Market Signal Briefing

TLDR Analysts predict Bitcoin could reach $130,000 following the end of the US government shutdown. VALR CEO Farzam Ehsani sees the $110,000 level as the key start of a new bull cycle. Optimism is also driven by the idea of new $2,000 stimulus checks proposed by Trump.

TLDR

Table of Contents

TLDRArthur Hayes Joins the Uniswap RallyCryptoQuant CEO Forecasts Supply Shock for UNIGet 3 Free Stock Ebooks

Arthur Hayes purchased 28,670 UNI tokens worth $244,000, marking his return to the DeFi space.
The purchase comes after UNI’s price surged by over 21%, reaching $10.
Uniswap’s new Unification proposal includes plans for a token burn and protocol fee auctions.
CryptoQuant CEO Ki Young Ju predicts an inevitable supply shock for UNI if the fee switch is activated.
Uniswap’s V2 and V3 models have generated a combined $1 trillion in volume, leading to expectations of a significant annual burn.

Arthur Hayes, the co-founder of BitMEX, has purchased 28,670 Uniswap governance tokens (UNI) worth $244,000. This marks his return to the DeFi market after a three-year pause. The purchase comes after UNI’s price surged by more than 21%, reaching $10.

Arthur Hayes Joins the Uniswap Rally
The transaction was tracked by blockchain analytics platform Lookonchain. Arthur Hayes’ investment follows the recent surge in UNI’s trading volume and price. This uptick follows the announcement of the Unification proposal, which aims to activate protocol fees to fund a UNI token burn.

Uniswap’s new proposal also includes a system of auctions for protocol fee discounts. These changes aim to incentivize liquidity providers on the exchange. The proposed token burn is expected to reduce the supply of UNI tokens by up to 100 million, starting from the exchange’s inception.

CryptoQuant CEO Forecasts Supply Shock for UNI
Ki Young Ju, CEO of CryptoQuant, has shared a bullish outlook for Uniswap. He believes that if the fee switch is activated, a supply shock is inevitable. Young expects a supply shock to push UNI’s price higher as the token’s availability decreases.

Uniswap could go parabolic if the fee switch is activated.

Even just counting v2 and v3, with $1T in YTD volume, that’s about $500M in annual burns if volume holds.

Exchanges hold $830M, so even with unlocks, a supply shock seems inevitable. Correct me if I’m wrong. https://t.co/39QjJsw9uQ pic.twitter.com/3FQzAmuOP3

— Ki Young Ju (@ki_young_ju) November 11, 2025

He bases his prediction on Uniswap’s V2 and V3 models, which have accumulated a total volume of $1 trillion. Young estimates that this volume could result in a $500 million annual burn if it continues at the current pace. This decrease in supply could lead to a price surge for UNI.

While Young remains optimistic, reactions within the crypto community are divided. Some echo his sentiment, anticipating an uptrend, while others express concerns about the token’s future. The next steps from Uniswap will likely clarify the direction for UNI’s price.

Arthur Hayes’ recent UNI purchase further underscores the growing confidence in Uniswap. Investors are closely monitoring developments around the fee-switch proposal and the potential impact on UNI’s supply.

Decentralized finance protocol Curve Finance saw a notable increase in platform revenue in the third quarter of 2025, with trading volume also surging among other core metrics.

Summary

Curve Finance revenue rose in strong Q3, with trading volume hitting $29 billion.
Revenue rose from $3.9 million to $7.3 million, and was fully redistributed to veCRV holders.
Data shows the protocol’s DEX trading volume hit $11 billion in October.

Curve Finance announced its third-quarter (Q3) 2025 growth report on Tuesday, November 11, highlighting a more than double increase in protocol revenue over the quarter. With a strong second half of the year to build on, Curve DAO (CRV) saw its three-month revenue jump to $7.3 million.

The platform, which redistributed a share of the generated revenue to veCRV holders, had ended Q2 with $3.9 million.

Meanwhile, momentum across stablecoin trading, helped by deeper liquidity, saw trading volume spike to $29 billion. Curve reported $25.5 billion in cumulative trading volume for the quarter ending June 30, 2025. In Q3, the DeFi protocol’s total value locked rose from $2.1 billion to $2.3 billion.

DEX trading volume jumped $11 billion in October, reaching a six-month high and signalling fresh DeFi momentum. Curve founder Michael Egorov reposted the metric below.

Curve Finance is heating up again

DEX volume hit $11B in Oct, the highest in 6 months, while TVL stays at $2.34B.

Liquidity is flowing back into stablecoin & LSD pools, early signs of a new DeFi cycle? 👀 pic.twitter.com/2hSjCYZkxf

— Karl Marx OnChain (@KM_crypto1) November 3, 2025

What drove Curve Finance’s Q3 gains?
According to the Curve Finance team, stablecoin demand is behind the momentum that drove the protocol’s Q3 outperformance.

Notably, the platform’s native stablecoin, crvUSD, remains steady, with volume hovering around $124 million and a market cap of $278 million. Volume on the day was up 25%, with this suggesting consistent usage as Curve prepares for Yield Basis integration.

Yield Basis is a new protocol by Curve Finance founder Egorov.

The project also documented key milestones, including multi-chain expansion across Plasma and Etherlink. Meanwhile, a PYUSD/USDS liquidity pool launched via a Spark partnership has swiftly surpassed $90 million in TVL.

CRV, the native Curve DAO token, is listed on Robinhood, which provides broader access and adoption in the U.S. market. The token traded around $0.48, about 18% up over the past week.

Bitcoin’s newest large holders are enduring heavy financial strain as the cryptocurrency continues to trade below their average entry price. Recent data shows that new Bitcoin whales have realized over $1 billion in losses between October 28 and November 8, underscoring the growing pressure within this segment of the market.

While older whales — those who accumulated during earlier market cycles — have been strategically taking profits, new entrants who bought Bitcoin above $110,000 are now grappling with unrealized and realized losses, raising concerns of potential capitulation if prices fail to recover soon.

$1 Billion in Realized Losses Signal Mounting Stress
According to on-chain analytics firm CryptoQuant, Bitcoin’s new whales suffered substantial realized losses during early November. The largest single-day loss occurred on November 7, when more than $515 million was recorded in realized losses.

Other notable days include November 4 with $286.4 million, November 6 with $107.5 million, and November 5 with $90.7 million. Altogether, these figures illustrate the level of pain among new large holders who entered near the market peak.

As of now, Bitcoin trades around $106,000, roughly 4.4% below the new whale cost basis of $110,800. While this percentage may appear minor, the magnitude of holdings involved amplifies the financial risk. For many new whales, the breakeven level has become a crucial resistance point that will determine whether they continue holding or capitulate under pressure.

Whale Activity Surges in 2025
The recent losses stem from an unprecedented wave of whale accumulation earlier this year. Throughout 2025, new large holders aggressively entered the market as Bitcoin climbed toward its October all-time high of $126,296.

Data from CryptoQuant indicates that active whale addresses holding Bitcoin within the last 24 hours have soared from approximately 150,000 BTC in early 2024 to more than 450,000 BTC today.

This represents a threefold increase in whale activity, signaling strong institutional and large-scale participation during Bitcoin’s rally. However, the timing has proven less than ideal for new entrants. As experienced whales took profits near the highs, newer ones accumulated aggressively, leaving them exposed as the market cooled.

Divergence Between Old and New Whales
This growing divergence between seasoned whales and newcomers could influence short-term market dynamics. Historically, older whales tend to reduce their exposure during overheated phases, locking in profits while newer investors enter at higher prices.

Such transitions often mark temporary market tops. When late-stage buyers — especially whales — become trapped in underwater positions, selling pressure can intensify as they rush to exit if recovery stalls.

Currently, Bitcoin’s inability to reclaim the $110,800 level has fueled uncertainty. Unless momentum strengthens, the risk of forced selling among new whales could rise, potentially leading to another downward move.

Technical Picture: Weak Momentum Persists
Bitcoin’s Money Flow Index (MFI), which measures buying and selling strength, currently sits at 43.15 — a neutral reading that suggests the absence of strong buying momentum. Price charts indicate that Bitcoin remains in a consolidation range after the sharp decline earlier this month.

The cryptocurrency briefly dipped below $100,000 on November 4, hitting $99,966 — its first sub-$100k level since June. This represented a 21% correction from its October high. Although Bitcoin has since rebounded slightly, it continues to face stiff resistance near $110,800 — the average entry price of new whales.

Without a decisive move above this level, market sentiment could deteriorate further, particularly among investors who bought during the last phase of the rally.

Whale Movements Show Hesitation
Recent blockchain activity suggests that large holders are largely inactive. CryptoQuant data reveals minimal recent whale transfers, indicating indecision. While some may be waiting for a relief rally before reducing exposure, others appear to be holding cautiously in hopes of a rebound.

This inactivity, while stabilizing in the short term, could quickly shift to volatility if sentiment worsens. Should Bitcoin fail to mount a recovery above its cost basis soon, these whales may be forced to sell to avoid deeper losses — a move that could trigger a chain reaction in the broader market.

The Capitulation Risk
The key question now is whether these new whales will maintain conviction or capitulate. Historically, large-scale capitulation events have often coincided with market bottoms, as weak hands exit and stronger long-term holders absorb the supply.

If Bitcoin fails to reclaim $110,800 within the coming weeks, analysts warn that panic selling could accelerate. Such a scenario might push Bitcoin back toward the $95,000–$98,000 range, potentially creating another short-term bottom similar to those seen in previous cycles.

However, a decisive rebound above the breakeven level could quickly reverse the trend, restoring confidence among both institutional and retail investors.

Market Outlook: Testing Patience and Conviction
For now, the situation remains finely balanced. The next few trading weeks could determine whether Bitcoin stabilizes or slides deeper. If price consolidates around the $105,000–$110,000 zone and on-chain data shows renewed accumulation, it would indicate that whales are absorbing supply rather than fleeing.

In contrast, any sustained drop below $100,000 could increase pressure on leveraged positions and prompt further liquidations, potentially extending the correction phase.

Despite the uncertainty, some analysts see opportunity in the current setup. Historically, when large holders face temporary losses but long-term fundamentals remain intact, these periods have offered strong accumulation opportunities for patient investors.

The Bottom Line
Bitcoin’s new whales are under significant strain, having collectively realized over $1 billion in losses as the asset trades below their cost basis. The $110,800 level has now emerged as a key battleground for sentiment and market direction.

If Bitcoin manages to reclaim and hold above this zone, confidence could quickly return. But failure to do so risks triggering a wave of capitulation that might deepen the market correction.

As it stands, the balance between fear and patience among whales could shape Bitcoin’s next major move — determining whether the market’s next chapter begins with recovery or renewed decline.

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TLDR

Table of Contents

TLDRCurve Finance Revenue Surges Over $7 MillionStablecoin Trading Drives Surge in VolumeGet 3 Free Stock Ebooks

Curve Finance reported a revenue of $7.3 million for the third quarter of 2025.
The platform saw a significant increase in trading volume, reaching $29 billion.
The rise in stablecoin demand helped drive the strong performance in Q3.
Curve Finance’s total value locked increased from $2.1 billion to $2.3 billion.
The protocol’s native stablecoin, crvUSD, maintained a market cap of $278 million.

Curve Finance reported a strong performance in the third quarter of 2025. The protocol saw a significant rise in revenue, trading volume, and other key metrics. According to the latest report, Curve Finance generated $7.3 million in revenue for Q3, more than doubling its earnings from Q2.

Curve Finance Revenue Surges Over $7 Million
Curve Finance saw its protocol revenue jump from $3.9 million in Q2 to $7.3 million in Q3. The platform’s growth was driven by an increase in trading activity and liquidity. As Curve Finance continues to grow, the protocol is benefiting from its increasing share of stablecoin trading volume.

Curve Finance redistributed part of the revenue to veCRV holders, strengthening community support. The revenue boost came as liquidity on the platform grew, enabling better trading opportunities. The protocol’s performance in Q3 points to a positive trajectory moving forward.

Stablecoin Trading Drives Surge in Volume
Curve Finance’s total trading volume reached $29 billion in Q3. This increase was largely fueled by higher demand for stablecoins, which saw a surge in liquidity. The platform recorded a cumulative trading volume of $25.5 billion in Q2, indicating a healthy jump in Q3.

The demand for stablecoins, especially within Curve Finance, helped the protocol maintain its upward momentum. The platform’s native stablecoin, crvUSD, showed a steady performance with a market cap of $278 million. With $124 million in daily volume, crvUSD continues to be a key player in Curve Finance’s strategy.

Curve Finance also achieved new milestones in Q3. The protocol expanded across multiple chains, including Plasma and Etherlink. A PYUSD/USDS liquidity pool launched through a Spark partnership quickly surpassed $90 million in TVL.

With its expanded reach and stronger liquidity pools, Curve Finance is setting the stage for continued success. As of now, Curve’s token, CRV, is trading at $0.48, showing an 18% increase in the past week. This price rise signals growing interest in the protocol and its future potential.

For Joseph Chalom, Ethereum ETH$3,421.91 isn't just another blockchain. It's the infrastructure he believes Wall Street will eventually build on.

In brief
Someone paid over $100,000 in order to send just $10 on the Bitcoin network.
Bitcoin transaction fees are typically a fraction of the amount sent.
Experts told Decrypt that it was a strange error to make.
A Bitcoin user paid more than $105,197—slightly less than one BTC at the time—to send just $10 of the digital coin on Tuesday, according to blockchain data. 

First flagged on Crypto Twitter—or X—by the digital asset community, the user paid the huge amount to send just 0.00010036 BTC, data from Mempool shows. 

"It was definitely some non-standard way of crafting a transaction," Nick Hansen, CEO and co-founder of the Luxor mining pool, noted dryly to Decrypt.

Bitcoin transaction fees are generally only a fraction of the amount sent, although they may vary when traffic spikes on the blockchain. Fees have been low recently after mining pools slashed them in July to increase blockchain activity.

The average BTC transaction currently stands at $0.91 cents, according to data provider BitInfoCharts. On Tuesday, Decrypt was able to pay less than $0.30 cents to miners to send $10 worth of Bitcoin.

Users can adjust transaction fees on their crypto wallet appropriately to get processed faster, and many wallets usually warn users that they are overpaying to get a transaction processed. 

In order to send money on the Bitcoin network, users pay miners fees for verifying transactions. Miners then receive newly minted tokens for their efforts. 

The largest cryptocurrency by market value is being used increasingly as payment for goods and services, but has yet to reach the mainstream.

Bitcoin was recently trading near $103,000, down more than 2% over the past 24 hours and more than 18% since reaching a high over $126,000 in early October. 

Scott Norris, CMO at Omnes and CEO of independent Bitcoin miner Optiminer, said that the user clearly wasn't paying attention. 

"It's not terribly hard—you can enter a custom transaction fee in many wallets," he said. "Hard to say if it was an accident or on purpose though," he continued, adding that the user might have been "really high."

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Journalist

Posted: November 12, 2025

Key takeaways
Why is Bitcoin’s risk-return profile weakening?
Metrics like the Sharpe Ratio and NRM have fallen as institutional demand cools.

What are Bitcoin whales doing during this phase?
While new whales face over $1 billion in losses, long-term holders have doubled their holdings.

Bitcoin’s [BTC] risk-reward tradeoff is changing.

Institutional appetite is cooling, and key performance metrics are slipping. New whale cohorts are deep in the red, too. And yet… long-time holders (LTHs) are buying, with no intent of slowing down.

Here’s the rundown.

Is BTC cooling off?

Source: Alphractal

The risk-return profile of Bitcoin is weakening. Both its annualized Sharpe Ratio and Normalized Risk Metric (NRM) have been trending lower.

This highlights a year of underwhelming performance and fading investor enthusiasm.

Source: Alphactal

According to Joao Wedson, CEO of Alphractal, this cautious phase among institutions could make way for a reset, or even a surprise move.

In a post on X (formerly Twitter), he said,

“When these metrics drop, it usually means investors aren’t very excited or confident… and that’s exactly when the market loves to catch everyone off-guard.”

Even if Bitcoin tests new highs, the most explosive part of this cycle may already be behind us.

The struggle of new money
According to CryptoQuant, newer whale cohorts are feeling the pressure. Since late October, Bitcoin has stayed below the Average Cost Basis of around $110.8K, pushing many into deep losses.

Source: CryptoQuant

Data shows this group has realized more than $1 billion in losses within days, including $515 million on the 7th of November alone. The dip is testing whale confidence, creating tension between old and new money in the market.

Whether these whales hold or capitulate could decide how BTC swings next.

LTHs are locked in

Source:X

Between the 24th of October and the 7th of November, whales holding more than 10,000 BTC more than doubled their holdings. They’ve added over 36,000 BTC in the process.

Source: X

This accumulation phase is similar to patterns seen before major market recoveries, such as in 2020. While the broader market remains cautious, these investors appear to be preparing for the long game.

Beyond all the visible volatility, Bitcoin’s strongest hands are ready for what’s next.

ZCash shielded pool climbs to 23% of supply as network usage surgesSecurity
• November 11, 2025, 5:06PM EST

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Quick Take
The increase in shielding coincides with significant price appreciation as ZEC surged from approximately $400 on Nov. 1 to as high as $750.
The following is excerpted from The Block’s Data and Insights newsletter.
ZCash's shielded pool has reached 23% of total supply, up from 18% in October, marking a steady progression in network privacy adoption.

The shielded pool functions by obscuring transaction details, making the entire network more difficult to trace as more ZEC enters this private state.

As covered in previous issues of The Block's Data and Insights newsletter, shielding requires direct interaction with the chain, making it a useful indicator of genuine network usage rather than pure speculative positioning.

The growth in shielded supply offers an interesting parallel to Ethereum's staking dynamics. Approximately 30% of ETH is currently staked to secure the network, and it will be worth monitoring whether ZEC experiences similar behavior or resistance as it approaches this threshold. 

Both metrics reflect active participation in network operations rather than passive holding.

The increase in shielding coincides with significant price appreciation as ZEC surged from approximately $400 on Nov. 1 to as high as $750 last Friday, accompanied by substantial trading volume across exchanges.

At the time of writing, ZEC ranks second among Coinbase's most traded assets by 24-hour volume, surpassing Ethereum with $345 million and $288 million, respectively.

The alignment between price performance and fundamental network activity represents a positive development. Rising shielded supply during a price rally suggests that increased attention is translating into actual protocol usage, not just speculative trading.

This contrasts with many other tokens, where traders have largely taken positions through derivatives rather than buying spot.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

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

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

AUTHOR Brandon joined crypto research in 2021 and specializes in DeFi and emergent, up-and-coming projects and technologies in the space. See More

AUTHOR Ivan joined The Block in 2024 as a researcher. He was previously a consultant at KPMG Canada in the Crypto and Blockchain Center of Execellence where he advised financial institutions on blockchains and tokenization. He graduated from the University of Toronto. See More

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China just accused the United States of pulling off a cyber hit worth nearly $13 billion.

On Sunday, the Chinese National Computer Virus Emergency Response Center (CVERC) claimed that 127,272 Bitcoins stolen from the LuBian mining pool back in 2020 ended up under U.S. government control after a four-year-long silent operation.

The coins were held by Chen Zhi, head of Prince Group in Cambodia, who tried everything from blockchain messages to ransom offers to get them back, but got nothing but silence.

The Chinese agency said the coins were moved in bulk, stayed untouched for years, and were then quietly taken over by the U.S. Department of Justice last year, before the DOJ indicted Chen on October 14 this year and seized the entire stash.

CVERC’s report claims this entire chain of events points to a state-level hack designed to look like law enforcement.

But actually, the real issue started with LuBian’s key-generation system, because instead of using proper 256-bit random numbers, they cut corners.

According to the CVERC, the wallets were created using a 32-bit pseudo-random seed, relying on the Mersenne Twister MT19937-32 algorithm, which reportedly gave hackers only 4.29 billion combinations to brute-force instead of the trillions required for a proper key.

This is nearly identical to the MilkSad flaw disclosed in August 2023, which was later assigned CVE-2023-39910. The MilkSad team even listed LuBian’s compromised wallets, matching the 25 wallets in the DOJ’s case. Once the attacker figured out the vulnerability, the CVERC’s report said it took less than two hours to break in.

Over 5,000 addresses were generated with the same weak system, and they all had no multisig, no hardware wallets, no HD wallets, nothing.

Stolen coins stayed dormant before U.S. moved them
The LuBian mining pool, based mainly in China and Iran, was rising fast in 2020. It wasn’t using exchanges but stored Bitcoin in non-custodial wallets, the kind only you can unlock with your private key.

On December 29, 2020, LuBian’s wallets were hit in a bulk attack that drained 127,272.06953176 BTC, worth about $3.5 billion at the time. Less than 200 BTC were left behind.

All signs point to a brute-force script attacking over 5,000 wallets, all generated with a broken private key algorithm. The coins were swept out fast, then sat untouched in attacker-controlled wallets for four years. At least that’s what Arkham confirmed when it marked the final wallets as government-controlled.

During the dormancy period, Chen and his team tried to reach whoever stole the funds. In early 2021 and again in July 2022, they embedded over 1,500 messages into the Bitcoin blockchain using the OP_RETURN function. One allegedly said, “Please return our funds, we’ll pay a reward.”

Another pleaded, “To the whitehat who is saving our asset, contact us through [email protected] to discuss the return of asset and your reward.”

None of those got a reply.

Then, between June 22 and July 23, 2024, the CVERC said all the stolen Bitcoin suddenly moved to a new address, which according to Arkham’s on-chain tracking, belongs to Uncle.

China claims U.S. seizure and calls it a double-cross
By the time the DOJ made its move earlier this year, the stolen coins had already sat idle for nearly four years, with only less less than one ten-thousandth moved.

China says this doesn’t line up with typical hacker behavior, because we all know that hackers sell or mix coins, they don’t babysit them for years.

The indictment listed 127,271 BTC across 25 wallet addresses, all tracked back to LuBian’s December 2020 hack, with the funds coming from the three sources below:-

~17,800 BTC from independent mining
~2,300 BTC from mining pool wages
~107,100 BTC from exchanges and other inflows

But the DOJ claimed the coins were illicitly obtained. The numbers don’t match up. The impact, though, is that LuBian never recovered. More than 90% of its assets were wiped.

The pool went down. The Chinese report ends with a warning to the rest of the crypto community: fix your wallet code, use real random number generators, adopt multisig, cold storage, and real-time on-chain monitoring. Or next time, it might be you.

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In brief
Pro-XRP lawyer John Deaton announced a new U.S. Senate bid, this time challenging Democratic Sen. Ed Markey in Massachusetts’ 2026 election.
Deaton, a Republican, previously lost to Sen. Elizabeth Warren by nearly 20 points, but gained national attention as a pro-crypto candidate.
His new campaign does not appear to focus on crypto as a policy issue, though it accepts crypto donations.
Pro-XRP attorney and Crypto Twitter mainstay John Deaton formally announced another U.S. Senate bid late Monday, after failing to unseat noted industry critic Elizabeth Warren last fall. 

Deaton will run in next year’s midterm election against Sen. Ed Markey, Massachusetts' other Democratic senator. The crypto-focused attorney is running as a Republican, and the party’s state leadership will soon vote on whether to endorse him—a move that would likely clinch his spot on the Republican ballot line in the general election.

Deaton told Decrypt earlier this year that he was likely to enter the race, given the name recognition he said he accumulated in his unsuccessful 2024 run against Warren.

I’m John Deaton. I grew up with nothing, served in the Marines, and built a life and business here in Massachusetts through hard work.

Families are struggling while career politicians like Ed Markey are absent and out of touch.

It’s time for leaders who know how to fight and… pic.twitter.com/KQ4gKtvoSZ

— John Deaton (@DeatonforSenate) November 11, 2025

Deaton’s odds of victory against Warren in that race were a longshot, given that Massachusetts is one of the most reliably blue-voting states in the country. They could be even slimmer in a matchup against Markey. 

Why? Because last year, Deaton was able to gain national attention running as a pro-crypto candidate against Warren, perhaps the industry’s most prominent foil in Congress, at a crucial juncture for digital asset regulation. While those conditions were not nearly enough to push Deaton over the edge—he ultimately lost to Warren by nearly 20 points—they did send plenty of financial support from the crypto industry flowing to his campaign.

This time around, things may look a bit different. While many in the crypto industry view Markey as an enemy, Massachusetts’ junior senator is a far less prominent perceived threat than Warren. And whereas the industry viewed itself as waging an existential fight for survival last November, the second Trump administration’s aggressively pro-crypto moves have calmed much of that worry.

As one sign of the changing times, Deaton’s new campaign site’s “Issues” page makes no mention of crypto policy—though a biography of the attorney does mention his interest in crypto and advocacy for XRP holders. The site also allows visitors to donate to Deaton’s campaign in numerous cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, and meme coins BONK, Dogecoin, Dogwifhat, and Peanut the Squirrel.

In March, Deaton told Decrypt that he saw a path to victory against Markey in 2026—so long as the crypto industry’s mighty political spending PACs, particularly Fairshake, backed him up.

Even in last year’s race against Warren, Fairshake did not back Deaton, opting to instead focus on closer, swing-state races. A Fairshake representative did not respond when asked by Decrypt whether the PAC will back Deaton this time around.

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Harvey Hunter is a Content Writer at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

November 11, 2025

Bonk continues to show short-term strength with a volume-backed surge, a potential indication of bigger moves at work for BONK price predictions.

The meme coin reclaimed key October support at $0.000013 in a 4.5% move during Monday trading, another key step towards a recovery, though the level faces pressure again today.

Volume provided a strong technical confirmation of a bullish move, with 850.8 billion tokens traded, an 82% increase above the daily average of 467 billion.

This comes as broader FUD tied to the U.S. government shutdown clears, with the Senate passing a continuing resolution during late Monday trading.

BREAKING: U.S. Senate has officially passed the continuing resolution to end the shutdown, sending it to the House of Representatives for a final vote to re-open the government. pic.twitter.com/3oqHrBdiiN

— America (@america) November 11, 2025
Intraday data highlights its importance, with a 14.2 billion-token spike late in the trading session.

BONK Price Prediction: What do Traders Know?The surge in trading volume comes as Bonk once again confirmed the lower boundary of its 4-month descending triangle as a launchpad, refocusing attention on a potential breakout.

With $0.000013 now being retested as support, a sustained upward move could be forming, particularly as momentum indicators show fresh bullishness.

BONK / USDT 1-day chart, descending channel bounce. Source: TradingView.The RSI continues to build strength with higher highs and higher lows toward the neutral line, while the MACD histogram’s growing lead above the signal line hints at mounting buy pressure beneath the surface.

The key breakout threshold sits at a major October distribution zone around $0.000016, which could open the door to a 120% move toward $0.000028.

Should broader catalysts such as U.S. interest rate easing gain traction into 2026, BONK could even extend gains toward mid-year highs near $0.000042, a potential 220% rally.

That said, a near-term shakeout could see the launchpad level at $0.000011 retested. However, underlying strength sets the stage for an even stronger double-bottom reversal.

Maxi Doge: A Bigger Breakout Play?If past cycles prove anything, it’s that Doge-branded tokens carry the strongest social momentum.

Shiba Inu carried the torch from Dogecoin in 2021, then Floki, Bonk, Dogwifhat, and most recently Neiro. Every bull run eventually delivers its own parabolic Doge-themed runner.

For 2025, imminent spot DOGE ETFs and Elon Musk’s DOGE-1 lunar mission create the perfect social catalyst for a new frontrunner, and speculators are eyeing Maxi Doge ($MAXI) as the next moonshot.

The hype is already translating into numbers. The $MAXI presale has raised almost $4 million, with early backers currently earning a high 77% APY on staking rewards.

For those who missed out on the Doge wave before, Maxi Doge could be the next opportunity to catch a meme coin breakout before it runs.

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The three-year engagement will empower Globe to optimize its mobile network, drive efficiency through automation, and deliver superior customer experiences

JERSEY CITY, NJ / ACCESS Newswire / November 11, 2025 / Amdocs (NASDAQ:DOX), a leading provider of software and services to communications and media companies, today announced the expansion of its managed services agreement and long-term engagement with Globe, a leading digital solutions provider in the Philippines, to include the network domain. The strategic extension will enable Globe to boost service quality, enhance operational agility and deliver enhanced experience to its customers.

Under the three-year managed services engagement, Amdocs will deliver network strategy and planning, mobile access engineering, and optimization of macro and in-building network solutions to support and optimize Globe's mobile network infrastructure. Amdocs will monitor Globe's mobile network performance parameters and identify improvement areas through automated dashboard reporting on network health, manage network performance during special events and support any network related issue for VIP customers.

Building on the success of the earlier collaboration to transform Globe's IT operations, the new agreement will empower the Filipino service provider to achieve greater cost savings, operational efficiency and automation while adopting global best practices in network operations delivering a more seamless customer experience for Globe's customers.

"Reliable network solutions that are faster, more secure and more resilient are crucial to thrive in this digital age," said Joel Agustin, SVP for Network Planning and Engineering at Globe Telecom. "We're excited to extend our relationship with Amdocs from the IT domain into the network domain to monitor and manage our mobile network infrastructure. This will help us build the right foundations to transform how we serve our customers-delivering more responsive, efficient, and meaningful experiences."

"We're honored to be a long-standing trusted partner to Globe in its digital transformation journey, empowering them to deliver best-in-class connectivity and exceptional digital experiences," said Anthony Goonetilleke, Amdocs Group President of Technology and Head of Strategy. "By combining our expertise in network operations, automation, and analytics, we look forward to empowering Globe further strengthen its network performance and advance its transformation goals."

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About Amdocs

Amdocs empowers the world's leading communications and media companies to accelerate innovation and deliver exceptional customer experiences at scale. Our comprehensive portfolio of software products and services enable service providers to harness the transformative power of artificial intelligence, driving digital modernization, cloud adoption, intelligent network automation, and new revenue opportunities. With our talented people across the globe, we partner with our customers to turn advanced technology into measurable business outcomes, enriching lives and advancing a more connected society. Together, we help those who shape the future to make it amazing. Listed on the NASDAQ Global Select Market, Amdocs reported revenue of $4.53 billion in fiscal 2025.

Amdocs' Forward-Looking Statement

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company's customers' businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company's customers. Amdocs' ability to grow in the business markets that it serves, Amdocs' ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, security incidents, including breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company's offerings and operations, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs' filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2024, filed on December 17, 2024, and our Form 6-K furnished for the first quarter of fiscal 2025 on February 18, 2025, for the second quarter of fiscal 2025 on May 19, 2025, and for the third quarter of fiscal 2025 on August 18, 2025.

Media Contact:

Swati Sharma
Amdocs Public Relations
E-mail: [email protected]

SOURCE: Amdocs Management Limited

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, /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), a leader in diagnostic information services, today announced that its Board of Directors declared a quarterly cash dividend of $0.80 per share, payable on January 28, 2026 to shareholders of record of Quest Diagnostics common stock on January 13, 2026.

About Quest Diagnostics
Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, Quest's diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our more than 55,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world. www.QuestDiagnostics.com.

SOURCE Quest Diagnostics

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Oklo (NYSE:OKLO) continued to invest in its pre-commercial nuclear technology during Q3, achieving several operational and regulatory milestones.

Oklo completed Phase 1 of its Nuclear Regulatory Commission (NRC) readiness assessment with no significant gaps and expects to file its Aurora combined license application in early Q4 2025.

The company reaffirmed its target for commercial operations of the first Aurora powerhouse in late 2027 to early 2028.

Oklo recorded no revenue during the Q3 period, consistent with its ongoing development stage. 

Its loss per share was $0.20, up from a loss per share of $0.08 in the year-ago period and more than the $0.14 loss per share expected by Wall Street analysts.

Year-to-date cash used in operating activities was $48.7 million, below the company’s full-year forecast of $65 million to $80 million.

Shares of Oklo traded down 1.7% at $102.50 post-earnings. The stock has surged 390% so far in 2025.

Multi-year agreement includes OSS modernization, extended support for existing platforms, and professional services aimed at strengthening Vivo's operational efficiency and service agility

JERSEY CITY, NJ / ACCESS Newswire / November 11, 2025 / Amdocs (NASDAQ:DOX), a leading provider of software and services for communications and media companies, today announced that Vivo, a member of Telefónica group, has signed an agreement with Amdocs to modernize its operations support systems (OSS).

The modernization program will ensure that the Brazilian service provider operates on the latest version of Amdocs' OSS products, incorporating the most recent software enhancements, security updates, and architectural improvements. This will provide a stable, standardized, and future-ready foundation for ongoing operations and future evolutions of Vivo's network systems.

Under the new agreement, Amdocs will deliver an OSS project modernization aimed to deploy the latest cloud-native, microservices-based release of Service Orchestration and Service Activation.

These initiatives will strengthen Vivo's OSS environment by introducing updated technologies, improved system maintainability, and enhanced integration with existing operational processes. The modernization will support long-term platform stability and compliance with evolving technology standards.

"We are delighted to expand our collaboration with Vivo at such a pivotal moment in their growth journey," said Anthony Goonetilleke, Group President of Technology and Head of Strategy at Amdocs. "By modernizing their OSS with our latest cloud-native platforms and supporting them with our end-to-end services, we are empowering Vivo to deliver seamless customer experiences and drive business agility at scale."

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About Amdocs

Amdocs empowers the world's leading communications and media companies to accelerate innovation and deliver exceptional customer experiences at scale. Our comprehensive portfolio of software products and services enable service providers to harness the transformative power of artificial intelligence, driving digital modernization, cloud adoption, intelligent network automation, and new revenue opportunities. With our talented people across the globe, we partner with our customers to turn advanced technology into measurable business outcomes, enriching lives and advancing a more connected society. Together, we help those who shape the future to make it amazing. Listed on the NASDAQ Global Select Market, Amdocs reported revenue of $4.53 billion in fiscal 2025.

Amdocs' Forward-Looking Statement

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company's customers' businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company's customers. Amdocs' ability to grow in the business markets that it serves, Amdocs' ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, security incidents, including breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company's offerings and operations, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs' filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2024, filed on December 17, 2024, and our Form 6-K furnished for the first quarter of fiscal 2025 on February 18, 2025, and for the second quarter of fiscal 2025 on May 19, 2025, and for the third quarter of fiscal 2025 on August 18, 2025.

Media Contacts:

Mario Hajiloizi
Amdocs Public Relations
E-mail: [email protected]

Katie Owen
Babel PR for Amdocs
Tel: +44 (0) 7490 131475
E-mail: [email protected] / [email protected]

SOURCE: Amdocs Management Limited

The Dow Jones Industrial Average closed at a fresh record high Tuesday as investors piled into stocks beyond the hot AI plays

GENEVA--(BUSINESS WIRE)--Regulatory News:

Alcon (SIX/NYSE:ALC), the global leader in eye care, reported its financial results for the three and nine month periods ending September 30, 2025. For the third quarter of 2025, sales were $2.6 billion, up 6% on a reported basis and up 5% on a constant currency basis1, as compared to the same quarter of the previous year. Alcon reported diluted earnings per share of $0.48 and core diluted earnings per share2 of $0.79 in the third quarter of 2025.

"As expected, we saw encouraging topline growth in the third quarter, driven by strong acceleration in equipment," said David J. Endicott, Alcon's Chief Executive Officer. "Unity VCS is gaining traction across key markets and our orderbook remains strong. With PanOptix Pro resonating well with surgeons and early uptake of Tryptyr showing promise, we're laying the groundwork for a solid 2026."

Third-quarter and first nine months of 2025 key figures

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Net sales ($ millions)

2,589

2,433

7,617

7,359

Operating margin (%)

12.8%

13.6%

13.7%

13.8%

Diluted earnings per share ($)

0.48

0.53

1.53

1.48

Core results (non-IFRS measure)2

Core operating margin (%)

20.2%

20.6%

20.0%

20.8%

Core diluted earnings per share ($)

0.79

0.81

2.29

2.33

Cash flows ($ millions)

Net cash flows from operating activities

1,613

1,618

Free cash flow (non-IFRS measure)3

1,244

1,296

Third-quarter and first nine months of 2025 results

Reported net sales for the third quarter of 2025 were $2.6 billion, up 6% versus the third quarter of 2024. Excluding favorable currency impacts of 1%, sales were up 5% on a constant currency basis. Reported net sales for the first nine months of 2025 were $7.6 billion, up 4% versus the first nine months of 2024. Excluding favorable currency impacts of 1%, sales were up 3% on a constant currency basis.

The following table highlights net sales by segment for the third quarter and first nine months of 2025:

Three months ended

September 30

Change %

Nine months ended

September 30

Change %

($ millions unless indicated otherwise)

2025

2024

$

cc1

(non-IFRS

measure)

2025

2024

$

cc1

(non-IFRS

measure)

Surgical

Implantables

432

422

2

2

1,308

1,319

(1

)

—

Consumables

745

701

6

5

2,234

2,123

5

5

Equipment/other

243

215

13

13

664

657

1

1

Total Surgical

1,420

1,338

6

5

4,206

4,099

3

3

Vision Care

Contact lenses

707

664

6

5

2,087

1,971

6

5

Ocular health

462

431

7

6

1,324

1,289

3

3

Total Vision Care

1,169

1,095

7

5

3,411

3,260

5

4

Net sales

2,589

2,433

6

5

7,617

7,359

4

3

Net sales by segment

Third quarter

Surgical

Surgical net sales, which include implantables, consumables and equipment/other, were $1.4 billion, an increase of 6% on a reported basis and 5% on a constant currency basis versus the third quarter of 2024.

Implantables net sales were $432 million, an increase of 2% on a reported and constant currency basis, reflecting the launch of PanOptix Pro, as well as continued competitive pressures.

Consumables net sales were $745 million, an increase of 6%. Excluding favorable currency impacts of 1%, Consumables net sales increased 5% constant currency, reflecting improving market conditions and price increases.

Equipment/other net sales were $243 million, an increase of 13% on a reported and constant currency basis. This growth was led by recent equipment launches, including Unity VCS.

Vision Care

Vision Care net sales, which include contact lenses and ocular health, were $1.2 billion, an increase of 7% on a reported basis and 5% on a constant currency basis versus the third quarter of 2024.

Contact lenses net sales were $707 million, an increase of 6%. Excluding favorable currency impacts of 1%, Contact lenses net sales increased 5% constant currency. Growth was driven by product innovation and price increases, partially offset by declines in legacy products.

Ocular health net sales were $462 million, an increase of 7%. Excluding favorable currency impacts of 1%, Ocular health net sales increased 6% constant currency. Growth was led by products for dry eye and glaucoma, including Systane, Tryptyr and Rocklatan, partially offset by declines in contact lens care. The prior year period included sales of certain eye drops in China which were divested and out-licensed in late 2024.

Nine months

Surgical

Surgical net sales were $4.2 billion, an increase of 3% on a reported and constant currency basis versus the first nine months of 2024.

Implantables net sales were $1.3 billion, a decrease of 1%. Excluding unfavorable currency impacts of 1%, Implantables net sales were in line with the prior year period in constant currency, reflecting soft market conditions and competitive pressures.

Consumables net sales were $2.2 billion, an increase of 5% on a reported and constant currency basis. Growth was led by vitreoretinal and cataract consumables, particularly in international markets, and price increases.

Equipment/other net sales were $664 million, an increase of 1% on a reported and constant currency basis, as sales of recently launched equipment, including Unity VCS, were partially offset by declines in legacy equipment.

Vision Care

Vision Care net sales were $3.4 billion, an increase of 5% on a reported basis and 4% on a constant currency basis versus the first nine months of 2024.

Contact lenses net sales were $2.1 billion, an increase of 6%. Excluding favorable currency impacts of 1%, Contact lenses net sales increased 5% constant currency, primarily driven by product innovation and price increases, partially offset by declines in legacy products.

Ocular health net sales were $1.3 billion, an increase of 3% on a reported and constant currency basis. Growth was led by products for dry eye and glaucoma, including Systane and Rocklatan, partially offset by declines in contact lens care. The prior year period included sales of certain eye drops in China which were divested and out-licensed in late 2024.

Operating income

Third quarter

Operating income was $332 million (0%, -3% cc), in line with the prior year period on a reported basis. Operating margin decreased 0.8 percentage points. The current year period included incremental tariffs, sales and marketing investments behind new product launches and increased investment in research and development ("R&D"), including from recent acquisitions, partially offset by manufacturing efficiencies and price increases. Excluding a positive 0.3 percentage point impact from currency, operating margin decreased 1.1 percentage points on a constant currency basis.

Adjustments to arrive at core operating income in the current year period were $191 million, mainly due to $176 million of amortization and $13 million of acquisition and integration related items. Adjustments to arrive at core operating income in the prior year period were $169 million, mainly due to $167 million of amortization.

Core operating income was $523 million (+4%, +2% cc), compared to $501 million in the prior year period. Core operating margin decreased 0.4 percentage points as the current year period included incremental tariffs, sales and marketing investments behind new product launches and increased investment in R&D, including from recent acquisitions, partially offset by manufacturing efficiencies and price increases. Excluding a positive 0.2 percentage point impact from currency, core operating margin decreased 0.6 percentage points on a constant currency basis.

Nine months

Operating income was $1.0 billion (+3%, +3% cc) in both current and prior year periods. Operating margin decreased 0.1 percentage points. The current year period included incremental tariffs, increased investment in R&D, including from recent acquisitions, $44 million of product discontinuation charges in Vision Care, $36 million of acquisition and integration related items and a negative 0.1 percentage point impact from currency. The decline in operating margin was partially offset by $142 million on fair value remeasurements of investments in associated companies and price increases. Operating margin was in line with the prior year period on a constant currency basis.

Adjustments to arrive at core operating income in the current year period were $478 million, mainly due to $521 million of amortization, $44 million of product discontinuation charges and $36 million of acquisition and integration related items, partially offset by $142 million on fair value remeasurements of investments in associated companies. Adjustments to arrive at core operating income in the prior year period were $511 million, mainly due to $498 million of amortization.

Core operating income was $1.5 billion (0%, 0% cc) in both the current and prior year periods. Core operating margin decreased 0.8 percentage points. The current year period included incremental tariffs, increased investment in R&D, including from recent acquisitions and a negative 0.1 percentage point impact from currency, partially offset by price increases. Core operating margin decreased 0.7 percentage points on a constant currency basis.

Taxes

Third quarter

Reported tax expense was $46 million, compared to $29 million in the prior year period, and the average reported tax rate was 16.3%, compared to 9.9% in the prior year period. Core tax expense was $80 million, compared to $59 million in the prior year period, and the average core tax rate was 16.9%, compared to 12.8% in the prior year period. Both the average reported and core tax rates were higher in the current year period due to a less favorable mix of pre-tax income/(loss) across geographical tax jurisdictions and higher discrete tax benefits in the prior year period.

Nine months

Reported tax expense was $133 million, compared to $173 million in the prior year period, and the average reported tax rate was 14.8%, compared to 19.1% in the prior year period. Core tax expense was $240 million, compared to $262 million in the prior year period, and the average core tax rate was 17.4%, compared to 18.5% in the prior year period. The average reported tax rate was lower in the current year period due to a non-taxable gain. In addition, both the average reported and core tax rates benefited from higher discrete tax benefits in the current year period.

Diluted earnings per share

Third quarter

Diluted earnings per share of $0.48 decreased 9%, or 14% on a constant currency basis, versus the prior year period, primarily due to higher tax expense. Core diluted earnings per share of $0.79 decreased 2%, or 4% on a constant currency basis, versus the prior year period.

Nine months

Diluted earnings per share of $1.53 increased 3%, or 4% on a constant currency basis, primarily due to higher operating income, including gains of $142 million on fair value remeasurements of investments in associated companies, partially offset by $44 million of product discontinuation charges, and lower tax expense. Core diluted earnings per share of $2.29 decreased 2%, or 1% on a constant currency basis, versus the prior year period.

Cash flow highlights

Net cash flows from operating activities amounted to $1.6 billion in the first nine months of 2025, in line with the prior year period. Free cash flow was $1.2 billion in the first nine months of 2025, compared to $1.3 billion in the prior year period, primarily due to increased capital expenditures.

During the first nine months of 2025, the company returned $550 million to shareholders. Capital returns include the repurchase of approximately 4.6 million shares4 for $384 million and dividend payments of $166 million.

2025 outlook

The Company maintained its previously communicated full-year 2025 outlook.

2025 outlook5,6

as of August

as of November

Comments

Net sales (USD)

$10.3 to $10.4 billion

$10.3 to $10.4 billion

Maintained

Change vs. prior year (cc)1

(non-IFRS measure)

+4% to +5%

+4% to +5%

Maintained

Core operating margin2

(non-IFRS measure)

19.5% to 20.5%

19.5% to 20.5%

Maintained

Non-operating income & expense7

$185 to $205 million

$185 to $205 million

Maintained

Core effective tax rate8

(non-IFRS measure)

~18%

~18%

Maintained

Core diluted EPS2

(non-IFRS measure)

$3.05 to $3.15

$3.05 to $3.15

Maintained

Change vs. prior year (cc)1

(non-IFRS measure)

0% to +2%

0% to +2%

Maintained

This outlook assumes the following:

Aggregated markets grow approximately low-single digits;

Tariff rates and exemptions announced as of November 10, 2025 persist through the end of the year. The Company expects a full-year gross tariff impact of approximately $100 million, which is expected to pressure cost of net sales. The Company anticipates fully offsetting this impact through foreign exchange as well as operational actions;

Exchange rates as of the end of October prevail through year-end;

Approximately 497 million weighted-averaged diluted shares.6

Webcast and Conference Call Instructions

The Company will host a conference call on November 12, 2025 at 8:00 a.m. Eastern Time / 2:00 p.m. Central European Time to discuss its third-quarter 2025 earnings results. The webcast can be accessed online through Alcon's Investor Relations website, i.e. investor.alcon.com. Listeners should log on approximately 10 minutes in advance. A replay will be available online within 24 hours after the event. To listen the Company's conference call, click on the link:

https://investor.alcon.com/news-and-events/events-and-presentations/event-details/2025/Alcons-Third-Quarter-2025-Earnings-Conference-Call-2025-8ylj38YvL1/default.aspx

The Company's third-quarter 2025 press release, interim financial report and supplemental presentation materials can be found online through Alcon's Investor Relations website, or by clicking on the link:

https://investor.alcon.com/news-and-events/events-and-presentations/event-details/2025/Alcons-Third-Quarter-2025-Earnings-Conference-Call-2025-8ylj38YvL1/default.aspx

Cautionary Note Regarding Forward-Looking Statements

This document contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “commitment,” “look forward,” “maintain,” “plan,” “goal,” “seek,” “target,” “assume,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our 2025 outlook, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, our social impact and sustainability plans, targets, goals and expectations, and generally, our expectations concerning our future performance.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict such as: cybersecurity breaches or other disruptions of our information technology systems; our ability to effectively manage the risks associated with the ethical use of disruptive technologies; compliance with data privacy, identity protection and information security laws, particularly with the increased use of artificial intelligence; the impact of a disruption in our global supply chain, including the effect of tariffs, or important facilities, particularly when we single-source or rely on limited sources of supply; our ability to manage social impact and sustainability matters; our reliance on outsourcing key business functions; global and regional economic, financial, monetary, legal, tax, political and social change; the increasingly challenging economic, political and legal environment in China; terrorism, war and other resulting events such as economic sanctions and trade restrictions; our ability to manage the risks associated with operating as a third party contract manufacturer; our ability to forecast sales demand and manage our inventory levels and the changing buying patterns of our customers; our success in completing and integrating strategic acquisitions, including equity investments in early-stage companies; the success of our research and development efforts, including our ability to innovate to compete effectively; our ability to comply with the US Foreign Corrupt Practices Act of 1977 and other applicable anti-corruption laws; pricing pressure from changes in third party payor coverage and reimbursement methodologies; our ability to properly educate and train healthcare providers on our products; our ability to protect our intellectual property; our ability to comply with all laws to which we may be subject; the ability to obtain regulatory clearance and approval of our products as well as compliance with any post-approval obligations, including quality control of our manufacturing; the effect of product recalls or voluntary market withdrawals; the accuracy of our accounting estimates and assumptions, including pension and other post-employment benefit plan obligations and the carrying value of intangible assets; the impact of unauthorized importation of our products from countries with lower prices to countries with higher prices; our ability to service our debt obligations; the need for additional financing through the issuance of debt or equity; the effects of litigation, including product liability lawsuits and governmental investigations; supply constraints and increases in the cost of energy; our ability to attract and retain qualified personnel; legislative, tax and regulatory reform; the impact of being listed on two stock exchanges; the ability to declare and pay dividends; the different rights afforded to our shareholders as a Swiss corporation compared to a US corporation; the effect of maintaining or losing our foreign private issuer status under US securities laws; and the ability to enforce US judgments against Swiss corporations.

Additional factors are discussed in our filings with the United States Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this document speak only as of the date of its filing, and we assume no obligation to update forward-looking statements as a result of new information, future events or otherwise. We also undertake no obligation to update the 2025 outlook as circumstances evolve.

Intellectual Property

This report may contain references to our proprietary intellectual property. All product names appearing in italics or ALL CAPS are trademarks owned by or licensed to Alcon Inc. Product names identified by a "®" or a "™" are trademarks that are not owned by or licensed to Alcon or its subsidiaries and are the property of their respective owners.

Non-IFRS measures as defined by the Company

Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currency, EBITDA, free cash flow and net (debt)/liquidity.

Because of their non-standardized definitions, the non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully understand how Alcon management assesses underlying performance. These supplemental non-IFRS measures are not, and should not be viewed as, a substitute for IFRS measures.

Core results

Alcon core results, including core operating income and core net income, exclude all amortization and impairment charges of intangible assets, excluding software, product discontinuation charges, net gains and losses on fund investments and equity securities valued at fair value through profit and loss ("FVPL"), fair value adjustments of financial assets in the form of options to acquire a company carried at FVPL, fair value remeasurements of investments in associated companies and certain acquisition related items. The following items that exceed a threshold of $10 million, are not operating expenses necessary to the operation of the business and have costs that will vary over periods are also excluded from core results: integration and divestment related income and expenses, divestment gains and losses, restructuring charges/releases and related items, legal related items, gains/losses on early extinguishment of debt or debt modifications, past service costs for post-employment benefit plans, impairments of property, plant and equipment and software, as well as income and expense items that management deems exceptional and that are or are expected to accumulate within the year to be over a $10 million threshold.

Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on other items, although this is not always the case for certain items such as legal settlements in certain jurisdictions.

Alcon believes that investor understanding of its performance is enhanced by disclosing core measures of performance because, since they exclude items that can vary significantly from period to period, the core measures enable a helpful comparison of business performance across periods. For this same reason, Alcon uses these core measures in addition to IFRS and other measures as important factors in assessing its performance.

A limitation of the core measures is that they provide a view of Alcon operations without including all events during a period, such as the effects of an acquisition, divestment, or amortization/impairments of purchased intangible assets and restructurings.

Constant currency

Changes in the relative values of non-US currencies to the US dollar can affect Alcon's financial results and financial position. To provide additional information that may be useful to investors, including changes in sales volume, we present information about changes in our net sales and various values relating to operating and net income that are adjusted for such foreign currency effects.

Constant currency calculations have the goal of eliminating two exchange rate effects so that an estimate can be made of underlying changes in the Consolidated Income Statement excluding:

the impact of translating the income statements of consolidated entities from their non-US dollar functional currencies to the US dollar; and

the impact of exchange rate movements on the major transactions of consolidated entities performed in currencies other than their functional currency.

Alcon calculates constant currency measures by translating the current year's foreign currency values for sales and other income statement items into US dollars, using the average exchange rates from the historical comparative period and comparing them to the values from the historical comparative period in US dollars.

EBITDA

Alcon defines earnings before interest, tax, depreciation and amortization ("EBITDA") as net income excluding income taxes, depreciation of property, plant and equipment (including any related impairment charges), depreciation of right-of-use assets, amortization of intangible assets (including any related impairment charges), interest expense and other financial income and expense. Alcon management primarily uses EBITDA together with net (debt)/liquidity to monitor leverage associated with financial debts.

Free cash flow

Alcon defines free cash flow as net cash flows from operating activities less cash flow associated with the purchase or sale of property, plant and equipment. Free cash flow is presented as additional information because Alcon management believes it is a useful supplemental indicator of Alcon's ability to operate without reliance on additional borrowing or use of existing cash. Free cash flow is not intended to be a substitute measure for net cash flows from operating activities as determined under IFRS.

Net (debt)/liquidity

Alcon defines net (debt)/liquidity as current and non-current financial debt less cash and cash equivalents, current investments, including time deposits, and derivative financial instruments. Net (debt)/liquidity is presented as additional information because management believes it is a useful supplemental indicator of Alcon's ability to pay dividends, to meet financial commitments and to invest in new strategic opportunities, including strengthening its balance sheet.

Growth rate and margin calculations

For ease of understanding, Alcon uses a sign convention for its growth rates such that a reduction in operating expenses or losses compared to the prior year is shown as a positive growth.

Gross margins, core gross margins, operating income margins and core operating income margins are calculated based upon net sales unless otherwise noted.

Reconciliation of guidance for forward-looking non-IFRS measures

The forward-looking guidance included in this press release cannot be reconciled to the comparable IFRS measures without unreasonable efforts, because we are not able to predict with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. These items are uncertain, depend on many factors and could have a material impact on our IFRS results for the guidance period.

Financial tables

Net sales by region

Three months ended

September 30

Nine months ended

September 30

($ millions unless indicated otherwise)

2025

2024

2025

2024

United States

1,167

45

%

1,112

46

%

3,464

45

%

3,402

46

%

International

1,422

55

%

1,321

54

%

4,153

55

%

3,957

54

%

Net sales

2,589

100

%

2,433

100

%

7,617

100

%

7,359

100

%

Consolidated Income Statement (unaudited)

Three months ended

September 30

Nine months ended

September 30

($ millions except earnings per share)

2025

2024

2025

2024

Net sales

2,589

2,433

7,617

7,359

Other revenues

25

21

66

50

Net sales and other revenues

2,614

2,454

7,683

7,409

Cost of net sales

(1,136

)

(1,064

)

(3,403

)

(3,235

)

Cost of other revenues

(20

)

(19

)

(51

)

(47

)

Gross profit

1,458

1,371

4,229

4,127

Selling, general & administration

(865

)

(809

)

(2,548

)

(2,448

)

Research & development

(250

)

(225

)

(717

)

(644

)

Other income

10

5

164

16

Other expense

(21

)

(10

)

(81

)

(33

)

Operating income

332

332

1,047

1,018

Interest expense

(51

)

(49

)

(151

)

(144

)

Other financial income & expense

3

10

16

34

Share of (loss) from associated companies

(1

)

(1

)

(16

)

(1

)

Income before taxes

283

292

896

907

Taxes

(46

)

(29

)

(133

)

(173

)

Net income

237

263

763

734

Net income attributable to:

Shareholders of Alcon Inc.

237

263

763

734

Non-controlling interests

—

—

—

—

Earnings per share ($)(1)

Basic

0.48

0.53

1.54

1.48

Diluted

0.48

0.53

1.53

1.48

Weighted average number of shares outstanding (millions)

Basic

493.2

494.6

494.5

494.3

Diluted

495.9

497.7

497.3

497.2

Segment contribution

Three months ended September 30

Nine months ended September 30

Change %

Change %

($ millions unless indicated otherwise)

2025

2024

$

cc(1)

(non-IFRS

measure)

2025

2024

$

cc(1)

(non-IFRS

measure)

Surgical segment contribution

357

331

8

6

1,071

1,120

(4

)

(4

)

As % of net sales

25.1

24.7

25.5

27.3

Vision Care segment contribution

257

264

(3

)

(5

)

746

702

6

6

As % of net sales

22.0

24.1

21.9

21.5

Not allocated to segments

(282

)

(263

)

(7

)

(7

)

(770

)

(804

)

4

5

Operating income

332

332

—

(3

)

1,047

1,018

3

3

Core adjustments (non-IFRS measure)(1)

191

169

478

511

Core operating income (non-IFRS measure)(1)

523

501

4

2

1,525

1,529

—

—

Operating income

Three months ended September 30

Nine months ended September 30

Change %

Change %

($ millions unless indicated otherwise)

2025

2024

$

cc(1)

(non-IFRS

measure)

2025

2024

$

cc(1)

(non-IFRS

measure)

Cost of net sales

(1,136

)

(1,064

)

(7

)

(6

)

(3,403

)

(3,235

)

(5

)

(5

)

Gross profit

1,458

1,371

6

5

4,229

4,127

2

2

Gross margin (%)

56.3

56.4

55.5

56.1

Selling, general & administration

(865

)

(809

)

(7

)

(5

)

(2,548

)

(2,448

)

(4

)

(4

)

Research & development

(250

)

(225

)

(11

)

(10

)

(717

)

(644

)

(11

)

(11

)

Other income

10

5

100

125

164

16

nm

nm

Other expense

(21

)

(10

)

(110

)

(120

)

(81

)

(33

)

(145

)

(146

)

Operating income

332

332

—

(3

)

1,047

1,018

3

3

Operating margin (%)

12.8

13.6

13.7

13.8

Core results (non-IFRS measure)(1)

Core gross profit

1,629

1,537

6

4

4,783

4,625

3

3

Core gross margin (%)

62.9

63.2

62.8

62.8

Core operating income

523

501

4

2

1,525

1,529

—

—

Core operating margin (%)

20.2

20.6

20.0

20.8

Non-operating income & expense

Three months ended September 30

Nine months ended September 30

Change %

Change %

($ millions unless indicated otherwise)

2025

2024

$

cc(1)

(non-IFRS

measure)

2025

2024

$

cc(1)

(non-IFRS

measure)

Operating income

332

332

—

(3

)

1,047

1,018

3

3

Interest expense

(51

)

(49

)

(4

)

(5

)

(151

)

(144

)

(5

)

(5

)

Other financial income & expense

3

10

(70

)

(69

)

16

34

(53

)

(53

)

Share of (loss) from associated companies

(1

)

(1

)

—

nm

(16

)

(1

)

nm

nm

Income before taxes

283

292

(3

)

(7

)

896

907

(1

)

(1

)

Taxes

(46

)

(29

)

(59

)

(54

)

(133

)

(173

)

23

23

Net income

237

263

(10

)

(14

)

763

734

4

4

Net income attributable to:

Shareholders of Alcon Inc.

237

263

(10

)

(14

)

763

734

4

4

Non-controlling interests

—

—

—

—

—

—

—

—

Basic earnings per share ($)(2)

0.48

0.53

(9

)

(14

)

1.54

1.48

4

4

Diluted earnings per share ($)(2)

0.48

0.53

(9

)

(14

)

1.53

1.48

3

4

Core results (non-IFRS measure)(1)

Core taxes

(80

)

(59

)

(36

)

(34

)

(240

)

(262

)

8

8

Core net income

394

402

(2

)

(5

)

1,139

1,156

(1

)

(1

)

Core net income attributable to:

Shareholders of Alcon Inc.

394

402

(2

)

(5

)

1,139

1,156

(1

)

(1

)

Non-controlling interests

—

—

—

—

—

—

—

—

Core basic earnings per share ($)(2)

0.80

0.81

(1

)

(4

)

2.30

2.34

(2

)

(1

)

Core diluted earnings per share ($)(2)

0.79

0.81

(2

)

(4

)

2.29

2.33

(2

)

(1

)

Reconciliation of IFRS results to core results (non-IFRS measure)

Three months ended September 30, 2025

($ millions except earnings per share)

IFRS

results

Amortization of

certain intangible

assets(1)

Impairments(2)

Acquisition and

integration

related items(4)

Other

items(7)

Core results

(non-IFRS

measure)

Gross profit

1,458

171

—

—

—

1,629

Operating income

332

176

2

13

—

523

Income before taxes

283

176

2

13

—

474

Taxes(8)

(46

)

(31

)

—

(3

)

—

(80

)

Net income

237

145

2

10

—

394

Net income attributable to:

Shareholders of Alcon Inc.

237

145

2

10

—

394

Non-controlling interests

—

—

—

—

—

—

Basic earnings per share ($)(9)

0.48

0.80

Diluted earnings per share ($)(9)

0.48

0.79

Basic - weighted average shares outstanding (millions)(9)

493.2

493.2

Diluted - weighted average shares outstanding (millions)(9)

495.9

495.9

Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.

Three months ended September 30, 2024

($ millions except earnings per share)

IFRS

results

Amortization of

certain intangible

assets(1)

Other items(7)

Core results

(non-IFRS

measure)

Gross profit

1,371

166

—

1,537

Operating income

332

167

2

501

Income before taxes

292

167

2

461

Taxes(8)

(29

)

(30

)

—

(59

)

Net income

263

137

2

402

Net income attributable to:

Shareholders of Alcon Inc.

263

137

2

402

Non-controlling interests

—

—

—

—

Basic earnings per share ($)(9)

0.53

0.81

Diluted earnings per share ($)(9)

0.53

0.81

Basic - weighted average shares outstanding (millions)(9)

494.6

494.6

Diluted - weighted average shares outstanding (millions)(9)

497.7

497.7

Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.

Nine months ended September 30, 2025

($ millions except earnings per share)

IFRS

results

Amortization

of certain

intangible

assets(1)

Impairments(2)

Gains on

investments

in associated

companies(3)

Acquisition

and

integration

related

items(4)

Legal

items(5)

Product

discontinuation(6)

Other

items(7)

Core

results

(non-IFRS

measure)

Gross profit

4,229

510

—

—

—

—

44

—

4,783

Operating income

1,047

521

2

(142

)

36

17

44

—

1,525

Income before taxes

896

521

2

(142

)

36

17

44

5

1,379

Taxes(8)

(133

)

(93

)

—

—

(8

)

(4

)

(10

)

8

(240

)

Net income

763

428

2

(142

)

28

13

34

13

1,139

Net income attributable to:

Shareholders of Alcon Inc.

763

428

2

(142

)

28

13

34

13

1,139

Non-controlling interests

—

—

—

—

—

—

—

—

—

Basic earnings per share ($)(9)

1.54

2.30

Diluted earnings per share ($)(9)

1.53

2.29

Basic - weighted average shares outstanding (millions)(9)

494.5

494.5

Diluted - weighted average shares outstanding (millions)(9)

497.3

497.3

Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.

Nine months ended September 30, 2024

($ millions except earnings per share)

IFRS

results

Amortization of

certain intangible

assets(1)

Impairments(2)

Acquisition and

integration

related items(4)

Other

items(7)

Core

results

(non-IFRS

measure)

Gross profit

4,127

495

—

3

—

4,625

Operating income

1,018

498

9

3

1

1,529

Income before taxes

907

498

9

3

1

1,418

Taxes(8)

(173

)

(89

)

—

(1

)

1

(262

)

Net income

734

409

9

2

2

1,156

Net income attributable to:

Shareholders of Alcon Inc.

734

409

9

2

2

1,156

Non-controlling interests

—

—

—

—

—

—

Basic earnings per share ($)(9)

1.48

2.34

Diluted earnings per share ($)(9)

1.48

2.33

Basic - weighted average shares outstanding (millions)(9)

494.3

494.3

Diluted - weighted average shares outstanding (millions)(9)

497.2

497.2

Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.

Explanatory footnotes to IFRS to core reconciliation tables

(1)

Includes amortization for all intangible assets other than software.

(2)

Includes impairment charges related to intangible assets.

(3)

For the nine months ended September 30, 2025, includes gains on fair value remeasurements of investments in associated companies.

(4)

For the three months ended September 30, 2025, Operating income includes $12 million of direct acquisition costs and $1 million of integration related costs related to acquisitions. Acquisition costs primarily include third party professional services for legal, banker and due diligence fees. Integration related costs include third party professional services.

For the nine months ended September 30, 2025, Operating income includes $28 million of direct acquisition costs and $8 million of integration related costs related to acquisitions. Acquisition costs primarily include third party professional services for legal, banker, due diligence and accounting fees. Integration related costs include severance of $3 million, accelerated equity-based compensation expense of $3 million and third party professional services of $2 million.

For the nine months ended September 30, 2024, Gross profit includes the amortization of inventory fair value adjustments related to an acquisition.

(5)

For the nine months ended September 30, 2025, includes provisions for legal matters.

(6)

For the nine months ended September 30, 2025, includes charges related to the discontinued commercialization of a product in the Vision Care reportable segment, including $43 million for the full impairment of the intangible asset and $1 million in related costs, primarily related to inventory provisions.

(7)

For the three months ended September 30, 2024, Operating income primarily includes the amortization of option rights, partially offset by fair value adjustments of financial assets.

For the nine months ended September 30, 2025, Income before taxes includes core adjustments recognized for Aurion in Share of (loss) from associated companies. The expenses were incurred upon change in control from Alcon's acquisition of a majority interest in Aurion and include accelerated equity-based compensation expense of $2 million, third party professional services of $2 million for legal and accounting fees and third party bank fees of $1 million.

For the nine months ended September 30, 2024, Operating income includes the amortization of option rights and fair value adjustments of financial assets.

(8)

For the three months ended September 30, 2025, tax associated with operating income core adjustments of $191 million totaled $34 million with an average tax rate of 17.8%.

For the three months ended September 30, 2024, tax associated with operating income core adjustments of $169 million totaled $30 million with an average tax rate of 17.8%.

For the nine months ended September 30, 2025, total tax adjustments of $107 million include tax associated with operating income core adjustments, partially offset by discrete tax items. Operating income core adjustments totaled $478 million. Excluding the non-taxable gain of $136 million on fair value remeasurement of Alcon's investment in Aurion, core adjustments to operating income totaled $614 million. The associated tax effect amounted to $115 million with an average tax rate of 18.7%. Core tax adjustments for discrete tax items totaled $8 million.

For the nine months ended September 30, 2024, tax associated with operating income core adjustments of $511 million totaled $89 million with an average tax rate of 17.4%.

(9)

Core basic earnings per share is calculated using core net income attributable to shareholders of Alcon Inc. and the weighted-average shares of common stock outstanding during the period. Core diluted earnings per share also contemplate dilutive shares associated with unvested equity-based awards as described in Note 5 to the Condensed Consolidated Interim Financial Statements.

EBITDA (non-IFRS measure)

Three months ended

September 30

Nine months ended

September 30

($ millions)

2025

2024

2025

2024

Net income

237

263

763

734

Taxes

46

29

133

173

Depreciation of property, plant & equipment

106

101

307

292

Depreciation of right-of-use assets

24

22

67

62

Amortization of intangible assets

199

188

584

555

Impairments of property, plant & equipment and intangible assets

2

—

45

9

Interest expense

51

49

151

144

Other financial income & expense

(3

)

(10

)

(16

)

(34

)

EBITDA

662

642

2,034

1,935

Cash flow and net (debt)/liquidity (non-IFRS measure)

Nine months ended September 30

($ millions)

2025

2024

Net cash flows from operating activities

1,613

1,618

Net cash flows used in investing activities

(1,044

)

(834

)

Net cash flows used in financing activities

(789

)

(318

)

Effect of exchange rate changes on cash and cash equivalents

42

6

Net change in cash and cash equivalents

(178

)

472

Change in derivative financial instrument assets

(6

)

—

Change in time deposits with original maturity greater than three months

(153

)

151

Change in current and non-current financial debts

(90

)

49

Change in net (debt)

(427

)

672

Net (debt) at January 1

(2,802

)

(3,643

)

Net (debt) at September 30

(3,229

)

(2,971

)

Net (debt)/liquidity (non-IFRS measure)

($ millions)

At September 30, 2025

At December 31, 2024

Current financial debt

(570

)

(105

)

Non-current financial debt

(4,163

)

(4,538

)

Total financial debt

(4,733

)

(4,643

)

Less liquidity:

Cash and cash equivalents

1,498

1,676

Time deposits with original maturity greater than three months

—

153

Derivative financial instruments

6

12

Total liquidity

1,504

1,841

Net (debt)

(3,229

)

(2,802

)

Free cash flow (non-IFRS measure)

The following is a summary of free cash flow for the nine months ended September 30, 2025 and 2024, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure:

Nine months ended September 30

($ millions)

2025

2024

Net cash flows from operating activities

1,613

1,618

Purchase of property, plant & equipment

(374

)

(322

)

Proceeds from sale of property, plant & equipment

5

—

Free cash flow

1,244

1,296

About Alcon

Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people’s lives. Our Surgical and Vision Care products touch the lives of people in over 140 countries each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.

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More News From Alcon Inc. Swiss

November 11, 2025 4:30 PM EST | Source: Bitcoin Treasury Corporation
Toronto, Ontario--(Newsfile Corp. - November 11, 2025) - Bitcoin Treasury Corporation (TSXV: BTCT) (OTCQX: BTCFF) ("Bitcoin Treasury" or the "Company"), a Bitcoin-native company building shareholder value in Bitcoin, today announced that it has entered into its first Bitcoin loan (the "Loan") with an institutional trading firm. This Loan marks a key step in advancing the Company's strategy to build shareholder value through the strategic accumulation and active deployment of Bitcoin, with the ultimate goal of maximizing Bitcoin per share over the long term.

Bitcoin Treasury has begun developing its institutional Bitcoin services platform. Bitcoin Treasury's lending is one of two pillars it will employ to maximize Bitcoin per share, with the other being capital markets operations. Bitcoin Treasury has been actively developing rigorous underwriting standards for its Bitcoin lending activities and expects to continue expanding its lending operations.

"As Bitcoin evolves from a niche asset to a foundational element of global finance, the opportunity set for institutional Bitcoin services continues to expand," said Elliot Johnson, Chief Executive Officer of Bitcoin Treasury Corporation. "Following our recent MSB registration and partnership with FRNT, this inaugural Loan marks an important milestone in our Bitcoin lending program. It's a practical example of our strategy in action - not just holding Bitcoin but using it to unlock new revenue streams and reinforce its role in the global financial system."

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Bitcoin Treasury

Bitcoin Treasury Corporation is a Canadian-based company focused on institutional-grade Bitcoin services, initially offering Bitcoin-denominated loans. Bitcoin Treasury's core strategy is to build shareholder value through the strategic accumulation and active deployment of Bitcoin, while growing Bitcoin per Share (BPS). Recognizing Bitcoin's finite supply and long-term potential, the Corporation intends to maintain a robust treasury position while building a scalable platform for Bitcoin-based financial services.

To learn more visit www.btctcorp.com and join us on social media: X | LinkedIn

For further information, please contact:

Bitcoin Treasury Corporation
Elliot Johnson, Chief Executive Officer
Phone: 416-619-3403
Email: [email protected]

Neither 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 news release.

Cautionary Note Regarding Forward-Looking Statements 

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects" or "does not expect", "is expect", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", or variations of such words and phrases) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: business integration risks; the Corporation's operating results will experience significant fluctuations due to the highly volatile nature of Bitcoin; the Corporation operates in a heavily regulated environment and any material changes or actions could lead to negative adverse effects to the business model, operational results, and financial condition of the Corporation; evolving cryptocurrency regulatory requirements and the impact on the Corporation's business plan; Bitcoin value risk; reliance on key personnel; implementation of the Corporation's business plan; lack of operating history; competitive conditions; de banking and financial services risk; anti money laundering and corrupt business practices; additional capital; financing risks; global financial conditions; insurance and uninsured risks; cybersecurity risks; changes to bank fees or practices, or payment card networks; audit of tax filings; market for the common shares of Bitcoin Treasury; market price of the common shares of Bitcoin Treasury; conflicts of interest; internal controls; tariffs and the imposition of other restrictions on trade could adversely affect the Corporation's business; risk of litigation; pandemics or other health crisis; acquisitions and integration; risk of dilution of Bitcoin Treasury securities; dividend policy; Bitcoin price volatility; custodial risks; technological vulnerabilities; Bitcoin transactions are irreversible and may result in significant losses; short history risk; limited history of the Bitcoin market; potential decrease in the global demand for Bitcoin; economic and political factors; top Bitcoin holders control a significant percentage of the outstanding Bitcoin; availability of exchange traded products liquidity; security breaches; the requirements that accompany being a publicly traded company may put a strain on the Corporation's resources, divert attention from management, and adversely affect its ability to maintain and attract management and qualified board members; liquidity risk; leverage risk; and share price fluctuations.

Although management of the Corporation believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this news release, and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward -looking statements or information, whether as a result of new information, change in management's estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law.

The TSXV has neither approved nor disapproved the contents of this news release.

Not for distribution to United States news wire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273875