Market Signal Briefing

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Questions around whether XRP can be copied often focus on open-source code and blockchain forks, but a recent explanation shared by an XRP community member points attention to something deeper. 

His comments are focused on Ripple’s patented payment architecture and how XRP’s real function is protected not just by network effects and liquidity but by intellectual property that governs how value actually moves across financial systems.

XRP Is Legally Protected By Patents The XRP community member, known as Wilberforce Theophilus, pointed to U.S. Patent No. 10,902,416 as a reason why XRP cannot be recreated by another cryptocurrency. This patent covers a system for settling cross-border payments using a digital asset as a bridge between different currencies and institutions. 

The focus is on the full settlement process that removes the need for pre-funded accounts and reduces cost and time. The patented flow describes how liquidity is sourced, exchanged, and settled using XRP. With this patent, it means that no cryptocurrency can perform this function without XRP. 

The second patent, U.S. Patent No. 11,998,003, builds on Ripple’s earlier designs and is designed to cover advanced interoperability between different ledgers and payment networks. This protection applies to how disparate systems are linked together into a single payment flow that can operate across jurisdictions and infrastructures. 

According to Wilberforce’s explanation, this is where replication becomes impossible in practice. Even if another project designs a fast blockchain, it cannot copy Ripple’s exact architecture for connecting banks, payment providers, and blockchains with XRP embedded as the settlement medium. That architecture is legally protected.

Why Copying The Code Is Not The Same As Copying XRP The patents mentioned above are only a few from the total number of patents held by Ripple Labs, XRP’s parent company. As it stands, Ripple Labs holds approximately 39 patents globally, out of which 18 have been granted. 

At a surface level, parts of the XRP Ledger are open source, which means developers can study the code and even fork it to create similar-looking networks. This has led to assumptions that XRP itself can be easily replicated. 

A team could replicate the consensus mechanism, transaction speed, and fee structure and even issue a new token that functions almost identically on paper. In that narrow technical sense, then XRP can be copied. However, XRP’s value does not come from the code alone.

XRP’s value can be attributed to over a decade of live operation, deep exchange liquidity across jurisdictions, and its association with Ripple, which has spent years building relationships with banks, payment providers, regulators, and institutions. 

The software defines how transactions are processed on a ledger, but it does not define the legally protected system that uses XRP as a bridge asset between financial institutions. Ripple, for one, is working fervently to position XRP as the bridge asset, with a recent example being the expansion into the Middle East with a partnership with Riyad Bank.

XRP trading at $1.59 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com

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In brief Bitcoin accounted for more than 40% of roughly $650 million in crypto liquidations over the past 24 hours, highlighting stress across derivatives markets. Some analysts say long-term holders are trimming positions as Bitcoin underperforms traditional inflation hedges such as gold. Market participants see scope for further downside, with several pointing to a potential test of the $60,000 level if the corrective phase continues. Bitcoin extended losses Wednesday evening as selling pressure resumed and liquidation activity picked up across derivatives markets, reigniting investor concerns over continued stress.

While Bitcoin briefly fell beneath the $72,000 mark for the first time since November 2024, the drawdown is a “common” trait for the digital asset, John Haar, managing director at Bitcoin financial services firm Swan Bitcoin, told Decrypt.

“It was less than four months ago that Bitcoin hit a new all-time high of $125,000,” Haar said.  “Nothing has changed the long-term Bitcoin investment thesis.” 

Bitcoin is trading around $71,400, down 6% on the day and nearly 43% from its October 6 all-time high of $126,080, according to CoinGecko data.

Haar attributes the broader sell-off to macroeconomic factors, including President Trump’s nomination of Kevin Warsh to the Chair of the Federal Reserve, the impact of leveraged traders being flushed out, and geopolitical tensions.

Total crypto liquidations over the last 24-hours have jumped to above $654 million, with Bitcoin accounting for 41% of that figure at $272 million, CoinGlass data shows.

The selling pressure appears to be “driven largely by long-term holders reducing exposure,” Georgii Verbitskii, founder of crypto investment app TYMIO, told Decrypt.

“One of Bitcoin’s core narratives—that it reliably protects against fiat inflation—is being questioned in the short term,” Verbitskii said. “While gold and other metals continue to rise, Bitcoin has moved in the opposite direction, and that divergence matters.”

This has led long-term Bitcoin holders to reassess their positions, he said. “This doesn’t mean the long-term thesis is broken, but it does suggest that confidence in the inflation-hedge narrative has weakened for now.”

Still, the downtrend “leaves room for further downside,” he noted.

“If this corrective wave continues, a move toward the $60,000 area can’t be ruled out. That scenario would make this year resemble past reset phases like 2018 or 2022 rather than a continuation of a strong uptrend,” he said.

Macro patienceAnalysts say the broader market reaction remains under pressure as leverage unwinds and ETF flows remain uneven, with expectations that consolidation and some patience would be needed before downside risks ease and conditions stabilize.

“The current situation is clearly unfavorable. Bitcoin is reacting negatively to both macro tailwinds and headwinds, appearing increasingly sidelined,” Ryan Yoon, senior analyst at Tiger Research, told Decrypt.

However, Bitcoin has “entered oversold territory,” Yoon added. “Its value as an alternative asset will shine once liquidity explicitly flows back into the market. February is expected to be a challenging month.

Going below $72,000, even if briefly, “doesn’t break the more bullish thesis, but it extends the unwind and pushes the market into a patience required phase rather than immediate continuation higher,” Vincent Liu, chief investment officer at Kronos Research, told Decrypt.

The sell-off could “fade,” Liu said, as leverage “compresses without further downside, ETF outflows slow, and spot demand absorbs supply.”

Signs of such a shift would include leverage stabilizing and prices holding during sell-offs or negative news, Liu noted.

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Bhutan transferred $22.4 million in Bitcoin out of sovereign wallets over the past week, including a direct transaction to market maker QCP Capital.The country's cryptocurrency portfolio has declined over 70% from a peak of $1.4 billion to approximately $412 million, driven by sales and market depreciation.Bhutan has generated over $765 million in Bitcoin mining profit since 2019 using hydroelectric power, but operations tapered after the 2024 halving doubled mining costs.Bhutan moved $22.4 million in Bitcoin out of sovereign wallets this week, including a direct transaction to institutional market maker QCP Capital. The Himalayan nation’s crypto portfolio has dropped from a $1.4 billion peak to about $412 million.

The outflows continue a pattern of periodic liquidations by the Royal Government of Bhutan, which began mining and holding Bitcoin in 2019. These recent transactions highlight questions facing sovereign crypto strategies amid ongoing market pressures.

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Recent Bitcoin Sales and Transaction PatternsBlockchain analytics platform Arkham confirmed the Bitcoin sales. Two major outflows came from Druk Holding Investments (DHI), Bhutan’s sovereign investment arm. The transactions included 184.03 BTC, worth $14.09 million, and 100.82 BTC, valued at $8.31 million, five days earlier. The latter went directly to labeled addresses tied to QCP Capital, a Singapore-based institutional market maker active in derivatives and spot markets.

According to Arkham’s analysis, Bhutan usually sells Bitcoin in roughly $50 million tranches. Historical data shows especially heavy sales between mid and late September 2025, with multiple transactions surpassing $50 million each. The current $22.4 million in weekly outflows is smaller than past sales, suggesting either more measured liquidation or reduced holdings.

Recent Bitcoin transactions from Bhutan’s sovereign wallets show outflows totaling $22.4 million (Arkham)The QCP Capital transaction signals a strategic liquidation rather than distressed selling. Market makers such as QCP enable large block trades without major market disruption. This allows sovereigns to exit positions while minimizing price impact, unlike direct exchange deposits that may trigger sharper reactions.

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Bhutan’s Bitcoin Mining Operation and ProfitabilityBhutan’s Bitcoin strategy began in 2019, with DHI launching a mining operation powered by the country’s abundant hydroelectric resources. Arkham estimates that Bhutan has generated over $765 million in Bitcoin profits since its inception, while total energy costs were about $120 million. Hydropower has kept costs low compared with competitors that rely on fossil fuels.

The 2024 Bitcoin halving fundamentally changed mining economics. This event, which occurs about every four years, halves block rewards. The halving essentially doubled the cost to mine one Bitcoin, making operations less efficient. Data indicate that Bhutan mined most of its holdings before April 2024 and then sharply cut back production.

Pre-halving profit margins enabled Bhutan to amass substantial holdings at favorable costs. However, reduced efficiency after halving likely pushed the nation to monetize its reserves rather than continue energy-intensive mining at lower returns. This strategic shift from accumulation to selective selling mirrors a wider industry trend as sector profitability compresses.

Portfolio Decline and Current HoldingsBhutan’s cryptocurrency portfolio has experienced a dramatic contraction. Arkham Intelligence data show DHI’s on-chain assets currently total about $412 million, down over 70% from the $1.4 billion peak. The portfolio consists mostly of 5,700 BTC, with negligible holdings in Ethereum and other tokens.

The portfolio decline is due to ongoing sales and depreciation in the Bitcoin price. Some value erosion came from strategic liquidations for profit or fiscal needs, but broader market conditions during 2025 and early 2026 also contributed. Bhutan’s peak holdings aligned with Bitcoin’s price highs, amplifying the percentage drop as prices corrected.

Transaction history shows DHI’s main exchange partners are Binance—which has $261 million in transferred value, or 68% of activity—and Celsius Network, with $118 million (31%). Smaller amounts moved through Kraken. These exchange interactions, combined with direct transactions with market makers, show a sophisticated approach to treasury management by Bhutan.

The Druk Holding and Investments entity manages these digital assets along with traditional investments as part of Bhutan’s broader diversification strategy. The integration of cryptocurrency into the sovereign treasury positions Bhutan among a select group of nations involved directly in digital asset markets. Whether Bhutan’s continued liquidations indicate a full exit or just portfolio rebalancing remains an open question as observers track sovereign crypto adoption trends.

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A prominent gold advocate claims China is too smart to care about Bitcoin, asserting the country is buying gold instead. The assertion has revived the bitcoin vs gold reserve debate.

Public reserve commentary indicates China has been adding to its bullion stockpile, while no official disclosures confirm sovereign Bitcoin holdings. As reported by the Financial Times, gold recently overtook the euro as the second-most held reserve asset globally.

According to Coinpedia, estimates place China’s gold reserves around 2,299–2,306 metric tons by mid‑2025, alongside an unverified claim of roughly 190,000 BTC and $319 billion in gold. The Bitcoin figure has not been corroborated in official reports.

It is also important to distinguish official reserves from assets held via law‑enforcement seizures, state‑linked enterprises, or private institutions. Those categories do not automatically appear on a central bank balance sheet.

Why central banks prefer gold over Bitcoin today According to Deutsche Bank, gold’s share of central bank reserves has climbed toward roughly 24%, the highest since the 1990s. The bank also flags Bitcoin’s volatility, liquidity depth, and regulatory uncertainty as short‑term barriers to reserve adoption.

The World Gold Council argues cryptocurrencies do not replicate gold’s safe‑haven behavior or institutional trust built over decades. The group also warns against the so‑called gold 2.0 narrative.

“China is ‘too smart’ to care about Bitcoin; they’re ‘buying gold’,” said peter schiff, a long‑time gold advocate and fund manager.

In the near term, reserve‑management narratives favor gold’s liquidity, legal clarity, and collateral utility, while the Bitcoin debate persists. As noted by Central Banking, Fed Chair Jerome Powell has framed Bitcoin as competing with gold rather than the U.S. dollar.

At the time of this writing, Barrick Gold Corporation (NYSE: GOLD) last closed at 51.48, based on Yahoo Finance data. That backdrop underscores continued interest in bullion‑linked exposure without implying directional views on spot gold.

What to watch next in gold versus Bitcoin reserves What exactly did Peter Schiff claim and is it supported by data? The claim is that China favors gold and ignores Bitcoin. Public reserve disclosures point to sustained gold accumulation, while there are no confirmed official disclosures of Chinese sovereign Bitcoin holdings.

Could Bitcoin appear on central bank balance sheets by 2030? Some institutional research and academic work argue Bitcoin shares reserve‑hedging traits and could appear on balance sheets later this decade, contingent on regulation, liquidity, and operational readiness. As reported by Forbes, El Salvador remains the only public sovereign holder today.

FAQ about China gold reserves How much gold does China hold in 2025 and how fast is it buying? Public estimates place holdings in the low‑2,300‑ton range by mid‑2025, with continued accumulation. Exact month‑to‑month buying speed is not officially disclosed.

Why do central banks prefer gold over Bitcoin as a reserve asset? Gold offers deep liquidity, cross‑jurisdiction acceptance, and mature collateral markets. Bitcoin faces higher volatility, evolving regulation, and limited central‑bank operational frameworks.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Bitcoin plunged to $70,832 this morning, triggering over $700 million in crypto liquidations across major exchanges.

In just 22 days, the crypto market has erased $900 billion in market cap, with nearly every major token posting double-digit losses today.

Ethereum fell -7.21% to $2,114.98, while Solana dropped -8.11% to $90.89. XRP crashed -9.68%, now at $1.442, and BNB sank -8.75% to $695.34.

Even meme coins and AI-related tokens are deep in the red, with losses stretching across all sectors from Layer-1s to DePIN.

In commodities, the collapse is spreading. Spot silver crashed 12.7% to $76.9495 an ounce in Singapore after an earlier spike above $90 during Asian hours.

Gold also dropped 3.5% intraday, and was down 2.1% to $4,859.20/oz at last check. Platinum and palladium followed suit, declining alongside the entire precious metals complex.

Meanwhile, the Dollar Spot Index ticked up 0.1%, a subtle but important shift as dollar strength quietly builds into this risk-off wave.

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Vitalik Buterin is signaling a major reframing of Ethereum’s layer-2 narrative: not the death of rollups, but the end of the idea that L2s are shards whose primary job is scaling the network. With L1 fees now low and gas limit projected to rise sharply in 2026, he argues the rollup-centric roadmap’s original premise no longer fits the reality on the ground.

Buterin opened his X post on Feb. 3 by pointing to two pressures that have been building in parallel: L2s have moved to “stage 2” far more slowly than expected, and Ethereum mainnet is scaling in its own right. In his telling, those trends break the old mental model in both directions.

“Ethereum needs to scale,” he wrote, recapping what he framed as the original thesis. “The definition of ‘Ethereum scaling’ is the existence of large quantities of block space that is backed by the full faith and credit of Ethereum… block space where, if you do things (including with ETH) inside that block space, your activities are guaranteed to be valid, uncensored, unreverted, untouched, as long as Ethereum itself functions. If you create a 10000 TPS EVM where its connection to L1 is mediated by a multisig bridge, then you are not scaling Ethereum.”

The punchline is blunt: “This vision no longer makes sense.” Buterin says L1 doesn’t need L2s to serve as “branded shards” if base-layer capacity is expanding, and he’s increasingly skeptical that many L2s either can or want to meet the security and control expectations that label implies. He pointed to at least one L2 that, in his words, “may never want to go beyond stage 1,” citing not only technical concerns around ZK-EVM safety but also customer-driven regulatory requirements that “require them to have ultimate control.”

Ethereum Layer-2’s Need To Change That’s not presented as an indictment so much as a categorization shift. If an L2 retains ultimate control, it may still be a valid product for its users, Buterin suggested, but it shouldn’t be marketed as “scaling Ethereum” in the strict sense envisioned by the rollup-centric roadmap. In that context, he argues, “we should stop thinking about L2s as literally being ‘branded shards’, with the social status and responsibilities that this entails.”

Instead, he sketches a spectrum model: some L2s can be tightly backed by ETH’s security guarantees, while others can be looser and more optional depending on user needs. That spectrum framing implicitly makes room for app-specific chains, different trust models, and non-EVM environments—without forcing them into a single “rollup as shard” storyline.

For L2 teams, Buterin’s guidance is straightforward: stop anchoring your identity on scaling alone. If you’re handling ETH or Ethereum-issued assets, he argues “stage 1 at the minimum” matters; otherwise, you’re effectively operating as “just a separate L1 with a bridge.” The real differentiator, in his view, should be features and properties that a larger L1 still won’t provide—whether that’s specialized execution environments, privacy, sequencing characteristics like ultra-low latency, or non-financial use cases.

Buterin says he’s become “more convinced of the value of the native rollup precompile,” especially once Ethereum has enshrined the ZK-EVM proof verification it “need[s] anyway to scale L1.” The idea is a protocol-level precompile that verifies ZK-EVM proofs and is treated as part of Ethereum itself, meaning it would “auto-upgrade along with Ethereum,” and if it shipped with a bug, “Ethereum will hard-fork to fix the bug.”

That last point is the subtext: he wants a path where trustless verification and interoperability are easier to achieve without a “security council,” and where rollups can add custom features while still anchoring their EVM correctness directly to Ethereum. He also tied this direction to the prospect of synchronous composability: transactions that can safely span L1 and L2 liquidity with tight coupling, referencing ongoing research on combining preconfirmations with based rollups and real-time proving.

Buterin’s conclusion leaves room for uncomfortable outcomes. A permissionless ecosystem will produce chains with “trust-dependent, or backdoored, or otherwise insecure” elements, he wrote, calling that “unavoidable.” The job, as he frames it, is to make guarantees legible to users while strengthening Ethereum’s base layer, suggesting that the next phase of L2 competition may be less about who “scales Ethereum,” and more about who can credibly define, and prove, what they’re actually offering.

At press time, ETH traded at $2,256.

ETH remains below between the 0.382 Fib, 1-week chart | Source: ETHUSDT on TradingView.com Featured image from YouTube, chart from TradingView.com

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XRP sentiment on social media has remained relatively robust despite a crypto market slump that has seen Bitcoin fall close to $70,000.

Santiment said in an X post on Wednesday that “XRP is seeing a more optimistic outlook among traders” on social media as Bitcoin (BTC) and Ethereum (ETH) have “turned extremely bearish” after a major downswing.

Santiment’s Positive/Negative sentiment indicator, which measures the ratio of positive to negative social media mentions for a cryptoasset, shows XRP (XRP) has a score of 2.19, 103% higher than Ethereum’s 1.08 and 173% higher than Bitcoin’s 0.80.

XRP’s Positive/Negative sentiment metric is significantly higher than the metric for Bitcoin and Ethereum. Source: SantimentOver the past seven days, the prices of Bitcoin and Ethereum have fallen by 4.97% and 4.92%, respectively, according to CoinMarketCap. XRP has fallen even further, down 6.82% over the same time frame.

Swyftx lead analyst Pav Hundal told Cointelegraph on Wednesday that XRP holders “wear volatility differently.”

“XRP doesn’t move wildly outside the bounds of the rest of the market,” he said, arguing that XRP holders have an “unwavering faith” in the asset’s fundamentals, so they tend to be less skeptical in the drawdown.

Short-term “relief rally” may be in sight"The coming weeks look tough,” Hundal said, emphasizing that XRP is “still down” 35.5% over the past 30 days.

Santiment argued that the fearful sentiment may lead to market upside.

“There remains a strong argument for a short-term relief rally as long as the small trader crowd continues to show disbelief toward cryptocurrency as a whole,” Santiment said.

Alternative.me’s Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted an “Extreme Fear” score of 12, the lowest it has recorded since Dec. 16, signaling extreme caution among investors. 

“Full-blown crypto winter” may be coming to an endOther indicators point to the same caution, with the CoinMarketCap Altcoin Season Index currently in “Bitcoin Season” at 32 out of 100, suggesting investors continue to favour Bitcoin over riskier cryptocurrencies further down the curve.

Bitwise chief investment officer Matt Hougan said in an X post on Tuesday that “Crypto Twitter” has only realized that the crypto is in a “full-blown crypto winter.”

“We have been in a crypto winter since January 2025. Chances are, we’re closer to the end than the beginning,” Hougan said.

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Crypto project Payy, which operates a privacy-focused wallet alongside a crypto banking card, has just launched a privacy-enabled Ethereum layer 2.

In an announcement via X on Wednesday, Payy said users can now integrate the network into their MetaMask accounts, and that all ERC-20 transfers made on it are automatically made private with “no smart contract changes required.” 

Payy said the two core types of users on its network would be institutions and fintech firms looking to bring “flows onchain without fear of analysis and exploitation,” and crypto natives looking to use privacy tools without “juggling multiple wallets.”

“Some of the largest stablecoin players are day 1 launch partners on Payy Network. We’ll be announcing them in the coming weeks,” Payy said. 

The network is compatible with any Ethereum Virtual Machine (EVM) wallet, and the project’s website indicates that the layer-2 is primarily geared toward “making stablecoins private,” despite also supporting all ERC-20 tokens. 

Source: PayyFollowing the announcement, Payy CEO Sid Gandhi also shared more details on X, noting that Payy is working to help large traditional finance institutions feel more comfortable moving capital onchain. 

“Nearly every bank, fintech, and enterprise is telling us the same thing: They cannot move real capital flows onchain if their financial data is exposed to the world,” he said.

In terms of Payy’s privacy, the layer 2 hosts private ERC-20 pools that users' transactions are automatically routed through when using wallets like MetaMask. This enables users to move funds from their normal wallets without the outside world seeing where the funds are going. 

When interacting with decentralized finance apps and smart contracts, funds are withdrawn from the private pools to a new address.

Before this, Payy primarily provided its own privacy-focused wallet alongside a crypto banking card, which launched in mid-2025. The project claims to have racked up 100,000 users of its wallet services. 

There are already other L2s and protocols offering privacy services on Ethereum, such as Aztec Network and Railgun, which use similar methods to conceal transfer activity. 

Meanwhile, there are a host of privacy-focused tokens such as Zcash (ZEC) and Monero (XMR) that exploded in popularity in 2025 amid a crypto privacy sector boom last year. 

According to Payy, it aims to provide a point of difference by reducing the hurdles to maintaining privacy, such as managing multiple wallets or switching between multiple protocols. 

However, Payy is not the only one working on this. Cointelegraph reported in October that Ethereum developers were working on upgrading wallet privacy as part of the Kohaku roadmap. 

The goal of Kohaku is to reduce reliance on centralized parties that track transactions, while also including features such as private sending and receiving.

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Bitcoin (BTC) has slipped under $71,000, bringing price action back to a well-watched weekly support band near $71,000–$68,000. The move focuses attention on whether this area confirms a base or resolves into a deeper retracement. Market structure around round numbers often affects positioning and liquidity.

Why the $71,000–$68,000 support zone matters On higher timeframes, this range aligns with prior range extremes and clustered participation, making it an area where trend conviction is commonly tested. Analysts have framed it as pivotal while macro shocks filter through risk assets. Cointelegraph first reported that, Charles Edwards, founder of Capriole Investments, warned of “very high risk” that pressure could push Bitcoin into the $71,000 zone amid tariff-related uncertainty.

The zone also overlaps what some describe as the top of a prior trading corridor. As reported by Bitcoinsistemi, Nansen analyst Aurelie Barthere highlighted $71,000–$72,000 as the “top of the pre-election trading range,” cautioning that a slip below can signal a more intense correction within a broader cycle.

If $71,000 fails on a decisive close, stop-loss liquidations and forced deleveraging can accelerate downside. A clean break of widely watched levels can force systematic sellers to exit at market, deepening slippage before liquidity stabilizes.

Institutional exposure to BTC means mark-to-market swings can widen when support breaks. In commentary reported by Business Insider, Michael Burry, investor best known from “The Big Short,” said a drop below roughly $70,000 could mean “the consequences could be severe for major institutional holders.” He also warned that further declines toward $60,000 could constrain capital access for heavily exposed firms, and falls near $50,000 could pressure miners.

What to watch next: levels, signals, and catalysts Key technical and on-chain signals around $71,000 support Weekly closes relative to $71,000 are key for confirming hold-versus-break dynamics; reactions near $68,000 may determine whether bids absorb supply. Based on data from CryptoQuant, the low-$70,000s have been flagged as a key area if higher supports give way, so monitoring exchange flows, derivatives liquidations, and realized losses around these thresholds is prudent for assessing stress.

Macro factors: tariffs, liquidity, and rates affecting Bitcoin Tariff headlines, liquidity conditions, and interest rates can amplify or relieve pressure around support. Earlier commentary linked tariff risks with pushes toward the $71,000 area, while easier liquidity or dovish shifts could favor stabilization.

At the time of this writing, Bitcoin trades near $70,000, used here only as contextual background.

Bitcoin Price Weekly Chart: CoinMarketCap FAQ about Bitcoin support at $71,000 Is the $71,000–$68,000 zone likely to hold as support, or does it point to a deeper correction? Holding weekly closes above $71,000 supports base-building; losing $68,000 would raise the risk of a deeper correction, according to cited technical commentary.

How would a drop under $71,000 affect institutional holders and miners? It could trigger stop-loss liquidations and widen mark-to-market losses for institutional exposure to BTC; further declines may strain miner margins.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Bhutan has offloaded over $22 million in Bitcoin mined through its state-owned mining venture as the cryptocurrency’s price continues to tumble and mining conditions worsen.

Data from blockchain analytics platform Arkham shows that Bhutan moved 184 Bitcoin (BTC) worth $14 million from its national reserve on Wednesday, adding to another 100.8 Bitcoin transfer worth $8.3 million last Friday. 

The $22.3 million worth of transfers were sent to crypto market maker QCP Capital, Arkham said. Transferring assets to market makers often signals a sale, as they help convert those assets into liquid markets.

The South Asian country has accumulated about $765 million in Bitcoin since launching its Bitcoin mining operations in 2019, powered primarily by hydroelectric energy, Arkham noted.

However, it noted that the cost to mine 1 Bitcoin has roughly doubled since the 2024 Bitcoin halving, and that Bhutan is now mining far less Bitcoin than it did in 2023, when it mined 8,200 BTC.

Source: ArkhamBhutan’s Bitcoin holdings have now fallen from a peak of 13,295 BTC in October 2024 to 5,700 BTC.

Bitcoin Treasuries data shows that Bhutan has slipped to seventh in Bitcoin holdings among nation-states, trailing US, China, UK, Ukraine, El Salvador and the United Arab Emirates.

While the exact reason behind the sell-off isn’t clear, Arkham noted that Bhutan periodically sells Bitcoin in batches of around $50 million, with its most recent period of heavy selling occurring in mid-to-late September 2025.

Cointelegraph reached out to Druk Holding and Investments, the state-owned entity behind Bhutan’s Bitcoin strategy, but didn’t receive an immediate response.

Bitcoin is now over 42% off its ATHThe fall in Bhutan’s Bitcoin holdings comes as Bitcoin has fallen 42.8% from its all-time high of $126,080 last October to below $72,000, with market sentiment over the past three months sinking to mid-2022 levels.

Bitcoin has slumped in light of US government shutdowns, President Donald Trump’s continued war and tariff threats and stalled crypto market structure legislation in Washington. 

While global liquidity is near an all-time high, investors continue to shift from risk-on assets to safe havens such as gold and silver amid broader macroeconomic uncertainty.

Quantum computing risks to Bitcoin’s security model and Bitcoin’s network hashrate falling below 1 zetahash per second due to more miners unplugging unprofitable machines have also contributed to recent narratives surrounding Bitcoin. 

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Buterin argued that many Layer 2s no longer meaningfully inherit Ethereum security.

Ethereum co-founder Vitalik Buterin said recent developments mean the original conception of Layer 2 scaling within the ETH ecosystem is no longer viable.

He said that the progress among many L2 networks has fallen short of earlier expectations, while the mainnet continues to scale directly.

Slow Progress, Low Fees In a recent post on X, Buterin pointed to two important realities reshaping the debate. First, there is the slow and difficult progress of L2s toward “stage 2” decentralization and interoperability, and the fact that Ethereum’s mainnet has already achieved very low fees, with gas limits expected to rise significantly through 2026.

Buterin reiterated that Ethereum scaling was originally defined as expanding block space that fully inherits Ethereum’s security. This means that all activity remains valid and censorship-resistant as long as the network operates. As such, systems that rely on multisig bridges or other forms of discretionary control cannot be considered extensions of Ethereum in this sense, even if they offer high throughput.

The co-founder explained that this framing no longer holds because the blockchain no longer needs L2s to function as “branded shards,” while many L2s are either unable or unwilling to meet the security and governance requirements that such a role would imply.

Buterin observed that some projects have explicitly stated they may never move beyond stage 1, not only due to technical concerns around zero-knowledge EVM safety, but also because regulatory or customer requirements necessitate ultimate control. While he said this may be appropriate for those projects’ use cases, it means they should not be described as scaling Ethereum under the original definition.

Instead, Buterin suggested abandoning the idea that all Layer 2s should occupy the same category and be judged by the same criteria. He proposed that they be viewed as a broad spectrum of systems with varying degrees of connection to Ethereum. In this framing, some L2s may be fully backed by Ethereum’s security while others operate with more limited guarantees. This would allow users and applications to choose based on their needs.

You may also like: Digital Assets Lose $73B Since October 2025 Highs, CoinShares Finds Vitalik Buterin Earns $70,000 Profit on Polymarket Using Anti-Irrationality Strategy Ethereum Price Reclaims $3K in ‘Quick Turnaround’ Amid Solid Fundamentals He added that L2s should focus on providing distinct value beyond generic scaling, such as specialized virtual machines, application-specific efficiency, extreme throughput, non-financial use cases, low-latency sequencing, or integrated services like oracles or dispute resolution. For networks handling ETH or Ethereum-issued assets, he said reaching at least stage 1 should be a minimum standard.

ZK-EVM Precompile From Ethereum’s perspective, Buterin said he has become increasingly convinced of the importance of a native rollup precompile that would verify ZK-EVM proofs as part of Ethereum itself. Such a system in place enables trustless interoperability and composability while allowing L2s flexibility in extending functionality.

He said that while a permissionless ecosystem will inevitably include systems with weaker or trust-dependent guarantees, Ethereum’s responsibility is to make those guarantees clear and continue strengthening the base protocol.

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CoolWallet, a self-custody hardware wallet provider, has announced the integration of TRON energy rental services, allowing users to reduce transaction costs while securely managing TRX and other TRC-20 assets.

Today, @coolwallet, a leading self-custody hardware wallet provider, announced the integration of energy rental services in the #TRON blockchain ecosystem into its platform.

This integration allows CoolWallet users to reduce transaction costs while securely managing TRX, the… pic.twitter.com/Ksacpk9Dn3

— TRON DAO (@trondao) February 4, 2026 In a press release shared with CryptoNews, the firm said the new feature allows CoolWallet users to access TRON’s blockchain infrastructure while maintaining full control over their private keys and funds through CoolWallet’s hardware wallet paired with its mobile application.

TRON remains one of the most actively used networks among CoolWallet customers, particularly due to its role in stablecoin transfers and low-fee payments.

The update is designed to expand TRON’s accessibility for retail users looking for cost-efficient transactions without sacrificing self-custody protections.

Lower Fees Through Energy RentalThe firm explains that under TRON’s resource model, transactions consume Energy, often requiring users to burn TRX for network fees. CoolWallet’s update introduces an energy rental mechanism that reduces the amount of TRX burned per transaction, helping users retain more of their holdings while maintaining full transaction functionality.

The integration also introduces flexible payment options, allowing users to pay for Energy using either USDT on TRON or TRX, providing greater cost control for frequent transfers and DeFi activity.

By lowering transaction costs, the feature is expected to make token movements and decentralized finance participation more economical for users operating within the TRON ecosystem.

Expanding Secure Self-Custody AccessCoolWallet emphasized that the integration maintains the company’s core focus on security and user sovereignty. Transactions are executed with full self-custody, meaning users retain ownership of their assets at all times without relying on third-party intermediaries.

“TRON plays a critical role in the global stablecoin ecosystem, particularly for users who prioritize cost efficiency and transaction speed,” said Michael Ou, CEO of CoolBitX. “This integration reflects our commitment to supporting the blockchain networks our users depend on most, while ensuring they retain full security and control over their assets.”

Sam Elfarra, Community Spokesperson for the TRON DAO, said the collaboration strengthens access to TRON’s infrastructure through one of the most portable hardware wallet solutions available.

“CoolWallet’s integration represents an important step in making TRON’s infrastructure more accessible to users who prioritize security and self-custody,” Elfarra said. “By bringing TRON support to one of the most portable and user-friendly hardware wallets available, we are expanding access to TRON’s blockchain infrastructure and DeFi applications.”

Strengthening TRON’s Retail and DeFi EcosystemThe companies said the partnership reflects a shared commitment to reducing barriers to blockchain adoption while maintaining the highest standards of security and user control.

By combining TRON’s scalable infrastructure with CoolWallet’s hardware wallet design, the integration delivers secure, cost-efficient access to blockchain services for everyday users.

Hyperliquid price is rallying against the market tide as institutional adoption and improving chart structure attract fresh buyers.

Summary

HYPE gained 6% even as Bitcoin dipped below $72,000 and most majors fell. Institutional integrations and token utility developments lifted sentiment. Technical structure shows a confirmed trend shift with momentum favoring buyers. Hyperliquid was trading around $34.96 at press time, up 6% in the past 24 hours, even as the crypto market sold off sharply. Bitcoin briefly slipped below $72,000, and most large-cap tokens traded lower.

Hyperliquid (HYPE), however, has moved in the opposite direction. The token is up 1.5% over the past seven days and has gained 29% over the last month, standing out during a period of heavy market pressure.

Derivatives data points to cooling leverage rather than panic buying. Open interest fell 2.42% to $1.55 billion, while trading volume decreased 31% to $4.06 billion, according to CoinGlass data.

This often indicates that traders are lowering their exposure rather than chasing gains, which can keep the price stable during volatile sessions. 

Several developments have raised short-term demand. On Feb. 4, Ripple announced that Ripple Prime, its institutional brokerage platform, had added support for Hyperliquid.

The integration allows institutions to access on-chain perpetuals and derivatives on Hyperliquid while managing risk alongside traditional assets such as FX and fixed income.

The news was met with a positive market response, lifting HYPE even as selling pressure persisted across the crypto market. While the integration does not directly benefit XRP or rely on the XRP Ledger, it will boost HYPE which is at the centre of perps trading activity.

Another development followed the same day. Hyperion DeFi Inc. (NASDAQ: HYPD), a publicly traded digital asset treasury focused on Hyperliquid, said it plans to use its HYPE holdings as options collateral.

The company said it isn’t engaging in directional bets. Instead, the strategy focuses on earning income from options premiums and fees, together with staking rewards. Hyperion is working with Rysk protocol to launch an on-chain options vault directly on Hyperliquid.

Over time, the vault could be opened to other institutional HYPE holders. By putting more tokens into structured products and reducing the liquid supply, this strategy might support the token’s price.

Another protocol update that has garnered attention is HIP-4. The plan introduces fully collateralized “outcomes” trading for products that resemble options and prediction markets. The feature is designed to appeal to traders who prefer defined risk during volatile periods.

HIP-4 comes after previous improvements that enabled permissionless markets for crypto, equities, and commodities. With over $1 billion in open interest, nearly $5 billion in daily volume, and a massive rise in weekly transactions since those updates, Hyperliquid has seen strong network growth.

An upcoming token unlock on Feb. 6, releasing about 9.92 million HYPE worth roughly $300 million, has so far failed to unsettle buyers. Previous unlocks were absorbed without sharp pullbacks, which has helped calm concerns.

Hyperliquid price technical analysis After months of steady decline, HYPE has shifted structure. A distinct shift in trend behavior is visible as the price recovered the mid-Bollinger Band and remained above it. The recent pullback formed the first higher low since November, flipping the structure from bearish to neutral-bullish.

Hyperliquid daily chart. Credit: crypto.news Price has pushed above the upper Bollinger Band with strong closes rather than thin wicks. Volatility bands have turned upward, and the 20-day moving average now acts as support instead of resistance. The relative strength index has moved into the 60–70 range, holding above its signal line.

HYPE also cleared the $32–$33 resistance zone and has stayed above it, suggesting acceptance at higher levels. Overhead supply looks limited until the $40 area.

Holding above $32 keeps momentum intact and allows a move toward $38–$42 if market conditions stabilize. A drop back below $32 could pull the price toward $27–$28, where trend support would be tested.

BMC128 was developed by Biomica, Evogene’s subsidiary, and is currently completing Phase 1 clinical study, showing promising early clinical results February 04, 2026 22:00 ET  | Source: Shanghai Lishan Biopharmaceuticals Co., Ltd.

REHOVOT, Israel and SHANGHAI, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Evogene Ltd. (Nasdaq/TASE: EVGN) ("Evogene"), a pioneering computational chemistry company specializing in generative design of small molecules for the pharmaceutical and agricultural industries, and Shanghai Lishan Biopharmaceuticals Co., Ltd. ("Lishan Biotech"), a China-based clinical-stage biotechnology company focused on innovative therapies in the fields of immunity and inflammation, today announced that Biomica Ltd. ("Biomica"), Evogene’s subsidiary and Lishan Biotech entered into an exclusive worldwide licensing agreement for BMC128 (designated as LS-LBP-002 by Lishan Biotech), a first-in-class microbiome-based therapeutic designed to enhance anti-tumor immune activity. BMC128 was developed by Biomica and is currently completing a Phase 1 clinical study, showing promising early clinical results.

BMC128 is a live biopharmaceutical consortium composed of four human gut bacterial strains with defined functional capabilities that enhance responses to immunotherapy and stimulate anti-tumor immune activity. BMC128 is currently completing a Phase 1 clinical study in renal cell carcinoma and non-small cell lung cancer and has demonstrated encouraging early clinical promise. Results to date show an excellent safety and tolerability profile, together with early signs of efficacy, including a high proportion of patients with previously progressive disease achieving stable disease during treatment.

Under the agreement, Lishan Biotech will assume responsibility for global clinical development, manufacturing, and commercialization of BMC128. Biomica will be eligible to receive development milestone payments and royalties on future commercial sales, in accordance with an agreed-upon schedule.

Lishan Biotech plans to advance BMC128 into a Phase 2 clinical study and to pursue regulatory filings in both China and the United States for future commercialization.

Dr. Weijie Chen, Chairman of Lishan Biotech, stated: “This collaboration ensures that BMC128 continues to advance toward its next clinical milestones. We are impressed by the effects observed with BMC128 in lung and renal cancer patients who had experienced disease progression prior to treatment, and we look forward to advancing the program through further development and ultimately toward commercialization, for the benefit of cancer patients worldwide.”

Ofer Haviv, CEO of Evogene and Biomica, commented: “We are pleased to partner with Lishan Biotech as BMC128 enters its next phase of development. Lishan Biotech’s strong development capabilities and commitment to innovative microbiome-based therapeutics position this program for meaningful value creation in difficult-to-treat cancers. As a major shareholder of Biomica, Evogene expects to benefit from BMC128’s future success.”

Dr. Jing Bao, MD, a Director (Board Member) of Biomica Ltd with a PhD from the Weizmann Institute of Science, stated: “We are very pleased to see the execution of this meaningful and impactful collaboration agreement. This partnership brings together China’s clinical development capabilities with Israel’s innovation in microbiome science. We believe the success of this project will benefit patients worldwide and contribute to important breakthroughs in microbiome-based therapeutics.”

About Evogene Ltd.: 

Evogene Ltd. (Nasdaq/TASE: EVGN) is a pioneering company in computational chemistry, specializing in the generative design of small molecules for the pharmaceutical and agricultural industries.

At the core of its technology is ChemPass AI™, a proprietary generative AI engine that enables the design of novel, highly potent small molecules optimized across multiple critical parameters. This powerful platform significantly improves success rates while reducing development time and costs.

Built on this powerful technological foundation, and through strategic partnerships alongside internal product development, Evogene is focused on creating breakthrough products for the pharmaceutical and agricultural industries, driven by the integration of scientific innovation with real-world industry needs.

For more information, please visit www.evogene.com. 

About Lishan Biotech:

Lishan Biotech is a clinical-stage biotechnology company dedicated to the research and development of innovative therapies. Its globally unique Swarming technology enables it to break through the century-old challenge of gut microbial colonization. It has built a "Golden Triangle" system comprising " Stable Strain Colonization + Microbiome Mimicry + Precise Clinical Enrollment". The company is focused on development of microbiome-based innovative therapies for complex chronic diseases, including inflammation, oncology, and neurological disorders. By targeting world-leading drug targets and mechanisms of action, Lishan Biotech aims to address high-value unmet medical needs with first-in-class or best-in-class therapies, delivering safe and reliable pharmaceutical products to patients worldwide.

For more information, please visit https://www.lishan.ltd.

Forward-Looking Statements:  
This press release contains "forward-looking statements" relating to future events. These statements may be identified by words such as "will", "may", "could", "expects", "intends", "anticipates", "plans", "believes", "scheduled", "estimates", "demonstrates", or words of similar meaning. For example, Evogene and Biomica are using forward-looking statements in this press release when they discuss Lishan Biotech’s success of advancing BMC128 into a Phase 2 clinical study and filing for regulatory approval towards future commercialization, Biomica’s receipt of development milestone payments and royalties on future commercial sales and potential value creation, and the safety and potential efficacy of BMC128 and its potential benefits for patients with renal cell carcinoma and non-small cell lung cancer. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, and involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performance or achievements of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene and its subsidiaries, including, without limitation, the aftermath of the recent war between Israel and each of (i) the terrorist groups, Hamas and Hezbollah, (ii) Iran, and (iii) other regional terrorist groups supported by Iran, and any potential destabilizations in Israel, neighboring territories or the Middle East region, as well as those additional risk factors identified in Evogene's reports filed with applicable securities authorities. Evogene and its subsidiaries disclaim any obligation or commitment to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections, and assumptions. 

Contact

[email protected]
Tel: +972-8-9311901

[email protected]
Tel: +86-021-68888088

PTC Inc. (PTC) Q1 2026 Earnings Call February 4, 2026 5:00 PM EST

Company Participants

Matthew Shimao - Senior Vice President of Investor Relations
Neil Barua - President, CEO & Director
Jennifer DiRico - Executive VP & CFO
Robert Dahdah - Executive VP & Chief Revenue Officer

Conference Call Participants

Yun Suk Kim - Loop Capital Markets LLC, Research Division
Joseph Vruwink - Robert W. Baird & Co. Incorporated, Research Division
Adam Borg - Stifel, Nicolaus & Company, Incorporated, Research Division
Matthew Hedberg - RBC Capital Markets, Research Division
Joshua Tilton - Wolfe Research, LLC
Blair Abernethy - Rosenblatt Securities Inc., Research Division
Hoi-Fung Wong - Oppenheimer & Co. Inc., Research Division
Daniel Jester - BMO Capital Markets Equity Research
Jason Celino - KeyBanc Capital Markets Inc., Research Division
Sitikantha Panigrahi - Mizuho Securities USA LLC, Research Division
Nay Soe Naing - Joh. Berenberg, Gossler & Co. KG, Research Division
Tyler Radke - Citigroup Inc., Research Division
Jay Vleeschhouwer - Griffin Securities, Inc., Research Division

Presentation

Operator

Good evening, ladies and gentlemen. Thank you for standing by, and welcome to PTC's 2026 First Quarter Conference Call. [Operator Instructions].

I would now like to turn the call over to Matt Shimao, PTC's Head of Investor Relations. Please go ahead.

Matthew Shimao
Senior Vice President of Investor Relations

Good afternoon. Thank you, operator, and welcome to PTC's First Quarter 2026 Conference Call. On the call today are Neil Barua, Chief Executive Officer; Jen DiRico, Chief Financial Officer; and Robert Dahdah, Chief Revenue Officer.

Today's conference call is being broadcast live through an audio webcast, and a replay of the call will be available later today at www.ptc.com. During this call, PTC will make forward-looking statements, including guidance as to future operating results. Because such statements deal with future events, actual results may differ materially from those projected in the forward-looking statements.

Additional information concerning factors

A Qualcomm logo and a computer motherboard appear in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

Feb 4 (Reuters) - Memory shortages will constrain sales of cell phones for some time, hurting demand for chip industry companies like supplier Qualcomm (QCOM.O), opens new tab and chip architecture designer Arm Holdings , executives and analysts said on Wednesday as both companies reported results that disappointed investors.

Among the world's largest smartphone chip designers, Qualcomm is dealing with relatively tepid orders as customers fail to secure memory allocations to ship complete products, resulting in the company forecasting revenue in the current quarter below market estimates.

Get a daily digest of breaking business news straight to your inbox with the Reuters Business newsletter. Sign up here.

"Industry-wide memory shortage and price increases are likely to define the overall scale of the handset industry through the fiscal year," Qualcomm CEO Cristiano Amon said during a post-earnings call.

"Unfortunately, I think that the whole sector is impacted by memory."

Arm designs the architecture that forms the basis of a large chunk of the smartphone chips in the world today - including Qualcomm's - leaving it with the prospect of dampened royalty revenues on Wednesday, as mobile processor sales stall.

Arm's royalty revenues over its next year could be hurt by as much as 2% due to the impact of memory shortages on cell phone supply, Chief Financial Officer Jason Child said on a call with analysts after his company's results.

Qualcomm's shares dropped nearly 10% in after-hours trade on Wednesday and Arm Holdings fell 8%.

Qualcomm executives said the memory supply shortage could last through the current fiscal year, potentially dragging supply pressures into 2027.

In December, Morningstar analysts said they expect memory supply tightness persisting well into 2027. J.P. Morgan analysts also expect the supply shortage to last through 2027.

Global shipments of advanced smartphone chips are expected to decline 7% in 2026, partially due to rising memory prices, according to data from Counterpoint Research. The surging memory prices are also expected to broadly dim the outlook for consumer electronics.

"The results largely reflect broader industry trends rather than Qualcomm-specific issues. The company is dealing with the same memory constraints affecting parts of the smartphone supply chain," said eToro analyst Zavier Wong.

Qualcomm and Arm have both been working to reduce their dependence on the market for mobile phone chips, though, venturing into the high-growth, high-margin data center market.

Qualcomm's Amon told Reuters on Wednesday he does not expect the global memory shortage to affect his company's rollout of AI chips for data centers. Qualcomm expects to launch those chips in the second half of this year, with meaningful revenue coming in the firm's fiscal 2027.

Reporting by Arsheeya Bajwa and Zaheer Kachwala in Bengaluru, and Juby Babu in Mexico City; Editing by Tom Hogue

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

Disney's succession committee reviewed information on more than a hundred candidates before the race narrowed to two.

The healthcare giant gained nearly $100 billion in market value.

Shares of Eli Lilly (LLY +10.38%) climbed over 10% on Wednesday after the medicine maker delivered a blockbuster earnings report.

Image source: Getty Images.

Sales of Eli Lilly's GLP-1 medicines are booming Lilly's fourth-quarter revenue rose 43% year over year to $19.3 billion. The gains were driven by the biotech's diabetes and obesity treatments, Mounjaro and Zepbound, which saw sales surge by 110% and 123%, respectively, to $7.4 billion and $4.3 billion.

Lilly has been rushing to expand its manufacturing network to keep up with soaring demand for its popular GLP-1 medications. That challenge intensified after the drugmaker reached a deal with the U.S. government in November that's likely to further increase demand for Mounjaro and Zepbound, by making them available at reduced cost to Medicare beneficiaries.

Moreover, Lilly's market share is rising in the rapidly growing obesity drug market after a clinical trial showed that Zepbound resulted in greater weight loss than Novo Nordisk's Wegovy.

"Zepbound continues to be the market leader in the branded obesity market with nearly 70% share of new prescriptions," chief financial officer Lucas Montarce said during a conference call with analysts.

Today's Change

(

10.38

%) $

104.17

Current Price

$

1107.63

All told, Lilly's adjusted net income jumped 41% to $6.8 billion, or $7.54 per share. That easily surpassed Wall Street's estimates, which had called for per-share profits of $6.91.

Eli Lilly issued a strong growth forecast Looking ahead, management expects full-year revenue to grow by roughly 25% to between $80 billion and $83 billion in 2026, with adjusted earnings per share increasing by about 40% to $33.50 to $35.00.

"This past year was busy and productive, and we expect more of the same in 2026 as we continue to create meaningful medicines on behalf of the patients that need us," chief scientific officer Daniel Skovronsky said.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.

Snap Inc. (SNAP) Q4 2025 Earnings Call February 4, 2026 5:00 PM EST

Company Participants

David Ometer - Head of Investor Relations
Evan Spiegel - Co-Founder, CEO & Director
Derek Andersen - Chief Financial Officer

Conference Call Participants

Eric Sheridan - Goldman Sachs Group, Inc., Research Division
Ross Sandler - Barclays Bank PLC, Research Division
Richard Greenfield - LightShed Partners, LLC
Daniel Salmon - New Street Research LLP
Kenneth Gawrelski - Wells Fargo Securities, LLC, Research Division
Justin Patterson - KeyBanc Capital Markets Inc., Research Division
Benjamin Black - Deutsche Bank AG, Research Division

Presentation

Operator

Good afternoon, everyone, and welcome to Snap Inc.'s Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to David Ometer, Head of Investor Relations.

David Ometer
Head of Investor Relations

Thank you, and good afternoon, everyone. Welcome to Snap's Fourth Quarter 2025 Earnings Conference Call.

With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; and Derek Andersen, Chief Financial Officer. Please refer to our Investor Relations website at investor.snap.com to find today's press release, earnings slides and investor letter.

This conference call includes forward-looking statements, which are based on our assumptions as of today. Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures. For more information about factors that may cause actual results to differ materially from these forward-looking statements, please refer to the press release we issued today as well as risks described in our most recent Form 10-K or Form 10-Q, particularly in the section titled Risk Factors. Today's call will include both GAAP and non-GAAP measures. Reconciliations between the two can be found in today's press release. Please note that when we discuss all of our expense figures, they will exclude stock-based compensation and related payroll taxes as well as depreciation and amortization and certain

For the quarter ended December 2025, Monarch Casino (MCRI - Free Report) reported revenue of $140 million, up 4.1% over the same period last year. EPS came in at $1.25, compared to $1.36 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $138.75 million, representing a surprise of +0.9%. The company delivered an EPS surprise of -8.43%, with the consensus EPS estimate being $1.37.

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.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Revenues- Other: $6.79 million versus $6.3 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +2.4% change.Revenues- Hotel: $17.86 million compared to the $18.6 million average estimate based on two analysts. The reported number represents a change of -1.9% year over year.Revenues- Food and beverage: $34.15 million versus $34.3 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.8% change.Revenues- Casino: $81.21 million compared to the $79.5 million average estimate based on two analysts. The reported number represents a change of +5.3% year over year.View all Key Company Metrics for Monarch Casino here>>>

Shares of Monarch Casino have returned -0.2% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

For the quarter ended December 2025, Equitable Holdings, Inc. (EQH - Free Report) reported revenue of $3.74 billion, down 5.4% over the same period last year. EPS came in at $1.76, compared to $1.57 in the year-ago quarter.

The reported revenue represents a surprise of -7.2% over the Zacks Consensus Estimate of $4.03 billion. With the consensus EPS estimate being $1.75, the EPS surprise was +0.64%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Retirement - Net flows: $1.26 billion compared to the $1.48 billion average estimate based on two analysts.Retirement - Total asset value end of period: $163.86 billion versus $177.11 billion estimated by two analysts on average.Wealth Management - Advisory net new assets: $2.15 billion versus the two-analyst average estimate of $1.89 billion.Wealth Management - Total Wealth Management ending assets: $122.01 billion compared to the $122.15 billion average estimate based on two analysts.Segment revenues- Retirement: $1.67 billion versus the three-analyst average estimate of $1.66 billion. The reported number represents a year-over-year change of +70.4%.Revenue- Retirement- Investment management, service fees and other income: $186 million versus the three-analyst average estimate of $185.87 million. The reported number represents a year-over-year change of +97.9%.Revenue- Policy charges, fee income and premiums: $435 million compared to the $810.18 million average estimate based on three analysts.Revenue- Retirement- Net derivative gains (losses): $-9 million versus the three-analyst average estimate of $-2.03 million. The reported number represents a year-over-year change of +80%.Revenue- Retirement- Net investment income (loss): $1.16 billion versus the three-analyst average estimate of $1.16 billion. The reported number represents a year-over-year change of +74.3%.Revenue- Retirement- Policy charges, fee income and premiums: $328 million versus the three-analyst average estimate of $312.96 million. The reported number represents a year-over-year change of +47.1%.Segment revenues- Corporate and Other: $557 million versus the three-analyst average estimate of $845.64 million. The reported number represents a year-over-year change of +148.7%.Segment revenues- Wealth Management: $548 million versus $523.73 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +13.9% change.View all Key Company Metrics for Equitable Holdings here>>>

Shares of Equitable Holdings have returned -8.4% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

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.

Calgary, Alberta--(Newsfile Corp. - February 4, 2026) - DeepMarkit Corp. (TSXV: MKT) (OTCID: MKTSF) (FSE: DEP0) ("DeepMarkit" or the "Company") announces that it previously filed a management information circular dated December 23, 2025 (the "Original Circular") in connection with its annual general and special meeting of shareholders to be held on February 10, 2026 (the "Meeting").

Following comments from, and the conditional approval of, the TSX Venture Exchange with respect to the Company's amended and restated omnibus equity incentive plan (the "Plan"), the Company has filed an amended and restated management information circular dated February 4, 2026 (the "Amended Circular") on SEDAR+.

The Amended Circular updates the disclosure relating to the Plan and reflects that the board of directors has approved the reservation of the name "Prospect Prediction Markets Inc.," which supersedes the initial proposed name of "Prospect Markets Inc." previously presented to shareholders. The Amended Circular replaces the Original Circular in its entirety.

Except as described in the Amended Circular, there are no other changes to the matters to be considered at the Meeting, nor to the Meeting date, record date or voting procedures.

The Plan remains subject to final approval of the TSX Venture Exchange.

About DeepMarkit Corp.

DeepMarkit Corp. is a technology company enabling next-generation digital experiences across prediction markets, blockchain infrastructure, artificial intelligence, and tokenization. The Company is developing a sports prediction market platform built on the Avalanche blockchain, using a proprietary ranking algorithm to turn real-world sports events into dynamic, insight-driven markets that promote active fan participation.

On behalf of:

DEEPMARKIT CORP.
Steve Vanry
Chief Executive Officer

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including statements regarding the scheduled Meeting and any shareholder voting results.

Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. Such risks include, but are not limited to: the Company's ability to execute its strategy; regulatory, legal, and policy developments relating to prediction markets, digital assets, and gaming; competition from established and emerging platforms; market acceptance and user adoption; technological risks; and other risk factors described in the Company's continuous disclosure filings available on SEDAR+ at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282807

Source: DeepMarkit Corp.

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The Japanese company continues to expect U.S. tariffs to weigh on operating profit by ¥50 billion this fiscal year.

ASGN Inc (ASGN - Free Report) reported $980.1 million in revenue for the quarter ended December 2025, representing a year-over-year decline of 0.5%. EPS of $1.15 for the same period compares to $1.28 a year ago.

The reported revenue represents a surprise of +0.55% over the Zacks Consensus Estimate of $974.76 million. With the consensus EPS estimate being $1.18, the EPS surprise was -2.54%.

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.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Revenues- Federal Government: $281.5 million versus $281.31 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -3.7% change.Revenues- Commercial: $698.6 million versus $693.46 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +0.9% change.Revenues- Commercial- Consulting: $339.4 million versus the two-analyst average estimate of $335.48 million. The reported number represents a year-over-year change of +19.2%.Revenues- Commercial- Assignment: $359.2 million compared to the $357.98 million average estimate based on two analysts. The reported number represents a change of -12% year over year.View all Key Company Metrics for ASGN Inc here>>>

Shares of ASGN Inc have returned +5.2% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.