Market Signal Briefing

, /PRNewswire/ - DeFi Technologies Inc. (the "Company" or "DeFi Technologies") (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B), a financial technology company bridging the gap between traditional capital markets and decentralized finance ("DeFi"), today announced it will host a webinar, DEFT Valour Investment Opportunity Index, on Tuesday, February 24, 2026 at 10:00 a.m. ET, focused on the launch of the DEFT Valour Investment Opportunity (DVIO) Index, an institutional-grade benchmark designed to show how regulated capital is allocated across the digital asset market.

During the webinar, Andrew Forson, President of DeFi and Chief Growth Officer at Valour, will share updates on the DVIO Index launch and discuss the index's insights, implications for regulated investor flows, and how it informs future products and market analytics.

To register for the webinar, visit here.

About DeFi Technologies
DeFi Technologies Inc. (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B) is a financial technology company bridging the gap between traditional capital markets and decentralized finance ("DeFi"). As the first Nasdaq-listed digital asset manager of its kind, DeFi Technologies offers equity investors diversified exposure to the broader decentralized economy through its integrated and scalable business model. This includes Valour, which offers access to over one hundred of the world's most innovative digital assets via regulated ETPs; Stillman Digital, a digital asset prime brokerage focused on institutional-grade execution and custody; Reflexivity Research, which provides leading research into the digital asset space; Neuronomics, which develops quantitative trading strategies and infrastructure; and DeFi Alpha, the company's internal arbitrage and trading business line. With deep expertise across capital markets and emerging technologies, DeFi Technologies is building the institutional gateway to the future of finance. Follow DeFi Technologies on LinkedIn and X/Twitter, and for more details, visit https://defi.tech/ 

DeFi Technologies Subsidiaries

About Valour
Valour Inc. and Valour Digital Securities Limited (together, "Valour") issues exchange traded products ("ETPs") that enable retail and institutional investors to access digital assets in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies. For more information about Valour, to subscribe, or to receive updates, visit valour.com.

About Reflexivity Research
Reflexivity Research LLC is a leading research firm specializing in the creation of high-quality, in-depth research reports for the bitcoin and digital asset industry, empowering investors with valuable insights. For more information please visit https://www.reflexivityresearch.com/

About Stillman Digital
Stillman Digital is a leading digital asset liquidity provider that offers limitless liquidity solutions for businesses, focusing on industry-leading trade execution, settlement, and technology. For more information, please visit https://www.stillmandigital.com

Cautionary note regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to DEFT Valour Investment Opportunity (DVIO) Index; investor confidence in Valour's ETPs; investor interest and confidence in digital assets; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by the Company and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour ETPs by exchanges; growth and development of decentralised finance and cryptocurrency sector; rules and regulations with respect to decentralised finance and cryptocurrency; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE CBOE CANADA EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE DeFi Technologies Inc.

The expanded program is seven times larger than initial survey and aims to define the full extent of a 900-metre-deep system that widened at depth and remained open beyond previous survey limits

VANCOUVER, BC / ACCESS Newswire / February 20, 2026 / ESGold Corp. (CSE:ESAU)(OTCQB:ESAUF)(FSE:Z7D) ("ESGold" or the "Company") is pleased to announce the commencement of a second-phase Ambient Noise Tomography ("ANT") survey covering approximately 70 square kilometres (the "Program") at its Montauban Gold-Silver Project in Québec. The expanded ANT survey commenced on February 17, 2026, and the Program represents the most extensive geological investigation conducted across the Montauban property in its 110-year history.

This Program represents a seven-fold expansion of the Company's initial 10 km² ANT survey completed in 2025, which formed the basis of ESGold's integrated 3D geological model. That model imaged mineralized architecture extending to approximately 900 metres in depth and outlined at least two (2) kilometres of strike length indicated, with the corridor widening at depth and remaining open at the limits of the original survey coverage.

The expanded survey Program is designed to confirm whether this interpreted structural corridor continues along strike and to assess the potential for additional mineralized lenses within the broader framework. Results will be incorporated into the Company's geological model to refine high-priority step-out drill targets and guide a focused drill program planned for spring 2026, with the objective to systematically evaluate the broader district-scale volcanogenic massive sulphide (VMS) potential at Montauban.

CEO Commentary

"This next phase marks an important step in defining the full scale of Montauban," said Gordon Robb, Chief Executive Officer of ESGold. "Our initial ANT survey and integrated 3D model revealed a deep and expanding mineralized corridor extending to approximately 900 metres and over at least two kilometres of strike. Critically, the system widened at depth and remained open where the survey ended. The expanded 70 square kilometre program is seven times larger than our initial survey and represents the most comprehensive geophysical assessment ever conducted across the Montauban district. For the first time in the project's history, this land package has been consolidated under one operator and is being evaluated using modern, deep-penetrating geophysical tools. We believe we are at a pivotal stage in understanding the broader geological framework of Montauban."

Key Highlights of Survey and Program

Initial ANT survey identified mineralized architecture extending to approximately 900 metres in depth - significantly deeper than historical drilling, which was largely confined to shallow levels.

At least 2 kilometres of strike length defined within the initial 10 km² survey area.

Mineralized corridor widened at depth and remains open where truncated by survey boundaries.

New 70 km² ANT program expands coverage approximately seven times beyond the original survey footprint.

Largest district-wide geophysical survey ever conducted at Montauban.

First time in Montauban's history that a consolidated land package of this scale has been systematically evaluated under a single operator.

Survey results will guide targeted step-out drilling planned for 2026.

3D Geological Model

A video presentation of the integrated 3D geological model referenced in this press release can be viewed at the link below.
View Here: Video of 3D Model

Defining the True Extent of the System

The Company's initial ANT survey and integrated 3D model has most likely materially changed the geological understanding of Montauban. While historical mining operations extracted gold, silver, zinc, and lead from multiple shallow zones, drilling was largely confined to depths of approximately 50 metres, with the deepest historical holes reaching approximately 250 metres.

The 3D model, constructed through integration of ANT seismic velocity data, historical drilling, geological mapping, structural interpretation, and geochemistry, identified a coherent mineralized corridor extending to approximately 900 metres in depth. Within the 10 km² survey footprint, the system demonstrated at least two (2) kilometres of strike length and showed indications of thickening or widening at depth.

Because the initial survey area was limited in its extent, the modeled mineralized architecture was truncated at the survey boundaries. The new 70 km² Program is designed to determine whether the interpreted corridor continues along strike and to evaluate its broader district-scale potential.

The expanded ANT survey will deliver high-resolution, three-dimensional subsurface imaging across a significant portion of ESGold's newly consolidated Montauban land package. The initial survey covered only a small fraction of the broader property, meaning the majority of the district has never been systematically evaluated using modern deep-imaging technology.

Survey Program details are set out below:

Survey Area: Covering 70 km² of Montauban's most prospective zones.

Strike Length: Mapping multiple kilometers along strike to identify mineralization extensions.

Depth Penetration: Scanning from 50 metres ("m") to 900 m deep, with potential for further extension.

Advanced Technology: Utilizing Caur Technologies' ultra-sensitive Geodes, which are 10x more effective than traditional geophones, combined with AI-driven modeling that integrates historical drill data and satellite-assisted geophysics.

Expected Impact of New Survey Program:

Expand the known deposit and enhance the potential for new discoveries.

Define high-priority drill targets for future exploration.

Assess the size, shape, and continuity of mineralized anomalies.

Integrate survey data into a state-of-the-art Predictability Model, leveraging all past regional and local exploration results.

Map of ESGold's Ambient Noise Tomography (ANT) Survey at Montauban

Figure 1: Map of ESGold's Ambient Noise Tomography (ANT) Survey points at MontaubanAdvancing Exploration in Parallel with Production

The expanded ANT program is being conducted as ESGold continues to advance the Montauban Project toward near-term production in 2026. The Company's processing facility is fully permitted and construction-ready, with procurement of processing components underway.

Data from the expanded ANT survey will be integrated into an updated predictive 3D geological model and used to refine high-priority step-out drill targets planned for execution in 2026.

Game-Changing Technology: How ANT Works

Ambient Noise Tomography (ANT) leverages naturally occurring and human-made seismic vibrations. These signals travel through the earth and are recorded using ultra-sensitive Geodes. The data is then rapidly processed and transmitted, generating a high-resolution 3D model of the subsurface, with planned imaging depths of 400 m and beyond based on initial results.

This groundbreaking technology has already proven to be a game-changer in the mining sector, with the potential to redefine Montauban's geological model. By integrating AI-driven analysis with historical drill data, ESGold anticipates actionable insights that could unlock a major discovery.

Transforming ESGold's Exploration Strategy

The launch of this first-ever deep exploration program could be a defining moment for ESGold. By identifying new drill targets, mapping the full extent of mineralization, and uncovering previously hidden ore bodies, this survey Program could dramatically reshape the future of Montauban.

ESGold is taking a calculated approach, combining cutting-edge technology, systematic exploration, and near-term production. This strategy aims to create significant long-term shareholder value, flipping the traditional junior mining model by using cash flow from operations to fund meaningful discoveries while minimizing dilution.

Why This New Survey Program Matters to Investors

The initial 3D model demonstrated that Montauban extends significantly deeper and farther than historical exploration suggested. The identification of a 900-metre-deep system, widening at depth and open along strike, represents a material shift in the geological understanding of the Montauban project.

The new 70 km² ANT Program seeks to determine whether this mineralized corridor continues beyond the limits of the initial survey and whether Montauban represents a larger, structurally controlled district-scale system.

At the same time, ESGold is advancing toward production at a fully permitted facility. This dual-track approach - near-term cash flow alongside systematic district-scale exploration - positions the Company to translate geological progress into long-term value creation while maintaining strategic control over a consolidated land package.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed and approved by André Gauthier, P. Geo., a Director of ESGold Corp. and a Qualified Person within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Gauthier has reviewed the data underlying the ANT survey and the resulting 3D geological model and believes the interpretations presented are reasonable and appropriate for exploration targeting purposes. The interpretations and conclusions are conceptual in nature and are intended to guide further exploration; they do not constitute a mineral resource or reserve and are subject to confirmation through additional geophysical work and drilling.

About ESGold Corp.

ESGold Corp. (CSE:ESAU)(OTCQB:ESAUF)(FSE:Z7D) is a fully permitted, pre-production mining company advancing a scalable clean mining model across North and South America. The Company's flagship Montauban Gold-Silver Project in Quebec is under construction with production anticipated in 2026. With a dual-track strategy of cash flow today and discovery tomorrow, ESGold is building a platform for clean, sustainable growth and long-term shareholder value.

For more information, please contact ESGold Corp. at +1-888-370-1059 or visit esgold.com for additional resources, including a French version of this press release, past news releases, a 3D model of the Montauban processing plant, media interviews, and opinion-editorial pieces.

Stay connected by following us on X (formerly Twitter), LinkedIn, and joining our Telegram channel.

For further information please contact [email protected] or 604-885-1348, or to connect directly, please reach out to Gordon Robb, CEO of ESGold Corp. at [email protected] or 250-217-2321.

On behalf of the Board of Directors
ESGold Corp.
Gordon Robb
Chief Executive Officer & Director
[email protected]
+1-888-370-1059

Forward Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, including statements regarding the new survey Program, interpretation's of the existing program information, metallurgical recoveries, project economics, construction timelines, and exploration potential. Forward-looking information is based on reasonable assumptions believed to be current but involves known and unknown risks and uncertainties that may cause actual results to differ materially. Historical data referenced herein is not current, has not been independently verified by ESGold, and should not be relied upon for investment decisions. ESGold disclaims any obligation to update or revise forward-looking information except as required by law.

These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: the ANT-based 3D geological model, its results and interpretation of the same, the newly staked land of the Company and the possibility for mineralization therein, the new proposed survey Program, conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption "Risks Factors" in the Company's continuous disclosure documents filed on SEDAR+ at www.sedarplus.com.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.

SOURCE: ESGold Corp

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The board of directors of Telephone and Data Systems, Inc. (NYSE: TDS) has declared first quarter 2026 dividends on its Common Shares, Series A Common Shares, Series UU Preferred Shares and Series VV Preferred Shares.

TDS is paying a quarterly dividend of $0.04 per Common Share and Series A Common Share payable on March 31, 2026, to holders of record on March 16, 2026. TDS is paying a quarterly dividend of $414.0625 per share on the company's 6.625% Series UU Preferred shares; holders of depositary shares will receive $0.4140625 per depositary share payable on March 31, 2026, to holders of record on March 16, 2026. TDS is paying a quarterly dividend of $375.0000 per share on the company's 6.000% Series VV Preferred shares; holders of depositary shares will receive $0.3750000 per depositary share payable on March 31, 2026, to holders of record on March 16, 2026. The tickers for each class are as follows: the TDS Common shares is "TDS", the Series UU depositary shares is "TDSPrU" and the Series VV depositary shares is "TDSPrV".

About TDS
Founded in 1969, Telephone and Data Systems provides broadband services and wireless infrastructure through its businesses, TDS Telecom and Array Digital Infrastructure, Inc.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

For more information about TDS and its subsidiaries, visit:

TDS: www.tdsinc.com
TDS Telecom: www.tdstelecom.com
Array: investors.arrayinc.com

SOURCE Telephone and Data Systems, Inc.

TDS Telecom increases its long-term marketable fiber service goal to 2.1 million addresses

TDS Telecom and Array provide 2026 guidance

, /PRNewswire/ --

As previously announced, TDS will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

Telephone and Data Systems, Inc. (NYSE:TDS) reported results for the fourth quarter and full year 2025.

"2025 was a year of significant transformation for TDS," said Walter Carlson, President and CEO. "We completed the largest transaction in our history with the sale of our wireless business, launched a new tower company now operating as Array, and ended the year with 1.06 million marketable fiber service addresses at TDS Telecom. These actions strengthened our balance sheet and positioned the company for sustainable growth."

Highlights

TDS

Repurchased 1,765,863 Common Shares for $67.4 million in the fourth quarter of 2025 Repaid $150 million of Export Development Canada debt in January 2026 TDS Telecom

Executed on fiber broadband strategy Grew fiber net additions 44,900 in 2025 Deployed 140,000 new marketable fiber service addresses in 2025 Increased long-term marketable fiber service address goal to 2.1 million, an increase of 300,000 addresses Array

Grew site rental revenues 51% year over year Closed on the sale of wireless spectrum with AT&T on January 13, 2026, for $1.018 billion Paid a $10.25 per share special dividend on February 2, 2026 TDS reported total operating revenues from continuing operations of $330.7 million for the fourth quarter of 2025, versus $295.3 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share from continuing operations were $37.2 million and $0.32, respectively, for the fourth quarter of 2025 compared to $1.0 million and $0.01, respectively, in the same period one year ago.

TDS reported total operating revenues from continuing operations of $1,228.2 million and $1,297.0 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share from continuing operations were $48.2 million and $0.39, respectively, for the year ended 2025 compared to $(141.4) million and $(1.24), respectively, for the year ended 2024.

"In 2026, we intend to continue to advance our strategic priorities by investing in the expansion of TDS Telecom's fiber business and supporting co‑location and profitability initiatives at Array. We also expect to close our pending spectrum transactions and pursue opportunities to further monetize our remaining spectrum," Carlson added.

2026 Estimated Results

TDS' current estimates of full-year 2026 results for TDS Telecom and Array are shown below. Such estimates represent management's view as of February 20, 2026 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

TDS Telecom

2026 Estimated
Results

Actual Results for
the Year Ended
December 31, 2025*

(Dollars in millions)

Total operating revenues

$1,015-$1,055

$1,038

Adjusted OIBDA1 (Non-GAAP)

$300-$340

$319

Adjusted EBITDA1 (Non-GAAP)

$310-$350

$330

Capital expenditures

$550-$600

$406

* The 2025 divestitures at TDS Telecom impact year-over-year comparisons. The divested markets contributed $19M in annual revenues in 2025.

Array

2026 Estimated
Results

Actual Results for
the Year Ended
December 31, 2025

(Dollars in millions)

Total operating revenues

 $200-$215

$163

Adjusted OIBDA1 (Non-GAAP)

 $50-$65

$1

Adjusted EBITDA1 (Non-GAAP)

 $200-$215

$194

Capital expenditures

 $25-$35

$30

The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2026 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.

TDS Telecom

Array

2026 Estimated

Results

Actual Results for

the Year Ended

December 31, 2025

2026 Estimated

Results

Actual Results for

the Year Ended

December 31, 2025

(Dollars in millions)

Net income from continuing operations (GAAP)

N/A

$28

N/A

$172

Add back:

Income tax expense (benefit)

N/A

10

N/A

(31)

Income (loss) before income taxes (GAAP)

($15)-$25

$38

 $780-$795

$141

Add back or deduct:

Interest expense

—

(7)

45

28

Depreciation, amortization and accretion

325

300

50

48

EBITDA (Non-GAAP)1

 $310-$350

$331

 $875-$890

$218

Add back or deduct:

Expenses related to strategic alternatives review

—

6

—

2

Loss on impairment of intangible assets

—

1

—

48

(Gain) loss on asset disposals, net

—

15

—

2

(Gain) loss on sale of business and other exit costs, net

—

(23)

—

—

(Gain) loss on license sales and exchanges, net

—

—

(595)

(6)

Short-term imputed spectrum lease income

—

—

(80)

(69)

Adjusted EBITDA (Non-GAAP)1

$310-$350

$330

 $200-$215

$194

Deduct:

Equity in earnings of unconsolidated entities

—

—

140

174

Interest and dividend income

5

6

10

19

Other, net

5

5

—

—

Adjusted OIBDA (Non-GAAP)1

$300-$340

$319

 $50-$65

$1

Numbers may not foot due to rounding.

1         

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes.

Conference Call Information
TDS will hold a conference call on February 20, 2026 at 9:00 a.m. Central Time.

Access the live call on the Events & Presentations page of investors.tdsinc.com or at https://events.q4inc.com/attendee/189864142 Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com.

About TDS
Telephone and Data Systems, Inc. (TDS) provides broadband, video, voice and wireless services through its TDS Telecom business.  Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Founded in 1969, TDS is headquartered in Chicago.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements.  This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile and the previously announced spectrum license sales to Verizon are consummated; whether Array can monetize its remaining spectrum assets; intense competition; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenues; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of scale relative to larger competitors; inability to protect TDS' real estate rights, with respect to land leases; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances or changes in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS' businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and Array indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities Array does not control; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of TDS' Form 10-K.

For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
TDS Telecom: www.tdstelecom.com
Array: investors.arrayinc.com 

Array Digital Infrastructure, Inc.

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

12/31/2025

9/30/2025

Capital expenditures from continuing operations (thousands)

$      12,933

$        7,927

Owned towers

4,450

4,449

Number of colocations1

4,572

4,517

Tower tenancy rate2

1.03

1.02

1         

Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.

2         

Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.

TDS Telecom

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

12/31/2025

9/30/2025

6/30/2025

3/31/2025

12/31/2024

Residential connections

Broadband

Incumbent Fiber

127,300

123,500

121,200

119,700

118,500

Incumbent Copper

91,200

102,000

106,500

112,600

116,900

Expansion Fiber

160,600

150,700

141,800

133,200

126,100

Cable

182,800

186,100

188,200

190,200

191,500

Total Broadband

561,900

562,400

557,700

555,800

553,000

Video

111,500

114,300

116,500

118,700

121,000

Voice

228,900

242,200

248,700

256,900

261,600

Wireless

3,300

2,200

1,600

900

100

Total Residential connections

905,600

921,100

924,500

932,300

935,700

Commercial connections

173,900

180,300

184,300

187,600

190,500

Total connections1

1,079,500

1,101,300

1,108,800

1,119,900

1,126,300

Total residential fiber net adds

15,100

11,200

10,300

8,300

13,600

Total residential broadband net adds

4,500

4,600

3,900

2,800

7,900

Residential fiber churn2

1.2 %

1.5 %

1.1 %

0.9 %

1.0 %

Total residential broadband churn

1.6 %

1.7 %

1.5 %

1.3 %

1.4 %

Residential revenue per connection3

$        65.95

$        65.66

$        65.85

$        65.67

$        64.72

Capital expenditures (thousands)

$    154,904

$    102,429

$      90,187

$      58,870

$      81,743

Numbers may not foot due to rounding.

1   

Divestitures in 2025 resulted in a decrease of 19,400 connections, including 7,700 residential broadband connections.

2   

Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.

3    

Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period. 

Telephone and Data Systems, Inc.

Consolidated Statement of Operations Highlights

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

vs. 2024

2025

2024

2025

vs. 2024

(Dollars and shares in thousands, except per share amounts)

Operating revenues

TDS Telecom

$  260,956

$  264,295

(1) %

$  1,038,358

$  1,060,857

(2) %

Array

60,328

26,089

N/M

162,961

102,933

58 %

All Other1

9,428

4,964

90 %

26,888

133,188

(80) %

330,712

295,348

12 %

1,228,207

1,296,978

(5) %

Operating expenses

TDS Telecom

Expenses excluding depreciation, amortization and accretion

179,941

187,101

(4) %

725,672

720,517

1 %

Depreciation, amortization and accretion

76,720

71,713

7 %

300,196

270,660

11 %

Loss on impairment of intangible assets

900

1,103

(18) %

900

1,103

(18) %

(Gain) loss on asset disposals, net

7,163

4,032

78 %

15,054

12,376

22 %

(Gain) loss on sale of business and other exit costs, net

(17,886)

(49,108)

64 %

(23,121)

(49,108)

53 %

246,838

214,841

15 %

1,018,701

955,548

7 %

Array

Expenses excluding depreciation, amortization and accretion

38,204

43,733

(13) %

163,929

175,553

(7) %

Depreciation, amortization and accretion

12,402

12,156

2 %

48,262

47,212

2 %

Loss on impairment of intangible assets

—

—

N/M

47,679

136,234

(65) %

(Gain) loss on asset disposals, net

1,125

219

N/M

1,746

809

N/M

(Gain) loss on license sales and exchanges, net

—

(900)

—

(6,123)

3,460

N/M

51,731

55,208

(6) %

255,493

363,268

(30) %

All Other1

Expenses excluding depreciation, amortization and accretion

14,610

14,989

(3) %

48,721

180,882

(73) %

Depreciation, amortization and accretion

667

950

(30) %

3,427

7,825

(56) %

(Gain) loss on asset disposals, net

36

(9)

N/M

47

(44)

N/M

(Gain) loss on sale of business and other exit costs, net

—

(7,510)

N/M

(797)

(19,242)

96 %

15,313

8,420

82 %

51,398

169,421

(70) %

Total operating expenses

313,882

278,469

13 %

1,325,592

1,488,237

(11) %

Operating income (loss)

TDS Telecom

14,118

49,454

(71) %

19,657

105,309

(81) %

Array

8,597

(29,119)

N/M

(92,532)

(260,335)

64 %

All Other1

(5,885)

(3,456)

(70) %

(24,510)

(36,233)

(32) %

16,830

16,879

—

(97,385)

(191,259)

49 %

Other income (expense)

Equity in earnings of unconsolidated entities

26,792

38,506

(30) %

176,101

163,623

8 %

Interest and dividend income

12,263

6,933

77 %

40,307

27,201

48 %

Interest expense

(12,316)

(29,657)

58 %

(112,668)

(108,575)

(4) %

Short-term imputed spectrum lease income

38,619

—

N/M

69,033

—

N/M

Other, net

3,112

2,541

22 %

13,574

5,622

N/M

Total other income

68,470

18,323

N/M

186,347

87,871

N/M

Income (loss) before income taxes

85,300

35,202

N/M

88,962

(103,388)

N/M

Income tax expense (benefit)

22,936

14,728

56 %

(62,184)

(22,067)

N/M

Net income (loss) from continuing operations

62,364

20,474

N/M

151,146

(81,321)

N/M

Less: Net income (loss) from continuing operations
attributable to noncontrolling interests, net of tax

7,839

2,163

N/M

33,742

(9,150)

N/M

Net income (loss) from continuing operations attributable
to TDS shareholders

$     54,525

$    18,311

N/M

$   117,404

$    (72,171)

N/M

Net income (loss) from discontinued operations

$       1,246

$   (13,313)

N/M

$  (130,904)

$     54,840

N/M

Less: Net income (loss) from discontinued
operations attributable to noncontrolling interests, net of tax

(701)

(865)

(19) %

(7,264)

10,374

N/M

Net income (loss) from discontinued operations attributable
to TDS shareholders

1,947

(12,448)

N/M

(123,640)

44,466

N/M

Net income (loss)

63,610

7,161

N/M

20,242

(26,481)

N/M

Less: Net income attributable to noncontrolling interests,
net of tax

7,138

1,298

N/M

26,478

1,224

N/M

Net income (loss) attributable to TDS shareholders

56,472

5,863

N/M

(6,236)

(27,705)

77 %

TDS Preferred Share dividends

17,306

17,306

—

69,225

69,225

—

Net income (loss) attributable to TDS common shareholders

$    39,166

$   (11,443)

N/M

$    (75,461)

$    (96,930)

22 %

Basic weighted average shares outstanding

114,767

114,282

–

115,179

113,714

1 %

Basic earnings (loss) per share from continuing
operations attributable to TDS common shareholders

$         0.32

$         0.01

N/M

$         0.42

$        (1.24)

N/M

Basic earnings (loss) per share from discontinued
operations attributable to TDS common shareholders

$         0.02

$        (0.11)

N/M

$        (1.08)

$         0.39

N/M

Basic earnings (loss) per share attributable to TDS
common shareholders

$         0.34

$       (0.10)

N/M

$        (0.66)

$        (0.85)

23 %

Diluted weighted average shares outstanding

117,516

118,273

(1) %

118,563

113,714

4 %

Diluted earnings (loss) per share from continuing
operations attributable to TDS common shareholders

$         0.32

$         0.01

N/M

$         0.39

$        (1.24)

N/M

Diluted earnings (loss) per share from discontinued
operations attributable to TDS common shareholders

$         0.01

$        (0.11)

N/M

$        (1.04)

$         0.39

N/M

Diluted earnings (loss) per share attributable to TDS
common shareholders

$         0.33

$        (0.10)

N/M

$        (0.65)

$        (0.85)

23 %

N/M - Percentage change not meaningful.

1   Consists of TDS corporate, intercompany eliminations and all other business operations not included in the Array and TDS Telecom segments.

Telephone and Data Systems, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

Year Ended December 31,

2025

2024

(Dollars in thousands)

Cash flows from operating activities

Net income (loss)

$         20,242

$        (26,481)

Net income (loss) from discontinued operations

(130,904)

54,840

Net income (loss) from continuing operations

151,146

(81,321)

Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities

Depreciation, amortization and accretion

351,885

325,697

Bad debts expense

8,172

7,424

Stock-based compensation expense

27,174

18,335

Deferred income taxes, net

(66,190)

(20,978)

Equity in earnings of unconsolidated entities

(176,101)

(163,623)

Distributions from unconsolidated entities

215,599

168,701

Loss on impairment of intangible assets

48,579

137,337

(Gain) loss on asset disposals, net

16,847

13,141

(Gain) loss on sale of business and other exit costs, net

(23,918)

(68,350)

(Gain) loss on license sales and exchanges, net

(6,123)

3,460

Other operating activities

29,617

4,576

Changes in assets and liabilities from operations

Accounts receivable

(24,189)

6,185

Inventory

(10)

(327)

Accounts payable

(9,830)

(56,066)

Customer deposits and deferred revenues

(70,569)

399

Accrued taxes

(19,837)

(5,105)

Other assets and liabilities

(113,968)

6,295

Net cash provided by operating activities - continuing operations

338,284

295,780

Net cash provided by operating activities - discontinued operations

251,605

850,093

Net cash provided by operating activities

589,889

1,145,873

Cash flows from investing activities

Cash paid for additions to property, plant and equipment

(390,529)

(365,446)

Cash paid for licenses

(4,175)

(19,198)

Cash received from divestitures

72,342

147,267

Other investing activities

4,067

1,449

Net cash used in investing activities - continuing operations

(318,295)

(235,928)

Net cash provided by (used in) investing activities - discontinued operations

2,462,399

(518,572)

Net cash provided by (used in) investing activities

2,144,104

(754,500)

Cash flows from financing activities

Issuance of long-term debt

325,000

440,000

Repayment of long-term debt

(1,962,116)

(455,548)

Tax withholdings, net of cash receipts, for TDS stock-based compensation awards

(1,275)

(2,308)

Tax withholdings, net of cash receipts, for Array stock-based compensation awards

(63,446)

(11,246)

Repurchase of TDS Common Shares

(108,129)

—

Repurchase of Array Common Shares

(21,360)

(54,091)

Dividends paid to TDS shareholders

(87,670)

(104,383)

Array dividends paid to noncontrolling public shareholders

(358,579)

—

Payment of debt issuance costs

(8,830)

(16,170)

Distributions to noncontrolling interests

(21,932)

(4,716)

Cash paid for software license agreements

(1,933)

(1,251)

Other financing activities

(16,258)

(1,115)

Net cash used in financing activities - continuing operations

(2,326,528)

(210,828)

Net cash used in financing activities - discontinued operations

(20,537)

(66,631)

Net cash used in financing activities

(2,347,065)

(277,459)

Net increase in cash, cash equivalents and restricted cash

386,928

113,914

Cash, cash equivalents and restricted cash

Beginning of period

383,222

269,308

End of period

$       770,150

$       383,222

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

ASSETS

December 31,

2025

2024

(Dollars in thousands)

Current assets

Cash and cash equivalents

$           765,952

$           363,612

Accounts receivable, net

109,981

98,552

Inventory, net

4,062

4,052

Prepaid expenses

28,206

32,367

Income taxes receivable

1,292

2,487

Current assets of discontinued operations

—

1,163,032

Other current assets

13,976

31,088

Total current assets

923,469

1,695,190

Non-current assets held for sale

1,598,131

12

Non-current assets of discontinued operations

—

4,499,561

Licenses

1,642,972

3,289,648

Other intangible assets, net

131,673

160,804

Investments in unconsolidated entities

461,922

500,471

Property, plant and equipment, net

2,965,455

2,876,214

Operating lease right-of-use assets

515,081

520,902

Other assets and deferred charges

159,600

139,430

Total assets

$        8,398,303

$      13,682,232

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

LIABILITIES AND EQUITY

December 31,

2025

2024

(Dollars in thousands, except per share amounts)

Current liabilities

Current portion of long-term debt

$                5,274

$              31,131

Accounts payable

115,822

74,866

Customer deposits and deferred revenues

125,140

46,992

Accrued interest

2,836

8,999

Accrued taxes

46,721

36,561

Accrued compensation

56,774

147,061

Short-term operating lease liabilities

26,180

27,529

Current liabilities of discontinued operations

20,242

671,575

Other current liabilities

41,322

44,980

Total current liabilities

440,311

1,089,694

Non-current liabilities of discontinued operations

—

2,310,660

Deferred liabilities and credits

Deferred income tax liability, net

743,633

980,769

Long-term operating lease liabilities

549,617

540,904

Other deferred liabilities and credits

574,025

460,676

Long-term debt, net

823,364

2,415,686

Noncontrolling interests with redemption features

—

15,831

Total equity

5,267,353

5,868,012

Total liabilities and equity

$        8,398,303

$      13,682,232

Balance Sheet Highlights

(Unaudited)

December 31, 2025

TDS

Telecom

Array

TDS

Corporate

& Other

Intercompany

Eliminations

TDS

Consolidated

(Dollars in thousands)

Cash and cash equivalents

$          144,968

$         113,400

$          655,894

$        (148,310)

$         765,952

Licenses and other intangible assets

$          131,826

$      1,642,187

$                 632

$                   —

$      1,774,645

Investment in unconsolidated entities

3,947

412,608

55,868

(10,501)

461,922

$          135,773

$      2,054,795

$            56,500

$          (10,501)

$      2,236,567

Property, plant and equipment, net

$       2,562,057

$         388,999

$            14,399

$                   —

$      2,965,455

Long-term debt, net:

Current portion

$                 160

$             4,063

$              1,051

$                   —

$             5,274

Non-current portion

2,887

670,258

150,219

—

823,364

$              3,047

$         674,321

$          151,270

$                   —

$         828,638

TDS Telecom Highlights

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025 vs.
2024

2025

2024

2025 vs.
2024

(Dollars in thousands)

Operating revenues

Residential

Incumbent

$    80,179

$    86,164

(7) %

$  332,347

$  355,395

(6) %

Expansion

41,935

31,373

34 %

152,531

114,113

34 %

Cable

58,847

64,787

(9) %

245,100

270,444

(9) %

Total residential

180,961

182,324

(1) %

729,978

739,952

(1) %

Commercial

33,941

37,374

(9) %

137,258

147,564

(7) %

Wholesale

45,965

44,363

4 %

170,499

172,520

(1) %

Total service revenues

260,867

264,061

(1) %

1,037,735

1,060,036

(2) %

Equipment revenues

89

234

(62) %

623

821

(24) %

Total operating revenues

260,956

264,295

(1) %

1,038,358

1,060,857

(2) %

Cost of operations (excluding Depreciation,
amortization and accretion reported below)

99,351

103,047

(4) %

399,616

399,815

—

Cost of equipment and products

193

208

(8) %

754

723

4 %

Selling, general and administrative expenses

80,397

83,846

(4) %

325,302

319,979

2 %

Depreciation, amortization and accretion

76,720

71,713

7 %

300,196

270,660

11 %

Loss on impairment of intangible assets

900

1,103

(18) %

900

1,103

(18) %

(Gain) loss on asset disposals, net

7,163

4,032

78 %

15,054

12,376

22 %

(Gain) loss on sale of business and other exit costs, net

(17,886)

(49,108)

64 %

(23,121)

(49,108)

53 %

Total operating expenses

246,838

214,841

15 %

1,018,701

955,548

7 %

Operating income

$    14,118

$    49,454

(71) %

$    19,657

$  105,309

(81) %

Array Digital Infrastructure, Inc. Highlights

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

Array

2025

2024

2025

vs. 2024

2025

2024

2025

vs. 2024

(Dollars in thousands)

Operating revenues

Site rental

$    54,990

$    26,019

N/M

$  154,654

$  102,610

51 %

Services

5,338

70

N/M

8,307

323

N/M

Total operating revenues

60,328

26,089

N/M

162,961

102,933

58 %

Operating expenses

Cost of operations (excluding Depreciation,
amortization and accretion reported below)

22,823

20,174

13 %

79,485

72,997

9 %

Selling, general and administrative

15,381

23,559

(35) %

84,444

102,556

(18) %

Depreciation, amortization and accretion

12,402

12,156

2 %

48,262

47,212

2 %

Loss on impairment of licenses

—

—

N/M

47,679

136,234

(65) %

(Gain) loss on asset disposals, net

1,125

219

N/M

1,746

809

N/M

(Gain) loss on license sales and exchanges, net

—

(900)

N/M

(6,123)

3,460

N/M

Total operating expenses

51,731

55,208

(6) %

255,493

363,268

(30) %

Operating income (loss)

$      8,597

$  (29,119)

N/M

$  (92,532)

$  (260,335)

64 %

N/M - Percentage change not meaningful

Telephone and Data Systems, Inc.

Financial Measures

(Unaudited)

Free Cash Flow

Year Ended

December 31,

TDS Consolidated

2025

2024

(Dollars in thousands)

Cash flows from operating activities - continuing operations (GAAP)

$             338,284

$             295,780

Cash paid for additions to property, plant and equipment

(390,529)

(365,446)

Cash paid for software license agreements

(1,933)

(1,251)

Free cash flow - continuing operations (Non-GAAP)1

$             (54,178)

$             (70,917)

1         

Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.

Telephone and Data Systems, Inc.

EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations

(Unaudited)

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures,
Net income (loss) and Income (loss) before income taxes.

Three Months Ended

December 31,

Year Ended

December 31,

TDS Telecom

2025

2024

2025

2024

(Dollars in thousands)

Net income (GAAP)

$              8,187

$            34,008

$            27,516

$            84,901

Add back or deduct:

Income tax expense (benefit)

9,595

20,301

10,157

35,040

Income before income taxes (GAAP)

17,782

54,309

37,673

119,941

Add back or deduct:

Interest expense

(2,487)

(1,676)

(6,654)

(5,197)

Depreciation, amortization and accretion expense

76,720

71,713

300,196

270,660

EBITDA (Non-GAAP)

92,015

124,346

331,215

385,404

Add back or deduct:

Expenses related to strategic alternatives review

2,711

—

6,207

—

Loss on impairment of intangible assets

900

1,103

900

1,103

(Gain) loss on asset disposals, net

7,163

4,032

15,054

12,376

(Gain) loss on sale of business and other exit costs, net

(17,886)

(49,108)

(23,121)

(49,108)

Adjusted EBITDA (Non-GAAP)

84,903

80,373

330,255

349,775

Deduct:

Equity in earnings of unconsolidated entities

—

(8)

4

(7)

Interest and dividend income

1,522

1,892

6,440

5,483

Other, net

(345)

1,295

4,918

3,959

Adjusted OIBDA (Non-GAAP)

$            83,726

$            77,194

$         318,893

$         340,340

Three Months Ended

December 31,

Year Ended

December 31,

Array

2025

2024

2025

2024

(Dollars in thousands)

Net income (loss) from continuing operations (GAAP)

$            41,764

$            11,832

$         172,267

$          (80,464)

Add back or deduct:

Income tax expense (benefit)

23,332

(3,656)

(31,148)

(19,256)

Income (loss) before income taxes (GAAP)

65,096

8,176

141,119

(99,720)

Add back:

Interest expense

11,989

3,203

28,222

12,405

Depreciation, amortization and accretion expense

12,402

12,156

48,262

47,212

EBITDA (Non-GAAP)

89,487

23,535

217,603

(40,103)

Add back or deduct:

Expenses related to strategic alternatives review

95

1,607

2,444

21,521

Loss on impairment of licenses

—

—

47,679

136,234

(Gain) loss on asset disposals, net

1,125

219

1,746

809

(Gain) loss on license sales and exchanges, net

—

(900)

(6,123)

3,460

Short-term imputed spectrum lease income

(38,619)

—

(69,033)

—

Adjusted EBITDA (Non-GAAP)

52,088

24,461

194,316

121,921

Deduct:

Equity in earnings of unconsolidated entities

26,301

37,919

173,754

161,364

Interest and dividend income

3,649

2,579

18,917

11,656

Other, net

(81)

—

169

—

Adjusted OIBDA (Non-GAAP)

$            22,219

$          (16,037)

$              1,476

$          (51,099)

Array Adjusted Free Cash Flow (AFCF)

AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows.

Management believes AFCF is a useful measure of Array's cash generated from operations and its noncontrolling investment interests. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company. Array modified its AFCF metric for the three months ended December 31, 2025 to adjust for cash taxes paid in the quarter, which management believes best reflects cash generated from operations and investments. Under the modified presentation, the comparative calculation of AFCF for the three months ended September 30, 2025 would have been $63.4 million.

Three Months Ended
December 31, 2025

(Dollars in thousands)

Net income from continuing operations - Array (GAAP)

$                              41,764

Add back or deduct:

Income tax expense

23,332

Cash paid for income taxes

(191)

Stock-based compensation expense

259

Short-term imputed spectrum lease income

(38,619)

Amortization of deferred debt charges

946

Equity in earnings of unconsolidated entities

(26,301)

Distributions from unconsolidated entities

65,867

(Gain) loss on asset disposals, net

1,125

Depreciation, amortization and accretion

12,402

Expenses related to strategic alternatives review

95

Straight line and other non-cash revenue adjustments

(5,190)

Straight line expense adjustment

1,398

Maintenance and other capital expenditures

(2,025)

Adjusted Free Cash Flow from continuing operations - Array (Non-GAAP)

$                              74,862

SOURCE Telephone and Data Systems, Inc.

Array issues 2026 guidance

, /PRNewswire/ -- 

As previously announced, Array will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.

Array Digital Infrastructure, Inc.SM (NYSE:AD) reported fourth quarter and full year 2025 operating results. 

"After a transformative 2025, Array enters 2026 with strong momentum," said Anthony Carlson, President and CEO.  "The organization remains laser-focused on a smooth T-Mobile MLA integration and increasing tower tenancy. Further, we continue to make progress on monetizing our spectrum, including closing on the previously announced AT&T transaction in mid-January."

Highlights

Grew and strengthened tower operations* Site rental revenues increased 51% Co-location applications, excluding T-Mobile applications, increased 47% Closed on the sale of the previously announced wireless operations and select spectrum assets to T-Mobile in August 2025 and issued $23 per share special dividend Closed on previously announced sale of 3.45GHz and 700MHz spectrum licenses to AT&T on January 13, 2026; issued $10.25 special dividend on February 2, 2026 *Comparisons are Year Ended December 31, 2025 to Year Ended December 31, 2024

Array reported total operating revenues from continuing operations of $60.3 million for the fourth quarter of 2025, versus $26.1 million for the same period one year ago. Net income attributable to Array shareholders and related diluted earnings per share from continuing operations were $41.4 million and $0.48, respectively, for the fourth quarter of 2025 compared to $11.7 million and $0.13, respectively, in the same period one year ago.

Array reported total operating revenues from continuing operations of $163.0 million and $102.9 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to Array shareholders and related diluted earnings (loss) per share from continuing operations were $169.7 million and $1.94, respectively, for the year ended 2025 compared to $(85.9) million and $(1.00), respectively, for the year ended 2024.

"As I look forward, our priorities remain the same – support the T-Mobile integration, grow colocation revenue, optimize our ground leases, and monetize our remaining spectrum," Carlson continued.

Pending transactions

Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, subject to customary closing conditions and regulatory approvals.

On October 17, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. The transaction is expected to close in the second or third quarter of 2026, subject to regulatory approval and other customary closing conditions, and the termination of the T-Mobile Short-Term Spectrum Manager Lease Agreement.

2026 Estimated Results

Array's current estimates of full-year 2026 results are shown below. Such estimates represent management's view as of February 20, 2026 and should not be assumed to be current as of any future date. Array undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

2026 Estimated
Results

Actual Results for

the Year Ended

December 31, 2025

(Dollars in millions)

Total operating revenues

 $200-$215

$163

Adjusted OIBDA1 (Non-GAAP)

 $50-$65

$1

Adjusted EBITDA1 (Non-GAAP)

 $200-$215

$194

Capital expenditures

 $25-$35

$30

The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) from continuing operations or Income (loss) before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably predicted; therefore, Array is unable to provide such guidance.

2026 Estimated
Results

Actual Results for

the Year Ended

December 31, 2025

Actual Results for

the Year Ended

December 31, 2024

(Dollars in millions)

Net income (loss) from continuing operations (GAAP)

N/A

$                         172

$                          (80)

Add back:

Income tax benefit

N/A

(31)

(19)

Income (loss) before income taxes (GAAP)

 $780-$795

$                         141

$                        (100)

Add back or deduct:

Interest expense

45

28

12

Depreciation, amortization and accretion

50

48

47

EBITDA (Non-GAAP)1

 $875-$890

$                         218

$                          (40)

Add back or deduct:

Expenses related to strategic alternatives review

—

2

22

Loss on impairment of licenses

—

48

136

(Gain) loss on asset disposals, net

—

2

1

(Gain) loss on license sales and exchanges, net

(595)

(6)

3

Short-term imputed spectrum lease income

(80)

(69)

—

Adjusted EBITDA (Non-GAAP)1

 $200-$215

$                         194

$                         122

Deduct:

Equity in earnings of unconsolidated entities

140

174

161

Interest and dividend income

10

19

12

Adjusted OIBDA (Non-GAAP)1

 $50-$65

$                             1

$                          (51)

Numbers may not foot due to rounding.

1

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. Array does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of Array's operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of Array's financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities.

Conference Call Information
Array will hold a conference call on February 20, 2026 at 9:00 a.m. Central Time.

Access the live call on the Events & Presentations page of investors.arrayinc.com or at https://events.q4inc.com/attendee/189864142 Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.arrayinc.com. The call will be archived on the Events & Presentations page of investors.arrayinc.com.

About Array
Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. Array owns 4,450 cell towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. As of December 31, 2025, Telephone and Data Systems, Inc. owned approximately 82.0% of Array.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile and the previously announced spectrum license sales to Verizon will be consummated; whether Array can monetize the remaining spectrum assets; competition in the tower industry; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenues; the ability to attract people of outstanding talent; inability to protect Array's real estate rights, with respect to land leases; advances or changes in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties; uncertainties in Array's future cash flows and liquidity and access to the capital markets; the ability to make payments on indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities Array does not control; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of Array's Form 10-K.

Array Digital Infrastructure, Inc.

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

12/31/2025

9/30/2025

Capital expenditures from continuing operations (thousands)

$          12,933

$            7,927

Owned towers

4,450

4,449

Number of colocations1

4,572

4,517

Tower tenancy rate2

1.03

1.02

1

Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.

2

Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. 

Array Digital Infrastructure, Inc.

Consolidated Statement of Operations Highlights

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025 vs.
2024

2025

2024

2025 vs.
2024

(Dollars and shares in thousands, except per share amounts)

Operating revenues

Site rental

$  54,990

$  26,019

N/M

$   154,654

$  102,610

51 %

Services

5,338

70

N/M

8,307

323

N/M

Total operating revenues

60,328

26,089

N/M

162,961

102,933

58 %

Operating expenses

Cost of operations (excluding Depreciation, amortization and
accretion reported below)

22,823

20,174

13 %

79,485

72,997

9 %

Selling, general and administrative

15,381

23,559

(35) %

84,444

102,556

(18) %

Depreciation, amortization and accretion

12,402

12,156

2 %

48,262

47,212

2 %

Loss on impairment of licenses

—

—

N/M

47,679

136,234

(65) %

(Gain) loss on asset disposals, net

1,125

219

N/M

1,746

809

N/M

(Gain) loss on license sales and exchanges, net

—

(900)

N/M

(6,123)

3,460

N/M

Total operating expenses

51,731

55,208

(6) %

255,493

363,268

(30) %

Operating income (loss)

8,597

(29,119)

N/M

(92,532)

(260,335)

64 %

Other income (expense)

Equity in earnings of unconsolidated entities

26,301

37,919

(31) %

173,754

161,364

8 %

Interest and dividend income

3,649

2,579

41 %

18,917

11,656

62 %

Interest expense

(11,989)

(3,203)

N/M

(28,222)

(12,405)

N/M

Short-term imputed spectrum lease income

38,619

—

N/M

69,033

—

N/M

Other, net

(81)

—

N/M

169

—

N/M

Total other income

56,499

37,295

51 %

233,651

160,615

45 %

Income (loss) before income taxes

65,096

8,176

N/M

141,119

(99,720)

N/M

Income tax expense (benefit)

23,332

(3,656)

N/M

(31,148)

(19,256)

(62) %

Net income (loss) from continuing operations

41,764

11,832

N/M

172,267

(80,464)

N/M

Less: Net income from continuing operations attributable to
noncontrolling interests, net of tax

404

136

N/M

2,615

5,411

(52) %

Net income (loss) from continuing operations attributable
to Array shareholders

41,360

11,696

N/M

169,652

(85,875)

N/M

Net income (loss) from discontinued operations

(3,882)

(6,826)

43 %

(103,074)

48,886

N/M

Less: Net income from discontinued operations attributable
to noncontrolling interests, net of tax

—

322

N/M

17,822

2,414

N/M

Net income (loss) from discontinued operations
attributable to Array shareholders

$   (3,882)

$   (7,148)

46 %

$  (120,896)

$    46,472

N/M

Net income (loss)

$  37,882

$    5,006

N/M

$     69,193

$   (31,578)

N/M

Less: Net income attributable to noncontrolling interests, net
of tax

404

458

(12) %

20,437

7,825

N/M

Net income (loss) attributable to Array shareholders

$  37,478

$    4,548

N/M

$     48,756

$   (39,403)

N/M

Basic weighted average shares outstanding

86,449

85,381

1 %

85,908

85,633

–

Basic earnings (loss) per share from continuing operations
attributable to Array shareholders

$      0.48

$      0.14

N/M

$         1.98

$       (1.00)

N/M

Basic earnings (loss) per share from discontinued
operations attributable to Array shareholders

$     (0.05)

$     (0.09)

46 %

$        (1.41)

$        0.54

N/M

Basic earnings (loss) per share attributable to Array
shareholders

$      0.43

$      0.05

N/M

$         0.57

$       (0.46)

N/M

Diluted weighted average shares outstanding

86,514

88,322

(2) %

87,293

85,633

2 %

Diluted earnings (loss) per share from continuing
operations attributable to Array shareholders

$      0.48

$      0.13

N/M

$         1.94

$       (1.00)

N/M

Diluted earnings (loss) per share from discontinued
operations attributable to Array shareholders

$     (0.04)

$     (0.08)

45 %

$        (1.38)

$        0.54

N/M

Diluted earnings (loss) per share attributable to Array
shareholders

$      0.43

$      0.05

N/M

$         0.56

$       (0.46)

N/M

N/M - Percentage change not meaningful

Array Digital Infrastructure, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

Year Ended December 31,

2025

2024

(Dollars in thousands)

Cash flows from operating activities

Net income (loss)

$              69,193

$            (31,578)

Net income (loss) from discontinued operations

(103,074)

48,886

Net income (loss) from continuing operations

172,267

(80,464)

Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating
activities

Depreciation, amortization and accretion

48,262

47,212

Bad debts expense

1,689

(1,729)

Stock-based compensation expense

1,819

2,728

Deferred income taxes, net

(37,733)

(16,716)

Equity in earnings of unconsolidated entities

(173,754)

(161,364)

Distributions from unconsolidated entities

215,599

168,701

Loss on impairment of licenses

47,679

136,234

(Gain) loss on asset disposals, net

1,746

809

(Gain) loss on license sales and exchanges, net

(6,123)

3,460

Other operating activities

1,285

121

Changes in assets and liabilities from operations

Accounts receivable

(6,628)

4,856

Accounts payable

(9,339)

(35,473)

Customer deposits and deferred revenues

(65,025)

(352)

Accrued taxes

(15,954)

(38,510)

Other assets and liabilities

(100,661)

8,857

Net cash provided by operating activities - continuing operations

75,129

38,370

Net cash provided by operating activities - discontinued operations

125,707

844,095

Net cash provided by operating activities

200,836

882,465

Cash flows from investing activities

Cash paid for additions to property, plant and equipment

(27,200)

(18,466)

Cash paid for licenses

(4,175)

(19,198)

Cash received from divestitures

5,439

—

Other investing activities

1,301

—

Net cash used in investing activities - continuing operations

(24,635)

(37,664)

Net cash provided by (used in) investing activities - discontinued operations

2,462,399

(518,572)

Net cash provided by (used in) investing activities

2,437,764

(556,236)

Cash flows from financing activities

Issuance of long-term debt

325,000

40,000

Repayment of long-term debt

(875,250)

(248,000)

Tax withholdings, net of cash receipts, for Array stock-based compensation awards

(63,446)

(11,246)

Repurchase of Common Shares

(21,360)

(54,091)

Dividends paid to Array shareholders

(1,986,719)

—

Payment of debt issuance costs

(6,418)

—

Distributions to noncontrolling interests

(27,612)

(4,716)

Other financing activities

(8,000)

(2,316)

Net cash used in financing activities - continuing operations

(2,663,805)

(280,369)

Net cash used in financing activities - discontinued operations

(20,537)

(66,632)

Net cash used in financing activities

(2,684,342)

(347,001)

Net decrease in cash, cash equivalents and restricted cash

(45,742)

(20,772)

Cash, cash equivalents and restricted cash

Beginning of period

159,142

179,914

End of period

$            113,400

$           159,142

Array Digital Infrastructure, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

ASSETS

December 31,

2025

2024

(Dollars in thousands)

Current assets

Cash and cash equivalents

$           113,400

$           143,730

Accounts receivable, net

21,656

12,729

Prepaid expenses

3,216

7,060

Current assets of discontinued operations

—

1,163,032

Other current assets

6,515

18,319

Total current assets

144,787

1,344,870

Non-current assets held for sale

1,591,675

12

Non-current assets of discontinued operations

—

4,499,069

Licenses

1,642,187

3,281,508

Investments in unconsolidated entities

412,608

453,938

Property, plant and equipment, net

388,999

384,021

Operating lease right-of-use assets

472,995

465,274

Other assets and deferred charges

24,837

20,289

Total assets

$        4,678,088

$      10,448,981

Array Digital Infrastructure, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

LIABILITIES AND EQUITY

December 31,

2025

2024

(Dollars in thousands, except per share amounts)

Current liabilities

Current portion of long-term debt

$                4,063

$              22,000

Accounts payable

38,395

36,454

Customer deposits and deferred revenues

85,945

1,716

Accrued taxes

16,884

27,077

Accrued compensation

4,322

89,476

Short-term operating lease liabilities

15,294

16,133

Current liabilities of discontinued operations

20,242

671,575

Other current liabilities

14,843

19,340

Total current liabilities

199,988

883,771

Non-current liabilities of discontinued operations

—

2,310,660

Deferred liabilities and credits

Deferred income tax liability, net

387,030

728,229

Long-term operating lease liabilities

509,876

495,736

Other deferred liabilities and credits

336,379

221,376

Long-term debt, net

670,258

1,201,725

Noncontrolling interests with redemption features

—

15,831

Total equity

2,574,557

4,591,653

Total liabilities and equity

$         4,678,088

$      10,448,981

Array Digital Infrastructure, Inc.
EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations
(Unaudited)

EBITDA, Adjusted EBITDA and Adjusted OIBDA

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income (loss) from continuing operations and Income (loss) before income taxes.

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(Dollars in thousands)

Net income (loss) from continuing operations (GAAP)

$           41,764

$            11,832

$         172,267

$          (80,464)

Add back or deduct:

Income tax expense (benefit)

23,332

(3,656)

(31,148)

(19,256)

Income (loss) before income taxes (GAAP)

65,096

8,176

141,119

(99,720)

Add back:

Interest expense

11,989

3,203

28,222

12,405

Depreciation, amortization and accretion

12,402

12,156

48,262

47,212

EBITDA (Non-GAAP)

89,487

23,535

217,603

(40,103)

Add back or deduct:

Expenses related to strategic alternatives review

95

1,607

2,444

21,521

Loss on impairment of licenses

—

—

47,679

136,234

(Gain) loss on asset disposals, net

1,125

219

1,746

809

(Gain) loss on license sales and exchanges, net

—

(900)

(6,123)

3,460

Short-term imputed spectrum lease income

(38,619)

—

(69,033)

—

Adjusted EBITDA (Non-GAAP)

52,088

24,461

194,316

121,921

Deduct:

Equity in earnings of unconsolidated entities

26,301

37,919

173,754

161,364

Interest and dividend income

3,649

2,579

18,917

11,656

Other, net

(81)

—

169

—

Adjusted OIBDA (Non-GAAP)

$           22,219

$          (16,037)

$              1,476

$          (51,099)

Adjusted Free Cash Flow (AFCF)

AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows.

Management believes AFCF is a useful measure of Array's cash generated from operations and its noncontrolling investment interests. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company. Array modified its AFCF metric for the three months ended December 31, 2025 to adjust for cash taxes paid in the quarter, which management believes best reflects cash generated from operations and investments. Under the modified presentation, the comparative calculation of AFCF for the three months ended September 30, 2025 would have been $63.4 million.

Three Months Ended
December 31, 2025

(Dollars in thousands)

Net income from continuing operations (GAAP)

$                              41,764

Add back or deduct:

Income tax expense

23,332

Cash paid for income taxes

(191)

Stock-based compensation expense

259

Short-term imputed spectrum lease income

(38,619)

Amortization of deferred debt charges

946

Equity in earnings of unconsolidated entities

(26,301)

Distributions from unconsolidated entities

65,867

(Gain) loss on asset disposals, net

1,125

Depreciation, amortization and accretion

12,402

Expenses related to strategic alternatives review

95

Straight line and other non-cash revenue adjustments

(5,190)

Straight line expense adjustment

1,398

Maintenance and other capital expenditures

(2,025)

Adjusted Free Cash Flow from continuing operations (Non-GAAP)

$                              74,862

SOURCE Array Digital Infrastructure, Inc.

Announces 2025 reported earnings (GAAP) of $1.59 per share. Achieves earnings from ongoing operations of $1.81 per share – 7.1% growth over 2024.

TEHRAN, IRAN - JANUARY 8: Fires are lit as protesters rally on January 8, 2026 in Tehran, Iran. Demonstrations have been ongoing since December, triggered by soaring inflation and the collapse of the rial, and have expanded into broader demands for political change. (Photo by Anonymous/Getty Images)

Getty Images

The security premium on oil often confounds markets and analysts. Essentially, it is crowd-sourcing (as the kids say) of probabilities about geopolitical risks: how likely are given developments and what impact would they have. But of course, risk is not binary—war or no war—but a cascade of Bayesian probabilities: if the U.S. attacks Iranian missile sites, does Iran attack oil shipping in the Gulf?

Historical experience shows that, despite decades of worries, the Iranians have never shut the Straits of Hormuz or made more than minimal efforts, such as sowing mines. Nor have they attacked Saudi oil fields except once, with limited damage. This doesn’t mean they wouldn’t attempt either or succeed this time, but fears should be tempered by experience. On the other hand, any number of developments would cause prices to surge or drop, mostly for a brief period.

It is important to start by noting that prices rarely move abruptly, but rather incrementally as traders try to assess developments. That said, it is possible to switch from peace to war, from sanctions to an agreement, more or less immediately and relatively unpredictably. Diplomatic negotiations might crawl to an agreement, but occasionally there is a sudden breakthrough as one side capitulates or both recognize common interests.

Parsing the likely paths going forward, some observations can be made about how different political developments would affect the oil market, summarized in the table below and all of which are estimates by the author.

Possible Scenarios for Iranian Conflict

The author.

MORE FOR YOU

Continuing Standoff: The U.S. is obviously not going to maintain a huge military presence for months and months, but it could easily keep postponing action while negotiations proceed fitfully. In this case, the security premium would probably decline after a few weeks as traders discount the likelihood of military action (‘conflict fatigue’).

Diplomatic agreement between U.S. and Iran: This would see a quick drop in oil prices as traders anticipate the release of tens of millions of barrels in sanctioned oil into the market. But Iranian production is unlikely to increase very much in the following year or two, so while there would be some bounce-back in prices after the sanctioned oil is all gone, the impact on prices would be to lower them several dollars a barrel for some time to come.

Oil Embargo: The U.S. seizes ships to cut off exports from Iran. This could possibly trigger the Constant Fighting scenario but at a minimum, the loss of 1-1.5 mb/d of Iranian exports will keep prices elevated, arguably for weeks or months. That could also trigger the Civil War scenario.

One and Done Limited Military Strikes: This would be similar to last year’s attacks, presumably on Iranian nuclear and ballistic missile sites. In this scenario, the Trump Administration would declare limited goals and not intend a lengthy operation. Iranian counterattacks would be limited to missiles and drones, especially against U.S. military bases in the region but possibly also Israel. Assuming minimal damage, this could be followed by harsh words and threats, but no further military action, rather as occurred last year. Impact on the oil market would be a quick bump up in prices, but without indication of attacks on shipping or oil infrastructure, then prices would quickly revert to pre-attack levels.

Repeated Strikes: In this case, the U.S. would continue attacks to maintain pressure on the Iranian regime to yield on at least some U.S. demands. Even if there are no direct attacks on shipping or oil infrastructure, as long as attacks on Iran continue oil prices will remain elevated out of fears that Iran might attack oil shipping or infrastructure, either in a concerted effort or occasional one-time attacks. It seems unlikely that the U.S. will undertake operations for weeks or months, but while they continue, the security premium will persist.

Broader Fighting: Should the two militaries engage in continuing conflict, with widespread U.S. bombing and Iranian swarming attacks on U.S. naval ships, tankers might avoid the area for a period. The Iranians are unlikely to be able to maintain heavy combat for an extended period, but reduced oil shipping would raise prices significantly, possibly for weeks.

Civil War: Widespread domestic violence in Iran could escalate and persist, as in 1978/79. Oil exports would likely cease and if unrest is protracted, production recovery could take months or years even if the government is overthrown. This would elevate prices and the impact would only fade as other supplies replaced lost Iranian oil, which will primarily depend on other OPEC nations’ policies.

So, a new diplomatic agreement or a one-time exchange of attacks would have significant price effects, but of limited duration. An embargo of Iran’s oil exports could last for weeks or months and would tighter oil markets notably. The longer and wider the military operations, the higher oil prices will go, although markets could quickly re-equilibrate upon cessation of fighting. A civil war might have a similar effect on Iranian oil production as in 1979, when it took a decade to reach 60% of pre-Revolutionary levels. But Iran’s much smaller role in global oil now means that would act more to put a floor on prices rather than send them soaring.

TEHRAN, IRAN - JANUARY 8: Fires are lit as protesters rally on January 8, 2026 in Tehran, Iran. Demonstrations have been ongoing since December, triggered by soaring inflation and the collapse of the rial, and have expanded into broader demands for political change. (Photo by Anonymous/Getty Images)

Getty Images

Vancouver, British Columbia--(Newsfile Corp. - February 20, 2026) - Lodestar Metals Corp. (TSXV: LSTR) (OTC Pink: SVTNF) ("Lodestar" or the "Company"), a junior exploration company focused on unlocking world class gold potential in Nevada, is pleased to announce it has closed the final tranche of its previously announced non-brokered private placement financing (the "Offering") by issuing 2,700,000 units of the Company ("Units") at a price of $0.20 per Unit for gross proceeds of $540,000. Due to increased investor interest, the Company has increased the size of the Offering, and has issued a total of 7,850,000 Units at a price of $0.20 per Unit for gross proceeds of $1,570,000 under the entire Offering.

"We are excited to announce the closing of our oversubscribed financing and are deeply grateful to both new and existing shareholders who share our conviction in the scale and potential of Goldrun, our flagship asset," said Lowell Kamin, President and CEO of Lodestar Metals. "This strong show of support is more than a capital raise - it is a vote of confidence in our strategy, our team, and our vision to unlock meaningful value in Nevada's premier mining jurisdiction.

With a strengthened balance sheet, we are well-positioned to execute a disciplined and systematic exploration program at Goldrun as we advance toward our inaugural drill campaign - a pivotal milestone in our journey toward defining a resource. At the same time, this financing provides us with the flexibility to pursue additional high-value opportunities across Nevada, building a pipeline of quality assets designed to deliver long-term growth. We believe we are at the beginning of an exciting chapter for Lodestar, and we look forward to driving sustained value creation for our shareholders as we move decisively forward."

Each Unit under the Offering consists of one common share and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder to purchase one additional share at a price of $0.30 per share for a period of 18 months from the date of issue.

All securities issued under the Offering, including securities issuable on the exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance. Under the entire Offering, the Company paid finders an aggregate of $44,810 and issued a total of 222,700 finder share purchase warrants. Each finder share purchase warrant is exercisable at $0.20 per share for a period of 18 months from the date of issue.

The proceeds of the Offering will be used for exploration and drilling activities on the Goldrun Property as well as working capital purposes.

The Company also announces that it has granted 785,000 stock options to its directors, officers and consultants. Each stock option is exercisable at $0.20 per share for a period of five years from the date of grant.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.

ABOUT LODESTAR METALS

Lodestar Metals Corp. is a Canadian gold exploration company focused on advancing the drill-ready Goldrun Project in Nevada, strategically located on a major Carlin-style gold trend and adjacent to some of the largest gold deposits in North America. With decades of combined geological and capital markets expertise, Lodestar follows a disciplined, step-by-step approach to discovery. The Company's strategy is clear: focus capital on high-value targets, move quickly on known mineralization, and build a compliant gold resource that delivers lasting shareholder value. For more information, please visit www.lodestarmetals.ca.

CONTACT

Forward-Looking Statements

The information set forth in this news release contains forward-looking statements based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Lodestar cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by several material factors, many of which are beyond Lodestar's control. Such factors include, among other things, risks and uncertainties relating to Lodestar's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284624

Source: Lodestar Metals Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

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

Financial stocks are extremely oversold, with the XLF, the financial sector ETF, down 5.70% year-to date. This follows a period of aggressive selling that was driven by interest-rate volatility, recession fears, and lingering concerns about credit quality. Many banks, insurers, and asset managers are now trading at valuations well below historical averages on metrics such as price-to-book and forward earnings, even though balance sheets and capital ratios remain relatively strong relative to past downturns. This disconnect suggests the sector may be pricing in a worst-case scenario that has not materialized, creating potential opportunities for investors who believe economic conditions will stabilize. When sentiment is this negative while fundamentals remain solid, financials have historically been positioned for sharp rebounds once market confidence returns.

Given the persistent selling in the financial sector, we screened our 24/7 Wall St. financial sector research database for companies with the strongest metrics and the highest dividend yields. Five of our favorite stocks in the sector, including some stars in the regional bank arena, and the largest business development company, all make sense for growth and income investors looking to take advantage of the selling in some of Wall Street’s top companies. All five are rated Buy at top Wall Street firms that we cover.

Why do we cover financial sector dividend stocks?

Since 1926, dividends have accounted for approximately 32% of the S&P 500’s total return, while capital appreciation has accounted for 68%. Therefore, sustainable dividend income and the potential for capital appreciation are essential to total return expectations. A study by Hartford Funds, in collaboration with Ned Davis Research, found that dividend stocks delivered an annualized return of 9.18% over the 50 years from 1973 to 2023. Over the same timeline, this was more than double the annualized return for non-payers (3.95%).

Ares Capital The company specializes in providing financing solutions for the middle market and appears poised to reach new highs, garnering a Buy rating from 12 analysts and yielding a 9.94% dividend. Ares Capital Corp. (NASDAQ: ARCC) is a high-yielding business development company (BDC) that specializes in acquisitions, recapitalizations, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions for middle-market companies.

It also makes growth capital and general refinancing. It prefers to invest in companies in basic and growth manufacturing, business services, consumer products, healthcare products and services, and information technology.

The fund will also consider investments in industries such as:

Restaurants Retail Oil and gas Technology It focuses on investments in the Northeast, Mid-Atlantic, Southeast, and Southwest regions from its New York office; the Midwest region from its Chicago office; and the Western region from its Los Angeles office.

The fund typically invests between $20 million and $200 million, with a maximum of $400 million, in companies with EBITDA between $10 million and $250 million annually. It makes debt investments between $10 million and $100 million

The fund invests through:

Revolvers First-lien loans Warrants Unitranche structures Second-lien loans Mezzanine debt Private high yield Junior Capital Subordinated debt Non-control preferred and common equity The fund also selectively considers third-party-led senior and subordinated debt financings and opportunistically acquires stressed and discounted debt positions.

Ares Capital prefers to act as an agent and lead transactions in which it invests. The fund also seeks board representation in its portfolio companies.

Royal Bank of Canada has an Outperform rating with a $22 price target.

Fifth Third Bancorp This top regional bank offers a solid 2.90% dividend and recently finished a purchase of Comerica. Fifth Third Bancorp (NASDAQ: FITB) is a diversified financial services company and is the indirect holding company of Fifth Third Bank, National Association.

Its Commercial Banking segment offers credit intermediation, cash management, and financial services to large and middle-market businesses, as well as to government and professional customers.

The Consumer and Small Business Banking segment provides a full range of deposit and loan products to individuals and small businesses through a network of full-service banking centers and relationships with indirect and correspondent loan originators. It offers products designed to meet the specific needs of small businesses, including cash management services.

The Wealth and Asset Management segment provides a full range of wealth management solutions for individuals, companies, and not-for-profit organizations, including wealth planning, investment management, banking, insurance, trust, and estate services.

TD Cowen has a Buy rating with a $60 target price.

Regions Financial Serving the fast-growing sections of the United States, this is a conservative approach for growth and income investors seeking passive income as the stock pays a solid 3.46% dividend. Regions Financial Corp. (NYSE: RF) is a full-service provider of consumer and commercial banking, wealth management, and mortgage products and services.

The company has customers across the South, Midwest, and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs.

Its segments include:

Corporate Bank Consumer Bank Wealth Management The Corporate Bank segment represents the bank’s commercial banking functions, including commercial and industrial lending, commercial real estate lending, and investor real estate lending.

The Consumer Bank segment represents its branch network, including consumer banking products and services related to:

Residential first mortgages Home equity lines and loans Consumer credit cards Consumer loans, as well as the corresponding deposit relationships The Wealth Management segment offers a range of credit-related products, including trust and investment management, asset management, retirement and savings solutions, and estate planning services.

Goldman Sachs has a Buy rating with a $32 target price.

Truist Financial This company was created through the 2019 merger of SunTrust Bank and BB&T and pays a strong 4.03% dividend. Truist Financial Corp. (NYSE: TFC) is a financial services company.

As a commercial bank, it offers a range of products and services across its wholesale and consumer businesses, including:

Consumer and small-business banking Commercial banking Corporate and investment banking Wealth management Payments Specialized lending Its segments include Consumer and Small Business Banking (CSBB) and Wholesale Banking (WB).

CSBB segment serves retail, premier, and small-business clients, providing transaction, money market, savings, time deposits, and payment services, credit cards, loans, and mortgages through digital banking, a network of community banking branches, ATMs, virtual service centers, and other channels.

The WB segment offers a comprehensive range of products, solutions, and advisory services for commercial, corporate, institutional, and wealth clients. It also invests in certain affordable housing, New Market Tax Credit, and Renewable Energy Tax Credit investments.

Morgan Stanley has an Overweight rating with a $69 target price.

U.S. Bancorp Based in Minneapolis, this super-regional financial giant is an outstanding choice for growth and income investors now, offering a hefty 3.53% dividend. U.S. Bancorp (NYSE: USB) is a financial services holding company.

The bank’s segments are:

Wealth Corporate Commercial and Institutional Banking Consumer and Business Banking Payment Services Treasury and Corporate Support It offers a comprehensive range of financial services, including lending and deposit services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage, and leasing.

The company’s banking subsidiary, U.S. Bank National Association (USBNA), is engaged in the banking business, principally in domestic markets. USBNA provides a range of products and services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions.

The non-banking subsidiaries offer investment and insurance products to customers primarily within their domestic markets, as well as fund administration services to a range of mutual and other funds.

Oppenheimer has an Outperform rating with a target price of $77.

NEW YORK, Feb. 20, 2026 (GLOBE NEWSWIRE) -- SeenThis, the video advertising partner transforming how brands distribute video across the open web, today announced its integration as a third-party ad-serving solution for delivering ads to Amazon Custom Audiences via secure server-to-server (S2S) integration. This S2S integration is the standard delivery method for all campaigns running on Amazon Ads and enables advertisers to access advanced capabilities, including activation of Amazon Custom Audiences.

The announcement marks an important step in SeenThis' role as an advertising partner to brands seeking scalable, full-funnel performance. Through this integration, brands can activate Amazon Custom Audiences with SeenThis' high-impact video formats and adaptive streaming technology across the open web, extending the reach and performance of their Amazon audience strategies beyond Amazon.com.

“While social platforms offer scale, the open web holds massive untapped advertising potential,” said Jesper Benon, CEO at SeenThis. “This integration allows brands to connect Amazon Custom Audiences with premium publishers and open-web environments, using SeenThis’ technology to deliver video advertising that captures attention, performs across the funnel, and respects how audiences consume content.”

The integration is already live, with Stackline becoming the first partner to successfully run a campaign using SeenThis’ server-to-server connection for Amazon Custom Audiences.This first activation demonstrates how partners and brands can combine SeenThis’s streaming technology and Amazon’s unique audience signals with the reach, diversity, and premium inventory of the open web.

By expanding its Amazon Ads capabilities, SeenThis continues to build an ecosystem of partnerships designed to make open web advertising easier, more effective, and more scalable for brands — while supporting sustainable revenue for publishers and preserving an open, independent internet.

About SeenThis
The open web holds massive untapped advertising potential. While brands chase reach on major platforms, audiences spend significant time across premium publishers and diverse content, but video advertising has historically underperformed here. SeenThis is changing that.

As a video advertising partner, SeenThis proves the open web delivers, capturing more attention and exceptional results with cost effective video that keeps publishers profitable and the internet independent. Since 2017, SeenThis has served billions of streams for 5,000+ brands across 50+ countries.

Brands deserve reach wherever audiences are, publishers deserve sustainable revenue, and the internet deserves to stay open. For more information, visit www.seenthis.co

Contact details: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f755343e-c455-4353-8add-e82dae11cf30

SeenThis Unlocks New Capabilities Through Server-to-Server Integration for Amazon Custom Audiences SeenThis announces server-to-server integration for Amazon Custom Audiences.

Brisbane, Australia--(Newsfile Corp. - February 20, 2026) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) ("GMG" or the "Company") is delighted to announce a new partnership with Tickford Racing, bringing together two high-performance organisations to celebrate a shared obsession: turning small, hard-earned gains into potentially big competitive advantages. As part of this partnership, Tickford Racing, one of Australia's leading Supercars teams, will trial GMG liquid graphene products including G® LUBRICANT and THERMAL-XR® as detailed below, display the GMG logo on its race cars, promote GMG on its website and in social media and host track/pit customer events.

This collaboration marks an exciting milestone for GMG as it showcases how graphene-enabled technologies can be explored in one of the most demanding and visible performance arenas in the world — top-tier Supercars racing. The partnership recognises motorsport as a stage where preparation, innovation and execution are publicly tested at pace, and where every marginal gain matters.

Tickford Racing and GMG will celebrate this shared performance mindset through a "test, learn and scale" approach — starting with targeted trials, capturing real-world performance data, and building credible proof points that have the potential to extend beyond the circuit into everyday industrial applications.

The GMG branding placement on the Supercar is shown below:

Figure 3

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8082/284654_57c32bb984c859b2_003full.jpg

Initial collaboration areas are expected to include:

Operational efficiency trials across Tickford's workshop and event infrastructure (where applicable), targeting any measurable reliability and potential performance improvements that both teams can share with key stakeholders.A structured case-study pipeline that documents outcomes, learnings and potential real-world application pathways for GMG's customers and partners, highlighting results as they emerge.Content and storytelling that bring the excitement of elite motorsport together with advanced materials science.B2B engagement opportunities leveraging Tickford Racing's partner ecosystem and corporate network, creating celebratory moments for relationship building, collaboration and commercial introductions.Simon Brookhouse, CEO of Tickford Racing commented: "GMG's work sits at the intersection of advanced materials and real-world efficiency, and that's a space we're passionate about exploring. While this isn't about changing what's on the race car, it is about applying an elite performance mindset to trials, insights and outcomes that can translate into everyday industry. Teaming up with GMG is an exciting step for Tickford Racing, and we're looking forward to celebrating the innovations and results that come from this partnership."

Craig Nicol, CEO & Managing Director of the Company, commented "Motorsport is the ultimate proving ground — everything is measured, everything is exposed, and performance is earned on the smallest margins. Partnering with Tickford Racing is a proud and exciting moment for GMG. They operate in a world where preparation, reliability and execution are non-negotiable, and that makes them an ideal partner to help us validate performance thinking in the real world. We're thrilled to join forces with a team known for innovation and outcomes under pressure and to celebrate the proof points we build together through our test—learn—scale approach in support of GMG's growth and customers."

Jack Perkowski, Chairman & Non Executive Director of the Company, commented "Partnering with Tickford Racing is an exciting milestone in GMG's journey from advanced materials innovation to real-world commercialisation. As a board, we are focused on backing collaborations that can validate our technology in demanding environments and open doors to new industrial relationships. Tickford's high-performance culture, strong brand and deep connections across the automotive and industrial sectors make it an ideal partner to help showcase what GMG's graphene-enabled solutions can do, and to support our long-term growth ambitions."

About Tickford Racing
Tickford Racing is one of Australia's leading Supercars teams, based in Melbourne, competing at the highest level of touring car competition and delivering an industry-leading platform across performance engineering, content and partner experience. More: https://tickfordracing.com.au/

About GMG

GMG is an Australian-based clean-technology company which develops, makes and sells energy saving and energy storage solutions, enabled by graphene manufactured via an in-house production process. GMG uses its own proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, "tuneable" and low/no contaminant graphene suitable for use in clean-technology and other applications.

The Company's present focus is to de-risk and develop commercial scale-up capabilities and secure market applications. In the energy savings segment, GMG has initially focused on graphene-enhanced heating, ventilation and air conditioning ("HVAC-R") coating (or energy-saving coating), which is now being marketed into other applications including electronic heat sinks, industrial process plants and data centres. Another product GMG has developed is a graphene lubricant additive focused on saving liquid fuels, initially for diesel engines.

In the energy storage segment, GMG and The University of Queensland are working collaboratively, with financial support from the Australian Government, to progress R&D and commercialisation of graphene aluminium-ion batteries ("G+AI Batteries"). GMG has also developed a graphene additive slurry that is aimed at improving the performance of lithium-ion batteries.

GMG's four critical business objectives are to:

Produce graphene and improve/scale production and cell production processes.Build revenue from energy savings products.Develop next-generation battery technologies.Develop supply chain, partners and project execution capability.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward-looking statements", are not historical facts and are made as of the date of this news release.

Forward-looking statements in this news release include, but are not limited to, statements regarding: the partnership with Tickford Racing and the expected nature, scope, celebrations and outcomes of the collaboration; potential efficiency, reliability and performance improvements across Tickford's workshop and event infrastructure; the development of case studies and proof points and their potential relevance to GMG's customers and stakeholders; and the potential for the partnership to support GMG's growth and customers. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, without limitation, assumptions regarding the Company's ability to successfully collaborate with Tickford Racing, to identify and execute relevant trials, to measure and interpret performance outcomes, and to translate any results into commercially relevant insights or offerings.

Forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation, that trials with Tickford Racing do not proceed as currently contemplated or at all, do not yield the expected data or performance outcomes, or do not lead to commercially relevant insights; that GMG's products and technologies do not perform as expected in real-world conditions; and the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated November 4, 2025, available on the Company's profile at www.sedarplus.ca.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are contained or incorporated by reference herein, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284654

Source: Graphene Manufacturing Group Ltd.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Journalist

Posted: February 20, 2026

With bearish pressure and market weakness persisting, Dogecoin [DOGE] broke below the $0.10 support, hitting a local low of $0.095 before rebounding slightly to $0.099. 

At press time, DOGE was trading at $0.098, up 0.73%, reflecting heightened volatility.

Bearish pressure strains Dogecoin’s structure DOGE lost its $ 0.10 support level again, largely driven by heightened sell-side activity. As such, DOGE sellers have dumped at every opportunity, further straining the market.

Looking at the Bulls and Bears power indicator on TradingView, the Bears have commanded total control of the market. 

Bears have dominated the market for thirty consecutive days since displacing sellers on the 19th of January, and all attempts by bulls to regain control have failed. 

Source: TradingView

At press time, the Bears’ position was 64 compared to 9 for the Bulls, reflecting a significant gap in their market presence. As such, although bulls are active, their presence remains insufficient to sustain a trend reversal. 

The Buyer-Seller Strength indicator further supports this. Sellers have remained relatively powerful, with their strength hiking to 68 at press time. 

Coupled with that, exchange activity also echoed this bearish dominance. According to Coinalyze, Dogecoin recorded higher Sell Volume for five consecutive days, signaling a lack of bullish conviction. 

Source: Coinalyze

Over the past day, for example, the memecoin saw 697 million in Sell Volume compared to 619 million in Buy Volume. As a result, the market recorded a negative Buy-Sell Delta of -78 million, a clear sign of aggressive selling.

Historically, such market behavior has tended to strengthen downside and weaken any upside momentum, leading to lower prices.

Is DOGE at risk of further slip? Dogecoin traded below its critical support level, amid sustained bearish pressure. With bears running riot in the market, all attempts by bulls to hold on have proved futile.

In fact, the memecoin’s Price Momentum Oscillator (PMO) remained negative despite making a bullish crossover days ago. With the PMO holding a negative, it suggests that most price changes have been negative on average.

Source: TradingView

Thus, markets have closed at lower levels, signaling a bearish trend and confirming a medium- to long-term downtrend, not a mere pullback.

At the same time, the memecoin’s Relative Strength Index (RSI) has remained stuck below 50 for a week, further validating this bearishness. Persistent bearish momentum signals a likelihood of downside continuation.

A trend continuation could see DOGE drop to $0.092, most likely losing its $0.09 support, and then fall to $0.08. To invalidate this bearish scenario, DOGE must reclaim $0.1 and firmly hold $0.11.

Final Summary Dogecoin slipped below $0.1, hitting a low of $0.095 before rising slightly to $0.098 at press time.  DOGE’s downside spiral continued amid persisting bearish dominance in the market. 

The Bitcoin price action has taken a grim tone this month as trading rolls toward what may become a fifth straight red monthly candle. According to CoinGlass, BTC is down roughly 15% this month after closing the previous four months lower, a run not seen since 2018.

Reports note that similar multimonth selloffs in the past were sometimes followed by sudden, strong rebounds, but those outcomes were not automatic. Traders are watching support near recent lows while sentiment indicators show rising caution among both retail and institutional players.

Historical Streaks And Reversals Reports from Milk Road point to a striking example: after a long losing streak in 2018/19, the market produced large gains in the months that followed. That episode is often referenced by bulls who argue that compressed prices can set the stage for big percentage moves to the upside. Yet context matters. Market cycles are messy, and raw percentage comparisons skip over differences in liquidity, participant mix, and macro settings.

 Source: CoinGlass Weekly And Quarterly Signals Weekly charts are shouting caution in some corners. Analyst Solana Sensei highlighted a run of red weekly candles that echoes parts of 2022, when extended selling drove BTC to the mid-$20,000s. At the same time, quarterly data from the 2022 drawdown shows losses can stack up for long stretches, and those patterns were painful for holders who expected quick turns.

Some analysts have argued that the current cycle looks different because the monthly RSI never saw the same overbought expansion that preceded some prior bear phases; their view suggests rebounds might not follow the old script.

$BTC is looking to log its 5th red month.

Last time this happened was in 2018/19 when we saw 6 red months.

Silver lining: it led to a reversal w/ 316% returns over the following 5 months.

If history repeats – the reversal begins April 1st.

Bookmark this. pic.twitter.com/IZwmdg0peV

— Milk Road (@MilkRoad) February 18, 2026

Bitcoin Price Action The top crypto’s price movement has been mixed: thin sessions, sharp swings on headlines, muted volume between moves. The market has been both brittle and occasionally steady, depending on who is trading and where liquidity pools sit.

BTCUSD currently trading at $68,112. Chart: TradingView Geopolitics And Market Mood Geopolitical flareups have acted as a volatility amplifier, and traders are pricing in headline risk more readily than before. Events tied to policies or public comments have dented confidence across risk assets.

US policy shifts and high-profile political statements — including ones linked to US President Donald Trump — are being watched for any spillover into dollar flows and investor risk tolerance. Thin market conditions can turn small news into big moves. That’s exactly what’s been happening on occasion over the last few weeks.

Based on reports and the mix of indicators, a rebound in March or April is possible, but it cannot be counted on. Some traders will prepare for a quick bounce; others will keep dry powder and wait for clearer confirmation.

Featured image from Pexels, chart from TradingView

2 mins mins

Key Insights:

Aave becomes first lending protocol to exceed $1 billion in RWAs. Tokenized U.S. Treasuries grow past $10 billion by February 2026. DeFi TVL remains near $100 billion after prior market recovery. Aave Surpasses $1B in RWAs as Tokenization Expands Across DeFi Aave has crossed $1 billion in real-world assets (RWAs) deposited on its platform. The protocol said it is “the first lending protocol with over $1 billion in RWAs deposited.” The milestone comes as tokenized assets expand across decentralized finance.

Data from September 2025 to February 2026 shows RWA balances on Aave rising from near zero to above $1 billion within months. The increase took place during a period of broader recovery in DeFi markets.

RWA Deposits Rise Through Late 2025 The chart tracking RWAs on Aave shows deposits moving past $500 million in the fourth quarter of 2025. Balances continued climbing and later crossed the $1 billion level in early 2026.

The growth curve shows two stages. Deposits increased quickly during the initial phase. After crossing $800 million, balances advanced at a steadier pace. There were no sharp declines during the period shown.

Across the wider market, total distributed RWA value increased from roughly $1–2 billion in early 2023 to about $25 billion by early 2026. US Treasury debt accounts for the largest share, while private credit expanded during 2025.

Tokenized Treasuries Pass $10B Data on tokenized U.S. Treasuries shows total value locked rising from under $1 billion in April 2024 to more than $10 billion by February 2026. Growth picked up during 2025.

BlackRock’s BUIDL product holds the largest allocation. Circle’s USYC and Ondo’s USDY also increased over the same period. Franklin OnChain, Superstate, WisdomTree, and others represent smaller portions.

The chart shows step-like increases rather than a smooth line, indicating larger allocations at certain points. After short pullbacks, balances resumed their upward move.

DeFi TVL Remains Above 2023 Lows Total value locked in DeFi reached about $175–$180 billion in late 2021. It later declined to near $40–$50 billion in 2023. Recovery began in 2024, with TVL rising above $120 billion and later reaching $160–$170 billion in 2025.

Early 2026 figures place TVL near $90–$100 billion after a pullback. The level remains above the 2023 range.

Source: DeFiLlama AAVE trades at $126.30, up 3.2% over 24 hours and 12.7% over seven days. Daily trading volume stands at $297.5 million.

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

Rate this post

In brief Spot Bitcoin ETFs outflows marked their third straight day of redemptions on February 19. Total outflows over the past five weeks were just under $4B, following weekly outflows since mid-January. Experts remain split on whether the move marks a "controlled reset," or whether selling pressure would persist. Bitcoin ETFs logged another day of outflows Thursday, extending a five-week losing streak that has now erased nearly $4 billion from the products.

Spot Bitcoin ETFs saw $165.76 million in net outflows on February 19, marking the third consecutive day of redemptions, according to SoSoValue data. The latest withdrawals bring the five-week total to just under $4 billion, following weekly outflows of $403.9 million, $359.9 million, $318.1 million, $1.49 billion, and $1.33 billion since mid-January.

The sustained outflows test whether institutional appetite for Bitcoin exposure is cooling or simply resetting after a strong 2025, with experts divided on whether the bleeding reflects structural weakness or a controlled deleveraging.

Bitcoin has bucked the bearish trend, edging up 1.4% over the past 24 hours to around $67,800, according to CoinGecko data, lifting the total crypto market cap by 1.6% to $2.4 trillion. Major altcoins, including Hyperliquid, Avalanche and Sui, have notched gains of around 4% in the same period, even as ETF flows remain in negative territory.

The rebound has improved sentiment, with users on prediction market Myriad, owned by Decrypt’s parent company, assigning a 44% chance of Bitcoin rallying to $84,000—up 8% on the day.

Retreat or recalibration?For Brickken analyst Enmanuel Cardozo, the ETF outflows tell a story of recalibration rather than retreat.

"After a strong 2025, it's natural to see leveraged funds and short-term allocators reduce exposure, especially in the current macro environment, which is still uncertain and thus volatile," Cardozo told Decrypt.

"This does not resemble institutional capitulation," he added. "The outflows represent a small fraction of total ETF assets under management, and cumulative net inflows since launch remain decisively positive."

Cardozo acknowledged Bitcoin's structural demand, expecting the pace of outflows to rebalance if leverage drops, leading to price stabilization.

Illia Otychenko, lead analyst at CEX.IO, offered a more cautious view, noting that Bitcoin has struggled to maintain bullish momentum under both of its core narratives. "On the store-of-value side, the rally in gold reduced Bitcoin's appeal as a digital alternative," he told Decrypt. "At the same time, the ongoing AI-driven equity boom has drawn speculative capital toward tech stocks instead of crypto."

"ETF outflows have largely mirrored Bitcoin's price action rather than caused it," Otychenko said. "In many ways, ETFs have acted as an amplifier of broader market weakness, with redemptions accelerating during price declines."

He pointed to on-chain signals suggesting selling pressure remains relatively strong and highlighted the weakness in the recent Bitcoin bounce, noting that it "occurred on declining trading volume, which suggests conviction from buyers is still limited."

As a result, the CEX.IO analyst expects a prolonged market consolidation or another decisive move before selling pressure extinguishes. "Unless Bitcoin shows a confident shift from bearish to bullish momentum, ETF outflows could continue in the near term," he said.

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

Hyperliquid price rebounded 6% on Friday shortly after the decentralized perpetual futures exchange revealed the launch of a new advocacy group in Washington. This fresh catalyst has investors questioning whether HYPE can finally recover from its losses throughout the year.

Summary

Hyperliquid price rose 6% following the launch of the Hyperliquid Policy Center in the U.S. An upcoming token unlock and weakening on-chain stats could negate any short-term recovery attempts. HYPE price action has remained below a key descending trendline resistance since early February. According to data from crypto.news, Hyperliquid (HYPE) price rebounded over 6% on Friday morning during Asian trading hours before settling around $29.23 at the time of writing. 

HYPE’s price saw a notable uptick following the launch of the Hyperliquid Policy Center in Washington, D.C. This new advocacy and research nonprofit is dedicated to securing regulatory clarity for decentralized finance, specifically targeting on-chain derivatives and perpetual futures.

To jumpstart the initiative, the Hyper Foundation, the ecosystem’s independent growth arm, committed 1 million HYPE tokens, valued at approximately $29 million, as reported earlier by crypto.news.

As Hyperliquid takes on a leading role in framing the regulatory landscape for the decentralized industry, it is likely to benefit from the exposure and visibility, which could support long term adoption.

However, the impact of such a strategic move on HYPE’s long-term price action may be undercut as the project’s on-chain stats still point to weakness.

Data from DeFiLlama show that the total value locked in the network has dropped from $4.7 billion recorded on to $4.2 billion at the time of writing. At the same time, the weekly revenue generated by DeFi protocols on the network has slumped 55% to $11.83 million since Feb. 9.

Such a drop in TVL and revenue can be interpreted as a fundamental erosion of network utility and engagement, which inevitably dampens investor demand.

Looking ahead, another major headwind for Hyperliquid price is a 9.92 million token unlock set for March 6. 

At press time, the upcoming unlock was worth around $291 million and represented 2.72% of the total circulating supply. Token unlocks can drive prices lower, especially if there’s not enough demand from new buyers to absorb the liquidity.

The latest recovery also follows a difficult period where the token fell over 25% from its yearly high of $37.84.

Hyperliquid price analysis On the daily chart, Hyperliquid price has been trading under a descending trendline that has served as a dynamic resistance level since early February, suggesting that bears continue to dominate the market by capping any recovery attempts by bulls.

Hyperliquid price has been trading under a descending trendline resistance since early February — Feb. 20 | Source: crypto.news The ongoing bearish market, driven by Bitcoin’s failure to retain key support levels, has also added to investor caution and hurt HYPE price.

The Aroon indicator largely remains in support of a continuation of the bearish trend, with the Aroon Down at 92.86%, which means selling pressure still stands at an extreme level. 

Meanwhile, the Relative Strength Index metric has formed a falling channel slipping below neutral territory, a sign that momentum remains weak.

For now, the key support for Hyperliquid price lies at $28, which aligns with the 38.2% Fibonacci retracement level, where bulls could lodge a defense and spark a healthy correction. However, a breach below this level could embolden bears to push for lower prices toward $21, the next key support level on the Fibonacci extension.

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

Bitcoin price is moving back toward $68,000 after a volatile period, but overall market sentiment remains cautious. Rising geopolitical tensions, a stronger US dollar, and a hawkish signal from the Federal Reserve are limiting risk appetite, even as the price tries to stabilize.

Current Crypto  Market SentimentThe latest bounce in BTC price looks more like a short-term relief rally than the start of a strong uptrend. Traders are buying the dip, but buying interest weakens near key resistance levels. Each recovery attempt has faced selling pressure from investors looking to exit at higher prices, which is capping upside momentum.

At the same time, gold prices are rising as investors move toward safer assets amid renewed US-Iran tensions. US stock markets have softened, and money is shifting into cash and short-term Treasury bonds. This cautious mood in traditional markets is also affecting the crypto market outlook.

On-chain data adds further concern. Large holders have reportedly transferred record amounts of Bitcoin to Binance, a move that often signals potential selling rather than accumulation.

What’s Happening in the BackgroundMacro pressure is building. The latest Federal Reserve meeting minutes showed a more hawkish tone, indicating that interest rate hikes could still happen if inflation stays high. This has strengthened the US dollar and tightened financial conditions, making it harder for risk assets like Bitcoin to rally.

Geopolitical risk is also rising. Ongoing Middle East tensions have increased demand for safe-haven assets, which typically puts pressure on the Bitcoin market trend and other high-risk investments.

How Low Could Bitcoin Go?Some analysts warn that Bitcoin could retest its 2024 lows before forming a strong bottom. If the mid-$60,000 support level breaks clearly, selling pressure could increase as more traders step in to exit positions.

Heavy Bitcoin exchange inflows from large holders raise the risk of additional supply entering the market. Without strong spot demand, the BTC price could slide toward previous support zones seen in late 2024.

Is a Recovery Possible?A recovery is possible, but it likely depends on two key factors: improving macro conditions and stronger buying demand in the spot market.

There are early signs that forced selling may be slowing, and recent rebounds have shown slightly better stability. If geopolitical tensions ease and the Federal Reserve signals a softer stance, crypto market sentiment could improve quickly.

Key Levels to WatchResistance remains between $68,000 and $70,000. A sustained breakout above this range would strengthen the case for a broader Bitcoin recovery.

Crypto analyst Ali Martinez noted that Bitcoin has moved above $67,400 and is now targeting $68,900 as the next key resistance level.

On the downside, the mid-$60,000 support zone is critical. Losing this level would increase the chances of a deeper pullback before any meaningful recovery begins.

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.

FAQsWhat is driving Bitcoin’s current price volatility?

Bitcoin is moving near $68,000 due to macro pressure, Fed signals, geopolitical tension, and large holders moving coins to exchanges.

How do geopolitical tensions affect Bitcoin prices?

Rising global tensions drive investors to safer assets like gold, limiting risk appetite and capping Bitcoin’s upside momentum.

Is a Bitcoin recovery likely soon?

Recovery depends on easing geopolitical risks, a softer Fed stance, and stronger spot market demand to stabilize price trends.

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.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Historical data depicts XRP rallies followed periods of tight liquidity, though sustained moves required expanding USD market depth.

XRP’s market structure is showing signs of renewed liquidity compression, as evidenced by exchange flows and on-chain liquidity conditions aligning in a way that has historically preceded increased volatility.

Data tracking Binance exchange inflows revealed that large deposits previously surged ahead of a major XRP rally, a pattern often associated with rising volatility rather than immediate selling.

Fragile Market Setup CryptoQuant explained that while exchange inflows are commonly interpreted as potential sell-side pressure, past behavior indicates that they can also mark positioning phases before sharp price expansions. During the earlier rally period, USD liquidity, which represents the depth of capital supporting XRP markets, expanded significantly. This allowed prices to support upward momentum despite high volatility.

Current conditions, however, differ, as USD liquidity has been declining. Such a setting points to thinner market depth compared with prior expansion phases. Reduced depth typically increases sensitivity to flows and amplifies price reactions.

On the supply side, the amount of XRP actively available for trading dropped sharply ahead of the previous breakout, a period that marked the start of the rally. That same pattern is beginning to reappear, as XRP liquidity is trending lower once again. In past cycles, similar setups, where exchange inflows spiked while overall liquidity tightened, were followed by sharp increases in price volatility.

Whether those moves turned into steady trends depended largely on how much capital entered the market. Right now, exchange inflows remain relatively contained, but liquidity on both the USD and XRP side is shrinking. This points to a thinner market than during earlier expansion phases, where even modest changes in buying or selling pressure can have an outsized impact on price.

With less liquidity to absorb trades, XRP’s price may react more quickly if activity picks up, which makes market conditions even more fragile than they appear on the surface.

You may also like: Ripple CEO Garlinghouse Predicts CLARITY Bill Has 90% Chance of Approval Soon Grayscale Says XRP Is Second Most Talked-About Asset After Bitcoin XRP ETFs Weekly Review: Has the Demand Disappeared? XRP Most Talked-About Asset After Bitcoin Even against this backdrop, investor interest in the asset has not faded. As recently reported by CryptoPotato, XRP has emerged as the second-most talked-about digital asset after Bitcoin, as per Grayscale. The asset manager observed that the crypto continues to attract significant attention due to steady interest from its user base and investors, even as market sentiment remains cautious.

Speaking during Ripple Community Day, Grayscale’s Head of Product and Research, Rayhaneh Sharif-Askary, described XRP as having a large and committed community, and added that client inquiries about the token remain consistently high. Advisors at Grayscale have reported that the token frequently ranks just behind Bitcoin in terms of discussion volume.

Tags:

Gold and silver gain on US–Iran tensions as BTC retests key chart resistance.

Summary

Gold trades near $5k per ounce, up roughly 0.5–0.6% in 24 hours, pressing into horizontal resistance and flirting with a potential breakout toward all‑time highs. Silver changes hands around the upper‑$70s, adding about 0.3% on the day after breaking a triangle pattern, with bulls watching whether current levels flip from resistance to support. BTC trades close to $67.9k, up about 1% in 24 hours within a bear‑pennant structure, with weekly charts highlighting the need to hold key horizontal support as Stochastic RSI sits at historically low readings. Gold and silver prices advanced Friday amid heightened geopolitical tensions between the United States and Iran, with analysts monitoring whether Bitcoin will follow traditional safe-haven assets higher.

Gold prices rose above recent trading levels, breaking a short-term trend and approaching a nearby horizontal resistance level, according to technical analysis. The precious metal would require a modest daily gain to breach this resistance point, which analysts described as achievable based on recent price movements. A successful breakout could position gold for a potential rally toward its all-time high.

Silver broke out of a triangle pattern Friday morning, trading up strongly during early session hours. The metal faces horizontal resistance at current price levels, requiring additional buying pressure to sustain the rally. Technical analysts noted that if silver confirms the current level as support, only one additional resistance level remains before the metal could test its previous peak. Analysts cautioned that such a move could form a double top pattern.

Bitcoin traded higher Friday, approaching the lower boundary of a bear pennant pattern from which it recently declined. The cryptocurrency faces immediate technical challenges, as the current price action may represent a confirmation of the breakdown from the pennant pattern, according to market observers. Major horizontal resistance sits just above current levels.

Weekly chart analysis indicates the importance of Bitcoin closing above a key horizontal support level. The chart shows a significant downward wick that was met with strong buying, followed by a weekly candle that dipped slightly below support with another substantial wick. Technical indicators including the Stochastic RSI are positioned at low levels across multiple timeframes, suggesting the potential formation of a price bottom, analysts said.

Bitcoin (BTC) traded at approximately $67,000 at the time of publication, while gold has been targeting the $5,000 level in analyst projections. Options expiry this week has positioned some traders around nearby strike prices, according to market data.

The correlation between traditional safe-haven assets and cryptocurrencies remains a subject of debate among market participants, particularly during periods of geopolitical uncertainty.

/

TL;DR

Bitcoin Outflows: Bitcoin ETFs lost about $165.8 million, driven by a major $164.1 million IBIT redemption, signaling continued institutional caution and weakening short‑term conviction. Ethereum Redemptions: Ethereum products shed roughly $130.1 million, led by significant withdrawals from ETHA and additional selling across FETH and Grayscale-linked funds. Altcoin Inflows: Solana ETFs gained around $6.0 million, and XRP products added about $4.05 million, reflecting selective investor rotation toward alternative networks and targeted positioning amid shifting regulatory momentum.
U.S. crypto ETFs saw another uneven session on Feb. 19, with Bitcoin and Ethereum products absorbing heavy redemptions while Solana and XRP funds attracted selective inflows. The split in flows reflected a market still rotating capital cautiously, as investors trimmed exposure to the largest digital assets and redirected modest allocations toward alternative networks showing relative resilience.

Bitcoin Redemptions Deepen Bitcoin ETFs posted roughly $165.8 million in net outflows, driven by a $164.1 million withdrawal from BlackRock’s IBIT. Smaller redemptions across other issuers added to the total, reinforcing a pattern of persistent selling pressure. The continued exits signaled that institutional participants remain wary despite periods of price stability. With Bitcoin struggling to regain upward momentum after recent volatility, the sustained withdrawals suggested fading short‑term conviction among investors who had previously leaned on flagship products for directional exposure.

Ethereum Products Face Broad Selling Ethereum ETFs recorded about $130.1 million in net outflows, marking another session of risk reduction across the asset’s institutional channels. BlackRock’s ETHA led the decline with approximately $96.8 million in redemptions, followed by withdrawals from Fidelity’s FETH and Grayscale-linked funds. The scale of selling contrasted with earlier sessions that had shown tentative inflows, indicating that confidence in a near‑term breakout has weakened. The renewed pressure highlighted a broader retreat from Ethereum exposure during a period of uncertain market direction.

Solana Funds Attract Selective Inflows Solana ETFs bucked the broader trend, securing around $6.0 million in net inflows. Bitwise’s BSOL accounted for most of the additions, with smaller contributions from other issuers. While modest compared with Bitcoin and Ethereum flows, the positive movement suggested investors are selectively positioning in alternative layer‑1 networks. The resilience of Solana-focused products pointed to expectations of relative strength during ongoing market consolidation.

XRP Products See Targeted Allocations XRP ETFs added roughly $4.05 million, led by Franklin’s XRPZ and Bitwise’s offering, while Grayscale’s product remained flat. The inflows stood out against the day’s broader redemptions, reflecting targeted institutional interest. Market participants appeared to be responding to renewed policy engagement and legislative momentum surrounding U.S. crypto regulation, supporting steady demand for XRP-linked exposure.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Bitcoin (BTC) mining difficulty has increased by approximately 15% as more computing power joined the network.  As per the update shared by a developer in the space, Mononaut, this percentage increase translates to 144.4 trillion and marks one of the largest increases on record.

How Bitcoin mining difficulty impacts network Notably, since 2021 to date, the Bitcoin mining difficulty has not jumped as high as 15%. The hashrate has also rebounded sharply from a low of 826 EH/s to 1 ZH/s. The development signals an increase in mining difficulty, which previously eased.

For context, mining difficulty, which refers to how hard it is to mine a valid Bitcoin block, adjusts automatically approximately every two weeks, or 2,016 blocks. A higher mining difficulty implies that miners need more computing power and energy to earn the same amount of Bitcoin.

▲ 14.73% to 144.4T

Bitcoin mining just got ~15% harder, with the largest ever increase in absolute difficulty, completely erasing last epoch's huge downwards adjustment. pic.twitter.com/qRHDELO4n5

— mononaut (@mononautical) February 20, 2026 According to Mononaut, the current increase has completely erased the "last epoch’s huge downward adjustment." This indicates that the previous difficulty adjustment, some two weeks ago, went down a lot, and miners were able to easily mine BTC.

However, the current jump has canceled out that earlier drop and placed difficulty on a strong upward trend. This could have been caused by more miners coming online to engage and the increased hashrate, which saw a spike in the computing power of the network.

This sharp percentage increase implies short-term bearish pressure on miners as they might be operating at a loss. Notably, this is because the cost of mining one Bitcoin is higher than the current market price of the asset, forcing miners to sell the new coins mined.

However, in the long term, it is bullish for Bitcoin as a quick hashrate recovery signals network resilience, and this generally precedes price recoveries. Bitcoin has seen a slight price uptick, climbing from an intraday low of $65,637.43.

You Might Also Like

Bitcoin investors prepare for massive rallyAs of this writing, Bitcoin was changing hands at $68,104.38, which reflects a 1.57% increase in the last 24 hours. The coin’s trading volume has also increased slightly by 0.19% to $33.11 billion.

Market activity suggests that investors, particularly whales, are in accumulation mode despite lingering price instability. As U.Today reported, whale holdings have increased by 3.4% from mid-December 2025 to date.

The spike in accumulation suggests that these large holders are taking advantage of the dip to increase their portfolio. This is an expectation that a price breakout will continue to increase.

Already, venture capitalist Tim Draper believes that Bitcoin could surge to over $268,000 within the next two years.

Phemex integrates Ondo tokenized equities, giving 10m users onchain access to 14 major stocks and ETFs.

Summary

Phemex completed integration with Ondo Finance’s full tokenized equity suite, listing 14 real‑world assets including NVDA, TSLA, AAPL, AMZN, QQQ, and SPY‑style ETFs.​ The exchange says the move is part of a broader push into RWA tokenization, allowing clients to hold tokenized stocks and ETFs while preserving digital asset liquidity.​ Founded in 2019, Phemex now serves more than 10m traders with spot, derivatives, copy trading, and yield products as it positions itself between TradFi and DeFi. Cryptocurrency exchange Phemex announced the completion of its integration with Ondo Finance’s full suite of tokenized equities, according to a statement released by the company.

The integration provides the platform’s 10 million users access to 14 tokenized traditional assets, including shares of technology companies and exchange-traded funds, the company stated.

The tokenized equity offerings include shares of NVIDIA, Tesla, Apple, and Amazon, as well as the Nasdaq 100 ETF and the SPDR S&P 500 ETF, according to the announcement.

The platform describes the integration as part of its expansion into real-world asset (RWA) tokenization, allowing users to access traditional financial instruments through blockchain technology while maintaining digital asset liquidity.

Phemex stated the initiative represents part of its strategy to bridge traditional finance and decentralized finance platforms.

Founded in 2019, Phemex operates as a cryptocurrency exchange offering spot trading, derivatives trading, copy trading, and wealth management products, according to company information. The platform reports serving more than 10 million traders globally.

Bitcoin is still trading below a key onchain valuation benchmark heading into late February, as analysts say recent price action has reset the market’s structural framework, reflecting strained liquidity and the absence of sustained institutional demand.

Glassnode noted in its latest weekly report that bitcoin has decisively broken beneath the “True Market Mean” — a model tracking the aggregate cost basis of active supply. That level, currently around $79,000, has historically acted as a dividing line between expansionary and compression phases, it said.

With the breakdown confirmed, the firm sees the Realized Price near $54,900 — the average acquisition cost of all circulating coins — as the lower structural boundary. In previous cycles, the corridor between those two anchors has framed prolonged consolidation.

Bitcoin was trading around $67,700 at publication time, hovering within a broad $60,000 to $70,000 band that has defined recent price action, according to The Block’s price page.

Sustained institutional outflows Current price levels mark a further deterioration from earlier February conditions, when analysts noted bitcoin was “staying defensive” below $70,000 amid shallow demand. Since then, ETF flows have turned persistently negative, and spot sell pressure has intensified, reinforcing the lack of a structural bid beneath the market.

Glassnode’s data shows U.S. spot ETF net flows have rotated back into sustained outflows, removing what previously served as a steady source of marginal demand. Spot cumulative volume delta across major exchanges also flipped negative, signaling active sell-side aggression rather than passive liquidity gaps, the firm said.

While onchain accumulation metrics improved from outright distribution, appetite from large holders remains fragile, according to the Glassnode analysts. The Accumulation Trend Score has moved toward a neutral reading around 0.4, indicating that aggressive selling has eased, yet large-entity conviction has not returned in force. Liquidity conditions have stayed compressed, with realized profit-to-loss ratios stuck in a narrow band historically associated with stressed regimes, they said.

Panic cooled Meanwhile, derivatives positioning suggests the panic phase has cooled but not transitioned into renewed optimism. Implied volatility has retreated sharply from recent highs, and 25-delta skew — a gauge of downside hedging demand — has compressed from extreme levels. The data suggests traders are unwinding crash protection, but they are not rebuilding upside exposure in size, Glassnode said.

Macro conditions continue to shape the backdrop as well. Minutes from the Federal Reserve’s January meeting carried a hawkish tone, emphasizing patience on rate cuts and keeping the possibility of further tightening in play if inflation persists.

“Bitcoin is navigating an adjustment phase amid macroeconomic caution,” said Antonio Di Giacomo, senior market analyst at XS.com, pointing to resistance near $70,000 and intermediate support around $64,000 to $65,000. He added that the lack of clarity around monetary easing is weighing on speculative assets.

Nic Puckrin, co-founder of Coin Bureau, said that liquidity — rather than technical levels alone — will determine when a durable bottom forms. He highlighted onchain spot volume data showing continued sell-side pressure and suggested deeper capitulation toward the $55,000 to $58,000 region remains possible unless ETF inflows return or the dollar weakens materially.

The tone echoes a recent K33 report, which said bitcoin is approaching “late bear market territory,” with regime signals resembling those seen near the 2022 bottom. Yet analysts caution that structural recovery typically requires a clear improvement in liquidity, not just positioning resets.

Despite the market gloom, there are some early stabilization signals. Kraken’s global economist Thomas Perfumo noted that implied volatility has diverged below realized volatility — a pattern that has preceded recovery phases in prior corrections. Coin Days Destroyed, a proxy for long-term holder activity, has also stabilized, suggesting reduced supply pressure from older coins, Perfumo said.

Still, multiple analysts' opinions reviewed by The Block agree that conviction remains muted. ETF flows are not cushioning downside, large entities are not accumulating aggressively, and macro conditions have yet to pivot decisively.

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.

3 mins mins

Hong Kong’s gold hub plan: storage and central gold clearing systemhong kong has set a full push to become an international gold trading centre and a regional gold reserve hub, according to RTHK. Deputy Secretary Joseph Chan Ho-lim set the policy direction amid geopolitical uncertainty.

China Daily Hong Kong reports the Airport Authority’s facility holds near 150 tonnes today, with an expansion plan to 200 tonnes soon and up to 1,000 tonnes in later phases. The government will convene a working group to define storage, logistics, and testing standards.

According to the Hong Kong government’s official portal, authorities will establish a central gold clearing system aligned with international norms. The plan includes coordination across industry stakeholders and diversification of gold investment channels.

Why it matters for an international gold trading centreAs reported by SCMP, Hong Kong has signed a cooperation memorandum with the Shanghai Gold Exchange (SGE) and targets a 2026 trial of the central gold clearing system. The cross-border platform aims to lower transaction costs and increase market reliability.

Officials frame these steps as part of a broader commodities ecosystem built on large-scale storage and credible clearing. “We are committed to expanding Hong Kong’s gold storage, targeting a storing capacity of more than 2,000 tonnes in three years,” said Paul Chan Mo-po, Financial Secretary.

Forbes relayed that a panel featuring David Tait of the World Gold Council (WGC) and major banks called the SGE pact a game-changer. The discussion highlighted Asia-led demand, RMB liquidity, and enhanced cross-time-zone price discovery through better clearing and settlement.

BingX: a trusted exchange delivering real advantages for traders at every level.

in the near term, execution is likely to center on physical capacity upgrades, rule drafting for clearing, and participant on-boarding. Market depth and custody standardization should build progressively as infrastructure transitions from trial to production.

Taken together, a storage roadmap toward the low-thousands of tonnes and a CCP-style clearing layer could shift Hong Kong from transshipment to a regional reserve hub. Actual outcomes will depend on timelines, membership criteria, and operational standards.

Cross-border linkage, products, and risks to monitorCentral clearing linked to the SGE could streamline onshore–offshore bullion flows and reduce counterparty risk. Harmonized warehousing and certification would support custody confidence for RMB, USD, and HKD users.

Hong Kong versus Singapore and London: liquidity, costs, governanceAccording to ChinaStrategy.org, Hong Kong still trails London’s liquidity depth while Singapore accelerates storage and refining. Fee competitiveness, governance clarity, and transparent supervision will be decisive for market share.

Execution watchlist: rulebook, CCP design, warehousing and tax standardsAccording to the Hong Kong Securities & Futures Professionals Association, a CCP-backed central gold clearing system would replace self-regulation, upgrade governance, and broaden wealth products. Clear rulebooks, warehousing certification, insurance, and tax treatment remain pivotal.

FAQ about international gold trading centreHow will the proposed central gold clearing system work and connect with the Shanghai Gold Exchange?A CCP in Hong Kong would centrally clear trades and interface with SGE via a cross-border platform, targeting reduced costs, synchronized settlement, and standardized warehousing protocols.

What new investment and hedging products (ETFs, derivatives, custody solutions) are likely to emerge from these reforms?Expect evolutions in gold ETFs, exchange-cleared derivatives, and institutional custody solutions, contingent on finalized rulebooks, CCP membership criteria, and harmonized storage and tax standards.

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

Rate this post

February 20, 2026 04:54 ET  | Source: Shore Capital Stockbrokers Limited

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:Shore Capital Stockbrokers Ltd(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
        Use a separate form for each offeror/offereeCAB Payments Holdings Plc(c)        Name of the party to the offer with which exempt principal trader is connected:CAB Payments Holdings Plc(d)        Date dealing undertaken:19 February 2026(e)        Has the EPT previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?No 2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

(a)        Purchases and sales

Class of relevant securityPurchases/ sales Total number of securitiesHighest price per unit paid/receivedLowest price per unit paid/receivedOrdinaryPurchases28,15580.815p80.35pOrdinarySales28,32581.29p80.5p (b)        Derivatives transactions (other than option)

Class of relevant securityProduct description
e.g. CFDNature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unit      (c)        Options transactions in respect of existing securities

(i)        Writing, selling, purchasing or varying

Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitType
e.g. American, European etc.Expiry dateOption money paid/ received per unit         (ii)        Exercising

Class of relevant securityProduct description
e.g. call optionNumber of securitiesExercise price per unit     (d)        Other dealings (including subscribing for new securities)

Class of relevant securityNature of dealing
e.g. subscription, conversionDetailsPrice per unit (if applicable)     The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

3.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state “none”None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i)        the voting rights of any relevant securities under any option; or
(ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”None

Date of disclosure:20 February 2026Contact name:Clare Gamble-DaleTelephone number:0207 601 6132 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [email protected]. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.