Market Signal Briefing

Bitcoin (BTC) price led the wider crypto market in bearish sentiment on Wednesday, November 19, 2025. The flagship coin dropped over 3% to hit a range low of about $88.5k before rebounding to trade around $90.5k at press time. 

The total crypto market cap dropped 3.5% to hover around $3.07 trillion, below its 2021 peak. As a result of the heightened bearish sentiment, more than $651 million was liquidated from crypto leveraged traders, with around $491 million involving long traders. 

Main Reasons Why Bitcoin Price is Likely to Lead A Major Crypto Bull Market SoonHigh capitulation of retail traders amid the stabilization of whale selling pressure According to on-chain data from CryptoQuant, Bitcoin traders and short-term holders have been on a selling spree. On the other hand, Bitcoin miners and long-term holders have not been selling their coins.

Based on historical data, Santiment has concluded that the crypto market often moves in the opposite direction of retail traders. With the notable capitulation of retail traders, a potential crypto rebound is more probable in the coming weeks.

Potential historical rhyme on post-U.S. government shutdownsAccording to James Thorne, the Chief Market Strategist at Wellington-Altus, Bitcoin is well-positioned to repeat its price action after the 2019 U.S. government shutdown. 

“Bitcoin bottomed on February 7, 2019, at $3300, 13 days after the U.S. government reopened (January 25, 2019). Then rallied from this low, rallies over the next five months to peak near $13,000 on June 26, 2019, 139 days after the shutdown ended. History rhymes,” Thorne noted.

Technical tailwindsFrom a technical analysis standpoint, the Bitcoin price has recently retested a crucial support level above $90k. After filling its daily CME gap above $92k, BTC price has signaled a potential rebound ahead.

Source: TradingView

Moreover, the daily Relative Strength Index (RSI) has dropped to its oversold levels.

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Bitcoin's historical reputation as a strong performer in November is being questioned this year after the cryptocurrency recorded a sharp decline, falling more than 10% in the past week and briefly dropping below $90,000. Despite its long-standing status as one of Bitcoin's best months, analysts say that seasonal averages may not reflect today's market conditions.

Journalist

Posted: November 20, 2025

Key Takeaways
How many U.S. Solana ETFs now exist?
Six issuers now compete in the space: BSOL [Bitwise], GSOL [Grayscale], VSOL [VanEck], FSOL [Fidelity], SOLC [Canary], and the newly launched TSOL [21Shares].

Which fund dominates the Solana ETF market?
Bitwise’s BSOL controls over 80% of the market share, with $478.40M in assets, while Grayscale’s GSOL holds second place at $99.97M.

21Shares has launched a new Solana ETF in the United States, expanding the fast-growing lineup of institutional investment vehicles tracking the Solana ecosystem. 

The fund, listed as TSOL on the Cboe BZX Exchange, becomes the sixth U.S.-listed Solana ETF, entering a market that has already accumulated more than $593 million in total assets.

The product charges a 0.21% fee and includes a staking component, allowing the fund to capture additional yield from SOL’s native staking rewards. 

TSOL arrives at a time when institutional demand for Solana exposure has accelerated, despite recent market volatility.

Solana ETF market now includes six issuers
With TSOL’s debut, the U.S. Solana ETF landscape now includes BSOL [Bitwise] with $478.40M in assets, GSOL [Grayscale] at $99.97M, VSOL [VanEck] at $9.16M, FSOL [Fidelity] at $5.38M, SOLC [Canary] at $818K, and the newly launched TSOL from 21Shares.

Before TSOL’s arrival, the five active ETFs together managed $593.73M, representing 0.76% of SOL’s market cap. 

Bitwise dominates the category with a market share of more than 80%, while Grayscale holds a distant second position, with approximately $100M.

TSOL’s launch expands the competitive landscape just as the category begins to show consistent inflow momentum.

ETF inflows remain strong despite market pullbacks
Data from SoSoValue show Solana ETFs recorded $30.09 million in net inflows on 18 November, pushing cumulative net inflows above $420M since launch.

Inflows have shown several sharp spikes throughout recent weeks. The category saw $70M surge on 28 October, followed by another $70M spike on 3 November, and most recently $30M on 18 November. 

These surges occurred even as SOL price briefly softened, suggesting institutional buyers used market dips to add exposure.

The steady rise in total net assets also reflects growing confidence in Solana’s ecosystem strength and its expanding presence in ETF portfolios.

A fast-accelerating race for Solana exposure
With six issuers now active, Solana has become the most competitive altcoin ETF category in the U.S. after Bitcoin and Ethereum. 

The pace of launches suggests asset managers view Solana as the next major on-chain ecosystem with meaningful institutional demand.

TSOL enters a market experiencing rising inflows, expanding staking infrastructure, and increasing institutional interest in high-throughput layer-1 blockchains. 

Its launch positions 21Shares as a direct competitor to Bitwise and Grayscale, while giving investors another low-fee option in a market that still appears early in its growth cycle.

As ETF flows continue to build and Solana’s on-chain activity remains strong, the category could attract significantly more institutional attention heading into 2026.

Solana declined on Tuesday, reaching $134 as the cryptocurrency extended its multi-day retreat to a 13.4% weekly loss, according to market data.

Summary

Solana extended its weekly decline to 13.4% after breaking below a key psychological support level, triggering automated selling.
Trading volume dropped 26.7%, and Solana is now trading below major short-term moving averages.
Analysts say the next major support lies near late-October levels; a reversal would require a daily close above the 7-day simple moving average to avoid further downside.

The digital asset broke below a key psychological price level that served as both support and resistance throughout the fourth quarter, according to technical analysis. The breakdown triggered automated selling and stop-loss orders, accelerating the decline toward the lower end of its recent trading range.

Trading volume for Solana (SOL) decreased 26.7% over 24 hours, indicating reduced market participation during the downturn. The decline occurred alongside broader cryptocurrency market weakness, driven by Bitcoin price pressure and exchange-traded fund outflows.

At last check late Wednesday, Solana was trading at around $134, down 4.6%.

Source: CoinGecko
Solana’s next real safety net
Solana has slipped beneath every major short-term moving average, and even the modest seven-day trend line is now acting as a ceiling rather than a floor. The MACD is still firmly in the red, though it’s beginning to curl upward — a hint that selling momentum may be losing steam.

Analysts say the charts are flashing clear breakdowns across both the 4-hour and daily timeframes. That leaves Solana leaning on its next real safety net: a support zone it last clung to in late October. If that level doesn’t hold, they warn, the slide could deepen.

A reversal would require a daily close above the seven-day simple moving average, according to technical analysts. Without reclaiming that level, price rallies are expected to face rejection and potential retreats toward prior support zones.

Short-term sentiment remains weak across the altcoin market. Solana’s recent ETF inflows and ecosystem developments have not offset the current market-driven decline, according to market observers.

Just this week, VanEck introduced a Solana ETF on Nasdaq, offering institutional access, with initial fees waived and staking rewards passed to investors. Grayscale launched a spot Solana fund in late October, quickly raising significant assets and sharing staking yields with investors after reducing fees.

The cryptocurrency is approaching oversold conditions on lower timeframes, though bulls must reclaim the seven-day simple moving average to invalidate the bearish technical structure, analysts said.

Accelerating demand for solana exposure is fueling a rapid expansion of new ETFs, highlighting strengthening institutional traction and staking-focused designs as 21shares pushes the momentum forward with its latest entry into an expanding market today.

Ripple’s XRP Ledger is reportedly undergoing a strategic shift amid calls from the community for native staking capabilities.

Summary

Zcash almost tripled in value in less than a month
According to Ran Neuner, there has been a coordinated push by key influencers
Tyler and Cameron Winklevoss, and Arthur Hayes recently spoke about Zcash

The development follows the recent launch of the Canary Capital ETF, which recorded significant trading volume on its first day, according to market data.

The two events indicate XRP is expanding beyond its traditional payments-focused operations toward broader investment applications, industry observers noted.

The XRP Ledger community has been discussing implementing native staking features, which would align the platform more closely with decentralized finance (DeFi) protocols currently operating on other blockchain networks.

Ripple has not issued an official statement regarding the timeline or technical specifications for potential staking implementation on the XRP Ledger.

Singing Canary’s praises
The Canary Capital ETF is one of the first exchange-traded funds focused on XRP, providing traditional investors with regulated exposure to the digital asset.

It generated $58 million in first-day trading, slightly surpassing Bitwise’s BSOL ETF, which launched last month with $57 million. The activity places XRPC among the top-performing ETFs of 2025, far ahead of most of the roughly 900 funds launched this year.

The fund’s debut came amid a shaky crypto market, with Bitcoin dipping below $99,000 and total market capitalization falling about 3.5% to $3.43 trillion. Yet trading in XRPC was robust, with $26 million exchanged in the first 30 minutes and over $36 million by mid-morning, including rapid transactions on Robinhood.

XRPC is a physical spot ETF holding only XRP, tracking the token’s price via the CME CF XRP-USD Reference Rate. The fund carries a 0.50% annual fee and uses Gemini Trust and BitGo Trust for custody.

Canary Capital, a Tennessee-based digital asset firm with prior Bitcoin, Ethereum, and HBAR ETFs, positions XRPC as a convenient way for institutions to access XRP’s utility in cross-border payments without managing wallets or custody. Analysts note that demand for payment-linked tokens is rising, as reflected in Canary’s HBAR ETF raising $70 million in its first week.

At last check, XRP was trading at around $2.10, down 5.4% for the day.

Source: CoinGecko

Bitcoin IRAs have attracted savers who treat price dips as entry points, using tax-deferred or tax-free structures to build BTC exposure over decades. Experts say younger investors and those with stable cash flow may benefit most, while retirees face higher volatility and behavior risk.

TL;DR

MNT’s circulating market value soared 189.8% QoQ, driven by integration with Bybit.
Mantle Network’s TVL grew 14%, led by the AGNI Automated Market Maker (AMM) protocol.
The partnership with Bybit transformed MNT into a platform asset with fee discounts and VIP benefits.

Mantle Network, a layer 2 chain focused on onchain finance, reported an exceptional quarter in Q3 2025. The MNT token showed impressive performance, with its circulating market capitalization soaring 189.8% Quarter-over-Quarter (QoQ), rising from $2.0 billion to $5.7 billion.

The price of MNT also increased by 199.8%. This strong growth is largely attributed to the deep integration the project has established with the Bybit exchange, where MNT was positioned as a central platform asset, improving liquidity and utility. The network, which uses an EVM-compatible optimistic rollup and EigenDA, continues to pursue its goal of being the ecosystem’s “liquidity chain.”

The impact of this strategy was notable across Mantle’s infrastructure. Mantle Network’s Total Value Locked (TVL) grew 14% in Q3, from $212.5 million to $242.3 million, driven primarily by AGNI, an Automated Market Maker (AMM) that recorded a 129.9% QoQ growth in its TVL.

Mantle’s robust treasury, valued at approximately $5.6 billion and community-owned, anchors an ecosystem that prioritizes Real World Assets (RWA), DeFi, and restaking. There was also an increase in user activity, with daily active addresses rising 334.6% and a 66.2% increase in quarterly revenues in USD.

The Transformation of MNT to a Central Asset on Bybit
The change in relationship with Bybit went beyond a simple listing. The partnership was formalized through a joint roadmap that transformed MNT into a platform asset for trading, VIP benefits, and institutional products.

Bybit listed 21 new MNT-quoted spot pairs and activated trading fee discounts of up to 25%. For institutional clients, the “MNT x Bybit Institutional” program was launched, which allows using MNT as collateral to unlock greater leverage and longer fixed-rate loan terms.

This deepening of MNT’s utility through a top-tier partner is the main driver behind Mantle Network’s growth, consolidating its modular approach and its commitment to sustainable and efficient liquidity in the onchain space.

Not for distribution to U.S. news wire services or dissemination in the United States.

MARKHAM, ONTARIO, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) announced today that its wholly-owned home health care subsidiary, ParaMed Inc. (“ParaMed” or the “Purchaser”), has entered into a definitive agreement to acquire all of the equity interests of CBI Home Health LP and CBI (GP) 3 Inc. and their respective subsidiaries (collectively, “CBI Home Health”), from CBI Health LP and CBI GP Holdco Inc. (the “Acquisition”). The Acquisition will accelerate Extendicare’s services-focused growth strategy and strengthen its national leadership position.

The acquisition will be completed for a cash purchase price of $570.0 million, subject to customary adjustments, plus approximately $13.6 million in estimated lease liabilities in accordance with IFRS 16 – Leases (“IFRS 16”).

Acquisition Highlights

CBI Home Health is a national home health care company, delivering over 10 million hours of care annually across seven provinces, anchored by sizeable Ontario and Alberta operations.  Diversifies ParaMed’s geographic footprint and establishes a sizeable presence in the Alberta market.Enhances ParaMed’s capabilities through innovative care models, including service partnerships with hospitals and specialized community services.Highly complementary to Extendicare’s home health platform, adding scale to ParaMed’s technology platform to drive operating performance and significant IT and other cost synergies.Highly compelling financial profile: 8.4x Adjusted EBITDA multiple after giving effect to the expected post-Acquisition synergies of approximately $7.4 million, resulting in pro forma AFFO per share and earnings per share (fully diluted) accretion of 20% and 15%, respectively (as further described below).1Prudent financing plan resulting in 3.3x Pro forma Total Debt to Adjusted EBITDA as at September 30, 2025.2 In connection with the Acquisition, the Company further announced today that it has entered into an agreement with a syndicate of underwriters co-led by CIBC Capital Markets, as sole bookrunner, and BMO Capital Markets (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis, 10.64 million common shares of Extendicare (the “Offered Shares”) at a price of $18.80 per share (the “Offering Price”), for gross proceeds of approximately $200 million (the “Offering”).

“Home care services play an important role in relieving pressure on the rest of the health care system. The combination of ParaMed and CBI Home Health brings together two outstanding teams to enhance access to community-based care across the country,” said Dr. Michael Guerriere, President and CEO of Extendicare. “This Acquisition accelerates the growth trajectory of our home health care segment, significantly enhancing our presence in Western Canada and adding innovative care models to broaden our service offerings. The deep bench of talent and scale of our combined operations will allow us to support more Canadians to live independently at home, while leveraging our technology platform to drive outstanding customer experience and significant cost synergies to deliver strong value for our customers and shareholders,” added Dr. Guerriere.

________________________
1 “Adjusted EBITDA” and “AFFO per share” are non-GAAP financial measures. See “Non-GAAP Measures” below. Based on CBI Home Health’s trailing twelve months (TTM) ended July 31, 2025 Adjusted EBITDA of $61.9 million, including adjustments for lease accounting policy alignment adjustments to EBITDA ($5.5 million) and lease liability ($13.6 million) related to facilities leases, net of Extendicare Quality of Earnings (“QoE”) EBITDA adjustments of $3.3 million. Per share amounts calculated based on fully-diluted shares outstanding as at September 30, 2025, including the 10,640,000 common shares of Extendicare to be issued in connection with the Offering (as defined below).
2 “Pro forma total debt to Adjusted EBITDA ratio” is a non-GAAP ratio. See “Non-GAAP Measures” below. Pro forma total debt to Adjusted EBITDA is based on the combined Extendicare and CBI Home Health third quarter 2025 (“Q3-25”) TTM results, including outstanding Extendicare letters of credit.

Acquisition Overview

CBI Home Health is the home health care subsidiary of CBI Health LP. It provides services in seven provinces and delivered over 10 million hours of care in 2024 (average daily volume of approximately 28,000 hours). CBI Home Health’s approximately 8,500 team members provide a comprehensive suite of publicly funded home health care services, including innovative care models such as hospital to home programs, integrated care provided by interdisciplinary teams and specialized community support services, in addition to the more traditional provincially funded home health care services.

CBI Home Health’s standalone financial performance for the twelve months ended July 31, 2025, generated revenue of approximately $477.9 million and Adjusted EBITDA3 of approximately $61.9 million (or approximately 12.9% Adjusted EBITDA margin3). Based on these results, the purchase price of $570.0 million and approximately $13.6 million in estimated lease liabilities in accordance with IFRS 16, represents an estimated purchase price multiple of 9.4x CBI Home Health’s Adjusted EBITDA. Extendicare expects to realize annualized run-rate synergies of approximately $7.4 million related to the integration of IT platforms and other cost synergies over the two-year period following closing of the Acquisition. Including the effect of these synergies, the implied purchase price multiple would be approximately 8.4x of CBI Home Health’s Adjusted EBITDA.

Given the complementary nature of ParaMed’s and CBI Home Health’s operations, Extendicare expects to realize further annualized run-rate synergies of approximately $5.0 to $7.0 million over a longer period of time as the Company deploys enhanced technology solutions to drive productivity gains in areas such as automated scheduling and front-line employee experience once CBI Home Health’s business has been fully integrated.

Closing of the Acquisition is subject to customary closing conditions, including receipt of consents from third parties, including Ontario Health atHome and Assisted Living Alberta, and regulatory approval pursuant to the Competition Act (Canada), and is not conditional on financing or due diligence. The Acquisition is anticipated to close in the first quarter of 2026.

________________________
3 “Adjusted EBITDA” and “Adjusted EBITDA margin” is a non-GAAP financial measure and a non-GAAP ratio, respectively. See “Non-GAAP Measures” below. Based on CBI Home Health TTM July 31, 2025 Adjusted EBITDA of $61.9 million, including adjustments for lease accounting policy alignment adjustments to EBITDA ($5.5 million) and lease liability ($13.6 million) related to facilities leases, net of Extendicare QoE EBITDA adjustments of $3.3 million.

Acquisition Financing

The Acquisition will be funded through a fully-committed $264.5 million upsizing to the Company’s existing senior secured credit facility, comprising: a $60.0 million increase to the Company’s existing revolving credit facility; a $204.5 million increase to the Company’s existing delayed draw term facility that will be fully drawn on closing; a new $150.0 million equity bridge facility that will backstop the Offering and will be reduced or cancelled in its entirety upon closing of the Offering; draws on the increased revolving credit facility; and cash on hand. Based on the above, and assuming that the Acquisition closed as at September 30, 2025, it is estimated that Extendicare’s pro forma total debt to Adjusted EBITDA4 as at September 30, 2025 would be 3.3x.

Additionally, the Company intends to use the proceeds from the Offering (net of Underwriters’ fees) of approximately $192 million to partially fund the Acquisition.

The Offered Shares will be offered by way of private placement to “accredited investors” in all provinces of Canada and in the United States on a private placement basis to “qualified institutional buyers” pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). Closing of the Offering is expected to occur on or about December 3, 2025, subject to the approval of the Toronto Stock Exchange and customary closing conditions. The closing of the Offering is not conditional on closing of the Acquisition. In the event that the Acquisition does not ultimately close, Extendicare intends to use the net proceeds from the Offering to reduce its outstanding indebtedness, finance future growth opportunities, including acquisitions, and for general corporate purposes.

The Offered Shares have not been and will not be registered under the U.S. Securities Act, or under any state securities laws in the United States, and may not be offered, sold, directly or indirectly, or delivered within the United States except in certain transactions exempt from or not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy Offered Shares in the United States or in any other jurisdiction where such offer is or may be unlawful.

________________________
4 “Pro forma total debt to Adjusted EBITDA ratio” is a non-GAAP ratio. See “Non-GAAP Measures” below. Pro forma total debt to Adjusted EBITDA is based on the combined Extendicare and CBI Home Health results for TTM Q3-25, including outstanding Extendicare letters of credit.

Conference Call

Extendicare has posted an investor presentation and a pre-recorded management presentation online at www.extendicare.com under the “Investors/Events & Presentations” section.

Advisors

CIBC Capital Markets is acting as financial advisor and Torys LLP is acting as legal advisor to Extendicare in connection with the Acquisition and related financings. Blake, Cassels & Graydon LLP is acting as legal advisor to the Underwriters in connection with the Offering. TD Securities and Houlihan Lokey are acting as financial advisors and Stikeman Elliott LLP is acting as legal advisor to CBI Home Health in connection with the Acquisition. Canadian Imperial Bank of Commerce is acting as lead arranger and administrative agent under Extendicare’s credit facilities and McCarthy Tétrault LLP is acting as legal advisor to Canadian Imperial Bank of Commerce in connection with such credit facilities.

About Extendicare

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of a growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. We operate a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 13.5 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 152,100 beds across Canada. Extendicare proudly employs approximately 28,000 qualified, highly trained and dedicated team members who are passionate about providing high-quality care and services to help people live better.

Non-GAAP Measures

Certain measures used in this press release, such as “Adjusted EBITDA”, “Adjusted EBITDA margin”, “AFFO” and “Pro forma total debt to Adjusted EBITDA”, including any related per share amounts, are not measures recognized under GAAP and do not have standardized meanings prescribed by GAAP. These measures may differ from similar computations as reported by other issuers and, accordingly, may not be comparable to similarly titled measures as reported by such issuers. These measures are not intended to replace earnings (loss) from continuing operations, net earnings (loss), cash flow, or other measures of financial performance and liquidity reported in accordance with GAAP. Such items are presented in this press release because management believes that they are relevant measures of Extendicare’s operating performance and ability to pay cash dividends.

Management uses these measures to exclude the impact of certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance and improves comparability of underlying financial performance between periods. The exclusion of certain items does not imply that they are non-recurring or not useful to investors.

Detailed descriptions of these measures can be found in Extendicare’s Q3 2025 MD&A (refer to “Non-GAAP Measures”), which is available on SEDAR+ at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com, and which is incorporated by reference in this press release.

Please see below for additional information related to certain of the Non-GAAP measures included herein:

“Pro forma total debt to Adjusted EBITDA” is a Non-GAAP ratio and is defined as total debt divided by Adjusted EBITDA. Total debt consists of all short-term and long-term credit facilities, mortgages and lease liabilities on the Company’s balance sheet, excluding deferred financing costs.

Reconciliations for certain non-GAAP measures included in this press release are provided below.

The following table provides a reconciliation of pro forma net operating income to Adjusted EBITDA.

 Extendicare Inc. CBI Home Health LP Extendicare Inc. (unaudited)
(thousands of dollars unless otherwise noted)Twelve months ending September 30, 2025(1) Out-of-
period
adjust-
ments(2)Adjusted twelve months ending September 30, 2025 Pro forma adjust-
ments(3) Pro forma adjusted twelve months ending September 30, 2025 Adjusted twelve months ending July 31, 2025(4) Pro
forma consolidatedRevenue1,589,938  (15,179)1,574,759  143,569  1,718,329  477,943  2,196,272 Operating expenses(1,365,014) 733 (1,364,281) (129,429) (1,493,710) (421,589) (1,915,299)Net operating income224,924  (14,445)210,479  14,140  224,619  56,353  280,973 IFRS 16 adjustment-  - -  476  476  5,504  5,980 Net operating income, IFRS 16 adjusted224,924  (14,445)210,479  14,616  225,095  61,857  286,952 Administrative costs(59,063) - (59,063) -  (59,063) -  (59,063)Adjusted EBITDA165,861  (14,445)151,416  14,616  166,032  61,857  227,889 Depreciation and amortization(35,168) - (35,168) (3,026) (38,194) (16,437) (54,632)Other expense (income)6,466  - 6,466  (647) 5,819  (839) 4,981 Share of profit from investment in joint ventures1,037  (567)470  -  470  -  470 Earnings before net finance costs and income taxes138,196  (15,012)123,184  10,943  134,127  44,581  178,708 Interest expense (net of capitalized interest)(18,448) - (18,448) (2,292) (20,740) (16,870) (37,609)Interest revenue5,844  - 5,844  (1,682) 4,162  (1,757) 2,405 Accretion(944) - (944) -  (944) -  (944)Loss on early redemption of convertible debentures(820) - (820) -  (820) -  (820)Fair value adjustments(2,399) - (2,399) -  (2,399) -  (2,399)Net finance costs(16,767) - (16,767) (3,974) (20,741) (18,626) (39,367)Earnings before income taxes121,429  (15,012)106,417  6,969  113,386  25,955  139,341 Current income tax expense(35,614) 3,971 (31,643) (2,221) (33,864) (6,878) (40,742)Deferred income tax recovery5,190  - 5,190  -  5,190  -  5,190 Total income tax expense(30,424) 3,971 (26,453) (2,221) (28,674) (6,878) (35,552)Net earnings91,005  (11,041)79,964  4,748  84,712  19,077  103,789 Earnings per basic share ($)1.077  (0.131)0.946  0.056  1.002  0.200  1.091 Earnings per diluted share ($)1.062  (0.129)0.933  0.055  0.989  0.198  1.077 Weighted Average Number of Shares            Basic (000's)84,524  84,524 84,524  84,524  84,524  95,164  95,164 Diluted (000's)85,688  85,688 85,688  85,688  85,688  96,328  96,328 
The following table provides a reconciliation of pro forma net earnings to FFO and AFFO.

 Extendicare Inc. CBI Home Health LP Extendicare Inc. (unaudited)
(thousands of dollars unless otherwise noted)Twelve months ending September 30, 2025(1) Out-of-
period
adjust-
ments(2)Adjusted twelve months ending September 30, 2025 Pro forma adjust-
ments(3) Pro forma adjusted twelve months ending September 30, 2025 Adjusted twelve months ending July 31, 2025(4) Pro
forma consolidatedNet earnings91,005  (11,041)79,964  4,748  84,712  19,077  103,789 Add (Deduct):            Depreciation and amortization35,168  - 35,168  3,026  38,194  16,437  54,632 Depreciation for FFEC (maintenance capex)(7,814) - (7,814) (2,348) (10,162) (12,136) (22,298)Depreciation for office leases(3,033) - (3,033) -  (3,033) (4,301) (7,334)Other expense (income)(6,466) - (6,466) 647  (5,819) -  (5,819)Loss on early redemption of convertible debentures820  - 820  -  820  -  820 Fair value adjustments2,399  - 2,399  -  2,399  -  2,399 Current income tax expense (recovery) on other expense (income) and FV adjustments(1,059) - (1,059) -  (1,059) -  (1,059)Deferred income tax recovery(5,190) - (5,190) -  (5,190) -  (5,190)FFO adjustments for joint ventures2,811  - 2,811  -  2,811  -  2,811 FFO108,641  (11,041)97,600  6,073  103,673  19,077  122,750 Amortization of deferred financing costs1,499  - 1,499  -  1,499  839  2,338 Accretion costs944  - 944  -  944  -  944 Non-cash share-based compensation393  - 393  -  393  -  393 Principal portion of government capital funding1,616  - 1,616  -  1,616  -  1,616 Additional maintenance capex(9,907) - (9,907) -  (9,907) 8,303  (1,604)AFFO adjustments for joint ventures(91) - (91) -  (91) -  (91)AFFO103,095  (11,041)92,054  6,073  98,127  28,219  126,346 Per Basic Share ($)            FFO1.285  (0.131)1.155  0.072  1.227  0.200  1.290 AFFO1.220  (0.131)1.089  0.072  1.161  0.297  1.328 Per Diluted Share ($)            FFO1.268  (0.129)1.139  0.071  1.210  0.198  1.274 AFFO1.203  (0.129)1.074  0.071  1.145  0.293  1.312  Notes:

(1) Represents the consolidated results of Extendicare for the twelve-month period ended September 30, 2025, as reported.
(2) Represents adjustments to revenue and operating expenses for the twelve-month period ended September 30, 2025, related to out-of-period retroactive funding adjustments and workers’ compensation rebates related to prior periods, net of tax at the current statutory tax rates currently or substantively enacted of 26.5%.
(3) Represents the adjustments to annualize the impact of: (i) the acquisition of the issued and outstanding shares of Closing the Gap Healthcare Group Inc. and certain affiliates (collectively, “Closing the Gap”) from the ultimate shareholders of Closing the Gap (the “CTG Transaction”) which closed on July 1, 2025; and (ii) the acquisition of nine Class C long-term care (“LTC”) homes acquired from the seller and certain of its affiliates that closed on June 1, 2025 and the related loss of management contracts related to these homes, and an additional 21 LTC homes sold on May 1, 2025 by the seller to a third party that were being managed by the Company (collectively, the “LTC Transactions”), as follows:

(i) Additional trailing nine months ended June 30, 2025, of the financial performance of Closing the Gap, including certain adjustments of $0.6 million related to differences in estimates and timing matters identified in the Company’s due diligence and assuming the purchase price was settled with a $55.0 million increase in the Company’s delayed draw term loan bearing interest at an estimated 5.24%, with the remainder funded with cash on hand. Results exclude any impact of the potential earn-out and do not give effect to potential costs savings or operating synergies; 
(ii) Additional eight-month impact of the nine LTC homes acquired on June 1, 2025, and the corresponding loss of the management contracts associated therewith and an additional seven-month impact of the loss of the management contracts for the 21 homes sold as of May 1, 2025. Estimated Revenue, NOI and AFFO derived from the actual results for the nine months ended September 30, 2024 for the nine LTC homes and associated management contracts lost and assuming the purchase price for the nine LTC homes was paid with cash on hand; and
(iii) the impact of the above adjustments, net of tax at the current statutory tax rates currently or substantively enacted of 26.5%.

(4) Reflects the Acquisition for a cash purchase price of $570.0 million, plus the assumption of approximately $13.6 million in estimated lease liabilities under IFRS 16, before customary net working capital and other closing adjustments. Assumes the purchase price is funded with $359.0 million of incremental revolver and delayed draw term loan debt bearing interest at an estimated 4.8%; the net proceeds from the Offering; and cash on hand. Pro forma adjustments are based on the unaudited TTM July 31, 2025 results of CBI Home Health, adjusted for estimated lease accounting adjustments under IFRS 16 of $5.5 million, certain adjustments related to differences in estimates and timing matters identified in the Company’s due diligence QoE of $3.3 million, and additional depreciation and amortization resulting from the preliminary purchase price allocation primarily related to the estimated recognition of customer contract and customer relationship intangible assets. Net earnings are adjusted for tax impacts based on the statutory tax rates currently or substantively enacted of 26.5%. Results exclude any impact of potential costs savings or operating synergies. Per share figures are based on 10,640,000 common shares of Extendicare to be issued in connection with the Offering.

Forward-Looking Statements
Certain statements contained in this press release may be considered “forward-looking information” as defined under applicable securities laws (“forward-looking statements”). Statements other than statements of historical fact contained in this press release may be forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning anticipated future events, results, circumstances, economic performance or expectations with respect to the Company, including, without limitation: statements regarding the Acquisition, the timing of its completion and financial impact therefrom (including anticipated post-Acquisition synergies and the timing of those synergies), the terms of the Offering, the timing of closing thereof and the intended use of proceeds therefrom, and Extendicare’s business operations, business strategy, growth strategy, results of operations and financial condition. Forward-looking statements can often be identified by the expressions “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will”, “may”, “should” or other similar expressions or the negative thereof. These forward-looking statements reflect the Company’s current expectations regarding future results, performance or achievements and are based upon information currently available to the Company and on assumptions that the Company believes are reasonable. Actual results and developments may differ materially from results and developments discussed in the forward-looking statements, as they are subject to a number of risks and uncertainties.

Although forward-looking statements are based upon estimates and assumptions that the Company believes are reasonable based upon information currently available, these statements are not representations or guarantees of future results, performance or achievements of the Company and are inherently subject to significant business, economic and competitive uncertainties and contingencies. In addition to the assumptions and other factors referred to specifically in connection with these forward-looking statements, the risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by the forward-looking statements, include, without limitation, those risks, uncertainties and other factors identified in the Company’s regulatory filings with the Canadian securities regulators, including Extendicare’s current annual information form and management’s discussion and analysis, which are available on SEDAR+ at www.sedarplus.ca under the Company’s issuer profile. These risks and uncertainties include the following: the occurrence of a pandemic, epidemic or outbreak of a contagious illness, such as COVID-19; changes in the overall health of the economy and changes in government, both domestic and foreign; the availability and ability of the Company to attract and retain qualified personnel; changes in the health care industry in general and the long-term care industry in particular because of political, legal and economic influences; inflationary pressures and supply chain interruptions, in particular as they impact redevelopment; changes in regulations governing the health care and long-term care industries and the compliance by the Company with such regulations; changes in government funding levels for health care services; the ability of the Company to comply with and renew its government licenses and customer and joint venture agreements; changes in labour relations, employee costs and pay equity; changes in tax laws; resident care and class action litigation, including the Company’s exposure to punitive damage claims, increased insurance costs and other claims; the ability of the Company to maintain and increase resident occupancy levels and business volumes; changes in competition; changes in demographics; changes in interest rates; changes in the financial markets, which may affect the ability of the Company to refinance debt; and the availability and terms of capital to the Company to fund capital expenditures and acquisitions; changes in the anticipated outcome and benefits of proposed or actualized dispositions, acquisitions and development projects, including risks relating to the actual completion of proposed transactions. The forward-looking statements relating to the Acquisition and the benefits expected to be realized therefrom is subject to further risks regarding the possible failure to complete the Acquisition; potential inability of the Company to successfully integrate CBI Home Health’s business upon completion of the Acquisition; the potential failure to realize anticipated benefits from the Acquisition; unexpected costs or liabilities related to the Acquisition; or risks related to information provided by CBI Home Health.

The preceding reference to material factors or assumptions is not exhaustive. All forward-looking statements contained in this press release are qualified in their entirety by this forward-looking disclaimer. Although forward-looking statements contained in this press release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Accordingly, readers should not place undue reliance on such forward-looking statements and assumptions as management cannot provide assurance that actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. The forward-looking statements speak only as of the date of this press release. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial outlook and future-oriented financial information contained in this press release about prospective financial performance or financial position is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than for which it is disclosed herein. The prospective financial information included in this press release has been prepared by, and is the responsibility of, management and has been approved by management as of the date hereof. The Company and management believe that prospective financial information has been prepared on a reasonable basis, reflecting the best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. The preparation of any financial outlook is complex and is not necessarily susceptible to partial analysis or summary description and any attempt to do so could lead to undue emphasis on any particular factor or analysis. Furthermore, investors should not assume that any pro forma financial information included in this press release will be the actual financial position of the Company in the future.

Extendicare contact:
David Bacon, Executive Vice President and Chief Financial Officer
T: (905) 470-4000
E: [email protected]
www.extendicare.com

November 19, 2025 5:19 PM EST | Source: Faruqi & Faruqi LLP
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Significant Losses in Tvardi to Contact Him Directly to Discuss Their Options

If you suffered significant losses in Tvardi stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

New York, New York--(Newsfile Corp. - November 19, 2025) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Tvardi Therapeutics, Inc. ("Tvardi" or the "Company") (NASDAQ: TVRD).

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

On Monday, October 13, 2025, Tvardi Therapeutics, Inc. saw its shares plummet over 80% after disappointing preliminary data from the Phase 2 REVERT clinical trial of TTI-101 in idiopathic pulmonary fibrosis. The study was designed to assess safety, pharmacokinetics, and exploratory outcomes related to lung function. After reviewing the preliminary safety data and exploratory efficacy results, including changes in Forced Vital Capacity (FVC), the Company concluded that the study did not meet its goals. Preliminary data demonstrated patients' baseline characteristics were similar across treatment arms, with the exception of percent predicted FVC, which was lower in the placebo-treated patients compared to the TTI-101-treated arms.

To learn more about the Tvardi investigation, go to www.faruqilaw.com/TVRD or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275201

The renowned hedge fund, Renaissance Technologies, disclosed a sizable stake in Strategy (MSTR), signaling fresh quantitative interest in the bitcoin-heavy firm's equity.

NEW YORK, Nov. 19, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Telix Pharmaceuticals Ltd. (NASDAQ: TLX) between February 21, 2025 and August 28, 2025, both dates inclusive (the “Class Period”), of the important January 9, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

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

WHAT TO DO NEXT: To join the Telix class action, go to https://rosenlegal.com/submit-form/?case_id=43778 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 9, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) defendants materially overstated the progress Telix had made with regard to prostate cancer therapeutic candidates; (2) defendants materially overstated the quality of Telix’s supply chain and partners; and (3) as a result, defendants’ statements about Telix’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Telix class action, go to https://rosenlegal.com/submit-form/?case_id=43778   or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

November 19, 2025 17:23 ET

 | Source:

Automotive Finco Corp.

Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. 

TORONTO, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Automotive Finco Corp. (NEX: AFCC-H) (the “Company”) today announced that it has filed condensed interim consolidated financial statements for the nine months ended September 30, 2025. The statements together with the Management Discussion and Analysis can be found on the Company’s SEDAR+ profile at www.sedarplus.ca.

Additionally, subsequent to September 30, 2025 the Partnership’s loan investment including all outstanding interest was paid. The total received was $26,608,540. Additional information can be found in the above-mentioned financial statements and Management Discussion and Analysis.

Given the repayment received, the Company is currently exploring strategic alternatives to return the majority of the cash to shareholders efficiently. The Company will provide updates to shareholders in due course.

About Automotive Finco Corp.

Automotive Finco Corp. is a finance company focused exclusively on the auto retail sector. In addition to its interest in Automotive Finance Limited Partnership, the Company may also pursue other direct investments and financing opportunities across the auto retail sector.

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.

For further information please refer to the Company's website at www.autofincocorp.com or contact Shannon Penney, Chief Financial Officer, at [email protected] or (905) 619-4996.

OverActive Media Corp. (OAM:CA) Discusses Growth Strategy and AI-Powered Creator Monetization Platform November 19, 2025 1:00 PM EST

Company Participants

Babak Pedram - Chief Operating Officer
Adam Adamou - Co-Founder, Chief Strategy Officer & CEO

Presentation

Babak Pedram
Chief Operating Officer

Good afternoon, everyone, and thanks for joining us. Apologies for the few minutes of delay. We've been facing some technical issues, unfortunately.

To start, I'll give you a little overview of OverActive, and I'll pass the call to Adam. OverActive Media is a digital media and entertainment company with operations in Toronto, Madrid and Berlin. The company combines high-margin digital revenue streams, sponsorships, content licensing, creator monetization and in-game digital sales with ownership of 2 of the most valuable esports franchises in the world. With global partners Telefonica, Bell, Pepsi, Red Bull and AMD, OverActive is positioned as a scalable media platform backed by rare appreciating franchise assets. The company is listed on the TSX venture under the symbol OAM on the OTC under the symbol OAM CF and on the Frankfurt Exchange under the symbol 0RB.

Today, Mr. Adam Adamou, Co-Founder and CEO of OverActive will provide an overview of the business, including the company's growth strategy and clear road map for ActiveVoices, OverActive's proprietary AI-powered creator monetization platform. At the end of the session, we'll also address the questions investors have submitted by e-mail. Over to you, Adam.

Adam Adamou
Co-Founder, Chief Strategy Officer & CEO

All right. Thanks, Babak. First of all, let me start by apologizing if we were using the ActiveVoices platform instead of the Zoom platform, I think this presentation would go off without a hitch. One of the challenges that we're having with Zoom right now is that we have a number of slides here that require sound on your end. And we've got some ActiveVoices examples. Obviously, ActiveVoices is all about

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MSCI Inc. (MSCI) Global Technology, Internet, Media & Telecommunications Conference 2025 November 19, 2025 2:40 PM EST

Company Participants

Jorge Mina - Head of Analytics

Conference Call Participants

Ashish Sabadra - RBC Capital Markets, Research Division

Presentation

Ashish Sabadra
RBC Capital Markets, Research Division

I'm Ashish Sabadra, and I cover info services companies here at RBC. We are excited to host Jorge, Head of Analytics at MSCI thanks again for giving us this opportunity.

Jorge Mina
Head of Analytics

Thank you, Ashish. Great to be here.

Question-and-Answer Session

Ashish Sabadra
RBC Capital Markets, Research Division

I'll kick off the conversation with a question on GenAI because that has been the most topical question across our universe and at the tech conference, how do you think about the GenAI? One of the questions that we get is, obviously, the disintermediation risk. But then if you can also talk about the proprietary data, how deeply embedded you are within the workflows? And as well as talk about the monetization opportunity. So we'll first go with the top line and then we may talk about the efficiency part.

Jorge Mina
Head of Analytics

Yes. So we're very excited about GenAI in general, for both of those reasons. We think it will make us way more efficient than we are today and then have to talk about the things that we're doing in that regard. But we also think there's opportunities to expand ways in which our clients are using it, develop new products. And so lots and lots of opportunities that we see going forward.

So let me talk about internally first, how we're doing it because I think that's something that we've been doing for a very long time. Generally using standard leading products and embedding them in every part of what we do, certainly

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1 hour ago

Federally chartered Anchorage Digital Bank is integrating Mezo’s BitcoinFi tools into its custody platform, giving institutions a compliant path to borrow against BTC.

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Mezo, a Bitcoin-native DeFi platform for BTC-backed borrowing and yield, has partnered with Anchorage Digital to bring low-cost stablecoin loans and short-term veBTC rewards to institutional clients.

The move gives public companies and digital asset treasuries a compliant on-ramp into Bitcoin-native finance.

Through Anchorage’s Porto wallet, institutions can borrow against their Bitcoin (BTC) at a fixed 1% rate using Mezo’s Bitcoin-backed stablecoin, MUSD, according to Wednesday’s announcement. 

The integration also adds short-term yield tools. Clients will be able to lock Bitcoin for a period of six to 30 days and receive veBTC. This tokenized position shares onchain network fees and offers higher rewards for longer commitments, along with governance rights over Mezo’s fee structure and economics.

Matt Luongo, CEO of Thesis and co-founder of Mezo, said:

“Mezo is realizing Hal Finney's vision for a Bitcoin banking experience that issues its own digital currency backed by Bitcoin, acting as banks did before they became nationalized.”Mezo is a Bitcoin-native finance protocol that lets users borrow, save and earn yield through onchain tools powered by MUSD. It was built by Thesis, a Bitcoin venture studio founded in 2014 that builds decentralized products and infrastructure.

Bitcoin-backed borrowing surges Bitcoin-backed borrowing has gained momentum in 2025, with a steady stream of new platforms and products emerging online. The trend is expected to grow sharply, with a February report from Osler, Hoskin & Harcourt estimating the market could surge to $45 billion by 2030.

Tether revealed yesterday that it has taken an undisclosed stake in Ledn, a Bitcoin-backed lending platform that offers consumer loans secured by crypto. In October, Ledn said it had originated $392 million in Bitcoin-backed loans during the third quarter of 2025.

In May, Cantor Fitzgerald teamed up with Maple Finance and FalconX to execute its first loan backed by Bitcoin, a move that underscored Wall Street’s growing push into crypto credit markets.

In July, Block Earner rolled out Bitcoin-backed home loans in Australia, providing buyers with a way to tap their BTC for up to half of a property’s value as housing prices continue to surge in the country.

Housing affordability index. Source: Chapman University reportMagazine: 2026 is the year of pragmatic privacy in crypto: Canton, Zcash and more

Nvidia’s strong results spark a rally in tech stocks and digital assets, highlighting renewed appetite for growth and liquidity.

Photo: Cheng Xin

Key Takeaways

Nvidia outperformed third quarter expectations and raised guidance which boosted risk sentiment across markets.
Bitcoin rebounded to $90,000 following Nvidia's earnings beat, alongside gains in major equity indexes.

Nvidia delivered stronger than expected third quarter results that lifted the stock in post market trading and helped Bitcoin recover after falling below $90,000 earlier in the day.

The company reported third quarter revenue of $57.0 billion against estimates of $55.2 billion and issued fourth quarter revenue guidance between $63.7 billion and $66.3 billion that exceeded market expectations.

Adjusted earnings per share reached $1.30 with a reported adjusted gross margin of 73.6%. Data center revenue reached $51.2 billion against estimates of $49.3 billion.

The earnings beat pushed Nvidia shares up 4% after the close and triggered a broader bounce in risk assets. Bitcoin had dropped under $89,000 earlier in the session before rebounding to $90,000 during the earnings call. The move followed renewed interest in high growth and high liquidity assets as traders responded to Nvidia posting another profitable quarter with stronger forward guidance.

Major equity benchmarks also moved higher in post market trading. The S&P 500 gained 0.3% while the Nasdaq rose 0.5% as the market reacted to Nvidia reporting stronger demand for cloud GPUs and continued momentum in its data center business.

Disclaimer

TL;DR

The value of loans on DeFi protocols grew 55% in Q3, surpassing the 2021 peak by over $4 billion.
Plasma, Bitfinex’s new blockchain ecosystem, and Aave’s multi-chain expansion are the main growth drivers.
Institutional onchain credit returns to the market, capturing over 50% of total crypto-collateralized credit.

The decentralized lending (DeFi) segment is performing stronger than ever. DL News shared a new report from Galaxy Digital revealing that, in the third quarter of the year, the value of loans in DeFi protocols in Q3 soared by 55%, reaching an all-time high of $41 billion, a figure that surpasses the 2021 peak by more than $4 billion.

The scenario painted by the report is optimistic, highlighting a decisive realignment of crypto credit, moving away from centralized lenders and heading towards automated and transparent onchain systems. In fact, DeFi lending applications captured more than 50% of the total crypto-collateralized lending market, valued at $74 billion, the largest market share they have ever achieved.

Galaxy emphasizes that traditional trading desks, funds, and corporations are returning to the market, as counterparty risk has normalized and liquidity has returned to top-tier borrowers.

Key Protocols Driving the Wave
Galaxy Digital recognizes three key drivers behind this surge: the Plasma platform, Aave’s multi-channel expansion, and the resurgence of Maple, the protocol focused on institutional lending.

According to DefiLlama, Plasma, the new blockchain from Tether’s sister company (Bitfinex), was one of the biggest surprises of the quarter, rapidly scaling to become the eighth largest blockchain by DeFi deposits.

Plasma has witnessed investors borrowing over $3 billion in the last five weeks, with Aave capturing nearly 70% of all loans there. This success positions Plasma as Aave’s second-largest deployment, surpassing Arbitrum.

For their part, Aave’s v3 markets have seen strong expansion across networks like Base and Scroll, with an increase in demand for stablecoins and blue-chip collateral like Bitcoin and Ethereum. Maple also recorded its best quarter ever, expanding its loan book by $630 million. These data confirm that the 2025 cycle fundamentally differs from the speculative and opaque credit boom of 2021, with DeFi lending protocols in Q3 establishing a new era of financial maturity.

TLDR

Table of Contents

TLDRGrayscale’s XRP ETF Nears Launch on November 24XRP ETF Market Grows with Franklin TempletonGet 3 Free Stock Ebooks

Bitwise is set to launch its XRP ETF tomorrow, with its listing now visible on the Bloomberg terminal.
Grayscale has amended its XRP Trust filings to transition into a spot XRP ETF, targeting a November 24 launch.
Franklin Templeton is also preparing to launch its XRP ETF on November 24, following the same steps as Bitwise and Grayscale.
The synchronized launch schedule of these ETFs marks a rapid expansion in the regulated crypto investment market.
Bitwise XRP ETF includes key identifiers for integration across institutional trading systems, confirming its imminent debut.

Bitwise is set to launch its XRP ETF tomorrow, according to Bloomberg analyst James Seyffart. The new development follows a wave of activity from several issuers, including Grayscale and Franklin Templeton, who are also preparing for launches on November 24. These coordinated efforts signal a rapidly expanding market for regulated crypto investment products.

Seyffart confirmed that Bitwise’s XRP ETF is now listed on the Bloomberg terminal. The fund is identified by the Elite ticker XRP, and its listing appears shortly before an ETF debut. This timing suggests that Bitwise is in the final stages before the product becomes available for investors.

The listing of the Bitwise XRP ETF includes essential identifiers that integrate across institutional trading systems. Seyffart’s update supports expectations that the ETF will launch as planned tomorrow. This final step indicates that the fund’s launch is imminent, in line with current market trends.

Grayscale’s XRP ETF Nears Launch on November 24
Grayscale is also nearing the launch of its XRP ETF. The company recently amended its XRP Trust filings to facilitate a switch to a spot ETF. This change is designed to provide investors with direct exposure to XRP, bypassing the earlier reference-rate-based model.

Grayscale revealed that its XRP Trust ETF, GXRP, is expected to launch on November 24. The firm has also updated its reference-rate provider, which impacts how the product’s value is calculated. These amendments point to a fully operational product ready for its anticipated debut.

Seyffart also noted that Grayscale’s upcoming Dogecoin ETF will launch on the same date. The company appears to be synchronizing the release of both products for maximum market impact. This coordinated timeline further emphasizes the industry’s shift towards regulated crypto ETFs.

XRP ETF Market Grows with Franklin Templeton
Franklin Templeton is also in the process of launching an XRP ETF. Recent filings suggest that the fund could go live on November 24, along with the Grayscale ETF. This development comes after procedural updates that indicate the company is in the final stages of preparation.

While the precise timing for Franklin Templeton’s XRP ETF remains uncertain, its filings reflect substantial progress. Analysts have pointed out that the company is following a similar timeline to other issuers in the market. The potential launch could align with the releases from Bitwise and Grayscale.

Seyffart recently mentioned that Franklin Templeton’s filing does not support an earlier launch date, such as November 18. This reinforces the expectation that the company will follow the same schedule as other key players. The XRP ETF market is rapidly gaining traction, with several major firms poised to enter the space.

The Abu Dhabi Investment Council (ADIC) expanded its exposure to Bitcoin ahead of the cryptocurrency’s sharp downturn, more than tripling its stake in BlackRock’s iShares Bitcoin Trust (IBIT) during the third quarter, regulatory filings show.

ADIC — an independently run investment unit within Mubadala Investment Co. — increased its holdings to nearly 8 million IBIT shares as of Sept. 30. 

The position was valued at about $518 million at the time, up from 2.4 million shares three months earlier, according to Bloomberg reporting. 

The accumulation by the Abu Dhabi council came just weeks before Bitcoin surged to a record high in early October and then slid below $92,000 as leveraged bets unwound across the market.

The Abu Dhabi council says the move is part of a broader, long-term diversification strategy. A spokesperson described Bitcoin as a digital counterpart to gold and said the allocation is intended to sit alongside the fund’s traditional store-of-value assets.

The buying wasn’t isolated. Mubadala separately reported holding 8.7 million IBIT shares valued at $567 million at the end of the third quarter, unchanged from the prior filing. 

Other major institutions, including Harvard, also added to IBIT positions in the same period.

Still, investor appetite has cooled since the October selloff. U.S. spot Bitcoin ETFs have seen roughly $3.1 billion in outflows so far in November, according to Bloomberg data.

IBIT alone suffered a single-day record of $523 million in redemptions after Bitcoin broke below a key price level that left many ETF investors underwater.

Abu Dhabi’s bitcoin moves  ADIC’s increased allocation is notable given Abu Dhabi’s financial reach and its growing ambition to establish itself as a global crypto hub. The emirate’s wealth funds collectively oversee more than $1.7 trillion, and Mubadala has already been a major player in the region’s digital-asset expansion.

Earlier this year, MGX — a tech investment firm backed by Mubadala — acquired a $2 billion stake in Binance using a stablecoin tied to the family of U.S. President Donald Trump.

Inside ADIC, the push into Bitcoin aligns with a broader shift toward global expansion. The council, initially created in 2007 and later folded under Mubadala’s structure, continues to operate with its own mandate and investment strategy. 

It has recently strengthened its leadership team, adding executives such as Alain Carrier, former head of international business at Canada Pension Plan Investment Board, and Ben Samild, previously the investment chief at Australia’s sovereign wealth fund, according to Bloomberg. 

While crypto’s volatility remains a concern for global investors, Abu Dhabi’s stance underscores a different calculus: large sovereign funds are increasingly comfortable treating Bitcoin as a long-term strategic asset. 

Other governments are moving in the same direction. El Salvador added more than $100 million in Bitcoin this week, the Czech central bank disclosed its first crypto purchase, and Kazakhstan is building a national cryptocurrency reserve fund that could reach $1 billion.

Bitcoin’s price is currently at the $90,300 range.

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.

CMF formed a bullish divergence and OBV broke its trend line as ADA hit its last major support at $0.45Spent coins dropped about 27% during the sell-off, showing long-term holders avoided panic selling.A move above $0.60 is needed to flip the short-term trend and attempt a wedge breakout.Cardano has been one of the weakest large-cap coins this month. The Cardano price has dropped almost 30% over the past 30 days and nearly 26% since November 11. This drop pushed ADA toward the lower support of its falling wedge, a structure that usually leans bullish but can turn long-term bearish if broken.

Even with this pressure, three important indicators have turned positive just as Cardano sits on its last major support.

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Early Signs of Buyer Strength Near Last SupportTwo indicators that track buying strength and volume behavior have shifted at the same time, right as the Cardano price reached the critical $0.45 support.

The CMF (Chaikin Money Flow) tracks whether money is flowing in or out based on price and volume. It had been falling since November 10 and even dropped under zero during Cardano’s sharp correction. But from November 16 to November 19, CMF formed a higher high while the price made a lower high. This is a bullish divergence because CMF rising while price weakens shows stronger inflows than the chart reflects.

Cardano CMF Shows Divergence: TradingViewWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

On-Balance Volume is a simple way to see if buyers or sellers have been more active. OBV had been stuck under a downward trend line for weeks, matching the steady decline in Cardano price. But as ADA touched the $0.45 zone, OBV pushed above this trend line for the first time in a while. This usually shows buyers starting to participate again before the ADA price reacts.

Volume Support Comes Back: TradingViewWhen CMF and OBV improve together near a major support, it often means the market may be preparing for a short-term recovery attempt. But the Cardano price still needs validation from its on-chain behavior.

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Holder Behavior Shows Strong Conviction During the DropThe Spent Coins Age Band tracks how many tokens from different wallet age groups are being moved. When many coins move at once, it often signals fear or heavy selling. When token movement drops while prices fall, it usually shows conviction from long-term holders.

On November 1, ADA saw its spent coins activity peak with the movement of 159.01 million tokens. By November 19, the metric had dropped by roughly 27%, even though the price kept falling.

Fewer ADA Coins Moving: SantimentThis means far fewer tokens moved during the correction. When token movement drops this sharply during a sell-off, it strengthens the idea that Cardano may be trying to save its trendline support rather than break below it. That’s the third reason pushing for the rebound angle.

Cardano Price Must Hold $0.45 or Risk a BreakdownCardano price is trading directly on the lower trend line of its falling wedge and its strongest support at $0.45–$0.44. If this zone holds on a daily close, ADA can attempt a rebound. Moving above $0.50–$0.52 would be the first sign of strength, but the real recovery begins only after Cardano retakes $0.60.

That level flips the short-term trend and sets up a retest of $0.69, which is the point where a full wedge breakout becomes possible. Crossing that level would mean that the Cardano price could turn its supposed rebound into a rally attempt.

Cardano Price Analysis: TradingViewIf the support fails, the structure breaks. A daily close under $0.44 opens a drop toward $0.40, with the possibility of deeper dips if market sentiment weakens further. The bullish setup becomes invalid below this zone.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Key opinion leaders expect the first true spot DOGE ETF to go live next week – Dogecoin price predictions could soon benefit from fresh demand.

BlackRock’s latest filing hints at enabling investor participation in Ether staking rewards through a regulated ETF structure.

Key Takeaways

BlackRock's iShares has filed registration for a staked Ethereum Trust ETF in Delaware, expanding its crypto offerings.
The new trust will add staking capabilities to generate potential returns from Ethereum's proof-of-stake system.

BlackRock has registered a new statutory trust in Delaware under the name iShares Staked Ethereum Trust ETF, according to records from the Delaware Division of Corporations. Delaware registrations have typically preceded formal ETF applications to the SEC in recent crypto developments.

The registration comes after Nasdaq filed Form 19b-4 with the SEC to enable staking for BlackRock’s iShares Ethereum Trust (ETHA), allowing the ETF to stake its Ether through approved providers and classify rewards as income.

However, the SEC has recently removed the requirement for 19b-4 filings for crypto exchange-traded products. Under the new generic listing standards, exchanges can now list qualifying crypto-commodity ETPs without submitting a product-specific 19b-4 rule change each time.

BlackRock joins 21Shares, Fidelity, Franklin Templeton, and Grayscale, all seeking to add staking to their Ethereum ETFs. Before spot ETH ETFs were approved, firms removed stakes from their applications amid concerns staking services could be treated as unregistered securities.

The REX-Osprey ETH + Staking ETF is the first US Ethereum staking ETF, which offers exposure to ETH while also distributing native staking rewards to investors.

Disclaimer

Barstool founder Dave Portnoy announced on November 18 that he took advantage of the recent market downturn to purchase $1 million in XRP, $750,000 in bitcoin and $400,000 in ethereum. Timing the Market Turbulence Barstool founder Dave Portnoy revealed on Nov.

In brief
Former lobbyist Jack Abramoff was sentenced to three years of probation and ordered to pay $2.2 million in restitution for his "AML Bitcoin" fraud scheme.
Abramoff and CEO Marcus Andrade spent ICO funds on personal expenses and made false claims about government contracts and a Super Bowl ad.
Judge spared him prison time due to his guilty plea, testimony against Andrade, and aggressive cancer diagnosis.
Former lobbyist Jack Abramoff was sentenced to three years of federal probation for his involvement in a scheme tied to a project called AML Bitcoin.

Abramoff has also been ordered to pay $2.2 million in restitution to victims of the scheme. Abramoff is most famously known outside the crypto industry for his conviction in a 2006 tribal casino lobbying scandal, for which he served four years in prison.

The judge explained that he was not sentencing Abramoff to serve more prison time because of his early guilty plea, testimony against AML Bitcoin CEO Marcus Andrade, and an aggressive cancer diagnosis.

“There’s very little prospect of reoffending here,” Federal Judge Richard Seeborg said during the hearing.

Abramoff and Andrade were charged in 2020 for fraud connected to the $5 million initial coin offering for the project. The pair are said to have spent money raised through selling tokens related to the project on personal expenses, including two properties in Texas. They also falsely claimed that AML Bitcoin had contracts pending with government agencies that wanted to adopt its technology.

Federal prosecutors said Andrade claimed the project’s technology would prevent money laundering and anonymous use through “biometric technologies.”

According to the Department of Justice, Abramoff and Andrade falsely claimed that a commercial for the project was going to air during the 2018 Super Bowl broadcast, but then they claimed it had been rejected by the network.

“In fact, as Abramoff and Andrade knew, the NAC Foundation did not have the funds to purchase the advertising time, did not intend to air the television commercial, and the advertisement was not reviewed or rejected by the television network or the NFL,” the DOJ said in a statement at the time.

But Abramoff and Andrade still used op-ed articles, social media, and AML Bitcoin press releases to claim they’d been victims of the network’s unfair rejection of their ad.

Andrade was sentenced in July to serve seven years in prison.

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