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Visitors walk past IBM logo at the Mobile World Congress (MWC) in Barcelona, Spain, March 3, 2026. REUTERS/Nacho Doce Purchase Licensing Rights, opens new tab

June 25 (Reuters) - IBM (IBM.N), opens new tab on Thursday unveiled what it said was the world's first technology capable of producing chips smaller than ​one nanometer, as tech companies race to build semiconductors that ‌can handle increasingly demanding AI workloads.

Shares of the Armonk, New York-based company rose over 6% in premarket trading. They have fallen about 11% so far this ​year.

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The announcement comes at a time when chipmakers are searching for ​ways to maintain the decades-long trend of cramming more computing ⁠power into smaller spaces, a phenomenon known as Moore's Law.

The new ​chip technology, which bolsters IBM's position to compete with contract chipmakers TSMC (2330.TW), opens new tab ​and Intel (INTC.O), opens new tab, has a transistor architecture of 0.7 nanometers, or 7 angstroms.

Last week, Intel said the new generation of its 18A manufacturing process, which makes 1.8 nanometer ​chips, moved into risk production, the testing phase before commercial manufacturing.

IBM said the ​0.7-nanometer chip packs nearly 100 billion transistors onto a fingernail-sized surface, about twice the ‌density ⁠of its 2-nanometer chip unveiled in 2021, delivering up to 50% higher performance or 70% greater energy efficiency.

To get there, IBM developed a new transistor design called "nanostack". Instead of laying transistors flat, the design stacks them ​on top of each ​other in ⁠three dimensions, fitting more into the same volume of space.

"With our new nanostack architecture, we’re not just making ​smaller transistors, we’re reinventing how chips are built to ​deliver dramatically ⁠more power and energy efficiency,” director of IBM Research Jay Gambetta said.

IBM says production could begin within five years. The company has previously licensed ⁠chip technologies ​to Samsung (005930.KS), opens new tab and Japan's Rapidus. It has ​not announced a manufacturing partner for this technology.

Reporting by Anhata Rooprai in Bengaluru and Stephen ​Nellis in San Francisco; Editing by Varun H K and Devika Syamnath

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

An autonomous vehicle is seen at the BlackBerry QNX headquarters in Ottawa, Ontario, Canada, February 15, 2019. REUTERS/Chris Wattie Purchase Licensing Rights, opens new tab

June 25 (Reuters) - BlackBerry (BB.TO), opens new tab raised its annual revenue forecast on Thursday, betting on continued momentum for ​its QNX division following the completion of its turnaround ‌efforts, sending its U.S.-listed shares up around 8% in premarket trading.

Once a powerhouse in the smartphone industry, BlackBerry has shifted its focus towards software for ​connected devices and self-driving vehicles over the past several ​years.

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BlackBerry's QNX division, which provides secure real-time operating systems ⁠for mission-critical embedded systems most notably in the automotive sector, has ​maintained its strong growth trajectory, with revenue surging nearly 26% to $72.3 ​million during the first quarter ending May 31.

QNX has a backlog of almost $1 billion in future royalties.

"We see more of our QNX customers are leaning ​into next-generation software defined vehicles. They're working with us closely ​to deploy our platform across the board to help them meet those needs, ‌so ⁠we actually see really healthy demand," CEO John Giamatteo told Reuters.

BlackBerry now expects full-year 2027 revenue of between $594 million and $621 million, above its earlier projection of between $584 million and $611 million.

It forecast annual QNX ​revenue of $295 million ​to $312 million, ⁠compared with its previous range of $290 million to $307 million.

BlackBerry's secure communications division, which encompasses encrypted voice, messaging ​and critical event management solutions, reported a 24% ​rise ⁠in revenue to $73.6 million.

A vast majority of the secure communications business is government, and a significant portion of the pipeline is also government, ⁠CFO ​Tim Foote said.

The company posted total revenue ​of $152.9 million for the first quarter, up 26% from the same period a year ​earlier.

Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva

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

, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and global markets, today announced its unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Operational Results

Credit Solution Business

Total loans facilitated in the first quarter of 2026 were RMB8.9 billion (US$1.3 billion), representing a decrease of 26% compared to RMB12.0 billion in the fourth quarter of 2025, and a decrease of 42% compared to RMB15.2 billion in the same period of 2025. Number of borrowers served in the first quarter of 2026 was 531,500, representing a decrease of 28% compared to 742,444 in the fourth quarter of 2025, and a decrease of 61% compared to 1,375,406 in the same period of 2025. Repeat borrowers' loan amount[1] accounted for 78% of the total loans facilitated in the first quarter of 2026, compared to 77% in the fourth quarter of 2025, and 74% in the same period of 2025. Cumulative number of borrowers served reached 14,518,023 as of March 31, 2026, representing an increase of 2% from 14,295,499 as of December 31, 2025, and an increase of 12% from 12,909,436 as of March 31, 2025. Average loan size was RMB11,991 during the first quarter of 2026, an increase of 5% from RMB11,454 in the fourth quarter of 2025, and an increase of 67% from RMB7,176 in the same period of 2025. Outstanding balance of performing loans facilitated was RMB21.6 billion (US$3.1 billion) as of March 31, 2026, representing a decrease of 24% from RMB28.6 billion as of December 31, 2025, and a decrease of 21% from RMB27.5 billion as of March 31, 2025. Insurance Brokerage Business

Number of insurance clients during the first quarter of 2026 was 397,854, representing an increase of 49% from 267,730 in the fourth quarter of 2025 and a 413% year-over-year increase from 77,541 in the same period of 2025. Cumulative number of insurance clients was 2,357,951 as of March 31, 2026, representing an increase of 16% from 2,035,550 as of December 31, 2025, and a 48% year-over-year increase from 1,590,394 as of March 31, 2025. Number of new insurance policies in the first quarter of 2026 was 999,575, representing a 21% increase from 824,225 in the fourth quarter of 2025, and a 135% year-over-year increase from 425,044 in the same period of 2025. Recent Developments

All-in-AI Strategic Updates

Enterprise AI Architecture Rollout: The Company's MagiCube multi-agent platform launched an upgraded 2.0 version with two additional specialized layers: XuanJi, the execution layer for facilitating human-to-enterprise workflows, and ZhiNao, the enterprise-AI AgentOS for multi-agent orchestration. The system is currently used within the Company and is being tested for external deployment. The Company also introduced AI Buddy, the employee office co-pilot within its enterprise AI workspace platform, giving knowledge-intensive employees direct access to enterprise data, agentic workflows and approved AI tools, to enable faster decisions and higher productivity. AI Application-Layer Strategic Investments Expansion: The Company has made seed investments in three early-stage, high-growth AI application companies, covering AI entertainment, AI-assisted language learning and AI research productivity tools. "During the first quarter of 2026, we continued to demonstrate resilience and strong execution across our businesses," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "We maintained a highly disciplined approach in our credit solutions business while driving robust customer growth in our insurance brokerage business, further diversifying our revenue streams. At the same time, we are rapidly advancing our 'All-in-AI' strategy, deepening AI integration across our existing operations and actively expanding our AI application portfolio. Each of these steps accelerates our evolution into an AI-native, multi-industry operating platform, which we expect will unlock significant new growth and enduring value for our Company."

"The credit performance of our newly originated loan assets continued to improve during the quarter, and the overall quality of our loan portfolio has successfully stabilized," Mr. William Hui, Chief Financial Officer of Yiren Digital, said. "The underlying risk trends of our legacy book continue to improve, and we expect to see more meaningful profitability gains in the second half of the year. Meanwhile, we remain focused on optimizing capital allocation and improving investment efficiency to further strengthen our financial position and long-term competitiveness."

First Quarter 2026 Financial Results

Total net revenue in the first quarter of 2026 was RMB915.1 million (US$132.7 million), compared to RMB957.6 million in the fourth quarter of 2025, representing a decrease of 41% from RMB1,554.5 million in the same period of 2025.

Within this, revenue from the credit solution business was RMB795.7 million (US$115.4 million), representing a slight decrease of 4% from RMB832.7 million in the fourth quarter of 2025, and a decrease of 39% compared to the same period in 2025. The decrease was primarily due to lower loan facilitation volume and a reduced service fee rate under the new regulatory framework, as the Company continued to prioritize risk-adjusted growth and maintain a disciplined operating strategy amid evolving market conditions. Revenue from the credit solution business accounted for 87% of total net revenue in the first quarter of 2026, unchanged from the fourth quarter of 2025.

Revenue from the insurance brokerage business was RMB87.2 million (US$12.6 million) in the first quarter of 2026, representing an increase of 4% from RMB83.8 million in the fourth quarter of 2025, and an increase of 22% from RMB71.5 million in the same period of 2025. The sequential and year-over-year growth was primarily driven by the continued expansion of the Company's internet distribution business, which has maintained strong momentum since mid-2025. As a result, the internet distribution business contributed 29% of the insurance brokerage business segment's revenue in the first quarter of 2026, compared with 22% in the fourth quarter of 2025, reflecting the ongoing optimization of the Company's business mix and digital distribution capabilities.

Revenue from other businesses was RMB32.2 million (US$4.7 million), compared with RMB41.1 million in the fourth quarter of 2025 and RMB188.6 million in the same period of 2025. The decrease was mainly attributable to the continued scaling down of the e-commerce business.

Sales and marketing expenses in the first quarter of 2026 were RMB113.6 million (US$16.5 million), compared to RMB206.1 million in the fourth quarter of 2025 and RMB277.0 million in the same period of 2025. The decrease was primarily attributable to lower customer acquisition and marketing spending as the Company maintained a disciplined approach to loan facilitation growth. In addition, the contribution of repeat borrowers increased to 78% in the first quarter of 2026 from 74% in the same period of 2025. The cost decline was further supported by improved marketing efficiency driven by AI-assisted precision marketing initiatives.

Origination, servicing and other operating costs in the first quarter of 2026 were RMB197.6 million (US$28.6 million), compared to RMB250.9 million in the fourth quarter of 2025 and RMB224.7 million in the same period of 2025. The cost decrease was primarily attributable to continued operational cost optimization within the insurance brokerage business, driven by the ongoing transition toward more efficient digital distribution channels and a reduced reliance on traditional distribution operations.

Research and development expenses in the first quarter of 2026 were RMB108.9 million (US$15.8 million), compared to RMB121.4 million in the fourth quarter of 2025 and RMB86.0 million in the same period of 2025. The year-over-year increase in R&D expenses was mainly due to increased recruitment of senior AI R&D talent to support the execution of the 2026 All-in-AI strategy.

General and administrative expenses in the first quarter of 2026 were RMB70.5 million (US$10.2 million), compared to RMB43.0 million in the fourth quarter of 2025 and RMB95.8 million in the same period of 2025. The year-over-year decrease was primarily due to enhanced overall corporate efficiency.

Allowance for contract assets, receivables and others in the first quarter of 2026 was RMB176.4 million (US$25.6 million), compared to RMB302.8 million in the fourth quarter of 2025 and RMB152.8 million in the same period of 2025. The year-over-year increase was primarily driven by higher credit loss provisions recognized on accounts receivable, financing receivables and guarantee receivables, partially offset by reduced credit loss provisions on contract assets amid scaled-back loan facilitation activities. The quarter-over-quarter decline mainly reflected stabilized credit performance in the first quarter of 2026, together with no material portfolio revaluation adjustments recorded in the current period—such adjustments had been recorded in the fourth quarter of 2025 from updated expected loss assumptions.

Provision for contingent liabilities in the first quarter of 2026 was RMB632.2 million (US$91.7 million), compared to RMB1,110.1 million in the fourth quarter of 2025 and RMB410.8 million in the same period of 2025. The year-over-year increase was primarily attributable to higher loan volume under the risk-taking model[2] and increased expected loss provisions for newly originated loans. The quarter-over-quarter decline mainly reflected a stabilized asset risk level and no material portfolio revaluation adjustments recorded.

Fair value adjustments loss in the first quarter of 2026 was RMB89.0 million (US$12.9 million), compared to RMB62.0 million in the fourth quarter of 2025 and RMB58.4 million in the same period of 2025. The increase in fair value loss is attributable to fair value adjustment in crypto assets reflecting change in market value of the digital assets.

Income tax expense in the first quarter of 2026 was RMB37.0 million (US$5.4 million).

Net loss for the first quarter of 2026 was RMB494.7 million (US$71.7 million), compared to a net loss of RMB868.2 million in the fourth quarter of 2025 and a net income of RMB247.5 million in the same period of 2025. The year-over-year change was mainly attributable to reduced credit solution business scale, reflecting lower overall loan origination volume, lower service fee rates under the new regulatory framework and higher credit-related costs. The quarter-over-quarter improvement primarily reflects a stabilized risk level and no material portfolio revaluation adjustments recorded with the risk-taking model. The improvement was further supported by improved asset quality, higher revenue contribution from the insurance brokerage business through internet distribution channels, and continued operational efficiency gains driven by AI-enabled cost optimization.

Adjusted EBITDA[3] (non-GAAP) in the first quarter of 2026 was a loss of RMB336.8 million (US$48.8 million), compared to a loss of RMB1,028.5 million in the fourth quarter of 2025 and a gain of RMB325.0 million in the same period of 2025.

Basic and diluted loss per ADS in the first quarter of 2026 were both RMB5.6420 (US$0.8180), compared to basic and diluted loss per ADS of both RMB9.9624 in the fourth quarter of 2025; and basic and diluted income per ADS of RMB2.8646 and RMB2.8460, respectively, in the same period of 2025.

Net cash used in operating activities in the first quarter of 2026 was RMB655.6 million (US$95.0 million), compared to RMB180.8 million used in operating activities in the fourth quarter of 2025, and to RMB478.7 million generated from operating activities in the same period of 2025. The higher net operating cash outflow for the period is primarily attributable to prepayments of operating costs and expenses, longer collection terms for operating receivables and higher indemnity disbursements under the risk-taking model.

Net cash used in investing activities in the first quarter of 2026 was RMB24.8 million (US$3.6 million), compared to RMB29.2 million provided by investing activities in the fourth quarter of 2025 and RMB145.6 million used in investing activities in the same period of 2025.

Net cash used in financing activities in the first quarter of 2026 was RMB345.6 million (US$50.1 million), compared to RMB234.1 million in the fourth quarter of 2025 and RMB80.6 million in the same period of 2025.

As of March 31, 2026, cash and cash equivalents were RMB2,453.1 million (US$355.6 million), compared to RMB3,348.1 million as of December 31, 2025. As of March 31, 2026, the balance of financial investments was RMB507.5 million (US$73.6 million), compared to RMB483.7 million as of December 31, 2025.

As of March 31, 2026, delinquency rates[4] for loans that were past due for 1-30 days, 31-60 days and 61-90 days were 2.5%, 2.7% and 3.2%, respectively, compared to 3.4%, 3.0% and 2.8%, respectively, as of December 31, 2025.

Recent Updates

The Company issued a statement in May regarding media reports relating to certain financial products offered by affiliates of the Company's controlling shareholder. Those matters are unrelated to the Company. Management is monitoring the situation closely and will make further disclosures as required under applicable laws, regulations, and listing standards.

Dividend Policy

Under the Company's semi-annual dividend policy, the Board will review operating results and evaluate the Company's cash dividend policy for the first half of 2026 following the conclusion of the second quarter.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate on March 31, 2026, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on June 25, 2026 (or 8:00 p.m. Beijing/Hong Kong Time on June 25, 2026).

Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10209861/10439ec2351.

Once registration is completed, participants will receive the dial-in details for the conference call.

Additionally, a live and archived webcast of the conference call will be available at:
https://ir.yiren.com.

[1] "Repeat borrowers' loan amount" refers to the proportion of total loan facilitation and origination volume through Yixianghua platform in a given period that is generated by borrowers who have previously completed at least one successful drawdown during that period.

[2] "The risk-taking model" refers to the framework in which Yiren Digital assumes the credit risk for the loans facilitated on its platform.

[3] "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.

[4] "Delinquency rates" refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," and similar expressions. Forward-looking statements are based on management's current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and financial technology innovation across China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.

Unaudited Condensed Consolidated Statements of Operations

 (in thousands, except for share, per share and per ADS data, and percentages)

For the Three Months Ended 

March 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

Net revenue:

Loan facilitation services

742,394

(3,909)

(567)

Post-origination services

1,744

(41)

(6)

Guarantee services

318,397

519,155

75,262

Financing services

41,887

66,145

9,589

Insurance brokerage services

71,460

87,160

12,636

Electronic commerce services

184,074

921

133

Network and marketing services *

124,358

145,697

21,122

Technology services *

68,590

98,129

14,226

Others *

1,622

1,883

273

Total net revenue

1,554,526

915,140

132,668

Operating costs and expenses:

Sales and marketing

276,952

113,569

16,464

Origination,servicing and other operating costs

224,738

197,552

28,639

Research and development

85,954

108,933

15,792

General and administrative

95,837

70,504

10,221

Allowance for contract assets, receivables and others

152,805

176,424

25,576

Provision for contingent liabilities

410,763

632,219

91,653

Total operating costs and expenses

1,247,049

1,299,201

188,345

Other income/(loss):

Investment income

1,281

1,318

191

Interest income

22,925

12,498

1,812

Fair value adjustments loss

(58,376)

(89,036)

(12,908)

Others, net

674

1,591

231

Total other loss

(33,496)

(73,629)

(10,674)

Income/(loss) before provision for income taxes

273,981

(457,690)

(66,351)

Share of results of equity investees

(129)

-

-

Income tax expense

26,346

37,024

5,368

Net income/(loss)

247,506

(494,714)

(71,719)

Net loss attributable to non-controlling interests

-

1,173

171

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

247,506

(493,541)

(71,548)

Weighted-average number of ordinary shares used in
computing basic net income/(loss) per share

172,800,275

174,951,573

174,951,573

Basic net income/(loss) per share attributable to
ordinary shareholders of the Company

1.4323

(2.8210)

(0.4090)

Basic diluted net income/(loss) per ADS
attributable to ordinary shareholders of the
Company

2.8646

(5.6420)

(0.8180)

Weighted-average number of ordinary shares used in
computing diluted net income/(loss) per share

173,935,749

174,951,573

174,951,573

Diluted net income/(loss) per share attributable to
ordinary shareholders of the Company

1.4230

(2.8210)

(0.4090)

Diluted net income/(loss) per ADS attributable to
ordinary shareholders of the Company

2.8460

(5.6420)

(0.8180)

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from/(used in) operating activities

478,650

(655,588)

(95,040)

Net cash used in investing activities

(145,590)

(24,764)

(3,590)

Net cash used in financing activities

(80,576)

(345,590)

(50,100)

Effect of foreign exchange rate changes

2,367

(8,389)

(1,216)

Net increase/(decrease) in cash, cash equivalents and
restricted cash

254,851

(1,034,331)

(149,946)

Cash, cash equivalents and restricted cash, beginning of
period

4,101,557

3,870,834

561,153

Cash, cash equivalents and restricted cash, end of
period

4,356,408

2,836,503

411,207

* Given the Company's diversified revenue streams, Network and marketing services and Technology services are now
separately presented from Other revenue, with the remaining balance classified as Others. Comparative figures for the prior
period have been restated.

Unaudited Condensed Consolidated Balance Sheets

 (in thousands)

As of

December 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

        Cash and cash equivalents

3,348,126

2,453,140

355,631

        Restricted cash

522,708

383,363

55,576

        Accounts receivable

826,141

911,368

132,121

        Guarantee receivable

832,905

868,827

125,953

        Contract assets, net

619,291

305,106

44,231

        Contract cost

4,287

2,149

312

        Prepaid expenses and other assets

1,776,019

1,756,162

254,590

        Loans at fair value

342,895

156,134

22,635

        Financing receivables

909,182

938,958

136,120

        Amounts due from related parties*

2,974,080

3,429,417

497,161

        Financial investments

483,700

507,528

73,576

        Equity investments

11,528

23,455

3,400

        Property, equipment and software, net

50,403

84,630

12,269

        Digital Assets

391,267

287,228

41,639

        Deferred tax assets

325,094

361,981

52,476

        Right-of-use assets

37,329

33,891

4,913

Total assets

13,454,955

12,503,337

1,812,603

        Accounts payable

79,630

93,759

13,592

        Amounts due to related parties

44,179

14,982

2,172

        Guarantee liabilities-stand ready

989,701

1,025,763

148,704

        Guarantee liabilities-contingent

1,300,097

1,172,209

169,935

        Deferred revenue

227

150

22

        Payable to investors of consolidated ABFE

1,294,792

941,068

136,426

        Accrued expenses and other liabilities

404,680

406,222

58,890

        Deferred tax liabilities

29,854

34,197

4,957

        Lease liabilities

39,758

35,289

5,116

Total liabilities

4,182,918

3,723,639

539,814

        Ordinary shares

133

134

19

        Additional paid-in capital

5,239,550

5,242,914

760,063

        Treasury stock

(170,686)

(170,686)

(24,744)

        Accumulated other comprehensive income

(2,517)

(17,369)

(2,518)

        Retained earnings

4,205,557

3,710,721

537,942

Total Yiren Digital Ltd shareholders' equity

9,272,037

8,765,714

1,270,762

        Non-controlling interests

-

13,984

2,027

Total equity

9,272,037

8,779,698

1,272,789

Total liabilities and equity

13,454,955

12,503,337

1,812,603

* The Company has outstanding related party balances due from our controlling shareholder and its affiliates. These
balances are currently performing in accordance with their contractual terms. Should our controlling shareholder fail to
satisfy its payment obligations in the future, we may be required to adjust the carrying value of such related receivables
accordingly.

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of  borrowers, number of insurance clients, cumulative number of insurance clients
and percentages)

For the Three Months Ended 

March 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

Operating Highlights

Amount of loans facilitated 

15,237,923

8,910,760

1,291,789

Number of borrowers

1,375,406

531,500

531,500

Remaining principal of performing loans 

27,458,292

21,603,502

3,131,850

Cumulative number of insurance clients

1,590,394

2,357,951

2,357,951

Number of insurance clients

77,541

397,854

397,854

Gross written premiums

801,798

822,991

119,309

First year premium

412,497

536,332

77,752

Renewal premium

389,301

286,659

41,557

Segment Information

Credit solution business:

Revenue

1,294,480

795,746

115,359

Sales and marketing expenses

260,903

80,760

11,708

Origination, servicing and other operating costs

140,623

140,143

20,317

Allowance for contract assets, receivables and others

152,112

174,866

25,350

Provision for contingent liabilities

410,763

632,219

91,653

Insurance brokerage business:

Revenue

71,460

87,160

12,636

Sales and marketing expenses

2,795

2,388

346

Origination, servicing and other operating costs

81,440

54,475

7,897

Allowance for contract assets, receivables and others

(578)

(117)

(17)

Others:

Revenue

188,586

32,234

4,673

Sales and marketing expenses

13,254

30,421

4,410

Origination, servicing and other operating costs

2,675

2,934

425

Allowance for contract assets, receivables and others

(1,994)

188

27

Reconciliation of Adjusted EBITDA

Net income/(loss)

247,506

(494,714)

(71,719)

Interest income and investment income, net

(24,206)

(13,816)

(2,003)

Income tax expense

26,346

37,024

5,368

Depreciation and amortization

2,297

3,561

516

Share-based compensation

2,187

2,071

300

Fair value adjustments related to digital assets and
financial investments

70,824

129,059

18,710

Adjusted EBITDA

324,954

(336,815)

(48,828)

Adjusted EBITDA margin

20.9 %

-36.8 %

-36.8 %

Delinquency Rates

1-30 days

31-60 days

61-90 days

December 31, 2022

1.7 %

1.2 %

1.1 %

December 31, 2023

2.0 %

1.4 %

1.2 %

December 31, 2024

1.6 %

1.2 %

1.1 %

December 31, 2025

3.4 %

3.0 %

2.8 %

March 31, 2026

2.5 %

2.7 %

3.2 %

90+ Days Delinquency Rates by Vintage*

Loan
Issued Period

Month on Book

4

6

8

10

12

14

16

18

20

22

24

2022Q1

0.6 %

2.0 %

3.1 %

3.9 %

4.5 %

4.7 %

4.6 %

4.6 %

4.5 %

4.5 %

4.4 %

2022Q2

0.5 %

1.7 %

2.9 %

3.7 %

4.2 %

4.4 %

4.3 %

4.3 %

4.2 %

4.2 %

4.1 %

2022Q3

0.5 %

2.1 %

3.4 %

4.2 %

4.7 %

5.0 %

4.9 %

4.9 %

4.8 %

4.7 %

4.7 %

2022Q4

0.7 %

2.5 %

3.8 %

4.8 %

5.5 %

5.8 %

5.8 %

5.7 %

5.6 %

5.5 %

5.4 %

2023Q1

0.5 %

2.3 %

3.9 %

5.0 %

5.8 %

6.1 %

6.0 %

5.9 %

5.8 %

5.7 %

5.6 %

2023Q2

0.6 %

2.8 %

4.7 %

6.1 %

6.8 %

7.1 %

7.0 %

6.9 %

6.8 %

6.7 %

6.6 %

2023Q3

0.8 %

3.5 %

5.6 %

7.0 %

7.7 %

7.9 %

7.9 %

7.7 %

7.6 %

7.5 %

7.5 %

2023Q4

0.7 %

3.4 %

5.6 %

6.8 %

7.4 %

7.6 %

7.6 %

7.4 %

7.3 %

7.3 %

7.2 %

2024Q1

0.6 %

3.0 %

4.8 %

5.9 %

6.6 %

6.8 %

6.8 %

6.7 %

6.6 %

6.6 %

6.5 %

2024Q2

0.6 %

2.4 %

4.0 %

5.1 %

5.8 %

6.1 %

6.1 %

6.0 %

5.9 %

6.0 %

2024Q3

0.5 %

2.2 %

3.7 %

4.7 %

5.4 %

5.8 %

5.8 %

5.7 %

5.5 %

2024Q4

0.6 %

2.2 %

3.8 %

4.9 %

5.9 %

6.4 %

6.3 %

2025Q1

0.6 %

2.3 %

4.2 %

6.0 %

7.2 %

6.9 %

2025Q2

0.8 %

3.5 %

6.6 %

8.3 %

2025Q3

1.1 %

4.8 %

8.0 %

2025Q4

1.2 %

*The 90+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 90 days past due, as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.

SOURCE Yiren Digital

-- Motorhome RV Sales, Profit Dollars and Profit Margins Improved Meaningfully Year Over Year --

-- Winnebago Towables Improved Share Results Through Product Refreshes and Execution --

— Barletta Continues to Expand Share of U.S. Aluminum Pontoon Market --

-- Company Updates Fiscal 2026 Guidance --

EDEN PRAIRIE, Minn., June 25, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Fiscal 2026 third quarter ended May 30, 2026.

Third Quarter Fiscal 2026 Financial Summary

Net revenues of $698.7 million compared to $775.1 million in the third quarter of Fiscal 2025Gross profit of $94.9 million, representing 13.6% gross margin, compared to $106.0 million in the third quarter of Fiscal 2025Net income of $14.5 million, or $0.51 per diluted share; adjusted earnings per diluted share of $0.66 compared to adjusted earnings per diluted share of $0.81 in the third quarter of Fiscal 2025Adjusted EBITDA of $37.8 million, representing 5.4% adjusted EBITDA margin CEO Commentary
“Our teams continue to execute in a retail environment that remained challenging through the third quarter,” said President and Chief Executive Officer Michael Happe. “Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel. In response, we stayed disciplined, aligning production closely with retail while continuing to advance our key product, operational and cost initiatives.

“We're seeing a mixed demand environment across the portfolio. In Motorhome RV, sales, profitability and market presence continue to improve, supported by sustained performance at Grand Design Motorized and solid execution at Newmar. New product introductions, expanding brand presence and improved profitability continue to strengthen our standing in the segment. In Towables RV, category demand remained muted during the quarter, particularly at higher price points where competitive and promotional activity remained elevated. At the same time, our newer, more accessible offerings such as Thrive and Access contributed to improved retail dollar share and stronger year-over-year financial performance within our Winnebago-branded portfolio. These results reflect both dealer commitment to our strategy and the positive reception to our refreshed product lineup.

In Marine, Barletta continues to perform well, maintaining consistent market share gains, reaching 9.3% on a trailing twelve-month basis through April, despite softer volumes in the quarter. This performance reflects continued consumer interest in its premium pontoons and an expanding product lineup, including the recent Sanza introduction.

“We delivered solid SG&A improvement year-over-year, while continuing to invest in Grand Design Motorized, and advancing footprint rationalization and capacity alignment actions within our RV businesses. While industry retail pressure in the quarter slowed the pace of improvement in field inventory turns, our focus remains on driving sustainable progress, which will require continued discipline around shipments and production.

"One of the most encouraging aspects of our performance this quarter was the stability of our gross margins despite a challenging retail environment, reflecting the strength of our product mix, pricing discipline and operational execution. We have remained focused on profitable market share, while our higher average selling prices continue to support a more resilient retail dollar share position. We are executing against the levers we control including product, brand, cost structure, and inventory discipline, positioning the business to deliver improved performance as conditions evolve.”

Third Quarter Fiscal 2026 Results

Net revenues were $698.7 million, a decrease of 9.9% compared to $775.1 million in the third quarter of Fiscal 2025, driven primarily by lower unit volume, partially offset by selective price adjustments and product mix. Unit volume trends reflected growth in the Motorhome RV segment, partially offset by declines in the Towable RV and Marine segments, as dealer ordering remained measured and production levels were closely aligned to retail demand.

Gross profit was $94.9 million, a decrease of 10.5% compared to $106.0 million in the third quarter of Fiscal 2025. Gross profit margin was consistent with prior year as higher input costs and deleverage were largely offset by selective price adjustments.

Selling, general and administrative expenses were $66.5 million, a decrease of 5.4% compared to $70.3 million in the third quarter of Fiscal 2025, primarily due to cost reduction initiatives.

Operating income was $23.0 million, a decrease of 23.9% compared to $30.2 million in the third quarter of Fiscal 2025.

Net income was $14.5 million, compared to $17.6 million in the third quarter of Fiscal 2025. Reported earnings per diluted share was $0.51, compared to $0.62 in the third quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.66, a decrease of 18.5% compared to $0.81 in the third quarter of Fiscal 2025.

Consolidated Adjusted EBITDA was $37.8 million, a decrease of 18.7%, compared to $46.5 million in the third quarter of Fiscal 2025.

Third Quarter Fiscal 2026 Segments Summary

Towable RV

 Three Months Ended ($, in millions)May 30, 2026 May 31, 2025 Change(1) Net revenues$274.7   $371.7   (26.1)%Operating income$16.0   $29.7   (46.3)%Operating income margin 5.8 %  8.0 % (220)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to higher input costs, volume deleverage, and product mix, partially offset by selective price adjustments and cost containment initiatives. Motorhome RV

 Three Months Ended($, in millions)May 30, 2026 May 31, 2025 Change(1)Net revenues$320.7   $291.2   10.1%Operating income (loss)$9.6   $(3.2)  NMOperating income margin 3.0 % (1.1)% 410bps  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

NM: Not meaningful.

Net revenues increased primarily due to higher unit volume and selective price adjustments.Operating income margin increased primarily due to higher unit volume driven by new products and selective price adjustments, partially offset by higher input costs. Marine

 Three Months Ended
($, in millions)May 30, 2026 May 31, 2025 Change(1)
Net revenues$92.4  $100.7  (8.3)%Operating income$5.3  $9.4  (43.4)%Operating income margin 5.8%  9.3% (350)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and product mix, partially offset by selective price adjustments.Operating income decreased primarily due to higher input costs and volume deleverage, partially offset by selective price adjustments. Balance Sheet and Cash Flow
As of May 30, 2026, cash and cash equivalents totaled $57.1 million. The Company had total outstanding debt of $442.9 million ($450.0 million of debt, net of debt issuance costs of $7.1 million) and working capital of $411.6 million. Cash flow provided by operating activities during the nine months ended May 30, 2026 was $26.2 million compared to cash flow used in operating activities of $52.5 million during the same period last year. Operating cash flow improved by $78.7 million year over year, shifting from a use of cash in the prior-year period to a source of cash in the current year.

Quarterly Cash Dividend
On May 15, 2026, the Company’s Board of Directors approved a quarterly cash dividend of $0.35 per share payable on June 24, 2026, to common stockholders of record at the close of business on June 10, 2026.

Outlook
For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 290,000 to 310,000 units. Based on this outlook, the current business environment, and results through the first nine months of the fiscal year, Winnebago Industries is updating its Fiscal 2026 revenue and EPS guidance as follows:

Consolidated net revenues in the range of $2.65 billion to $2.75 billion;Reported earnings per diluted share in the range of $1.05 to $1.40 compared to the Company's prior expectations for reported earnings per diluted share in the range of $1.50 to $2.20; andAdjusted earnings per diluted share guidance in the range of $1.65 to $2.00(1) compared to a prior range of $2.10 to $2.80. The Company’s outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“Our outlook reflects a measured view of the environment,” Happe said. “We expect demand conditions to remain challenged in the near term, with continued variability across segments. The actions we are taking across our portfolio, cost structure and product roadmap position us to manage through the cycle and improve the earnings profile of the business over time, including further operational and capacity initiatives expected to begin benefiting performance as we move through fiscal 2027.”

Q3 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss third quarter of Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2026. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contacts
Investors: Joan Ondala
[email protected]
Media: Dan Sullivan
[email protected]

Winnebago Industries, Inc.
Footnotes to News Release  Footnotes:

(1) Fiscal 2026 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million.

Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
  Three Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$698.7  100.0% $775.1  100.0%Cost of goods sold 603.8  86.4%  669.1  86.3%Gross profit 94.9  13.6%  106.0  13.7%Selling, general, and administrative expenses 66.5  9.5%  70.3  9.1%Amortization 5.4  0.8%  5.5  0.7%Total operating expenses 71.9  10.3%  75.8  9.8%Operating income 23.0  3.3%  30.2  3.9%Interest expense, net 5.0  0.7%  6.7  0.9%Non-operating income —  —%  (0.4) (0.1)%Income before income taxes 18.0  2.6%  23.9  3.1%Income tax provision 3.5  0.5%  6.3  0.8%Net income$14.5  2.1% $17.6  2.3%        Earnings per common share:       Basic$0.51    $0.63   Diluted$0.51    $0.62   Weighted average common shares outstanding:       Basic 28.3     28.0   Diluted 28.4     28.4            Nine Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$2,058.8  100.0% $2,020.9  100.0%Cost of goods sold 1,789.3  86.9%  1,755.0  86.8%Gross profit 269.5  13.1%  265.9  13.2%Selling, general, and administrative expenses 204.7  9.9%  212.1  10.5%Amortization 16.2  0.8%  16.7  0.8%Total operating expenses 220.9  10.7%  228.8  11.3%Operating income 48.6  2.4%  37.1  1.8%Interest expense, net 16.3  0.8%  19.3  1.0%Loss on note repurchase 0.8  —%  2.0  0.1%Non-operating income (0.3) —%  (1.0) (0.1)%Income before income taxes 31.8  1.5%  16.8  0.8%Income tax provision 7.0  0.3%  4.8  0.2%Net income$24.8  1.2% $12.0  0.6%        Earnings per common share:       Basic$0.88    $0.43   Diluted$0.87    $0.42   Weighted average common shares outstanding:       Basic 28.2     28.3   Diluted 28.4     28.4     Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.

Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)
 (in millions)May 30, 2026 August 30, 2025Assets   Current assets   Cash and cash equivalents$57.1 $174.0Receivables, net 186.1  192.0Inventories, net 435.2  396.4Prepaid expenses and other current assets 32.9  29.8Total current assets 711.3  792.2Property, plant, and equipment, net 319.9  333.0Goodwill 484.2  484.2Other intangible assets, net 440.7  456.9Investment in life insurance 27.9  27.1Operating lease assets 37.2  41.6Other long-term assets 17.3  19.4Total assets$2,038.5 $2,154.4    Liabilities and Shareholders' Equity   Current liabilities   Accounts payable$113.5 $129.3Accrued expenses 186.2  197.8Total current liabilities 299.7  327.1Long-term debt, net 442.9  540.5Deferred income tax liabilities, net 11.4  5.9Unrecognized tax benefits 5.7  4.8Long-term operating lease liabilities 34.1  39.3Deferred compensation benefits, net of current portion 4.4  5.1Other long-term liabilities 5.9  7.0Total liabilities 804.1  929.7Shareholders' equity 1,234.4  1,224.7Total liabilities and shareholders' equity$2,038.5 $2,154.4  Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)
  Nine Months Ended(in millions)May 30, 2026 May 31, 2025Operating activities   Net income$24.8  $12.0 Adjustments to reconcile net income to net cash provided by (used in) operating activities   Depreciation 28.8   28.7 Amortization 16.2   16.7 Amortization of debt issuance costs 1.9   2.3 Last in, first-out ("LIFO") expense (2.4)  (0.6)Stock-based compensation 15.8   12.2 Deferred income taxes 5.5   (0.7)Deferred compensation expense 0.5   — Loss on note repurchase 0.8   2.0 Asset impairment —   1.2 Restructuring and related costs 1.6   — Other, net (2.8)  (1.2)Change in operating assets and liabilities, net of assets and liabilities acquired   Receivables, net 6.0   (59.0)Inventories, net (36.3)  (38.5)Prepaid expenses and other assets 4.0   7.2 Accounts payable (16.9)  (15.8)Income taxes and unrecognized tax benefits (0.4)  4.3 Accrued expenses and other liabilities (20.9)  (23.3)Net cash provided by (used in) operating activities 26.2   (52.5)    Investing activities   Purchases of property, plant, and equipment (16.8)  (29.2)Proceeds from sale of property, plant, and equipment 5.4   2.1 Other, net 0.1   1.6 Net cash used in investing activities (11.3)  (25.5)    Financing activities   Borrowings on long-term debt 3.0   15.3 Repayments on long-term debt (103.0)  (175.2)Payments of cash dividends (30.1)  (29.3)Payments for repurchases of common stock (1.7)  (53.6)Other, net —   0.4 Net cash used in financing activities (131.8)  (242.4)    Net decrease in cash and cash equivalents (116.9)  (320.4)Cash and cash equivalents at beginning of period 174.0   330.9 Cash and cash equivalents at end of period$57.1  $10.5     Supplemental Disclosures   Income taxes paid, net$2.1  $2.3 Interest paid 13.3   17.3     Non-cash investing and financing activities   Capital expenditures in accounts payable$1.4  $3.9 Dividends declared not yet paid 11.4   10.5 Increase in lease assets in exchange for lease liabilities:   Operating leases 1.1   2.3 Finance leases —   0.2   Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$274.7   $371.7   $(96.9) (26.1)%Operating income 16.0 5.8%  29.7 8.0%  (13.8) (46.3)%             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 5,274 75.5%  6,569 69.2%  (1,295) (19.7)%Fifth wheel 1,709 24.5%  2,926 30.8%  (1,217) (41.6)%Total Towable RV 6,983 100.0%  9,495 100.0%  (2,512) (26.5)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$830.5   $913.9   $(83.4) (9.1)%Operating income 38.2 4.6%  51.3 5.6%  (13.1) (25.6)%             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 15,350 73.0%  16,034 68.7%  (684) (4.3)%Fifth wheel 5,669 27.0%  7,302 31.3%  (1,633) (22.4)%Total Towable RV 21,019 100.0%  23,336 100.0%  (2,317) (9.9)%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 18,721    17,747    974  5.5%
  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$320.7   $291.2    $29.5  10.1%Operating income (loss) 9.6 3.0%  (3.2) (1.1)%  12.7  NM             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 219 14.3%  288  20.1%  (69) (24.0)%Class B 517 33.7%  406  28.4%  111  27.3%Class C 797 52.0%  737  51.5%  60  8.1%Total Motorhome RV 1,533 100.0%  1,431  100.0%  102  7.1%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$933.9   $798.5    $135.3  16.9%Operating income (loss) 25.3 2.7%  (7.0) (0.9)%  32.2  NM             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 705 16.2%  808  20.2%  (103) (12.7)%Class B 1,416 32.5%  1,158  29.0%  258  22.3%Class C 2,234 51.3%  2,031  50.8%  203  10.0%Total Motorhome RV 4,355 100.0%  3,997  100.0%  358  9.0%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,468    3,614     (146) (4.0)%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$92.4   $100.7   $(8.3) (8.3)%Operating income 5.3 5.8%  9.4 9.3%  (4.1) (43.4)%             Three Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 1,155    1,254    (99) (7.9)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$264.1   $272.9   $(8.8) (3.2)%Operating income 14.3 5.4%  21.0 7.7%  (6.6) (31.6)%             Nine Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 3,282    3,471    (189) (5.4)%            Dealer Inventory(2,3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,175    3,069    106  3.5%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification)  Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.

The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:

 Three Months Ended Nine Months Ended May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Diluted earnings per share$0.51  $0.62  $0.87  $0.42 Amortization(1) 0.19   0.19   0.57   0.59 Loss on note repurchase(1) —   —   0.03   0.07 Asset impairment(1) —   0.04   —   0.04 Restructuring and related costs(1) —   —   0.06   — Gain on sale of property, plant and equipment(1) —   —   (0.10)  — Tax impact of adjustments(2) (0.04)  (0.05)  (0.12)  (0.16)Adjusted diluted earnings per share(3)$0.66  $0.81  $1.31  $0.96   (1) Represents a pre-tax adjustment.
(2) The company's non-GAAP income tax impact is calculated using an estimated tax rate for the U.S. of 22.0% for Fiscal 2026 and 23.0% for Fiscal 2025.
(3) Per share numbers may not foot due to rounding.

The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA.

 Three Months Ended Nine Months Ended(in millions)May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Net income$14.5 $17.6  $24.8  $12.0 Interest expense, net 5.0  6.7   16.3   19.3 Income tax provision 3.5  6.3   7.0   4.8 Depreciation 9.4  9.6   28.8   28.7 Amortization 5.4  5.5   16.2   16.7 EBITDA 37.8  45.7   93.1   81.5 Loss on note repurchase —  —   0.8   2.0 Asset impairment —  1.2   —   1.2 Restructuring and related costs —  —   1.6   — Gain on sale of property, plant and equipment —  —   (2.8)  — Non-operating income —  (0.4)  (0.3)  (1.0)Adjusted EBITDA$37.8 $46.5  $92.4  $83.7   Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.

Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.

SummaryCompaniesSubscription demand to increase as insurance options erode, analysts sayRivals are seeing growing demand for oral and cash-pay optionsDrugmakers benefit from selling to Hims' user baseNEW YORK, June 25 (Reuters) - Telehealth provider Hims and Hers Health (HIMS.N), opens new tab may get a boost next year from employers dropping coverage of weight-loss drugs like Novo Nordisk's (NOVOb.CO), opens new tab Wegovy and Eli Lilly's (LLY.N), opens new tab Zepbound and Foundayo ​to rein in costs, investors and analysts say.

Soaring use of the medications has pushed up costs for employers, some of whom plan to tell employees they will ‌no longer pay for them in 2027, industry experts say.

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Instead, employees are expected to purchase direct-to-consumer products which include subscriptions from telehealth companies like Hims that bundle appointments with providers and access to the medicines.

Analysts currently estimate Hims revenue at $2.89 billion this year and $3.45 billion for 2027. Seven analysts have raised 2026 estimates for the company since May, boosted in part by its deal with Novo to sell its drugs.

About a third ​of the company's revenue comes from its weight-loss business, and it's growing, said Raul Shah, CEO of DocShah Financial, which owns less than 1% of Hims shares.

"I project ​that ratio to continue increasing as more Americans partake in the GLP-1 mania," he said, adding that he sees the U.S. weight-loss market ⁠shifting away from relying on insurance coverage.

A spokesperson for Hims and Hers declined to comment.

EMPLOYERS PUSH EMPLOYEES OFFEmployer-based plans are the most prevalent source of health insurance in the United ​States, with over 150 million Americans enrolled in them, KFF data showed.

About 43% of employers covered the drugs for weight-loss in 2025, and estimates for 2026 are about the same.

But 10% of ​employers currently covering GLP-1 drugs for weight loss said they planned to drop the drugs in 2027, according to the Business Group on Health, a policy research group for large employers.

Truist analyst Jailendra Singh said employers are directly driving cash-pay activity, through benefit guides and by advertising platforms like TrumpRx and manufacturer pharmacies. Health insurer Cigna (CI.N), opens new tab is one example, dropping coverage of the medications for its own employees.

Novo Nordisk and Eli Lilly ​offer cash-pay pricing through their pharmacies NovoCare and LillyDirect. Novo's Wegovy and Lilly's Foundayo weight-loss pills start at $149 per month for cash pay.

NOVO'S NEW PARTNERHims had become one of the ​largest U.S. telehealth providers of weight-loss drugs, even after shifting from mass compounding of alternative versions of Novo and Lilly drugs. The company missed earnings and revenue targets last quarter as it adjusted to new compounding ‌rules with ⁠the branded drugs no longer in shortage.

Hims in March announced it would partner with Novo Nordisk for its branded drugs but would continue to sell compounded versions in special doses or formulations, as regulations allow.

Jamey Millar, executive vice president of U.S. operations at Novo Nordisk, said Hims and Hers has since brought in the most volume of its telehealth partners.

Analysts said it was too early to provide estimates on how many subscribers Hims gained from the Novo deal. Hims had 2.6 million subscribers in the first quarter, up 9% from the year-ago quarter.

"Second-quarter results ​should give us a little bit more perspective ​on how many new subscribers are joining ⁠the platform and how well the weight-loss portfolio is performing," said Morningstar analyst Keonhee Kim.

The majority of Hims' revenue comes from auto-renewed subscriptions, which for GLP-1 users cost $39 for the first month and $149 for following months. That comes with access to unlimited clinical consultations but does not ​include the cost of the medication.

Hims and Hers shares closed at $32.70 on Wednesday, down more than 50% from July of 2025, when ​they reached $72.

RIVALS SEE GROWING ⁠DEMANDRival telehealth companies including Noom, Ivim Health and Ro said they anticipate demand will continue to grow as prices fall.

A spokesperson for Columbus, Ohio-based Ivim said the company has seen a 345% increase in demand for the Wegovy pill since January. Ro has said the Wegovy pill has increased demand and brought in new customers, including men.

Because Hims already has a large, recurring customer base, the company ⁠provides drugmakers with ​a more appealing footprint than smaller rivals, analysts said.

Truist estimates that about 70% to 80% of new Hims ​weight-loss subscribers renew on a monthly basis, indicating it has remained competitive.

Facing a decline in corporate coverage, drugmakers like Novo may want to target people who are already at Hims and other subscription-based telehealth programs, rather than looking ​for additional patients itself.

"Pharma knows how to sell business to business," said Rajiv Leventhal, a healthcare analyst at commerce data firm eMarketer.

Reporting by Amina Niasse; editing by Caroline Humer and Bill Berkrot

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

Ripple has officially launched its USD-backed stablecoin RLUSD in Japan, marking a major milestone in the company’s expansion across Asia. Following approval from Japan’s Financial Services Agency (JFSA), RLUSD is now available to both institutional and retail users through SBI VC Trade’s VCTRADE platform. 

The launch delivers on the strategic partnership announced by Ripple and SBI Group in August 2025 and brings regulated USD stablecoin access to one of the world’s most advanced digital asset markets.

Ripple and SBI Expand Their Long-Term PartnershipRipple and SBI have been working together since 2016 to expand blockchain use across Japan and Asia-Pacific. With RLUSD now live, they plan to use it for cross-border payments, tokenization, and collateral management. 

Ripple says Japan’s clear regulations make it a key market for stablecoins, while SBI called the launch a major step toward the future of on-chain finance. 

Konnichiwa 🇯🇵 @Ripple and @sbigroup have officially launched Ripple USD (RLUSD) in Japan!

Following JFSA approval, RLUSD is now live for institutional and retail users on SBI VC Trade’s platform. This builds directly on our long-standing partnership and brings trusted,… https://t.co/Fe20yKQEMJ

— Reece Merrick (@reece_merrick) June 25, 2026 According to Reece Merrick, Managing Director, Middle East & Africa, Ripple, “following JFSA approval, RLUSD is now live for institutional and retail users on SBI VC Trade’s platform. This builds directly on our long-standing partnership and brings trusted, regulated USD stablecoin access to one of the most innovative markets.”

A Fully Regulated USD StablecoinRLUSD has been approved in Japan as a Type 4 Electronic Payment Instrument.It is fully backed 1:1 by U.S. dollar deposits, Treasuries, and cash equivalents.Reserves are verified through monthly third-party attestations.SBI VC Trade will offer free RLUSD deposits and withdrawals.RLUSD is the second USD stablecoin on the platform after USD Coin.Since launching in late 2024, RLUSD has grown to a market cap of about $1.7 billion.RLUSD on XRPL Is Closing In on EthereumMeanwhile, the community is getting more interested in RLUSD’s supply distribution across blockchains.

According to XRP community members Vet and Bill Morgan, RLUSD circulating on the XRP Ledger is now close to overtaking Ethereum, with roughly $792 million on XRPL compared with about $793 million on Ethereum.

Analysts see Ripple is gradually shifting growth toward XRPL, which better aligns with the stablecoin’s core strengths of fast payments and efficient value transfers. Recent customer redemptions on Ethereum have also reduced supply there.

With Japan now onboard, Ripple is continuing to position RLUSD as a key piece of regulated global financial infrastructure.

Story Ends Here

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Nvidia CEO Jensen Huang Chris Jung/NurPhoto via Getty Images Nvidia's dominance in AI is moving beyond chips.

For the first time, the company became the top vendor by revenue in data center Ethernet switches — the networking gear that helps connect AI chips inside data centers, according to market research firm IDC.

This market is growing fast because cloud giants and other large businesses are pouring hundreds of billions into building out AI data centers. IDC research vice president Paul Nicholson called Nvidia's ascension "one of the most significant vendor landscape shifts IDC has tracked in enterprise networking."

In the first quarter of 2026, Nvidia generated $2.1 billion in data center Ethernet switch revenue — a 21.5% share of the market. That's up from 4% in the first quarter of 2024, said IDC senior research manager Brandon Butler.

Nvidia has pushed ahead of rivals like Arista Networks, which held a 20.7% share of the data center Ethernet switch market in the first quarter of this year. Other major players include Cisco, Huawei, and HPE.

The data center Ethernet switch market totaled $10 billion in the first quarter, according to IDC, growing 61% from a year earlier.

IDC attributed Nvidia's growth in networking revenue to its Spectrum-X product, "a tightly integrated system" that's designed to work closely with its AI chips, Butler said.

Butler said Nvidia's approach appeals to cloud giants looking to build quickly and avoid piecing together parts from multiple vendors. The trend also reflects a broader shift of companies buying networking and computing products together, IDC said.

The chip giant has increasingly highlighted networking as a major growth driver. At a shareholder meeting on Wednesday, Nvidia CEO Jensen Huang said Spectrum-X is "now larger than all other Ethernet networking peers combined."

The comments echoed Nvidia's most recent earnings call in May, when chief financial officer Colette Kress said the company's broader data center networking revenue had tripled to $15 billion from the previous year.

Nvidia's networking business traces back to its 2019 acquisition of Mellanox, which gave the company a foothold in data center networking before the AI boom took off.

Nvidia's lead isn't guaranteed. Cloud giants are increasingly looking to diversify their supplier base, Butler said, while businesses may lean on existing relationships with networking providers as they ramp up their infrastructure.

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Geoff Weiss You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Geoff Weiss is a senior reporter on Business Insider’s tech team, where he writes about AI startups and Y Combinator, the intersection of AI and the media industry, and workplace dynamics within top AI labs and chip companies.Previously, Geoff was on the media desk, covering YouTube and Netflix, and themes like the intersection of Hollywood and the creator economy. His work on Netflix’s video podcasting ambitions and Mr Beast’s lessons for Hollywood won second and first prize, respectively, at the 2025 LA Press Club Awards.Prior to joining Business Insider, Geoff was the senior editor of Tubefilter and a staff writer at Entrepreneur. He graduated from New York University with a degree in English Literature.He can be reached at [email protected], on Signal @geoffweiss.25, and on LinkedIn. Have a tip? Use a personal email address and a nonwork device; here's our guide to sharing information securely.Selected stories:Nvidia crushed its quarter — and CEO Jensen Huang said in a leaked all-hands that 'the market did not appreciate it'Nvidia will foot the bill for Trump's new visa fees. Here's what CEO Jensen Huang told staff.Massive AI salaries and RTO are fueling a real estate boom in San Francisco: 'It's going to rain money'The AI talent wars are ricocheting across startups. Here's how they're competing with Big Tech.

Artificial Intelligence

Qualcomm has set out an ambitious growth target for its data centre business, forecasting $15 billion in sales from the segment by 2029 as it accelerates efforts to diversify beyond its core smartphone chip business.

At an investor presentation, Qualcomm Chief Financial Officer Akash Palkhiwala stated that the company anticipates its data centre business to generate $5 billion in revenue in fiscal 2027.

At the time of writing, Qualcomm shares were up around 12% in premarket trading.

QCOM also raised its outlook for revenue from chips outside its traditional smartphone business.

The company now expects this segment to bring in $40 billion by 2029, up from an earlier estimate of $22 billion.

“We will be truly diversified,” Palkhiwala said.

The upbeat outlook also lifted shares of Arm Holdings, which provides underlying technology for many Qualcomm chips.

Arm rose 5% after Qualcomm’s forecast.

Earlier in the day, Qualcomm said Microsoft and Meta Platforms will use its new AI chips.

The company also said it will make custom chips for two other unnamed hyperscalers.

The announcements mark a significant step in Qualcomm’s effort to establish itself in the fast-growing AI infrastructure market, where chipmakers are racing to secure a role in data centres and large-scale computing systems.

Qualcomm’s pivot towards AI chips comes as the smartphone market faces increasing pressure.

The company said the market has been squeezed by a memory chip shortage driven by surging demand for AI infrastructure.

At the same time, major customers such as Apple and Samsung are developing more chips in-house, adding to the pressure on Qualcomm’s traditional business.

Bank of America analysts had earlier estimated that Qualcomm’s data centre push could generate modest annual revenue of roughly $2 billion to $5 billion by fiscal 2027 to 2028.

Qualcomm’s new target points to a more aggressive expansion plan.

Alongside its revenue targets, Qualcomm announced that it has reached an agreement to acquire Modular Inc., in a move aimed at strengthening Qualcomm Technologies’ software capabilities for generative and agentic AI across both data centre and edge environments.

The company said the acquisition is designed to deepen the software foundation behind its data centre strategy, with a focus on improving inference, orchestration, and deployment in distributed AI systems.

Qualcomm said Modular provides an open, AI-native software stack that allows AI models to run efficiently across a range of hardware architectures, including CPU, GPU, NPU, and custom ASIC systems, without requiring developers to rewrite software for each accelerator.

According to Qualcomm, the acquisition will help connect system-level optimisation with increasingly heterogeneous and disaggregated computing environments, an area that is becoming more important as AI workloads scale and performance-per-watt becomes a critical factor in inference costs.

By combining Qualcomm Technologies’ chip capabilities with Modular’s software platform, the company said it aims to offer customers a more efficient AI compute layer spanning devices, edge systems, and cloud infrastructure.

“This acquisition marks a pivotal moment not just for Qualcomm, but for the AI industry,” said Cristiano Amon, President and CEO of Qualcomm Incorporated.

He said the industry is shifting towards “disaggregated, multi-vendor architectures” that require “a more open and modern software foundation.”

Modular Co-founder and CEO Chris Lattner said the deal would help advance the company’s mission of building a more open and efficient software foundation for AI.

“Joining Qualcomm gives us the scale and platform reach to accelerate that mission,” he said.

Qualcomm’s revenue targets and the Modular acquisition underline a broader strategic shift.

The company is positioning itself not only as a supplier of smartphone processors, but also as a provider of AI chips, custom silicon, and software infrastructure across data centre and edge computing markets.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.

Circle is making an aggressive push into Japan’s corporate finance landscape, with ambitions to bring instant foreign currency settlement capabilities to one of the world’s largest economies.

At the center of that strategy: USDC, Circle’s dollar-pegged stablecoin, which became the first global dollar stablecoin to receive approval under Japan’s Financial Services Agency framework.

The SBI Holdings partnership driving Circle’s Japan expansion Circle’s Japan entry has been anchored by its partnership with SBI Holdings, one of the country’s most influential financial conglomerates. That collaboration kicked off in 2023 and has since produced tangible results.

The most significant: the establishment of Circle Japan KK, a dedicated local entity designed to serve as the operational hub for Circle’s activities in the Japanese market.

On the product side, SBI VC Trade, SBI’s crypto exchange arm, received regulatory approval on March 4, 2025, to list USDC. The stablecoin’s official launch on the platform was set for March 26, 2025.

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The approval matters because Japan’s stablecoin rules require issuers to meet strict reserve and compliance standards. Circle clearing that bar with USDC positions the token as a credible instrument for Japanese institutions, not just retail crypto traders.

Why corporate FX settlement is the real prize Japan is the world’s third-largest economy by GDP, and its corporations move enormous volumes of foreign currency every single day.

Traditional FX settlement between Japanese firms and their international counterparts typically involves correspondent banking networks, multiple intermediaries, and settlement windows that can stretch across days.

Stablecoins like USDC offer a fundamentally different model. Settlement can happen in minutes rather than days. Transaction costs drop significantly. And the entire process runs on blockchain rails that provide real-time transparency.

Circle has been positioning USDC as precisely this kind of corporate infrastructure tool, targeting institutional adoption for digital payments, liquidity management, and treasury operations.

What this means for investors and the broader market First, regulatory precedent. Japan approving USDC under its FSA framework creates a template that other Asian regulators might follow.

Second, competitive dynamics. The Japanese crypto market has historically been somewhat insular, with domestic players like bitFlyer and Coincheck dominating. Circle entering through a partnership with SBI, rather than trying to go it alone, reflects a pragmatic understanding of how business gets done in Japan.

Third, the liquidity implications. If USDC gains meaningful traction among Japanese corporations for settlement purposes, it could significantly boost the token’s overall circulation and utility.

Japan’s regulatory environment overhauled its crypto regulations after the Mt. Gox collapse and again after the Coincheck hack. Any compliance stumble by Circle or its partners could trigger regulatory tightening that slows adoption.

The key metric to watch is actual USDC transaction volume on Japanese platforms in the months following the March 26, 2025 launch.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

With a network overhaul just days away, the Sia Foundation is urging users to take control of their coins before it’s too late.

The Sia network is about to get its biggest upgrade yet, with a major v2 hardfork set for June 6, giving users only a short time to update their wallets and software to stay connected. Once live, it will effectively shut out anyone still using outdated software or storing their Siacoin (SC) on exchanges that haven’t upgraded.

The Sia Foundation has described the move as more than a technical refresh. According to a Monday blog post, the fork introduces an entirely new architecture, reworks the core file-sharing protocol, and splits functionality into modular components. Calling it a “foundational overhaul” and even a “rebirth,” the Foundation has framed v2 as a clean break from the legacy system.

Under the new rules, nodes still running the old siad software will stop syncing. Wallets will become unusable. Storage contracts will no longer be valid. To stay on the network, users must switch to the v2-compatible stack — renterd, hostd, and walletd — and migrate their wallets accordingly.

That creates a high-stakes situation for users who rely on centralized exchanges.

Who will support Sei fork Several crypto exchanges have confirmed they’ll support the transition, including Binance, Kraken, and Poloniex. Yet, others, such as BitMart, CoinW, and Gate.io, remain uncommitted or in technical discussions. Some exchanges, including Bybit and Bithumb, have not publicly confirmed whether they’ll support the new upgrade at all.

Crypto exchanges notified by Siacoin Foundation about v2 hardfork | Source: Siacoin Foundation The Foundation has urged caution, saying that “it’s unlikely every exchange will upgrade immediately,” and adding that some may delay support, as they have during previous forks.

Technical details At the core of the upgrade is Utreexo, a cryptographic structure that significantly reduces the size of the blockchain’s state. Instead of downloading large amounts of unspent transaction data, new nodes can validate with compact proofs. The result: syncing a node in minutes rather than days, making it easier for users to spin up full nodes without high resource requirements.

That aligns with a broader goal: greater decentralization. Smaller, faster nodes lower the barrier to participation and could pave the way for browser-native apps and mobile clients. It also helps future-proof the network against scalability issues.

In addition, the new Renter-Host Protocol 4 improves how users interact with the storage layer. Features include faster file transfers, smarter contract handling, prepaid balances, and easier integration into web-based environments. Combined with the modular design of the v2 software stack, the system will be more flexible for developers and streamlined for users.

The old all-in-one siad daemon will be replaced with specialized components so that users could run only what they need, whether it’s uploading files, offering storage, or managing a wallet. Developers, in turn, gain access to clearer interfaces and better documentation, potentially making it easier to build on Sia in the future.

Market response Despite the technical leap, Siacoin has yet to reflect the enthusiasm in its price. As of press time, SC is trading at around $0.003 — down roughly 96% from its 2018 peak of $0.069. Even as the broader crypto market has experienced multiple rallies, SC has remained relatively flat.

SC-USDT price on 3-month timeframe since 2018 | Source: crypto.news Exchange support remains another critical challenge. The Foundation says it’s working closely with every exchange that has responded, but ultimately, support is voluntary. If large trading platforms don’t onboard the v2 upgrade promptly, user access could remain fragmented and onboarding could stall — regardless of the protocol’s technical merits.

What’s next From a technical perspective, the v2 fork appears to mark a meaningful evolution for the Sia network, though the developers say the upgrade is the beginning of a “new phase built for scalability, accessibility, and long-term growth.”

The Foundation is aiming for a more modular, lightweight architecture, one that could, in theory, make the protocol easier to use and build on. Features like Utreexo and the revamped RHP4 point toward a shift in focus: less friction, more flexibility, and a better fit for modern applications.

“This progress means users will soon interact with Sia the same way they do with traditional cloud storage — only with greater privacy, stronger security, and full ownership of their data.”

The Sei Foundation

Nonetheless, the long-term impact of the upgrade likely won’t hinge on engineering alone. Broader adoption may depend on how actively the community engages, whether developers embrace the new tooling, and if major exchanges follow through with support in a timely manner.

The Madras High Court has ruled against WazirX redistributing user’s XRP holdings following its 2024 hack, declaring that cryptocurrencies qualify as property under Indian constitutional law.

Summary

WazirX was barred from reallocating 3,532 XRP tokens belonging to an unaffected user under its “socialisation of losses” plan following a $234 million hack. The court rejected WazirX’s argument that its Singapore-based restructuring automatically applied to Indian users, asserting domestic jurisdiction over crypto holdings accessed in India. The court declared that cryptocurrencies qualify as property under Indian law and can be held in trust. WazirX barred from redistributing user’s XRP under its “socialisation of losses” plan The Madras High Court, one of the High Courts of India, has ruled that cryptocurrencies qualify as “property” under Indian constitutional law and are capable of being held in trust. The ruling came in a case involving user holdings on the Indian-operated platform of WazirX, following a major security breach in 2024.

The court heard the plea of an individual whose account held 3,532 XRP tokens that were unaffected by the hack but were set to be diluted under WazirX’s proposed “socialisation of losses” plan. The plan, approved in Singapore as part of a restructuring process, would have spread the losses from the July 2024 hack—reported at approximately $234 million —across all users, including those whose assets were unaffected.

WazirX argued that its Singapore-based restructuring governed its Indian users, but the court disagreed. Justice N. Anand Venkatesh held that the petitioner’s crypto holdings were held “by means of the WazirX platform” in India, and thus the court exercised domestic jurisdiction.

He directed the Indian operator, Zanmai Labs Pvt Ltd, to furnish a bank guarantee corresponding to the value of the frozen XRP while the matter is resolved. The court emphasised that the tokens must remain with the user and cannot be reallocated without proper legal basis.

The Madras High Court’s decision arrives amid India’s slow progress toward comprehensive crypto regulation. While the country enforces a 30% capital gains tax and 1% tax TDS on crypto trades, it still lacks legislation defining ownership rights, investor protections, or exchange accountability.

By treating crypto as property in this decision, the court has provided a crucial legal benchmark that strengthens investor protections and could guide the development of future regulatory frameworks.

31.05.2024 - 16:44

Update: 31.05.2024 - 17:04

Cryptocurrency exchange Coinbase announced in its statement that it will not support the transition of the Metal DAO (MTL) altcoin to its layer-2 blockchain network and will stop trading for this altcoin on its platform on June 14.

Metal DAO (MTL) announced that it would abandon the Ethereum blockchain and migrate to its own layer-2 blockchain, Metal L2, via an airdrop.

The exchange announced that the tokens in question will continue to be withdrawn by users despite the delisting process. However, users need to perform some procedures to switch to the new network by receiving an airdrop from the Layer-2 network.

According to the statement made by Coinbase, the token holders in question must move their MTL tokens on the exchange to cold wallets by June 23 in order to be eligible for the new token airdrop. According to the statement, users who do not move their assets to cold wallets will not be able to access their assets in the new network.

*This is not investment advice.

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Synthetix founder Kain Warwick published a detailed thread this morning acknowledging that sUSD has been depegged for over a year, taking personal responsibility for treasury mismanagement, and outlining a basis-vault-backed replacement stablecoin to run on the protocol's new v4 exchange.

Synthetix founder Kain Warwick has acknowledged that sUSD has been depegged for over a year, taken personal responsibility for treasury mismanagement, and published a detailed thread this morning explaining the path forward: winding down the SNX-backed stablecoin and replacing it with a basis-vault-backed instrument powered by the protocol's new v4 exchange.

Warwick's eleven-tweet thread follows governance's passage of SIP-423, covered earlier today by The Defiant, which would freeze the sUSD contract and pay holders four SNX per sUSD. In the thread, Warwick goes further than the SIP itself, framing the depeg as a multi-factor failure and detailing the reasoning behind every step.

30% Treasury AccumulationThe protocol's treasury has absorbed roughly 30% of outstanding sUSD supply over the past year, according to Warwick's thread. Yet he says that buying back the rest is not an option: selling SNX at current prices to retire the remaining sUSD would be value-destructive, and there is no demand for locked SNX that would allow the protocol to repeg without deepening that discount.

Warwick noted that locking SNX at today's price implies a 75% discount against the liquid token, "which given the state of the token market is probably accurate." At the time of publication, SNX trades at $0.2426, per CoinGecko, and sUSD is quoted at $0.25, or roughly 75 cents below its $1.00 target.

The 420-Pool CallOn the 420 pool, Warwick's assessment is direct. Introducing the mechanism "very likely saved the protocol from a death spiral at the cost of the sUSD peg." SNX holders absorbed that cost; the thread frames sUSD as a liability of SNX holders specifically, which is why the SIP-423 wind-down uses SNX rather than cash to make holders whole.

What Went WrongWarwick attributes the depeg to three compounding failures. The v3 exchange was, in his words, "a dumpster fire." The v4 build took far longer to scale than anticipated. Yield generation on sUSD balances, a mechanism intended to create buy-side demand for the stablecoin, failed to materialize.

The combination left sUSD exposed. Supply had once exceeded $1 billion across sUSD and other synths; an orderly wind-down got it to roughly $50 million, but Warwick describes the remaining tail as "functionally insolvent" without exchange revenue to backstop it.

"As the founder the responsibility for this mismanagement is mine," Warwick wrote.

Basis-Vault ReplacementThe forward-looking piece of the thread is the replacement design: sUSD as a debt instrument backed by SNX is being wound down and replaced by a basis-vault-backed stablecoin, intended to run on the v4 exchange on Ethereum mainnet.

The design differs structurally from sUSD. A basis-vault stablecoin earns yield from funding-rate arbitrage between spot and perpetual positions, rather than requiring collateral in a volatile governance token. Warwick did not specify a launch timeline or target supply for the replacement.

Perp Meta, MissedWarwick's self-critique centers on a specific market window. Synthetix had the architecture and the community to compete in the 2023-2024 on-chain perpetuals expansion. Instead, v3 development problems slowed the exchange, and purpose-built perp venues captured the growth.

"Synthetix was positioned almost perfectly to take advantage of the Perp Dex meta, but we fumbled hard," Warwick said. He added he remains a holder of both SNX and sUSD, describing both as "max pain since 2022." He closed the thread expressing confidence in a recovery, though he acknowledged the market is not currently pricing one in.

Synthetix's total value locked stands at $32.5 million, per DefiLlama, with virtually all of that on Ethereum. SNX carries a market capitalization of $83.6 million, per CoinGecko.

Summary

ECB staff paper finds top 100 holders in Aave, MakerDAO, Ampleforth and Uniswap control over 80% of governance tokens. Concentrated voting blocs threaten DeFi protocols’ claims to “fully decentralized” status under MiCA. Findings raise risk that leading DeFi DAOs could be pulled inside the EU’s licensing and compliance regime. The European Central Bank (ECB) has published a working paper arguing that governance in flagship DeFi protocols like Aave, MakerDAO, Ampleforth and Uniswap is far more centralized than their “decentralized autonomous organization” branding suggests, a conclusion that could strip them of regulatory safe harbor under the EU’s MiCA regime. The staff study, titled “Who to regulate? Identifying actors within DeFi’s governance,” finds that the top 100 holders in each of the four protocols collectively control more than 80% of governance token supply, with “around half or more holdings linked” to the protocols themselves or exchanges.

According to the ECB researchers, voting power is even more concentrated than token ownership, with top voters “mostly delegates, who, in many cases, could not be identified nor linked to token holders.” In Ampleforth, the paper highlights that the top 20 voters account for roughly 96% of proxy voting rights, a structure that leaves real control in the hands of a small, opaque elite. That concentration, the authors warn, turns many DAOs into what prior academic work has called “minority rule,” where a few large token holders or delegates can effectively dictate protocol outcomes.

MiCA’s “fully decentralized” exemption under pressure Under the EU’s Markets in Crypto-Assets regulation, crypto-asset services that are “provided in a fully decentralised manner without any intermediary” can fall outside the core licensing perimeter. The ECB paper directly questions whether Aave, MakerDAO’s Sky ecosystem, Uniswap and Ampleforth can plausibly claim that status when more than half of governance tokens in some cases are linked to founding teams or centralized exchanges such as Binance. “The concentration of governance power remains stable over time,” the authors write, arguing that decentralization here is “form over substance.”

Regulatory anchor points for DeFi For policymakers, the study’s aim is explicit: identify “regulatory anchor points” in systems that were designed to avoid having a traditional issuer, board or CEO. The authors stress that limited on-chain transparency about the real-world identities behind key delegates “complicates efforts to assess accountability and reinforces concerns about the concentration of power.” That, in turn, bolsters arguments from EU agencies and legal commentators that MiCA’s decentralization exemption must be interpreted narrowly, with regulators focusing on where effective decision-making and operational control actually sit, rather than on marketing language about DAOs.

In practice, the ECB’s approach signals that supervisors are ready to treat DeFi governance structures with the same forensic scrutiny applied to large banks’ shareholder registers and control chains. If Aave, Uniswap or MakerDAO cannot demonstrate materially dispersed and accountable governance, their DAOs may be forced into the same kind of licensing, capital, and compliance obligations now facing centralized crypto-asset service providers across the bloc.

CompaniesJune 25 (Reuters) - U.S.-based adhesives maker H.B. Fuller (FUL.N), opens new tab will buy Advanced Medical Solutions Group (AMSU.L), opens new tab in a cash ​deal that values the British medical supplier at about £715 ‌million ($942.1 million) including debt, the companies said on Thursday.

The British company's shares rose 15.8% to 278 pence, the highest level since February 2023.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

Here are ​some details:

H.B. Fuller to pay Winsford-based company shareholders 285 ​pence per share, a 35% premium to its May 20 ⁠closing price, the day before the offer period began.

Deal expected ​to close by end of 2026.

H.B. Fuller expects the deal to ​generate about $55 million in annual run-rate synergies by 2031.

Deal marks the latest overseas takeover of a London-listed company amid relatively low UK valuations.

Ends a long ​stretch of private equity interest in AMS, including TA Associates, which ​walked away in May without bidding, as well as reported interest from Bridgepoint.

"As ‌part ⁠of the combined larger medical adhesives platform, AMS and H.B. Fuller will benefit from enhanced commercial, manufacturing and distribution capabilities, which should accelerate the delivery of our strategy and broaden our offering ​to patients in ​the US, ⁠Europe and beyond," Grahame Cook, Chair of AMS, said.

AMS board has unanimously recommended the deal to ​its shareholders.

As of last close, AMS shares have risen ​16% ⁠since H.B. Fuller launched its unsolicited bid on May 20.

In May, activist Ancora urged the Minnesota-based H.B. Fuller to abandon its "irresponsible" pursuit ⁠of AMS ​and conduct a strategic review.

Ancora did not immediately ​offer a response for Reuters' request for comment on the deal. ($1 = 0.7590 pounds)

Reporting by Nithyashree ​R B in Bengaluru; Editing by Subhranshu Sahu and Harikrishnan Nair

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

Polkadot 2.0 replaces the old two-year slot auction model with Agile Coretime, a flexible system that lets developers buy network compute time on a monthly basis or even block by block. This change went live in September 2024 and was finalized with the release of Polkadot SDK version 2509 in October 2025, completing the three-pillar Polkadot 2.0 upgrade alongside Asynchronous Backing and Elastic Scaling.

For developers, the practical difference is significant: launching a parachain no longer requires locking up large amounts of DOT for years at a time. You pay for what you use, when you need it.

What Was Wrong with the Old Parachain Slot System?Before Polkadot 2.0, projects that wanted to run a parachain (a custom blockchain that plugs into Polkadot's shared security) had to win a slot through a candle auction. Those auctions required teams to lock DOT tokens for lease periods of up to two years. Only the highest bidders secured a spot.

This created real barriers:

Small and mid-size teams needed to raise or hold massive amounts of DOT just to get started.Once a slot was won, the team paid for continuous blockspace whether or not they were using it.If a project's traffic was low for a few months, it was still burning through its lease.New projects with promising ideas but limited capital were simply priced out.The auction model also created unpredictable costs. Project budgets depended on DOT's market price at the time of the auction, introducing a layer of financial risk that had nothing to do with the actual work of building.

How Does Agile Coretime Actually Work?In Polkadot's architecture, a "core" is the virtual abstraction of computing power that the Relay Chain provides to secure a parachain's blocks. Think of it as a processing slot. Agile Coretime is the system that controls how those cores get assigned and purchased.

There are two main ways to obtain coretime today:

Bulk coretime: A team buys access to a core for a fixed period, up to 28 days, represented as an NFT on the Coretime Chain. This is suitable for parachains that need to produce blocks continuously, such as every 6 or 12 seconds. Renewal orders take priority over new orders, which protects active chains from price spikes.On-demand coretime: A team pays per block, each time they need one produced. This suits projects with irregular traffic, test deployments, or applications that only need to process transactions occasionally.Bulk coretime can also be split and resold on secondary markets, which means a team running a lighter workload can divide its core allocation and sell unused portions to other projects. This creates a more efficient use of network capacity overall.

Eskimor, lead developer at Parity Technologies, described: 

"Agile Coretime is a huge milestone in making the high quality blockspace Polkadot offers more accessible. With this and other features we have in the pipeline, I expect more experimentation and awesome projects to be launched on Polkadot."

What Are the Other Pillars of Polkadot 2.0?Agile Coretime is one piece of a three-part upgrade. Understanding how all three work together matters for developers assessing the platform.

Asynchronous BackingAsynchronous Backing changed how parachain blocks are validated. Previously, each parachain block had to be fully validated before the next one could start. The async model decouples those stages, allowing parachain block preparation and relay chain inclusion to happen in parallel. The result is that block times dropped from 12 seconds to 6 seconds, roughly doubling throughput for chains running on Polkadot.

Elastic ScalingElastic Scaling, completed in October 2025, allows a parachain to temporarily use multiple cores at the same time when demand is high, then release them when traffic drops. A chain that normally runs on one core can burst to two, three, or more during a spike. Early projections suggest individual parachains could theoretically handle hundreds of thousands of transactions per second under this model.

Together, these three upgrades form what the Polkadot community calls the "scaling trilogy," and they all converged in the Polkadot SDK 2509 release.

What Does This Mean for Developers in Practice?The most direct change is cost structure. Instead of locking millions of dollars worth of DOT into a two-year lease, a new project can buy a single month of bulk coretime to start. If the project grows, it renews and scales up. If it shrinks or pivots, it scales back or sells unused coretime.

Builders can also mix and match:

Reserve bulk coretime for steady workloads where consistent block production matters.Use on-demand coretime for testing, low-traffic phases, or applications with predictable low frequency.During traffic spikes, elastic scaling allows temporary expansion across multiple cores without a new contract or auction.This flexibility is especially useful for use cases like gaming (where traffic spikes around events), DePIN (decentralized physical infrastructure networks), and AI-adjacent applications that may see highly variable load patterns.

Polkadot SDK 2509 also introduced Ethereum compatibility through Polkadot Hub, meaning Solidity smart contracts can run on Polkadot with minimal changes. Combined with PolkaVM, which supports contracts written in Rust and C++ compiled to RISC-V, developers now have multiple entry points depending on their existing skill set.

Since 2025, Polkadot has attracted 450 to 500 monthly active developers and distributes grants through an on-chain treasury that disbursed roughly $21.8 million in 2025.

What Is JAM, and Why Does It Matter?The next major upgrade on Polkadot's roadmap is JAM, which stands for Join-Accumulate Machine. JAM is designed to replace the Relay Chain entirely with a more general-purpose architecture that treats Polkadot less like a blockchain router and more like a distributed computer. JAM enables smart contracts written in Solidity, Rust, or C++ to run across hundreds of parallel cores.

JAM was announced by Gavin Wood in April 2024. A public JAM testnet launched in January 2026, with 43 independent teams building implementations across 15 programming languages and competing for a 10 million DOT prize pool administered by the Web3 Foundation. As of June 2026, JAM is not yet live on mainnet.

The current target window for critical testing milestones and early mainnet upgrade proposals through Polkadot's OpenGov process is Q3 to Q4 2026. It builds on the same coretime model introduced in Polkadot 2.0, so the resource-purchasing mechanics that developers learn today carry forward.

DOT Tokenomics and What Changed in March 2026A separate but related update happened in March 2026. Polkadot enacted a hard supply cap of 2.1 billion DOT and cut annual token issuance by 53.6%. This mirrors Bitcoin's supply-capping approach and was designed to reduce long-term sell pressure on the token.

Alongside the supply cap, Polkadot also overhauled how protocol revenue is handled. Previously, a portion of DOT from coretime sales was burned. That changed in January 2026 when Polkadot's governance passed the Dynamic Allocation Pool (DAP) proposal. 

Under the DAP model, coretime sales revenue, transaction fees, and validator slashes no longer get destroyed. Instead, they flow into a governance-controlled pool that allocates funds to validators, nominators, the treasury, and a strategic reserve. The practical result is that network revenue is now recycled back into the ecosystem rather than removed from circulation entirely.

As of June 2026, DOT is trading around $0.94, down significantly from 2025 highs. The first U.S. spot DOT ETF, the 21Shares TDOT, launched in March 2026, though early inflows have remained modest.

ConclusionPolkadot 2.0 is fully deployed. Agile Coretime, Asynchronous Backing, and Elastic Scaling are live on mainnet as of the SDK 2509 release in October 2025. Together, they give developers a credible toolkit: flexible blockspace pricing, six-second block times, and the ability to scale compute capacity up and down in real time. 

JAM is the next step, currently in public testnet with a mainnet governance proposal expected in Q3 to Q4 2026. It extends the same coretime model to a broader execution environment. The infrastructure is in place; what happens next depends on developer adoption.

ResourcesPolkadot Developer Docs – Agile Coretime – Official reference for bulk coretime and on-demand coretime mechanics on Polkadot.Polkadot Wiki – Agile Coretime (Scheduling) – Deep dive into coretime scheduling, multi-threading, and bulk purchase mechanics.Parity Technologies – Polkadot Upgrade 2025: What You Need to Know – Overview of SDK 2509, Asynchronous Backing, Agile Coretime, and Elastic Scaling from Polkadot's core development team.Polkadot Newsroom – Polkadot Launches Agile Coretime – Official press release with developer commentary from Parity Technologies.OneKey Blog – What's Next for Polkadot: Upcoming Upgrades and Milestones for 2025-26 – Summary of coretime market development, JAM roadmap, and developer strategy for 2025-26.Polkadot Developer Docs – Obtain Coretime – Practical guide for purchasing bulk and on-demand coretime when deploying a parachain.Elastic Scaling – Polkadot Developer Docs – Technical documentation for multi-core parallel execution on Polkadot.Parity Technologies – Refining Polkadot's Economic Architecture: DOT Issuance, DAP, and Network Adjustments – Official explanation of the Dynamic Allocation Pool, the 2.1 billion DOT supply cap, and the March 2026 issuance reduction.

Two New Referenda Target Polkadot's Staking Economics@Polkadot has put two new OpenGov proposals to its community: referenda 1909 and 1910. Together, they represent the next step in a broader effort to overhaul the network's staking architecture, shifting risk away from everyday participants and toward the validators who operate the infrastructure.

Referendum 1909 builds on the 10,000 $DOT validator self-stake minimum that was established by the earlier Referendum 1890. The new proposal adds self-stake rewards for validators, sets validator commissions to 0%, and introduces permissionless chilling, meaning that under-bonded validators can be removed from the active set without requiring a governance action. The intent is to sharpen validator incentives and ensure operators carry genuine financial exposure to their own performance.

Referendum 1910 addresses the nominator side of the equation. It proposes removing nominator slashing entirely and reducing the unbonding period to 48 hours. Under Polkadot's current model, nominators who back a misbehaving validator can lose a portion of their staked funds. The existing unbonding period, meanwhile, sits at approximately 28 days, meaning stakers must wait nearly a month before withdrawn $DOT becomes transferable.

Rebalancing Risk Between Validators and NominatorsThe two proposals are designed to work in tandem. By concentrating slashing risk on validators through the self-stake requirement and removing it for nominators, Polkadot aims to make staking more accessible to a broader range of participants. Cutting the unbonding window to 48 hours addresses a longstanding liquidity concern that has discouraged some holders from participating at all.

Taken together, referenda 1909 and 1910 continue a reform trajectory that @Polkadot's governance community began earlier in 2026. The core logic remains consistent: validators, who control the infrastructure, should absorb the primary operational risk, while nominators should be able to delegate and earn rewards with fewer barriers and less exposure to losses outside their control.

Both proposals are open for a vote through Polkadot's OpenGov system, where $DOT holders can participate directly in the decision.

Sources:
Polkadot OpenGov Votes on Mandatory 10,000 DOT Validator Self-Bond (BanklessTimes)
Staking on Polkadot (Polkadot Wiki)
Polkadot OpenGov Referenda Tracker (Subsquare)

CRV price trades near $0.24 as LlamaLend exploit concerns weigh on short-term sentiment.

Summary

CRV price is holding above $0.22 support but struggling below $0.25 resistance. A $240K LlamaLend pool exploit has added fresh uncertainty around Curve’s ecosystem. A daily close below $0.22 could expose the psychological $0.20 level. Curve DAO (CRV) token is trading at $0.24 at press time, down 3.5% over the past 24 hours. The pullback comes during a recovery attempt, with price still near the upper half of its seven-day range between $0.21 and $0.26.

CRV is up about 5% on the week but remains down 20% over the past month.

Derivatives activity has softened. Volume is down 12% to $127 million, while open interest has slipped 1.73% to $67.8 million, according to CoinGlass data.

As uncertainty persists, the drop in open interest shows that some leveraged positions are being closed rather than opened, indicating caution among traders.

LlamaLend pool exploit adds pressure Curve Finance’s March 2 statement confirming that it is looking into an attack on the sDOLA LlamaLend markets has dampened sentiment. The issue stemmed from how the pool’s price oracle was configured, which introduced the risk of manipulation.

Blockchain security firm BlockSec had clarified that the vulnerability affected only the sDOLA–crvUSD LlamaLend pool and not Inverse Finance itself. The exploit resulted in an estimated $240,000 profit for the attacker.

Borrowers who used sDOLA as collateral were liquidated, while lenders were unaffected. sDOLA holders even saw gains due to the price distortion.

Correction: After further investigation and discussion with @InverseFinance, we confirm that its contract was not affected by the attack. The actual victim was the sDOLA–crvUSD Curve LlamaLend pool. The root cause was an improper oracle configuration by the pool creator, who used… https://t.co/DTDJX1gVrS

— BlockSec Phalcon (@Phalcon_xyz) March 2, 2026 The attack relied on a flash loan. Funds were borrowed, sDOLA was redeemed and re-staked as a donation, and the pool’s pricing mechanism was temporarily distorted.

That shift pushed several positions below liquidation thresholds, allowing the attacker to liquidate them at a profit.

Curve emphasized that the core protocol contracts were not compromised. Even so, the incident has revived concerns about oracle design and integration risks within DeFi lending markets.

CRV price technical analysis CRV continues to trade in a bearish structure. The daily chart shows a sequence of lower highs and lower lows. Price sits below the descending 50-day moving average, reinforcing the short- to mid-term downward bias.

CRV daily chart. Credit: crypto.news Attempts to reclaim the 0.25–0.26 zone have failed so far, leaving overhead supply in place. Bollinger Bands expanded to the downside after a period of contraction, confirming that the latest volatility break favored sellers.

Price is now hugging the lower band, a sign that sell pressure has not fully eased. A close back above the mid-band would be the first sign of stabilization, but that has yet to occur.

The momentum is still skewed toward bears because the relative strength index is less than 50. It recently recovered from around the 30 level, but there hasn’t been any major bullish divergence. 

Immediate support sits near 0.22, which marks the lower boundary of the current range and a liquidity cluster. A daily close below that level could open the path toward the psychological 0.20 mark.

On the upside, 0.25 acts as near-term resistance. A sustained move above 0.30 would be required to break the pattern of lower highs and shift the broader structure.

South Korean cryptocurrency exchange Upbit has announced it will delist Loopring (LRC), marking another instance of tighter listing oversight within one of Asia’s most closely regulated digital asset markets. The exchange said trading support for LRC will end in mid-March, with withdrawals to remain available for a limited period thereafter, giving users time to manage positions before services are fully discontinued.

The decision follows what Upbit described as a comprehensive internal review of the project. According to the exchange, concerns were raised regarding disclosure standards, business transparency, and the sustainability of the project’s roadmap. While Upbit did not allege misconduct, it indicated that the token no longer satisfied the platform’s listing maintenance criteria, which are designed to protect investors and ensure adequate levels of project communication and operational clarity.

Delisting timeline and user impact Under the announced schedule, deposits of Loopring have already been suspended, and trading support will cease on the specified termination date. After trading ends, open orders will be automatically canceled. Withdrawals will remain available for a defined grace period before full support is terminated. Upbit advised users to review their holdings carefully and take necessary action to avoid disruptions once services conclude.

For retail investors, the immediate implication is reduced liquidity within the South Korean market. Upbit commands a significant share of domestic crypto trading volume, and removal from its platform can materially affect a token’s accessibility and price stability in the region. Market participants often view delistings by major exchanges as negative catalysts, particularly when they stem from compliance or transparency concerns rather than purely commercial considerations.

Broader regulatory context in South Korea South Korea has developed one of the world’s more structured regulatory environments for digital asset trading. Exchanges operating domestically are subject to strict reporting standards and periodic asset reviews. Projects listed on major platforms are expected to maintain consistent disclosures regarding development progress, governance structure, tokenomics, and risk factors. Failure to meet these standards can result in trading suspensions, watchlist designations, or full delistings.

In recent years, local exchanges have demonstrated greater willingness to remove tokens that fall short of evolving compliance benchmarks. This reflects both regulatory pressure and a broader industry shift toward enhanced investor protection. For exchanges, maintaining credibility and regulatory alignment has become a strategic priority, particularly as institutional participation in digital assets expands.

Loopring, an Ethereum-based layer-2 protocol designed to facilitate scalable decentralized exchange infrastructure, continues to operate independently of any single exchange listing. However, delisting from a major venue such as Upbit may limit exposure to one of the region’s most active retail trading bases. The longer-term impact on LRC’s liquidity and valuation will depend on trading activity across other global exchanges and the project’s ability to address the concerns highlighted during the review process.

As exchanges worldwide refine listing frameworks in response to regulatory developments, Upbit’s decision underscores the growing importance of transparency, consistent disclosure, and operational sustainability in the digital asset sector. The move serves as a reminder that exchange listings are conditional, and that ongoing compliance is increasingly central to a token’s continued market access.

Canary Capital has brought Hedera’s HBAR token into the ETF mainstream. The firm filed a Form 424B3 prospectus supplement with the SEC for its spot HBAR ETF, trading under the ticker HBR on Nasdaq.

The filing, submitted around October 27, 2025, preceded the fund’s trading debut on Nasdaq the following day. It makes HBR the first US spot ETF offering direct exposure to HBAR, the native cryptocurrency of the Hedera network.

What the filing actually means A 424B3 is a prospectus supplement, essentially the final paperwork that tells investors exactly what they’re buying before shares start changing hands. The more important backstory is the S-1/A filing Canary submitted on September 22, 2025, which served as the precursor registration statement. The 424B3 was the last regulatory hurdle before shares could actually trade.

The ETF is structured as a grantor trust that holds 100% HBAR, plus minor cash reserves. That structure means investors own a proportional share of actual HBAR tokens sitting in custody, not derivatives or futures contracts.

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Custodial duties are split between BitGo Trust Company and Coinbase Custody. Pricing relies on a benchmark from CoinDesk for valuation of the underlying HBAR holdings.

The sponsor fee is set at 0.95%. For context, that’s higher than most spot Bitcoin ETFs, which have largely settled into a fee war in the 0.20%-0.25% range.

The numbers so far As of June 2026, the fund’s net assets sit at approximately $52.6 million. The market price per share was around $11.14 as of June 8, 2026. The fund’s CUSIP number is 136945102.

Canary Capital CEO Steven McClurg framed the approval as a significant moment for broadening investor access to digital assets.

Why this matters beyond HBAR The Hedera network operates a hashgraph-based distributed ledger, which is technically distinct from traditional blockchain architecture. It’s governed by the Hedera Governing Council, a body that has included companies like Google, IBM, and Boeing.

For investors considering the HBR fund, the 0.95% sponsor fee is the most immediate cost to weigh. With $52.6 million in net assets, the fund is still relatively small. Smaller ETFs can trade at wider bid-ask spreads, meaning investors might pay a slight premium when buying and accept a slight discount when selling compared to the fund’s net asset value.

Every dollar flowing into HBR translates to actual HBAR purchases by the trust, creating buying pressure that didn’t previously exist from the traditional finance channel.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Altcoins

16 June 2026 | 03:27 Hedera HBAR is trading around $0.083, stuck in a range that has held since late May despite a series of institutional developments that would move most assets considerably higher.

Key Takeaways:

HBAR trades near $0.083, below the $0.095 resistance level, with all three major moving averages positioned above current price Canary Capital’s HBAR spot ETF has recorded over $93 million in net inflows since launch, with only a single day of outflows A mid-June open interest surge of 40% alongside a 98% volume spike explains short-term price volatility despite positive fundamentals JPMorgan Asset Management named Hedera the preferred public-permissioned DLT for tokenizing money market funds A JPMorgan endorsement, a Merck supply chain deal, tier-one institutional custody via Copper.co, and $93 million in ETF inflows have all landed within weeks of each other — and the price has barely reacted.

Why Price and Fundamentals Are Moving in Opposite Directions In mid-June 2026, HBAR’s open interest on derivatives exchanges surged by 40%, simultaneous with a 98% spike in trading volume that pushed 24-hour figures above $513 million, according to data from CoinGlass. When a token’s derivatives market is that active relative to its spot market, price responds to liquidation cascades rather than to news — which is the structural reason why positive catalysts have not translated into sustained upward movement.

The spot bid from Canary Capital’s ETF, which has logged over $93 million in net inflows with only a single day of outflows, provides a baseline floor but is not large enough on its own to absorb the volatility generated by that level of leverage. Adding to the near-term headwinds is an upcoming ecosystem token unlock of approximately 3.97 billion HBAR, which OTC desk activity suggests is being anticipated by large holders. Until the unlock clears or spot buying picks up, short-sellers hold the structural advantage.

HBAR’s Descending Channel and Where Support Sits Since peaking near $0.12 in late 2025, HBAR has moved lower through a descending channel, and all three major moving averages sit above the current price and slope downward — meaning any recovery attempt has to work through layered resistance before it carries technical significance.

The nearest support floor at $0.078 has held twice in recent weeks. A confirmed daily close above $0.095 would open a path toward $0.102 and eventually $0.13. RSI at 47.27 places the asset in neutral-to-weak territory, while its 14-period average sits at 39.09 — a level that historically precedes either a bounce or an acceleration downward depending on whether buyers step in at support.

Level / Indicator Value Signal Current price $0.083 Neutral zone Near-term support $0.078 Held twice in June Key resistance $0.095 Needs daily close above Next target if $0.095 clears $0.102 → $0.13 Technical projection 50-day moving average $0.088 Price below — bearish 100-day moving average $0.089 Overhead resistance 200-day moving average $0.100 Not reclaimed in months RSI (14-period) 47.27 Neutral momentum What Merck’s Supply Chain Partnership and JPMorgan’s Endorsement Actually Mean On June 9, The Hashgraph Group formalized a partnership with Merck & Co. that connects the pharmaceutical company’s M-Trust authentication technology with TrackTrace, a decentralized product passport system built on Hedera. Every unit batch in Merck’s global supply chain receives an immutable cryptographic identity recorded through the Hedera Consensus Service. The mechanism that makes this economically viable on Hedera rather than a general-purpose blockchain is fee predictability — Hedera’s transaction costs are pegged in US dollar terms, starting at fractions of a cent, which means Merck can log millions of supply chain entries at a fixed, forecastable cost that variable gas fee networks cannot match at enterprise scale. In global pharmaceutical logistics, where regulators in both the US and EU are tightening traceability requirements, that cost predictability is not a minor advantage — it is the difference between a system that can scale compliantly and one that cannot.

On the institutional finance side, a JPMorgan Asset Management report explicitly identified Hedera as the optimal public-permissioned distributed ledger technology framework for the tokenization of money market funds — a sector representing trillions in institutional capital. The bank’s analysis pointed to three specific attributes: its consensus mechanism’s security architecture, an energy footprint of just 0.00025 kWh per transaction compared to Ethereum’s 2.95 kWh, and the fixed-fee model that makes large-scale settlements predictable. This kind of assessment from an institution with direct financial interest in getting infrastructure decisions right moves Hedera out of the altcoin conversation and into a category where corporate treasuries evaluate it alongside traditional financial infrastructure rather than alongside other layer-1 tokens.

A Network Running at Enterprise Scale The network’s raw performance data reflects the same picture:

Metric Value Notes Total processed transactions 71+ billion Since mainnet; mostly enterprise data logging Network throughput capacity 10,000+ TPS Theoretical maximum Active operational load ~2,400 TPS Average real-world rate RWA settlements $10 billion+ Cumulative on-chain value settled Active wallet growth (Q1 2026) +140% YoY Year-over-year change in active addresses Energy per transaction 0.00025 kWh vs. Ethereum ~2.95 kWh / Bitcoin ~1,087 kWh Hedera has processed over 71 billion transactions since mainnet launch, settled more than $10 billion in real-world assets on-chain, and grown its active wallet count by 140% year-over-year in Q1 2026 — none of which has translated into meaningful upward price pressure for the same reasons outlined above.

Under the Hood: What the Block Node Migration Changes Hedera is currently overhauling how it stores historical transaction data. Previously, nodes relied on external cloud providers like AWS or Google Cloud for historical data retrieval — an external dependency that created complications for enterprises seeking regulatory certification. The new architecture stores transaction history directly on dedicated Block Nodes rather than external cloud providers, cutting confirmation times to under a second and removing the external dependency entirely. For industries like pharmaceuticals and finance, where compliance certification requires a self-contained and independently verifiable audit trail, that distinction matters considerably.

AI Infrastructure, Copper.co Custody, and the Japan Listing The Hedera Agent Kit V4 allows AI agents to execute independent on-chain financial transactions within hard-coded compliance guardrails:

Hourly HBAR spending caps set at the protocol level that the agent cannot exceed Whitelisted payment destinations the agent cannot override Mandatory audit trails of the agent’s decision logic, recorded immutably to the Hedera Consensus Service at the point of execution This solves a problem that has slowed enterprise AI deployment in regulated industries: how to let a system transact independently without losing the audit trail that compliance teams require. Separately, Hedera’s payment schemas were accepted into the x402 protocol standard, enabling native HBAR and USDC micropayments for machine-to-machine API transactions — directly relevant to technology companies building AI systems that require continuous low-cost payments between services.

On June 12, Copper.co integrated Hedera into its institutional custody platform, giving corporate treasuries and large funds tier-one custody and staking access within a compliance-grade framework. This removes the last significant compliance barrier that had kept institutional capital on the sidelines despite growing interest in the network. In Asia, Hedera cleared Japan’s Financial Services Agency regulatory process — among the most stringent in the world for digital assets — and secured a listing on OKCoin Japan with a direct Japanese yen trading pair, giving Japanese investors their first regulated access to HBAR.

Where Hedera’s Critics Have a Point Two structural criticisms of Hedera remain unresolved by the recent run of positive developments. First, despite 71 billion total transactions, the majority of that volume comes from enterprise data logging — health trackers, ad fraud verification, supply chain entries — rather than the retail DeFi activity that drives token appreciation and speculative engagement on competing networks like Solana or Ethereum. Second, while anyone can hold HBAR and open a wallet, only Governing Council members — currently including Google, IBM, Boeing, FedEx, Accenture, Nvidia, and McLaren Racing among others — validate transactions at the consensus layer. Hedera is phasing in public node validation, but the network remains permissioned at its core, which rules it out for anyone who prioritizes decentralization above all else.

The long-term bull case, with price targets toward $1.00 extending into the 2026–2030 window, depends on corporate pilot programs transitioning to full mainnet production use — converting enterprise activity into sustained, recurring demand for the token. That transition has no fixed timeline. In the near term, the price behavior will be determined by two competing forces: whether the 3.97 billion token unlock generates enough sell pressure to break the $0.078 floor, and whether the accumulation of institutional developments — the ETF inflows, Copper.co custody, the Japan FSA clearance, and the JPMorgan endorsement — is sufficient to hold support and eventually force a clean break above $0.095.

Date Category Development Q1 2026 Regulatory SEC/CFTC classify HBAR as digital commodity, removing securities-classification risk for institutional holders Q1 2026 Markets Canary Capital HBAR spot ETF surpasses $93M in net inflows with only one day of outflows since launch Q1–Apr 2026 Governance FedEx and Accenture join the Governing Council for logistics and enterprise AI infrastructure respectively Q2 2026 Infrastructure x402 standard integration approved; native HBAR/USDC micropayments for machine-to-machine transactions Jun 9, 2026 Enterprise Merck & Co. supply chain partnership: M-Trust connected to TrackTrace for immutable pharmaceutical batch tracking Jun 12, 2026 Institutional Copper.co adds Hedera to institutional custody platform; tier-one custody and staking for corporate treasuries Jun 2026 Regulatory HBAR listed on OKCoin Japan with JPY pair after clearing Japan’s FSA framework This article is for informational purposes only and does not constitute financial advice. Consult a professional before making investment decisions.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

In brief Kraken will migrate its wrapped Bitcoin product, kBTC, from LayerZero to Chainlink's interoperability protocol. The asset maintains a market cap of more than $260 million, and Kraken said it will use Chainlink for future wrapped assets, as well. LayerZero admitted it "made a mistake" with Kelp DAO's setup, which was exploited for $292 million in April. Crypto exchange Kraken is the latest firm to ditch LayerZero’s cross-chain interoperability technology following its role in last month’s $292 million Kelp DAO exploit. 

As a result, the firm will migrate its existing wrapped Bitcoin product, kBTC, to Chainlink’s cross-chain interoperability protocol (CCIP). In the future, any wrapped Kraken products will also make use of Chainlink’s technology. 

“Kraken chose Chainlink CCIP because it offers enterprise-grade infrastructure with strict security & risk management requirements,” the exchange posted on X.

Holders of the firm’s kBTC token, which is backed 1:1 by Bitcoin held in custody by Kraken, do not need to take any action at this time. The token holds a market cap of around $266 million at the time of writing. 

Kraken is deprecating its existing cross-chain provider and migrating to @Chainlink CCIP as its exclusive cross-chain infra to secure Kraken Wrapped Bitcoin (kBTC) & all future Kraken Wrapped Assets.

Kraken chose Chainlink CCIP because it offers enterprise-grade infrastructure…

— Kraken (@krakenfx) May 14, 2026

Kraken’s migration extends the list of major crypto firms which have announced their intentions to detach themselves from LayerZero’s cross-chain tech after the interoperability protocol team admitted it “made a mistake” that led to the Kelp DAO exploit. 

Prior to Kraken’s departure, Kelp DAO announced its intentions to shift to Chainlink’s technology and was followed by Solv Protocol, which said it would migrate the tech backing $700 million worth of Bitcoin-related assets to CCIP as well. Last week, on-chain reinsurance protocol Re also announced plans to make the switch from LayerZero to Chainlink.  

“Together, Chainlink and Kraken can help accelerate the global adoption of crypto by unlocking utility and distribution for all Kraken Wrapped Assets across DeFi,” Kraken said. 

Although the firm did not mention the Kelp DAO exploit, Kraken’s decision and those of the other crypto firms migrating away from LayerZero come after the April 18 exploit that was later attributed to Lazarus Group, the notorious North Korean state-sponsored hacker group. 

Attackers from Lazarus were able to drain 116,500 rsETH liquid staking tokens from Kelp DAO’s infrastructure after "poisoning" internal RPCs used by LayerZero Labs, according to a postmortem from the interoperability firm. 

Last week, the protocol said no other applications have been impacted and funds are not at risk.

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

Updated Jan 18, 2023, 9:51 p.m. Published Jan 18, 2023, 9:08 p.m.

3 min read

Tyler and Cameron Winklevoss (L-R) (Joe Raedle/Getty Images)Decentralized finance giant MakerDAO's community was heavily favoring keeping Gemini’s GUSD stablecoin as part of Maker’s reserve. The ongoing vote is testing confidence in Gemini, the Winklevoss-founded exchange that has been swept up in recent crypto contagion.

Voters are casting votes whether to keep the GUSD ceiling at the current $500 million, to decrease it to $100 million or to zero, which would boot GUSD from the reserve, according to Maker’s governance site.

At press time, 69% of the votes favored keeping the GUSD ceiling intact at $500 million, while 31% voted for dropping GUSD to zero. The final result may change; the voting ends Thursday (Jan. 19) at 16:15 UTC.

The Maker protocol is led by a decentralized autonomous organization (DAO), in which holders of the protocol’s governance token, maker (MKR), can vote on proposals. Currently, MakerDAO holds $489 million in GUSD in its Peg Stability Module (PSM) facility, which acts as a reserve system with $7 billion of assets to back its DAI stableoin’s value and price peg to the dollar.

Starting in October, Gemini has been paying a 1.25% annual yield to Maker on GUSD holdings based on an earlier agreement.

The voting comes as Gemini, the issuer of GUSD, is under pressure after halting withdrawals from its yield-paying product, called Gemini Earn, and because of a lawsuit by the top U.S. securities regulator. Gemini is the brainchild of mega-crypto investors Cameron and Tyler Winklevoss, who still helm the company.

Crypto investors worry that Gemini’s woes may destabilize its GUSD stablecoin, roiling Maker’s $5 billion DAI.

“Recent MakerDAO governance discussions have raised concerns about GUSD’s heavy reliance on the PSM and Gemini holding GUSD reserves at Silvergate,” Riyad Carey, analyst of digital asset research firm Kaiko, wrote in a report earlier this month.

Currently, MakerDAO holds some 85% of all GUSD in circulation, making Gemini’s stablecoin overwhelmingly reliant on its relationship with MakerDAO.

Additionally, concerns loom about GUSD’s value being partly backed by cash held at Silvergate Capital (SI), the embattled crypto-friendly bank that has suffered in the fallout from last year’s various crypto debacles, most notably FTX’s demise. The bank’s shares lost 88% of their value in the past year on the New York Stock Exchange.

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit last week alleging that Gemini Trust and major crypto lender Genesis Global Capital sold unregistered securities to customers through the Gemini Earn program. (CoinDesk and Genesis are owned by the same parent company, DCG.)

Users’ assets in the Earn program are locked up at the moment, after Genesis’ lending arm, which powered Gemini Earn, suspended customer withdrawals in November as FTX collapsed. The withdrawal freeze has led to scuffling between the two firms. According to recent reports, Genesis is laying groundwork with its creditors for a bankruptcy filing.

GUSD was an integral part of Gemini’s Earn program, offering as high as 8% annual yield for investors depositing GUSD, according to Kaiko.

Read more: Crypto Exchange Gemini Suffers $485M Rush of Outflows Amid Contagion Fears

“Holding GUSD is akin to holding GUSD’s underlying assets with additional risk related to Gemini,” Carey said. “It seems possible that the community may opt to move on from GUSD in favor of new pilot projects,” he wrote at the time.

The “worst-case scenario” for GUSD would be Gemini’s troubles forcing a delay in GUSD redemptions and causing a temporary deviation from its dollar peg, according to Carey. However, “even a significant depegging would be unlikely to rattle DAI,” he added.

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PLFIF is excited to announce the results of Filecoin Public Goods Funding (ProPGF) Batch 2 - General Track, with $3,220,200 allocated across 16 projects supporting critical infrastructure, developer tooling, ecosystem growth, and coordination within the Filecoin network.

Batch 2 reflects a maturing funding strategy: more selective, more capital disciplined, and strongly aligned with long-term network resilience.

🌱 About ProPGF Protocol Labs’ Filecoin Public Goods Funding (PGF) programs support projects that strengthen the Filecoin ecosystem and broader open-source infrastructure.

Funding is distributed through:

ProPGF - Prospective funding for forward-looking initiatives RetroPGF - Retroactive rewards for demonstrated impact While RetroPGF evaluates past impact, ProPGF is designed to strategically allocate capital toward future ecosystem priorities through milestone-based funding and structured review.

ProPGF runs in recurring cycles and continues to evolve as Filecoin’s capital formation layer matures.

📊 Batch 2 at a Glance 102 total applications 53 shortlisted 42 advanced to final review 16 projects funded $3,220,200 allocated The majority of grants are structured over 6 months, with select soft commitments extending toward 12 months This represents a 15.7% acceptance rate, reflecting the rigor of the review process and the competitive nature of the round.

🧮 Capital Discipline & Negotiation

Across the 16 selected projects:

Total requested: $4,632,800 Total approved: $3,220,200 Note: Batch 2 reflects a more capital-disciplined approach: of the $4.63M requested across selected proposals, $3.22M was approved. This reflects a selective funding approach - prioritizing scope clarity, milestone alignment, and long-term ecosystem impact.

The committee conducted structured negotiations across scope, milestones, and budget sizing to ensure:

Capital efficiency Alignment with ecosystem priorities Clear accountability through milestone gating Average grant size: $201,262 Median grant size: $129,000

This reflects a portfolio approach — balancing large, high-leverage infrastructure bets with smaller, targeted interventions.

🏗 Funding Allocation by Category Batch 2 demonstrates a clear prioritization of core network stability and dependencies.

Capital Distribution:

Infra & Core Dependencies: 62.4% Tooling & Developer Ecosystem: 16.1% Ecosystem Growth: 16.3% Coordination: 3.1% Integrations: 2.0% Over 60% of capital was allocated toward core infrastructure — nodes, maintenance, retrieval systems, indexing, and protocol-level dependencies — signaling strong emphasis on network robustness.

🚀 Meet the Funded Projects 🏗 Infra & Core Dependencies Filecoin Infrastructure Services  by ChainSafe Team – $138,000 The project aims to increase independent operator diversity on Filecoin’s Calibnet test network by running a long-lived, production-like storage miner using Curio. Forest: Efficient and lightweight Filecoin node implementation by ChainSafe Team – $504,000 Forest is a lightweight Filecoin node implementation that makes running network infrastructure cheaper and more reliable. This grant supports its continued maintenance and protocol upgrade readiness. IPNI by IPNI Team - $288,000 IPNI is the indexing service that helps applications discover where data is stored across Filecoin and IPFS. This funding ensures it remains reliable, scalable, and sustainably operated as network usage grows. Enhancing the visibility and verifiability of Filecoin Onchain Cloud within the Filecoin ecosystem through the Filfox explorer by 6Block Team – $30,000 This project enhances the Filfox explorer to improve the visibility and verifiability of FOC, PDP, and Filecoin Pay activity, helping developers, providers, and integrators better understand and troubleshoot onchain service behavior. Curio Storage by Curio Team – $500,000 Curio Storage is building core software and infrastructure that helps Filecoin Storage Providers (SPs) deliver paid deals. This grant funds continued development of “Market 2.0” deal interfaces, plus ongoing support and calibration network stability work that operators rely on. Lotus Miner + Boost Maintenance by Storswift Team – $50,000 This project funds ongoing maintenance of Lotus Miner and Boost, two core components that many Storage Providers rely on for storage and deal operations. The work ensures these systems remain secure, upgrade-compatible, and stable. Calib Network Miner by Storswift Team – $28,000 This project adds a production-grade, independent miner to the Calibration Network to improve upgrade testing, operator diversity, and overall network resilience. Venus Maintenance by IPFS Team – $300,000 Venus maintains and upgrades the second-largest Filecoin client implementation, ensuring continued client diversity and network resilience. This grant supports four network upgrades, zero-day compatibility, and ongoing maintenance of Filscan and FIPs.cc to improve transparency and governance clarity across the ecosystem. Drand by Drand Team – $120,000 This grant funds the continued operation and maintenance of drand - the public randomness service that underpins Filecoin’s block production and network liveness. OpenModel by 6Block Team – $50,000 OpenModel is building a decentralized AI model distribution and compute infrastructure on Filecoin, enabling fast, verifiable model downloads and pay-as-you-go access using Filecoin Pay. 🛠 Tooling & Developer Ecosystem Filecoin Developer Experience & FEVM Development by FIL-B Team – $420,000 FIL-B is building and running the developer experience layer for Filecoin in 2026, partnering with the FOC pod to drive builder adoption (docs, integrations, activations) while also improving core FEVM and Filecoin DX. ProbeLab Gauge for FOC and Retrieval Testing by ProbeLab Team – $100,000 ProbeLab will build retrieval testing tooling and live dashboards to measure Filecoin’s retrieval success rate and Filecoin Onchain Cloud (FOC) performance. This provides transparent, real-time metrics and SLAs to help developers, Storage Providers, and protocol teams monitor and improve network reliability. 🌍 Ecosystem Growth Secured Finance by Secured Finance Team – $225,000 Secured Finance maintains and expands USDFC, a FIL-collateralized stablecoin designed as native financial infrastructure for Filecoin. This grant supports interoperable payment rails, improved user interfaces, and audited onchain vaults to enable stable-value transactions and capital retention within the Filecoin ecosystem. FilPonto by FILPonto Team – $300,000 FilPonto supports core Filecoin infrastructure and ecosystem coordination, sustained FOC developer contributions, and a flexible grants pool for high-impact integrations and experimentation. This grant funds advanced JS contributions to FOC, and responsive technical support across the ecosystem. 🤝 Coordination Filecoin Foundation Infrastructure & Coordination Stewardship by SEAD Team – $101,200 This project provides ongoing stewardship and governance of the Filecoin Foundation’s core coordination infrastructure, including shared systems such as Slack, Google Workspace, and GitHub. The grant ensures secure access management, clear ownership boundaries, and operational continuity across organizational lines to reduce systemic risk and support ecosystem execution. 🔗 Integrations Oku Trade by Oku Team – $66,000 Oku Trade provides Filecoin’s primary decentralized exchange interface and meta-aggregator, enabling fee-less swaps, bridging, and liquidity provision via Uniswap v3 infrastructure. This grant supports ongoing hosting and indexing to ensure reliable DEX access and liquidity flows across EVM networks into Filecoin. 📈 What Batch 2 Signals Compared to earlier cycles, Batch 2 reflects:

Stronger selectivity (16 out of 102 funded) Greater capital concentration into core infrastructure Clear negotiation discipline Emphasis on long-term network sustainability This was not a broad experimentation round. It was a stability and resilience round.

📉 For Teams Not Selected We recognize the high quality of many proposals that were not funded in this cycle.

ProPGF operates within a defined capital envelope and prioritizes strategic alignment, scope readiness, and budget feasibility.

Importantly, we are currently working on a separate grant initiative outside of ProPGF, designed to support projects that may be better suited for a different funding structure or scope.

Our team will be reaching out directly to selected applicants as this program takes shape.

We strongly encourage teams to remain engaged and apply in future cycles.

💸 What Happens Next Agreements and KYB completion Milestone tracking via Karma Grantee Slack onboarding Structured reporting and transparency Initial disbursements begin shortly.

🔭 Looking Ahead As Filecoin continues to mature, so too does its capital allocation strategy.

ProPGF is evolving toward:

Greater funding transparency Stronger milestone accountability Better capital efficiency Alignment with long-term network KPIs Batch 2 marks another step toward building sustainable capital infrastructure around Filecoin.

We’re excited to support this cohort and look forward to sharing more about the long-term roadmap for ProPGF in upcoming posts.

📣 Stay Engaged If you’d like to explore the scope of funded work and follow progress updates from Batch 2 teams, please visit filpgf.io and navigate to the ProPGF Batch 2 → Approved Projects section. All funded projects will be reporting milestone updates there.

For applicants: you should be able to access your full application details directly via filpgf.io. If you encounter any issues or have questions regarding agreements, KYB, or payouts, please reach out to [email protected].

We appreciate the continued engagement from the ecosystem and look forward to building the next phase of Filecoin infrastructure together.

TLDR: Unstoppable Wallet completed NEAR Intents integration across app, web, and Telegram swap tools.  1Click Swap API now enables crosschain execution with near-instant settlement and routing options.  Integration adds DEX-level privacy with no KYC and no metadata tracking across swap transactions ecosystem.  Users can choose tradeoffs between speed, cost, and liquidity routes within Unstoppable Wallet integration layer. NEAR Protocol integration with Unstoppable Wallet expands crosschain swap capabilities via NEAR Intents. Unstoppable Wallet has completed integration of Intents 1Click Swap API across app, Telegram bot, and web interface. 

The rollout enables faster crosschain swaps with privacy features and access to decentralized liquidity routing. The update extends NEAR Intents as a universal liquidity layer across multiple user-facing swap environments.

NEAR Protocol Intents Integration Expands Across Unstoppable Wallet Platforms Unstoppable has completed the integration and testing phase of NEAR Intents across its wallet ecosystem. 

The rollout now spans all Unstoppable products, embedding swap infrastructure directly into its core user environments and expanding functionality across multiple access points.

The 1Click Swap API now runs across the Unstoppable mobile application, Telegram bot, and web interface. This integration standardizes crosschain execution flows and allows users to initiate swaps from different entry points without changing platforms or relying on external routing tools.

The system introduces a privacy-focused structure with no KYC requirements and no metadata tracking inside the integration layer. Transactions execute near instantly, positioning the experience closer to centralized exchange speed while still relying on decentralized routing infrastructure powered by NEAR Intents.

According to Unstoppable, the setup improves access to a wider asset range across multiple chains. It also provides competitive pricing in many stable swap scenarios. 

The routing system operates alongside existing pathways, giving users multiple execution options within a single interface.

Unstoppable now completes its NEAR Intents @near_intents integration and testing phase and now includes in all Unstoppable products.

WHY THIS IMPORTANT?

This gives you DEX-level privacy with centralized exchange speed.

Plus, in many cases NEAR able to provide the most… pic.twitter.com/l2OlF9UmZb

— Unstoppable | Privacy Wallet (@unstoppablebyhs) June 8, 2026

Crosschain Liquidity Layer Drives Broader Swap Accessibility The integration extends NEAR Intents’ universal liquidity layer to a broader user base across several interfaces. This allows users to access crosschain swaps without relying on centralized exchange environments or fragmented third-party routing systems.

NEAR Intents operates as a liquidity aggregation and routing framework across decentralized markets. It builds execution paths that pull liquidity from different sources, helping optimize swap outcomes depending on real-time market conditions.

Unstoppable Wallet users retain full control over execution preferences during swaps. They can select between different tradeoffs, including speed, cost efficiency, and routing complexity, depending on the asset pair and market environment.

The development teams also confirmed additional NEAR-related integrations are in progress. While full details remain undisclosed, Unstoppable indicated that further expansion of the integration pipeline is already underway.