Market Signal Briefing

KeyCorp (KEY - Free Report) reported $2 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 13.3%. EPS of $0.41 for the same period compares to $0.38 a year ago.

The reported revenue represents a surprise of +3.16% over the Zacks Consensus Estimate of $1.94 billion. With the consensus EPS estimate being $0.39, the company has not delivered EPS surprise.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how KeyCorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net interest margin (TE) from continuing operations: 2.8% compared to the 2.8% average estimate based on six analysts.Net loan charge-offs to average loans: 0.4% versus the six-analyst average estimate of 0.4%.Cash efficiency ratio (non-GAAP): 61.6% compared to the 63.7% average estimate based on five analysts.Average Balance - Total earning assets: $170.89 billion compared to the $171.65 billion average estimate based on five analysts.Book value at period end: $16.27 compared to the $16.09 average estimate based on four analysts.Capital Ratios - Leverage: 10.5% versus 10.3% estimated by four analysts on average.Capital Ratios - Tier 1 risk-based capital: 13.4% versus 13.5% estimated by three analysts on average.Total nonperforming assets: $627 million compared to the $689.42 million average estimate based on two analysts.Capital Ratios - Total risk-based capital: 15.6% compared to the 15.7% average estimate based on two analysts.Total nonperforming loans: $615 million versus $690.75 million estimated by two analysts on average.Total Noninterest Income: $782 million versus the six-analyst average estimate of $748.26 million.Corporate services income: $81 million versus $67.45 million estimated by five analysts on average.View all Key Company Metrics for KeyCorp here>>>

Shares of KeyCorp have returned -0.2% over the past month versus the Zacks S&P 500 composite's +1.6% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

3M (MMM - Free Report) reported $6.02 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 3.7%. EPS of $1.83 for the same period compares to $1.68 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $6.06 billion, representing a surprise of -0.54%. The company has not delivered EPS surprise, with the consensus EPS estimate being $1.82.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how 3M performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales- Total Safety and Industrial business segment: $2.87 billion versus $2.84 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +6% change.Net Sales- Transportation and Electronics (non-GAAP measures): $1.85 billion compared to the $1.86 billion average estimate based on two analysts.Net Sales- Total Consumer business segment: $1.21 billion compared to the $1.24 billion average estimate based on two analysts. The reported number represents a change of -1.2% year over year.Operating Income (non-GAAP measures)- Consumer: $218 million versus the two-analyst average estimate of $241.58 million.Operating Income (non-GAAP measures)- Transportation and Electronics: $375 million compared to the $390.22 million average estimate based on two analysts.Operating Income (non-GAAP measures)- Safety and Industrial: $690 million compared to the $659.2 million average estimate based on two analysts.View all Key Company Metrics for 3M here>>>

Shares of 3M have returned +4.9% over the past month versus the Zacks S&P 500 composite's +1.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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BOSTON--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today the 2025 tax treatment of distributions on shares of its common stock, as described below. Shareholders are encouraged to consult with their personal tax advisors as to the specific tax treatment to them of these distributions.

Common Shares (CUSIP #101121101)

Record
Date

Payment Date

Total Distribution per Share

Total Distribution Allocable to 2025

2025 Taxable Ordinary Dividends

2025 Qualified Dividends (1)

2025 Short-term Capital Gain (1)

2025 Total Capital Gain Distribution (2)

2025 Unrecaptured Section 1250 Gain (3)

2025 Section 199A Dividends (1)

12/31/2024

1/30/2025

$0.980000

$0.980000

$0.632289

$0.006089

$0.001784

$0.347711

$0.195532

$0.624416

3/31/2025

4/30/2025

$0.980000

$0.980000

$0.632289

$0.006089

$0.001784

$0.347711

$0.195532

$0.624416

6/30/2025

7/31/2025

$0.980000

$0.980000

$0.632289

$0.006089

$0.001784

$0.347711

$0.195532

$0.624416

9/30/2025

10/31/2025

$0.700000

$0.700000

$0.451635

$0.004349

$0.001274

$0.248365

$0.139666

$0.446012

12/31/2025

1/29/2026

$0.700000

$0.000871

$0.000562

$0.000005

$0.000001

$0.000309

$0.000174

$0.000556

  $4.340000

$3.640871

$2.349064

$0.022621

$0.006627

$1.291807

$0.726436

$2.319816

100%

64.5193%

35.4807%

  (1) These amounts are a subset of, and included in, the 2025 Taxable Ordinary Dividend amounts.

(2) These amounts are also reported as Section 897 gains attributable to dispositions of USRPIs. In addition, for purposes of Section 1061 of the Internal Revenue Code, 100% of the distributions reported as 2025 Total Capital Gain Distributions are from sales of assets that either generated Section 1231 gains or were held for more than 3 years. Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interest.”

(3) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2025 Total Capital Gain Distribution amount.

The entire common stock distribution with a record date of December 31, 2024, is allocable to 2025 for federal income tax purposes. The common stock distribution with a record date of December 31, 2025, will be a split-year distribution with $0.000871 allocable to 2025 for federal income tax purposes and $0.699129 allocable to 2026 for federal income tax purposes.

ABOUT BXP
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets -Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2025, BXP’s portfolio, including properties owned by unconsolidated joint ventures, totaled 52.9 million square feet and 180 properties, including seven properties under construction or redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.

More News From BXP

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, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as the "Company," "we," "us," and "our") announced today that the Company's fourth quarter 2025 earnings will be released on Wednesday, January 28, 2026 after market close. The Company's executive management team will host a conference call and audio webcast on Thursday, January 29, 2026 at 11:00 a.m. Eastern Time to discuss the Company's operating and financial results.

The live audio webcast and replay of the conference call will be available on our website at www.equitylifestyleproperties.com in the Investor Relations section under Events.

Research analysts and other interested parties who wish to participate in the conference call must register through this link at least fifteen minutes prior to the scheduled start of the call to receive the dial-in details.

This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting.

For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.

These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 455 properties located predominantly in the United States consisting of 173,341 sites as of September 30, 2025. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.

SOURCE Equity Lifestyle Properties, Inc.

Most penny stocks aren't worth investing in. Companies whose shares are trading for less than $5 apiece are usually that cheap for a good reason, and the reason is usually that they're terrible businesses. However, some penny stocks are attractive. One that I think is worth a closer look is FuboTV (FUBO +0.00%), whose shares are currently trading for just under $3 each. Let's consider why FuboTV might be one of the best penny stocks to buy and hold for five years.

Image source: Getty Images.

What does FuboTV do? It might be helpful to think of FuboTV, a streaming platform that focuses primarily on sports, as the Netflix of sports. However, that comparison has severe limitations. Whereas Netflix dominates streaming, FuboTV is not the biggest player in the sports niche -- several media giants have platforms in that department that are arguably performing just as well, if not better. FuboTV's prospects changed radically last year when it merged with Hulu+ Live TV, a popular streaming platform owned by Disney; the merger closed in October.

The two platforms, Hulu+ and FuboTV, will operate independently, but they are now parts of the same company -- and that's the company investors would be putting their hard-earned cash into. Why was this move important? Let's go through at least three reasons. First, it helps FuboTV diversify its offering. Sports-related streaming subscriptions can be seasonal, as many hardcore fans subscribe only for half of the year (or so), enough to watch their favorite teams play. However, Hulu+ Live TV has a much larger and varied content library.

Second, FuboTV now has far more subscribers than it did before. The company now has almost 6 million subscribers in North America alone. That's more than its total subscribers -- in North America and elsewhere -- before the transaction closed. Third, following this transaction, Disney now has a significant 70% stake in the new FuboTV.

Having the backing of a media giant is a massive advantage. Besides capital, Disney has expertise that could help FuboTV better navigate the competitive media and streaming landscape, carve out a larger niche, and become more successful than before.

Today's Change

(

0.00

%) $

0.00

Current Price

$

0.00

Beware of the risks FuboTV is in a stronger position than it was before its merger with Hulu+ Live TV. However, there are several things to keep in mind. The original FuboTV isn't growing paid members at a good clip. As of the end of the third quarter (before the transaction closed), FuboTV had 1.6 million subscribers, up just 1.1% from the year-ago period. And in its rest-of-world category, FuboTV members declined 9.5% year over year to 342,000.

Also, as already mentioned, other companies dominate the sports streaming niche, and competition will likely intensify over the medium term. Netflix has been slowly making a push into live sports. The company's brand name alone could attract a significant audience. Of course, the new FuboTV is more diversified, but sports will remain a key part of its strategy. If it loses out there, its financial results and stock price will suffer.

There is plenty of competition outside of the sports niche, too, which is one reason Hulu+ Live TV also lost 100,000 subscribers in the third quarter. Can the new FuboTV perform well through 2031, given that its two streaming platforms are struggling to gain new users? My view is that the stock is risky, but given the brand names involved -- FuboTV has made a bit of a name for itself in its corner of the market -- a better strategy might help it turn things around.

For instance, FuboTV could offer bundles of its two streaming services at attractive prices to entice new customers. And with Disney's backing, the company could also aggressively expand into new territories. With the right execution, FuboTV could perform well as the streaming market continues to expand and take market share away from cable. Interested investors with the right risk tolerance should remember that there is a reason FuboTV is a penny stock, and it's probably best to start with a small position until FuboTV is on a stronger footing.

Item 1 of 2 Mitsubishi UFJ Trust and Banking Corporation Executive Officer Satoshi Someya poses in front of the company's logo at its Tokyo office, Japan, January 16, 2026. REUTERS/Miho Uranaka

[1/2]Mitsubishi UFJ Trust and Banking Corporation Executive Officer Satoshi Someya poses in front of the company's logo at its Tokyo office, Japan, January 16, 2026. REUTERS/Miho Uranaka Purchase Licensing Rights, opens new tab

TOKYO, Jan 21 (Reuters) - Mitsubishi UFJ Financial Group's (MUFG) (8306.T), opens new tab trust banking arm aims to double alternative assets under management in its own funds to around 1.6 trillion yen ($10 billion) over four years, an executive said, as interest rates rise in Japan.

"In the next medium-term plan we want to at least double" alternative assets, Satoshi Someya, managing executive officer at Mitsubishi UFJ Trust and Banking Corp, told Reuters. The plan will run until the fiscal year ending in March 2030.

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"Personally, I think we might be able to go even further," he said. Alternative assets include private credit, infrastructure and real estate, and Someya said the company hoped to reach about 1 trillion yen in each asset class.

Reuters is reporting the company's expansion target for the first time.

In the short term, private credit has the highest growth potential, Someya said, with its funds including loans related to corporate financing and project finance.

Rising interest rates in Japan are increasing the appeal of yen-denominated income products.

Someya said the company aims to secure funding from domestic institutional investors such as life insurers, regional banks and pension funds but will also consider expansion to overseas institutional investors and wealthy individuals.

Through subsidiary First Sentier Investors in Australia, the group acquired London-based AlbaCore Capital, which has strengths in alternative assets.

There is scope to expand the product lineup, and the trust banking arm will consider M&A to gain expertise in areas such as overseas real estate and domestic infrastructure, Someya said.

($1 = 158.1100 yen)

Reporting by Miho Uranaka and Sam Nussey; Editing by Jamie Freed

Our Standards: The Thomson Reuters Trust Principles., opens new tab

United CEO Scott Kirby joins 'Fast Money' to talk quarterly results, travel demand, the impact of tariffs, and more.

Netflix's senior management team continued to campaign Tuesday for their pending $82.7 billion acquisition of Warner Bros., billing it as a “tremendous opportunity.

Heinz ketchup for sale at a supermarket in Queens, New York City, U.S., September 3, 2025. REUTERS/Kylie Cooper/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesKraft Heinz files prospectus for potential Berkshire saleBerkshire wrote down Kraft Heinz stake twiceKraft Heinz shares fall 4.9% in after-hours tradingBerkshire not available for commentJan 20 (Reuters) - Berkshire Hathaway (BRKa.N), opens new tab may shed its 27.5% stake in Kraft Heinz (KHC.O), opens new tab, ‌according to a regulatory filing, and exit a more than decade-old investment that did not work out for the conglomerate's Chairman Warren Buffett.

Kraft Heinz, whose products include Heinz ketchup and Oscar Mayer meats, on Tuesday filed a prospectus supplement with the U.S. Securities and Exchange Commission "to register ‌the potential resale" by Berkshire of its 325.4 million share stake.

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Berkshire is ​by far the largest shareholder of Kraft Heinz, whose merger it helped engineer in 2015 with Brazilian private equity firm 3G Capital. That firm divested its Kraft Heinz stake ‍in 2023.

The combination of the former Kraft Foods and H.J. Heinz proved disappointing, and the combined company said in September it would split in two later this year.

Buffett told CNBC at the time that he ⁠and Greg Abel, then a Berkshire vice chairman and now its chief executive, disapproved ‍of the split.

Kraft Heinz shares closed up 23 cents at $23.76 on Tuesday, making Berkshire's stake worth about $7.7 ‌billion. ‌The shares fell 4.9% to $22.59 in after-hours trading following the filing of the prospectus supplement.

Berkshire did not immediately respond to a request for comment.

The Omaha, Nebraska-based conglomerate wrote down its Kraft Heinz investment by $3.76 billion in August, on top of a $3 billion writedown in 2019.

In a ⁠statement, Kraft Heinz said: “Our ⁠focus continues to ​be on maximizing long-term value for our business and for all shareholders."

Kraft Heinz, which has offices in Chicago and Pittsburgh, has struggled following years of cost-cutting and underinvestment, while fending off competition from healthier ‍and supermarket-branded alternatives.

It is among the worst-performing companies in the U.S. food sector, where sales have slowed as consumers pull back on spending following years of price hikes.

Kraft Heinz installed Steve Cahillane as its new ​CEO on January 1, the same day Abel became ‍Berkshire's chief.

Cahillane was previously CEO of the former Kellogg cereal and snack maker, which also split into separate ​companies. Both were later acquired.

Reporting by Jonathan Stempel in New York; Editing by Jamie Freed

Our Standards: The Thomson Reuters Trust Principles., opens new tab

New York-based reporter covering U.S. consumer products and the companies that make them, and the role they play in the economy. Previously reported on corporate boards and distressed companies. Her work has included high-impact stories on CEO pay, Wall Street bubbles and retail bankruptcies.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of NFLX 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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CHICAGO--(BUSINESS WIRE)--Ventas, Inc. (NYSE: VTR) (the “Company”) announced today the tax treatment of its 2025 distributions on the Company’s common stock.

For income tax purposes, total taxable dividend income for 2025 was $1.89 per share. This includes the Company’s fourth quarter 2024 dividend of $0.45 per share, which was declared on December 10, 2024, and was paid on January 16, 2025, to stockholders of record as of December 31, 2024.

The following table summarizes the nature of these cash distributions and provides the appropriate Form 1099-DIV box number:

Date Paid

2025 Taxable

Distribution

Box 1a
Ordinary
Dividend

Box 1b
Qualified
Dividend (Included in

Box 1a)

Box 5

199A

Dividend

(Included in Box 1a)

Box 2a

Capital

Gain Distr.

Box 3

Nondividend Distribution

Jan. 16, 2025

$0.450000

$0.430414

$0.027159

$0.403255

$0.000000

$0.019586

Apr. 17, 2025

$0.480000

$0.459109

$0.028970

$0.430139

$0.000000

$0.020891

July 17, 2025

$0.480000

$0.459109

$0.028970

$0.430139

$0.000000

$0.020891

Oct. 16, 2025

$0.480000

$0.459109

$0.028970

$0.430139

$0.000000

$0.020891

Total Taxable 2025 Distr.

$1.890000

$1.807741

$0.114069

$1.693672

$0.000000

$0.082259

The 2025 Non-Qualified Ordinary Dividends are also reported on Form 1099-DIV, Box 5, Section 199A Dividends. Treasury Regulation §1.199A-3(c)(2)(ii) requires that shareholders hold their REIT shares for at least 45 days in order for the dividends to be treated as Section 199A Dividends. Pursuant to Treasury Regulation §1.1061-6(c), the Company reports that for purposes of Section 1061 of the Internal Revenue Code, the One Year Amounts Disclosure and the Three-Year Amounts Disclosure are $0.00 with respect to direct and indirect holders of “applicable partnership interests.” For shareholders whose income maintains its character when passed through or distributed to direct or indirect foreign owners or beneficiaries, the amounts reported on Form 1099-DIV, Box 2f, Section 897 Capital Gain are $0.00. Stockholders are encouraged to consult their own tax advisors regarding the tax consequences of these distributions.

About Ventas

Ventas, Inc. (NYSE: VTR) is an S&P 500 company enabling exceptional environments that benefit a large and growing aging population. With approximately 1,400 properties in North America and the United Kingdom, Ventas occupies an essential role in the longevity economy. The Company’s growth is fueled by its more than 850 senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments. Ventas aims to deliver outsized performance by leveraging its operational expertise, data-driven insights from its Ventas OI TM platform, extensive relationships and strong financial position. The Ventas portfolio also includes outpatient medical buildings, research centers and healthcare facilities. Ventas’s seasoned team of talented professionals shares a commitment to excellence, integrity and a common purpose of helping people live longer, healthier, happier lives.

More News From Ventas, Inc.

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MELBOURNE, Jan 21 (Reuters) - Uranium and critical minerals producer Energy Fuels (UUUU.A), opens new tab will acquire rare earth producer Australian Strategic Materials (ASM.AX), opens new tab in a deal valuing the Australian firm's equity at A$447 million ($300.88 million), the two parties said in separate statements on Wednesday.

Under the deal, shareholders of Australian Strategic Materials would receive 0.053 Energy Fuel shares for each ASM share held, along with a special dividend of up to A$0.13 per ASM share, representing a total implied value of A$1.60 per ASM share. That is a 121% premium on ASM's close from January 20.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

The transaction, should it go through, would create a global mid-tier rare earth elements producer outside China with a presence in the United States, South Korea and Australia.

Rare earth elements are crucial for wind turbines and are used in electric vehicles, smartphones and missiles, among other applications.

Prices of rare earths have been rising as Western countries scramble to reduce dependence on China. In response, Australia has been mulling a price floor and new international partnerships to support rare earth projects and build alternative supplies.

Currently, Australia's Lynas Rare Earths (LYC.AX), opens new tab is the world's largest rare earths producer outside China.

($1 = 1.4857 Australian dollars)

Reporting by Himanshi Akhand in Bengaluru. Additional reporting by Melanie Burton in Melbourne; Editing by Alan Barona and Chris Reese

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Access to Acceleration: Agenus’ BOT+BAL Global Momentum Entering 2026

Webcast on Wednesday, January 28, 2026, at 4:00 p.m. ET

LEXINGTON, Mass.--(BUSINESS WIRE)--Agenus Inc. (“Agenus”) (Nasdaq: AGEN), a leader in immuno-oncology, today announced it will host its first Stakeholder Webcast of 2026, Access to Acceleration: Agenus’ Global Momentum Entering 2026 on Wednesday, January 28, 2026, at 4:00 p.m. ET.

The webcast will highlight how expanding global access pathways, strategic partnerships, and operational readiness are driving momentum for Agenus’ botensilimab and balstilimab (BOT+BAL) program entering 2026. The session will feature perspectives from Agenus leadership and a leading international oncology expert on progress across authorized access programs, clinical development, and priorities for the year ahead.

The session will be moderated by Garo Armen, PhD, Founder, Chairman, and Chief Executive Officer of Agenus, and will conclude with a live Q&A. Questions can be submitted in advance to [email protected].

Featured Topics and Speakers

1. From Access to Acceleration: Strengthening the Global Foundation for BOT+BAL
Garo Armen, PhD
Founder, Chairman, and Chief Executive Officer, Agenus

Dr. Armen will discuss the recently closed strategic collaboration with Zydus Lifesciences and how the transaction strengthens Agenus’ foundation for global development, authorized patient access programs, and commercial readiness for BOT+BAL. He will also outline priorities for 2026 as global interest in the program continues to grow. 2. Expanding Authorized Access: Clinical Perspective on BOT+BAL in Sarcoma
Robin Jones, MBBS, MRCP, BSc, MD
Consultant Medical Oncologist and Head of Sarcoma Unit, The Royal Marsden;
Professor of Medical Oncology, Institute of Cancer Research, London, UK

Professor Jones will provide clinical perspective on the expansion of France’s Autorisation d’Accès Compassionnel (AAC) program to include patients with sarcoma, a population with significant unmet medical need following standard therapies. He will discuss how emerging clinical data and real-world experience are informing access decisions and expectations for immunotherapy in historically resistant tumor types. 3. Global Medical Affairs: Supporting Access and Readiness as Momentum Builds
José Iglesias, MD
Chief Medical Affairs Officer, Agenus

Dr. Iglesias will discuss the expansion of Agenus’ global medical affairs organization and its role in supporting authorized access pathways, investigator engagement, and operational readiness as the BOT+BAL program advances through Phase 3 evaluation. Stakeholder Briefing Details:

Registration Link: https://vimeo.com/event/5673012
Live webcast link will be provided once registration is completed.

Have a Question? Submit them in advance to [email protected]

This session marks the first event in Agenus’ 2026 Stakeholder Briefing Series, building on discussions from late 2025 and continuing dialogue around BOT+BAL’s clinical progress, patient access pathways, and corporate milestones.

About Agenus
Agenus is a leading immuno-oncology company targeting cancer with a comprehensive pipeline of immunological agents. The company was founded in 1994 with a mission to expand patient populations benefiting from cancer immunotherapy through combination approaches, using a broad repertoire of antibody therapeutics, adoptive cell therapies (through MiNK Therapeutics) and adjuvants. Agenus has robust end-to-end development capabilities, across commercial and clinical cGMP manufacturing facilities, research and discovery, and a global clinical operations footprint. Agenus is headquartered in Lexington, MA. For more information, visit www.agenusbio.com or @agenus_bio. Information that may be important to investors will be routinely posted on our website and social media channels.

About Botensilimab (BOT)

Botensilimab is a multifunctional, human Fc enhanced CTLA-4 blocking antibody designed to boost both innate and adaptive anti-tumor immune responses. Its novel design leverages mechanisms of action to extend immunotherapy benefits to “cold” tumors which generally respond poorly to standard of care or are refractory to conventional PD-1/CTLA-4 therapies and investigational therapies. Botensilimab augments immune responses across a wide range of tumor types by priming and activating T cells, downregulating intratumoral regulatory T cells, activating myeloid cells and inducing long-term memory responses.

Botensilimab alone, or in combination with Agenus’ investigational PD-1 antibody, balstilimab, has shown clinical responses across nine metastatic, late-line cancers. Approximately 1,200 patients have been treated across the botensilimab/balstilimab program in phase 1 and phase 2 clinical trials. For more information about botensilimab trials, visit www.clinicaltrials.gov.

About Balstilimab (BAL)

Balstilimab is a novel, fully human monoclonal immunoglobulin G4 (IgG4) designed to block PD-1 (programmed cell death protein 1) from interacting with its ligands PD-L1 and PD-L2. It has been evaluated in >900 patients to date and has demonstrated clinical activity and a favorable tolerability profile in several tumor types.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding the botensilimab and balstilimab clinical programs, expected trial initiations and regulatory plans, and the potential benefits of the combination therapy. Words such as “may,” “believes,” “expects,” “anticipates,” “hopes,” “intends,” “plans,” “forecasts,” “estimates,” “will,” “potential,” and similar expressions are intended to identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from current expectations. Factors that could cause actual results to differ include, but are not limited to, those described under the “Risk Factors” section of Agenus’ most recent Annual Report on Form 10-K for 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC. Agenus cautions investors not to place undue reliance on forward-looking statements in this release, which speak only as of the date of this announcement. The company undertakes no obligation to update or revise these statements, except as required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Source: Agenus Inc.

More News From Agenus Inc.

urfinguss/iStock via Getty Images

The Buy Thesis

STAG Industrial (STAG) is in a sweet spot for AFFO/share growth. Mark-to-market on its existing portfolio keeps organic growth flowing at 3%-5% while higher cap rates have turned acquisitions and developments immediately accretive. STAG is designed as an acquisitive company, so the higher transaction volume outlook for 2026 bodes well for their relative growth rate.

Between the various levers, we see annual AFFO/share growth of about 9%. That is excellent growth relative to a 17X AFFO multiple, positioning STAG to outperform the market.

Let us begin by discussing the shifting dynamics of the industrial real estate environment and then estimate how that translates into AFFO/share growth for STAG specifically.

Industrial real estate environment

The industrial landscape is changing rapidly with the following moving parts:

Leasing dynamics Market asking rents Mark-to-market Transaction volumes and cap rates Developments Leasing dynamics

Following the demand surge of the pandemic, leasing was extremely landlord favored causing market rental rates to surge as much as 50% from 2021-2024.

In response to the higher rental rates, developers started building a massive wave of industrial properties with particular emphasis on large footprint (> 100,000 sf) logistics facilities. As this wave delivered, it has slightly outpaced net absorption such that national vacancy rates have ticked up to over 7%.

Note that this just over 7% vacancy is in-line with historical norms and has taken leasing discussions to a more balanced place. Asking rents have stopped surging, ranging from moderately up in low supply submarkets to moderately down in higher supply submarkets.

To understand how rental rates impact AFFO/share of the industrial REITs, we must distinguish between asking rent and current rents.

Mark-to-Market is subsiding but remains a huge force in 2026

While asking rents have flattened out, industrial leases tend to be quite long such that many of the existing contracts are still at rental rates far below market rates.

STAG, for example, is signing new leases at 38.1% higher rates than expiring leases (GAAP) in 2025 with data released through 12/2/25.

STAG

This of course does not mean that market rates are increasing by 38%. Rather, that market rates have increased by a total of 38% since the expiring leases were originally signed.

However, the impact to FFO and AFFO will be the full difference in lease rates. FFO of the new lease will be based on revenue 38.1% higher than the previous lease while AFFO will be based on revenue 24% higher than the previous lease as FFO and AFFO use GAAP and cash accounting, respectively.

So while market rates have flattened, the industrial REITs still have a significant runway of increases to rental income as their legacy leases roll and get marked to the now higher asking rates.

Bill Crooker, STAG’s CEO, discussed the cadence of mark-to-market on the 3Q25 earnings call: “we're guiding to 18% to 20% cash leasing spreads for next year. And if you look at where they were a few years ago, were I think 30% and then went to 24% this year, and 18% to 20% next year. And if you look at where our mark-to-market has been in those years, it's similar to what our escalators have been. So you haven't been driving additional mark-to-market opportunities. So naturally, that similar type of degradation and spreads will happen.”

Thus, while STAG’s same-store NOI growth is guided to be 4.0%-4.25% in 2025, we anticipate it will be closer to 3.5% in 2026. In 3Q25, STAG’s cash NOI runrate was $161 million.

STAG

Thus same-store NOI growth of 3.5% would be an extra $5.6 million quarterly or $22 million annually. That represents about $0.12 of AFFO/share growth.

Transaction volumes and cap rates

Cap rates for industrial properties were exceedingly low, often in the 4% range. This is because both buyers and sellers were aware that the existing rents were far below market rates. Thus, they were pricing the assets on market rates rather than current rental streams.

This pricing dynamic made acquisitions difficult for the REITs because buying assets at cap rates in the 4s would be flat to slightly dilutive to AFFO in the immediate term. Purchases could still be accretive in the longer run because of the growth embedded in the assets, but it did significantly reduce acquisition volumes. Most industrial REITs had light purchase activity in most of 2025.

Recently, however, cap rates have started to rise a fair amount into the mid 6s. There is of course a range around that based on asset quality, location and type. At the now higher cap rates, acquisitions have been unlocked for the REITs from an accretion perspective. Indeed, acquisition volumes have started to pick up in recent months and forward 2026 pipelines.

Bill Crooker discussed the uptick in acquisition opportunity on the 3Q25 call:

“One other change in terms of deploying capital, we're seeing a great opportunity to deploy capital on acquisitions right now, which is not what we saw earlier this year”

STAG’s 2025 acquisition guidance is $350-$500 million. That was a low acquisition year. Over the past 5 years STAG has averaged ~$700 million in acquisition volume.

I would anticipate 2026 to be closer to that $700 million figure.

With that in mind, let us take a look at STAG’s spreads.

Cap rates for STAG’s types of assets are around 6.5% which compares favorably to their cost of capital.

5.86% cost of equity (17.05X forward AFFO) 5.65% cost of debt S&P Global Market Intelligence

So that is a 75 basis point spread on going in cap rates. In addition to the immediate accretion, STAG is getting built-in growth as these new properties come with escalators.

Some of the acquisitions will be funded by free cashflow as STAG has over $100 million in FCF after paying dividends.

Thus, we calculate the net acquisition accretion as follows.

2MC

Developments

In addition to acquisitions picking up, development volume looks healthy for STAG. Within STAG’s in-construction pipeline, 5 of the assets are to be delivered at the end of 2025 or early in 2026. As such, they will get close to a full year of cashflows from them.

S&P Global Market Intelligence

STAG targets 7% yields on developments, although some have reached stabilized yields above 9% as noted by Crooker on the 3Q earnings call:

“We leased the remaining 91,000 square feet in our Nashville development. This project is now 100% leased with a cash stabilized yield of 9.3%. We stabilized this transaction 210 basis points higher than our initial underwriting and 6 months ahead of schedule. Including this transaction, our completed developments are currently 88% leased. I'm happy to announce a recently signed build-to-suit project on a fully entitled 40-acre parcel of land located in Union Ohio. We'll develop a Class A 349,000 square foot warehouse with our development partner. The building is scheduled to be completed in Q3 2026. Upon completion, the building will be fully leased for 10 years with 3.25% annual lease escalations to a strong credit tenant. The project is estimated to cost $34.6 million and is expected to have a stabilized yield of 7%.”

If we assume the 7% figure and the same 5.75% cost of capital as earlier, that is a 125 basis point spread on $158 million of developments that will hit around the start of 2026. This represents about a penny per share of AFFO accretion.

Summary of growth levers

Based on our calculations above:

$22 million or 12 cents per share accretion from same-store NOI growth $11 million or 6 cents per share accretion from acquisitions $2 million of 1 cent per share accretion from developments That totals to $0.19 of AFFO/share accretion.

STAG is expected to earn $2.13 per share of AFFO in 2025. So the extra 19 cents represents growth of about 9%.

Note that these calculations are on a run-rate basis. So while we expect STAG’s AFFO runrate to increase by 19 cents per share in 2026, much of the acquisition and NOI accretion will be spread throughout the year such that the actual calendar year 2026 will not get to enjoy the full 19 cents of accretion.

Consensus estimates call for STAG growing AFFO/share by 10 cents in calendar year 2026, another 17 cents in calendar year 2027, followed by an additional 19 cents in 2028.

S&P Global Market Intelligence

In my opinion, STAG’s growth will come in slightly ahead of the consensus figures.

Either way, that is excellent growth for a company trading at 17X AFFO.

Risks and key factors to watch

Logistics real estate has been strong the past 10 years on the boom in e-commerce. Online sales have continued to climb as a percentage of overall sales.

FRED

Each online sale requires substantially more logistics warehousing than brick-and-mortar retail sales.

It is broadly expected that e-commerce will continue to take market share. The health of the industrial real estate sector is somewhat dependent on this figure continuing to move up and to the right.

On the negative side, businesses have been running lighter on inventory. Efficiencies have allowed inventory to sales ratio to drop to less than 1.4X.

FRED

Less inventory means less need for warehousing.

I will be keeping an eye on both inventory levels and e-commerce market share.

Summary of buy thesis

STAG is positioned for roughly 9% growth in AFFO/share runrate. Combined with a freshly raised 4% dividend yield that would imply 13% annual return assuming flat trading multiple.

I view that as a significantly outsized return relative to risk as STAG runs a clean balance sheet at around 5X debt to EBITDA and a BBB credit rating. It is a well-managed company and currently trading at a significant discount to fair value. In my opinion, STAG should trade closer to 20X AFFO. STAG is discounted to its sector peers on a leverage neutral basis.

Portfolio Income Solutions

It is also discounted to consensus NAV of $44.24.

Overall, STAG strikes me as a blue chip style investment with high return potential. We have been long STAG for many years and it is a key part of the 2nd Market Capital High Yield Portfolio (2CHYP) in Portfolio Income Solutions.

Lead Plaintiff Deadline is February 17, 2026

, /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP reminds purchasers or acquirers Charming Medical Ltd. (NASDAQ: MCTA) ("Charming") that a federal securities class action has been filed on behalf of investors who purchased Integer between October 21, 2025 and  November 12, 2025, inclusive (the "Class Period"). Investors have until February 17, 2026 to seek appointments as lead plaintiff.

PLEASE CLICK HERE TO JOIN THE CASE AND SUBMIT CONTACT INFORMATION

The filed complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. According to the lawsuit, Charming Medical's stock price experienced a rapid and artificial surge following its Initial Public Offering ("IPO") rising from $4.00 per share to a high of $29.36 without any corresponding fundamental company news.

Plaintiffs allege that this price increase was driven by a fraudulent, social-media-based stock promotion scheme. Investigations and public reporting revealed that impersonators posing as financial advisors promoted Charming Medical through online forums, chat groups, and social media, making sensational and unsupported claims designed to induce retail investor buying.

In November 2025, trading in Charming Medical securities was suspended, allegedly exposing the artificial nature of the run-up and causing investor losses.

The proposed class consists of all persons and entities who purchased Charming Medical securities during the class period and were damaged as a result, excluding defendants and their affiliates.

Lead Plaintiff Deadline: Investors have until FEBRUARY 17, 2026 to contact the firm to discuss how to become a lead plaintiff.

Why Wolf Haldenstein Adler Freeman & Herz LLP?:

This illustrious firm, founded in 1888, is steadfast in their pursuit of justice for investors who have suffered financial harm due to these misrepresented statements. The law firm brings to the fore over 125 years of legal expertise in securities litigation and has a proven track record of protecting the rights of investors.

We encourage all investors who have been affected or have information that will assist in our investigation, to contact Wolf Haldenstein Adler Freeman & Herz LLP.

Contact:

Phone: (800) 575-0735 or (212) 545-4774 Email: [email protected] Contact Person: Gregory Stone, Director of Case and Financial Analysis Firm Website: Wolf Haldenstein Adler Freeman & Herz LLP

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

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP

Also from this source

The Justice Department told a federal court on Tuesday that Elon Musk’s DOGE team, working inside the Social Security Administration, stored sensitive Social Security data on servers that were never approved by the agency.

The filing also said two members of the team secretly communicated with an outside advocacy group tied to efforts to overturn election results in certain states.

The DOJ said the issue surfaced while correcting sworn testimony given last year by senior SSA officials during lawsuits over DOGE access to federal data.

Those corrections said team members shared information through third-party systems and may have reached private records that a judge had already blocked them from seeing.

The court papers said the conduct raised serious questions about how the DOGE project actually operated inside SSA.

Justice Department flags election-related contacts by DOGE staff Elizabeth Shapiro, a senior DOJ official, said SSA referred both DOGE employees for possible Hatch Act violations. The law bars federal workers from using their jobs for political purposes. Elizabeth wrote that the two employees were in contact with an advocacy group pushing to overturn election results in specific states.

The filing said one of the two signed a Voter Data Agreement that may have involved using Social Security data to compare federal records with state voter rolls.

Elizabeth said the agreement and the outside communications were not known to SSA leadership at the time earlier court statements were made. She wrote that SSA believed its prior claims about DOGE, focusing on fraud detection and technology upgrades, were accurate when stated.

Elizabeth also said there is no evidence that SSA staff outside the involved DOGE members knew about the advocacy group or the voter-related agreement. She added that the two employees and the advocacy group were not named in the filing.

Emails reviewed by the DOJ suggest DOGE staff could have been asked to help the group by accessing SSA data to match against voter lists, but it remains unclear if any data was actually shared.

Unapproved servers expose how DOGE handled restricted SSA data Elizabeth also disclosed that Steve Davis, a senior adviser to Musk tied to the DOGE project, was copied on a March 3, 2025, email that included a password-protected file.

The file contained private information on about 1,000 people pulled from Social Security systems.

Elizabeth said it is unknown whether Steve accessed the file. She also said the current SSA staff cannot open the file to confirm exactly what it contains.

SSA continues to say DOGE never had access to official systems of record. Elizabeth wrote that it remains possible that restricted data derived from SSA systems was sent to Steve. That detail was included as part of the DOJ’s corrections to earlier court testimony.

The filing also said a DOGE team member briefly received access to private Social Security profiles even after a court order blocked that access. Elizabeth said the access was never used.

In a separate case, another DOGE member had access for two months to a call center profile containing private information, and Elizabeth wrote that it is still unknown whether any private data was accessed during that period.

According to her, DOGE staff also shared data links using Cloudflare, a third-party service not approved for SSA data storage, meaning it falls outside any security rules.

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TL;DR

Tether and Circle minted $1.5B in stablecoins after a market pullback. The issuance prepares liquidity but doesn’t signal immediate buying pressure. USDT and USDC dominate, with Tron and Solana as key distribution chains. Tether and Circle expanded on-chain dollar supply with a combined $1.5 billion stablecoin mint, reinforcing liquidity conditions after a period of sharp crypto market stress. Blockchain records show Tether issuing $1 billion in USDT, mainly on Tron, while Circle created about $500 million in USDC, including fresh supply on Solana. The activity unfolded within roughly two hours and followed a rapid market pullback that pushed Bitcoin below $93,000 and forced broad liquidations across derivatives venues.

Market participants often interpret large mints as direct buying signals. Reality shows a slower and more deliberate process. Stablecoin issuers usually send new supply to treasury wallets or intermediary addresses before any trading use. Funds then wait for deployment by exchanges, market makers, or institutional desks. For that reason, stablecoin issuance reflects liquidity preparation, not instant demand for risk assets.

Volatility shaped the timing. Over the past week, macro pressure and fast price swings drove investors to reduce exposure. Leverage unwound across major pairs, and total market capitalization fell. During moments like that, USDT and USDC act as parking assets, giving traders and funds a neutral position while waiting for clearer price signals. The latest mint fits that familiar pattern.

Stablecoin supply reinforces dollar rails across chains USDT and USDC continue to dominate crypto settlement activity. Data from on-chain dashboards shows both tokens representing close to 90% of circulating stablecoin supply on Ethereum. Tether holds roughly 60% of total market share, while Circle controls about 30%, keeping both issuers far ahead of smaller competitors. Recent issuance across Tron, Ethereum, and Solana strengthens their role as primary dollar rails for trading, lending, and settlement.

Tron remains a preferred network for USDT activity due to low fees and fast transfers, especially for large transactions. Solana has gained traction for USDC flows, supported by high throughput and growing DeFi usage. By distributing new supply across multiple chains, issuers maintain flexibility for different trading venues and user segments.

Despite headline size, mints alone do not change price direction. Historical patterns show that price recoveries follow deployment, not creation. Analysts watch secondary signals, such as stablecoin inflows to centralized exchanges, rising spot volumes, or increased borrowing demand. Without those indicators, large mints signal readiness rather than conviction.

Recent sessions illustrate caution. Even as issuers expanded supply, traders held back from aggressive positioning. Sentiment remained defensive, shaped by global uncertainty and fragile technical levels. In similar past phases, stablecoins accumulated quietly before either renewed buying or extended consolidation.

For now, the $1.5 billion mint highlights active liquidity management, not a guaranteed reversal. Capital stays close to the market, ready for use when conditions stabilize. Until flows move decisively toward exchanges and spot desks, stablecoin growth serves as a reminder: preparation often comes first, commitment later.

Strategy (formerly MicroStrategy) acquired an additional 22,305 Bitcoin for approximately $2.13 billion between Jan. 12 and Jan. 19, continuing an aggressive accumulation campaign that has absorbed 3.38% of the top crypto's total supply.

That works out to 3.55% of the circulating supply of 19.97 million coins.

The purchases were executed at an average price of $95,284 per bitcoin, according to a Jan. 20 8-K filing with the Securities and Exchange Commission (SEC).

The latest acquisition brings Strategy’s total Bitcoin holdings to 709,715 BTC, a hoard worth roughly $64 billion. The company’s cost basis for the total stack is approximately $53.92 billion, or an average of $75,979 per bitcoin, implying around $10.5 billion in paper gains at current prices.

How Strategy is funding its Bitcoin purchasesWhile the headline number highlights the company’s relentless buying, the mechanics behind the purchase reveal a significant shift in how Strategy funds its operations.

These latest acquisitions were funded using proceeds from the firm's at-the-market sales of its Class A common stock (MSTR), its perpetual Stretch preferred stock (STRC), and the Series A Perpetual Strike Preferred Stock (STRK).

According to the SEC filing, the Michael Saylor-led Strategy sold 10,399,650 MSTR shares for approximately $1.8 billion last week. It still has about $8.4 billion worth of shares to fund future BTC purchases.

However, the preferred channel is seeing increased activity.

The filing showed Strategy sold 2,945,371 STRC shares for around $294.3 million (with $3.6 billion shares remaining) and 38,796 STRK shares for $3.4 million (with $20.3 billion shares remaining).

This increased bet shows that the company's attempt to turn its bitcoin treasury strategy into a repeatable “yield SKU” that can sit quietly in brokerage accounts and income portfolios is yielding significant interest.

Notably, this financial engineering has produced four distinct exposure tiers that trade on the Nasdaq exchange. This means investors do not need any BTC know-how to invest, as they can simply buy them through a regular brokerage account.

The product lineup is segmented by risk appetite, offering four distinct ways to play the Strategy trade.

The headline act is the Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC. Marketed explicitly as “short duration high yield credit,” this security currently pays an 11.00% annual dividend in monthly cash installments.

Unlike a standard bond where market forces dictate the yield, STRC is an issuer-managed product. Strategy retains the policy power to adjust the dividend rate to ensure the stock trades near its $100 par value.

Data from STRC.live shows that the firm has accumulated 27,000 BTC from the STRC fundraiser.

Strategy Bitcoin Accumulation From STRC (Source: STRC.live)Below STRC sits a tiered structure of fixed-rate perpetuals.

For the investor who wants a piece of the equity upside, there is STRK (“Strike”). It pays an 8% annual dividend and is non-cumulative (meaning missed payments are lost forever).

However, it functions as a hybrid, offering convertibility to stock that captures about 40% of the gains if Strategy’s common shares rally.

For the risk-averse income seeker, the company offers STRF (“Strife”). This 10% perpetual preferred cannot be converted to stock, but it sits higher in the capital structure.

It is cumulative, meaning the company must make up any missed dividend payments later. With $1.6 billion remaining in capacity, it represents the most conservative tier.

There is also the STRD (“Stride”) instrument, which matches the 10% yield of STRF but removes the safety net. It is non-cumulative and non-convertible.

If Strategy skips a payment, the investor has no recourse, giving STRD the sharpest risk-reward profile among the fixed-rate options. It has $1.4 billion remaining.

Meanwhile, the company has even opened a European front. Last November, Strategy introduced the Series A Perpetual Stream Preferred (STRE), a euro-denominated security that carries a 10% annual dividend paid quarterly.

This instrument carries sharp teeth regarding non-payment. The dividend is cumulative and increases by 100 basis points per missed period, up to a maximum of 18%.

Institutional investors turn to Strategy's preferredStrategy's financial engineering product list has successfully courted a demographic that typically shuns crypto: the income tourist.

Data from several institutional filings show that high-income and preferred-focused funds are populating the STRC holders list. The roster includes the Fidelity Capital & Income Fund (FAGIX), Fidelity Advisor Floating Rate High Income (FFRAX), and the Virtus InfraCap U.S. Preferred Stock ETF (PFFA).

Meanwhile, the most striking validation comes from BlackRock. The BlackRock iShares Preferred and Income Securities ETF (PFF) is a massive fund that tracks an index usually dominated by sleepy bank and utility preferreds.

As of Jan. 16, the fund held $14.25 billion in net assets. Inside that conservative portfolio, Strategy’s Bitcoin-linked paper has established a beachhead.

The ETF disclosed a position of approximately $210 million in Strategy’s STRC. It holds another ~$260 million across STRF, STRK, and STRD. In total, BlackRock’s ETF exposure to Strategy preferreds sits at roughly $470 million (or 3.3% of the total fund).

Valentin Kosanovic, a deputy director at Capital B, views this as a watershed moment for digital credit.

According to him:

“This is another clear, factual, unquestionable demonstration of the materialization of the wave of institutionalized legacy BTC-pegged financial products.”

The machinery required to sustain these dividends creates a unique set of risks. Strategy is not paying these yields from operating profits in the traditional sense. It is funding them through the capital markets.

The company’s prospectus for STRC states that cash dividends are expected to be funded primarily through additional capital raising, including at-the-market stock offerings.

This creates a circular dependency: Strategy sells securities to buy Bitcoin and then pays dividends on those securities.

Considering this, Michael Fanelli, a partner at RSM US, highlighted several risks associated with this model, including Bitcoin price crashes, the lack of insurance coverage, and the fact that the products are unproven in recessions. He also noted that the perpetual products have no maturity date.

However, Bitcoin analyst Adam Livingston countered that the products are a “mind-bender” for traditional analysts. He argued that “STRC is quietly turning Strategy into a private central bank for the yield-starved world.”

According to him:

“STRC is a coupon-bearing ‘credit rail’ that can absorb fixed-income demand, convert it into BTC at scale, then feed the equity premium that makes the next raise easier, cheaper, and faster. That is a flywheel with a bid inside it.”

Mentioned in this article

TL;DR:

Solayer introduces a $35 million fund to finance high-impact decentralized applications. The infiniSVM engine reaches 330,000 transactions per second, surpassing Solana’s theoretical capacity. The project aims to establish itself as a specialized performance layer compatible with the SOL token. This Tuesday, Solayer announced that Solayer launches $35 million fund for SVM applications. The goal is to empower the development of on-chain applications through a grant program designed for protocols with clear revenue models and high-level technical foundations.

The initiative emerges as a natural evolution of the Solayer Accel incubation program, which has already boosted innovative projects like the AI trading platform buff.trade and the hardware-accelerated MetaDEX, DoxX. With this fund, the team expects to attract founders looking to leverage the unique capabilities of their blockchain architecture.

Innovation with infiniSVM: Surpassing Solana’s Limits The technological core of this proposal is the infiniSVM engine, a hardware-accelerated solution that allows processing more than 330,000 transactions per second. In this way, Solayer positions itself as a high-performance alternative for applications requiring massive bandwidth, such as non-custodial crypto cards.

Unlike other networks that compete directly, Solayer defines itself as a specialized performance layer that complements the Solana mainnet. For this reason, users can transfer assets via sBridge and use the SOL token for network fee payments and staking processes.

After raising $12 million in its seed round led by Polychain Capital, the team reaffirms its commitment to long-term growth. With the launch of its mainnet in alpha phase and the LAYER governance token, Solayer launches fund to ensure an efficient ecosystem.

Over the past decade, a growing number of stablecoins have emerged as more conservative alternatives to volatile cryptocurrencies. Most stablecoins are pegged to the U.S. dollar, can be held without a bank account, used for faster, cheaper cross-border money transfers, and staked for higher yields than traditional savings accounts. They can also help people preserve their savings in countries facing hyperinflation and currency devaluation issues.

The world's most valuable stablecoin is Tether (USDT 0.07%), launched in 2014 and currently with a market cap of $187 billion. However, it faces fierce competition from smaller stablecoins like Dai (DAI +0.02%), launched in 2017 and valued at $5 billion.

Image source: Getty Images.

It might seem pointless to compare Tether to Dai, since both stablecoins trade at $1.00 and are pegged to the U.S. dollar. However, these two tokens are fundamentally different, with distinct strengths and weaknesses. Let's see which coin is the more "stable" play for the future.

The similarities and differences between Tether and Dai Tether was initially minted on Omni Layer, a smart contract-enabled protocol that runs on top of Bitcoin's (BTC 3.72%) blockchain. It was subsequently minted as an ERC-20 token on Ethereum's (ETH 6.71%) blockchain, then minted across other smaller blockchains.

Tether Limited, a subsidiary of Hong Kong-based iFinex (which also owns the Bitfinex cryptocurrency exchange), is the only company that mints or burns Tether tokens.

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Dai was initially minted as an ERC-20 token on Ethereum, and it hasn't spread to other blockchains yet. It's a decentralized token which can only be minted via a smart contract when a user deposits an approved crypto asset -- such as Ether or Wrapped Bitcoin (WBTC 3.76%) -- which is worth more than the value of the minted Dai into a "Maker Vault". That premium, known as a "stability fee," acts as a buffer against the volatility of its underlying collateral.

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Neither token is directly backed by U.S. dollars or Treasuries. Tether uses an opaque mix of cash, commercial paper, and other assets to maintain its peg to the U.S. dollar. Dai relies solely on approved crypto assets across its Maker Vaults to stay pegged to the U.S. dollar.

Those strategies make Tether and Dai riskier than more conservative stablecoins like USD Coin (USDC 0.01%), which is directly backed by U.S. dollars and Treasuries on a 1:1 basis. However, they're also less exposed to government interference because they're not heavily dependent on actual U.S. dollars. Instead, they're "synthetic" dollars, which merely reflect the market value of the U.S. dollar without holding all that cash.

Which stablecoin is riskier? Tether and Dai both have their distinct risks. Tether is centralized, and its future depends entirely on Tether Limited's ability to keep minting or burning more tokens. If you trust Tether, then its stablecoin could be an excellent long-term investment.

However, it relies solely on third-party attestations of its underlying reserves rather than opening its books to complete audits. Its reserves are stored off-chain, so they can't be freely audited by its investors.

That lack of financial transparency -- along with its controversial ties to China -- could increase its long-term risks. Its centralization under a single company also exposes it to more regulatory challenges than decentralized tokens, and it can censor, freeze, or blacklist its own accounts.

Dai is decentralized across its Maker Vaults, so it isn't dependent on a single company or heavily exposed to tighter regulations. The real-time value of those collateralized vaults is fully visible to the public, which eliminates the need for traditional audits. However, its price could still crumble if another crypto winter reduces the value of the collateral stored in those vaults.

The better stablecoin buy: Dai Tether and Dai should both stay pegged to the U.S. dollar while generating attractive staking yields on centralized finance (CeFi) exchanges and decentralized finance (DeFi) pools. Nevertheless, Dai's decentralized approach, financial transparency, and lack of direct exposure to China should make it a more attractive stablecoin than Tether this year.

XRP’s next big rise could come with hardly any warning, traders and analysts warn. Markets are quiet now. That quiet has happened before, and it has sometimes been followed by sharp moves that catch most people off guard.

History Of Sudden Moves According to several community analysts, XRP has a pattern of long quiet periods followed by fast spikes. It rarely creeps steadily upward for weeks before a charge. Instead, price often treads water, people lose faith, and then momentum arrives quickly.

That behavior has left many short-term traders on the sidelines when runs happen. A move looks obvious only after it is already well under way.

Legal Overhang Gone Reports say the SEC lawsuit changed XRP’s timing for years. While other tokens took part in big market swings, XRP traded under heavy regulatory pressure. That pressure is now removed.

The major $XRP breakout will come when many least expect it. Its always a “catch-off-guard” move.. but we’re prepared.

— 🇬🇧 ChartNerd 📊 (@ChartNerdTA) January 17, 2026

The market has since been allowed to price XRP without that cloud. In late 2024, a notable rally began after US President Donald Trump’s win and the exit of SEC Chair Gary Gensler. Momentum pushed XRP from roughly $0.50 to above $3 in a matter of weeks. But the gains were followed by a long reset.

Exposure Beats Perfect Timing According to a number of commentators, being already invested matters more than hitting the exact bottom. When the price starts to climb fast, buyers who jump in late often pay too much and panic-sell when the heat fades.

XRPUSD now trading at $1.92. Chart: TradingView Early holders tend to capture most of the upside. Reports note this has repeated across multiple cycles. Emotion drives late entry; calm positioning often wins.

At the time of writing, XRP was trading near $1.93, down about 4% on the day and roughly 55% below its recent high. Many who bought above $3 over the past year have cut losses or reduced positions, which has left sentiment thin.

On Quick Inflows & Short-Term Squeeze Liquidity in key ranges is lighter than traders might assume. Volume patterns and derivatives flows will matter if price begins to move again.

An array of factors could start the run — quick inflows, a shift in macro appetite, or a big buyer showing up. On-chain signs, exchange flows, and futures positioning would give clearer clues, but those signals can flip fast.

Featured image from Unsplash, chart from TradingView

Ethereum is trying to stabilize above the $3,100 level after failing to break the $3,400 resistance, as the broader crypto market struggles to recover momentum. While bulls managed to defend key support in recent sessions, price action remains fragile and highly reactive, with sellers still showing up on rallies. ETH is stuck in a tight range, and traders are watching closely to see whether this pullback turns into a deeper correction or simply a reset before the next move higher.

A report from Arab Chain highlights that Binance data is signaling a sensitive phase for Ethereum at the start of 2026. According to the analysis, ETH is trading near the $3,200 zone, but market flow conditions remain tilted to the downside.

The Accumulated Order Flow (CVD) indicator sits at approximately -3,676, suggesting that net selling pressure is still dominating short-term activity. In simple terms, more aggressive sell orders are hitting the market than buy orders, even as price attempts to hold recent levels.

This divergence between price stabilization and negative flow reflects a market that is not collapsing, but also not attracting strong demand yet. As Ethereum defends support, the next test will be whether buyers can reclaim $3,300 and challenge the $3,400 ceiling again, or if weakness drags price back toward deeper support zones.

Arab Chain notes that even though Ethereum’s CVD remains negative, the relationship between price and liquidity flows is not fully broken. According to the report, the 30-day correlation between ETH price and CVD sits near 0.62, which is a relatively constructive reading. This pattern suggests that price action partially aligns with volume behavior, even though liquidity currently tilts toward selling rather than fresh buying.

In other words, Ethereum is not trading in a vacuum—flows still matter—and the market is reacting in a way that reflects real positioning.

Binance ETH CVD Momentum & Price Correlation | Source: CryptoQuant From a broader perspective, ETH’s gradual decline to its current levels signals a correction phase following its previous upside surge. Historically, this is the type of environment where short-term investors take profits and reduce exposure, while larger players begin to rebalance portfolios and slowly rebuild positions. Instead of an immediate trend reversal, the market often transitions into sideways price action as both sides test liquidity.

The key issue is that CVD remains negative, meaning demand has not yet become strong enough to flip the short-term flow structure. However, Ethereum’s ability to hold above the $3,000 level points to underlying support that is limiting downside acceleration.

This mismatch—weak momentum in volume flows but stable price behavior—often precedes quieter consolidation periods that can later set the foundation for stronger upside once liquidity conditions improve.

EETH Bulls Fight to Reclaim $3,100 Ethereum is trying to stabilize above the $3,100 level after a sharp rejection from the $3,400 supply zone, with price now trading near $3,111. The chart shows ETH still recovering from the broader downtrend that started after the November breakdown, but the structure remains fragile as sellers continue defending every attempt to push higher.

ETH testing key MA | Source: ETHUSDT chart on TradingView From a technical perspective, the $3,300–$3,400 region stands out as the key resistance cluster. Price has repeatedly failed in this area, and the latest rejection confirms it remains a major distribution level. At the same time, Ethereum is holding above its short-term moving average near $3,050–$3,100. Suggesting buyers are still active, defending the current range.

However, ETH remains capped below the mid-term moving averages, which are trending lower and acting as dynamic resistance. This keeps the market in a “recovery inside a downtrend” setup unless bulls can flip those levels back into support. Volume has also remained relatively muted during the rebound, signaling that the move still lacks aggressive follow-through.

Ethereum appears stuck in consolidation. With $3,000 as the critical floor and $3,400 as the breakout trigger needed to shift market sentiment.

Featured image from ChatGPT, chart from TradingView.com 

As bitcoin's price has drifted south, long-silent bitcoins have been stretching their legs after years in a deep freeze. This week, several sizable chunks have been on the move, peeling away from long-held vintage caches. On Monday, a wallet inactive for more than 13.5 years sprang to life, moving 909.37 BTC valued at $84.2 million.

TL;DR

Scott Bessent confirmed in Davos that Donald Trump’s administration continues to uphold U.S. crypto policy and the strategic bitcoin reserve as official government guidelines. The executive order signed in March 2025 establishes that the reserve is funded with seized bitcoins and prohibits their sale. Bessent pointed to legislative progress to regulate the crypto sector, although the Senate postponed the vote due to disagreements over stablecoins and Coinbase’s withdrawal of support. Scott Bessent reaffirmed in Davos the Donald Trump administration’s policy on digital assets and cryptocurrencies and the continuity of the United States’ strategic bitcoin reserve. The statement was made during the World Economic Forum, at a press conference attended by international media.

The Treasury Secretary said the administration aims to establish the most competitive regulatory framework for digital assets, designed to support their development and attract companies and technological activity to the country. The policy includes comprehensive regulation of the crypto sector and the relocation of projects and innovation within U.S. territory.

The Bitcoin Reserve Will Remain a Key Element for the Country Bessent confirmed that the strategic bitcoin reserve remains in force as an official guideline. Trump signed an executive order in March 2025 instructing the federal government to retain its bitcoin holdings as a strategic asset. The order states that bitcoins included in the reserve cannot be sold under any circumstances.

The executive order specifies that the reserve will initially be formed with bitcoins seized through criminal or civil asset forfeiture processes. It also authorizes the search for budget-neutral mechanisms to expand holdings without using additional federal budget allocations.

Bessent Avoided Questions About Bitcoins Seized From Developers During the conference, Bessent declined to answer questions regarding approximately $6 million in bitcoin seized from Samourai Wallet developers Keonne Rodriguez and William Lonergan Hill. Previous reports indicated that those assets may have been sold by the U.S. Marshal Service. The previous week, White House crypto adviser Patrick Witt stated that those bitcoins were not liquidated and remain under government custody.

Bessent explained that the Treasury’s current policy is to halt the sale of seized bitcoins and then add them to the digital asset reserve once the relevant legal proceedings are completed. He noted that this approach is already being applied.

The Secretary also referred to legislative efforts in Washington, D.C. to pass a law providing comprehensive regulation of the crypto sector. The bill seeks to establish clear rules for markets, issuers, and platforms operating with digital assets in the United States.

The legislative process was delayed last week. The Senate Banking Committee suspended a key hearing to amend and vote on its version of the bill. The postponement stemmed from disagreements over the treatment of stablecoin-related rewards and Coinbase’s withdrawal of support for the draft legislation

TL;DR

Over 35 major financial institutions now build live products on Ethereum. Tokenization expands across stocks, ETFs, and money market funds on-chain. Institutions are filing for staked Ethereum ETFs to capture native yield. Ethereum consolidates its role as the primary blockchain for global finance as more than 35 large financial institutions build live products and infrastructure on the network. Data shared by the Ethereum Foundation confirms an unprecedented level of Wall Street participation, driven by one factor above all others: tokenized assets moving from concept to daily use. Banks, asset managers, payment firms, and technology companies now rely on Ethereum to issue, settle, and manage regulated financial products at scale.

Ethereum’s appeal rests on proven reliability, deep liquidity, and an open settlement layer that integrates with existing financial systems. Rather than experimental deployments, firms place real assets and real capital on-chain. 

Kraken launched xStocks on Ethereum, allowing eligible clients to mint and redeem U.S. equities and ETFs as ERC-20 tokens backed by collateral. Users gain direct blockchain settlement while retaining exposure to regulated securities.

Ethereum is the #1 choice for global financial institutions.

Over the last few months, adoption has accelerated. Here are 35 stories of how institutions are building on Ethereum.

1/ @krakenfx launched xStocks on Ethereum, issuing tokenized versions of popular U.S. stocks and…

— Ethereum (@ethereum) January 19, 2026

Ondo Finance introduced Ondo Global Markets, offering over 100 tokenized stocks and ETFs with round-the-clock access and built-in lending and trading features. China AMC issued its Select USD Money Market Fund on Ethereum, a product representing hundreds of billions of dollars in assets, while enabling continuous settlement of short-term dollar instruments. Fidelity rolled out the FDIT tokenized money-market fund, using blockchain settlement to reduce friction without altering the underlying asset structure.

Banks, payments, and settlement move on-chain Google published the Agent Payments Protocol on Ethereum, developed with the Ethereum Foundation, Coinbase, and MetaMask. The framework allows AI agents to execute stablecoin payments autonomously under defined controls. In parallel, UBS, PostFinance, Sygnum, and the Swiss Bankers Association tested deposit tokens on Ethereum, demonstrating legally binding, real-time settlement across banks.

JPMorgan migrated its tokenized deposit product to Base, an Ethereum Layer 2, shifting from closed infrastructure toward public blockchain settlement. Santander’s Openbank enabled ETH trading in Germany under MiCA rules, allowing retail customers to hold and trade Ethereum through bank accounts. American Express launched Amex Passport on Base, issuing NFT travel stamps that record verified trips on-chain.

 SWIFT and more than 30 banks develop a shared ledger for tokenized assets using Consensys tooling, targeting real-time cross-border payments. Société Générale FORGE deployed EURCV and USDCV lending on Morpho and Uniswap, supplying institutional-grade collateral to decentralized markets. Stripe integrated stablecoins into subscription payments, enabling businesses worldwide to accept USDC with near-instant settlement.

BlackRock and Morgan Stanley filed applications for staked Ethereum ETFs, extending access beyond spot exposure toward native Ethereum yield. SoFi issued SoFiUSD on Ethereum, becoming the first U.S. national retail bank to release a stablecoin on a public chain. Beyond developed markets, the ADI Foundation partnered with M-Pesa, connecting tens of millions of users to blockchain-based cross-border payments.