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Unaudited interim results for the three and nine-month periods ended 30 September 2025

Serabi (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to release its unaudited interim results for the three and nine-month periods ended 30 September 2025 (all currency amounts are expressed in US Dollars unless otherwise stated).

HIGHLIGHTS

Gold production for the first nine months of 2025 of 32,634 ounces (corresponding nine-month period of 2024: 27,499 ounces), positioning the Company on track for full year guidance, with record Q3 production of 12,090 ounces.Cash held at 30 September 2025 of $38.8 million (31 December 2024: $22.2 million).Net cash at quarter-end (after interest bearing loans and lease liabilities) of $33.0 million (Q2-2025: $24.6 million).EBITDA for the nine-month period of $48.2 million (corresponding nine-month period of 2024: $24.7 million).Post-tax profit for the nine-month period of $34.9 million (corresponding nine-month period of 2024: $17.8 million).Profit per share of 46.10 cents (corresponding nine-month period of 2024: 23.55 cents).Net cash inflow from operations for the nine-month period (after mine development expenditure of $4.1 million) of $34.3 million (corresponding nine-month period of 2024: $18.2 million inflow, after mine development expenditure of $4.9 million).Average gold price of $3,244 per ounce received on gold sales during the nine-month period (corresponding nine-month period of 2024: $2,338).Cash Cost for the nine-month period to 30 September 2025 of $1,429 per ounce (corresponding nine-month period of 2024: $1,405 per ounce).All-In Sustaining Cost for the nine-month period to 30 September 2025 of $1,816 per ounce (corresponding nine-month period of 2024: $1,790 per ounce). The full interim statements together with commentary can be accessed on the Company’s website using the following LINK.

 YTD Q3-2025YTD Q3-2024Change %Gold production (oz)32,63427,499+19%EBITDA ($m)$48.2$24.7+95%Cash in flow ($m)$34.3$18.2+88%EPS ($c)46.1023.55+96%AISC ($/oz)$1,816$1,790+1% Colm Howlin, CFO, Commented

“The nine months to 30 September 2025 have delivered strong financial and operational performance for the Company placing us firmly on track to meet full-year guidance. Gold production for the year to date totalled 32,634 ounces, a 19% increase compared with the same period of 2024.

The continued strong operational performance combined with higher average gold prices has driven a 95% year-on-year increase in EBITDA to $48.2 million and the Company closed the quarter with a cash balance of $38.8 million, up from $22.2 million at 31 December 2024. Net cash inflow from operations for the nine-month period, after mine development expenditure of $4.1 million, was $34.3 million, highlighting the strong cash-generating capacity of the business.

All-In Sustaining Cost (AISC) averaged $1,816 per ounce for the period, reflecting the impact of ongoing development investment and inflationary cost pressures. We continue to strengthen our balance sheet with margins remaining robust, supported by firm gold prices, higher production volumes, and disciplined cost control.

Post-tax profit for the nine months was $34.9 million, equating to earnings of 46.10 cents per share, compared with $17.8 million and 23.55 cents per share in 2024.

In parallel, exploration and resource development drilling continued across both the Palito Complex and Coringa, with approximately 27,937 metres completed year to date. Early results are encouraging, supporting the Company’s objective of increasing resources to the 1.5-2.0Moz range in the oncoming years as part of Phase 2 of our growth strategy.

With strong cash generation, a solid balance sheet, and a clear focus on operational excellence, the Company remains well positioned to close 2025 with continued momentum and to deliver further growth into 2026.”

Overview of the financial results

In the first nine months of 2025, the Group has reported revenue and operating costs related to the sale of 32,106 ounces (32,634 ounces produced). This compares to sales reported of 28,912 ounces in the first nine months of 2024. Reported revenues and costs reflect the ounces sold in each period and as a result total costs for the nine-month period are higher than for the corresponding period of 2024.

On 7 January 2024, the Group completed a $5.0 million unsecured loan arrangement with Brazilian bank Itau which carried a fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On 22 January 2025, the Group completed a further $5.0 million unsecured loan arrangement with a different Brazilian bank (Santander) which carries a fixed interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026. The Company had a net cash balance at the end of Q3-2025 (after interest bearing loans and lease liabilities) of $33.0 million (31 December 2024: net cash $16.2 million).

The ore sorter at Coringa has now been operational for nine months and has performed exceptionally during this period. Benefiting from favourable economics, the ore sorter has been utilised to process low-grade ore that had been stockpiled since the commencement of operations at the mine, while higher-grade ROM has continued to be transported directly to the Palito Complex plant. As a result of this approach, gold production from Coringa is expected to exceed the original plan for the year.

Key Financial Information

SUMMARY FINANCIAL STATISTICS FOR THE THREE AND NINE-MONTHS ENDING 30 SEPTEMBER 2025 9 months to
30 September 2025
US$
(unaudited)9 months to
30 September 2024
US$
(unaudited)3 months to
30 September 2025
US$
(unaudited)3 months to
30 September 2024
US$
(unaudited)  Revenue104,524,00970,290,64141,996,36627,626,034  Cost of sales(48,152,798)(39,840,803)(17,620,959)(14,160,734)  Gross operating profit56,371,21130,449,83824,375,40713,465,300  Administration and share based payments(8,178,467)(5,728,359)(2,517,931)(1,719,359)  EBITDA48,192,74424,721,47921,857,47611,745,941  Depreciation and amortisation charges(6,475,006)(3,297,323)(2,795,451)(1,056,517)  Operating profit before finance and tax41,717,73821,424,15619,062,02510,689,424         Profit after tax34,914,60617,837,22115,985,6558,615,387  Earnings per ordinary share (basic)46.10c23.55c21.11c11.38c         Average gold price received (US$/oz)US$3,244US$2,338US$3,501US$2,478      As at
30 September
2025
US$
(unaudited)As at
31 December 2024
US$
(audited)Cash and cash equivalents  38,772,33722,183,049Net funds (after finance debt obligations)  33,070,05316,341,245Net assets  154,314,145104,181,654      Cash Cost and All-In Sustaining Cost (“AISC”)      9 months to
30 September
20259 months to 30 September
202412 months to 31 December 2024Gold production for cash cost and AISC purposes 32,634 ozs27,499 ozs37,520 ozs     Total Cash Cost of production (per ounce) US$1,429US$1,405US$1,326Total AISC of production (per ounce) US$1,816US$1,790US$1,700 About Serabi Gold plc
Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Gold project. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development.

Enquiries

Michael Hodgson        t +44 (0)20 7246 6830
Chief Executive        m +44 (0)7799 473621

Colm Howlin        
Chief Financial Officer        m +353 89 6078171

Andrew Khov         m +1 647 885 4874
Vice President, Investor Relations &
Business Development
        e [email protected]

        www.serabigold.com

BEAUMONT CORNISH Limited
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish        t +44 (0)20 7628 3396

PEEL HUNT LLP
Joint UK Broker
Ross Allister / Georgia Langoulant        t +44 (0)20 7418 9000

TAMESIS PARTNERS LLP
Joint UK Broker
Charlie Bendon/ Richard Greenfield        t +44 (0)20 3882 2868

CAMARCO
Financial PR - Europe
Gordon Poole / Fergus Young                t +44 (0)20 3757 4980

Copies of this announcement are available from the Company's website at www.serabigold.com.

Forward-looking statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.

Qualified Persons Statement
The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 35 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.

Notice
Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release.

See www.serabigold.com for more information and follow us on twitter @Serabi_Gold

The following information, comprising, the Income Statement, the Group Balance Sheet, Group Statement of Changes in Shareholders’ Equity, and Group Cash Flow, is extracted from the unaudited interim financial statements for the three and nine months to 30 September 2025.

Statement of Comprehensive Income
For the three and nine-month periods ended 30 September 2025.

  For the three months endedFor the nine months ended  30 September
202530 September
202430 September
202530 September
2024(expressed in US$)Notes(unaudited)(unaudited)(unaudited)(unaudited)CONTINUING OPERATIONS     Revenue 41,996,36627,626,034104,524,00970,290,641Cost of sales (17,620,959)(14,160,734)(48,152,798)(39,840,803)Depreciation and amortisation charges (2,795,451)(1,056,517)(6,475,006)(3,297,323)Total cost of sales (20,416,410)(15,217,251)(54,627,804)(43,138,126)Gross profit  21,579,95612,408,78349,896,20527,152,515Administration expenses (2,695,260)(1,679,357)(8,239,877)(5,484,788)Share-based payments (89,232)(65,010)(293,260)(183,902)Gain on asset disposals 266,56125,008354,670(59,669)Operating profit 19,062,02510,689,42441,717,73821,424,156Other income – exploration receipts2———351,186Other expenses – exploration expenses2———(317,746)Foreign exchange (loss)/gain (21,403)129,42986,602(690,927)Finance expense3(125,596)(127,729)(354,065)(438,032)Finance income3268,694109,262677,996345,727Profit before taxation 19,183,72010,800,38642,128,27120,674,364Income tax expense4(3,198,065)(2,184,999)(7,213,665)(2,837,143)Profit after taxation 15,985,6558,615,38734,914,60617,837,221        Other comprehensive income (net of tax)           Exchange differences on translating foreign operations 3,128,112808,68915,009,804(7,374,025)Total comprehensive profit / (loss) for the period(1) 19,113,7679,424,07649,924,41010,463,196      Profit per ordinary share (basic)521.11c11.38c46.10c23.55cProfit per ordinary share (diluted)521.11c11.38c46.10c23.55c (1) The Group has no non-controlling interests and all profits are attributable to the equity holders of the Parent Company

Balance Sheet as at 30 September 2025

(expressed in US$)  As at
30 September
2025
(unaudited)

As at
30 September
2024
(unaudited)

As at
31 December
2024
(audited)

Non-current assets     Deferred exploration costs  27,985,88420,211,85818,839,836Property, plant and equipment  72,750,48656,310,56653,593,723Right of use assets  5,680,4264,928,2634,287,020Taxes receivable  8,106,6127,110,4456,246,352Deferred taxation  3,670,9941,903,3071,878,081Total non-current assets  118,194,40290,464,43984,845,012Current assets     Inventories  16,739,17812,338,95813,115,648Trade and other receivables  4,831,2802,100,9562,533,450Prepayments and accrued income  4,106,4391,633,6022,220,463Cash and cash equivalents  38,772,33720,029,40722,183,049Total current assets  64,449,23436,102,92340,052,610Current liabilities     Trade and other payables  15,903,23510,672,7059,695,560Interest bearing liabilities  5,702,2845,886,7145,841,804Accruals  901,515431,716419,493Total current liabilities  22,507,03416,991,13515,956,857Net current assets  41,942,20019,111,78824,095,753Total assets less current liabilities 160,136,602100,131,973109,576,227Non-current liabilities     Trade and other payables  1,857,9373,676,1812,809,243Provisions  3,222,7322,325,5731,839,916Interest bearing liabilities  741,788135,326109,952Total non-current liabilities  5,822,4576,137,0804,759,111Net assets  154,314,145103,439,147104,181,654Equity     Share capital  11,213,61811,213,61811,213,618Share premium reserve  36,158,06836,158,06836,158,068Option reserve  447,460359,475221,613Other reserves  22,839,02517,609,38019,486,684Translation reserve  (63,483,475)(69,154,766)(78,459,765)Retained surplus  147,139,449107,253,372115,561,436Equity shareholders’ funds  154,314,145103,439,147104,181,654 Statements of Changes in Shareholders’ Equity
For the nine-month period ended 30 September 2025

(expressed in US$)       (unaudited)Share
capitalShare
premiumShare option reserveOther reserves (1)Translation reserveRetained EarningsTotal equity Equity shareholders’ funds at 31 December 202311,213,61836,158,068175,57315,960,006(61,780,741) 91,065,525 92,792,049  Foreign currency adjustments————(7,374,025)—(7,374,025)  Profit for the period—————17,837,22117,837,221  Total comprehensive income for the period————(7,374,025)17,837,22110,463,196  Transfer to taxation reserve———1,649,374—(1,649,374)—  Share incentives expense——183,902———183,902  Equity shareholders’ funds at 30 September
202411,213,61836,158,068359,47517,609,380(69,154,766)107,253,372103,439,147  Foreign currency adjustments————(9,304,999)—(9,304,999)  Profit for the period—————9,982,4979,982,497  Total comprehensive income for the period————(9,304,999)9,982,497677,498  Transfer to taxation reserve———1,877,304—(1,877,304)—  Share based incentives lapsed in period——(202,871)——202,871—  Share option expense——65,009———65,009  Equity shareholders’ funds at 31 December
202411,213,61836,158,068221,61319,486,684(78,459,765)115,561,436104,181,654  Foreign currency adjustments————14,976,290—14,976,290  Profit for the period—————34,914,60634,914,606  Total comprehensive income for the period————14,976,29034,914,60649,890,896  Transfer to taxation reserve———3,352,341—(3,352,341)—  Share option expense——293,260———293,260  Share options settled in period——(51,665)———(51,665)  Share based incentives lapsed in period——(15,748)——15,748—  Equity shareholders’ funds at 30 September
202511,213,61836,158,068447,46022,839,025(63,483,475)147,139,449154,314,145   (1) Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$22,477,564 (31 December 2024: merger reserve of US$361,461 and a taxation reserve of US$19,125,223).

Condensed Consolidated Cash Flow Statement
For the three and nine-month periods ended 30 September 2025

 For the three months
ended
30 SeptemberFor the nine months
ended
30 September 2025202420252024(expressed in US$)(unaudited)(unaudited)(unaudited)(unaudited)Operating activities    Post tax profit for period15,985,6558,615,38735,451,76317,837,221Depreciation – plant, equipment and mining properties2,795,4511,056,5176,475,0063,297,323Net financial expense/(income)(121,695)(110,962)(410,533)749,792Provision for taxation3,198,0652,184,9997,213,6652,837,143Gain / (loss) on disposals(266,561)(25,008)(354,670)59,669Share-based payments89,23265,010293,260183,902Taxation paid(2,057,272)(347,589)(7,526,271)(789,287)Interest paid(33,789)(10,091)(447,174)(39,599)Foreign exchange (loss) / gain18,255(291,702)369,194(343,986)Changes in working capital     (Increase)/decrease in inventories(657,797)217,474(2,342,867)(1,049,888) (Increase)decrease in receivables, prepayments and accrued income(4,030,722)1,238,492(5,320,287)(1,002,244) Increase in payables, accruals and provisions1,027,939979,2094,937,1921,384,012Net cash inflow from operations16,476,76113,571,73638,338,27823,124,058     Investing activities    Purchase of property, plant and equipment and assets in construction(2,275,094)(2,219,242)(5,996,314)(6,231,132)Mine development expenditure(1,347,803)(1,977,182)(4,077,333)(4,913,351)Geological exploration expenditure(2,219,836)(922,400)(6,012,583)(1,835,856)Pre-operational project costs(2,895,281)(393,044)(7,057,868)(865,728)Proceeds from sale of assets267,01421,474363,77473,955Interest Received268,694109,262677,996338,895Net cash outflow on investing activities(8,202,306)(5,381,132)(22,102,328)(13,433,217)     Financing activities    Receipt of short-term loan——5,000,0005,000,000Repayment of short-term loan——(5,153,577)(5,000,000)Payment of finance lease liabilities(54,387)(210,366)(294,854)(708,816)Net cash (outflow)/inflow from financing activities(54,387)(210,366)(448,431)(708,816)     Net increase/(decrease) in cash and cash equivalents8,220,0687,980,23815,787,5198,982,025Cash and cash equivalents at beginning of period30,432,47012,041,01722,183,04911,552,031Exchange difference on cash119,7998,152801,769(504,649)Cash and cash equivalents at end of period38,772,33720,029,40738,772,33720,029,407 Notes

Basis of preparation 1. Basis of preparation
These interim condensed consolidated financial statements are for the three and nine-month periods ended 30 September 2025. Comparative information has been provided for the unaudited three and nine-month periods ended 30 September 2024 and, where applicable, the audited twelve-month period from 1 January 2024 to 31 December 2024. These condensed consolidated financial statements do not include all the disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 annual report.
The condensed consolidated financial statements for the periods have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” and the accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2024 and those envisaged for the financial statements for the year ending 31 December 2025.

The interim financial information has not been audited and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. Whilst the financial information included in this announcement has been compiled in accordance with International Financial Reporting Standards (“IFRS”) this announcement itself does not contain sufficient financial information to comply with IFRS. The Group statutory accounts for the year ended 31 December 2024 prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 have been filed with the Registrar of Companies. The auditor’s report on these accounts was unqualified. The auditor’s report did not contain a statement under Section 498 (2) or 498 (3) of the Companies Act 2006.

Accounting standards, amendments and interpretations effective in 2025
The Group has not adopted any standards or amendments in advance of their effective date. The following new amendment has been issued by the IASB and is effective for annual periods beginning on or after 1 January 2025:

Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
The amendments provide guidance for determining the spot exchange rate when exchangeability between two currencies is lacking. They clarify when a currency is considered exchangeable and introduce a methodology for estimating an appropriate exchange rate when necessary. The Group does not expect a material impact on its financial statements from these amendments.

No other standards or amendments are expected to be effective in 2025.

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company’s current or future reporting periods.

These financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

(i)      Going concern

At 30 September 2025 the Group held cash of US$38.8 million which represents an increase of US$16.6 million compared to 31 December 2024.

On 7 January 2024, the Group completed a US$5.0 million unsecured loan arrangement with Brazilian bank Itau which carried a fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On 22 January 2025, the Group completed a further US$5.0 million unsecured loan arrangement with a different Brazilian bank (Santander) which carries a fixed interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026.

Management prepares, for Board review, regular updates of its operational plans and cash flow forecasts based on their best judgement of the expected operational performance of the Group and using economic assumptions that the Directors consider are reasonable in the current global economic climate. The current plans assume that during 2025 the Group will continue gold production from its Palito Complex operation as well as increase production from the Coringa mine and will be able to increase gold production to exceed the levels of 2024.

The Directors will limit the Group’s discretionary expenditures, when necessary, to manage the Group’s liquidity.

The Directors acknowledge that the Group remains subject to operational and economic risks and any unplanned interruption or reduction in gold production or unforeseen changes in economic assumptions may adversely affect the level of free cash flow that the Group can generate on a monthly basis. The Directors have a reasonable expectation that, after taking into account reasonably possible changes in trading performance, and the current macroeconomic situation, the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the Financial Statements.

2.         Other Income and Expenses

Under the copper exploration alliance with Vale announced on 10 May 2024, the related exploration activities undertaken by the Group under the management of a working committee (comprising representatives from Vale and Serabi), were funded in their entirety by Vale during Phase 1 of the programme. Following the completion of Phase 1, Vale advised the Group, in April 2024, that it did not wish to continue the exploration alliance.

Exploration and development of copper deposits is not the core activity of the Group and further funding beyond the Phase 1 commitment would be required before a judgment could be made as to a project being commercially viable. There is a significant cost involved in developing new copper deposits and it is unlikely that, without the financial support of a partner, the Group would independently seek to develop a copper project in preference to any of its existing gold projects and discoveries. As a result, both the funding received from Vale and the related exploration expenditures has been recognised through the income statement. As this is not a principal business activity of the Group these receipts and expenditures are classified as other income and other expenses.

3.         Finance expense and income

 3 months ended
30 September 2025
(unaudited)3 months ended
30 September 2024
(unaudited)9 months ended
30 September 2025
(unaudited)9 months ended
30 September 2025
(unaudited) US$US$US$US$Interest expense on short term loan(84,905)(93,486)(245,498)(335,563)Interest expense on trade finance(25,724)(22,120)(67,142)(54,333)Interest expense on finance leases(14,967)(12,123)(41,425)(48,136)Total Financial expense(125,596)(127,729)(354,065)(438,032)     Interest Income268,694109,262677,996338,895Realised gain on hedging derivatives———6,832Total Financial income268,694109,262677,996345,727Net finance (expense) / income143,098(18,467)323,931(92,305) 4.         Taxation

The Group has recognised a deferred tax asset to the extent that the Group has reasonable certainty as to the level and timing of future profits that might be generated and against which the asset may be recovered. The deferred tax liability arising on unrealised exchange gains has been eliminated in previous periods, and the stronger Brazilian Real exchange rate at the end of the period has resulted in deferred tax income of US$1,405,796 (nine months to 30 September 2024 – income of US$946,220).

The Group has also incurred a tax charge in Brazil for the nine-month period of US$8,619,461 (nine months to 30 September 2024 tax charge - US$3,783,403).

5.        Earnings per Share

        3 months ended
30 September 2025
(unaudited)3 months ended
30 September 2024
(unaudited)9 months ended
30 September 2025
(unaudited)9 months ended
30 September 2025
(unaudited)Profit attributable to ordinary shareholders (US$)15,985,6558,615,38734,914,60617,837,221Weighted average ordinary shares in issue75,734,55175,734,55175,734,55175,734,551Basic profit per share (US cents)21.11c11.38c46.10c23.55cDiluted ordinary shares in issue (1)75,734,55175,734,55175,734,55175,734,551Diluted profit per share (US cents)21.11c11.38c46.10c23.55c (1) At 30 September 2025 there were 2,728,049 conditional share awards in issue (30 September 2024 – 2,814,541). These are subject to performance conditions which may or not be fulfilled in full or in part. These CSAs have not been included in the calculation of the diluted earnings per share.

6.        Post balance sheet events

There has been no item, transaction or event of a material or unusual nature likely, in the opinion of the Directors of the Company to affect significantly the continuing operation of the entity, the results of these operations, or the state of affairs of the entity in future financial periods.

PR Q3 F2025 Financial Results 2025 vF

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, /PRNewswire/ -- Tetragon has released its Monthly Factsheet for October 2025.

Net Asset Value: $3,881m
Fully Diluted NAV per Share: $42.08
Share Price (TFG NA): $19.20
Monthly NAV per Share Total Return: 0.0%
Monthly Return on Equity: 0.1%
Most Recent Quarterly Dividend: $0.11
Dividend Yield: 2.3%

Please refer to important disclosures on page three of the Monthly Factsheet.

Please click below to access the Monthly Factsheet.

October 2025 Factsheet 

About Tetragon:

Tetragon is a Guernsey closed-ended investment company. Its non-voting shares are listed on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V., and also traded on the Specialist Fund Segment of the Main Market of the London Stock Exchange. Our investment manager is Tetragon Financial Management LP. Find out more at www.tetragoninv.com.

Tetragon's non-voting shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors.

Please see: https://www.tetragoninv.com/shareholders/additional-information.

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[email protected]

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This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as a collective investment scheme from a designated country. 

SOURCE Tetragon Financial Group Limited

XRP price started a steady increase above $2.220. The price is now struggling to clear $2.280 and might start a fresh decline below $2.150.

XRP price started a fresh increase above the $2.20 zone.
The price is now trading near $2.180 and the 100-hourly Simple Moving Average.
There is a near bearish trend line forming with resistance at $2.2250 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move down if it dips below $2.150.

XRP Price Faces Resistance
XRP price started a decent upward move above $2.120 and $2.150, like Bitcoin and Ethereum. The price gained pace for a clear move above the $2.20 resistance.

The bulls even pumped the price above the $2.240 zone. A high was formed at $2.286 and the price started a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high.

The price is now trading near $2.180 and the 100-hourly Simple Moving Average. Besides, there is a near bearish trend line forming with resistance at $2.2250 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com
If there is a fresh upward move, the price might face resistance near the $2.2250 level. The first major resistance is near the $2.250 level, above which the price could rise and test $2.2850. A clear move above the $2.2850 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.4320 resistance. The next major hurdle for the bulls might be near $2.50.

Downside Continuation?
If XRP fails to clear the $2.250 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.150 level. The next major support is near the $2.10 level.

If there is a downside break and a close below the $2.10 level, the price might continue to decline toward $2.050 and the 50% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.9250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

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

Major Support Levels – $2.150 and $2.050.

Major Resistance Levels – $2.250 and $2.280.

Justin Sun has stepped further into the center of the $456 million TUSD reserve dispute with a public address in Hong Kong.

Summary

Sun outlined new claims about how TUSD reserves were pushed into high-risk, unauthorized investments between 2021 and 2022.
He said he injected nearly $500M earlier this year to stabilize TUSD and welcomed Dubai’s global asset freeze tied to the disputed funds.
Legal pressure is building in Hong Kong and Dubai as courts work to determine ownership of the diverted $456M.

Justin Sun used a rare in-person media briefing in Hong Kong to give new details about the alleged diversion of millions of dollars backing the TrueUSD stablecoin, 

The Nov. 27 briefing, themed “Truth Unveiled, Justice Revealed,” marked a clearer, more assertive push from Sun as legal battles proceed in multiple jurisdictions.

Sun steps up claims over missing TUSD reserves
During the briefing, Sun described how custodial partners entrusted with managing TUSD reserves allegedly pushed funds into inappropriate, high-risk arrangements between 2021 and 2022.

He pointed to First Digital Trust and Aria Commodities as central players in what he framed as an exploitation of gaps in Hong Kong’s trust oversight. According to his account, the reserves were diverted into commodity financing and mining ventures that could not be liquidated when TUSD faced heavy redemptions earlier this year.

https://twitter.com/justinsuntron/status/1993919105276281318?s=46&t=nznXkss3debX8JIhNzHmzw

He said those actions created a liquidity squeeze that forced him to intervene with nearly $500 million to stabilize the stablecoin during a tense period in early 2025. Sun welcomed the recent worldwide asset freeze imposed by Dubai’s DIFC Court, calling it an important turning point that may help recover funds he believes should never have left their custodial structures.

His remarks also carried a message for policymakers. Sun called on Hong Kong authorities to step up oversight of trust service providers, arguing that the incident shows why coordinated international enforcement is needed.

How the dispute reached this point
The conflict stems from a $456 million shortfall uncovered in TUSD’s reserves at the start of the year. Techteryx, the company behind TUSD, accused its custodians of funneling funds through channels that violated the trust agreement. Their actions ultimately put the funds under the control of Aria Commodities, a firm tied to financier Matthew William Brittain.

These positions could not be easily unwound when market stress increased, posing an immediate risk to the stablecoin’s peg. While Techteryx pursued legal action in Hong Kong and Dubai to regain control of the missing assets, Sun intervened with an emergency capital infusion to ease the situation.

By mid-October, Dubai’s financial court determined there was credible concern that the funds could be moved or concealed, prompting an indefinite global freeze that was later reaffirmed.

TUSD’s peg remains stable since the bailout, but the regulatory pressures in Hong Kong and Dubai continue to build as the courts move toward determining where the diverted reserves legally belong.

Bitcoin maintained a foothold above the $88,500 support region this week, staging a recovery move after forming a near-term base. The cryptocurrency climbed above $91,000, reaching a weekly peak of $91,878 before pausing and drifting lower.

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Balancer has started off plans to return the funds to the victims of its $128 million exploit which occurred earlier in the month. The team has shared a detailed reimbursement plan after recovering some of the lost tokens.

Balancer Prepares to Refund LPs After Major Recovery of Funds
In a new proposal, the team announced it would return about $8 million in rescued assets to users who were impacted by the v2 pool exploit. The plan explains how funds secured by whitehat responders and the protocol’s internal rescue teams will be distributed across affected networks.

Also, $19.7 million in osETH and osGNO positions is handled separately by StakeWise. They are running their own recovery process for the impacted users.

Several whitehat actors drained the vulnerable pools ahead of the attacker during the hours of the exploit. They actually raced the exploiter to secure funds that would later be returned.

These contributors will now get bounties of 10% of the assets that they assisted in saving. Payment would be made in the same tokens they recovered.

Because payouts are part of Balancer’s Safe Harbor Agreement, participants must undergo verification of their identity as whitehat. The platform’s Foundation has already approved these individuals for compliance.

This comes after the attacker started moving the stolen funds. Recently, the exploiter transferred 6,999 ETH to a new wallet. This simply means that the entity was ready to cash out through laundering routes.

How the Claims Process Will Work
A claim interface is planned to be launched by the team that would work similarly to a withdrawal portal. The affected users would connect the wallet that held BPT at the snapshot block and verify their token balance. They would then sign a short legal waiver acknowledging the settlement terms and releasing Balancer from further liability.

Users would receive their tokens instantly once approved. The estimated time for the claim window is 90 to 180 days. While unclaimed funds would be redirected based on a future governance vote.

Community discussion of the proposal is already ongoing. If it gets the go-ahead, the claim portal can go live as early as December or early January. The recovery specific to StakeWise will have a timeline of its own.

In light of this recovery, the price of BAL has risen by 2% over the last 24 hours.

Source: TradingView; BAL Price Daily Chart
On November 13, this hacker tampered with internal token balances in specific Balancer v2 pools. The attacker took advantage of small rounding errors in the protocol’s calculations. They tricked the pools into thinking they were very unbalanced which led to millions of funds drained.

Pi Network has returned to making headlines again. The token is trading around $0.26, up roughly 67% from its October low but still far below its $2.98 peak from February. With frustration rising among Pioneers over the lack of a concrete roadmap, many are revisiting what Pi was originally meant to become.

Three years ago, during an in-depth discussion, co-founders Dr. Chengdiao Fan and Dr. Nicolas Kokkalis laid out a vision that now feels like a forgotten blueprint. Their comments offer rare clarity into what Pi was supposed to be long before price debates took over.

Pi Was Never Designed for InvestorsDr. Chengdiao Fan made one idea unmistakably clear. Pi was not built for crypto traders chasing returns. It was created for everyday people.

She explained that the project’s mission was to make cryptocurrency accessible by lowering financial and technical barriers. In her words, Bitcoin had become “too expensive” and too complicated for ordinary users.

Pi’s answer to this problem was simple: mining through a mobile phone. No rigs. No electricity bills. No specialized knowledge.

The Vision of a Real Utility EcosystemAt the core of Pi’s long-term plan was an ecosystem where goods and services could be exchanged using PI. The founders imagined a marketplace similar to traditional Web2 products but powered by blockchain.

Pi was supposed to be used for practical value, not trading speculation. Users would spend it on real-world needs, hire freelancers, pay for services or buy goods inside a growing ecosystem. According to Fan, the token’s purpose was “practical benefits,” not price-driven returns.

No ICO, No Token Sales and No Cashing OutBoth founders repeatedly stressed that Pi avoided the typical early crypto mistakes. Pi never held an ICO, never sold its tokens and never used PI to raise funds.

Instead, the team operated like a traditional Silicon Valley startup, raising equity funding rather than selling coins. They believed early token sales created artificial hype and unhealthy expectations—problems that plagued many crypto projects.

The Mobile-First Future of Crypto MiningDr. Kokkalis argued that mobile mining was not just a convenience but the future of blockchain participation. The world had evolved since Bitcoin’s creation in 2009. Billions of people now rely solely on mobile devices, meaning any crypto ecosystem ignoring mobile users was inherently excluding most of the planet.

Pi’s design aimed to welcome those who had no computers, no banking access and no way to acquire Bitcoin. It was a direct response to the real world, where accessibility often decides adoption.

The Founders’ Long-Term DreamIn the long run, Pi aimed to unlock the possibilities of smart money, micropayments, micro-escrows and digital interactions that traditional finance could never support.

The founders envisioned Pi as a bridge between advanced blockchain innovation and ordinary people. They wanted a network where a student in one country could pay a freelancer in another directly with PI, instantly and without banking limitations.

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FAQsWhat is Pi Network and what is its purpose?

Pi Network is a mobile-first cryptocurrency project designed for everyday use, not speculation. Its goal is to make digital money accessible by allowing people to mine coins on their phones.

How do you mine Pi cryptocurrency?

You mine Pi by simply pressing a button every 24 hours in the mobile app. It requires no special hardware, uses minimal battery, and does not drain your data plan.

Did Pi Network have an ICO or token sale?

No, Pi Network never held an ICO or sold its tokens to the public. The project was funded like a traditional startup to avoid hype and focus on long-term ecosystem growth.

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Journalist

Posted: November 28, 2025

Avalanche [AVAX] announced that its blockchain will power the Securitize bid to launch a pan-European Trading and Settlement System. The announcement came on 27 November.

Securitize, a leading platform for tokenizing real-world assets (RWAs), had secured full regulatory authorization from Spain’s CNMV to operate the European Union’s first blockchain-based trading and settlement system.

Avalanche’s near-instant settlement time and architecture configurable for institutional use has convinced Securitize to choose the network. This has buoyed both short-term and long-term belief in Avalanche and AVAX.

Assessing the metrics and their impact on the sentiment
Token Terminal revealed that Avalanche averaged 23 transactions per second and has had roughly 30k daily active addresses over the past ten days. This tps figure was par with Ethereum [ETH], but Avalanche has a vastly higher capacity of 4,500 tps with a finality of 2 seconds, according to Nansen.

Securitize’s choice highlights a network operating well below its maximum throughput, which is a choice of adoption and not technological limitations.

The impact of this recent development on the AVAX token was notable. It rallied by 7.4% in the 8 hours following the news release, but it has been quiet since – Trading at the $14.9-$15 mark.

The quick rally originated at $13.9, and left behind high-leverage long liquidation levels around $13.65. The liquidation map also revealed that long liquidations around the price outweighed the short liquidations.

Therefore, a move south to hunt these liquidations is a threat to be aware of over the weekend.

Source: AVAX/USDT on TradingView

The 4-hour price action showed that the downtrend earlier in the month was being slowly undone. Former resistance levels were being converted to supports, with $14.84 being the latest.

The rally over the past couple of days has left a sizeable imbalance (white) around the $14-mark. Moreover, as the liquidation map showed, long liquidations around $13.65 were a short-term target.

Therefore, a revisit to $13.5-$13.7 would present a buying opportunity. On the other hand, an H4 trading session close below $13.91 would be a structure break. It would be a warning sign that bulls might be losing strength.

Final Thoughts

The Securitize news boosted demand and bullish momentum in the short-term for AVAX and Avalanche
Cluster of long liquidations right under the $14-level could play a role in dictating AVAX’s next price move

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

The launch of two new XRP ETFs has brought back the debate about whether the XRP Price could reach $100. While that price has often seemed unrealistic, these ETFs give institutions easier access, making the discussion more about numbers and possibilities than just speculation. 

The real question now is not if XRP will hit $100, but what it would take for that to happen.

Crypto analyst, Cheeky Crypto, started digging into the numbers. And for the first time, the math gave a clear picture of what would need to happen for XRP to ever reach $100.

What Bitcoin’s ETF Era Tells Us About Big Price MovesWhen the first Bitcoin spot ETFs launched in January 2024, no one expected them to reshape the market. But within two years, those ETFs pulled in around $62 billion. At the same time, about $24 billion in Bitcoin was taken off exchanges, moved to cold storage, or held long-term.

That means roughly $38 billion of real new demand entered Bitcoin. The result was explosive.

Bitcoin broke past all previous highs, crossed $100,000, and hit $126,000 by October 2025. Its market cap jumped from $750 billion to $2.5 trillion, a $1.76 trillion increase created by just $38 billion in net demand.

That’s a multiplier of about 46×. In other words, every $1 of new buying power pushed the market cap up by about $46.

Strong inflows didn’t just support Bitcoin; they overpowered the sellers and lifted the entire market up.

What If XRP ETFs Bring Similar Demand?Now that XRP ETFs have launched, the big question is whether XRP could go through the same kind of move. XRP’s market cap is much smaller than Bitcoin’s, around $120 billion at a $2 price. Even modest buying can lift XRP’s price quickly.

Institutions are already talking about possible inflows. JP Morgan mentioned $4–$8 billion as a starting estimate. The CEO of Canary Capital said $5–$10 billion in the first month isn’t impossible.

Analyst cheeky reveals possible events that can drive XRP Price to $100

$5 billion in new ETF demandWith a multiplier between 50× and 100×, something XRP has touched during high-volatility moments, XRP could climb into the $6–$10 range.

$30 billion in net inflowsWith a stronger 200× multiplier, which XRP has reached in past cycles, XRP could move toward $100.

$50 billion in inflowsIf buying pressure dominates the market, the model points to $150+ per XRP.

Is $100 XRP Realistic?Yes, according to Cheeky Crypto, it’s possible but not guaranteed. For XRP to reach $100, it needs sustained institutional inflows, supportive market sentiment, and a broader crypto uptrend.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQsHow do XRP ETFs affect XRP’s price?

XRP ETFs boost demand by making investing easier for institutions, which can increase buying pressure and potentially drive long-term price growth.

Why do ETF inflows matter for crypto prices?

ETF inflows add steady, long-term demand, helping prices rise by reducing available supply and increasing confidence among larger investors.

What could trigger major XRP inflows?

Clear regulations, strong ETF adoption, and renewed market optimism could attract large institutional buyers and increase XRP’s long-term demand.

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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Bitcoin is consolidating just above an important weekly demand zone, with price hovering near $91,358 in early trade. Volatility has tightened, liquidity pockets have shifted, and traders are now watching whether the BTC price can form a clean higher-time-frame higher low—the kind that typically precedes a renewed push toward all-time highs. But if demand fails, this could become the first structural breakdown that may extend the pullback below $85,000. 

A Crucial Retest of Weekly Demand Bitcoin price has pulled back to retest the $89,500–$92,000 weekly demand zone, a region that previously served as the launchpad for its breakout above $95,000 earlier this year. With the price now trading near $91,358, BTC is sitting right at the midpoint of this demand pocket, where buyers historically stepped in with strong spot-driven momentum.

This area is critical because it represents the last defended higher low on the weekly chart. As long as BTC holds above $89,500, the higher-time-frame bullish structure remains intact. A clean rebound from this range could propel the price back toward $93,800, followed by a retest of $95,200, the level where sellers capped the previous rally.

However, a breakdown below $89,500 on high volume would flip this zone into supply and open a corrective move toward $86,700, the next major weekly support. 

Technical Structure: Bulls Need Momentum SoonMomentum indicators across higher time frames show cooling demand, but structure remains bullish as long as BTC prints a higher low above $89.5K. Spot flows have slowed, but derivative positioning remains neutral, setting the stage for an impulsive move once liquidity gets cleared on either side.

The BTC price broke the ascending trend line, which has been acting as a strong support since July 2024. Although the bulls have initiated a rebound, it is not strong enough to push the price beyond the range. Interestingly, the weekly RSI reached close to the lower threshold for the first time since December 2022, hinting towards over exhaustion of the rally. And hence, a decent rebound with a continued upswing seems to be inevitable. However, to attract the bulls, the Bitcoin price is required to clear the resistance zone between $93,000 and $97,000. 

Key technical levels to watch:Immediate Support: $90,200Weekly Demand Floor: $89,500Bounce Targets: $93,800 → $95,200Bull Trigger: H4 reclaim of $93K with rising spot volumeBear Trigger: Weekly close below $89,500What Traders Are Watching NextMarket participants are tracking:

Spot CEX inflows/outflows → To confirm whether real buy pressure returns.Liquidity clusters around $90,000 and $93,000 → Areas likely to get swept before direction.Low-volume pocket above $94,000 → Could enable a quick expansion if bulls regain strength.Macro calendar: With a light data week, technicals and liquidity behavior will dominate near-term movement.Many traders are also anticipating that BTC may need one more liquidity sweep below $90K before establishing the weekly higher low.

ConclusionBitcoin is approaching a decision point. Holding the $89,500–$92,000 demand zone would solidify a higher-time-frame higher low and reopen the path toward $95K and beyond. But losing this zone risks a deeper retest of $86,700, which would challenge the strength of the broader bullish market structure.

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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Dogecoin started a steady increase above $0.1550 against the US Dollar. DOGE is now consolidating and might decline sharply if it trades below $0.1490.

DOGE price started a fresh increase above $0.1480 and $0.150.
The price is trading below the $0.1520 level and the 100-hourly simple moving average.
There is a bullish trend line forming with support at $0.1495 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could aim for a fresh increase if it remains stable above $0.1490.

Dogecoin Price Consolidates Gains
Dogecoin price started a fresh increase after it settled above $0.1450, like Bitcoin and Ethereum. DOGE climbed above the $0.150 resistance to enter a positive zone.

The bulls were able to push the price above $0.1525. A high was formed at $0.1565 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.1330 swing low to the $0.1565 high.

Dogecoin price is now trading below the $0.1520 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.1495 on the hourly chart of the DOGE/USD pair.

Source: DOGEUSD on TradingView.com
If there is another increase, immediate resistance on the upside is near the $0.1550 level and a connecting bearish trend line on the same chart. The first major resistance for the bulls could be near the $0.1565 level. The next major resistance is near the $0.160 level. A close above the $0.160 resistance might send the price toward $0.1680. Any more gains might send the price toward $0.1720. The next major stop for the bulls might be $0.1780.

Downside Break In DOGE?
If DOGE’s price fails to climb above the $0.1550 level, it could start a downside correction. Initial support on the downside is near the $0.1490 level and the trend line. The next major support is near the $0.1450 level and the 50% Fib retracement level of the upward move from the $0.1330 swing low to the $0.1565 high.

The main support sits at $0.1420. If there is a downside break below the $0.1420 support, the price could decline further. In the stated case, the price might slide toward the $0.1330 level or even $0.130 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

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

Major Support Levels – $0.1490 and $0.1420.

Major Resistance Levels – $0.1550 and $0.1565.

JPMorgan’s new Bitcoin-backed structured note triggered intense backlash from the Bitcoin community, who view the product as a direct attempt to undermine companies that hold BTC on their balance sheets.

Danielle du Toit2 min read

28 November 2025, 05:30 AM

Critics argue that the bank is copying Bitcoin treasury strategies while also working to weaken them, and pointed to JPMorgan’s promotion of an MSCI proposal that would exclude crypto-heavy firms from major stock indexes. Supporters say the move could drain passive capital, force treasury firms to sell BTC, and depress prices. The controversy led some Bitcoiners to call for a boycott of JPMorgan.

JPMorgan Faces More BacklashJPMorgan’s plan to launch a new Bitcoin-backed structured note ignited a fierce backlash among Bitcoin supporters and fans of Strategy, the largest corporate holder of BTC. The notes are set for a December 2025 release according to an SEC filing,and  offer 1.5x leveraged exposure to Bitcoin’s price performance through December 2028 — magnifying both gains and losses for investors. 

While it is framed as another way for traditional finance to engage with digital assets, many in the Bitcoin community see the product as a strategic threat specifically aimed at undercutting firms that hold BTC directly on their balance sheets.

Critics argue that JPMorgan effectively positioned itself as a competitor to Bitcoin treasury companies, giving the bank an incentive to diminish the reputation and liquidity of firms like Strategy. People on X said that Michael Saylor’s high-profile adoption of Bitcoin as a corporate treasury asset opened the door for Wall Street to enter the market, and they accuse JPMorgan of copying the playbook while also benefiting from the narrative pressure placed on BTC-heavy companies.

Bitcoin advocate Simon Dixon suggested that the product is designed in a way that could intensify forced selling during market downturns, triggering margin calls on Bitcoin-backed loans and increasing sell-side pressure at moments of vulnerability.

The situation escalated even more after MSCI unveiled a proposed rule change that would exclude companies holding 50% or more of their assets in crypto from its major stock indexes starting in January. JPMorgan circulated the proposal in a November research note, which led to claims that the bank was amplifying a policy shift that could directly harm firms like Strategy. 

The exclusion will block these companies from receiving passive capital flows tied to index-tracking funds and pensions, which could potentially push them to sell large amounts of their Bitcoin reserves to regain eligibility. Bitcoin supporters argue that this could depress crypto asset prices while rewarding traditional financial intermediaries offering synthetic or derivative exposure instead.

In response, a growing segment of the Bitcoin community is urging a boycott of JPMorgan, and is encouraging users to close accounts and divest from the bank’s stock. Strategy supporters and other advocates say the timing of JPMorgan’s new product, coupled with the MSCI policy proposal, is part of a coordinated financial pressure campaign against crypto-native treasury strategies.

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Danielle du Toit

Danielle du Toit, a criminology honors graduate, has channeled her curiosity and analytical mindset into exploring the fascinating and ever-evolving world of cryptocurrency. Drawn to the dynamic nature of blockchain technology and its impact on global markets, Danielle thrives on uncovering insights in this complex industry.
As a crypto journalist, Danielle is passionate about learning and sharing her knowledge with fellow enthusiasts. Her work combines a keen investigative eye with a love for storytelling, making even the most intricate aspects of crypto accessible and engaging. Through her writing, Danielle aims to inspire readers to delve deeper into the weird and wonderful realm of digital finance.

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BitMine Chair Tom Lee said Ethereum could possibly trade between $7,000 and $9,000 by the end of January 2026.

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of RWTO either through stock ownership, options, or other derivatives. 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.

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SummaryNuclear energy's resurgence supports a bullish outlook for Global X Uranium ETF and VanEck Uranium & Nuclear ETF.Both URA and NLR receive buy ratings, with URA offering greater diversification and NLR providing lower expenses and tracking error.Political shifts and AI-driven energy demand are driving renewed interest in nuclear power, making uranium ETFs attractive despite inherent risks.I slightly prefer URA for its diversity, but NLR's lower costs are compelling; both are investable as nuclear power gains relevance. Jeremy Poland/iStock via Getty Images

Nuclear energy spent many decades in the doghouse, especially in the US, with the fear of meltdowns, natural disasters, and the threats posed by nuclear waste scaring away investments and souring government support. Yet nuclear energy is enjoying a

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

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

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Published: Nov 28, 2025, 03:51 GMT+00:00

Gold and silver gain momentum as weak retail sales, soft consumer sentiment, dovish Fed signals, and bullish technical patterns support further upside.

Gold (XAU) and silver (XAG) prices are gaining strength as weak retail sales data confirm stagnant consumer demand. The real retail sales have barely moved since 2021, pointing to limited economic momentum. With no sign of recovery in household consumption, investors see rising recession risks and rotate toward gold as a safe-haven asset.

Moreover, the consumer expectations have collapsed. The Conference Board expectations index dropped to 63.2, a level that has historically preceded recessions.

This persistent weakness in consumer sentiment reflects deep pessimism. Meanwhile, the confidence index has fallen to levels last seen during the 2020 pandemic. These signals support a flight to safety, which continues to benefit gold.

Markets now expect a rate cut in December with an 84.7% probability. Dovish comments from Fed officials, including John Williams, have increased bets that interest rates will fall soon. As a result, the U.S. dollar weakened and stocks rallied. Central banks remain the real buyers behind gold’s strength, particularly China’s quiet accumulation. On the other hand, Tether’s push into digital gold is also attracting additional inflows.

Gold Technical Analysis
XAUUSD Daily Chart – Ascending Broadening Wedge
The daily chart for spot gold shows that the price has broken the symmetrical triangle pattern and is now approaching the $4,200 region. A break above $4,200 will initially signal a move toward the record level of $4,380. However, a breakout above $4,380 would likely trigger a strong surge toward the $5,000 region. Overall, the price structure remains strongly bullish and is preparing for the next move higher in the gold market.

XAUUSD 4-Hour Chart – Symmetrical Triangle
The 4-hour chart for spot gold shows that the price has broken out of the symmetrical triangle pattern and is preparing to move higher after some seasonal consolidation. The overall price structure remains bullish, and a break above $4,380 will signal further upside.

Silver Technical Analysis
XAGUSD Daily Chart – Cup and Handle
The daily chart for spot silver shows that the price is again approaching the record level of $54.50 and is preparing for the next breakout. The reversal from the $45 region at the 50-day SMA was a bullish formation. The price has now developed a cup-and-handle pattern above the 50-day SMA. This bullish price action indicates that a break above $55 will likely trigger a strong surge in the silver market.

XAGUSD 4-Hour Chart – Bullish Price Action
The 4-hour chart for spot silver also supports strong bullish price action, as the price failed to break below $49.30 and is now approaching the $54.40 level. A break above $55 will be a strong bullish signal for the silver market, with potential to move toward the $60 area.

US Dollar Index Technical Analysis
DXY Daily Chart – Consolidation
The daily chart for the U.S. Dollar Index shows that the index failed to break above 100.50 and is now consolidating around the 200 SMA. A break below the 99 level will likely trigger a strong drop toward 96.50. Furthermore, a break below 96.50 would signal a continuation of the downtrend toward the 90 level. This prolonged consolidation below 100.50 increases uncertainty in the U.S. dollar outlook.

DXY 4-Hour Chart – Consolidation
The 4-hour chart for the U.S. Dollar Index shows the formation of a double-top pattern at 100.50 in the short term. However, if the index fails to break below the 99 level and instead breaks above 100.50, it will signal further upside toward the 102 area. Overall, the index is consolidating sideways and waiting for its next direction.

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Muhammad Umair is a finance MBA and engineering PhD. As a seasoned financial analyst specializing in currencies and precious metals, he combines his multidisciplinary academic background to deliver a data-driven, contrarian perspective. As founder of Gold Predictors, he leads a team providing advanced market analytics, quantitative research, and refined precious metals trading strategies.

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November 27, 2025 11:00 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 27, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Skye Bioscience, Inc. (NASDAQ: SKYE) between November 4, 2024 and October 3, 2025, both dates inclusive (the "Class Period"), of the important January 16, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Skye securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Skye Bioscience, Inc. class action, go to https://rosenlegal.com/submit-form/?case_id=48064 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 16, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements regarding Skye's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) nimacimab was less effective than defendants had led investors to believe; (2) accordingly, nimacimab's clinical, regulatory, and commercial prospects were overstated; and (3) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Skye Bioscience class action, go to https://rosenlegal.com/submit-form/?case_id=48064 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276160

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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.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of BLK either through stock ownership, options, or other derivatives. 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.

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.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of GPIQ either through stock ownership, options, or other derivatives. 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.

Journalist

Posted: November 28, 2025

Key Takeaways
Why has Stronghold SHX rallied?
The rally was most likely caused by the listing on Uphold, which sparked high demand in recent hours.

Has the downtrend been breached?
In the short term, yes, an uptrend was on the way to being established. The $0.0139 resistance, which is yet to be breached, was one of the last significant hurdles to clear.

Stronghold [SHX] rallied by 44.1% in the past 24 hours, with a nearly fivefold daily trading volume expansion, according to CoinMarketCap. This came after its listing on the digital trading platform Uphold, announced on the 26th of November.

Despite the positive news, Weighted Sentiment was slightly negative, and Social Volume was low as well, according to Santiment data.

This suggested a lack of hype around SHX, a token with a mere $5.56 million market cap at the time of writing.

Bullish move sends SHX into overbought territory

Source: SHX/USD on TradingView

The 4-hour chart showed a clear bullish structure as buyers flipped the $0.011 region from supply to demand.

SHX bulls also drove prices past the $0.0125 resistance, a Fibonacci retracement level drawn from the previous downward impulse.

On top of that, the listing news pushed buyers to drive a short-term recovery and reclaim much of November’s losses. At press time, the price still traded below the $0.0139 resistance on the H4 timeframe.

The OBV has climbed higher, past recent weeks’ highs, showing heavy demand. The RSI on the H4 chart was at 81, in overbought territory, but that alone was not a reason to expect a pullback.

Shallow retracement remains possible

Source: SHX/USD on TradingView

Lower-timeframe price action showed that $0.0115 acted as a support level that could be revisited. That area sat inside the former November supply zone, which now aligned with the H4 demand region.

The RSI has reset to neutral 50 and the OBV, though it dipped slightly, retained its uptrend.

Hence, it is likely that a shallow SHX retracement would be followed by another rally, provided demand remains strong.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion