Market Signal Briefing

The Wartime Performance“As a wartime store of value, crypto looks a lot stronger,” said Lee, who chairs Bitmine Immersion Technologies (NYSE:BMNR) and serves as head of research at Fundstrat Global Advisors. 

“Crypto has been outperforming since the war started while gold has actually underperformed,” he added.

Lee calls the trade a “money trade” for the next year despite lingering risks from the Middle East conflict. “The U.S. is at war with Iran. There’s misinformation. Investors are risk-averse. They want to sit on the sidelines,” he acknowledged.

The Contrarian CallThe recommendation comes amid a $2 trillion crypto market downturn since October that has left most tokens heavily bruised. 

Bitcoin is down 45% from its October peak while Ethereum has fallen nearly 60%. Many popular meme coins have plunged over 90%.

However, the performance since the war began tells a different story. 

While gold and stocks soared to new highs in early 2026 before the conflict, Ethereum has proven more resilient during the actual fighting.

Bitmine purchased another $133 million of Ethereum earlier this week, bringing total holdings above $9 billion. Lee maintains a long-term price target of $250,000 for Ethereum.

The Institutional CaseBlackRock, the world’s largest investment manager overseeing $14 trillion, launched a new Ethereum ETF on March 12. 

The firm sees Ethereum as key technology for tokenization—representing traditional financial assets using blockchain-based tokens to lower investment barriers.

Tim Sun, senior researcher at HashKey, told DL News that Ethereum’s thesis as an institutional-grade settlement layer remains intact despite the market action.

“The market’s current discounting of Ether and related assets reflects a shift in sentiment and risk preference more than a fundamental rejection of the core thesis,” Sun said.

ETH Tests Critical SupportEthereum is down 4%, barely holding above the psychologically critical $1,800 support zone that has acted as a floor since recent lows. 

The Supertrend indicator at $1,977 is located near current price, meaning a daily close below this level could accelerate selling. 

Key support sits at $1,800 with $1,600 below that. On the upside, Ethereum needs to reclaim $2,400 with conviction for a meaningful recovery. Until then, any bounce should be treated as a relief rally, not a reversal.

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While most of the crypto world is focused on Bitcoin and Ethereum, one investor is making the case that Zcash could be one of the most undervalued assets in the entire market. Will McEvoy, Chief Investment Officer at Cypherpunk Holdings, sat down with CoinDesk to lay out exactly why he believes ZEC could reach $4,000, and the logic behind that target is more grounded than it might first appear.

The Math Behind $4,000

McEvoy’s price thesis is built on a simple comparison. If Zcash could capture just 2% of Bitcoin’s total value, by convincing a small slice of Bitcoin holders that a truly private version of the asset is worth owning, ZEC would be trading close to $2,000. Push that further, he argues, and the number climbs fast.

“If you expand that and get to convince some gold owners and offshore wealth holders, whether people holding money in offshore bank accounts or value in art, you can get to $3,000 or $4,000,” McEvoy said. “And in the long run there’s quite a good setup for much higher.”

The target audience here is not retail crypto traders. It is the global pool of capital that already operates outside traditional financial systems and is looking for a digital home.

Why Bitcoin Cannot Do What Zcash Does

A common pushback on privacy coins is that Bitcoin already offers some degree of anonymity. McEvoy mostly disagreed on that idea. Bitcoin, he explained, is pseudonymous at best, and in a world increasingly powered by AI, that distinction matters enormously.

“AI is already very good at stitching together disparate data sources,” he said. “If there is a data leak about you, or public information on your social media, any information about you will be used to deanonymise the Bitcoin blockchain.”

Gold Has the Same Problem

McEvoy also addressed the idea that gold provides meaningful privacy. He said that Gold is private in a limited sense, but it cannot be moved quietly. When a central bank ships tonnes of gold across the world, it loads pallets onto aircraft. That is not private. Zcash moves value across borders without leaving a public trail.

The Regulatory Question

The SEC ended its investigation into Zcash earlier this year, which removed one major cloud hanging over the project. But McEvoy acknowledged that regulatory risk has not disappeared entirely. A future SEC chair could take a different view on privacy coins, and clear legislation in the U.S. has not yet arrived.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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Anchorage Digital has introduced custody support for the TRON blockchain, giving U.S. institutions a regulated way to hold and manage TRX. The firm also plans to support TRC-20 tokens and native staking later, expanding access to one of the most active networks for stablecoin transfers.

According to the announcement, Anchorage Digital, the first crypto company with a U.S. banking charter, has introduced custody support for TRX, the native token of the TRON network. This allows institutions to securely hold TRX using Anchorage’s platform and its self-custody wallet, Porto, within a compliant U.S. framework.

The rollout will happen in phases. The first step includes custody for TRX. After that, Anchorage will add support for TRC-20 tokens built on TRON. The final stage will introduce native TRX staking, allowing institutions to earn rewards while helping validate the network.

This is the first time a federally chartered crypto infrastructure provider has integrated TRON in a regulated U.S. environment. 

Anchorage Digital CEO Nathan McCauley said the move brings one of crypto’s largest ecosystems into an institutional setup, making it easier for traditional firms to access the network.

TRON Stablecoin Growth Drives Institutional InterestTRON has become one of the busiest blockchains for moving stablecoins and payments. The amount of stablecoins on the network has grown steadily over the past three years and now stands near $86 billion. This accounts for more than a quarter of the total stablecoin supply.

With regulated custody now available, institutions can access TRON more easily without dealing with technical or compliance risks. The integration removes a key barrier that previously limited institutional participation in the network.

Anchorage already supports major networks including Bitcoin, Ethereum, Solana, Avalanche, and BNB Chain. It also provides access to layer-2 networks such as Arbitrum, Optimism, Base, and Linea. Adding TRON expands its coverage across high-activity ecosystems.

Institutional Crypto Access Continues to ExpandAnchorage’s move reflects a broader trend of regulated providers expanding blockchain support. The firm previously added networks like Sui and Aptos, suggesting regulatory clarity has been a bigger hurdle than technical readiness.

Meanwhile, institutional adoption continues to grow across the industry. Coinbase recently introduced a mortgage structure allowing borrowers to use crypto assets such as Bitcoin and USDC as collateral. 

Together, these developments signal increasing integration between traditional finance and digital asset infrastructure.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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Your day-ahead look for March 27, 2026 Mar 27, 2026, 11:36 a.m.

Macro concerns still dominate the crypto market. (Staff Sgt. Kaylee Dubois/U.S. Air Force)What to know: If you're not already subscribed to the newsletter email, click here.

By Omkar Godbole (All times ET unless indicated otherwise)

Bearish macro headlines dominate crypto market sentiment, as they have done for most of the month, but concrete updates advancing mainstream blockchain adoption still have the ability to resonate with investors.

That's evident from the 7% gain in Canton Network's CC token over the past 24 hours. It's the second-best-performing top-100 token by market value, behind Ondo Network's ONDO token, which has risen 9%.

CC's upswing follows Visa's announcement that it joined Canton Network as a super validator, helping secure and validate transactions on the blockchain.

The move is pivotal because it brings a global payments giant onto a privacy-preserving network specifically built for institutions that want to transact on the blockchain without exposing sensitive data to other network participants.

Visa will help "extend privacy‑preserving blockchain infrastructure to banks and financial institutions around the world," the firm said in an official announcement.

Privacy is widely seen as a key requirement for broader institutional adoption of the technology. At Consensus Hong Kong in February, investment banking giant JPMorgan and crypto firms Abraxas and B2C2 emphasized the need for privacy-preserving infrastructure, noting that institutions are unlikely to transact at scale on fully transparent networks where sensitive financial data could be exposed.

ONDO, too, is rallying primarily due to its pole position in the real-world asset tokenization sector, underscored by the early-week news of its partnership with Franklin Templeton to tokenize traditional assets.

The broader market remains under pressure due to geopolitical tensions and oil prices, which have traders pricing a Fed rate hike in two weeks.

Bitcoin BTC$66,720.10 has dropped over 3% to $66,800 alognside similar losses in ether (ETH) and XRP (XRP). Solana's SOL token fell over 5% and the CoinDesk 20 Index (CD20) lost 3% decline.

According to Marex, renewed outflows from spot ETFs are weighing on bitcoin.

"ETF outflows have returned in size, which removes a steady bid from the tape and makes dips feel less protected," Marex's analysts said in a morning note.

They added that with the quarterly options expiry out of the way, the market is more exposed to the real catalysts again: oil, war headlines, rates and risk appetite.

Speaking of risk appetite, it could remain weak as government bond yields across the advanced world, including the U.S. and Japan, are rising again. Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today

What to WatchFor a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

CryptoNothing scheduled.MacroMarch 27, 10:00 a.m.: U.S. Michigan Consumer Sentiment Final for March est. 55.5 (Prev. 56.6)Earnings (Estimates based on FactSet data)March 27: Sphere 3D (ANY), post-market, -$4.68March 27: Bonk Inc (BNKK), post-marketMarch 27: Mawson Infrastructure Group (MIGI), post-market, -$10.40March 27: ZeroStack (ZSTK), post-market, -$1.97Token EventsFor a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

Governance votes & callsMarch 27: Aave to host its first quarterly livestream.UnlocksNo major unlocks.Token LaunchesNo major token launches.ConferencesFor a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

Day 5 of 7 Polish Blockchain Week (Warsaw)Day 1 of 2: Penn Blockchain Conference 2026 (Pennsylvania)Market MovementsBTC is down 6.13% from 4 p.m. ET Thursday at $66,329.42 (24hrs: -4.44%)ETH is down 8.13% at $1,987.25 (24hrs: -4.27%)CoinDesk 20 is down 3.34% at 1,909.22 (24hrs: -3.86%)Ether CESR Composite Staking Rate is unchanged at 2.74%BTC funding rate is at -0.0097% (-10.5930% annualized) on BinanceDXY is up 0.10% at 100.00Gold futures are unchanged at $4,460.60Silver futures are unchanged at $68.82Nikkei 225 closed down 0.43% at 53,373.07Hang Seng closed up 0.38% at 24,951.88FTSE is down 0.69% at 9,902.97Euro Stoxx 50 is down 1.39% at 5,488.69DJIA closed on Thursday down 1.01% at 45,960.11S&P 500 closed down 1.74% at 6,477.16Nasdaq Composite closed down 2.38% at 21,408.08S&P/TSX Composite closed down 1.53% at 31,887.52S&P 40 Latin America closed up 0.44% at 3,481.68U.S. 10-Year Treasury rate is up 9 bps at 4.42%E-mini S&P 500 futures are down 0.51% at 6,492.00E-mini Nasdaq-100 futures are down 0.71% at 23,624.25E-mini Dow Jones Industrial Average Index are down 0.48% at 46,009.00Bitcoin StatsBTC Dominance: 58.49% (-0.61%)Ether-bitcoin ratio: 0.02996 (0.07%)Hashrate (seven-day moving average): 994 EH/sHashprice (spot): $31.97Total fees: 2.37 BTC / $164,687 CME Futures Open Interest: 118,140 BTCBTC priced in gold: 15.1 oz.BTC vs gold market cap: 4.44%Technical AnalysisBitcoin slides to key trendline support. (TradingView)The chart shows bitcoin's daily price swings in candlestick format since July last year. BTC has slipped to support of the trendline from Feb. 6 low, characterizing the price bounce within the broader downtrend. Should the support give way, we could see a deeper selloff that could test dip demand around February lows near $60,000. The latest pattern is similar to the one seen through December and January, which ended up deepening the selloff. Crypto EquitiesCoinbase Global (COIN): closed on Thursday at $173.38 (–4.26%), –1.72% at $170.39 in pre-marketGalaxy Digital (GLXY): closed at $19.61 (–8.06%), –1.33% at $19.35MARA Holdings (MARA): closed at $8.58 (+3.62%), –0.58% at $8.53Riot Platforms (RIOT): closed at $14.01 (–7.62%), –0.18% at $13.98Core Scientific (CORZ): closed at $15.79 (–7.39%), –0.51% at $15.71CleanSpark (CLSK): closed at $9.30 (–6.63%), –0.54% at $9.25Exodus Movement (EXOD): closed at $6.85 (–6.04%)CoinShares Bitcoin Miners ETF (WGMI): closed at $37.08 (–7.99%)Circle Internet Group (CRCL): closed at $98.27 (–5.38%), –2.35% at $95.96Bullish (BLSH): closed at $36.44 (–2.64%), –0.93% at $36.10Crypto Treasury Companies

Strategy (MSTR): closed at $132.93 (–4.46%), –0.99% at $131.61Strive Asset Management (ASST): closed at $10.41 (–4.06%), –1.15% at $10.29SharpLink Gaming (SBET): closed at $6.53 (–10.30%), –0.61% at $6.49Upexi (UPXI): closed at $1.07 (–10.08%), +1.87% at $1.09Lite Strategy (LITS): closed at $1.16 (–3.33%)ETF FlowsSpot BTC ETFs

Daily net flows: -$171.3 millionCumulative net flows: $56.14 billionTotal BTC holdings ~1.29 millionSpot ETH ETFs

Daily net flows: -$92.5 millionCumulative net flows: $11.6 billionTotal ETH holdings ~5.76 millionSource: Farside Investors

While You Were SleepingIsrael goes after Iran’s weapons in a wide-scale attack (The Wall Street Journal): In the Gulf, Kuwait said two of its ports were hit on Friday. The Pentagon is considering sending 10,000 more ground troops to the Middle East.Stocks fall as China trade probe adds to war gloom (Bloomberg): U.S. stocks head for their longest streak of weekly losses since 2022 as traders grew more nervous about a protracted Middle East war, while China tensed its trade dispute with the U.S. Bonds fell globally.More For You

As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption.

Why it matters:

Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all.

More For You

Your day-ahead look for March 26, 2026

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Tether has moved closer to a full financial review of USDT as it prepares for wider regulatory scrutiny in the United States. 

Summary

Tether hired KPMG for its first full USDT audit and engaged PwC to prepare systems. The audit would review assets, liabilities, and controls beyond the reserve attestations issued since 2022. Tether’s audit push comes as it weighs US expansion and a possible major equity raise. The step follows a report that the company hired KPMG for its first full audit and brought in PwC to help organize its internal systems ahead of that process.

The Financial Times reported on Friday that Tether hired KPMG to conduct its first full audit of USDT’s financial statements. The report also said Tether brought in PwC to help prepare its internal controls and reporting systems before the audit begins.

The reported move came days after Tether said it had engaged a Big Four accounting firm for its first full financial statement audit, though it did not name the firm. Until now, Tether has relied on periodic reserve attestations from BDO Italia instead of a full audit.

Audit expands beyond reserve snapshots A full audit would go further than reserve attestations. It would review Tether’s assets, liabilities, and internal controls across the company’s balance sheet rather than only checking reserve positions at specific points in time.

Tether has described the planned review as “the biggest ever inaugural audit in the history of financial markets.” The company said it selected the Big Four firm through a competitive process and added that it already operates at Big Four “audit standards.” However, it has not given a public deadline for the audit’s completion.

Moreover, the audit effort comes as Tether looks at expansion in the United States under the federal stablecoin framework created by the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS, Act. A full audit could help the company support its position as it enters a stricter regulatory environment.

USDT remains the largest stablecoin by market value. CoinGecko data places about $185 billion of USDT in circulation. Tether said in January that it held more than $122 billion in direct US Treasury securities and about $141 billion in total Treasury exposure, including overnight reverse repurchase agreements and similar instruments.

Funding plans and past legal cases remain in focus Tether’s audit plans also come as the company weighs a possible equity raise. Bloomberg reported in September 2025 that Tether had explored raising up to $20 billion at a $500 billion valuation. Chief executive Paolo Ardoino later disputed that such a figure had been agreed, though he kept the company’s $500 billion valuation target tied to its profits.

The company also continues to face attention over past claims about reserves. The Commodity Futures Trading Commission fined Tether $41 million over what the regulator described as “untrue or misleading statements” about reserve backing. 

In a separate matter, Tether agreed to an $18.5 million settlement with the New York Attorney General over claims that it hid losses and misled investors about USDT’s backing.

In brief Tether has selected Big Four accounting firm KPMG to conduct a comprehensive audit of its $184 billion USDT stablecoin. The company has also engaged PwC to prepare its internal systems for the audit process. The move comes as Tether plans to register USDT under the GENIUS Act. Tether has engaged KPMG to conduct a comprehensive audit of USDT, the world's largest stablecoin with approximately $184 billion in circulation.

The Financial Times reported that the stablecoin issuer had hired KPMG, following Tether’s announcement earlier in the week that it had engaged a Big Four accounting firm for the first time to conduct a full financial statement audit.

Per the FT, Tether has also brought in PwC to prepare its internal systems for the audit process. The dual engagement comes as Tether faces investor hesitation in its fundraising efforts while pursuing expansion into the U.S. market.

The comprehensive review will examine Tether's complete financial reporting system, including internal controls and asset valuation, according to industry analysis.

The audit represents a significant shift for Tether, which has faced scrutiny over its reserves transparency and was hit with a $41 million fine by the CFTC in 2021 over “misleading statements” relating to USDT.

Tether claims to hold some $192 billion in reserve assets to back the value of its dollar-pegged stablecoin, USDT, the majority of which are purported to be held in U.S. Treasuries.

Tether has long sought an audit of its reserves by one of the Big Four accounting firms—Deloitte, PricewaterhouseCoopers, Ernst & Young, and KPMG—the world’s largest auditors, regarded as a kitemark of transparency and rigor.

Last year, Tether CEO Paolo Ardoino told Decrypt that the El Salvador-based firm intended to register USDT under the GENIUS Act’s regime for foreign stablecoin issuers, which imposes stringent anti-money laundering requirements and comprehensive audits of reserves.

In January, Tether issued USAT, a fully-regulated and GENIUS-Act compliant dollar-pegged stablecoin—but with a circulating supply of just $28 million, the token is a minnow compared to USDT.

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U.S. spot Ethereum (ETH) ETFs extended their streak of outflows to a seventh consecutive trading session on Wednesday ET, underscoring renewed selling pressure in the category even as trading activity remained robust.

According to data compiled by SosoValue, spot Ethereum ETFs posted a combined $92.54 million in net daily outflows on March 26 ET. The latest figure marks a sharp acceleration from the prior session’s $8.51 million in net redemptions, reinforcing the view that near-term allocation appetite has weakened since the outflow trend began on March 18 ET.

Despite the persistent redemptions, cumulative net inflows for the U.S. spot Ethereum ETF market were recorded at $11.57 billion, highlighting that the product set still retains a sizable base of longer-term inflows even as recent flows have turned decisively negative.

Flows were highly concentrated. Among the 10 listed funds, only BlackRock’s ETHB registered net inflows, adding $96.81 million. Outflows were led by BlackRock’s ETHA, which saw -$140.24 million in net redemptions. Other notable withdrawals included Fidelity’s FETH at -$23.95 million, Grayscale’s ETHE at -$13.83 million, Grayscale’s ETH at -$6.21 million, and Bitwise’s ETHW at -$5.12 million. The remaining ETFs were broadly flat on the day.

Trading volumes suggest investors are actively repositioning rather than simply stepping away. Aggregate turnover across spot Ethereum ETFs totaled $878.53 million on March 26 ET. BlackRock’s ETHA led activity with $605.32 million in value traded, followed by Fidelity’s FETH at $100.61 million and Grayscale’s ETH at $80.54 million.

In terms of assets, total net assets across the spot Ethereum ETF complex stood at about $11.7 billion, equivalent to roughly 4.70% of Ethereum’s total market capitalization. By fund size, BlackRock’s ETHA remained the largest vehicle with $6.27 billion in net assets, followed by Grayscale’s ETH at $1.77 billion and Grayscale’s ETHE at $1.74 billion.

The widening outflows following a brief period of smaller redemptions point to a cooling in near-term 'institutional demand' for ETH exposure through ETFs, even as liquidity and turnover remain concentrated in the largest products. Whether the streak extends further is likely to hinge on broader crypto market risk sentiment and Ethereum-specific catalysts that could re-ignite 'allocation flows' in the weeks ahead.

Article Summary by TokenPost.ai

🔎 Market Interpretation

Outflow streak extends: U.S. spot Ethereum ETFs recorded a 7th straight session of net outflows, with -$92.54M on March 26 ET—an acceleration from -$8.51M the prior day.

Near-term demand softening: The sharp step-up in redemptions suggests weakening short-horizon appetite for ETH ETF exposure since the outflow trend began on March 18 ET.

Longer-term picture still positive: Despite the recent drawdown, cumulative net inflows remain high at $11.57B, indicating a substantial installed base of earlier allocations.

Flows concentrated in flagship products: Only BlackRock’s ETHB saw inflows (+$96.81M), while outflows were dominated by BlackRock’s ETHA (-$140.24M) alongside notable selling in Fidelity and Grayscale products.

Repositioning, not retreat: Strong turnover ($878.53M) alongside redemptions implies active reallocations (rotations between funds, hedging, or risk reductions) rather than a collapse in trading participation.

Market footprint remains meaningful: Total spot ETH ETF net assets are about $11.7B, roughly 4.70% of Ethereum’s market cap—large enough for flows to influence marginal price dynamics and sentiment.

💡 Strategic Points

Watch ETHA as the key flow barometer: ETHA is both the largest fund ($6.27B AUM) and the biggest driver of daily flows and volume; sustained ETHA outflows often signal broader de-risking.

Client/channel rotation signal: Simultaneous ETHB inflows and ETHA outflows may indicate internal reallocations across BlackRock products, fee/structure preferences, or different distribution channels—worth monitoring over multiple sessions.

Liquidity remains concentrated: Trading activity is dominated by a few vehicles (ETHA $605.32M traded; FETH $100.61M; Grayscale’s ETH $80.54M), so execution and spreads are likely best in these products during volatile periods.

Short-term catalysts matter: Continuation or reversal of outflows likely hinges on broader crypto risk sentiment and Ethereum-specific catalysts (network upgrades, L2 activity trends, regulatory headlines, or macro liquidity conditions).

Interpreting “negative flows” correctly: Heavy volume with net outflows can reflect hedged positioning (e.g., long ETF vs. short futures unwinds), profit-taking after rallies, or duration shortening—not necessarily a bearish long-term thesis shift.

Track “flat” funds for a tell: Broadly flat flows in the remaining ETFs suggests decision-making is concentrated among large allocators; a widening participation in outflows could indicate contagion in sentiment.

📘 Glossary

Spot Ethereum ETF: An exchange-traded fund designed to track ETH price using direct ETH holdings rather than derivatives.

Net inflow/outflow: The day’s creations (new shares issued) minus redemptions (shares removed). Negative values indicate more redemptions than creations.

Redemptions: The process where authorized participants return ETF shares to the issuer in exchange for underlying assets/cash, shrinking fund assets.

Cumulative net inflows: Total net creations since launch, aggregating daily net flows over time.

Turnover / trading volume: Dollar value of ETF shares traded during the day; high turnover signals active trading interest regardless of net flows.

Net assets (AUM): Total value of assets held by the ETF after accounting for inflows/outflows and market price changes.

Allocation flows: Capital movements from investors allocating (buying) or de-allocating (selling) exposure via the ETF structure.

Institutional demand: Buying interest attributed to professional investors (asset managers, funds, corporates) often reflected through ETF creations and sustained inflows.

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US spot Bitcoin exchange-traded funds posted their largest daily outflows in weeks on Thursday, as Bitcoin fell below $70,000 and market risk stayed elevated. 

Summary

US spot Bitcoin ETFs recorded $171 million in outflows, the largest daily withdrawal since March 3. BlackRock, Fidelity, ARK, and Grayscale led withdrawals as Bitcoin dropped below the key $70,000 level. Despite Thursday outflows, US spot Bitcoin ETFs still attracted $1.36 billion in March net inflows. The sell-off came after a strong month for US-listed Bitcoin ETFs, which had already attracted fresh capital in March.

US spot Bitcoin ETFs recorded $171 million in net outflows on Thursday. That marked the largest daily withdrawal since March 3, when the group lost $348 million.

BlackRock’s IBIT led the redemptions with $41 million in outflows. Fidelity’s FBTC followed with $32 million, while ARK 21Shares’ ARKB lost $30.5 million. Grayscale’s GBTC also posted $24 million in withdrawals, based on data from Farside Investors.

The weak session interrupted a broader recovery in ETF demand this month. Sosovalue data showed that spot Bitcoin ETFs had already brought in $1.36 billion in March and were moving toward their first month of net inflows since October 2025.

That trend showed that institutional interest had not disappeared, even as Thursday’s trading pointed to caution. ETF flows often act as a clear sign of how large investors are positioning around Bitcoin.

Bitcoin price drops as pressure returns Bitcoin fell below the $70,000 level on Thursday and traded near $67,780 at the time of writing. CoinGecko data showed the asset had dropped almost 5% over the past seven days.

The move added pressure to ETF sentiment, as falling prices often lead to short-term withdrawals from listed crypto products. Even so, Bloomberg ETF analyst Eric Balchunas said the market was “one good day away” from reversing year-to-date ETF outflows.

Balchunas also said the funds had shown “incredible fortitude” during Bitcoin’s 46% decline from its October 2025 all-time high of $126,198. His comments pointed to continued resilience among ETF holders despite the recent price weakness.

Middle East tension keeps investors cautious Market attention also stayed fixed on geopolitical risk. Reuters reported earlier this week that the US Department of War was sending thousands of soldiers to the Middle East.

On Thursday, President Donald Trump said the ceasefire on Iranian energy infrastructure would be extended by 10 days to April 6. He said the move followed ongoing negotiations, but traders still feared a sudden shift over the weekend.

U.S. spot bitcoin (BTC) exchange-traded funds recorded their largest single-day net outflows in three weeks on Thursday.

According to data from SoSoValue, spot bitcoin ETFs reported $171.2 million in net outflows across seven funds, marking their largest daily outflow since March 6.

Among the ETFs, BlackRock's IBIT posted the largest outflows at $41.9 million, with other funds from Fidelity, Bitwise, and Ark each seeing over $30 million in outflows.

"Yesterday's $171 million outflow of spot bitcoin ETFs reflects short-term profit-taking, hedging due to macroeconomic uncertainty, and rotating capital amid broader market volatility rather than a substantial shift in long-term conviction," said LVRG Research Director Nick Ruck.

Ruck added that institutional investors remain cautiously optimistic on crypto amid continued interest in bitcoin and growing acceptance of tokenized traditional assets. The analyst explained that institutional sentiment is largely driven by macroeconomic factors, including the U.S.-Iran war and the resulting global oil shortage.

Spot Ethereum ETFs also reported $92.5 million in net outflows on Thursday, extending their streak of negative flows to seven consecutive days — the longest since last December.

Ark sells ARKB Amid the institutional repositioning, Ark Invest sold a notable portion of its Ark & 21Shares bitcoin ETF (ARKB) on Thursday. According to its trade filing, the Cathie Wood-led company offloaded 495,000 shares of ARKB, worth about $11.2 million, across two funds.

The firm also reduced positions in Bullish, selling $6.7 million worth of shares, and Block Inc., offloading $5.1 million. The moves came alongside a broader sell-off in major tech stocks, including Alphabet, Nvidia and Meta.

Thursday's selling is part of Ark's investment strategy of actively rebalancing its exposure to stocks, including those of crypto-related companies. Ark typically caps individual holdings at around 10% of a fund's portfolio, maintaining diversification and prompting adjustments as market movements shift position weightings.

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

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Key Takeaways Table of Contents

Key TakeawaysUnderstanding the Two-Loan FrameworkEarlier Market EntrantsRegulatory FrameworkGet 3 Free Stock Ebooks A groundbreaking collaboration between Fannie Mae, Coinbase, and Better Home & Finance introduces crypto-collateralized mortgage down payments. Homebuyers can use Bitcoin or USDC as collateral rather than liquidating their cryptocurrency holdings, sidestepping potential capital gains tax liabilities. The financing model involves two separate loans: a traditional Fannie Mae-guaranteed mortgage combined with a cryptocurrency-backed loan. Interest rates for the crypto-collateralized portion may exceed conventional mortgage rates by as much as 1.5 percentage points. This initiative stems from a June 2025 mandate by FHFA Director Bill Pulte directing Fannie Mae and Freddie Mac to integrate cryptocurrency into mortgage lending frameworks. The nation’s largest mortgage financier, Fannie Mae, which oversees a $4.1 trillion portfolio, is introducing a revolutionary mortgage product that accepts cryptocurrency as down payment collateral rather than traditional cash. This innovative program was developed in partnership with cryptocurrency exchange Coinbase and digital mortgage provider Better Home & Finance.

Fannie Mae will soon accept crypto-backed mortgages, according to WSJ. Better and Coinbase are launching a product that lets buyers use bitcoin or USDC as collateral for a separate loan to cover the down payment, instead of selling crypto. pic.twitter.com/IEAawR8xHK

— Wall St Engine (@wallstengine) March 26, 2026

The concept behind this offering is straightforward. Instead of liquidating cryptocurrency holdings to generate cash for a down payment, prospective homeowners can pledge their digital currency as security. This approach allows them to maintain their crypto positions while simultaneously securing home financing.

The financing arrangement utilizes a dual-loan mechanism. One component is a conventional 15- or 30-year mortgage guaranteed by Fannie Mae. The companion loan is collateralized by the pledged cryptocurrency and provides the necessary down payment funds.

Currently, the program accepts Bitcoin or USDC as eligible collateral. After pledging these digital assets, borrowers cannot access or trade them throughout the loan duration.

Better’s Chief Executive Officer Vishal Garg explained that fluctuations in the pledged cryptocurrency’s value don’t impact the primary mortgage, provided borrowers maintain regular payments. This feature eliminates a significant concern typically associated with crypto-backed lending products.

Understanding the Two-Loan Framework This financing option carries additional costs compared to traditional mortgages. Borrowers must service interest on both loan components. The cryptocurrency-backed loan may carry interest rates equivalent to standard Fannie Mae products or potentially 1.5 percentage points above conventional rates.

Max Branzburg from Coinbase noted that numerous cryptocurrency investors have historically postponed homeownership to avoid liquidating their digital assets and incurring substantial capital gains tax obligations. This new financial product directly addresses that barrier.

Fannie Mae operates as a secondary market institution rather than a direct lender. The organization purchases mortgages from originating lenders, securitizes them, and provides payment guarantees to investors. This institutional backing provides legitimacy that previous crypto mortgage offerings from smaller financial institutions couldn’t match.

Earlier Market Entrants Cryptocurrency-backed home financing isn’t completely unprecedented. Miami-based fintech enterprise Milo introduced a comparable product in 2022. To date, the company has facilitated transactions for slightly more than 100 borrowers.

Milo’s Chief Executive Josip Rupena observed that a significant portion of his clientele resembles international purchasers: substantial asset portfolios but minimal conventional credit documentation. While representing a specialized segment, this market has demonstrated consistent expansion.

Non-depository mortgage servicer Newrez has similarly begun accepting specific cryptocurrency holdings within mortgage qualification processes without mandating conversion to fiat currency. These developments signal broader industry movement toward mainstream cryptocurrency integration.

Regulatory Framework This program originated from guidance issued in June 2025 by Federal Housing Finance Agency Director Bill Pulte. His directive instructed both Fannie Mae and Freddie Mac to investigate mechanisms for incorporating cryptocurrency assets into mortgage underwriting standards.

Gallup research indicates that approximately 14% of American adults held cryptocurrency in 2025. Additional data from Redfin revealed that nearly 13% of younger demographic homebuyers had previously liquidated cryptocurrency specifically to finance down payments.

Critical program specifics remain under development. These include methodologies for determining collateral valuations and establishing appropriate risk management protocols for the initiative.

Ripple is embedding artificial intelligence (AI) into the XRP Ledger (XRPL) development lifecycle to detect and address vulnerabilities before they reach production.

The move comes as the network scales in complexity and institutional relevance, raising the bar for security.

Ripple Brings AI to XRP Ledger to Strengthen SecurityThe firm outlined the initiative in a recent blog post, detailing a strategy built around several key pillars. These include adversarial code scanning, AI-assisted reviews, and threat modeling and attack surface mapping across both new and existing interactions.

“By investing in security improvements at every point of the development lifecycle, we ensure XRPL remains a trusted financial operating system for decades to come,” the team wrote. “Our responsibility now is to ensure the ledger continues to meet the demands of global payments, tokenized assets, and institutional-grade financial infrastructure.”

Ripple has also established a dedicated AI-assisted red team to test how features interact in real-world scenarios.

“The goal is not just to find bugs, but to proactively pressure-test the system as it evolves. The red team has already uncovered 10+ bugs here, with only low-severity issues disclosed publicly so far; all are being prioritized and fixed,” the blog read.

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Additional measures include:

Modernizing and better aligning the XRPL codebase. Strengthening collaboration with ecosystem partners. Openly sharing security disclosures to enhance transparency. Defining security benchmarks for development on XRPL. Introducing stricter security requirements for protocol amendments. Expanding bug bounty programs to incentivize broader vulnerability discovery. The blog also revealed that the forthcoming XRPL release would focus solely on bug fixes and various improvements, rather than new features.

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The integration provides institutions with a compliant way to hold TRX and will be expanded to include TRC-20 assets and native TRX staking. Mar 27, 2026, 10:07 a.m.

(Sajad Nori/Unsplash/Modified by CoinDesk)What to know: Anchorage Digital, a U.S.-regulated crypto bank, will add support for the Tron blockchain, starting with institutional custody for TRX, the network's native token.The integration provides institutions with a compliant way to hold TRX and will be expanded to include TRC-20 assets and native TRX staking.The move brings Tron, a major network for stablecoin transactions, into Anchorage's institutional framework, offering a bridge between traditional institutions and the crypto ecosystem.Anchorage Digital, the first crypto firm to get a U.S. banking charter, said it will add support for the Tron blockchain, starting with institutional custody for TRX, the network’s native token.

The announcement gives institutions a regulated way to hold TRX through the company's platform and its self-custody wallet, Porto. Anchorage Digital said support for TRC-20 assets and native TRX staking be added later.

Tron has become one of the busiest networks for moving stablecoins and other digital assets. DeFiLlama data shows that the supply of stablecoins on the network has grown steadily over the last three years and now stands at $86 billion. That’s more than a quarter of the total stablecoin supply.

Anchorage is pitching the integration as a compliance-focused bridge between traditional institutions and a network that has seen heavy use in crypto payments. CEO Nathan McCauley said the addition brings “one of crypto’s largest ecosystems into an institutional framework.”

The rollout will happen in stages. First comes custody for TRX, with plans to add Tron-based TRC-20 assets later. That’s followed by staking for institutions that want to earn rewards while taking part in network validation.

Anchorage already supports major networks including Ethereum and some of the biggest layer-2 networks such as Arbitrum, Optimism, Base and Linea. It also supports bitcoin BTC$67,679.09 and solana (SOL) tokens, and other major layer-1 networks like Avalanche and BNB Chain.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Like a car crash in slow motion, the Bitcoin price is getting nearer the bottom of its bear flag and a point of no return. With economic and geopolitical factors weighing heavily, any kind of lasting recovery is just not able to take place.

Bitcoin (BTC) network activity has dropped sharply in recent months until March 27, with active addresses down over 30% since August 2025.

​Active addresses, a measure of the number of unique addresses participating in the Bitcoin network, have dropped by over 280,000, representing 30.2%, during the past 229 days, with CryptoQuant data showing around 655,900 active participants as of March 25.

Bitcoin active address analysis for 1 year. Source: CryptoQuant This significant drop in network participants, averaging a daily loss of 1,234 addresses, suggests declining user engagement, which may reinforce the medium-term bearish sentiment surrounding Bitcoin.

​Backing the significant decline in BTC’s active addresses is also the seven and 30-day Simple Moving Averages (SMA). The 7-day SMA, which reflects short-term network activity, fell by 164,311 addresses to approximately 612,972 on March 25, thus representing a 21.14% decline from its August 8, 2025, level of 777,283.

​Additionally, the 30-day SMA, which represents the behaviour of longer-term participants, declined by 14.44% over this period, easing to approximately 636,314 earlier this week. The shallower drop in the 30-day SMA compared to the 7-day SMA suggests that while short-term traders have stepped back significantly, longer-term network participants remain relatively more resilient.

Why are active addresses on Bitcoin dropping? The significant pullback of Bitcoin’s active addresses over the past 229 days has coincided with bearish sentiment for the flagship coin. On August 8, 2025, BTC price traded around $116,690, but has since corrected to $68,310 at the time of reporting.

​With Bitcoin’s price in a confirmed macro downtrend, similar to bear cycles in 2022 and 2018, active network participation was expected to decline. This decrease suggests weaker transaction volume and engagement, likely reducing overall network activity as speculative trading eases and retail interest cools.

​

BTC/USD 1-year chart. Source: Finbold ​Holistically, a significant drop in Bitcoin active addresses over a prolonged period has historically been associated with a collapse in market demand, and vice versa. As such, monitoring this indicator remains critical for distinguishing between a potential sustained price reversal and another dead-cat bounce.

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The Bitcoin price is once again approaching a critical zone, but the current setup suggests traders may be walking into a trap. Despite strong liquidity clusters building above the $70,000 level, key derivatives data show weak conviction, rising leverage dominance, and a lack of real spot demand. This combination often precedes sharp, unexpected moves in the opposite direction.

With Bitcoin consolidating near $68,000 inside a rising channel, the big question is: Will BTC break toward $72K or drop to sweep liquidity near $66K first?

Bitcoin Liquidation Heatmap Shows $72K Target — But a Short-Term Dip Could Come FirstRecent shifts in open interest, funding rates, and volume ratios indicate that the market is not trending—it’s positioning for a liquidity-driven move. And historically, in such conditions, Bitcoin tends to move where it hurts the most traders before choosing a direction.

The latest Bitcoin liquidation heatmap (48-hour) highlights a clear liquidity imbalance, with major clusters forming above the current price. Data indicates that the $70,000 to $72,000 range holds a dense concentration of leveraged short positions, making it a key target for any upward move. This zone acts as a liquidity magnet for the BTC price, as a move into this region could trigger a short squeeze.

Historically, Bitcoin tends to test such high-liquidity levels.

While the upside target remains clear, the heatmap also reveals nearby liquidity below the current price, particularly around $66K–$68K. These levels contain long liquidation clusters, with the price often moving toward closer liquidity zones first as weak momentum increases the chances of a downside sweep. This suggests that Bitcoin could drop in the short term before attempting a move toward $72K.

The liquidation heatmap suggests that while Bitcoin price could target $72K, traders should prepare for short-term volatility and potential downside risk first.

Bitcoin Derivatives Data Hints at Volatility as Leverage Dominates MarketBitcoin’s current price action suggests consolidation, but underlying derivatives data tells a more important story—the market lacks strong conviction and is increasingly driven by leveraged trading rather than spot demand.

Aggregate open interest remains largely flat near the $21 billion level after a recent decline, indicating that traders are not aggressively building new positions. This lack of participation typically signals uncertainty and often precedes a sharp move once liquidity is triggered.

At the same time, the funding rate has turned slightly positive, reflecting a mild long bias in the market. However, the absence of extreme funding levels suggests that bullish sentiment is not strong enough to sustain a breakout on its own. This aligns with the Relative Strength Index (RSI), which continues to hover in the neutral zone near 44, highlighting the absence of clear momentum in either direction.

Adding to this, the perpetual futures-to-spot volume ratio remains elevated, showing that most of the trading activity is concentrated in derivatives rather than actual buying in the spot market. Historically, such conditions lead to liquidity-driven price action, where Bitcoin moves sharply to liquidate overleveraged positions rather than follow a steady trend.

Taken together, these indicators suggest that Bitcoin is currently in a low-conviction environment, where price is more likely to experience sudden volatility than a sustained directional move. This reinforces the possibility of a liquidity sweep before any meaningful breakout, aligning with the broader market structure seen in recent sessions.

Bitcoin Outlook for Traders: Key Levels and Month-End TargetBitcoin price remains in a low-conviction, liquidity-driven phase, where price is more likely to move sharply toward key liquidation zones rather than follow a steady trend. Current structure and derivatives data suggest that traders should prepare for volatility and fakeouts rather than a clean directional breakout.

In the near term, the $66,000–$67,000 zone acts as critical support, where a cluster of long liquidations could be triggered if the BTC price dips further. On the upside, the $70,000 level remains immediate resistance, while the broader $71,500–$72,500 range stands out as the primary liquidity target, supported by dense short positions visible on the heatmap.

Given the lack of strong participation in open interest and the dominance of leveraged trading, Bitcoin is unlikely to break out cleanly without first clearing nearby liquidity. This increases the probability of a short-term downside sweep below $67K, followed by a reversal toward the $70K–$72K range by the end of the month

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Worldcoin price has dropped over 30% this month as market sentiment remains risk-off amid geopolitical tensions in the Middle East.

Summary

Worldcoin price declined sharply amid risk-off sentiment driven by Middle East tensions, with the token down over 30% this month. Exchange inflows surged as $26 million worth of WLD moved to centralized platforms, increasing concerns over potential selling pressure. Bearish technical indicators and a descending channel pattern point to further downside risk, with a break below key support exposing a drop toward $0.20. According to data from crypto.news, Worldcoin (WLD) was trading at $0.27 last check on Friday, March 27, with a market capitalization of over $867 million. The altcoin has fallen 15% over the past week and over 40% since the beginning of this year.

Worldcoin price fell as escalating geopolitical tensions in the Middle East, particularly after Iran rejected a peace proposal from the U.S. to end the war between the two nations, triggered a risk-off sentiment among investors who are increasingly rotating their capital to gold and other traditional safety plays.

The downward momentum also intensified after reports revealed that the Worldcoin team transferred around $26 million worth of WLD tokens to centralized exchanges. Over the past week, the total amount of tokens held across all exchanges rose over 25% to $742 million, data from Nansen shows.

Total balance of tokens held in exchanges surged over the past week | Source: Nansen A jump in balances held on exchanges tends to increase selling pressure for a token as investors remain uneasy over a potential supply overhang should these entities decide to sell them.

Additionally, continued scrutiny of Tools for Humanity, the main developer behind the Worldcoin project, over biometric data collection has led to operational suspensions in countries like Brazil and Indonesia in early 2026, creating persistent investor uncertainty.

Worldcoin price analysis On the daily chart, Worldcoin price has been trading within a descending parallel channel pattern since early October 2025 while forming lower highs and lower lows. As long as the asset price remains within the two parallel trendlines that mark the boundaries of the ongoing Worldcoin price decline, the token will likely remain trapped in a bearish structure.

Worldcoin price is trading within a multi-month descending parallel channel pattern on the daily chart — March 27 | Source: crypto.news The Supertrend indicator has flashed a red sell signal, which means that the bearish momentum is still firmly in control. Additionally, the MACD lines have confirmed a bearish crossover with both lines remaining below the zero line, a sign that selling pressure is accelerating rather than cooling off.

For now, traders would likely be keeping an eye on $0.25, as this level serves as a critical support zone. A break below which could further deteriorate market sentiment for the token and likely lead to a deeper plunge toward $0.20.

On the contrary, a break above $0.35 could spark a bullish exit from the upper side of the descending channel, potentially ending the months-long downtrend.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Ethereum is facing heightened volatility as broader market jitters pull ETH towards the $2,000 level.

The drawdown from weekly highs near $2,250 comes as the sector heads into a massive options expiry.

What is the Ethereum price outlook as losses test trader sentiment amid whale activity and mounting technical pressure?

Ethereum March 27 options expiration dataThe market is witnessing one of the largest crypto options expirations today, March 27, 2026, with significant exposure across Bitcoin, Ethereum, and other major assets.

Notably, 68,000 BTC options expired, reflecting a put-call ratio of 0.56.

This suggests a moderately bullish tilt, with the max pain point around $74,000. Bitcoin was trading near $68,500 early Friday.

Meanwhile, Ethereum options mark the largest quarterly expiry on Deribit, with approximately $2.12 billion in open interest across 1.03 million contracts.

Ethereum’s expiry involved around 370,000 ETH contracts, mirroring Bitcoin’s put-call ratio of 0.56.

According to analysts at Greeks.live, this points to relatively balanced positioning, with no clear dominance from bearish bets.

The max pain level stood near $2,250, aligning broadly with recent resistance levels.

Historically, large options expiries have triggered short-term price swings as positions unwind, and this event could similarly amplify Ethereum’s volatility.

Ethereum ICO whale sells $23 million ETHAdding to the downward pressure on Ethereum’s price on March 27 is a significant offload by an early “OG” whale.

Data shared by Lookonchain on X shows that an early Ethereum ICO participant sold 11,552 ETH worth $23.42 million at an average price of $2,027.

This investor initially allocated just $12,000 during the 2014 ICO to acquire 38,800 ETH at $0.31 per token—a position still valued at roughly $79.54 million despite the recent sale.

While such sales can reflect profit-taking or risk management, large offloads from early holders often influence market sentiment.

At the same time, some investors appear to be buying the dip, with institutions continuing to explore staking opportunities amid a stagnant market.

ETH price analysisEthereum’s price action reflects short-term fragility, with $110.4 million in liquidations over the past 24 hours highlighting current market stress.

Despite this, open interest (OI) remains elevated, suggesting traders are still positioning for potential upside.

On the daily chart, ETH is hovering around $2,060, maintaining a neutral near-term bias with a slight downside tilt.

The price remains below the 20-day EMA near $2,110 and trails the 50- and 100-day EMAs at approximately $2,185 and $2,440, respectively.

This setup could allow bears to retain control in the short term.

“This Friday marks the quarterly settlement, with over 40% of options expiring. The $75,000 level remains a strong resistance point, and breaking above it within the next three days will be challenging,” Greeks.live noted.

Ethereum’s price could mirror this broader market trajectory.

Failure to reclaim higher levels may allow bears to test the $2,000 support zone. Below that, the next major support lies around $1,800.

Here are three stocks with buy rank and strong value characteristics for investors to consider today, March 27:

Mistras Group, Inc. (MG - Free Report) : This industrial services company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing by 6.1% over the last 60 days.

Mistras has a price-to-earnings ratio (P/E) of 14.38 compared with 21.50 for the industry. The company possesses a Value Scoreof A.

Escalade, Incorporated (ESCA - Free Report) : This sporting goods company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing by 10.5% over the last 60 days.

Escalade has a price-to-earnings ratio (P/E) of 17.08 compared with 45.30 for the industry. The company possesses a Value Score of A.

CrossAmerica Partners LP (CAPL - Free Report) : This fuel distribution and convenience store company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its next year earnings increasing 7.5% over the last 60 days.

CrossAmerica has a price-to-earnings ratio (P/E) of 50.40 compared with 79.30 for the industry. The company possesses a Value Score of B.

See the full list of top ranked stocks here.

Learn more about the Value score and how it is calculated here.

Limited group of early members will help grow the community-owned shopping platform while earning enhanced rewards and experiences

, /PRNewswire/ -- WeShop Holdings Limited ("WeShop" or the "Company") (NASDAQ: WSHP), the world's first community-owned social commerce platform, today announced the launch of the WeShop Founders Programme in the United Kingdom, a new initiative designed to empower early creators and members across the U.K. to help grow the platform and build communities around trusted recommendations and a more rewarding shopping experience.

The Founders Programme will be limited to just 1,000 members in the U.K. Those accepted to the Founders Programme will receive double the standard referral rate, along with invites to exclusive events, content, competitions, and opportunities to engage directly with the WeShop team as the platform continues to expand.

Interested applicants can apply through a dedicated Founders Programme landing page on the WeShop website, where submissions will be reviewed by the WeShop team.

"WeShop was built on the idea that the people who create value in a shopping network should share in that value," said John Garner, Founder of WeShop. "The Founders Programme recognizes the early creators and members helping build the platform and reflects our vision of community ownership, where people are active participants in how products are discovered and shared online."

"Being part of the early WeShop community has been incredibly rewarding," said Meg Johnson, a U.K.-based Founding Member. "What started as sharing products with friends has turned into building a real network of people who trust each other's recommendations. The Founders Programme is a great way to recognize and accelerate that."

"For me, WeShop feels like building your own company within a larger community," added Michelle Jenkins, another early member of the platform. "The more you invest in helping others discover the platform, the more you see that community grow, and everyone benefits."

By launching the Founders Programme in the U.K., WeShop aims to accelerate community-led growth while giving early adopters the opportunity to play a foundational role in building the platform's next phase.

Applications for the WeShop Founders Programme are now open.

To learn more or apply, visit the WeShop website.

About WeShop

WeShop Holdings Limited (NASDAQ: WSHP) is a pioneering social-commerce platform transforming retail through community ownership. Designed to merge shopping, sharing, and investing, WeShop rewards users with equity for their engagement through its proprietary ShareBack™ program, turning everyday purchases and referring friends who shop through the platform into real ownership. With partnerships spanning hundreds of top retailers and over a billion products, WeShop empowers users to build long-term wealth while discovering and sharing what they love. By combining e-commerce, social interaction, and user ownership, WeShop is leading a global retail revolution—where everyone can earn ownership in the company.

ShareBack™ Rewards

The offer and sale of WePoints is registered on a Registration Statement on Form F-1 originally filed on October 17, 2025 (the "ShareBack Prospectus"). Users may obtain a copy of the ShareBack Prospectus and enroll in the program through our website at https://investors.we.shop/sec-filings. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The offer is being made only pursuant to the ShareBack Prospectus.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including the ability for the WeShop community to earn ownership in WeShop. These forward-looking statements are based on current expectations and WeShop assumes no obligation to update this information. In addition, the events described in these forward-looking statements may not actually arise or may occur in a different manner than anticipated as a result of various factors, including market conditions, as well as other factors described from time to time in WeShop's filings with SEC, including its Registration Statement on Form F-1 filed October 17, 2025 and any amendments thereto available at www.sec.gov. 

Press: [email protected]
Corporate: [email protected]
Commercial: [email protected]

Logo: https://mma.prnewswire.com/media/2943997/WeShop_Logo.jpg

SOURCE WeShop Holdings Limited

NetDragon Websoft Holdings Limited (NDWTY) Q4 2025 Earnings Call March 26, 2026 10:00 PM EDT

Company Participants

Lim Leung - Executive Vice Chairman
Hak Kin Lau - Financial Controller, Company Secretary, Head of Compliance & Corporate Affairs Dept.
Chen Lin - Senior Vice President

Presentation

Operator

Dear investors, good morning. Thank you for joining NetDragon Websoft Holdings Limited to our 2025 Annual Results Presentation. [Foreign Language]

Before the start of our presentation, please allow me to introduce the management who are joining us today. Dr. Simon Leung, Group Vice Chairman and Executive Director; Mr. Wood Lau, Group Interim CFO; Mr. Lin Chen, Group's Senior Vice President. [Foreign Language]

Now let's pass our time to Dr. Simon Leung to host our presentation today. [Foreign Language]

Lim Leung
Executive Vice Chairman

Well, thank you. Good morning, good afternoon, good evening, depending on where you are. Well, it's that time of the year. So great to have everybody on the call. We're going to go through the same things. Frankly, I'm going to talk a little bit about the highlights and then Wood is going to take us through the financials, and then we'll go through gaming with Lin Chen. I'll talk about Mynd and education a little bit, and then I'm going to wrap it up with the outlook and then we'll go into, I think, very active hopefully, Q&A.

So today's theme is, besides going through all the businesses and the progress and all that, I think you can hear a lot about AI. I mean, we've been kind of talking about embracing AI, I mean we coin the term called AI now. So you will see what's going on in 2025, but more importantly, what's going to happen in 2026. If you look at the AI technology, 2026 is an inflection year. It really because of the coming of AIGC is actually -- is

HomeEarnings AnalysisTech 

SummaryPony AI Inc. remains a buy, as robotaxi revenue surges 160% YoY, with early breakeven in key cities and a clear path to fleet scaling.PONY’s premium valuation (EV/sales 46.9x trailing) hinges on converting early unit economics and data moat into durable, high-margin network effects before competition intensifies.Global expansion, especially outside China, and deep partnerships with Toyota, Uber, and Tencent are central to unlocking higher margins and justifying current multiples.Despite widening non-GAAP losses, a $1.5B cash position post-IPO provides runway for aggressive scaling and reduces near-term dilution risk. Klaus Vedfelt/DigitalVision via Getty Images

Thesis Pony AI Inc. (PONY) has just reported 4Q25 earnings. The initial viewing of the numbers was quite bad, with the stock closing about 15% lower yesterday, as I'll explain. As for operations, they're now expanding into Croatia, Qatar, the

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

SHENZHEN, China, March 27, 2026 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading insurance technology platform connecting consumers, insurance carriers, and distribution partners digitally through data-driven and AI-powered solutions in Asia, today announced its unaudited financial results for the second half and full year ended December 31, 2025.

Full Year 2025 Financial and Operational Highlights

Record-breaking insurance premiums: Both first year premiums (“FYP”) and gross written premiums (“GWP”) reached record highs of RMB4,630.8 million and RMB7,427.1 million in 2025, representing robust increases of 35.4% and 20.6% year-over-year, respectively. This remarkable performance was primarily driven by our high-quality customer base, consistently strong persistency ratios, and a diversified product portfolio designed to address the diverse financial and protection needs of our clients.Strong revenue growth and efficiency gains drove sustained profitability: Total revenue increased by 26.7% year-over-year to RMB1,582.2 million in 2025. Our expense-to-income ratio notably improved from 32.2% in 2024 to 26.3% in 2025, demonstrating the impact of company-wide deployment of proprietary AI solutions, boosting productivity and optimizing workflows. As a result, we delivered a net profit attributable to common shareholders of RMB4.0 million, and a non-GAAP net profit attributable to common shareholders1 of RMB22.6 million in 2025, marking our third consecutive year of non-GAAP profitability.Cumulative number of insurance clients served increased to 12.3 million as of December 31, 2025. We cooperated with 158 insurer partners in mainland China and internationally, including 89 life and health insurance and 69 property and casualty insurance companies, as of December 31, 2025.As of December 31, 2025, cash and cash equivalents were RMB250.8 million (US$35.9 million). Mr. Cunjun Ma, Founder and CEO of Huize, said, “We are pleased to report another year of encouraging results, with both GWP and FYP facilitated on our platform reaching record highs of RMB7.4 billion and RMB4.6 billion in 2025, respectively. Furthermore, through the company-wide deployment of our proprietary AI solutions, we continued to deliver profitability, reporting a non-GAAP net profit attributable to common shareholders of RMB22.6 million in 2025. This milestone marks our third consecutive year of non-GAAP profitability, a powerful testament to our disciplined execution and the long-term sustainability of our business model in an evolving market.”

“We continue to leverage our advanced AI solutions to acquire high-quality, mass-affluent customers and enhance customer engagement. In 2025, we acquired approximately 1.7 million new customers. The average age of customers purchasing long-term insurance products was 35.3 years, with 65.8% residing in tier-two cities and above. By the end of 2025, each of our 13th- and 25th-month persistency ratios for long-term life and health insurance products remained at industry-high levels of over 95%, underscoring the strong customer loyalty we attract with our diverse and tailored product offerings.”

“To address the lifelong financial and protection needs of our customers, we continue to collaborate closely with insurer partners to co-develop and refine customized product offerings. In response to rising demand for high-quality financial planning solutions amid an aging demographic, we launched ‘Dajia Hui Xuan 2.0’, a participating annuity designed to provide premium and diversified retirement planning solutions. During the year, we also launched two million-yuan medical insurance products, namely ‘Xing Xiang Shou 2.0’ and ‘Chang Xiang An 3.0’. Together, these launches reinforce our core competitiveness in the medical insurance segment and lay a solid foundation for our long-term, sustainable growth.”

“We are making steady progress in executing our systematic three-pillar AI strategy. First, we have deployed AI solutions across the organization to foster an AI-native culture and enhance operational efficiency. These proprietary solutions have already been implemented in various business functions to automate core operations, including customer service and claims processing, contributing meaningfully to our efficiency improvement. As a result, our expense-to-income ratio improved by 5.9 percentage points year-over-year to 26.3% in 2025. Second, we upgraded our AI-powered client-facing app to better support key user scenarios, including product recommendations, personalized plan design and policy inquiries, enabling a more integrated, end-to-end user experience. Notably, AI-driven self-service policy purchases among new customers grew 50% year-over-year in 2025. Finally, we are advancing the AI transformation of our platform through the deployment of advanced AI agents across our front, middle and back offices. We also plan to leverage our extensive knowledge base to help insurer partners design and enhance products that more closely align with customers’ financial and protection needs.”

Second Half 2025 Financial Results

GWP and operating revenue

GWP facilitated on our platform was RMB4,193.3 million (US$599.6 million) in the second half of 2025, representing an increase of 35.1% from RMB3,103.7 million in the same period of 2024. Within GWP facilitated in the second half of 2025, FYP accounted for RMB2,772.5 million (or 66.1% of total GWP), representing an increase of 45.0% year-over-year. Renewal premiums accounted for RMB1,420.8 million (or 33.9% of total GWP), representing an increase of 19.3% year-over-year.

Operating revenue was RMB901.7 million (US$128.9 million) in the second half of 2025, representing an increase of 37.5% from RMB655.7 million in the same period of 2024. The increase was primarily driven by the increase in both FYP facilitated and renewal premiums.

Operating costs

Operating costs were RMB662.0 million (US$94.7 million) in the second half of 2025, representing an increase of 45.9% from RMB453.7 million in the same period of 2024, primarily due to an increase in channel expenses.

Operating expenses

Selling expenses were RMB120.5 million (US$17.2 million) in the second half of 2025, representing an increase of 18.9% from RMB101.4 million in the same period of 2024, primarily due to an increase in employee compensation.

        General and administrative expenses were RMB88.2 million (US$12.6 million) in the second half of 2025, representing an increase of 18.4% from RMB74.5 million in the same period of 2024. This increase was primarily due to an increase in share-based compensation expenses.

Research and development expenses were RMB29.2 million (US$4.2 million) in the second half of 2025, representing a decrease of 2.2% from RMB29.9 million in the same period of 2024, primarily due to the decrease in rental and utilities expenses.

Net profit and non-GAAP net profit for the period

Net profit attributable to common shareholders was RMB1.8 million (US$0.3 million) in the second half of 2025, compared to net profit attributable to common shareholders of RMB15.8 million in the same period of 2024. Non-GAAP net profit attributable to common shareholders was RMB26.0 million (US$3.7 million) in the second half of 2025, compared to non-GAAP net profit attributable to common shareholders of RMB17.0 million in the same period of 2024.

Full Year 2025 Financial Results

GWP and operating revenue

GWP facilitated was RMB7,427.1 million (US$1,062.1 million) in 2025, representing an increase of 20.6% from RMB6,158.6 million in 2024. Of the GWP facilitated in 2025, FYP accounted for RMB4,630.8 million (or 62.4% of total GWP), representing an increase of 35.4% year-over-year. Renewal premiums accounted for RMB2,796.2 million (or 37.6% of total GWP), representing an increase of 2.1% year-over-year.

Operating revenue was RMB1,582.2 million (US$226.3 million) in 2025, representing an increase of 26.7% from RMB1,248.9 million in 2024. The increase in operating revenue was primarily driven by the increase in both FYP facilitated and renewal premiums.

Operating costs

Operating costs were RMB1,160.3 million (US$165.9 million) in 2025, representing an increase of 33.6% from RMB868.3 million in 2024. The increase was primarily due to an increase in channel expenses.

Operating expenses

Selling expenses were RMB220.3 million (US$31.5 million) in 2025, representing an increase of 14.5% from RMB192.4 million in 2024, primarily due to an increase in employee compensation.

        General and administrative expenses were RMB136.3 million (US$19.5 million) in 2025, representing a decrease of 7.1% from RMB146.8 million in 2024. The decrease was partly related to a decrease in rental and utilities expenses.

Research and development expenses were RMB58.7 million (US$8.4 million) in 2025, representing a decrease of 5.9% from RMB62.4 million in 2024, primarily due to a decrease in rental and utilities expenses.

Net profit and Non-GAAP net profit for the year

Net profit attributable to common shareholders in 2025 was RMB4.0 million (US$0.6 million), compared to a net loss attributable to common shareholders of RMB0.6 million in 2024. Non-GAAP net profit attributable to common shareholders in 2025 was RMB22.6 million (US$3.2 million), representing an increase of 169.0% from RMB8.4 million in 2024.

Cash and cash equivalents

As of December 31, 2025, the Company’s cash and cash equivalents amounted to RMB250.8 million (US$35.9 million), compared to RMB233.2 million as of December 31, 2024.

Conference Call

The Company’s management team will hold an earnings conference call at 8:00 A.M. Eastern Time on Friday, March 27, 2026 (8:00 P.M. Beijing/Hong Kong Time on Friday, March 27, 2025). Details for the conference call are as follows:

Event Title: Huize Holding Limited’s Second Half and Full Year 2025 Earnings Conference Call
Registration Link: https://register-conf.media-server.com/register/BI5ea2ea1bb6f245b5b2bece07d9d816b8

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a confirmation email containing dial-in numbers and a unique access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.huize.com.

About Huize Holding Limited

Huize Holding Limited is a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia. Targeting mass affluent consumers, Huize is dedicated to serving consumers for their life-long insurance needs. Its online-to-offline integrated insurance ecosystem covers the entire insurance life cycle and offers consumers a wide spectrum of insurance products, one-stop services, and a streamlined transaction experience across all scenarios. By leveraging AI, data analytics, and digital capabilities, Huize empowers the insurance service chain with proprietary technology-enabled solutions for insurance consultation, user engagement, marketing, risk management, and claims service.

For more information, please visit http://ir.huize.com or follow us on social media via LinkedIn (https://www.linkedin.com/company/huize-holding-limited), X (https://x.com/huizeholding) and Webull (https://www.webull.com/quote/nasdaq-huiz).

Use of Non-GAAP Financial Measure Statement

In evaluating our business, we consider and use non-GAAP net profit/(loss) attributable to common shareholders as a supplemental measure to review and assess our operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP net profit/(loss) attributable to common shareholders as net profit/(loss) attributable to common shareholders excluding share-based compensation expenses. Such adjustments have no impact on income tax because either the non-GAAP adjustments were recorded at entities located in tax free jurisdictions, such as the Cayman Islands or because the non-GAAP adjustments were recorded at operating entities located in the PRC for which the non-GAAP adjustments were not deductible for tax purposes.

We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net profit/(loss) attributable to common shareholders enables our management to assess our operating results without considering the impact of share-based compensation expenses. We also believe that the use of this non-GAAP financial measure facilitates investors’ assessment of our operating performance.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net profit/(loss) attributable to common shareholders is that it does not reflect all items of income and expense that affect our operations. Further, the non-GAAP financial measure may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

The non-GAAP financial measure should not be considered in isolation or construed as an alternative to net profit/(loss) attributable to common shareholders or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measure in light of the most directly comparable GAAP measure, as shown below. The non-GAAP financial measure presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Huize’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, business outlook and quotations from management in this announcement, contain forward-looking statements. Huize may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huize’s goal and strategies; Huize’s expansion plans; Huize’s future business development, financial condition and results of operations; Huize’s expectation regarding the demand for, and market acceptance of, its online insurance products; Huize’s expectations regarding its relationship with insurer partners and insurance clients and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing.

Further information regarding these and other risks is included in Huize’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Huize does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Investor Relations
[email protected]

Media Relations
[email protected]

Christensen Advisory
Dolly Zhang
Phone: +852 6996 4179
Email: [email protected]

Huize Holding Limited
Unaudited Condensed Consolidated Balance Sheets
(all amounts in thousands, except for share and per share data)
      As of December 31 As of December 31
 2024  2025
  RMB RMB USD
Assets      Current assets      Cash and cash equivalents233,207  250,826  35,868 Restricted cash61,708  51,473  7,361 Short-term investments5,000  2,936  420 Contract assets, net of allowance for doubtful accounts71,085  86,249  12,333 Accounts receivables, net of allowance for impairment157,080  172,539  24,673 Insurance premium receivables1,763  1,141  163 Amounts due from related parties995  4,315  617 Prepaid expense and other receivables68,171  89,504  12,799 Total current assets599,009  658,983  94,234       Non-current assets     Restricted cash29,883  29,683  4,245 Contract assets, net of allowance for doubtful accounts28,435  45,574  6,517 Property, plant and equipment, net47,083  38,242  5,469 Intangible assets, net68,840  66,013  9,440 Long-term investments66,716  65,012  9,297 Operating lease right-of-use assets20,715  19,349  2,767 Goodwill14,536  14,075  2,013 Other assets8,981  1,236  177 Total non-current assets285,189  279,184  39,925 Total assets884,198  938,167  134,159       Liabilities and Shareholders’ Equity     Current liabilities     Short-term borrowings50,000  53,000  7,579 Accounts payable202,054  194,951  27,878 Insurance premium payables56,042  41,295  5,906 Other payables and accrued expenses44,434  41,965  6,001 Payroll and welfare payable41,005  81,813  11,699 Income taxes payable2,575  7,953  1,139 Operating lease liabilities16,743  17,275  2,470 Amount due to related parties2,495  20,415  2,920 Total current liabilities415,348  458,667  65,592       Non-current liabilities     Long-term borrowings-  6,990  1,000 Deferred tax liabilities14,875  14,380  2,056 Operating lease liabilities24,082  14,966  2,140 Payroll and welfare payable649  48  7 Other non-current liability-  11,269  1,611 Total non-current liabilities39,606  47,653  6,814 Total liabilities454,954  506,320  72,406       Shareholders’ equity     Class A common shares63  63  9 Class B common shares10  10  1 Treasury stock(29,513) (29,513) (4,220)Additional paid-in capital909,930  910,209  130,158 Accumulated other comprehensive loss(12,864) (14,695) (2,101)Accumulated deficits(458,886) (454,845) (65,042)Total shareholders’ equity attributable to Huize Holding Limited shareholders408,740  411,229  58,805 Non-controlling interests20,504  20,618  2,948 Total shareholders’ equity429,244  431,847  61,753 Total liabilities and shareholders’ equity884,198  938,167  134,159           Huize Holding Limited
Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)
(all amounts in thousands, except for share and per share data)
    For the Six Months
Ended December 31,For the Twelve Months
Ended December 31, 2024
2025
2024
2025
Operating revenueRMBRMBUSDRMBRMBUSDBrokerage income620,155 867,153 124,001 1,193,827 1,523,547 217,864 Other income35,496 34,552 4,941 55,087 58,693 8,393 Total operating revenue655,651 901,705 128,942 1,248,914 1,582,240 226,257 Operating costs and expenses      Cost of revenue(450,119)(658,632)(94,183)(855,496)(1,153,880)(165,003)Other cost(3,618)(3,391)(485)(12,790)(6,387)(913)Total operating costs(453,737)(662,023)(94,668)(868,286)(1,160,267)(165,916)Selling expenses(101,395)(120,510)(17,233)(192,425)(220,285)(31,500)General and administrative expenses(74,468)(88,183)(12,610)(146,769)(136,346)(19,497)Research and development expenses(29,912)(29,247)(4,182)(62,391)(58,688)(8,392)Total operating costs and expenses(659,512)(899,963)(128,693)(1,269,871)(1,575,586)(225,305)Operating profit/(loss)(3,861)1,742 249 (20,957)6,654 952 Other income/(expenses)      Interest income1,819 2,602 372 4,139 4,047 579 Unrealized exchange loss(440)(158)(23)(684)(927)(133)Investment income/(loss)3,325 1,041 149 (511)(328)(47)Others, net12,275 143 20 17,179 1,325 189 Profit/(loss) before income tax, and share of income/(loss) of equity method investee13,118 5,370 768 (834)10,771 1,540 Share of income/(loss) of equity method investee1,957 1,631 233 1,535 (40)(6)Income tax expense(135)(3,770)(539)(135)(7,194)(1,029)Net profit/(loss)14,940 3,231 462 566 3,537 505 Net (loss)/profit attributable to non-controlling interests(852)1,480 212 1,215 (503)(72)Net profit/(loss) attributable to Huize Holding Limited15,792 1,751 250 (649)4,040 577 Net profit/(loss)14,940 3,231 462 566 3,537 505 Foreign currency translation adjustment, net of tax(825)(1,361)(195)1,196 (1,831)(262)Comprehensive profit14,115 1,870 267 1,762 1,706 243 Comprehensive (loss)/income attributable to non-controlling interests(852)1,480 212 1,215 (503)(73)Comprehensive income attributable to Huize Holding Limited14,967 390 56 547 2,209 316 Weighted average number of common shares used in computing net profit per share      Basic and diluted1,002,394,778 1,009,454,734 1,009,454,734 997,172,042 1,009,159,442 1,009,159,442 Net profit/ (loss) per share attributable to common shareholders      Basic and diluted0.00 0.00 0.00 (0.00)0.00 0.00               Huize Holding Limited
Unaudited Reconciliations of GAAP and Non-GAAP Results
(all amounts in thousands, except for share and per share data)
    For the Six Months Ended December 31,For the Twelve Months Ended December 31, 2024
2025
2024
2025
 RMBRMBUSDRMBRMBUSDNet profit/ (loss) attributable to common shareholders15,7921,751250(649)4,040577Share-based
compensation expenses1,22424,2143,4639,021 18,5842,657Non-GAAP net profit attributable to common shareholders17,01625,9653,7138,372 22,6243,234         1 Non-GAAP net profit attributable to common shareholders is a non-GAAP financial measure. For more information, please see the section of “Use of Non-GAAP Financial Measure Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

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BICESTER, United Kingdom, March 27, 2026 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, driven by Hagerty (NYSE: HGTY), is extremely proud to present a superb, low mileage example of the rarely offered for sale Ferrari Monza SP2 at its Concorso d’Eleganza Villa d’Este Auction from 16-17 May 2026.

Unveiled in 2018 along with the Monza SP1, the Monza SP2 is part of Ferrari’s highly exclusive and sought after Icona series cars, inspired by icons from the illustrious history of the Maranello marque, including the famous 1948 Ferrari 166MM Barchetta, 750 Monza and 860 Monza. Unlike the SP1, the SP2 offers the distinct advantage of having two seats as well as a second headrest fairing for the passenger.

Based on the incredible 812 Superfast, the Monza SP2 pairs a carbon fibre barchetta body with the sonorous 6.5-litre, normally aspirated V12 engine from the 812. It was Ferrari’s most powerful naturally-aspirated engine when it was launched, delivering 798 hp and 719 Nm of torque and capable of achieving a 0-100 km/h time of an astonishing 2.9 seconds.

“Following the world-record setting sale of the first Ferrari Monza SP2 to be sold in North America at our Amelia Auction, we are very excited to add this very low mileage SP2 to an already phenomenal line-up for our Concorso d’Eleganza Villa d’Este Auction,” says Joe Twyman, VP of Sales for Broad Arrow’s EMEA Region. “Icona series cars are highly coveted by Ferrari collectors and rarely come up for sale, especially in this unique specification. We expect it to generate intense bidding among international collectors when it appears on the podium at the spectacular Villa Erba.” 

Chassis number 261538 is the modern definition of a sports car intended to take on legendary events such as the Mille Miglia. With no windscreen, it benefits from the clever ingenuity of Ferrari engineers who created the ‘Virtual Windshield’, an aerodynamic design that channels airflow through the bonnet and out, ahead of the occupants. This is only one element of an extensive aerodynamic package that dramatically enhances both speed and downforce, ensuring that every drive in a Monza SP2 is a visceral experience second-to-none.

Presented like new, having driven only 417 kilometres at the time of cataloguing, this superb example recalls the contrasting colours of some of Ferrari’s most memorable racing liveries with its two-tone colour scheme of Rosso California with a Grigio Coburn nose section and Argento Nürburgring accents. The cockpit features Jeans Aunde Blu fabric and Pelle Elmo Blue leather with the famous Cavallino Rampante embroidered on the headrests. The idea that the Monza SP2 is truly race car-inspired is further emphasised by four-point safety harnesses and the factory supply of two beautifully crafted carbon fibre helmets by Berluti.

“Offered only to the most discerning of Ferrari clients at the time of its launch, the Monza SP2 is undeniably one of the most collectable Ferraris of the 21st century”, says Daniele Turrisi, Consignment Consultant at Broad Arrow Auctions and Private Sales. “With its Tailor Made paintwork and extensive list of options and accessories, this is one of the most compelling examples of the Icona Series that any Ferraristi could hope to acquire.”

Consignment opportunities remain for the Broad Arrow Concorso d’Eleganza Villa d’Este Auction and collectors interested in discussing consigning their car to this prestigious sale are invited to contact a Broad Arrow Car Specialist at +44 20 4592 0169 (UK), + 32 476 879 471 (Europe) or on +1 313 312 0780 (North America) or via email at [email protected]. Further details are available at broadarrowauctions.com. Collectors are also invited to discuss consignments for other Broad Arrow auctions taking place in Europe in 2026, including the Zoute Concours Auction on 9th October and the Zürich Auction on 7th November.

Ends. 

For media enquiries relating to Broad Arrow Auctions, including accreditation for the auction at the Concorso d’Eleganza Villa d’Este, please contact a member of the press team.

Editor’s Notes

About Broad Arrow Auctions 

Broad Arrow Auctions, driven by Hagerty (NYSE: HGTY), is a leading global collector car auction house founded in 2021 by industry veterans. As the fastest-growing auction house in its segment, Broad Arrow connects exceptional collector cars with enthusiasts worldwide through flagship events including The Broad Arrow Quail Auction (the official auction of The Quail, A Motorsports Gathering), The Amelia Concours Auction (the official auction of The Amelia Concours), The Porsche Auction in collaboration with Air | Water by Luftgekühlt, the Las Vegas Auction in partnership with Concours at Wynn Las Vegas, as well as international auctions held in partnership with Concorso d’Eleganza Villa d’Este, Zoute Grand Prix, and Auto Zürich. Learn more at broadarrowauctions.com and follow us on Instagram, Facebook, LinkedIn, and X. 

About Hagerty, Inc. (NYSE: HGTY)

Hagerty is a company built by drivers for drivers, protecting 2.7 million vehicles in the United States, Canada and the UK. We make it easier and more enjoyable for enthusiasts to drive and celebrate the machines they love through innovative insurance products, live and digital auctions, engaging media and events, as well as the Hagerty Drivers Club, the world’s largest community of car lovers.  

For more information, please visit www.hagerty.com or www.newsroom.hagerty.com.   

Forward-Looking Statements - This press release contains statements that constitute “forward-looking statements” within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those regarding Hagerty’s future operating results and financial position, Hagerty’s business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and Hagerty’s objectives for future operations. The words “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “ongoing,” “contemplate,” and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements.

Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These factors include, among other things, Hagerty’s ability to: (i) compete effectively within our industry and attract and retain our insurance policyholders and paid Hagerty Drivers Club (“HDC”) subscribers; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership and marketplace products and services, as well as any new insurance programs and products we offer; (vi) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (vii) address unexpected increases in the frequency or severity of claims, and (viii) comply with the numerous laws and regulations applicable to our business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet, and accounting matters.

The forward-looking statements herein represent the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in Hagerty’s other press releases, reports and other filings with the Securities and Exchange Commission. Understanding the information contained in these filings is important in order to fully understand Hagerty’s reported financial results and its business outlook for future periods.

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2020 Ferrari Monza SP2 set to be offered at Broad Arrow's Concorso d'Eleganza Villa d'Este Auction Credit - Federico Vecchio/Courtesy of Broad Arrow Auctions Another look at the 2020 Ferrari Monza SP2 set to be offered at Broad Arrow's Concorso d'Eleganza Vi... Credit - Federico Vecchio/Courtesy of Broad Arrow Auctions

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