Market Signal Briefing

Ripple Labs issued a fresh warning to the XRP community over impersonation scams and fake giveaways on the same day the launch of the first spot XRP exchange-traded fund (ETF) is likely to take place.

RippleX, the company’s development arm, told investors to watch out for fraudulent livestreams, deepfake videos, and fake investment campaigns of Ripple-endorsed promotions through its official X account on Thursday. 

“Ripple employees will never ask you to send funds, share wallet info, or join investment streams,” the RippleX team wrote. “Always verify information through Ripple and RippleXDev. Keep your XRP yours.”

The statement arrives at a time when XRP’s first US spot XRP ETF could go live today, which is likely to attract social engineering scams like those seen during “small victories” from Ripple’s legal tussle with the US Securities and Exchange Commission (SEC).

Old tactics could be revived on spot ETF launch day
Ripple CEO Brad Garlinghouse has repeatedly warned investors of how scam attempts spike whenever XRP experiences major market moves or regulatory wins. 

The most common form of fraud involves “send XRP, receive double the amount back,” but fraudsters now use advanced AI-powered deepfake tools to impersonate company executive Brad Garlinghouse.

Take it from Brad Garlinghouse Himself…
Beware of scammers!
👀 pic.twitter.com/2wwLyi6HY2

— 𝙈𝙚𝙩𝙖𝙈𝙖𝙣 𝙓 ™ (@MetaMan_X) November 11, 2025

In July, Cryptopolitan reported on a deepfake video circulated on social media, featuring an AI-generated version of Garlinghouse announcing a supposed “Ripple Rewards Program.” The video claimed that Ripple was distributing a 100 million XRP airdrop to thank supporters in celebration of its partial court victory against the SEC.

The clip, which originated from the verified X account tokenized real-world asset platform HoneyBee, displayed a fake Garlinghouse saying:

“Four years ago, we entered a battle we didn’t choose. But we fought and we won against the SEC. This is a victory for justice, innovation, and the future of crypto… Now it’s our turn to say thank you. I’m launching the Ripple Rewards program, a 100 million XRP airdrop pool created for you. Follow the instructions at financexrp.net. Thank you, XRP family. We did this together.”

Ripple’s chief technology officer David Schwartz called it an “obvious scam,” while the CEO himself shared a YouTube short insisting Ripple “will never ask you to send us XRP.”

Scam campaigns have followed Ripple’s legal journey closely since the company’s security vs commodity lawsuit with the SEC began in December 2020. Each time Ripple had a ruling in their favor, bad actors flooded social media platforms YouTube, X, and Facebook with fake airdrops, impersonation streams, and “exclusive offer” messages claiming to celebrate the win.

“A lot of scammers are taking advantage of the recent good news to try to cheat and steal,” Garlinghouse said after Ripple and the SEC agreed on a $50 million settlement to officially end the case. “There are no airdrops, giveaways, or special offers associated with this ruling.”

XRP spot ETF launch: Is today the day?
Crypto In America podcast host Eleanor Terret said late Wednesday that Tennessee-based financial firm Canary Funds had filed its Form 8-A with the US SEC for its spot XRP ETF. 

“This is the final step before it goes effective at 5:30 PM ET Wednesday once Nasdaq certifies the listing,” she wrote on X. “When that happens, the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open.”

Terrett clarified that the REXShares XRPR ETF, approved and listed in September, only offered partial spot XRP exposure under the Investment Company (‘40) Act but lacked the tax efficiency of a pure spot fund. CanaryFunds’ version, structured under the 1933 Securities Act, will reportedly provide 100% XRP exposure.

Nova Dius Wealth CEO Nate Geraci said Ripple has had a remarkable turnaround from last year’s legal uncertainty.

“Just over one year ago, the SEC was appealing a court decision that XRP did not meet the legal definition of a security. On Thursday, it looks like the first ‘33 Act spot XRP ETF will launch. Hard to describe the crypto regulatory shift over the past year night and day.”

As the ETF debut clock ticked, XRP’s price continued a pullback since Tuesday’s trading session, dropping 5.1% to $2.41 from $2.54. The decline stabilized between $2.39 and $2.43 as short-term buyers entered the market. 

Claim your free seat in an exclusive crypto trading community - limited to 1,000 members.

Stablecoin supply has spiked to bear market levels, suggesting buyers could soon spark another leg up for the Bitcoin (BTC) and crypto markets, according to analysts.

Key takeaways:

Bitcoin Stablecoin Supply Ratio at bear market lows signals BTC price bottom.

Rising Binance stablecoin reserves and falling BTC supply indicate a buildup of buyer liquidity.

Bitcoin’s falling wedge breakout targets previous all-time highs at $124,000. 

Bitcoin liquidity signals “turning point”Bitcoin’s stablecoin ratio is at levels that have historically marked bottoms for BTC, according to new analysis.

Stablecoin Supply Ratio (SSR) has dropped back to its “lower historical range (13) — the same zone that marked bottoms in mid-2021, and throughout 2024,” CryptoQuant analyst MorenoDV wrote in a Quicktake analysts, adding: 

“Each time, Bitcoin was trading quietly before staging a strong rebound.” Bitcoin Stablecoin Supply Ratio: Source: CryptoQuantThe low SSR suggests that stablecoin liquidity is quietly building again, potentially setting the stage for a relief rally or the final bullish leg of this cycle.

The Binance Bitcoin/Stablecoin Reserve Ratio (SRR) tells the same story.

The chart below shows that stablecoin reserves on Binance are rising, while BTC reserves are shrinking, “a pattern that, time and again, has occurred right before market recoveries,” the analyst said, adding:

“We’re witnessing a liquidity configuration that has only appeared a handful of times since 2020, and each instance marked a pivotal moment for Bitcoin's trajectory.”Binance Bitcoin/stablecoin reserve ratio. Source: CryptoQuantThe growing stablecoin supply suggests that there is an increasing amount of sidelined capital that can be deployed into the crypto market.

Historically, this pattern tends to emerge during phases of structural capitulation or seller exhaustion, when weak hands exit and strong hands begin to accumulate quietly.

Meanwhile, André Dragosch, the European head of research at investment company Bitwise, shared a chart showing the short-term holder seller exhaustion constant has recorded the lowest value since August 2023.

This metric reaches such levels when volatility is low, but losses realized onchain are high, signaling seller exhaustion.

Similar levels in the past preceded volatility to the upside, with the last one leading to a 190% in BTC price to $74,000 in March 2024 from $25,300 in August 2023.

Sellers exhausted ✅ pic.twitter.com/ROTggxDKfy

— André Dragosch, PhD⚡ (@Andre_Dragosch) November 11, 2025
As Cointelegraph reported, the MVRV ratio (market value to realized value) also suggests that BTC may have bottomed at $98,000 due to seller exhaustion.

Bitcoin’s falling wedge targets $124,000The daily candle chart shows the BTC/USD pair trading within a falling wedge, after the price was rejected from the upper trendline of the pattern at $107,000. 

Falling wedges are typically bullish reversal patterns, and BTC’s continued consolidation within the pattern’s trendlines suggests that the downtrend could be nearing its end.

“Bitcoin is trading in this falling wedge,” said analyst Mister Crypto in an X post on Tuesday, adding:

“The breakout is so close now.”A daily candlestick close above $107,000 will confirm the pattern, clearing the path for Bitcoin’s rise toward the wedge’s bullish target at $124,000, representing a 19% increase from the current price. This coincides with its previous peak reached on Aug. 14. 

Bitcoin/USD daily chart. Source: Cointelegraph/TradingView“The Risk-Off Signal has shifted back to a low-risk regime, showing that selling pressure is easing as Bitcoin recovers,” private wealth manager Swissblock said in its latest BTC analysis, adding:

“BTC now needs to reclaim $108.5K–$110K, confirming recovery as risk stabilizes and goes to 0.”Bitcoin risk-off signal. Source: Swissblock. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Arthur Hayes has once again stirred the crypto crowd, but this time by questioning the belief that Jeff will never sell his HYPE tokens. Hayes mocked the “never sell” narrative, noting that even wealthy founders cash out.
He explained that the upcoming token unlock could trigger heavy selling, forcing the market to reprice HYPE tokens.

The End of the Four-Year Bitcoin Cycle
Hayes believes the old Bitcoin cycle is gone. Halvings alone no longer drive prices. Now, it’s all about liquidity, how much new money central banks create. Each past bull run, from 2009 to 2021, occurred during a period of massive money printing.

Every crash followed tighter credit. This time, Hayes says, governments everywhere are spending without restraint on defense, subsidies, and reindustrialization. These developments could stretch the bull run all the way to 2027 or 2028.

Arthur Hayes: In the Era of Global Money Printing, Crypto Market Enters a Long-Term Bull Run

BitMEX co-founder Arthur Hayes said in an interview with Coin Bureau on November 3 that politicians worldwide are pursuing “spend without tax hikes” policies, stimulating the economy… pic.twitter.com/9yCpMkOJP3

— Wu Blockchain (@WuBlockchain) November 9, 2025

For Hayes, the formula is simple. When money printing increases, Bitcoin’s value rises. When liquidity dries up, prices fall. With politicians addicted to deficit spending, he expects an extended cycle and a huge “blowoff top” before the next big correction.

He predicts that Bitcoin could reach $999,999 by 2027, driven by inflation, government debt, and ongoing money creation. The so-called “supercycle,” a smooth up-only ride, doesn’t exist, he says. Human greed ensures unpredictable fluctuations.

Why Hayes Sold His HYPE Tokens
Hayes sold his HYPE tokens before the unlock, partly as a joke (“to buy a Ferrari Testarossa”) and partly because he anticipated insiders would also sell. He doubts that anyone, including Jeff, will hold their tokens indefinitely.

He believes the token is generating more revenue but expects the market to lower its valuation multiple when new supply enters it. Hayes plans to re-enter when prices reflect more realistic future earnings.

Arthur Hayes(@CryptoHayes) just sold all 96,628 $HYPE($5.1M) he bought a month ago, making ~$823K(+19.2%).

During his speech at the WebX Summit on Aug 25, he predicted a 126x upside for $HYPE, but is now out with less than a 20% gain.https://t.co/B6z5x7dOsv pic.twitter.com/69s0ZzIIii

— Lookonchain (@lookonchain) September 21, 2025

DEX Growth, Stablecoins, and Zcash Bets
Hayes sees decentralized exchanges (DEXs) growing fast because they’re cheaper to run than centralized ones. He’s also bullish on Ethena’s USDe stablecoin, calling it one of the three that will dominate alongside Tether and Circle.

Based on privacy, Hayes is placing significant bets on Zcash. He bought millions’ worth after a chat with Naval Ravikant. He argued that privacy coins will matter again in a world of digital surveillance.

Sat next to ⁦@naval⁩ at dinner. He shilled me $ZEC. I aped. All my brokers said I couldn’t trade, so I had to have it. pic.twitter.com/vWTbn2HUNW

— Arthur Hayes (@CryptoHayes) October 2, 2025

Conclusion
Arthur Hayes says liquidity drives everything and stays pragmatic about his HYPE tokens. He’ll sell when it makes sense and buy back when others panic. In his view, the smart money waits for the market to reset, then reloads when fear returns.

Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.

ZCash has become a trader’s battleground with wild price swings and a surge of attention this month. After an explosive 1,103% 90-day rally, ZEC hit overbought territory and major players rushed to secure profits. 

This shark-like sell-off was compounded by Arthur Hayes urging users to move funds off exchanges, cranking up outflow pressure and thinning liquidity. Now, ZEC’s price action and market data show a tug-of-war playing out, as traders restructure their holdings after a feverish run-up and an equally swift pullback.

On-Chain Check: Open Interest SkyrocketsThe story of on-chain is all about leverage. As per CoinGlass, ZCash futures open interest recently spiked to $708 million, nearly tracking the parabolic rise in price. This metric shows a record level of derivatives activity, suggesting traders are piling in with outsized bets. 

When open interest and price rise together, volatility tends to heat up, and whipsaws become frequent. If liquidations hit, the cascade can amplify moves in both directions. These high OI levels reflect aggressive positioning and hint that the next major move, whichever way, may be violent.

Is ZEC Price Gearing Up for the Next Wave?The 4-hour chart, I’ve shared below, shows ZEC price consolidating just below $480. This has come after cooling off from a $505.62 high and bouncing from a daily low of $426.83. Digging into technical indicators, the Bollinger Bands are still wide, reflecting volatility, while the middle band around $556 acts as a short-term ceiling.

ZEC faces resistance zones at $537 and $662. If buyers reclaim momentum and ZEC breaks above $505 decisively, a test of $537 could come within the next 2 to 3 sessions. Momentum beyond that might open a quicker path to $662 if overall market sentiment holds up. 

However, failure to defend the $476–$480 zone brings $433 and possibly $402 into play as bearish targets. These could arrive within days amid high leverage and thin liquidity. The RSI at 42.7 suggests ZEC is not oversold, so there’s potential for further downside if the bears dig in.

FAQsCan ZCash see a further crash from here?

If the ZEC coin drops below $433 support, the high leverage and low liquidity could intensify the decline toward $402.​

What price targets do bulls aim for in the short term?

Bulls should watch for resistance at $537 and $662, which could be tested within a week if buyers regain control and volume picks up.​

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Micron is all set to benefit from the AI memory supercycle.

Shares of Micron Technology (MU 4.92%) have soared nearly 191% so far in 2025. Following such an exceptional performance, some investors may wonder if they missed the opportunity. But Micron's growth trajectory is now being driven primarily by solid artificial intelligence (AI)-powered memory demand in data centers.

Unlike the cyclical memory demand of the past, this AI-driven demand is tied directly to the multiyear global expansion of AI infrastructure. With McKinsey estimating $6.7 trillion global spending in data centers by 2030, Micron stands to be a significant beneficiary of the AI memory chip supercycle.

Image source: Getty Images.

AI memory chip supercycle
The data center segment accounted for 56% of Micron's total $37.4 billion in revenue in fiscal 2025 (ending Aug. 28). The combined revenue from high-bandwidth memory (HBM), high-capacity Dual In-Line Memory Modules (DIMMs), and Low-Power Double Data Rate (LPDDR5) DRAM for servers used in data centers were $10 billion in fiscal 2025, nearly five times higher than in fiscal 2024. HBM sales reached $2 billion in the fourth quarter, implying an annualized run rate of $8 billion.

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Increasing memory demand from data centers and other end markets, along with rising server usage, has led to a demand-supply mismatch in the DRAM market. This has significantly increased Micron's pricing power, enabling it to finalize pricing agreements for a major chunk of its HBM3E supply for calendar 2026. This will ensure robust gross margins and limited volatility, even if the memory environment changes in the next year.

Management is guiding Micron's revenue to be in the range of $12.2 billion to $12.8 billion, and non-GAAP EPS in the range of $3.60 to $3.90 in the first quarter of fiscal 2026. With DRAM inventories below the target level and Micron demonstrating its technology leadership with HBM4, the company is well-positioned to achieve its target in the coming quarter.

Manali Pradhan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Neil Price Joins as a Managing Director in the Financial Sponsors Group

LONDON--(BUSINESS WIRE)--Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, announced today that Neil Price has joined the firm as a Managing Director in its Financial Sponsors Group, based in London.

Mr. Price will work closely with senior U.K. coverage colleagues, James Mitchell and Paul Rablen, to further expand client relationships in the U.K. market, as well as with the broader Financial Sponsors Group, to grow the overall sponsor business across Europe. His appointment follows the recent addition of Martin Rezaie as a Managing Director in Germany, reflecting Houlihan Lokey’s continued growth and leadership in advising financial sponsors.

Mr. Price joins Houlihan Lokey following his successful tenure at Mayfair Equity Partners. As Head of Originations at Mayfair, he led the new business drive, held nonexecutive board positions, and oversaw financing activities across the portfolio. Prior to joining Mayfair, Mr. Price spent nearly two decades at Lloyds Banking Group, where he held several senior leadership positions, including Head of Strategic Debt Finance.

“Neil is a highly respected private equity practitioner, with a unique blend of investor perspective and banking experience. His extensive origination, structuring, and execution expertise, as well as long-standing relationships across the private market community, will be invaluable to our clients and to colleagues in the Financial Sponsors Coverage team,” said Christian Keller, Managing Director and Head of European Private Equity Coverage.

“Neil’s appointment is a significant addition to our Financial Sponsors Coverage platform in Europe,” said Kevin Salmini, Managing Director and Global Head of the Financial Sponsors Group. “His experience as an investor with a proven track record in executing complex transactions and extensive private equity relationships will further strengthen our ability to deliver exceptional outcomes for financial sponsors. This appointment also reflects the calibre of senior bankers we continue to attract and exemplifies the sustained momentum and strategic growth of our platform across markets and geographies.”

“I’m excited to join Houlihan Lokey and contribute to a platform renowned for delivering exceptional outcomes for financial sponsors,” said Mr. Price. “With the firm’s global reach, deep market insight, and collaborative approach, we are uniquely positioned to help clients execute complex transactions and create lasting value across Europe and beyond.”

Houlihan Lokey is among the leading advisors to alternative capital providers, and its Financial Sponsors Group is one of the largest dedicated teams of any investment bank. The team of more than 35 professionals includes 24 Managing Directors located in eight countries around the world and manages approximately 1,900 relationships, including private equity firms, credit funds, family offices, and sovereign wealth funds.

About Houlihan Lokey

Houlihan Lokey, Inc. (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital solutions, financial restructuring, and financial and valuation advisory. Houlihan Lokey serves corporations, institutions, and governments worldwide with offices in the Americas, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. The firm is the No. 1 investment bank for all global M&A transactions for the past two years, the No. 1 M&A advisor for the past 10 years in the U.S., the No. 1 global restructuring advisor for the past 11 years, and the No. 1 global M&A fairness opinion advisor over the past 25 years, all based on number of transactions and according to data provided by LSEG.

More News From Houlihan Lokey, Inc.

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, /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that it will hold an annual general meeting of shareholders at Vipshop Headquarters, 128 Dingxin Road, Haizhu District, Guangzhou 510220, People's Republic of China on December 5, 2025 at 11:00 a.m., Beijing time.

No proposal will be submitted for shareholder approval at the annual general meeting. Instead, the annual general meeting will serve as an open forum for shareholders and beneficial owners of the Company's American depositary shares ("ADSs") to discuss Company affairs with management.

The board of directors of the Company has fixed the close of business on November 10, 2025 as the record date (the "Record Date") for determining the holders of the Company's ordinary shares that are entitled to receive notice of, and to attend, the annual general meeting or any adjourned or postponed meeting thereof.

Holders of record of the Company's ordinary shares at the close of business on the Record Date are entitled to attend the annual general meeting and any adjournment or postponement thereof in person. Beneficial owners of the Company's ADSs are welcome to attend the annual general meeting in person.

The Company has filed its annual report on Form 20-F (the "Annual Report"), which includes the Company's audited financial statements for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (the "SEC"). The Company's Annual Report can be accessed on the investor relations section of its website at https://ir.vip.com/, as well as on the SEC's website at https://www.sec.gov/.

Holders of the Company's ordinary shares or ADSs may obtain a hard copy of the Annual Report free of charge by emailing Jessie Zheng, Vipshop Holdings Limited, at [email protected] or by writing to:

Vipshop Headquarters, 128 Dingxin Road
Haizhu District, Guangzhou 510220
People's Republic of China
Attention: Jessie Zheng

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: [email protected]

SOURCE Vipshop Holdings Limited

ZURICH--(BUSINESS WIRE)--On Holding AG (NYSE: ONON) (“On,” “On Holding AG,” the “Company,” “we,” “our,” “ours,” or “us”), has announced its financial results for the third quarter and nine-month period ended September 30, 2025.

Caspar Coppetti, Co-Founder and Executive Co-Chairman of On, said: "This quarter was another one for the record books - a true showcase of our premium strategy in action. It reflects the best of what On stands for: innovation, purpose, and performance coming together to inspire movement. Our focus on excellence continues to drive powerful global momentum, earning deep trust with consumers and strengthening the core of our business. With an outstanding product pipeline and boosted by the remarkable achievements of On's athletes that embody our performance spirit, we carry this momentum forward with confidence and energy."

Martin Hoffmann, CEO and CFO of On, said: "Our consistent execution continues to bring our strategy to life - winning in performance, elevating our brand, and engaging our expanding global community in credible and consistent ways. We’re strengthening our connection with customers through experiences that showcase our premium positioning - from our most elevated stores to the growing momentum of our apparel business. At the core, our focus on operational excellence and technology is making us faster, smarter, and more agile. These results give us strong confidence - both for a successful holiday season and for the long term, as we continue building the world’s most premium global sportswear brand."

Key Financial and Operating Metrics

Key financial and operating metrics for the three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024 include:

net sales increased by 24.9% to CHF 794.4 million, or by 34.5% on a constant currency basis;

net sales through the direct-to-consumer (“DTC”) sales channel increased by 27.6% to CHF 314.7 million, or by 37.5% on a constant currency basis;

net sales through the wholesale sales channel increased by 23.3% to CHF 479.6 million, or by 32.5% on a constant currency basis;

net sales in Europe, Middle East and Africa (“EMEA”), Americas and Asia-Pacific ("APAC") increased by 28.6% to CHF 213.3 million, 10.3% to CHF 436.2 million and 94.2% to CHF 144.9 million, respectively;

net sales in EMEA, Americas and Asia-Pacific increased by 33.0%, 21.0% and 109.2% on a constant currency basis, respectively;

net sales from shoes, apparel and accessories increased by 21.1% to CHF 731.3 million, 86.9% to CHF 50.1 million and 145.3% to CHF 13.0 million, respectively;

net sales from shoes, apparel and accessories increased by 30.4%, 100.2% and 160.8% on a constant currency basis, respectively;

gross profit increased by 35.5% to CHF 522.2 million from CHF 385.3 million;

gross profit margin increased to 65.7% from 60.6%;

net income increased by 289.8% to CHF 118.9 million from CHF 30.5 million;

net income margin increased to 15.0% from 4.8%;

basic earnings per share (“EPS”) Class A (CHF) increased to CHF 0.36 from CHF 0.09;

diluted EPS Class A (CHF) increased to CHF 0.36 from CHF 0.09;

adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") increased by 49.8% to CHF 179.9 million from CHF 120.1 million;

adjusted EBITDA margin increased to 22.6% from 18.9%;

adjusted net income increased by 182.9% to CHF 142.0 million from CHF 50.2 million;

adjusted basic EPS Class A (CHF) increased to CHF 0.43 from CHF 0.16; and

adjusted diluted EPS Class A (CHF) increased to CHF 0.43 from CHF 0.15.

Key financial and operating metrics for the nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024 include:

net sales increased by 32.6% to CHF 2,270.2 million, or by 37.3% on a constant currency basis;

net sales through the DTC sales channel increased by 39.2% to CHF 899.9 million, or by 44.4% on a constant currency basis;

net sales through the wholesale sales channel increased by 28.7% to CHF 1,370.3 million, or by 33.1% on a constant currency basis;

net sales in EMEA, Americas and Asia-Pacific increased by 34.7% to CHF 579.7 million, 19.2% to CHF 1,305.9 million and 106.6% to CHF 384.6 million, respectively;

net sales in EMEA, Americas and Asia-Pacific increased by 37.2%, 24.1% and 115.3% on a constant currency basis, respectively;

net sales from shoes, apparel and accessories increased by 29.8% to CHF 2,117.1 million, 82.6% to CHF 124.9 million and 127.4% to CHF 28.2 million, respectively;

net sales from shoes, apparel and accessories increased by 34.4%, 89.5% and 136.7% on a constant currency basis, respectively;

gross profit increased by 37.8% to CHF 1,418.3 million from CHF 1,028.9 million;

gross profit margin increased to 62.5% from 60.1%;

net income decreased by 11.9% to CHF 134.6 million from CHF 152.7 million;

net income margin decreased to 5.9% from 8.9%;

basic EPS Class A (CHF) decreased to CHF 0.41 from CHF 0.47;

diluted EPS Class A (CHF) decreased to CHF 0.40 from CHF 0.47;

adjusted EBITDA increased by 51.2% to CHF 436.0 million from CHF 288.3 million;

adjusted EBITDA margin increased to 19.2% from 16.8%;

adjusted net income decreased by 10.2% to CHF 182.9 million from CHF 203.6 million;

adjusted basic EPS Class A (CHF) decreased to CHF 0.56 from CHF 0.63; and

adjusted diluted EPS Class A (CHF) decreased to CHF 0.55 from CHF 0.62.

Key financial and operating metrics as of September 30, 2025 compared to December 31, 2024 include:

cash and cash equivalents increased by 4.1% to CHF 961.8 million from CHF 924.3 million; and

net working capital increased by 13.4% to CHF 565.8 million from CHF 498.9 million.

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis are non-IFRS measures used by us to evaluate our performance. Furthermore, we believe these non-IFRS measures enhance investors' understanding of our financial and operating performance from period to period because they enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS. For a detailed description and a reconciliation to the nearest IFRS measure, see section titled “Non-IFRS Measures.”

Outlook

Building on a year defined by strategic focus and outstanding execution, On looks ahead with strong confidence. Brand momentum remains exceptionally high, fueled in recent weeks by remarkable athlete achievements, cultural moments elevating On globally, and the launch of its inspiring holiday campaign. Reflecting the strength of its third-quarter performance and sustained momentum, On is raising its full-year 2025 guidance across all key metrics.

Net sales: Expected to grow by 34% year-over-year on a constant currency basis (previously at least 31%). At current spot rates, this corresponds to reported net sales of CHF 2.98 billion (previously CHF 2.91 billion).

Gross profit margin: Expected to be around 62.5% (previously 60.5-61.0%).

Adjusted EBITDA margin: Expected to be above 18.0% (previously 17.0-17.5%).

Other than with respect to IFRS net sales and gross profit margin, On only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As a result, we are not able to forecast with reasonable certainty all deductions needed in order to provide a reconciliation to net income. The above outlook is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below and in our filings with the U.S. Securities and Exchange Commission (the "SEC").

Conference Call Information

A conference call to discuss third quarter results is scheduled for November 12, 2025 at 8 a.m. U.S. Eastern time (2 p.m. Central European Time). Those interested in participating in the call are invited to dial the following numbers:

United States: +1 646 307 19 63

United Kingdom: +44 203 481 42 47

Switzerland: +41 43 210 51 63

Conference ID: 4406250

Additionally, a live webcast of the conference call will be available on the Company's investor relations website and under the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website.

About On

On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Fifteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec® and LightSpray™ innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On.

On is present in more than 80 countries globally and engages with a digital community on www.on.com.

Non-IFRS Measures

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis are financial measures that are not defined under IFRS. We use these non-IFRS measures when evaluating our performance, including when making financial and operating decisions, and as a key component in the determination of variable incentive compensation for employees. We believe that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures enhance investor understanding of our financial and operating performance from period to period, because they exclude share-based compensation which is not viewed by management as part of our ongoing operations and performance, enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. In particular, we believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income and net working capital are measures commonly used by investors to evaluate companies in the sportswear industry.

However, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies. The tables below reconcile each non-IFRS measure to its most directly comparable IFRS measure.

As noted above, we do not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. The amount of these deductions may be material and, therefore, could result in projected net income being materially less than projected adjusted EBITDA. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this press release.

Net sales on a constant currency basis is a non-IFRS financial measure and should be viewed as a supplement to our results under IFRS. Net sales on a constant currency basis represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales within our results, to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations.

Forward-Looking Statements

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements contained in this management’s discussion and analysis can be identified by the use of forward-looking words such as “anticipate,” “believe,” “continue,” “could,” “expect,” “estimate,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “target,” “will,” “would,” and “should,” among others.

Among other things, On’s quotations from management in the press releases and other written materials, as well as On’s strategic and operational plans, contain forward-looking statements. On may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements appear in a number of places in this management’s discussion and analysis and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management.

Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled “Risk Factors” in our Annual Report. These risks and uncertainties include factors relating to: the strength of our brand and our ability to maintain our reputation and brand image; our ability and the ability of our independent manufacturers and other suppliers to follow responsible business practices; our ability to implement our growth strategy; the concentration of our business in a single, discretionary product category, namely footwear, apparel and accessories; our ability to continue to innovate and meet consumer expectations; changes in consumer tastes and preferences including in products and sustainability, and our ability to connect with our consumer base; our ability to open new stores at locations that will attract customers to our premium products; our ability to compete and conduct our business in the future; health epidemics, pandemics and similar outbreaks; general economic, political, demographic and business conditions worldwide, including geopolitical uncertainty and instability, such as the on-going Russia-Ukraine or Israel-Hamas conflicts and on-going shipping disruptions in the Red Sea and surrounding waterways; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; our ability to successfully develop, implement, and scale our LightSpray™ technology and products developed using this technology; our ability to strengthen and grow our DTC channel; our ability to address climate related risks; our ability to execute and manage our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product offerings and investor and customer scrutiny; our third-party suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; supply chain disruptions, inflation and increased costs in supplies, goods and transportation, customs and duty expenses, and foreign exchange rates; the availability of qualified personnel and the ability to retain such personnel, including our Executive Officers; our ability to accurately forecast demand for our products and manage product manufacturing decisions; our ability to distribute products through our wholesale channel; changes in commodity, material, labor, distribution and other operating costs; our international operations; our ability to protect our intellectual property and defend against allegations of violations of third-party intellectual property by us; cybersecurity incidents and other disruptions to our information technology ("IT") systems; increased hacking activity against the critical infrastructure of any nation or organization that retaliates against Russia for its invasion of Ukraine; our reliance on complex IT systems; our ability to adopt generative artificial intelligence ("AI") technologies in our operations; changes and contemplation of changes to trade policies, tariffs and import/export regulations in the United States and other jurisdictions; financial accounting and tax matters; our ability to maintain effective internal control over financial reporting; the potential impact of, and our compliance with, new and existing laws and regulations; other factors that may affect our financial condition, liquidity and results of operations; and other risks and uncertainties set out in filings made from time to time with the SEC and available at www.sec.gov, including, without limitation, our most recent reports on Form 20-F and Form 6-K. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

Source: On

Category: Earnings

Consolidated Financial Information

Consolidated interim statements of income

(unaudited)

Three-month period ended

September 30,

Nine-month period ended

September 30,

(CHF in millions)

2025

2024

2025

2024

Net sales

794.4

635.8

2,270.2

1,711.7

Cost of sales

(272.1

)

(250.5

)

(851.9

)

(682.8

)

Gross profit

522.2

385.3

1,418.3

1,028.9

Selling, general and administrative expenses

(397.5

)

(312.7

)

(1,123.8

)

(870.4

)

Operating result

124.7

72.6

294.5

158.5

Financial income

8.1

6.0

22.9

17.1

Financial expenses

(8.1

)

(6.5

)

(21.8

)

(17.2

)

Foreign exchange gain / (loss)

(6.1

)

(42.6

)

(160.5

)

29.7

Income before taxes

118.6

29.6

135.2

188.1

Income tax benefit / (expense)

0.3

0.9

(0.6

)

(35.4

)

Net income

118.9

30.5

134.6

152.7

Earnings per share

Basic EPS Class A (CHF)

0.36

0.09

0.41

0.47

Basic EPS Class B (CHF)

0.04

0.01

0.04

0.05

Diluted EPS Class A (CHF)

0.36

0.09

0.40

0.47

Diluted EPS Class B (CHF)

0.03

0.01

0.04

0.05

Consolidated interim balance sheets

(unaudited)

(CHF in millions)

9/30/2025

12/31/2024

Cash and cash equivalents

961.8

924.3

Trade receivables

340.9

246.1

Inventories

380.6

419.2

Other current financial assets

63.1

56.4

Other current operating assets

165.3

113.7

Current assets

1,911.7

1,759.7

Property, plant and equipment

135.2

127.2

Right-of-use assets

479.9

323.6

Intangible assets

54.6

58.3

Deferred tax assets

170.3

107.8

Non-current assets

839.9

617.0

Assets

2,751.6

2,376.7

Trade payables

155.6

166.5

Current lease liabilities

76.1

59.1

Other current financial liabilities

55.5

51.3

Other current operating liabilities

380.3

299.3

Current provisions

15.8

21.7

Income tax liabilities

65.2

62.5

Current liabilities

748.6

660.4

Employee benefit obligations

7.9

8.6

Non-current provisions

18.8

14.9

Non-current lease liabilities

427.8

288.5

Other non-current financial liabilities

0.7

1.7

Deferred tax liabilities

6.5

10.8

Non-current liabilities

461.8

324.5

Share capital

34.0

33.7

Treasury shares

(26.7

)

(26.8

)

Capital reserves

1,267.9

1,210.0

Other reserves

(47.6

)

(4.0

)

Retained earnings

313.6

178.9

Equity

1,541.3

1,391.8

Equity and liabilities

2,751.6

2,376.7

Consolidated interim statements of cash flows

(unaudited)

Nine-month period ended

September 30,

(CHF in millions)

2025

2024

Net income

134.6

152.7

Adjustments for:

Share-based compensation

49.7

42.4

Employee benefit expenses

2.8

1.3

Depreciation and amortization

92.9

75.9

Loss on disposal of assets

0.7

0.2

Interest income and expenses

(6.7

)

(5.2

)

Net exchange differences

162.0

(27.7

)

Income taxes

0.6

35.4

Change in working capital

(178.3

)

(35.0

)

Trade receivables

(130.5

)

(118.5

)

Inventories

(39.1

)

15.6

Trade payables

(8.7

)

67.9

Change in other current assets / liabilities

36.9

110.7

Change in provisions

(5.1

)

11.5

Interests received

22.4

16.5

Income taxes paid

(66.0

)

(37.0

)

Cash inflow from operating activities

246.4

341.8

Purchase of tangible assets

(46.2

)

(41.5

)

Purchase of intangible assets

(3.8

)

(3.7

)

Cash (outflow) from investing activities

(50.0

)

(45.2

)

Payments of lease liabilities

(51.3

)

(37.4

)

Proceeds from issuance of shares

0.3

0.2

Proceeds on sale of treasury shares related to share-based compensation

8.3

8.6

Interests paid

(15.6

)

(11.3

)

Cash (outflow) from financing activities

(58.3

)

(39.8

)

Change in net cash and cash equivalents

138.1

256.8

Net cash and cash equivalents at January 1

924.3

494.6

Net impact of foreign exchange rate differences

(100.5

)

(2.4

)

Net cash and cash equivalents at September 30

961.8

749.0

Reconciliation of Non-IFRS measures

Adjusted EBITDA and Adjusted EBITDA Margin

The table below reconciles net income to adjusted EBITDA for the periods presented. Adjusted EBITDA margin is equal to adjusted EBITDA for the period presented as a percentage of net sales for the same period.

Three-month period ended September

Nine-month period ended September

(CHF in millions)

2025

2024

% Change

2025

2024

% Change

Net income

118.9

30.5

289.8

%

134.6

152.7

(11.9

)%

Exclude the impact of:

Income taxes

(0.3

)

(0.9

)

(66.7

)%

0.6

35.4

(98.3

)%

Financial income

(8.1

)

(6.0

)

35.0

%

(22.9

)

(17.1

)

33.9

%

Financial expenses

8.1

6.5

24.6

%

21.8

17.2

26.7

%

Foreign exchange result

6.1

42.6

(85.7

)%

160.5

(29.7

)

640.4

%

Depreciation and amortization

32.2

27.5

17.1

%

92.9

75.9

22.4

%

Share-based compensation(1)

23.0

19.9

15.6

%

48.6

53.9

(9.8

)%

Adjusted EBITDA

179.9

120.1

49.8

%

436.0

288.3

51.2

%

Adjusted EBITDA Margin

22.6

%

18.9

%

20.0

%

19.2

%

16.8

%

14.0

%

(1) Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance.

Adjusted Net Income, Adjusted Basic EPS and Adjusted Diluted EPS

We use adjusted net income, adjusted basic EPS and adjusted diluted EPS as measures of operating performance in conjunction with related IFRS measures.

For the purpose of operational performance measurement, we calculate adjusted net income, adjusted basic EPS and adjusted diluted EPS in a manner that fully excludes the impact of any costs related to share-based compensation and includes the tax effect on the tax-deductible portion of the non-IFRS adjustments, which we believe increases comparability of the metric from period to period, and makes it useful for management, our audit committee and investors to assess our financial performance over time.

Adjusted basic EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period. Adjusted diluted EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period on a fully diluted basis.

The table below provides a reconciliation between net income and adjusted net income, adjusted basic EPS and adjusted diluted EPS for the periods presented:

Three-month period ended September 30,

(CHF in millions, except per share data)

2025

2025

2024

2024

Class A

Class B

Class A

Class B

Net income

106.8

12.1

27.2

3.3

Exclude the impact of:

Share-based compensation(1)

20.7

2.3

17.8

2.1

Tax effect of adjustments(2)

0.1

—

(0.2

)

—

Adjusted net income

127.6

14.4

44.8

5.4

Weighted number of outstanding shares

296,472,498

334,916,680

288,654,081

345,437,500

Weighted number of shares with dilutive effects

2,926,575

10,595,360

3,724,345

12,963,353

Weighted number of outstanding shares (diluted and undiluted)(3)

299,399,073

345,512,040

292,378,426

358,400,853

Adjusted basic EPS (CHF)

0.43

0.04

0.16

0.02

Adjusted diluted EPS (CHF)

0.43

0.04

0.15

0.01

Nine-month period ended September 30,

(CHF in millions, except per share data)

2025

2025

2024

2024

Class A

Class B

Class A

Class B

Net income

120.7

13.9

136.4

16.3

Exclude the impact of:

Share-based compensation(1)

43.5

5.0

48.1

5.8

Tax effect of adjustments(2)

(0.3

)

—

(2.7

)

(0.3

)

Adjusted net income

164.0

18.9

181.8

21.8

Weighted number of outstanding shares

295,155,386

340,427,586

288,232,639

345,437,500

Weighted number of shares with dilutive effects

3,648,162

12,108,722

3,515,460

12,487,714

Weighted number of outstanding shares (diluted and undiluted)(3)

298,803,548

352,536,308

291,748,099

357,925,214

Adjusted basic EPS (CHF)

0.56

0.06

0.63

0.06

Adjusted diluted EPS (CHF)

0.55

0.05

0.62

0.06

(1) Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance.

(2) The tax effect has been calculated by applying the local tax rate on the tax-deductible portion of the respective adjustments.

(3) Weighted number of outstanding shares (diluted and undiluted) are presented herein in order to calculate Adjusted EPS as Adjusted net income for such periods.

Net Sales on a Constant Currency Basis

Net sales on a constant currency basis is a non-IFRS measure which represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales in our results to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations. Below, we show reported net sales split out by sales channel, geography, and product, and include the reported percent change and the constant currency percent change.

Net sales by sales channel

The following tables present net sales by sales channel:

Three-month period ended September 30,

(CHF in millions)

2025

2024

% Change

Constant Currency % Change (1)

Wholesale

479.6

389.1

23.3

%

32.5

%

Direct-to-consumer

314.7

246.7

27.6

%

37.5

%

Net sales

794.4

635.8

24.9

%

34.5

%

Nine-month period ended September 30,

(CHF in millions)

2025

2024

% Change

Constant Currency % Change (1)

Wholesale

1,370.3

1,065.1

28.7

%

33.1

%

Direct-to-consumer

899.9

646.6

39.2

%

44.4

%

Net sales

2,270.2

1,711.7

32.6

%

37.3

%

Net sales by geography

The following tables present net sales by geographic region (based on the location of the counterparty):

Three-month period ended September 30,

(CHF in millions)

2025

2024

% Change

Constant Currency % Change (1)

Americas

436.2

395.5

10.3

%

21.0

%

Europe, Middle East and Africa

213.3

165.8

28.6

%

33.0

%

Asia-Pacific

144.9

74.6

94.2

%

109.2

%

Net sales

794.4

635.8

24.9

%

34.5

%

(1) The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in the tables above.

Nine-month period ended September 30,

(CHF in millions)

2025

2024

% Change

Constant Currency % Change (1)

Americas

1,305.9

1,095.1

19.2

%

24.1

%

Europe, Middle East and Africa

579.7

430.4

34.7

%

37.2

%

Asia-Pacific

384.6

186.2

106.6

%

115.3

%

Net Sales

2,270.2

1,711.7

32.6

%

37.3

%

Net sales by product

The following tables present net sales by product group:

Three-month period ended September 30,

(CHF in millions)

2025

2024

% Change

Constant Currency % Change (1)

Shoes

731.3

603.7

21.1

%

30.4

%

Apparel

50.1

26.8

86.9

%

100.2

%

Accessories

13.0

5.3

145.3

%

160.8

%

Net sales

794.4

635.8

24.9

%

34.5

%

Nine-month period ended September 30,

(CHF in millions)

2025

2024

% Change

Constant Currency % Change (1)

Shoes

2,117.1

1,630.8

29.8

%

34.4

%

Apparel

124.9

68.4

82.6

%

89.5

%

Accessories

28.2

12.4

127.4

%

136.7

%

Net sales

2,270.2

1,711.7

32.6

%

37.3

%

(1) The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in the tables above.

Net Working Capital

Net working capital is a financial measure that is not defined under IFRS. We use and believe that certain investors and analysts use this information to assess liquidity and management use of net working capital resources. We define net working capital as trade receivables, plus inventories, minus trade payables. This measure should not be considered in isolation or as a substitute for any standardized measure under IFRS.

Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.

As of September 30,

As of December 31,

(CHF in millions)

2025

2024

% Change

Trade receivables

340.9

246.1

38.5

%

Inventories

380.6

419.2

(9.2

)%

Trade payables

(155.6

)

(166.5

)

(6.5

)%

Net working capital

565.8

498.9

13.4

%

November 12, 2025 5:00 AM EST | Source: Riverside Resources Inc.
~Over 1600 metres drilled to date and 700+ samples shipped to laboratory~

Vancouver, British Columbia--(Newsfile Corp. - November 12, 2025) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY0) ("Riverside" or the "Company"), is pleased to announce the completion of the first phase of drilling at the Union Project in Sonora, Mexico. 12 diamond core holes were completed for a total of just over 1,600 metres across six priority targets. The work is being advanced with funding through partner Questcorp Mining Inc. ("Questcorp") under the option agreement announced earlier in 2025 with Riverside as Operator and managing the exploration program.

Program Highlights

12 core holes completed totaling >1,600 m.Six targets drilled: Union Mine, Union Norte, Cobre, Luis, Famosa, and Famosa Mag.Three past-producing mine areas tested adjacent to historic workings to evaluate continuity.>700 half-core samples shipped; assays pending.Holes oriented as angle and near-vertical to cut stratigraphy and structures typical of Carbonate Replacement Deposit-type ("CRD") systems, with focus beneath oxidized horizons generally <150 m depth. "This first exploration phase accomplished initial drill holes into 6 target areas. We tested multiple shallow gold and base metals targets, confirmed the key carbonate host units recognized by historic mining at Union and Famosa, and gathered the structural and alteration data to further progress efficient mineral exploration," said Dr. John-Mark Staude, President and CEO of Riverside Resources. "This historically mined CRD district, validated by new drilling and improved datasets, advances our geologic model and supports the potential for a large-scale discovery. With six targets advanced and more than 700 samples at the lab, once results are received, we will scope the next exploration program and focus on the most prospective trends indicated by assay results, stratigraphy, structure, and geophysics."

Drilling Update by Area

Union Mine: Three holes at the Union Mine targeted manto horizons and chimney/feeder structures adjacent to historic underground workings. This reconnaissance drilling was designed to evaluate stratigraphy, alteration, and mineralization continuity typical of CRD systems.

Famosa Mine Area: Four core holes tested a west-dipping dolomite manto target and adjacent structures. Logging noted intrusive dikes and breccias; no geochronology has been completed. Historical small-scale mining left surface dumps reported with gold grades of >0.5 oz/t Au (>15 g/t) in an independent NI 43-101 report filed on SEDAR+, May 7, 2025, by Questcorp. An inclined shaft dipping ~70° to the west parallels the favorable horizon. Holes were drilled at angles toward the east to intersect the target as close to perpendicular as practical and to evaluate continuity of alteration and mineralization.

Union Norte: Two initial holes tested the manto horizon within dolomitic carbonate strata to evaluate continuity and geometry along favorable trends mapped near historic workings. This phase targeted the westward extension. Follow-up work, including possible step-outs to the east, will be considered after assays and geological interpretation.

Cobre and Luis: Each target was tested to assess style, structure, and controls on mineralization. Results to date show sulfides, mineralization types, and intrusions aligned with a carbonate-hosted metals system.

Sampling and Assays

Core was logged, saw-cut, and half-core samples were shipped for analysis. Samples from the first eight holes were delivered to Bureau Veritas (Hermosillo, Sonora) for gold fire assay, with pulps forwarded to Vancouver, Canada for Inductively Coupled Plasma-Mass Spectrometry ("ICP-MS") following four-acid digestion to determine silver, base metals, and pathfinders. Samples from the final four holes were shipped to ACT Labs Zacatecas, where preparation, gold assay, and multi-element ICP are completed in Mexico. Remaining half-cores are retained for reference. The final 4 holes of the program were shipped to ACT Labs where they were similarly assayed using the same processing methods but with their initial preparation and assaying completed in Zacatecas, Mexico using the same ICP and gold fire assay methods.

Next Steps

After assays are received, the Company plans to announce results and begin work to integrate the full exploration results including the assays, core logging, geophysics, advance detailed multi-element geochemistry, and updated structural mapping to refine the CRD model and scope for a Phase 2 exploration campaign. The Phase 2 campaign will likely include more extensive drilling and other exploration work as this Phase 1 was only an initial sampling into some of the targets at Union. This next expanded drill program could take place in H1, 2026 as all permits and access are in good standing and with the new data targets will be ready to explore.

Qualified Person & QA/QC:

The scientific and technical data contained in this news release pertaining to the Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources Inc., who is responsible for ensuring that the information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a solid balance sheet with no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. Riverside has properties available for option, with information available on the Company's website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

"John-Mark Staude"

Dr. John-Mark Staude, President & CEO

For additional information contact:

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the risk that the Transaction will not be completed as contemplates, or at all, availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274043

TORONTO, Nov. 12, 2025 (GLOBE NEWSWIRE) -- BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the November 2025 cash distributions for the iShares ETFs listed on the TSX or Cboe Canada, which pay on a monthly basis, as well as iShares S&P/TSX 60 Index ETF (XIU) and iShares Canadian Real Return Bond Index ETF (XRB). Unitholders of record of the applicable iShares ETF, with exception of XRB, on November 19, 2025, will receive cash distributions payable in respect of that iShares ETF on November 28, 2025. Unitholders of record of XRB on December 1, 2025 will receive cash distributions on December 4, 2025.

Details regarding the “per unit” distribution amounts are as follows:

Fund NameFund TickerCash Distribution Per Unit ($)iShares 1-10 Year Laddered Corporate Bond Index ETFCBH$0.051iShares 1-5 Year Laddered Corporate Bond Index ETFCBO$0.054iShares S&P/TSX Canadian Dividend Aristocrats Index ETFCDZ$0.114iShares Equal Weight Banc & Lifeco ETFCEW$0.064iShares 1-5 Year Laddered Government Bond Index ETFCLF$0.033iShares 1-10 Year Laddered Government Bond Index ETFCLG$0.037iShares S&P/TSX Canadian Preferred Share Index ETFCPD$0.058iShares US Dividend Growers Index ETF (CAD-Hedged)CUD$0.084iShares Convertible Bond Index ETFCVD$0.075iShares Global Monthly Dividend Index ETF (CAD-Hedged)CYH$0.073iShares Canadian Financial Monthly Income ETFFIE$0.040iShares U.S. Aggregate Bond Index ETFXAGG$0.121iShares U.S. Aggregate Bond Index ETF(1)XAGG.U$0.086iShares U.S. Aggregate Bond Index ETF (CAD-Hedged)XAGH$0.096iShares Core Canadian Universe Bond Index ETFXBB$0.080iShares Core Canadian Corporate Bond Index ETFXCB$0.070iShares ESG Advanced Canadian Corporate Bond Index ETFXCBG$0.123iShares U.S. IG Corporate Bond Index ETFXCBU$0.127iShares U.S. IG Corporate Bond Index ETF(1)XCBU.U$0.090iShares Core MSCI Global Quality Dividend Index ETFXDG$0.072iShares Core MSCI Global Quality Dividend Index ETF(1)XDG.U$0.051iShares Core MSCI Global Quality Dividend Index ETF (CAD-Hedged)XDGH$0.064iShares Core MSCI Canadian Quality Dividend Index ETFXDIV$0.121iShares Core MSCI US Quality Dividend Index ETFXDU$0.063iShares Core MSCI US Quality Dividend Index ETF(1)XDU.U$0.045iShares Core MSCI US Quality Dividend Index ETF (CAD-Hedged)XDUH$0.057iShares Canadian Select Dividend Index ETFXDV$0.109iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)XEB$0.059iShares S&P/TSX Composite High Dividend Index ETFXEI$0.114iShares Core Canadian 15+ Year Federal Bond Index ETFXFLB$0.115iShares Flexible Monthly Income ETFXFLI$0.182iShares Flexible Monthly Income ETF(1)XFLI.U$0.129iShares Flexible Monthly Income ETF (CAD-Hedged)XFLX$0.172iShares S&P/TSX Capped Financials Index ETFXFN$0.148iShares Floating Rate Index ETFXFR$0.048iShares Core Canadian Government Bond Index ETFXGB$0.050iShares Global Government Bond Index ETF (CAD-Hedged)XGGB$0.041iShares Canadian HYBrid Corporate Bond Index ETFXHB$0.076iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)XHD$0.075iShares U.S. High Dividend Equity Index ETFXHU$0.078iShares U.S. High Yield Bond Index ETF (CAD-Hedged)XHY$0.083iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged)XIG$0.070iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged)XIGS$0.128iShares S&P/TSX 60 Index ETFXIU$0.300iShares Core Canadian Long Term Bond Index ETFXLB$0.062iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)XPF$0.064iShares High Quality Canadian Bond Index ETFXQB$0.054iShares Canadian Real Return Bond Index ETFXRB$0.290iShares S&P/TSX Capped REIT Index ETFXRE$0.068iShares ESG Aware Canadian Aggregate Bond Index ETFXSAB$0.049iShares Core Canadian Short Term Bond Index ETFXSB$0.070iShares Conservative Short Term Strategic Fixed Income ETFXSC$0.053iShares Conservative Strategic Fixed Income ETFXSE$0.053iShares Core Canadian Short Term Corporate Bond Index ETFXSH$0.062iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETFXSHG$0.122iShares 1-5 Year U.S. IG Corporate Bond Index ETFXSHU$0.164iShares 1-5 Year U.S. IG Corporate Bond Index ETF(1)XSHU.U$0.117iShares Short Term Strategic Fixed Income ETFXSI$0.057iShares Core Canadian Short-Mid Term Universe Bond Index ETFXSMB$0.101iShares ESG Aware Canadian Short Term Bond Index ETFXSTB$0.048iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged)XSTH$0.139iShares 0-5 Year TIPS Bond Index ETFXSTP$0.161iShares 0-5 Year TIPS Bond Index ETF(1)XSTP.U$0.114iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)XTLH$0.109iShares 20+ Year U.S. Treasury Bond Index ETFXTLT$0.133iShares 20+ Year U.S. Treasury Bond Index ETF(1)XTLT.U$0.094iShares Diversified Monthly Income ETFXTR$0.040iShares S&P/TSX Capped Utilities Index ETFXUT$0.101
(1) Distribution per unit amounts are in U.S. dollars for XAGG.U, XCBU.U, XDG.U, XDU.U, XFLI.U, XSHU.U, XSTP.U, XTLT.U.

Estimated November Cash Distributions for the iShares Premium Money Market ETF

The November cash distributions per unit for the iShares Premium Money Market ETF are estimated to be as follows:

Fund NameFund TickerEstimated Cash Distribution Per UnitiShares Premium Money Market ETFCMR$0.075
BlackRock Canada expects to issue a press release on or about November 18, 2025, which will provide the final amounts for the iShares Premium Money Market ETF.

November Reinvested Distributions for the iShares Canadian Real Return Bond Index ETF

Fund NameFund TickerReinvested Distribution Per UnitiShares Canadian Real Return Bond Index ETFXRB$0.19302
The distributions are for the reinvested distributions, which are typically reinvested in additional units of the respective funds, and do not include ongoing semi-annual cash distribution amounts. The additional units will be immediately consolidated with the previously outstanding units such that the number of outstanding units following the distribution will equal the number of units outstanding prior to the distribution.

Further information on the iShares Funds can be found at http://www.blackrock.com/ca.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

About iShares ETFs

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of approximately 1,700 exchange traded funds (ETFs) and approximately US$5.2 trillion in assets under management as of September 30, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

iShares® ETFs are managed by BlackRock Canada.

Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). TSX is a registered trademark of TSX Inc. (“TSX”). All of the foregoing trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed for certain purposes to BlackRock Fund Advisors (“BFA”),  which in turn has sub-licensed these marks to its affiliate, BlackRock Asset Management Canada Limited (“BlackRock Canada”), on behalf of the applicable fund(s). The index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by BFA and by extension, BlackRock Canada and the applicable fund(s). The funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, any of their respective affiliates (collectively known as “S&P Dow Jones Indices”) or TSX, or any of their respective affiliates. Neither S&P Dow Jones Indices nor TSX make any representations regarding the advisability of investing in such funds.

MSCI is a trademark of MSCI, Inc. (“MSCI”). The ETF is permitted to use the MSCI mark pursuant to a license agreement between MSCI and BlackRock Institutional Trust Company, N.A., relating to, among other things, the license granted to BlackRock Institutional Trust Company, N.A. to use the Index. BlackRock Institutional Trust Company, N.A. has sublicensed the use of this trademark to BlackRock. The ETF is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation, condition or warranty regarding the advisability of investing in the ETF.

Contact for Media:
Sydney Punchard
Email: [email protected]

, /PRNewswire/ -- Qudian Inc. ("Qudian" or "the Company" or "We") (NYSE: QD), a consumer-oriented technology company in China, today announced that the Company's board of directors (the "Board") resolved to change the Company's (i) English name to "High Templar Tech Limited" (the "English Name Change"), subject to shareholder approval being received for the English Name Change and (ii) ticker symbol to "HTT".

Pursuant to the Company's Second Amended and Restated Articles of Association, the English Name Change needs to be adopted by a special resolution at a general meeting of shareholders. For the purpose of seeking such shareholder approval, the Board also resolved to call an extraordinary general meeting of shareholders (the "EGM") to consider the English Name Change.

The EGM will be held at Building 1, Qudian Innovation Park, Meilin Street, Tongan District, Xiamen, Fujian Province, China on December 10, 2025 at 10:00 a.m., local time.

Holders of record of the Company's ordinary shares at the close of business on November 17, 2025, New York time (the "Record Date") are entitled to notice of, and to attend and vote at the extraordinary general meeting or any adjournment thereof. Holders of the Company's American Depositary Shares ("ADSs") who wish to exercise their voting rights for the underlying ordinary shares must act through Deutsche Bank Trust Company Americas, the depositary of the Company's ADS program.

Notice of the extraordinary general meeting, which sets forth the resolutions to be submitted for shareholder approval at the extraordinary general meeting, is available on the Investor Relations section of the Company's website at https://ir.qudian.com/.

About Qudian Inc.

Qudian Inc. (to be renamed as High Templar Tech Limited) (NYSE: QD) (to be changed to HTT) is a consumer-oriented technology company. Qudian is exploring innovative business opportunities to satisfy consumers' demand by leveraging its technology capabilities. For more information, please visit http://ir.qudian.com.

For investor and media inquiries, please contact:

In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: [email protected]

SOURCE Qudian Inc.

Google filed a lawsuit on Wednesday against a foreign cybercriminal group behind a massive SMS phishing, or "smishing," operation.

Dubbed by some cyber researchers as the "Smishing Triad," the organization, which Google said is largely based out of China, uses a phishing-as-a-service kit named "Lighthouse" to create and deploy attacks using fraudulent texts.

The crime group has amassed over a million victims across 120 countries, Google said in a release.

"They were preying on users' trust in reputable brands such as E-ZPass, the U.S. Postal Service, and even us as Google," Google general counsel Halimah DeLaine Prado told CNBC. "The 'Lighthouse' enterprise or software creates a bunch of templates in which you create fake websites to pull users' information."

Google brought claims under the Racketeer Influenced and Corrupt Organizations (RICO) Act, the Lanham Act, and the Computer Fraud and Abuse (CFAA) Act and is seeking to dismantle the group and the "Lighthouse" platform.

The texts usually contain malicious links to a fake website designed to steal victims' sensitive financial information, including social security numbers, banking credentials, and more.

The messages can often appear in the form of a fake fraud alert, delivery update, unpaid government fee notification, or other seemingly urgent texts.

The crime group has stolen approximately between 12.7 million and 115 million credit cards in the U.S. alone, Google said.

"The idea is to prevent its continued proliferation, deter others from doing something similarly, as well as protect both the users and brands that were misused in these websites from future harm," DeLaine Prado said.

Read more CNBC tech newsAI spending is not all equal. Wall Street rewards hyperscalers, punishes DoorDash and DuolingoOura expects close to $2 billion in 2026 sales, almost doubling for the second consecutive yearTesla investor support for Elon Musk's massive pay plan was lower in 2025 than in 2018Former Google, Meta executives raise $100 million for high-capacity AI servers startupThe Alphabet-owned company said that it has found over 100 website templates generated by "Lighthouse" using Google's branding on sign-in screens to trick victims into thinking the sites were legitimate.

Internal and third-party investigations found that around 2,500 members of the syndicate were corresponding on a public Telegram channel to recruit more members, share advice, and test and maintain the "Lighthouse" software itself, DeLaine Prado said.

She added that the organization also had a "data broker" group, which supplied the list of potential victims and contacts, a "spammer" group, responsible for the SMS messages, and a "theft" group that would coordinate their attacks using the procured credentials on public Telegram channels.

Google said it's the first company to take legal action against SMS phishing scams and is additionally endorsing three bipartisan bills intended to protect against fraud and cyberattacks.

"While the lawsuit is one potential vector in which we can disrupt it, we also think that this type of cyber activity requires a policy-based approach," DeLaine Prado said.

The trio of bills includes the Guarding Unprotected Aging Retirees from Deception (GUARD) Act, the Foreign Robocall Elimination Act, which would establish a task force targeting foreign illegal robocalls, and the Scam Compound Accountability and Mobilization Act, which targets scam compounds and supports survivors of human trafficking within the centers.

The litigation is part of Google's broader strategy to bring cyber protection awareness to users.

The company recently rolled out more safety features, including a Key Verifier tool and artificial intelligence-powered spam detection in Google Messages.

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

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

Verici Dx PLC (AIM:VRCI) shares were up as much as 11% in early trading after the diagnostics company announced it had successfully completed its second biennial inspection by the College of American Pathologists (CAP), one of the leading US bodies for clinical laboratory accreditation.

The inspection passed with no deficiencies, confirming the company’s continued compliance with CAP’s rigorous quality and operational standards. Maintaining this accreditation is essential for laboratories providing clinical diagnostic testing in the United States.

Verici Dx said the result demonstrates its ongoing commitment to laboratory excellence and its ability to deliver consistent, reliable results under a robust quality management system.

Dave Schultenover, vice-president of quality and regulatory affairs, said the company “values the clinicians and patients that put their trust in our clinical laboratory” and remains “dedicated to continuing to meet or exceed regulatory requirements to be a trusted partner to clinicians.”

After the initial early burst, the stock settled at 0.89p, up 4%.

SummaryiShares U.S. Tech Independence Focused ETF (IETC) offers a unique tech exposure emphasizing U.S.-based infrastructure, enterprise software, and cybersecurity.
IETC's methodology prioritizes technological independence and diversified market cap exposure, resulting in differentiated holdings and lower Magnificent 7 concentration than QQQ.
Performance analysis shows IETC outperforms QQQ in most tech-led rallies, with only slightly higher drawdowns during market corrections.
IETC is rated a long-term Buy for growth investors seeking core tech exposure, balancing mid-cap and mega-cap tech, despite current valuation concerns.
FG Trade Latin/E+ via Getty Images

The focus of the iShares U.S. Tech Independence Focused ETF (IETC) is on tech companies with technological capabilities, revenues, and production in the US. This focus is reflected in selection as well as weighting. The underlying

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

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

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

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

The No. 2 U.S. oil producer is in “exclusive negotiations with a premier customer” for a West Texas plant to service an AI data center.

3 minutes ago

Expanding outside the US, Coinbase Business launches in Singapore to give startups and SMEs a unified platform for USDC payments, asset management and more.

27

Coinbase Business, a new business platform by major US crypto exchange Coinbase, has officially launched in Singapore, marking the company’s first international expansion.

After introducing Coinbase Business in June, Coinbase has rolled out the platform in Singapore as its first international market outside of the US, the company announced on Wednesday.

Targeting startups and small businesses, Coinbase Business provides an “all-in-one crypto operating platform” that allows users to send and receive payments in Coinbase-backed stablecoin USDC (USDC), manage crypto assets and automate financial workflows.

“By leveraging the speed and stability of digital dollars like USDC, we offer businesses a platform that enables seamless and secure trading, with instant settlement, minimal fees, and zero chargebacks,” the company said.

Strategic cooperation with Standard CharteredCoinbase is rolling out the service in cooperation with Standard Chartered, its local banking partner, to enable Singapore dollar transfers for both retail and business clients.

With Standard Chartered’s support, Coinbase Business provides Singapore businesses with a suite of tools, including crypto trading, global payouts, payment links with a 1% transaction fee and asset management with rewards on USDC holdings.

Source: Coinbase SingaporeCoinbase Business’s launch in Singapore builds on Coinbase’s long-standing collaboration with the Monetary Authority of Singapore (MAS), the country’s financial regulator.

In October 2023, MAS granted Coinbase a Major Payment Institution (MPI) license, allowing the exchange to expand its digital payment token services to both individual and institutional clients in Singapore.

Last month, Coinbase announced participation in the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-currency) program, which aims to expand financial settlement capabilities by enabling the use of tokenized bank liabilities and regulated stablecoins.

“This collaboration with the MAS demonstrates how we are actively working to build the regulated, compliant infrastructure that underpins the next era of finance,” Coinbase noted.

Magazine: If the crypto bull run is ending… it’s time to buy a Ferrari: Crypto Kid

The global crypto market opened Wednesday with cautious optimism, as Bitcoin price managed to hold above a crucial support zone while major altcoins entered a consolidation phase. The market cap slashed below $3.5 trillion with the sentiments remaining under fear. The rise followed by a tight consolidation had flashed some bullish signals. Meanwhile, the ongoing bearish action raises concern over the next price action. 

The technicals point towards a bullish reversal, while the macroeconomic factors remain uncertain, keeping the market sentiments in a ‘wait and watch’ mode. So what’s next?

Bitcoin Maintains Structure Above $103KBitcoin (BTC) continues to trade comfortably above the $103,000 mark after a brief corrective pullback below $102,500. Despite short-term volatility, the asset’s structure remains firmly bullish—suggesting that buyers are defending this zone as a critical pivot point.

The bears have been guarding the resistance zone between $106,300 and $106,700 since the start of the month and the latest rejection validates the claim. This suggests the bears have been holding greater dominance compared to the bulls. With a significant rise in volume, the BTC price is expected to remain consolidated below the range. Besides, on-chain data shows sustained accumulation from long-term holders and a drop in exchange reserves, signaling confidence among institutional investors.  

Ethereum, XRP, and Altcoins Enter Sideways AccumulationEthereum (ETH) price is trading within a tight range near $5,350 as traders await new catalysts, possibly from protocol upgrade chatter or fresh staking inflows. Meanwhile, the XRP price continues to hold above $1.10 with signs of renewed whale activity—positioning it as one of the few altcoins showing strength during Bitcoin’s pause.

BNB price slips below $1000, Dogecoin trades around $0.172 and Cardano around $0.55. The DeFi space is also experiencing upward pressure, while the top performers like Uniswap and World Liberty Financial display strength. Memecoins like FLOKI, BONK, and PEPE also saw increased social activity and trading volumes while continuing to face upward pressure. 

Macro Picture: Risk Appetite Improves, But Rate Uncertainty PersistsCrypto’s midweek calm comes as global markets digest easing concerns around U.S. federal spending and potential monetary loosening. Risk-on assets, including equities and digital assets, are benefitting from renewed liquidity inflows in Asia. However, investors remain cautious—the Federal Reserve’s timeline for rate cuts remains unclear, keeping traders defensive on leverage-heavy bets.

Key Levels to WatchBitcoin (BTC): Support at $101,000, Resistance near $108,000–$109,000Ethereum (ETH): Holding above $5,250, potential breakout above $5,450XRP (XRP): Needs a daily close over $1.20 to confirm bullish continuationMarket Sentiment: Neutral-to-bullish; funding rates stable, open interest rising graduallyKey Events to Watch This WeekU.S. CPI Data Release (Nov 13): Could shape risk appetite across equities and crypto markets if inflation surprises.Federal Reserve Remarks: Multiple Fed officials are scheduled to speak; any dovish tone may boost Bitcoin and altcoin sentiment.Asia Market Open Flows: Renewed liquidity from Hong Kong and Singapore continues to support early-week crypto strength.Institutional Flows: Watch ETF inflows/outflows and whale transactions around the $101K BTC level for direction cues.Project Milestones: Chainlink CCIP and Arbitrum updates could influence DeFi narratives through the week. Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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

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Stablecoin issuer Tether has become the largest shareholder of Nasdaq-listed technology consulting services firm VCI Global, following a $100 million digital asset transaction involving OOBIT’s native token OOB.

Summary

Tether is set to become the largest shareholder of VCI Global through a $100 million digital asset transaction involving OOBIT’s OOB token.
VCI Global is set to acquire $100 million worth of OOB tokens.

Tether will be entitled to shares in VCI Global as part of the company’s $50 million restricted share issuance to the OOB Foundation, where it will gain indirect ownership through its existing stake in OOBIT.

VCI Global is a cross-sector technology platform developer, and it hopes to position itself as a key player in the digital asset space by integrating OOBIT’s token utility into its AI, fintech, and sovereign data platforms.

OOBIT is a mobile crypto payments platform that is backed by Tether, CMCC Global, and Solana co-founder Anatoly Yakovenko. Tether led OOBIT’s $25 million Series A funding round back in February 2024.

VCI Global has already acquired $50 million worth of OOB tokens through the restricted share issuance and will purchase an additional $50 million using cash purchases after the OOB tokens are publicly launched.

OOBIT is currently rebranding the token and migrating it from Ethereum to Solana. According to the official announcement, the process is expected to be completed by November 12. See below.

OOBIT migration announcement | Source: OOBIT on X
As Tether is already the largest stakeholder in OOBIT, it will indirectly receive a notable portion of the newly issued VCI Global shares through the OOB Foundation, effectively making it the largest shareholder of the Nasdaq-listed firm.

Tether fattens its investment portfolio
Tether has long employed strategic investments as a means to expand its footing outside the stablecoin market, where its flagship stablecoin USDT commands the largest market share with a total market cap of $183 billion.

Just a day ago, Tether-backed video platform Rumble announced plans to acquire German data center operator Northern Data, which also counts Tether among its major investors and financial backers. Earlier this year, Tether acquired a minority stake in Bit2Me, a leading Spanish digital asset platform, and in February, the stablecoin issuer made a strategic investment in the Zengo wallet to drive global adoption of self-custody and stablecoin-based payments.

And the company’s approach appears to be paying off. Last month, Tether became a top 20 global holder of U.S. debt after reporting over $10 billion in year-to-date profit and disclosing $135 billion in exposure to U.S. Treasuries, ranking ahead of sovereign holders like South Korea.

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Funstrat co-founder Tom Lee says Ethereum could be the crypto market’s near-term leader, targeting a move to $12,000 by January on the back of Wall Street’s tokenization push and rising growth expectations for smart-contract platforms. In an interview released Nov. 10 with Tom Nash, Lee emphasized that while Bitcoin remains under-owned, “there’s a bigger move in Ethereum” over the next several weeks as capital reallocates toward the rails that power stablecoins and tokenized assets.

Why Ethereum Is Poised To Rally Soon
Lee anchored his call to a blend of technical and fundamental drivers. Citing Funstrat’s head of technical strategy, he noted: “Mark Newton […] thinks we can be like $9,000 to $12,000 by January. I think that’s about right. I think Ethereum […] more than doubles between now and year end or between now and January.” In parallel, he said Bitcoin could reach the “high $100,000s, maybe even $200,000 by the end of the year,” while reiterating that Ethereum likely has the bigger near-term upside.

The crux of the Ethereum thesis, as Lee laid it out, is that the demand side of crypto is shifting toward applications that depend on smart contracts—precisely the domain where Ethereum is most entrenched.

“Even Cathie Wood wrote about it. She thinks stablecoins have been cannibalizing demand for Bitcoin and gold and tokenized gold is cannibalizing demand for Bitcoin. But stablecoins and tokenized gold run on smart contract blockchains like Ethereum,” he said. He added that “Wall Street is building and Larry Fink wants to tokenize everything on the […] blockchain. That means Ethereum is where people are starting to raise their growth expectations.”

Lee argued that this change in growth expectations matters as much as, if not more than, headline monetary policy over short windows. While acknowledging that the Federal Reserve remains a critical backdrop, he framed potential December easing as a catalyst for risk assets broadly—financials, small caps, and tech—and, by correlation, crypto. “If they cut in December, they’re confirming they’re on an easing cycle,” he said, calling that “really bullish” for equities most tightly linked to growth and liquidity. In Lee’s framework, those same flows support crypto assets—and Ethereum in particular—into year-end positioning.

The fund manager also located the crypto setup within a larger “super-cycle” he’s been mapping for years. He contends that markets are still in the early innings of an AI-driven capex boom and a demographic regime that keeps demand for productive technology elevated. That backdrop, he said, has repeatedly wrong-footed bears who anchored on yield-curve inversions and 1970s inflation analogs.

“People have a hard time understanding and grasping super cycles […] we look for story arcs that last 10 to 15 years,” he said, arguing the last three years showcased “mass misconceptions” about recession and persistent inflation that never reconciled with reported earnings.

The Macro Backdrop
Pressed on risks to the call, Lee downplayed the idea that inflation is about to re-accelerate and argued that oil would need to approach levels near $200 to deliver a true growth shock to US households. “The most overrated risk is that inflation’s coming back,” he said, pointing to cooling housing and labor metrics and stating that recent claims about re-heating core services inflation were “dead wrong” when checked against the PCE series.

On policy path-dependence, he suggested that even a December hold by Chair Powell would likely accelerate political pressure for a leadership change, muting the medium-term impact on risk assets.

Timing-wise, Lee sees positioning as the near-term accelerant. He argued that institutions remain behind their benchmarks after repeatedly fading rallies through 2023–2025 and that the final weeks of the year often force a chase into outperforming segments. “There is incredible demand for equities because people are really off-sides […] 80% are trailing their benchmark this year […] they’re going to be buying stocks,” he said, adding that the AI trade “is going to come back strong” and that crypto tends to correlate with that move.

For Ethereum specifically, Lee’s case reduces to a simple through-line: the pipes getting built are where the next leg of growth accrues. Stablecoins, tokenized gold, and Wall Street’s broader tokenization agenda are traffic that runs on programmable blockchains; the market, in his view, is only beginning to price that through. “If you’re raising your growth expectations, then your discount to the future is going up,” Lee said, explaining why he believes ETH can “have a huge move into year end” and reach the $9,000–$12,000 range by January.

At press time, ETH traded at $3,447.

ETH bulls need to defend the 0.618 Fib, 1-week chart | Source: ETHUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

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Published: Nov 12, 2025, 09:01 GMT+00:00

As economic uncertainty grows and rate cut expectations increase, gold and bitcoin gain momentum, but gold’s breakout and safe-haven appeal give it an edge.

Gold (XAUUSD) has gained strength in recent sessions, breaking above the key $4,050 level and completing a bear trap formation. This move suggests renewed bullish momentum driven by rising investor demand and growing expectations for Federal Reserve rate cuts. As safe-haven flows intensify in response to economic uncertainty, gold’s stability stands out.

Meanwhile, Bitcoin (BTC) has rallied to $107,000 after repeatedly holding support near $100,000, a sign of easing liquidity pressures. While both assets benefit from dovish monetary signals, gold may be better positioned in the current macro environment. This is due to its lower volatility, historical safe-haven role, and favourable seasonal patterns.

Monetary Policy Outlook Supports Gold and Bitcoin
Markets are now pricing in a 65.6% chance of a 25-basis-point rate cut in December. This is driven by weakening economic data and soft inflation expectations. The chart below shows the 5-year inflation outlook from the University of Michigan survey. The inflation expectations eased to 3.6% in November but remain elevated at historically high levels.

Meanwhile, Treasury yields are consolidating around 4.10%, awaiting fresh signals from upcoming BLS inflation reports.

Moreover, the Federal Reserve Governor Stephen Miran has reiterated his support for a 50-basis-point cut at the upcoming December 9–10 meeting. However, the elevated long-term inflation expectations at around 3.6% add pressure for a proactive Fed response.

Labour Market Weakness Adds to Fed Pressure
Due to the prolonged federal government shutdown, official job data has been disrupted. This marks the longest shutdown in history, resulting in a second consecutive missed BLS report. Meanwhile, alternative indicators present a mixed picture.

ADP employment change shows modest gains, but layoffs have surged to their highest since 2008.

Moreover, the job openings continue to decline, and consumer confidence in the labour market has weakened.

However, JP Morgan estimates a loss of 35,000 jobs in October, following a 52,000 gain in September. This reinforces signs of a softening economy.

This weakening trend, coupled with rising layoffs and a softer dollar, increases the odds of monetary easing. This environment benefits gold and bitcoin, as investors seek safe-haven assets during periods of economic uncertainty and policy shifts.

Gold vs. Bitcoin – Ratio Breakout Signals Shift Toward Gold
The long-term outlook for gold and bitcoin can be analysed using the gold-to-bitcoin ratio. The chart below shows a breakout above a key resistance level from a descending channel. This breakout suggests that investment is shifting in favour of gold.

Historically, when this ratio peaked in August 2015, bitcoin bottomed, and gold began a strong rally. Similar patterns were observed in March 2020 and December 2022. The current breakout signals renewed interest in the gold market, suggesting that gold prices may continue to rise in the coming months.

This is also supported by the daily chart of Bitcoin, which shows the formation of an ascending broadening wedge pattern, with a rounding top structure developing above the $ 100,000 level. Currently, the price is hovering near this pivotal $100K zone, and a break below it may trigger short-term selling pressure.

While the broader trend remains strongly bullish, increased volatility could lead to a corrective phase before the next leg of the upward move. On the upside, a breakout above $125K would likely signal the start of another substantial rally in Bitcoin prices.

Despite intense volatility in the Bitcoin market, the gold market remains relatively stable. The gold price has maintained a bullish trend in 2024 and 2025. The price has repeatedly formed strong consolidation patterns before resuming its upward trend. The recent consolidation in October 2025 is a potential signal for the next leg up in early 2026.

October and November are typically months of seasonal correction, while December and January are historically strong for gold. A breakout above the $4,400 level would confirm that the consolidation phase has ended. This breakout would also signal that the gold market is preparing for a move toward the $5,000 level.

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Muhammad Umair is a finance MBA and engineering PhD. As a seasoned financial analyst specializing in currencies and precious metals, he combines his multidisciplinary academic background to deliver a data-driven, contrarian perspective. As founder of Gold Predictors, he leads a team providing advanced market analytics, quantitative research, and refined precious metals trading strategies.

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Luc Jose A.

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While the crypto market remains under pressure due to global economic uncertainties, XRP continues to disappoint despite concrete advances. Why such a discrepancy between its fundamentals and its price ? For Versan Aljarrah, a recognized analyst and founder of Black Swan Capitalist, the answer is straightforward. As long as XRP remains correlated with bitcoin, it will remain trapped by chronic volatility. This statement reignites the debate on the strategic independence of Ripple’s flagship asset.

In brief

XRP struggles to take off despite its progress, due to its persistent correlation with Bitcoin.
Analyst Versan Aljarrah claims this dependence fuels artificial volatility.
He describes Bitcoin as a “debt-based speculative asset,” with harmful effects on altcoins like XRP.
BTC’s dominance overshadows XRP’s fundamentals and prevents a valuation aligned with its real utility.

An ongoing dependence on bitcoin
In a statement published on November 11, Versan Aljarrah, founder of Black Swan Capitalist, strongly criticized XRP’s current dependence on bitcoin, which he sees as a major factor of unwarranted volatility, despite a crypto surge approaching the end of the shutdown.

According to him, as long as this correlation exists, XRP will remain trapped in speculative dynamics that do not at all reflect its fundamentals. “The instability of crypto prices, despite notable advances, will persist as long as it remains under bitcoin’s influence” he stated.

He goes as far as to call bitcoin “a debt-based speculative asset”, emphasizing that BTC’s dominance in the crypto market relies more on speculative mechanisms than on real economic utility.

This analysis reveals a paradox. Although XRP has multiplied concrete initiatives in recent years, its price remains strongly dependent on bitcoin’s movements. Aljarrah points out a domino effect that prevents the asset from gaining autonomy, even in the presence of positive signals. Here are the main elements mentioned in this dependence dynamic :

A speculative correlation : the XRP price still reacts to BTC’s rises and falls, regardless of its own news ;

Market distortion : XRP’s perceived value is influenced by investor behavior towards bitcoin, which masks its real advances ;

A lack of independent recognition : despite notable technical developments, XRP remains stuck in the mold of follower altcoins ;

Prolonged volatility : this structural dependence prevents XRP from reaching the stability expected by its supporters.

In short, for Aljarrah, XRP can only begin a sustainable and coherent trajectory if it breaks this systematic link with bitcoin. This is what he calls, in his strategic vision, a “necessary separation” to allow the asset to fully emancipate itself from the dominant speculative cycles in the crypto ecosystem.

Early signs of emancipation for XRP ?
If Versan Aljarrah’s statement triggered so many reactions, it is also because it comes at a time when several signals reveal a possible turning point.

The strategist emphasized that, despite the current dependence, “the correlation is temporary and a definitive break is near“. According to him, Ripple has spent the last decade building, in the shadows, a robust financial infrastructure, notably through obtaining regulatory licenses and integration with banks and global payment networks. These efforts aim to prepare the ground for an autonomous XRP, capable of existing in markets without mechanically aligning with bitcoin’s fluctuations.

This break could occur within as short a time frame as “the next 11 days“, although this claim is not based on concrete factual elements. Nevertheless, several observers agree that the current context is favorable for a re-evaluation of XRP’s market dynamics. The project already attracts institutional users whose concrete uses could, over time, anchor the asset’s price in a less speculative logic.

Such an evolution could profoundly change the situation. If XRP manages to decouple sustainably from bitcoin, this could open the door to a more stable valuation better aligned with its real utility. In the medium term, the potential approval of an XRP ETF, mentioned in specialized circles, would reinforce this trend. However, the exact timing of this transition remains uncertain, and markets, still influenced by the overall sentiment around bitcoin, could slow down this process.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

When Uniswap’s administrators filed their “UNIfication” proposal on Nov. 10, it read less like a protocol update and more like a corporate overhaul.

The plan would activate dormant protocol fees, channel them through a new on-chain treasury engine, and utilize the proceeds to purchase and burn UNI tokens. This is a model that mirrors share-repurchase programs in traditional finance.

A day later, Lido introduced a comparable mechanism. Its DAO proposed an automated buyback system that redirects excess staking revenue toward repurchasing its governance token, LDO, when Ethereum’s price exceeds $3,000 and the annualized revenue exceeds $40 million.

The approach is deliberately anti-cyclical as it is more aggressive in bullish markets and conservative when conditions tighten.

Together, these initiatives mark a significant transition for decentralized finance.

After years dominated by meme tokens and incentive-driven liquidity campaigns, major DeFi protocols are repositioning around the significant market fundamentals of revenue, fee capture, and capital efficiency.

Yet this shift is forcing the sector to confront uncomfortable questions about control, sustainability, and whether decentralization is giving way to corporate logic.

DeFi’s new financial logicFor most of 2024, DeFi growth leaned on cultural momentum, incentive programs, and liquidity mining. The recent reactivation of fees and the embrace of buyback frameworks indicate an effort to tie token value more directly to business performance.

In Uniswap’s case, the plan to retire up to 100 million UNI reframes the token from a pure governance asset into something closer to a claim on protocol economics. This is even if it lacks the legal protections or cash-flow rights associated with equity.

The scale of these programs is material. MegaETH Labs researcher BREAD estimates Uniswap could generate roughly $38 million in monthly buyback capacity under current fee assumptions.

That amount would exceed the repurchase velocity of Pump.fun and trail Hyperliquid’s estimated $95 million.

Hyperliquid vs. Uniswap vs. Pump.fun’s Token Buyback (Source: Bread)Lido’s modeled structure could support about $10 million in annual repurchases, with acquired LDO paired with wstETH and deployed into liquidity pools to improve trading depth.

Elsewhere, similar initiatives are accelerating. Jupiter is channeling 50% of operational revenue into JUP repurchases. dYdX allocates a quarter of network fees to buybacks and validator incentives. Aave is also making concrete plans to commit up to $50 million annually to treasury-driven repurchases.

Keyrock data suggests revenue-linked tokenholder payouts have climbed more than fivefold since 2024. In July alone, protocols distributed or spent about $800 million on buybacks and incentives.

DeFi Protocols Holder Revenue (Source: Keyrock)As a result, roughly 64% of revenue across major protocols now flows back to tokenholders, which is a stark reversal from earlier cycles that prioritized reinvestment over distribution.

The momentum reflects an emerging belief that scarcity and recurring revenue are becoming central to DeFi’s value narrative.

The institutionalization of token economicsThe buyback wave reflects DeFi’s increasing alignment with institutional finance.

DeFi Protocols are adopting familiar metrics, such as price-to-sales ratios, yield thresholds, and net distribution rates, to communicate value to investors who assess them in a similar manner to growth-stage companies.

This convergence provides fund managers with a common analytical language, but it also imposes expectations for discipline and disclosure that DeFi was not designed to meet.

Notably, Keyrock’s analysis already pointed out that many programs heavily rely on existing treasury reserves rather than durable, recurring cash flows.

This approach may generate short-term price support but raises questions about long-term sustainability, particularly in markets where fee revenue is cyclical and often correlated with rising token prices.

Moreover, analysts such as Marc Ajoon of Blockworks argue that discretionary repurchases often have muted market effects and can expose protocols to unrealized losses when token prices decline.

Considering this, Ajoon advocates for data-driven systems that adjust automatically: deploy capital when valuations are low, reinvest when growth metrics weaken, and ensure that buybacks reflect genuine operating performance rather than speculative pressure.

He stated:

“In their current form, buybacks aren’t a silver bullet…Because of the “buyback narrative”, they are blindly prioritized over other routes that may offer higher ROI.”

Arca CIO Jeff Dorman takes a more comprehensive view.

According to him, while corporate buybacks reduce outstanding shares, tokens exist within networks where supply cannot be offset by traditional restructuring or M&A activity.

So, burning tokens can drive a protocol toward a fully distributed system, but holding them provides optionality for future issuance if demand or growth strategies require it. That duality makes capital allocation decisions more consequential than in equity markets, not less.

New risks emergeWhile the financial logic of buybacks is straightforward, their governance impact is not.

For context, Uniswap’s UNIfication proposal would shift operational control from its community foundation to Uniswap Labs, a private entity. That centralization has raised alarms among analysts who argue it risks replicating the very hierarchies decentralized governance was designed to avoid.

Considering this, DeFi researcher Ignas pointed out that:

“The OG vision of crypto decentralization is struggling.”

Ignas highlighted how these dynamics have emerged over the past years and are evidenced in how DeFi protocols respond to security issues through emergency shutdowns or accelerated decisions by core teams.

According to him, the concern is that concentrated authority, even when economically justified, undermines transparency and user participation.

However, supporters counter that this consolidation can be functional rather than ideological.

Eddy Lazzarin, Chief Technology Officer at A16z, describes UNIfication as a “closed-loop” model in which revenue from decentralized infrastructure flows directly to token holders.

He adds that the DAO would still retain authority to issue new tokens for future development, balancing flexibility with fiscal discipline.

This tension between distributed governance and executive execution is hardly new, but its financial consequences have grown.

Leading protocols now manage treasuries worth hundreds of millions of dollars, and their strategic decisions influence entire liquidity ecosystems. So, as the economics of DeFi mature, governance debates are shifting from philosophy to balance-sheet impact.

DeFi’s maturity testThe accelerating wave of token buybacks shows that decentralized finance is evolving into a more structured, metrics-driven industry. Cash-flow visibility, performance accountability, and investor alignment are replacing the free-form experimentation that once defined the space.

Yet, with that maturity comes a new set of risks: governance may tilt toward central control, regulators could treat buybacks as de facto dividends, and teams might divert attention from innovation to financial engineering.

The durability of this transition will hinge on execution. Programmatic models can hard-code transparency and preserve decentralization through on-chain automation. Discretionary buyback frameworks, while faster to implement, risk eroding credibility and legal clarity.

DeFi Token Buybacks Evolution (Source: Keyrock)Meanwhile, Hybrid systems that link repurchases to measurable, verifiable network metrics may offer a middle ground, though few have proven resilient in live markets.

However, what is clear is that DeFi’s engagement with traditional finance has moved beyond mimicry. The sector is incorporating corporate disciplines such as treasury management, capital allocation, and balance-sheet prudence without abandoning its open-source foundation.

Token buybacks crystallize this convergence as they merge market behavior with economic logic, transforming protocols into self-funded, revenue-driven organizations accountable to their communities and measured by execution, not ideology.

Mentioned in this article