Track market-moving stories before they get noisy

Key Takeaways PPG increased its quarterly dividend by 3 cents to 74 cents per share, payable Sept. 11 to eligible holders. PPG has made 512 consecutive dividend payments and raised its dividend for 55 straight years. PPG returned $1.4 billion to shareholders in 2025 and cited balance sheet strength behind the increase. PPG Industries, Inc. (PPG - Free Report) has announced a 3-cent per share increase in its regular quarterly dividend to 74 cents. The dividend, marking a 4.2% hike, will be paid out on Sept. 11, 2026, to shareholders on record as of Aug. 10, 2026. 

The latest declaration marks the company's 512th consecutive dividend payment. PPG has distributed uninterrupted annual dividends since 1899, reflecting a dividend-paying track record spanning more than a century. With the latest hike, PPG has raised its dividend payout for 55 straight years. 

The company is dedicated to enhancing shareholders’ returns through strategic cash deployment, maintaining a strong track record of returning cash to shareholders via dividends and share buybacks. In 2025, PPG returned $1.4 billion to shareholders through dividends and share repurchases. It paid dividends worth $630 million in 2025.  

Its board authorized the buyback of $2.5 billion of outstanding common stock, and PPG bought back shares worth roughly $790 million in 2025 and another $100 million in the first quarter of 2026. Its robust financial performance is reflected in the substantial operating cash flow generation, which reached around $1.9 billion in 2025. 

Per PPG, the dividend increase underscores the board's confidence in the resilience of its business, the strength of its balance sheet and the company's ability to generate and expand operating cash flow over the long term. 

Shares of PPG are up 3.7% in the past year compared with the industry’s 3.3% growth. 

Image Source: Zacks Investment Research

PPG Zacks Rank & Key PicksPPG currently carries a Zacks Rank #3 (Hold). 

Some better-ranked stocks in the Basic Materials space are CSW Industrials, Inc. (CSW - Free Report) , Idaho Strategic Resources, Inc. (IDR - Free Report)  and Ternium S.A. (TX - Free Report) . CSW, IDR and TX carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. 

The Zacks Consensus Estimate for CSW’s current-year earnings stands at $12.52 per share, implying a 20.6% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 3.8%.

The Zacks Consensus Estimate for IDR’s current-year earnings is pegged at $1.52 per share, implying a 33.3% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 68.7%.

The Zacks Consensus Estimate for TX’s current-year earnings is pegged at $5.52 per share, indicating a 154.4% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, with the average surprise being 3.5%. 

Chipotle Brings Brand to MexicoChipotle’s first Mexican restaurant opened Thursday, July 16, in San Pedro Garza García, Nuevo León, part of the Monterrey metropolitan area, in partnership with Alsea, a leading restaurant operator in Latin America and Europe. The location is the first to open under a development agreement the two companies announced in April 2025. Chipotle and Alsea plan to open additional restaurants in Nuevo León later this year and expand into Mexico City in 2027.

“We are entering Mexico with deep respect for the country’s culinary heritage and a commitment to delivering the Chipotle experience with excellence,” said Scott Boatwright, CEO of Chipotle. “Nuevo León is an ideal place to begin this journey, and with Alsea’s operational expertise and deep local market knowledge, we look forward to serving new guests and earning a place in Mexico’s vibrant dining culture.”

The Monterrey metropolitan area was selected as Chipotle’s entry point into Mexico due to its strong economy, growing population, and status as one of the country’s leading business and innovation hubs.

South Korea, Singapore Openings AheadThe Mexico entry adds to Chipotle’s growing international footprint, which includes more than 80 locations in Canada, 20 in the U.K., six in France, and two in Germany, alongside restaurants operated through partnerships in the Middle East and planned openings in South Korea and Singapore.

Chipotle currently operates more than 4,100 restaurants worldwide and expects to open between 350 and 370 new locations in 2026 as part of its “Recipe for Growth” strategy.

Analyst Consensus & Recent Actions The stock carries a Buy rating with an average price target of $41.95. Recent analyst moves include:

Citigroup: Buy (Lowers Target to $45.00) (July 13) Mizuho: Outperform (Raises Target to $41.00) (July 13) Chipotle Shares Edge Higher CMG Price Action: At the time of publication, Chipotle shares are trading 1.61% higher at $34.75, according to data from Benzinga Pro.

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Antero Resources (NYSE:AR | AR Price Prediction) has quietly become one of the most strategically attractive assets in U.S. energy. The Appalachian pure-play carries a market cap of roughly $10.3 billion, trades at 11x trailing earnings and an EV/EBITDA of 7.05, yet delivered record production of 3.9 billion cubic feet equivalent per day (Bcfe/d) in Q1, up 13% year over year, with free cash flow of $657 million.

CEO Michael Kennedy laid out the takeover pitch himself: “We have the highest LNG exposure among Appalachian producers, selling 2.3 Bcf per day of production to sales points along the LNG fairway” and “we are the largest producer-exporter of NGLs in the U.S.” With Henry Hub spot at just $3.44 per million British thermal units (MMBtu), Antero still realized $5.57 per million cubic feet (Mcf) on gas, proof of premium export capture. Shares are down 7.9% over the past year to $33.35, well below the analyst target of $48.75. Insiders have been net sellers, with CFO-connected executives disposing of shares near $39 in May.

Ranking the Likely Acquirers, Weakest Case First 4. Chevron: The Longest Shot Chevron (NYSE:CVX) has the balance sheet at a $366.2 billion market cap, and it recently completed the acquisition of Hess. Its Permian and deepwater focus makes Appalachian gas a stretch, though a Microsoft data-center power joint venture offers only a tenuous strategic link. Antitrust would be easy; strategic fit is the problem.

3. TotalEnergies: Global LNG Trader Angle TotalEnergies (NYSE:TTE) grew integrated liquefied natural gas (LNG) sales 10% to 43.9 metric tonnes (Mt) and signed onto Rio Grande LNG Train 4. Antero’s export-linked barrels would feed the French supermajor’s global book. Scrutiny from the Committee on Foreign Investment in the United States (CFIUS) and cultural fit are the main drags.

2. ConocoPhillips: The Serial Acquirer ConocoPhillips (NYSE:COP), fresh off Marathon Oil integration and targeting $7 billion incremental FCF by 2029, holds 10 MTPA of Port Arthur LNG offtake. Antero’s Gulf-linked gas would plug directly into that portfolio, and COP has proven M&A muscle.

1. EQT: The Obvious Buyer EQT (NYSE:EQT) is the largest U.S. gas producer at a $30.8 billion market cap, trading at 4.82 EV/EBITDA. CEO Toby Rice has told investors, “accelerating power demand growth in the United States, particularly in Appalachia, is creating incremental opportunities in our backyard.” Geographic overlap, shared LNG contracting, and EQT’s $1.83 billion Q1 free cash flow make this the cleanest fit. Antitrust review would be the main hurdle.

Where Private Equity Fits Energy-focused private equity firms (EnCap, NGP, Quantum, Blackstone Energy) could bid, but a $10 billion public E&P with an investment-grade credit profile and integrated midstream operations exceeds typical PE sweet spots. PE ranks below Chevron: strategic synergies cannot match EQT’s, and financing costs erode the arbitrage. Keep an eye on the stock as consolidation logic tightens across Appalachia.

Contact [email protected] for any questions or corrections.

, /PRNewswire/ -- PPL Corporation (NYSE:PPL) will release consolidated second-quarter 2026 earnings results on Friday, Aug. 7.

Vincent Sorgi, PPL president and chief executive officer, and other members of PPL's executive team will discuss quarterly results and the company's general business outlook during a conference call with financial analysts beginning at 11 a.m. Eastern time.

The call will be webcast live, in audio format, along with slides of the presentation. Interested individuals can access the webcast link at www.pplweb.com/investors under Events and Presentations or join the live conference call by telephone at 1-844-512-2926. International participants should call 1-412-317-6300. Participants will need to enter the following "Elite Entry" number to join the conference: 4896257.

For those who are unable to listen to the live webcast, a replay with slides will be accessible at www.pplweb.com/investors for 90 days after the call.

About PPL
PPL Corporation (NYSE: PPL), headquartered in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to more than 3.6 million customers in the U.S. PPL's high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com.

Contacts: For news media: Ryan Hill, 610-774-4033
                 For financial analysts: Andy Ludwig, 610-774-3389

SOURCE PPL Services Corporation

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SummaryArch Capital retains a Conditional Quality Buy rating, contingent on maintaining profitability and book value growth amid declining reinsurance pricing.Q1 2026 results confirm robust underwriting and a 15.4% operating ROE, but headline strength reflects favorable reserve releases from prior periods.ACGL’s strong balance sheet and capital flexibility allow disciplined risk selection, enabling avoidance of poorly priced contracts without liquidity pressure.Buy thesis hinges on ACGL preserving margins and ROE as earned reinsurance premiums decline; Hold becomes justified if profitability erodes alongside volume. Panuwat Dangsungnoen/iStock via Getty Images

Introduction Arch Capital Group Ltd. (ACGL) is still one of the highest-quality names in the insurance market. The problem is that the environment that produced those returns is already changing. The reinsurance market is offering

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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.

Bonk [BONK] suffered an exploit of $20 million on 6th July. The memecoin project wrote that it was enabled by a “malicious governance proposal.” Soon after, security analysts flagged the exploited weakness as the project’s security failure.

Source: CryptoS6 on X The BONK exploiter has continued to move funds though. Two transactions of around 400 billion BONK, worth $1.39 million and $1.34 million, were sent to the same Binance deposit address on Thursday, 16th July.

Now, the $2.73 million memecoin move does not confirm they were sold. However, they do suggest that the hacker was looking for an exchange exit.

BONK was already under severe bearish pressure, and the exploit earlier in July did its price action no favors. In the last 24 hours alone, the token has shed 6.72% of its value.

Remarkably, its daily trading volume was up by almost 120% too. Moreover, the Open Interest spiked by 30% in 24 hours. Sliding prices and rising volumes hinted at a notable uptick in selling pressure.

Can BONK holders hold on? Since rallying to a swing high of $0.0000134 in the first week of January earlier this year, BONK has shed 74.18%. Even the early January rally was part of a broader downtrend the memecoin has been on since early February 2025.

Holders have no choice but to hold their losses or sell at extreme drawdown levels.

Source: BONK/USDT on TradingView The $0.00000514 local resistance zone was tested earlier in July, but to no avail. The exploit and the subsequent bearish pressure forced prices to new lows.

The OBV also slid to new lows for the year to showcase the relentless selling pressure on the memecoin. Meanwhile, the RSI on the 1-day chart did not yet reach oversold territory.

As things stand, another 18% BONK drop is likely. The next price target will be $0.00000287, which is the 23.6% southward Fibonacci extension level.

Final Summary Hacker behind BONK’s $20 million exploit earlier in July has been moving tokens to Binance, likely with the intent to sell. Severe bearish pressure on the memecoin was amplified and another southbound move cannot be ruled out.

SummaryCompaniesDraft bill would require platforms to pay for news link previews and AI training useOnly AI-assisted works with meaningful human creative input would qualify for copyright protectionNon-compliant platforms could face sanctions including removal of their Indonesian operating licenceGoogle warns disclosure rules are too broadJAKARTA, July 17 (Reuters) - Indonesia is preparing sweeping changes to its copyright law, ​including granting copyright privileges to people who use artificial intelligence to help them generate content, a draft bill reviewed by Reuters showed, setting up a ‌potential showdown between the government and major tech platforms.

If passed, Indonesia could become the first country in Southeast Asia to incorporate AI in its copyright law, as governments globally grapple with the impact of the technology on copyright rules, including the use of work created by humans to train AI models.

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It was not immediately clear when the bill, which was an initiative of parliament and given to the ​government for its input, would be passed into law.

Hermansyah Siregar, an Indonesian law ministry official overseeing intellectual property, confirmed the authenticity of the draft bill ​and told Reuters it would mark the first explicit recognition of AI in Indonesia's copyright law.

"The development of generative AI has disrupted ⁠the copyright framework," Siregar said. "If unregulated, it could kill human creation."

FAIR-USE PROVISIONSThe previously unreported AI-specific clauses of the bill include banning the use of AI to imitate a ​creator's "distinctive style" and mandating disclosure on AI use in content.

The bill also requires tech platforms to pay compensation for aggregating, republishing or link-previewing news content, as well as using it for ​AI training. The compensation would go to state-supervised collective management organisations, which would distribute the funds to news publishers.

The rules would apply to a variety of content including video games, photography, computer programs, journalism and films.

AI-assisted works would qualify for copyright protection only if they met human involvement criteria, while fully AI-generated works would be excluded. The draft did not say how much human involvement was needed to qualify for ​protection.

The use of copyrighted works to train AI models would also be subject to fair-use provisions or licensing agreements, the draft said.

Ari Juliano Gema, an IP and ​entertainment lawyer, said Indonesia's bill might trigger concern among tech companies as it appeared to conflate commercial use of AI with its use for research.

Tech giants such as Google (GOOGL.O), opens new tab, which issued a statement ‌last month ⁠criticising the copyright overhaul, could face sanctions if they do not comply with the bill's provisions, including having their local business permits revoked.

"Rigid, overbroad mandates, however, would harm local creators, slow innovation, and leave Indonesia as an international outlier, ultimately discouraging the investment needed to drive its digital future," Google said in its statement, adding it would engage with the government on the bill.

Meta (META.O), opens new tab and TikTok did not immediately respond to requests for comment on the proposals. Meta's Instagram and Facebook platforms are popular among Indonesians.

Siregar said AI regulation was ​a global issue, citing an ongoing court case led ​by the New York Times, one of ⁠many brought by copyright owners against tech companies for alleged misuse of their material to train AI systems.

The draft was not final and the government was seeking further input, Siregar added.

INDONESIA'S AI PUSHIndonesia's proposals come as Southeast Asia's largest economy pushes for the wider adoption ​of AI and as the government moves to embed AI in key programmes.

On Thursday, Indonesia was among 29 countries that signed an ​agreement in Shanghai to establish an ⁠intergovernmental body China says will promote cooperation and global governance of AI.

China's President Xi Jinping on Friday outlined a vision for a new global AI order in which China would share its open-source AI technology and expertise with countries across the developing world.

Xi also called for AI systems to remain under human control and urged countries to establish early-warning and emergency-response mechanisms to ⁠manage AI ​risks, stressing the importance of human oversight and control.

Indonesia's AI disclosure requirements mirror transparency rules emerging elsewhere.

The European ​Union AI Act requires companies to clearly label where AI has been used to generate or modify images, video or audio content "constituting a deepfake", though it carves out exemptions for certain artistic or satirical works.

AI is ​not explicitly mentioned in U.S. or Singapore copyright statutes, but their copyright offices have said copyright protection requires human contribution.

Reporting by Stanley Widianto; Editing by Gibran Peshimam and Kate Mayberry

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

Jim Cramer has a message for anyone who bought Micron, Corning, or Seagate with borrowed money: get out now, before the margin clerks make the decision for you.

On Mad Money, the CNBC host laid out why the current unraveling in tech and semiconductor stocks has almost nothing to do with how these companies are actually performing, and everything to do with leverage. “Panic is not a strategy,” he said, before explaining exactly why panic is winning anyway.

Cramer’s Core Argument: Leverage Beats Fundamentals Cramer’s central point is that strong fundamentals cannot save a stock once a leverage-fueled rally goes into reverse. “When you get these parabolic rallies that they’ve had based on overconfidence and leverage on the part of overexuberant traders, well, if you buy a stock thinking that it can fly all the way to the sun, you’re going to get burned no matter how good the fundamentals are, especially if you use margin, something I abhor and will be the bane of your existence if you’re not careful.”

Corning Was Exhibit A Corning (NYSE:GLW | GLW Price Prediction) drew Cramer’s sharpest example. “When you watch Corning go from $77 to $271 in a short period of time, you know that you have to sell some,” Cramer said. “Maybe you have to cut the position in half because the fundamentals are no longer in the driver’s seat. The crazies are.” Our data shows Corning surging more than 200% over the past year, then tumbling nearly 18% in just the past week, exactly the kind of round trip he describes. Corning trades around $158 after that flush.

The Mechanics of a Forced Unwind Once big institutions start selling, there is nobody left with the firepower to hold prices up. “When you get the professionals selling huge chunks of stock, as we have right now, the margin amateurs and the call buyers and inexperienced hedge fund managers cannot possibly prop up the share prices. So what happens? The calls quickly cease to be worth anything. The margin buyers don’t have enough money to fend off the margin calls, so they’re forced to sell at bad prices.” Company quality becomes beside the point. “At this very moment, it doesn’t matter one bit how these companies are actually doing. Do you know that what matters is how the margin clerks are doing? That’s why, by the way, I like to wait until 2 p.m. to see if there’s a real bottom. That’s when the margin clerks are done selling for the day.” In a forced-selling cascade, the bottom arrives when liquidations exhaust themselves, not when earnings stabilize.

Micron: A Blowout Quarter Meets a Margin Flush The companies themselves are fine. Micron Technology (NASDAQ:MU) delivered a fiscal Q3 that raised the bar for the entire memory complex: revenue of $41.46 billion versus $35.25 billion expected, non-GAAP EPS of $25.11, and GAAP gross margin of 84.6%, per the company’s 8-K filing. CEO Sanjay Mehrotra told investors that “Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.” Q4 guidance calls for $50.0 billion in revenue and $31.00 in non-GAAP EPS.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today.

Then the stock rolled over anyway. Micron down 14% on the week even as it sits up nearly 199% on the year. Options positioning tells the same story: tomorrow’s expiration alone carries 337,818 calls of open interest against 577,051 puts, evidence of the leveraged, speculative crowd Cramer is describing.

Seagate Rides the Same Wave Seagate Technology (NASDAQ:STX) sits in the same demand story and the same drawdown. Fiscal Q3 revenue hit $3.11 billion, up 44.1% year over year, with CEO Dave Mosley telling investors that “Seagate is entering a new era of structural growth as AI applications amplify data creation and support sustained storage demand.” The stock still slid 16.25% over the past week.

That gap between fundamentals and price action is exactly what Cramer flagged as healthy. “The faster you get rid of those who borrow the money to buy an SK Hynix or Micron, the healthier this market will be. The unwind is good news.”

The Warning That Gives This Story Its Edge “If you’re borrowing money to buy stocks, I think you’ll still have a chance to get out with your shirt on. But if you persist, you might be naked by Monday.”

Parabolic moves unwind faster than they build, and margin turns a good company into a perilous stock the moment sentiment cracks. Cramer sees Micron and Corning as fundamentally sound businesses. His warning is that borrowed money in a forced-selling market is a trap, and the exit is closing. Sell the leverage, he argues, and once the margin clerks finish their work, the opportunity comes back elsewhere.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Across Protocol, one of the largest cross-chain bridge platforms in crypto, confirmed on July 17 that its Solana bridge deployment was hit by an attack. The good news: user funds appear untouched. The less good news: it’s another reminder that bridges remain crypto’s favorite punching bag for exploiters.

The incident was detected at approximately 5:30 AM UTC, and the team moved quickly to disable Solana deposits as a precautionary measure. All transactions completed before the attack were secured, and the protocol continues to function normally on other supported chains like Ethereum and Base.

What happened and who’s exposed Here’s the thing about this attack: the potential losses appear limited to a very specific bucket. Only funds associated with the relayer operated by Risk Labs, the foundation that supports Across Protocol, are considered at risk. That’s an important distinction. In the world of bridge exploits, where users often wake up to find their deposits evaporated, this outcome is about as contained as it gets.

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Across uses what’s called an intent-based architecture. Think of it like placing an order at a restaurant: you state what you want (move tokens from Chain A to Chain B), and a relayer fills that order using their own capital, getting reimbursed later. The relayer takes on the risk, not the user. In this case, Risk Labs was operating that relayer on the Solana side, which is why their funds, not users’ funds, are the ones in the crosshairs.

The protocol employs an optimistic verification model powered by the UMA oracle. Transactions are assumed valid unless someone challenges them within a dispute window.

Across has stated that a full post-mortem analysis will be published in the coming days. The team is also working with SEAL_911, a well-known crypto security response group, to monitor addresses linked to the attack.

A $35 billion track record, now with an asterisk Before this incident, Across Protocol had processed over $35 billion in transaction volume without a single exploit. Its intent-based model was specifically designed to reduce the attack surface by keeping user funds out of vulnerable smart contract pools. That design philosophy appears to have held up here: users weren’t exposed.

What this means for investors If you had funds moving through Across’s Solana bridge, they appear safe. If you’re planning to bridge assets to or from Solana via Across, you’ll need to wait. Deposits on that chain are disabled until further notice.

The bigger question is what the post-mortem reveals. Was this a smart contract vulnerability specific to the Solana deployment? A relayer configuration issue? Something in how the UMA oracle interacted with Solana’s architecture? The answer matters, because it determines whether this was a one-off implementation bug or something that could theoretically affect other chains in the Across ecosystem.

Traders and liquidity providers who interact with Across on other chains should monitor the post-mortem closely. If the vulnerability turns out to be Solana-specific, operations on Ethereum, Base, and other supported networks should remain unaffected. But if the root cause touches shared infrastructure, the calculus changes fast.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

, /PRNewswire/ -- Yum China Holdings, Inc. (NYSE: YUMC and HKEX: 9987, "Yum China" or the "Company") today announced, in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEX") which require advance notice of board meetings at which a dividend is expected to be declared, that its board of directors (the "Board") will consider the declaration and payment of a quarterly dividend (the "Dividend"). If the Board decides to proceed, the declaration will be adopted by Board resolution on or around July 30, 2026 (Beijing/Hong Kong Time) and will be promptly disclosed by the Company.

The Company makes available through the Investor Relations section of its internet website at http://ir.yumchina.com its filings with the HKEX as soon as reasonably practicable after electronically filing such materials with the HKEX. These filings may also be obtained by visiting the HKEX's website at http://www.hkex.com.hk.

As no Board resolution in relation to the Dividend has been adopted as of the date of this press release, there is no assurance that the Dividend will be declared.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.

About Yum China Holdings, Inc. 

Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company operates over 18,000 restaurants under six brands across around 2,600 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. In addition, Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.

Investor Relations Contact
Tel: +86 21 2407 7556
E-mail: [email protected] 

Media Contact
Tel: +86 21 2407 3824
E-mail: [email protected] 

SOURCE Yum China Holdings, Inc.

Hyperliquid’s native token HYPE falls 12% over the past 24 hours amid massive profit-taking. On-chain data revealed that a wallet linked to venture capital giant a16z has started selling a major portion of its holdings.

a16z Wallet Sells 437K Hyperliquid Tokens amid Massive Profit Booking An a16z-linked wallet known for massive accumulation of HYPE has started selling its holdings, Lookonchain reported on July 17. The wallet has deposited almost 437,000 HYPE tokens, valued at around $28.38 million.

Over the past 2 days, the wallet has dumped its HYPE holdings into Hyperliquid, OKX, Bybit, and Gate crypto exchanges. The selling coincided with massive profit-taking suffered by Hyperliquid.

Spot On Chain revealed another suspected a16z wallet moved $30.57 million to crypto exchanges. The two wallets have dumped $59 million in HYPE over the last 24 hours.

Coinglass data showed $19 million in HYPE long positions liquidated over the past 24 hours. This comes amid broader selling pressure in the crypto market due to new US strikes on Iran and crypto options expiry today.

The crypto market saw nearly $400 million in liquidations over the past 24 hours. Over 100K traders are liquidated, with the largest single liquidation order of ETHUSDT worth $6.24 million on Binance.

To avoid sudden margin wipes during volatile market events, it is essential to use risk-management tools on the best crypto leverage trading platforms available today.

HYPE Price Crashes 12% HYPE price fell almost 12% in the past 24 hours, with the price currently trading at $59.46. The 24-hour low and high are $58.51 and $66.07, respectively. Furthermore, the trading volume has increased by 40% over the last 24 hours, as traders join Hyperliquid profit booking .

Meanwhile, Robinhood Chain overtook Hyperliquid in 24-hour decentralized exchange (DEX) volume, with more than $606 million. Robinhood Chain has recorded massive demand amid RWA, DeFi, and CASHCAT buzz. In the last 7 days, the new chain recorded $5.29 billion in DEX volume, while Hyperliquid saw $1.48 billion in volume.

Ched Trading noted profit-booking in Hyperliquid after it fell below the EMA-8 on the weekly chart. The price could fall further towards $55 if it fails to hold.

Hyperliquid (HYPE) Price in Weekly Timeframe. Source: Cheds Trading Derivatives markets record massive selling, as per CoinGlass data. The total HYPE futures open interest fell more than 8% to $2.55 billion in the last 24 hours. HYPE futures OI on Binance tumbled 13% and 12% on Bybit, signaling bearish sentiment among derivatives traders.

Bitcoin Japan has secured plans to raise approximately 9.66 billion yen (approx $59.5 million), with 662 million yen (approx $4.08 million) earmarked for its first Bitcoin treasury allocation since adopting its new corporate identity.

Summary

Bitcoin Japan has planned a 9.66 billion yen fundraising, with 662 million yen allocated for its first Bitcoin purchases. Most of the proceeds will go toward private equity, rare earth mining, and Robot as a Service investments, while Bitcoin receives about 7% of the total. The funding follows an earlier capital raise that failed to finance its Bitcoin treasury strategy after falling short of its fundraising target. Japanese crypto news outlet CoinPost reported that Tokyo Stock Exchange-listed Bitcoin Japan, formerly Horita Marusho, will issue 1.5 billion yen in unsecured convertible bonds with stock acquisition rights alongside a second series of stock acquisition rights through Cayman Islands-based investment fund EVO FUND. 

If the securities are fully exercised, the company expects net proceeds of about 9.657 billion yen.

Bitcoin receives 7% of planned fundraising Company filings cited by CoinPost show that Bitcoin purchases will receive 662 million yen, or about 7% of the planned financing. The largest share, 3.756 billion yen, has been set aside for undisclosed private equity investments, followed by 3.503 billion yen for rare earth mining projects in South Africa and 1.446 billion yen for investments in a Robot-as-a-Service (RaaS) business. Another 290 million yen has been allocated for working capital.

Convertible bonds allow investors to exchange debt for company shares at a predetermined price. CoinPost noted that the structure can reduce immediate pressure on the share price by spreading conversions over time, although the company remains responsible for repayment if the bonds are not converted.

Bitcoin Japan changed its name from Horita Marusho in 2024 and announced plans to transition from a textile trading business into a digital asset treasury company centered on Bitcoin and AI infrastructure. Even so, the company has yet to acquire any Bitcoin.

The latest allocation follows an earlier fundraising effort that fell short of expectations. Company disclosures previously showed that Bitcoin Japan planned to raise as much as 5.715 billion yen in December 2025, including 988 million yen for a Bitcoin treasury strategy. Weak share price performance limited investor participation, reducing the total amount raised to 3.095 billion yen and leaving no funds available for Bitcoin purchases.

Current filings state that the newly allocated Bitcoin funds will be deployed selectively depending on market conditions. The company has not disclosed a purchase timeline, targeted Bitcoin holdings, or performance metrics, although it continues to describe Bitcoin as a long-term hedge against the erosion of fiat currency value.

Financing comes after technology investment push The fundraising follows Bitcoin Japan’s recent expansion into technology investments beyond digital assets.

In May, the company disclosed an investment in SpaceX through its wholly owned U.S. subsidiary, BTCJPN US LLC, using a U.S.-based private secondary market transaction. At the time, Bitcoin Japan said it was targeting sectors including AI compute infrastructure, satellite communications, digital assets, and next-generation technologies as part of its long-term investment strategy.

The latest financing could also substantially increase the company’s share count. According to documents cited by CoinPost, full conversion of the convertible bonds and exercise of all stock acquisition rights at the minimum price would result in dilution of up to 110%, or 115% on a voting rights basis.

Because the transaction qualifies as a large third-party allotment under Japanese rules, the company obtained an opinion from an independent committee consisting of outside legal experts, which concluded that the financing was necessary and reasonable.

Financial results released by the company showed consolidated revenue of 2.959 billion yen and an operating loss of 462 million yen for the fiscal year ending March 2026, extending its streak of operating losses to eight consecutive years. Against that backdrop, the planned Bitcoin allocation represents the company’s first funded step toward executing the treasury strategy it announced after its rebranding.

TL;DR U.S. spot Bitcoin ETFs attracted $79.15 million in net inflows on July 16, according to SoSoValue. BlackRock’s IBIT led all Bitcoin ETFs with $33.44 million in fresh inflows. Spot Ethereum ETFs recorded $28.04 million in total net outflows during the same trading session. Bitwise’s ETHW posted the largest single-day inflow among Ethereum ETFs at $2.28 million. U.S. spot Bitcoin exchange-traded funds (ETFs) returned to positive territory on July 16, recording $79.15 million in net inflows, even as spot Ethereum ETFs continued to face investor withdrawals. The latest data from SoSoValue shows BlackRock’s iShares Bitcoin Trust (IBIT) led Bitcoin fund inflows with $33.44 million, while Bitwise’s ETHW posted the largest inflow among Ethereum funds despite the sector finishing the day with an overall $28.04 million net outflow.

According to SoSoValue data, U.S. spot Bitcoin ETFs recorded total net inflows of USD 79.15 million on July 16, led by BlackRock’s IBIT with USD 33.44 million. Spot Ethereum ETFs posted total net outflows of USD 28.04 million, although Bitwise’s ETHW recorded the largest… pic.twitter.com/jgejDWUYgs

— Wu Blockchain (@WuBlockchain) July 17, 2026

The mixed performance underscores how institutional investors continue to favor Bitcoin exposure while remaining more cautious on Ethereum after several weeks of uneven ETF demand.

BlackRock Leads Bitcoin ETF Recovery According to SoSoValue data, the July 16 session saw Bitcoin ETFs attract fresh capital after a volatile stretch that has featured alternating days of inflows and outflows throughout July. BlackRock’s IBIT accounted for the largest share of new investments, adding $33.44 million, helping the sector finish the day with a net gain of $79.15 million.

The accompanying SoSoValue chart shows Bitcoin ETF assets standing at approximately $77.72 billion, with the daily inflow occurring as Bitcoin traded around the $64,000 mark.

Although the latest inflow is modest compared with the billion-dollar sessions seen earlier in the ETF market’s history, it suggests institutional demand has not disappeared despite recent market consolidation. Recent trading sessions have been characterized by rapidly shifting investor sentiment as macroeconomic uncertainty and crypto-specific developments continue to influence fund flows. 

Ethereum ETFs Remain Under Pressure While Bitcoin products attracted fresh investment, Ethereum ETFs moved in the opposite direction despite a good market day for Ethereum the day before.

The group posted a combined $28.04 million in net outflows for the day, extending the uneven pattern that has defined Ethereum fund performance in recent weeks.

Despite the overall decline, Bitwise’s ETHW stood out by recording the day’s largest individual inflow at $2.28 million, suggesting that selective investors continue accumulating exposure even as broader sentiment toward Ethereum funds remains cautious.

The divergence between Bitcoin and Ethereum ETFs highlights how institutional capital is currently flowing unevenly across digital assets, with Bitcoin continuing to attract relatively stronger demand. 

ETF Flows Remain a Closely Watched Market Indicator Spot ETF activity has become one of the crypto market’s most closely monitored indicators since the products launched, offering insight into institutional appetite for digital assets.

While one day’s inflows do not establish a long-term trend, analysts often view sustained ETF demand as a sign of growing investor confidence because these products provide regulated exposure to cryptocurrencies through traditional brokerage accounts.

BlackRock remains the world’s largest asset manager, and IBIT has consistently ranked among the most actively traded spot Bitcoin ETFs since its launch. Continued inflows into the fund are frequently interpreted as evidence that institutional participation remains resilient despite short-term price volatility.

Investors will now be watching whether the latest inflows develop into a broader recovery after weeks of fluctuating demand.

Earlier this month, Bitcoin ETFs experienced several sessions of significant outflows before returning to positive territory on multiple occasions, reflecting an increasingly volatile institutional landscape rather than a sustained buying or selling trend. Ethereum ETFs have likewise alternated between inflows and outflows, although recent sessions have generally shown weaker momentum than their Bitcoin counterparts.

Dogecoin (DOGE) price is down by 3.17% today, July 17, to trade at $0.071 at the time of writing. The drop comes despite T.Rowe launching an active crypto ETF on July 16 that offers exposure to multiple cryptocurrencies, including Dogecoin.

While this will be the fourth ETF for the biggest meme coin by market cap, SoSoValue data shows that institutions are not impressed, with DOGE ETFs recording zero inflows since June 17.

T.Rowe Debuts DOGE ETF With 2.6M Allocation T.Rowe, an asset manager with $1.8 trillion in assets under management, launched the first active crypto ETF on July 16. That ETF holds Dogecoin among other crypto assets.

This crypto ETF launched with $15 million in seed capital from T.Rowe, with Dogecoin getting a weighting of 1.28%. That means the ETF holds 2.6 million DOGE tokens valued at $192,000.

According to Bloomberg ETF analyst Eric Balchunas, T.Rowe is a “legacy stock picker” and the addition of Dogecoin to this ETF alongside Bitcoin and Ethereum suggests the meme coin is getting some credibility from Wall Street.

Still, SoSoValue shows that there have been no inflows to Dogecoin ETFs for one month between June 17 and July 17.

In fact, Dogecoin ETFs have recorded $871,000 in outflows in July, with these outflows coinciding with a $1.2 billion sell-off in the meme coin market.

The lack of retail and institutional demand comes as the price of Dogecoin drops by 54% from its January high of $0.156 to trade at $0.071 on July 17.

Dogecoin Price Signals a Bullish Divergence as Bears Test Crucial Support Dogecoin has printed a bullish divergence on the daily chart because the AO bars that are negative are shrinking despite the price dropping.

These green AO bars support a bullish long-term Dogecoin price forecast because they show that bears are losing their grip.

But the volume bars that have been red for three straight days also show that the selling pressure is still higher than the buying pressure.

This selling pressure could pull the price of Dogecoin below the support of $0.070 to $0.060.

However, if Dogecoin remains above $0.070, it will confirm a double-bottom pattern, that could cause a 10% gain to the July 4 high of $0.079.

DOGE/USDT: 1-day Chart (Source: TradingView) The ADX line that is dropping also suggests that the trend around Dogecoin is weak and the price might hover near this support of $0.070 unless either buyers or sellers return.

Futures Data Signals Weak Demand for Dogecoin Data from Coinglass shows that futures volumes for Dogecoin have dropped by 18% today, July 17, to $775 million at the time of writing. The open interest has also dropped by 11% to $1.01 billion.

Dogecoin Futures Volumes (Source: Coinglass) These drops suggest that futures traders are reducing their positions on Dogecoin as they become less confident about where the price is heading

This drop could be coming from long buyers who are either closing their positions or being wiped out through liquidations.

The exiting long buyers have led to short sellers dominating most of the futures positions in Dogecoin, with the long/short ratio dropping to 0.81.

Cardano (ADA) is currently trading between $0.161 and $0.163, reflecting a slight decline of around 1.4% as short positions drive market sentiment ahead of a major network upgrade set for July 18.

Institutional accumulation contrasts retail behaviorADA traded in a range between $0.1611 and $0.1664 during the latest session, pulling back from early July’s high near $0.195. However, notable accumulation is taking place among large holders. Wallets holding between 100,000 and 100 million ADA have increased their combined balance to 25.65 billion ADA, a level last seen in February 2023. This cohort of investors, often considered “whales,” appears to be taking advantage of the current price dip to expand their positions.

In contrast, retail investors are demonstrating less interest in accumulation. Data shows that wallets with fewer than 100 ADA now own approximately 0.7% less than they did four months ago. This suggests a divergence between institutional and smaller holders regarding the outlook for Cardano.

Large Cardano investors controlling 100,000 to 100 million ADA have now amassed 25.65 billion ADA, marking the highest accumulation rate since February 2023, while retail participation continues to decline.

On the derivatives side, CoinGlass reports show ADA’s weighted funding rate at -0.0067%, indicating that short sellers are paying long traders. The long-to-short ratio stands at 0.58, signaling bearish sentiment, while open interest in ADA futures has risen by about 4% to between $421 million and $445 million.

Van Rossem upgrade scheduled for July 18The next significant event for the Cardano network is the activation of the Van Rossem hard fork, which was formally approved on July 13. Intersect, the Cardano ecosystem’s member-based governance body, has directed all infrastructure operators to complete necessary software updates before the scheduled upgrade. The Van Rossem update is set to go live at 21:45 UTC on July 18.

Van Rossem will bring reduced transaction fees and upgraded Plutus smart contract features. These improvements are designed to make decentralized applications and network transactions more efficient and affordable. In addition, the upgrade sets the groundwork for a future performance enhancement known as Leios, aimed at boosting Cardano’s transaction processing capacity by the end of 2026.

Mini dictionary: Intersect, established in 2023, is a member-driven governance organization designed to provide decentralized and collaborative oversight for Cardano network operations and upgrades.

The Van Rossem hard fork will introduce enhancements to the Plutus smart contract platform and lower execution costs, paving the way for more scalable applications on Cardano in the future.

Key technical levels and analyst perspectivesADA is currently trading just below the Murrey Math resistance level at $0.1709 on the daily chart. The Relative Strength Index (RSI) is in the range of 44.0 to 46.9, reflecting neutral to moderately bearish momentum. The MACD also indicates minimal positive movement at this stage.

Critical resistance areas lie at $0.173 (23.6% Fibonacci retracement), $0.179 (50-day EMA), and a higher band between $0.195 and $0.207. Nearest support stands at $0.150, with a previous cycle low at $0.1382 from June 25. A concentrated liquidity pool is visible in the $0.160–$0.161 range, with substantial interest also clustered near $0.170. Prices falling below $0.160 could trigger long position liquidations, pushing ADA to around $0.1465. A move above $0.170 may lead to a short squeeze and a potential price recovery.

LevelTypePriceImmediate ResistanceMurrey Math$0.1709ResistanceFibonacci (23.6%)$0.173Resistance50-day EMA$0.179ResistanceRange High$0.195 – $0.207SupportNearest Support$0.150SupportJune Low$0.1382Market analyst Celal Kucuker recently shared his outlook on X, stating that he believes Cardano could reach a new all-time high of $5, pointing to a bullish divergence visible on the weekly RSI. He views the present price zone as a potential bottom and expects a strong rally to begin from current levels.

Despite these optimistic projections, ADA remains below its 50-day, 100-day, and 200-day exponential moving averages, located at $0.179, $0.208, and $0.276 respectively, indicating that the wider downtrend is still intact ahead of the Van Rossem upgrade.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Venezuela, a country sitting on the world’s largest proven oil reserves, now has a parallel financial system powered by a token pegged to the US dollar. USDT trading volume in the country reached roughly 75% of monthly oil exports during the period from June 11 to July 13, a figure that would have sounded absurd even two years ago.

How Tether became Venezuela’s shadow dollar PDVSA, Venezuela’s state oil company, began requiring USDT prepayments for oil sales as early as 2023-2024. By Q1 2024, many deals demanded half the cargo value upfront in Tether’s stablecoin.

According to economist Asdrúbal Oliveros, as cited by the Wall Street Journal, an estimated 80% of Venezuela’s oil revenue is expected to be settled in USDT by late 2025 or early 2026.

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Venezuela’s total crypto transaction volume tells an even bigger story. Chainalysis data shows the country recorded $44.6 billion in crypto transactions in the 12 months ending June 2025.

The sanctions squeeze and stablecoin escape valve US sanctions on Venezuela have progressively tightened over the past several years, targeting PDVSA specifically and making it nearly impossible for the company to access the global financial system through normal channels. USDT offers something the bolívar cannot: stability. Venezuela’s local currency has been ravaged by hyperinflation for years, making it essentially useless as a store of value.

Tether reportedly froze at least 41 wallets linked to Venezuelan sanctions evasion attempts by mid-2024. Then in January 2026, Tether executed a larger freeze totaling $182 million.

Why this matters beyond Venezuela For the broader crypto market, Venezuela’s USDT adoption creates a tension: it validates that stablecoins serve a genuine economic function in real commerce and commodity settlement, while handing ammunition to regulators who have argued that crypto enables sanctions evasion.

Traditional oil market intelligence, built on tracking tanker movements and banking flows, becomes less reliable when settlement happens on-chain through layered wallets. Circle’s USDC has positioned itself as the compliance-first alternative to Tether, but USDT’s dominance in emerging and sanctioned markets gives it a usage moat that is hard to replicate.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

TRON (TRX) is maintaining a critical support zone, with market observers highlighting the potential for a bullish reversal if buyer momentum persists. Tron Inc., the company behind the TRON blockchain, recently increased its TRX holdings, citing confidence in long-term ecosystem growth and asset value.

Price action and key support levelsTRX is currently trading at $0.3231, recording a 24-hour trading volume of $414.65 million and holding a market capitalization of $30.65 billion. The coin has shown relative stability over the last day, with a price structure that some analysts interpret as a precursor to upward movement if support zones remain intact.

Crypto analyst Umair Orakzai stated that TRX is approaching a critical support area within its established range, offering opportunities for buyers to retain influence over price action. The price has been consolidating in a channel between $0.314 and $0.335.

A move above this range could accelerate bullish momentum, potentially targeting $0.364 as the next resistance level. On the other hand, a breakdown below the lower boundary would prompt TRX to test its previous support, with traders watching for possible reversal signals. Should further declines persist, analysts expect the token to reach what is referred to as the ‘Golden Pocket,’ often seen as a robust area for a price reaction.

Mini dictionary: Golden Pocket, a term used in technical analysis describing a price range, typically between the 0.618 and 0.65 Fibonacci retracement levels, where strong support or resistance is expected.

Analyst Umair Orakzai has pointed out that if buyers hold the $0.314 to $0.335 range, a breakout could drive TRX towards its next target near $0.364, cementing bullish sentiment in the market.

Price ZoneRole$0.314-$0.335Support/Trading Range$0.364Next Resistance TargetTron Inc. increases TRX holdingsTron Inc. has confirmed that it recently acquired an additional 151,976 TRX tokens at an average price of $0.3290 per token, bringing the firm’s total TRX reserves above 705.3 million tokens. The company has stated that growing its treasury in TRON Digital Asset Treasury (DAT) remains a key objective, aiming to deliver future value for shareholders through the accumulation of strategic assets aligned with the TRON ecosystem.

Mini dictionary: Tron Inc., developer and operator of the TRON blockchain ecosystem, is known for its focus on decentralized applications, smart contracts, and digital asset management, serving as the central entity for project governance and development.

According to the company, ongoing accumulation reflects its positive outlook for the TRON network’s long-term prospects. Institutional confidence through such purchases is often interpreted as a vote of support for the stability and future growth of an ecosystem.

Tron Inc. emphasized that increasing their holdings in the Tron Digital Asset Treasury is a key strategy intended to generate value for shareholders and demonstrate trust in the network.

Market trend and outlookDespite the accumulation by Tron Inc. and positive price predictions, the broader market trend remains a headwind for TRX. A sideways movement in the price of Bitcoin has tempered gains across most altcoins, including TRON.

TRX traders are closely monitoring the support zone to gauge near-term direction. Should buyers maintain this level, the price could challenge the $0.364 resistance with renewed bullish pressure. However, a drop below support may trigger significant selling as technical traders adjust their positions.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Someone just walked into BonkDAO, spent roughly $4.4 million on tokens, and walked out with approximately $20 million from the treasury. Not by hacking smart contracts. Not by finding a zero-day exploit. By simply showing up to vote when nobody else did.

Welcome to the era of the “apathy attack,” a term coined by Dr. NickA (Nick Almond), Head of Governance at Jito Foundation, to describe a governance exploit pattern that has now hit DAOs from Compound to BonkDAO. The vulnerability isn’t in the code. It’s in the community.

How the BonkDAO attack unfolded On July 6, 2026, an attacker acquired enough BONK tokens to surpass the DAO’s 1% quorum requirement. Only about 2.9% of total participants actively voted on the malicious proposal, spread across just 7 wallets. The proposal passed and drained roughly 4.43 trillion BONK tokens, valued at approximately $20 million, from the treasury.

Post-attack, the stolen tokens were reportedly moved into a newly established “BONK 2.0” multisig DAO controlled by the attacker and their associates.

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The irony is thick: BonkDAO specifically set its quorum at 1% as a measure to deter apathy by making governance participation easy. Instead, the low threshold made governance capture trivially cheap.

Compound’s earlier warning shot Compound, one of DeFi’s most established lending protocols, faced its own governance crisis back in July 2024. Declining voter participation created the conditions for a similar exploit pattern, where proposals could be pushed through without meaningful community consensus. The incident was serious enough that Compound established the Compound Governance Working Group specifically to boost engagement and prevent future attacks.

Dr. NickA has drawn a direct line between these incidents, framing them as part of the same systemic vulnerability. The attack vector doesn’t target code. It targets disengagement. Historical data on DAO voter participation paints a grim picture. Turnout across token-weighted DAOs can dip below 10%, and in some cases falls as low as 0.1% to 3%.

The governance paradox The BonkDAO attack is especially instructive because the $4.4 million spent to acquire tokens yielded roughly $20 million in stolen assets. That’s nearly a 5x return on a governance exploit.

Some protocols have experimented with alternative models. Quadratic voting, conviction voting, and delegate systems all attempt to solve different aspects of the participation problem. But none have achieved widespread adoption, and the dominant model remains one-token-one-vote with fixed quorum thresholds.

What this means for investors Traders and investors evaluating DAO-governed protocols should be paying close attention to governance participation metrics. A protocol with consistently low voter turnout and a large treasury is essentially advertising its vulnerability. The ratio of treasury size to quorum cost becomes a rough measure of exploit profitability.

The emergence of “BONK 2.0” as an attacker-controlled entity adds another wrinkle. If stolen governance tokens can be reorganized into new structures that claim legitimacy, the attack doesn’t just drain a treasury. It fragments a community. Recovery becomes a legal, social, and technical challenge all at once.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Nick Parker, Nvidia's incoming executive vice president of Worldwide Field Operations. Bloomberg/Getty Images Nvidia is ushering in a new era for its global sales organization.

In June, Jay Puri — the chip giant's head of worldwide field operations, and a billionaire who served in Nvidia CEO Jensen Huang's inner circle — told the company he is retiring after 21 years. He will transition to an advisory role.

To replace him, Nvidia looked outside its ranks — something of an unorthodox move for a C-Suite synonymous with long tenures, internal promotions, or executives coming in from acquisitions.

Nick Parker, a 26-year Microsoft veteran, joins Nvidia next month. Most recently, he served as executive vice president and chief business officer of Microsoft's worldwide sales and solutions organization.

Prior to his departure from Microsoft, Business Insider learned that Parker had just accepted a role leading its new $2.5 billion Microsoft Frontier Company, which connects 6,000 engineers and industry experts with its customers to help with AI. The role included a CEO title and a bigger head count than Parker's previous role, according to people familiar with the matter.

Per a securities filing, Parker's pay package at Nvidia includes $40 million in stock awards, a $5 million signing bonus, and a $1 million annual base salary.

The hire signals to Wall Street that Nvidia isn't "resting on its laurels" as the dominant AI chipmaker and is eyeing its next chapter of growth, said David Nicholson, chief technology advisor at The Futurum Group.

Puri steered Nvidia's global sales during its rise from a graphics card company into the world's dominant AI chip maker.

Parker inherits a different challenge. Rather than selling more AI chips, Nvidia needs to help customers successfully deploy AI — a job well suited to someone who spent 26 years selling enterprise technology at Microsoft.

Parker also brings deep relationships with governments, cloud providers, and other partners, said Brad Gastwirth, the global head of research and market intelligence at Circular Technology.

As Nvidia pushes deeper into business software, it faces a familiar challenge: helping large, highly regulated companies move from buying AI infrastructure to deploying it.

Earlier this year, Business Insider reported that Nvidia sales executives discussed how Bank of America struggled to deploy the chip giant's AI Factory software, highlighting common hurdles across industries.

Microsoft declined to comment. Nvidia did not respond to a request for comment from Business Insider.

Have a tip? Contact this reporter via email at [email protected] or Signal at @geoffweiss.25. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

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Geoff Weiss You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Geoff Weiss is a senior reporter on Business Insider’s tech team, where he writes about AI startups and Y Combinator, the intersection of AI and the media industry, and workplace dynamics within top AI labs and chip companies.Previously, Geoff was on the media desk, covering YouTube and Netflix, and themes like the intersection of Hollywood and the creator economy. His work on Netflix’s video podcasting ambitions and Mr Beast’s lessons for Hollywood won second and first prize, respectively, at the 2025 LA Press Club Awards.Prior to joining Business Insider, Geoff was the senior editor of Tubefilter and a staff writer at Entrepreneur. He graduated from New York University with a degree in English Literature.He can be reached at [email protected], on Signal @geoffweiss.25, and on LinkedIn. Have a tip? Use a personal email address and a nonwork device; here's our guide to sharing information securely.Selected stories:Nvidia crushed its quarter — and CEO Jensen Huang said in a leaked all-hands that 'the market did not appreciate it'Nvidia will foot the bill for Trump's new visa fees. Here's what CEO Jensen Huang told staff.Massive AI salaries and RTO are fueling a real estate boom in San Francisco: 'It's going to rain money'The AI talent wars are ricocheting across startups. Here's how they're competing with Big Tech.

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PancakeSwap Mid-Year Recap 2026

Ecosystem

News

2026-07-17

The first half of 2026 was about building and shipping. We brought real-world assets (RWAs) onchain at scale, put AI into the DeFi experience, launched a brand-new Perpetuals with an orderbook engine, and kept CAKE deflationary for a 34th consecutive month.

This mid-year Kitchen Report: PancakeSwap crossed $4.2 trillion in cumulative trading volume, surpassed 190 million all-time users, and landed at #6 on Fortune's inaugural Crypto 100, while becoming one of the largest onchain venues for real-world assets anywhere.

Let's get into it.

Tokenized Real-World Assets on PancakeSwap We've now built a Tokenized Stock Terminal — stocks, ETFs, bonds, gold, dividend-bearing stablecoins, and even pre-IPO exposure — trading around the clock, with zero trading fees, MEV protection, and best-execution routing. Our new Stock page lets you trade all 500+ tokenized assets 24/7 onchain in one place, while serving up the fundamentals of each underlying asset — revenue, EPS, market cap, next earnings and 52-week range.

bStocks bStocks, from Binance, are 1:1-backed tokenized U.S. securities — real shares held in custody, tradable onchain 24/7 with zero fees. They went live on PancakeSwap, on BNB Chain and have grown to 35+ assets, including NVIDIA, Tesla, Circle, Microsoft and Meta, each verifiable 1:1. And they don't just trade — they earn: the SPCXB–USDT farm lets you add liquidity and stack rewards on top of your tokenized-SpaceX exposure.

Ondo Ondo Finance anchors the catalogue with 440+ tokenized U.S. stocks, ETFs and bonds via Ondo Global Markets. Flagship names like SPYon (S&P 500), QQQon (Nasdaq 100), NVDAon and TSLAon trade 24/7 — weekends and holidays included.

xStocks xStocks widens the menu with 130+ tokenized stocks and ETFs — from blue chips to major ETFs. All trade across BNB Chain and Ethereum, gasless and MEV-protected through PancakeSwap X.

Robinhood Robinhood stock tokens round out the lineup, live on Robinhood Chain. 95 tokenized assets are now tradable onchain through PancakeSwap, bringing one of TradFi's most recognizable retail brands into the mix.

More Than Stocks Beyond equities: gold went onchain via XGLD–XAUt (BNB Chain, with Unitas Labs) and USDC–XGLD (Base); dividend-bearing stablecoins apxUSD and apyUSD — the first backed by Digital Asset Treasury preferred equity, via Apyx, launched on Base; and pre-IPO exposure went live via Colb.

Powered by PancakeSwap X PancakeSwap X is the engine under the RWA offerings — gasless, MEV-protected execution with best-price routing. It powers tokenized assets across BNB Chain and Ethereum, and to date has handled $834M+ in volume across 102,000+ trades from 33,500+ swappers.

Altogether, tokenized assets, spanning bStocks, Ondo, xStocks and Robinhood across PancakeSwap X and the AMM, crossed $100M+ in cumulative volume by mid-year, with 31,000+ users and 200,000+ trades.

The AI Kitchen: Agents, Skills & Copilots We put AI across the PancakeSwap ecosystem with rails for autonomous agents, and an assistant in the products where decisions get made.

AI Skills: a modular toolkit that lets AI agents plan DeFi strategies across multiple chains, including Swap, Liquidity and Farming Planners at launch, grown to seven Skills. It works with any LLM agent that reads Markdown, including Claude, Cursor and Copilot.

BNB Agent Studio: PancakeSwap is a launch partner in BNB Chain's Agent Studio, which lets anyone deploy an autonomous onchain agent in minutes, with PancakeSwap as the deep, live venue those agents trade on.

AI where you trade: Chef AI answers anything across the ecosystem, and an AI Copilot on Perps reads the market and pre-fills your direction, size and stops.

A Brand-New Perpetuals Engine We rebuilt PancakeSwap Perps — simple enough for a first trade, powerful enough for your best one. Powered by Aster's order-book infrastructure, the new Perps deliver pro-grade execution with a full order book, up to 200x leverage, and one-tap trades in Simple Mode (it’s a piece of cake), all fully onchain and non-custodial. An AI Copilot makes it smarter still, and a new Portfolio page tracks tokens, Perps positions, and LP history in one view.

PancakeSwap on Base On Base, PancakeSwap has become a default venue for traders and LPs.

The DEX mini-app went live inside the Base App — swap, earn and explore without leaving the experience, with the Base CAKE.PAD mini-app alongside it, meeting millions of users where they already are.

Base on PancakeSwap crossed $100B in cumulative volume and now sits at $113B+, across 3.7M+ traders and 185M+ transactions, powered by top-volume pairs like cbBTC–WETH, WETH–USDC and cbBTC–USDC.

The Deflation Engine: CAKE Tokenomics The first half of 2026 extended PancakeSwap's streak to 34 consecutive months of net supply reduction (every month since September 2023) with cumulative burns now past 56 million CAKE. CAKE's total supply now stands at 335M, well below the 400M hard cap.

You can track every burn live on the Burn Dashboard.

Milestones & Recognition $4.2 trillion in cumulative trading volume across the ecosystem — 190M+ users and 10+ chains, led by BNB Chain, Base, and Arbitrum. $4 trillion on BNB Chain — cementing it as PancakeSwap's anchor chain and one of the most-used DeFi venues globally. Base crossed $100B — with 3.7M+ traders and 185M+ transactions. PancakeSwap Infinity crossed $100 billion in cumulative volume and marked its first full year with 350M+ transactions, 60K+ hooked pools #6 on Fortune's inaugural Crypto 100 — among the highest-ranked DeFi names, with Fortune noting PancakeSwap's significant share of the DEX market in 2025. CAKE added to Binance Proof of Reserves — letting anyone verify 1:1 backing of user assets. Community PancakeSwap took DeFi offline with five meetups across five markets, 600+ attendees, 1,300+ sign-ups:

→ Ho Chi Minh City: with @base_vietnam — DeFi builders, IRL.

→ São Paulo: with @SuperteamBR, @ParaBuilders & @Tangem — talks, giveaways, & merch.

→ Hong Kong: we turned a real pancake house into the @cnBaseCommunity embassy — plus a booth at the @BNBCHAIN Super Meetup and the HK Web3 Festival floor. Five days, thousands of people.

→ Seoul: South Korea's first @base Agent Hackathon, built on PancakeSwap AI Skills and Chef Philip judging.

→ Jakarta: with @baseindo — crypto × AI on Base, DeFi, and goodies.

→ Bandung: a packed house with @BinanceAcademy Indonesia — DeFi sessions, merch, USDT prizes.

New ambassadors joined from Japan and South Korea, Philippines, Malaysia and Thailand, and 3 new Telegram communities launched for Malaysia, the Philippines and Thailand. PancakeSwap also hit the stage at Consensus Hong Kong and the HK Web3 Festival.

What's Cooking Next PancakeSwap is now set to be the liquidity hub for onchain trading. The deep, reliable hub where any asset can be traded onchain, and where liquidity is dense enough that traders get the best price in DeFi.

The throughline is that all of it stays onchain: self-custodied, transparent, and permissionless. Deeper liquidity, more assets, smarter tools, one onchain home for trading.

The job's not done. The DeFi mission continues.

Stack'em,

The Chefs 🥞

Solana Foundation and Google Cloud are teaming up for a hackathon in Korea focused on building AI agents that can make autonomous payments. The collaboration sits at the intersection of AI and stablecoins, backed by enterprise infrastructure from both organizations.

The event builds on an increasingly tight relationship between the two organizations, one that recently produced Pay.sh, an API proxy designed to let AI agents autonomously pay for Google Cloud services using stablecoin micropayments on the Solana blockchain.

What Pay.sh actually does Pay.sh sits between AI agents and Google Cloud’s suite of services, including Gemini, BigQuery, and Cloud Run, letting those agents discover, authenticate, and transact for API access without a human ever stepping in.

In English: an AI agent needs to run a query on BigQuery. Instead of requiring someone to log in, enter a credit card, and approve the charge, Pay.sh lets the agent pay for exactly what it uses with USDC on Solana. Pay as you go, no human middleman required.

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The system leverages Solana’s high throughput and low transaction costs, which makes micropayments economically viable in a way they simply aren’t on slower, more expensive chains. A fraction-of-a-cent payment for a single API call doesn’t work if the transaction fee costs more than the service itself.

The hackathon ecosystem The Korean hackathon carries the theme “Build the Future of Agentic Commerce,” and it’s part of a broader push by both organizations to seed developer interest in autonomous agent infrastructure.

It’s not the first time Solana has targeted Korea specifically. In April 2025, Solana Super Team Korea collaborated with Google Cloud for the Seoul Lana Hackathon, establishing a regional footprint that this latest event builds upon.

Running in parallel is the Solana X402 Hackathon, a remote event scheduled from October 28 to November 11, 2025, with a prize pool of $135,000. Participants can earn up to $20,000 per track for projects that support x402 integrations, which is the payment protocol underpinning how agents discover and pay for services autonomously.

Previous Solana hackathons have featured tracks for DeFi agents and token tooling, with total prizes exceeding $250,000 across events.

Why this matters for the stablecoin economy The real story isn’t the hackathon itself. It’s what the hackathon is designed to produce: a developer ecosystem around machine-to-machine stablecoin payments.

If AI agents start autonomously consuming cloud services and paying in USDC on Solana, that’s a new source of persistent, programmatic stablecoin velocity. Not speculative trading volume, not one-off remittances, but ongoing commercial activity baked into software architectures.

Solana is positioning itself as the default settlement layer for this economy. Sub-second finality and transaction costs measured in fractions of a penny make it practical for the kind of micropayments that agent commerce requires.

The Google Cloud partnership adds enterprise legitimacy. When a company that controls roughly a third of the global cloud infrastructure market co-signs your payment protocol, it sends a signal to CTOs and procurement teams that this isn’t a science experiment.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

1inch co-founder Anton Bukov says he has fully stepped away from the decentralized finance project’s operations after more than seven years and is now launching a new venture called Second Tier. 

Summary

Anton Bukov says 1inch fired him in November 2025 after he pushed for management changes. Bukov says he remains a co-founder and 50% shareholder but no longer oversees company operations. 1inch says Bukov stopped active involvement in December 2025 and insists its systems remain unaffected. Bukov said the company fired him in late November 2025 after he pushed for changes to management and operations.

However, 1inch gave a different account of his recent role. The company said Bukov had not been actively involved in organizations linked to the project since December 2025. Bukov said he remains a co-founder and 50% shareholder but no longer has operational authority.

Bukov says management push ended with his firing In a statement published on X, Bukov said feedback from users and colleagues led him to become more involved in leadership and company operations. He said he spent months working on his leadership and communication approach while trying to change how the organization operated. “In late November 2025 I was fired,” he said.

Bukov also drew a clear line between his ownership position and his current responsibilities. “I no longer take part in the company’s operations,” he said. 

He added that he has no role in product architecture or security and no oversight of either area. His statement leaves him as a shareholder and co-founder without a stated day-to-day management role.

1inch says operations and infrastructure remain unaffected 1inch responded on X by saying Bukov had not been actively involved in any associated organizations since December 2025. The statement presents a different timeline for his operational departure but does not change Bukov’s claim that the company dismissed him the previous month. The company has not publicly detailed the internal discussions that preceded the split.

We can confirm that Anton Bukov is no longer contributing to the 1inch project and has not been actively involved in any associated organizations since December 2025.

This does not affect the operation of 1inch Network or any associated organizations. The protocols,…

— 1inch (@1inch) July 16, 2026 Meanwhile, co-founder Sergej Kunz sought to reassure users about the project’s operations. He said Bukov’s departure “is not disrupting, will not disrupt, 1inch Network’s infrastructure or systems.” Kunz remains in charge as the protocol continues developing its trading and liquidity products.

Second Tier becomes Bukov’s next project Alongside his departure statement, Bukov announced Second Tier as his next venture. He said he is building the project with people who share the same values from the start. However, public information about its products, funding and launch schedule remains limited.

The move closes Bukov’s active operating role at a project he co-founded with Kunz in May 2019. During his time at 1inch, Bukov worked on protocol architecture and security, according to his account. The project later expanded from decentralized exchange aggregation into cross-chain trading tools and other DeFi infrastructure.

1inch continues expanding its DeFi products As previously reported by crypto.news, 1inch partnered with Rewardy Wallet in January to provide gasless cross-chain swaps across five blockchain networks through its Swap API. The integration formed part of 1inch’s broader effort to simplify decentralized trading while keeping users in control of their assets.

More recently, the leadership split comes after renewed attention on security across 1inch-linked infrastructure. In May, TrustedVolumes lost about $5.87 million after an attacker targeted its custom RFQ swap proxy. The incident did not affect a standard 1inch user swap route. 

Kunz later called for safer lending structures following separate stresses in DeFi markets. Bukov’s latest statement now makes clear that he no longer oversees 1inch product architecture or security, while the company maintains that its systems and ongoing operations remain unaffected by his departure.

The artificial intelligence boom is being held back by what the industry cannot build rather than what customers will not buy, according to Rene Haas, chief executive of Arm Holdings PLC (NASDAQ:ARM), the chip designer.

Haas told CNBC that demand for chips, data centres, energy and skilled workers is running ahead of available capacity, creating a bottleneck he expects to persist for the next two to three years.

He was speaking in an interview at the Pennsylvania Defense and Innovation Summit, hosted by Senator Dave McCormick.

ARM designs the chip architectures that other companies license and manufacture, a position that gives it an unusually wide view of who is trying to build what.

Haas said the company expects its data-centre business to become its largest segment "very soon", overtaking the mobile phone market that built it.

That claim is the more interesting half of the interview.

ARM's designs dominate smartphones, where power efficiency is everything, and the same constraint now governs data centres, where the binding limit is increasingly electricity rather than silicon.

The supply-constrained framing also cuts against the bubble argument that has unsettled markets in recent months.

A bubble is a demand problem in which buyers pay for something they do not need.

A shortage is the opposite, and Haas is describing customers who cannot get what they are already willing to pay for.

Shares fell 5% on the session, an awkward backdrop for a chief executive describing demand as robust.

One reading is that investors are less worried about whether the demand exists than about who captures the value if the bottlenecks are physical, since power stations and skilled engineers are not things a design company can conjure.

It's never good when a CEO admits, "This quarter we faltered." But that's the situation facing International Business Machines (IBM +3.87%) this week, as CEO Arvind Krishna made the rare acknowledgment in a letter to shareholders.

Krishna's acknowledgment came as IBM issued preliminary earnings results for the second quarter, warning that sales were lower than anticipated as customers shifted spending away from IBM and into memory and storage products ahead of anticipated price increases. "These conditions require our teams to execute perfectly, and this quarter we faltered," he wrote. "We did not adapt and move quickly enough, and numerous large deals failed to close on the timelines we expected, driving the majority of our shortfall."

IBM stock tumbled 25% -- the worst day in its 115-year history -- and is now down 26% so far in 2026.

Image source: Getty Images.

But remember, IBM stock had been on the rise before this week's disaster; shares were up 35% in 2025 on the strength of its mainframe and server business. It's also a reliable dividend stock, with a 3.1% yield that's far above average for tech stocks, and has increased the dividend for 31 consecutive years.

Is IBM's earnings miss an anomaly? Perhaps this is an opportunity to pick up deeply discounted shares.

The case for buying IBM in 2026 As Krishna points out, the biggest problem for IBM right now is that customers are diverting money from the company to storage and memory products. Data centers require ample DRAM and NAND storage, and manufacturers like Micron Technology are reaping the benefits.

However, I see this as a short-term problem. The DRAM and NAND supply is expected to remain tight through the second half of this year, but eventually the supply-demand balance will correct itself.

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IBM is rolling out its new z17 mainframes, powered by Telum II processors and Spyre Accelerator chips, to process AI workloads. The z17 allows customers to run AI on the platform alongside their enterprise data, rather than transferring it to the cloud for inference. I expect the z17 to eventually be a significant driver for IBM, even though market conditions are causing revenue to be down this quarter.

Also, IBM is a top company in the growth of quantum computing. It's on track to deliver the first large-scale fault-tolerant quantum computer by 2029, and plans to invest more than $10 billion in quantum computing in the next five years.

IBM is still projecting $17.2 billion in revenue for the second quarter and year-to-date free cash flow of $4.8 billion when it reports final numbers on July 22. However, I'll be watching to see if management adjusts its full-year guidance of 5% revenue growth and free cash flow of $15.7 billion. If it can maintain that guidance, then I feel really good about IBM in the second half of the year, and would expect shares of this top dividend stock to begin a steady recovery.

The T. Rowe Price Active Crypto ETF, designed to provide diversified exposure to the leading crypto assets, began trading today

, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, announced today the addition of the T. Rowe Price Active Crypto ETF (Ticker: TKNZ). The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace. It began trading on NYSE Arca today.

T. Rowe Price Active Crypto ETF offers a transparent portfolio designed to provide diversified exposure to leading crypto assets from an eligible universe, such as Bitcoin, Ethereum, Binance, XRP, Solana, Hyperliquid, and others. While many other digital asset exchange-traded products in market are focused on a single token or are passively managed, multi-token TKNZ uniquely employs T. Rowe Price's research-driven, risk-aware active management approach. It is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets.

The fund is managed by Blue Macellari, who has more than 20 years of investment experience in alternative asset management, along with four co-portfolio managers. Macellari has served as head of Digital Assets at T. Rowe Price since 2022 and has been responsible for developing and leading the implementation and execution of the firm's digital asset strategy across the universe of crypto tokens, protocols, and exchange-traded funds related to blockchain. Her four co-portfolio managers are Stefan Hubrich, with 21 years of investing experience, David Kroger, with 9 years, Sean McWilliams with 17 years, and Dante Pearson, with 13. Net of a fee waiver effective until May 31, 2027, the management fee is 0.75%1.

"Given the rapidly evolving and potentially volatile nature of crypto assets, active management plays an incredibly meaningful role in this space," said Macellari. "Through the launch of the T. Rowe Price Active Crypto ETF, investors can gain access to a thoughtfully curated, professionally managed multi-coin portfolio that helps eliminate the guesswork of building a crypto allocation on their own."

T. Rowe Price has closely monitored developments in the digital assets space for several years, including in-depth research into the impacts of blockchain technology and digital assets on markets and investment portfolios. Under Macellari's leadership, T. Rowe Price has developed its own resilient, modular infrastructure to trade digital assets and has partnered with institutional service providers to cultivate operational capacity.

"As a global asset management firm with a proud legacy of intentional innovation and active research-driven investing, it is a natural step for T. Rowe Price to introduce the industry's first actively managed multi-token exchange-traded product," said Tim Coyne, Global Head of Exchange-Traded Funds.
"This launch represents a new and distinctive way for investors to harness T. Rowe Price's deep investing expertise and rigorous research."

The T. Rowe Price Active Crypto ETF brings the firm's roster of active exchange-traded offerings to 34, which includes a range of equity, multi-asset and fixed income exchange-traded funds (ETFs). TKNZ marks the first of the firm's lineup that provides access to the rapidly growing digital assets category. Each exchange-traded offering delivers key features associated with ETFs such as competitive expense ratios and the flexibility to buy and sell shares throughout the trading day. In each, portfolio managers apply the firm's rigorous research practice of asking better questions, as they strive to deliver better investment outcomes for clients.

* An exchange-traded product (ETP) is a broad category that includes exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other investments that trade on exchanges. The key distinction between ETPs and ETFs is that ETFs are typically registered under the Investment Company Act of 1940 and invest primarily in securities, while ETPs like TKNZ may not be registered as investment companies and can hold non-security assets, such as cryptocurrencies or commodities. ETPs may have different regulatory structures, risk profiles, and disclosure requirements compared to traditional ETFs.

The T. Rowe Price Active Crypto ETF is not an investment company registered under the Investment Company Act of 1940 and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. The Trust is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.

ABOUT T. ROWE PRICE

T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of June 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.

Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus click here or go to troweprice.com. Read it carefully.

ETFs/ETPs are bought and sold at market prices, not net asset value (NAV). Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.

T. Rowe Price Active Crypto ETF is organized as a Delaware statutory trust. The sponsor of the Trust is T. Rowe Price Sponsor LLC (the "Sponsor"). T. Rowe Price Investment Services, Inc. ("TRPIS") serves as the distributor of the Trust.

Investment Risks
All investments are subject to market risk, including the possible loss of principal. The Eligible Assets have a relatively limited history of existence and operations compared to traditional commodities. There is a limited established performance record for the price of the assets and, in turn, a limited basis for evaluating an investment. Crypto assets (including the Eligible Assets) have experienced periods of extreme price volatility and their prices may be influenced by, among other things, trading activity and regulatory scrutiny of crypto trading platforms due to fraud, failure, security breaches or otherwise. To the extent that the fund trades Eligible Assets on crypto platforms and other trading venues, these crypto trading platforms are relatively new. In addition, crypto trading platforms may be lightly regulated, unregulated, or may be non-compliant with existing and applicable regulations in one or more jurisdictions in which they operate. A market disruption, such as a government taking regulatory or other actions that disrupt the crypto asset market, can also make it difficult to liquidate a position. Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Eligible Assets or the Shares. Regulatory developments such as by banning, restricting or imposing onerous conditions or prohibitions on the use of crypto assets, mining activity, digital wallets, the provision of services related to trading and custody of crypto assets, the operation of the Eligible Asset Networks, or the crypto asset markets generally may adversely impact the value of the Eligible Assets and, therefore, of the fund. See the prospectus for more detail on the fund's principal risks.

_________________________
1 The management fee is scheduled to revert back to the gross of 0.90%, effective June 1, 2027.

SOURCE T. Rowe Price Group