Market Signal Briefing

This is a segment from the 0xResearch newsletter. To read full editions, subscribe.

Crypto markets were green on Monday as the longest-ever government shutdown in US history appears to be coming to an end. The headline news yesterday was Uniswap’s proposal to turn on the fee switch and unify ecosystem incentives. We also dive into Ore’s comeback, another clear case of sticky demand for -EV games in crypto.

Indices
Markets rallied on Monday as the Senate passed a bill to end the longest government shutdown in US history. The House of Representatives could pass the bill as soon as tomorrow, enabling President Trump to sign it into effect. If passed, the deal would extend funding through Jan. 30, 2026, with the federal government continuing to run at an $1.8 trillion-per-year deficit.

As seen above, Gold (+2.51%) outperformed the major US equity indices and BTC (+1.24%), gaining back momentum after three weeks of consolidation.

Despite underperforming gold, bitcoin saw needed relief on Monday after two weeks of consecutive ETF net outflows totaling $2 billion. Nearly half of this figure came from BlackRock’s IBIT. It will be interesting to monitor whether ETF flows can regain momentum this week. 

Regarding cross-index performance, the clear outliers on Monday were the Ethereum and Solana Ecosystem indices, which rose by 7.9% and 5.2%, respectively. The best-performing asset in the Ethereum index was UNI, which rallied 40% on the day following a joint governance proposal by Uniswap Labs and the Uniswap Foundation to activate protocol fees.

PUMP drove the majority of returns in the Solana index, up 9.3% on the day. Pump’s daily buybacks have remained steadily above $1 million, with nearly 11% of the circulating supply offset since July.

A win for token holder rights
Uniswap has turned into the prime example of the conflicting equity-token structure, an issue that unfortunately permeates the industry. For years, Uniswap Labs has accrued all revenue generated by the protocol at the expense of UNI token holders. Yesterday, Uniswap founder Hayden Adams published a governance proposal on behalf of Uniswap Labs and the Uniswap Foundation to turn on Uniswap protocol fees and unify the ecosystem’s incentives, an unexpected win for token holders.

The Uniswap protocol includes a fee switch that can only be turned on by a UNI governance vote. The proposal would flip the fee switch and introduce a programmatic mechanism that burns UNI, with a retroactive burn of 100 million UNI tokens from the treasury to compensate for all the years token holders missed out on value accrual. Simultaneously, the proposal directs all Unichain sequencer fees, after L1 data costs and the 15% to Optimism, into the burn mechanism. In terms of aligning incentives, the proposal also folds most foundation functions into labs and creates a 20 million UNI per year growth budget, so labs can focus on protocol adoption while dropping its takerate on the frontend interface, wallet and API to zero. 

Now that Uniswap will establish a clear value-accrual mechanism between the token and the protocol’s success, what is the fair value for UNI? Over the past two years, Uniswap has lost its dominant position in the DEX landscape, with volume market share dropping from over 60% in October 2023 to less than 15% last month. The shift in DEX market share reflects Solana’s growing dominance in onchain activity over the same period, as well as the rise of protocols like Aerodrome, which has managed to maintain a leading position over Uniswap on Base.

If we look at Unichain, network activity remains relatively depressed, with weekly DEX trading volumes decreasing since July. The $925 million in volume registered last week represents the lowest figure since mid-April.

Unichain’s network revenue presents a more optimistic view, though we also see decreasing revenues in recent weeks. Over the past 30 days, Unichain’s network revenue has amounted to $460,000, translating to an annualized run rate of $5.52 million. With an 84% margin, that would translate to $4.64 million in revenue for Uniswap Labs with the current structure, and into the burn mechanism after the proposal passes. That said, Unichain is just a small part of the protocol’s total revenue, as most revenue still comes from the v2 and v3 implementations.

Fellow Blockworks Research analyst Kunal built a fantastic dashboard showcasing Uniswap’s burn estimates, based on the UNIfication proposal. Had the mechanism been live, the protocol would have burned almost $26 million worth of UNI over the past 30 days, and almost $150 million year to date. The table below compares UNI against other decentralized exchanges (note that we included Pump because of its AMM).

Despite the UNIfication proposal being a step in the right direction, UNI still seems expensive relative to the median and average price-to-sale ratios among the cohort, even if we take into account the 100 million UNI retroactive burn. 

Yearning for the mines
Ore is running it back, and in a big way. First launched on April 2nd of 2024, the v1 of Ore functioned as a proof-of-work protocol on Solana, where mining and the “work” were decoupled from consensus. Seeing early traction, mining transactions grew to account for 10-16% of all transactions on Solana. The mining game quickly devolved into a Sybil problem, leading to significant spam and degradation in Solana’s network performance. Mining on v1 was eventually paused just two weeks after launch on April 16, 2024, while the founder, Hardhat Chad, worked on an iteration to address the shortcomings of v1.

Ore v2 shipped at the start of August 2024. The iteration introduced a difficulty multiplier, where mining rewards skewed exponentially toward the miners that produced the most difficult hashes. With this, Sybil was reduced, as miners were incentivized to concentrate all of their available hashpower from a single address, rather than multiple. Additionally, v2 introduced a staking multiplier, where miners would receive a bonus in linear proportion to their share of ORE staked.

The launch of v2 was met with much anticipation and fervor. Preceding the launch, ORE’s price rose from $200 to a high of $1,400. At the launch of v2, mining transactions again accounted for over 10% of all transactions on Solana. But, with a max supply of 21 million, the FDV sat in the tens of billions, and the inflation curve was steep. Additionally, as mining rewards skewed exponentially toward difficulty over the stake balance, there was little incentive to hold. Subsequently, the price collapsed over the past year — from $800 at the start of v2, toward a low of $10 in October. During this time, Hardhat Chad and the development team kept tinkering, seeking to iterate and improve to a mining product with market fit. This included seven governance proposals traded on MetaDAO’s futarchy platform, including LP mining boosts to incentivize liquidity.

At the start of October 2025, ORE opened up its new version of mining. The protocol involves a 5×5 grid of tiles, whereby miners stake a balance of SOL on select or across all tiles. At the end of a round, set to one minute, a winning tile is selected through a random number generator. All SOL deployed across the losing tiles is split and distributed among the miners of the winning tile, pro-rata to their share of the SOL staked on the winning tile.

In addition, 1 ORE is distributed in alternating fashion to the winning miners pro-rata or in its entirety to one winning miner selected by weighted random chance. Coupled with this, 0.2 ORE is minted and added to a “Motherlode” pool, where each round offers miners a 1/625 chance of winning the motherlode. If the motherlode is not hit, the balance continues to accrue for distribution in a further round. Miners pay a 10% “refining fee” for withdrawing ORE proceeds, with the fee distributed to other miners in proportion to their unclaimed balance, incentivizing miners to hold their winnings.

Ore charges a 10% takerate on SOL mining rewards before distributing this to the winning miners. 90% of this revenue is used to buyback and bury ORE, while the remaining 10% is allocated to ORE stakers.

In the past month since public launch, this new “mining” mechanism, which looks quite similar to a gambling game, has seen remarkable success. Key metrics like active miners, staking ratio, unclaimed balance, winnings and daily revenue have all skyrocketed, along with the ORE price.

Ore generated over $1 million in revenue over the past 24 hours, placing it as the second-highest revenue generating application on Solana over that timeframe — eclipsed only by pump.fun.

After many iterations and much tinkering, Ore appears to have caught lighting in a bottle. Despite negative profitability, miners want to play this game, generating substantial revenue which translates into ORE buybacks and deflation. And while mining may be negative EV on a per-step basis, as the production cost is well above the token price, this cost is papered over in time, through the staking yield of 22% or the yield on unrefined ORE of 150%. Be it memecoins or perps, we’ve frequently observed durable demand to continue to play -EV games in the crypto casino.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags0xResearch NewsletterMiningUniswap

A crypto analyst known as Pumpius has issued a bold warning on social media platform X, declaring that a massive liquidity wave is about to sweep through global markets, and XRP could be the key asset positioned to capture it. 

His post, shared alongside a chart of the US national debt now above $38 trillion, argues that a combination of government stimulus, monetary easing, and corporate spending is about to unleash a surge of capital unlike anything seen since the 2020 pandemic.

Liquidity Flood And The Return Of Stimulus Spending
In his analysis, Pumpius highlighted that the United States government is preparing to inject over $400 billion in new stimulus payments, and this is going to be the first direct round of such spending since 2021. This comes at a time when the Federal Reserve is cutting interest rates despite inflation still sitting above 3% and labor market data showing signs of cooling. 

A similar setup in 2020 and 2021 during the COVID-19 pandemic led to an enormous wave of liquidity that lifted both traditional and crypto markets to record highs. Now, President Donald Trump has vowed to provide each American a $2,000 dividend to be distributed from what he said was tariff revenue. 

The chart shown below illustrates a notable connection vividly: each major stimulus injection, from the $270 billion to $410 billion rounds, coincided with sharp jumps in the national debt and subsequent market expansions. With total US debt now projected to exceed $38 trillion, Pumpius believes another round of liquidity growth is close.

Source: Chart from Pumpius on X
The analyst went on to point out that this time, the liquidity wave is not just based on government spending but also on private-sector investment on an extraordinary scale. 

The so-called Magnificent 7 technology companies (Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla) are collectively pouring over $100 billion every quarter into artificial intelligence infrastructure. 

XRP Positioned As The Bridge For Global Capital Flow
According to Pumpius, all this incoming liquidity needs a bridge, an asset capable of settling large-value transactions instantly across borders. He described XRP as the only digital asset designed precisely for this purpose, built for institutional-grade, real-time settlement and capable of handling global capital flows efficiently. 

Ripple’s technology already provides the financial infrastructure necessary to connect banks, fintechs, and payment systems that will need to move funds quickly as liquidity expands. “The math is simple,” he said. “The liquidity is coming. The rails are ready. Own XRP or be left behind,” he concluded.

XRP is one of the top-traded digital assets by volume, and market participants are watching closely to see how the cryptocurrency’s price action plays out. 

Ripple, its parent technology company, has been making different partnership moves and company acquisitions to expand its reach. This is expected to hopefully boost XRP’s adoption on a global scale and, in turn, its price growth. At the time of writing, XRP is trading at $2.45, down by 1.4% in the past 24 hours.

XRP trading at $2.46 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com

Viral creation Nobody Sausage started out as a way for Brazilian artist Kael Cabral to “learn more about character animation,” before going on to amass 33 million followers and billions of views across social media platforms including TikTok, X and Instagram.

Built around the philosophy that “anybody can be nobody,” it’s no surprise that Nobody Sausage is now embracing the community-first ethos of Web3, launching its own token NOBODY to “bring the community together.”

The Blueprint

Nobody Sausage has built one of the most engaged communities in digital entertainment with 35M+ followers generating billions of views. It’s partnered with Netflix, Adidas, Sephora, Ryan Reynolds, Decathlon, and Hugo Boss, because of its immense following. But it… pic.twitter.com/DuEHiXgEGT

— Nobody Sausage (@nobodysausage) October 24, 2025

Of course, the crypto space is littered with the failed attempts of mainstream brands to transition into Web3—so Nobody Sausage was determined to do things differently, reaching out to the team behind NFT collection Claynosaurz to ensure that its venture into crypto built on its history of “grassroots community engagement.”

“When Kael jumped in and had those conversations with us, he really wanted to do a meme token,” Andrew Pelekis, CEO of Claynosaurz and creative studio Heeboo, told Decrypt. “We explained the benefits, the cons; you have a big, big brand, managing a token will take a lot of your time—but it's also empowering to build up this community.”

Following the launch of the NOBODY token on the Moonit launchpad, it soon became apparent that managing a growing Web3 community was a big undertaking for one artist. Enter Heeboo, which had been created from the outset with the intent of building a studio for Web3 brands and “translating it into real mediums.”

“When Nobody Sausage came around, we had never anticipated that we’d have the biggest character brand on social media saying, ‘Hey, let’s partner’,” Pelekis said. The two were a natural fit, Cabral gravitating towards the Claynosaurz team’s background in 3D animation background and their Web3 credentials.

The big question, Pelekis said, is how to translate Nobody Sausage’s community of millions of followers into a Web3 context. “They need something to hold on to that's tangible, to begin with,” he explained.

“That might not be the token,” he added, since the concept of digital ownership might be “a little bit vague” to the Web3 neophyte. Instead, he said, Heeboo is working to build out the Nobody Sausage brand “in the real world—that is to say, through physical product, through great event placement.”

Those placements include everything from buses in Korea to partnerships with fashion shows, to sponsored prediction markets on Myriad for the Canelo vs Crawford boxing match (disclaimer: Myriad is created by Decrypt’s parent company Dastan).

The token, Pelekis said, is the “two-way channel” between the brand at large and its community of fans. “Social media is often this thing that sits in the middle; it’s kind of like your marketing channel, where the value it adds to either side is intangible, it’s transient; you don't really see it, but it's important and necessary.”

To translate that value to the token requires “digital integrations, UX that's familiar for most people,” he added, as well as building out brand strategies and consumer product that “builds tangible association to the brand for the regular person.” That then translates into a more welcoming user experience that consolidates around the Nobody Sausage brand—and the token. “That’s the flywheel that we're working on building,” Pelekis said.

With Heebo’s help, expect to see Nobody Sausage cropping up in AAA video games, events and “a slew of Web3 partnerships,” he added.

“In Web3, there's a lot of power and building community and culture through owning something,” Pelekis said. “The principle that we have is, you need to bring fans along for the ride,” he added. “It is so hyper competitive in the content space, the product space, and even in the digital product and gaming space, that you don't have the luxury of taking your fans for granted.”

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

Bitcoin News

Strategist Highlights Key Resistance Defining Bitcoin’s Next Move

TL;DR Bitcoin trades near a decisive price zone that could define its short term direction. Analysts monitor the $108,000 to $110,000 resistance as the level

flash news

Crypto Market Eyes Bitcoin’s Next Move at Key Resistance Levels

Bitcoin is testing crucial resistance levels this week, with analysts noting that its next major move will depend on whether it can sustain gains above

flash news

Wirex and EMURGO Unveil Cardano Card to Power Global Crypto Payments

Wirex and EMURGO, the commercial arm of Cardano, announced a partnership to launch the first Cardano Card — a multichain card integrated into the Wirex

flash news

ZKasino Initiates ETH Refunds Following $33M Scam Controversy

ZKasino has begun returning funds after the rug pull that caused $33 million in ETH losses. The project reported that it has already refunded 35%

flash news

Crypto Market Awaits Outcome of US Senate’s Draft Legislation

The US Senate Agriculture Committee shared a draft crypto legislation late Monday outlining a potential regulatory framework for digital assets in the country, according to

CryptoCurrency News

Crypto Market Adjusts With BTC Rejection and Altcoin Declines

TL;DR Bitcoin was rejected near $107K and retreated toward $105K, with traders watching key support at $103K and $100K. The market saw broad declines, yet

Dogecoin is attempting to regain stability after a sharp market shakeout that tested traders’ confidence. The popular meme coin has found crucial support near the $0.16 mark, with technical indicators showing signs of resilience. The latest rebound could mark a defining moment for the asset’s short-term trajectory. Whether the recovery continues now depends on reclaiming a specific resistance zone that may unlock further upside potential.

Weekly 200-EMA Bounce Marks Key Defense ZoneMarket analyst Kevin (@Kev_Capital_TA) highlighted on X that Dogecoin staged a “solid bounce” from its weekly 200-exponential moving average (EMA), a level he considers the market’s “line in the sand.” On his weekly chart, DOGE rebounded off the $0.16 handle, pushing back into its dominant yearly trading range around $0.1828. He noted that this 200-week EMA has preserved the coin’s bullish structure six separate times since last summer, maintaining a rising slope that continues to support the broader trend.

Source: X

His framework focuses on specific technical levels rather than broader market sentiment. Kevin identified $0.202 as the pivotal level on a three-day closing basis. A close above that threshold, he explained, would place Dogecoin back over the macro 0.5 Fibonacci retracement and above the three-day 200 EMA/SMA. 

The chart further shows that the weekly bounce defended both the lower rail of Dogecoin’s upward-tilting channel and the 200-week average. This channel, defined by two yellow boundary lines, has guided DOGE’s structure throughout the year, marking clear support and resistance zones. Each touch of the channel lines has validated the trend, with the latest long downside wick signaling strong buyer interest near $0.16.

As of this writing, Dogecoin was trading at around $0.17737, with a 24-hour loss of 2.1%.

Source: Coinglass

Critical Levels Define DOGE’s Near-Term RoadmapKevin’s technical outlook outlines a clear roadmap for both upside and downside scenarios. Above the $0.202 reclaim, Dogecoin faces clustered resistance levels at $0.24, $0.26, $0.285, and $0.305, each corresponding to prior weekly turning points. These zones also align with repeated upper-channel touches recorded during the summer and early autumn, where sellers previously took control.

On the downside, the analyst noted a sequence of backstops if the current bounce were to fade. A green horizontal support lies near $0.14, with deeper weekly shelves around $0.09 and $0.05. These supports are reinforced by remnants of a broader down-sloping trendline that now tracks just below the recent wick. Kevin observed that these intersecting lines likely explain the aggressive buying pressure during the recent market flush.

Higher-timeframe Fibonacci extensions remain plotted for context, with potential resistance levels seen at $0.42, $0.54, and $0.74. However, the focus remains on the immediate test of $0.202. “Solid bounce for Dogecoin off of the weekly 200 EMA back into our weekly range,” he wrote on X, adding that reclaiming the $0.202 level “on three-day closes” could create some upward momentum.”

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are down 2% on Tuesday as as institutional confidence in digital assets remains strong, according to a new research report.

What Happened: Wintermute noted in a report that markets have largely stabilized after October's washout, with sentiment improving and positioning reset, though participation remains selective.

Sector-wise, DePIN (+22%), Layer-2s (+13%), and AI tokens (+9.6%) led gains, but momentum remains narrow and fragile. Meme coins ended October positive, up just 4.6%, their smallest monthly gain.

The macro backdrop remains broadly supportive: rate cuts are underway, quantitative tightening has ended, and global liquidity is improving.

However, crypto still lags other risk assets, as capital remains concentrated in majors like Bitcoin and Ethereum.

Historically, altcoins only outperform once Bitcoin nears its all-time high, with BTC still about 16% below that level, Bitcoin is expected to lead near term.

Also Read: Bitcoin Holds $105,000 As Ethereum, XRP, Dogecoin Drop On Tuesday

Why It Matters: Institutional conviction in crypto remains strong despite October's $20 billion market drawdown. A Sygnum survey of 1,000 global institutions found that 61% plan to increase crypto exposure, while 55% hold a bullish short-term outlook.

Nearly 73% cited higher long-term return expectations as their key motivation for investing.

Still, uncertainty lingers amid delays in major U.S. regulatory developments, including the Crypto Market Structure Bill and pending altcoin ETF approvals.

Sixteen ETF applications are currently awaiting review, but government shutdown–related delays have pushed timelines further into 2025.

Read Next:

US Senate Discloses Landmark Crypto Market Structure Bill, Eyes Passage By Late 2025
Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bitcoin’s price remains largely unchanged on the daily chart, showing stability after recent swings. The cryptocurrency is currently trading within a tight range, holding firm near $104,000. The short-term support zone now sits between $100,700 and $104,100, an area that has repeatedly acted as a cushion during market pullbacks.

This zone also aligns with Bitcoin’s 50 percent Fibonacci retracement level, measured from the decline that started in late October. Historically, this level often acts as a point of hesitation where traders decide whether to continue pushing higher or take profits.

At the top of the current range, Bitcoin faces major resistance between $109,400 and $112,400. A breakout above this level would likely confirm the start of a stronger rally and open the door to higher targets.

Why Support at $100,000 MattersBitcoin continues to find strong demand near the $100,000 mark. This area combines several technical supports, including the 55-week exponential moving average and the one-year moving average. It also aligns with the June low, which has acted as a base for previous recoveries.

Market analysts note that while Bitcoin’s current rebound from support shows some strength, it lacks the kind of sharp momentum that defined earlier rallies this year. For the trend to turn decisively bullish again, the price needs to break cleanly above the $112,400 resistance zone.

Short-Term Outlook: Sideways with a Bearish BiasIn the short term, Bitcoin appears to be consolidating between its support and resistance levels. The price has reacted to the mid-range Fibonacci resistance but without a strong rejection, suggesting a balanced market with neither bulls nor bears in full control.

A dip into the lower end of the support range would not be surprising, but a drop below $100,700 would likely confirm a deeper move toward $96,000 and possibly $90,000. On the other hand, sustained momentum above $109,000 would indicate renewed strength and could push Bitcoin toward new highs.

For now, the uptrend remains moderate. There are no clear signs of a market top, but the lack of strong volume also prevents confirmation of a new bullish phase.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

The federal shutdown is almost over, but is Bitcoin heading toward its toughest liquidity test yet as funding pressures build across markets? Federal shutdown relief sparks risk-on rally The U.S.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin has spent the past week moving within a tight range, trading between $0.16 and $0.19 with the entire market maintaining a cautious tone. The price briefly dipped below $0.16 last week but was quickly met with buying interest, keeping the meme coin from slipping deeper below $0.15.

Recent candles on the two-week chart show a tightening downtrend, and this has received attention from technical analysts tracking long-term patterns. Among them is Osemka, who shared a technical analysis on X that highlights Dogecoin’s historical performance and what might come next.

A brief technical analysis of Dogecoin’s price action on the 2-week candlestick timeframe chart shows that the meme coin has a pattern of massive exponential moves once it breaks out of long accumulation phases. 

The first example of this was in 2017, when Dogecoin’s price surged by 9,404%, turning fractions of a cent into tangible profits for early holders. This rally was enough to send the Dogecoin price to new all-time highs as high as $0.01858 and gave a glimpse of what the meme coin could achieve. Four years later, the 2021 rally dwarfed that performance, with DOGE soaring 30,693% to reach a peak price of $0.73, a milestone that has stood until now. 

However, these runs didn’t happen overnight but were the result of years of sideways consolidation that eventually gave way to parabolic growth once market sentiment turned bullish again. 

A similar setup now appears to be forming on the charts, with Dogecoin once again consolidating in a prolonged phase. The two-week timeframe shows a stable base forming around $0.16 and $0.18, which has acted as a critical range of support in recent months.

Dogecoin Price Chart. Source: @Osemka8 On X

Analyst Expects At Least A 20x Rally
According to the crypto analyst Osemka, the current Dogecoin setup resembles the pre-rally structures of both 2017 and 2021. As such, the analyst noted that there is no reason why the meme coin cannot replicate another rally and increase by at least 20x from here.

With the current Dogecoin price just below $0.18, a 20x move would place DOGE comfortably above the $3 price level, and this corresponds with the analyst’s “few dollars conservatively” estimate. Particularly, the projection is a 2,047% rise to $3.10 in the next major impulse wave that could define 2025. 

At the time of writing, Dogecoin is trading at $0.1782, down by 1.6% in the past 24 hours. The meme coin has been mirroring Bitcoin’s performance very closely in recent weeks in terms of both uptrends and declines. Nevertheless, this technical forecast positions Dogecoin as one of the top candidates for a resurgence once risk appetite returns to the crypto market.

DOGE price looking weak again | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sign Up for Our Newsletter!
For updates and exclusive offers enter your email.

I'm Sandra White, a writer at Bitcoinist, and I provide the latest updates on the world of cryptocurrencies. I believe crypto a gateway to a new order and I have made it my life's mission to help educate as much people as possible.
When I'm not at work, I love listening to music, learning new things, and dream of traveling around the world.

SoFi Technologies Inc. (NASDAQ:SOFI) has become the first nationally chartered U.S. bank to launch crypto trading, giving customers regulated access to Bitcoin and other digital assets.

SoFi Expands Into Crypto Trading After OCC ApprovalSoFi CEO Anthony Noto announced the launch on Tuesday, calling it a "major milestone" for the company's all-in-one finance model. 

He said the move follows a March interpretive letter from the Office of the Comptroller of the Currency (OCC) permitting banks to engage in cryptocurrency transactions.

"We wanted to be a one-stop shop for every financial need," Noto said in an interview.

"For two years, we couldn't offer cryptocurrency services as a bank. Now, we finally can."

Initially, the bank will begin with Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Solana (CRYPTO: SOL).

It plans to expand its list of supported cryptocurrencies in the coming months.

Additionally, Noto said SoFi's focus will be on fast execution, broad selection, and competitive pricing.

Positioning As A Regulated Alternative To Coinbase And RobinhoodNoto emphasized that SoFi's national bank charter offers advantages that platforms like Coinbase Global Inc. (NASDAQ:COIN) and Robinhood Markets Inc. (NASDAQ:HOOD) lack. 

"We are a nationally chartered bank," he said. "That means we have the infrastructure, processes, and safeguards consumers expect from a bank."

He added that SoFi's integrated model allows customers to manage all financial services in one place.

Members can link their checking and savings accounts, borrow, invest, and now trade crypto within the same platform.

Funds used for crypto trading are drawn directly from SoFi accounts that earn interest and are insured by the Federal Deposit Insurance Corporation (FDIC).

Noto also highlighted another differentiator. "Your unused funds earn interest and remain insured," he said. SoFi's FDIC coverage extends up to $2 million per customer.

Technical View: Buyers Defend Key Support

SoFi Price Action (Source: TradingView)

Trader Notes: SoFi is holding above the 20-day EMA near 29.00, showing buyers are defending short-term support after the pullback. 

Price reclaimed the 0.618 Fibonacci level at 29.98 and is now tracking the rising trendline from April, keeping the broader uptrend intact. 

A daily close above 31.10 opens a path toward the recent high at 32.60. 

However, losing 29.00 would expose 27.50 at the 50-day EMA as the next downside level. 

RSI at 55 shows momentum leaning bullish without being overheated.

Read Next:

TeraWulf Posts Q3 Revenue Miss; Shifts Focus From Bitcoin To HPC
Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Regardless of what Crypto Twitter says, DTCC pages show operational prep, not permission.

Under the SEC’s new generic-listing regime, the real tells are an effective S-1 and an exchange listing notice, and that is when the clock to launch actually starts.

DTCC pages listing XRP ETFs are not approvals. The entry means the clearing and settlement plumbing is getting ready in case a fund launches, not that the SEC has authorized anything.

The firm made that point during the 2023 Bitcoin frenzy, noting that appearance on its site is not indicative of a regulatory decision, a caution that applies here as well.

Inside the ETF playbook: DTCC workflows and the SEC’s new generic listing rulesAccording to DTCC, ETF processing encompasses creation, redemption, and post-trade flows once a product is listed and effective. Operational records can exist before the first trade to facilitate connectivity for participants.

The regulatory playbook also shifted in September. The SEC approved generic listing standards for commodity-based trust shares on NYSE Arca, Nasdaq, and Cboe BZX, which allows exchanges to list qualifying spot commodity ETPs without product-by-product 19b-4 approvals.

Issuers still need an effective registration statement, typically an S-1, before they can begin trading. According to the SEC, the exchange rule changes shift the bottleneck from exchange approval to the effectiveness of disclosure and final operations.

For XRP, the message is clear. A plain-vanilla spot trust that fits the generic standards can list once its S-1 is declared effective and the exchange posts a listing circular with the ticker and date.

Leveraged or otherwise novel designs remain outside the generic lane and still tend to require a bespoke 19b-4 review.

From rumor to reality: the real XRP ETF approval checklistThe real-approval checklist now follows a clear sequence that investors can verify in minutes.

The SEC must declare the S-1 effective, which finalizes fees, creation unit size, custody, and risk disclosures, and often includes references to Authorized Participant agreements.The listing exchange issues a public notice that sets the ticker and listing date.Operational confirmations appear, including DTC eligibility, NSCC readiness, and a CUSIP assignment, which are necessary for settlement but not dispositive on their own.There are real XRP filings on EDGAR, and they are recent; however, none of them is an approval.

Grayscale filed an S-1 for Grayscale XRP Trust in August, with amendments in October and November that reference NYSE Arca listing mechanics and AP.Franklin’s S-1 includes a Nov. 4 counsel exhibit tied to its registration number.CoinShares submitted an S-1 with details on forks and airdrops.Teucrium referenced a 2x daily XRP product in its April filings, and ProShares updated its Ultra and Short XRP materials in April as well, which are leverage-based and more likely to fall outside the new generic standards.The marketplace rumor that five or nine XRP ETFs are already “on DTCC” blends a true operational observation with the wrong conclusion.

Entries can appear there while issuers and exchanges complete the final documentation, participants test the creation of baskets, and custodial chains are established.

According to DTCC, operational status is not a forward indicator of SEC approvals. Treat any count of entries as unverified marketing noise until each record aligns with a declared-effective S-1 and a public listing circular.

Under the generic-listing regime, the timing compresses once the S-1 becomes effective. A fast-track scenario involves exchanges posting a circular within a few days, APs seeding the fund, and the NSCC processing creations without delay.

A base-case window runs a few weeks if AP onboarding or final exhibits need polish. Slower paths extend when leverage, derivatives, staking, or other non-standard features trigger additional review.

What DTCC limits actually mean once XRP ETFs go liveMarket-structure constraints also matter. DTCC has set limits in the past on collateral treatment for crypto-linked ETFs, which does not affect approval but does impact the financing and prime services posture around the funds after launch.

Investors can cut through the noise with a three-receipts rule.

Check EDGAR for an S-1 that reads “has been declared effective.”Check the exchange website for a listing circular that names the ticker and the listing date.Only then look to DTCC or DTC records for eligibility and CUSIP as operational confirmation. If steps one and two are missing, there is no approval.Issuer / FundFiling TypeLast Filing DateNotesSourceGrayscale XRP TrustS-1 and amendmentsNov 3, 2025AP references, NYSE Arca path statedS-1/AFranklin XRP TrustS-1, counsel exhibitNov 4, 2025Exhibit tied to Reg. No. 333-285706SECCoinShares XRP ETFS-12025Fork and airdrop handling disclosedSECTeucrium XRP ETFsN-1A and correspondenceApr 7, 20252x daily product outside generic laneSECProShares Ultra/Short XRPN-1A post-effectiveApr 30, 2025Leverage products require bespoke reviewSECBitwise XRP ETFS-1 and amendmentsOct 31, 2025Amendment No. 4 to S-1 under generic commodity-based trust standardsSECCanary XRP ETFS-1 and amendmentsOct 24, 2025Pre-effective S-1/A with updated prospectus and expert consentSEC21Shares XRP ETFS-1 and amendmentsNov 7, 2025Cboe BZX-listed spot trust; latest S-1/A and counsel opinion filedSECWisdomTree XRP FundS-1Dec 2, 2024Spot XRP ETF registration statementSECVolatility Shares XRP ETFsN-1A post-effective amendmentsMay 21, 2025XRPI (1x) and XRPT (2x) XRP futures ETFs registered via N-1ASECThe bottom line is unchanged in the generic-standards era. DTCC entries indicate that the gate is open for settlement once a fund is otherwise ready; however, they are not a proxy for the SEC’s decision.

The real tells are an effective S-1 and a listing circular that names the ticker and the date. Until those two appear, there is no XRP ETF.

Mentioned in this article

These are among the most overvalued stocks that Morningstar covers.

Key Takeaways New units, international expansion, and strong retention fuel WRB's insurance growth.
The company's 60-plus quarters of favorable reserve development highlight prudent underwriting.
WRB's steady cash flow supports dividend hikes, special payouts, and share repurchases.

Shares of W.R. Berkley Corporation (WRB - Free Report) closed at $75.84 on Monday, near its 52-week high of $78.48. This proximity underscores investor confidence. It has the ingredients for further price appreciation.

The stock is trading above the 50-day and 200-day simple moving averages (SMA) of $74.42 and $69.91, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.

Image Source: Zacks Investment Research

Earnings of W.R. Berkley grew 27.8% in the last five years, better than the industry average of 21.6%. WRB has a solid surprise history. The insurer has a solid track record of beating earnings estimates in three of the last four quarters, while matching in one, the average being 6.24%.

WRB is an OutperformerShares of W.R. Berkley have gained 25.6% in the past year, outperforming its industry, the Finance sector and the Zacks S&P 500 composite’s growth of 4.7%, 10.3% and 14.4%, respectively.

Image Source: Zacks Investment Research

WRB’s Encouraging Growth ProjectionThe Zacks Consensus Estimate for W.R. Berkley’s 2025 earnings per share indicates a year-over-year increase of 2.9%. The consensus estimate for revenues is pegged at $14.63 billion, implying a year-over-year improvement of 8.2%.

The consensus estimate for 2026 earnings per share and revenues indicates an increase of 9.6% and 4.8%, respectively, from the corresponding 2025 estimates.

WRB’s Favorable Return on CapitalReturn on equity for the trailing 12 months was 18.8%, which compared favorably with the industry’s 8%. This reflects its efficiency in utilizing shareholders’ funds.

Also, return on invested capital (ROIC) has been increasing over the last few quarters while the company raised its capital investment over the same time frame. This reflects WRB’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 9.7%, better than the industry average of 6.1%.

Average Target Price for WRB Suggests UpsideBased on short-term price targets offered by 16 analysts, the Zacks average price target is $76.25 per share. The average suggests a potential 1.7% upside from the last closing price.

Image Source: Zacks Investment Research

WRB Shares are ExpensiveWRB shares are trading at a premium to the industry. Its price-to-book value of 2.94X is higher than the industry average of 1.43X.

Other insurers, such as Arch Capital Group Ltd. (ACGL - Free Report) , The Travelers Companies, Inc. (TRV - Free Report) and Cincinnati Financial Corporation (CINF - Free Report) , are also trading at a premium to the industry.

Factors Acting in Favor of WRB StockAs part of its growth strategy, WRB has been focusing on commercial lines, including excess and surplus lines, admitted lines, and specialty personal lines, where it also has a competitive advantage.

WRB’s insurance business, which contributes the lion’s share to net premium written, is poised to grow on the strength of several new startup units in varied business lines, expansion of international business that offers diversification benefits, rate increase, market dislocations, and high retention.

W.R. Berkley remains focused on expanding selectively in attractive global markets and thus has operations in the emerging markets of the United Kingdom, Continental Europe, South America, Canada, Scandinavia, Asia, and Australia.

WRB boasts more than 60 straight quarters of favorable reserve development, given its prudent underwriting. Operational excellence supports it in maintaining a solid balance sheet with sufficient liquidity and strong cash flows.

ConclusionThe property and casualty insurer is set to grow on rate increases, reserving discipline, diversification benefits, momentum in international business, investment in alternative assets, and consistent cash flow.

Banking on consistent cash flow, W.R. Berkley has been hiking dividends since 2005, as well as paying special dividends apart from buying back shares. Its dividend yield of 0.4% appears attractive compared with the industry average of 0.2%, making it an attractive pick for yield-seeking investors.

Given the premium valuation, it is better to stay cautious about this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Navitas shares fell 21.7% after sluggish Q3 results and a soft revenue outlook.The firm is exiting low-margin China mobile business to focus on high-power AI markets.Inclusion in NVIDIA's 800-volt AI ecosystem highlights NVTS' GaN and SiC power expertise.
Navitas Semiconductor ((NVTS - Free Report) ) shares have plunged 21.7% since the company reported its third-quarter 2025 results on Nov. 3. The decline in share price can be attributed to sluggish third-quarter 2025 results and an unimpressive outlook.

Navitas Semiconductor reported third-quarter 2025 non-GAAP loss of 5 cents per share, which was in line with the Zacks Consensus Estimate. The figure was narrower than the company’s year-ago quarter loss of 6 cents per share. Revenues decreased 53.4% year over year to $10.1 million, marginally surpassing the Zacks Consensus Estimate by 0.1%

The company projects a further decline in its revenues in the fourth quarter. Navitas Semiconductor expects fourth-quarter 2025 revenues to be $7 million (+/- $0.25 million), reflecting adverse impacts from its strategic decision to deprioritize lower-margin China mobile business. The company is walking away from low-margin mobile products to focus its resources on high-power business. This shift lowers near-term revenues but can strengthen long-term positioning.

The recent fall in the share price raises the question: should investors exit or does the dip present a buying opportunity? Navitas Semiconductor’s focus on power chips for AI data centers and its shift to high-power markets bode well for the company’s long-term growth prospects.

Despite the recent plunge, Navitas Semiconductor shares are still up 170.3% year to date, outperforming the Zacks Electronics - Semiconductors industry’s growth of 40.5%. The stock also outperformed its industry peers, including Lam Research ((LRCX - Free Report) ), Marvell Technology ((MRVL - Free Report) ) and Ambarella ((AMBA - Free Report) ). Year to date, shares of Lam Research and Ambarella have gained 131.4% and 29.8%, respectively, while Marvell Technology shares have lost 15.4%.

YTD Price Return Performance
Image Source: Zacks Investment Research

AI Data Center Boom Aids NVTS’ Prospects Navitas Semiconductor is trying to reposition itself around high-power markets, and its inclusion in NVIDIA’s new 800-volt AI factory ecosystem is an important step. The new architecture shifts data center power distribution from traditional AC/DC stages to a high-voltage DC approach that requires faster, more efficient power electronics. This creates an opening for Navitas’ gallium nitride (GaN) and high-voltage silicon carbide (SiC) technologies, both of which are now part of the NVIDIA-led ecosystem.

In the third quarter of 2025, Navitas Semiconductor highlighted that it is one of the few companies offering both GaN and SiC solutions across the full power path, from the grid to the GPU. The company has begun sampling mid-voltage GaN devices at 100 volts, which target the last stage of power conversion inside AI servers. It is also sampling 2.3 kV and 3.3 kV SiC modules for grid and energy storage applications that support these new data center designs.

Navitas Semiconductor expects 2026 to be a transition year, with small but growing shipments tied to traditional server power supplies. The larger opportunity depends on how fast hyperscalers adopt the 800-volt architecture and will depend on Navitas' ability to secure multi-generation design wins.

NVTS to Benefit From Portfolio RestructuringNavitas is moving quickly to shift its business away from low-margin mobile business and toward high-power markets, such as AI data centers, performance computing, energy storage, and grid infrastructure. Management calls this transition “Navitas 2.0,” and the company has already started reallocating its engineering, sales, and Research and Development resources to support these markets, as the company believes high-power markets offer better long-term potential.

Moreover, the company is witnessing growing customer interest in its GaN and high-voltage SiC products, especially as hyperscalers and GPU vendors work on new power architectures for AI data centers. Navitas Semiconductor’s customers require faster development and deeper collaboration, where the company’s GaN and high-voltage SiC technologies will play a pivotal role to support these new-age AI architectures, driving the company to accelerate its shift to these fast-growing high-power markets.

The transition will take time. Navitas Semiconductor expects 2026 to show gradual quarter-over-quarter growth as high-power programs ramp. The bigger opportunity is expected in 2027, when new AI power designs begin volume adoption. The company also expects margins to improve as high-power products carry higher value and more predictable, multi-generation demand.

NVTS’ Valuation Reflects Long-Term Growth ProspectsNavitas Semiconductor is currently trading at a higher price-to-sales (P/S) multiple compared with the industry. NVTS’ forward 12-month P/S ratio sits at 52.46X, significantly higher than the industry’s forward 12-month P/S ratio of 7.82X.

NVTS Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research

Navitas Semiconductor stock also trades at a higher P/S multiple compared with other industry peers, including Lam Research, Marvell Technology and Ambarella. At present, Lam Research, Marvell Technology and Ambarella have P/S multiples of 9.66X, 7.62X and 8.86X, respectively. NVTS’ rally reflects investor excitement about AI-related chip demand, putting it above industry and peers in terms of valuation, reflecting the high growth expectations of the company in the long term.

Conclusion: Buy Navitas Semiconductor Stock Right NowNavitas Semiconductor is in a good position to benefit from the fast growth of AI data centers. Its GaN and SiC chips are well-suited for new high-voltage systems that need more efficient power use. Moreover, the company’s GaN and high-voltage SiC products now play a role in NVIDIA’s new 800-volt power setup, which shows that the technology is relevant and in demand.

Additionally, the company’s focus on the AI data center boom supports its long-term potential. If the company executes well, it could see better margins, a stronger product mix, and a clearer path to stable long-term growth.

Navitas Semiconductor currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q3: 2025-11-10 Earnings SummaryEPS of -$0.50 beats by $0.95

 |

Revenue of

$2.39M

(-4.97% Y/Y)

misses by $115.00K

Workhorse Group Inc. (WKHS) Q3 2025 Earnings Call November 11, 2025 10:00 AM EST

Company Participants

Stan March - Vice President of Corporate Development & Communications
Richard Dauch - President, CEO & Director
Robert Ginnan - Chief Financial Officer

Conference Call Participants

Benjamin Sommers - BTIG, LLC, Research Division

Presentation

Operator

Greetings, and welcome to the Workhorse Group Q3 2025 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Stan March. Please go ahead, Stan.

Stan March
Vice President of Corporate Development & Communications

Kevin, thank you. Good morning to all of you, and I'd like to welcome you to Workhorse's 2025 Third Quarter Results Call. Before we begin, I'd like to note that we posted our results for the third quarter, which ended on September 30, 2025, via press release and filed the associated 10-Q with the SEC last evening after the market closed. This morning, we posted the accompanying presentation so you can find the release and the accompanying presentation in the Investor Relations section of our website. We'll be tracking along with the presentation during this call.

Joining me on today's call are Rick Dauch, our CEO; and Bob Ginnan, our CFO. And for today's agenda, you can find that on Slide 3 in the presentation. Following my brief opening remarks, I'll hand it over to Rick, who'll give you an update on our Q3 performance and business operations as well as our proposed transaction with Motiv. Bob will then walk us through the financial results for the quarter, and Rick will then follow wrapping it up and then go to questions.

On today's call, you can find in our presentation, our disclaimers found on Page 4 and 5. Some of the comments that

Recommended For You

Key Takeaways Blue Owl Capital's Q3 EPS fell 23.4% year over year, missing estimates by 7.7%.Higher interest expenses and management fees lifted total costs 19.5% in the quarter.The company agreed to merge with OBDC II, with Blue Owl Capital as the surviving entity.
Blue Owl Capital Corporation (OBDC - Free Report) shares have declined 5.5% since it reported weaker-than-expected third-quarter results on Nov. 5, 2025. Elevated expense level and lower prepayment-related income and interest income from debt investments affected the results. OBDC also agreed to merge with OBDC II, where OBDC will be the surviving company.

OBDC reported third-quarter 2025 adjusted earnings per share (EPS) of 36 cents, which missed the Zacks Consensus Estimate by 7.7%. Also, the bottom line decreased 23.4% year over year.

Total investment income advanced 11.6% year over year to $453.1 million. However, the top line missed the consensus mark by 1.8%.

Key Insights From Q3Adjusted net investment income of $183.3 million fell 0.9% year over year. New investment commitments were $1.3 billion across 13 new portfolio companies and 23 existing ones.

Blue Owl Capital ended the third quarter with investments in 238 portfolio companies, backed with an aggregate fair value of $17.1 billion. Based on the fair value, the average investment size in each portfolio company was $72 million as of Sept. 30, 2025.

Total expenses increased 19.5% year over year to $259.9 million in the third quarter, due to higher interest expenses and management fees. 

OBDC recorded an adjusted net increase in net assets resulting from operations of $128.2 million, which decreased 5.3% year over year.

Financial Update (as of Sept. 30, 2025)Blue Owl Capital exited the third quarter with a cash balance of $317.2 million, which declined from the 2024-end level of $505.7 million. Total assets of $17.6 billion increased from the $13.9 billion figure at 2024-end.

Debt was $9.5 billion, up from the $7.5 billion figure as of Dec. 31, 2024. OBDC had $2.9 billion of undrawn capacity under its credit facilities. At the third-quarter end, net debt to equity was 1.22X.

Net operating cash flow in the first nine months of 2025 was $918.6 million, while the company used $285.7 million of net cash in operations in the prior-year comparable period. 

Dividend & Repurchase UpdateThe board of directors at Blue Owl Capital declared a third-quarter 2025 regular dividend of 37 cents per share, but did not provide a quarterly supplemental dividend.

Blue Owl Capital announced a new repurchase program (expiring in 18 months from the approval date of Nov. 4, 2025), under which it may purchase shares up to $200 million. The company did not make share repurchases in the third quarter.

OBDC currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

How did Other Finance Stocks Perform in Q3?Here are some stocks in the broader Finance space that have also reported earnings for this quarter: Euronet Worldwide, Inc. (EEFT - Free Report) , Ares Capital Corporation (ARCC - Free Report) and Virtu Financial, Inc. (VIRT - Free Report) .

Euronet Worldwide reported third-quarter 2025 adjusted earnings per share of $3.62, which beat the Zacks Consensus Estimate by 1.4%. The bottom line rose 19% year over year. The quarterly earnings benefited from strategic buyouts, investments in digital and Dandelion products, and global expansions. However, Euronet Worldwide’s increased expense level partially offset the positives.

Ares Capital Corporation’s third-quarter 2025 core earnings of 50 cents per share met the Zacks Consensus Estimate, supported by higher total investment income. Also, the company’s robust portfolio activities aided its results. However, higher expenses acted as a spoilsport. Ares Capital Corporation’s bottom line fell 13.8% from the prior-year quarter.

Virtu Financial reported third-quarter adjusted earnings per share of $1.05, which beat the Zacks Consensus Estimate by 8.3% and increased 28% year over year. The strong quarterly results benefited from the improved commissions and technology services revenues. Strong performance in both the Market Making and Execution Services segments, driven by increased trading activity, also contributed to the upside. However, the upside was partly offset by Virtu Financial’s elevated expense level.

Key Takeaways SMCI's DCBBS boosts AI and HPC performance with modular, liquid-cooled server architecture.DCBBS carries over 20% margins and supports SMCI's $36B fiscal 2026 revenue outlook.Costly GB300 ramp and cash flow strain weigh on SMCI amid rising competition in AI servers.
Super Micro Computer’s (SMCI - Free Report) Data Center Building Block Solutions (DCBBS) technology combines SMCI’s rack-scale, plug-and-play server architecture with its latest direct liquid cooling technology to optimize processing units for artificial intelligence (AI) and high-performance computing (HPC) workloads.

The DCBBS is developed to cater to the rising demands in data center efficiency by supporting higher-wattage CPUs and GPUs while reducing reliance on traditional server systems that are bulky in nature. DCBBS’ modular setup shortens time-to-online for hyperscalers.

SMCI’s DCBBS solution is experiencing rapid growth in demand for its advanced AI compute and data center solutions, especially powered by NVIDIA’s Blackwell Ultra (GB300) and AMD MI350/355X platforms. On its first-quarter fiscal 2026 earnings call, SMCI reported that DCBBS is expected to carry more than 20% margins and become a major long-term profit contributor in its business.

DCBBS is likely to support the revenue growth of SMCI’s server and storage system segment, which simplifies deployment, accelerates time-to-market, and reduces total cost of ownership. The company is also rapidly expanding its order book, including more than $13 billion in Blackwell Ultra orders and expects $36 billion in revenues for fiscal 2026.

However, this large capital expenditure is affecting its bottom line. SMCI expects its second-quarter fiscal 2026 earnings to decline 300 basis points due to costly GB300 ramp, logistics, and engineering expenses. Expanding cash cycles and negative cash flow raise near-term operational challenges for SMCI. Rising competition is one of the other worries in this space.

How Competitors Fare Against SMCIThe AI data center market is likely to witness a CAGR of 31.6% from 2025 to 2023, reaching a market size of $934 billion in this timeframe, per a report by MarketsAndMarkets. Big players like Hewlett Packard Enterprise (HPE - Free Report) and Dell Technologies (DELL - Free Report) are competing with SMCI in this space.

Hewlett Packard Enterprise offers a range of servers, including HPE ProLiant, HPE Synergy, HPE BladeSystem and HPE Moonshot servers. Dell Technologies has built the Dell AI Factory in collaboration with NVIDIA. Dell also collaborated with Red Hat Enterprise Linux AI for Dell PowerEdge servers.

SMCI’s Price Performance, Valuation and EstimatesShares of SMCI have gained 31.8% year to date compared with the Zacks Computer- Storage Devices industry’s growth of 89.8%.

Image Source: Zacks Investment Research

From a valuation standpoint, SMCI trades at a forward price-to-sales ratio of 0.62X, down from the industry’s average of 2.07X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimates for SMCI’s fiscal 2026 and 2027 earnings imply a year-over-year growth of 4.37% and 44%, respectively. The estimates for fiscal 2025 and 2026 have been revised downward in the past seven days.

SMCI currently carries a Zacks Rank #5 (Strong Sell).

Image Source: Zacks Investment Research

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here

Rocket Lab's stock rose as much as 5% on Tuesday after the space company posted record revenues in the third-quarter as it scoops up more launch deals and builds its backlog.

The company, which makes satellites and rockets and provides launch services to its customers, on Monday reported revenue of $155 million for the period. That surpassed the $152 million forecast from analysts polled by LSEG, and it was up 48% from about $105 million a year ago. Rocket Lab also posted a smaller-than-expected loss of 3 cents per share, versus the 10-cent per share loss anticipated.

Additionally, Rocket Lab issued strong guidance for the current quarter, saying it expects revenues between $170 million and $180 million. Analysts had forecast $172 million in revenues.

Rocket Lab said it's experiencing a record backlog, with 49 rocket launches on contract. The company said it signed 17 of those deals during the third quarter and plans to close out the year with over 20 launches.

In an earnings release, CEO Peter Beck said the Long Beach, California, company is "just days away" from reaching a new annual launch record. Rocket Lab is also tackling mergers and acquisitions that target key defense initiatives such as President Donald Trump's missile defense system plan known as the 'Golden Dome," Beck added.

Competition is intensifying in the space technology sector as the U.S. government and NASA lean on more independent contractors, including Elon Musk's SpaceX, to power missions to return to the moon. Growing excitement has also brought a wave of space companies to the public markets this year, including Texas-based Firefly Aerospace.

Last month, Rocket Lab's stock jumped more than 31% after announcing a slew of new launch deals. Shares have more than doubled this year and surged nearly 270% over the last twelve months. The stock has pulled back about 13% in November amid a broader market selloff.

During the third quarter, the company closed its acquisition of satellite sensor maker Geost and opened a new launch site for its Neutron rocket.

Rocket Lab reported an adjusted EBITDA loss of $26.3 million, topping the $21 million to $23 million loss range previously forecast. Analysts anticipated a $22.2 million adjusted EBITDA loss, according to FactSet.

The company expects adjusted EBITDA losses to range between $23 million and $29 million in the fourth quarter, surpassing the $13 million loss forecast by FactSet.

watch now

Company Announcement
No. 16/2025

Copenhagen, 11 November 2025

Interim report, 1 January – 30 September 2025

Scandinavian Tobacco Group A/S Reports Third Quarter 2025 Results and Narrows Expectation Ranges for Full-Year.
 

For the third quarter 2025, reported net sales were DKK 2.4 billion with organic net sales in line with last year. EBITDA before special items was DKK 519 million with an EBITDA margin of 22.0% compared with 23.4% last year. Free cash flow before acquisitions was DKK 173 million and the adjusted EPS were DKK 3.4. The results support the full-year expectations.

The reported net sales were negatively impacted by exchange rate developments. Organic growth was positive in the product categories Handmade Cigars and Next Generation Products, whereas Machine-Rolled Cigars & Smoking Tobacco delivered negative organic growth. The underlying business trends remain largely unchanged, though the decline rate in handmade cigars show early signs of stabilising.

The EBITDA margin before special items continued to recover in the third quarter compared with the first two quarters of the year leaving the margin for the first nine months of the year at 19.9% (22.0%). The decline in the margin compared with last year is driven by a combination of product and market mix and investments in stabilising our market shares in machine-rolled cigars in key European markets. Free cash flow before acquisitions for the first nine months improved to DKK 448 million primarily driven by changes in working capital and lower investments offsetting the decrease in EBITDA.

Third Quarter 2025

Reported net sales decreased by 3.0% to DKK 2.4 billion (DKK 2.4 billion)Organic net sales growth was slightly up by 0.3% (-0.1%)EBITDA margin before special items was 22.0% (23.4%)Adjusted EPS were DKK 3.4 (DKK 4.1)Free cash flow before acquisitions was DKK 173 million (DKK 275 million). Return on Invested Capital (ROIC) was 8.3% (9.8%). First nine months 2025

Reported net sales decreased by 0.8% to DKK 6.7 billion (DKK 6.7 billion)Organic net sales growth was negative by 4.0% (0.9%)EBITDA margin before special items was 19.9% (22.0%)Adjusted EPS were DKK 8.2 (DKK 9.9)Free cash flow before acquisitions was DKK 448 million (DKK 327 million) CEO Niels Frederiksen commented: “In the third quarter we saw early signs of stable sales but continued margin compression, driven by market and product mix as well as a more intense promotion environment. I am pleased that we have grown both the handmade and the nicotine pouch business in the quarter, but our market share performance in machine-rolled cigars has been negatively impacted by instability created by the roll out of our global SAP solution. On 20 November we will launch our next 5-year strategy and I look forward to sharing details on the Group’s ambitions and how we intend to create meaningful value for our stakeholders for the years ahead”.   

Financial expectations for full year 2025

The financial expectations for full year 2025 have been narrowed to reflect increased full-year visibility with less than two months to go and to reflect the USD development. The biggest uncertainties to the expectations are US consumer sentiment, down trading and retailer decisions on inventory levels across our product categories as well as the development of the USD, which can impact reported net sales.

Guidance and assumptions are based on no impact from potential new acquisitions and at exchange rates as of the reporting date.  A 10% change in the USD/DKK exchange rate would impact group net sales by approximately 5 percentage points with EBITDA margins being only marginally impacted.

For further information, please contact:
Torben Sand, Director of IR & Communication, phone +45 5084 7222, [email protected].
Eliza Dabbagh, IR & Communications, phone +45 5080 7619, [email protected].

A conference call will be held on 12 November 2025 at 10.00 CEST. Dial-in information and an accompanying presentation will be available at investor.st-group.com/investor around 09:00 CEST.

Launch of Five-Year Strategy and Capital Markets Day - 20 November 2025
The five-year strategy Rolling Towards 2025 is coming to an end and as communicated, Scandinavian Tobacco Group will launch its updated five-year strategy on 20 November 2025, CET 14.00-16.30. The Group management will host a livestreamed virtual Capital Market Event. Link for more detail and registration:

https://www.st-group.com/investor/capital-markets-day-2025/

Interim report Q3 2025

NEW YORK, Nov. 11, 2025 (GLOBE NEWSWIRE) -- ONNIT, the Unilever-owned health and wellness brand best known for its flagship nootropic Alpha Brain®, has migrated its five-figure subscriber base to Ordergroove and Shopify with a 99.6% success rate and no downtime.

ONNIT now operates on a best-in-class tech stack that gives the brand the scale and flexibility to go beyond “subscribe and save” and unlock new avenues for profitable recurring revenue. The integration of Ordergroove and Shopify creates a unified foundation that combines world-class commerce with enterprise-grade subscriptions, improving performance, simplifying operations, and delivering more engaging customer experiences.

Building on its new tech foundation, ONNIT rolled out a refreshed brand experience with conversion-focused UX and made subscriptions the centerpiece of its growth strategy. It also frees up valuable resources that used to be focused on maintaining their homegrown subscription system, lowering total cost of ownership and increasing speed to market.

ONNIT joins an impressive roster of Unilever brands powered by Ordergroove, including OLLY, Tatcha, Kate Somerville, Living Proof, and Blueair.

Prior to this shift, ONNIT’s homegrown system supported its early subscription success, but the brand needed a more scalable solution to deliver the loyalty-driven experiences it envisioned. Today, Ordergroove and Shopify enable ONNIT to focus on data-driven strategies such as prepaid models and A/B-tested promotions that boost lifetime value, while freeing internal resources to deliver more personalized and customizable subscriber experiences.

“Our customers are at the heart of everything we do, and moving to Ordergroove and Shopify gives us the ability to uplevel their experience and ensure they always have the ONNIT products they rely on, exactly when they need them,” said Danae Young-Lagoeiro, Director of Retention. “Our new tech stack allows us to offer more flexibility, introduce new innovations, and build the kind of long-term relationships that fuel loyalty and growth.”

Ordergroove gives ONNIT the tools to grow faster, reduce churn, and scale efficiently, including:

Prepaid subscriptions: Drive predictable revenue and long-term commitment, while giving subscribers the flexibility to choose how they payFlexible promotions and A/B testing: Optimize enrollment and retention with data-driven insights that translate into profitable and sustainable growthSeamless Shopify integration: Combine the global leader in commerce with enterprise-grade subscriptions to simplify operations, accelerate launches, and deliver best-in-class subscriber experiencesScalable architecture: Confidently support subscriber growth and new product launches without straining internal resources, ensuring stability as the business expands "ONNIT's migration showcases exactly what happens when forward-thinking brands combine Shopify's commerce infrastructure with best-in-class subscription technology—they unlock growth that was previously impossible with legacy systems,” said Josh Rice, VP of Sales at Shopify. “This partnership exemplifies how enterprise brands are choosing integrated, scalable solutions over custom builds to drive profitable recurring revenue and deliver the personalized experiences today's subscribers demand."

“ONNIT is a proven leader in health and wellness, and innovating their subscription strategy underscores their commitment to putting customer experience at the center of growth,” said Greg Alvo, CEO and Founder of Ordergroove. “This migration signals how leaders in every category are elevating subscriptions from a convenience feature to a strategic growth driver.”

ONNIT’s migration highlights a broader shift in commerce, where enterprise brands are transitioning away from custom-built systems and toward integrated, industry-leading platforms that can scale efficiently and drive profitable growth.

ABOUT ORDERGROOVE
Ordergroove enables subscription and membership experiences for the world’s largest and most innovative brands and retailers, including L’Oréal, Dollar Shave Club, La Colombe Coffee, Bonafide Health, PetSmart, and The Honest Company. As a market leader in subscription and membership technology, the company’s proprietary Relationship Commerce platform is shifting consumer interactions from one-and-done transactions to frictionless and highly profitable recurring relationships. Ordergroove technology uses artificial intelligence, analytics, and unmatched consumer expertise to empower top brands to transform their commerce experiences while making their consumers’ lives easier. To learn more, visit www.ordergroove.com.

ABOUT ONNIT
ONNIT is a cutting-edge supplement brand dedicated to Total Human Optimization: enhancing physical, mental, and recovery performance through science-backed innovation. Founded in Austin, Texas, ONNIT empowers people to perform at their best with products like Alpha BRAIN®, a leading nootropic for focus and cognitive support, and Total Human®, a complete daily system for simplified, effective wellness. Greatness isn’t given; it’s forged. At ONNIT, every product is built to help you unlock your full potential. Begin your Total Human Optimization journey at ONNIT.com.

ABOUT SHOPIFY
Shopify is a leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as Aldo, BarkBox, BevMo, Carrier, David’s Bridal, JB Hi-Fi, Mejuri, Meta, SKIMS, Supreme, and many more.

BigBear.ai Holdings, Inc. (BBAI) Q3 2025 Earnings Call November 10, 2025 4:30 PM EST

Company Participants

Sean Ricker - CFO & Principal Accounting Officer
Kevin McAleenan - CEO & Director

Presentation

Operator

Greetings, and welcome to BigBear.ai Holdings, Inc. Third Quarter 2025 Earnings Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chief Financial Officer, Sean Ricker.

Thank you, sir. Please go ahead.

Sean Ricker
CFO & Principal Accounting Officer

Good afternoon and thank you all for joining us today for our third quarter 2025 earnings call. I'm Sean Ricker, CFO of BigBear.ai and I'm joined today by our CEO, Kevin McAleenan. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of the federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

We have posted charts on our website today that we plan to address during the call to supplement our comments. These charts also include information regarding non-GAAP measures that may be used in today's call. Please access our website at www.bigbear.ai and click on the Investor Relations link to view and follow the charts.

With that, I'd like to turn the call over to Kevin.

Kevin McAleenan
CEO & Director

Good afternoon. It's good to be back speaking with our shareholders and analysts about our progress today. Three months ago, I told you BigBear was going on offense, taking advantage of our positioning in the market and our increased capital to grow organically and to strengthen our position

Recommended For You

SummaryCavco Industries delivered strong Q2 results with 9.6% YoY revenue growth, driven by factory-built housing and strategic production adjustments.CVCO's acquisition of American Homestar expands its presence in high-growth southern regions, boosting market share to 15% and retail locations to 100.Despite a premium 22x forward P/E, CVCO's robust EPS outlook, debt-free balance sheet, and active buyback program support further upside potential.Compared to peers, CVCO stands out with superior growth and profitability, benefiting from macroeconomic tailwinds and a diversified geographic footprint. timnewman/E+ via Getty Images

Introduction: A One-Stop Shop for Affordable Homes - Cavco’s Growth Story Strengthens Cavco Industries (CVCO) is the third-largest factory-built homes designer, manufacturer, and seller. Cavco is heavily focused on the South and Farwest, where the demand is high

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

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

Recommended For You

Kitco News

The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Steven Madden (SHOO - Free Report) reported $667.88 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 6.9%. EPS of $0.43 for the same period compares to $0.91 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $698.91 million, representing a surprise of -4.44%. The company delivered an EPS surprise of -2.27%, with the consensus EPS estimate being $0.44.

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

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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

Revenue- International: $255.88 million compared to the $182.76 million average estimate based on two analysts. The reported number represents a change of +110.8% year over year.Revenue- Domestic: $411.99 million versus the two-analyst average estimate of $515.62 million. The reported number represents a year-over-year change of -18.1%.Revenue- Direct-to-Consumer: $221.5 million versus the three-analyst average estimate of $173.97 million. The reported number represents a year-over-year change of +76.5%.Revenue- Total Wholesale: $442.7 million versus $476.94 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -10.7% change.Total Revenue- Net Sales: $664.2 million versus the three-analyst average estimate of $650.91 million. The reported number represents a year-over-year change of +6.3%.Total Revenue- Wholesale Accessories/Apparel: $176.15 million compared to the $189.17 million average estimate based on three analysts. The reported number represents a change of -10.3% year over year.Total Revenue- Licensing fee income: $3.68 million compared to the $3.72 million average estimate based on three analysts. The reported number represents a change of +4.9% year over year.Total Revenue- Wholesale Footwear: $266.54 million versus $287.43 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -11% change.Income from operations- Wholesale: $55.72 million compared to the $66.36 million average estimate based on two analysts.Income from operations- Direct-to-Consumer: $-4.44 million compared to the $-7.44 million average estimate based on two analysts.Income from operations- Wholesale Accessories/Apparel: $15.6 million compared to the $21.07 million average estimate based on two analysts.Income from operations- Wholesale Footwear: $40.11 million compared to the $45.29 million average estimate based on two analysts.View all Key Company Metrics for Steven Madden here>>>

Shares of Steven Madden have returned +9.9% over the past month versus the Zacks S&P 500 composite's +4.4% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.

From a technical perspective, Axcelis Technologies (ACLS - Free Report) is looking like an interesting pick, as it just reached a key level of support. ACLS recently overtook the 50-day moving average, and this suggests a short-term bullish trend.

The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.

ACLS could be on the verge of another rally after moving 7.4% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.

The bullish case solidifies once investors consider ACLS's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 4 higher, while the consensus estimate has increased too.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on ACLS for more gains in the near future.