Market Signal Briefing

XRP price grinds higher as XRP Ledger stablecoin velocity hits a 1-year peak, signaling rising real payment activity behind the price action.

Summary

XRP price trades near $1.48 with flat intraday moves but firming market cap and liquidity. Stablecoin stock on XRPL is around $425M, with transfers near $1.2B over 30 days, lifting velocity.​ Rising throughput, fee burn, and collateral demand improve XRP’s medium-term price setup despite wider market stress. XRP price and market snapshot As of Feb. 18, XRP (XRP) is trading around $1.48, with 24‑hour moves roughly flat to slightly positive (about +0.1% to +0.7% depending on venue).

Data shows XRP at $1.48 with a 24‑hour change of +0.11%, a circulating supply near 60.92 billion tokens and a market cap close to $89.96 billion. CoinMarketCap and other trackers broadly confirm a 24‑hour volume in the $2.2–$2.4 billion range and total XRP supply of roughly 100 billion.

For context, Bitcoin trades near $67,900, down about 0.8–0.9% on the day, on more than $33 billion in 24‑hour volume. Ethereum changes hands around $1,998–$2,000, up about 0.5% over the last 24 hours, with spot volume near $2.7 billion.

Velocity on XRPL: capital actually moving Stablecoin value is accruing to the XRP Ledger, and relatively fast. Roughly $425 million in stablecoins now sit on XRPL, up 6.6% over the 30 days ending Feb. 12, with Ripple’s RLUSD accounting for about 83% of that pool. In monetary terms, that base is the ledger’s “money stock.”

#XRP News: Is #Ripple Payments Quietly Becoming the New SWIFT? Top Crypto Executive Jake Boyle Explains.

Ripple Payments is emerging as a faster alternative to legacy bank rails like SWIFT.

Caleb & Brown’s CCO Jake Boyle says the firm now processes hundreds of USD withdrawals… pic.twitter.com/7QEf1Q5oNG

— TheCryptoBasic (@thecryptobasic) February 18, 2026 The more important signal for price, however, is velocity. According to one analyst, “Stablecoin transfers rising can often be an even more informative piece of information than stablecoin supply rising, because it hints that people are actually moving money rather than just parking it.” Over the last 30 days, XRPL processed around $1.2 billion in stablecoin transfer volume, a 57.5% jump that the author calls “a huge surge in volume, to say the least.”

In macro terms, you have a growing stock ($425 million in stablecoins) turning over faster ($1.2 billion in transfers), meaning each unit of capital is circulating multiple times a month. That rising throughput supports fee burn, forces participants to hold XRP as reserve collateral, and tends to anchor speculative rallies in actual payment activity rather than pure narrative.

Implications for XRP price path The XRP Ledger (XRPL) is getting used for what it was built to do. In other words, velocity is laying the rails before price tries to break out. Higher payments flow can attract more businesses and developers to build on the ledger, and they’ll need to buy and hold some XRP to do so, while more activity means more XRP is being used to pay transaction fees.

Still, does this mean you should drop $2,000 into XRP today? For traders used to beta‑chasing, the message is blunt: watch the velocity and on‑chain cash flow first; the sustainable leg higher in XRP likely comes only once that fundamental usage persists through the current drawdown.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) CEO Aydin Kilic said Tuesday that the company will prioritize expanding its high-performance computing (HPC) business in 2026.

The Bitcoin “buy zone” meme just got real again, here’s what it means in the ETF eraA certain kind of Bitcoin post shows up right on schedule. It usually arrives right after price stops feeling fun.

This week it came from PricedinBTC, dressed up as a neat table titled “Forward Returns by Drawdown Level.”

The headline numbers do the heavy lifting, buying at a 50% drawdown supposedly delivers around a 90% win rate over the next year, with average returns near 125%. The caption ends with “LOCK IN,” the kind of line that sounds like advice and reads like a challenge.

Bitcoin returns from drawdowns (Source: PriceinBTC)People share these charts for the same reason they bookmark workout plans. Drawdowns scramble the brain, even for holders who swear they feel nothing. A clean rule offers relief, a line in the sand, a way to act without re-living the whole debate every time the price ticks down.

This one is circulating at a moment when the math sits close to the meme. Bitcoin has been trading around the high $60,000s, and the last peak still hangs over the market. That puts the drawdown in the mid-40% range, close enough that sustained pressure can push it into the minus-50% bucket.

The chart makes the dip feel like a destination, and history offers comfort. The same history also carries a warning label. Research from iShares notes four drawdowns greater than 50% since 2014, the three largest averaged around an 80% decline, and recoveries took close to three years in three out of four cases.

That gap between “one year later” and “living through it” is where a lot of confidence gets tested. Today, that test runs through new plumbing, spot ETFs, rate expectations, the dollar, and options hedging, all visible in real time.

The minus 50% line feels like a promise, and it sits closeUsing the last peak above $126,000 as the reference point, the levels land in familiar places. Minus 50% is around $63,000, minus 60% is around $50,000, and minus 70% is around $38,000. With bitcoin near $68,000, the first line sits within a few thousand dollars.

That proximity turns a number into a plan. Some people start stacking cash, waiting for the tag. Some buy early to avoid missing it. Some freeze when it finally arrives, because the move down feels louder than the chart looked on their screen.

The meme works as a psychological tool because it compresses chaos into a simple trigger.

The lived experience expands again the moment the trigger hits, and the drawdown keeps moving. The iShares drawdown history matters here, because it frames a deeper truth, many “winning” entries still came with a long stretch of doubt, and sometimes a much deeper slide, before the recovery showed up.

Winning with Bitcoin isn't quite as simple as buying Bitcoin early. Anyone who has been around for over a decade has at least one story about a time they sold too early. I certainly do. I have a 7-figure HDMI cable lying around somewhere that I bought using Dogecoin in 2014.

ETFs turned the dip into a daily receiptSpot Bitcoin ETFs added a scoreboard that everyone can watch, every day. US spot bitcoin ETFs held roughly 1.265 million BTC as of market close on Feb. 13, with AUM around $87 billion.

That scale changes how drawdowns travel through the market. A large wrapper can support price during calm periods, and it can also amplify selling pressure when flows turn negative, because the shift becomes visible, measurable, and easy to follow.

There's been roughly 55,665 BTC in net outflows over the last 30 days, a multi-billion dollar swing at prevailing prices. That kind of drain can keep price heavy even when social feeds stay full of “buy zone” confidence.

It also gives dip buyers a new confirmation tool, flow stabilization, because capitulation often shows up as outflows slowing, flattening, and eventually reversing.

Rates and inflation shape the opportunity costA lot of the next chapter of Bitcoin depends on macroeconomic conditions that feel unglamorous: yields, inflation prints, and how investors price risk across the board.

The Federal Reserve held its target range at 3.50% to 3.75% in late January. Inflation has also been easing, with US inflation at 2.4% in January, a data point that feeds rate cut expectations and shift risk appetite.

Cross-market proxies help frame that mood. The S&P 500 proxy SPY gives a read on broad risk appetite, long-duration Treasuries via TLT reflect the rate backdrop, and gold through GLD captures the defensive bid.

When those markets lean toward safety and yield, Bitcoin drawdowns often feel heavier, and when the mood shifts toward easing conditions, dip buying tends to find more oxygen.

Options markets are pricing a wide laneThe viral table feels calm on the page, and the options market tends to speak in wider ranges. On Unusual Whales, Bitcoin options show an implied move of about 6.66% into Feb. 20, with implied volatility around 0.5656.

High implied moves affect behavior in obvious ways. Dip buyers want clean levels and fast confirmation. Hedgers stay active when uncertainty stays elevated.

Short-term swings become part of the baseline, which can turn the minus 50% line into a waypoint rather than a floor.

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That loops back to the long drawdown record from iShares, because big recoveries often came with messy paths and long timelines.

A drawdown strategy lives or dies on whether the buyer can handle the path, not simply the endpoint.

Three lanes for the next chapter, with levels people can watchThe cleanest way to frame the near term is as conditional lanes, each tied to signals anyone can track.

In a grinding base case, Bitcoin holds the low to mid $60,000s, the market churns, ETF outflows slow toward flat, and volatility cools. The flow tape becomes the tell here, because shrinking 30-day outflows usually signal fading sell pressure.In a liquidity turns friendly case, inflation keeps easing, rate cut expectations firm up, and risk appetite improves across markets. ETF flows flip positive and stay positive, which can pull bitcoin back toward the prior highs.In a deeper capitulation case, outflows continue, macro turns risk off, and bitcoin slides through the minus-50 % line toward the $50,000 zone, with pressure that can extend to deeper drawdown levels.The buy zone meme offers a simple story, and the market offers conditions. The useful version of this chart sits next to the real-time scoreboard, the ETF flow tape, the rates backdrop, and the uncertainty gauge.

That is the real human-interest angle in this cycle: the emotional urge for a clean rule and the institutional mechanics that now shape how that rule plays out in real time.

Strategic dollar cost averaging and market timingHistorically, this part of the cycle is a great time to buy Bitcoin. However, as I've stated multiple times in my analysis over the last 8 months, “this time is different.”

We can legitimately question the four-year cycle theory; we have 6% of the supply held by US ETF funds, and corporate treasuries have exploded.

This is not the same Bitcoin market as 2012, 2016, 2020, or even 2024.

Personally, I'm too emotional a trader, so I stopped trying to time the market years ago.

One methodology that removes the risk involved with trying to time the market is the strategic DCA.

You purchase BTC every day, but send slightly more BTC to exchanges than the daily buy. That leaves a surplus of cash that grows over time. Then, when Bitcoin falls to a price that looks cheap, you have some funds available to buy the dip. You've already allocated those funds to Bitcoin; you just haven't pulled the trigger until a dip. That way, you get the benefit of DCA smoothing, augmented by heavier allocations during drawdowns.

Historically, Bitcoin rarely stays below a previous cycle's all-time high for long. At $68,000, we're right on the money for 2021. In 2022, Bitcoin dipped below the 2017 all-time high for around 30 days before starting its three-year climb to $126,000.

Bitcoin price history (Source: Bitbo)Again, none of this is designed to be individual investment advice, and there is risk involved with any investment. However, this article touches on some of the things Bitcoin investors should consider when deciding when, if, and how to increase their Bitcoin allocations in their portfolios, in my opinion.

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He Yi’s BNB 5354x return claim: how to verifyAs reported by Youtocoin, He Yi stated that BNB has delivered a cumulative 5,354× return over roughly eight years and reaffirmed Binance’s long‑term industry commitment. The number is significant, but it requires a transparent method, baseline, and timeframe to validate.

A rigorous approach starts by defining the baseline price and the exact start date used to compute cumulative return. It should also clarify whether the figure assumes simple price appreciation only, or incorporates supply changes from token burns and any reinvestment assumptions.

Evidence should then be assembled across independent sources: historical price archives for the baseline and current levels, and on‑chain or official burn records for supply changes. Cross‑checks between centralized‑exchange data, on‑chain explorers, and archival snapshots can reduce single‑source bias and reveal discrepancies.

Without a published calculation method, the 5,354× figure remains a claim that can be tested but not independently confirmed from first principles here. Clear disclosure of the baseline, timeframe, and treatment of burns would allow third parties to reproduce the math.

Why it matters: BNB tokenomics and burn, plus riskAccording to Ainvest, BNB’s role has expanded from a fee‑discount asset to the native token across BNB Smart Chain, opBNB, and BNB Greenfield. Analysts cited deflationary burn mechanics and ecosystem usage as key demand and supply drivers.

Burns reduce circulating supply, which can amplify price moves if demand is steady or rising; conversely, utility and adoption trends influence how persistent any valuation premium might be. Large historical multiples often reflect early entry points, token mechanics, and speculative cycles rather than fundamentals alone.

Leadership framing also matters for interpreting the claim and its intent within a broader risk‑management narrative. Said Richard Teng, Co‑CEO at Binance: “Binance is here for the long term. We’re committed to building the industry together,” highlighting user protections, recovery efforts, risk controls, and proof‑of‑reserves.

At the time of this writing, BNB traded near $623.26 with very high measured volatility of about 15.84% and sentiment screens showing bearish. These are contextual indicators and not forward‑looking assessments.

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

Treat 5,354× as a testable statement that hinges on baseline selection, timeframe, and how burns affect supply. A practical review compares the stated multiplier with independently sourced historical prices and on‑chain burn totals.

Cross‑validate figures using more than one archive or explorer, and reconcile any gaps between exchange snapshots and on‑chain data. Examine official disclosures that describe BNB’s utility across BNB Chain, opBNB, and Greenfield to tie tokenomics to use.

Assess governance, reserves attestations, and compliance communications to understand operational risk alongside token metrics. Past performance is descriptive, not predictive; multiples alone do not capture liquidity, distribution, or regulatory constraints.

Methodology, evidence sources, and risk considerationsA reproducible return analysis starts by fixing a documented launch or early trading price, then measuring to a current price taken from a reliable, timestamped archive. Next, consider supply effects by referencing burn records and circulating‑supply changes over the same interval.

Triangulation helps: compare at least two historical price datasets and one on‑chain view of supply. Where disclosures omit assumptions, annotate uncertainties explicitly and test alternative baselines to see how sensitive the multiplier is to inputs.

Verification checklist: on-chain burns, historical pricing, and disclosuresIdentify the baseline: initial listing or earliest liquid price, with date. Retrieve current price from a reputable archive with timestamp alignment. Compile on‑chain or official burn records to estimate supply changes.

Document assumptions, including whether returns are price‑only or supply‑adjusted. Recompute using alternative start dates to evaluate robustness. Retain links and hashes for any on‑chain references to support later audit.

Binance compliance and regulatory risk: what to watchAs reported by CoinDesk, Binance increased compliance staffing by 34% year over year, describing an industry maturation trend. Enhanced staffing can mitigate control risks, though it does not eliminate regulatory exposure.

When firms publicize large numeric claims, oversight bodies typically expect underlying data, alignment with formal disclosures, and, where relevant, third‑party attestations. Clarity on burn mechanics, supply distribution, and governance improves interpretability of any performance figure.

FAQ about BNB 5354x returnIs there independent verification or on-chain data that supports the 5,354x claim for BNB?Public burn records and historical price archives allow checks, but the claim’s baseline and method are not specified in public materials, limiting independent reproduction.

What fundamentals drive BNB’s value today, utility on BNB Chain, opBNB, and Greenfield, and how do burns impact supply?Utility spans BNB Smart Chain, opBNB, and Greenfield; burns reduce circulating supply. Usage and token mechanics together influence observed pricing outcomes.

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.

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In recent weeks, the crypto market has reportedly been consolidating or experiencing a small recovery during Asian trading hours, which is then liquidated with the start of the US trading session. Currently, the top two tokens, Bitcoin and Ethereum, surged beyond their respective resistance at $68,000 and $2,000. While the rally remains stuck within a consolidation, a deeper correction or a strong breakout may only prevent the bears from restricting the prices from securing the threshold at $70,000 for BTC & $2,500 for ETH. 

Bitcoin Price Analysis for Today: Will Bulls Validate the Current Rebound?Following a strong recovery from the lows below $60,000, the top crypto seems to have gone into a hibernating mode. The BTC price is maintaining a horizontal consolidation, trading within a pre-determined resistance and support at $71,321 and $65,522 for more than a week. At the same time, the volume has been consistently plunging, hinting towards a lowered participation of the traders. In such conditions, it would be interesting to watch how long the BTC price will sustain above $68,000. 

The short-term price action indicates the price is stuck within a decisive symmetrical triangle and triggered a rebound from the support. Despite this rebound, the 50-day MA continues to act as an immediate resistance, while the MACD shows a drop in the selling pressure. Considering the chart patterns, it appears that the BTC price may remain consolidated below $68,000 and may hit an intraday low around $67,300. These upswings and pullbacks may continue until the price reaches the apex of the triangle, which may further initiate a strong price action. 

Ethereum Price Analysis for Today: Can ETH Hold Above $2000?Ethereum price has been failing to rise above the $2,150 resistance since its breakdown in the first few days of the month. Therefore, these levels have now become a local threshold to break, which may even attract a substantial buying volume. For now, the rise above $2000 appears to be short-lived, as the buying pressure has remained within an average range. 

The ETH price is closely following the BTC price rally, as the second-largest token is also stuck within a decisive symmetrical triangle. The volatility is shrinking as the Bollinger bands have begun to squeeze in the short term. On the other hand, the stochastic RSI has entered the upper threshold, and the levels are heading for a bearish crossover that may push the prices lower. The chart patterns suggest the consolidation may continue, and the ETH price may close the day’s trade below $2000 but above the local support at $1914. 

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

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

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Bitcoin-focused public company Nakamoto Inc., led by chairman and CEO David Bailey, has signed definitive agreements to acquire BTC Inc. and UTXO Management GP, LLC in an all-stock transaction valued at approximately $107.3 million.

Summary

Nakamoto Inc., led by David Bailey, will acquire BTC Inc. and UTXO Management GP, LLC in a $107.3 million all-stock deal. The transaction consolidates Bitcoin media, events, and asset management businesses under one publicly listed entity. Nakamoto aims to build a vertically integrated Bitcoin platform spanning publishing, conferences, advisory, and investment strategy. The deal brings together companies closely tied to Bailey, who co-founded BTC Inc. and later helped launch UTXO Management, under a single publicly listed Bitcoin-focused entity.

Under the terms of the deal, Nakamoto will issue common shares to the sellers at a pre-negotiated price of $1.12 per share. The transaction is expected to close in the first quarter of 2026, subject to customary conditions.

The acquisition brings together media, events, and asset management businesses under a single public holding company. BTC Inc. is best known for publishing Bitcoin Magazine and organizing The Bitcoin Conference, one of the largest Bitcoin-focused gatherings globally. UTXO Management advises Bitcoin-centric investment vehicles and focuses on capital allocation across public and private markets.

Nakamoto said the combination is designed to create a vertically integrated Bitcoin platform with diversified revenue streams.

David Bailey’s expanding Bitcoin platform The deal further consolidates businesses tied to David Bailey, Nakamoto’s chairman and CEO. Bailey co-founded BTC Inc. in 2013 and later helped launch UTXO Management.

“Bringing BTC Inc and UTXO into Nakamoto has been a part of our vision since day one,” said David Bailey. “We intend to operate a portfolio of companies across media, asset management, and advisory services that can scale with Bitcoin’s long-term growth.

Over the past decade, he has been an active voice in the Bitcoin (BTC) industry and has served on the board of the Bitcoin Policy Institute.

Nakamoto has positioned itself as a Bitcoin-native public vehicle focused on media, advisory services, and treasury strategy. The company’s leadership has signaled interest in further expansion as institutional adoption of Bitcoin grows.

If completed, the transaction would mark a notable consolidation in the Bitcoin sector, combining publishing, large-scale events, and capital management operations within a single listed entity.

The demand for Ethereum staking has skyrocketed despite the asset price crashing back to bear market lows. 

Ethereum’s proof-of-stake contract address now holds over half of the Ether supply “for the first time in the coin’s eleven-year history,” reported on-chain analytics provider Santiment on Wednesday.

This appears somewhat misleading, as approximately 37 million ETH are currently staked, representing approximately 30% of the total supply of 121.4 million tokens. However, Santiment explained that there is often confusion about how the proof-of-stake address works. It described the address as a “one-way vault that temporarily locks ETH to help secure the network.”

“When someone stakes ETH, it gets sent into this contract and is removed from normal circulation, meaning it cannot be spent or traded while it is staked.”

Different Methods Of Counting Supply When validators leave and withdraw, the Ether is released back into circulation as newly issued coins on Ethereum’s main network, “rather than being pulled back out of the vault itself,” Santiment explained.

“As a result, the existing supply can often differ based on whether only pre-burned or total post-burned coins are being counted.”

So over time, the “vault” accumulates ETH without it easily flowing back out the same way it went in, making the contract’s share of the current supply appear larger. This results in a calculation of 50.18% based on ETH issued historically before burns. Santiment predicted that this figure will increase, especially during bear markets and poor trading conditions.

“As staking continues to increase in popularity, expect that this address will continue its ascension, particularly when trading slows down during bear cycles.”

🤑 BREAKING: Ethereum’s proof-of-stake contract address now holds over half of Ethereum’s supply for the first time in the coin’s 11-year history.

🔐 There is often confusion about how this proof-of-stake address works. Think of it as a one-way vault that temporarily locks $ETH… pic.twitter.com/agj2YG37nu

— Santiment (@santimentfeed) February 17, 2026

Regardless of what figure is taken, the demand for staking has surged, and the percentage of ETH supply staked is at record highs.

Additionally, the validator entry queue is also around record highs, with around 3.9 million ETH waiting to be staked, and the wait time is 67 days.

You may also like: Ethereum Is Neutral, People Aren’t: Vitalik Buterin Draws a Clear Line Crypto Funds See 4th Week of Outflows, but XRP and SOL Shine: CoinShares Report Tom Lee Says Ethereum Has Never Failed This Pattern and Expects Another V-Shaped Recovery Meanwhile, the exit queue has dropped to its lowest ever levels with around 11,500 ETH and less than five hours wait.

Ether Price at Bear Market Lows Panic selling by retail traders has pushed Ether prices to bear market lows below $2,000. ETH touched this psychological level briefly in late Tuesday trading, but again was beaten back by resistance, falling to $1,970 during the Wednesday morning session in Asia.

“Ethereum isn’t expensive right now, it’s boring,” said analyst Merlijn The Trader before adding, “boring is where positions are built.”

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Token Escrow (XLS-85) Launches on XRPL Mainnet, Unlocking New DeFi PossibilitiesThe XRP Ledger (XRPL) has launched Token Escrow (XLS-85) on mainnet, expanding secure, conditional settlements beyond XRP to all Trustline-based tokens and Multi-Purpose Tokens. 

Well, this milestone unlocks new opportunities for developers, institutions, and dApps.

Token Escrow enables assets to be securely locked on-chain and released automatically when conditions are met, bringing the XRP Ledger closer to a fully institutional-grade DeFi ecosystem. 

Supporting more than just XRP, this innovation drives automated, trustless transactions. XRP Ledger’s rapid adoption is evident, ranking second in 30-day Real World Asset growth.

Why does this matter? Well, Token Escrow unlocks broad use cases: XLS-85 enables automated, scheduled token distributions for treasury management, cutting operational overhead while boosting security. Conditional grants and transactions execute reliably without intermediaries, ensuring full transparency and compliance.

XLS-85 Unlocks Conditional, Multi-Asset Escrows, Powering XRPL’s Next-Gen Programmable FinanceThe escrow feature enables decentralized marketplaces and P2P token swaps, including OTC trades, with conditional settlement built directly into the ledger. Content creators and platforms can use token escrow for pay-per-access content or tokenized license releases, unlocking new monetization models. 

For instance, a music platform could release exclusive tracks only when conditions are met, or a business could distribute licensed software seamlessly via MPTs. Meanwhile, Binance completes RLUSD integration on the XRP Ledger, opening deposits as Ripple’s stablecoin hits a $1.5B market cap.

Well, XLS-85 expands XRPL’s compatibility across a wide range of tokens, from stablecoins like RLUSD to tokenized real-world assets, enabling secure, on-chain conditional settlements for nearly any digital asset. This positions the ledger as a powerful platform for Institutional DeFi, where trust, security, and automation are critical.

By unlocking programmable finance capabilities, XRPL bridges traditional and digital assets in a single ecosystem. 

The new Token Escrow feature marks more than a technical upgrade, it signals a potential shift in how businesses, developers, and users manage assets, all without compromising transparency or security. XRP Ledger payments recently surged to 1.88 million, reflecting accelerating real-world adoption.

With growing adoption, XLS-85 could become the backbone of automated asset management, enabling multi-asset escrows, new workflows, and business models on XRPL. Institutional interest is rising, with Mastercard, BlackRock, and Franklin Templeton exploring its potential.

ConclusionWith XLS-85 live, the XRP Ledger evolves into a versatile platform for secure, automated, and conditional token management. Escrow now supports all Trustline-based and Multi-Purpose Tokens, enabling innovative DeFi applications, institutional-grade asset management, and new digital business models. 

From treasury operations to decentralized marketplaces and tokenized real-world assets, XLS-85 expands XRPL’s capabilities, setting a new benchmark for on-chain settlement, transparency, and programmability.

The Donald Trump family-backed project, World Liberty Financial, has seen its WLFI token price surge nearly 20% today. As of now, the $WLFI price is hovering around $0.1175, giving it a market cap of about $3.13 billion.

While most major coins trade in the red, this sharp rise rasie question among investors: why World Liberty Financial WLFI token price up today?

WLFI Event at Mar-a-LagoOne of the biggest reasons behind the World Liberty Financial WLFI price rally is a high-profile event taking place at Mar-a-Lago, Donald Trump’s Florida resort, on 18th February. 

As per the WLFI announcement, the event will host CEOs from major financial and crypto firms, including Coinbase, BitGo, Nasdaq, Franklin Templeton, and Goldman Sachs. Other well-known figures include rapper Nicki Minaj, investor Kevin O’Leary, and the president of FIFA and the NYSE. 

Around 300 global leaders will attend the event. Several experts expect World Liberty Financial (WLFI) to make major announcements today. 

WLFI Whale Buying Activity Boosts Investor ConfidenceAnother key factor supporting the WLFI price surge is aggressive whale accumulation. On-chain data shows that a newly created wallet spent approximately $2.75 million USDC to purchase over 21 million WLFI tokens in a single transaction.

However, wallets linked to the World Liberty Financial team have also increased their holdings. One team-linked wallet reportedly received $10 million from Coinbase, signaling strong internal confidence in the project’s future.

WLFI Trading Volume Jumped 120%,This increase in whale buying has pushed WLFI trading volume up nearly 120% in the past 24 hours, reaching around $242 million. Rising volume often signals that investors are showing stronger interest in the asset.

At the same time, open interest rose about 40% to roughly $250 million, while funding rates stayed negative. This suggests many traders were betting against the token.

Liquidation Add More Pressue On Short sellerAs the WLFI price started rising, short sellers closed their positions, creating additional buying pressure.

Over the past 24 hours, WLFI recorded approximately $1.18 million in total liquidations, with $770,000 coming from short positions alone.

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

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

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Felix Pinkston Feb 18, 2026 08:40

MATIC trades at $0.38 with neutral RSI at 38.00. Technical analysis suggests potential recovery to $0.45-$0.52 range if Polygon breaks key resistance levels in coming weeks.

Polygon (MATIC) continues to navigate choppy waters as February 2026 unfolds, with the token currently trading at $0.38 amid mixed technical signals. While recent price action has been subdued, key technical indicators suggest potential for a measured recovery if critical resistance levels can be breached.

MATIC Price Prediction Summary • Short-term target (1 week): $0.39-$0.42 • Medium-term forecast (1 month): $0.45-$0.52 range • Bullish breakout level: $0.58 • Critical support: $0.31 (Bollinger Band lower)

What Crypto Analysts Are Saying About Polygon Recent analyst commentary provides some optimism for MATIC's near-term prospects. Felix Pinkston offered a constructive outlook in early January, stating: "MATIC price prediction targets $0.45-$0.52 recovery within 4-6 weeks, contingent on breaking key $0.58 resistance."

This prediction aligns with current technical formations, as we're now approaching the timeframe window Pinkston identified. The $0.58 resistance level he highlighted remains a critical technical barrier that could unlock significant upside potential for Polygon.

While specific analyst predictions remain limited beyond this forecast, on-chain metrics suggest underlying network fundamentals continue to show resilience despite price pressures.

MATIC Technical Analysis Breakdown Current technical indicators present a mixed but potentially constructive picture for MATIC's price trajectory:

RSI Analysis: The 14-period RSI sits at 38.00, placing Polygon in neutral territory with room for upward movement before reaching overbought conditions. This suggests selling pressure has eased without indicating oversold conditions.

Moving Average Picture: MATIC trades below all major moving averages, with the price at $0.38 sitting well below the SMA 20 ($0.43) and SMA 50 ($0.45). The EMA 12 at $0.39 provides immediate overhead resistance, while the SMA 200 at $0.69 remains a distant target.

MACD Signals: The MACD histogram at -0.0000 indicates bearish momentum has largely stalled, with the indicator potentially approaching a neutral crossover. This could signal the end of the recent downtrend phase.

Bollinger Band Analysis: With a %B position of 0.29, MATIC sits in the lower third of its Bollinger Band range. The upper band at $0.56 represents significant resistance, while the lower band at $0.31 provides critical support.

Polygon Price Targets: Bull vs Bear Case Bullish Scenario In an optimistic scenario, MATIC could target the analyst-predicted $0.45-$0.52 range within the next 2-4 weeks. This Polygon forecast hinges on several technical confirmations:

Breaking above the EMA 12 resistance at $0.39 Sustained move above the SMA 20 at $0.43 RSI climbing above 50 to confirm bullish momentum Volume expansion on upside breaks The ultimate bullish target remains the $0.58 level identified by analysts, which would represent a 53% gain from current levels.

Bearish Scenario Risk factors could push MATIC toward the Bollinger Band lower support at $0.31, representing an 18% decline. Key bearish catalysts include:

Failure to hold above current support levels RSI breaking below 30 into oversold territory Broader crypto market weakness Lack of volume on any recovery attempts A breakdown below $0.31 could expose further downside toward the $0.25-$0.28 range.

Should You Buy MATIC? Entry Strategy For traders considering MATIC positions, current levels offer a risk-defined entry opportunity:

Entry Points: Current price around $0.38 provides reasonable entry, with additional accumulation opportunities on any dip toward $0.35-$0.36.

Stop Loss: Conservative traders should consider stops below $0.31 (Bollinger lower band) to limit downside risk.

Targets: Initial target at $0.43 (SMA 20), with extended targets in the $0.45-$0.52 range per analyst forecasts.

Risk Management: Position sizing should account for MATIC's daily ATR of $0.02, indicating moderate volatility that could create both opportunities and risks.

Conclusion This MATIC price prediction suggests cautious optimism for Polygon's near-term prospects. While technical indicators show mixed signals, the combination of neutral RSI levels, stalled bearish momentum, and analyst targets in the $0.45-$0.52 range support a constructive outlook for the coming weeks.

The critical test will be whether MATIC can break above immediate resistance levels and begin the recovery trajectory toward the analyst-identified $0.58 breakout level. Current technical positioning suggests the token is coiled for a potential move, with the direction likely determined by broader market sentiment and Bitcoin's performance.

Disclaimer: Cryptocurrency price predictions are inherently speculative and should not constitute sole investment advice. Always conduct your own research and consider risk tolerance before making investment decisions.

Image source: Shutterstock

matic price analysis matic price prediction

The creator platform’s new product lets users trade tokens linked to social-media traction, a Polymarket-style bet on vibes rather than events.Updated Feb 18, 2026, 8:09 a.m. Published Feb 18, 2026, 7:55 a.m.

On-chain social platform and decentralized protocol Zora is making a decisive shift beyond its non-fungible tokens (NFT) and creator roots with the launch of “attention markets” on Solana, a product that allows users to trade tokens tied to internet trends, memes and cultural moments.

The feature, unveiled Feb. 17, lets anyone create a new market for 1 SOL. Once live, users can buy and sell positions on whether a topic will gain or lose traction across social media.

STORY CONTINUES BELOW

Instead of wagering on elections or macro data, traders speculate on buzz itself — such as hashtags, viral narratives, even broad themes like “AI girlfriend” or “bitcoin.”

The design leans heavily into Solana’s strengths. Fast block times and low transaction costs make it easier to support rapid price updates and frequent trading, which are essential for markets built around fleeting online momentum.

Initial activity was limited, however. The primary “attentionmarkets” token briefly touched roughly $70,000 in market capitalization, with around $200,000 in trading volume. Most other trend markets struggled to attract meaningful liquidity, with few crossing the $10,000 mark in their first day.

Percentage swings were sharp, though largely driven by thin order books rather than sustained demand.

Zora was among the breakout applications on Coinbase's Layer 2 Base network in the past few years. It launched its ZORA token there in April, and helped roll out Creator Coins tied to Base profiles in July, a push that briefly helped Base overtake Solana in daily token creation.

Creator coins are tokens tied to an individual creator’s online profile, brand or community. Think of them as tradable “shares” in a person’s internet presence.

On platforms like Zora and Base, a creator coin could be automatically generated from a user’s profile. Fans could buy the coin to signal support, gain social clout, or speculate that the creator’s popularity would grow. As more people bought in, the price could rise, and interest faded, it could fall.

As such, some in the Base community saw the new “attention markets” product as a pivot away from that momentum.

Jacek Trociński, the developer behind Base memecoin Degen, called it “really disappointing” to see Zora move to Solana. Veil Cash builder Apex777.eth was harsher, accusing Zora of “extracting” value from Base before switching networks.

Meanwhile, Base creator Jesse Pollak said Zora’s creator tools remain “fully operational” on the network.

As speculation moves beyond price charts and into cultural data, platforms like Zora are testing whether attention itself can become memetic and deeply tied to the internet’s real-time financial pulse.

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Ethereum Foundation leadership shake-up: Tomasz Stańczak out as co-executive director

2026년 2월 13일

Stańczak came aboard in 2025 after the exit of longtime chief Aya Miyaguchi amid criticism the foundation wasn’t doing enough to push the Ethereum ecosystem.

알아야 할 것:

Tomasz Stańczak, co-executive director of the Ethereum Foundation (EF), is stepping down from his leadership role at the end of the month.Stańczak, who shared leadership of the foundation with Hsiao-Wei Wang since early 2025, will be replaced by Bastian Aue, who will continue as co-executive director alongside Wang.

Journalist

Posted: February 18, 2026

Over $30 billion worth of Solana [SOL] is currently staked, earning yield. Until now, however, that capital has been largely excluded from DeFi activity.

Notably, Jupiter, Solana’s leading DEX aggregator, has launched native staking as collateral. The feature is now live on Jupiter Lend, unlocking a significant pool of capital

Liquidity expansion enters a new phase Staked SOL can now be used as collateral without the need to unstake, improving capital efficiency. By collateralizing staked tokens, yield remains intact while fresh liquidity enters the market.

This development could significantly increase available liquidity across the Solana ecosystem. More collateral means more borrowing, and more borrowing means more trading activity.

Solana may be on the verge of reigniting cooling volumes. According to the recent Volume Bubble Map data, Sol trading activity was flashing cooling signals.

Source: CryptoQuant

Network activity is slowly reacting The impact is already visible on Solana on-chain metrics.

Over the last few hours, the recent sharp drop in the number of Active Addresses has started to flatten. Participation is gaining momentum, and traders are returning.

Liquidity typically drives engagement, and in turn, engagement fuels volatility. This sequence now appears to be unfolding in real time.”

Whales position early Order distribution data shows a large share of activity coming from SOL whales.

That detail matters. When large players position ahead of structural liquidity changes, it often signals strategic intent. Whales move early. Retail follows later.

Their dominance increases the probability of momentum expansion.

Source: CryptoQuant

$80 demand zone faces the test On the daily chart, SOL is testing a key demand zone around $80. That level aligns with pennant support. The confluence strengthens its importance.

If liquidity expands and whale activity persists, the $80 zone could act as a reversal platform. However, if it fails, the structure could weaken and create more room for a further bearish run.

Therefore, Solana’s fundamentals and positioning are improving. The token price is consolidating, and liquidity is being unlocked. Solana now stands at a critical inflection point, with a reversal appearing increasingly likely

Source: TradingView

Final Summary Jupiter enables native staked SOL as collateral, unlocking $30 billion in capital. Whale orders and active addresses surge as SOL tests $80 support.

Bitcoin’s price behavior is signaling deeper financial stress that traditional markets have yet to price in, according to Arthur Hayes, co‑founder of cryptocurrency exchange BitMEX.

Hayes said this week that the leading cryptocurrency’s continued decline, which has diverged sharply from the relatively flat performance of the Nasdaq 100 Index, could be “flashing” early warnings of tightening credit conditions in the U.S. dollar economy, potentially foreshadowing a broader credit crunch. In a post on his Substack newsletter, he described Bitcoin as acting like a “fiat liquidity fire alarm,” reacting before equities and other traditional indicators.

Bitcoin is showing that credit in the financial system is falling Arthur Hayes said Bitcoin is an early warning sign of economic problems ahead because it’s highly sensitive to changes in the financial system and reacts faster than most traditional assets. Hayes explained that BTC stocks and other investments take longer to reflect the impact of falling liquidity than BTC does.

He also said that a falling Bitcoin price while the Nasdaq 100 Index stays stable is usually a sign of problems in the financial system that stock prices haven’t yet reflected, and that will soon affect broader markets.

Hays mentioned the growing impact of AI on white-collar jobs and said many people could lose their income and struggle to pay off debts, including credit card bills, car loans, and mortgages. He estimates that banks could lose up to $330 billion in consumer credit and $227 billion in mortgage debt if 20% of the country’s 72.1 million knowledge workers were affected.

Banks will likely give out fewer loans or make borrowing harder for everyone when they notice more people falling behind on their payments. This will, in turn, slow down the flow of money into the economy because people who can’t borrow as easily will spend less, forcing businesses to make less.

According to Hayes, weaker banks will feel the impact of this chain reaction the most, and some could even become insolvent because they lack the funds to cover obligations. In the end, everyone, including consumers and businesses that rely on credit to operate, will be affected.

AI job losses could make banks lose money and force the Federal Reserve to step in Arthur Hayes says AI tools can now handle tasks that required large human teams, so industries like software-as-a-service companies have been underperforming compared to tech stocks in recent months.

He also explained that these job losses have led to an increase in credit card delinquencies and have placed immense pressure on consumer discretionary companies, as households are now struggling to keep up with debt payments.

Hayes warns that the Federal Reserve may have to step in with large-scale support to prevent the situation from becoming a full-blown crisis.

Other analysts also agree that significant banking problems would definitely lead to government intervention. They believe this could, in turn, make Bitcoin and other scarce digital assets more attractive by undermining trust in traditional money systems. 

When a system relies on more money printing to survive, people begin to see scarce assets as a safer place to store value. Hayes presents two potential market routes in the face of this situation, as explained in the article.

The first is that the fall of Bitcoin from $126,000 to $60,000 may already be pricing in the slowdown, with stocks having time to catch up. Alternatively, the fall in Bitcoin may continue, with stocks later catching up as they too price in the same credit risks. 

In either case, the outcome is likely to be the same: lots of money will be pumped into the system to prevent widespread bank problems.

Hayes believes this reaction could offset Bitcoin’s losses and even propel it to new all-time highs once the system stabilizes again. This is an example of how job losses, credit issues, and bank stress can all impact one another, with early signs of what is to come in Bitcoin.

Analyst Claims $5 Billion XRP Selling Flow on Upbit: What It Means for Price Prefer us on Google

XRP extends its downtrend, with the price down 44% over the past year.Data suggests persistent algorithmic sell pressure in XRP/KRW market.Upbit XRP balances hit one-year high above 6.4 billion tokens.XRP (XRP) price extended its slide on Wednesday, adding to a downtrend that has erased 44% of its value over the past year.

Amid this, a market analyst has highlighted unusual trading activity emerging from South Korea’s largest crypto exchange, raising questions about its potential impact on XRP’s price dynamics.

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Study of 82 Million Trades Flags Structural Selling in XRP/KRW Market on UpbitCrypto analyst Dom claims to have uncovered what he describes as a nearly year-long, multi-billion-dollar XRP selling pipeline. In a thread published on X (formerly Twitter), Dom said his findings are based on 82 million tick-level XRP/KRW trades on Upbit, alongside 444 million trades from Binance for comparison.

According to his analysis, Upbit’s XRP pair has recorded a net negative cumulative volume delta every month for the past 10 months. 

“It started with yesterday’s price action. -57M XRP in CVD over 17 hours. It looked insane. So I ran forensic queries – bot fingerprinting, iceberg detection, wash trade checks. The selling was real. Algorithmic. 61% of trades fired within 10ms. Single bot running 17 hours straight with one 33-second pause,” he wrote.

XRP/KRW Selling on Upbit. Source: X/DomDom highlighted several months with particularly heavy negative cumulative volume delta (CVD), including April (-165 million XRP), July (-197 million XRP), October (-382 million XRP), and January (-370 million XRP). In total, he reports that only 1 of 46 weeks in the sample period showed net positive buying pressure.

“And it’s not ‘the market’ – Binance XRP/USDT carries 2-5x less sell pressure on the same coin (shocker). In June, Binance was net positive while Upbit bled -218M. The hourly correlation between the two venues is only 0.37. Upbit’s flow is largely its own thing,” the post added.

Dom argues the selling appears algorithmic. Between 57% and 60% of trades were executed within 10 milliseconds, a pattern typically associated with automated systems. He also observed that sell orders frequently appeared in round-number sizes such as 10, 100, or 1,000 XRP.

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Meanwhile, buy orders were often fractional amounts like 2.537 XRP, consistent with KRW-denominated retail purchases.

“Ten million fractional buy orders over 10 months. Compared to the sell side running mechanical round number clips. Two completely different profiles trading against each other on the same venue,” the analyst added.

Furthermore, the analyst noted that from April to September, XRP on Upbit reportedly traded at a 3% to 6% discount to Binance, a “reverse Kimchi Discount.”

“The sellers were accepting 6% worse fills than available on global markets, for many months. They don’t care about the price. They need KRW, are mandated to use Upbit, and/or are Korean holders taking profit,” he stated. “Then October 10 happened. The premium has only briefly gone negative since and the sellers? They doubled their daily rate. From -6.3M/day to -11.2M/day.”

He estimates that the overall activity accounts for 3.3 billion XRP, worth $5 billion, in “net selling.” This represents about 5.4% of the token’s circulating supply. While Dom does not identify a specific entity behind the activity, he describes the flow as consistent, 24/7, and infrastructure-like rather than discretionary trading.

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“So who has enough XRP to sell 300-400M per month for a year straight, doesn’t care about 6% discounts, runs identical algo infrastructure 24/7 and needs KRW specifically or is in some walled garden and can only use Upbit? AND who are they selling to? Who’s been on the other side of that trade? It could be 1 entity, 50 entities or 10k people I’ll let you speculate,” Dom remarked.

Why Does This Matter?This matters because sustained, large-scale selling may influence price dynamics over time. A consistent flow of sell orders may limit upward momentum, intensify declines during periods of market stress, and absorb buying demand before it translates into meaningful price appreciation. 

The impact is particularly relevant given that XRP was the most traded asset on Upbit in 2025. If this pattern is accurate, it would suggest that a significant source of supply has been active within one of the world’s most active XRP markets, with retail participants frequently on the opposite side of those trades. 

Should that selling pressure decrease or stop, overall market behavior could shift as the balance between supply and demand adjusts.

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The findings come as XRP balances on Upbit have reached a one-year high, exceeding 6.4 billion XRP, accounting for nearly 10% of the circulating supply.

XRP Reserves on Upbit. Source: CryptoQuantIn contrast, exchange reserves continued to decline on Binance, reflecting a divergence between Korean XRP investors and participants in other markets.

Binance XRP reserves just hit their lowest level since early 2024.

700 million XRP left the exchange from the November peak. At current prices, that's hundreds of millions of dollars — gone from exchange wallets.

You sell on exchanges. You move off when you intend to hold. $XRP… pic.twitter.com/7iUee7SqdV

— Ripple Bull Winkle | Crypto Researcher 🚀🚨 (@RipBullWinkle) February 17, 2026 Taken together, the reported structural selling on Upbit and the rise in XRP balances on the exchange point to a sustained flow of tokens circulating within that venue. At the same time, contrasting reserve trends and accumulation patterns observed on other exchanges highlight a divergence in regional market behavior. 

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Amended SEC filing details staking revenue split as Ethereum ETFs prepare to offer yield alongside price exposure.

Market Sentiment:

Bullish Bearish Neutral

Published: February 18, 2026 │ 8:30 AM GMT

Created by Kornelija Poderskytė from DailyCoin

BlackRock, the world’s largest asset manager, is sharpening the structure of its proposed spot Ethereum ETF, revealing that it and Coinbase intend to retain 18% of staking rewards generated by the fund.

The detail surfaced in an amended form, filed with the U.S. Securities and Exchange Commission (SEC), offering one of the clearest looks yet at how staking economics could function inside a regulated iShares Staked Ethereum Trust ETF, expected to trade under the ticker ETHB.

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Under the proposed structure, Coinbase would act as both staking provider and custodian, while BlackRock would serve as sponsor. The filing moves the product beyond conceptual language, introducing a defined revenue split that directly impacts investor returns.

BlackRock and Coinbase Reveal 18% Staking CutRather than simply confirming that the fund may stake ETH, the updated filing quantifies the cost of doing so. Any staking yield generated by the ETF would be distributed net of an 18% share retained before standard fund expenses, implying investors would not receive the full on-chain reward rate.

The remaining portion of rewards is expected to accrue to the fund’s net asset value, although final accounting mechanics could evolve depending on regulatory feedback and structural refinements.

Staking Sparks U.S. ETF CompetitionStaking is emerging as the next battleground for U.S. crypto ETFs. After the success of spot Bitcoin ETFs showed strong demand for simple price exposure, Ethereum products are now under pressure to stand out. 

By adding a built-in yield, staking could turn ETH ETFs from plain market-tracking instruments into vehicles that offer income as well as price exposure, which acts as a potential advantage in an environment where fees are already tight.

Yet, adding staking to a registered ETF isn’t simple. The SEC has closely scrutinized staking programs due to concerns around custody, delegation, and whether staked tokens create a security-like exposure.

A staking-enabled ETH ETF would be the first of its kind, so approval could set an important precedent.

If approved, Ethereum ETFs could move beyond simply tracking ETH prices. Instead, returns would also reflect staking rewards, fees, fund operations, and regulatory rules, all of which could significantly affect long-term performance.

Fund Operations and Fees Take ShapeBlackRock had already indicated last year that it was preparing to roll out a staking-focused fund. The latest filing shows the fund will charge a 0.25% annual sponsor fee, with a temporary waiver lowering it to 0.12% on the first $2.5 billion in assets during its first year.

It also notes that about 5% to 30% of the fund’s ETH will be kept unstaked to ensure enough liquidity for creations, redemptions, and routine operational requirements.

Why This MattersHow the ETF handles staking, fees, and liquidity could set a benchmark for future regulated Ethereum investment products.

Read DailyCoin’s most popular crypto news today:
BlackRock’s Uniswap Move Jolts UNI As Wall Street Tests DeFi Rails
SBI CEO Shuts Down $10B XRP Hoax: “It’s 9% Of Ripple”

People Also Ask:What is the iShares Staked Ethereum Trust ETF (ETHB)?

It’s a proposed exchange-traded fund (ETF) by BlackRock that aims to track Ethereum’s price while also earning staking rewards. Coinbase would act as the fund’s custodian and staking provider.

What is the 18% staking cut?

BlackRock and Coinbase plan to retain 18% of any staking rewards before distributing the rest to the ETF. This fee covers operational and administrative costs and reduces the total yield investors receive.

Why is staking significant for Ethereum ETFs?

Adding staking turns ETH ETFs from simple price-tracking products into income-generating instruments, potentially attracting investors seeking both price exposure and yield.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

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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.

The price of Shiba Inu is clearly showing signs of consolidation, as it enters one of its quietest periods in recent months. SHIB has now entered a narrow trading range, where volatility has significantly decreased, following a series of lower highs and ongoing selling pressure throughout the larger cryptocurrency market. The asset's movement was once characterized by sharp price swings, but these have mostly vanished, leaving behind sideways movement and lackluster trading momentum.

Shiba Inu's recovery endsAfter reaching local lows, SHIB recently tried a brief recovery on the daily chart, but the recovery was short-lived. Buyers were able to move the price up a little, but the momentum quickly stopped, indicating that market players are not yet prepared to invest a sizable sum of money in a long-term recovery. The idea that traders are waiting, rather than aggressively positioning for the next move, is further supported by the cooling volume.

SHIB/USDT Chart by TradingViewVolatility is essentially on the ground right now. There are still few price swings, and candles have smaller bodies than in prior weeks. Usually, a bigger move comes after this compression, but the exact direction is still unknown. Crucially, the state of the market does not support an immediate continuation of the recovery. In the absence of a powerful catalyst or a more extensive market recovery, SHIB runs the risk of staying stuck in its consolidation zone.

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Moving averages play against itThese days, local resistance is what decides the direction of the token. The asset is currently trading just below short-term moving averages that served as support but are now acting as resistance. The first indication of fresh bullish momentum would be a breakout above these levels, which could pave the way for a more extensive corrective rally. The likelihood of such a breakout happening right away, though, seems slim.

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The likelihood of an upside move in the near future is decreased by several factors. Since SHIB is still trading below longer-term moving averages, momentum indicators are still neutral, and the overall trend structure is still in favor of sellers. Any upward movement is probably going to encounter fresh selling pressure until the price convincingly recovers those levels.

The most practical expectation at this time is that sideways movement will continue. The consolidation phase of SHIB implies that, instead of getting ready for a quick recovery, market players are reorganizing. Unless buyers demonstrate stronger conviction, volatility may stay suppressed while the price stabilizes before the next meaningful directional move develops.

Pi Network's native token is the top performer on a weekly scale, followed by STABLE and MORPHO.

Bitcoin’s rather underwhelming price movements around $68,000 continue as the asset slipped below that level on a couple of occasions in the past 24 hours.

WLFI has soared the most from the larger-cap alts in the past 24 hours, while significantly more modest gains from ETH have pushed the asset to just over $2,000.

BTC Fragile at $68K The first trading week of the current month resulted in a massive calamity for bitcoin, as the asset plunged to $60,000 for the first time since October 2024. This crash represented a $30,000 decline in the span of just over a week.

The bulls finally intervened at this point and helped BTC recover $12,000 in just a day. However, it faced immediate selling pressure at $72,000 and spent the following several days trading between that upper boundary and the lower one at $68,000.

It lost the support a week ago, but quickly reclaimed it and rocketed to over $70,000 during the weekend. However, that was another fakeout and returned to under $70,000 a day later. It slipped below $67,000 yesterday after the latest rejection, but now stands above $68,000, which is essentially the same level as this time yesterday.

Its market cap has remained calm at $1.365 trillion on CG, while its dominance over the alts is down to 56.2%.

BTCUSD Feb 18. Source: TradingView PI’s Weekly Surge Ethereum is up by 2% in the past day and now sits above $2,000 once more. XRP has neared $1.50 after a minor increase. BNB, DOGE, BCH, and CC are also slightly in the green, while TRX and HYPE are with minor losses. WLFI has stolen the show in the past 24 hours, surging by over 17% to over $0.115.

On a weekly scale, though, Pi Network’s PI token shines. The asset is up by over 40% within this timeframe, as it dumped to a new all-time low of $0.1312 at the time. It now sits close to $0.19 after another 6% daily increase.

The total crypto market cap has added over $25 billion in a day and is up to $2.430 trillion on CG.

Cryptocurrency Market Overview Feb 18. Source: QuantifyCrypto

With molecular tracking embedded directly into materials, SMX gives consumers confidence, prevents fraud, and makes "trust me" a thing of the past.

LOS ANGELES, CALIFORNIA / ACCESS Newswire / February 18, 2026 / Luxury used to rely on one thing: trust. See the logo, feel the fabric, swipe the card, and believe the brand's claims. If a designer said an item was authentic, sustainable, or ethically sourced, that was enough.

Not anymore. Today's consumers ask hard questions: Where did this come from? Is it really recycled? Is that vintage handbag authentic-or just a perfect imitation? Blind trust no longer works, and brands can't fake credibility.

Enter SMX (NASDAQ:SMX)(NASDAQ:SMXWW). The company's solution is deceptively simple: embed the truth inside the material itself. Not a hangtag, not a PDF-an invisible, tamper-proof identity travels with the product through every step of its lifecycle. Think of it as a passport for luxury goods: impossible to lose, forge, or ignore.

Denim may seem ordinary, but it's the ultimate test. Made everywhere, recycled, blended, resold, cut, washed, rewashed-the story of what's in a pair of jeans is usually messy. SMX solves that by tracking every fiber accurately, giving brands a real-time view of their products, while proving authenticity to shoppers. When items move through resale channels, there's no debate: the product's identity is built in.

The impact goes beyond denim. For consumers, SMX removes guesswork, prevents greenwashing, and ensures confidence that what you're buying matches the claims. For brands, it reduces waste, avoids credibility gaps, and eliminates the need for endless "please trust us" messaging.

Luxury isn't about blind faith anymore. It's about proof. SMX is turning trust into verifiable evidence-making sure every item, from jeans to handbags, can demonstrate its own authenticity.

Contact:

Sofia Vida/ [email protected]

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This content reflects the personal opinions of the author and is provided for informational and educational purposes only. The author is an independent, self-employed writer and is not a licensed broker, dealer, or registered investment adviser. Nothing contained in this article should be construed as investment advice, a solicitation, or a recommendation to buy or sell any security.

This article may contain forward-looking statements, opinions, and speculative commentary that involve risks and uncertainties. Investing in publicly traded securities - particularly small-cap or low-float stocks - carries a high degree of risk, including the potential loss of your entire investment. Readers should conduct their own independent research and consult with a qualified financial professional before making any investment decisions.

The author may receive compensation for creating and publishing sponsored content related to certain companies discussed. Any such compensation constitutes a conflict of interest. The author does not guarantee the accuracy or completeness of the information presented and undertakes no obligation to update this content. By reading this article, you agree that you are solely responsible for your own investment decisions.

SOURCE: SMX (Security Matters) Public Limited

18 February 2026 | SAINT HELIER, Jersey | On 8 September 2025 CoinShares International Limited (“CoinShares”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF) announced a joint merger plan with Vine Hill Capital Investment Corp (Nasdaq: VCIC) (“Vine Hill”) and Odysseus Holdings Limited (“Odysseus Holdings”), including a court-sanctioned scheme of arrangement under Article 125 of the Jersey Companies Law (“Scheme of Arrangement”) in order to facilitate a change of listing venue for CoinShares Shares from Nasdaq Stockholm to the Nasdaq Stock Market in the United States, or any other public stock market or exchange in the United States as may be agreed between CoinShares and Vine Hill (such joint merger plan and the Scheme of Arrangement being together the “Transaction”).

Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Scheme Circular. All references to times in this announcement are to Jersey times unless stated otherwise.

Publication of the Scheme Circular

CoinShares are pleased to announce that a scheme circular in relation to the Scheme of Arrangement (the “Scheme Circular”) has been published today by CoinShares setting out, amongst other things, a letter from the Chair of CoinShares which serves as an explanatory statement pursuant to Article 126 of the Jersey Companies Law, the terms and conditions of the Scheme of Arrangement, an expected timetable of principal events, notices of the Jersey Court Meeting and the Scheme General Meeting and details of the actions to be taken by CoinShares Shareholders.

The Scheme Circular will be made available in English, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on CoinShares’ website at https://investor.coinshares.com/us-listing and Odysseus Holdings’ website at https://www.coinshares-bidco.com.

Action required

As further detailed in the Scheme Circular, in order to become Effective, the Scheme of Arrangement requires, amongst other things, the approval of a majority in number of Scheme Shareholders present and voting (and entitled to vote), either in person (or remotely via the Virtual Meeting Platform) or by proxy at the Jersey Court Meeting, representing not less than 75 per cent. of the voting rights of the Scheme Shares held and voted by such Scheme Shareholders at the Jersey Court Meeting (or any adjournment of the Jersey Court Meeting) and the passing of the Special Resolution at the Scheme General Meeting by the requisite majority.

Notices convening the Jersey Court Meeting and the Scheme General Meeting to be held at the offices of CoinShares at 2nd Floor, 2 Hill Street, St Helier Jersey JE2 4UA at 9.00 a.m. and 9.15 a.m. (or as soon thereafter as the Jersey Court Meeting concludes or is adjourned) on 19 March 2026, respectively, are set out in the Scheme Circular. The Meetings will be held as combined physical and online meetings (hybrid meetings), enabling CoinShares Shareholders to attend and participate in person or virtually through the electronic facilities that are being made available via the Virtual Meeting Platform. The notices for the meetings have been published in a separate press release by CoinShares.

Any changes to the arrangements for the Jersey Court Meeting and the Scheme General Meeting will be communicated to CoinShares Shareholders before the relevant Meeting, through CoinShares’ website at https://investor.coinshares.com/us-listing and by announcement through Nasdaq Stockholm.

It is important that, for the Jersey Court Meeting in particular, as many votes as possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of opinion of Scheme Shareholders.

Scheme Shareholders and CoinShares Shareholders are therefore strongly encouraged to submit proxy appointments and instructions for the Meetings as soon as possible and, in any event, so that the proxy appointment and instructions are received by Computershare no later than 48 hours before the relevant Meeting (or, in the case of any adjournment, not later than 48 hours before the time fixed for the adjourned Meeting, in each case excluding any part of such 48 hour period falling on a non-Jersey Business Day). Further detail on the deadlines for appointing proxies are set out in the Appendix to this announcement and in the Scheme Circular.

Recommendation

The CoinShares Directors have obtained a fairness opinion dated 7 September 2025 issued by Eight Advisory UK Limited reflecting their opinion as of that date that, on the basis of the considerations therein, the Consideration to be paid by Odysseus Holdings is fair, from a financial point of view, to CoinShares.

Accordingly, the CoinShares Directors unanimously recommend that CoinShares Shareholders vote in favour of the Scheme at the Jersey Court Meeting and the Special Resolution to be proposed at the Scheme General Meeting, as the CoinShares Directors who are interested in CoinShares Shares have irrevocably undertaken to do in respect of their own beneficial holdings of, in aggregate, 23,778,129 CoinShares Shares, representing, in aggregate, approximately 36.029 per cent. of CoinShares’ issued share capital as at the close of business on the Latest Practicable Date.

CoinShares Shareholders should carefully read the Scheme Circular in its entirety before making a decision with respect to the Scheme of Arrangement.

Timetable

The Scheme Circular contains an expected timetable of principal events in relation to the Scheme of Arrangement, which is also set out in the Appendix to this announcement. The Scheme remains conditional on, amongst other things, the approval of the requisite majority of Scheme Shareholders at the Jersey Court Meeting and the requisite majority of CoinShares Shareholders at the Scheme General Meeting. The Scheme of Arrangement is also subject to the satisfaction (or, where applicable, waiver) of the other Conditions and further terms, as described more fully in the Scheme Circular.

Subject to the satisfaction or (where applicable) waiver of the Conditions, the Scheme of Arrangement is expected to become Effective in Q2 2026 and, in any event, prior to the Long Stop Date.

If any of the key dates set out in the timetable change, CoinShares and Odysseus Holdings will announce such changes by announcement in accordance with applicable laws and regulations, with such announcements also being made available on CoinShares’ website at https://investor.coinshares.com/us-listing and Odysseus Holdings’ website at https://www.coinshares-bidco.com.

Information about the Transaction

Information about the Transaction is made available at www.coinshares-bidco.com.

If CoinShares Shareholders have any questions about this announcement, the Scheme Circular or the completion and return of the Forms of Proxy, please contact CoinShares’ registrars, Computershare, on the shareholder helpline at +44 (0) 370 707 4040. The shareholder helpline will be available from 8.30 a.m. and 5.30 p.m. Monday to Friday (except public holidays in Jersey). Calls to the shareholder helpline from outside of Jersey will be charged at applicable international rates. Different charges may apply to calls made from mobile telephones and calls may be recorded and monitored for security and training purposes. Please note that Computershare cannot provide advice on the merits of the Scheme of Arrangement, nor give financial, tax, investment or legal advice. If the Scheme of Arrangement is sanctioned as outlined above, it is expected that the last day of dealings in, and registration of transfers of, CoinShares Shares on Nasdaq Stockholm is expected to be the Business Day prior to the date of the Sanction Hearing and no transfers will be registered after 6.00 p.m. on that date. It is intended that, subject to the Scheme of Arrangement becoming Effective, application will be made to Nasdaq Stockholm to delist CoinShares Shares from Nasdaq Stockholm, with effect from or shortly following the Effective Date, and steps will be taken to re-register CoinShares as a private limited company under the relevant provisions of the Jersey Companies Law.

About CoinShares
CoinShares is a leading global digital asset manager that delivers a broad range of financial services across investment management, trading, and securities to a wide array of clients that include corporations, financial institutions, and individuals. Founded in 2013, the firm is headquartered in Jersey, with offices in France, Stockholm, the UK, and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

About Vine Hill
Vine Hill is a special purpose acquisition company (“SPAC”) sponsored by an affiliate of Vine Hill Capital Partners and formed as part of a platform to sponsor a series of SPACs. Vine Hill completed its $220 million initial public offering in September 2024 and its stock currently trades on Nasdaq under the ticker “VCIC.” Vine Hill Capital Partners is a premier alternative investment manager dedicated to helping businesses achieve their full potential and unlocking shareholder value through leveraging the public markets.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | [email protected]
Investor Relations | +44 (0)1534 513 100 | [email protected]

PRESS CONTACT

CoinShares
Benoît Pellevoizin
[email protected]

M Group Strategic Communications
Peter Padovano
[email protected]

The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on 18 February 2026.

IMPORTANT INFORMATION

General

This communication is being made in respect of the proposed business combination (the “Business Combination” and the other transactions contemplated by the Business Combination Agreement among CoinShares, Vine Hill, Odysseus Holdings Limited (“Holdco”) and the other parties thereto (collectively, the “Transactions”)) among Vine Hill, CoinShares and Holdco. The information contained herein does not purport to be all-inclusive and none of Vine Hill, CoinShares, Holdco or their respective affiliates makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this communication.

Additional Information and Where to Find It

The acquisition of the entire issued and to be issued share capital of CoinShares by Odysseus Cayman will be made solely by means of the Scheme Circular (and the accompanying Forms of Proxy), which will contain the full terms and conditions of the Scheme of Arrangement, including, if applicable, details of how to vote in respect of the Scheme of Arrangement. Any decision in respect of the Scheme of Arrangement should be made only on the basis of the information contained in the Scheme Circular.

CoinShares urges CoinShares Shareholders to read the Scheme Circular because it contains important information relating to the Scheme of Arrangement and the Transaction, including details of how to vote in respect of the Scheme of Arrangement. The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and the release of this announcement shall not give rise to any implication that there has been no change in the facts set forth in this announcement since such date.

This announcement does not constitute a prospectus or a prospectus equivalent document.

In connection with the Transactions, CoinShares, Vine Hill and Holdco plan to file a Registration Statement on Form F-4 (as amended and supplemented from time to time, the “Registration Statement”) with the SEC, which will include a preliminary proxy statement of Vine Hill and a prospectus of Holdco relating to the offer of the securities to be issued to Vine Hill’s securityholders in connection with the completion of the Business Combination (the “Proxy Statement/Prospectus”). The definitive proxy statement and other relevant documents will be mailed to Vine Hill shareholders as of a record date to be established for voting on the Transactions and other matters as described in the Proxy Statement/Prospectus. Vine Hill, CoinShares and/or Holdco will also file other documents regarding the Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF VINE HILL AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH VINE HILL’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT VINE HILL, COINSHARES, HOLDCO AND THE TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by Vine Hill, CoinShares and/or Holdco, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Vine Hill Capital Investment Corp., 500 E Broward Blvd, Suite 900, Fort Lauderdale, FL 33394, or upon written request to CoinShares or Holdco at c/o CoinShares International Limited, 2nd Floor, 2 Hill Street, JE2 4UA St Helier Jersey, Channel Islands.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE TRANSACTIONS OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

Participants in the Solicitation

Vine Hill, CoinShares, Holdco and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from Vine Hill’s shareholders in connection with the Transactions. You can find information about Vine Hill’s directors, executive officers, certain of their shareholders and other members of management and employees and their interest in Vine Hill can be found in the sections entitled “Directors, Executive Officers and Corporate Governance – Conflicts of Interest,” “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” and “Certain Relationships and Related Party Transactions” of Vine Hill’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 26, 2025 and is available free of charge at the SEC’s website at www.sec.gov and at the following URL: sec.gov/Archives/edgar/data/2025396/000101376225002707/ea0234943-10k_vinehill.htm. Additional information regarding the interests of such participants will be contained in the Registration Statement when available.

A list of the names of the directors, executive officers, other members of management and employees of CoinShares and Holdco, as well as information regarding their interests in the Business Combination, will be contained in the Registration Statement to be filed with the SEC. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC.

No Offer or Solicitation

The information contained in this communication is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of Vine Hill, CoinShares or Holdco, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Overseas Shareholders

The release, publication or distribution of this announcement in jurisdictions other than Jersey, the Cayman Islands, Sweden or the United States and the availability of the Scheme of Arrangement to CoinShares Shareholders who are not resident in Jersey, the Cayman Islands, Sweden or the United States, may be restricted by the laws of those jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about and observe such restrictions. In particular, the ability of persons who are not resident in Jersey, the Cayman Islands, Sweden or the United States to vote their CoinShares Shares with respect to the Scheme of Arrangement at the Jersey Court Meeting, or to execute and deliver Forms of Proxy appointing another to vote at the Jersey Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located. Further details in relation to Overseas Shareholders are contained in the Scheme Circular. Any failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Transaction disclaim any responsibility or liability for the violation of such restrictions by any person.

Unless otherwise determined by Odysseus Holdings, and permitted by applicable law and regulation, the Scheme of Arrangement will not be made available, in whole or in part, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction and no person may vote in favour of the Scheme of Arrangement by any such use, means, instrumentality or from within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. No invitation may be made to the public in the Cayman Islands to subscribe for the securities offered hereby, and this announcement and the Scheme of Arrangement may not be issued or passed to any such person. Scheme Shareholders who are in any doubt regarding such matters should consult an appropriate independent professional adviser in the relevant jurisdiction without delay.

Accordingly, copies of this announcement and all documents relating to the Transaction are not being, and must not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving such documents (including, without limitation, agents, custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in, into or from any Restricted Jurisdiction where to do so would violate the laws in that jurisdiction. Doing so may render invalid any related purported vote in respect of the Scheme of Arrangement.

Further details in relation to Overseas Shareholders are contained in the Scheme Circular.

This announcement and any accompanying documents have been prepared for the purposes of complying with Jersey, Cayman Islands, Swedish and U.S. law and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of other jurisdictions.

The Transaction shall be subject to the applicable requirements of Nasdaq Stockholm, the Takeover Rules for Nasdaq Stockholm and the Jersey Companies Law.

Sanctions Disqualified Shareholders

Sanctions Disqualified Shareholders should refer to paragraph ‎28 of Part 1 (Letter from the Chair of CoinShares) of the Scheme Circular in respect of the implications of the Scheme of Arrangement and the Transaction on their holdings of Scheme Restricted Shares.

Additional Information for U.S. Investors

The Scheme of Arrangement relates to the securities of a Jersey company and is proposed to be effected by means of a scheme of arrangement under the Jersey Companies Law. This announcement and certain other documents relating to the Transaction have been or will be prepared in accordance with Jersey law disclosure requirements, format and style, all of which differ from the disclosure and other requirements of United States securities laws. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Exchange Act. Accordingly, the Transaction is subject to the disclosure requirements of and practices applicable in Jersey to schemes of arrangement, which differ from the disclosure requirements of the United States tender offer and proxy solicitation rules.  Except in relation to Non-IFRS financial measures, any financial statements or other financial information included in this announcement and the Scheme Circular has been or will have been prepared in accordance with (i) with respect to CoinShares, accounting standards applicable in Jersey, which may not be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with U.S. GAAP and (ii) with respect to the Vine Hill Group, U.S. GAAP and the auditing standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”). U.S. GAAP differs in certain significant respects from accounting standards applicable in Jersey. None of the financial statements or other financial information relating to CoinShares in this announcement and the Scheme Circular has been audited in accordance with auditing standards generally accepted in the United States.

Odysseus Cayman, its nominees, or their brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, CoinShares Shares outside of the United States, other than pursuant to the Scheme of Arrangement, until the date on which the Scheme of Arrangement becomes Effective, lapses or is otherwise withdrawn. Also, in accordance with Rule 14e-5(b) of the U.S. Exchange Act, these purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices and comply with applicable law, including the U.S. Exchange Act. Any information about such purchases will be disclosed as required in Jersey and Sweden and the United States.

It may be difficult for U.S. holders to enforce their rights and claims arising out of the U.S. federal securities laws, since CoinShares and Odysseus Holdings are located in countries other than the U.S, and all of their officers and directors are residents of countries other than the U.S. holders may not be able to claim against a non-U.S. company or its officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court’s judgement. In addition, it may be difficult or impossible for CoinShares U.S. Shareholders to effect service of process within the United States upon Odysseus Cayman or CoinShares, as applicable, their respective officers or directors or the experts named herein, or to realise, against them, upon judgments of courts of the United States based on civil liabilities, whether or not predicated solely upon United States federal and state securities laws. In addition, CoinShares U.S. Shareholders should not assume that the courts of Jersey: (a) would enforce judgments of United States courts obtained in actions against such persons based on civil liabilities; or (b) would enforce, in original actions, liabilities against such persons based on civil liabilities, in either case whether or not predicated solely upon U.S. federal and state securities laws.

Scheme Shareholders who are citizens or residents of the United States should consult their own legal and tax advisers with respect to the legal and tax consequences of the Scheme of Arrangement in their particular circumstances.

Forward-Looking Statements

This communication includes “forward-looking statements” with respect to Vine Hill, CoinShares and/or Holdco within the meaning of the federal securities laws. These forward-looking statements include all statements other than statements of historical fact, including, without limitation, the timing of, and the satisfaction of closing conditions to, completion of the Transaction. The expectations, estimates and projections of the businesses of CoinShares and Vine Hill may differ from their actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. In some cases, you can identify forward-looking statements by terminology such as “according to estimates”, “anticipates”, “assumes”, “believes”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “is of the opinion”, “may”, “plans”, “potential”, “predicts”, “projects”, “targets”, “to the knowledge of”, “should”, “will”, “would”, or the negatives of these terms, variations of them or similar terminology, although not all forward-looking statements contain such identifying words.

Such forward-looking statements are subject to risks, uncertainties, and other factors which may adversely affect CoinShares’ and Holdco’s ability to implement and achieve their plans and objectives set out in such forward-looking statements and which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding CoinShares’ and Holdco’s present and future policies and plans and the environment in which CoinShares and Holdco will operate in the future. Many actual events or circumstances are outside of the control of CoinShares, Holdco or Vine Hill. Furthermore, certain forward-looking statements are based on assumptions or future events which may not prove to be accurate, and no reliance whatsoever should be placed on any forward-looking statements in this communication. Factors that may cause such differences include, but are not limited to: (1) the Transactions not being completed in a timely manner or at all, which may adversely affect the price of Vine Hill’s and/or CoinShares’ securities; (2) the Transactions not being completed by Vine Hill’s business combination deadline; (3) failure by the parties to satisfy the conditions to the consummation of the Transactions, including the approval of Vine Hill’s and CoinShares’ shareholders and obtaining the requisite Acts of the Royal Court of Jersey; (4) failure to realize the anticipated benefits of the Transactions, which may be affected by, among other things, competition, the ability of CoinShares and Holdco to grow and manage growth profitably, build or maintain relationships with customers and retain management and key employees, capital expenditures, requirements for additional capital and timing of future cash flow provided by operating activities and the demand for digital assets, including cryptocurrencies and blockchain-related alternative investments, including those offered by, or underlying those offered by, CoinShares and Holdco; (5) the level of redemptions by Vine Hill’s public shareholders which will reduce the amount of funds available for CoinShares and Holdco to execute on their business strategies and may make it difficult to obtain or maintain the listing or trading of Holdco ordinary shares on a major securities exchange; (6) failure of Holdco to obtain or maintain the listing of its securities on any securities exchange after the closing; (7) costs related to the Transactions and as a result of Holdco becoming a public company that may be higher than currently anticipated; (8) changes in business, market, financial, political and regulatory conditions; (9) volatility and rapid fluctuations in the market prices of digital assets, including cryptocurrencies and blockchain-related alternative investments, including those offered by, or underlying those offered by, CoinShares and/or Holdco; (10) failure of CoinShares’ and/or Holdco’s digital asset investment products to track their respective target benchmarks; (11) regulatory or other developments that negatively impact demand for the products and services provided by CoinShares and/or Holdco; (12) the outcome of any event, change or other circumstance that could give rise to the inability to consummate the Business Combination; (13) the outcome of any legal proceedings that may be instituted against Vine Hill, CoinShares, Holdco and/or any of their respective affiliates or others; (14) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (15) the risk that the Business Combination disrupts current plans and operations of Vine Hill and/or CoinShares as a result of the announcement and consummation of the Business Combination; (16) treatment of digital assets, including cryptocurrencies and blockchain-related alternative investments, including those offered by, or underlying those offered by, CoinShares and/or Holdco, for U.S. and foreign tax purposes; (17) challenges in implementing CoinShares and/or Holdco’s business plan due to operational challenges, significant competition and regulation; (18) being considered to be a “shell company” or “former shell company” by the securities exchange on which Holdco ordinary shares will be listed or by the SEC, which may impact the ability to list Holdco ordinary shares and restrict reliance on certain rules or forms in connection with the offering, sale or resale of Holdco’s securities; (19) trading price and volume of Holdco ordinary shares may be volatile following the Transactions and an active trading market may not develop; (20) Holdco shareholders may experience dilution in the future due to the exercise of a significant number of existing warrants and any future issuances of equity securities of Holdco; (21) investors may experience immediate and material dilution upon the closing as a result of the Vine Hill Class B ordinary shares held by Vine Hill Capital Sponsor I LLC, since the value of the Holdco ordinary shares received by Vine Hill Capital Sponsor I LLC in exchange for such Vine Hill Class B ordinary shares is likely to be substantially higher than the nominal price paid for them, even if the trading price of Holdco ordinary shares at such time is substantially less than the price per share paid by investors; (22) conflicts of interest that may arise from investment and transaction opportunities involving Holdco, CoinShares, their respective affiliates and other investors and clients; (23) digital asset trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes; (24) risks relating to the custody of CoinShares’ and Holdco’s digital assets, including the loss or destruction of private keys required to access its digital assets and cyberattacks or other data loss relating to its digital assets, which could cause CoinShares or Holdco, as applicable, to lose some or all of its digital assets; (25) a security breach, cyber-attack or other event where unauthorized parties obtain access to CoinShares’ or Holdco’s digital assets, as a result of which CoinShares or Holdco may lose some or all of their digital assets temporarily or permanently and their financial condition and results of operations could be materially adversely affected; (26) the emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the value of digital assets and adversely affect CoinShares’ and/or Holdco’s business; (27) potential regulatory changes reclassifying certain digital assets as securities could lead to the CoinShares’ and/or Holdco’s classification as an “investment company” under the Investment Company Act of 1940 and could adversely affect the market price of CoinShares’ and/or Holdco’s digital assets and the market price of CoinShares or Holdco listed securities; and (28) other risks and uncertainties included in (x) the “Risk Factors” sections of the Vine Hill Annual Report on Form 10-K and (y) other documents filed or to be filed with or furnished or to be furnished to the SEC by Holdco, CoinShares and/or Vine Hill. The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. None of Vine Hill, CoinShares or Holdco undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. Past performance by Vine Hill’s, CoinShares’ or Holdco’s management teams and their respective affiliates is not a guarantee of future performance. Therefore, you should not place undue reliance on the historical record of the performance of Vine Hill’s, CoinShares’ or Holdco’s management teams or businesses associated with them as indicative of future performance of an investment or the returns that Vine Hill, CoinShares or Holdco will, or are likely to, generate going forward.

No profit forecasts, estimates or quantified benefits statements

No statement in this announcement, or incorporated by reference in this announcement, is intended as a profit forecast, profit estimate or quantified benefits statement for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share for CoinShares or Odysseus Holdings, as appropriate, for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for CoinShares or Odysseus Holdings.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

Publication on website

A copy of this announcement, together with all information incorporated by reference into the Scheme Circular, will be, available, free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions on CoinShares’ website at https://investor.coinshares.com/us-listing and Odysseus Holdings’ website at www.coinshares-bidco.com. Save as expressly referred to in this announcement, the content of CoinShares’ website or Odysseus Holdings’ website is not incorporated into, nor forms part of, this announcement.

Request to receive documents in hard copy form

A hard copy of this announcement or the Scheme Circular may be requested by contacting CoinShares’ registrars, Computershare on +44 (0) 370 707 4040. Calls are charged at the standard geographic rate and will vary by provider. Calls outside Jersey will be charged at the applicable international rate. The Shareholder Helpline is open between 8.30 a.m. and 5.30 p.m., Monday to Friday (excluding public holidays in Jersey). Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. Please note the Shareholder Helpline cannot provide advice on the merits of the Scheme of Arrangement nor give any financial, investment, legal or tax advice.
General

If you are in any doubt as to the contents of this announcement or the action you should take, you are recommended to seek your own personal financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser.

APPENDIX

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

The following indicative timetable is based on CoinShares’ current expected dates for the implementation of the Scheme of Arrangement and is subject to change. If any of the dates and/or times in this expected timetable change, the revised dates and/or times will be notified to CoinShares Shareholders by announcement through Nasdaq Stockholm, with such announcement being made available on CoinShares’ website at https://investor.coinshares.com/us-listing.

References to times in this timetable are to Greenwich Mean Time (GMT), unless otherwise stated.

EventTime and/or datePublication of the Scheme Circular18 February 2026Latest time for lodging Forms of Proxy for the: Jersey Court Meeting (BLUE form)9.00 a.m. on 17 March 2026(1)Scheme General Meeting (WHITE form)9.15 a.m. on 17 March 2026(2)Voting Record Time6.30 p.m. on 17 March 2026(3)Jersey Court Meeting9.00 a.m. on 19 March 2026Scheme General Meeting9.15 a.m. on 19 March 2026(4)  The following dates are indicative only and are subject to change (including as may be agreed by CoinShares and Odysseus Cayman from time to time) Last day of dealings in, and for the registration of transfers of, CoinShares Shares on Nasdaq StockholmD - 1 Business DaySanction Hearing (to sanction the Scheme)currently expected to be held on 30 March 2026), subject to Court approval and the satisfaction (or, if applicable, waiver) of the relevant Conditions and, in any event, prior to the Long Stop Date (“D”)(5)Suspension of trading of CoinShares Shares on Nasdaq Stockholm5.30 a.m. (Sweden time) on D  Settlement of final trades in Euroclear Sweden of CoinShares Shares on Nasdaq StockholmD + 1 Business DayCoinShares Shares to be repositioned from Euroclear Sweden’s account in CREST to underlying beneficial holders’ accounts in CRESTD + 2-5 Business DaysLast day for registration of transfers of, and disablement in CREST of CoinShares SharesD + 6 Business DaysScheme Record Time6.00 p.m. on D + 6 Business DaysEffective DateD + 7 Business Days(6)Delisting of CoinShares Shares on Nasdaq Stockholmby 5.30 a.m. (Sweden time) on D + 7 Business DaysIssue of New Odysseus Holdings Sharesat or shortly after 9.00 a.m. (New York time) on D + 7 Business DaysListing of New Odysseus Holdings Shares on Nasdaqat or shortly after 9.30 a.m. (New York time) on D + 8 Business DaysLong Stop Date8 June 2026(7) Notes
(1)             It is requested that BLUE Forms of Proxy for the Jersey Court Meeting be lodged not later than 9.00 a.m. on 17 March 2026 or, if the Jersey Court Meeting is adjourned, 48 hours prior to the time and date set for any adjourned Jersey Court Meeting (excluding any part of such 48-hour period falling on a non-working day). If the BLUE Form of Proxy for the Jersey Court Meeting is not returned by such time, it may be handed to a representative of CoinShares’ registrars, Computershare, on behalf of the Chair of the Jersey Court Meeting, or to the Chair of the Jersey Court Meeting before the start of the Jersey Court Meeting (or any adjournment of it) and it will be valid.
(2)             In order to be valid, the WHITE Forms of Proxy for the Scheme General Meeting must be lodged not later than 9.15 a.m. on 17 March 2026 or, if the Scheme General Meeting is adjourned, 48 hours prior to the time and date set for any adjourned Scheme General Meeting (excluding any part of such 48-hour period falling on a non-working day).
(3)             If either the Jersey Court Meeting or the Scheme General Meeting is adjourned, the Voting Record Time for the relevant adjourned Meeting will be 6.30 p.m. on the date which is two days (excluding non-working days) prior to the date set for such adjourned Meeting.
(4)             To commence at 9.15 a.m. or, if later, as soon thereafter as the Jersey Court Meeting shall have concluded or adjourned.
(5)             The Sanction Hearing is currently expected to be held on 30 March 2026 at the Royal Court of Jersey, Royal Court House, Royal Square, St. Helier, Jersey JE1 1JG. These dates are indicative only and are subject to change and will depend, among other things, on the date upon which: (i) the Conditions are satisfied or (if capable of waiver) waived; (ii) the Court sanctions the Scheme; and (iii) the Court Order (and any act of court in connection with the Scheme) is delivered to the Jersey Registrar of Companies. Participants in the CoinShares Share Plan will be contacted separately to inform them of the effect of the Scheme on their rights under the CoinShares Share Plan, including details of any appropriate proposals being made and dates and times relevant to them. Scheme Shareholders are entitled to attend and be heard at the Sanction Hearing, should they wish to do so, in person or through their counsel.
(6)             Following sanction of the Scheme by the Court, the Scheme will become Effective in accordance with its terms upon a copy of the Court Order (and any act of court in connection with the Scheme) being delivered to the Jersey Registrar of Companies. This is presently expected to occur on 10 April 2026 being 7 Business Days after the Sanction Hearing, subject to satisfaction or (where capable of waiver), waiver of the Conditions.
(7)             This is the latest date by which the Scheme may become Effective. However, the Long Stop Date may be extended to such later date as CoinShares and Odysseus Cayman may agree (and as the Court may allow, should such approval be required).

Jersey, Channel Islands, Feb. 18, 2026 (GLOBE NEWSWIRE) -- 18 February 2026 | SAINT HELIER, Jersey | On 8 September 2025 CoinShares International Limited (“CoinShares”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF) announced a joint merger plan with Vine Hill Capital Investment Corp (Nasdaq: VCIC) (“Vine Hill”) and Odysseus Holdings Limited (“Odysseus Holdings”), including a court-sanctioned scheme of arrangement under Article 125 of the Jersey Companies Law (“Scheme of Arrangement”) in order to facilitate a change of listing venue for CoinShares Shares from Nasdaq Stockholm to the Nasdaq Stock Market in the United States, or any other public stock market or exchange in the United States as may be agreed between CoinShares and Vine Hill (such joint merger plan and the Scheme of Arrangement being together the “Transaction”).

Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Scheme Circular. All references to times in this announcement are to Jersey times unless stated otherwise.

Publication of the Scheme Circular

CoinShares are pleased to announce that a scheme circular in relation to the Scheme of Arrangement (the “Scheme Circular”) has been published today by CoinShares setting out, amongst other things, a letter from the Chair of CoinShares which serves as an explanatory statement pursuant to Article 126 of the Jersey Companies Law, the terms and conditions of the Scheme of Arrangement, an expected timetable of principal events, notices of the Jersey Court Meeting and the Scheme General Meeting and details of the actions to be taken by CoinShares Shareholders.

The Scheme Circular will be made available in English, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on CoinShares’ website at https://investor.coinshares.com/us-listing and Odysseus Holdings’ website at https://www.coinshares-bidco.com.

Action required

As further detailed in the Scheme Circular, in order to become Effective, the Scheme of Arrangement requires, amongst other things, the approval of a majority in number of Scheme Shareholders present and voting (and entitled to vote), either in person (or remotely via the Virtual Meeting Platform) or by proxy at the Jersey Court Meeting, representing not less than 75 per cent. of the voting rights of the Scheme Shares held and voted by such Scheme Shareholders at the Jersey Court Meeting (or any adjournment of the Jersey Court Meeting) and the passing of the Special Resolution at the Scheme General Meeting by the requisite majority.

Notices convening the Jersey Court Meeting and the Scheme General Meeting to be held at the offices of CoinShares at 2nd Floor, 2 Hill Street, St Helier Jersey JE2 4UA at 9.00 a.m. and 9.15 a.m. (or as soon thereafter as the Jersey Court Meeting concludes or is adjourned) on 19 March 2026, respectively, are set out in the Scheme Circular. The Meetings will be held as combined physical and online meetings (hybrid meetings), enabling CoinShares Shareholders to attend and participate in person or virtually through the electronic facilities that are being made available via the Virtual Meeting Platform. The notices for the meetings have been published in a separate press release by CoinShares.

Any changes to the arrangements for the Jersey Court Meeting and the Scheme General Meeting will be communicated to CoinShares Shareholders before the relevant Meeting, through CoinShares’ website at https://investor.coinshares.com/us-listing and by announcement through Nasdaq Stockholm.

It is important that, for the Jersey Court Meeting in particular, as many votes as possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of opinion of Scheme Shareholders.

Scheme Shareholders and CoinShares Shareholders are therefore strongly encouraged to submit proxy appointments and instructions for the Meetings as soon as possible and, in any event, so that the proxy appointment and instructions are received by Computershare no later than 48 hours before the relevant Meeting (or, in the case of any adjournment, not later than 48 hours before the time fixed for the adjourned Meeting, in each case excluding any part of such 48 hour period falling on a non-Jersey Business Day). Further detail on the deadlines for appointing proxies are set out in the Appendix to this announcement and in the Scheme Circular.

Recommendation

The CoinShares Directors have obtained a fairness opinion dated 7 September 2025 issued by Eight Advisory UK Limited reflecting their opinion as of that date that, on the basis of the considerations therein, the Consideration to be paid by Odysseus Holdings is fair, from a financial point of view, to CoinShares.

Accordingly, the CoinShares Directors unanimously recommend that CoinShares Shareholders vote in favour of the Scheme at the Jersey Court Meeting and the Special Resolution to be proposed at the Scheme General Meeting, as the CoinShares Directors who are interested in CoinShares Shares have irrevocably undertaken to do in respect of their own beneficial holdings of, in aggregate, 23,778,129 CoinShares Shares, representing, in aggregate, approximately 36.029 per cent. of CoinShares’ issued share capital as at the close of business on the Latest Practicable Date.

CoinShares Shareholders should carefully read the Scheme Circular in its entirety before making a decision with respect to the Scheme of Arrangement.

Timetable

The Scheme Circular contains an expected timetable of principal events in relation to the Scheme of Arrangement, which is also set out in the Appendix to this announcement. The Scheme remains conditional on, amongst other things, the approval of the requisite majority of Scheme Shareholders at the Jersey Court Meeting and the requisite majority of CoinShares Shareholders at the Scheme General Meeting. The Scheme of Arrangement is also subject to the satisfaction (or, where applicable, waiver) of the other Conditions and further terms, as described more fully in the Scheme Circular.

Subject to the satisfaction or (where applicable) waiver of the Conditions, the Scheme of Arrangement is expected to become Effective in Q2 2026 and, in any event, prior to the Long Stop Date.

If any of the key dates set out in the timetable change, CoinShares and Odysseus Holdings will announce such changes by announcement in accordance with applicable laws and regulations, with such announcements also being made available on CoinShares’ website at https://investor.coinshares.com/us-listing and Odysseus Holdings’ website at https://www.coinshares-bidco.com.

Information about the Transaction

Information about the Transaction is made available at www.coinshares-bidco.com.

If CoinShares Shareholders have any questions about this announcement, the Scheme Circular or the completion and return of the Forms of Proxy, please contact CoinShares’ registrars, Computershare, on the shareholder helpline at +44 (0) 370 707 4040. The shareholder helpline will be available from 8.30 a.m. and 5.30 p.m. Monday to Friday (except public holidays in Jersey). Calls to the shareholder helpline from outside of Jersey will be charged at applicable international rates. Different charges may apply to calls made from mobile telephones and calls may be recorded and monitored for security and training purposes. Please note that Computershare cannot provide advice on the merits of the Scheme of Arrangement, nor give financial, tax, investment or legal advice. If the Scheme of Arrangement is sanctioned as outlined above, it is expected that the last day of dealings in, and registration of transfers of, CoinShares Shares on Nasdaq Stockholm is expected to be the Business Day prior to the date of the Sanction Hearing and no transfers will be registered after 6.00 p.m. on that date. It is intended that, subject to the Scheme of Arrangement becoming Effective, application will be made to Nasdaq Stockholm to delist CoinShares Shares from Nasdaq Stockholm, with effect from or shortly following the Effective Date, and steps will be taken to re-register CoinShares as a private limited company under the relevant provisions of the Jersey Companies Law.

About CoinShares
CoinShares is a leading global digital asset manager that delivers a broad range of financial services across investment management, trading, and securities to a wide array of clients that include corporations, financial institutions, and individuals. Founded in 2013, the firm is headquartered in Jersey, with offices in France, Stockholm, the UK, and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

About Vine Hill
Vine Hill is a special purpose acquisition company (“SPAC”) sponsored by an affiliate of Vine Hill Capital Partners and formed as part of a platform to sponsor a series of SPACs. Vine Hill completed its $220 million initial public offering in September 2024 and its stock currently trades on Nasdaq under the ticker “VCIC.” Vine Hill Capital Partners is a premier alternative investment manager dedicated to helping businesses achieve their full potential and unlocking shareholder value through leveraging the public markets.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | [email protected]
Investor Relations | +44 (0)1534 513 100 | [email protected]

PRESS CONTACT

CoinShares
Benoît Pellevoizin
[email protected]

M Group Strategic Communications
Peter Padovano
[email protected]

The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on 18 February 2026.

IMPORTANT INFORMATION

General

This communication is being made in respect of the proposed business combination (the “Business Combination” and the other transactions contemplated by the Business Combination Agreement among CoinShares, Vine Hill, Odysseus Holdings Limited (“Holdco”) and the other parties thereto (collectively, the “Transactions”)) among Vine Hill, CoinShares and Holdco. The information contained herein does not purport to be all-inclusive and none of Vine Hill, CoinShares, Holdco or their respective affiliates makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this communication.

Additional Information and Where to Find It

The acquisition of the entire issued and to be issued share capital of CoinShares by Odysseus Cayman will be made solely by means of the Scheme Circular (and the accompanying Forms of Proxy), which will contain the full terms and conditions of the Scheme of Arrangement, including, if applicable, details of how to vote in respect of the Scheme of Arrangement. Any decision in respect of the Scheme of Arrangement should be made only on the basis of the information contained in the Scheme Circular.

CoinShares urges CoinShares Shareholders to read the Scheme Circular because it contains important information relating to the Scheme of Arrangement and the Transaction, including details of how to vote in respect of the Scheme of Arrangement. The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and the release of this announcement shall not give rise to any implication that there has been no change in the facts set forth in this announcement since such date.

This announcement does not constitute a prospectus or a prospectus equivalent document.

In connection with the Transactions, CoinShares, Vine Hill and Holdco plan to file a Registration Statement on Form F-4 (as amended and supplemented from time to time, the “Registration Statement”) with the SEC, which will include a preliminary proxy statement of Vine Hill and a prospectus of Holdco relating to the offer of the securities to be issued to Vine Hill’s securityholders in connection with the completion of the Business Combination (the “Proxy Statement/Prospectus”). The definitive proxy statement and other relevant documents will be mailed to Vine Hill shareholders as of a record date to be established for voting on the Transactions and other matters as described in the Proxy Statement/Prospectus. Vine Hill, CoinShares and/or Holdco will also file other documents regarding the Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF VINE HILL AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH VINE HILL’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT VINE HILL, COINSHARES, HOLDCO AND THE TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by Vine Hill, CoinShares and/or Holdco, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Vine Hill Capital Investment Corp., 500 E Broward Blvd, Suite 900, Fort Lauderdale, FL 33394, or upon written request to CoinShares or Holdco at c/o CoinShares International Limited, 2nd Floor, 2 Hill Street, JE2 4UA St Helier Jersey, Channel Islands.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE TRANSACTIONS OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

Participants in the Solicitation

Vine Hill, CoinShares, Holdco and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from Vine Hill’s shareholders in connection with the Transactions. You can find information about Vine Hill’s directors, executive officers, certain of their shareholders and other members of management and employees and their interest in Vine Hill can be found in the sections entitled “Directors, Executive Officers and Corporate Governance – Conflicts of Interest,” “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” and “Certain Relationships and Related Party Transactions” of Vine Hill’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 26, 2025 and is available free of charge at the SEC’s website at www.sec.gov and at the following URL: sec.gov/Archives/edgar/data/2025396/000101376225002707/ea0234943-10k_vinehill.htm. Additional information regarding the interests of such participants will be contained in the Registration Statement when available.

A list of the names of the directors, executive officers, other members of management and employees of CoinShares and Holdco, as well as information regarding their interests in the Business Combination, will be contained in the Registration Statement to be filed with the SEC. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC.

No Offer or Solicitation

The information contained in this communication is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of Vine Hill, CoinShares or Holdco, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Overseas Shareholders

The release, publication or distribution of this announcement in jurisdictions other than Jersey, the Cayman Islands, Sweden or the United States and the availability of the Scheme of Arrangement to CoinShares Shareholders who are not resident in Jersey, the Cayman Islands, Sweden or the United States, may be restricted by the laws of those jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about and observe such restrictions. In particular, the ability of persons who are not resident in Jersey, the Cayman Islands, Sweden or the United States to vote their CoinShares Shares with respect to the Scheme of Arrangement at the Jersey Court Meeting, or to execute and deliver Forms of Proxy appointing another to vote at the Jersey Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located. Further details in relation to Overseas Shareholders are contained in the Scheme Circular. Any failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Transaction disclaim any responsibility or liability for the violation of such restrictions by any person.

Unless otherwise determined by Odysseus Holdings, and permitted by applicable law and regulation, the Scheme of Arrangement will not be made available, in whole or in part, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction and no person may vote in favour of the Scheme of Arrangement by any such use, means, instrumentality or from within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. No invitation may be made to the public in the Cayman Islands to subscribe for the securities offered hereby, and this announcement and the Scheme of Arrangement may not be issued or passed to any such person. Scheme Shareholders who are in any doubt regarding such matters should consult an appropriate independent professional adviser in the relevant jurisdiction without delay.

Accordingly, copies of this announcement and all documents relating to the Transaction are not being, and must not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving such documents (including, without limitation, agents, custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in, into or from any Restricted Jurisdiction where to do so would violate the laws in that jurisdiction. Doing so may render invalid any related purported vote in respect of the Scheme of Arrangement.

Further details in relation to Overseas Shareholders are contained in the Scheme Circular.

This announcement and any accompanying documents have been prepared for the purposes of complying with Jersey, Cayman Islands, Swedish and U.S. law and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of other jurisdictions.

The Transaction shall be subject to the applicable requirements of Nasdaq Stockholm, the Takeover Rules for Nasdaq Stockholm and the Jersey Companies Law.

Sanctions Disqualified Shareholders

Sanctions Disqualified Shareholders should refer to paragraph ‎28 of Part 1 (Letter from the Chair of CoinShares) of the Scheme Circular in respect of the implications of the Scheme of Arrangement and the Transaction on their holdings of Scheme Restricted Shares.

Additional Information for U.S. Investors

The Scheme of Arrangement relates to the securities of a Jersey company and is proposed to be effected by means of a scheme of arrangement under the Jersey Companies Law. This announcement and certain other documents relating to the Transaction have been or will be prepared in accordance with Jersey law disclosure requirements, format and style, all of which differ from the disclosure and other requirements of United States securities laws. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Exchange Act. Accordingly, the Transaction is subject to the disclosure requirements of and practices applicable in Jersey to schemes of arrangement, which differ from the disclosure requirements of the United States tender offer and proxy solicitation rules.  Except in relation to Non-IFRS financial measures, any financial statements or other financial information included in this announcement and the Scheme Circular has been or will have been prepared in accordance with (i) with respect to CoinShares, accounting standards applicable in Jersey, which may not be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with U.S. GAAP and (ii) with respect to the Vine Hill Group, U.S. GAAP and the auditing standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”). U.S. GAAP differs in certain significant respects from accounting standards applicable in Jersey. None of the financial statements or other financial information relating to CoinShares in this announcement and the Scheme Circular has been audited in accordance with auditing standards generally accepted in the United States.

Odysseus Cayman, its nominees, or their brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, CoinShares Shares outside of the United States, other than pursuant to the Scheme of Arrangement, until the date on which the Scheme of Arrangement becomes Effective, lapses or is otherwise withdrawn. Also, in accordance with Rule 14e-5(b) of the U.S. Exchange Act, these purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices and comply with applicable law, including the U.S. Exchange Act. Any information about such purchases will be disclosed as required in Jersey and Sweden and the United States.

It may be difficult for U.S. holders to enforce their rights and claims arising out of the U.S. federal securities laws, since CoinShares and Odysseus Holdings are located in countries other than the U.S, and all of their officers and directors are residents of countries other than the U.S. holders may not be able to claim against a non-U.S. company or its officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court’s judgement. In addition, it may be difficult or impossible for CoinShares U.S. Shareholders to effect service of process within the United States upon Odysseus Cayman or CoinShares, as applicable, their respective officers or directors or the experts named herein, or to realise, against them, upon judgments of courts of the United States based on civil liabilities, whether or not predicated solely upon United States federal and state securities laws. In addition, CoinShares U.S. Shareholders should not assume that the courts of Jersey: (a) would enforce judgments of United States courts obtained in actions against such persons based on civil liabilities; or (b) would enforce, in original actions, liabilities against such persons based on civil liabilities, in either case whether or not predicated solely upon U.S. federal and state securities laws.

Scheme Shareholders who are citizens or residents of the United States should consult their own legal and tax advisers with respect to the legal and tax consequences of the Scheme of Arrangement in their particular circumstances.

Forward-Looking Statements

This communication includes “forward-looking statements” with respect to Vine Hill, CoinShares and/or Holdco within the meaning of the federal securities laws. These forward-looking statements include all statements other than statements of historical fact, including, without limitation, the timing of, and the satisfaction of closing conditions to, completion of the Transaction. The expectations, estimates and projections of the businesses of CoinShares and Vine Hill may differ from their actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. In some cases, you can identify forward-looking statements by terminology such as “according to estimates”, “anticipates”, “assumes”, “believes”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “is of the opinion”, “may”, “plans”, “potential”, “predicts”, “projects”, “targets”, “to the knowledge of”, “should”, “will”, “would”, or the negatives of these terms, variations of them or similar terminology, although not all forward-looking statements contain such identifying words.

Such forward-looking statements are subject to risks, uncertainties, and other factors which may adversely affect CoinShares’ and Holdco’s ability to implement and achieve their plans and objectives set out in such forward-looking statements and which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding CoinShares’ and Holdco’s present and future policies and plans and the environment in which CoinShares and Holdco will operate in the future. Many actual events or circumstances are outside of the control of CoinShares, Holdco or Vine Hill. Furthermore, certain forward-looking statements are based on assumptions or future events which may not prove to be accurate, and no reliance whatsoever should be placed on any forward-looking statements in this communication. Factors that may cause such differences include, but are not limited to: (1) the Transactions not being completed in a timely manner or at all, which may adversely affect the price of Vine Hill’s and/or CoinShares’ securities; (2) the Transactions not being completed by Vine Hill’s business combination deadline; (3) failure by the parties to satisfy the conditions to the consummation of the Transactions, including the approval of Vine Hill’s and CoinShares’ shareholders and obtaining the requisite Acts of the Royal Court of Jersey; (4) failure to realize the anticipated benefits of the Transactions, which may be affected by, among other things, competition, the ability of CoinShares and Holdco to grow and manage growth profitably, build or maintain relationships with customers and retain management and key employees, capital expenditures, requirements for additional capital and timing of future cash flow provided by operating activities and the demand for digital assets, including cryptocurrencies and blockchain-related alternative investments, including those offered by, or underlying those offered by, CoinShares and Holdco; (5) the level of redemptions by Vine Hill’s public shareholders which will reduce the amount of funds available for CoinShares and Holdco to execute on their business strategies and may make it difficult to obtain or maintain the listing or trading of Holdco ordinary shares on a major securities exchange; (6) failure of Holdco to obtain or maintain the listing of its securities on any securities exchange after the closing; (7) costs related to the Transactions and as a result of Holdco becoming a public company that may be higher than currently anticipated; (8) changes in business, market, financial, political and regulatory conditions; (9) volatility and rapid fluctuations in the market prices of digital assets, including cryptocurrencies and blockchain-related alternative investments, including those offered by, or underlying those offered by, CoinShares and/or Holdco; (10) failure of CoinShares’ and/or Holdco’s digital asset investment products to track their respective target benchmarks; (11) regulatory or other developments that negatively impact demand for the products and services provided by CoinShares and/or Holdco; (12) the outcome of any event, change or other circumstance that could give rise to the inability to consummate the Business Combination; (13) the outcome of any legal proceedings that may be instituted against Vine Hill, CoinShares, Holdco and/or any of their respective affiliates or others; (14) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (15) the risk that the Business Combination disrupts current plans and operations of Vine Hill and/or CoinShares as a result of the announcement and consummation of the Business Combination; (16) treatment of digital assets, including cryptocurrencies and blockchain-related alternative investments, including those offered by, or underlying those offered by, CoinShares and/or Holdco, for U.S. and foreign tax purposes; (17) challenges in implementing CoinShares and/or Holdco’s business plan due to operational challenges, significant competition and regulation; (18) being considered to be a “shell company” or “former shell company” by the securities exchange on which Holdco ordinary shares will be listed or by the SEC, which may impact the ability to list Holdco ordinary shares and restrict reliance on certain rules or forms in connection with the offering, sale or resale of Holdco’s securities; (19) trading price and volume of Holdco ordinary shares may be volatile following the Transactions and an active trading market may not develop; (20) Holdco shareholders may experience dilution in the future due to the exercise of a significant number of existing warrants and any future issuances of equity securities of Holdco; (21) investors may experience immediate and material dilution upon the closing as a result of the Vine Hill Class B ordinary shares held by Vine Hill Capital Sponsor I LLC, since the value of the Holdco ordinary shares received by Vine Hill Capital Sponsor I LLC in exchange for such Vine Hill Class B ordinary shares is likely to be substantially higher than the nominal price paid for them, even if the trading price of Holdco ordinary shares at such time is substantially less than the price per share paid by investors; (22) conflicts of interest that may arise from investment and transaction opportunities involving Holdco, CoinShares, their respective affiliates and other investors and clients; (23) digital asset trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes; (24) risks relating to the custody of CoinShares’ and Holdco’s digital assets, including the loss or destruction of private keys required to access its digital assets and cyberattacks or other data loss relating to its digital assets, which could cause CoinShares or Holdco, as applicable, to lose some or all of its digital assets; (25) a security breach, cyber-attack or other event where unauthorized parties obtain access to CoinShares’ or Holdco’s digital assets, as a result of which CoinShares or Holdco may lose some or all of their digital assets temporarily or permanently and their financial condition and results of operations could be materially adversely affected; (26) the emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the value of digital assets and adversely affect CoinShares’ and/or Holdco’s business; (27) potential regulatory changes reclassifying certain digital assets as securities could lead to the CoinShares’ and/or Holdco’s classification as an “investment company” under the Investment Company Act of 1940 and could adversely affect the market price of CoinShares’ and/or Holdco’s digital assets and the market price of CoinShares or Holdco listed securities; and (28) other risks and uncertainties included in (x) the “Risk Factors” sections of the Vine Hill Annual Report on Form 10-K and (y) other documents filed or to be filed with or furnished or to be furnished to the SEC by Holdco, CoinShares and/or Vine Hill. The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. None of Vine Hill, CoinShares or Holdco undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. Past performance by Vine Hill’s, CoinShares’ or Holdco’s management teams and their respective affiliates is not a guarantee of future performance. Therefore, you should not place undue reliance on the historical record of the performance of Vine Hill’s, CoinShares’ or Holdco’s management teams or businesses associated with them as indicative of future performance of an investment or the returns that Vine Hill, CoinShares or Holdco will, or are likely to, generate going forward.

No profit forecasts, estimates or quantified benefits statements

No statement in this announcement, or incorporated by reference in this announcement, is intended as a profit forecast, profit estimate or quantified benefits statement for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share for CoinShares or Odysseus Holdings, as appropriate, for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for CoinShares or Odysseus Holdings.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

Publication on website

A copy of this announcement, together with all information incorporated by reference into the Scheme Circular, will be, available, free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions on CoinShares’ website at https://investor.coinshares.com/us-listing and Odysseus Holdings’ website at www.coinshares-bidco.com. Save as expressly referred to in this announcement, the content of CoinShares’ website or Odysseus Holdings’ website is not incorporated into, nor forms part of, this announcement.

Request to receive documents in hard copy form

A hard copy of this announcement or the Scheme Circular may be requested by contacting CoinShares’ registrars, Computershare on +44 (0) 370 707 4040. Calls are charged at the standard geographic rate and will vary by provider. Calls outside Jersey will be charged at the applicable international rate. The Shareholder Helpline is open between 8.30 a.m. and 5.30 p.m., Monday to Friday (excluding public holidays in Jersey). Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. Please note the Shareholder Helpline cannot provide advice on the merits of the Scheme of Arrangement nor give any financial, investment, legal or tax advice.
General

If you are in any doubt as to the contents of this announcement or the action you should take, you are recommended to seek your own personal financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser.

APPENDIX

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

The following indicative timetable is based on CoinShares’ current expected dates for the implementation of the Scheme of Arrangement and is subject to change. If any of the dates and/or times in this expected timetable change, the revised dates and/or times will be notified to CoinShares Shareholders by announcement through Nasdaq Stockholm, with such announcement being made available on CoinShares’ website at https://investor.coinshares.com/us-listing.

References to times in this timetable are to Greenwich Mean Time (GMT), unless otherwise stated.

EventTime and/or datePublication of the Scheme Circular18 February 2026Latest time for lodging Forms of Proxy for the: Jersey Court Meeting (BLUE form)9.00 a.m. on 17 March 2026(1)Scheme General Meeting (WHITE form)9.15 a.m. on 17 March 2026(2)Voting Record Time6.30 p.m. on 17 March 2026(3)Jersey Court Meeting9.00 a.m. on 19 March 2026Scheme General Meeting9.15 a.m. on 19 March 2026(4)  The following dates are indicative only and are subject to change (including as may be agreed by CoinShares and Odysseus Cayman from time to time) Last day of dealings in, and for the registration of transfers of, CoinShares Shares on Nasdaq StockholmD - 1 Business DaySanction Hearing (to sanction the Scheme)currently expected to be held on 30 March 2026), subject to Court approval and the satisfaction (or, if applicable, waiver) of the relevant Conditions and, in any event, prior to the Long Stop Date (“D”)(5)Suspension of trading of CoinShares Shares on Nasdaq Stockholm5.30 a.m. (Sweden time) on D  Settlement of final trades in Euroclear Sweden of CoinShares Shares on Nasdaq StockholmD + 1 Business DayCoinShares Shares to be repositioned from Euroclear Sweden’s account in CREST to underlying beneficial holders’ accounts in CRESTD + 2-5 Business DaysLast day for registration of transfers of, and disablement in CREST of CoinShares SharesD + 6 Business DaysScheme Record Time6.00 p.m. on D + 6 Business DaysEffective DateD + 7 Business Days(6)Delisting of CoinShares Shares on Nasdaq Stockholmby 5.30 a.m. (Sweden time) on D + 7 Business DaysIssue of New Odysseus Holdings Sharesat or shortly after 9.00 a.m. (New York time) on D + 7 Business DaysListing of New Odysseus Holdings Shares on Nasdaqat or shortly after 9.30 a.m. (New York time) on D + 8 Business DaysLong Stop Date8 June 2026(7) Notes
(1)             It is requested that BLUE Forms of Proxy for the Jersey Court Meeting be lodged not later than 9.00 a.m. on 17 March 2026 or, if the Jersey Court Meeting is adjourned, 48 hours prior to the time and date set for any adjourned Jersey Court Meeting (excluding any part of such 48-hour period falling on a non-working day). If the BLUE Form of Proxy for the Jersey Court Meeting is not returned by such time, it may be handed to a representative of CoinShares’ registrars, Computershare, on behalf of the Chair of the Jersey Court Meeting, or to the Chair of the Jersey Court Meeting before the start of the Jersey Court Meeting (or any adjournment of it) and it will be valid.
(2)             In order to be valid, the WHITE Forms of Proxy for the Scheme General Meeting must be lodged not later than 9.15 a.m. on 17 March 2026 or, if the Scheme General Meeting is adjourned, 48 hours prior to the time and date set for any adjourned Scheme General Meeting (excluding any part of such 48-hour period falling on a non-working day).
(3)             If either the Jersey Court Meeting or the Scheme General Meeting is adjourned, the Voting Record Time for the relevant adjourned Meeting will be 6.30 p.m. on the date which is two days (excluding non-working days) prior to the date set for such adjourned Meeting.
(4)             To commence at 9.15 a.m. or, if later, as soon thereafter as the Jersey Court Meeting shall have concluded or adjourned.
(5)             The Sanction Hearing is currently expected to be held on 30 March 2026 at the Royal Court of Jersey, Royal Court House, Royal Square, St. Helier, Jersey JE1 1JG. These dates are indicative only and are subject to change and will depend, among other things, on the date upon which: (i) the Conditions are satisfied or (if capable of waiver) waived; (ii) the Court sanctions the Scheme; and (iii) the Court Order (and any act of court in connection with the Scheme) is delivered to the Jersey Registrar of Companies. Participants in the CoinShares Share Plan will be contacted separately to inform them of the effect of the Scheme on their rights under the CoinShares Share Plan, including details of any appropriate proposals being made and dates and times relevant to them. Scheme Shareholders are entitled to attend and be heard at the Sanction Hearing, should they wish to do so, in person or through their counsel.
(6)             Following sanction of the Scheme by the Court, the Scheme will become Effective in accordance with its terms upon a copy of the Court Order (and any act of court in connection with the Scheme) being delivered to the Jersey Registrar of Companies. This is presently expected to occur on 10 April 2026 being 7 Business Days after the Sanction Hearing, subject to satisfaction or (where capable of waiver), waiver of the Conditions.
(7)             This is the latest date by which the Scheme may become Effective. However, the Long Stop Date may be extended to such later date as CoinShares and Odysseus Cayman may agree (and as the Court may allow, should such approval be required).

NOTICE IS HEREBY GIVEN that a general meeting of the Company (in this Notice of Scheme General Meeting, the “Scheme General Meeting”) will be held at 2nd Floor, 2 Hill Street, St Helier Jersey JE2 4UA on 19 March 2026 at 9.15 a.m. (or, if later, as soon thereafter as the Jersey Court Meeting (as defined in the scheme circular published today by the Company (the “Scheme Document”) of which this Notice of Scheme General Meeting forms part) concludes or is adjourned) for the purpose of considering and, if thought fit, passing the following resolution which will be proposed as a special resolution. The Scheme General Meeting will be a combined physical and online meeting (hybrid meeting), with the ability for CoinShares Shareholders to attend and participate in person or online through the electronic facilities that are being made available via the Computershare online meeting platform (the “Virtual Meeting Platform”).

Unless the context requires otherwise, any capitalised term used but not defined in this Notice of Scheme General Meeting shall have the meaning given to such term in the Scheme Document of which this Notice of Scheme General Meeting forms part.

SPECIAL RESOLUTION

THAT:

for the purpose of giving effect to the scheme of arrangement dated 18 February 2026 between the Company and the Scheme Shareholders (as defined in the said scheme), a print of which has been produced to this meeting and, for the purposes of identification, signed by the Chair thereof, in its original form or with or subject to such modification, addition or condition proposed by the Company and approved or imposed by the Court (the “Scheme”), the directors of the Company (or a duly authorised committee thereof) be authorised to take all such action as they may consider necessary or appropriate for carrying the Scheme into effect;with effect from the passing of this resolution, the articles of association of the Company be and are hereby amended by the adoption and inclusion of the following new Article 35: “35.      SHARES NOT SUBJECT TO SCHEME OF ARRANGEMENT

35.1     In this Article, references to the "Scheme" are to the scheme of arrangement between the Company and the Scheme Shareholders (as defined in the Scheme) dated 18 February 2026 (with or subject to any modification, addition or condition approved or imposed by the Court and agreed by the Company to implement the direct or indirect acquisition of the entire issued and to be issued share capital of the Company (other than the Excluded Shares (as defined in the Scheme)) by Odysseus (Cayman) Limited (“Odysseus Cayman”)) under Article 125 of the Companies (Jersey) Law 1991 and terms defined in the Scheme shall (unless otherwise defined in these Articles) have the same meanings in this Article.

35.2     Notwithstanding any other provision of these Articles or the terms of any resolution whether ordinary or special passed by the Company in general meeting, if the Company issues any shares (other than to Odysseus Cayman (or its nominee(s))) at or prior to the Scheme Record Time such shares shall be issued subject to the terms of the Scheme and the original or subsequent holder or holders of such shares shall be bound by the Scheme accordingly. 

35.3     Notwithstanding any other provision of these Articles, if any shares are issued or transferred out of treasury to any person other than Odysseus Cayman (or its nominee(s)) (i) before the Scheme Record Time (but after the Voting Record Time) and (ii) at or after the Scheme Record Time (each a “Post-Scheme Share”) they will, provided that the Scheme has become effective, be immediately transferred to Odysseus Cayman (or as Odysseus Cayman may otherwise direct) in exchange for the issue or transfer to the relevant allottees of such number of New Odysseus Holdings Shares based on the Equity Exchange Ratio, as if each such share had been a Scheme Share.

35.4     Notwithstanding any other provisions of these Articles, subject to the Scheme becoming Effective, the rights and entitlements which would otherwise be exercisable in respect of or attach to any Scheme Restricted Shares will not be exercisable or apply in respect of such Scheme Restricted Shares for as long as a direct or indirect interest holder in such Scheme Restricted Shares is a Sanctions Disqualified Shareholder including, without limitation:

35.4.1  the right to receive notice of, be present at or to vote (either in person or by representative or proxy) at any general meeting or at any separate meeting of the holders of any class of shares or on any poll or to exercise any other right conferred by membership in relation to any such meeting or poll, and any votes purported to be cast by or on behalf of such member in respect of the Scheme Restricted Shares at a general meeting or at a separate meeting of the holders of a class of shares will be disregarded;

35.4.2  the right to receive notices or documents (including, without limitation, share certificates, annual reports, accounts and resolutions) from or in respect of the Company;

35.4.3  the right to transfer such Scheme Restricted Shares or have such transfer be registered and any purported transfer of such Scheme Restricted Shares will be void;

35.4.4  the right to a further issuance of shares in respect of any such Scheme Restricted Shares or in pursuance of an offer made to the holders of shares in the Company; and

35.4.5  any right to receive payment of sums due from the Company on such Scheme Restricted Shares, whether in respect of distributions, of capital pursuant to any share buyback or otherwise and any such payment or other money payable in respect of such Scheme Restricted Shares shall be withheld by the Company, which shall not have any obligation to pay interest on it, and be paid into a blocked or frozen account (as applicable) in accordance with applicable Sanctions.

35.5     Subject to the Scheme becoming Effective, upon each direct and indirect interest holder of Scheme Restricted Shares ceasing to be a Sanctions Disqualified Shareholder or Odysseus Cayman having obtained the requisite licences in accordance with all applicable Sanctions to acquire such Scheme Restricted Shares in the manner set out in this Article 35 (at such point, such shareholder becoming a “Non-Restricted Holder” and such shares becoming “Non-Restricted Shares”), Odysseus Cayman may, in its sole and unfettered discretion, serve written notice on the Non-Restricted Holder obliging it to transfer each such Non-Restricted Share immediately to Odysseus Cayman (or as it may direct) free from all Encumbrances. Such transfer shall be in exchange for the issue and transfer to the Non-Restricted Holder of such number of New Odysseus Holdings Shares based on the Equity Exchange Ratio (subject to Article 35.6), as if such Non-Restricted Share had been a Scheme Share. Any amounts withheld by the Company pursuant to Article 35.4.5 shall also be released to the Non-Restricted Holder upon the later of (i) the transfer of such Non-Restricted Shares to Odysseus Cayman (or as it may direct) or (ii) the satisfaction of any remaining Sanctions restrictions in respect of the payment of such amounts.

35.6     On any reorganisation of, or material alteration to, the share capital of the Company (including, without limitation, any subdivision and/or consolidation) carried out after the Effective Date, the value of the consideration per Post-Scheme Share to be paid under Article ‎35.3 shall be adjusted by the Company in such manner as the auditors of the Company or an independent investment bank selected by the Company may determine to be appropriate to reflect such reorganisation or alteration. References in this Article to such shares shall, following such adjustment, be construed accordingly.

35.7     To give effect to any such transfer required by this Article, the Company may appoint any person as attorney and/or agent for the relevant new member to execute a form of transfer on behalf of the new member in favour of Odysseus Cayman and/or one or more of its nominee(s) and to do all such things and execute and deliver such documents as may, in the opinion of the agent, be necessary or desirable to vest such shares in Odysseus Cayman and/or one or more of its nominee(s). Pending the registration of Odysseus Cayman and/or one or more of its nominee(s) as the holder of any share to be transferred pursuant to this article, Odysseus Cayman shall be empowered to appoint a person nominated by the board of Directors to act as attorney or agent on behalf of each holder of any such share in accordance with such directions as Odysseus Cayman and/or one or more of its nominee(s) may give in relation to any dealings with or disposal of such share (or any interest therein), exercising any rights attached thereto or receiving any distribution or other benefit accruing or payable in respect thereof and the registered holder of such share shall exercise all rights attaching thereto in accordance with the directions of Odysseus Cayman and/or one or more of its nominee(s) but not otherwise. If an attorney or agent is so appointed, the new member shall not thereafter (except to the extent that the attorney or agent fails to act in accordance with the directions of Odysseus Cayman and/or one or more of its nominee(s)) be entitled to exercise any rights attaching to the Post-Scheme Shares unless so agreed by Odysseus Cayman and/or one or more of its nominee(s).

35.8     With effect from the Transfer Time, any person appointed by Odysseus Cayman may execute and deliver such documents or provide such instructions or notices on behalf of a Sanctions Disqualified Shareholder as may be necessary to dematerialise any shares held by that Sanctions Disqualified Shareholder or otherwise cancel entitlements to such shares held within the CREST system so as to cause such shares to become certificated holdings.

35.9     Notwithstanding any other provision of these Articles, both the Company and the Board may refuse to register the transfer of any shares between the Scheme Record Time and the Effective Date other than to Odysseus Cayman and/or one or more of its nominee(s) pursuant to the Scheme.

35.10   If the Scheme shall not have become effective by the date referred to in clause 7(B) of the Scheme (or such later date (if any) as Odysseus Cayman and the Company may agree and the Court may allow, if such consent is required), this Article shall be of no effect.”

subject to and conditional upon the Scheme becoming Effective, pursuant to Article 16 of the Companies (Jersey) Law 1991, the Company changes its status to become a private company; and subject to and conditional upon the Scheme becoming Effective, the New CoinShares Articles (as made available on CoinShares’ website at https://investor.coinshares.com/us-listing) be approved and adopted as the articles of association of the Company in substitution for and to the exclusion of the existing articles of association of the Company. 18 February 2026

By order of the Board of COINSHARES INTERNATIONAL LIMITED
2nd Floor
2 Hill Street
St Helier
Jersey
JE2 4UA

Notes:

The Scheme General Meeting will take place using a hybrid format incorporating physical and online participation via the Virtual Meeting Platform.Scheme Shareholders and CoinShares Shareholders that intend to participate in the Scheme General Meeting remotely should refer to the further details provided below in relation to the Virtual Meeting Platform and also in the Virtual Meeting Guide.CoinShares Shareholders will be given the opportunity to remotely attend, submit questions and vote at the Scheme General Meeting via the Virtual Meeting Platform.CoinShares Shareholders can access the Virtual Meeting Platform for the Scheme General Meeting by visiting meetnow.global/COIJGM2026 on a device which is compatible with the latest browser versions of Chrome, Firefox, Edge or Safari and can be accessed using a personal computer, smartphone or tablet device. To remotely attend, submit questions and/or vote at the Scheme General Meeting using this method, please go to meetnow.global/COIJGM2026.Once you have accessed meetnow.global/COIJGM2026 from your web browser, you will be prompted to enter your Shareholder Reference Number (SRN) and PIN number. Your SRN can be found on a share certificate or dividend confirmation (tax voucher), or alternatively, please call Computershare on the Shareholder Helpline, +44 (0) 370 707 4040 or email #[email protected] to access your SRN and unique PIN number. If you are an appointed proxy or a corporate representative you will be required to have a unique invite code to attend the Scheme General Meeting. These credentials will be issued one Business Day prior to the Scheme General Meeting, conditional on evidence of your proxy appointment or corporate representative appointment having been received and accepted. If you have not been provided with your meeting access credentials, please contact Computershare no later than 1 hour before the start of the Scheme General Meeting.Access to the Scheme General Meeting via the Virtual Meeting Platform will be available from 8.45 a.m. on 19 March 2026, as further detailed below. If you are unable to access your SRN and PIN, please call Computershare on the Shareholder Helpline, +44 (0) 370 707 4040 (calls are charged at the standard geographic rate and will vary by provider; calls from outside Jersey will be charged at the applicable international rate) or email #[email protected]. The Shareholder Helpline is open between 8.30 a.m. to 5.30 p.m. Monday to Friday, excluding Jersey public holidays. Please note that Computershare cannot provide comments on the merits of the Scheme or provide any financial, legal or tax advice, and calls may be recorded and monitored for security and training purposes.Although access to the meetings will be available from 8.45 a.m. on 19 March 2026, voting functionality will not be enabled until the Chair of the Scheme General Meeting declares the poll open. Shareholders will be permitted to submit questions (via the Virtual Meeting Platform) during the course of the Scheme General Meeting. During the Scheme General Meeting, you must ensure you are connected to the internet at all times in order to submit questions and vote when the Chair commences polling. Therefore, it is your responsibility to ensure connectivity for the duration of the Scheme General Meeting via your wireless or other internet connection. The Virtual Meeting Guide contains further information on remotely accessing and participating in the Scheme General Meeting via the Virtual Meeting Platform online and is available on the Company’s website at https://investor.coinshares.com/us-listing.If you experience any technical issues with the Virtual Meeting Platform you may either call Computershare on the Shareholder Helpline, or once you have entered the Virtual Meeting Platform for the Scheme General Meeting, you can raise a question using the chat function. If you have technical issues prior to the start of the meeting you should contact Computershare on the Shareholder Helpline.Under the CoinShares Articles, a majority of not less than sixty-seven per cent of those voting at the Scheme General Meeting in person (or remotely via the Virtual Meeting Platform) or by proxy is required to vote in favour of the resolution.CoinShares Shareholders entitled to attend and vote at the Scheme General Meeting are entitled to appoint one or more proxies to exercise all and any of their rights to attend, to speak and to vote on their behalf at the Scheme General Meeting. Where a member appoints more than one proxy in relation to the Scheme General Meeting, each proxy must be appointed to exercise the rights attached to a different share or shares held by that member. A proxy need not be a member of the Company but must attend the Scheme General Meeting in person (or remotely via the Virtual Meeting Platform).In the case of joint holders, the vote of the senior who tenders a vote, whether in person (or remotely via the Virtual Meeting Platform) or by proxy will be accepted to the exclusion of the votes of any other joint holders and for this purpose seniority will be determined by the order in which the names are recorded in the Company’s register of members.If you wish to appoint a proxy, please use the WHITE form of proxy made available on CoinShares website at https://investor.coinshares.com/us-listing. In the case of joint shareholders, only one need sign the WHITE form of proxy. The completion and return of the WHITE form of proxy will not stop you from attending, speaking and voting either in person or via the Virtual Meeting Platform at the Scheme General Meeting should you wish to do so and are so entitled. If you have appointed a proxy and attend the Scheme General Meeting and vote in person or via the Virtual Meeting Platform, your proxy appointment will automatically be terminated.To be valid, the WHITE form of proxy, together with any power of attorney or other authority under which it is signed, or a duly certified copy thereof, must be received at the offices of Computershare at Computershare Investor Services (Jersey) Limited c/o The Pavilions, Bridgwater Road, Bristol BS99 6ZY either: (i) by post or (ii) (during normal business hours only) by hand, by no later than 9.15 a.m. on 17 March 2026 in order to be considered valid or, if the meeting is adjourned, by the time which is 48 hours before the time of the adjourned meeting. Alternatively, you may send any document or information relating to proxies to the electronic address indicated on the form of proxy. In the case of a shareholder which is a corporation, the form of proxy must be executed under its common seal or under the hand of some officer or attorney or other person duly authorised in that behalf. To appoint more than one proxy using a form of proxy you may print multiple copies of the form of proxy.Alternatively, a member may appoint a proxy electronically by visiting www.investorcentre.co.uk/eproxy. To be valid, your proxy appointment and instructions must be received by no later than the deadline set out in note 12 above. A proxy need not be a member of the Company, and the appointment of a proxy does not preclude you from attending and voting in person or via the Virtual Meeting Platform at the meeting should you wish to do so.Please indicate the proxy holder’s name and the number of shares in relation to which they are authorised to act as your proxy (which, in aggregate, should not exceed the number of shares held by you). Please also indicate if the proxy instruction is one of multiple instructions being given. If possible, all forms should be returned together in the same envelope.To change your proxy instructions, simply submit a new proxy appointment using the methods set out above. Note that the cut-off time for receipt of proxy appointments (see above) also applies in relation to amended instructions: any amended proxy appointment received after the relevant cut-off time will be disregarded.If you submit more than one valid proxy appointment in respect of the same shares, the appointment received last before the latest time for the receipt of proxies will take precedence.In order to revoke a proxy instruction, you will need to inform the Company by sending a signed notice clearly stating your intention to revoke your proxy appointment to Computershare at Computershare Investor Services (Jersey) Limited c/o The Pavilions, Bridgwater Road, Bristol BS99 6ZY. In the case of a member that is a company, the revocation notice must be executed under its common seal or signed on its behalf by an officer of the company or a duly appointed attorney for the company. Any power of attorney or any other authority under which the revocation notice is signed (or a duly certified copy of such power or authority) must be included with the revocation notice. The revocation notice must be received by Computershare no later than 9.15 a.m. on 17 March 2026. If you attempt to revoke your proxy appointment but the revocation is received after the time specified, then your proxy appointment will remain valid.Shares held in uncertificated form (i.e. in CREST) may be voted through the CREST Proxy Voting Service in accordance with the procedures set out in the CREST Manual. CREST personal members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a ‘CREST Proxy Instruction’) must be properly (under CREST participant ID 3RA50) authenticated in accordance with CREST’s specifications and must contain the information required for such instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the issuer’s agent by 9.15 a.m. on 17 March 2026. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Application Host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.CREST members and, where applicable, their CREST sponsors or voting service providers should note that CREST does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service provider(s), to procure that his or her or its CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In connection with this, CREST members and, where applicable, their CREST sponsors or voting service provider(s) are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.Unless otherwise indicated on the Form of Proxy, CREST voting or any other electronic voting channel instruction, the proxy will vote as they think fit or, at their discretion, withhold from voting.The Directors of the Company will interpret any ambiguous proxy appointments. The Chair of the Scheme General Meeting will, in his capacity as proxy, interpret any voting instructions he receives. Their respective determinations shall be final.The Company, pursuant to Article 40 of the Companies Uncertificated Securities (Jersey) Order 1999, specifies that only those members registered in the register of members of the Company as at than 6.30 p.m. on 17 March 2026 or, in the event that the Scheme General Meeting is adjourned, in the Company’s register of members 48 hours before the time of any adjourned meeting(s) (excluding any part of such 48-hour period falling on a non-working day), shall be entitled to attend or vote at the Scheme General Meeting or any adjournment thereof in respect of the number of shares registered in their name at that time. Changes to the Company’s register of members after that time will be disregarded in determining the rights of any person to attend or vote at the Scheme General Meeting or any adjournment thereof.As at the Latest Practicable Date, the Company’s issued share capital comprised 66,678,210 ordinary shares of £0.000495 each carrying one vote each and 1,139,537 shares held in treasury. Therefore, the total voting rights of the Company as at the Latest Practicable Date are 65,538,673 (excluding shares held in treasury).Any member attending the Scheme General Meeting has a right to ask questions. Questions will be moderated before being put to the Chair of the Meeting to avoid repetition and ensure that the questions relate to the formal business of the Meeting. Where a number of similar questions have been asked, these will be grouped accordingly. The Company must cause to be answered any such question relating to the business being dealt with at the Scheme General Meeting but no such answer need be given if: (a) to do so would interfere unduly with the preparation for the Scheme General Meeting or involve the disclosure of confidential information; (b) the answer has already been given on a website in the form of an answer to a question; (c) no response is required to be provided under Jersey Companies Law; or (d) it is undesirable in the interests of CoinShares or the good order of the Scheme General Meeting that the question be answered.Voting on the resolution at the Scheme General Meeting will be conducted by a poll rather than a show of hands. Every member who is present or by proxy shall, on a poll, have one vote for each share of which he or she or it is the holder. Please note that only CoinShares Shareholders who are not Sanctions Disqualified Shareholders and validly appointed proxies attending the Scheme General Meeting in person (or remotely via the Virtual Meeting Platform) will be eligible to vote on the resolutions outlined above.Beneficial owners of shares who have been nominated by their registered holders of shares are advised that, in order to vote at the forthcoming Scheme General Meeting, they must issue an instruction to the registered holder of their shares. CoinShares can only accept instructions from registered holders of its shares and it would therefore be unable to act upon any instructions received from nominated persons. About CoinShares
CoinShares is a leading global digital asset manager that delivers a broad range of financial services across investment management, trading, and securities to a wide array of clients that include corporations, financial institutions, and individuals. Founded in 2013, the firm is headquartered in Jersey, with offices in France, Stockholm, the UK, and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | [email protected]
Investor Relations | +44 (0)1534 513 100 | [email protected]

PRESS CONTACT

CoinShares
Benoît Pellevoizin
[email protected]

M Group Strategic Communications
Peter Padovano
[email protected]

The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on 18 February 2026.

Investors sold Apple stock on worries regarding AI feature delays and a strongly worded letter from regulators.

The latest tech rout has taken a serious bite out of Apple (AAPL +3.12%). The stock is down nearly 6% year to date, but it plummeted 8% in just the past week.

The sell-off was driven mostly by shorter-term concerns, including an FTC warning letter and possible delays with some of Apple's AI features. Lastly, a huge swath of the software and tech market was affected in early February as investors weighed how deeply AI companies would disrupt entire industries.

Today's Change

(

3.12

%) $

7.98

Current Price

$

263.76

Apple's ripe for renewed excitement This is going to be a pivotal year for Apple. The tech giant has been criticized in recent years for a lack of innovation in its products. In 2026, however, Apple is expected to launch Siri 2.0 powered by Alphabet's Google Gemini. The iPhone 18 will be released in the fall. A few other products will also hit the market, including a cheaper MacBook, a smart home device, a preview of its smart glasses, and the M5 chip.

Apple needs to prove it remains the design and technology leader that consumers know it to be. Still, long-term investors shouldn't be overly concerned with Apple's recent dip, and in fact, it now presents a good opportunity to buy Apple while it's slightly down.

Apple's financials are still elite. The tech company released its first quarter 2026 earnings on Jan. 29. Apple saw a 16% year-over-year increase in revenue, worth $143.8 billion. Strong iPhone sales were the driving reason behind much of the success. Diluted earnings per share were also up 19% in the same time period.

CEO Tim Cook said he was proud of the remarkable and record-breaking quarter that was well above company expectations. Apple also announced its quarterly cash dividend of $0.26 per share. The consistent dividend is yet another reason for Apple investors to ignore short-term fears.

Image source: Getty Images.

Put on your noise-cancelling headphones Ultimately, the sell-off of Apple's stock was a bit overblown. The warning letter the company received from federal regulators was due to perceived bias in Apple News. This signaled that the relationship between Tim Cook and the Trump Administration may be fraying. At this point, the letter is mostly criticism from federal regulators and nothing more.

Apple is also still on track with its product timeline. The release of Siri 2.0 is imminent, and when it is released will likely compete with other top chatbots.

There is a lot of short-term noise surrounding Apple right now, but 2026 could be a tremendous year for the tech giant on the product side. For buy-and-hold investors, a 6% dip is a terrific opportunity. Ignore the panic, buy the fundamentals and track record.

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

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TEL AVIV, Israel & ST. LOUIS--(BUSINESS WIRE)--ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today reported its financial results for the fourth quarter and full year ended December 31, 2025. For the fourth quarter, consolidated sales of $1,701 million were up 6% versus $1,601 million in the fourth quarter of 2024. Operating income was ($16) million versus $147 million, while adjusted operating income of $223 million was up 17% versus $190 million in 2024. Adjusted EBITDA of $380 million was up 10% versus $347 million in the fourth quarter of 2024. Diluted earnings per share were ($0.06) in the fourth quarter, versus $0.06 in the prior year, while adjusted diluted EPS of $0.09 was up 13% versus $0.08.

In the fourth quarter, ICL incurred adjustments totaling $239 million, and the company views these charges as unusual. The adjustments include approximately $122 million for activities related to the execution of ICL’s new strategy. These efforts are essential in moving ICL forward and designed to help fund the company’s profitable growth engines – specialty crop nutrition and specialty food solutions. These advancements will help the company redirect its resources toward better-aligned opportunities and include the discontinuation of ICL’s LFP battery materials projects in St. Louis and in Spain, efficiency improvements at some of our R&D facilities in Israel, and an impairment of assets in the UK. These adjustments also include an $80 million provision for prior years following a Supreme Court ruling regarding water extraction fees in the Dead Sea concession area.

For the full year, consolidated sales were $7,153 million and up 5% versus $6,841 million in 2024. Operating income was $580 million versus $775 million in 2024, while adjusted operating income was $873 million in both 2025 and 2024. Annual adjusted EBITDA of $1,488 million was up slightly versus $1,469 million in 2024. Diluted earnings per share for 2025 were $0.18 versus $0.32 in 2024, while adjusted diluted EPS was $0.36 versus $0.38. Operating cash flow was $1,056 million in 2025. In 2025, the Company distributed approximately $224 million in dividends to its shareholders.

“ICL delivered a solid finish to 2025, with fourth quarter sales increasing 6% to $1.7 billion and adjusted EBITDA improving 10% to $380 million. All four of our segments delivered sales growth, with sales for our Industrial Products, Phosphate Solutions and Growing Solutions segments up 4% in the fourth quarter, and we remain committed to growing our leadership position in these segments,” said Elad Aharonson, president and CEO of ICL. “Throughout 2025, we benefitted from our distinctive global presence and relied on our regionally diversified operations to expand our specialties solutions offerings to our global customers using local production. This focus helped us to deliver a 5% increase in sales in 2025.

“This momentum is expected to carry us into 2026, and we are looking forward to executing against our new strategic principles in the coming years. For this year, we expect our two growth engines – specialty crop nutrition, which is part of Growing Solutions, and specialty food solutions, part of our Phosphate Solutions – to help drive improvement, and this will be via M&A, like our recent acquisition of Bartek Ingredients, and as we expand geographically. At the same time, we will stay focused on our core mission of driving profitable growth in all of our specialty businesses, while strengthening our leadership across all business segments.

“This focus has resulted in a review of our capital allocation priorities and an evaluation of non-synergistic and low-potential activities, including the discontinuation of our downstream expansion into cathode active materials for LFP batteries and a sales review of our Boulby operations in the UK, where we are exploring divestment opportunities. We expect to share updates on our strategic efforts throughout 2026 and look forward to strengthening and growing ICL for the long-term.”

For 2026, the Company expects consolidated adjusted EBITDA to be between $1.4 billion to $1.6 billion. For Potash sales volumes, the company expects between 4.5 million and 4.7 million metric tons in 2026. (1a)

The international earnings call will begin today at 8:30 a.m. New York time (1:30 p.m. London and 3:30 p.m. Tel Aviv). The dial-in number for financial analysts in North America is (800) 549-8228, or (289) 819-1520 for international analysts, and the conference ID is 71097. Employees, the media and the public are invited to listen to the call using the webcast link found at ICL Group Investors Relations - Reports News & Events.

Financial Figures and non-GAAP Financial Measures

10-12/2025

10-12/2024

1-12/2025

1-12/2024

$

millions

% of

Sales

$

millions

% of

Sales

$

millions

% of

Sales

$

millions

% of

Sales

Sales

1,701

-

1,601

-

7,153

-

6,841

-

Gross profit

468

28

535

33

2,186

31

2,256

33

Operating income (loss)

(16)

(1)

147

9

580

8

775

11

Adjusted operating income (1)

223

13

190

12

873

12

873

13

Net income (loss) attributable to the Company's shareholders

(73)

(4)

70

4

226

3

407

6

Adjusted net income attributable to the Company’s shareholders (1)

121

7

104

6

465

7

484

7

Diluted earnings per share (in dollars)

(0.06)

-

0.06

-

0.18

-

0.32

-

Diluted adjusted earnings per share (in dollars) (2)

0.09

-

0.08

-

0.36

-

0.38

-

Adjusted EBITDA (2)

380

22

347

22

1,488

21

1,469

21

Cash flows from operating activities (3)

314

-

452

-

1,056

-

1,468

-

Purchases of property, plant and equipment and intangible assets (3)

252

-

267

-

824

-

713

-

Segment Information

Industrial Products

The Industrial Products segment produces bromine from a highly concentrated solution in the Dead Sea and bromine‑based compounds at its facilities in Israel, the Netherlands and China. In addition, the segment produces several grades of salts, magnesium chloride, magnesia-based products, phosphorus-based products and functional fluids.

Results of operations and key indicators

10-12/2025

10-12/2024

1-12/2025

1-12/2024

$ millions

$ millions

$ millions

$ millions

Segment Sales

296

280

1,254

1,239

Sales to external customers

294

275

1,238

1,220

Sales to internal customers

2

5

16

19

Segment Operating Income

52

55

220

224

Depreciation and amortization

16

15

60

57

Segment EBITDA

68

70

280

281

Capital expenditures

28

38

81

94

Significant highlights for the fourth quarter

Flame retardants: Sales of bromine-based products remained flat year-over-year, as higher prices were offset by lower volumes due to continued weak demand. Sales of phosphorus-based products were also flat year-over-year, driven mainly by lower volumes in Europe, offset by higher volumes and prices in the US following duties on imports of tris (2-chloro-1-methylethyl) phosphate (TCPP) from China. Elemental bromine: Sales increased year-over-year, as higher prices offset lower volumes. Clear brine fluids: Sales increased year-over-year, driven by higher demand in South America and Europe. Specialty minerals: Sales increased year-over-year, driven by higher demand for magnesium chloride for deicing in the US following an early snowfall, which resulted in strong pre-season sales. This was partially offset by lower sales in certain industrial applications. Results analysis for the period October – December 2025

Sales

Expenses

Operating income

$ millions

Q4 2024 figures

280

(225)

55

Quantity

(13)

10

(3)

Price

24

-

24

Exchange rates

5

(13)

(8)

Raw materials

-

1

1

Energy

-

(1)

(1)

Transportation

-

4

4

Operating and other expenses

-

(20)

(20)

Q4 2025 figures

296

(244)

52

  Quantity – The negative impact on operating income was primarily due to lower sales volumes of bromine-based flame retardants and phosphorus-based industrial solutions, partially offset by higher sales volumes of clear brine fluids. Price – The positive impact on operating income was primarily due to higher selling prices of bromine-based industrial solutions, bromine-based flame retardants, specialty minerals, and phosphorus- based flame retardants. Exchange rates – The unfavorable impact on operating income was mainly driven by higher operational costs due to the appreciation of the average exchange rate of the Israeli shekel against the US dollar, which outweighed the positive impact on sales from the euro's appreciation. Operating and other expenses – The negative impact on operating income was mainly related to higher operational costs. Potash

The Potash segment produces and sells mainly potash, salts, magnesium and electricity. Potash is produced in Israel using an evaporation process to extract potash from the Dead Sea at Sodom and in Spain using conventional mining from an underground mine. The segment also produces and sells pure magnesium, magnesium alloys and chlorine. In addition, the segment sells salt products produced at its potash site in Spain. The segment operates a power plant in Sodom, which supplies electricity and steam to ICL facilities in Israel with any surplus electricity sold to external customers.

Results of operations and key indicators

10-12/2025

10-12/2024

1-12/2025

1-12/2024

$ millions

$ millions

$ millions

$ millions

Segment Sales

473

422

1,714

1,656

Potash sales to external customers

370

315

1,308

1,237

Potash sales to internal customers

27

30

89

95

Other and eliminations (1)

76

77

317

324

Gross Profit

163

61

622

650

Segment Operating Income

86

69

298

250

Depreciation and amortization

64

61

254

242

Segment EBITDA

150

130

552

492

Capital expenditures

124

116

367

332

Potash price - CIF ($ per tonne)

348

285

316

299

Significant highlights for the fourth quarter

ICL's potash price (CIF) per tonne was $348 in the fourth quarter, reflecting a 22% increase year-over-year. The Grain Price Index declined by 4.4% in the fourth quarter. While corn, wheat, and soy increased quarter-over-quarter by 2.6%, 0.1%, and 5.1%, respectively, rice declined by 15.7% due to expectations of global oversupply. On a year-over-year basis, the Index declined by 13.9%, as corn and soy increased by 0.6% and 8.6%, respectively, while wheat and rice decreased by 10.7% and 31.1%, respectively. The WASDE (World Agricultural Supply and Demand Estimates) report, published by the USDA in January 2026, showed a continued decrease in the expected ratio of global inventories of grains to consumption to 26.7% for the 2025/26 agriculture year, compared to 26.9% for the 2024/25 agriculture year, and 28.3% for the 2023/24 agriculture year. In December 2025, under ICL's 2025–2027 Chinese framework agreements, the Company signed contracts with its Chinese customers to supply 750,000 tonnes of potash, with a mutual option for an additional 330,000 tonnes, to be supplied during 2026 at a price of $348 per tonne. This rate was in line with recent industry contract settlements. Metal Magnesium: Sales decreased year-over-year due to lower sales volumes. Additional segment information

Global potash market - average prices and imports:

Average prices

10-12/2025

10-12/2024

VS Q4 2024

7-9/2025

VS Q3 2025

Granular potash – Brazil

CFR spot

($ per tonne)

355

288

23.3%

360

(1.4)%

Granular potash – Northwest Europe

CIF spot/contract

(€ per tonne)

365

338

8.0%

365

0.0%

Standard potash – Southeast Asia

CFR spot

($ per tonne)

373

292

27.7%

370

0.8%

Potash imports

To Brazil

million tonnes

2.5

2.9

(13.8)%

4.0

(37.5)%

To China

million tonnes

4.0

3.4

17.6%

2.4

66.7%

To India

million tonnes

1.0

1.2

(16.7)%

0.9

11.1%

  Sources: CRU (Fertilizer Week Historical Price: December 2025), SIACESP (Brazil), United Port Services (Brazil), FAI (India), Chinese customs data, Global Trade Tracker (GTT).

    Potash – Production and Sales

Thousands of tonnes

10-12/2025

10-12/2024

1-12/2025

1-12/2024

Production

1,222

1,178

4,377

4,502

Total sales (including internal sales)

1,200

1,259

4,320

4,556

Closing inventory

286

229

286

229

  Fourth quarter 2025

Production – Production was 44 thousand tonnes higher year-over-year, mainly due to a planned production shutdown at our Spanish plant in Q4 2024 that reduced production in that period. Sales - The quantity of potash sold decreased by 59 thousand tonnes year-over-year due to adverse weather conditions toward year-end that disrupted loading operations at Ashdod Port and led to lower sales volumes mainly in the US and Europe. Full year 2025

Production – Production was 125 thousand tonnes lower year-over-year, mainly due to operational challenges. Sales – The quantity of potash sold was 236 thousand tonnes lower year-over-year, mainly due to lower production in the first half of the year and adverse weather conditions toward year-end that disrupted loading operations at Ashdod Port, leading to reduced sales volumes primarily in the US and South America. Results analysis for the period October – December 2025

Sales

Expenses

Operating income

$ millions

Q4 2024 figures

422

(353)

69

Quantity

(11)

1

(10)

Price

55

-

55

Exchange rates

7

(13)

(6)

Raw materials

-

2

2

Energy

-

(6)

(6)

Transportation

-

(1)

(1)

Operating and other expenses

-

(17)

(17)

Q4 2025 figures

473

(387)

86

Quantity – The negative impact on operating income was primarily due to lower potash sales volumes in the US and Europe, as well as decreased sales volumes of magnesium. This was partially offset by higher potash sales volumes in China, India and Brazil. Price – The positive impact on operating income was primarily driven by a $63 year-over-year increase in the potash price (CIF) per tonne. Exchange rates – The unfavorable impact on operating income was mainly due to higher operational costs resulting from the appreciation of the average exchange rate of the euro and the Israeli shekel against the US dollar, which outweighed their positive impact on sales. Energy – The negative impact on operating income was primarily driven by higher water fees and electricity prices. Operating and other expenses – The negative impact on operating income was primarily related to higher maintenance and operational costs, as well as higher royalty payments. Phosphate Solutions

The Phosphate Solutions segment operates ICL’s phosphate value chain and uses phosphate rock and fertilizer-grade phosphoric acid to produce phosphate-based specialty products with higher added value, as well as to produce and sell phosphate-based fertilizers.

Results of operations and key indicators

10-12/2025 (1)

10-12/2024

1-12/2025 (2)

1-12/2024

$ millions

$ millions

$ millions

$ millions

Segment Sales

518

507

2,333

2,215

Sales to external customers

471

475

2,156

2,049

Sales to internal customers

47

32

177

166

Segment Operating Income

76

81

342

358

Depreciation and amortization

45

51

186

191

Segment EBITDA

121

132

528

549

Capital expenditures

94

147

336

340

Significant highlights for the fourth quarter

Commodity phosphate prices declined in Q4 2025, driven by seasonal slowdowns, high input costs, and mounting affordability concerns that triggered significant regional market shifts. In China, the phosphate export window closed in October 2025. Weak demand and poor sentiment pushed DAP FOB prices down $88/mt from September to December, while a severe sulphur shortage raised production costs, lifting domestic DAP prices by ~$32/mt (RMB225/mt) and leading to tighter, longer export restrictions for 2026. In the US, DAP FOB NOLA fell $209/mt from an August 2025 peak of $887/mt, mainly in Q4, driven by weak demand, affordability concerns, and sector uncertainty. Through September, DAP and MAP imports were down 41% year-over-year and 31% below the five-year average, with market dynamics further shaped by a Senate investigation and the removal of most fertilizer tariffs in November. In Brazil, Q4 phosphate prices softened, with MAP CFR falling from $760/mt in July to $630/mt by December 2025, as high prices and weak affordability weighed on consumption. Through November, DAP and MAP imports were well below the five-year average, partially offset by rising TSP and SSP imports as buyers sought cheaper alternatives. Indian phosphoric acid prices, negotiated quarterly, rose $32/mt to $1,290/mt P₂O₅ in Q4 2025. Q1 2026 prices are still under negotiation. Sulphur FOB Middle East ended the fourth quarter at $515/mt, up $188/mt quarter-over-quarter. This increase was driven by strong demand from the metals sector in Southeast Asia and the phosphate sector in China, and by tight availability, particularly from Russia and other countries in the former Soviet Union. The broader functional food ingredients market—valued at approximately $35 billion—is demonstrating strong growth, with a CAGR of 5% to 6%, fueled by global mega trends such as food security, health & lifestyle and dietary shifts towards protein enrichment. The industrial segment is being reshaped by the global energy transition, specifically the growth of Lithium Iron Phosphate (LFP) batteries, which is accelerating demand of purified phosphoric acid. This trend is most pronounced in China, which remains the global epicenter for LFP cathode production. White phosphoric acid (WPA): Sales increased year-over-year, driven mainly by higher volumes and prices, particularly in Asia. Sales of food grade white phosphoric acid (WPA FG) slightly decreased year-over-year, due to a shift in Chinese volumes toward products used in batteries. Sales of battery materials in China increased year-over-year, driven by higher volumes and prices and as the Company expanded its business in response to increased industry demand. As part of the Company’s strategic portfolio optimization efforts, ICL has shifted its approach to LFP battery materials. While the Company will continue supplying raw materials to battery customers, it will not move further downstream into cathode active materials. Accordingly, it discontinued its previously announced projects in St. Louis and Spain, following a review of shifting market dynamics and recent changes in government policies.

Industrial salts: Sales increased slightly year-over-year, driven by higher prices in Europe. Food specialties: Sales slightly increased versus the previous year and reflected growing volumes in North America and Asia, as part of the Company’s regional expansion strategy. In January 2026, the Company acquired 49.9% of Bartek Ingredients' shares, a global leader in food-grade malic and fumaric acids, serving hundreds of customers and distributors across the food, beverage, confectionery, bakery and other end-markets worldwide. These functional food ingredients are used by food and beverage companies to enhance flavour profiles, extend shelf life, and improve overall product quality.

Additional segment information

Global Phosphate Commodities market - average prices per tonne:

10-12/2025

10-12/2024

VS Q4 2024

7-9/2025

VS Q3 2025

DAP

CFR India Bulk Spot

721

637

13%

807

(11)%

TSP

CFR Brazil Bulk Spot

558

500

12%

603

(7)%

SSP

CPT Brazil inland 18-20% P2O5 Bulk Spot

287

270

6%

303

(5)%

Sulphur

Bulk FOB Adnoc monthly Bulk contract

394

139

183%

271

45%

  Source: CRU (Fertilizer Week Historical Prices, December 2025).

  Results analysis for the period October – December 2025

Sales

Expenses

Operating income

$ millions

Q4 2024 figures

507

(426)

81

Quantity

(21)

16

(5)

Price

23

-

23

Exchange rates

9

(13)

(4)

Raw materials

-

(36)

(36)

Energy

-

1

1

Transportation

-

(1)

(1)

Operating and other expenses

-

17

17

Q4 2025 figures

518

(442)

76

Quantity – The negative impact on operating income was primarily due to lower sales volumes of phosphate fertilizers, partially offset by higher sales volumes of white phosphoric acid (WPA), phosphate-based food additives, and of MAP used as a raw material for energy storage solutions. Price – The positive impact on operating income was primarily due to higher selling prices of phosphate fertilizers and salts, partially offset by lower selling prices of phosphate-based food additives. Exchange rates - The unfavorable impact on operating income was mainly due to higher operational costs resulting from the appreciation of the average exchange rate of the euro, Chinese yuan and the Israeli shekel against the US dollar, partially offset by higher sales driven primarily by stronger euro and yuan. Raw materials – The negative impact on operating income was primarily due to higher sulphur costs. Operating and other expenses – The positive impact on operating income was primarily related to lower operational expenses. Growing Solutions

The Growing Solutions segment aims to achieve global leadership in plant nutrition by enhancing its position in its core markets of agriculture, ornamental horticulture, turf and landscaping, and by targeting high-growth markets such as Brazil, India, and China. The segment leverages its unique R&D capabilities, substantial agronomic experience, global footprint, backward integration into potash, phosphate and polysulphate and its chemistry know-how, as well as its ability to integrate and generate synergies from acquired businesses. The segment continuously works to expand its broad portfolio of specialty plant nutrition, plant stimulation and plant health solutions, which consists of enhanced efficiency and controlled release fertilizers (CRF), water-soluble fertilizers (WSF), liquid fertilizers, straights (MKP/MAP/PeKacid), FertilizerpluS, soil and foliar micronutrients, biostimulants, soil conditioners, seed treatment products and adjuvants.

Results of operations and key indicators

10-12/2025

10-12/2024

1-12/2025

1-12/2024

$ millions

$ millions

$ millions

$ millions

Segment Sales

467

439

2,063

1,950

Sales to external customers

465

435

2,048

1,932

Sales to internal customers

2

4

15

18

Segment Operating Income

41

31

135

128

Depreciation and amortization

19

20

78

74

Segment EBITDA

60

51

213

202

Capital expenditures

41

44

95

98

    Significant highlights for the fourth quarter

Regional highlights:

Brazil: Sales increased year-over-year, mainly due to higher prices and exchange rate fluctuations, resulting in strong gross profit. Europe: Sales increased year-over-year, as higher selling prices and exchange rate fluctuations offset lower sales volumes. Improved pricing and products mix partially offset higher raw materials costs and drove higher gross profit. North America: Sales decreased year-over-year due to lower volumes, while improved pricing and product mix supported higher gross profit. Asia: Sales increased year-over-year mainly due to higher volumes, while elevated raw material costs pressured gross profit. Product highlights:

Specialty Agriculture (SA): Sales increased year-over-year, due to higher prices mainly for CRF, micronutrients and biostimulants in Brazil, as well as favorable exchange rate fluctuations for the Brazilian real and euro. This was partially offset by lower sales volumes, mainly in Brazil and Europe. Turf and Ornamental (T&O): Sales increased year-over-year, driven by higher sales volumes mainly CRF in Europe, as well as favorable exchange rate fluctuations of the euro. FertilizerpluS: Sales increased year-over-year, due to higher prices, mainly PK plus and potash pluS in Europe, together with favorable euro exchange rate movements. Results analysis for the period October – December 2025

Sales

Expenses

Operating income

$ millions

Q4 2024 figures

439

(408)

31

Quantity

(9)

9

-

Price

10

-

10

Exchange rates

27

(25)

2

Raw materials

-

(14)

(14)

Energy

-

3

3

Transportation

-

1

1

Operating and other expenses

-

8

8

Q4 2025 figures

467

(426)

41

Quantity – The impact on operating income was neutral, mainly as lower sales volumes of FertilizerpluS products offset higher sales volumes of turf and ornamental products. Price – The positive impact on operating income was due to higher selling prices of specialty agriculture and FertilizerpluS products. This impact was partially offset by lower prices of turf and ornamental products. Exchange rates – The favorable impact on operating income was mainly due to higher sales resulting from the appreciation of the Brazilian real and euro against the US dollar, which outweighed their negative impact on operational costs. Raw materials – The negative impact on operating income was primarily related to higher costs of sulphur, commodity fertilizers, and nitrogen. Operating and other expenses – The positive impact on operating income was primarily related to lower operational costs. Financing expenses, net

Net financing expenses in the fourth quarter of 2025 totaled $45 million, compared to $33 million in the corresponding quarter last year, reflecting an increase of $12 million.

Tax expenses

In the fourth quarter of 2025, the Company’s reported tax expenses amounted to $2 million, compared to $33 million in the corresponding quarter of last year, reflecting an effective tax rate of 3% and 29%, respectively. Adjusted tax expenses totaled $47 million, compared to $42 million in the corresponding period of last year, reflecting an effective tax rate of 26% and 27%, respectively.

Liquidity and Capital Resources

As of December 31, 2025, the Company’s cash, cash equivalents, short-term investments and deposits amounted to $496 million compared to $442 million as of December 31, 2024. In addition, the Company maintained about $1.1 billion of unused credit facilities, as of December 31, 2025.

Outstanding net debt

As of December 31, 2025, ICL’s net financial liabilities amounted to $2,260 million, an increase of $409 million compared to December 31, 2024. In addition, as of December 31, 2025, the fair value balance of currency and interest rate swap transactions (CCS) economically reduces our finance liabilities by approximately $51 million.

Debentures

In December 2025, the Company repaid NIS 33 million (approximately $10 million) of Series G debentures, as scheduled.

Subsequent to date of the report, in January 2026, the Company repaid a $46 million private placement bond, as scheduled.

Credit facilities

Sustainability-linked Revolving Credit Facility (RCF)

As of December 31, 2025, the Company had utilized about $497 million of its $1,550 million credit facility framework.

Securitization

In December 2025, the Company signed a new securitization agreement with four international banks for a committed amount of $350 million and an additional uncommitted $100 million, maturing in December 2030. This agreement replaces the prior securitization facility, which recently matured, and includes slightly improved terms compared to the previous agreement. As of December 31, 2025, ICL had utilized approximately $325 million of the facility.

Ratings and financial covenants

Fitch Ratings

In May 2025, Fitch Ratings reaffirmed the Company’s long-term issuer default rating and senior unsecured rating at 'BBB-'. The outlook on the long-term issuer default rating is stable.

S&P Ratings

In July 2025, the S&P credit rating agency reaffirmed the Company’s international credit rating and senior unsecured rating of 'BBB-' with a stable rating outlook. In addition, the S&P Maalot credit rating agency reaffirmed the Company’s credit rating of 'ilAA' with a stable rating outlook.

Financial covenants

As of December 31, 2025, the Company was in compliance with all of the financial covenants stipulated in its financing agreements.

Dividend Distribution

In connection with ICL’s fourth quarter 2025 results, the Board of Directors declared a dividend of 4.65 cents per share, or approximately $60 million. The dividend will be paid on March 25, 2026. The record date is March 10, 2026.

About ICL

ICL Group Ltd. is a global leader in agriculture, food and industrial solutions, utilizing its unique mineral resources and extensive expertise to address key sustainability challenges related to food security and access to essential minerals. ICL is focused on driving long-term growth through its specialty agriculture and food businesses, while strategically managing its bromine, potash, and phosphate mineral resources. ICL’s global professional workforce is dedicated to expanding its growth engines and efficiently operating – both structurally and economically – while maintaining and optimizing its core operations. The Company’s operations are organized under four segments: Industrial Products (Bromine), Potash, Phosphate Solutions and Growing Solutions.

We disclose in this quarterly report non-IFRS financial measures titled adjusted operating income, adjusted net income attributable to the Company’s shareholders, diluted adjusted earnings per share, and adjusted EBITDA. Our management uses adjusted operating income, adjusted net income attributable to the Company’s shareholders, diluted adjusted earnings per share, and adjusted EBITDA to facilitate operating performance comparisons from period to period. We calculate our adjusted operating income by adjusting our operating income to add certain items, as set forth in the reconciliation table under “Adjustments to reported operating, and net income (non-GAAP)” below. Some of these items may recur. We calculate our adjusted net income attributable to the Company’s shareholders by adjusting our net income attributable to the Company’s shareholders to add certain items, as set forth in the reconciliation table under “Adjustments to reported operating, and net income (non-GAAP)” below, excluding the total tax impact of such adjustments. We calculate our diluted adjusted earnings per share by dividing adjusted net income by the weighted-average number of diluted ordinary shares outstanding. Our adjusted EBITDA is calculated as net income before financing expenses, net, taxes on income, share in earnings of equity-accounted investees, depreciation and amortization, and certain adjustments presented in the reconciliation table under “Consolidated adjusted EBITDA, and diluted adjusted Earnings Per Share for the periods of activity” below, which were adjusted for in calculating the adjusted operating income.

You should not view adjusted operating income, adjusted net income attributable to the Company’s shareholders, diluted adjusted earnings per share or adjusted EBITDA as a substitute for operating income or net income attributable to the Company’s shareholders determined in accordance with IFRS, and you should note that our definitions of adjusted operating income, adjusted net income attributable to the Company’s shareholders, diluted adjusted earnings per share, and adjusted EBITDA may differ from those used by other companies. Additionally, other companies may use other measures to evaluate their performance, which may reduce the usefulness of our non-IFRS financial measures as tools for comparison. However, we believe adjusted operating income, adjusted net income attributable to the Company’s shareholders, diluted adjusted earnings per share, and adjusted EBITDA provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS measures to evaluate the Company's business strategies and management performance. We believe that these non-IFRS measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance.

(1a) The Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting, and quantifying certain amounts that are necessary for such reconciliation, in particular, because special items such as restructuring, litigation, and other matters, used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and therefore could result in projected GAAP net income (loss) being materially less than projected adjusted EBITDA (non-GAAP). The guidance speaks only as of the date hereof. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. The Company provides guidance for consolidated adjusted EBITDA and for its Potash business the company provides sales volumes guidance. The Company believes this information provides greater transparency, as the price of potash has stabilized over the past few years and consolidated adjusted EBITDA is now a more relevant metric for investors to evaluate the company’s performance and compare its financial results between periods.

We present a discussion in the period-to-period comparisons of the primary drivers of change in the Company’s results of operations. This discussion is based in part on management’s best estimates of the impact of the main trends on our businesses. We have based the following discussion on our financial statements. You should read such discussion together with our financial statements.

Adjustments to Reported Operating and Net income (non-GAAP)

10-12/2025

10-12/2024

1-12/2025

1-12/2024

$ millions

$ millions

$ millions

$ millions

Operating income (loss)

(16)

147

580

775

Charges related to the security situation in Israel (1)

18

17

54

57

Impairment and write-off of assets and provision for site closure (2)

122

20

131

35

Provision for early retirement (3)

19

4

28

4

Legal proceedings (4)

80

2

80

2

Total adjustments to operating income

239

43

293

98

Adjusted operating income

223

190

873

873

Net income (loss) attributable to the shareholders of the Company

(73)

70

226

407

Total adjustments to operating income

239

43

293

98

Total tax adjustments (5)

(45)

(9)

(54)

(21)

Total adjusted net income - shareholders of the Company

121

104

465

484

(1)

For 2025 and 2024, reflects charges relating to the security situation in Israel.

(2)

For 2025, reflects mainly asset write-offs resulting from the closure of LFP projects, impairment of assets in the Company’s UK operation, and a small R&D activity in Israel, following the implementation of the Company’s strategy, including efficiency and cost-reduction programs. It also includes asset write-offs related to a fire at Ashdod Port and two portfolio companies due to failed business continuity and funding. For 2024, reflects mainly a write-off of assets resulting from the closure of small sites in Israel and Turkey.

(3)

For 2025 and 2024, reflects provisions for early retirement due to restructuring at certain sites, as part of the Company’s global efficiency plan.

(4)

For 2025, reflects a provision for prior years following a Supreme Court ruling regarding water extraction fees in the Dead Sea concession area. For 2024, reflects reimbursement of arbitration costs associated with the Ethiopian potash project. 

(5)

For 2025 and 2024, reflects the tax impact of adjustments made to operating income. 

    Consolidated adjusted EBITDA and diluted adjusted Earnings Per Share for the periods of activity

Calculation of adjusted EBITDA was made as follows:

10-12/2025

10-12/2024

1-12/2025

1-12/2024

$ millions

$ millions

$ millions

$ millions

Net income (loss)

(63)

81

280

464

Financing expenses, net

45

33

139

140

Taxes on income

2

33

161

172

Less: Share in earnings of equity-accounted investees

-

-

-

(1)

Operating income (loss)

(16)

147

580

775

Depreciation and amortization

157

157

615

596

Adjustments (1)

239

43

293

98

Total adjusted EBITDA

380

347

1,488

1,469

Calculation of diluted adjusted earnings per share was made as follows:

10-12/2025

10-12/2024

1-12/2025

1-12/2024

$ millions

$ millions

$ millions

$ millions

Net income (loss) attributable to the Company's shareholders

(73)

70

226

407

Adjustments (1)

239

43

293

98

Total tax adjustments

(45)

(9)

(54)

(21)

Adjusted net income - shareholders of the Company

121

104

465

484

Weighted-average number of diluted ordinary shares outstanding (in thousands)

1,290,669

1,290,330

1,291,395

1,290,039

Diluted adjusted earnings per share (in dollars) (2)

0.09

0.08

0.36

0.38

Consolidated Results Analysis

Results analysis for the period October – December 2025

Sales

Expenses

Operating income

$ millions

Q4 2024 figures

1,601

(1,454)

147

Total adjustments Q4 2024*

-

43

43

Adjusted Q4 2024 figures

1,601

(1,411)

190

Quantity

(49)

36

(13)

Price

98

-

98

Exchange rates

51

(72)

(21)

Raw materials

-

(39)

(39)

Energy

-

(3)

(3)

Transportation

-

3

3

Operating and other expenses

-

8

8

Adjusted Q4 2025 figures

1,701

(1,478)

223

Total adjustments Q4 2025*

-

(239)

(239)

Q4 2025 figures

1,701

(1,717)

(16)

Quantity – The negative impact on operating income was due to lower sales volumes of potash, magnesium, phosphate fertilizers and FertilizerpluS products. This was partially offset by higher sales volumes of white phosphoric acid (WPA) and food specialties. Price – The positive impact on operating income was primarily related to an increase of $63 in the potash price (CIF) per tonne, as well as higher selling prices for bromine-based industrial solutions, bromine-based flame retardants, phosphate fertilizers, specialty agriculture products and FertilizerpluS products. This was partially offset by lower selling prices for food specialties. Exchange rates – The unfavorable impact on operating income was mainly due to higher operational costs resulting from the appreciation of the average exchange rate of the euro, the Israeli shekel and the Brazilian real against the US dollar, which outweighed the positive impact on sales from the appreciation of the average exchange rate of the euro and the Brazilian real against the US dollar. Raw materials – The negative impact on operating income was due to higher costs of sulphur, commodity fertilizers and nitrogen. This was partially offset by lower costs of ammonia. Operating and other expenses – The positive impact on operating income was primarily related to lower operational costs. Security situation in Israel

In October 2023, the Israeli government declared a state of war in response to attacks on its civilians in the southern region of the country, which subsequently escalated to other areas. On October 9, 2025, Israel signed a ceasefire agreement. The security situation over the past two years has created several challenges, including disruptions to supply chains and shipping routes, personnel shortages due to recurring rounds of mobilization for reserve duty, additional costs to protect Company sites/assets, effects of reluctance to perform contractual obligations in Israel during hostilities, various bans and limitations on trade and cooperation with Israel related entities, and fluctuations in foreign currency exchange rates relative to the Israeli shekel. Additionally, ongoing regional tensions – including Houthis threats to commercial vessels – continue to disrupt shipping routes and commercial shipping arrangements, leading to increased shipping costs.

We continue to take measures to ensure the safety of our employees and business partners, as well as the communities in which we operate. We have also implemented supportive measures to accommodate those of our employees who are called for reserve duty, aiming to minimize any potential impact on our business, and to avoid disruptions to production activities at our facilities in Israel.

We continuously monitor developments and will take all necessary actions to minimize any negative consequences to our operations and assets. As of the reporting date, the security situation has not had a material impact on our business results. However, its future effects remain uncertain due to the unpredictable nature and duration of the conflict.

Forward-looking Statements

This announcement contains statements that constitute “forward‑looking statements”, many of which can be identified by the use of forward‑looking words such as “anticipate”, “believe”, “could”, “expect”, “should”, “plan”, “intend”, “estimate”, “strive”, “forecast”, “targets” and “potential”, among others. The company is relying on the safe harbor provided in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in making such forward-looking statements.

Forward‑looking statements appear in a number of places in this announcement and include, but are not limited to, statements regarding the Company's intent, belief or current expectations. Forward‑looking statements are based on management’s beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and the actual results may differ materially from those expressed or implied in the forward‑looking statements due to various factors, including, but not limited to:

Changes in exchange rates or prices compared to those we are currently experiencing; the effects of the ongoing security situation in Israel, including the nature and duration of related conflicts; loss or impairment of business licenses or mineral extractions permits or concessions, including our ability to win the new concession at the Dead Sea in 2030 ; volatility of supply and demand and the impact of competition; the difference between actual reserves and the Company reserve estimates; natural disasters and cost of compliance with environmental regulatory legislative and licensing restrictions including laws and regulation related to, and physical impacts of climate change and greenhouse gas emissions; failure to "harvest" salt which could lead to accumulation of salt at the bottom of the evaporation Pond 5 in the Dead Sea; disruptions at the Company's seaport shipping facilities or regulatory restrictions affecting the Company's ability to export products overseas; general market, political or economic conditions in the countries in which the Company operates, including tariffs and trade policies; price increases or shortages with respect to the Company's principal raw materials; delays in termination of engagements with contractors and/or governmental obligations; the inflow of significant amounts of water into the Dead Sea which could adversely affect production at the Company plants; labor disputes, slowdowns and strikes involving the Company employees; pension and health insurance liabilities; disruptions from pandemics that may impact the Company sales, operations, supply chain and customers; changes to governmental incentive programs or tax benefits, creation of new fiscal or tax related legislation; and/or higher tax liabilities; changes in the Company evaluations and estimates, which serve as a basis for the recognition and manner of measurement of assets and liabilities; failure to integrate or realize expected benefits from mergers and acquisitions, organizational restructuring and joint ventures; currency rate fluctuations; rising interest rates; government examinations or investigations; disruption of the Company, or the Company service providers', information technology systems or breaches of the company, or the Company service providers', data security; failure to retain and/or recruit key personnel; inability to realize expected benefits from the Company cost reduction program according to the expected timetable; inability to access capital markets on favorable terms; cyclicality of the Company's businesses; changes in demand for the Company's fertilizer products due to a decline in agricultural product prices, lack of available credit, weather conditions, government policies or other factors beyond the company control; sales of the company magnesium products being affected by various factors that are not within the Company control; the Company ability to secure approvals and permits from the authorities in Israel to continue the Company's phosphate mining operations in Rotem Amfert Israel; volatility or crises in the financial markets; hazards inherent to mining and chemical manufacturing; the failure to ensure the safety of the Company's workers and processes; litigation, arbitration and regulatory proceedings; exposure to third party and product liability claims; product recalls or other liability claims as a result of food safety and food-borne illness concerns; insufficiency of insurance coverage; closing of transactions, mergers and acquisitions; war or acts of terror and/or political, economic and military instability in Israel and its region; including the current state of security tension in Israel and the resulting disruptions to the Company supply and production chains; filing of class actions and derivative actions against the Company, its executives and Board members; the Company is exposed to risks relating to its current and future activity in emerging markets; and other risk factors discussed under ”Item 3 - Key Information— D. Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2024, filed with the US Securities and Exchange Commission (the “SEC”) on March 13, 2025 (the “Annual Report”).

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Investors are cautioned to consider these risks and uncertainties and to not place undue reliance on such information. Forward-looking statements should not be read as a guarantee of future performance or results and are subject to risks and uncertainties, and the actual results may differ materially from those expressed or implied in the forward-looking statements.

This announcement for the fourth quarter of 2025 (the “Quarterly Report”) should be read in conjunction with the Annual Report and the report for the first, second and third quarters of 2025 published by the Company (the “prior quarterly reports”), including the description of the events occurring subsequent to the date of the statement of financial position, as filed with the US SEC.

Appendix:

Condensed Consolidated Statements of Financial Position as of (Unaudited)

December 31,

2025

December 31,

2024

$ millions

$ millions

Current assets

Cash and cash equivalents

291

327

Short-term investments and deposits

205

115

Trade receivables

1,365

1,260

Inventories

1,934

1,626

Prepaid expenses and other receivables

369

258

Total current assets

4,164

3,586

Non-current assets

Deferred tax assets

180

143

Property, plant and equipment

6,785

6,462

Intangible assets

955

869

Other non-current assets

329

261

Total non-current assets

8,249

7,735

Total assets

12,413

11,321

Current liabilities

Short-term debt

876

384

Trade payables

1,157

1,002

Provisions

58

63

Other payables

1,040

867

Total current liabilities

3,131

2,316

Non-current liabilities

Long-term debt and debentures

1,880

1,909

Deferred tax liabilities

502

481

Long-term employee liabilities

390

331

Long-term provisions and accruals

231

242

Other

36

55

Total non-current liabilities

3,039

3,018

Total liabilities

6,170

5,334

Equity

Total shareholders’ equity

5,983

5,724

Non-controlling interests

260

263

Total equity

6,243

5,987

Total liabilities and equity

12,413

11,321

      Condensed Consolidated Statements of Income (Unaudited)

(In millions except per share data)

For the three-month

period ended

December 31

For the year ended

December 31

2025

2024

2025

2024

$ millions

$ millions

$ millions

$ millions

Sales

1,701

1,601

7,153

6,841

Cost of sales

1,233

1,066

4,967

4,585

Gross profit

468

535

2,186

2,256

Selling, transport and marketing expenses

286

281

1,114

1,114

General and administrative expenses

73

68

299

259

Research and development expenses

17

19

70

69

Other expenses

131

33

161

60

Other income

(23)

(13)

(38)

(21)

Operating income (loss)

(16)

147

580

775

Finance expenses

93

71

298

181

Finance income

(48)

(38)

(159)

(41)

Finance expenses, net

45

33

139

140

Share in earnings of equity-accounted investees

-

-

-

1

Income (loss) before taxes on income

(61)

114

441

636

Taxes on income

2

33

161

172

Net income (loss)

(63)

81

280

464

Net income attributable to non-controlling interests

10

11

54

57

Net income (loss) attributable to shareholders of the Company

(73)

70

226

407

Earnings per share attributable to shareholders of the Company:

Basic earnings per share (in dollars)

(0.06)

0.06

0.18

0.32

Diluted earnings per share (in dollars)

(0.06)

0.06

0.18

0.32

Weighted-average number of ordinary shares outstanding:

Basic (in thousands)

1,290,669

1,290,260

1,290,580

1,289,968

Diluted (in thousands)

1,290,669

1,290,330

1,291,395

1,290,039

      Condensed Consolidated Statements of Cash Flows (Unaudited)

For the three-month

period ended

For the year ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

$ millions

$ millions

$ millions

$ millions

Cash flows from operating activities

Net income (loss)

(63)

81

280

464

Adjustments for:

Depreciation and amortization

157

157

615

596

Fixed assets impairment

111

7

111

14

Exchange rate, interest and derivative, net

27

47

59

152

Tax expenses

2

33

161

172

Change in provisions

31

3

26

(50)

Other

4

7

18

13

332

254

990

897

Change in inventories

(145)

(102)

(210)

(7)

Change in trade receivables

45

68

(11)

26

Change in trade payables

110

87

100

104

Change in other receivables

1

66

(22)

39

Change in other payables

71

39

80

43

Net change in operating assets and liabilities

82

158

(63)

205

Income taxes paid, net of refund

(37)

(41)

(151)

(98)

Net cash provided by operating activities

314

452

1,056

1,468

Cash flows from investing activities

Proceeds (payments) from deposits, net

(82)

(5)

(86)

56

Purchases of property, plant and equipment and intangible assets

(252)

(267)

(824)

(713)

Proceeds (payments) from divestiture of assets and businesses, net of transaction expenses

(3)

-

1

19

Proceeds (payments) from settlement of derivatives, net

1

-

(9)

-

Interest received

3

3

15

17

Business combinations

-

(2)

(12)

(74)

Other

-

1

-

1

Net cash used in investing activities

(333)

(270)

(915)

(694)

Cash flows from financing activities

Dividends paid to the Company's shareholders

(62)

(68)

(224)

(251)

Receipts of long-term debt

152

278

1,666

889

Repayments of long-term debt

(183)

(383)

(1,599)

(1,302)

Receipts (repayments) of short-term debt, net

92

(8)

146

(1)

Interest paid

(43)

(43)

(117)

(122)

Payments from transactions in derivatives

(1)

(3)

(3)

(2)

Dividend paid to the non-controlling interests

-

-

(64)

(57)

Net cash used in financing activities

(45)

(227)

(195)

(846)

Net change in cash and cash equivalents

(64)

(45)

(54)

(72)

Cash and cash equivalents as of the beginning of the period

356

393

327

420

Net effect of currency translation on cash and cash equivalents

(1)

(21)

18

(21)

Cash and cash equivalents as of the end of the period

291

327

291

327

      Operating segment data

Industrial

Products

Potash

Phosphate

Solutions

Growing

Solutions

Other

Activities

Reconciliations

Consolidated 

$ millions

For the three-month period ended December 31, 2025

Sales to external parties

294

427

471

465

44

-

1,701

Inter-segment sales

2

46

47

2

1

(98)

-

Total sales

296

473

518

467

45

(98)

1,701

Cost of sales

195

310

360

333

46

(11)

1,233

Segment operating income (loss)

52

86

76

41

(8)

(24)

223

Other expenses not allocated to the segments

(239)

Operating income (loss)

(16)

Financing expenses, net

(45)

Income (loss) before income taxes

(61)

Depreciation, amortization and impairment

16

64

45

19

5

119

268

Capital expenditures

28

124

94

41

6

17

310

      Operating segment data (cont'd)

Industrial

Products

Potash

Phosphate

Solutions

Growing

Solutions

Other

Activities

Reconciliations

Consolidated 

$ millions

For the three-month period ended December 31, 2024

Sales to external parties

275

373

475

435

43

-

1,601

Inter-segment sales

5

49

32

4

-

(90)

-

Total sales

280

422

507

439

43

(90)

1,601

Cost of sales

177

260

344

313

44

(72)

1,066

Segment operating income (loss)

55

69

81

31

(8)

(38)

190

Other expenses not allocated to the segments

(43)

Operating income

147

Financing expenses, net

(33)

Income before income taxes

114

Depreciation, amortization and impairment

15

61

51

20

4

13

164

Capital expenditures

38

116

147

44

3

12

360

Capital expenditures as part of business combination

-

-

-

4

-

-

4

      Information based on geographical location

The following table presents the distribution of the operating segments sales by geographical location of the customer:

10-12/2025

10-12/2024

$

millions

% of

sales

$

millions

% of

sales

China

337

20

274

17

Brazil

315

19

276

17

USA

281

17

280

17

Israel

82

5

69

4

India

80

5

64

4

Spain

77

5

73

5

United Kingdom

70

4

58

4

Germany

61

4

65

4

France

57

3

48

3

Austria

35

2

32

2

All other

306

16

362

23

Total

1,701

100

1,601

100

   

Purchase of own shares

LONDON, UK / ACCESS Newswire / February 18, 2026 / The Company announces that on 17 February 2026 it purchased the following number of its ordinary shares of 20340/399 pence each through Goldman Sachs International ("GSI") on the London Stock Exchange in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 8 May 2025 (the "Purchase"). The Purchase was effected pursuant to instructions issued by the Company on 17 February 2026, as announced on 17 February 2026.

Date of purchase:

17 February 2026

Aggregate number of ordinary shares purchased:

114,529

Lowest price paid per share:

$ 140.0500

Highest price paid per share:

$ 146.4500

Average price paid per share:

$ 143.0381

The Company intends to cancel the purchased shares.

Following the above transaction, the Company has 151,530,279 ordinary shares in issue (excluding 5,481,782 held in treasury).

A full breakdown of the individual purchases by GSI is included in the link below:

http://www.rns-pdf.londonstockexchange.com/rns/4058T_1-2026-2-17.pdf

Enquiries to:

InterContinental Hotels Group PLC:

Investor Relations: Stuart Ford (+44 (0)7823 828 739);

Kate Carpenter (+44 (0) 7825 655 702);

Joe Simpson (+44 (0)7976 862 072)

Media Relations: Neil Maidment (+44 (0)7970 668 250);

Mike Ward (+44 (0)7795 257 407)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: InterContinental Hotels Group PLC