Market Signal Briefing

Ondo Finance’s integration with MetaMask expands on-chain access to tokenized securities. ONDO is trading near $0.28, showing limited price movement. Ondo Finance announced a major partnership, as it expands on-chain access with a new integration with MetaMask, allowing millions of users to tap into tokenized stocks and ETFs through Ondo Global Markets. After this announcement, the ONDO token surged and is seeing a pullback amid broader monthly declines. 

On February 3, the integration between MetaMask and Ondo Finance was unveiled at the Ondo Global Summit, which happened in New York City. Which “marks one of the first instances of native access to tokenized US stocks and ETFs within a major self-custodial wallet,” mentioned in the official MetaMask blog post.

Wall Street, now in @MetaMask.

The largest selection of tokenized stocks just landed in the world's most widely used self-custodial wallet.

Starting today, millions of MetaMask users now have access to 200+ tokenized stocks and ETFs with:

→ DeFi Composability
→ Traditional… pic.twitter.com/4ZcrAyxCXM

— Ondo Finance (@OndoFinance) February 3, 2026 The official blog post states that more than 200 tokenized U.S. stocks and ETFs, which track gold, silver, and the Nasdaq-100, also the companies like Tesla, NVIDIA, Apple, Microsoft, and Amazon, are now available to valid mobile users within permitted non-U.S. regions without the need to open a traditional brokerage account. 

When looking deeper, the tight geographical restrictions mean that users in major financial centers, like the United States, are still not included. 

As the integration operates through the MetaMask Swap interface, users can purchase Ondo Global Markets (GM) tokens on the Ethereum network with USDC. These blockchain-based tokens can be traded around-the-clock, every day of the week, and are intended to reflect the value of the underlying stocks or ETFs. 

ONDO Market Reaction As ONDO remains down 35% on the monthly chart, following that, the integration news sees ONDO’s brief surge to nearly $0.294 yesterday before dipping to around $0.26 in early trading hours. The token has since rebounded and is trading near $0.289, up a modest 0.71% over the past 24 hours as market participants continue to assess the impact of the MetaMask integration.

Highlighted Crypto News:

Senate Democrats Plan Closed-Door Meeting on U.S. Crypto Market Structure

Bitcoin and ether are posting gains after a sharp market-wide decline, with derivatives traders continuing to reduce risk exposure.Updated Feb 4, 2026, 11:30 a.m. Published Feb 4, 2026, 11:29 a.m.

Bitcoin and ether steady after Tuesday selloff (Matthias_Groeneveld/Pixabay modified by CoinDesk)

What to know: Bitcoin is trading near $76,100 after dipping to $72,870, while ether holds around $2,255 as markets recover from Tuesday’s lows.Futures open interest has dropped to $105.9 billion, liquidations hit $679 million in 24 hours and bitcoin implied volatility climbed to its highest level since December.Monero and zcash posted gains, while Solana-based tokens stayed weak and bitcoin dominance pushed back above 59%.The crypto market is enjoying a rare period of calm after Tuesday's selloff took bitcoin BTC$75,925.17 and ether ETH$2,251.72 to fresh multiyear lows.

BTC was recently trading at $76,100 having bounced from $72,870, the lowest since November 2024, while ETH is at $2,255 after dropping to a level not seen since May last year. Both assets in the black since midnight UTC, if only just.

STORY CONTINUES BELOW

The altcoin market is mixed, with privacy coins embarking on a much-needed bounce while Solana-based tokens like PUMP and JUP fell, losing 2% and 2.5%, respectively, since midnight.

The recovery occurred after the U.S. House of Representatives passed a government funding package to end a partial shutdown, lifting U.S. equity futures and other global markets. Precious metals rebounded, with gold back above $5,000 and silverat $90 having risen by almost 6%.

Derivatives positioningTraders continue to reduce their risk exposure, driving the cumulative notional open interest in all crypto futures down to $105.90 billion, the lowest since last April.Crypto futures bets worth $679 million have been liquidated in 24 hours, with bullish plays accounting for most of the tally. Bitcoin's 30-day implied volatility climbed to an annualized 53%, the highest since Dec. 1, indicating heightened market fear. Open interest (OI) in bitcoin and ether futures dropped 0.7% and 2%, respectively. DOGE and recent outperformer HYPE have seen bigger capital outflows. OI in LINK futures increased 2% alongside positive cumulative volume delta. The combination points to influx of bullish pressure in the market. The 24-hour CVD is also positive for TRX, XLM and ZEC. Deribit-listed options are still showing a bias for bitcoin and ether puts, a sign of persistent demand for downside protection. Short-dated puts are trading at a 10-12 volatility premium to calls, a sign of peak fear. Block flows featured demand for bitcoin and ether put spreads, a bearish strategy. Token talkDerivatives exchange tokens HYPE, LIT and ASTER all fell over the past 24 hours as traders rotated back into privacy coins.HYPE lost 8.5%, but remains up by 30% since the turn of the year.Monero XMR$388.91 bounced by 4% halt the bleeding after losing more than 50% of its value since Jan. 14. Zcash ZEC$278.08 is up by 3.4% after tumbling by more than 62% from its record high in November.Generally speaking, the altcoin market lost ground to bitcoin during the recent market plunge. Bitcoin dominance is now back above 59% having started the year at 58.5%.The divergence is typical of previous crypto bear markets, characterized by exaggerated altcoin moves in low liquidity environments. Crypto majors SOL, ADA and XRP are all trading at their lowest levels since 2024 having retraced the entire bullish rallies over the past few years.

Tether open‑sources Mining OS and a Mining SDK to provide scalable, production‑ready tools for bitcoin mining operations.

Dogecoin (DOGE) is showing signs of life again. After last week's sharp correction, we're seeing the meme coin stabilize around $0.107, giving us a glimmer of hope for a near-term rebound. But the broader trend remains bearish, and analysts are staying cautious. Let's break down what's happening with DOGE and why we're watching this closely.

Fuga Bluemarine crude oil tanker lies at anchor near the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. REUTERS/Tatiana Meel Purchase Licensing Rights, opens new tab

SummaryRussia's oil and gas revenues halved in January to $5.1 blnDrop driven by lower crude prices and a stronger roubleRussia ran a 2025 budget deficit of 2.6% of GDPMOSCOW, Feb 4 (Reuters) - Russian state oil and gas revenues halved in January compared to the same month of last year, hitting their lowest level since July 2020, according to finance ministry data.

The decline was due to lower crude prices and a stronger rouble. Oil and gas revenues are crucial for Russia's state budget, which ran a deficit of 5.6 trillion roubles or 2.6% of gross domestic product in 2025.

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The January figure of 393.3 billion roubles ($5.10 billion) was down from 447.8 billion roubles in December.

Oil and gas revenue is the leading source of cash for the Kremlin, making up nearly a quarter of federal budget proceeds that have been drained by heavy defence and security spending since Russia began its military campaign in Ukraine in February 2022.

The budget is projected to collect 8.92 trillion roubles from oil and gas sales this year. Total budget revenues for 2026 are seen at 40.283 trillion roubles.

Last year, Russia's federal budget revenues from oil and gas dropped 24% to 8.48 trillion roubles, the lowest level since 2020.

($1 = 77.1000 roubles)

Reporting by Anton Kolodyazhnyy and Darya Korsunskaya; writing by Vladimir Soldatkin; Editing by Mark Trevelyan

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U.S. President Donald Trump and Indian Prime Minister Narendra Modi shake hands as they attend a joint press conference at the White House in Washington, D.C., U.S., February 13, 2025.... Purchase Licensing Rights, opens new tab Read more

SummaryCompaniesTrump wants India to stop buying Russian oilIndia keeps silent but has reduced importsRussia has cut price of oil, budget suffersUS pressure rises at critical moment in Ukraine peace talksMOSCOW, Feb 4 (Reuters) - Russia faces a steep drop in oil income if U.S. President Donald Trump successfully pressures India to stop importing Russian crude, because losing its top purchaser of seaborne exports would force Moscow to slash prices to find other buyers, analysts and traders said.

Trump on Monday cut U.S. tariffs on Indian goods in a trade deal he said also included provisions for India to halt oil imports from Russia, the world's second-biggest oil exporter. The United States is putting pressure on Russia to agree a peace deal in Ukraine.

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Trump has over the past year already claimed that Indian Prime Minister Narendra Modi agreed to stop buying Russian oil.

India never halted imports, however, citing its need for energy security and for cheap oil. The Kremlin says energy cooperation with India, its second largest oil buyer after China, is strong after Russian President Vladimir Putin visited the country in December 2025.

But Indian refiners are taking a cautious approach to Russian oil purchases, which is already hurting Moscow's income.

Russian oil imports dropped 22% to 1.38 million barrels per day in December from November, their lowest since January 2023, reducing Russia's share in Indian imports to 27.4% while OPEC's share rose to 53.2%, according to Reuters' calculations.

That follows a peak in India's Russian oil imports at around 2 million barrels per day in June 2025.

"Any further reduction would already be meaningful, because there is only one relevant alternative buyer - China - which has also its limitations in taking in sanctioned crude," said David Wech from Vortexa consultancy.

The pressure on Russia is increasing as oil discounts widen and fewer buyers are willing to take the risk, Wech said.

Prices for Russian oil have sunk to record lows, while Russia's budget shows a deficit due to a shortfall in energy revenues, according to a government official.

Adding to the problems, the number of tankers with Russian oil at anchor has increased as companies struggle to sell oil.

FLOWS TO DROP FURTHER IN APRILIf India stopped buying Russian oil, Moscow would have to try to re-route it to China at cheaper prices, which would take time, and cut production and exports, said Igor Yushkov, an analyst at Russia's government-run Financial University.

"Output and export cuts would lead to an oil shortage. Hence we are not seeing a full U.S. ban on Russian oil imports - they would suffer themselves from higher oil prices," said Yushkov.

Russian oil exports and production have stayed largely resilient in the face of some 30,000 Western sanctions imposed on Moscow over its war in Ukraine since 2014.

Moscow has managed to redirect oil flows away from Europe to China, India and Turkey. Like India, Turkey has also cut purchases in recent months amid tougher Western sanctions.

Russia's total oil exports stood at 4.91 million bpd in December with China being the largest buyer of 2.3 million bpd of crude, according to the International Energy Agency.

India's government has given no instructions to refiners to stop buying Russian oil and they would need a wind-down period to complete purchases already in place for March, sources said.

India will cut Russian imports in April when one of its top refiners, Russian-backed Nayara, carries out a one-month maintenance at its 400,000 bpd plant, a trader in Russian oil said.

Volumes beyond April will be decided by Russia-Ukraine peace talks and the Indian government's broader stance, traders said.

Trump said India could buy more U.S. and Venezuelan oil to replace Russian purchases.

U.S. crude cannot replace Russian oil on a like-for-like basis due to quality differences, while Venezuela's exports are small, said Alexandra Hermann, Economist at Oxford Economics.

Crude from Saudi Arabia, the UAE and Iraq are more likely candidates to substitute Russian oil, said Yushkov. But deep discounts may still make Russian crude difficult to resist for Indian buyers, he added.

Reporting by Reuters; editing by Dmitry Zhdannikov and Ros Russell

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CHINA - 2023/02/19: In this photo illustration, the American flash memory manufacturer Sandisk logo is seen displayed on a smartphone with an economic stock exchange index graph in the background. (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

SanDisk (NASDAQ: SNDK) stock is currently trending close to an all-time high of approximately $665, driven by stellar earnings and a substantial surge in demand for flash memory fueled by AI. What’s the driving force behind this? In the most recent quarter, SanDisk exceeded expectations — reporting an adjusted EPS of $6.20 with revenue of $3.03 billion, which comfortably surpassed analyst forecasts, bolstered by robust demand in data centers and AI sectors. The management then projected Q3 revenue to be in the range of $4.4 to $4.8 billion, with EPS significantly ahead of consensus, enhancing confidence in future growth prospects.

However, does this impressive performance alter the fundamental outlook? Not completely. While the current growth trajectory is remarkable, much of it is a reflection of recovery and revaluation following the spin-off rather than a sustained long-term growth trend.

Revenue growth? Exceptional — yet inconsistent. On a year-over-year basis, SanDisk’s latest revenue spike was driven by exceptionally high pricing for flash memory and demand from AI. Nevertheless, when examining a longer earnings cycle, profitability and steady revenue growth remain quite volatile — SanDisk recorded a net loss for the entire fiscal year 2025 despite increased revenue, and its margins have fluctuated due to transitional expenses and impairments.

That said, if you are looking for potential upside with less volatility than holding an individual stock like SNDK, you might want to consider the High Quality Portfolio. This portfolio has significantly outperformed its benchmark, which is a mix of the S&P 500, Russell, and S&P MidCap indexes, achieving returns of over 105% since its inception. Why is this the case? Collectively, the stocks in the HQ Portfolio have delivered higher returns with reduced risk compared to the benchmark index; offering a smoother ride, as indicated by HQ Portfolio performance metrics.

What about profitability? Aren’t margins strong?SanDisk’s gross margin hovers around the ~28–30% range; however, its operating and net profit margins have been negative, indicating significant operating losses from the previous year attributed to goodwill impairments and transition expenses associated with the Western Digital spin-off. Therefore, while the quarter seemed robust in terms of adjusted earnings, the underlying profit situation remains in a state of recovery and volatility.

MORE FOR YOU

So is it financially sound?Somewhat — yet complicated. SanDisk has approximately ~$1.9-$2.0 billion in debt and had $1.48 billion in cash as of mid-2025, with shareholders’ equity remaining solid, indicating a sound balance sheet following the spin-off.

Nevertheless, the company is emerging from a phase of significant non-cash charges and has shown negative profitability metrics across the full year, suggesting that the current earnings strength is still working its way into holistic yearly results.

Then what’s the issue?Two primary concerns temper the optimistic outlook:

Profitability still lacks stability. SanDisk’s remarkable adjusted EPS in the most recent quarter contrasts with full-year losses (both operating and net) and inconsistent earnings performance. This variability heightens risk, particularly if memory prices or data-center demand start to decline.

Valuation may be overextended. With a market capitalization close to $98 billion and significant stock appreciation since its 2025 spin-off, investors are factoring in considerable future growth into the current stock price. Traditional multiples are difficult to apply due to negative earnings, yet the price-to-sales ratio is elevated compared to peers.

What does the valuation indicate?SanDisk’s trailing P/E is not meaningful (due to negative net income), but price-to-sales and similar metrics suggest that investors are paying a premium for expected future performance. This is acceptable in a growth narrative — assuming the growth continues. Presently, the market is betting heavily on sustained AI demand and continuing supply limitations in NAND flash.

The bottom line?SanDisk’s stock is valued for significant growth potential in the future, reflecting extraordinary revenue momentum and substantial AI-related demand for storage solutions. However, the fundamental foundation still contains weaknesses: profit margins that have only recently seen improvements, historical full-year losses, and a valuation that presumes future scaling.

If you believe that AI demand will remain strong and that SanDisk can translate its soaring revenue into stable profits, the bullish case remains compelling. However, if you prefer companies with a history of consistent profitability and steadier margins, it may be wise to consider risk and valuation closely before investing.

The stock has averaged annual gains of nearly 14% over the past decade.

Let's play a what-if game. Imagine that you plunk, say, $500 in Warren Buffett's company, Berkshire Hathaway (BRK.A +1.47%) (BRK.B +1.32%). (Note that Buffett recently retired, and the new CEO is a longtime lieutenant, Greg Abel, in whom Buffett has expressed great confidence.) What would your stake be worth in a decade?

Here's a look at that question.

Image source: Getty Images.

Meet Berkshire Hathaway With a recent market value of about $1 trillion, Berkshire Hathaway is a classic blue chip stock. It's not currently a dividend-paying stock, which is a bit unusual for a well-run company of its size, but some speculate that Abel may well institute a dividend. (The company's third-quarter report revealed a cash hoard that has reached $382 billion, after all.)

If you invest in Berkshire Hathaway, you'll be a part owner of many businesses entirely owned by Berkshire, such as GEICO, Benjamin Moore, See's Candies, and the entire BNSF railroad -- and you'll have a stake in Berkshire's stock portfolio, too, which features major positions in companies such as Apple, American Express, Coca-Cola, and Bank of America. (Berkshire recently owned 9% of Coca-Cola, for example, and 2% of Apple.)

How will Berkshire perform over the coming 10 years? So what kind of return can you expect from Berkshire over the next 10 years? Here's how it's done in the past:

Time Period

Average Annual Return

Past 1 year

1.60%

Past 3 years

15.53%

Past 5 years

15.91%

Past 10 years

13.90%

Past 15 years

12.49%

Source: Data from Morningstar.com as of Jan. 29, 2026.

We shouldn't expect such fat returns every year, though. Remember that the stock market has averaged annual returns of close to 10% over many decades -- and Berkshire is no longer a modest-sized and nimble fast-grower.

Still, let's be a bit conservative and assume that the stock will average a total annual return of, say, 11% over the coming decade -- with or without a dividend. If it does, that will boost your stake's value to $1,420.

Here's what it will be worth at different growth levels (since we can't know exactly how the stock -- or the market -- will do):

Growing at This Rate

$500 Becomes This After 10 Years

7%

$984

8%

$1,079

9%

$1,184

10%

$1,297

11%

$1,420

12%

$1,553

13%

$1,697

14%

$1,854

15%

$2,023

Calculations by author.

So -- should you invest in Berkshire Hathaway? You could do a lot worse. The shares seem reasonably valued at recent levels, with a recent forward-looking price-to-earnings (P/E) ratio of 22.37 a bit above its five-year average of 21.27.

The stock may not perform like some popular growth stocks, but it's likely to drop less in a market pullback, too. Its beta -- a measure of volatility -- was recently just 0.65, reflecting that if the overall market drops by 10%, Berkshire's stock would drop by around 6.5%. Even without Buffett at the helm, Berkshire Hathaway has a lot going for it.

Bank of America is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Selena Maranjian has positions in American Express, Apple, and Berkshire Hathaway. The Motley Fool has positions in and recommends Apple and Berkshire Hathaway. The Motley Fool has a disclosure policy.

SummaryCompaniesQ4 orders 2.22 billion euros vs forecast 2.33 billion eurosHit by US battery tariffs, tougher energy storage competitionCEO sees 'ample opportunities' in powering data centresHELSINKI, Feb 4 (Reuters) - Finnish engineering group Wartsila (WRT1V.HE), opens new tab missed fourth-quarter orders forecasts on Wednesday, dragged down by U.S. battery tariffs and tougher competition in its energy storage business.

The company's shares fell around 3%, even though CEO Hakan Agnevall pointed to "ample opportunities" supplying engine-based power generation to new data centres - a fast-growing business as grid capacity strains under the AI-driven data boom.

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"We have a very positive outlook on the market," he told Reuters, adding he saw opportunities both inside and outside the U.S., where the growth is fastest and which accounts for around 50% of the data centre market.

Still, fourth-quarter orders fell 11% year-on-year to 2.22 billion euros ($2.63 billion), below the 2.33 billion euros expected by analysts polled by Vara.

Agnevall said the drop reflected around 900 million euros of business divestments, while 50-60% U.S. tariffs on batteries had put "a wet blanket" on the country's energy storage market.

He added that sluggish electric vehicle sales had increased competition from other battery makers, but said energy storage remained relatively small at around 700 million euros of net sales, compared with 5.5 billion euros from the marine and energy divisions combined.

In its 2026 outlook, Wartsila said it expected demand in its energy and energy storage businesses to improve over the next 12 months, while demand in its marine division should remain broadly unchanged.

The company said it planned to invest about 140 million euros to expand production capacity by 35% at its Vaasa technology hub in Finland, with the new capacity due on stream in early 2028.

($1 = 0.8451 euros)

Reporting by Anne Kauranen in Helsinki and Marta Frąckowiak in Gdansk. Editing by Milla Nissi-Prussak and Mark Potter

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

Manages Reuters news coverage from Finland and cooperates on cross-border Nordic topics, such as defence, security, energy as well as foreign and monetary policy. Born in eastern Finland, an hour's drive from the Russian border, she speaks five languages and keeps a close eye on the eastern neighbour, NATO's Nordic borders and the Arctic region. Currently a board member of Reuters' Finnish entity, previously Finland Correspondent for AFP and amateur football wing-back.

People use ATMs at a Santander bank branch in Ronda, Spain April 29, 2025. REUTERS/Jon Nazca Purchase Licensing Rights, opens new tab

MADRID, Feb 4 (Reuters) - Santander shares fell as much as 5% on Wednesday after the announcement of its proposed $12.2 billion acquisition of Webster Financial (WBS.N), opens new tab and the flagging of short-term execution risks by analysts who otherwise welcomed the deal's strategic rationale.

The Spanish bank's Chairman Ana Botin, who has stuck to the bank's U.S. presence despite years of lower profitability there than at group level, told analysts that to become a global player you have to be present in the United States.

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Barclays said that the Webster acquisition would help to accelerate Santander's U.S. return-on-tangible-equity ratio (ROTE), a measure of profitability, to about 18% by 2028 from 10.8% currently.

The broker also said that investor concerns centred on the perceived shift from previous messaging that favoured organic growth and buybacks over U.S. dealmaking, something Botin tried to dispel by saying there will be no more bolt-on acquisitions over the next three years.

Santander shares were down 3.7% by 0958 GMT, having lost 125% last year.

"Execution risk remains, particularly around the delivery of the ambitious cost synergies and the sequencing of integration," Barclays said in a note, though it added that Webster was a complementary, high-quality franchise that improves deposit quality and diversifies revenue.

Santander said it expects the deal to deliver cost savings of about $800 million by the end of 2028, equivalent to roughly 19% of the combined cost base.

Reporting by Jesús Aguado Additional reporting by Emma Pinedo Editing by David Goodman

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Shares in Atalaya Mining Copper (LSE:ATYM, TSX:AYM) fell 8% to 943p after Trafigura sold 14 million shares in the copper producer through a secondary placing, raising approximately £132 million.

The placing was priced at 945p per share and conducted via JP Morgan SE, acting as sole global coordinator and bookrunner. Atalaya Mining did not receive any proceeds from the transaction.

Following settlement, Trafigura will retain a 10.9% stake in the company.

The remaining shares held by the commodities trading group will be subject to a 60-day lock-up, with limited exceptions and subject to J.P. Morgan’s consent.

The sale, announced on 3 February and completed a day later, marks a significant reduction in Trafigura’s holding and weighed on Atalaya’s share price in early trading.

Spain-focused copper producer with flagship project in Andalucía

Atalaya is a European mining company primarily engaged in the production of copper, with operations centred on its flagship Proyecto Riotinto in southern Spain. 

Riotinto is a large open-pit copper mine located in the province of Huelva, Andalucía. It was brought back into commercial production by Atalaya in 2015 following decades of inactivity under previous operators.

The site has since been developed into a stable and scalable copper operation with annual output typically in the range of 50,000 to 60,000 tonnes.

In addition to Riotinto, Atalaya holds interests in other base metal exploration projects, including the Proyecto Touro in north-western Spain, which remains at the permitting stage.

LONDON--(BUSINESS WIRE)--The global tablet market continued its recovery in 2025, with shipments rising 9.8% year on year to 162 million units according to the latest research from Omdia. Momentum was strongest in the holiday quarter, with Q4 2025 shipments reaching 44 million units, up 9.8% year on year.

“In 2025, the tablet market delivered its highest annual shipment volume since the pandemic-driven demand boom of 2020,” said Himani Mukka, Research Manager at Omdia.

Share Central & Eastern Europe emerged as the fastest-growing region in 2025, followed closely by Asia Pacific. All regions recorded double-digit growth during the year, except for North America, although a healthy holiday season supported by vendor and retail discounting helped moderate the annual decline.

“In 2025, the tablet market delivered its highest annual shipment volume since the pandemic-driven demand boom of 2020,” said Himani Mukka, Research Manager at Omdia. “Seasonal holiday demand, combined with vendor pre-build activity ahead of anticipated memory constraints, provided a meaningful uplift to shipments in the final quarter. However, tablet demand will come under increasing pressure in 2026.”

Mukka added, “Vendors will need to carefully balance competitiveness with profitability as further disruption in the memory market threatens supply availability and drives up prices. Growth opportunities will be more selective, concentrated around premium and flagship model replacement cycles in developed markets alongside public-sector supported education demand in emerging markets.

On the product side, we expect a shift in how tablets are positioned and marketed, with vendors framing them as ecosystem-centric devices in a more controlled demand environment. This includes the introduction of cross-OS functionality and a focus on AI-driven experiences. Recent examples include Lenovo’s Qira, which operates across Windows and Android to deliver a more seamless user experience and reduce friction between AI assistants. In addition, the collaboration between Apple and Google to use Gemini for future Apple Intelligence features represents a positive step forward for the generative AI ecosystem across its device portfolio, including iPads.”

Worldwide tablet shipments (market share and annual growth)

Omdia PC Market Pulse: Q4 2025

Vendor

Q4 2025
shipments

Q4 2025
market share

Q4 2024
shipments

Q4 2024
market share

Annual
growth

Apple

19,630

44.9%

16,852

42.3%

16.5%

Samsung

6,444

14.7%

7,096

17.8%

-9.2%

Lenovo

3,865

8.8%

2,837

7.1%

36.2%

Huawei

3,029

6.9%

2,639

6.6%

14.8%

Xiaomi

2,797

6.4%

2,542

6.4%

10.1%

Others

8,000

18.3%

7,896

19.8%

1.3%

Total

43,765

100.0%

39,862

100.0%

9.8%

Note: Unit shipments in thousands. Percentages may not add up to 100% due to rounding.

Source: Omdia PC Horizon Service (sell-in shipments), January 2026

The global tablet market grew 10% year on year in Q4 2025. Apple had robust demand and grew their lead as the top tablet vendor, delivering 19.6 million iPads, representing a 16.5% increase, driven by strong demand for the iPad 11th Generation and the M5-powered iPad Pro lineup. Samsung ranked second but faced broader market slowdown pressures, with shipments declining 9.2% year on year to 6.4 million units. Lenovo led growth among major vendors, shipping 3.9 million units, up 36% year on year, supported by proactive shipment pull-in ahead of expected price increases. Huawei placed fourth with shipments of 3 million units and 14.8% growth, while Xiaomi completed the top five, shipping 2.8 million units, reflecting a 10.1% year-on-year increase in Q4 2025 while its full year shipments grew 25% compared to 2024. Vendor rankings remained unchanged in the full-year results.

ABOUT OMDIA

Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets grounded in real conversations with industry leaders and hundreds of thousands of data points, make our market intelligence our clients’ strategic advantage. From R&D to ROI, we identify the greatest opportunities and move the industry forward.

NORWALK, Conn.--(BUSINESS WIRE)--Silgan Holdings Inc. (NYSE: SLGN), a leading supplier of sustainable rigid packaging solutions for the world's essential consumer goods products, today reported full year 2025 net sales of $6.5 billion and net income of $288.4 million, or $2.70 per diluted share, as compared to full year 2024 net sales of $5.9 billion and net income of $276.4 million, or $2.58 per diluted share. For the fourth quarter of 2025, Silgan reported net income of $18.2 million, or $0.17 per diluted share, as compared to $45.1 million, or $0.42 per diluted share, in the fourth quarter of 2024.

Adjusted net income per diluted share for the full year of 2025 was $3.72, after adjustments increasing net income per diluted share by $1.02, a 3% increase over adjusted net income per diluted share for the full year of 2024 of $3.62 after adjustments increasing net income per diluted share by $1.04. Adjusted net income per diluted share for the fourth quarter of 2025 was $0.67, after adjustments increasing net income per diluted share by $0.50, as compared to adjusted net income per diluted share for the fourth quarter of 2024 of $0.85, after adjustments increasing net income per diluted share by $0.43. A reconciliation of net income per diluted share to "adjusted net income per diluted share," a Non-GAAP financial measure used by the Company that adjusts net income per diluted share for certain items, can be found in Table A at the back of this press release.

"Our 2025 results continued to highlight the meaningful progress from our key strategic initiatives, as we successfully integrated the Weener acquisition, continued to outpace market growth in our high value dispensing and pet food products, and completed our multi-year cost savings program. The Silgan team showed exceptional strength, drive and commitment in 2025 while adapting to a dynamic operating environment and continuing to compete and win in the marketplace by meeting the unique needs of our customers and being the best at what we do. The power of our diverse portfolio of consumer staple products, the effectiveness of the Silgan business model, and the discipline of our capital deployment strategy has positioned the Company to continue to outperform our peers and our end markets to create meaningful value for our shareholders," said Adam Greenlee, President and CEO.

"Our Dispensing and Specialty Closures segment, which represented 55% of our Adjusted EBITDA in 2025, grew sales by over 17% versus the prior year and Adjusted EBITDA by over 19%, as the successful integration of the Weener acquisition and organic growth in dispensing products more than offset weather challenges and consumer spending patterns that developed throughout the year. Sales from our dispensing products grew by over 30% in 2025, as we continued to separate ourselves in the market as a result of our intense customer focus, manufacturing excellence, and market leading innovation. Our Metal Containers segment continued to showcase its long term stability, growth in pet food markets, and meaningful cash flow generation. Our teams' relentless focus on efficiency, strong execution on our cost reduction plan, and 7% growth in pet food products in 2025 more than offset an isolated customer development during the year. Our Custom Containers segment delivered a record year of profitability, as we continued to enhance the mix of products and end markets in which we participate and delivered the planned savings associated with our cost reduction plan," continued Mr. Greenlee.

"As we begin 2026, our business fundamentals remain strong, as we continue to execute against our strategic priorities and demand for our portfolio of products for consumer staple end markets remains resilient and, in many cases, continues to grow. Our businesses continue to compete and win in the markets we serve and validate the benefits of our operating model, and our disciplined capital deployment strategy continues to deliver meaningful value creation opportunities for our shareholders. We are well positioned for another year of growth in 2026 and beyond," concluded Mr. Greenlee.

Fourth Quarter Results

Net sales for the fourth quarter of 2025 were $1.47 billion, an increase of $57.4 million, or 4%, as compared to the same period in the prior year. Net sales increased predominantly as a result of the contractual pass through of higher raw material costs in the current year quarter and favorable foreign currency translation.

Income before interest and income taxes (EBIT) for the fourth quarter of 2025 was $101.1 million, an increase of $6.9 million as compared to $94.2 million for the fourth quarter of 2024. EBIT in the Dispensing and Specialty Closures, Metal Containers and Custom Containers segments were $56.6 million, $39.5 million and $15.2 million, respectively, in the fourth quarter of 2025. Rationalization charges were $32.5 million and $21.4 million in the fourth quarters of 2025 and 2024, respectively. Costs attributed to announced acquisitions were $15.7 million in the fourth quarter of 2024. A reconciliation of EBIT for each segment to Adjusted EBIT and Adjusted EBITDA, Non-GAAP financial measures used by the Company that adjust EBIT for certain items, can be found in Table B at the back of this press release.

Interest and other debt expense before loss on early extinguishment of debt for the fourth quarter of 2025 was $47.7 million, an increase of $3.2 million as compared to the fourth quarter of 2024 primarily due to higher average outstanding borrowings in the current year period including the impact of higher foreign exchange rates, partially offset by lower weighted average interest rates.

The effective tax rates were 67.2% and 8.8% for the fourth quarters of 2025 and 2024, respectively. The increase in the effective tax rate was primarily a result of non-deductible restructuring costs in the current year quarter. The adjusted tax rates were 31.5% and 15.5% for the fourth quarters of 2025 and 2024, respectively. The increase in the adjusted tax rate was primarily a result of higher income in higher tax jurisdictions and the non-recurring non-cash revaluation of discrete tax items in the current year quarter and the benefit of tax restructuring activities in our foreign operations in the prior year quarter.

Fourth Quarter Segment Results

Dispensing and Specialty Closures
Net sales of the Dispensing and Specialty Closures segment were $643.6 million in the fourth quarter of 2025, an increase of $4.2 million, or 1%, as compared to $639.4 million in the fourth quarter of 2024. Net sales of dispensing products increased $21.6 million over the prior year period primarily as a result of the inclusion of the Weener acquisition, double digit organic growth in dispensing products for high value fragrance and beauty markets and favorable foreign currency translation of 4%. These positive impacts were partially offset by the anticipated decline in dispensing products for personal and home care markets due to customer destocking.

Dispensing and Specialty Closures Adjusted EBIT decreased $0.6 million, or 1%, to $99.3 million in the fourth quarter of 2025 as compared to $99.9 million in the fourth quarter of 2024, primarily as a result of lower volume/mix due to anticipated lower volumes for personal and home care products in the fourth quarter. This impact was partially offset by the favorable impact of price/cost including SG&A, in part due to the positive impact of synergies from the Weener acquisition, and favorable foreign currency translation.

Metal Containers
Net sales of the Metal Containers segment were $675.6 million in the fourth quarter of 2025, an increase of $65.4 million, or 11%, as compared to $610.2 million in the fourth quarter of 2024. The increase in net sales was primarily driven by improved price/mix of 7% due to the contractual pass through of higher raw material and other manufacturing costs and higher volumes. As expected, metal container volumes were 4% higher than the prior year period principally as a result of a 7% increase in volumes for pet food markets, which represent over half of the volumes in the segment, as well as a limited amount of customer purchases ahead of expected raw material inflation in 2026. Favorable foreign currency translation also contributed approximately 1% compared to the prior year period.

Metal Containers Adjusted EBIT increased $2.3 million to $44.2 million in the fourth quarter of 2025 as compared to $41.9 million in the fourth quarter of 2024. The increase in Adjusted EBIT in the quarter was primarily the result of favorable price/cost including mix, partially as a result of the multi-year cost reduction initiative, and higher volumes.

Custom Containers
Net sales of the Custom Containers segment were $149.4 million in the fourth quarter of 2025, a decrease of $12.2 million, or 8%, as compared to $161.6 million in the fourth quarter of 2024, driven primarily by lower volumes of 8% during the quarter including the impact from the exit of lower margin business as a result of footprint optimization plans to achieve previously announced cost reduction goals. Excluding the lower margin business exited to achieve cost reduction plans, volumes increased 1%.

Custom Containers Adjusted EBIT decreased $0.9 million to $17.3 million in 2025 as compared to $18.2 million in the fourth quarter of 2024. The decrease in Adjusted EBIT was primarily the result of lower volumes which were partially offset by a decrease in SG&A costs.

Full Year Results

Net sales for 2025 were $6.5 billion, an increase of $628.5 million, or 11%, as compared to $5.9 billion in the prior year primarily as a result of higher net sales in the Dispensing and Specialty Closures segment including net sales from the Weener acquisition and the contractual pass through of higher raw material and other manufacturing costs and higher volumes in the Metal Containers segment.

Income before interest and income taxes (EBIT) for 2025 was $597.9 million, an increase of $82.8 million as compared to $515.1 million for 2024. EBIT in the Dispensing and Specialty Closures, Metal Containers and Custom Containers segments were $321.5 million, $243.4 million and $81.1 million, respectively, in 2025. Rationalization charges were $60.5 million and $59.5 million in 2025 and 2024, respectively. Costs attributed to announced acquisitions were $1.1 million and $28.4 million in 2025 and 2024, respectively. A reconciliation of EBIT for each segment to Adjusted EBIT, a Non-GAAP financial measure used by the Company that adjusts EBIT for certain items, can be found in Table B at the back of this press release.

Interest and other debt expense before loss on early extinguishment of debt for 2025 was $189.4 million, an increase of $23.1 million as compared to 2024 primarily due to higher average borrowings as a result of the Weener acquisition, which was partially offset by lower weighted average interest rates.

The effective tax rates were 30.2% and 20.7% for 2025 and 2024, respectively. The increase in the effective tax rate was primarily a result of non-deductible restructuring costs in the current year and the benefits in the prior year of tax restructuring activities in our foreign operations and the reversal of tax reserves due to the expiration of statute of limitations. The adjusted tax rates were 25.8% and 21.2% for 2025 and 2024, respectively. The increase in the adjusted tax rate was primarily a result of higher income in higher tax jurisdictions and the non-recurring non-cash revaluation of discrete tax items in the current year and the benefits in the prior year of tax restructuring activities in our foreign operations and the reversal of tax reserves due to the expiration of statute of limitations.

The Company reported net cash provided by operating activities of $729.8 million in 2025 as compared to $721.9 million in 2024. Free cash flow for 2025 was $445.2 million, a 14% increase as compared to $391.3 million in 2024. The increase in free cash flow was primarily due to higher operating earnings including earnings from the Weener acquisition, which was partially offset by higher capital expenditures and cash interest expense in 2025. The Company is providing a reconciliation in Table D of this press release of net cash provided by operating activities to “free cash flow,” a Non-GAAP financial measure used by the Company which adjusts net cash provided by operating activities for certain items.

Full Year Segment Results

Dispensing and Specialty Closures
Net sales of the Dispensing and Specialty Closures segment were $2.7 billion in 2025, an increase of $402.9 million, or 17%, as compared to $2.3 billion in 2024 primarily as a result of the inclusion of the Weener acquisition and higher organic volumes of dispensing products for high value fragrance and beauty markets. These impacts were partially offset by lower volumes of specialty closures for the North American beverage markets due to adverse weather that impacted consumption patterns in the first half of the year. Favorable foreign currency translation also contributed approximately 2% compared to the prior year period.

Dispensing and Specialty Closures Adjusted EBIT increased $54.4 million to a record $420.0 million in 2025 as compared to $365.6 million in 2024. The increase in Adjusted EBIT was driven primarily by the inclusion of the Weener acquisition, higher organic volumes of dispensing products for high value fragrance and beauty markets and favorable price/cost including mix.

Metal Containers
Net sales of the Metal Containers segment were $3.1 billion in 2025, an increase of $237.6 million, or 8%, as compared to $2.9 billion in 2024. This increase was driven by favorable price/mix of 5% primarily as a result of the contractual pass through of higher raw material and other manufacturing costs and higher volumes of 3%. As anticipated, volumes for pet food markets, which represent over half of the volumes in the segment, increased 7% in 2025.

Metal Containers Adjusted EBIT increased by $18.0 million to $260.4 million in 2025 as compared to $242.4 million in 2024. Adjusted EBIT increased as a result of favorable price/cost including mix, partially as a result of the multi-year cost reduction initiative, and higher volumes.

Custom Containers
Net sales of the Custom Containers segment were $637.6 million in 2025, a decrease of $12.0 million, or 2%, as compared to $649.6 million in 2024. This decrease was primarily the result of lower volumes of 2%, which includes the impact from the exit of lower margin business as a result of footprint optimization plans to achieve previously announced cost reduction goals. Excluding the lower margin business exited to achieve cost reduction plans, volumes increased 1%.

Custom Containers Adjusted EBIT increased $8.9 million to $89.9 million in 2025 as compared to $81.0 million in 2024. The increase in Adjusted EBIT was primarily the result of improved price/cost including mix, partially due to the impact of the multi-year cost reduction initiative.

Outlook for 2026

The Company currently estimates adjusted net income per diluted share for the full year of 2026 will be in the range of $3.70 to $3.90, a 2% increase at the midpoint of the range over adjusted net income per diluted share of $3.72 in 2025. At the midpoint of the range, volumes and Adjusted EBIT are expected to be higher than 2025 levels in the Dispensing and Specialty Closures and Metal Containers segments and comparable to 2025 levels in the Custom Containers segment. Adjusted net income per diluted share excludes certain items as outlined in Table C at the back of this press release.

The Company anticipates interest and other debt expense in 2026 of approximately $205 million and an effective tax rate for 2026 of approximately 25-26%.

The Company currently estimates that free cash flow in 2026 will be approximately $450 million as compared to $445.2 million in 2025. Capital expenditures are expected to increase modestly to approximately $310 million in 2026 as compared to $307.1 million in 2025 primarily to support continued dispensing and pet food product growth.

The Company is providing an estimate of adjusted net income per diluted share for the first quarter of 2026 in the range of $0.70 to $0.80 as compared to $0.82 in the first quarter of 2025. The decrease in Adjusted EPS in the first quarter of 2026 is the result of the benefit in the prior year quarter of the sell through of lower cost inventory in our European metal containers and metal closures operations, higher interest expense, and the impact from the limited pull forward of volumes into the fourth quarter of 2025 ahead of anticipated raw material inflation in 2026. Adjusted net income per diluted share excludes certain items as outlined in Table C at the back of this press release.

Conference Call

Silgan Holdings Inc. will hold a conference call to discuss the Company’s results for the fourth quarter and full year of 2025 at 8:30 a.m. eastern time on Wednesday, February 4, 2026. The conference call audio will be webcast live, and both the webcast and this press release can be accessed at www.silganholdings.com. Those who wish to participate in the conference call via teleconference from the U.S. and Canada should dial (800) 330-6710 and from outside the U.S. and Canada should dial (312) 471-1353. The confirmation code for the conference call is 1938785. The audio webcast can be accessed at www.silganholdings.com and will be available for 90 days thereafter for those who are unable to listen to the live call.

* * *

Silgan is a leading supplier of sustainable rigid packaging solutions for the world's essential consumer goods products with annual net sales of approximately $6.5 billion in 2025. Silgan operates 121 manufacturing facilities in North and South America, Europe and Asia. The Company is a leading worldwide supplier of dispensing and specialty closures for fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden products. The Company is also a leading supplier of metal containers in North America and Europe for pet and human food and general line products. In addition, the Company is a leading supplier of custom containers for shelf-stable food and personal care products in North America.

Statements included in this press release which are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934, as amended. Such forward looking statements are made based upon management’s expectations and beliefs concerning future events impacting the Company and therefore involve a number of uncertainties and risks, including, but not limited to, those described in the Company’s Annual Report on Form 10-K for 2024 and other filings with the Securities and Exchange Commission. Therefore, the actual results of operations or financial condition of the Company could differ materially from those expressed or implied in such forward looking statements.

SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

For the quarter and year ended December 31,

(Dollars and shares in millions, except per share amounts)

Fourth Quarter

Year Ended

2025

2024

2025

2024

Net sales

$

1,468.6

$

1,411.2

$

6,483.2

$

5,854.7

Cost of goods sold

1,215.9

1,172.2

5,333.7

4,842.9

Gross profit

252.7

239.0

1,149.5

1,011.8

Selling, general and administrative expenses

119.6

123.9

492.7

438.4

Rationalization charges

32.5

21.4

60.5

59.5

Other pension and postretirement (income)

(0.5

)

(0.5

)

(1.6

)

(1.2

)

Income before interest and income taxes

101.1

94.2

597.9

515.1

Interest and other debt expense before loss on early extinguishment of debt

47.7

44.5

189.4

166.3

Loss on early extinguishment of debt

—

1.1

—

1.1

Interest and other debt expense

47.7

45.6

189.4

167.4

Income before income taxes

53.4

48.6

408.5

347.7

Provision for income taxes

35.9

4.2

123.3

72.0

Income before equity in earnings of affiliates

17.5

44.4

285.2

275.7

Equity in earnings of affiliates, net of tax

0.7

0.7

3.2

0.7

Net income

$

18.2

$

45.1

$

288.4

$

276.4

Earnings per share (EPS):

Basic net income per share

$

0.17

$

0.42

$

2.71

$

2.59

Diluted net income per share

$

0.17

$

0.42

$

2.70

$

2.58

Cash dividends per common share

$

0.20

$

0.19

$

0.80

$

0.76

Weighted average shares:

Basic

105.6

106.8

106.5

106.8

Diluted

105.8

107.3

106.8

107.1

SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(Dollars in millions)

Dec. 31,

Dec. 31,

2025

2024

Assets:

Cash and cash equivalents

$

1,080.7

$

822.9

Trade accounts receivable, net

589.4

594.2

Inventories

1,080.1

928.1

Other current assets

241.7

177.5

Property, plant and equipment, net

2,378.3

2,282.9

Other assets, net

4,026.9

3,779.0

Total assets

$

9,397.1

$

8,584.6

Liabilities and stockholders' equity:

Accounts payable and accrued liabilities

$

1,820.3

$

1,531.0

Current and long-term debt

4,346.8

4,136.8

Other liabilities

955.7

927.6

Stockholders' equity

2,274.3

1,989.2

Total liabilities and stockholders' equity

$

9,397.1

$

8,584.6

SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the year ended December 31,

(Dollars in millions)

2025

2024

Cash flows provided by (used in) operating activities:

Net income

$

288.4

$

276.4

Adjustments to reconcile net income to net cash

provided by (used in) operating activities:

Depreciation and amortization

319.2

275.9

Amortization of debt discount and debt issuance costs

5.5

5.5

Rationalization charges

60.5

59.5

Loss on early extinguishment of debt

—

1.1

Stock compensation expense

18.0

15.5

Deferred income tax provision (benefit)

19.3

(33.1

)

Other changes that provided (used) cash:

Trade accounts receivable, net

50.5

37.4

Inventories

(116.0

)

57.7

Trade accounts payable and other changes, net

84.4

26.0

Net cash provided by operating activities

729.8

721.9

Cash flows provided by (used in) investing activities:

Purchase of business, net of cash acquired

—

(921.6

)

Capital expenditures

(307.1

)

(262.8

)

Proceeds from asset sales

10.1

7.8

Other investing activities

(0.3

)

0.3

Net cash (used in) investing activities

(297.3

)

(1,176.3

)

Cash flows provided by (used in) financing activities:

Dividends paid on common stock

(85.8

)

(82.1

)

Changes in outstanding checks - principally vendors

12.4

(75.6

)

Shares repurchased under authorized repurchase program

(68.0

)

—

Net borrowings and other financing activities

(66.1

)

820.3

Net cash (used in) provided by financing activities

(207.5

)

662.6

Effect of exchange rate changes on cash and cash equivalents

32.8

(28.2

)

Cash and cash equivalents:

Net increase

257.8

180.0

Balance at beginning of year

822.9

642.9

Balance at end of period

$

1,080.7

$

822.9

SILGAN HOLDINGS INC.

CONSOLIDATED SUPPLEMENTAL SEGMENT FINANCIAL DATA

(UNAUDITED)

For the quarter and year ended December 31,

(Dollars in millions)

Fourth Quarter

Year Ended

2025

2024

2025

2024

Net sales:

Dispensing and Specialty Closures

$

643.6

$

639.4

$

2,707.3

$

2,304.4

Metal Containers

675.6

610.2

3,138.3

2,900.7

Custom Containers

149.4

161.6

637.6

649.6

Consolidated

$

1,468.6

$

1,411.2

$

6,483.2

$

5,854.7

Income before interest and income taxes (EBIT)

Dispensing and Specialty Closures

$

56.6

$

76.7

$

321.5

$

290.0

Metal Containers

39.5

41.6

243.4

228.9

Custom Containers

15.2

(0.1

)

81.1

55.4

Corporate

(10.2

)

(24.0

)

(48.1

)

(59.2

)

Consolidated

$

101.1

$

94.2

$

597.9

$

515.1

SILGAN HOLDINGS INC.

RECONCILIATION OF ADJUSTED NET INCOME PER DILUTED SHARE (1)

(UNAUDITED)

For the quarter and year ended December 31,

(Dollars and shares in millions, except per share amounts)

Table A

Fourth Quarter

Year Ended

2025

2024

2025

2024

Net

Diluted

Net

Diluted

Net

Diluted

Net

Diluted

Income

EPS

Income

EPS

Income

EPS

Income

EPS

U.S. GAAP net income and diluted EPS

$

18.2

$

0.17

$

45.1

$

0.42

$

288.4

$

2.70

$

276.4

$

2.58

Adjustments (a)

52.5

0.50

45.7

0.43

108.5

1.02

111.4

1.04

Non-U.S. GAAP adjusted net income and adjusted diluted EPS

$

70.7

$

0.67

$

90.8

$

0.85

$

396.9

$

3.72

$

387.8

$

3.62

Weighted average number of common shares outstanding - Diluted

105.8

107.3

106.8

107.1

(a) Adjustments consist of items in the table below

Fourth Quarter

Year Ended

2025

2024

2025

2024

Adjustments:

Acquired intangible asset amortization expense

$

17.3

$

14.6

$

64.6

$

52.6

Other pension (income) for U.S. pension plans

(1.0

)

(1.0

)

(4.0

)

(4.2

)

Rationalization charges

32.5

21.4

60.5

59.5

Costs attributed to announced acquisitions

—

15.7

1.1

28.4

Purchase accounting write-up of inventory

—

6.1

—

6.1

Loss on early extinguishment of debt

—

1.1

—

1.1

Pre-tax impact of adjustments

48.8

57.9

122.2

143.5

Tax impact of adjustments

(3.7

)

12.2

13.7

32.1

Net impact of adjustments

$

52.5

$

45.7

$

108.5

$

111.4

Weighted average number of common shares outstanding - Diluted

105.8

107.3

106.8

107.1

Diluted EPS impact from adjustments

$

0.50

$

0.43

$

1.02

$

1.04

Adjusted tax rate

31.5

% 15.5

%

25.8

%

21.2

% SILGAN HOLDINGS INC.

RECONCILIATION OF ADJUSTED EBIT and ADJUSTED EBITDA (2)

(UNAUDITED)

For the quarter and year ended December 31,

(Dollars in millions)

Table B

Fourth Quarter

Year Ended

2025

2024

2025

2024

Dispensing and Specialty Closures:

Income before interest and income taxes (EBIT)

$

56.6

$

76.7

$

321.5

$

290.0

Acquired intangible asset amortization expense

15.8

13.1

58.7

46.7

Other pension (income) for U.S. pension plans

(0.2

)

(0.2

)

(0.8

)

(1.0

)

Equity in earnings of affiliates, net of tax

0.7

0.7

3.2

0.7

Rationalization charges

26.4

3.5

37.4

23.1

Purchase accounting write-up of inventory

—

6.1

—

6.1

Adjusted EBIT

99.3

99.9

420.0

365.6

Depreciation

35.4

33.7

147.3

110.0

Adjusted EBITDA

$

134.7

$

133.6

$

567.3

$

475.6

Metal Containers:

Income before interest and income taxes (EBIT)

$

39.5

$

41.6

$

243.4

$

228.9

Acquired intangible asset amortization expense

0.4

0.4

1.4

1.4

Other pension (income) for U.S. pension plans

(0.5

)

(0.6

)

(1.8

)

(2.3

)

Rationalization charges

4.8

0.5

17.4

14.4

Adjusted EBIT

44.2

41.9

260.4

242.4

Depreciation

20.0

19.8

72.7

77.4

Adjusted EBITDA

$

64.2

$

61.7

$

333.1

$

319.8

Custom Containers:

Income before interest and income taxes (EBIT)

$

15.2

$

(0.1

)

$

81.1

$

55.4

Acquired intangible asset amortization expense

1.1

1.1

4.5

4.5

Other pension (income) for U.S. pension plans

(0.3

)

(0.2

)

(1.4

)

(0.9

)

Rationalization charges

1.3

17.4

5.7

22.0

Adjusted EBIT

17.3

18.2

89.9

81.0

Depreciation

8.1

9.1

34.1

35.7

Adjusted EBITDA

$

25.4

$

27.3

$

124.0

$

116.7

Corporate:

(Loss) before interest and income taxes (EBIT)

$

(10.2

)

$

(24.0

)

$

(48.1

)

$

(59.2

)

Costs attributed to announced acquisitions

—

15.7

1.1

28.4

Adjusted EBIT

(10.2

)

(8.3

)

(47.0

)

(30.8

)

Depreciation

0.1

0.1

0.4

0.2

Adjusted EBITDA

$

(10.1

)

$

(8.2

)

$

(46.6

)

$

(30.6

)

Total Adjusted EBIT

150.6

151.7

723.3

658.2

Total Depreciation

63.6

62.7

254.5

223.3

Total Adjusted EBITDA

$

214.2

$

214.4

$

977.8

$

881.5

SILGAN HOLDINGS INC.

RECONCILIATION OF ADJUSTED NET INCOME PER DILUTED SHARE (1)

(UNAUDITED)

For the quarter and year ended,

(Dollars and shares in millions, except per share amounts)

Table C

First Quarter,

Year Ended

March 31,

December 31,

Estimated

Actual

Estimated

Actual

Low

High

Low

High

2026

2026

2025

2026

2026

2025

U.S. GAAP net income as estimated for 2026 and as reported for 2025

$

58.8

$

69.3

$

68.0

$

338.8

$

360.0

$

288.4

Adjustments (a)

15.3

15.3

20.3

53.4

53.4

108.5

Non-U.S. GAAP adjusted net income as estimated for 2026 and presented for 2025

$

74.1

$

84.6

$

88.3

$

392.2

$

413.4

$

396.9

U.S. GAAP diluted EPS as estimated for 2026 and as reported for 2025

$

0.56

$

0.66

$

0.63

$

3.20

$

3.40

$

2.70

Adjustments (a)

0.14

0.14

0.19

0.50

0.50

1.02

Non-U.S. GAAP adjusted diluted EPS as estimated for 2026 and presented for 2025

$

0.70

$

0.80

$

0.82

$

3.70

$

3.90

$

3.72

(a) Adjustments consist of items in the table below

First Quarter,

Year Ended

March 31,

December 31,

2026

2025

2026

2025

Estimated

Actual

Estimated

Actual

Adjustments:

Acquired intangible asset amortization expense

$

16.0

$

15.4

$

64.0

$

64.6

Other pension (income) for U.S. pension plans

(1.6

)

(0.9

)

(6.5

)

(4.0

)

Rationalization charges

6.2

11.0

14.2

60.5

Costs attributed to announced acquisitions

—

1.1

—

1.1

Pre-tax impact of adjustments

20.6

26.6

71.7

122.2

Tax impact of adjustments

5.3

6.3

18.3

13.7

Net impact of adjustments

$

15.3

$

20.3

$

53.4

$

108.5

Weighted average number of common shares outstanding - Diluted

105.8

107.3

106.0

106.8

Diluted EPS impact from adjustments

$

0.14

$

0.19

$

0.50

$

1.02

RECONCILIATION OF FREE CASH FLOW (3)

(UNAUDITED)

For the year ended December 31,

(Dollars and shares in millions, except per share amounts)

Table D

2025

2024

Net cash provided by operating activities

$

729.8

$

721.9

Capital expenditures

(307.1

)

(262.8

)

Proceeds from asset sales

10.1

7.8

Changes in outstanding checks

12.4

(75.6

)

Free cash flow

$

445.2

$

391.3

Net cash provided by operating activities per diluted share

$

6.83

$

6.74

Free cash flow per diluted share

$

4.17

$

3.65

Weighted average diluted shares

106.8

107.1

(1) The Company has presented adjusted net income per diluted share for the periods covered by this press release, which measure is a Non-GAAP financial measure. The Company’s management believes it is useful to exclude acquired intangible asset amortization expense, other pension income for U.S. pension plans, rationalization charges, costs attributed to announced acquisitions, the impact from the charge for the write-up of acquired inventory required under purchase accounting and the loss on early extinguishment of debt from its net income per diluted share as calculated under U.S. generally accepted accounting principles because such Non-GAAP financial measure allows for a more appropriate evaluation of its operating results. Acquired intangible asset amortization expense is a non-cash expense related to acquired operations that management believes is not indicative of the on-going performance of the acquired operations. Since the Company's U.S. pension plans are significantly over funded and have no required cash contributions for the foreseeable future based on current regulations, management views other pension income from the Company's U.S. pension plans, which excludes service costs, as not reflective of the operational performance of the Company or its segments. While rationalization costs are incurred on a regular basis, management views these costs more as an investment to generate savings rather than period costs. Costs attributed to announced acquisitions consist of third party fees and expenses that are viewed by management as part of the acquisition and not indicative of the on-going cost structure of the Company. The write-up of acquired inventory required under purchase accounting is also viewed by management as part of the acquisition and is a non-cash charge that is not considered to be indicative of the on-going performance of the acquired operations. The loss on early extinguishment of debt consists of third party fees and expenses incurred or debt costs written off that are viewed by management as part of the cost of prepayment of debt and not indicative of the on-going cost structure of the Company. Such Non-GAAP financial measure is not in accordance with U.S. generally accepted accounting principles and should not be considered in isolation but should be read in conjunction with the unaudited condensed consolidated statements of income and the other information presented herein. Additionally, such Non-GAAP financial measure should not be considered a substitute for net income per diluted share as calculated under U.S. generally accepted accounting principles and may not be comparable to similarly titled measures of other companies.

(2) The Company has presented Adjusted EBIT for the periods covered by this press release, which measure is a Non-GAAP financial measure. The Company’s management believes it is useful to exclude acquired intangible asset amortization expense, other pension income for U.S. pension plans, rationalization charges and costs attributed to announced acquisitions from EBIT, and to include in EBIT equity in earnings of affiliates, net of tax, for the Company and each of its segments as calculated under U.S. generally accepted accounting principles because such Non-GAAP financial measure allows for a more appropriate evaluation of operating results of the Company and its segments. Acquired intangible asset amortization expense is a non-cash expense related to acquired operations that management believes is not indicative of the on-going performance of the acquired operations. Since the Company's U.S. pension plans are significantly over funded and have no required cash contributions for the foreseeable future based on current regulations, management views other pension income from the Company's U.S. pension plans, which excludes service costs, as not reflective of the operational performance of the Company or its segments. While rationalization costs are incurred on a regular basis, management views these costs more as an investment to generate savings rather than period costs. Costs attributed to announced acquisitions consist of third party fees and expenses that are viewed by management as part of the acquisition and not indicative of the on-going cost structure of the Company. The Company's management views the operating performance of its affiliates which are joint ventures as part of the Company's operating performance and therefore believes that the Company's share of the net operating results of its affiliates which are joint ventures should be included in the Company's Adjusted EBIT. Such Non-GAAP financial measure is not in accordance with U.S. generally accepted accounting principles and should not be considered in isolation but should be read in conjunction with the unaudited condensed consolidated statements of income and the other information presented herein. Additionally, such Non-GAAP financial measure should not be considered a substitute for income before interest and income taxes (EBIT) as calculated under U.S. generally accepted accounting principles and may not be comparable to similarly titled measures of other companies. The Company has also presented Adjusted EBITDA for the periods covered by this press release, which measure is a Non-GAAP financial measure. Adjusted EBITDA means Adjusted EBIT plus depreciation. The Company's management believes that Adjusted EBITDA also allows for a more appropriate evaluation of operating results of the Company and its segments. Such Non-GAAP financial measure is not in accordance with U.S. generally accepted accounting principles and should not be considered in isolation but should be read in conjunction with the unaudited condensed consolidated statements of income and the other information presented herein. Additionally, such Non-GAAP financial measure should not be considered a substitute for income before interest and income taxes (EBIT) as calculated under U.S. generally accepted accounting principles and may not be comparable to similarly titled measures of other companies.

(3) The Company has presented free cash flow in this press release, which is a Non-GAAP financial measure. The Company’s management believes that free cash flow is important to support its stated business strategy of investing in internal growth and acquisitions. Free cash flow is defined as net cash provided by operating activities adjusted for changes in outstanding checks, reduced by capital expenditures and increased by proceeds from asset sales. At times, there may be other unusual cash items that will be excluded from free cash flow. Net cash provided by operating activities is the most comparable financial measure under U.S. generally accepted accounting principles to free cash flow, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures. Such Non-GAAP financial measure is not in accordance with U.S. generally accepted accounting principles and should not be considered in isolation but should be read in conjunction with the unaudited condensed consolidated statements of cash flows and the other information presented herein. Additionally, such Non-GAAP financial measure should not be considered a substitute for net cash provided by operating activities as calculated under U.S. generally accepted accounting principles and may not be comparable to similarly titled measures of other companies.

More News From Silgan Holdings Inc.

Here are two stocks with buy rank and strong income characteristics for investors to consider today, February 4:

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See the full list of top ranked stocks here.

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

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HomeIndustriesNew guidance for 2026 implies around 8% downside to consensus forecasts.Published: Feb. 4, 2026 at 5:41 a.m. ET

Novo Nordisk CEO Mike Doustdar shakes hands with U.S. President Donald Trump after Trump made an announcement on lowering drug prices in the Oval Office at the White House in November. Doustdar was warning on pricing. Photo: Andrew Harnik/Getty ImagesHaving pre-announced earnings a day earlier, Novo Nordisk CEO Mike Doustdar, faced the European media Wednesday morning and gave a series of downbeat assessments of the company’s prospects in 2026.

Analysts ranging from JPMorgan, Bank of America, Danske and Handelsbanken warned that the consensus expectations for 2026 sales will be downgraded by around 8%, after Doustdar lowered guidance.

Tony Kim Feb 04, 2026 09:04

LDO shows oversold RSI at 29.30 with analysts eyeing $0.53-$0.75 targets as Lido DAO tests critical support levels near $0.40. LDO Price Prediction Summary • Short-term target (1 week): $0.44-$0.4...

LDO shows oversold RSI at 29.30 with analysts eyeing $0.53-$0.75 targets as Lido DAO tests critical support levels near $0.40.

LDO Price Prediction Summary • Short-term target (1 week): $0.44-$0.45 • Medium-term forecast (1 month): $0.53-$0.75 range
• Bullish breakout level: $0.53 • Critical support: $0.37-$0.40

What Crypto Analysts Are Saying About Lido DAO Recent analyst predictions present a cautiously optimistic outlook for Lido DAO's price trajectory. Peter Zhang noted on February 2, 2026, that "LDO trades at $0.43 with RSI at 29.44 signaling oversold conditions. Technical analysis suggests potential bounce to $0.53 resistance level within 4 weeks as Lido DAO approaches key support zones."

Luisa Crawford provided a more aggressive Lido DAO forecast on January 30, stating that "Lido DAO (LDO) trades at $0.48 with oversold RSI at 31.54, but analysts forecast 45-67% upside to $0.75-$0.85 range by early February 2026 based on technical indicators." This target range represents significant upside potential from current levels.

Supporting this bullish sentiment, Darius Baruo observed on January 21 that "Lido DAO (LDO) trades at $0.52 with bearish momentum but analyst targets suggest 45-64% upside to $0.75-$0.85 range by February 2026 based on MACD signals."

LDO Technical Analysis Breakdown The current technical picture for Lido DAO reveals a token in oversold territory with potential for a relief bounce. At $0.42, LDO sits well below its key moving averages, with the 20-day SMA at $0.50 and the 200-day SMA significantly higher at $0.89.

The RSI reading of 29.30 confirms oversold conditions, typically indicating that selling pressure may be exhausted and a technical bounce could be imminent. This aligns with analyst predictions targeting the $0.53 level, which coincides with previous support-turned-resistance.

LDO's position within the Bollinger Bands shows the token trading near the lower band at $0.38, with a %B position of 0.15. This suggests the token is compressed toward the bottom of its recent trading range, often preceding volatility expansion.

The MACD histogram at -0.0000 indicates bearish momentum is beginning to flatten, though it hasn't yet shown signs of bullish divergence. The daily ATR of $0.03 reflects moderate volatility, providing room for meaningful price moves in either direction.

Lido DAO Price Targets: Bull vs Bear Case Bullish Scenario The most compelling LDO price prediction scenarios center around a recovery to the $0.53-$0.75 range. Initial resistance sits at $0.44-$0.45, representing the immediate hurdle for any bounce attempt. Breaking above this level would likely target the 20-day SMA at $0.50.

A sustained move above $0.50 would validate the more optimistic Lido DAO forecast targeting $0.53, representing a 26% upside from current levels. The ultimate bullish target aligns with analyst predictions of $0.75-$0.85, requiring a fundamental shift in market sentiment and sustained buying pressure.

For this scenario to unfold, LDO would need to see RSI recovery above 50 and MACD showing positive divergence, indicating renewed buying interest.

Bearish Scenario Downside risks center around the critical support zone between $0.37-$0.40. A break below the strong support at $0.37 could trigger additional selling pressure, potentially targeting the psychological $0.30 level.

The concerning technical backdrop includes all major moving averages trending below current price action, suggesting the overall trend remains bearish despite oversold conditions. Volume patterns would need monitoring for any breakdown scenarios.

Should You Buy LDO? Entry Strategy Current oversold conditions present a potential opportunity for traders comfortable with high-risk positions. The optimal entry strategy would involve scaling into positions near current levels around $0.40-$0.42, with additional purchases on any dip toward the $0.37 strong support level.

Stop-loss placement below $0.35 would limit downside risk while allowing room for normal volatility. Profit-taking could begin near the $0.45 immediate resistance, with larger positions held for the $0.53 target level that aligns with multiple analyst predictions.

Risk management remains crucial given LDO's position below all major moving averages. Position sizing should reflect the speculative nature of this setup, with traders prepared for continued volatility.

Conclusion The LDO price prediction landscape suggests a potential recovery toward $0.53-$0.75 over the coming month, supported by oversold technical conditions and analyst targets. While the immediate trend remains bearish, the combination of extreme RSI readings and analyst conviction around higher targets creates an intriguing risk-reward setup.

The Lido DAO forecast depends heavily on broader market conditions and the token's ability to reclaim key technical levels above $0.45. Traders should approach with appropriate position sizing and clear risk management protocols.

This analysis is for educational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and past performance does not guarantee future results.

Image source: Shutterstock

ldo price analysis ldo price prediction

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The world’s largest crypto exchange Binance on Wednesday said it has purchased an additional 1,315 BTC for its SAFU Fund. This is part of converting $1 billion of its SAFU reserves from stablecoins into Bitcoin after the recent crypto market crash.

Binance Expands SAFU Fund to 2,630 BTC Committing to protect its users amid the crypto bloodbath, Binance has acquired an additional 1,315 BTC worth almost $100.42 million for its SAFU fund, according to Arkham data on February 4.

Binance SAFU Fund Adds 1,315 BTC. Source: Arkham This latest addition marks the second purchase this week, bringing the total accumulation to 2,630 BTC worth around $201.12 million. The move aligns with Binance’s broader strategy to convert up to $1 billion of its SAFU reserves from stablecoins into Bitcoin over 30 days.

Binance officially confirmed the progress, stating that the second batch of $100 million in stablecoins conversions to BTC is completed. “We’re continuing to acquire Bitcoin for the SAFU fund, aiming to complete conversion of the fund within 30 days of our original announcement,” the crypto exchange said.

#Binance SAFU Fund Asset Conversion progress update.

Binance has completed the second batch of Bitcoin conversion for the SAFU Fund, amounting to 100M USD stablecoins.

Our SAFU BTC address:
1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkD

TXID: https://t.co/xm87A7Zd9T

We’re continuing to… pic.twitter.com/i3H2cCYYB2

— Binance (@binance) February 4, 2026

On Monday, Binance transferred roughly 1,315 BTC from Binance hot wallets to the SAFU Fund wallet address “1BAuq.” This development comes amid volatility and uncertainty in the crypto market.

Bitcoin Price Holds Above $76K Bitcoin price remains under selling pressure amid “extreme fear” sentiment and thin liquidity. BTC fell 3% over the past 24 hours, with the price currently trading at $76,435. The 24-hour low and high are $72,897 and $78,974, respectively.

Furthermore, trading volume has increased by 40% in the last 24 hours, indicating that traders reacted to Binance purchasing additional BTC for the SAFU fund. However, experts such as Michael Burry warns Bitcoin price crash and its implications for treasury companies and traditional financial markets.

CoinGlass data showed slight buying in the past across the derivatives market as traders look for further cues. At the time of writing, the total BTC futures open interest jumped 0.19% to $51.15 billion in the last 4 hours. Notably, BTC futures OI is down nearly 1% in 24 hours, with 1.32% fall on CME and 1.92% slump on Binance.

Advisers are now discussing a smaller fundraising of roughly $5 billion, as prospective backers question both the size of the deal and Tether’s lofty valuation.Updated Feb 4, 2026, 8:59 a.m. Published Feb 4, 2026, 8:52 a.m.

Tether has quietly pulled back from plans to raise as much as $20 billion in fresh capital after facing investor resistance to a proposed valuation that would rank the stablecoin issuer among the world’s most valuable private companies, per an FT report on Wednesday.

The company, which issues the USDT stablecoin with over $185 billion in circulation, had explored a funding round last year that could have valued Tether at around $500 billion, according to people familiar with the talks.

STORY CONTINUES BELOW

Advisers have since floated raising closer to $5 billion, a sharp reduction from earlier discussions, as investors questioned both the size of the deal and the valuation.

Chief executive Paolo Ardoino said the larger figures had been misunderstood, describing the $15 billion to $20 billion range as a ceiling rather than a target.

“That number is not our goal,” Ardoino said in an interview to FT. “If we were selling zero, we would be very happy as well.”

Tether’s fundraising push has drawn attention because the company is already highly profitable and has limited operational need for external capital. Ardoino said the firm generated roughly $10 billion in profit last year, largely from interest earned on the assets backing USDT, and added that insiders were reluctant to sell shares.

Still, prospective investors have raised concerns about a valuation that would place Tether alongside firms such as SpaceX, ByteDance and leading artificial intelligence companies. Some have also pointed to regulatory risks and long-standing questions around reserve transparency as sticking points.

Tether has faced scrutiny since its founding over the quality of its reserves and the use of USDT in illicit activity. While the company now publishes quarterly attestations from BDO Italia, it has not released a full audit. Ratings agency S&P Global downgraded Tether’s reserve assessment last year, citing increased exposure to assets such as bitcoin and gold.

But Ardoino has defended the company’s approach, arguing that Tether’s profitability compares favorably with loss-making AI firms commanding similar valuations.

“If you believe some AI company is worth $800 billion with a huge minus sign in front, be my guest,” he said.

Tether’s growing footprint in U.S. Treasuries and gold has made it one of the most significant bridges between traditional finance and digital assets — a role that continues to attract attention even as investors debate how much the company is worth.

TLDR: Binance recorded 56,000-59,000 BTC inflows on February 2-3, marking the largest deposits since January started.  Short-term holders transferred 54,000 BTC at a loss on February 2nd, signaling panic selling at $74,000 support.  Institutional supply of 155,000 BTC sits underwater between $85K-$95K, creating potential distribution resistance.  Analysts forecast Bitcoin decline to $50,000 by Q2 2025 following anticipated bounce to $85,000-$95,000 range. Bitcoin’s recent price correction has triggered significant movement of coins to exchanges, with Binance recording its highest inflows since January began.

Between February 2nd and 3rd, the leading exchange received between 56,000 and 59,000 BTC as the cryptocurrency traded near the critical $74,000 support level.

This accumulation of coins on exchanges typically signals potential selling pressure, raising concerns among market participants about near-term price direction and the sustainability of the current trend.

Panic Selling Emerges at Critical Technical Level The substantial inflows to Binance occurred as Bitcoin tested a pivotal price zone around $74,000. A sustained breakdown below this threshold would challenge the asset’s long-term upward trajectory.

The timing of these transfers reflects growing anxiety among certain investors who moved their holdings to exchanges in anticipation of further declines.

Binance continues to dominate cryptocurrency trading volumes globally. This position naturally makes it the primary destination for coins during periods of market stress.

The exchange absorbed the majority of selling pressure during this window, according to data shared by analyst Darkfost on X.

🔴 BTC inflows trigger FUD as selling pressure builds on Binance

As BTC continues its corrective phase, we observed on February 2nd and 3rd the largest BTC inflows to Binance since the beginning of the year

These inflows are not insignificant.

They occurred at a key moment,… pic.twitter.com/xmROStdOs7

— Darkfost (@Darkfost_Coc) February 4, 2026

Short-term holders demonstrated particularly reactive behavior during this phase. On February 2nd alone, approximately 54,000 BTC were transferred at a loss by this cohort.

These investors, known for sensitivity to price fluctuations, contributed meaningfully to the overall flow of coins reaching exchanges.

The selling activity, while substantial, aligns proportionally with the scale of observed transfers. Market observers note this pattern often accompanies capitulation phases where oversold conditions emerge.

Such periods have historically created opportunities for price stabilization and potential reversal formations across various timeframes.

Bearish Outlook Points to Extended Downside Risk Some analysts maintain a decidedly negative outlook for Bitcoin’s near-term trajectory. DeFi researcher Sherlock projects significant downside potential, forecasting an eventual decline toward $50,000 by the second quarter of 2025.

His analysis centers on an anticipated bounce to the $85,000-$95,000 range before resumption of the downtrend.

Bitcoin is going lower. A lot lower.

Short the bounce to $85K – $95K and ride it to $50K. This is the big short I’ve been waiting for since $108K.

$85K – $95K is about to become the biggest resistance Bitcoin has seen in this entire cycle. 155,000 BTC in institutional supply… pic.twitter.com/hxB7VqFO4q

— Sherlock | DeFi Researcher (@Sherlockwhale) February 3, 2026

The analyst identifies approximately 155,000 BTC in institutional holdings acquired between October and December within that price band.

These positions currently sit underwater and may represent substantial resistance if prices recover to those levels. Such supply overhang could trigger what he describes as a major distribution event.

Technical indicators support this cautious stance. The daily Quantum Volume Weighted Average Price, yearly open, and January’s point of control all converge around $85,000-$95,000.

This confluence of resistance levels creates formidable barriers to upward movement, according to the assessment shared publicly.

The forecast suggests any relief rally will serve primarily to trap buyers before continuation lower. Initial targets include $65,000, followed by the $50,000 level within months.

This scenario represents a sharp departure from recent expectations of six-figure valuations and reflects deteriorating technical structure across multiple timeframes.

Key NotesTether scaled back its planned $15B-$20B raise to as little as $5B.The company generated about $10B in profit last year and holds over $30B in excess reserves.Tether now holds more than $141B in US Treasury exposure and 80-116 metric tons of gold. Tether has scaled back plans for a large funding round after investors pushed back on its $500 billion valuation target.

The company had previously explored raising $15 billion to $20 billion, which would have placed it among the most valuable private firms globally.

Advisers are now discussing a much smaller raise, potentially as low as $5 billion.

This follows investor hesitation around valuation rather than concerns about liquidity. Tether remains highly profitable and is under no pressure to raise capital.

https://twitter.com/WuBlockchain/status/2018919272786079847

Profitability Reduces Need for Capital Tether generated roughly $10 billion in profit last year, driven mainly by yield on reserves backing USDT.

The company controls the world’s largest stablecoin, with around $185 billion to $187 billion in circulation, and operates with a tight internal ownership structure.

Insiders have shown little interest in selling equity, which has limited the size of any potential deal. Management has stated that selling no shares at all remains an acceptable outcome.

Tether’s balance sheet now resembles that of a large financial institution.

According to its latest January attestation, the company holds more than $122 billion in direct US Treasuries, with total Treasury exposure exceeding $141 billion when including short-term lending agreements.

Alongside government debt, Tether has built one of the largest private gold positions in the world.

Its reserves and tokenized gold product together account for roughly 80 to 116 metric tons of gold, with around 27 tons added in the fourth quarter of 2025 alone.

For now, fundraising talks remain active but flexible.

The final size of any raise will depend on market conditions, investor appetite, and whether Tether decides it needs outside capital at all.

The Launch of USAT The fundraising rethink comes alongside Tether’s debut of USAT, a US-regulated stablecoin issued through Anchorage Digital Bank.

USAT is the company’s first product fully compliant with new federal stablecoin rules in the United States.

The stablecoin is separate from USDT, which has roughly $185 billion in circulation globally but does not meet current US regulatory standards.

The launch places Tether in direct competition with Circle’s USDC, as well as new entrants from Fidelity, JPMorgan, and PayPal.

Unlike past years, Tether executives are now actively engaging with US policymakers and law enforcement as well.

The company says it works with nearly 300 law enforcement agencies across more than 60 countries.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Tether (USDT) News, Cryptocurrency News, News

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn

Michael Burry, the investor famous for predicting the 2008 financial crisis, has issued a strong warning about Bitcoin. He has warned that the ongoing Bitcoin crash could seriously damage crypto miners and companies that hold large amounts of Bitcoin. 

He believes the Bitcoin price may further drop to $50K, leading to heavy losses and possible bankruptcies.

Bitcoin Fails as a Safe Haven AssetIn a recent Substack post, Michael Burry said that Bitcoin has failed to prove itself as a safe store of value like gold or silver. He described it as a purely speculative asset that moves mainly on market hype. 

While precious metals have recently reached record highs, Bitcoin has continued to slide lower.

He said Bitcoin has not reacted positively to typical market drivers like dollar weakness or geopolitical tensions. Instead, it is moving closely with the stock market, especially the S&P 500.

Burry pointed out that Bitcoin’s correlation with the S&P 500 has reached around 0.50, showing that it is acting more like a tech stock than an independent asset.

Michael Burry Warns Bitcoin Price To Crash To $50KSince October, Bitcoin has already dropped around 40% from its high of $126,000, and Burry believes the worst may still be ahead.

However, Bitcoin recently fell below $73,000, its lowest level in over a year, due to weaker demand and lower liquidity. 

He further criticized Bitcoin exchange-traded funds ETFs, which have seen some of their biggest outflows in recent months. He believes ETFs have increased speculation and made price swings even sharper.

Therefore, he believes that Bitcoin could further slide toward $50,000, which could seriously hurt miners and companies tied to crypto.

Bitcoin Holding Company & Miners May Face Heavy RisksBurry is even more worried about large companies that hold Bitcoin on their balance sheets. He warned that firms like Strategy Inc., one of the biggest corporate Bitcoin holders, face serious risks. 

If Bitcoin falls another 10%, the company could face billions of dollars in losses and struggle to raise new funds. 

He also warned that continued price drops could push many Bitcoin mining firms toward bankruptcy. Since miners depend on high Bitcoin prices to stay profitable, a deeper crash could destroy their business models.

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Investor caution forces Tether to rethink plans, scaling down ambitious $20B funding target to $5B.

Market Sentiment:

Bullish Bearish Neutral

Published: February 4, 2026 │ 9:35 AM GMT

Created by Kornelija Poderskytė from DailyCoin

Tether, the issuer of the world’s largest stablecoin USDT, has dramatically scaled back plans for a mega-fundraise after institutional investors raised concerns over the company’s valuation and market timing.

A report from the Financial Times suggested that Tether was considering raising as much as $20 billion, valuing the company at nearly $500 billion. 

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However, advisers and market participants questioned the feasibility of such numbers, given the current crypto market environment. 

Sources now say Tether is exploring a much smaller funding round, closer to $5 billion, reflecting a more cautious approach aligned with investor appetite.

Paolo Ardoino, Tether’s CEO, sought to clarify the situation, saying the original $15–$20 billion figure was a “misconception” rather than a firm target. 

Investor Caution Reflects Market TrendsInvestor hesitation mirrors broader trends across crypto markets, where funders are increasingly emphasizing transparency, operational discipline, and risk management. 

Stablecoin issuers like Tether, which underpin significant portions of digital asset trading, are under particular scrutiny amid heightened regulatory attention in multiple jurisdictions.

Tether has long faced scrutiny over the transparency and backing of its stablecoin reserves, with critics questioning whether each token is fully collateralized. Despite periodic audits and reassurances from the company, it has been under regulatory scrutiny, particularly in the U.S. and Europe.

Why This MattersA smaller, more manageable raise would allow Tether to bolster its reserves and operational flexibility without spooking the market. The episode underscores growing pressure on crypto companies to balance ambitious expansion with credible financial and governance practices.

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People Also Ask:What is a stablecoin fundraise?

A fundraise is when a stablecoin issuer seeks external capital to expand operations, strengthen reserves, or support business growth.

Why do investors question large Tether fundraises?

Extremely large raises can trigger concerns about overvaluation, market impact, and operational risk, especially in volatile crypto markets.

How does the Tether stablecoin USDT maintain its value?

USDT is backed by reserves, including cash and other assets. The company aims to ensure each token can be redeemed for $1.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Cronos just exploded higher. The cryptocurrency shot up 11% on February 3rd as big money players started buying aggressively, creating a frenzy that caught most traders off guard and sent volumes through the roof.

Whale wallets have been on a shopping spree lately, and it’s pretty clear they’re betting on CRO’s future. These large holders accumulated tokens over several days before the price jump, which usually means they know something the rest of us don’t. But here’s the thing – when whales move this fast, it can create artificial momentum that doesn’t always stick around. The buying pressure from these major players definitely pushed prices higher, but traders are now wondering if regular investors can keep the rally going once the whales step back.

Trading went absolutely wild.

Exchanges saw volume spike way above normal levels as both institutions and retail jumped in. Binance alone reported a 30% bump in CRO trading pairs on February 2nd, showing just how much attention the token grabbed. The increased activity created more liquidity, which then fed back into higher prices – basically a perfect storm that amplified every move up and down.

Leverage traders are having a field day with CRO’s momentum, using borrowed money to amplify their bets. It’s a double-edged sword though. Sure, the potential profits look tempting when prices are climbing, but leverage can wipe out accounts just as fast if things turn south. And with crypto’s reputation for sudden reversals, that’s not really a risk most people should be taking lightly.

The charts tell a mixed story right now. Technical indicators are flashing some warning signs even as prices climb higher.

Moving averages and oscillators suggest CRO might be getting stretched too far too fast. Market veterans have seen this pattern before – rapid gains followed by equally rapid corrections when momentum fades. The current setup looks fragile, according to several analysts who track these patterns for a living.

Crypto markets stay choppy across the board, with major coins swinging wildly in both directions. CRO’s surge fits into this broader volatility trend that’s been dominating headlines for weeks. Bitcoin, Ethereum, and other top tokens have all experienced similar sudden moves, creating an environment where predicting the next direction feels nearly impossible.

DeFi connections might be helping CRO’s case. Cronos has built out a decent ecosystem of decentralized finance products that attract developers and users alike. The platform’s involvement in DeFi could be drawing more institutional interest, especially as traditional finance continues exploring crypto opportunities. But the DeFi space itself remains experimental and risky.

Regulatory pressure keeps building globally. Governments worldwide are watching crypto more closely than ever, and any major policy announcements can send prices in either direction quickly. CRO isn’t immune to these broader regulatory concerns that affect the entire crypto sector.

On-chain data firm Glassnode dropped some interesting numbers on February 3rd. Wallets holding over 1 million CRO tokens boosted their holdings by 5% in just one week. That’s serious accumulation by any measure, though it also raises questions about whether a small group of holders might have too much control over price movements.

Derivatives trading heated up too. Deribit saw open interest in CRO futures jump 20% as traders positioned for more volatility ahead. The futures activity shows people are actively speculating on where CRO heads next, using contracts to either hedge existing positions or make leveraged bets on direction.

Reddit’s CRO community has been buzzing with theories and predictions. A user called CryptoSeer actually called the surge on February 2nd, pointing to whale activity and technical signals. Most community members seem excited but cautious, knowing how quickly crypto fortunes can change.

Cronos Labs hasn’t said anything official about the price action yet. The development team’s silence leaves traders guessing about what might be driving the sudden interest. Sometimes companies stay quiet during volatile periods to avoid influencing markets, but it leaves investors wondering if there’s news coming that could justify current prices.

The sustainability question looms large over CRO’s rally. Whale-driven moves often fade when the big players finish accumulating or start taking profits. With leverage positions piling up and technical indicators looking stretched, the next few days could determine whether CRO built a solid foundation for higher prices or just experienced another crypto head fake that ends in disappointment.

Volume patterns suggest institutional interest beyond just whale accumulation. Professional trading desks appear to be taking CRO seriously as an investment option, which could provide more stable support than retail-driven rallies typically offer.

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BitMine’s stock, BMNR, has continued to see a downturn in its price amid the crypto market crash. This comes as the Ethereum treasury firm now faces over $6 billion in unrealized losses.

Bearish Pressure Builds on BMNR Stock After BitMine Losses According to Yahoo Finance data, the BitMine stock has fallen by nearly 2% at the close of trading on Tuesday. It also declined by nearly 1% during pre-market trading.

Source: Yahoo Finance The continuous fall in the shares has been largely attributed to the fall in value of the firm’s Ethereum treasury. The firm has 3.5% of the circulating ETH supply, valued at $9.9 billion. However, it has seen over $6 billion in unrealized losses as its value drops to a current price of $2,200 per ETH.

Based on data from their transactions as of November 30th, the firm had purchased its initial 3.7 million tokens at a value of almost $15 billion. The value of ETH is currently $8.83 billion. The value of losses also impacted the price movement of the BMNR stock.

It is also worth noting that despite the losses, the firm has continued purchasing additional ETH tokens. On Monday, the firm bought an additional 41,788 tokens. This means that despite the current valuation loss, the firm is continuing with its strategy of accumulating more tokens.

In addition, some firms are increasing their investment portfolios in the firm. For example, Cathie Wood’s Ark Invest has purchased additional shares in BitMine worth about $6 million. This shows that they believe in the potential for the BMNR stock to rebound from its current losses.

Tom Lee Pushes Back on Ethereum Treasury Criticism In a new X post, the BitMine chairman defends its increasing paper losses as a result of the crypto crash. He said that the drawdown was simply a function of the design of its Ethereum treasury strategy, not an issue with execution.

These tweets miss the point of an ethereum treasury:
– BitMine is designed to track the price of $ETH
– outperform over the cycle (think up ETH)
– crypto is in a downturn, so naturally ETH is down$BMNR will see “unrealized” losses on our holdings of ETH during these times:
-… https://t.co/VpoNjAnJdC

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) February 3, 2026

Lee said that the firm is designed to follow the price of Ethereum and beat it over a market cycle. He also said that it is more similar to an index-style product than a tactical trading strategy. This explains the BMNR stock downturn as well

He said that it is no surprise to see unrealized losses during a broad pullback in crypto, and he wondered why it is a problem in this case and not in index products, which also move lower during a market downturn.

“Crypto is in a downturn, so naturally ETH is down BMNR will see “unrealized” losses on our holdings of ETH during these times,” he said