Market Signal Briefing

Vitalik Buterin just published a research proposal that sidesteps the question everyone keeps asking: can blockchains run AI models?

Instead, the research claims Ethereum as the privacy-preserving settlement layer for metered AI and API usage. The post, co-authored with Davide Crapis on Ethereum Research, argues that the real opportunity isn't putting LLMs on-chain.

The real opportunity lies in building the infrastructure that enables agents and users to pay for thousands of API calls without compromising identity or creating surveillance trails through billing data.

The timing is critical because agentic AI is moving from demonstrations to enterprise roadmaps. Gartner forecasts that 40% of enterprise applications will include task-specific AI agents by the end of 2026, up from under 5% in 2025.

Gartner forecasts enterprise applications with task-specific AI agents will jump from under 5% in 2025 to 40% by end of 2026.That shift implies a world in which software autonomously generates massive volumes of API calls, making billing rails strategic infrastructure rather than back-office plumbing.

Current metering systems force a choice between Web2 identity billing, which relies on API keys and credit cards and leaks profiling data, and on-chain pay-per-call models that are too slow, too expensive, and link activity through transparent transaction graphs.

The proposal introduces ZK API usage credits, a payment and anti-abuse primitive built on Rate-Limiting Nullifiers.

RLN is a zero-knowledge gadget designed to prevent spam in anonymous systems, and the research repurposes it for metered access to services.

The flow proceeds as follows: users deposit funds once into a smart contract, and their commitment is added to an on-chain Merkle tree.

Each API request includes a zero-knowledge proof demonstrating that the user is a valid depositor with sufficient credit for the requested index.

If a user attempts to reuse a ticket index, double-spending their allowance, RLN allows the system to recover their secret and slash their stake as an economic penalty.

The post includes concrete examples. A user deposits 100 USDC and makes 500 hosted LLM queries. Another deposits 10 USDC for 10,000 Ethereum RPC calls.

The architecture is explicitly designed for “many calls per deposit,” meaning that on-chain activity scales with the number of accounts and settlement frequency rather than raw inference volume.

Variable-cost support adds flexibility: users prepay a maximum cost per call, servers return signed refund tickets for unused amounts, and users privately accumulate refunds to unlock more calls without additional deposits.

Infrastructure is already thereThe proposal arrives when the payment substrate for usage credits already exists at scale.

Stablecoins have a circulating market cap of approximately $307.6 billion, according to DefiLlama, indicating that the on-chain dollar layer is sufficiently liquid to support deposit-based billing for high-frequency services.

Ethereum's scaling stack has matured to the point where rollups process far more activity than layer-1, with L2Beat showing a roughly 100x scaling factor, with rollups handling thousands of operations per second compared to tens on the Ethereum mainnet.

Average Ethereum transaction fees recently measured around $0.21 on Feb. 7, suggesting that occasional on-chain metering and settlement flows are feasible without prohibitive cost.

The design explicitly avoids putting LLMs on-chain. Ethereum competes on neutral settlement, programmable escrow, and verifiable enforcement, not TPU cycles or inference speed.

The architecture treats inference as an off-chain service and the blockchain as the layer that makes payment, metering, and dispute resolution credible, without requiring users to trust individual providers or to reveal their identities.

If AI service providers accept deposits and rely on Ethereum or layer 2 smart contracts to adjudicate slashing, refunds, and disputes, Ethereum becomes the enforcement layer for AI commerce.

The model parallels how Ethereum became the settlement layer for stablecoins and DeFi, not by hosting the full application stack on-chain, but by providing a neutral substrate where economic agreements are enforced programmatically.

Scenarios without hypeThe on-chain footprint is bounded by settlement cadence, not raw call volume.

In a crypto-native wedge scenario targeting RPC and infrastructure APIs, suppose 250,000 power users or agents adopt usage credits.

If each performs two on-chain actions per month, a deposit or top-up plus a withdrawal, that generates roughly 500,000 transactions monthly attributable to the rail.

In an AI provider adoption scenario, imagine one million users employ privacy-preserving credits across hosted LLM services but still perform only one to three on-chain actions monthly.

That implies one million to three million transactions per month tied to AI commerce rails, likely concentrated on layer 2s where execution is cheaper.

Enterprise agent scenarios increase deposit sizes, raising the stakes for credible enforcement and making slashing mechanisms more consequential.

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The metadata problemThe proposal tries to make payments unlinkable, but the research thread itself highlights a potential weakness.

A commenter argues that even if nullifiers are cryptographically unlinkable, servers can correlate users through inference-based metadata such as timing patterns, token counts, and cache hits.

The critique proposes bucketed pricing, with fixed input and output classes, to reduce leakage. That tension between cryptographic privacy and behavioral metadata is central to whether the design actually delivers on its anonymity goals.

Implementation reality presents another hurdle. The proposal uses RLN as a primitive, but the Privacy and Scaling Explorations project page notes that RLN is inactive or has been sunset.

Productionizing ZK API usage credits likely requires maintaining forks or implementing new solutions rather than relying on existing tooling.

RLNJS benchmarks report roughly 800 milliseconds for proof generation and 130 milliseconds for verification on an M2 Mac, providing an early sanity check on performance but leaving open questions about mobile constraints and production-grade circuits at scale.

The proposal also assumes that providers will integrate the deposit-and-proof flow, accept stablecoin settlements, and adopt Ethereum or layer 2 contracts for dispute resolution.

That's a coordination problem, not just a technical one. Web2 API providers have existing billing infrastructure and regulatory clarity around identity-linked transactions.

Convincing them to adopt a ZK-based alternative requires demonstrating either a compelling cost advantage or a differentiated market segment in which privacy-preserving billing unlocks revenue they could not otherwise capture.

ModelHow it billsWhat it leaks/breaksWho it suitsWeb2 identity billing (API keys + cards)Account-based billing tied to identity (API key + payment method); provider meters requests and invoices centrallyLeaks: identity linkage + profiling trails across requests. Breaks: pseudonymity/self-custody norms. Risk: centralized control (suspension/censorship, single-provider trust)Mainstream SaaS/API providers; enterprises prioritizing compliance, simplicity, and existing billing railsOnchain pay-per-callEach request (or batch) pays onchain per call via transactions/smart contractsBreaks: cost/latency for high-frequency calls. Leaks: onchain linkability (transaction graph ties usage together). Friction: UX overhead for repeated txsCrypto-native services with low call frequency; cases where transparency/auditability is more important than privacy/throughputZK API usage credits (deposit once, many calls)User deposits once; each request carries a ZK proof of membership + remaining credit; slashing for double-use; optional refund tickets for variable costRisk: metadata correlation (timing/token patterns can re-link). Burden: provider integration + coordination. Maturity: ZK tooling/ops complexity, circuit maintenanceHigh-frequency APIs (LLMs, RPC, data) where privacy is a selling point; agent toolchains; users needing metering without identity-based surveillanceWhat this means for EthereumIf the design gains traction, Ethereum's value proposition shifts further toward serving as a neutral enforcement layer for digital commerce rather than a general-purpose computing platform.

The proposal treats blockchain as the settlement substrate where economic rules get enforced credibly, not the place where applications run.

Stablecoin velocity could rise as deposits flow into usage credit contracts, creating a new category of on-chain economic activity distinct from DeFi speculation or NFT trading.

Layer 2 utilization could increase as providers and users resolve disputes, process refunds, and handle slashing events on throughput-optimized chains.

ZK API usage credits generate onchain activity bounded by settlement frequency, not call volume, with scenarios ranging from 0.5 million to 3 million monthly transactions.The question is whether a parallel ecosystem emerges in which privacy-preserving billing becomes a prerequisite for certain user segments.

Enterprises concerned about data leakage through billing logs, developers building agent toolchains that require auditable metering without surveillance, and power users who value pseudonymous access to high-frequency services are all potential early adopters.

Ethereum's opportunity is to serve as the layer on which AI service markets settle, without requiring participants to trust individual platforms or to sacrifice privacy to billing infrastructure.

The proposal claims Ethereum can enforce payment agreements, adjudicate disputes, and enable metered access without identity linkage in ways that traditional systems structurally cannot.

Whether that claim holds depends on solving the metadata correlation problem, maintaining robust ZK implementations, and convincing providers that the market justifies the integration cost it unlocks.

Mentioned in this articlePosted in

While the February big tech stock market crash proved more of a show of investor anxiety toward overexposure to artificial intelligence (AI) than the initial stage of a new recession, it, nonetheless, showcased that the logic that led to massive returns in 2025 might no longer be feasible.

Wedbush Securities analyst Dan Ives described the recent downturn as unprecedented in its speed and severity.

 “This Software Armageddon sell-off is unlike anything I have seen in 25 years…the market is treating this sector and stalwarts like Salesforce and ServiceNow like they are structurally broken business models due to AI,” Ives noted.

Indeed, some of the biggest winners in last year’s market, such as Nvidia (NASDAQ: NVDA), have been experiencing substantial volatility. Simultaneously, blue-chip technology stocks like Microsoft (NASDAQ: MSFT) and Advanced Micro Devices (NASDAQ: AMD) took a beating after earnings reports demonstrated significant exposure to AI.

With the prevailing narratives in flux and under pressure, Finbold consulted the advanced AI of ChatGPT to try to figure out which stocks might be the best investments during the February big tech market crash.

Albemarle Corp (NYSE: ALB) Though the broad electric vehicle (EV) slowdown of the last year made related equity decidedly less appealing, ChatGPT remains convinced that there remain several top stocks in the space.

Of these, OpenAI’s flagship platform identified Albermarie Corp (NYSE: ALB) as a likely winning bet for February 2026. 

The company is involved with a wide variety of industries, such as construction, agriculture, aviation, electronics, EVs, and others, but the AI considers its position as the world’s fourth-biggest lithium producer as critical.

According to ChatGPT, Albemarle sits in the enviable position in which it profits from volume rather than branding and ‘sells the input, not the end product,’ making it highly resilient no matter the cycle.

ChatGPT explains why ALB stock is a good investment in February. Source: Finbold & ChatGPT Simultaneously, the AI claims that most of the risk factors that could affect ALB stock have already been priced in by the market, leaving the massive positive momentum the equity has – Albemarle shares are up 124% in the last 12 months to their press time price of $171.54 – as a major reason to be bullish.

ALB stock price 12-month chart. Source: Finbold Amazon (NASDAQ: AMZN) Still, in its explanation, ChatGPT was happy to point out that,  for all of its merits, ALB stock is something of a risk. Therefore, the large language model (LLM) said it picked Amazon (NASDAQ: AMZN) as its second recommended investment for February.

ChatGPT explains why AMZN stock is a good investment in February. Source: Finbold & ChatGPT Between the recent sell-off – AMZN shares are down 15% in the last two weeks to their press time price of $204.62 – and the company’s overall diversity of business and fundamental strength, ChatGPT estimates mid-February represents the perfect buying opportunity for the e-commerce and technology giant.

AMZN stock price YTD chart. Source: Finbold “Amazon’s temporary drawdown unlocks entry at a wide discount on diversified earnings power,” the AI noted, as it said, ‘in one line.’

Interestingly, ChatGPT considered the buy case for AMZN obvious enough that it did not expand on the thesis, merely noting Amazon is plainly ‘boring in the good way.’

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Amer Movil (AMX - Free Report) came out with quarterly earnings of $0.35 per share, missing the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -17.65%. A quarter ago, it was expected that this telecommunications company would post earnings of $0.36 per share when it actually produced earnings of $0.4, delivering a surprise of +11.11%.

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

Amer Movil, which belongs to the Zacks Wireless Non-US industry, posted revenues of $13.38 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.59%. This compares to year-ago revenues of $11.8 billion. The company has topped consensus revenue estimates two 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.

Amer Movil shares have added about 8.8% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Amer Movil?While Amer Movil 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 Amer Movil 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 $0.42 on $12.68 billion in revenues for the coming quarter and $1.72 on $51.64 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, Wireless Non-US is currently in the bottom 41% 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.

Millicom International Cellular SA (TIGO - Free Report) , another stock in the same industry, has yet to report results for the quarter ended December 2025.

This company is expected to post quarterly earnings of $1.05 per share in its upcoming report, which represents a year-over-year change of +425%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Millicom International Cellular SA's revenues are expected to be $1.56 billion, up 9% from the year-ago quarter.

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:

RXO INC (RXO - Free Report) is a provider of asset-light transportation solutions. The Zacks Consensus Estimate for its current year earnings has been revised almost 62.5% downward over the last 60 days.

Ceragon Networks (CRNT - Free Report) is a leading provider of high-capacity wireless backhaul solutions for cellular and fixed wireless operators, enterprises and government organizations. The Zacks Consensus Estimate for its current year earnings has been revised almost 14.3% downward over the last 60 days.

PayPal (PYPL - Free Report) is a a San Jose, CA-based company, which has emerged as one of the largest online payment solutions providers on the back of its strong product portfolio and two-sided platform that enables it to offer a smooth and secure transaction facility to both customers and merchants. The Zacks Consensus Estimate for its current year earnings has been revised 7.7% downward over the last 60 days.

View the entire Zacks Rank #5 List.

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Nvidia (NASDAQ:NVDA | NVDA Price Prediction) shares jumped 9.11% over the past week on signals that Washington may ease export restrictions on older AI chips bound for China. The stock closed at $190.05 on February 11, building momentum ahead of Q4 earnings on February 25.

The potential policy shift matters because Nvidia’s H20 chip, designed specifically for the Chinese market, has been effectively shut out. The Commerce Secretary confirmed strict U.S. licensing terms for H200 AI chip exports to China, and Q2 FY26 results showed zero H20 sales to China due to export restrictions. That’s billions in revenue left on the table for a company trading at 46.68x trailing earnings with a $4.63 trillion market cap.

If restrictions ease on prior-generation chips, Nvidia recaptures a massive addressable market without cannibalizing its Blackwell architecture sales to U.S. hyperscalers. CEO Jensen Huang has been clear about extraordinary demand for next-gen products, and older chips would provide significant margin expansion. China revenue would be pure margin expansion.

The timing is strategic. Big tech is pouring nearly $700 billion into AI capital expenditures, and analysts estimate Nvidia could capture 40-50% of that spending. Meanwhile, competitors like Advanced Micro Devices (NASDAQ:AMD) posted $10.30 billion in Q4 2025 revenue, up 34.5% year-over-year, proving the semiconductor AI wave has room for multiple winners even with export controls in place.

The potential policy change could add $5-10 billion in incremental annual revenue to a company analysts have pegged at a $253.79 price target. If Washington green-lights older chips for China, the February 25 earnings call will provide clarity on management’s outlook for China market access.

West Pharmaceutical Services (WST - Free Report) came out with quarterly earnings of $2.04 per share, beating the Zacks Consensus Estimate of $1.83 per share. This compares to earnings of $1.82 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +11.21%. A quarter ago, it was expected that this medical device company would post earnings of $1.67 per share when it actually produced earnings of $1.96, delivering a surprise of +17.37%.

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

West Pharmaceutical, which belongs to the Zacks Medical - Dental Supplies industry, posted revenues of $805 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.35%. This compares to year-ago revenues of $748.8 million. 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.

West Pharmaceutical shares have lost about 11.5% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for West Pharmaceutical?While West Pharmaceutical has underperformed 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 West Pharmaceutical 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 $1.64 on $759.74 million in revenues for the coming quarter and $7.67 on $3.24 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, Medical - Dental Supplies is currently in the top 33% 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 same industry, Merit Medical (MMSI - Free Report) , has yet to report results for the quarter ended December 2025. The results are expected to be released on February 24.

This maker of disposable medical devices is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of +3.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Merit Medical's revenues are expected to be $390.83 million, up 10% from the year-ago quarter.

Inogen (INGN) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

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

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When you look at the most popular ETFs among retail investors, you’ll find Vanguard Growth Index Fund ETF Shares (NYSEARCA:VUG) near the top of the list. With $349.9 billion in assets and a 0.04% expense ratio, it offers cheap exposure to the companies driving the modern economy. But before adding it to your portfolio, you need to understand what you’re actually buying: a concentrated bet on a handful of mega-cap technology companies.

The Concentration Question VUG isn’t a diversified growth fund in the traditional sense. NVIDIA, Apple, and Microsoft combine for 35.24% of the portfolio, while information technology alone represents 51.9% of holdings. This concentration works brilliantly when tech leads the market, but it also means sector-specific risk that can’t be diversified away within this fund.

The ETF has delivered for patient investors, returning 443% over the past ten years compared to the S&P 500’s 272%. That outperformance came from owning the companies reshaping how we work, communicate, and consume.

Growth stocks have faced headwinds in early 2026 as rising interest rate concerns triggered a rotation toward value and defensive positioning. VUG’s concentrated technology exposure left it vulnerable to this shift, with the fund trailing the broader market as investors reassessed high-valuation names. This divergence illustrates how quickly sentiment can turn against growth-oriented portfolios when macro conditions change.

Where VUG Fits Best This ETF makes sense as a core holding for investors who believe the next decade will look like the last one, with technology companies continuing to grow faster than the broader economy. It’s appropriate for long-term portfolios where you’re willing to accept higher volatility in exchange for potential outperformance. The 0.38% dividend yield tells you this isn’t an income vehicle. Capital appreciation is the entire strategy.

The fund’s construction reveals its singular focus on growth over stability. You won’t find utilities or other defensive sectors providing a cushion during turbulent markets. While the low portfolio turnover delivers tax efficiency for long-term holders, the concentrated nature means sector rotations will drive your returns more than individual stock selection.

VUG delivers what it promises: low-cost access to large-cap growth companies, dominated by technology. Just understand that owning it means accepting that a handful of stocks will determine most of your returns.

PHC Holdings Corporation (PHCCF) Q3 2026 Earnings Call February 12, 2026 3:00 AM EST

Company Participants

Kyoko Deguchi - President, CEO & Chairman
Kaiju Yamaguchi - Senior Executive Corporate Officer, CFO & Director

Conference Call Participants

Seiji Wakao - JPMorgan Chase & Co, Research Division
Masao Yoshida - Tokai Tokyo Intelligence Laboratory Co., Ltd.
Hidemaru Yamaguchi - Citigroup Global Markets Japan Inc., Research Division

Presentation

Unknown Executive

Thank you for joining today's PHC Holdings financial results briefing for the third quarter of the fiscal year ending March 2026. I am [ Hirai ] from the IR and Public Relations Department. I will be moderating today's session.

I will now explain how to participate in this call. Simultaneous interpretation in Japanese and English will be provided. You may select your preferred language for the presentation materials displayed. Instructions for setting this up are available in the Zoom chatbox. Please use it as needed. Please note that due to audio system settings, our presenters' personal microphones are muted. Audio will be streamed from a separate account.

Now let me introduce today's presenters, President and CEO, Kyoko Deguchi; and Director, Senior Managing Executive Officer and CFO, Kaiju Yamaguchi.

Following their presentations, we will have a Q&A session. Ms. Deguchi, floor is yours.

Kyoko Deguchi
President, CEO & Chairman

Good afternoon, ladies and gentlemen. I am Deguchi, President and CEO. Today, I will outline the summary of FY '25 Q3 results and our full year forecast. I will cover the executive summary and our CFO, Yamaguchi will explain the Q3 results and full year forecast.

These are the financial highlights for Q3. Revenue reached JPY 269.3 billion, while benefiting from favorable exchange rates due to weaker yen against the euro, revenue also increased year-on-year, excluding the FX impact. Overall, as in the first 2 quarters, BGM business did extremely well, maintaining strong performance, particularly

February 12, 2026 08:15 ET  | Source: ZenaTech Inc.

VANCOUVER, British Columbia, Feb. 12, 2026 (GLOBE NEWSWIRE) -- ZenaTech, Inc. (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) ("ZenaTech"), a technology solution provider specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS, and Quantum Computing solutions, announces that it has opened a Drone as a Service location within its Orlando-area business headquarters facility. This marks the 23rd global DaaS location, creating a strategic hub designed to provide high-value government and defense customers with surveying and mapping services.

“Florida is strategically important state for Drone as a Service and known for its infrastructure, transportation, and defense-related activity,” said Shaun Passley, Ph.D., ZenaTech CEO. “By embedding a Drone as a Service location within our Orlando-area headquarters, we create a nexus to actively pursue federal, state, and county-level government opportunities. Working alongside our Washington, D.C. office and dedicated federal and defense business development teams, we are strengthening our ability to engage decision-makers and scale our public sector presence.”

The Orlando DaaS location will focus on building relationships with federal, state, county, and municipal agencies, including defense installations, energy infrastructure, and transportation projects. Working in tandem with the DaaS headquarters staff and the company’s Washington D.C. business development teams, the company is strengthening and expanding its capabilities to serve government agencies.

The Orlando DaaS location will be staffed with a ten-person team including pilots, land survey technicians, and business development staff. The company is engaged in hiring staff and the setting up of equipment, drones and trucks in anticipation of full operations expected to commence by early April.

In the short term, the company intends utilizing its DaaS Orlando hub to perform survey and mapping work for defense sector customers using traditional survey methods while building drone integration and obtaining certifications including Green and Blue UAS. Once certifications are obtained, drone-based applications will include military base and airport surveys, runway layout planning, federal land mapping, and critical defense infrastructure projects. The Orlando DaaS location will also support existing services for business customers including builders, golf course, construction companies, and public works projects.

ZenaTech’s Drone as a Service platform is designed to provide business and government clients with on-demand or subscription-based access to faster and superior drone-based services for a host of surveying, inspection, maintenance, power washing, inventory management, and precision agriculture applications, without the capital costs or operational burdens of ownership. By acquiring established, profitable service companies currently using low-tech processes and ripe for drone innovation, ZenaTech is building a global, multi-service DaaS network of locations in communities anchored by existing customers and revenue, for next-gen drone integration designed for speed, precision, data, and safety benefits. The company is continuing to build its global business and network of locations through acquisitions and corporate locations, as well as integrating its drones and new services.

About ZenaTech

ZenaTech (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) is a technology company specializing in AI drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions for mission-critical applications for business, government and defense. Since 2017, the Company has leveraged its software development expertise and grown its drone design and manufacturing capabilities through ZenaDrone, to innovate and improve customer inspection, monitoring, safety, security, compliance, and surveying processes. With enterprise software customers using branded solutions in law enforcement, government, and industrial sectors, and drones being implemented in these plus agriculture, defense, and logistics sectors, ZenaTech’s portfolio of solutions helps drive exceptional operational efficiencies, accuracy, and cost savings. The Company operates through global offices in North America, Europe, Taiwan, and UAE, and is growing its DaaS business and global network of locations through acquisitions.

About ZenaDrone  

ZenaDrone, a wholly owned subsidiary of ZenaTech, develops and manufactures autonomous business drone solutions that can incorporate machine learning software, AI, predictive modeling, Quantum Computing, and other software and hardware innovations. Created to revolutionize the hemp farming sector, its specialization has grown to multifunctional drone solutions for industrial surveillance, monitoring, inspection, tracking, process automation, and defense applications. Currently, the ZenaDrone 1000 drone is used for crop management applications in agriculture and critical field cargo applications in the defense sector, the IQ Nano indoor drone is used for inventory management and security in the warehouse and logistics sectors, and the IQ Square is an outdoor drone designed for land surveys and inspections use in commercial and defense sectors.

Contacts for more information:

Company, Investors, and Media:
Linda Montgomery
ZenaTech
312-241-1415
[email protected]

Investors:
Michael Mason
CORE IR
[email protected]

Safe Harbor

This press release and related comments by management of ZenaTech, Inc. include “forward-looking statements” within the meaning of U.S. federal securities laws and applicable Canadian securities laws. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. This forward-looking information relates to future events or future performance of ZenaTech and reflects management’s expectations and projections regarding ZenaTech’s growth, results of operations, performance, and business prospects and opportunities. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “aim”, “seek”, “is/are likely to”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other comparable terminology intended to identify forward-looking statements.  Forward-looking information in this document includes, but is not limited to ZenaTech’s expectations regarding its revenue, expenses, production, operations, costs, cash flows, and future growth; expectations with respect to future production costs and capacity; ZenaTech's ability to deliver products to the market as currently contemplated, including its drone products including ZenaDrone 1000, IQ Square and IQ Nano; ZenaTech's ability to develop products for markets as currently contemplated; ZenaTech’s anticipated cash needs and it’s needs for additional financing; ZenaTech’s intention to grow the business and its operations and execution risk; expectations with respect to future operations and costs; the volatility of stock prices and market conditions in the industries in which ZenaTech operates; political, economic, environmental, tax, security, and other risks associated with operating in emerging markets; regulatory risks; unfavorable publicity or consumer perception; difficulty in forecasting industry trends; the ability to hire key personnel; the competitive conditions of the industry and the competitive and business strategies of ZenaTech; ZenaTech’s expected business objectives for the next twelve months; ZenaTech’s ability to obtain additional funds through the sale of equity or debt commitments; investment capital and market share; the ability to complete any contemplated acquisitions; changes in the target markets; market uncertainty; ability to access additional capital, including through the listing of its securities in various jurisdictions; management of growth (plans and timing for expansion); patent infringement; litigation; applicable laws, regulations, and any amendments affecting the business of ZenaTech and other related risks ‎‎‎and uncertainties disclosed under the ‎heading “Risk Factors“ ‎‎‎‎in the Company’s Form F-1, Form 20-F and other filings filed ‎‎‎with the United States Securities and Exchange Commission (the “SEC”) on EDGAR through the SEC’s website at www.sec.gov. The Company undertakes ‎‎‎no obligation to update forward-‎looking ‎‎‎‎information except as required by applicable law. Such forward-‎‎‎looking information represents ‎‎‎‎‎managements’ best judgment based on information currently available. ‎‎‎No forward-looking ‎‎‎‎statement ‎can be guaranteed and actual future results may vary materially. ‎‎‎Accordingly, readers ‎‎‎‎are advised not to ‎place undue reliance on forward-looking statements or ‎‎‎information.‎

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Lincoln National (LNC - Free Report) came out with quarterly earnings of $2.21 per share, beating the Zacks Consensus Estimate of $1.86 per share. This compares to earnings of $1.91 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +18.71%. A quarter ago, it was expected that this insurance and retirement business would post earnings of $1.84 per share when it actually produced earnings of $2.04, delivering a surprise of +10.87%.

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

Lincoln National, which belongs to the Zacks Insurance - Life Insurance industry, posted revenues of $4.89 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.96%. This compares to year-ago revenues of $4.63 billion. The company has topped consensus revenue estimates two 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.

Lincoln National shares have lost about 11.7% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Lincoln National?While Lincoln National has underperformed 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 Lincoln National 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 $1.72 on $4.94 billion in revenues for the coming quarter and $8.01 on $19.86 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, Insurance - Life Insurance is currently in the top 25% 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.

One other stock from the same industry, Citizens (CIA - Free Report) , is yet to report results for the quarter ended December 2025.

This insurance company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of +14.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Citizens' revenues are expected to be $67.89 million, up 0.4% from the year-ago quarter.

LXP Industrial (LXP - Free Report) came out with quarterly funds from operations (FFO) of $0.79 per share, missing the Zacks Consensus Estimate of $0.85 per share. This compares to FFO of $0.8 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of -7.06%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.8 per share when it actually produced FFO of $0.8, delivering no surprise.

Over the last four quarters, the company has not been able to surpass consensus FFO estimates.

LXP Industrial, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $86.74 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.61%. This compares to year-ago revenues of $100.85 million. The company has topped consensus revenue estimates two times over the last four quarters.

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

LXP Industrial shares have added about 4.2% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for LXP Industrial?While LXP Industrial 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 FFO outlook. Not only does this include current consensus FFO 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 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 estimate revisions.

Ahead of this earnings release, the estimate revisions trend for LXP Industrial 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 FFO estimate is $0.85 on $86.76 million in revenues for the coming quarter and $3.50 on $354.63 million 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, REIT and Equity Trust - Residential is currently in the bottom 35% 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 same industry, Centerspace (CSR - Free Report) , has yet to report results for the quarter ended December 2025. The results are expected to be released on February 17.

This real estate investment trust is expected to post quarterly earnings of $1.21 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level.

Centerspace's revenues are expected to be $69.5 million, up 4.7% from the year-ago quarter.

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PennantPark Floating Rate Capital (PFLT) PennantPark Floating Rate Capital (NYSE:PFLT) invests in middle-market floating rate senior secured loans, operating as a business development company. The stock currently trades at $9.51, offering a 13.2% dividend yield. That’s an eye-catching number for income investors. But can they actually afford it?

Metric Value Annual Dividend $1.23 per share Dividend Yield 13.2% Payment Frequency Monthly ($0.1025/month) Consecutive Years of Payments 14+ years Most Recent Payment February 2, 2026 The Coverage Math Looks Tight This is where things get concerning. PFLT reported diluted EPS of $0.72 over the trailing twelve months. Against the $1.23 annual dividend, that gives an earnings payout ratio of 171%. The company is paying out significantly more than it earns.

Metric TTM Value Assessment Earnings Payout Ratio 171% Concerning Net Income (FY2025) $66.4M Net Investment Income (Q4 2025) $27.5M The recent earnings trend makes this worse. Net income fell 27.8% year-over-year from $91.8M to $66.4M in fiscal 2025. Even more alarming, Q1 2025 saw net income collapse to just $1.2M. That kind of volatility is dangerous for dividend sustainability.

The company did report net investment income of $27.5M in Q4 2025, up from $18.0M the prior year. That’s a positive. But realized losses of $14.3M and unrealized depreciation of $46.1M show portfolio stress.

Leverage Is Climbing Fast The balance sheet adds another layer of risk. Total debt jumped to $1.78B in fiscal 2025, up 50.9% from the prior year. Meanwhile, shareholder equity grew only 22.5% to $1.07B.

Metric Value Assessment Debt-to-Equity 1.65x Elevated Total Debt $1.78B Aggressive Cash on Hand $122.7M Thin Buffer That 1.65x debt-to-equity ratio is aggressive for a BDC, especially with earnings under pressure. Cash of $122.7M doesn’t provide much cushion against $184.6M in short-term debt.

Management Stays Committed CEO Art Penn struck a cautiously optimistic tone, noting “NII remains stable given interest rate environment” and “targeting growth in NII as we ramp the new joint venture.” The company launched a new joint venture with Hamilton Lane to expand middle-market lending, which could support future income.

The dividend has been paid consistently for 14+ years without cuts. That track record matters. But the current rate of $0.1025 per month has been unchanged since June 2023.

This Dividend Carries Elevated Risk Dividend Safety Rating: Elevated Risk

The 171% earnings payout ratio is the core problem. PFLT is paying out more than it earns, relying on net investment income to bridge the gap. With earnings down 28% year-over-year and quarterly volatility spiking, that’s not a sustainable model. The rising debt load and thin cash position add further pressure.

The dividend sustainability depends on whether net investment income can stabilize above $100M annually and whether the new joint venture delivers meaningful growth. Further deterioration in earnings or additional debt raises to fund operations would increase dividend risk. Investors should carefully weigh the 13% yield against these fundamental concerns.

12h30 ▪ 4 min read ▪ by Luc Jose A.

Summarize this article with:

While the crypto market wavers and investors hold their breath, every statement from a sector leader becomes a decisive signal. Michael Saylor, co-founder and executive chairman of Strategy, reappears at the center of the game at a critical moment. As rumors of bitcoin sales spread, he answers frankly. Between prolonged price drops, loss-making results, and stock market tension, his statement sounds like an act of faith, or a risky bet, to defend a strategy that has become emblematic.

In brief Michael Saylor states that rumors of Strategy selling bitcoins are unfounded. The company would have sufficient liquidity to last 2.5 years without selling its BTC. Even if bitcoin falls to $8,000, Strategy would prefer refinancing over selling. Saylor reaffirms that Strategy will continue to buy bitcoin each quarter, without exception. Saylor reaffirms his absolute commitment to Bitcoin In a series of statements, Michael Saylor dispelled fears of an imminent sale of Strategy’s bitcoin holdings, as the market plunges into extreme fear.

“Concerns that Strategy will sell its bitcoins are unfounded,” he stated. To strengthen this position, he indicated that the company has enough liquidity to cover operating expenses, including dividend payments and debt service, for up to two and a half years. He even specified that in case the price falls to $8,000, Strategy plans to “refinance the debt” rather than sell its cryptos.

Saylor also recalled that the company will continue its accumulation strategy regardless of market conditions. “We will buy bitcoin every quarter, forever,” he declared. This statement fits into a long-term vision based on a deep conviction, as bitcoin is considered, according to him, a superior store of value.

To support his position, Saylor presents several operational and financial arguments :

Strategy would have enough cash to avoid any short or medium-term BTC sales ; The company believes it can cover its debt and dividend obligations without liquidating its cryptos ; In case of extreme market downturn, refinancing is preferred over selling, even with BTC at $8,000 ; The quarterly bitcoin buying policy remains unchanged, regardless of market conditions. Through this statement, Michael Saylor aims to reaffirm the stability of the strategy deployed over several years, while countering concerns expressed by some analysts regarding persistent downward pressure on the market.

Massive losses and growing market skepticism Beyond principle statements, Strategy’s financial reality is more delicate. The latest quarterly report shows a net loss of $12.4 billion in Q4 2025, a figure directly linked to the price drop, which is far below the company’s average crypto acquisition cost.

With over 714,000 BTC in its portfolio, purchased on average around $76,000 each, the company currently shows significant latent losses on paper. Strategy’s (MSTR) stock has dropped more than 70% from its highs while short sellers’ interest on the stock has surged, reflecting a loss of market confidence in the company’s ability to maintain this strategy smoothly.

This situation makes external financing prospects more complex. The heavy discount of the stock relative to the theoretical value of bitcoins held reduces the company’s maneuvering room, especially if it wishes to issue new shares or raise funds without significantly diluting existing shareholders.

Saylor’s displayed enthusiasm thus contrasts with signals sent by the market, which seems to anticipate possible difficulties if the Bitcoin price does not rebound sustainably. Strategy is currently going through a period where its accumulation policy could be seen as a risky bet.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Three Cardano ecosystem announcements landed onstage at Consensus Hong Kong yesterday, spanning cross-chain rails, a new stablecoin rollout timeline, and a privacy-focused network’s march to mainnet.

#1 Cardano Taps LayerZero Intersect said via X its Critical Cardano Integrations workstream has approved bringing LayerZero into the Cardano ecosystem, positioning the move as the network’s largest interoperability expansion to date. In its post, Intersect framed the integration as a step-change in access to cross-chain assets and infrastructure:

“LayerZero is one of the most widely adopted omnichain messaging protocols in Web3, connecting 150+ blockchains and enabling access to 400+ tokens and $80B+ in omnichain assets. This integration unlocks the largest cross-chain connectivity expansion in Cardano’s history, opening pathways to stablecoin liquidity, Bitcoin-backed assets, tokenized real-world assets, and shared DeFi infrastructure across the broader crypto ecosystem.”

A companion write-up describes the effort in similar terms, saying the protocol “connects over 160 blockchains” and “has facilitated over $200 billion in cross-chain volume,” with Cardano gaining technical access to “over 400 tokens” and “$80 billion in omnichain assets” once the LayerZero endpoint is deployed.

The post argues that LayerZero’s messaging-layer approach is chain-agnostic “regardless of the underlying execution model,” explicitly flagging Cardano’s extended UTXO design as a historical friction point for tooling built around account-based chains.

Intersect said delivery work now moves into deployment, with “further milestones and timelines to be shared as progress continues.”

#2 USDCx Gets A Launch Date Cardano founder Charles Hoskinson used the event to put a calendar marker on USDCx, saying the product now has a target launch window at the end of February. “We’ve announced not long ago that we will have USDCx. Now we have a launch date for USDCx, end of February. We’ve done some amazing engineering to have a beautiful UX. You can go straight from any wallet to Coinbase, or Binance, and back, and there’s instant convertibility to USDC,” Hoskinson said.

He also claimed feature advantages versus standard USDC in circulation, saying USDCx has “privacy, and it’s also immutable and irreversible, so it’s actually better [than USDC].”

#3 Midnight Targets Mainnet Before End Of March Midnight, the privacy-oriented network tied to the broader Cardano ecosystem, said its mainnet is now imminent. “On the ConsensusHK stage, we shared that Midnight mainnet will officially go live before the end of March,” the team posted via X, calling it “a major milestone and the beginning of a live, production network designed to support early applications built around selective disclosure and real-world privacy.”

Midnight added that mainnet is “foundational,” describing it as the stable base for teams to “launch, test, and iterate,” while setting expectations for “rapid protocol and tooling expansion ahead.”

At press time, Cardano traded at $0.261.

ADA hovers above key support, 1-week chart | Source: ADAUSDT on TradingView.com Featured image created with DALL.E, chart from TradingView.com

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Grayscale has submitted an amendment to its Sui ETF application with the US Securities and Exchange Commission (SEC). SUI price increased by 7%, as investors see the development as a major progress towards the first spot SUI ETF launch.

Grayscale Updates Sui ETF Filing with the US SEC Crypto asset manager Grayscale Investments has submitted Amendment No. 2 to its spot Sui ETF filing with the U.S. SEC. The issuer seeks to convert its existing trust into a spot ETF focused on SUI, the native token of the Sui network.

In the latest filing, Grayscale amended details on the structure, operations, and proposed transition to spot Sui ETF upon SEC effectiveness. It includes the second amended and restated declaration of the trust and trust agreement, form of participant agreement, and opinions of special Delaware counsel and tax counsel of the trust.

Grayscale Sui Staking ETF S-1 Amendment. Source: US SEC It will list on NYSE Arca under the same GSUI ticker. The issuer has yet to reveal the management fees, the staking provider, and any fee waiver. The issuer intends to rename the trust as Grayscale Sui Staking ETF.

The Bank of New York Mellon will serve as the transfer agent and the administrator of the Grayscale Sui Staking ETF. Meanwhile, Coinbase is named as the prime broker and Coinbase Custody Trust Company as the custodian of the trust.

SUI Price Soars Over 7% SUI price jumped more than 7% to trade near $0.95. The 24-hour low and high are $0.877 and $0.956, respectively. Furthermore, trading volume has increased by almost 45% over the last 24 hours, indicating a significant rebound in trading interest despite US jobs data that has faded Fed rate-cut odds.

The derivatives market saw significant buying activity over the last few hours, according to CoinGlass data. The total SUI futures open interest jumped 5% to $524 million in the past 24 hours. At the time of writing, 4-hour SUI futures OI climbed almost 2%, up nearly 1.50% on Binance, 3% on OKX, and 1.33% on Bybit.

Stock Futures rise after 130K jobs added. Bitcoin at $67,200.

Bitcoin rose after the U.S. jobs report indicated employment growth in many sectors of the economy was restrained even as the headline number surged. Feb 12, 2026, 11:43 a.m.

UNI rose after BlackRock's purchase of the token (appshunter.io/Unsplash modified by CoinDesk)

What to know: Bitcoin rose to near $67,800 even as a stronger-than-expected U.S. jobs report pushed back expectations for Federal Reserve rate cuts.Derivatives data show stabilizing bearish momentum and rising demand for short-term downside protection, with options traders paying a "panic premium" for puts.UNI rose after BlackRock decided to list its $2.2 billion tokenized U.S. Treasury fund BUIDL on Uniswap and took a strategic stake in the exchange and the governance token.Bitcoin BTC$68,017.87 is hovering near $67,800, up on the day, as crypto markets took in January’s stronger-than-expected U.S. jobs report without an initial selloff.

The resilience is feeding a shift in sentiment, with the muted reaction possibly a signal of seller exhaustion and growing appetite for risk, despite a tough macro backdrop. The CoinDesk 20 Index (CD20) has gained 1.5% since midnight UTC with all but one token, BCH$514.17, advancing.

STORY CONTINUES BELOW

The U.S. added 130,000 jobs in January, nearly double the expected 70,000. That data sharply reduced the odds of an early interest rate-cut by the Federal Reserve, pushing expectations out to July.

Typically, lowering rate-cut odds would hurt risk assets like cryptocurrencies. The report, however, also showed job growth remained concentrated in health care-related sectors while others remained mostly little changed. That suggests the red-hot headline number is masking underlying cooling across the broader economy.

Bitcoin’s resilience suggests seller exhaustion even as sentiment remains low. The Crypto Fear & Greed Index is now at 5, its lowest level since the collapse of FTX in 2022.

Derivatives PositioningBearish momentum is stabilizing, with open interest holding steady near $15.8 billion while perpetual funding rates have swung back to neutral or positive territory. Sentiment is notably bullish on Bybit (+9.5%) and Binance (+3.4%), though Hyperliquid remains a bearish outlier at -4.5%. The three-month basis remains stagnant at around 2%, suggesting that institutional conviction has yet to follow this retail-driven shift in funding.In the bitcoin options market, defensive caution is intensifying, and the one-week 25-delta skew dropped to 19%, with puts now accounting for 54% of 24-hour volume. The implied volatility (IV) term structure has shifted into short-term backwardation, reflecting a "panic premium" as traders pay for immediate downside protection.Coinglass data shows $342 million in 24-hour liquidations, with a 49-51 split between longs and shorts. BTC ($145 million), ETH ($84 million) and others ($18 million) were the leaders in terms of notional liquidations. The Binance liquidation heatmap indicates $68,800 as a core liquidation level to monitor, in case of a price rise.Token TalkBlackRock (BLK) is bringing its $2.2 billion tokenized U.S. Treasury fund, BUIDL, to Uniswap, giving decentralized finance (DeFi) users access to Treasury yields through the platform.This marks the first time the world’s largest asset manager is listing a tokenized product on a decentralized exchange. BlackRock also disclosed a strategic investment in Uniswap and bought an undisclosed amount of UNI, the exchange’s governance token. UNI surged 25% on the news, climbing to $4.11. It has since dropped back to $3.35. This appears to be the first time a major financial institution has directly invested in a decentralized finance project's governance token.To enable the move, BlackRock worked with Uniswap Labs and compliance firm Securitize. BUIDL trades will route through UniswapX, an offchain quote system that sources prices from approved market makers and settles trades onchain.Investors must be qualified through Securitize, which ensures compliance with U.S. securities regulations.More For You

Ark Invest buys Bullish stock for 9th straight day in $11.6 million purchase

1 hour ago

Ark bought around 2.1 million BLSH shares in the past nine trading days, valued about $58.8 million based on the stock's closing price each day.

What to know:

Ark Invest bought $11.6 million worth of shares in cryptocurrency exchange Bullish on Wednesday, the ninth consecutive day the investment manager has bought the stock.The investment company has bought around 2.1 million BLSH shares over the period, worth about $58.75 million based on the stock's closing price each day.The Cathie Wood-led company also bought $33.8 million of crypto-friendly investment platform Robinhood (HOOD) shares and $4.37 million worth of stock in stablecoin developer Circle Internet (CRCL) on Wednesday.Top Stories

JPMorgan is positive that cryptocurrencies will rebound in 2026. Bitcoin production cost has dropped to around $77,000. BTC has gained 0.08% over the last 24 hours. JPMorgan has cited its optimism for cryptocurrencies after the BTC production cost declined. The bank is bullish for the segment in 2026 despite tokens recording lows since the recent days. It has also addressed a connection between BTC and Gold to reiterate its stance towards the flagship crypto.

JPMorgan on Cryptocurrencies JPMorgan has noted a decline in Bitcoin’s production cost to around $77,000 and is anticipating a new equilibrium for the token. Most importantly, the bank has estimated that cryptocurrencies could recover in the remaining months of the year, given there is a renewed institutional inflow and the possibility for clarity on US crypto legislation.

Notably, a prolonged trading below the production cost could pressurize miners, but JPMorgan expects the trend to self-correct as the aggregate production cost could lower further.

JPMorgan has further laid out its expectation by saying that the shift in the crypto market could be led primarily by institutional investors instead of retail traders or DATs, that is, digital asset treasuries.

The BTC and Gold Connection JPMorgan has also noted a connection between Gold and BTC. The bank has underlined that even though the precious metal has outperformed the flagship token since October 2025, it has also gained higher volatility. This, in the long-term, makes Bitcoin tokens more attractive even though their prices are significantly down.

BTC was last seen trading at $67,160.83, up by 0.08% over the last 24 hours, and down by 5.61% in a week. It is forecasted to grow by 30.40% in the next 3 months to exchange hands at around $88,242, amid a high volatility of 11.72%. A decline after brief consolidation has triggered bearish sentiments, but the 14-Day RSI remains neutral at 32.07 points.

Crypto Market in General Overall sentiments across the crypto market are bearish, as reflected in the FGI of 8 points. The collective market cap has recovered slightly by 0.69% to $2.3 trillion; however, it remains massively down from a high of over $3 trillion.

A common belief is that the crypto market would eventually rebound if further regulatory clarifications underline the progressive space. This includes the much-talked-about Clarity Act. Also, the US Jan 2026 Employment data has signalled a low chance of a Fed rate cut in March 2026.

Highlighted Crypto News Today:

CertiK Tightens KYC and Strengthens Oversight After Huione Backlash, CEO Denies IPO Plans

Curious by nature, Ankur's core topic is Web3, but he's a versatile writer who can cover many more subjects. If you catch up with him in his free time, you'll find discussions often center around different movies and TV series. He's an easy person to talk to—you can literally chat with him about anything.

Ethereum (ETH) traded lower on Thursday and remained under pressure into Wednesday, following a turbulent week marked by a broad cryptocurrency market downturn.

Notably, over the past week, the crypto asset has declined nearly 13%, reflecting a wave of investor caution and renewed fears that the recent rally may be running out of steam.

However, despite this weakness, large investors appear to be making moves as the price consolidates following a brief flash drop over a few weeks.

According to blockchain analytics firm Lookonchain, on Monday, a wallet associated with Tom Lee’s Fundstrat Bitmine made a bold move during the market drop, acquiring 20,000 ETH, worth approximately $41.98 million. 

Notably, such large-scale accumulation during periods of heavy selling often draws the attention of traders, as it can signal confidence from deep-pocketed investors betting on a price rebound.

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That said, while some interpret this purchase as a show of conviction in Ethereum’s long-term value, others caution that even whales can misjudge timing, particularly in a market that remains sentiment-driven and highly correlated to macroeconomic uncertainty. Nevertheless, amid the price slump, market analysts are divided about whether ETH’s recent dip could mark a turning point.

According to popular analyst Benjamin Cowen, ETH appears to have found a “home” near the $2,000 level and could consolidate there in the near term. However, the analyst warned that ETH may still see one final dip toward the $1,500 area later this year, a move he described as a potential last shakeout before a broader bullish cycle and a push toward a new all-time high.

Elsewhere, Ali Charts noted that the Ethereum price has fallen below a key historical metric, the 0.80 Pricing Band, a zone that previously aligned with market bottoms.

“The last three times Ethereum dipped below the 0.80 Pricing Band, it marked a market bottom. With the price dropping below $1,959, that signal is flashing again,” he noted.

Moreover, if historical patterns repeat, Ethereum’s current zone could represent a potential accumulation range for long-term investors. 

However, others remain wary, emphasizing that technical signals must align with broader sentiment and liquidity trends before confirming a sustainable recovery.

Analyst Ted warned that Ethereum’s failure to sustain levels above $2,100 raises the risk of further decline. 

“ETH failed to hold above the $2,100 level. Now, Ethereum needs to hold the $2,000 level, otherwise the entire pump could be retraced,” he stated.

Additionally, analyst Brave New Coin highlighted that the $2,100 level has repeatedly acted as a pivotal threshold influencing short-term trend direction.

“Ethereum is hovering near a pivotal $2,100 level that has repeatedly dictated trend direction, leaving traders watching closely to see whether this zone sparks recovery or another rejection,” he said.

At press time, ETH was trading at $1,991, reflecting a 4.01% decline in the past 72 hours.

The network transitioned to proof-of-stake and coincides with the rollout of the ESP token, which is used for staking, securing the network and protocol participation. Feb 12, 2026, 12:00 p.m.

The Espresso Network has officially transitioned to a permissionless proof-of-stake blockchain with the launch of its ESP token, opening participation in securing the network and distributing a community airdrop representing 10% of total supply.

STORY CONTINUES BELOW

The transition coincides with the rollout of the ESP token, which is used for staking, securing the network and protocol participation. The Espresso Foundation said the total supply is 3.59 billion ESP, with 10% allocated to a fully unlocked community airdrop aimed at early ecosystem participants and users of Espresso-integrated rollups.

“There were various ways of determining who was eligible,” Espresso Systems CEO and co-founder Ben Fisch told CoinDesk in an interview. “The idea here is to get the token circulating among members of our extended community, but also to reward early participation and adoption of the Espresso network.”

The foundation said additional token supply has been allocated to contributors, investors, future ecosystem incentives and long-term network sustainability, with most allocations subject to vesting.

Espresso acts as a coordination and finality layer for rollups, which operate as independent execution environments. Fisch said the network is designed specifically to serve layer-2 blockchains rather than compete with them at the execution layer.

“Layer-2s need only one thing from a layer-1, which is finality,” Fisch said. “How well a layer-1 provides services to a layer-2 is measured in two things, how secure that blockchain and how fast it can provide finality.”

“Unlike Ethereum, or any other existing layer-1s, it is designed for layer-2s,” he added. “It doesn’t compete with L2s. It’s designed for L2s.”

Espresso currently finalizes rollup blocks in about six seconds on average, compared with Ethereum’s 12-minute-plus finality window (finalizing blocks means that they become immutable). That gap, Fisch argued, has become a structural bottleneck as applications and liquidity spread across multiple rollups rather than remaining concentrated on a single chain.

“Fast finality isn’t a nice-to-have for rollups,” Fisch said. “It’s the missing piece that transforms isolated chains into a unified, composable ecosystem.”

The launch comes as the Ethereum ecosystem debates the future role of layer-2 networks, following recent comments from Ethereum co-founder Vitalik Buterin suggesting the network may eventually pivot away from an L2-centric roadmap as improvements to Ethereum’s base layer reduce the need for rollups as a scaling solution.

That debate has raised broader questions about whether layer-2 networks are extensions of Ethereum or independent blockchains in their own right, and whether infrastructure designed primarily to scale Ethereum will remain relevant as the base layer becomes faster and cheaper.

As Ethereum’s long-term scaling strategy comes under renewed scrutiny, Espresso is betting that demand for application-specific rollups, particularly from institutions and consumer platforms, will continue to grow regardless of Ethereum’s roadmap.

Read more: Espresso, project for composability between blockchains, pushes main product live

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Binance converts its $1 billion safety net into 15,000 BTC

1 hour ago

The crypto exchange finalized a 30-day plan to convert its stablecoin-backed user protection fund into 15,000 BTC, reinforcing bitcoin as its long-term reserve asset.

What to know:

Binance purchased a final 4,545 bitcoin, bringing SAFU holdings to 15,000 BTC worth about $1 billion at completion.The move comes after a January 30 announcement that the exchange would convert $1 billion worth of stablecoins into bitcoin.SAFU, created to protect users from hacks and unforeseen losses, is now fully backed by bitcoin, with a pledge to replenish funds if value falls below $800 million.

Shiba Inu (SHIB) has slipped below its consolidation zone and is facing sustained bearish pressure. Currently testing the $0.0000060 support at $0.00000604, market analyst HolderStat notes a break could accelerate a drop toward $0.0000055.

Shiba Inu enters a bear trap phase during accumulation, hinting at a possible 22x surge as analysts watch for a major breakout.

Newton Gitonga2 min read

12 February 2026, 12:08 PM

Shiba Inu price is currently navigating a pullback that analysts say often precedes breakouts and parabolic rallies. Market observers describe this stage as the “bear trap,” occurring during accumulation periods. While testing investor patience, the phase could set the stage for unprecedented price growth. Experts caution, however, that the exact bottom or timeframe for this phase remains uncertain.

SHIB Bear Trap Phase Signals Potential UpsideAccording to analyst Vuori Trading, the bear trap phase aims to confuse bearish investors before a potential bullish expansion. He referred to the current market phase as “pure manipulation” on X, emphasizing that SHIB could surge once accumulation concludes. Historically, bear traps mark the final stage of a broader accumulation cycle. This cycle follows the crash and retrace periods, which show distinct price behaviors.

The crash phase occurred after SHIB’s all-time high of $0.0000885 in 2021, sending the token down over 90% to $0.0000079 by June 2022. The retrace phase that followed provided temporary rebounds, with SHIB touching $0.0000456 in March 2024 and $0.0000334 in December 2024. The current accumulation began after SHIB slowly corrected to around $0.0000060, marking a steady loss of over 80% from prior highs. Analysts suggest the corrective phase may now be nearing its end.

Three Market Phases and a Potential 22x RallyThe accumulation phase is part of the three market stages that include crash, retrace, and expansion. Vuori Trading highlighted that once accumulation ends, SHIB could experience a massive price surge. He predicts the token could rise to $0.00014, representing a 2,233% gain from current levels. The forecast implies removing two zeroes from SHIB’s market price. At the time of writing, Shiba Inu trades at $0.000006145, suggesting a 5.78% increase in the last 24 hours.

Despite these projections, the analyst warned investors that market uncertainty could affect outcomes. He clarified that this is not financial advice and that failures in capital reallocation to meme coins could limit momentum. Nonetheless, the current bear trap and ongoing accumulation phase have drawn attention, as traders and analysts watch closely for signals of the next major upward move.

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Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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Latest Shiba Inu News Today (SHIB)

Bitcoin opened the month with a sharp sell-off, continuing where it left off in January. The largest cryptocurrency briefly slid toward the $60,000 level a few days after changing hands at $90,000. The drop impacted the broader crypto market valuation and led to a wave of liquidations across leveraged positions.

At first glance, the weakness appeared to be a typical macro-driven move. Some pointed to cautious risk sentiment, while others noted selling from spot ETF holders. However, market makers may have played an equally important role in the recent price adjustment.

How Market Makers Added Pressure to the Bitcoin Crash Market makers are the participants who constantly place buy and sell orders on exchanges. Their job is to keep liquidity flowing so market users can enter and exit positions without significant delays or sharp price gaps. They usually capture the small difference between the bid and ask price rather than trying to predict the market’s direction.

To stay neutral, they hedge their exposure by buying or selling Bitcoin or related derivatives. But during periods of high volatility, those hedges can unintentionally amplify price swings.

According to Markus Thielen of 10x Research, this dynamic likely played out between Feb. 4 and Feb. 7, during which Bitcoin dropped from about $77,000 to near $60,000. Many options dealers were “short gamma” in the $60,000 to $75,000 range. In simple terms, they held options positions that required them to sell more BTC as the price fell in order to manage risk.

As Bitcoin slipped below $75,000, these firms had to sell spot or futures contracts to rebalance. That additional selling pressure contributed to the decline and created a technical loop in which falling prices triggered more hedging and subsequent selling.

Options Market Influence Is Growing Thielen estimates there was roughly $1.5 billion in negative gamma exposure across that price band. This cluster may explain why the decline accelerated and then stabilized once the selling pressure was absorbed near $60,000.

This type of behavior is common in traditional markets, but it is becoming more noticeable in crypto as the options market grows. When dealers are short gamma, they tend to move in the same direction as the market, which can intensify both corrections and rallies.

It is also not always bearish. In late 2023, similar positioning above $36,000 led market makers to buy as prices climbed, supporting Bitcoin’s move past $40,000.

For now, the recent episode shows that Bitcoin’s price is no longer driven only by sentiment and headlines. The structure of the derivatives market is increasingly shaping the momentum and range of the asset’s movements.

Where Whales Are Reallocating To While Bitcoin faces these technical hurdles, some large-scale holders are reallocating toward emerging projects. Recent market observations point toward Minotaurus (MTAUR), a project that presents notable growth prospects within its niche.

MTAUR is the native token of Minotaurus, a blockchain-based game in which players explore intricate mazes, battle enemies, and collect treasures. Currently priced at 0.00012663 USDT, Minotaurus offers a specialized entry point for those looking to accumulate tokens based on its projected trajectory.

For instance, an acquisition of approximately 790,000 MTAUR at current rates could see its value reach nearly 10,000 USDT if MTAUR hits the 0.012 USDT mark, reflecting a significant expansion in performance.

This project is drawing attention as a potential addition to diversified portfolios; interested participants can explore MTAUR before the next phase of its distribution begins.

The information presented in this article is for informational purposes only and should not be construed as investment advice. Crypto Economy is not affiliated with the project. The cryptocurrency market is highly volatile and can involve significant risks. We recommend that you conduct your own analysis.