Market Signal Briefing

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

Crypto majors fall another 4-5% continuing downtrend; BTC at $91,200
Bitcoin officially wipes out 2025 YTD gains, now red
CBOE rolling out perps-like continuous futures for BTC and ETH
White House evaluating major IRS rule to evaluate foreign crypto holdings
Trump Hotels to tokenize the development of its latest Maldives property
💰 Aave Takes Aim at Banks, Fintechs with New Aave AppThere’s a major new player entering the neobank space.

And this time, from a very trusted name in DeFi.

📌 What HappenedAave rolled out its new “Aave App” yesterday, as a consumer-facing savings product that looks and feels like a neobank.

The reasons to deposit and use the Aave app are pretty clear:

Up to 9% yield on savings
$1M in balance protection (compared to $250,000 at FDIC-insured banks)
12,000 supported banks and cards
It also offers other “fintech” features like automated savings, a compounding visualizer for its yield tracking and more, along with state-of-the-art” account security and recovery

The app is launching in early access on iOS, with Android and web versions “coming soon.”

For those unfamiliar, Aave is one of the most established and trusted players in Ethereum DeFi, boasting $30B+ billion in total deposits at time of writing.

🗣️ What They’re Saying“I don’t think people realize just how big this is for the industry.

A DeFi app is offering insurance on assets of up to $1 million.

The average Bank insures funds $250,000 per depositor.

Offering a sleek app + protecting user funds = Onboarding non crypto native users.
Aave may just turn into the RobinHood of Lending.

Big win for safe DeFi.” - Emperor Osmo, on X

“With the announcement of Aave App, Aave directly competes with banks (and neo banks) by offering a better yield on deposits to the common user.

But how competitive are Aave rates historically?

We analysed Aave stablecoin APYs and compared with T-Bills across three monetary-policy regimes…

Across all three, Aave stablecoin APYs outperform T-bills, NSR, and MMR on average. Aave consistently beats NSR and MMR throughout and while T-bills occasionally surpass Aave, those periods are shorter, rarer, and offer a smaller spread than the stretches where Aave yields are higher.

In other words: the valleys are smaller than the peaks, which is why Aave maintains a structurally higher average.” Sealaunch Intelligence, on X

🧠 Why It MattersThis launch hits at a bigger shift: neobanks rising and challenging in the fintech space.

Fintech apps have already been chipping away at traditional banks for a decade by offering cleaner UX, mobile-first design, and better rates.

But those neobanks were still operating within the old banking rails. Aave isn’t.

Being crypto-native gives Aave an advantage (higher yields, 24/7 liquidity, global reach, and less overhead).

If they can really offer 9% APY with $1M in account protection, they will capture major attention. That is a major differentiator from off-the-shelf savings and MM accounts at most banks.

Stepping back, the concept of neobanks makes sense as a bridge between traditional finance and banking and crypto.

For those unfamiliar, a “neobank” is effectively an app where one can deposit and store dollars/stablecoins, interact with credit cards, send payments and in general function like a banking account.

They often come with more user-friendly apps, are more nimble than the trad banks and often offer better yield. But not the kind of yield Aave is offering.

Several new players are competing in this space, but none with the pedigree of Aave.

If Aave can deliver a smooth, compliant, trustworthy product, it becomes a real contender in the banking market.

🌎 Macro Crypto and MemesA few Crypto and Web3 headlines that caught my eye:

Crypto majors are very red as BTC briefly fell below $90k; BTC -4% at $91,300; ETH -5% at $3,050, BNB -2% at $915, SOL -3% at $137
ICP (+9%), ASTER (+7%) and HYPE (+5%) led top movers
Crypto Fear & Greed remained in Extreme Fear at 11, now in that range for 6 straight days
Bitcoin wiped out its 2025 gains after falling below $92K (briefly sub-$90k), now down 2% on the YTD
The Cboe unveiled “continuous” Bitcoin and Ethereum futures with 10-year terms as a perps-like alternative
The White House is considering to allow the IRS to track and tax crypto holdings on foreign exchanges
Vitalik Buterin and the Ethereum Foundation launched Kohaku as a new initiative to bake privacy and security into Ethereum wallets instead of treating them as add-ons
Trump International Maldives announced tokenized real-estate stakes, letting investors buy blockchain-based shares in its 80-villa luxury resort
Hive stock jumped after posting record Q2 revenue and landing new AI-infra deals, as investors rotated into miners despite broader crypto weakness.
Japan is changing its crypto tax rules, dropping cap gains from 55% to 20%
In Corporate Treasuries / ETFs

Saylor’s Strategy bought another 8,178 Bitcoin for $835.6M last week at a 102k average
Tom Lee’s BitMine bought over 54,000 ETH last week (~$173M)
VanEck’s Solana ETF began trading yesterday; Fidelity Solana ETF to begin trading today
KindlyMD extended its steep stock slide after delaying Q3 earnings due to accounting issues from its Nakamoto merger
Grayscale prepared its Dogecoin ETF listing
In Memes / Onchain Movers

Memecoin leaders are mostly red down 3-6%; DOGE -3%, Shiba -3%, PEPE -4%, PENGU -6%, BONK -3%, TRUMP -1%, SPX -3%, and FARTCOIN +1%
REKT fell 50% after leveraged whales were liquidated on IMF
💰 Token, Airdrop & Protocol TrackerHere’s a rundown of major token, protocol and airdrop news from the day:

Aave introduced its Aave App with up to 9% yield, $1M in insurance and many other features as it enters the neobank space
Coinbase updated its X bio to say “December 17,” teasing an event or product launch
Coinbase Ventures invested in Permian Labs, the founder of USD AI
DappRadar is shutting down after years as a leading dapp-tracking app, with the team calling current market conditions “financially unsustainable” for the analytics platform
🚚 What is happening in NFTs?Here is the list of other notable headlines from the day in NFTs:

NFT leaders were mostly red and continuing their decline; Punks -5% at 29.9 ETH, Pudgy -4% at 5.15, BAYC -4% at 6.04 ETH; Hypurr’s +7% at 759 HYPE
Good Vibes Club +20% to 0.48 ETH led top movers
ACK’s “Showtime” sold for $75,000
Pudgy Penguins announced that their book “The Worst Birthday Gift Ever” is available for purchase on Amazon
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Tue, 18/11/2025 - 15:21

Amid market sell-off, XRP skyrockets 71% in volume to $7.4 billion as traders adjust their positionings in anticipation of what comes next.

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.

XRP is caught up in the recent market sell-off, extending a seven-day drop to a low of $2.10 on Tuesday.

The broader crypto markets remain under pressure as risk sentiment wanes and technical signals dominate short-term trading behavior across major cryptocurrencies.

The sell-off in the last 24 hours has resulted in over $1.03 billion in liquidations, of which $726.52 million are long positions and $308.22 million in shorts, according to CoinGlass data. XRP saw $41.29 million in liquidations over the last 24 hours as the price fell; several altcoins have now fallen to multimonth lows.

HOT Stories

Amid the market sell-off, XRP's trading volume has risen 71% in the last 24 hours to $7.4 billion. More often than not, volumes reflect traders' positioning; in this case, on1chain data points to XRP as entering a "good buy" zone.

XRP enters "good buy" zoneXRP dropped nearly 5%, reaching $2.10 in the early Tuesday session before stabilizing to trade at $2.18 at press time. XRP fell for seven consecutive days since its breakout stalled at a high of $2.58 on Nov. 10.

🤕 The vast majority of cryptocurrencies are now flashing extreme pain for average trading returns. Wallets active in the past 30 days have an average performance of:

📌 Cardano $ADA: -19.7% (Extreme Buy Zone)
📌Chainlink $LINK: -16.8% (Extreme Buy Zone)
📌Ethereum $ETH: -15.4%… pic.twitter.com/l0mUrDWOzm

— Santiment (@santimentfeed) November 17, 2025 According to on-chain analytics firm Santiment, the vast majority of cryptocurrencies are now flashing extreme pain for average trading returns. Santiment shares average trading returns based on the MVRV indicator for major cryptocurrencies, including XRP, in the last 30 days.

XRP wallets active in the past 30 days saw an average performance of -10.2%, which puts XRP in a "good buy" zone. The lower the MVRV goes, the higher the probability of a faster recovery.

Market sentiment hit "extreme fear" as volatility jumped, with the Fear & Greed Index falling to lows last seen in July 2022, increasing the chances of a relief rally.

If the market rebounds, XRP would face its next resistance at $2.50 and $2.63, which are the daily MA 50 and 200, while the $2 level might be tested as the price support before the next upward move begins.

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The debate around Cardano price prediction 2025 has intensified as the Cardano crypto ecosystem faces one of its weakest on-chain periods in years. While the Cardano price today struggles to retain key support levels, on-chain data, user behavior, and shrinking stablecoin liquidity are shaping the next potential trend for ADA in 2025.

Cardano’s On-Chain Weakness Deepens Through 2025Looking at the broader Cardano price chart and ecosystem trends, November data highlights a persistent decline across major on-chain metrics. Cardano’s TVL has fallen to $212.9 million, while active addresses stand at 357,270, both significantly lower on a year-to-date and three-year basis.

Also, the past 7 days show stablecoin liquidity on Cardano shrinking to $38.13 million, according to DefiLlama, reflecting reduced capital efficiency and limited DeFi engagement. These shifts raise concerns about the sustainability of ADA price USD trends as 2025 progresses.

Despite these declines, the network continues to expand in long-term holder count, surpassing 3.175 million wallets. Recent data suggests retail accumulation remains active even as larger investors become increasingly cautious during periods of low activity.

Market Sentiment Turns Bearish as ADA Tests Critical LevelsSentiment across the market has grown more skeptical, largely driven by Cardano’s stagnant daily revenue, flattened DEX trading volumes, limited stablecoin integration, and minimal user growth. 

Critics argue that despite its $16.7 billion market cap and top-10 global ranking in November 2025, the platform’s activity levels do not justify its valuation when compared to other large-cap assets.

As a result, more holders appear to be exiting positions, contributing to growing downward pressure on the token. Analysts now emphasize that ADA has broken below weekly support, with the next major demand zone located in the $0.30–$0.32 region. This area may determine the trajectory of the ADA price prediction for the months ahead.

Technical Setup Suggests a Make-or-Break Phase for 2025While on-chain weakness is evident, some analysts still express cautious optimism about ADA’s technical posture. They highlight that the long-term support range has historically triggered relief rallies or accumulation phases. If ADA manages to defend the $0.30 zone, the Cardano price prediction 2025 could stabilize and possibly attempt a recovery if sentiment strengthens.

Conversely, sustained weakness across revenue, liquidity, and address activity may keep pressure on Cardano price today, making the upcoming months pivotal for the wider ADA price forecast.

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These two altcoins have passionate followings, but one of them is a much stronger investment.

XRP (XRP 1.21%) and Dogecoin (DOGE 0.84%) are both top 10 cryptocurrencies -- and that's where their similarities end. XRP is all business, with payments company Ripple developing it to make international money transfers faster and more affordable. Dogecoin is all amusement, created to poke fun at price speculation surrounding cryptocurrencies.

On that basis, XRP may seem like the better investment. However, the cryptocurrency market isn't known for behaving rationally, and meme coins have outperformed serious projects in the past. So, are you better off with XRP or Dogecoin in your crypto portfolio? Let's find out.

Image source: Getty Images.

The long-term outlook favors XRP
XRP is an interesting investment because of the role it serves on Ripple's blockchain payments network. Financial institutions can use XRP as a bridge currency in cross-border payments through the network's on-demand liquidity feature. Instead of needing accounts pre-funded with different currencies, they can simply convert payments to XRP, which can then be converted to the recipient's currency upon arrival.

The fact that XRP has real-world utility gives it a substantial advantage over Dogecoin as an investment. If enough banks decide to use XRP, it will create demand and drive up the value.

Today's Change

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2.18

Dogecoin, on the other hand, doesn't have much of a use case. You can use it as a payment method, but the same is true with any other cryptocurrency. Without any unique source of value, Dogecoin is dependent on speculation and hype.

The case for Dogecoin
There are arguments to be made for holding Dogecoin over XRP, though. Even though they're both large cryptocurrencies, XRP is quite a bit larger -- it has a market cap of $135 billion, over five times higher than Dogecoin ($24 billion, both as of Nov. 14). It will take a lot more money to push XRP's price up than it will for Dogecoin to go on a run.

Today's Change

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-0.84

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XRP also has centralization concerns. While it is technically decentralized, with independent validator nodes confirming transactions, Ripple has influence in selecting validators and in the protocol that those validators follow. It also holds over 35 billion XRP tokens in escrow out of a total supply of 100 billion tokens. Ripple releases 1 billion tokens monthly to fund operations, and then puts unused tokens back into escrow.

Which cryptocurrency is the better buy?
XRP seems more likely to grow in value over the next five to 10 years than Dogecoin. If you're deciding between the two of them, that's the one I'd pick.

That said, XRP is highly risky and largely unproven. While over 300 financial institutions reportedly use Ripple's services, most haven't tried XRP, because they don't need it. XRP has potential, but adoption will need to pick up significantly to justify the coin's market cap.

Cryptocurrency as a whole should only make up a small portion of your portfolio, since it's so volatile. You may also want to buy multiple types of cryptocurrency instead of going all-in on one, like XRP. A safer bet would be to invest in XRP and a few others, such as Bitcoin and Ethereum, to have some diversification.

Tether makes strategic investment in Ledn to expand bitcoin-backed lending marketDeals
• November 18, 2025, 8:00AM EST

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Quick Take
Tether has invested in Ledn as demand for bitcoin-backed credit accelerates across retail and institutional markets.
Ledn has originated more than $1 billion in loans in 2025, pushing annual recurring revenue above $100 million.
Tether has made a strategic investment in bitcoin-backed lending platform Ledn — a move aimed at expanding individual and business access to credit without requiring borrowers to sell their digital assets.

Ledn operates a custody, risk management, and liquidation system designed to keep client assets secure throughout the life of each loan. The company has originated more than $2.8 billion in bitcoin-backed loans since its founding, including over $1 billion so far this year.

In the third quarter alone, Ledn originated a record $392 million in loans, nearly matching its entire 2024 volume, and reported more than $100 million in annual recurring revenue — underscoring growing demand for bitcoin-backed lending products.

By enabling borrowers to use bitcoin as collateral rather than sell it, the firms say they are opening new pathways for wealth preservation, financial resilience, and additional use cases.

"This approach strengthens self-custody and financial resilience, while creating real-world use cases that reinforce the long-term role of digital assets as essential pillars of a more inclusive global financial system," Tether CEO Paolo Ardoino said in a statement shared with The Block, without disclosing the size and further details of the investment.

Growing market for crypto-backed creditThe crypto lending niche suffered significant setbacks following a tumultuous year for centralized services in 2022 — a period that saw the bankruptcy of firms like BlockFi, Celsius, Genesis, and Voyager Digital.

Following those events, it remained unclear to what extent users would trust such services going forward. Ledn co-founder and CSO Mauricio Di Bartolomeo previously told The Block the company survived the period because of its "sound risk management program" and "prioritization of the safety and security" of its clients' assets.

More recently, the firm said the key to its staying power comes down to its simple, transparent, and compliant approach — maintaining a fully collateralized model, conducting regular third-party Proof of Reserves attestations, and operating through regulated VASP entities.

Now, Tether's investment comes as the broader crypto-backed lending market is projected to expand significantly. According to a report from Data Intelo, the sector could grow from an estimated $7.8 billion in 2024 to more than $60 billion by 2033, driven by rising demand for alternative forms of credit that use digital assets as collateral.

"We expect demand for bitcoin financial services to continue soaring, and this collaboration with Tether ensures that Ledn remains well-positioned to lead as the market continues to evolve and grow," Ledn co-founder and CEO Adam Reeds said on Tuesday.

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

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The Bitcoin price has spent the past few days struggling to recover from its sharp breakdown below $100,000, a move that rattled traders and briefly pushed the crypto market into one of its weakest phases in many months. Bitcoin’s price action has hovered in the mid-$90,000 range since the drop, but the past 24 hours have been highlighted by a break below $90,000. 

In the middle of this bearish volatility, a new technical outlook from Tony “The Bull” Severino suggests that Bitcoin’s next move may be more bullish than the recent weakness implies.

A Death Cross Forms During The Bitcoin Price Downtrend
Tony’s analysis highlights the developing death cross on the daily timeframe, where the 50-day moving average is now bending down toward the 200-day moving average. The pattern is generally viewed as bearish, but the placement of the moving averages and the slope of the short-term line show something different unfolding on Bitcoin’s chart. 

The green 50-day average has been gradually drifting lower after weeks of fading momentum, and the red 200-day average has begun flattening out from the long-term uptrend. As shown on the chart below, this death cross has formed around $110,000, and according to the analyst, Bitcoin might pump into this price level next week. 

The reason a pump remains possible at this stage is tied directly to how moving averages behave. After the breakdown beneath $100,000, Bitcoin found support just below $92,000 and has since been forming a series of smaller-bodied candles that reflect the early stages of a potential reversal. 

If buyers take control, a fast move toward the region between $103,000 and $110,000 becomes realistic. However, price action in the past 24 hours, which has seen Bitcoin break below $90,000, threatens this bullish outlook.

Bitcoin Price Chart. Source: @TonyTheBullCMT On X

The Path To $110,000 This Week
For Bitcoin to reach $110,000 in the coming days, the market would need to replay a pattern seen several times in past cycles: a strong relief rally just before or immediately after a death cross forms. 

These rallies happen because sentiment becomes overly pessimistic at the exact moment when shorts begin to pile in, leaving the price vulnerable to a sharp upside reaction. However, for that scenario to unfold now, Bitcoin would first need to push convincingly back above $90,000 and show that momentum is shifting away from the recent sell-off.

Interestingly, other analysts have pointed to bullish primers for Bitcoin, despite the bearish price action. One such case is the Bitcoin SSR RSI, which was highlighted by a CryptoQuant community analyst called Maartunn, that shows rising stablecoin buying power relative to Bitcoin’s market cap.

On the other hand, a bearish indicator has risen up with the SuperTrend indicator, which proposes a further 67% drop in the price of Bitcoin. At the time of writing, Bitcoin is trading at $89,760, down by 5.8% in the past 24 hours.

BTC establishes downtrend as bears pile on | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

Tether Invests in Ledn to Expand Bitcoin-Backed Lending Amid Surging DemandThe stablecoin issuer's investment comes as BTC-backed lending scales rapidly, with Ledn surpassing $1 billion in originations this year and positioning for global expansion. Nov 18, 2025, 1:05 p.m.

Tether has made a strategic investment in Ledn, one of the foremost providers of bitcoin-backed consumer loans, in a move aimed at expanding access to credit secured by digital assets, the firm said in an emailed announcement on Tuesday.

The size of the investment has not been disclosed. Tether declined to provide further details when contacted by CoinDesk.

STORY CONTINUES BELOW

The investment forms part of Tether’s push to support real-world financial services built on digital asset rails. Bitcoin-backed lending allows users to access liquidity without selling BTC to unlock short-term capital.

Ledn was the survivor of a rout of the crypto-backed lending sector in 2022, which saw the likes of BlockFi, Voyager, Celsius and Genesis collapse.

The Cayman Islands-registered company has streamlined its service, following a bitcoin-only model to simplify its offering and sharpen its focus.

Ledn, which has originated over $2.8 billion in BTC-backed loans since launch, is on track for its strongest year yet. More than $1 billion in loans have been issued in 2025, including $392 million in Q3, nearly matching the firm’s entire 2024 volume.

Tether CEO Paolo Ardoino said the investment reflects a commitment to financial empowerment through self-custodial credit.

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

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There's no sugarcoating it— bitcoin is clinging to the cliff's edge at $91,200, balancing between a crucial support at $89,000 and a failed launch pad near $95,000. With a 24-hour price rollercoaster stretching from $89,189 to $95,418 and a staggering $122.

Analysts shift 2025 XRP outlook as funds eye liquidity models.

Summary

Institutional funds are now valuing XRP based on liquidity, compliance, and infrastructure maturity, rather than brand recognition or hype cycles.
XRP Tundra implements DAMM V2, introducing features like exponential fee scheduling, NFT-based liquidity positions, and permanent liquidity locks to stabilize early market phases.
The project roadmap includes GlacierChain for XRPL Layer-2, enhanced governance via TUNDRA-X, audited security, and a dual-token system to foster cross-chain and staking innovations.

Cryptocurrency analysts have begun revising their 2025 market outlook, with XRP appearing prominently in several pricing models, according to recent industry reports.

Crypto Volt, a cryptocurrency analysis firm, released research outlining projections for XRP’s (XRP) performance under updated risk frameworks used by mid-sized funds. The analysis differs from predictions in previous market cycles, which focused primarily on structural changes affecting capital allocation.

Institutional trading desks in 2025 are evaluating digital assets based on liquidity depth, regulatory alignment, infrastructure maturity and cash-flow potential rather than market momentum alone, according to the report. This recalibration has placed XRP and its expanding ecosystem, particularly XRP Tundra, into discussions about strategic positioning for the year ahead.

The Crypto Volt analysis stated that funds have adopted more disciplined asset selection criteria to support institutional-scale flows without destabilizing prices. XRP’s liquidity distribution, regulatory clarity and suitability for cross-border financial infrastructure have elevated the token within risk-adjusted ranking systems that previously favored Bitcoin and Ethereum almost exclusively, according to the report.

The analyst noted that institutional buyers are examining functional exposure rather than brand familiarity. XRP’s role in settlement architecture provides a concrete utility narrative, which has led several analysts to place it among cryptocurrencies with potential to outperform during the upcoming cycle, the report stated. Exchange-traded funds are providing compliant pathways for traditional investors, expanding demand beyond speculative buyers.

XRP Tundra’s implementation of Meteora’s DAMM V2 liquidity system for its TUNDRA-S token has drawn analyst attention, according to industry observers. DAMM V2 introduces a framework designed to reduce early volatility, prevent exploitative trading behavior and ensure stable liquidity distribution, according to technical documentation.

The system features an exponential fee scheduler that starts with high fees and gradually decreases them, aimed at discouraging automated trading bots and suppressing early selling pressure. DAMM V2 also supports concentrated liquidity, position NFTs and permanent liquidity options. Position NFTs provide full transferability and precise tracking of liquidity parameters, while the permanent lock option ensures a stable liquidity floor that cannot be withdrawn.

XRP Tundra’s development roadmap includes GlacierChain, an XRPL Layer-2 environment designed to support higher throughput and cross-chain functionality while maintaining settlement guarantees. The roadmap also includes enhanced governance for TUNDRA-X, allowing participants to shape decisions regarding vault parameters, fee distribution models and ecosystem integrations.

Cryo Vault activation, scheduled for the post-launch phase, will introduce long-term staking cycles tied to fee generation and cross-chain liquidity flows, according to project documentation. Additional planned features include expanded Solana-XRPL bridging to improve interoperability for dual-chain token operations.

XRP Tundra’s dual-token system consists of TUNDRA-S, built on Solana, which interacts with DAMM V2’s liquidity mechanisms and will drive yield generation through vaults and cross-chain modules. TUNDRA-X, issued on the XRPL, forms the governance layer responsible for approving upgrades, adjusting ecosystem parameters and managing treasury functions.

The project has completed public audits through multiple security firms and holds KYC certification, according to company statements. Any unsold tokens at the presale deadline will be permanently burned, ensuring fixed supply in accordance with established tokenomics, the project announced.

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have each dropped about 12% over the past week — but behind the red candles, several fundamental catalysts point to a potential upside reversal.

What Happened: Bloomberg Senior ETF Analyst Eric Balchunas said Grayscale is on track to launch the first-ever Dogecoin ETF around Nov. 24, based on the SEC's 20-day review window.

He cautioned final approval requires an exchange notice, but current regulatory guidance makes the timeline highly favourable.

Separately, Dogecoin Treasury company Bit Origin announced a plan to accumulate $500 million worth of DOGE, saying it aims to blend crypto culture with real-world utility and prepare for mainstream adoption.

Shibburn reported 17.3 million SHIB burned in the last 24 hours, a 1,090% spike, signalling accelerating supply destruction.

Also Read: Bitcoin Briefly Crashes Below $90,000 As Ethereum, XRP, Dogecoin Drop Causes $1B In Liquidations

Why It Matters: Crypto chart analyst Ali Martinez warned that Dogecoin's pullback to $0.15 is structurally weak, unless it quickly reclaims support.

For Shiba Inu, momentum may be shifting. Binance influencer Jack highlighted a trifecta of bullish signals:

Burns are accelerating
Exchange reserves are declining
Buyers are stepping in at every dip.
This combination often precedes a supply squeeze, especially with SHIB still holding its key demand zone and its RSI flashing early strength.

Adding to the momentum, Japan placed SHIB on its regulatory "Green List," elevating it alongside Bitcoin and Ethereum. The designation signals formal recognition, and legitimacy, from a G7 nation, boosting SHIB's global credibility.

Read Next:

DOGE Vs. SHIB: Only One Meme Coin Looks Ready To Explode
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Falling revenue and record difficulty could tighten the squeeze on bitcoin miners, though many are more driven by their AI infrastructure initiatives. Nov 18, 2025, 1:46 p.m.

Bitcoin’s hashprice has fallen to its lowest level in five years, according to Luxor, now sitting at $38.2 PH/s. Hashprice, a term introduced by Luxor, measures the expected daily value of one terahash per second of computing power. The metric reflects how much revenue a miner can expect from a specific amount of hashrate. It can be denominated in any currency or asset, although it is typically shown in USD or BTC.

Hashprice depends on four key variables: network difficulty, the price of bitcoin, the block subsidy, and transaction fees. Hashprice rises with bitcoin’s price and fee volume, and falls as mining difficulty increases.

STORY CONTINUES BELOW

Bitcoin’s hashrate remains near record levels at more than 1.1 ZH/s on a seven day moving average. Meanwhile, the bitcoin price is at $91,000, down roughly 30% from its October all time high of more than $126,000, and network difficulty remains near all-time highs at 152 trillion (t). Transaction fees remain extremely low, with mempool.space quoting a high priority transaction at 25 cents or 2 sat/vB.

This decline in hashprice is occurring alongside a broader pullback in publicly traded bitcoin mining stocks, even as many in the sector have pivoted business plans away from BTC mining and to AI infrastructure.

The CoinShares mining ETF, WGMI, has fallen 43% from its peak and is trading just below $41.

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

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Protocol Research: GoPlus Security

Nov 14, 2025

What to know:

As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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Crypto Markets Today: Fear Grips Market as BTC Tests Support, Volatility Spikes

3 hours ago

Bitcoin hovered near $91,000 as sentiment hit "extreme fear," volatility jumped and leveraged traders absorbed over $1 billion in liquidations while altcoins fell further.

What to know:

The Fear & Greed Index hit 15/100 — its lowest since April — raising the possibility of a relief bounce, though the bitcoin price may still retest $87,500 support.Over $1 billion in leveraged futures positions were wiped out, implied volatility hit a six-week high and options flow showed strengthening put bias.Privacy tokens led Tuesday’s sell-off with double-digit drops, while a few derivatives-exchange tokens bucked the trend amid broad market weakness.Read full story

What to Know:

The altcoin market is showing a distinct preference for projects with strong technological fundamentals and clear utility over purely speculative assets.
Recent price predictions suggest a 300% pump for $SHIB if the token reaches two critical levels, which would set it up for an aggressive rally.
Bitcoin Hyper introduces a Layer 2 solution that brings high-speed smart contracts to the Bitcoin ecosystem via a Solana Virtual Machine integration.
The $HYPER presale raised over $27.8M so far with a token price of $0.013295 and staking rewards currently at 41%.

The altcoin market is at a fascinating crossroads. While speculative assets have dominated cycles past, a clear trend toward utility is emerging.

Investors are looking past fleeting hype, demanding projects with sustainable technology and real-world use cases. This shift in sentiment is reshaping the altcoin market outlook for 2025, forcing a re-evaluation of long-term value.

Take top altcoins like Shiba Inu, for instance, which is currently at a crossroads, showing clear-cut signs of consolidation and momentum buildup. Trader’s expectation of a 300% $SHIB pump long-term is no longer unrealistic, provided $SHIB can hold two critical levels.

Source: TradingView (User MMBTtrader)
Bitcoin, on the other hand, is currently at the opposite end of the spectrum, after crashing below $90K today. The reasons are multiple, from bulk whale sells to dwindling investor participation and increased fear.

But there’s another problem worth talking about. Bitcoin, the original cryptocurrency, offers unparalleled security and trust but its slow transaction speeds, high fees, and lack of native smart contract capabilities, have hindered its investor appeal. Right now, Bitcoin ranks 30th in terms of TPS.

A new contender, Bitcoin Hyper ($HYPER) aims to solve this trilemma directly. As the newest Bitcoin Layer 2 solution integrating the Solana Virtual Machine (SVM), Hyper promises to unlock Bitcoin’s dormant potential.

By creating a high-speed execution layer on top of Bitcoin’s secure settlement, Bitcoin Hyper introduces the programmability and performance needed for modern dApps.

This approach could fundamentally alter the competitive dynamics of the blockchain space, bringing high-performance applications to the industry’s most trusted network.

Bitcoin Hyper Redefines Speed and Programmability
Bitcoin Hyper ($HYPER) tackles Bitcoin’s core limitations head-on. Its modular architecture uses Bitcoin’s Layer 1 for ultimate security and settlement while a real-time SVM-based Layer 2 handles transaction execution. This allows for extremely low-latency processing and high-speed, low-cost transactions.

The project’s decentralized Canonical Bridge facilitates seamless and secure cross-minting of $BTC into its L2 environment.

By integrating the Solana Virtual Machine, Bitcoin Hyper brings fast, scalable smart contracts to the Bitcoin ecosystem. This move enables developers to build sophisticated DeFi applications, NFT platforms, and gaming dApps using familiar tools like the Rust programming language.

This innovative approach is capturing significant attention. The ongoing presale for its native token, $HYPER, has already raised an impressive $27.8M+ at the time of writing, with $HYPER sitting at $0.013295. This strong demand signals major investor confidence in the project’s vision.

If this type of hype continues, $HYPER could explode post release. Our price prediction for $HYPER, based on the project’s utility and community support, puts the token at $0.08625 by the end of 2026. In terms of ROI, we’re talking about potential profits of 548%.

This is enough of an incentive for any crypto hunter looking for portfolio diversification. If this sounds like you, make sure you read our guide on how to buy $HYPER today.

Check $HYPER’s live presale today.

A New Ecosystem for DeFi, Gaming, and Payments
The implications of bringing high-performance smart contracts to Bitcoin are massive. Bitcoin Hyper ($HYPER) unlocks a wide range of use cases previously impossible on the network, creating a new ecosystem for developers and users alike.

Developers can build swaps, lending platforms, and staking protocols that leverage Bitcoin’s liquidity with the speed of an SVM chain. For everyday traders, use cases range from high-speed payments in wrapped $BTC with minimal fees to comprehensive DeFi protocols.

With presale tokens currently priced at $0.013295, early participants are getting in at the ground floor – an opportunity which won’t last long anymore. The project has a projected release window between Q4 2025 and Q1 2026 so, if you want to invest, invest today.

Secure your $HYPER today.

This isn’t financial advice. DYOR and manage risks wisely before investing. Crypto is a high-risk market and presales have no success guarantee.

Authored by Aaron Walker, NewsBTC: http://newsbtc.com/news/top-altcoins-optimistic-while-btc-crashes-bitcoin-hyper-next-outbreak

Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies.

'Game on': Asset management giant Fidelity debuts Solana exchange-traded fundPolicy
• November 18, 2025, 9:28AM EST

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Quick Take
Fidelity launched the Fidelity SOL Fund, with the ticker symbol FSOL, on Tuesday.
Fidelity is now the third firm to debut its SOL ETF.
Fidelity, one of the world's biggest asset managers, has joined others in launching a Solana exchange-traded fund, which includes a staking feature.

Fidelity debuted the Fidelity SOL Fund, with the ticker symbol FSOL on Tuesday, a spokesperson said. This comes after the asset manager filed a Form 8-A on Monday with the U.S. Securities and Exchange Commission, essentially preparing it for the fund to launch.

"The addition of staking in our Solana fund is a monumental win for the industry—and investors—as it’s a critical part of the ecosystem to help secure the network, and a yield generating opportunity for investors," said Matt Horne, head of digital asset Strategists at Fidelity Investments, in a statement.

Fidelity is now the third firm to debut its SOL ETF, and it is the firm's first to include a staking feature. Bitwise first launched its SOL ETF in late October, with Grayscale following close behind. Grayscale's fund also has a staking component. Canary Capital is also expected to launch its Solana ETF (SOLC) on Tuesday.

"Easily the biggest asset manager in this category with BlackRock sitting out," Bloomberg ETF analyst Eric Balchunas noted on X. "Game on."

A Fidelity spokesperson stated that the firm would waive investment and staking fees until May 18, 2026. Thereafter, the fund will have an expense ratio of 25 bps and a staking fee of 15%.

Fidelity has previously launched a bitcoin ETF and an Ethereum ETF. On Monday, VanEck introduced its Solana ETF and is now trading on Nasdaq.

"Welcome to the future. Still surprised BlackRock sitting this one out," said NovaDius Wealth Management CEO Nate Geraci. BlackRock's iShares unit currently manages the largest BTC and ETH ETFs by AUM.

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

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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AUTHOR Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn. See More

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Dogecoin is sitting at an inflection point where weakening market structure meets unusually compressed on-chain risk, according to new charts shared by analyst Cryptollica (@Cryptollica). The visuals juxtapose a multi-year DOGE/USDT price channel with Alphafractal’s Reserve Risk framework, raising the question of whether the move is a true breakdown or the formation of a long-term bottom.

Dogecoin On-Chain Risk Hits Extreme Value Zone
In an X post, Cryptollica explains that the Dogecoin model “combines Reserve Risk with VOCDD/MVOCDD-style activity measures to assess long-term holder conviction versus market pricing.” The key metric is Reserve Risk itself, defined as: “Reserve Risk = Price / HODL Bank.”

“HODL Bank” represents the cumulative opportunity cost long-term holders accepted by not selling in earlier rallies. When the current price is low relative to that bank of conviction, Reserve Risk prints low values; when price is high versus that bank, it spikes.

Dogecoin Reserve Risk Indicator | Source: @Cryptollica
Crucially, Cryptollica notes that “low readings historically align with attractive risk/reward (value zones), while high readings mark overheated conditions.” On the Alphafractal chart, this is rendered as a green lower band (value) and a red upper band (overheated).

Dogecoin’s past blow-off phases, including the 2021 surge toward roughly $0.76, coincided with Reserve Risk moving into the red zone. By contrast, long consolidation periods following major unwinds saw the indicator fall back into the green band.

The latest data point, dated 17 November 2025, shows Reserve Risk again compressed in that lower green area, indicating that, relative to the accumulated HODL Bank, spot prices are historically cheap by this model’s standards. The chart does not predict direction, but it places current conditions firmly in what the framework defines as an “extreme value” environment.

DOGE Faces Crash Towards $0.07
The second chart, a three-day DOGE/USDT view from Binance, focuses on price structure. Dogecoin trades within a broad ascending channel that has contained action since 2021. The lower boundary, labeled “Bottom Line,” currently tracks just above the $0.07 area; the upper “TopLine” extends toward about $1.30, with a central “Midline” near the $0.27 region acting repeatedly as resistance.

Dogecoin price analysis, 3-day chart | Source: @Cryptollica
A two-year moving average arcs through the middle of this channel. DOGE lost this average in the bear phase, reclaimed it into 2024–2025 and then rallied to a local high around $0.48, before being rejected at the Midline. A cluster of red arrows at roughly $0.27 marks multiple failed attempts to break higher.

Since then, price has rolled over, slipped back below the two-year MA and is now descending inside the channel. The latest three-day candle shows DOGE trading around $0.15, with an intraperiod spike lower that was partially bought back. DOGE is now trading at a last line of defence: the mid-line of the lower part of the channel around $0.15. If this support breaks, a steep drop towards the “Bottom Line” just above $0.07 could loom.

Together, both charts frame Dogecoin’s position sharply. Structurally, DOGE is weakening below its long-term moving average and mid-channel resistance, leaving the lower boundary of the channel as the next major geometric reference. On-chain, however, the Reserve Risk and activity composite indicates that long-term holders’ cumulative conviction now stands against one of the lowest relative price levels seen since the previous cycle.

At press time, DOGE traded at $0.157.

DOGE holds above the 200-week EMA for now, 1-week chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

Analyst’s Disclosure:I/we have a beneficial long position in the shares of KRP, ET either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Beyond Saving, Philip Mause, and Hidden Opportunities, all are supporting contributors for High Dividend Opportunities. Any recommendation posted in this article is not indefinite. We closely monitor all of our positions. We issue Buy and Sell alerts on our recommendations, which are exclusive to our members.

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

Revenue:  $346.9 million for Q3 2025$978.6 million for 9M 2025 Net income:  $  56.3 million for Q3 2025$168.0 million for 9M 2025 Earnings per common unit: $1.90 for Q3 2025$5.62 for 9M 2025 Net cash from operating activities: $103.1 million for Q3 2025$381.3 million for 9M 2025 EBITDA: $193.9 million for Q3 2025$519.8 million for 9M 2025 Returning capital to unitholders: 929,415 common units repurchased in 2025 (through November 12) for $37.7 million$0.05 per unit cash distribution for Q3 2025; $0.20 per unit annualized
Sales and purchases in Q3 – Q4 2025 QTD: $460.4 million acquisition of four 8,850 TEU newbuilding containerships$105.7 million gross sale proceeds from sale of six vessels; average age of 18.6 years One newbuilding MR2 product tanker delivered $3.7 billion contracted revenue as of November 2025 PIRAEUS, Greece, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an international owner and operator of dry cargo and tanker vessels, today reported its financial results for the third quarter and nine month period ended September 30, 2025.

Angeliki Frangou, Chairwoman and Chief Executive Officer of Navios Partners stated, “I am pleased with our results, as we reported for the third quarter and the first nine months of 2025, respectively, EBITDA of $193.9 million and $519.8 million and net income of $56.3 million and $168.0 million. Earnings per common unit were $1.90 for the quarter and $5.62 for the nine-month period.”

Angeliki Frangou continued, “For the past five years, we have been addressing constant change in our operating environment. Yet, we have remained laser focused on our business, modernizing our fleet, to an average age of 9.7 years, increasing our book of contracted revenue to $3.7 billion and decreasing our net LTV to 34.5%. We believe that our diversified platform coupled with a strong risk management culture will continue proving itself in challenging environments.” 

Senior unsecured bonds

In October 2025, Navios Partners successfully placed $300.0 million of senior unsecured bonds in the Nordic bond market. The net proceeds from the bond issue are intended to be used for the repayment of certain outstanding secured debt facilities, thereby unencumbering 41 vessels, and for general corporate purposes. The bonds are due to mature in November 2030 and will pay a fixed coupon of 7.75% per annum, payable semi-annually in arrears. An application is expected to be made for the bonds to be listed on the Oslo Stock Exchange.

Common unit repurchases

As of November 12, 2025, pursuant to its previously announced common unit repurchase program, Navios Partners has repurchased 929,415 common units in 2025 and 1,419,370 common units since the commencement of the program, for aggregate cash consideration of approximately $37.7 million and $62.7 million, respectively. As of November 12, 2025, there were 28,765,018 common units outstanding.

Cash distribution

The Board of Directors of Navios Partners declared a cash distribution for the third quarter of 2025 of $0.05 per unit. The cash distribution was paid on November 14, 2025 to unitholders of record as of November 10, 2025. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable. 

Fleet update Q3 – Q4 2025 QTD

Acquisition of vessels   $460.4 million acquisition of four 8,850 TEU newbuilding methanol-ready and scrubber-fitted containerships In September 2025, Navios Partners agreed to acquire four 8,850 TEU newbuilding methanol-ready and scrubber-fitted containerships, from an unrelated third party, for an aggregate purchase price of $460.4 million. The vessels have been chartered-out for a period of 5.2 years at $44,145 net per day, with charterer’s option for one additional year at $41,579 net per day, and are expected to be delivered into Navios Partners’ fleet during the second half of 2027 and the first quarter of 2028.

Sale of vessels   $105.7 million gross sale proceeds from sale of six vessels with average age of 18.6 years   During the third quarter of 2025, Navios Partners agreed to sell a 2005-built panamax of 75,397 dwt, a 2007-built MR2 product tanker of 50,922 dwt, a 2005-built panamax of 77,075 dwt and a 2010-built VLCC tanker of 296,988 dwt, to unrelated third parties, for an aggregate gross sale price of $83.3 million. The sales were completed in September and October 2025.

In October 2025, Navios Partners agreed to sell a 2005-built panamax of 76,619 dwt and a 2007-built MR2 product tanker of 50,922 dwt, to unrelated third parties, for an aggregate gross sale price of $22.4 million. The sale of the panamax was completed in October 2025 and the sale of the MR2 product tanker is expected to be completed during the fourth quarter of 2025.

One newbuilding vessel delivered In September 2025, Navios Partners took delivery of a 2025-built MR2 product tanker, which has been chartered-out at a rate of $22,669 net per day for a period of five years.

$745 million contracted revenue agreed; $3.7 billion total contracted revenue  Navios Partners has entered into new long-term charters which are expected to generate revenue of $745 million.

Four 8,850 TEU newbuilding containerships have been chartered-out for a period of 5.2 years at $44,145 net per day.Eight containerships have been chartered-out for an average period of 2.8 years at an average rate of $31,999 net per day.Seven tankers have been chartered-out for an average period of 1.9 years at an average rate of $28,829 net per day.Two dry bulk vessels have been chartered-out for a period of 1.1 years at $14,531 net per day. Including the above long-term charters, Navios Partners has $3.7 billion contracted revenue through 2037.

Financing update

In September 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $74.2 million in order to finance part of the acquisition cost of one 7,900 TEU newbuilding containership, currently under construction. As of September 30, 2025 the full amount remained undrawn. The facility matures seven years after the vessel’s delivery date and bears interest at Compounded Secured Overnight Financing Rate (“Compounded SOFR”) plus 150 bps per annum.

In September 2025, Navios Partners entered into sale and leaseback agreements of $89.0 million with an unrelated third party in order to finance part of the acquisition cost of two newbuilding aframax/LR2 tankers, currently under construction. As of September 30, 2025 the full amount remained undrawn. The sale and leaseback agreements mature ten years after each vessel’s delivery date and bear interest at Term Secured Overnight Financing Rate (“Term SOFR”) plus 210 bps per annum.

In September 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $82.9 million in order to refinance the existing indebtedness of two of its vessels. In September 2025, the full amount was drawn. The facility matures seven years after the drawdown date and bears interest at Term SOFR plus 150 bps per annum.

In October 2025, Navios Partners entered into a new credit facility with a commercial bank for a total amount up to $68.0 million (divided into four tranches) to refinance the existing indebtedness of four of its vessels. In October 2025, the amount of $41.0 million in relation to the first two tranches was drawn and the second two tranches remained undrawn. The facility matures five years after each drawdown date and bears interest at Compounded SOFR plus 150 bps per annum.

Operating Highlights

Navios Partners owns and operates a fleet comprised of 65 dry bulk vessels, 51 containerships and 55 tankers, including 17 newbuilding tankers (12 aframax/LR2 and five MR2 product tanker chartered-in vessels under bareboat contracts) and eight newbuilding containerships (four 7,900 TEU containerships and four 8,850 TEU containerships) that are expected to be delivered through the first half of 2028. The fleet excludes one containership and one MR2 product tanker that have been agreed to be sold.

As of November 12, 2025, Navios Partners had entered into short, medium and long-term time charter-out, bareboat-out and freight agreements for its vessels with a remaining average term of 2.1 years. Navios Partners has currently fixed 88.1% and 57.5% of its available days for the fourth quarter of 2025 and for all of 2026, respectively. Navios Partners expects contracted revenue of $294.0 million and $858.1 million for the fourth quarter of 2025 and for all of 2026, respectively. The average expected daily charter-out rate for the fleet is $24,871 and $27,088 for the fourth quarter of 2025 and for all of 2026, respectively. Navios Partners has $3.7 billion contracted revenue through 2037.

EARNINGS HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Partners has compiled condensed consolidated statements of operations for the three and nine month periods ended September 30, 2025 and 2024. The quarterly information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Earnings per Common Unit basic and diluted and Adjusted Net Income are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners’ results calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

 Three Month
Period Ended
 Three Month
Period Ended Nine Month
Period Ended Nine Month
Period Ended September 30,
2025
 September 30,
2024(7) September 30,
2025 September 30,
2024(7)(in $‘000 except per unit data)(unaudited)
 (unaudited) (unaudited) (unaudited)Revenue$346,923  $340,835  $978,593  $1,001,545 Net Income$56,332  $97,755  $168,006  $272,585 Adjusted Net Income$83,702(2) $96,514(3) $195,705(5) $262,211(6)Net cash provided by operating activities$103,077  $142,639  $381,257  $368,554 EBITDA$193,947  $196,621  $519,791  $559,784 Adjusted EBITDA$194,040(1) $195,380(3) $520,213(4) $549,410(6)Earnings per Common Unit basic$1.90  $3.20  $5.62  $8.87 Earnings per Common Unit diluted$1.90  $3.20  $5.62  $8.87 Adjusted Earnings per Common Unit basic$2.83(2) $3.15(3) $6.56(5) $8.53(6)Adjusted Earnings per Common Unit diluted$2.83(2) $3.15(3) $6.56(5) $8.53(6) (1) Adjusted EBITDA for the three month period ended September 30, 2025 has been adjusted to exclude a $0.1 million net loss related to the sale of our vessels.   (2) Adjusted Net Income and Adjusted Earnings per Common Unit basic and diluted for the three month period ended September 30, 2025 have been adjusted to exclude the item referred to in footnote (1) above, as well as a $27.3 million accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels.   (3) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the three month period ended September 30, 2024 have been adjusted to exclude a $1.2 million gain related to the sale of our vessels.   (4) Adjusted EBITDA for the nine month period ended September 30, 2025 has been adjusted to exclude a $0.4 million net loss related to the sale of our vessels.   (5) Adjusted Net Income and Adjusted Earnings per Common Unit basic and diluted for the nine month period ended September 30, 2025 have been adjusted to exclude the item referred to in footnote (4) above, as well as a $27.3 million accelerated amortization of favorable lease terms resulting from the termination of contracts for two vessels.   (6) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Common Unit basic and diluted for the nine month period ended September 30, 2024 have been adjusted to exclude a $10.4 million net gain related to: (a) the gain on the sale of our vessels; and (b) the impairment loss of our vessels.   (7) Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current periods. Navios Partners has changed its classification of “Direct vessel expenses” to reallocate these amounts between “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. Management has assessed the impact of this change as immaterial to the financial statements. For the three month period ended September 30, 2024, this resulted in the reclassification of $2.9 million and $15.2 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. The aggregate amount of $18.1 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the three month period ended September 30, 2024. For the nine month period ended September 30, 2024, this resulted in the reclassification of $9.2 million and $45.4 million of vessel operating expenses and amortization of deferred drydock and special survey costs, respectively, under the captions “Vessel operating expenses (including management fees)” and “Depreciation and amortization” in the condensed consolidated statements of operations. The aggregate amount of $54.6 million was previously presented under the caption “Direct vessel expenses” in the condensed consolidated statements of operations for the nine month period ended September 30, 2024.    Three month periods ended September 30, 2025 and 2024

Time charter and voyage revenues for the three month period ended September 30, 2025 increased by $6.1 million, or 1.8%, to $346.9 million, as compared to $340.8 million for the same period in 2024. The increase in revenue was mainly attributable to the increase in the Time Charter Equivalent (“TCE”) rate. For the three month periods ended September 30, 2025 and 2024, time charter and voyage revenues were positively affected by $6.3 million and $2.4 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate increased by 2.4% to $24,167 per day, as compared to $23,591 per day for the same period in 2024. The available days of the fleet slightly decreased by 0.8% to 13,443 days for the three month period ended September 30, 2025, as compared to 13,552 days for the same period in 2024.

EBITDA of Navios Partners for the three month periods ended September 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by $1.4 million to $194.0 million for the three month period ended September 30, 2025, as compared to $195.4 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $4.5 million decrease in other income, net, mainly due to the decrease in foreign exchange gains; (ii) $3.2 million increase in vessel operating expenses due to a 3.4% increase in the opex days and a 0.1% increase in the opex daily rate to $6,798 also as a result of the change in the composition of our fleet; and (iii) $2.0 million increase in general and administrative expenses in accordance with our administrative services agreement. The above decrease was partially mitigated by a: (i) $6.1 million increase in time charter and voyage revenues; and (ii) $2.2 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from the decreased days of freight voyages in the third quarter of 2025.

Net Income for the three month periods ended September 30, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by $12.8 million to $83.7 million for the three month period ended September 30, 2025, as compared to $96.5 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to : (i) an $8.8 million increase in depreciation and amortization; (ii) a $2.1 million increase in interest expense and finance cost, net; (iii) a $1.4 million decrease in Adjusted EBITDA; (iv) a $0.3 million decrease in amortization of unfavorable lease terms; and (v) a $0.2 million decrease in interest income.

Nine month periods ended September 30, 2025 and 2024

Time charter and voyage revenues for the nine month period ended September 30, 2025 decreased by $22.9 million, or 2.3%, to $978.6 million, as compared to $1,001.5 million for the same period in 2024. The decrease in revenue was mainly attributable to the decrease in the available days of our fleet and the revenue from freight voyages. For the nine month periods ended September 30, 2025 and 2024, time charter and voyage revenues were positively affected by $10.1 million and $4.9 million, respectively, relating to the straight line effect of the charters with de-escalating rates. The TCE rate was marginally lower at $22,825 per day, compared with $22,830 per day in the same period in 2024. The available days of the fleet slightly decreased by 0.7% to 40,287 days for the nine month period ended September 30, 2025, as compared to 40,590 days for the same period in 2024.

EBITDA of Navios Partners for the nine month periods ended September 30, 2025 and 2024 was affected by the item described in the table above. Excluding this item, Adjusted EBITDA decreased by $29.2 million to $520.2 million for the nine month period ended September 30, 2025, as compared to $549.4 million for the same period in 2024. The decrease in Adjusted EBITDA was primarily due to a: (i) $22.9 million decrease in time charter and voyage revenues; (ii) $19.1 million increase in vessel operating expenses due to a 4.6% increase in the opex days and a 2.4% increase in the opex daily rate to $6,961 also as a result of the change in the composition of our fleet; (iii) $6.1 million increase in general and administrative expenses in accordance with our administrative services agreement; and (iv) $4.1 million increase in other expense, net. The above decrease was partially mitigated by a $23.0 million decrease in time charter and voyage expenses, mainly due to the decrease in bunker expenses arising from the decreased days of freight voyages in the nine month period ended September 30, 2025.

Net Income for the nine month periods ended September 30, 2025 and 2024 was affected by the items described in the table above. Excluding these items, Adjusted Net Income decreased by $66.5 million to $195.7 million for the nine month period ended September 30, 2025, as compared to $262.2 million for the same period in 2024. The decrease in Adjusted Net Income was primarily due to a: (i) $29.2 million decrease in Adjusted EBITDA; (ii) $26.2 million increase in depreciation and amortization; (iii) $9.6 million increase in interest expense and finance cost, net; (iv) $0.8 million decrease in amortization of unfavorable lease terms; and (v) $0.7 million decrease in interest income.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three and nine month periods ended September 30, 2025 and 2024.

 Three Month
Period Ended
 Three Month
Period Ended Nine Month
Period Ended
 Nine Month
Period Ended September 30,
2025
 September 30,
2024 September 30,
2025
 September 30,
2024 (unaudited)
 (unaudited) (unaudited)
 (unaudited)Available Days(1) 13,443   13,552   40,287   40,590 Operating Days(2) 13,331   13,371   39,976   40,122 Fleet Utilization(3) 99.2%   98.7%   99.2%   98.8% Opex Days(4) 13,994   13,538   41,283   39,480 TCE rate Combined (per day)(5)$24,167  $23,591  $22,825  $22,830 TCE rate Dry Bulk (per day)(5)$17,976  $18,632  $15,369  $16,920 TCE rate Containerships (per day)(5)$31,832  $30,710  $31,213  $30,275 TCE rate Tankers (per day)(5)$26,238  $25,788  $26,290  $27,241 Opex rate Combined (per day)(6)$6,798  $6,788  $6,961  $6,796 Vessels operating at period end 152   154   152   154  (1) Available days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings or special surveys and ballast days. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues.   (2) Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels were off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.   (3) Fleet utilization is the percentage of time that Navios Partners’ vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels were off-hire for reasons other than scheduled repairs, drydockings or special surveys.   (4) Opex days for the fleet represent total calendar days the vessels were in Navios Partners’ possession for the relevant period after subtracting total calendar days of Navios Partners’ charter-in vessels and bareboat-out vessels.   (5) TCE rate: TCE rate per day is defined as voyage, time charter revenues and charter-out revenues under bareboat contracts (grossed up by the applicable vessel operating expenses for the respective periods) less voyage expenses during a period divided by the number of available days during the period. The TCE rate per day is a customary shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.   (6) Opex rate: Opex rate per day is defined as vessel operating expenses (including management fees) divided by the number of opex days during the period.    Conference Call Details:

Navios Partners' management will host a conference call on Tuesday, November 18, 2025 to discuss the results for the third quarter and nine months ended September 30, 2025.

Call Date/Time: Tuesday, November 18, 2025 at 8:30 am ET
Call Title: Navios Partners Q3 2025 Financial Results Conference Call 
US Dial In: +1.800.267.6316
International Dial In: +1.203.518.9783
Conference ID: NMMQ325

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.753.8831
International Replay Dial In: +1.402.220.0687

Slides and audio webcast:

There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under “Investors”. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on the Navios Partners website at www.navios-mlp.com under the “Investors” section at 8:00 am ET on the day of the call. 

About Navios Maritime Partners L.P.

Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.

Forward-Looking Statements

This press release contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements.

Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists; uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, fluctuation in interest rates and foreign exchange rates, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; the growing expectations from investors, lenders, charterers, and other market participants regarding our sustainability practices, as well as our capacity to implement sustainability initiatives and achieve our objectives and targets; and other factors listed from time to time in Navios Partners’ filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.

Contacts

Navios Maritime Partners L.P.
+1 (212) 906 8645
[email protected] 

Nicolas Bornozis
Capital Link, Inc.
[email protected]

EXHIBIT 1

 NAVIOS MARITIME PARTNERS L.P.
SELECTED BALANCE SHEET DATA
(Expressed in thousands of U.S. Dollars)
         September 30,
2025
(unaudited)
 December 31,
2024
(unaudited)
ASSETS        Cash and cash equivalents, including restricted cash and time deposits over three months(1) $381,568  $312,078 Other current assets  94,757   130,913 Total current assets  476,325   442,991 Vessels, net  4,528,679   4,241,292 Other non-current assets  918,207   988,957 Total non-current assets  5,446,886   5,230,249 Total assets $5,923,211  $5,673,240          LIABILITIES AND PARTNERS’ CAPITAL        Other current liabilities $200,080  $143,444 Current portion of borrowings, net  262,937   266,222 Total current liabilities  463,017   409,666 Non-current portion of borrowings, net  1,963,692   1,862,715 Other non-current liabilities  261,775   294,231 Total non-current liabilities  2,225,467   2,156,946 Total liabilities $2,688,484  $2,566,612 Total partners’ capital  3,234,727   3,106,628 Total liabilities and partners’ capital $5,923,211  $5,673,240           (1)   Includes time deposits with duration over three months of $20.5 million and $12.3 million as of September 30, 2025 and December 31, 2024, respectively.

 NAVIOS MARITIME PARTNERS L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars except per unit data)           Three Month
Period Ended Three Month
Period Ended Nine Month
Period Ended Nine Month
Period Ended  September 30,
2025 September 30,
2024(1) September 30,
2025 September 30,
2024(1)  (unaudited) (unaudited) (unaudited) (unaudited)Time charter and voyage revenues $346,923  $340,835  $978,593  $1,001,545 Time charter and voyage expenses  (32,652)  (34,941)  (93,884)  (116,896)Vessel operating expenses (including management fees)  (95,135)  (91,894)  (287,381)  (268,304)General and administrative expenses  (23,059)  (21,102)  (68,453)  (62,430)Depreciation and amortization  (109,041)  (72,858)  (268,471)  (214,994)Amortization of unfavorable lease terms  2,944   3,206   8,736   9,513 (Loss)/ gain on sale of vessels, net  (93)  1,241   (422)  10,374 Interest expense and finance cost, net  (34,732)  (32,608)  (101,727)  (92,104)Interest income  3,214   3,394   9,677   10,386 Other (expense)/ income, net  (2,037)  2,482   (8,662)  (4,505)Net income $56,332  $97,755  $168,006  $272,585                   (1)   See footnote 7 under “Earnings Highlights”.

 Earnings per unit:
            Three Month
Period Ended
 Three Month
Period Ended
 Nine Month
Period Ended
 Nine Month
Period Ended
 September 30,
2025
 September 30,
2024
 September 30,
2025
 September 30,
2024
  (unaudited)
 (unaudited)
 (unaudited)
 (unaudited)
Earnings per unit:                Earnings per common unit, basic $1.90  $3.20  $5.62  $8.87 Earnings per common unit, diluted $1.90  $3.20  $5.62  $8.87                    NAVIOS MARITIME PARTNERS L.P.
Other Financial Information
(Expressed in thousands of U.S. Dollars)       Nine Month
Period Ended Nine Month
Period Ended  September 30,
2025 September 30,
2024  (unaudited) (unaudited)Net cash provided by operating activities $381,257  $368,554 Net cash used in investing activities $(338,660) $(613,964)Net cash provided by financing activities $18,699  $290,193 Increase in cash, cash equivalents and restricted cash $61,296   $44,783           EXHIBIT 2

Owned Dry Bulk Vessels Type Built Capacity
(DWT)Navios Christine B Ultra-Handymax 2009 58,058Navios Celestial Ultra-Handymax 2009 58,063Navios Venus Ultra-Handymax 2015 61,339Navios La Paix Ultra-Handymax 2014 61,485N Amalthia Panamax 2006 75,356Navios Victory Panamax 2014 77,095Rainbow N Panamax 2011 79,602Unity N Panamax 2011 79,642Odysseus N Panamax 2011 79,642Navios Amber Kamsarmax 2015 80,909Navios Avior Kamsarmax 2012 81,355Navios Centaurus Kamsarmax 2012 81,472Navios Citrine Kamsarmax 2017 81,626Navios Dolphin Kamsarmax 2017 81,630Navios Horizon I Kamsarmax 2019 81,692Navios Galaxy II Kamsarmax 2020 81,789Navios Uranus Kamsarmax 2019 81,821Navios Felicity I Kamsarmax 2020 81,962Navios Primavera Kamsarmax 2022 82,003Navios Meridian Kamsarmax 2023 82,010Navios Herakles I Kamsarmax 2019 82,036Navios Magellan II Kamsarmax 2020 82,037Navios Sky Kamsarmax 2015 82,056Navios Alegria Kamsarmax 2016 84,852Navios Sphera Kamsarmax 2016 84,872Navios Coral Kamsarmax 2016 84,904Copernicus N Post-Panamax 2010 93,062Navios Stellar Capesize 2009 168,818Navios Aurora II Capesize 2009 169,031Navios Antares Capesize 2010 169,059Navios Symphony Capesize 2010 177,960Navios Ace Capesize 2011 178,929Navios Aster Capesize 2010 178,978Navios Melodia Capesize 2010 178,982Navios Buena Ventura Capesize 2010 179,109Navios Luz Capesize 2010 179,144Navios Altamira Capesize 2011 179,165Navios Azimuth Capesize 2011 179,169Navios Bonheur Capesize 2010 179,204Navios Etoile Capesize 2010 179,234Navios Fulvia Capesize 2010 179,263Navios Ray Capesize 2012 179,515Navios Happiness Capesize 2009 180,022Navios Bonavis Capesize 2009 180,022Navios Fantastiks Capesize 2005 180,055Navios Phoenix Capesize 2009 180,060Navios Sol Capesize 2009 180,274Navios Lumen Capesize 2009 180,493Navios Canary Capesize 2015 180,528Navios Pollux Capesize 2009 180,727Navios Gem Capesize 2014 181,206Navios Joy Capesize 2013 181,215Navios Felix Capesize 2016 181,221Navios Corali Capesize 2015 181,249Navios Mars Capesize 2016 181,259Navios Koyo Capesize 2011 181,415Navios Azalea Capesize 2022 182,064Navios Armonia Capesize 2022 182,079Navios Altair Capesize 2023 182,115Navios Sakura Capesize 2023 182,169Navios Amethyst Capesize 2023 182,212Navios Astra Capesize 2022 182,393 Owned Containerships Type Built Capacity
(TEU)Spectrum N Containership 2009 2,546Fleur N Containership 2012 2,782Ete N Containership 2012 2,782Navios Summer Containership 2006 3,450Navios Verano Containership 2006 3,450Matson Lanai Containership 2007 4,250Navios Verde Containership 2007 4,250Navios Amarillo Containership 2007 4,250Navios Vermilion Containership 2007 4,250Navios Azure Containership 2007 4,250Navios Indigo Containership 2007 4,250Navios Domino Containership 2008 4,250Matson Oahu Containership 2008 4,250Navios Destiny Containership 2009 4,250Navios Devotion Containership 2009 4,250Navios Lapis Containership 2009 4,250Navios Dorado Containership 2010 4,250Carmel I Containership 2010 4,360Zim Baltimore Containership 2010 4,360Navios Bahamas Containership 2010 4,360Navios Miami Containership 2009 4,563Navios Magnolia(1) Containership 2008 4,730Navios Jasmine Containership 2008 4,730Navios Chrysalis Containership 2008 4,730Navios Nerine Containership 2008 4,730Sparrow Containership 2023 5,300Zim Eagle Containership 2024 5,300Zim Condor Containership 2024 5,300Hawk Ι Containership 2024 5,300Zim Falcon Containership 2024 5,300Pelican I Containership 2024 5,300Seagull Containership 2024 5,300Zim Albatross Containership 2024 5,300DP World Jeddah Containership 2024 5,300DP World Jebel Ali Containership 2024 5,300Hyundai Shanghai Containership 2006 6,800Hyundai Tokyo Containership 2006 6,800Hyundai Hongkong Containership 2006 6,800Hyundai Singapore Containership 2006 6,800Hyundai Busan Containership 2006 6,800HMM Ocean Containership 2025 7,700HMM Sky Containership 2025 7,700Navios Unison Containership 2010 10,000Navios Constellation Containership 2011 10,000 Owned Tanker Vessels Type Built Capacity
(DWT)Hector N MR1 Product Tanker 2008 38,402Nave Aquila MR2 Product Tanker 2012 49,991Nave Atria MR2 Product Tanker 2012 49,992Nave Ohana MR2 Product Tanker 2025 49,994Nave Capella MR2 Product Tanker 2013 49,995Nave Alderamin MR2 Product Tanker 2013 49,998Nave Pyxis MR2 Product Tanker 2014 49,998Nave Bellatrix MR2 Product Tanker 2013 49,999Nave Orion MR2 Product Tanker 2013 49,999Nave Titan MR2 Product Tanker 2013 49,999Nave Jupiter MR2 Product Tanker 2014 49,999Nave Velocity MR2 Product Tanker 2015 49,999Nave Sextans MR2 Product Tanker 2015 49,999Nave Luminosity MR2 Product Tanker 2014 50,240Bougainville MR2 Product Tanker 2013 50,626Nave Equinox(1) MR2 Product Tanker 2007 50,922Nave Cetus LR1 Product Tanker 2012 74,581Nave Ariadne LR1 Product Tanker 2007 74,671Nave Rigel LR1 Product Tanker 2013 74,673Nave Atropos LR1 Product Tanker 2013 74,695Nave Cassiopeia LR1 Product Tanker 2012 74,711Nave Cielo LR1 Product Tanker 2007 74,896Nave Andromeda LR1 Product Tanker 2011 75,000Nave Estella LR1 Product Tanker 2012 75,000Nave Cosmos Aframax/LR2 2024 115,651Nave Polaris Aframax/LR2 2024 115,699Nave Photon Aframax/LR2 2024 115,752Nave Dorado Aframax/LR2 2025 115,762Nave Neutrino Aframax/LR2 2025 115,807Nave Perseus Aframax/LR2 2025 115,812Nave Galactic VLCC 2009 296,945Nave Universe VLCC 2011 297,066Nave Quasar VLCC 2010 297,376Nave Buena Suerte VLCC 2011 297,491Nave Synergy VLCC 2010 309,483 Bareboat-in vessels Type Built Capacity
(DWT) Purchase OptionNavios Star Kamsarmax 2021 81,994 YesNavios Amitie Kamsarmax 2021 82,002 YesNavios Libra Kamsarmax 2019 82,011 YesNave Electron VLCC 2021 313,239 YesNave Celeste VLCC 2022 313,418 YesNave Allegro VLCC 2020 313,433 YesNave Tempo VLCC 2021 313,486 Yes Newbuildings to be delivered Type Expected
Delivery Date Capacity
(TEU / DWT)TBN XVI Containership H1 2026 7,900TBN XVII Containership H2 2026 7,900TBN XVIII Containership H2 2026 7,900TBN XIX Containership H1 2027 7,900TBN XXII Containership H2 2027 8,850TBN XXIII Containership H2 2027 8,850TBN XXIV Containership H2 2027 8,850TBN XXV Containership H1 2028 8,850TBN I MR2 Product Tanker H1 2026 52,000TBN II MR2 Product Tanker H2 2026 52,000TBN III MR2 Product Tanker H2 2026 52,000TBN IV MR2 Product Tanker H1 2027 52,000TBN V MR2 Product Tanker H1 2027 52,000TBN VI Aframax/LR2 H1 2026 115,000TBN VII Aframax/LR2 H1 2026 115,000TBN VIII Aframax/LR2 H1 2026 115,000TBN IX Aframax/LR2 H2 2026 115,000TBN X Aframax/LR2 H1 2027 115,000TBN XI Aframax/LR2 H1 2027 115,000TBN XII Aframax/LR2 H1 2027 115,000TBN XX Aframax/LR2 H1 2027 115,000TBN XXI Aframax/LR2 H1 2027 115,000TBN XIII Aframax/LR2 H2 2027 115,000TBN XIV Aframax/LR2 H2 2027 115,000TBN XV Aframax/LR2 H1 2028 115,000        (1)   Vessel agreed to be sold.

EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Common Unit, basic and diluted are “non-U.S. GAAP financial measures” and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.

EBITDA represents net income before interest and finance costs, depreciation and amortization and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described under “Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a liquidity measure and reconciles EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA in this document is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase in operating assets; (ii) net (increase)/ decrease in operating liabilities; (iii) net interest cost; (iv) amortization and write-off of deferred finance costs; (v) amortization of operating lease assets/ liabilities; (vi) other non-cash adjustments; and (vii)  (loss)/ gain on sale of vessels, net. Navios Partners believes that EBITDA and Adjusted EBITDA are each the basis upon which liquidity can be assessed and present useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and make cash distributions. Navios Partners also believes that EBITDA and Adjusted EBITDA are used: (i) by potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

Each of EBITDA and Adjusted EBITDA have limitations as an analytical tool, and should not be considered in isolation or as a substitute for the analysis of Navios Partners’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Partners’ performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

We present Adjusted Net Income by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income adjusts net income for the items described above under “Earnings Highlights”. The definition of Adjusted Net Income used here may not be comparable to that used by other companies due to differences in methods of calculation. Adjusted Earnings per Common Unit is defined as Adjusted Net Income divided by the weighted average number of common units outstanding for each of the periods presented, basic and diluted.

EXHIBIT 4

Navios Maritime Partners L.P. Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations

  Three Month
Period Ended Three Month
Period Ended Nine Month
Period Ended Nine Month
Period Ended  September 30,
2025 September 30,
2024 September 30,
2025 September 30,
2024  ($ ‘000) ($ ‘000) ($ ‘000) ($ ‘000)  (unaudited) (unaudited) (unaudited) (unaudited)Net cash provided by operating activities $103,077  $142,639  $381,257  $368,554 Net increase in operating assets  71,558   30,449   99,533   56,013 Net (increase)/ decrease in operating liabilities  (14,897)  (8,581)  (56,649)  37,524 Net interest cost  31,518   29,214   92,050   81,718 Amortization and write-off of deferred finance costs  (2,405)  (2,191)  (6,304)  (5,900)Amortization of operating lease assets/ liabilities  189   190   562   2,784 Other non-cash adjustments  5,000   3,660   9,764   8,717 (Loss)/ gain on sale of vessels, net  (93)  1,241   (422)  10,374 EBITDA $193,947  $196,621  $519,791  $559,784 Loss/ (gain) on sale of vessels, net  93   (1,241)  422   (10,374)Adjusted EBITDA $194,040  $195,380  $520,213  $549,410    Three Month
Period Ended Three Month
Period Ended Nine Month
Period Ended Nine Month
Period Ended September 30,
2025
($ ‘000)September 30,
2024
($ ‘000)September 30,
2025
($ ‘000)September 30,
2024
($ ‘000)  (unaudited) (unaudited) (unaudited) (unaudited)Net cash provided by operating activities $103,077  $142,639  $381,257  $368,554 Net cash used in investing activities $(70,010) $(320,007) $(338,660) $(613,964)Net cash (used in)/ provided by financing activities $(49,605) $191,482  $18,699  $290,193                  

LOS ANGELES, Nov. 18, 2025 (GLOBE NEWSWIRE) -- The DJS Law Group reminds investors of a class action lawsuit against Jasper Therapeutics, Inc. (“Jasper” or “the Company”) (NASDAQ: JSPR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of JSPR during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: November 30, 2023 to July 3, 2025

DEADLINE: November 18, 2025

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Jasper’s controls over third-party manufacturing was insufficient to ensure its vendors followed all applicable rules and regulations. The Company’s clinical trials were placed at risk due to problems with its manufacturing partners. Based on these facts, Jasper’s public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate.

NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. There is no cost or obligation to you to participate in this case.

WHY DJS LAW GROUP? DJS Law Group’s primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

David J. Schwartz

DJS Law Group

274 White Plains Road, Suite 1

Eastchester, NY 10709

Phone: 914-206-9742

Email: [email protected]

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NEW YORK, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:

Repare Therapeutics Inc. (NASDAQ: RPTX)’s sale to XenoTherapeutics, Inc. Upon closing of the proposed transaction, it is estimated that each Repare shareholder will receive a cash payment of $1.82 per share, plus one non-transferable contingent value right entitling the holder to receive certain cash payments under certain conditions. If you are a Repare shareholder, click here to learn more about your rights and options.

Sealed Air Corporation (NYSE: SEE)’s sale to funds affiliated with CD&R for $42.15 in cash per share. If you are a Sealed Air shareholder, click here to learn more about your rights and options.

Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email [email protected] or [email protected].

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

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

Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
[email protected]
[email protected] 
https://www.halpersadeh.com

Analyst’s Disclosure:I/we have a beneficial long position in the shares of TOST either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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Kikoff's One Million-Plus Members will be Equipped to Achieve their
Personalized Credit Score Goals and Advance their Financial Health

, /PRNewswire/ -- Equifax® (NYSE: EFX) and Kikoff, a personal finance platform that expands access to credit and financial services, today announced that Optimal Path™, the interactive score planner introduced by Equifax earlier this year, will be integrated into the Kikoff platform and rolled out to Kikoff's community of over one million customers.

Leveraging the power of The Equifax Cloud™ and patented EFX.AI capabilities, Optimal Path will integrate with each Kikoff member's current Equifax credit profile, to deliver personalized, actionable credit score plans that include specific tasks members can execute over time to help reach their target VantageScore® 3.0 score.

"Equifax understands that every consumer's financial situation is unique, and Optimal Path was created in direct response to that," said Felipe Castillo, Chief Product Officer for U.S. Information Solutions at Equifax. "Our Purpose is to help people live their financial best, and we are always striving to create solutions that ultimately empower consumer financial well-being. Kikoff saw the value that Optimal Path could bring to its members, turning individual credit data into clear, actionable guidance, no matter where they are on their financial journey."

Kikoff is an AI-powered personal finance platform on a mission to make financial security possible for everyone, no matter where they're starting from. Through its suite of radically affordable and effective tools, Kikoff helps millions of members build credit, reduce costs, and take meaningful control of their financial futures.

Optimal Path will enable Kikoff members with the ability to set their credit score goal and identify specific action steps necessary to meet that goal. Recommendations evolve as consumers take action, and members can visualize how the steps they've taken have helped them get closer to their goal. Recommendations are informed not just by the current credit file, but by EFX.AI-driven insights from similar consumers who achieved comparable score objectives.

"Kikoff and Equifax both strive to empower individuals along their financial journey and the integration of Optimal Path into our platform is a testament to that," said Cynthia Chen, Founder and CEO of Kikoff. "Optimal Path offers deeply personalized plans that encourage more engagement and financial improvement vs. generic credit-building tools. No matter what a member's current financial situation is, Optimal Path is a true differentiator that can help our members make smarter financial decisions that will enable them to progress faster, advancing their overall financial health."

Optimal Path will be rolled out in phases to Kikoff members of all tiers, delivering:

Personalized Goal Setting: Kikoff members can set their desired credit score goal as well as a timeframe of three months to one year to reach that goal. Understanding that plans change, goals and timeframes can be easily adjusted by the user.
AI-Powered, Specific Recommendations: Advanced AI analytics are used to analyze each user's credit profile and recommend specific tasks – such as reducing past due amounts or lowering credit utilization – the person can perform each month to help achieve personal goals.
Estimated Score Impact: Each task presented shows the potential positive impact on the user's VantageScore 3.0 credit score. The potential positive impact is estimated based on the user completing all tasks relating to the same credit factor.
Weekly Updates: Optimal Path provides weekly progress updates on the user's current VantageScore 3.0 credit score and performance metrics. New tasks are generated monthly, ensuring the plan stays aligned with the user's goals. Updates continue until the plan reaches the end date set by the consumer.
Kikoff has been an Equifax customer since 2019, presenting weekly Equifax credit reports, which includes each individual's VantageScore 3.0 credit score, to their members. The integration of Optimal Path from Equifax into the Kikoff platform represents an expansion of the relationship between the organizations. This integration is part of Kikoff's broader mission to empower financial security through radically affordable, effective solutions.

Learn more about how Optimal Path helps consumers meet their credit score goals.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

ABOUT KIKOFF
Kikoff is a personal finance platform on a mission to make financial security accessible to everyone. Through simple, radically affordable products powered by technology and AI, Kikoff helps people build credit, lower debt, and move toward lasting financial stability. To date, more than one million people have increased their credit scores by over 80 million points. Kikoff's growing suite of products also helps users reduce debt, save money, access liquidity, and unlock greater financial opportunity. Learn more at Kikoff.com or by downloading the Kikoff app.

FOR MORE INFORMATION: 
Alexandra Packey for Equifax
[email protected]

Kikoff
[email protected]

SOURCE Equifax Inc.

Cleveland Hopkins International Airport upgrades to improve critical infrastructure  

, /PRNewswire/ -- Jacobs (NYSE: J) has been selected to lead program and construction management services for phase one of a $1.6 billion modernization of Cleveland Hopkins International Airport (CLE).

The transformative program, CLEvolution, is designed to reimagine the airport experience for millions of travelers by modernizing aging infrastructure enhancing accessibility and passenger flow at Ohio's most traveled airport.

Jacobs Executive Vice President Katus Watson said: "CLEvolution is a powerful statement of Cleveland's ambition to transform and revolutionize the travel experience for residents and visitors. As Engineering News-Record's top-ranked aviation firm, Jacobs brings deep experience to 25 of the busiest U.S. airports. With smarter design, expanded amenities and a seamless flow, we're helping deliver an airport experience that matches the pride and hospitality of the city itself and transforms the passenger journey from curb to gate."

The program's first phase will deliver:

A redesigned terminal entrance inspired by Lake Erie's waves, expanded curbside drop-off and a spacious check-in lobby
A consolidated TSA checkpoint and new international arrivals area
A new ground transportation center and upgraded train station
Expanded parking with a 6,000-space multi-level garage

These improvements will support CLE's continued growth, which surpassed 10 million passengers in 2024, and position the airport as a world-class gateway to the region.

City of Cleveland Director of Port Control Bryant L. Francis said: "We're proving our commitment to moving this work forward by aligning with the right partners to bring our vision to life. With the continued support of our airline partners and our shared focus on the future, we're laying the foundation for a more modern, efficient, and passenger-focused Cleveland Hopkins International Airport."

Ranked as No. 1 in Aviation by Engineering News-Record, Jacobs is shaping the future of aviation infrastructure around the world on projects such as work across Denver International Airport since its inception; the world's largest Consolidated Rent-A-Car facility at Los Angeles International Airport; and the 10-year Manchester Airport Transformation Program in the U.K.  

At Jacobs, we're challenging today to reinvent tomorrow – delivering outcomes and solutions for the world's most complex challenges. With approximately $12 billion in annual revenue and a team of almost 45,000, we provide end-to-end services in advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. From advisory and consulting, feasibility, planning, design, program and lifecycle management, we're creating a more connected and sustainable world. See how at jacobs.com and connect with us on LinkedIn, Instagram, X and Facebook. 

Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends," "future," "will," "would," "could," "can," "may," and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management's current estimates and expectations, as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements including, but not limited to, uncertainties as to, the timing of the award of projects and funding and potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act and other legislation and executive orders related to governmental spending, including any directive to federal agencies to reduce federal spending or the size of the federal workforce, and changes in U.S. or foreign tax laws, including the new tax legislation enacted in the U.S. in July 2025, statutes, rules, regulations or ordinances, including the impact of, and changes to tariffs and retaliatory tariffs or trade policies, that may adversely impact our future financial positions or results of operations, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets, the possibility of a recession or economic downturn, and increased uncertainty and risks, including policy risks and potential civil unrest, relating to the outcome of elections across our key markets and elevated geopolitical tension and conflicts, among others. For a description of these and additional factors that may occur that could cause actual results to differ from our forward-looking statements, see our filings with the U.S. Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

For press/media inquiries:
[email protected]  

SOURCE Jacobs

Vistagen Therapeutics' intranasal pherine drugs target nose-to-brain circuits. This taps into neuropsychiatric, women's health, and oncology indications. Their lead asset is Fasedienol, which is in Phase 3 for SAD. Its PALISADE-3 data may enable a possible NDA submission during 2026. The rest of VTGN's pipeline includes Itruvone, PH80, and PH284. However, I believe VTGN's tight runway will force them to prioritize Fasedienol's R&D.