Market Signal Briefing

NEW ORLEANS, Nov. 12, 2025 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until January 5, 2026 to file lead plaintiff applications in a securities class action lawsuit against Six Flags Entertainment Corporation f/k/a CopperSteel HoldCo, Inc. (NYSE: FUN), if they purchased or otherwise acquired the Company’s common stock pursuant or traceable to the company’s registration statement and prospectus issued in connection with the July 1, 2024 merger of legacy Six Flags Entertainment Corporation (“Legacy Six Flags”) with Cedar Fair, L.P. (“Cedar Fair”), and their subsidiaries and affiliates (the “Merger”). This action is pending in the United States District Court for the Northern District of Ohio.

Get Help

Six Flags investors should visit us at https://www.claimsfiler.com/cases/nyse-fun-1 or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Six Flags and certain of its executives are charged with failing to disclose material information in the registration statement for the Merger, violating federal securities laws.

Specifically, the Registration statement failed to disclose that (i) despite the Company’s claims that it had pursued transformational investment initiatives in the years leading up to the Merger, Legacy Six Flags in fact suffered from chronic underinvestment and its parks required millions of dollars in additional capital and operational expenditures above the company’s historical cost trends in order to maintain or grow Legacy Six Flags’ share in the intensely competitive amusement park market; (ii) following defendant Selim Bassoul's appointment as CEO in November 2021, the company implemented aggressive cost-cutting measures, including significant reductions in employee headcount, which materially degraded operational competence and guest experience; (iii) as a result, Legacy Six Flags required a substantial and undisclosed capital infusion to stabilize and revitalize its business, and these acute capital needs fundamentally undermined the rationale for the Merger as presented in the registration statement.

On the Merger closing date, July 1, 2024, Six Flags stock traded above $55 per share. The price of Six Flags stock subsequently fell as low as $20 per share, a nearly 64% decline.

The case is City of Livonia Employees’ Retirement System v. Six Flags Entertainment Corporation, No. 25-cv-02394.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

NEW ORLEANS, Nov. 12, 2025 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 23, 2025 to file lead plaintiff applications in a securities class action lawsuit against James Hardie Industries plc (“James Hardie” or the “Company”) (NYSE: JHX), if they purchased or otherwise acquired the Company’s shares between May 20, 2025, and August 18, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Illinois.

Get Help

James Hardie investors should visit us at https://claimsfiler.com/cases/nyse-jhx/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

James Hardie and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On August 19, 2025, despite prior reassurances that its North America Fiber Cement segment remained strong, the Company disclosed that sales in North America Fiber Cement declined by 12% due to customer destocking first discovered “in April through May,” that was expected to impact sales for at least the next two quarters.

On this news, the price of James Hardie’s shares fell by over 34%, or $9.79 per share, from a closing price of $28.43 per share on August 18, 2025 to $18.64 per share on August 20, 2025.

The case is Laborers’ District Council and Contractors’ Pension Fund of Ohio v. James Hardie Industries plc, et al., No. 25-cv-13018.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

Fortress Biotech, Inc. (FBIO) Q3 2025 Earnings Call November 12, 2025 4:30 PM EST

Company Participants

Jaclyn Jaffe - Senior Director of Corporate Operations
Claude Maraoui - Founder, President, CEO & Director
Joseph Benesch - CFO & Corporate Controller
Ramsey Alloush - COO, General Counsel & Company Secretary

Conference Call Participants

Brandon Folkes - H.C. Wainwright & Co, LLC, Research Division
Scott Henry - Alliance Global Partners, Research Division
Thomas Flaten - Lake Street Capital Markets, LLC, Research Division
Mayank Mamtani - B. Riley Securities, Inc., Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to Journey Medical's Third Quarter 2025 Financial Results and Corporate Update Conference Call. [Operator Instructions] Participants of this call are advised that the audio of this call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of this call will be available approximately 1 hour after the call for approximately 30 days. I would now like to turn the call over to Ms. Jaclyn Jaffe, the company's Senior Director of Corporate Operations. Please go ahead, Jaclyn.

Jaclyn Jaffe
Senior Director of Corporate Operations

Good afternoon, and thank you for participating in today's conference call. Joining me from Journey Medical's leadership team are Claude Maraoui, Co-Founder, President and Chief Executive Officer; and Joseph Benesch, Chief Financial Officer. Joining for the Q&A portion of the call will be Ramsey Alloush, Chief Operating Officer and General Counsel.

During this call, management will be making forward-looking statements, including statements that address among other things, Journey Medical's expectations for future performance, operational results, financial condition and the receipt of regulatory approvals. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements.

For more information about these risks, please refer to the

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November 12, 2025 10:52 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 12, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers or sellers of common stock of Cepton, Inc. (NASDAQ: CPTN) between July 29, 2024 and January 6, 2025, both dates inclusive (the "Class Period"), of the important December 8, 2025 lead plaintiff deadline.

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

WHAT TO DO NEXT: To join the Cepton class action, go to https://rosenlegal.com/submit-form/?case_id=45981 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. If you wish to serve as lead plaintiff, you must move the Court no later than December 8, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements regarding Cepton's business, operations, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Cepton had received a credible third-party bid valuing Cepton at more than double the Koito Acquisition (Cepton's merger with Koita Manufacturing Co., Ltd.); (2) Cepton's Board of Directors failed to meaningfully explore the foregoing offer and failed to disclose its terms when recommending that Cepton's shareholders approve the Koito Acquisition; (3) consequently, Cepton's shareholders were deprived of the opportunity to meaningfully consider whether to accept or reject the Koito Acquisition; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times.

To join the Cepton class action, go to https://rosenlegal.com/submit-form/?case_id=45981 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274248

November 12, 2025 10:55 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 12, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of DexCom, Inc. (NASDAQ: DXCM) between July 26, 2024 and September 17, 2025, both dates inclusive (the "Class Period") of the important December 29, 2025 lead plaintiff deadline.

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

WHAT TO DO NEXT: To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) DexCom had made material design changes to the G6 and G7 continuous glucose monitoring ("CGM") systems that were unauthorized by the U.S. Food and Drug Administration (the "FDA"); (2) the foregoing design changes rendered the G6 and G7 less reliable than their prior iterations, presenting a material health risk to users relying on those devices for accurate glucose readings; (3) accordingly, defendants' purported enhancements to the G7, as well as the device's reliability, accuracy, and functionality, were overstated; (4) Defendants downplayed the true scope and severity of the issues and health risks posed by adulterated G7 devices; (5) all the foregoing subjected DexCom to an increased risk of heightened regulatory scrutiny and enforcement action, as well as significant legal, reputational, and financial harm; and (6) as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274255

Allstate delivered a strong Q3, beating earnings estimates due to favorable catastrophe trends and robust underwriting results. ALL's auto and homeowners segments posted exceptional combined ratios, though these levels are unlikely to be sustained amid moderating premium growth. Despite expectations for modest margin compression and lower investment yields, ALL trades at under 10x forward earnings, offering compelling value.

MCLEAN, Va.--(BUSINESS WIRE)--Claritev Corporation (“Claritev” or the “Company”) (NYSE: CTEV), a technology, data and insights company focused on making healthcare more affordable, transparent and fair for all, today announced the pricing of an underwritten public offering (the “Offering”) of 1,500,000 shares of its Class A common stock, par value $0.0001 per share (the “Class A common stock”), by certain affiliates of Hellman & Friedman (collectively, the “Selling Stockholders”) at a price to the public of $51.50 per share. The Selling Stockholders granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of Class A common stock. The underwriters propose to offer the shares of Class A common stock to the public at a fixed price, which may be changed at any time without notice. Claritev will not sell any shares of its Class A common stock in the Offering and will not receive any proceeds from the sale of the shares of Class A common stock being offered by the Selling Stockholders. The Offering is expected to close by November 14, 2025, subject to customary closing conditions.

Barclays, Guggenheim Securities and Wells Fargo Securities are acting as joint-lead bookrunning managers for the Offering. Citigroup and Piper Sandler are acting as additional bookrunners for the Offering. The Offering may be made only by means of a prospectus supplement and accompanying prospectus. Claritev has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the Offering. A prospectus supplement and accompanying prospectus relating to the Offering will be filed with the SEC and will be available on the SEC’s website. Before you invest, you should read the prospectus supplement and accompanying prospectus and other documents Claritev has filed with the SEC for more complete information about Claritev and the Offering. You may get these documents for free, once available, by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Barclays, Guggenheim Securities or Wells Fargo Securities will arrange to send you the prospectus supplement and accompanying prospectus relating to the Offering if you contact Barclays Capital Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue Edgewood, NY 11717, by telephone at (888) 603-5847, or by email at [email protected]; Guggenheim Securities, LLC at 330 Madison Avenue, 8th Floor, New York, NY 10017, Attention: Equity Syndicate Department, by telephone at (212) 518-9544, or by email at [email protected]; or Wells Fargo Securities, LLC at 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, Attention: Wells Fargo Securities, by telephone at (800) 645-3751 (option #5) or by email at [email protected].

This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Claritev

Claritev is a healthcare technology, data and insights company focused on improving affordability, transparency and quality. Led by a team of deeply experienced associates, data scientists and innovators, Claritev provides tech-enabled solutions and services fueled by multiple data sources and over 40 years of claims repricing experience. Claritev utilizes world-class technology and AI solutions to power a robust enterprise platform that delivers meaningful insights to drive affordability in healthcare, brings price transparency and optimizes networks and benefits design. By focusing on purpose-built solutions that support all key players—including payors, employers, patients, providers and third parties—Claritev aims to make healthcare more accessible and affordable for all.

Claritev serves more than 700 healthcare payors, over 100,000 employers, 60 million consumers, and 1.4 million contracted providers.

Forward-Looking Statements

This press release includes statements that express our and our subsidiaries’ opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “forecasts,” “intends,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts, including statements related to the terms and timing of the Offering. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that these forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks, uncertainties and other assumptions include: market conditions; the satisfaction of customary closing conditions related to the Offering; the ability to complete the Offering on the anticipated terms or at all; other factors disclosed in our SEC filings; and other factors beyond our control.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on our business. There can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the prospectus supplement and accompanying prospectus relating to the Offering, our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and other documents filed or to be filed with the SEC by us. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

MDxHealth SA (MDXH) Q3 2025 Earnings Call November 12, 2025 4:30 PM EST

Company Participants

Michael McGarrity - CEO & Executive Director
Scott McMahan - Vice President of Finance and Accounting

Conference Call Participants

John Fraunces - Lifesci Advisors, LLC
Daniel Brennan - TD Cowen, Research Division
Andrew Brackmann - William Blair & Company L.L.C., Research Division
William Bonello - Craig-Hallum Capital Group LLC, Research Division
Mark Massaro - BTIG, LLC, Research Division
Thomas Flaten - Lake Street Capital Markets, LLC, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the MDxHealth Third Quarter 2025 Earnings Conference Call. [Operator Instructions]. As a reminder, this call is being recorded. I would now like to hand over the conference to John Fraunces from LifeSci Advisors. Thank you, and over to you.

John Fraunces
Lifesci Advisors, LLC

Before we begin, I would like to remind everyone that the company will make forward-looking statements during today's call. Whether in prepared remarks or during the Q&A session, these forward-looking statements are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the Risk Factors section of the company's filings with the Securities and Exchange Commission, specifically in the company's annual report on Form 20-F. I'll now turn the call over to Michael McGarrity, Chief Executive Officer.

Michael McGarrity
CEO & Executive Director

Thanks, John, and thank you all for joining us for our Third Quarter 2025 Earnings Conference Call for MDxHealth. With me today is Scott McMahan, Interim Chief Financial Officer. We have been very consistent in our message and mission that MDxHealth is driven by 3 core operating principles, focus, execution and growth. We are excited to report results that are consistent with that internal mandate.

From a focus perspective, we continue to identify high-value differentiated assets as demonstrated by our recent acquisition

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TORONTO, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three and nine months ended September 30, 2025. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated.

“Operating results were strong this quarter with availability of 96%, and the offshore wind resource in Europe improved. Construction of our two offshore wind projects continues. Both Baltic Power offshore substations have now been installed, and all export cables are complete at Hai Long. The Hai Long project remains on track, but the commissioning of turbines has been slower than anticipated,” stated Christine Healy, President and CEO of Northland.

Ms. Healy continued, “As part of Northland’s strategy, we have assessed growth opportunities in our core markets in Canada and Europe. We see multiple value-accretive opportunities where Northland’s capabilities can be deployed to deliver long-term value for shareholders. To provide greater financial flexibility for self-funded growth while maintaining an investment grade balance sheet, the Board of Directors has decided to adjust Northland’s dividend to $0.72 per share on an annual basis. We are committed to this sustainable dividend and we look forward to providing our plan and outlook to the market at our upcoming Investor Day on November 20, 2025.”

Significant Events and Updates

Construction Projects Update:

Hai Long Offshore Wind Project – Northland continues to advance the 1.0 GW Hai Long project, installing more than half of the wind turbines and completing installation of export cables. Slower than expected commissioning could impact pre-completion revenues in the amount of approximately $150 million to $200 million (Northland share) in 2026. The fabrication of remaining components is continuing to advance as per schedule. The project remains on track for full commercial operations in 2027, with overall costs aligned with original expectations.Baltic Power Offshore Wind Project – Northland continues to advance the 1.1 GW Baltic Power project with offshore construction activities progressing including the successful installation of both offshore substations. The project remains on track for full commercial operations in the second half of 2026, with overall costs aligned with original expectations. Others:

Common Shares Dividend – On November 12, 2025, Northland’s Board of Directors approved an adjustment to Northland’s dividend to $0.72 per share on an annual basis. The change will be applicable to the dividend payment on January 15, 2026, to shareholders of record on December 31, 2025.ScotWind Offshore Wind Projects – Development on Spiorad na Mara, the fixed foundation offshore wind project, is ongoing with community consultation completed and consent submissions occurring in the coming months. Havbredey, the floating offshore wind project, has been de-prioritized.Executive Changes – In September 2025, Northland made changes to its executive team. Jaime Hurtado was appointed as General Counsel, and Michelle Chislett, Executive Vice President of Onshore Renewables, departed the Company. Calvin MacCormack, Executive Vice President of Natural Gas & Utilities, has assumed the leadership role for both the Onshore Renewables and Natural Gas & Utilities teams and portfolios.
Third Quarter Results

Revenue from energy sales was $554 million in the third quarter of 2025 compared to $491 million in the same quarter of 2024.Net loss was $456 million in the third quarter of 2025 compared to a net loss of $191 million in the same quarter of 2024.Adjusted EBITDA (a non-IFRS measure) was $257 million in the third quarter of 2025 compared to $228 million in the same quarter of 2024.Free Cash Flow per share (a non-IFRS measure) was $0.17 in the third quarter of 2025 compared to $0.08 in the same quarter of 2024.Cash provided by operating activities was $325 million in the third quarter of 2025 compared to $196 million in the same quarter of 2024.Available corporate liquidity of $1,047 million as at September 30, 2025 including $180 million of cash on hand and approximately $867 million of available capacity on the corporate revolving credit facilities.
The following table presents key IFRS and non-IFRS financial measures and operational results. Revenue from energy sales, operating income (loss) and net income (loss), as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland’s non-IFRS financial measures include only Northland’s proportionate ownership interest.

Summary of Consolidated Results      (in thousands of dollars, except per share amounts)Three months ended
September 30, Nine months ended
September 30,   2025
  2024
  2025
 2024
FINANCIALS        Revenue from energy sales(1)$554,477  $490,503  $1,712,129  $1,774,397 Operating income (loss)(1) (396,289)  98,127   (11,125)  596,321 Net income (loss)(1) (455,842)  (190,733)  (398,174)  220,920 Net income (loss) attributable to shareholders (412,672)  (178,162)  (408,584)  143,531 Adjusted EBITDA (a non-IFRS measure)(2) 256,959   227,756   863,469   949,812          Cash provided by operating activities(1) 325,102   195,923   1,198,987   669,337 Free Cash Flow (a non-IFRS measure)(2) 44,978   19,447   260,696   313,771 Cash dividends paid 78,451   50,210   207,557   151,204 Total dividends declared(3)$78,451  $77,422  $235,195  $231,182         Per Share        Weighted average number of shares — basic and
diluted (000s) 261,502   257,873   261,234   256,673 Net income (loss) attributable to common
shareholders — basic and diluted$(1.58) $(0.70) $(1.58) $0.54 Free Cash Flow — basic (a non-IFRS measure)(2)$0.17  $0.08  $1.00  $1.22 Total dividends declared$0.30  $0.30  $0.90  $0.90         ENERGY VOLUMES        Electricity production in gigawatt hours (GWh)(4) 2,373   2,196   7,481   8,210 Northland’s share of electricity production (GWh)(5) 2,062   1,952   6,529   7,207(1) Represents fully consolidated financial information on 100% basis for all direct and indirect subsidiaries including those partially owned by Northland. Share of profit (loss) from joint ventures have been included only in the net income measures, as required by IFRS.(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.(3) Represents total dividends to common shareholders, including dividends in cash or in shares under Northland’s dividend reinvestment plan.(4) Includes 100% of electricity production from all direct and indirect subsidiaries, including those which are partially owned by Northland as well as Northland’s share of pre-completion production from Hai Long.(5) Presented at Northland’s economic interest.  Adjusted EBITDA and Free Cash Flow for the three months ended September 30, 2025 were higher than the same quarter of 2024, primarily due to higher production across offshore wind facilities, contribution from the Oneida energy storage facility, increased energy rates and market demand for dispatchable power at natural gas facilities. This increase was partially offset by lower wind resource at Spanish facilities.

Offshore wind facilities

Electricity production for the three months ended September 30, 2025 increased 19% or 139 GWh compared to the same quarter of 2024. Commercial availability for the three months ended September 30, 2025 was at 96%.

Revenue from energy sales of $253 million for the three months ended September 30, 2025 increased 18% or $39 million, compared to the same quarter of 2024, primarily due to higher production across all offshore wind facilities.

Adjusted EBITDA of $126 million for the three months ended September 30, 2025 increased 17% or $18 million compared to the same quarter of 2024, primarily due to the same factors noted above.

Onshore renewable & energy storage facilities

Electricity production for the three months ended September 30, 2025 of 512 GWh was largely in line with the same quarter of 2024. Commercial availability for the three months ended September 30, 2025 was at 97%.

Revenue from energy sales of $127 million for the three months ended September 30, 2025 increased 9% or $11 million compared to the same quarter of 2024, primarily due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025, partially offset by lower production from Spanish facilities. Please refer to the Management’s Discussion and Analysis for the nine months ended September 30, 2025, dated November 12, 2025 (“MD&A”) for a further breakdown of the Spanish portfolio revenue by component.

Adjusted EBITDA of $85 million was largely in line with the same quarter of 2024.

Natural gas facilities

Electricity production of 980 GWh for the three months ended September 30, 2025 increased 4% or 35 GWh compared to the same quarter of 2024, primarily due to higher market demand for dispatchable power, partially offset by lower operating availability resulting from a planned maintenance outage. Commercial availability for the three months ended September 30, 2025 was at 93%.

Revenue from energy sales of $82 million for the three months ended September 30, 2025 increased 10% or $8 million compared to the same quarter of 2024, primarily due to increased energy rates and higher market demand for dispatchable power.

Adjusted EBITDA of $42 million for the three months ended September 30, 2025 was largely in line with the same quarter of 2024.

Utility

Revenue from energy sales of $90 million for the three months ended September 30, 2025 increased 6% or $5 million compared to the same quarter of 2024, primarily due to growth in the asset base.

Adjusted EBITDA of $40 million for the three months ended September 30, 2025 increased 13% or $5 million compared to the same quarter of 2024, primarily due to the same factor as noted above.

Consolidated statements of income (loss)

General and administrative (“G&A”) costs of $30 million in the third quarter were in line with the same quarter of 2024.

Development costs of $17 million decreased $2 million compared to the same quarter of 2024, primarily due to lower personnel costs.

Finance costs of $92 million decreased $16 million compared to the same quarter of 2024, primarily due to scheduled principal repayments on facility-level loans.

Fair value loss on financial instruments was $140 million, primarily due to net movement in the fair value of derivatives related to foreign exchange and interest rate contracts.

Foreign exchange gain of $20 million was primarily due to fluctuations in foreign exchange rates.

Share of profit from joint ventures of $22 million was primarily due to gains on the fair value of derivatives.

Impairment expense of $527 million was recognized as a non-cash accounting adjustment for the Nordsee One offshore wind facility primarily due to a transition from the subsidized price regime under the German Renewable Energy Sources Act to market pricing by May 2027.

Net loss of $456 million in the third quarter of 2025 compared to net loss of $191 million in the same quarter of 2024, primarily as a result of the factors described above.

Adjusted EBITDA

The following table reconciles net income (loss) to Adjusted EBITDA:

 Three months ended
September 30, Nine months ended
September 30,  2025
  2024
  2025
  2024
Net income (loss)$(455,842) $(190,733) $(398,174) $220,920 Adjustments:       Finance costs, net 77,600   91,852   230,876   240,876 Provision for (recovery of) income taxes (116,839)  (6,065)  (126,653)  125,552 Depreciation of property, plant and equipment 169,382   156,519   492,717   466,547 Amortization of contracts and intangible assets 16,227   14,823   46,725   43,650 Fair value (gain) loss on financial instruments 140,153   98,933   428,076   98,925 Foreign exchange (gain) loss (19,607)  (8,734)  (63,868)  (7,069)Impairment of non-financial assets 526,525   —   526,525   — Fair value adjustment relating to the disposal group held for sale —   —   —   43,884 Elimination of non-controlling interests (58,243)  (40,302)  (192,549)  (204,216)Share of (profit) loss from joint ventures (22,329)  112,823   (75,368)  (20,629)Others(1) (68)  (1,360)  (4,838)  (58,628)Adjusted EBITDA(2)$256,959  $227,756  $863,469  $949,812 (1) Others primarily include Northland’s share of Adjusted EBITDA from equity accounted investees, Gemini interest income, finance lease (lessor) and other expenses (income).(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.  Adjusted EBITDA of $257 million for the three months ended September 30, 2025 increased 13% or $29 million compared to the same quarter of 2024. The factors increasing Adjusted EBITDA include:

$18 million increase in operating results at the offshore wind facilities, primarily due to higher production, as described above;$12 million increase due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025; and$6 million increase in operating results from natural gas facilities and EBSA, as described above.
The factor partially offsetting the increase in the Adjusted EBITDA was:

$11 million decrease in operating results from Spanish facilities, as described above.
Free Cash Flow

The following table reconciles cash flow from operations to Free Cash Flow:

 Three months ended
September 30, Nine months ended
September 30,  2025
  2024
  2025
  2024
Cash provided by operating activities$325,102  $195,923  $1,198,987  $669,337 Adjustments:       Net change in non-cash working capital balances related to operations (27,899)  49,418   (202,298)  348,393 Non-expansionary capital expenditures (362)  (1,844)  (1,254)  (3,483)Restricted funding for major maintenance, debt and decommissioning reserves (100)  20   13,719   (12,145)Interest (66,301)  (57,171)  (203,525)  (201,586)Scheduled principal repayments on facility debt (40,830)  (44,805)  (518,832)  (373,867)Funds set aside (utilized) for scheduled principal repayments (157,614)  (140,914)  (60,934)  (148,788)Preferred share dividends (1,377)  (1,551)  (4,197)  (4,662)Consolidation of non-controlling interests (10,081)  10,147   (60,813)  (73,444)Growth expenditures 17,069   18,258   45,686   43,787 Others(1) 7,371   (8,034)  54,157   70,229 Free Cash Flow(2)$44,978  $19,447  $260,696  $313,771 (1) Others mainly include the effect of foreign exchange rates and hedges, interest rate hedge, Nordsee One interest on shareholder loans, acquisition costs, lease payments, interest income, Northland’s share of Free Cash Flow from equity accounted investees, investment income, and other non-cash expenses adjusted in working capital excluded from Free Cash Flow in the period.(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.  Free Cash Flow of $45 million for the three months ended September 30, 2025 was 131% or $26 million higher than the same quarter of 2024.

The factors increasing Free Cash Flow were:

$28 million increase in Adjusted EBITDA (gross of growth expenditures) due to the factors described above; and$4 million increase from foreign exchange hedges, lease payments, and other settlements. The factor offsetting the increase in Free Cash Flow was:

$8 million increase in scheduled debt repayments on facility-level loans.
The following table reconciles Adjusted EBITDA to Free Cash Flow:

 Three months ended
September 30, Nine months ended
September 30,  2025
  2024
  2025
  2024
Adjusted EBITDA(2)$256,959  $227,756  $863,469  $949,812 Adjustments:       Scheduled debt repayments (157,988)  (150,184)  (468,010)  (426,987)Interest expense (46,545)  (48,176)  (150,740)  (144,964)Current taxes (22,088)  (21,861)  (60,649)  (127,981)Non-expansionary capital expenditure (362)  (1,602)  (965)  (3,063)Utilization (funding) of maintenance and decommissioning reserves (100)  108   10,686   (10,871)Lease payments, including principal and interest (3,137)  (6,297)  (9,863)  (9,678)Preferred dividends (1,377)  (1,551)  (4,197)  (4,662)Foreign exchange hedge gain (loss) (7,243)  —   11,079   12,891 Growth expenditures 17,069   18,258   45,686   43,787 Others(1) 9,790   2,996   24,200   35,487 Free Cash Flow(2)$44,978  $19,447  $260,696  $313,771 (1) Others mainly include repayment of Gemini subordinated debt, and interest rate and foreign currency hedge settlements.(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.  Outlook

As of November 12, 2025, management’s 2025 financial outlook remains unchanged from the revised guidance issued on August 13, 2025, including expected Adjusted EBITDA in the range of $1.2 billion to $1.3 billion and Free Cash Flow per share to be in the range of $1.15 to $1.35.

In 2025, Northland continues to deliver key milestones across its construction portfolio. Upon reaching commercial operations, these projects will expand Northland’s operations and are expected to enhance production capacity and reduce portfolio volatility.

Northland continues to pursue its development pipeline to further enhance its cash flow profile. To capitalize on the market opportunity presented by growing demand for electricity and energy security, Northland is pursuing opportunities in offshore wind, onshore renewables, battery storage and natural gas.

The information in this Outlook constitutes forward-looking information within the meaning of applicable Canadian securities laws, is based on several assumptions and is subject to risks and uncertainties. See Forward-Looking Statements in this release as well as the Risk Factors in the 2024 AIF.

Third-Quarter Earnings Conference Call

Northland will hold an earnings conference call on November 13, 2025, to discuss its third quarter 2025 results. The call will be hosted by Northland’s Senior Management, who will discuss the Company’s financial results and developments and answer questions from analysts.

Conference call details are as follows:

Thursday, November 13, 2025, 10:00 a.m. ET

Participants wishing to join the call and ask questions must register using the following URL below:

https://register-conf.media-server.com/register/BI5f9ddfa224de42c59acee20c0b94c41a

For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link:

Webcast URL: https://edge.media-server.com/mmc/p/ojhihxet

For those unable to attend the live call, an audio recording will be available on northlandpower.com on Friday, November 14, 2025.

Northland’s unaudited interim condensed consolidated financial statements for the nine months ended September 30, 2025, and related MD&A can be found on SEDAR+ at www.sedarplus.ca under Northland’s profile and on northlandpower.com.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-owned global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.2 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately 9 GW of potential capacity.

Publicly traded since 1997, Northland's Common Shares, and Series 1 and Series 2 Preferred Shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively.

NON-IFRS FINANCIAL MEASURES

This press release includes references to the Company’s adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”), Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (“IFRS”), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland’s share of underlying operations. These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Instead, these measures are provided to complement IFRS measures in the analysis of Northland’s results of operations from management’s perspective. Management believes that Northland’s non-IFRS financial measures and applicable payout ratio and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”. These statements may include, without limitation, statements regarding future Adjusted EBITDA and Free Cash Flow, including respective per share amounts, dividend payments (including the anticipated dividend payment on January 15, 2026) and dividend payout ratios, the timing for and attainment of the Hai Long and Baltic Power offshore wind, Jurassic BESS battery energy storage project and other growth activity and the anticipated contributions therefrom to Adjusted EBITDA and Free Cash Flow, the expected generating capacity of certain projects, guidance, anticipated dates of full commercial operations, forecasts as to overall project costs, the completion of construction, acquisitions, dispositions, whether partial or full, investments or financings and the timing thereof, the timing for and attainment of financial close and commercial operations for each project, the potential for future production from project pipelines, cost and output of development projects, the all-in interest cost for debt financing, the impact of currency and interest rate hedges, litigation claims, future funding requirements, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and the outlook of Northland, its subsidiaries and joint ventures.

These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, risks associated with further regulatory and policy changes which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, the emergence of widespread health emergencies or pandemics, Northland’s reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, wind and solar resource risk, unplanned maintenance risk, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland’s ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, integration and acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, commodity availability and cost risk, construction material cost risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, labour shortage risk, management transition risk, geopolitical risk in and around the regions Northland operates in, large project risk, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, terrorism and security, litigation risk and legal contingencies, and the other factors described in the “Risks Factors” section of Northland’s MD&A and 2024 AIF, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com.

Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations; however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.

The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Certain forward-looking information in this release and the MD&A may also constitute a “financial outlook” within the meaning of applicable securities laws. Financial outlook involves statements about Northland’s prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this release and the MD&A. Such assumptions are based on management’s assessment of the relevant information currently available and any financial outlook included in this release and the MD&A is provided for the purpose of helping readers understand Northland’s current expectations and plans. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland’s operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.

For further information, please contact:
Adam Beaumont, Senior Vice President, Capital Markets
647-288-1019
[email protected]
northlandpower.com

SurgePays, Inc. (SURG) Q3 2025 Earnings Call November 12, 2025 5:00 PM EST

Company Participants

Kevin Cox - President, CEO & Director
Anthony Evers - Chief Financial Officer

Conference Call Participants

Valter Pinto - Kanan, Corbin, Schupak & Aronow, Inc.
Edward Woo - Ascendiant Capital Markets LLC, Research Division

Presentation

Operator

Greetings. Welcome to the SurgePays Third Quarter 2025 Earnings Conference Call.

[Operator Instructions]

Please note, this conference is being recorded. I will now turn the conference over to your host, Valter Pinto, Investor Relations at SurgePays. You may begin.

Valter Pinto
Kanan, Corbin, Schupak & Aronow, Inc.

Thank you, operator, and good afternoon, everyone. Welcome to the SurgePays 2025 Third Quarter Financial Results Conference Call. Today's date is November 12, 2025. And on the call today from the company are Brian Cox, President and CEO; and Tony Evers, Chief Financial Officer.

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

For a discussion of such risks and uncertainties, please see SurgePays' most recent filings with the SEC. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statements to reflect the events that occur after this call.

Copies of today's press release are accessible on SurgePays' Investor Relations website, ir.surgepays.com. In addition, SurgePays' Form 10-Q for the quarter ended September 30, 2025, will also be available on SurgePays' Investor Relations website. And now I'd like to turn the call over to President and CEO, Brian Cox.

Kevin Cox
President, CEO & Director

Good afternoon, and thank you for joining

Recommended For You

Sui (SUI) is once again in the spotlight as its price hovers dangerously close to the key $2.00 support zone. After a volatile week marked by profit-taking and a break below crucial technical levels, traders are watching closely to see if this level will act as a launchpad for a potential 30% rebound — or if more downside is ahead.

Over the past few sessions, SUI has struggled to maintain bullish momentum. The asset, which surged nearly 10% last week, has since slipped back into consolidation, losing its short-term support and leaving investors wondering if a reversal is coming soon.

SUI Price Drops Toward $2.00 Support
At press time, the Sui crypto price has fallen below the $2.07 pivot level, showing weakness amid broad market caution. The decline comes after an aggressive profit-taking wave from traders who capitalized on SUI’s brief rally earlier this month.

According to CoinMarketCap data, SUI’s market capitalization has also dropped by 3.52%, now sitting around $7.49 billion. This contraction indicates waning short-term confidence among traders, even as long-term investors remain cautiously optimistic.

The current price action paints a mixed picture. While the bears have gained ground, the Relative Strength Index (RSI) is hovering around 42.07, signaling that SUI is approaching oversold territory. Historically, similar RSI readings have preceded sharp bounces for Sui, suggesting that a recovery could be on the horizon if buyers step in soon.

Technical Breakdown: What the Indicators Reveal
Technically speaking, SUI’s recent close below its 7-day Simple Moving Average (SMA) at $2.08 reflects growing bearish momentum. The Moving Average Convergence Divergence (MACD) histogram has just turned positive (+0.011), showing early signs of stabilization, but the MACD line remains below the signal line — a sign that momentum still favors sellers for now.

The most crucial area to watch remains between $2.00 and $1.85, a Fibonacci retracement zone that has served as a strong support in previous cycles. If this region holds, traders could witness a rebound similar to those seen in mid-2024 and early 2025, when the SUI price rebounded by over 25% within a week.

Should SUI hold above $2.00, the first resistance zone lies at $2.16, followed by a potential breakout target at $2.37. A decisive close above these levels could confirm a short-term bullish reversal, paving the way for a 30% surge toward the $2.60–$2.65 range in the coming weeks.

However, failure to defend $2.00 could spell deeper trouble. A daily close below this mark might trigger a retest of $1.85, where a cluster of historical buy orders and moving average supports converge.

Bulls Eye Recovery, But Momentum Still Fragile
Despite the recent weakness, Sui’s structure still hints at the potential for a strong bounce. The RSI approaching oversold levels and a flattening MACD histogram both suggest that selling pressure may be nearing exhaustion.

Market participants are watching closely to see if a bullish divergence emerges on the shorter timeframes — a technical signal that often precedes reversals. If confirmed, it could serve as an early indication that momentum is shifting back to the buyers.

For now, the $2.00 mark is not just a psychological level but also a battleground between short-term speculators and long-term holders. A strong rebound from this area could restore market confidence and attract renewed inflows, especially from retail traders looking for momentum plays.

Analyst Outlook: “A Very Nice Setup”
Crypto analyst James, who has been closely tracking Sui’s performance, described the current setup as “a very nice one” in a recent post on X (formerly Twitter). According to him, the combination of declining momentum and nearing oversold conditions could offer traders “one of the best entry zones before a sharp relief rally.”

James added that SUI has historically shown strong rebounds from similar Fibonacci support zones, often outperforming market expectations once short sellers start covering their positions.

Other analysts on TradingView also support this view, highlighting that the $1.85–$2.00 zone could become a “springboard” if Bitcoin stabilizes above $110,000 in the coming days. Broader market sentiment, therefore, remains an important external factor influencing SUI’s next move.

What’s Next for Sui (SUI)?
Looking ahead, SUI’s immediate focus will be maintaining stability above the $2.00 mark. If buyers successfully defend this level, a short squeeze could unfold quickly, propelling prices toward $2.37 or even $2.60 in the near term.

However, a failure to defend $2.00 would shift the tone bearish, likely sending SUI into the $1.85 range — a zone that would test the conviction of long-term holders.

For traders, this setup presents both opportunity and risk. The proximity to major support means that downside is somewhat limited in the short term, but confirmation from technical indicators — such as a MACD crossover or an RSI reversal — is still needed before confidently entering long positions.

In short, the coming days will be crucial for Sui. The $2.00 zone stands as the line between another round of selling and a potential 30% rebound. Traders would be wise to monitor price action closely as SUI approaches this make-or-break point.

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Bitwise’s proposed Chainlink exchange-traded fund (ETF) has moved a step closer to launch after being added to the Depository Trust & Clearing Corporation (DTCC) registry under the ticker CLNK.

The listing, marked as both active and pre-launch, indicates that preparations are underway for its debut once the U.S. Securities and Exchange Commission (SEC) grants final approval.

LINK's price trends to the downside on the daily chart. Source: LINKUSD on Tradingview
DTCC Listing Sparks Optimism for Chainlink ETF Approval
While DTCC listings do not guarantee regulatory clearance, they often precede official approval. The ETF aims to track Chainlink (LINK), the native token that powers Chainlink’s decentralized oracle network, connecting smart contracts to real-world data feeds.

This marks a major milestone for Bitwise, one of America’s leading crypto asset managers, which filed its Form S-1 with the SEC in August and is expected to follow up with Form 8-A, the last step before the ETF can trade on U.S. exchanges.

The progress comes amid a prolonged U.S. government shutdown, now in its sixth week, which has stalled dozens of pending crypto ETF applications. However, optimism is growing after the Senate passed a bill to reopen government operations, potentially expediting long-delayed ETF reviews.

Chainlink’s Expanding Institutional Footprint
If approved, the Bitwise Chainlink ETF would become the first U.S. fund offering institutional exposure to a decentralized oracle network, a critical infrastructure in the decentralized finance (DeFi) ecosystem.

Chainlink provides real-time, tamper-proof data to smart contracts, enabling the automation of payments, lending, and asset management across blockchain platforms.

Analysts suggest that such an ETF could not only expand investor access to LINK but also solidify Chainlink’s position as a cornerstone of Web3 infrastructure.

The move follows Bitwise’s growing portfolio of altcoin ETFs, including funds tracking Solana, XRP, Dogecoin, and Aptos, while competitors like Grayscale are also seeking approval for a similar Chainlink ETF that includes staking features, a structure that may face additional regulatory hurdles.

Market Reactions and the Road Ahead
Despite the bullish regulatory signal, LINK prices slipped 2%, trading around $15.75 after failing to hold above the $17.40 resistance level. Analysts note that broader crypto market weakness and heavy derivatives sell-offs have overshadowed the positive ETF news.

Still, industry observers see the DTCC listing as a key sign of maturing infrastructure for crypto-based financial products.

Once the U.S. government fully reopens and the SEC resumes full operations, the Bitwise Chainlink ETF (CLNK) could lead a new wave of altcoin ETFs into the U.S. market, supporting the growing institutional appetite for blockchain-linked assets and bringing DeFi innovation closer to Wall Street.

Cover image from ChatGPT, LINKUSD chart from Tradingview

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Ethereum has entered a consolidation phase following a turbulent period of selling pressure driven by macroeconomic uncertainty and market fear surrounding the US government shutdown. Over the past week, Ethereum’s price has stabilized around the $3,500 level after briefly dipping below key supports, as traders and institutions reassess risk exposure across the crypto market.

Despite the cautious sentiment, on-chain data reveals a contrasting story — large holders, or “whales,” are quietly accumulating ETH during the downturn. According to data from Lookonchain and CryptoQuant, several high-value wallets have increased their Ethereum positions significantly, signaling growing confidence among long-term investors even as broader market momentum slows.

This accumulation phase suggests that sophisticated players view current price levels as an opportunity rather than a sign of broader weakness. Historically, similar patterns of whale buying during macro uncertainty have preceded periods of recovery and renewed market strength.

Whale Activity Suggests Strategic Accumulation Despite Market Uncertainty
According to data from Lookonchain, a whale known for aggressive Ethereum accumulation has just purchased an additional 30,548 ETH ($105.36 million) within the past hour. This move brings his total acquisitions since November 4 to an astonishing 385,718 ETH, worth roughly $1.33 billion.

Notably, around $270 million of the funds used for these purchases were borrowed from the decentralized lending platform Aave, highlighting a highly leveraged but strategic positioning.

Whale Holdings and Borrowing | Source: Lookonchain
This type of activity often signals strong institutional confidence in Ethereum’s medium-term outlook. Borrowing large sums to accumulate ETH indicates that the whale expects price appreciation substantial enough to offset borrowing costs and volatility risks. It also reflects growing demand for Ethereum exposure within decentralized finance (DeFi), where whales utilize platforms like Aave to optimize capital efficiency.

Such large-scale buying can have multiple implications: it absorbs available market liquidity, strengthens psychological support zones, and may trigger a sentiment shift among retail investors who interpret the move as bullish. However, it also introduces potential short-term risk — if prices correct further, leveraged positions could amplify volatility.

Overall, the data points toward renewed accumulation momentum, suggesting that sophisticated market participants are positioning for Ethereum’s next major move.

Bulls Attempt to Reclaim Momentum
Ethereum (ETH) is currently showing signs of stabilization after weeks of intense selling pressure, trading around $3,479 at the time of writing. The daily chart shows ETH holding just above the 200-day moving average (red line) — a key long-term support level that has historically acted as a launch point for bullish recoveries.

ETH holding key SMA | Source: ETHUSDT chart on TradingView
After dipping below $3,200 earlier in the week, Ethereum bounced strongly, supported by renewed whale accumulation and improving market sentiment. However, the 50-day (blue) and 100-day (green) moving averages remain above the current price, indicating that the short-term trend is still tilted to the downside. For bulls to regain control, ETH needs to close decisively above $3,650–$3,700, where a confluence of resistance sits.

Volume data suggests that selling pressure is gradually fading, but momentum remains weak. If Ethereum fails to maintain the $3,400–$3,450 zone, the next major support lies near $3,200. On the upside, reclaiming the $3,700 mark could open the door to a recovery toward $4,000.

Overall, Ethereum appears to be in a consolidation phase, with large holders accumulating while retail traders remain cautious — a structure that often precedes a stronger directional move.

Featured image from ChatGPT, chart from TradingView.com

Economist and market commentator Peter Schiff said Wednesday that the U.S. is already the world’s Bitcoin (CRYPTO: BTC) “capital,” making Americans the most vulnerable during an inevitable market crash.

Schiff Spells Doom For US Crypto InvestorsIn an X post, Schiff weighed in on President Donald Trump’s commitment to make the U.S. the “world leader” in cryptocurrency.

“Unfortunately, we already are. That means the U.S. economy will be hit the hardest by the bursting of the crypto bubble,” the perennial Bitcoin critic argued.

Schiff added that “Americans will be the biggest losers” when this happens. “Being the Bitcoin capital comes with a heavy cost,” he stated.

See Also: Bitcoin User Accidentally Pays Over $105K To Send Just $10

Crypto Speculators Switching Toward Gold, Silver?Schiff is not new to making doom predictions about Bitcoin and other cryptocurrencies. Earlier this week, he said that cryptocurrency investors are “throwing in the towel” and moving toward precious metals such as gold and silver.

He recently described Bitcoin’s price hitting $100,000 as an “extraordinary chance” that may not repeat and urged Bitcoin owners to sell while the price is still high. He reiterated the “advice” on Wednesday.

The State Of Crypto MarketHis remarks come as the broader cryptocurrency market enters a consolidation phase after a period of sharp volatility during which Bitcoin tumbled below $100,000.

Morgan Stanley strategist Denny Galindo said Bitcoin has entered its “fall season” — a time to secure profits before winter. Other analysts viewed the apex cryptocurrency’s ongoing sideways movement as a “healthy consolidation phase.”

Price Action: At the time of writing, BTC was exchanging hands at $102,078.28, down 0.8% in the last 24 hours, according to data from Benzinga Pro.

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Peter Schiff: Bitcoin Depends On ‘Growing Supply Of Fools’—And Technical Analysis Says He’s Not Wrong – Benzinga
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BTC pulls back from session peaks above $105,300 with exceptional selling pressure before finding footing near $102,000 psychological threshold. Nov 13, 2025, 3:19 a.m.

According to CoinDesk Research's technical analysis data model, bitcoin BTC$102,458.40 retreated in measured fashion during Tuesday's trading session, sliding from $103,177 to $102,203 while carving out clear bearish structure after probing session highs above $105,300.

The world's most valuable cryptocurrency moved within a hefty $3,289 range, with the critical breakdown materializing at 2:00 PM on massive volume of 27,579 BTC —138% above the 24-hour moving average.

STORY CONTINUES BELOW

Trading opened with BTC challenging resistance near $105,050 before momentum shifted decisively lower through 4:00 PM UTC on Nov. 12 as consecutive lower highs emerged. Price action steadied during the final eight hours within a tight $101,500-$102,200 consolidation band as selling pressure eased on shrinking volume.

Recent hourly data shows choppy action between $101,940-$102,475, marking a modest bounce from session lows on declining turnover averaging just 165 BTC versus the 24-hour mean above 400. Price posted multiple failed breakout attempts above $102,400 resistance with repeated rejections, while buyers stepped in to defend the $102,000 psychological barrier across three separate tests.

Technical retracement versus institutional demandThe cryptocurrency's pullback coincided with robust institutional flows, as spot bitcoin ETFs posted $524 million in net inflows Tuesday — the largest daily total since Oct. 7. BlackRock's iShares Bitcoin Trust captured $224.2 million while Fidelity's FBTC drew $165.8 million, signaling sustained institutional appetite despite technical weakness.

On-chain metrics reveal distribution pressures beneath surface stability. Exchange inflow data shows roughly 7,500 BTC moving to Binance daily on a 30-day basis —the highest rate since March — pointing to ongoing profit-taking activity. Short-term holders with cost basis near $112,000 drive significant selling pressure, having remained underwater for approximately one month.

Mining fundamentals offer support against distribution concerns, with hash rate momentum scores holding positive territory and trending higher. This indicates continued network strength and miner confidence, contrasting with typical capitulation patterns that accompany major corrections.

Key technical levels signal range-bound action for BTCSupport/Resistance: Primary support holds at $102,000 psychological level with initial backstop around $101,450; resistance confirmed near $105,050 with secondary barrier at $107,000

Volume Analysis: Exceptional selling volume of 27,579 BTC during breakdown phase, declining to 165 BTC average during recent consolidation period

Chart Patterns: Bearish structure established with consecutive lower highs through 4:00 PM, followed by stabilization within $101,500-$102,200 trading range

Targets & Risk/Reward: Break below $102,000 targets $100,600-$101,200 zone; recapture of $105,050 opens pathway toward $107,400 resistance level

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

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Canary Capital's XRP ETF was certified by Nasdaq on November 12, 2025, and will launch trading on November 13 under the ticker XRPC.On-chain data shows 216 million XRP withdrawn from exchanges while whales reduced positions by 10 million XRP ahead of the launch.XRP futures open interest declined sharply, indicating less trader conviction as the price consolidates near $2.48.Canary Capital’s XRP exchange-traded fund received regulatory approval on November 12, 2025, as Nasdaq certified the listing on Wednesday. The product, listed under the ticker XRPC, is poised to begin trading on November 13, establishing the first spot XRP ETF on a US exchange.

This development follows a wave of altcoin ETF launches and reflects growing institutional demand for regulated cryptocurrency investment, signaling a shift in how traditional finance engages with digital assets.

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Regulatory Pathway and Certification TimelineCanary Capital utilized the auto-effective registration process under Section 8(a) of the Securities Act of 1933. By filing Form 8-A with the Securities and Exchange Commission and removing a delaying amendment, the firm triggered a 20-day window for automatic approval unless the SEC objected. This path has become the standard for crypto ETF issuers seeking swift market access.

On November 12, Nasdaq Regulation submitted a formal certification to the SEC, confirming the listing’s approval. The letter, signed by Eun Ah Choi, cleared the last regulatory step for trading to begin. Canary’s timing aligned with reduced SEC activity during a government shutdown, potentially supporting an unobstructed approval process.

According to SEC filings, the registration statement became effective as scheduled, allowing the fund to launch as planned. This event marks a key milestone for XRP as a recognized asset in traditional finance after years of regulatory uncertainty around Ripple and its native token.

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Market Context and Altcoin ETF MomentumThe XRP ETF launch extends a recent surge in altcoin-focused investment products. In recent months, spot ETFs for Solana, Litecoin, and Hedera have debuted, each showing institutional interest. Bitwise’s Solana ETF saw $56 million in first-day trading volume, rising to $72 million on its second day, indicating strong demand for regulated exposure to the altcoin.

Meanwhile, REX-Osprey’s XRP futures-based ETF, launched in September, saw $24 million in volume in its first 90 minutes. By October, the fund reached over $100 million in assets under management, emphasizing market appetite for XRP investment options before a spot ETF arrived. However, historical precedent from the XRPR launch suggests caution—XRP rallied 18% ahead of launch, then corrected as traders took profits.

As of November 13, there are eleven XRP ETF products listed on the Depository Trust & Clearing Corporation website, with filings from major firms such as Bitwise, Franklin Templeton, 21Shares, and CoinShares. This surge reflects growing institutional confidence following the SEC’s comprehensive July 2025 guidance on crypto asset ETPs.

Trading SymbolETF Security DescriptionGXRPGRAYSCALE XRP TR SHSTOXR21SHARES XRP ETF BENEFICIAL INT SHUXRPPROSHARES TR ULTRA XRP ETFXRPBITWISE XRP ETF BENEFICIAL INT (DE)XRPCCANARY XRP ETF BENEFICIAL INTXRPIVOLATILITY SHS TR XRP ETFXRPLCOINSHARES XRP ETF COMXRPMAMPLIFY ETF TR AMPLIFY XRP 3% MONTHLXRPRETF OPPORTUNITIES TR REX-OSPREY XRPXRPTVOLATILITY SHS TR 2X XRP ETFXRPZFRANKLIN XRP TR FRANKLIN XRP ETFEleven XRP ETFs are listed on DTCC. Source: DTCCSponsored

On-Chain Signals and Whale BehaviorOn-chain activity shows mixed sentiment as the ETF launch approaches. According to Glassnode, more than 216 million XRP (about $556 million) left exchanges the week before the announcement. This supply reduction often signals investors are holding rather than trading, which is typically bullish.

However, larger holders acted differently. Whales reduced their holdings by 10 million XRP (around $25 million) in the two days before launch. Additionally, long-term holders sold 135.8 million XRP by November 10, marking a 32% rise in daily outflows since early November. This profit-taking may reflect expectations of a “sell the news” event.

Active XRP addresses reached three-month highs, according to CryptoQuant, suggesting rising network usage and renewed interest. The Cumulative Volume Delta has recently turned bullish, indicating more buying than selling. These trends show growing retail interest while institutions appear more cautious.

Open interest in XRP futures dropped from early November highs to near recent lows by November 12. This decline in derivatives trading suggests traders are less willing to hold leveraged positions, which may lower short-term volatility as the market consolidates.

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Price Outlook and Technical ConsiderationsXRP traded near $2.39 during Thursday morning hours in Asia, down 0.4% after the certification news. Some analysts predict a potential rally toward $5 in Q4 2025, a 108% increase from current prices. Such a move would depend on strong institutional inflows and sustained low supply on exchanges.

Technical analysis shows a falling wedge pattern with $2.88 as the breakout level. Closing above this mark could signal renewed strength, while losing support at $2.31 risks triggering further declines to $2.06. With the price now near the 0.382 Fibonacci retracement, the market faces a pivotal decision.

XRP’s market dominance has grown as Bitcoin’s share of crypto market capitalization fell, pointing to ongoing sector rotation. BlackRock’s backing of crypto investment products supports institutional sentiment, though its direct impact on XRP remains unclear.

The launch’s effect on price will depend on whether bullish expectations are already priced in. Past ETF launches show initial excitement can shift to profit-taking once trading begins, especially if regulatory uncertainty or government shutdowns persist.

Disclaimer

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

Canary Funds, a prominent asset management firm, has officially submitted a filing for a new exchange-traded fund (ETF) centered on the meme-inspired cryptocurrency MOG Coin. This marks the first time the popular digital token will be introduced into traditional financial markets, signaling a major step toward mainstream crypto adoption.

According to the preliminary prospectus, the “Canary MOG ETF” will issue shares of beneficial interest that trade on a regulated U.S. exchange. The fund is designed to hold MOG Coin directly, allowing investors to gain exposure to the token’s market performance without directly purchasing or storing the cryptocurrency themselves. The development was first revealed by ETF analyst James Seyffart on X (formerly Twitter).

The filing specifies that Canary Capital Group LLC will act as the sponsor of the trust, while CSC Delaware Trust Company will serve as trustee. U.S. Bancorp Fund Services has been appointed as the transfer agent, and a designated custodian will securely hold the ETF’s MOG assets once regulatory approval is obtained.

The ETF’s pricing model will be based on an index tracking MOG’s value across multiple major crypto exchanges, mirroring the framework used by other spot cryptocurrency ETFs, including Bitcoin and Ethereum.

This move follows Canary Funds’ growing involvement in the crypto ETF market, including its XRP ETF, scheduled to launch on November 13, 2025, and its HBAR ETF, which coincided with a strong performance surge for the Hedera token.

By bringing MOG Coin into the ETF ecosystem, Canary Funds continues to bridge the gap between digital assets and traditional finance, offering investors an easier and more regulated pathway to participate in emerging crypto trends.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Journalist

Posted: November 13, 2025

Key Takeaways
What does the recent withdrawal of 63 million LINK tokens from exchanges suggest? 
It indicates accumulation and rising demand, despite bearish price action.

Why is Chainlink’s recovery uncertain despite positive sentiment and partnerships?
Profit-taking during minor price bounces signals weak bullish conviction and potential continuation of the downtrend.

Over 63 million Chainlink [LINK] tokens were withdrawn from exchanges over the past month, revealed crypto analyst Ali Martinez in a post on X (formerly Twitter).

The movement of tokens out of exchanges generally indicates accumulation and demand.

Social Volume was high, and positive weighted sentiment showed engagement was bullish overall. The 78K LINK addition to the growing Chainlink Reserve was another encouraging factor.

However, the price action remained bearish in recent weeks. Since the start of October, LINK has shed 30.1% in value, falling from $22.58 to $15.77. A recent price bounce ran into profit-taking pressure, which was a worrying sign for the bulls.

Chainlink faces a tough road toward recovery
On the 10th of November, LINK prices had rallied to a high of $16.65. This bounce began a few days earlier, and short-term bullish momentum was maintained over the weekend.

Interestingly, the LINK Net Transfer Volume to/from exchanges had been negative for the majority of the past month. During the price bounce from $14.4 to $16.65, a 15% move, the LINK net transfer volume moved from negative to neutral territory.

In other words, transfers from exchanges dominated until a week ago, but the recent price bounce triggered selling from holders.

This shift is reflected in both the chart and Chainlink’s exchange inflow volume.

The Coin Days Destroyed metric also peaked on the 10th of November, another sign of on-chain selling during the price bounce. Together, it showed profit-taking activity from holders.

Despite the positive developments, such as the stream of partnerships and collaborations with established financial entities, the willingness from holders to book profits on a meager bounce was telling.

It showed that the current bearish price trend could continue, especially if the $15.45 support level is lost to the sellers.

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

Cardano (ADA) continues to struggle after a steep correction from recent highs, with the cryptocurrency slipping below crucial support zones and signaling sustained bearish momentum. The recent death cross—confirmed on November 3, when the 50-day moving average crossed beneath the 200-day moving average—has intensified market caution, marking a potential turning point in ADA’s short-term trend.

Currently trading around $0.548, ADA remains well below both key moving averages, underscoring an extended downtrend. Historically, such a crossover indicates a prolonged selling phase, and Cardano’s failure to reclaim the $0.60 resistance further supports this bearish narrative. Price structure analysis also shows consistent lower highs and lower lows, hinting at the likelihood of further retracements toward the $0.50 psychological level if selling pressure continues.

On the 4-hour chart, ADA recently broke below a bearish pennant pattern after losing the $0.555 support zone. This breakdown confirms renewed downward momentum, with immediate risk of testing the $0.500 floor, a level that has served as critical demand since early November. The Directional Movement Index (DMI) reinforces this sentiment, showing -DI at 21 and +DI at 18, reflecting clear bearish dominance. However, the Average Directional Index (ADX) reading of 14 suggests weak trend strength, implying that while bears are in control, the downward move may lose momentum if trading volume fails to rise.

Meanwhile, liquidation data reveals intensified bearish control, with over $2 million in long positions liquidated in 24 hours—mostly from Binance and Bybit—compared to just $180K in short liquidations. This imbalance highlights the pressure on bullish traders and suggests potential for deeper declines before any relief rally. Unless ADA reclaims $0.60, market sentiment is expected to remain bearish, with a possible retest of $0.50 before recovery attempts emerge.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

In brief
Revenue rose 51% to $30.3 million, with exchange-provider volume reaching $1.75 billion in the third quarter.
Exodus ended the period with $314.7 million in digital and liquid assets, including 2,123 BTC and 2,770 ETH.
The update follows a slowdown in corporate Bitcoin buying, with companies adding 14,447 BTC in October, the smallest monthly increase of 2025.
NYSE-listed Exodus Movement reported a stronger third-quarter performance this week as firms across the sector leaned more heavily on Bitcoin-driven activity while broader corporate accumulation cooled.

The company reported a 51% year-over-year rise in revenue to $30.3 million in the third quarter, supported by higher swap activity and increased exchange-provider volumes. 

Net income rose to $17 million, up from $800,000 a year earlier, according to the company’s Q3 filing. Exchange-provider volume reached $1.75 billion, up 82% from the prior year. 

Exodus ended the quarter with 2,123 BTC, 2,770 ETH, and $50.8 million in cash, USDC, and Treasury bills, for total digital and liquid assets valued at $314.7 million.

Chief Financial Officer James Gernetzke told Decrypt that 60% to 65% of monthly revenue is paid in Bitcoin by third-party liquidity providers that process user swaps.

“As transaction volume increases, particularly on the B2C side, which is our core business, we earn more Bitcoin-based revenue,” he said. 

Exodus uses part of that Bitcoin to cover operating expenses, including salaries and vendor bills, and adds the rest to its treasury. The company occasionally converts Bitcoin to USDC to meet liquidity requirements.

Exodus also announced the acquisition of Grateful, a Latin America-based stablecoin payments platform. The company said the deal will expand its payments capabilities and support planned growth in emerging markets.

The update comes as corporate Bitcoin accumulation across the broader market has slowed.

Companies added 14,447 BTC in October, the smallest monthly increase of 2025, after acquiring more than 38,000 BTC in September, Decrypt recently reported.

Total tracked holdings across corporations, governments, and ETFs still reached a record 4.05 million BTC, valued at roughly $444 billion, according to a recent report from BitcoinTreasuries.net. Selling remained limited, with firms offloading only 39 BTC during the month. 

Several treasury-focused companies have shifted toward capital-efficiency measures such as buybacks and credit facilities as equity valuations soften and financing conditions tighten.

Analysts estimate that public companies now account for about 5% of Bitcoin’s illiquid supply, with long-term holders making up a growing share of the asset’s base.

Gernetzke said Bitcoin-denominated revenue remains central to Exodus’s operating model, with the company aiming to integrate the Grateful acquisition as it expands its payments offering.

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

Rebeca Moen
Nov 13, 2025 02:28

Bitcoin remains in a bearish range with resistance at $106K-$118K. ETF outflows and low leverage reflect a cautious market, awaiting renewed conviction for a breakout.

Bitcoin (BTC) continues to navigate a mild bearish phase, trading between $97,000 and $111,900, according to Glassnode. The cryptocurrency faces significant resistance above $106,000, which is compounded by ETF outflows and low leverage, signaling a cautious market environment.

Current Market Dynamics The current trading range is marked by seller exhaustion near the $100,000 level, providing short-term support. However, the lack of strong follow-through demand is evident, as the market remains capped by a dense supply cluster between $106,000 and $118,000. This resistance zone is where many investors are choosing to exit near breakeven, limiting upward momentum.

On-Chain Analysis Recent on-chain data shows Bitcoin briefly dipping below $100,000, continuing a downtrend that began in early October. The market is experiencing a lack of conviction and liquidity, with prices trending lower. Seller exhaustion is evident, as a significant portion of realized value comes from coins sold at a loss, highlighting the market's top-heavy nature.

The Cost Basis Distribution Heatmap indicates a buildup of realized supply around the sub-$100,000 zone, suggesting renewed accumulation. However, the persistent resistance above $106,000 continues to challenge the potential for sustained recovery.

Off-Chain Indicators Off-chain indicators also reflect a cautious market stance. US spot Bitcoin ETFs have shifted to modest outflows, indicating a pause in institutional accumulation. Futures markets show muted funding rates and low open interest, pointing to subdued speculative activity. Options traders are maintaining a defensive stance, with put protection concentrated around $100,000.

The derivatives market exhibits a lack of speculative appetite, with traders de-risking and maintaining low conviction across both Bitcoin and altcoins. This cautious sentiment is further supported by the high demand for put options, highlighting traders' preference for downside protection.

Outlook and Conclusion Overall, Bitcoin's market structure remains bearish, with strong resistance between $106,000 and $118,000 and key support near $97,500 to $100,000. The market is stabilizing but not yet showing signs of a bullish reversal. Until renewed inflows or a clear macro catalyst emerge, Bitcoin is likely to continue oscillating within this defined range, with $100,000 serving as a psychological line of defense.

Image source: Shutterstock

bitcoin
cryptocurrency
market analysis

Canary Funds, Bitwise, Franklin Templeton, and 21Shares filed amended S-1s to allow the launch of spot ETFs during the US government shutdown. The ETF issuers removed ‘delaying amendment’ language, allowing trading to commence after a 20-day waiting period. Bitwise will be the next XRP-spot ETF to launch, with Franklin Templeton and 21Shares’ spot ETFs to follow.

US Regulatory Landscape Shift Sends Bullish Signals
Thursday’s launch will underscore the seismic shift in the SEC’s stance on crypto. Since President Trump’s 2025 inauguration and former SEC Chair Gary Gensler’s resignation, the SEC dropped its appeal, challenging Judge Torres’ July 2023 Programmatic Sales of XRP ruling. Judge Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. The decision and the SEC’s appeal withdrawal paved the way for an XRP-spot ETF.

NovaDius Wealth Management President Nate Geraci commented on the change in the crypto regulatory landscape, stating:

“Just over one year ago, SEC was appealing court decision that xrp did not meet legal definition of a security… On Thursday, looks like first ’33 Act spot xrp ETF will launch. Hard to describe crypto regulatory shift over past year. Night & day.”

Technical Outlook: Key XRP Price Levels
XRP slipped 0.2% on Wednesday, November 12, following the previous day’s 5.24% loss, closing at $2.3872. The token outperformed the broader crypto market, which declined 0.93%.

Tuesday’s loss left XRP trading below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a bearish bias.

However, several events may induce a trend reversal, potentially sending XRP above $3.

Key technical levels to watch include:

Support levels: $2.35, $2.2, $2.0, and $1.9.
50-day EMA resistance: $2.5455.
200-day EMA resistance: $2.5793.
Resistance levels: $2.5, $2.62, $2.8, $3.0, and $3.66.

Taiwan’s Premier Cho Jung-tai has pledged a detailed Bitcoin audit and reserve assessment by year-end 2025.Over 90% of Taiwan’s $602.94 billion reserves are in US dollars, heightening currency exposure risks.Regulatory delays on Virtual Asset Service Provider legislation may hinder Taiwan’s competitiveness as US states advance Bitcoin frameworks.Taiwan’s legislature has urged the government to audit its Bitcoin holdings and consider the cryptocurrency for strategic reserves, potentially diversifying away from its reliance on the US dollar. Premier Cho Jung-tai, responding to legislative pressure, has pledged a detailed report by the end of the year.

This initiative follows growing international momentum for Bitcoin reserves, with several US states and leading financial bodies exploring diversifying into digital assets.

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Lawmakers Seek Bitcoin Audit and Reserve StrategyOn Tuesday, Kuomintang legislator Ju-Chun Ko raised concerns about Taiwan’s heavy exposure to the US dollar and the growing relevance of digital currencies during a Legislative Yuan session.

As of September 2025, Taiwan’s foreign exchange reserves totaled $602.94 billion, according to the Central Bank of the Republic of China. Over 90% of these assets are in US dollars, which lawmakers argue puts Taiwan at increased risk from currency fluctuations and policy changes.

Ko warned that over-reliance on the US dollar exposes Taiwan to the risk of currency depreciation if the dollar weakens or the New Taiwan dollar gains value. Such trends could erode the purchasing power of reserves, threaten stability, and challenge macroeconomic resilience.

Ko also called for an immediate inventory of all government-held Bitcoin, including assets seized in legal cases. In 2024, Taiwanese prosecutors confiscated around $146 million in cryptocurrency in a major fraud case, highlighting the potential value of government-held digital assets.

Taiwan’s legislator Ju-Chun KO of Kuomintang asks questions of the Central Bank Governor Yang Chin-long and the government Premier Cho Jung-tai during a Legislative Yuan session. Source: courtesy of Ju-Chun KOKo added that confiscated Bitcoin from legal cases should be held for potential strategic use rather than quickly liquidated. This policy would help Taiwan build a digital reserve base, particularly as regulations evolve.

Premier Cho Jung-tai noted that while the US dollar is still the dominant settlement currency globally, the government remains open to evaluating emerging digital assets. Central Bank Governor Yang Chin-long committed to providing an updated, balanced report on a Bitcoin reserve strategy by year-end 2025.

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Global Momentum for Bitcoin Strategic ReservesTaiwan’s exploration of Bitcoin reserves reflects a global shift. On March 6, 2025, President Donald J. Trump signed an executive order establishing the Strategic Bitcoin Reserve and the United States Digital Asset Stockpile.

Several US states are also advancing their own Bitcoin reserve laws. The BITCOIN Act of 2025, led by Senator Cynthia Lummis, instructs the US Treasury to purchase up to one million Bitcoin over five years, requiring secure storage with a minimum 20-year holding period.

The National Conference of State Legislatures reports that many states have proposed or passed cryptocurrency strategic reserve bills in 2025. Ko referenced 18 US states, including New Hampshire, Arizona, and Texas, that have already integrated Bitcoin into reserve policies.

Deutsche Bank analysts project that Bitcoin could become a core financial asset by 2030, achieving a reserve status similar to that of gold. Such forecasts have strengthened arguments for Bitcoin adoption among global central banks.

Regulatory Delays and Taiwan’s Global PositionWhile reserve planning advances, Taiwan faces regulatory hurdles for digital assets. Legislator Ko criticized slow progress on the Virtual Asset Service Provider specialty law, cautioning that uncertainty could threaten industry growth and dampen Taiwan’s role in digital finance.

Nine cryptocurrency platforms are regulated in Taiwan, but further delays in comprehensive VASP legislation may impede development and limit fintech opportunities.

Internationally, frameworks such as the US GENIUS Act and Singapore’s digital asset standards provide comprehensive models for cryptocurrency oversight. Ko encouraged a cooperative framework between banks and VASPs, rather than a hierarchical approach, to support innovation.

As the Central Bank prepares its year-end evaluation, the debate highlights larger questions of financial autonomy in an increasingly digital world. The government’s response will show whether Taiwan will diversify its reserves or hold to traditional assets as global finance evolves.

Disclaimer

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

Uniswap (UNI) has sparked a storm across DeFi after founder Hayden Adams unveiled the long-awaited “UNIfication” proposal, a sweeping governance overhaul that introduces protocol fees, a substantial $842 million token burn, and a strategic buyback plan.

Related Reading: XRP’s Next ‘Face-Melting’ Rally Could Hit Within 6 Weeks—Analyst

The move marks Uniswap’s biggest reform since its 2020 token launch, designed to transform UNI from a passive governance token into a deflationary, yield-generating asset.

Under the proposal, 0.3% of all trading volume will now be split between liquidity providers (0.25%) and a UNI buyback pool (0.05%), creating continuous demand for the token. With over $1 trillion in annualized trading volume, analysts project roughly $38 million in monthly buybacks, about $450 million annually.

Whales Accumulate as Uniswap (UNI) Skyrockets 63%
The market reaction was explosive. Uniswap (UNI) surged by over 63% in one week, peaking at $10 before stabilizing around $8.57. On-chain data from Santiment shows rising whale accumulation and a steady increase in UNI held outside of exchanges, indicating long-term investor confidence.

BitMEX founder Arthur Hayes reportedly purchased $244,000 worth of UNI, joining institutional buyers positioning for a supply shock.

CryptoQuant CEO Ki Young Ju predicted that if protocol fees remain active, annual burns could exceed $500 million, drastically tightening supply. “Even with unlocks, a UNI supply shock seems inevitable,” Ju noted.

The rally also extended to other DeFi assets, such as AAVE, Synthetix, and Compound, as traders speculated that Uniswap’s model could set a new standard for protocol-owned liquidity and value distribution.

UNI's price trends to the upside on the daily chart. Source: UNIUSD on Tradingview
UNIfication Ushers in the Next Era of DeFi Governance
Beyond tokenomics, UNIfication unites Uniswap Labs, the Foundation, and the Unichain L2 network under one ecosystem.

The proposal eliminates interface fees, introduces fee discount auctions to enhance LP returns, and compensates governance delegates, turning Uniswap’s decision-making into a professionalized, revenue-sharing system.

Adams emphasized that the initiative represents more than a technical upgrade, it’s a cultural shift. “Uniswap can be the primary place tokens are traded globally,” he said. “This proposal ends a restrictive chapter and begins the decade of Uniswap.”

Related Reading: Ethereum Ready To Explode To $12,000 By January, Says Tom Lee

With UNI up more than 66% this week and investors anticipating formal governance approval, the DeFi giant appears poised to reclaim its dominance as crypto’s flagship decentralized exchange.

Cover image from ChatGPT, UNIUSD chart from Tradingview

Bitcoin price failed to recover above $105,000. BTC is trimming gains and might could continue to move down if it trades below $101,200.

Bitcoin started a fresh decline after it failed to clear $105,500.
The price is trading below $105,000 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $103,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it settles below the $101,200 zone.

Bitcoin Price Dips Further
Bitcoin price failed to stay in a positive zone above the $105,500 pivot level. BTC bears remained active below $105,500 and pushed the price lower.

The last swing high was formed at $107,400 before the price started a fresh decline. There was a drop below the $105,000 and $104,000 levels. The price dipped below the 61.8% Fib retracement level of the upward move from the $99,220 swing low to the $107,400 high.

Bitcoin is now trading below $104,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $103,300 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
If the bulls attempt another recovery wave, the price could face resistance near the $102,500 level. The first key resistance is near the $103,250 level and the trend line. The next resistance could be $103,500. A close above the $103,500 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance. Any more gains might send the price toward the $105,500 level. The next barrier for the bulls could be $106,800 and $107,000.

More Losses In BTC?
If Bitcoin fails to rise above the $103,500 resistance zone, it could start another decline. Immediate support is near the $101,200 level and the 76.4% Fib retracement level of the upward move from the $99,220 swing low to the $107,400 high. The first major support is near the $100,500 level.

The next support is now near the $100,000 zone. Any more losses might send the price toward the $98,800 support in the near term. The main support sits at $96,500, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $101,200, followed by $100,500.

Major Resistance Levels – $103,250 and $103,500.