Market Signal Briefing

Binance Research released a report concluding that Bitcoin (BTC) and crude oil returns are statistically independent, based on 10 years of weekly data.

The report analyzed 532 weekly data points from 2016 to 2026 using econometric methods, including DCC-GARCH modeling and Granger causality tests.

A Decade of Data Shows Near-Zero Bitcoin-Oil CorrelationBinance divided the sample into four macroeconomic regimes. Only during 2020 to 2022, a period defined by zero interest rates and aggressive monetary easing, did any positive correlation appear between BTC and oil.

Even then, the relationship explained just 6.9% of Bitcoin’s weekly return variation.

That correlation was driven by shared liquidity conditions rather than any direct causal link.

Across every other period, the correlation coefficient remained indistinguishable from zero. Neither asset Granger-causes the other at any lag from one to ten weeks.

Hormuz Crisis Tested Bitcoin’s ResilienceThe February to March 2026 Strait of Hormuz crisis provided a live stress test. Brent crude surged +46% as supply disruptions hit global markets.

Over the same window, BTC gained +15%, outperforming the Nasdaq (+1%) and gold (-3%).

Cross-asset performance chart during the 2026 Hormuz crisis, Source: Binance ResearchBTC followed a three-phase pattern during the crisis. Initial weakness lasted from days one to three, followed by range-bound absorption through day 14, and an independent rally from days 15 to 24.

Spot BTC ETF net inflows totaled +$1.7 billion during the crisis period.

Oil Moves Volatility, Not DirectionThe report found that oil shocks amplify Bitcoin’s short-term volatility but do not determine its return direction. Institutional capital flows through ETFs, US spot market buying, and corporate treasury accumulation remain the dominant forces shaping BTC’s trajectory.

A historical parallel reinforces this finding. After the 2022 Russia-Ukraine conflict, BTC rose +24% in four weeks before crashing due to Terra/Luna and Three Arrows Capital, both crypto-native credit events unrelated to energy markets.

For years, the shortest line of attack against Tether was the demand for a full independent audit.

The audit never came, and the company absorbed the reputational cost without visible damage to its position. USDT crossed $184 billion in market capitalization, reached more than 550 million users, and became the dominant liquidity layer across global crypto markets.

On Mar. 24, Tether announced it had formally engaged a Big Four firm for its first full independent financial statement audit.

This came after Tether CEO Paolo Ardoino told CryptoSlate's Editor-in-Chief almost 2 years ago that he was actively trying to get a ‘Big Four' firm on board, but that he felt the political and regulatory climate in the US was making it extremely challenging. According to him, the lack of a ‘Big Four' audit was not due to a lack of trying from Tether.

At the time, he said regulatory pressures, such as Senator Warren's call for auditors to avoid crypto companies, made it difficult for Tether to secure a full audit from a Big Four firm. He expressed confidence in Tether's ongoing efforts to prove its legitimacy and financial health, which appear to be finally coming to fruition.

Speaking on the ‘risk' for an auditor to take on Tether as a client, and failed attempts to bring on a ‘Big Four' firm after “harsh” treatment from US legislators, he said,

“Look, really openly doing attestation on a stablecoin, especially if the stablecoin is named Tether, of course brings a lot of attention and a lot of risk management. Rightfully so, right? […]

We tried to get a Big Four auditor to the full audit… it's still our top priority.”

👀 @paoloardoino, CEO of @Tether_to, talks to @CryptoSlate's @akibablade & @jvs_btc in his most transparent & open interview to date.

Paolo reveals info on inner working of Tether's audits, competition, FUD, and where Tether has been naive over the years.

🚨 MUST WATCH 🚨 pic.twitter.com/FZcLJO4tM0

— CryptoSlate (@CryptoSlate) June 28, 2024

The debt that never clearedThe historical record gave Tether's critics seemingly durable ammunition.

In 2021, the CFTC ordered the company to pay $41 million for misleading statements claiming that US dollars fully backed USDT.

The New York attorney general said Tether and Bitfinex made false statements about reserves while concealing roughly $850 million in losses. Those findings left Tether carrying a trust discount that quarterly attestations never fully retired, even as USDT supply kept climbing.

Tether's public preparations for this announcement date back at least a year, while Ardoino's comments suggest it goes back even further.

In March 2025, the company hired Simon McWilliams as CFO with an explicit mandate to drive a full audit, framing that work as part of a broader push into the institutional financial system.

The Mar. 24 announcement is the first concrete sign that the effort advanced to formal engagement.
The company itself drew the relevant line, saying that attestations represent the current standard across stablecoins and the audit moves it “beyond this benchmark.”

That framing is a direct acknowledgment that the benchmark is no longer sufficient for the company's desired trajectory.

A timeline traces Tether's audit gap from the 2021 CFTC fine and NYAG settlement through its March 2026 Big Four engagement.The plumbing is being built around themThe urgency behind Tether's audit push becomes clearer when mapped against what major financial institutions are now building.

DTCC announced that NSCC plans to begin 24×5 trade processing on June 28, pending regulatory approval, calling it a foundational step toward a more continuous market.

NYSE is designing a tokenized venue built around 24/7 operations, instant settlement, and stablecoin-based funding.

Nasdaq has pitched tokenization as the path to an “always-on financial ecosystem.” BMO, CME Group, and Google Cloud announced a tokenized cash platform to enable institutional clients to move value continuously for margin, collateral, and settlement.

That constellation of announcements describes a market reorganizing around continuous operation and tokenized dollar movement.

Institution / projectWhat is being builtWhy it raises the bar for stablecoinsDTCC / NSCC24×5 trade processing and longer-hour market infrastructureLonger trading windows increase the need for dollar instruments that can move reliably outside traditional banking hoursNYSE tokenized platformA venue designed around 24/7 operations, instant settlement, and stablecoin-based fundingStablecoins are being pulled closer to core funding and settlement functions rather than remaining just exchange liquidity toolsNasdaq tokenization pushAn “always-on financial ecosystem” built around tokenized financial assetsStablecoins are increasingly judged on whether they can function inside a continuous, interoperable capital-markets environmentBMO / CME Group / Google CloudTokenized cash for real-time margin, collateral, and settlement workflowsIf stablecoins or tokenized dollars are used for margin and collateral movement, reserve quality and auditability become more importantStablecoin issuers generallyA shift from crypto trading collateral toward settlement-grade cash railsThe closer stablecoins get to market plumbing, the less tolerance institutions have for unresolved transparency questionsMarket implicationStablecoins competing to be the trusted “cash leg” in tokenized marketsWinners are likely to be judged not only by scale, but by how easily counterparties, venues, and institutions can diligence and integrate themDTCC's own materials carefully distinguish 24×5 from 24×7 and describe the transition as staged.

The bar is rising in ways that make the identity of the dollar token more consequential than it was when stablecoins existed primarily to fund crypto trades.

In a market where NYSE explicitly envisions stablecoin-based funding and BMO is building infrastructure for real-time margin and collateral movement, counterparties will ask harder questions about reserve quality and auditability.

A stablecoin used as settlement-grade money faces a different level of scrutiny than one used to move between exchange accounts.

What institutional legibility can buyCircle's numbers offer the clearest available evidence of what happens when a stablecoin makes itself easier for institutions to understand and audit.

Circle reported $75.3 billion in USDC circulation at year-end 2025 and $11.9 trillion in on-chain transaction volume in the fourth quarter of 2025.

Current supply is around $78.6 billion, implying roughly $3.34 billion in year-to-date growth in 2026, and that growth reflects multiple factors.

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USDC works best here as an illustration of what institutional legibility can unlock.

The more useful observation is that the market has already demonstrated that compliance, clearer reserve disclosure, and easier institutional integration can translate into meaningful scale.

Tether's audit push reads as a bid to access the same pool of institutional demand, and the January launch of USA₮ reinforces that reading.

Anchorage Digital Bank issues USA₮ for the US market, with Cantor Fitzgerald serving as the reserve custodian and preferred primary dealer, while USD₮ continues to be issued globally.

That architecture looks like an early attempt to restructure for a world where different markets apply different standards to stablecoin issuers.

USDT holds $184 billion in market cap against USDC's $78.6 billion, with USDC adding roughly $3.3 billion year-to-date in 2026.A qualification playIn the bull scenario, Tether delivers a clean full audit and uses that result to close its institutional trust gap precisely as tokenized securities, 24×5 clearing, and tokenized cash networks move from announcement to operation.

The audit becomes the qualifying step that keeps USDT relevant to the next generation of market infrastructure.

The supporting evidence is the number of major incumbents already laying the rails: DTCC, NYSE, Nasdaq, BMO, CME, and Google Cloud are all building toward a more continuous, tokenized market, and each of those projects needs a credible dollar leg.

In the bear case, the audit drags, and the firm stays unnamed. No timetable surfaces.

In that scenario, marginal institutional flows continue to move toward issuers that are already easier to diligence, as well as toward bank-linked tokenized cash systems that carry an implicit reserve guarantee through their issuing institution.

USDT maintains its grip on crypto-native liquidity, but Tether is excluded from the more regulated settlement workflows that the largest incumbents are building.

That outcome is more plausible than it was two years ago, precisely because NYSE and BMO are designing infrastructure with explicit stablecoin-funding components, creating real switching costs for stablecoin issuers that cannot clear institutional due diligence.

Tether's real audience for this announcement may be the next generation of operators, such as clearing firms, broker-dealers, tokenized securities platforms, and exchange operators, who are now deciding which dollar tokens can be integrated into their infrastructure.

The missing audit is becoming a qualification problem in a market where stablecoins are being evaluated as candidates for the dollar leg of continuous clearing, real-time margin, and always-on settlement.

The oldest unanswered question about the world's largest stablecoin carries a different kind of cost than it did when the stakes were limited to crypto exchange liquidity.

Tether's announcement is the first step toward closing that gap.

Mentioned in this articlePosted in

Bhutan moved more Bitcoin from its state-linked wallet on Wednesday, extending a March drawdown in its sovereign holdings.

Arkham data showed a Bhutan government-linked wallet transferred about 519.7 BTC, worth roughly $36.7 million, to two wallets on Wednesday. Onchain Lens said one of the destination wallets was linked to trading firm QCP Capital.

The move marked the Bhutan-tagged wallet’s third large Bitcoin transfer in March, following the $72 million moved in six separate transactions in the 24 hours leading up to March 18, and the $11.8 million moved on March 9.

The latest transfer adds to a heavier March outflow pattern after Bhutan moved just over 284 BTC in February. The wallet still holds 4,453 BTC worth around $315 million, down from over 13,000 BTC in October 2024, according to Arkham.

Royal Government of Bhutan (Druk Holdings) wallet. Source: ArkhamAs of March 12, Bhutan was the fifth-largest country by Bitcoin holdings, behind the US government, the United Kingdom’s government, El Salvador, and the United Arab Emirates Royal Group, according to a report by Arkham.

Bhutan leverages Bitcoin mining to support its economic growthBhutan was among the earliest countries to adopt Bitcoin mining in 2019 and has since constructed multiple hydroelectric power plants along its glacial rivers to harness cheap hydroelectric power.

In May 2023, Bhutan’s sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to expand its Bitcoin mining operations.

In December 2025, Bhutan said it will tap into BTC from its stash to help build its special administrative region, the Gelephu Mindfulness City (GMC). The initiative is part of the wider national Bitcoin Development Pledge, which aims to support Bhutan’s long-term economic development through its Bitcoin holdings and mining operations.

On Jan. 8, 2026, Bhutan’s GMC revealed plans to set up a strategic cryptocurrency reserve comprising major tokens, including Bitcoin, Ether (ETH) and BNB (BNB).

Magazine: Big questions: Would Bitcoin survive a 10-year power outage?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

Gold’s longest losing streak in a century meets bitcoin’s resurgenceAs gold posts its worst run since 1920, bitcoin gains ground and outperforms, pushing the BTC to gold ratio 30% higher, since the Middle East conflict started. Mar 25, 2026, 10:37 a.m.

Gold is currently on its longest losing streak in over a century, its worst run since February 1920, lasting 10 consecutive days, according to Katie Greifeld, Bloomberg analyst.

The yellow metal has fallen as much as 27% from its January all time high, dropping to a low of $4,090, where it found support at its 200 day moving average, a widely watched technical level that often signals longer term trend strength.

However, it has rebounded by around 2% over the past 24 hours, likely signaling the end of the streak. Since the escalation of the Middle East conflict at the end of February, gold remains down roughly 12%.

Meanwhile, bitcoin, often referred to as digital gold, is holding above $70,000, keeping the bitcoin to gold ratio just below 16 ounces. The ratio bottomed at around 12 ounces just before the Middle East conflict, meaning the ratio has risen roughly 30% from those lows, with bitcoin outperforming.

Charlie Morris, chief investment officer at ByteTree, noted: “I remember the excitement when 1 BTC first surpassed one ounce of gold in March 2017. Since then, it has consistently built higher lows, reaching 2.7 oz in 2019, 3.4 oz during the 2020 pandemic crash, 9.1 oz after the FTX collapse, and 12.4 oz in February this year. Now, one BTC is worth 16 ounces of gold. With gold appearing exhausted, we could reasonably expect a new all time high above 40 ounces in the coming months or years.”

Historically, bitcoin has tended to lag gold in market cycles. Gold typically leads with an initial rally, then consolidates, allowing bitcoin to catch up and outperform.

While, Bloomberg ETF analyst Eric Balchunas argues that bitcoin and gold are not inversely correlated, but rather largely uncorrelated.

He highlights that gold exchange traded funds (ETFs) such as SPDR Gold Trust (GLD) and iShares Gold Trust (IAU) have seen billions of dollars in outflows over the past week.

In contrast, bitcoin ETFs have recorded around $2.5 billion in inflows this month, with only about $140 million in net outflows year to date, despite bitcoin being down roughly 20% over that period.

More For You

Bitcoin options worth billions of dollars will expire on Deribit this Friday at 8:00 UTC.

What to know:

Bitcoin options worth about $14.16 billion, or nearly 40 percent of open interest on Deribit, are set to expire Friday, focusing attention on how the event could sway prices.The "max pain" level for this expiry is around $75,000, which Deribit says may act as a price magnet as market...

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Bitcoin nears $72,000 as rising open interest signals growing leverage in choppy marketBTC rises with equities while surging open interest and fading volatility point to leveraged positioning despite repeated rejections near $72,000. Mar 25, 2026, 10:45 a.m.

Bitcoin price chart (TradingView)What to know: Bitcoin is testing the $72,000 level again, but repeated rejections have led traders to build short positions, pushing futures open interest to a one-week high. Ether and a number of other altcoins are seeing stronger bullish positioning, with ETH open interest at multimonth highs and DeFi and AI tokens outperforming BTC. Declining implied volatility and weakening put skew suggest fading geopolitical risk concerns even as macro headlines remain in focus.Bitcoin BTC$71,459.49 rose 1.2% after midnight UTC, mirroring gains in U.S. equities, with Nasdaq 100 futures up by 1% over the same period.

The advances follow oil's retreat below $100 per barrel on Tuesday after U.S. President Donald Trump proposed a "15 point plan" to end the war in Iran, although Iranian officials dismissed Trump's statement as fake news.

The crypto market remains resilient to the conflict with consistent outperformance of traditional haven assets gold and silver since early February.

Bitcoin has forayed above $72,000 twice this month, each time followed by a selloff that sent prices to between $67,000 and $65,000.

Traders are opening short positions in this region, resulting in a disproportionate increase in open interest.

Portions of the altcoin market are outperforming bitcoin, with decentralized finance (DeFi) tokens LDO and ETHFI rising by between 2.5% and 3.5% since midnight.

Derivatives positioningIndustry-wide crypto futures open interest (OI) rose to a one-week high of $112 billion. The top 10 tokens, including BTC and ETH, all registered increases of 4% or more in futures open interest in the past 24 hours. Ether OI jumped to 14.55 million ETH, the most since Aug. 24. This, coupled with positive funding rates and cumulative volume delta, point to growing demand for bullish bets or longs. DOGE and ZEC are other standout tokens with OI increases of over 10% in 24 hours. Bitcoin's 30-day implied volatility index, BVIV, dropped for a third straight day, nearing the weekly low of 53% to indicate a fading geopolitical risk premium. Ether's volatility is declining, too. On Deribit, BTC and ETH put skews continue to weaken, although overall pricing still shows downside concerns across all tenors. Friday's multibillion dollar expiry points to $75,000 as the potential magnet. The max pain theory suggests a potential bounce toward that level. Token talk

The CoinDesk Computing Select Index (CPUS) is the best-performing benchmark on Wednesday, rising by 1.9%. The bitcoin-heavy CoinDesk 20 (CD20) gained 0.9% over the same period.The CPUS Index is made up of AI tokens TAO and FET as well as chainlink LINK$9.3804, which makes up 62% of the index weighting.LINK is up by 1.5% while TAO and FET have increased by 4.9% and 2.9%, respectively.CoinMarketCap's "Altcoin Season" indicator remains at 48/100, in bullish territory after spending much of February languishing at around 22/100.On the flip side, privacy coins XMR and ZEC fell, losing around 1% each as traders rotated between altcoin sectors to position themselves ahead of a potential breakout.More For You

As gold posts its worst run since 1920, bitcoin gains ground and outperforms, pushing the BTC to gold ratio 30% higher, since the Middle East conflict started.

What to know:

Gold has dropped as much as 27% from its January peak and is down around 12% since late February, marking its longest losing streak in over 100 years.Bitcoin is holding above $70,000, driving the BTC to gold ratio up roughly 30% from recent lows, signaling renewed relative strengthTop Stories

Idle capital has long been a trade-off in decentralized lending, but Aave Labs, the firm behind one of DeFi's largest lending protocols, now wants to turn that buffer into a yield engine.

In a blog post released this week, Aave Labs detailed a new Reinvestment Module for its upcoming V4 upgrade. The move is designed to automatically deploy unused liquidity into low-risk strategies while keeping funds fully accessible for withdrawals and borrowing demand.

Idle liquidity to new yield generator The problem so far has been scale, according to the firm. Of roughly $20 billion in stablecoin deposits on Aave, about $6 billion remains unused at any given time. This capital is held back to ensure instant liquidity but earns little in return.

However, V4 introduces a different structure. A central liquidity hub aggregates all supplied assets, which are then routed into multiple lending markets, or “spokes,” each with its own risk parameters and use cases. The Reinvestment Module sits inside that system, monitoring excess reserves and putting them to work.

When liquidity builds beyond what is needed for active borrowing, the module allocates funds into governance-approved strategies such as short-term Treasuries, money markets, or delta-neutral trades.

Conversely, when demand returns, it pulls capital back, automatically rebalancing.

Aave Labs said the process is configured on a per-asset basis. Stablecoins, ether, and other assets can each be assigned different strategies, limits, and activation settings, depending on risk tolerance.

For depositors, the key change is invisible. Funds remain liquid, with no lockups, but earn additional yield from capital that would otherwise sit idle.

Aave V4 Reinvestment Module | Image: Aave Labs Lending markets live or die on utilization. By turning idle reserves into productive assets, Aave Labs says it is trying to raise the floor on returns without sacrificing the instant liquidity that defines its model.

"The module also makes Aave more useful to institutions and protocol integrators by increasing yields and adding strategy flexibility," Aave’s blog post stated. "New strategy types can be added through governance without requiring protocol upgrades, keeping the module current as market conditions change."

By the firm’s estimates, the impact could be meaningful too. Historical data show reinvesting excess liquidity at rates comparable to SOFR would have lifted average stablecoin yields from about 4% to 4.9%, a 25% relative increase.

V4 progress and ecosystem exits Aave (AAVE) has been positioning V4 as a more flexible base layer for capital. The upgrade is now nearing a key checkpoint.

This week, the Aave DAO advanced a request-for-comment proposal on V4 deployment, bringing the overhaul closer to launch and setting the stage for one of the protocol’s most significant changes since inception.

Notably, internal shifts are also happening in the background. Several long-standing contributors, including BGD Labs and the Aave Chan Initiative, are preparing to step back.

The exits coincided with a substantial governance dispute and changes proposed by founder Stani Kulechov, which largely sought tighter DAO control over resources and a faster path to V4 rollout.

Talent movement has extended beyond governance. Aave’s senior vice president of engineering recently departed to join Polymarket as the DeFi lender charts a new course.

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

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bhutan transferred more Bitcoin from a state-linked wallet on Wednesday, continuing a series of March outflows tied to its sovereign holdings. 

Summary

Bhutan moved 519.7 BTC on Wednesday, marking its third large sovereign wallet transfer this month. Arkham data showed Bhutan still held 4,453 BTC after the latest state-linked outflow this month. Bhutan continues expanding mining and reserve plans while trimming Bitcoin holdings through repeated March transfers. Meanwhile, the latest move came as the country kept building its broader Bitcoin strategy through mining, infrastructure, and reserve planning. Arkham data showed that a Bhutan government-linked wallet moved about 519.7 BTC on Wednesday. The amount was worth about $36.7 million at the time of transfer. The funds went to two separate wallets.

Onchain Lens said one of the recipient wallets was linked to trading firm QCP Capital. The transfer added to market attention around Bhutan’s Bitcoin activity, as traders and analysts tracked movements from the country’s known sovereign wallet.

March outflows build after earlier transfers The latest transaction marked the third large Bitcoin move from the Bhutan-tagged wallet in March. It followed a $72 million transfer spread across six transactions in the 24 hours before March 18. The wallet also moved $11.8 million on March 9.

This recent pattern stood out against February activity. During that month, Bhutan moved just over 284 BTC. Arkham data showed the wallet still held 4,453 BTC worth around $315 million after the latest transfer. That total was down from more than 13,000 BTC recorded in October 2024.

As of March 12, Bhutan ranked as the fifth-largest country by Bitcoin holdings, based on an Arkham report. It trailed the United States government, the United Kingdom government, El Salvador, and the United Arab Emirates Royal Group.

The ranking kept Bhutan in focus because of its early and direct involvement in Bitcoin mining. Unlike many governments that acquired Bitcoin through seizures or law enforcement actions, Bhutan built part of its position through mining activity tied to state-backed operations.

Bitcoin strategy supports mining and development plans Bhutan began adopting Bitcoin mining in 2019. Since then, it has developed mining operations powered by hydroelectric energy from its glacial river systems. The country has used its natural energy resources to support low-cost power generation for mining.

In May 2023, Bhutan’s sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to expand Bitcoin mining capacity. The strategy later expanded beyond mining. In December 2025, Bhutan said it would use part of its Bitcoin holdings to support construction in the Gelephu Mindfulness City.

That plan formed part of the country’s wider Bitcoin Development Pledge. On Jan. 8, 2026, Gelephu Mindfulness City also announced plans for a strategic crypto reserve that would include Bitcoin, Ether, and BNB. The latest wallet transfer came as Bhutan continued balancing asset movements with longer-term digital asset plans.

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Cardano price is grinding through a critical consolidation phase, trading in a tight band between $0.25 and $0.27 as on-chain prediction flashes a potential reversal.

Analysis from market intelligence platform Santiment suggests the asset has entered a historic “opportunity zone,” with average wallet returns signaling capitulation typically seen before market resets.

📉 Average wallets that have been active on the Cardano network over the past year are netting a return of -43% on their investments. Memes aside about the altcoin's major -71% price decline since September, this extreme negative MVRV value is generally an indicator of $ADA being… pic.twitter.com/LzQRKhobQe

— Santiment (@santimentfeed) March 24, 2026 The 13th-largest cryptocurrency by market cap has printed six consecutive red candles on the daily chart, leaving active wallets from the past 12 months sitting on unrealized losses of approximately -43%. The price action reflects a 63.5% correction from year-ago levels.

Imminent catalysts, including the Midnight privacy sidechain launch and the Plutus V11 hard fork, are keeping smart money attentive. As broader markets hesitate, volume data suggests whales are positioning for volatility.

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Cardano Price Prediction: Can ADA Defend Support Amid Record Shorting?Technical indicators for Cardano reveal a battleground at the $0.25 support level, a zone that has historically triggered significant liquidity inflows. Recent price action shows $ADA hovering near $0.268, down over 71% from its September high of $0.954.

This steep discount has pushed the MVRV (Market Value to Realized Value) metric significantly below zero. Historically, when MVRV drops this low, selling pressure begins to fade as holders refuse to sell at deep losses.

Despite the bearish sentiment, significant accumulation is occurring behind the scenes. Previous analysis highlighted that periods of low social dominance combined with high negative returns often precede short squeezes.

ADA USD, TradingViewData indicates that derivatives markets are seeing record shorting interest. If $ADA can reclaim the $0.2717 pivot, a rapid move toward the first resistance level at $0.3230 becomes the primary scenario.

Conversely, a failure to hold $0.25 could expose the asset to price discovery to the downside. However, with the SEC and CFTC recently classifying ADA as a digital commodity, institutional regulatory fears have subsided.

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Maxi Doge Flows Surge as Traders Rotate into High-Beta AssetsWhile Cardano works through its slow-moving accumulation phase, aggressive traders are increasingly rotating capital into high-leverage meme protocols to capture immediate upside. The market’s appetite for volatility has found a new outlet in Maxi Doge ($MAXI), a project that blends “gym-bro” meme culture with actual trading utility.

Maxi Doge is positioning itself as the “Review Mirror” for traders who missed the original DOGE runs, but with a distinct cultural twist focused on the “1000x leverage mentality.” The presale has already secured more than $4.7 million in early funding, signaling robust demand for assets that offer higher beta than legacy L1s.

Currently priced at $0.000281, the token incentivizes holding through huge 66% APY staking and holder-only trading competitions.

Unlike standard meme coins that rely solely on hype, Maxi Doge utilizes a “Maxi Fund” treasury to support liquidity and partnerships, aiming to create a sustainable ecosystem for its community. (

Check the Maxi Doge Presale

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice.

Meanwhile, another popular analyst claimed the bottom is not in, as he expects more pain ahead.

Bitcoin dumped hard in early February, plunging to a 15-month low of $60,000. This meant that it had shed over 50% of its value since early October when it peaked at over $126,000.

Although it has recovered roughly 20% since that low and sits close to $72,000 now, there are still some analysts warning that the asset is not out of the woods yet and could be primed for another major correction. One of them even highlighted the entry points where he wants to buy more BTC.

Buy at $50K? Crypto analyst Jelle told his over 115,000 followers on X that his entry plan remains the same, as he wants to start buying bitcoin at around the $50,000 region. He believes the cryptocurrency could be on the verge of another decline, especially as the weekly RSI levels remain strongly oversold.

Plan remains the same.

Want to buy in the $50k region – but I’m prepared to be wrong.

Watching the weekly RSI closely.

Form a clear higher low; and that’ll be my DCA trigger instead.

Let’s see. $BTC pic.twitter.com/5c9NZexOb1

— Jelle (@CryptoJelleNL) March 25, 2026

CryptoPotato reported yesterday that fellow analyst Merlijn The Trader outlined the massively oversold levels for BTC on the weekly RSI. He added that, after three similar instances in the past, whenever the metric fell to such oversold levels, it exploded by triple-digit or even quadruple-digit gains in the following months.

However, it now depends on maintaining the $65,000 support. If bitcoin loses that, it could indeed head toward new lows, while the weekly RSI will likely continue to deepen.

Before that, Jelle noted that BTC still has a bear flag below a key resistance, and doubled down that he expects a revisit to the low $60,000s in the coming weeks. If it fails there, the chances for a drop to $50,000 will grow exponentially.

You may also like: Gold Fails Safe Haven Test as Prices Plunge Amid War and Uncertainty Bitcoin Dips Below $70K as Reports Suggest Saudi Arabia Is Pushing to Continue Iran War Worse Than COVID? Why One Analyst Believes Bitcoin Is on the Verge of a Historic Crash No Bottom Yet Doctor Profit, who is also among the most-followed crypto analysts on X, but typically leans more bearish, also weighed in on the cryptocurrency’s performance and its ability to overcome the current slump. He believes bitcoin has not bottomed out yet, and predicted that it will drop even below Jelle’s projected entry zone, perhaps dumping all the way to $40,000.

Nevertheless, he explained that BTC could be on its way up in the short-term now, only to be rejected at $79,000-$84,000 and pushed south by 50% or more.

#Bitcoin: The rule is very simple

Bitcoin has not bottomed out, 40-48k is coming

Potential of an upside move in the short term

For this reason, placed short orders at 79-84k pic.twitter.com/BxYWqTm217

— Doctor Profit 🇨🇭 (@DrProfitCrypto) March 24, 2026

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Bitcoin’s refusal to fall signals crypto's underlying strength even as war risks lingerYour day-ahead look for March 25, 2026 Mar 25, 2026, 11:21 a.m.

Bitcoin held steady even after Iran rejected U.S. ceasefire overtures. (Michael Schofield/Unsplash)What to know: If you're not already subscribed to the newsletter email, click here.

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin and the broader crypto market are holding firm alongside U.S. stock futures as oil prices, bond yields and the Dollar Index ease on signs that ceasefire talks between the U.S. and Iran could begin as early as Thursday.

Still, nothing is confirmed, and it may be too soon to position for a full return to normalcy, according to some observers.

"We are not geopolitical experts, but we would have thought Iran would have maximum leverage of high energy prices going into any negotiation," analysts at ING said. "Thus, it is probably too early to expect any big drop in energy prices or a much softer dollar this week."

Skepticism remains on the Iranian side as well. According to Axios, officials have told Pakistan, Egypt and Turkey that recent U.S. military movements have deepened suspicions that Trump’s peace proposal may be just a ruse.

Macro conditions are also turning less supportive. The U.S. money market curve has now priced out any Fed easing this year, a sharp shift from earlier expectations of at least two 25-basis-point cuts, which were seen as a key bullish catalyst for BTC and other risk assets.

On the crypto front, the news flow hasn’t helped either. Circle Internet’s (CRCL) stock slid Tuesday after a leaked draft of the Clarity Act suggested limits on paying interest on idle stablecoin balances. Meanwhile, Arkham Intelligence reported that Bhutan may be selling roughly $30 million worth of BTC, with the government still holding 4,453 coins valued at about $315.9 million.

Despite these headwinds, bitcoin continues to hold above $70,000, with dips proving short-lived. A market that refuses to fall on negative news often signals underlying strength, potentially setting the stage for a larger move higher. Dynamics of bitcoin's impending options expiry on Friday point to a potential for a bounce to $75,000. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today

What to WatchFor a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

CryptoMarch 25, 4:10 p.m.: Fed Gov. Stephen Miran discussion "Conversation with Federal Reserve Governor Stephen I. Miran" at the Digital Asset Summit 2026, New York.MacroMarch 25, 8:30 a.m.: U.S. Import Prices MoM for February est. 0.2% (Prev. 0.2%); Export Prices MoM (Prev. 0.6%)Earnings (Estimates based on FactSet data)Nothing scheduled.Token EventsFor a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

Governance votes & callsGitcoin DAO is voting on a request from the treasury to fund DAO operations for 2026 covering governance, builder engagement, and ecosystem growth. Voting ends March 25.Decentraland is voting to add a new location to Decentraland's Points of Interest list. Voting ends March 25.UnlocksMarch 25: Humanity (H) to unlock 4.19% of its circulating supply worth $10.1 million.Token LaunchesNo major launches.ConferencesFor a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

Day 3 of 7: Polish Blockchain Week (Warsaw)Day 2 of 3: Digital Asset Summit 2026 (New York City)March 25: Crypto Assets Conference (Frankfurt, Germany)Market MovementsBTC is up 2.21% from 4 p.m. ET Tuesday at $71,509.33 (24hrs: +0.68%)ETH is up 2.99% at $2,184.78 (24hrs: +1.43%)CoinDesk 20 is up 2.73% at 2,065.01 (24hrs: +0.93%)Ether CESR Composite Staking Rate is down 7 bps at 2.74%BTC funding rate is at 0.0005% (0.4960% annualized) on BinanceDXY is down 0.15% at 99.29Gold futures are up 3.13% at $4,536.90Silver futures are up 4.38% at $72.31Nikkei 225 closed up 2.87% at 53,749.62Hang Seng closed up 1.09% at 25,335.95FTSE 100 is up 0.85% at 10,049.44Euro Stoxx 50 is up 1.39% at 5,658.96DJIA closed on Tuesday down 0.18% at 46,124.06S&P 500 closed down 0.37% at 6,556.37Nasdaq Composite closed down 0.84% at 21,761.89S&P/TSX Composite closed up 0.18% at 31,941.59S&P Latin America 40 closed up 0.43% at 3,480.97U.S. 10-Year Treasury rate is up 6 bps at 4.39%E-mini S&P 500 futures are up 0.68% at 6,651.25E-mini Nasdaq-100 futures are up 0.86% at 24,422.75E-mini Dow Jones Industrial Average futures are up 0.67% at 46,727.00Bitcoin StatsBTC Dominance: 58.97% (0.16%)Ether-bitcoin ratio: 0.03055 (-0.04%)Hashrate (seven-day moving average): 977 EH/sHashprice (spot): $33.72Total fees: 2.5 BTC / $175,777CME Futures Open Interest: 116,345 BTCBTC priced in gold: 15.7 oz.BTC vs gold market cap: 4.77%Technical AnalysisBitcoin-gold ratio. (TradingView)The chart shows daily swings in the bitcoin-gold ratio since July last year. The ratio has bounced 23% this month, signaling bitcoin's outperformance relative to gold. However, the broader bitcoin bear market is still intact and the ratio had yet to top the trendline representing the slide since August 2025. Crypto EquitiesCoinbase Global (COIN): closed on Tuesday at $181.04 (-9.76%), +2.94% at $186.36 in pre-marketMARA Holdings (MARA): closed at $8.25 (-7.41%), +3.52% at $8.54Riot Platforms (RIOT): closed at $14.33 (-0.28%), +2.72% at $14.72Core Scientific (CORZ): closed at $16.85 (+1.63%), +2.43% at $17.26CleanSpark (CLSK): closed at $9.58 (-4.01%), +2.61% at $9.83Exodus Movement, Inc. (EXOD): closed at $7.20 (-11.33%), +6.39% at $7.66CoinShares Bitcoin Mining ETF (WGMI): closed at $38.87 (-1.35%)Circle Internet Group (CRCL): closed at $101.17 (-20.11%), +3.04% at $104.25Bullish (BLSH): closed at $37.37 (-5.51%), +1.61% at $37.97Crypto Treasury Companies

Strategy (MSTR): closed at $136.25 (-1.41%), +2.97% at $140.29Sharplink (SBET): closed at $7.17 (-4.53%), +3.63% at $7.43Galaxy Digital (GLXY): closed at $21.30 (-1.84%), +2.58% at $21.85Strive Asset Management, LLC (ASST): closed at $9.93 (-4.89%), +2.01% at $10.13Upexi (UPXI): closed at $1.11 (-5.13%), +2.70% at $1.14Lite Strategy (LITS): closed at $1.20 (+1.69%)ETF FlowsSpot BTC ETFs

Daily net flows: -$66.6 millionCumulative net flows: $56.31 billionTotal BTC holdings ~1.29 millionSpot ETH ETFs

Daily net flows: -$40.7 millionCumulative net flows: $11.7 billionTotal ETH holdings ~5.79 millionSource: Farside Investors

While You Were SleepingUnited States Said to Have Sent Iran a Plan to End the Middle East War (New York Times): The U.S. is said to have sent a 15-point plan to Iran for a potential ceasefire, offering sanctions relief in exchange for nuclear dismantlement and the reopening of the Strait of Hormuz.Iran War Could Be Making of the Petroyuan, Deutsche Bank Says (Bloomberg): The war in Iran is testing the U.S. dollar’s role as the currency for the global oil trade and engendering a shift to China's yuan, according to Deutsche BankClarity Act stablecoin yield language hammers Coinbase, Circle shares (CoinDesk): The latest Senate draft of the Clarity Act would ban yield payments for simply holding a stablecoin, allowing for activity-based rewards only. Ripple taps Singapore's central bank sandbox to test stablecoin-powered trade finance with RLUSD (CoinDesk): Ripple is testing the use of its RLUSD stablecoin in Singapore’s MAS BLOOM sandbox in a bid to speed up and automate cross-border payments.More For You

Your day-ahead look for March 24, 2026

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News BytesPublished:Mar 25, 2026, 7:30 AM

Lombard and Bitwise Asset Management have partnered to launch Bitcoin Smart Accounts, unlocking yield and liquidity for $500 billion in custodied bitcoin.

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Published: Mar 25, 2026, 7:30 AM

Lombard and Bitwise Asset Management announced a strategic partnership on March 24, 2026, to integrate Bitwise into the Bitcoin Smart Accounts (BSA) ecosystem. Scheduled for a Q2 2026 launch, this collaboration allows institutional holders to earn yield and borrow stablecoins through Morpho without moving assets from regulated custody.

The initiative targets a market of $500 billion in idle institutional bitcoin by providing a programmatic way to recognize collateral through cryptographic receipts. Bitwise will manage yield strategies combining decentralized finance lending with real-world assets, while the infrastructure maintains existing security and regulatory compliance frameworks.

“This collaboration reflects the next phase of bitcoin’s transformation as an institutional asset,” said Hunter Horsley, Co-founder and CEO of Bitwise Asset Management. “We’re excited to help shape an ecosystem where bitcoin can serve as productive, yield-generating capital while still maintaining the highest standards of security.”

🧭 FAQs • When will the Bitcoin Smart Accounts ecosystem officially launch? The platform is scheduled for a formal release in the second quarter of 2026.

• Which companies are providing the core liquidity and yield strategies? Bitwise Asset Management and Morpho serve as the primary strategic partners for this launch.

• Do institutions need to transfer their bitcoin to a new jurisdiction? No asset or title transfer is required from the user’s existing regulated custody setup.

• What is the total value of the bitcoin market being targeted? The partnership aims to mobilize an estimated $500 billion in currently inactive institutional bitcoin.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Natural gas has proven itself one of the most volatile commodities in recent memory. Henry Hub spot prices spiked to $7.72 per million BTU in January 2026, then collapsed to $3.62 in February, a swing that rewarded traders who were positioned correctly and punished those who were not. For investors trying to capture these moves through exchange-traded products, two funds offer very different approaches: one tracks the commodity itself, the other bets on weather.

Why Natural Gas Demands Specialized Tools Generic energy ETFs fall short for investors targeting natural gas specifically, and the commodity’s price history explains why. Prices ranged from $1.49 to $3.18 per million BTU across all of 2024, then climbed into a $2.91 to $4.26 range throughout 2025 before the sharp January 2026 spike. That kind of movement requires direct commodity exposure or a derivative-based strategy to capture meaningfully. Broad energy ETFs dilute this with oil, refiners, and pipelines, smoothing out the very volatility that creates opportunity.

Weather is the primary demand driver for natural gas. Cold winters and hot summers push consumption higher, tightening supply and lifting prices. This relationship between temperature and commodity price is the foundation for both funds covered here, though they exploit it through completely different mechanisms.

United States Natural Gas Fund: Direct Commodity Exposure United States Natural Gas Fund (NYSEARCA:UNG) is the most direct way for a retail investor to access natural gas prices without a futures trading account. The fund holds near-month natural gas futures contracts and rolls them forward as expiration approaches, maintaining continuous exposure to the commodity’s spot price movements.

UNG launched in April 2007 and has grown into the dominant retail vehicle for this trade, with net assets near $423 million. The fund carries a net expense ratio of 1.24%, which is meaningful but reflects the operational complexity of managing a rolling futures book.

Recent performance illustrates the fund’s tight linkage to the underlying commodity. UNG is down about 4% year to date, consistent with the February pullback in Henry Hub prices after January’s spike. Over the past year, UNG has lost roughly 44%, which reflects how much the fund gave back after the January spike proved unsustainable through the winter season.

The structural caveat here is contango. When futures markets are in contango, meaning later-dated contracts are priced higher than near-term ones, the fund continuously sells cheaper contracts and buys more expensive ones as it rolls. This erodes returns over time even when spot prices are flat. UNG’s five-year return is approximately -69%, which reflects both commodity price weakness and the compounding drag of rolling in contango markets. Investors treating this as a long-term hold rather than a tactical trade should understand that dynamic clearly.

Amplify Weather ETF: Betting on Temperature Itself Amplify Weather ETF (NYSEARCA:BWET) takes a fundamentally different approach. Rather than holding natural gas futures directly, BWET tracks weather derivatives tied to temperature deviations from seasonal norms. The fund is designed to profit when temperatures diverge meaningfully from historical averages, since those deviations drive commodity demand and create pricing dislocations across energy markets.

BWET launched in May 2023, making it a relatively young fund with net assets of approximately $21.7 million. The fund carries a net expense ratio of 3.5%, which is high by any standard and reflects the niche, complex nature of weather derivatives as an asset class. The fund holds a portion of its assets in short-term government money market instruments as collateral, as is typical for derivatives-based commodity funds.

The performance numbers are striking. BWET is up roughly 382% year to date, driven by the extreme temperature volatility that characterized early 2026. Over the past year, the fund has returned approximately 758%. These are not numbers associated with conventional ETFs, and they carry an important asterisk: weather derivatives can move just as violently in the other direction when temperatures normalize. One month ago, BWET was priced near $49, meaning investors who bought at the wrong moment within that same month experienced a very different outcome than those who caught the move early.

The fund’s small asset base also warrants attention. At roughly $21.7 million in assets, BWET is thinly capitalized compared to most ETFs investors encounter. That creates potential liquidity concerns during periods of market stress, when bid-ask spreads can widen and large trades can move the price. This is a fund built for investors who understand the mechanics of weather derivatives and are sizing positions accordingly, not a core portfolio holding.

Two Very Different Approaches to the Same Underlying Force Both funds are ultimately expressions of the same thesis: temperature drives natural gas demand, and natural gas demand drives price. But the mechanism differs in ways that matter for how each fund behaves.

UNG moves with Henry Hub prices in near real-time, making it the cleaner tool for investors who have a directional view on natural gas itself. It is liquid, well-established, and relatively straightforward to understand. The cost is the rolling drag in contango environments and the long track record of value erosion for buy-and-hold investors.

BWET captures temperature deviation directly, which means it can generate returns even when natural gas prices do not move dramatically, provided temperatures diverge from norms in ways the derivatives market did not anticipate. The tradeoff is a high expense ratio, a small asset base, and performance that can be explosive in both directions within a single month.

UNG suits investors who want a direct, liquid proxy for Henry Hub prices and can manage the rolling drag that comes with a futures-based structure. BWET suits investors who want exposure to temperature deviation as its own return driver, provided they understand the fee structure, the liquidity constraints, and the potential for equally sharp moves in either direction.

NEW YORK, March 25, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Tennant Company (NYSE:TNC) for potential violations of the federal securities laws.

If you invested in Tennant, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/tennant-company-class-action-lawsuit.

Key Details of the Tennant ($TNC) Class Action Investigation:

Investigation Overview: Securities fraud related to Tennant’s implementation and rollout of its new, company-wide enterprise resource planning (“ERP”) systemStock Decline: February 24, 2026 – 23.4% Stock DropAction: Contact BFA Law to discuss your rights
Why is Tennant Being Investigated for Securities Fraud?

Tennant manufactures industrial cleaning equipment, including large mechanical floor scrubbers and sweepers used in warehouses, retail stores, and other commercial facilities.

BFA is investigating whether Tennant made false and misleading statements to investors regarding the implementation and rollout of a large-scale ERP system. For instance, Tennant assured investors the project was “progressing as we’ve anticipated,” was “on time and on budget,” and that the launch of the ERP in its Asia-Pacific region had been “successful,” with Tennant stating it had “mitigated disruptions and stabilized operations.”

Why did Tennant’s Stock Drop?

On February 24, 2026, Tennant revealed that the rollout of its new ERP system in North America caused severe operational disruptions, including that it was unable to process and ship customer orders following the launch of the system. As a result, Tennant lost roughly $30 million in sales and would need to spend more than $20 million in 2026 to remediate the issues, compared to roughly $5 million the company had planned to spend.

This news caused the price of Tennant stock to drop $19.28 per share, more than 23%, from a closing price of $82.30 per share on February 23, 2026, to $63.02 per share on February 24, 2026.

Click here for more information: https://www.bfalaw.com/cases/tennant-company-class-action-lawsuit.

What Can You Do?

If you invested in Tennant, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/tennant-company-class-action-lawsuit

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/tennant-company-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

NEW YORK, March 25, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Driven Brands Holdings Inc. (NASDAQ:DRVN) and certain of the Company’s senior executives for securities fraud after the Company disclosed widespread accounting errors and internal control failures, causing its stock to drop nearly 40%.

If you invested in Driven Brands, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/driven-brands-class-action-lawsuit.

Key Details of the Driven Brands ($DRVN) Class Action:

Lead Plaintiff Deadline: May 8, 2026Alleged Misconduct: Securities fraud relating to Driven Brands’ financial restatements due to material accounting errors from 2023 to 2025Stock Decline: February 25, 2026 – 39.8% Stock DropCourt: U.S. District Court for the Southern District of New YorkAction: Contact BFA Law to discuss your rights Investors have until May 8, 2026, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Driven Brands common stock. The case is pending in the U.S. District Court for the Southern District of New York, and is captioned Clark v. Driven Brands Holdings Inc., et al., 1:26-cv-01902.

Why is Driven Brands Being Sued for Securities Fraud?

Driven Brands is an automotive aftermarket services company that owns, operates, and franchises vehicle maintenance, repair, collision, glass, and car wash brands. Throughout the relevant period, Driven Brands assured investors that its financial reporting was accurate and that its internal controls were effective.

As alleged, these statements were materially false and misleading because Driven Brands suffered from pervasive accounting errors, including lease accounting issues, unreconciled cash balances, improperly classified expenses, and improperly recognized revenue, spanning fiscal years 2023 through 2025.

Why Did Driven Brands’ Stock Drop?

On February 25, 2026, Driven Brands disclosed that it would restate its financial statements for fiscal years 2023 and 2024, as well as quarterly and year-to-date financials for 2025, after identifying numerous material accounting errors. The Company also revealed material weaknesses in its internal controls over financial reporting and delayed the filing of its 2025 Form 10-K.

On this news, Driven Brands’ stock dropped from $16.61 per share on February 24, 2026, to open at $9.99 per share on February 25, 2026, a decline of nearly 40%.

What Can You Do?

If you invested in Driven Brands, you may have legal options. All representation is on a contingency fee basis, with no cost or obligation to you.

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/driven-brands-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

NEW YORK, March 25, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Hub Group Inc. (NASDAQ:HUBG) for potential violations of the federal securities laws.

If you invested in Hub Group, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/hub-group-class-action-lawsuit.

Why is Hub Group Being Investigated for Violations of the Federal Securities Laws?

Hub Group is a supply chain solutions provider that offers transportation and logistics management services. Hub Group is one of the largest freight transportation providers in North America.

BFA is investigating whether Hub Group misrepresented its purchased transportation costs and accounts payable for the first nine months of 2025.

Why did Hub Group’s Stock Drop?

On February 5, 2026, after market close, Hub Group announced that it would delay the full release of its fourth quarter and full year 2025 financial results and will restate its financial statements for the first three quarters of 2025 due to an error that understated purchased transportation costs and accounts payable. Hub Group did not estimate what the financial impact would be nor did it provide a date for when it would restate its financial statements.

On this news, the price of Hub Group stock dropped over 24% during the course of trading on February 6, 2026.

Click here for more information: https://www.bfalaw.com/cases/hub-group-class-action-lawsuit.

What Can You Do?

If you invested in Hub Group, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/hub-group-class-action-lawsuit

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/hub-group-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

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

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

By Reuters

March 25, 202610:22 AM UTCUpdated 7 mins ago

NatWest Group logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

March 25 (Reuters) - NatWest (NWG.L), opens new tab is selling its human resources advisory business Mentor ​to private equity-backed Empowering People ‌Group, Sky News reported on Wednesday, as the British lender streamlines operations ​to focus on core banking ​and wealth management.

The financial terms ⁠of the deal were not revealed in ​the Sky News report.

Mentor offers consultancy services ​focused on employment law, HR, health and safety and environmental management.

All 220 Mentor ​employees will transfer to Empowering ​People Group, which is owned by London-based ‌buyout ⁠firm Limerston Capital, according to the report.

The news comes more than a month after NatWest agreed to buy ​one of ​Britain's ⁠largest wealth managers, Evelyn Partners, for $3.62 billion including ​debt, in a bid to ​expand ⁠its wealth management business.

NatWest declined to comment, while Empowering People Group ⁠did ​not immediately respond to Reuters' ​queries.

($1 = 0.7467 pounds)

The Week in Breakingviews newsletter offers insights and ideas from Reuters' global financial commentary team. Sign up here.

Reporting by Nithyashree R B ​in Bengaluru; Editing by Jonathan Ananda

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

March 25, 2026 06:27 ET  | Source: Dimensional Fund Advisors Ltd

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.KEY INFORMATION   (a)Full name of discloser:Dimensional Fund Advisors Ltd. whose parent is Dimensional Fund Advisors LP, and also on behalf their investment advisory affiliates (“Dimensional”). The Dimensional entities are investment advisors and Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3. (b)Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.  (c)Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offereeJust Group PLC (d)If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  (e)Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure24 March 2026 (f)In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”N/a   2.POSITIONS OF THE PERSON MAKING THE DISCLOSURE   If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a)Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)   Class of relevant security:10p ordinary (GB00BCRX1J15)  InterestsShort Positions  Number%Number% (1)Relevant securities owned and/or controlled:22,725,5002.19 %   (2)Cash-settled derivatives:     (3)Stock-settled derivatives (including options) and agreements to purchase/sell:      Total22,725,500 *2.19 %   * Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 90,868 shares that are included in the total above.   All interests and all short positions should be disclosed.Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

     (b)Rights to subscribe for new securities (including directors’ and other employee options)   Class of relevant security in relation to which subscription right exists:  Details, including nature of the rights concerned and relevant percentages:    3.DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE   Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.The currency of all prices and other monetary amounts should be stated.

 (a)Purchases and sales   Class of relevant securityPurchase/saleNumber of securitiesPrice per unit 10p ordinary (GB00BCRX1J15)Sale13,7912.1876 GBP There was a Transfer In of 4,164 shares of 10p ordinary   (b)Cash-settled derivative transactions   Class of relevant securityProduct description e.g. CFDNature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unit         (c)Stock-settled derivative transactions (including options) (i)Writing, selling, purchasing or varying Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitType e.g. American, European etc.Expiry dateOption money paid/ received per unit          (ii)Exercise   Class of relevant securityProduct description e.g. call optionExercising/ exercised againstNumber of securitiesExercise price per unit         (d)Other dealings (including subscribing for new securities)        Class of relevant securityNature of dealing e.g. subscription, conversionDetailsPrice per unit (if applicable)        4.OTHER INFORMATION   (a)Indemnity and other dealing arrangements   Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none” None   (b)Agreements, arrangements or understandings relating to options or derivatives   Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none” None   (c)Attachments   Is a Supplemental Form 8 (Open Positions) attached?NO   Date of disclosure25 March 2026 Contact nameThomas Hone Telephone number+44 20 3033 3419    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

1.76K Followers

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

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

Will Host Conference Call and Webcast on April 30, 2026 at 8:30 a.m. ET

, /PRNewswire/ -- Wyndham Hotels & Resorts (NYSE: WH) announced today that it will report first quarter 2026 results on Wednesday, April 29, 2026 at approximately 4:30 p.m. ET.  Geoff Ballotti, president and chief executive officer, and Amit Sripathi, chief financial officer, will host a call with investors on April 30, 2026 at 8:30 a.m. ET to discuss the Company's results and business outlook.

Listeners can access the webcast live through the Company's website at https://investor.wyndhamhotels.com.  The conference call may also be accessed by calling 800 343-4136 and providing the passcode "Wyndham."  Listeners are urged to call at least five minutes prior to the scheduled start time.  An archive of this webcast will be available on the website beginning at noon ET on April 30, 2026.  A telephone replay will be available for approximately ten days beginning at noon ET on April 30, 2026 at 800 695-0715.

About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world's largest hotel franchising company by the number of franchised properties, with over 8,300 hotels across approximately 100 countries on six continents.  Through its network of approximately 869,000 franchised and affiliated rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry.  The Company operates a portfolio of 25 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, ECHO Suites®, Registry Collection Hotels®, Trademark Collection® and Wyndham®. The Company's award-winning Wyndham Rewards loyalty program offers over 122 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com. The Company may use its website and social media channels as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Disclosures of this nature will be included on the Company's website in the Investors section, which can currently be accessed at https://investor.wyndhamhotels.com or on the Company's social media channels, including the Company's LinkedIn account which can currently be accessed at https://www.linkedin.com/company/wyndhamhotels. Accordingly, investors should monitor this section of the Company's website and the Company's social media channels in addition to following the Company's press releases, filings submitted with the Securities and Exchange Commission and any public conference calls or webcasts.

SOURCE Wyndham Hotels & Resorts

New SPYRE™ Focus Panels (Stroma and Vessel) broaden modular panel options, enabling deeper targeted insights in spatial biology workflows.  SPYRE™ Amplification Kits leverage sequential and enhanced layered amplification (seqLA™) technology enabling improved detection of low-abundance and challenging targets.  Enhancements strengthen the fully integrated COMET spatial biology ecosystem, supporting increased consumables adoption and panel expansion. , /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH), a global provider of life science tools, reagents and diagnostic products, today announced the expansion of its COMET™ solution portfolio with the addition of the new SPYRE™ Focus Panels and SPYRE™ Amplification Kits. Together, these strengthen the COMET technology modular, automated spatial biology workflow, delivering expanded flexibility, greater sensitivity, and enabling deeper, more focused interrogation of biologically meaningful data from initial assay design through final interpretation. To support these updates, new features of HORIZON™ Image Analysis Software have also been introduced, tailored for COMET hyperplex images using the new SPYRE tools, further streamlining tissue analysis.

"Researchers need tools that make it easier to extract meaningful answers from complex tissue samples," said Steve Crouse, President of Bio-Techne's Diagnostics and Spatial Biology Segment. "Innovation is one of Bio-Techne's key differentiators, and SPYRE Focus Panels and SPYRE Amplification Kits reflect that strength. By incorporating these capabilities into the COMET Suite, we are giving researchers a more flexible, faster, and higher sensitivity workflow that enables researchers to achieve deeper insights with greater confidence."

SPYRE™ Antibody Panels, including the newly introduced Stroma and Vessel Focused Panels, are modular antibody panels designed to enable flexible multiplex assay design while reducing optimization time. Panels leverage validated antibodies with ready-to-use protocols to streamline setup while maintaining flexibility to incorporate markers from a lab's own antibody library. SPYRE™ Amplification Kits use seqLA™ technology to improve the detection of low‑abundance and difficult‑to‑detect targets.

"Utilizing the pre-optimized SPYRE panel has not only increased the capacity of conventional multiplex immunofluorescence but also enabled a one-day experimental protocol," said Prof. Joanne Edwards, Professor of Translational Cancer Pathology, University of Glasgow. "The COMET workflow is straightforward and flexible, allowing us to easily integrate our own antibodies of interest. This technology provides insightful data, facilitating the simultaneous investigation of tumor and microenvironment cells within the same sample."

Together, SPYRE Focus Panels and SPYRE Amplification Kits strengthen Bio-Techne's commitment to deliver a fully integrated, modular, and automated spatial biology ecosystem that accelerates research and preclinical therapeutic development. These innovations continue to empower researchers to generate richer data and deeper biological understanding from every tissue sample.

ABOUT BIO-TECHNE: 
Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With hundreds of thousands of products in its portfolio, Bio-Techne generated over $1.2 billion in net sales in fiscal 2025 and has approximately 3,100 employees worldwide. For more information, visit www.bio-techne.com or follow the Company on social media at LinkedIn, X and YouTube.

MEDIA CONTACTS: 

Corporate Communications 
[email protected]

David Clair, Vice President Investor Relations
[email protected]

SOURCE Bio-Techne Corporation

DUBLIN and SHANGHAI, March 25, 2026 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD), today announced its unaudited financial results for the fourth quarter ended and the fiscal year ended December 31, 2025.

Fourth Quarter 2025 Highlights

Total revenues in the quarter were RMB123,912.2 million (US$117,719.2 million), an increase of 12% from RMB110,610.1 million in the same quarter of 2024.Operating profit in the quarter was RMB27,719.7 million (US$3,963.9 million), compared with RMB25,592.2 million in the same quarter of 2024. Non-GAAP2 operating profit in the quarter was RMB29,474.1 million (US$4,214.7 million), compared with RMB27,996.5 million in the same quarter of 2024.Net income attributable to ordinary shareholders in the quarter was RMB24,541.0 million (US$3,509.3 million), a decrease of 11% from RMB27,446.6 million in the same quarter of 2024. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB26,295.4 million (US$3,760.2 million), a decrease of 12% from RMB29,850.9 million in the same quarter of 2024.
“Over the past year, we stayed firmly committed to our strategic focus on high-quality development,” said Mr. Lei Chen, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “We will continue to uphold our long-term philosophy, channeling greater resources into the stakeholders we serve, as we look ahead to the next decade of growth.”

“2026 marks the beginning of our journey into the next decade,” said Mr. Jiazhen Zhao, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “Going into this new chapter, supply chain investment is where we will place our greatest conviction. We are committed to dedicating significant resources, with an all-in mindset, to drive lasting benefits to the entire ecosystem.”

“The external environment and competitive landscape are undergoing rapid changes. To meet the evolving needs of consumers, we must continually explore and make investments,” said Ms. Jun Liu, VP of Finance of PDD Holdings. “These investments are firm and long-term, and will inevitably affect our financial performance.”

_______________

1 This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
2 The Company’s non-GAAP financial measures exclude share-based compensation expenses and fair value change of certain investments. See “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.

Fourth Quarter 2025 Unaudited Financial Results

Total revenues were RMB123,912.2 million (US$17,719.2 million), an increase of 12% from RMB110,610.1 million in the same quarter of 2024. The increase was primarily due to the increase in revenues from online marketing services and transaction services.

Revenues from online marketing services and others were RMB60,010.1 million (US$8,581.3 million), an increase of 5% from RMB57,011.1 million in the same quarter of 2024.Revenues from transaction services were RMB63,902.1 million (US$9,137.9 million), an increase of 19% from RMB53,599.0 million in the same quarter of 2024.
Total costs of revenues were RMB55,155.6 million (US$7,887.1 million), an increase of 15% from RMB47,798.4 million in the same quarter of 2024. The increase mainly came from the increased fulfilment fees, bandwidth and server costs, and payment processing fees.

Total operating expenses were RMB41,037.0 million (US$5,868.2 million), an increase of 10% from RMB37,219.5 million in the same quarter of 2024. The increase was primarily due to the increase in sales and marketing expenses.

Sales and marketing expenses were RMB34,352.3 million (US$4,912.3 million), compared with RMB31,356.9 million in the same quarter of 2024.
General and administrative expenses were RMB1,689.7 million (US$241.6 million), compared with RMB2,085.4 million in the same quarter of 2024.
Research and development expenses were RMB4,994.9 million (US$714.3 million), compared with RMB3,777.2 million in the same quarter of 2024.
Operating profit in the quarter was RMB27,719.7 million (US$3,963.9 million), compared with RMB25,592.2 million in the same quarter of 2024. Non-GAAP operating profit in the quarter was RMB29,474,1 million (US$4,214.7 million), compared with RMB27,996.5 million in the same quarter of 2024.

Net income attributable to ordinary shareholders in the quarter was RMB24,541.0 million (US$3,509.3 million), a decrease of 11% from RMB27,446.6 million in the same quarter of 2024. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB26,295.4 million (US$3,760.2 million), a decrease of 12% from RMB29,850.9 million in the same quarter of 2024.

Basic earnings per ADS was RMB17.50 (US$2.50) and diluted earnings per ADS was RMB16.51 (US$2.36), compared with basic earnings per ADS of RMB19.76 and diluted earnings per ADS of RMB18.53 in the same quarter of 2024. Non-GAAP diluted earnings per ADS was RMB17.69 (US$2.53), compared with RMB20.15 in the same quarter of 2024.

Net cash generated from operating activities was RMB24,119.5 million (US$3,449.0 million), compared with RMB29,547.2 million in the same quarter of 2024.

Cash, cash equivalents and short-term investments were RMB422.3 billion (US$60.4 billion) as of December 31, 2025, compared with RMB331.6 billion as of December 31, 2024.

Other non-current assets were RMB104.7 billion (US$15.0 billion) as of December 31, 2025, compared with RMB83.4 billion as of December 31, 2024, which mainly included time deposits, held-to-maturity debt securities, and available-for-sale debt securities.

Fiscal Year 2025 Unaudited Financial Results

Total revenues were RMB431,845.7 million (US$61,753.1 million), an increase of 10% from RMB393,836.1 million in 2024. The increase was primarily due to the increase in revenues from online marketing services and transaction services.

Revenues from online marketing services and others were RMB217,783.0 million (US$31,142.6 million), an increase of 10% from RMB197,934.2 million in 2024.
Revenues from transaction services were RMB214,062.7 million (US$30,610.6 million), an increase of 9% from RMB195,901.9 million in 2024.
Total costs of revenues were RMB188,801.8 million (US$26,998.3 million), an increase of 23% from RMB153,900.4 million in 2024. The increase mainly came from the increased fulfilment fees, bandwidth and server costs, and payment processing fees.

Total operating expenses were RMB148,419.9 million (US$21,223.8 million), an increase of 13% from RMB131,512.9 million in 2024. The increase was primarily due to the increase in sales and marketing expenses.

Sales and marketing expenses were RMB125,287.9 million (US$17,915.9 million), an increase of 13% from RMB111,300.5 million in 2024, mainly due to the increased spending in promotion and advertising activities.
General and administrative expenses were RMB6,635.8 million (US$948.9 million), compared with RMB7,553.0 million in 2024.
Research and development expenses were RMB16,496.2 million (US$2,358.9 million), an increase of 30% from RMB12,659.4 million in 2024, primarily due to the increase in staff related costs, and bandwidth and server costs.
Operating profit was RMB94,624.1 million (US$13,531.1 million), a decrease of 13% from RMB108,422.9 million in 2024. Non-GAAP operating profit was RMB102,561.0 million (US$14,666.0 million), a decrease of 13% from RMB118,306.4 million in 2024.

Net income attributable to ordinary shareholders was RMB99,364.5 million (US$14,208.9 million), a decrease of 12% from RMB112,434.5 million in 2024. Non-GAAP net income attributable to ordinary shareholders was RMB107,301.4 million (US$15,343.9 million), a decrease of 12% from RMB122,343.6 million in 2024.

Basic earnings per ADS was RMB71.09 (US$10.17) and diluted earnings per ADS was RMB67.03 (US$9.59), compared with basic earnings per ADS of RMB81.24 and diluted earnings per ADS of RMB76.01 in 2024. Non-GAAP diluted earnings per ADS was RMB72.38 (US$10.36), compared with RMB82.71 in 2024.

Net cash generated from operating activities was RMB106,938.7 million (US$15,292.0 million), compared with RMB121,929.3 million in 2024, mainly due to the decrease in net income.

Conference Call

The Company’s management will hold an earnings conference call at 7:30 AM ET on March 25, 2026 (11:30 AM GMT and 7:30 PM HKT on the same day).

The conference call will be webcast live at https://investor.pddholdings.com/investor-events. The webcast will be available for replay at the same website following the conclusion of the call.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP measures, such as non- GAAP operating profit, non-GAAP net income attributable to ordinary shareholders, non-GAAP diluted earnings per ordinary share, and non-GAAP diluted earnings per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measures exclude the impact of share-based compensation expenses and fair value change of certain investments.

The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses and fair value change of certain investments, which are non-cash charges. The Company also believes that the non-GAAP financial measures may provide further information about the Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.

The Company’s non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. These non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in the e-commerce markets globally and in the countries or regions where the Company has operations; changes in its revenues and certain cost or expense items; the expected growth of e-commerce markets globally and in the countries or regions where the Company has operations; developments in the relevant governmental policies and regulations relating to the Company’s industry; and general economic and business conditions globally and in the countries or regions where the Company has operations; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About PDD Holdings

PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. PDD Holdings aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities.

PDD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”))
   As of  December
31, 2024 December
31, 2025  RMB RMB
(Unaudited) US$
(Unaudited)ASSETS
Current assets      Cash and cash equivalents 57,768,053 108,900,587 15,572,577Restricted cash 68,426,368 73,830,824 10,557,667Receivables from online payment platforms 3,679,309 5,109,129 730,596Short-term investments 273,791,856 313,407,682 44,816,702Amounts due from related parties 7,569,180 10,205,128 1,459,314Prepayments and other current assets 4,413,466 7,526,542 1,076,280Total current assets 415,648,232 518,979,892 74,213,136       Non-current assets      Property, equipment and software, net 879,327 1,306,044 186,762Intangible assets 19,170 15,387 2,200Right-of-use assets 5,064,351 4,863,332 695,447Deferred tax assets 15,998 171,959 24,590Other non-current assets 83,407,238 104,707,713 14,973,004Total non-current assets 89,386,084 111,064,435 15,882,003       Total Assets 505,034,316 630,044,327 90,095,139        PDD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”))
       As of
 December
31, 2024 December
31, 2025
 RMB
 RMB
(Unaudited) US$
(Unaudited)      LIABILITIES AND SHAREHOLDERS’ EQUITY     Current liabilities     Amounts due to related parties801,859 1,086,540 155,373Customer advances and deferred revenues2,947,041 3,378,789 483,160Payable to merchants91,655,947 107,407,160 15,359,020Accrued expenses and other liabilities69,141,831 80,135,909 11,459,282Merchant deposits16,460,600 17,708,197 2,532,238Convertible bonds, current portion5,309,597 - -Lease liabilities2,105,978 2,498,643 357,301Total current liabilities188,422,853 212,215,238 30,346,374      Non-current liabilities     Lease liabilities3,191,565 2,880,152 411,856Deferred tax liabilities106,774 41,851 5,985Total non-current liabilities3,298,339 2,922,003 417,841Total Liabilities191,721,192 215,137,241 30,764,215      Shareholders’ equity     Ordinary shares180 182 26Additional paid-in capital117,829,308 125,767,661 17,984,536Statutory reserves237,680 1,338,261 191,369Accumulated other comprehensive income7,824,545 2,115,683 302,539Retained earnings187,421,411 285,685,299 40,852,454Total Shareholders’ Equity313,313,124 414,907,086 59,330,924      Total Liabilities and Shareholders’ Equity505,034,316 630,044,327 90,095,139 PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands of RMB and US$)  For the three months ended December 31,
 For the year ended December 31,
 2024
 2025
 2024
 2025
RMB RMB US$ RMB RMB US$(Unaudited) (Unaudited) (Unaudited)   (Unaudited) (Unaudited)Revenues 110,610,106  123,912,194  17,719,208  393,836,097  431,845,713  61,753,116 Costs of revenues (47,798,376) (55,155,561) (7,887,140) (153,900,374) (188,801,753) (26,998,292)             Sales and marketing expenses (31,356,941) (34,352,348) (4,912,320) (111,300,533) (125,287,932) (17,915,936)General and administrative expenses (2,085,396) (1,689,726) (241,628) (7,552,967) (6,635,803) (948,907)Research and development expenses (3,777,178) (4,994,884) (714,259) (12,659,361) (16,496,164) (2,358,920)Total operating expenses (37,219,515) (41,036,958) (5,868,207) (131,512,861) (148,419,899) (21,223,763)             Operating profit 25,592,215  27,719,675  3,963,861  108,422,862  94,624,061  13,531,061              Interest and investment income, net 5,233,232  6,372,854  911,306  20,553,493  25,583,848  3,658,442 Foreign exchange gain/(loss) 860,526  (659,932) (94,369) 587,866  (1,966,622) (281,223)Other income/(loss), net 726,735  (605,083) (86,526) 3,119,847  2,726,933  389,946              Profit before income tax and share of results of equity investees 32,412,708  32,827,514  4,694,272

  132,684,068  120,968,220  17,298,226 Share of results of equity investees 116,725  159,801  22,851  17,225  129,005  18,447 Income tax expenses (5,082,796) (8,446,316) (1,207,807) (20,266,781) (21,732,756) (3,107,743)Net income 27,446,637  24,540,999  3,509,316  112,434,512  99,364,469  14,208,930  PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands of RMB and US$, except for per share data)
             For the three months ended December 31,
 For the year ended December 31,
 2024  2025 2024  2025
RMB  RMB US$ RMB  RMB US$(Unaudited)  (Unaudited) (Unaudited)    (Unaudited) (Unaudited)Net income 27,446,637  24,540,999 3,509,316 112,434,512  99,364,469 14,208,930Net income attributable to ordinary shareholders 27,446,637  24,540,999 3,509,316 112,434,512  99,364,469 14,208,930               Earnings per ordinary share:              -Basic 4.94  4.37 0.63 20.31  17.77 2.54-Diluted 4.63  4.13 0.59 19.00  16.76 2.40               Earnings per ADS (4 ordinary shares equals 1 ADS):              -Basic 19.76  17.50 2.50 81.24  71.09 10.17-Diluted 18.53  16.51 2.36 76.01  67.03 9.59               Weighted-average number of outstanding ordinary shares (in thousands):              -Basic 5,556,776  5,610,358 5,610,358 5,536,049  5,590,930 5,590,930-Diluted 5,925,278  5,946,787 5,946,787 5,916,592  5,929,576 5,929,576 PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in thousands of RMB and US$)
           For the three months ended December 31,
 For the year ended December 31,
 2024  2025 2024  2025RMB  RMB US$ RMB  RMB US$(Unaudited)  (Unaudited) (Unaudited)    (Unaudited) (Unaudited)Revenues              - Online marketing services and others 57,011,061  60,010,065 8,581,325 197,934,192  217,783,028 31,142,559- Transaction services 53,599,045  63,902,129 9,137,883 195,901,905  214,062,685 30,610,557Total 110,610,106  123,912,194 17,719,208 393,836,097  431,845,713 61,753,116 PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in thousands of RMB and US$)
     For the three months ended December 31,
 For the year ended December 31,
 2024  2025 2024  2025RMB  RMB US$ RMB  RMB US$(Unaudited)  (Unaudited) (Unaudited)    (Unaudited) (Unaudited)Share-based compensation expenses              included in:              Costs of revenues 312,776  45,104 6,450 412,721  248,210 35,494Sales and marketing expenses 256,314  352,963 50,473 2,216,792  2,000,790 286,109General and administrative expenses 1,087,472  782,513 111,897 4,742,816  3,430,903 490,613Research and development expenses 747,693  573,844 82,059 2,511,235  2,257,068 322,756Total
 2,404,255  1,754,424
 250,879 9,883,564  7,936,971 1,134,972
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)
       For the three months ended December 31,
 For the year ended December 31,
  2024  2025
 2024  2025
  RMB  RMB  US$  RMB  RMB  US$   (Unaudited)  (Unaudited)  (Unaudited)     (Unaudited)  (Unaudited)                    Net cash generated from operating activities 29,547,160  24,119,546  3,449,049  121,929,292  106,938,690  15,292,029 Net cash (used in)/generated from investing activities (30,545,257) 1,538,248  219,967  (118,356,036) (43,423,236) (6,209,441)Net cash generated from/(used in) financing activities 274  (5,228,476) (747,662) 1,164  (5,227,353) (747,502)Effect of exchange rate changes on cash, cash
equivalents and restricted cash 1,503,749  (1,087,377) (155,493) 840,096  (1,751,111) (250,404)             Increase in cash, cash equivalents and restricted cash 505,926  19,341,941  2,765,861  4,414,516  56,536,990  8,084,682 Cash, cash equivalents and restricted cash at
beginning of period/year 125,688,495  163,389,470  23,364,383  121,779,905  126,194,421  18,045,562 Cash, cash equivalents and restricted cash at end of period/year 126,194,421  182,731,411  26,130,244  126,194,421  182,731,411  26,130,244  PDD HOLDINGS INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES
(Amounts in thousands of RMB and US$, except for per share data)
       For the three months ended December 31,
 For the year ended December 31,
  2024 2025
 2024 2025
  RMB RMB US$ RMB RMB US$  (Unaudited) (Unaudited) (Unaudited)   (Unaudited) (Unaudited)             Operating profit 25,592,215 27,719,675 3,963,861 108,422,862 94,624,061 13,531,061Add: Share-based compensation expenses 2,404,255 1,754,424 250,879 9,883,564 7,936,971 1,134,972Non-GAAP operating profit 27,996,470 29,474,099 4,214,740 118,306,426 102,561,032 14,666,033             Net income attributable to ordinary shareholders 27,446,637 24,540,999 3,509,316 112,434,512 99,364,469 14,208,930Add: Share-based compensation expenses 2,404,255 1,754,424 250,879 9,883,564 7,936,971 1,134,972Add: Loss from fair value change of certain investments 29 - - 25,485 - -Non-GAAP net income attributable to ordinary shareholders 29,850,921 26,295,423 3,760,195 122,343,561 107,301,440 15,343,902             Non-GAAP diluted weighted-average number of ordinary shares outstanding (in thousands) 5,925,278 5,946,787 5,946,787 5,916,592 5,929,576 5,929,576Diluted earnings per ordinary share 4.63 4.13 0.59 19.00 16.76 2.40Add: Non-GAAP adjustments to earnings per ordinary share 0.41 0.29 0.04 1.68 1.34 0.19Non-GAAP diluted earnings per ordinary share 5.04 4.42 0.63 20.68 18.10 2.59Non-GAAP diluted earnings per ADS 20.15 17.69 2.53 82.71 72.38 10.36

March 25, 2026 06:30 ET  | Source: ADMA Biologics, Inc.

RAMSEY, N.J. and BOCA RATON, Fla., March 25, 2026 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics, today addressed a report issued on March 24, 2026 by Culper Research (the “Short Report”), a firm that has published similarly negative “research reports” regarding public companies after taking short positions in the stock. The Short Report discloses that Culper Research holds a short position in ADMA. ADMA, and its Board of Directors takes seriously its obligations to fairly and accurately report its operating and financial results and make all public disclosures in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and in accordance with the standards of U.S. GAAP. The Short Report, by contrast, appears premised on speculative assertions derived from unidentified and unreliable sources and contains numerous misleading, false and inaccurate statements. Despite the conjecture pervading the Short Report, ADMA is taking appropriate steps to review the assertions.

About ADMA Biologics, Inc. (ADMA)

ADMA Biologics is a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. ADMA currently manufactures and markets three United States Food and Drug Administration (FDA)-approved plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases: ASCENIV™ (immune globulin intravenous, human – slra 10% liquid) for the treatment of primary humoral immunodeficiency (PI); BIVIGAM® (immune globulin intravenous, human) for the treatment of PI; and NABI-HB® (hepatitis B immune globulin, human) to provide enhanced immunity against the hepatitis B virus. Additionally, ADMA is developing SG-001, a pre-clinical, investigative hyperimmune globulin targeting S. pneumonia. ADMA manufactures its immune globulin products and product candidates at its FDA-licensed plasma fractionation and purification facility located in Boca Raton, Florida. Through its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved source plasma collector in the U.S., which provides its blood plasma for the manufacture of its products and product candidates. ADMA’s mission is to manufacture, market and develop specialty plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases and management of immune compromised patient populations who suffer from an underlying immune deficiency, or who may be immune compromised for other medical reasons. ADMA holds numerous U.S. and foreign patents related to and encompassing various aspects of its products and product candidates. For more information, please visit www.admabiologics.com.

INVESTOR RELATIONS CONTACT:
Argot Partners | 212-600-1902 | [email protected]

CAMBRIDGE, Mass., March 25, 2026 (GLOBE NEWSWIRE) -- Akamai (NASDAQ: AKAM) today introduced Akamai Brand Guardian. This evolution of Akamai Brand Protector adds proactive, AI-powered capabilities that can help global enterprises identify and manage brand impersonation at scale.

Scammers are exploiting the widespread availability of generative AI to deploy sophisticated fake websites and digital identities in seconds, making it nearly impossible for businesses to keep pace using manual discovery methods. For companies in sectors like financial services, retail, and healthcare, these fraudulent sites threaten digital integrity, which often leads to lost revenue and damaged customer relationships. Akamai Brand Guardian addresses this challenge by replacing reactive responses with continuous, AI-powered monitoring and risk-based enforcement. This approach helps shield organizations from the velocity of modern brand abuse with automated takedowns that are performed with 99.99% accuracy.

“Automation has fundamentally changed how scammers operate, turning detecting fake sights into a high-stakes game of Whac-A-Mole for security teams,” said Sean Lyons, Senior Vice President and General Manager of Application and Infrastructure Security at Akamai. “Akamai Brand Guardian provides security and legal teams with the visibility they need to stay ahead of these threats. By using AI to monitor the internet, we help our customers identify and remove fraudulent content much faster than was previously possible.”

Akamai Brand Guardian uses the company’s extensive visibility into global internet traffic to find and assess threats. By integrating brand protection capabilities into the broader security workflow, Akamai helps organizations:

Detect threats automatically: AI-driven monitoring scans the internet for fraudulent assets and look-alike domains, identifying them before customers can report them.Prioritize high-value risks: The solution uses real-time data to highlight which threats pose the most significant risk to the business, allowing teams to focus their efforts on the most impactful attacks.Accelerate response times: Automated workflows help teams investigate and automatically take down fraudulent sites quickly, accelerating response times to match the pace at which scammers generate them.Build a more complete defense: Integrating brand abuse data with broader security insights gives companies a clearer, more comprehensive picture of their overall digital risks. Brand Guardian uses refined AI models to ensure that the alerts received by security teams are accurate, actionable, and focused on protecting the customer experience.

Akamai Brand Guardian is available now for enterprises looking to secure their digital presence. To learn more about how Akamai helps businesses manage automated fraud, visit our website.

About Akamai
Akamai is the cybersecurity and cloud computing company that powers and protects business online. Our market-leading security solutions, superior threat intelligence, and global operations team provide defense in depth to safeguard enterprise data and applications everywhere. Akamai’s full-stack cloud computing solutions deliver performance and affordability on the world’s most distributed platform. Global enterprises trust Akamai to provide the industry-leading reliability, scale, and expertise they need to grow their business with confidence. Learn more at akamai.com and akamai.com/blog, or follow Akamai Technologies on X and LinkedIn.

Contacts
Akamai Media Relations
[email protected]

Akamai Investor Relations
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This press release was published by a CLEAR® Verified individual.