech, highlights the uncertainties:

“Despite its advantages, the Lombard credit raises fiscal questions. Regulations are still unclear regarding the declaration of capital gains linked to pledged assets… We strongly recommend legal consultations.”

He also notes that the European Union is contemplating a specialized regime, drawing inspiration from France’s PACTE law, which could standardize crypto pledging across member states similar to securities accounts.

This update arrives amid growing global acceptance of cryptocurrencies. France, already a leader in European crypto regulation with initiatives like the MiCA framework, is positioning itself as a hub for financial innovation.

For crypto holders, the benefits are manifold: it offers leverage without liquidation risks in bear markets, preserves potential upside from asset appreciation, and facilitates real-world spending or investments.

Imagine a Bitcoin investor needing cash for a property down payment—now, they can borrow against their holdings rather than selling at a potentially inopportune time.

Yet, challenges persist.

The high volatility of cryptocurrencies could lead to margin calls if asset values plummet, forcing additional collateral or repayment.

Moreover, the lack of comprehensive EU-wide rules means cross-border implications are unclear, potentially deterring international adoption.

Touati emphasizes the need for vigilance:

“The legislator is reflecting on a specific regime… to better frame these operations and secure patrimonial rights.”

This step could accelerate the mainstreaming of digital pledges, encouraging other nations to follow suit.

As blockchain technology matures, such integrations may democratize access to credit, blending the efficiency of crypto with the safeguards of regulation.

France’s seemingly proactive stance not only aims to boost economic flexibility but also signals a maturing ecosystem where digital and traditional finances coexist more harmoniously.

Journalist

Posted: February 13, 2026

Altcoin rotation is completely dormant right now. Worse still, most big-cap altcoins haven’t even kept pace with Bitcoin [BTC] on monthly losses, which is capping rotational flows, leaving their risk/reward profile skewed.

Binance Coin [BNB] is no exception. Down 28% so far in 2026, it’s testing critical support zones, taking out longs, and retracing back to Q2 2025’s levels. The BNB/BTC ratio has dropped by 7.12% too, signaling muted rotation.

In short, BNB has been feeling the market FUD. However, flashback to Q4 2025 and key divergences may be in play – Ethereum [ETH] dumped 2x harder than BNB, pushing BNB/ETH up 19% even while the broader market was shaky. 

Source: TradingView (BNB/ETH)

Fast-forward to now, and a similar setup might be forming. BNB/ETH is up 7.29% in Q1, with Ethereum roughly 1.5× deeper in the red vs. Binance Coin. From a technical lens, capital is clearly favoring BNB while ETH lags behind.

According to Messari data, this divergence might not be a fluke. In fact, BNB’s Q4 2025 report highlighted strong on-chain performance as average transactions jumped by 30.4% to 17.3 million, while active addresses climbed 13.3% to 2.6 million.

So here’s the question – With BNB showing a similar setup vs. other L1s, is this a sign of solid on-chain fundamentals? And if so, could it repeat its Q4 2025 move and outperform the rest of the L1 pack by the end of Q1 2026?

BNB’s on-chain strength shines through market FUD Stablecoins acted as a major liquidity driver behind BNB’s Q4 divergence. 

In fact, on-chain data revealed that its stablecoin market cap grew by 9.2% QoQ. Leading the pack were USDT at $9.0 billion (up 12.4% QoQ) and USDC at $1.3 billion (up 23.1%) – Providing a strong backbone for capital rotation.

The result? BSC’s RWA value hit $2 billion, up 228% QoQ, making it the second-largest RWA network after Ethereum by the end of 2025. In short, even with market FUD, capital has been clearly flowing across key sectors.

Source: Messari

Naturally, the question then is – Is Binance Coin seeing a similar liquidity move? 

According to data from DeFiLlama, BNB’s stablecoin market cap is already up 2.5% so far in Q1, in line with its RWA value, which is up 5% month-to-date to over $2.15 billion. Capital is clearly still flowing on-chain.

In this context, the BNB/ETH ratio seemed to be reflecting this momentum, making rotational flows less speculative and more fundamentals-driven. If this trend holds, BNB could be setting up to repeat its Q4 2025-style outperformance.

Final Thoughts BSC’s on-chain strength is holding up despite market FUD, fueling capital rotation, with BNB/ETH showing clear momentum. Current liquidity and fundamentals suggest Binance Coin could outperform other L1s, repeating its Q4 2025 cycle.

BOSTON, Feb. 12, 2026 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today announced its fourth quarter and fiscal year 2025 financial results. The Company also posted a letter to shareholders and an earnings presentation on the Investor Relations section of its website at investors.draftkings.com.

Fourth Quarter 2025 Highlights
For the three months ended December 31, 2025, DraftKings reported revenue of $1,989 million, an increase of $596 million, or 43%, compared to $1,393 million during the same period in 2024. The increase in the Company’s fourth quarter 2025 revenue was driven primarily by continued healthy customer engagement, efficient acquisition of new customers, and higher Sportsbook net revenue margin.

“We closed 2025 on a high note. Fourth quarter revenue increased 43% year-over-year and we achieved records for revenue and Adjusted EBITDA. Our core business is strong as we enter 2026,” said Jason Robins, DraftKings’ Chief Executive Officer and Co-founder. “We also see a massive, incremental opportunity in DraftKings Predictions. We plan to deploy growth capital to build the best customer experience in Predictions, and acquire millions of customers. We have the playbook to execute and win.”

“We are proud to have generated positive net income in fiscal year 2025. For the year, we increased revenue 27% to above $6 billion, continued to grow Adjusted EBITDA, and repurchased 16 million shares,” said Alan Ellingson, DraftKings’ Chief Financial Officer. “We have built an efficient and powerful business model and are excited to share more detail at our virtual Investor Day on March 2nd.”

Continued Healthy Growth in Customer Retention, Acquisition, and Engagement

Monthly Unique Payers (“MUPs”) was unchanged year-over year at 4.8 million average monthly unique paying customers in the fourth quarter of 2025. Excluding Jackpocket, MUPs increased 5% compared to the same period in 2024, reflecting strong unique payer retention and acquisition across DraftKings’ Sportsbook and iGaming product offerings. Average Revenue per MUP (“ARPMUP”) was $139 in the fourth quarter of 2025, representing a 43% increase compared to the same period in 2024. The increase was primarily due to higher net revenue margin across both Sportsbook and iGaming. Detailed financial data and other information for the fourth quarter of 2025 is available in the financial statements set forth below under the caption “Financial Results.” Fiscal Year 2026 Guidance

DraftKings is introducing a fiscal year 2026 revenue guidance range of $6.5 billion to $6.9 billion and a fiscal year 2026 Adjusted EBITDA guidance range of $700 million to $900 million. The Company’s guidance ranges reflect expected investment in DraftKings Predictions, line-of-sight jurisdictions launches, and disciplined planning as business conditions evolve. The Company assumes state tax rates will remain consistent with where they are today.The Company’s guidance ranges for fiscal year 2026 exclude potential variance related to sport outcomes and therefore does not include the modest benefit from year-to-date sport outcomes. Mobile Sports Betting and iGaming Footprint

DraftKings is live with mobile sports betting in 26 states and Washington, D.C., which collectively represent approximately 52% of the U.S. population.DraftKings is also live with iGaming in 5 states, which collectively represent approximately 11% of the U.S. population.DraftKings is live with its Sportsbook and iGaming products in Ontario, Canada, which represents approximately 40% of Canada’s population. Webcast and Conference Call Details
As previously announced, DraftKings will host a conference call and audio webcast tomorrow, Friday, February 13, 2026, from 8:30 a.m. to 9:15 a.m. ET, during which management will discuss the Company’s results and provide commentary on business performance. A question-and-answer session will follow the prepared remarks.

To listen to the audio webcast and live question and answer session, please visit DraftKings’ investor relations website at investors.draftkings.com. A live audio webcast of the earnings conference call will be available on the Company’s website at investors.draftkings.com, along with a copy of this press release, the Company’s Annual Report on Form 10-K, an earnings presentation and a letter to shareholders. The audio webcast will be available on the Company’s investor relations website until 11:59 p.m. ET on March 31, 2026.

Financial Results
DraftKings’ fourth quarter and full-year 2025 financial results, as well as the financial results for the respective comparative periods, are presented below:

DRAFTKINGS INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except par value)
   December 31,  2025   2024 Assets   Current assets:   Cash and cash equivalents$1,127,545  $788,287 Restricted cash 7,601   16,499 Cash reserved for users 469,449   525,407 Accounts receivable 105,577   57,839 Prepaid expenses and other current assets 104,837   145,729 Total current assets 1,815,009   1,533,761 Property and equipment, net 51,081   50,550 Intangible assets, net 889,201   933,121 Goodwill 1,597,647   1,555,116 Operating lease right-of-use assets 49,810   74,917 Equity method investments 18,938   13,200 Deposits and other non-current assets 109,098   123,060 Total assets$4,530,784  $4,283,725 ​   Liabilities and Stockholders’ equity   Current liabilities:   Accounts payable and accrued expenses$785,441  $661,245 Liabilities to users 935,001   979,453 Operating lease liabilities, current portion 9,795   10,993 Other current liabilities 25,234   3,300 Total current liabilities 1,755,471   1,654,991 Convertible notes, net of issuance costs 1,259,096   1,256,429 Term B Loan, net of issuance costs 576,544   — Operating lease liabilities 44,391   67,660 Warrant liabilities —   22,033 Long-term income tax liabilities 91,618   76,375 Other long-term liabilities 172,203   195,611 Total liabilities$3,899,323  $3,273,099     Stockholders’ equity:   Class A common stock, $0.0001 par value; 900,000 shares authorized as of December 31, 2025 and 2024; 533,296 and 504,722 shares issued and 495,053 and 489,071 outstanding as of December 31, 2025 and 2024, respectively$52  $48 Class B common stock, $0.0001 par value; 900,000 shares authorized as of December 31, 2025 and 2024; 393,014 shares issued and outstanding as of December 31, 2025 and 2024 39   39 Treasury stock, at cost; 38,243 and 15,651 shares as of December 31, 2025 and 2024, respectively (1,392,433)  (563,146)Additional paid-in capital 8,424,833   7,978,425 Accumulated deficit (6,437,518)  (6,441,228)Accumulated other comprehensive income 36,488   36,488 Total stockholders’ equity 631,461   1,010,626 Total liabilities and stockholders’ equity$4,530,784  $4,283,725  DRAFTKINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands, except per share amounts)
     Three Months Ended December 31, Year Ended December 31,  2025   2024   2025   2024 Revenue$1,989,193  $1,392,772  $6,054,525  $4,767,699 Cost of revenue 1,074,506   834,644   3,556,947   2,950,561 Sales and marketing 442,643   368,602   1,379,880   1,264,920 Product and technology 133,555   112,063   459,912   397,114 General and administrative 186,729   216,642   673,603   764,103 Income (loss) from operations 151,760   (139,179)  (15,817)  (608,999)Other income (expense):       Interest income (expense), net (5,428)  8,020   (19,941)  44,300 Gain (loss) on remeasurement of warrant liabilities 3,870   3,337   4,747   (4,945)Other gain (loss), net (3,177)  (17,713)  38,024   (23,514)Income (loss) before income tax and equity method investments 147,025   (145,535)  7,013   (593,158)Income tax provision (benefit) 10,149   (11,133)  4,274   (86,341)(Gain) loss from equity method investments 450   449   (971)  468 Net income (loss) attributable to common stockholders$136,426  $(134,851) $3,710  $(507,285)        Earnings (loss) per share attributable to common stockholders:       Basic$0.28  $(0.28) $0.01  $(1.05)Diluted$0.25  $(0.28) $(0.01) $(1.05) DRAFTKINGS INC.
NON-GAAP FINANCIAL MEASURES
(Unaudited)
(Amounts in thousands, except per share amounts)
 ​Three Months Ended December 31,
 Year Ended December 31,
​2025
 2024
 2025
 2024
Adjusted EBITDA$343,202  $89,454  $619,987  $181,307 Adjusted Diluted Earnings (Loss) Per Share$0.36  $0.14  $0.66  $0.24  DRAFTKINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands)
   Years Ended December 31,  2025   2024 Cash Flows from Operating Activities:   Net income (loss) attributable to common stockholders$3,710  $(507,285)Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:   Depreciation and amortization 275,488   270,854 Non-cash interest (income) expense, net 2,300   (15)Stock-based compensation expense 339,311   381,367 (Gain) loss on remeasurement of warrant liabilities (4,747)  4,945 (Gain) loss from equity method investment (971)  468 (Gain) loss on marketable equity securities and other financial assets, net 4,406   12,940 Loss on sale of Vegas Sports Information Network, LLC —   5,865 Deferred income taxes (18,225)  (92,733)Other non-cash (gain) loss, net (35,765)  6,280 Change in operating assets and liabilities, net of effect of acquisitions:   Receivables reserved for users 60,688   248,320 Accounts receivable (57,695)  (10,116)Prepaid expenses and other current assets (16,423)  (26,266)Deposits and other non-current assets 1,950   1,701 Operating leases, net —   130 Accounts payable and accrued expenses 132,182   (18,200)Liabilities to users (44,452)  110,678 Long-term income tax liability 15,243   3,565 Other long-term liabilities 5,855   25,269 Net cash flows provided by (used in) operating activities 662,855   417,767 Cash Flows from Investing Activities:   Purchases of property and equipment (15,352)  (10,176)Cash paid for internally developed software costs (131,154)  (95,698)Cash paid for gaming market access and licenses (7,956)  (14,983)Cash paid for acquisitions, net of cash acquired (16,381)  (441,487)Collection of loan receivable 11,784   — Other investing activities (6,938)  (4,257)Net cash flows provided by (used in) investing activities (165,997)  (566,601)Cash Flows from Financing Activities:   Proceeds from Term B Loan, net 588,116   — Repayment of Term B Loan principal (4,500)  — Purchase of treasury stock for RSU withholding (257,759)  (102,897)Proceeds from exercise of stock options 10,573   9,165 Purchase of treasury stock under Stock Repurchase Program (571,528)  (48,067)Proceeds from shares issued under Employee Stock Purchase Plan 15,243   — Other financing activities (2,601)  (2,667)Net cash flows provided by (used in) financing activities (222,456)  (144,466)Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users 274,402   (293,300)Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period 1,330,193   1,623,493 Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period$1,604,595  $1,330,193     Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users   Cash and cash equivalents$1,127,545  $788,287 Restricted cash 7,601   16,499 Cash reserved for users 469,449   525,407 Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period$1,604,595  $1,330,193     Supplemental Disclosure of Noncash Investing and Financing Activities:   Investing activities included in accounts payable and accrued expenses —   3,462 Equity consideration issued in connection with acquisitions 28,708   376,702 Shares issued for contingent consideration 4,962   — Fair value of contingent consideration in connection with acquisitions 37,785   77,965 Decrease of warrant liabilities from cashless exercise of warrants 17,287   46,484 Supplemental Disclosure of Cash Activities:   Increase (decrease) in cash reserved for users (55,958)  184,117 Cash paid for interest 27,881   — Cash paid for income taxes 8,236   5,268 
Non-GAAP Financial Measures

This press release includes Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share, which are non-GAAP financial measures that DraftKings uses to supplement its results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share are useful in evaluating its operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by security analysts, institutional investors and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

DraftKings defines and calculates Adjusted EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization, and further adjusted for the following items: stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; gain or loss on remeasurement of warrant liabilities; and other non-recurring and non-operating costs or income, as described in the reconciliation below.

DraftKings defines and calculates Adjusted Diluted Earnings (Loss) Per Share as basic or diluted earnings (loss) per share attributable to common stockholders adjusted for the impact of amortization of acquired intangible assets; discrete tax benefits attributed to acquisitions; stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; gain or loss on remeasurement of warrant liabilities; and other non-recurring and non-operating costs or income, as described in the reconciliation below.

DraftKings includes these non-GAAP financial measures because they are used by management to evaluate the Company’s core operating performance and trends and to make decisions regarding the allocation of capital and new investments. Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share exclude certain expenses that are required in accordance with GAAP because they are non-recurring items (for example, in the case of transaction-related costs and advocacy and other related legal expenses), non-cash expenditures (for example, in the case of depreciation and amortization, remeasurement of warrant liabilities and stock-based compensation) or non-operating items which are not related to the Company’s underlying business performance (for example, in the case of interest income and expense and litigation, settlement and related costs).

The unaudited table below presents the Company’s Adjusted EBITDA reconciled to its net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, for the periods indicated:

 Three Months Ended December 31, Year Ended December 31,(amounts in thousands) 2025   2024   2025   2024 Net income (loss)$136,426  $(134,851) $3,710  $(507,285)Adjusted for:       Depreciation and amortization (1) 74,002   66,099   275,488   270,854 Interest (income) expense, net 5,428   (8,020)  19,941   (44,300)Income tax (benefit) provision (2) 10,149   (11,133)  4,274   (86,341)Stock-based compensation (3) 103,291   110,060   339,311   381,367 Transaction-related costs (4) 6,353   2,053   13,213   26,386 Litigation, settlement, and related costs (5) —   40,674   —   81,246 Advocacy and other related legal expenses (6) 2,000   9,746   2,000   16,049 Loss (gain) on remeasurement of warrant liabilities (3,870)  (3,337)  (4,747)  4,945 Other non-recurring and non-operating costs (income) (7) 9,423   18,163   (33,203)  38,386 Adjusted EBITDA$343,202  $89,454  $619,987  $181,307  ________________________________
(1) The amounts include the amortization of acquired intangible assets of $36.3 million and $38.6 million for the three months ended December 31, 2025 and 2024, respectively, and $149.3 million and $159.8 million for the years ended December 31, 2025 and 2024, respectively.
(2) In 2025, the Company recorded a discrete income tax benefit of $14.6 million, which was attributable to non-recurring partial releases of the Company's U.S. valuation allowance as a result of the purchase accounting for Railbird. In 2024, the Company recorded a discrete tax benefit of $87.3 million, which was attributable to non-recurring partial releases of the Company's U.S. valuation allowance as a result of the purchase accounting for the Jackpocket Transaction.
(3) Reflects stock-based compensation expenses resulting from the issuance of awards under incentive plans.
(4) Includes capital markets advisory, consulting, accounting and legal expenses related to the evaluation, negotiation and consummation of transactions and offerings that are under consideration, pending or completed, as well as integration costs related to acquisitions.
(5) Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our ordinary-course business operations.
(6) Reflects non-recurring and non-ordinary course costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate certain product offerings and are actively seeking licensure, or similar approval, for those product offerings. This adjustment excludes (i) costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate that are incurred in the ordinary course of business and (ii) costs relating to advocacy efforts and other legal expenses incurred in jurisdictions where related legislation has been passed and we currently operate.
(7) This primarily includes the change in fair value of certain assets and liabilities, including a $38.0 million gain related to contingent consideration in 2025, as well as our equity method share of investee’s gains and losses and other costs relating to non-recurring and non-operating items. For 2024, this amount also includes $27.8 million in expense related to the discontinuance of our Reignmakers product offering, $7.5 million in expenses related to the termination of a market access agreement, and a $5.8 million loss on the sale of Vegas Sports Information Network, LLC, offset by $20.9 million related to gaming tax credits as a result of audits and appeals related to prior periods.

The unaudited table below presents the Company’s Adjusted Diluted Earnings (Loss) Per Share reconciled to its diluted earnings (loss) per share attributable to common stockholders, which is the most directly comparable financial measure calculated in accordance with GAAP, for the periods indicated:

​Three Months Ended December 31, Year Ended December 31,  2025   2024   2025   2024 Diluted earnings (loss) per share attributable to common stockholders$0.25  $(0.28) $(0.01) $(1.05)Adjusted for:       Amortization of acquired intangible assets (1) 0.07   0.08   0.30   0.33 Discrete tax benefit attributed to acquisitions (2) (0.03)  (0.02)  (0.03)  (0.18)Stock-based compensation (3) 0.20   0.23   0.68   0.79 Transaction-related costs (4) 0.01   —   0.03   0.05 Litigation, settlement, and related costs (5) —   0.08   —   0.17 Advocacy and other related legal expenses (6) 0.00   0.02   0.00   0.03 Loss (gain) on remeasurement of warrant liabilities —   (0.01)  0.00   0.01 Other non-recurring and non-operating costs (income) (7) 0.02   0.04   (0.06)  0.08 Tax impact of adjusting items (8) (0.15)  —   (0.26)  — Adjusted Diluted Earnings (Loss) Per Share*$0.36  $0.14  $0.66  $0.24  ________________________________
* Weighted average diluted number of shares used to calculate Adjusted Diluted Earnings (Loss) Per Share was 532.0 million and 488.0 million for the three months ended December 31, 2025 and 2024, respectively, and was 495.9 million and 482.0 million for the years ended December 31, 2025 and 2024, respectively; totals may not sum due to rounding.

(1) The amounts include the amortization of acquired intangible assets of $36.3 million and $38.6 million for the three months ended December 31, 2025 and 2024, respectively, and $149.3 million and $159.8 million for the years ended December 31, 2025 and 2024, respectively.
(2) In 2025, the Company recorded a discrete income tax benefit of $14.6 million, which was attributable to non-recurring partial releases of the Company's U.S. valuation allowance as a result of the purchase accounting for Railbird. In 2024, the Company recorded a discrete tax benefit of $87.3 million, which was attributable to non-recurring partial releases of the Company's U.S. valuation allowance as a result of the purchase accounting for the Jackpocket Transaction.
(3) Reflects stock-based compensation expenses resulting from the issuance of awards under incentive plans.
(4) Includes capital markets advisory, consulting, accounting and legal expenses related to the evaluation, negotiation, and consummation of transactions and offerings that are under consideration, pending, or completed, as well as integration costs related to acquisitions.
(5) Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our ordinary-course business operations.
(6) Reflects non-recurring and non-ordinary course costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate certain product offerings and are actively seeking licensure, or similar approval, for those product offerings. This adjustment excludes (i) costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate that are incurred in the ordinary course of business and (ii) costs relating to advocacy efforts and other legal expenses incurred in jurisdictions where related legislation has been passed and we currently operate.
(7) This primarily includes the change in fair value of certain assets and liabilities, including a $38.0 million gain related to contingent consideration in 2025, as well as our equity method share of investee’s gains and losses and other costs relating to non-recurring and non-operating items. For 2024, this amount also includes $27.8 million in expense related to the discontinuance of our Reignmakers product offering, $7.5 million in expenses related to the termination of a market access agreement, and a $5.8 million loss on the sale of Vegas Sports Information Network, LLC, offset by $20.9 million related to gaming tax credits as a result of audits and appeals related to prior periods.
(8) Beginning in the first quarter of 2025, the Company began applying an estimated non-GAAP effective tax rate, which is 23% as of December 31, 2025. The non-GAAP effective tax rate reflects the non-GAAP tax provision commensurate with the Company’s level of non-GAAP profitability, which was determined after adjusting for the non-GAAP adjustments presented above and excluding the impact of changes in the valuation allowance.

Information reconciling forward-looking fiscal year 2026 Adjusted EBITDA guidance to its most directly comparable GAAP financial measure, net income (loss), is unavailable to DraftKings without unreasonable effort due to, among other things, certain items required for such reconciliation being outside of DraftKings’ control and/or not being able to be reasonably predicted. Preparation of such reconciliation would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. DraftKings provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, the Company cannot provide any assurance that it can predict all of the components of the Adjusted EBITDA calculation. DraftKings provides a forecast for Adjusted EBITDA because it believes that Adjusted EBITDA, when viewed with DraftKings’ results calculated in accordance with GAAP, provides useful information for the reasons noted above. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or as an indicator of operating performance or liquidity.

About DraftKings

DraftKings Inc. is a digital sports entertainment and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings’ mission is to make life more exciting by responsibly creating the world’s favorite real-money games, betting experiences and event contracts trading. DraftKings Sportsbook is live with mobile and/or retail sports betting operations pursuant to regulations in 29 states, Washington, D.C., Puerto Rico, and Ontario, Canada. The Company operates iGaming pursuant to regulations in five states and in Ontario, Canada under its DraftKings brand and pursuant to regulations in four states and in Ontario, Canada, under its Golden Nugget Online Gaming brand. DraftKings also owns Jackpocket, the leading digital lottery courier app in the United States. DraftKings’ daily fantasy sports product is available in 44 states, Washington, D.C., and certain Canadian provinces. DraftKings' wholly-owned subsidiary GUS III Inc. (d/b/a DraftKings Predictions) also operates DraftKings Predictions, a standalone app and web product offering federally regulated event contracts under CFTC oversight. DraftKings is both an official sports betting and daily fantasy partner of the NFL, NHL, PGA TOUR, WNBA and UFC, as well as an official daily fantasy partner of NASCAR, an official sports betting partner of the NBA and an authorized gaming operator of MLB. In addition, DraftKings owns and operates DraftKings Network, a multi-platform content ecosystem. DraftKings is committed to being a responsible steward of this new era in real-money gaming by developing and promoting educational information and tools to help all players enjoy our products responsibly.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about the Company and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release, including statements regarding guidance, DraftKings’ future results of operations or financial condition, strategic plans and focus, user growth and engagement, product initiatives, and the objectives and expectations of management for future operations (including launches in new jurisdictions and the expected timing thereof), are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “confident,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “going to,” “intend,” “may,” “plan,” “poised,” “potential,” “predict,” “project,” “propose,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions, or by statements of vision, strategy or outlook. DraftKings cautions you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. DraftKings has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends, including the current macroeconomic environment, that it believes may affect its business, financial condition, results of operations, and prospects. These forward-looking statements are not guarantees of future performance, conditions, or results and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside DraftKings’ control and that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to, DraftKings’ ability to manage growth; DraftKings’ ability to execute its business plan and meet its projections; potential litigation involving DraftKings; changes in applicable laws or regulations, particularly with respect to gaming; general economic and market conditions impacting demand for DraftKings’ products and services; economic and market conditions in the media, entertainment, gaming, and software industries in the markets in which DraftKings operates; market and global conditions and economic factors, as well as the potential impact of general economic conditions, and the potential impact of new and existing laws, regulations, or policies, including those relating to tariffs, import/export, or trade restrictions, volatile inflation and interest rates, and instability in the banking system, on DraftKings’ liquidity, operations and personnel, as well as the risks, uncertainties, and other factors described in “Risk Factors” in DraftKings’ filings with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that DraftKings makes from time to time with the SEC. The forward-looking statements contained herein are based on management’s current expectations and beliefs and speak only as of the date hereof, and DraftKings makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations, except as required by law.

Contacts

Media:

[email protected]

@DraftKingsNews

Investors:

[email protected]

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WESTBROOK, Maine--(BUSINESS WIRE)--IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, will participate in two upcoming conferences:

Thursday, February 26, 9:55 am – 10:30 am EST – Mike Lane, Executive Vice President and General Manager, Global Reference Laboratories, Diagnostic Solutions and Information Technology, and Andrew Emerson, Executive Vice President and Chief Financial Officer, will participate in a fireside chat at the virtual BofA Securities Animal Health Summit. Monday, March 2, 9:15 am – 9:45 am EST – Jay Mazelsky, President and Chief Executive Officer, will present at the 47th Annual Raymond James Institutional Investors Conference. Live webcasts of the presentations will be available through links on the IDEXX website, www.idexx.com/investors. Archived editions of the presentations will be available via the same link.

About IDEXX Laboratories, Inc.

IDEXX is a global leader in pet healthcare innovation. Our diagnostic and software products and services create clarity in the complex, constantly evolving world of veterinary medicine. We support longer, fuller lives for pets by delivering insights and solutions that help the veterinary community around the world make confident decisions—to advance medical care, improve efficiency, and build thriving practices. Our innovations also help ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P 500™ Index. Headquartered in Maine, IDEXX employs approximately 11,000 people and offers solutions and products to customers in more than 175 countries and territories. For more information about IDEXX, visit www.idexx.com.

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