Market Signal Briefing

Shares of Lemonade Inc (NYSE:LMND) jumped more than 35% on Wednesday after the digital insurer reported its eighth straight quarter of accelerating growth and sharply narrower losses for the third quarter of 2025.

The company said revenue rose 42% from a year earlier to $195 million, while in-force premium climbed 30% to $1.16 billion, ahead of plan. Gross profit more than doubled to $80 million, lifting the gross margin to 41%.

Lemonade’s adjusted EBITDA loss was nearly halved to $26 million, as its loss ratio fell to an all-time low of 62%. The company also highlighted continued improvement in its car insurance unit, where the loss ratio dropped to 76%.

Customer numbers rose 24% to 2.87 million, while claims loss adjustment expenses (LAE) fell below 7%, beating the industry average of 9%. In Europe, IFP grew 168% year over year to $51 million.

With over $1 billion in cash and investments, Lemonade raised its full-year 2025 guidance across all metrics and said it expects to achieve positive adjusted EBITDA by the fourth quarter of 2026.

Key Takeaways IFF posts Q3 adjusted EPS of $1.05, beating estimates and rising 1% year over year.The Scent and Taste segments drive gains, offsetting weakness in other business areas.IFF reaffirms its 2025 outlook, targeting $10.6-$10.9B in sales and $2.15B in EBITDA.
International Flavors & Fragrances Inc. ((IFF - Free Report) ) reported adjusted earnings of $1.05 per share in third-quarter 2025, beating the Zacks Consensus Estimate of $1.02 per share. The bottom line improved 1% from the year-ago quarter.

Including one-time items, the company reported earnings of 16 cents per share compared with the prior-year quarter’s 23 cents per share.

International Flavors’ net sales fell 7.9% year over year to $2.69 billion but surpassed the Zacks Consensus Estimate of $2.63 billion. On a comparable basis, currency-neutral sales were flat with the prior-year quarter due to mid-single-digit growth in Scent and a low-single-digit growth in Taste.

International Flavors’ Q3 Gross Profit Dip Y/YIn the reported quarter, IFF’s cost of goods sold was down 8.6% year over year to $1.71 billion. The gross profit fell 6.6% year over year to $983 million. The gross margin was 36.5% compared with 36% in the year-ago quarter.

Research and development expenses increased 7% year over year to $174 million. The selling and administrative expenses fell 15% year over year to $421 million in the third quarter.

The adjusted operating EBITDA was $519 million, down 8.6% from the prior-year quarter’s $568 million. The adjusted operating EBITDA margin was 19.3% compared with the year-ago quarter’s 19.4%.

IFF’s Q3 Segmental PerformancesNet sales in the Taste segment increased 2.6% year over year to $635 million in the September-end quarter. The figure surpassed our estimate of $617 million. The adjusted operating EBITDA was $128 million, up 3.2% year over year. Our estimate for the segment’s adjusted EBITDA was $121 million.

Net sales in the Food Ingredients segment fell 1.5% year over year to $830 million in the September-end quarter. The figure beat our estimate of $813 million. The adjusted operating EBITDA was $106 million, up 20.5% year over year. Our estimate for the segment’s adjusted EBITDA was $107 million.

Sales generated in the Health & Bioscience segment were $577 million compared with the year-earlier quarter’s $568 million. Our estimate was $580 million. The adjusted operating EBITDA was $150 million in the quarter, up 0.7% year over year. Our estimate for the segment’s adjusted EBITDA was $150 million.

The Scent segment’s sales were $652 million, up 6.4% year over year. Our projection was $614 million. The adjusted operating EBITDA grew 7.1% year over year to $135 million. Our model had projected EBITDA of $123 million.

International Flavors’ Q3 Cash Flow & Balance Sheet UpdatesInternational Flavors had cash and cash equivalents of $621 million at the end of third-quarter 2025, up from $469 million at the end of 2024. Long-term debt was $4.74 billion at the third-quarter end, down from $7.56 billion as of Dec. 31, 2024.

International Flavors generated $532 million in operating activities in the first nine months of fiscal 2025 compared with $681 million in the prior-year period.

IFF Reaffirms 2025 GuidanceThe company expects sales for fiscal 2025 between $10.6 billion and $10.9 billion. Adjusted EBITDA is expected between $2 billion and $2.15 billion.

International Flavors’ Price PerformanceIn the past year, IFF shares have lost 36.6% compared with the industry’s 10.8% decline.

Image Source: Zacks Investment Research

IFF’s Zacks RankInternational Flavors currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Chemical - Specialty Stocks in Q3Linde plc. ((LIN - Free Report) ) reported third-quarter 2025 adjusted earnings per share of $4.21, which surpassed the Zacks Consensus Estimate of $4.18. The bottom line also improved from the year-ago quarter’s $3.94.

Linde’s total quarterly sales of $8.62 billion surpassed the Zacks Consensus Estimate of $8.60 billion. The top line also increased from the year-ago quarter’s $8.36 billion.

PPG Industries, Inc. ((PPG - Free Report) ) posted third-quarter 2025 adjusted earnings per share of $2.13, up from $2.03 in the year-ago quarter, surpassing the Zacks Consensus Estimate of $2.09.

PPG Industries’ sales were $4.08 billion in the quarter, up 1.2% year over year. The top line beat the Zacks Consensus Estimate of $4.04 billion.

Ecolab Inc.’s ((ECL - Free Report) ) adjusted earnings in third-quarter 2025 were $2.07 per share, up from $1.83 a year ago. The figure beat the Zacks Consensus Estimate of $2.06.

Ecolab reported net sales of $4.16 billion for the quarter, beating the Zacks Consensus Estimate of $4.12 billion. The company’s top line increased 4.2% year over year.

Investors looking for top exchange traded funds (ETFs) to invest in certainly have plenty of options to choose from.

Intelligent Marketing Platform Helps Casinos Unlock Non-Gaming, Tax-Efficient Revenue Across Every Guest Interaction

, /PRNewswire/ -- Context Networks, the leader in digital media and data-driven advertising solutions for the gaming industry, today announced a five-year strategic agreement with NRT Technology, one of the world's largest pure-play gaming payment technology companies. The partnership will enable casinos worldwide to deliver highly targeted, real-time advertising and branded experiences across multiple guest touchpoints, accelerating Context's reach into more than 1,000 casino properties.

NRT serves over 800 casinos in North America alone and all 25 of the world's 25 largest casino properties. The partnership gives Context Networks immediate access to NRT's unparalleled distribution and international footprint, including properties across the United States, Canada, Latin America, Europe, Macau, the Philippines, and Singapore.

"Our partnership with Context Networks represents a powerful opportunity to unlock new revenue streams for our customers," said Michael Dominelli, CEO of NRT Technology. "By integrating Context's advanced advertising platform across our ecosystem of kiosks, table displays, and mobile apps, we're enhancing the guest experience while creating measurable value for operators worldwide."

Through this collaboration, Context Networks' advertising technology, powered by Mobiquity Technologies (OTC: MOBQ) advanced advertising platform, will be integrated into NRT's extensive portfolio of casino solutions:

NRT Financial Kiosks – More than 11,000 units globally providing ATM, TITO redemption, and financial services. Each kiosk is already coded for marketing, allowing rapid activation via Context's API.
Opal Non-Gaming Kiosks – Deployed for bill payments and account top-ups, these devices will now include targeted advertising to increase engagement outside of gaming areas.
VisuaLimits Pro Digital Table Game Signs – With an 80% market share across table games, these displays will deliver immersive, customer-facing ad experiences directly at the table.
JoinGo Loyalty App – Used by 80% of casinos for player engagement, JoinGo will become the first casino loyalty app to feature embedded digital advertising experiences, from interactive dashboards to mobile games and rewards.

The Contextual Promotions Media Network™ (CPMN)  is the company's core platform designed to unify digital advertising, verification, and analytics across the gaming industry. Built as a full-stack, end-to-end system, the CPMN allows casino operators to become digital publishers without new capital investment, while ensuring transparency, compliance, and data integrity across every advertising transaction.

Through its integrated Deep Intelligence Marketing (DIM) layer, the CPMN delivers real-time, context-aware advertising experiences across all player touchpoints. DIM enables highly relevant brand interactions—whether a guest is cashing out, seated at a table game, or engaging with a loyalty app—by combining behavioral, geographic, and psychographic data into a private and secure framework.

For operators, the CPMN introduces a new class of tax-efficient, non-gaming revenue that enhances player engagement, strengthens loyalty, and extends the economic value of existing technology assets. For advertisers, it provides a transparent, closed-loop ecosystem that measures every impression, interaction, and conversion with immutable accuracy. Campaigns can be segmented by location, player tier, demographics, and psychographics, enabling both local and national brands to reach audiences with precision and contextual relevance.

"At Context Networks, we believe casinos must evolve beyond the gaming floor to build high-margin, non-gaming revenue streams that deliver lasting value," said Matt Olden, CEO of Context Networks. "Our intelligent marketing platform transforms every guest touchpoint into an opportunity for brand engagement and revenue growth enabling operators to generate incremental, tax-efficient income while enhancing the overall guest experience."

The partnership will allow casinos to deploy advertising and marketing campaigns more quickly than ever before, leveraging NRT's proven hardware and operational infrastructure.

Context Networks is powered by Mobiquity Technologies' (OTC: MOBQ) advanced advertising platform, which combines data mining, audience insights, programmatic trading, and AI-driven campaign optimization. The platform includes tools for targeting, analytics, quality control, and campaign delivery, giving operators a complete end-to-end advertising solution. With over two decades in digital advertising, Mobiquity has expanded into the gaming industry through its partnership with Context Networks, underscoring its commitment to innovation and data-driven marketing solutions.

About NRT Technology

Since 1993, NRT Technology has been changing the game as the world's largest payment technology company in gaming. NRT's solutions improve efficiency, enhance security, and empower casinos to deliver exceptional guest experiences through the fastest, safest, and smartest financial and engagement technologies in the industry. From the back office to the casino floor, NRT's innovations have redefined how the gaming world operates. With a commitment to driving performance, maximizing revenue, and exceeding expectations, NRT continues to set - and redefine - the industry standard.

About Context Networks

Context Networks, Inc. is a premier programmatic advertising platform that delivers transparent, secure, and efficient advertising solutions for the global gaming industry. Its flagship Contextual Promotions Media Network™ (CPMN™) provides casino operators and gaming environments with advanced ad-serving capabilities, creating new revenue streams while enhancing guest engagement. The company's platform focuses on three key gaming segments: casino, lottery operators, and iGaming platforms. Through Deep Intelligence Marketing, Context is creating the next evolution of retail media—where every consumer moment can be an extraordinary brand experience. For more information, visit https://www.contextnetworks.net.

SOURCE Context Networks

Dr. Michael Burry of “The Big Short” fame shocked many, enraged some, and intrigued everyone when he pulled the curtain on Scion Asset Management's latest moves.

Orion Energy Systems, Inc. (OESX) Q2 2026 Earnings Call November 5, 2025 10:00 AM EST

Company Participants

John Brodin - Executive VP, CFO, Chief Accounting Officer & Treasurer
Sally Washlow - CEO & Director

Conference Call Participants

Eric Stine - Craig-Hallum Capital Group LLC, Research Division
Sameer Joshi - H.C. Wainwright & Co, LLC, Research Division
William Dezellem - Tieton Capital Management, LLC
Steve Rudd

Presentation

Operator

Good morning, everyone, and welcome to Orion Energy Systems Fiscal 2026 Second Quarter Conference Call. [Operator Instructions] In this call, Sally Washlow, Orion's CEO; and Per Brodin, its CFO, will review the company's second quarter results and its fiscal 2026 outlook. Then we will open the call to investor questions. Today's conference is being recorded. A replay will be posted in the Investors section of the company's website, orionlighting.com.

I will now turn the call over to Per Brodin, Orion's CFO.

John Brodin
Executive VP, CFO, Chief Accounting Officer & Treasurer

Thank you, Rica. First, as a reminder, prepared remarks and answers to questions include statements that are forward-looking under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include words such as anticipate, believe, expect, project or similar words. Also, any statements describing future objectives or goals, company plans and outlook are also forward-looking.

These forward-looking statements are subject to various risks that could cause actual results to differ materially from current expectations. Risks include, among other matters, those that Orion has described in its press release issued this morning and in its SEC filings. Except as described therein, Orion disclaims any obligation to update or revise forward-looking statements made as of today. In addition, reconciliations of certain non-GAAP financial metrics to their nearest GAAP measures are also provided in today's press release.

Now I will turn the call over to Orion's

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Charles River Laboratories International, Inc. (CRL) Q3 2025 Earnings Call November 5, 2025 9:00 AM EST

Company Participants

Todd Spencer - Corporate Vice President of Investor Relations
James Foster - Chairman, President & CEO
Michael Knell - Interim CFO, Corporate Senior VP & Chief Accounting Officer

Conference Call Participants

Patrick Donnelly - Citigroup Inc., Research Division
David Windley - Jefferies LLC, Research Division
Elizabeth Anderson - Evercore ISI Institutional Equities, Research Division
Eric Coldwell - Robert W. Baird & Co. Incorporated, Research Division
Justin Bowers - Deutsche Bank AG, Research Division
Casey Woodring - JPMorgan Chase & Co, Research Division
Michael Ryskin - BofA Securities, Research Division
Ann Hynes - Mizuho Securities USA LLC, Research Division
Max Smock - William Blair & Company L.L.C., Research Division
Luke Sergott - Barclays Bank PLC, Research Division
Rob Cottrell

Presentation

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Charles River Laboratories Third Quarter 2025 Earnings Conference Call. This call is being recorded. [Operator Instructions]

I would now like to turn the conference over to our host, Todd Spencer, Vice President of Investor Relations. Please go ahead.

Todd Spencer
Corporate Vice President of Investor Relations

Good morning, and welcome to Charles River Laboratories Third Quarter 2025 Earnings Conference Call and Webcast. This morning, I am joined by Jim Foster, Chair, President and Chief Executive Officer; and Mike Knell, Senior Vice President, Interim Chief Financial Officer and Chief Accounting Officer.

They will comment on our third quarter results for 2025. Following the presentation, they respond to questions. There is a slide presentation associated with today's remarks, which will be posted on the Investor Relations section of our website at ir.criver.com. A webcast replay of this call will be available beginning approximately 2 hours after the call today and can be also accessed on our Investor Relations website. The replay will be available through next quarter's conference

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Geron Corporation (GERN) Q3 2025 Earnings Call November 5, 2025 8:00 AM EST

Company Participants

Dawn Schottlandt - Senior Vice President of Investor Relations & Corporate Affairs
Harout Semerjian - CEO, President & Director
Joseph Eid - Executive VP of Research & Development and Chief Medical Officer
Michelle Robertson - Executive VP, CFO, Treasurer and Principal Financial & Accounting Officer
Ahmed ElNawawi

Conference Call Participants

Tara Bancroft - TD Cowen, Research Division
Stephen Willey - Stifel, Nicolaus & Company, Incorporated, Research Division
Emily Bodnar - H.C. Wainwright & Co, LLC, Research Division
Faisal Khurshid - Leerink Partners LLC, Research Division

Presentation

Operator

Hello, and welcome to the Geron Corporation Third Quarter 2025 Earnings Call.

[Operator Instructions]

I would now like to turn the call over to Dawn Schottlandt, Senior Vice President, Investor Relations and Corporate Affairs. You may begin. 

Dawn Schottlandt
Senior Vice President of Investor Relations & Corporate Affairs

Good morning, everyone. Welcome to the Geron Corporation Third Quarter 2025 Earnings Conference Call.

Before we begin, please note that during the course of this presentation and question-and-answer session, we will be making forward-looking statements regarding future events, performance, plans, expectations, and other projections.

Including those relating to the launch, commercial opportunity, and therapeutic potential of VYTELLO, anticipated clinical and commercial events, and related timelines.

The sufficiency of Geron's financial resources and other statements that are not historical facts. Actual events or results could differ materially. 

Therefore, I refer you to the discussion under the heading Risk Factors in Geron's most recent periodic report filed with the SEC, which identifies important factors that could cause actual results to differ materially from those contained in the forward-looking statements and our future updates to those risk factors.

Geron undertakes no duty or obligation to update our forward-looking statements. 

Joining me on today's call are several members of

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Shares of GSI Technology, Inc. (GSIT - Free Report) have declined 24.5% since the company reported its earnings for the quarter ended Sept. 30, 2025. This compares to the S&P 500 index’s 0.5% decline over the same time frame. Over the past month, the stock has gained 81.7% compared with the S&P 500’s 2% growth, highlighting the stock’s high volatility amid investor reactions to both company fundamentals and forward-looking developments.

GSI Technology incurred a loss per share of 11 cents for the second quarter of fiscal 2026, narrower than a loss of 21 cents per share in the year-ago quarter. 

The company’s revenues of $6.4 million marked a 41.6% increase from $4.6 million in the same quarter of fiscal 2025. This year-over-year revenue expansion was driven by increased demand for the company’s static random-access memory (SRAM) products.

However, the company’s net loss narrowed to $3.2 million from $5.5 in the priro-year quarter. Gross margin also improved year over year to 54.8%, from 38.6%, primarily due to changes in product mix.

Business Metrics Show Mixed TrendsKey customer concentration shifted notably during the quarter. Sales to Cadence Design Systems represented 21.6% of total revenues, up from zero in the prior-year period. Conversely, Nokia’s contribution fell sharply to 3.1% from 17.8% a year ago. KYEC accounted for 12.5% of revenues, slightly down from 14.3% in the same quarter last year.

Military and defense-related shipments made up 28.9% of total shipments in the quarter, declining from 40.2% in the prior year. SigmaQuad SRAM sales comprised 50.1% of shipments, an increase from 38.6% in the same quarter last year.

Operating expenses totaled $6.7 million, lower than the $7.3 million reported in the second quarter of fiscal 2025, driven by a year-over-year reduction in research and development spending, which declined from $4.8 million to $3.8 million. 

Management Commentary Highlights Strategic AdvancesCEO Lee-Lean Shu emphasized the technological milestone achieved with the publication of a Cornell University study validating the performance of GSI’s Gemini-I chip. The study found that the chip matched the performance of NVIDIA’s A6000 GPU on retrieval-augmented generation tasks while consuming over 98% less energy. Shu framed this as a significant validation of the company’s compute-in-memory architecture and highlighted that Gemini-II, which offers 8 times the memory and 10 times the performance of Gemini-I, is poised to deliver further breakthroughs.

The CEO also confirmed that the recently raised capital would fund ongoing Gemini-II software development and kickstart the Plato chip design. The company is targeting edge AI markets and defense applications with its Associative Processing Unit (APU) technology and is working to convert proof-of-concept projects into commercial contracts in 2026.

Drivers Behind the Headline NumbersThe substantial year-over-year revenue increase was largely attributed to the ramp-up in SRAM sales and growing traction with defense and enterprise customers. However, gross margin erosion on a sequential basis reflected a less favorable product mix in the second quarter.

Cadence’s emergence as a top customer and the rebound in military-related shipments also supported revenue. Meanwhile, lower sales to Nokia and an uptick in operating expenses from Q1 impacted profitability. Stock-based compensation, totaling $0.9 million, rose year over year.

In the earnings call, management pointed to efficiency improvements and potential design wins as factors that could narrow losses going forward. The gross margin guidance for Q3 FY26 is 54% to 56%, aligning with the current quarter’s margin, and revenue is expected to be between $6 million and $6.8 million.

Guidance Signals Continued InvestmentManagement expects third-quarter revenues to be relatively flat to modestly higher, and gross margin to remain steady. Capital deployment from the $50 million direct offering will be allocated toward completing Gemini-II, developing accompanying software, and progressing on the Plato chip. The company has tentatively scheduled the tape-out of the Plato chip for early calendar year 2027.

Planned customer engagement includes multiple defense and aerospace prospects, with evaluations underway. Management also mentioned a new initiative to develop a multi-modal LLM targeting edge applications, with initial benchmark results expected by year-end.

Other DevelopmentsDuring the quarter, GSI Technology closed a $50 million registered direct offering, significantly boosting its liquidity. This funding nearly doubled the company’s cash position to $25.3 million from $13.4 million at the end of March 2025. Working capital and shareholder equity also improved substantially. 

Crypto analyst Arthur has predicted that the XRP price is preparing to decouple from Bitcoin (BTC). For years, XRP’s price movements have mirrored those of BTC, but according to Arthur, the market is evolving in ways that could soon set XRP apart. The emergence of Ripple’s new institutional brokerage platform and recent acquisitions, alongside the growing strength of its associated stablecoin, are key drivers that the analyst believes could drive this separation.

XRP Price Set To Break Away From Bitcoin
Arthur’s recent thread shared on X social media paints a confident picture of XRP’s future. He argues that the cryptocurrency is starting to chart its own course, breaking away from Bitcoin’s influence. Traditionally, XRP’s price has followed BTC’s overall direction and trajectory, rising and falling in tandem with the broader altcoin market. 

However, Arthur believes that the latest developments surrounding Ripple, a crypto payments company, could significantly change this dynamic. He points to Ripple Prime as the biggest factor that could drive this shift. Notably, Ripple Prime is a digital asset spot prime brokerage that Ripple recently launched following its acquisition of Hidden Road. The brokerage platform offers OTC spot trading, Foreign Exchange (FX), derivatives, and swaps, all seamlessly integrated with XRP and RLUSD, Ripple’s regulated stablecoin. 

By offering Wall Street a means to enter the blockchain finance market, Arthur contends that Ripple Prime could redefine how institutions view digital assets like XRP. Instead of being swayed by broader market sentiment, this institutional demand from Ripple’s new brokerage platform and ongoing developments could drive XRP’s value based on measurable utility. Additionally, it could finally establish the cryptocurrency as a standalone asset rather than one that constantly tracks Bitcoin’s movements. 

In his analysis, Arthur frames Bitcoin as a speculative digital asset, while XRP is viewed as a form of financial infrastructure. He explains that this is a crucial distinction considering infrastructure assets are typically driven by real-world adoption and utility, rather than “hype cycles.”

With RLUSD surpassing a $1 billion market cap just a year after its launch, the analyst maintains that Ripple has established a stable and transparent institutional framework that effectively balances liquidity and compliance. Through this setup, RLUSD provides price stability, while XRP offers transaction liquidity, creating a financial ecosystem designed for real-world use, which is ideal for driving price growth. 

Regulation And Utility Shifts To Redefine XRP’s Identity
Arthur expands on his analysis by connecting Ripple’s recent developments to a broader picture. He explains that institutions using Ripple Prime to settle payments with XRP and RLUSD are driven by different incentives. They do not care about Bitcoin and are not chasing speculative gains like typical crypto traders, but prioritize efficiency, regulation, and liquidity. 

He also highlighted the potential impact of the upcoming CLARITY Act in the US. If passed, the analyst says that the bill could reclassify XRP as a commodity, moving it away from the “crypto basket” and placing it in the same regulatory category as assets like gold. Through this combination of legal clarity, stablecoin integration, asset class change, and subsequent institutional demand, Arthur says that XRP’s price will gradually decouple from Bitcoin.

XRP trading at $2.23 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Freepik, chart from Tradingview.com

Ripple's recent $500 million strategic raise and the headline-grabbing $40 billion private valuation have reignited debate about where faith in the company and in XRP, the token, really stands. The funding round is a clear signal that deep-pocketed investors see value in Ripple's payments rails, product roadmap, and regulatory progress.

Ripple, the blockchain firm behind XRP (CRYPTO: XRP), announced a $500 million strategic investment, strengthening its already record year of growth.

What Happened: Ripple announced the investment at a $40 billion valuation, backed by top institutional investors including Fortress Investment Group, Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.

The new funding follows Ripple's record-breaking year and its earlier $1 billion tender offer, signalling deep institutional confidence in its expanding role as a crypto infrastructure leader.

Ripple also repurchased over 25% of its outstanding shares, strengthening ownership and alignment with key partners.

CEO Brad Garlinghouse said Ripple has evolved beyond payments into a diversified platform offering custody, stablecoins, prime brokerage, and treasury solutions, calling 2025 an "incredible year" for the company's evolution.

Also Read: Ripple Expands Institutional Footprint As XRP Drops Below $2.30

Why It Matters: Garlinghouse described the investment as "a clear bet on what the future of crypto will look like," reinforcing Ripple's growing dominance in the institutional space.

In the last two years, Ripple has completed six acquisitions, two exceeding $1 billion, expanding across payments, custody, and stablecoins.

Ripple Payments (powered by XRP and RLUSD) has processed over $95 billion across 75 regulatory licenses.
Its RLUSD stablecoin surpassed $1 billion market cap within a year.
Ripple Prime (formerly Hidden Road) now handles 60+ million daily transactions, with client collateral doubling.
The GTreasury acquisition extended Ripple's presence in corporate treasury management.
Overall, Ripple's latest investment round solidifies its position as a top-tier institutional crypto provider, with its ecosystem built firmly on the foundation of XRP.

Read Next:

Bitcoin Below $102,000 As ‘Extreme Fear’ Sentiment Takes Down Ethereum, XRP, Dogecoin
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TL;DR

Gemini will launch XRP perpetual contracts on its European platform, operated by its Malta-based subsidiary authorized by the MFSA.
The contracts will allow traders to open long or short positions with up to 100x leverage, settled in USDC and with no expiration date.
The launch expands Gemini’s lineup of regulated derivatives in Europe, which already includes Bitcoin, Ethereum, and Solana.

Gemini, the U.S. exchange founded by the Winklevoss twins, has launched XRP perpetual contracts on its European platform, operated by its subsidiary Intergalactic EU Artemis Ltd., registered in Malta and authorized by the Malta Financial Services Authority (MFSA). It is the first time the company has offered leveraged XRP products to users within the European Union.

The new contracts allow traders to take long or short positions on XRP with up to 100x leverage, settled in USDC and without an expiration date. This format differs from traditional futures, as it lets traders keep positions open indefinitely, provided margin requirements are maintained. The company explained that these products are intended for experienced traders, as their high volatility can lead to rapid liquidations and significant losses.

Gemini Now Has 4 Assets in the European Market
The launch is part of Gemini’s broader expansion into Europe’s regulated derivatives market, where the company aims to position itself as a strict compliance alternative to offshore exchanges. Until now, its platform already offered perpetual contracts for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), all settled in USDC, and it now adds XRP as the fourth asset in its derivatives lineup.

A Response to XRP’s Market Popularity
The addition of XRP reflects its continued popularity in the crypto market. According to data from CoinGlass, the token records $13.18 billion in derivatives volume and $3.35 billion in open interest, placing it among the most traded digital assets globally. For Gemini, offering exposure to XRP represents a strategic opportunity in a market increasingly focused on transparent and compliant trading instruments.

The company clarified that geographic and availability restrictions apply in accordance with EU regulations. It also reminded users that perpetual contracts are high-risk instruments and may not be suitable for all investors.

Gemini is strengthening its presence in Europe. The exchange stands out as one of the few U.S.-based firms offering XRP derivatives under a clear regulatory framework, combining leverage, liquidity, and institutional-grade security standards

Ripple has announced a $500M round at a $40B valuation, following a $1B tender offer, as institutions have participated across payments, custody, stablecoins, and prime brokerage. Licenses and acquisitions have supported growth in Ripple Payments and RLUSD adoption.

Sequans sells $100M in Bitcoin to repurchase bonds, cutting debt by half and reshaping its treasury strategy amid market pressure.

Emir Abyazov2 min read

5 November 2025, 05:51 PM

Sequans Communications has confirmed the sale of 970 BTC (approximately $100 million) to repurchase a portion of its convertible bonds and reduce its overall debt burden.

The move marks the first Bitcoin sale by a Digital Asset Treasury (DAT) firm and is seen as a significant shift in how crypto-rich companies manage leverage.

Sequans adopted a Bitcoin accumulation strategy in July 2025, growing its holdings to 3,234 BTC, funded largely through bond issuance.

Bitcoin Investment History. Source: SequansIn late October 2025, Arkham Intelligence reported that the company had transferred part of its Bitcoin holdings to Coinbase Prime, sparking speculation of a potential sale. Sequans later confirmed that the liquidation of part of its Bitcoin portfolio enabled it to reduce total debt by 50%, from $189 million to $94.5 million.

As of November 4, 2025, Sequans held 2,264 BTC valued at roughly $240 million.

The company also lowered its debt-to-NAV (Net Asset Value) ratio to 39%, which it described as a “more prudent leverage ratio.”

A Tactical Step Toward Financial StabilitySequans said the move gives it greater flexibility to manage risk, optimize operations, and pursue new opportunities.

The bond buyback is also part of a broader effort to reduce the number of American Depositary Shares (ADS) listed on U.S. exchanges, a measure the firm believes will increase yield and boost resilience.

“Our Bitcoin treasury management strategy remains unchanged,” said Sequans CEO Georges Karam.

Despite the sale, Sequans’ market performance remains weak.

According to the company’s official website, its market Net Asset Value (mNAV) stands at 0.77, meaning its shares trade at a discount compared to the value of its Bitcoin portfolio.

Data from TradingView shows the stock has declined 16.6% over the past day and 40.5% over the past month.

Earlier, analyst Omid Malekan warned that actions by Digital Asset Treasury (DAT) firms such as Sequans could intensify volatility and accelerate stress across the broader crypto market.

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Crypto pundit Butcher has suggested that Binance and market maker Wintermute may be responsible for the Bitcoin and Ethereum price crashes. The pundit also alluded to the October 10 crypto market crash and how both firms contributed to the crash. 

In an X post, Butcher alleged that Binance and Wintermute are responsible for the recent Bitcoin and Ethereum price crashes. He explained that in the past 30 days, these firms have traded $34.5 billion between themselves. The pundit further revealed that the crypto exchange sends BTC and ETH in chunks of $10 million to $100 million to Wintermute wallets hours before every major dump. Wintermute then sells these coins on the market, triggering a cascade of liquidations. 

Butcher stated that Binance and Wintermute used this playbook during the October 10 Bitcoin and Ethereum price crash, which contributed to the $19 billion liquidation event. He revealed that on that day, Wintermute received $700 million from Binance, and then spot sell walls appeared on every pair, followed by $19 billion in longs liquidated in 90 minutes. 

The pundit claimed that Wintermute bought back these coins at a 30% discount. He noted that Binance benefits by pocketing the funding rate fees while Wintermute pockets the spread. Butcher further alleged that both firms used a similar playbook during last week’s Bitcoin and Ethereum price crash, dumping $1.14 billion in BTC. This resulted in $1.16 billion in liquidations. 

The Bitcoin and Ethereum price have extended their decline this week, with BTC dropping below $100,000 yesterday for the first time since June. ETH also dropped to as low as $3,100 on the day, recording a 10% loss in the process. Butcher again claimed that Binance was responsible for the crash, stating that there was “total manipulation” from the crypto exchange.  This came as he declared that retail investors weren’t responsible for the selling pressure. 

Market Still Expected To Bounce Back
Market expert Raoul Pal suggested that the crypto market is still going to bounce back despite the Bitcoin and Ethereum price crashes. He expects the bull market to resume when the U.S. government shutdown ends, noting that the shutdown is currently causing a sharp tightening of liquidity. 

Pal noted that the global liquidity is still on the rise, suggesting that some of this liquidity could spark a bounce in the Bitcoin and Ethereum prices once the shutdown ends. The expert further remarked that the treasury could spend up to $350 billion in a couple of months once the shutdown ends and quantitative easing begins. The dollar is also expected to weaken once liquidity begins to flow, which is a positive for the crypto market. 

BTC trading at $101,872 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pexels, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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Posted: November 5, 2025

Key Takeaways
How big is World Liberty Financial’s USD1 stablecoin?
USD1 has reached a circulating supply of $2.91 billion just seven months after its launch in April 2025, making it one of the top stablecoins.

What does the Solana expansion mean for USD1?
Partnerships with Bonk [Solana’s top memecoin] and Raydium [leading Solana DEX] provide USD1 with distribution channels and liquidity infrastructure to compete against other stablecoins.

World Liberty Financial announced on 5 November that its USD1 stablecoin is expanding to Solana through partnerships with memecoin platform Bonk and decentralized exchange Raydium. 

The Trump-backed DeFi project revealed it acquired USD1 for strategic reserves. This is a part of its mission to drive stablecoin adoption on the fast-growing blockchain.

Explosive growth for USD1 in seven months
USD1 launched in April 2025 and reached $2.91 billion in circulation by November. This is an impressive trajectory that positions it among crypto’s top stablecoins. 

Only Tether’s USDT, Circle’s USDC, MakerDAO’s DAI, and Sky’s USDS maintain larger market caps.

The growth demonstrates strong demand for World Liberty Financial’s dollar-pegged token.  Although the project’s association with the Trump family creates both credibility and controversy. 

The stablecoin market is valued at approximately $200 billion, with USDT and USDC collectively holding over 80% of the combined market share.

Strategic Solana play
The Bonk and Raydium partnerships signal aggressive Solana expansion. Bonk provides access to Solana’s passionate memecoin community, while Raydium offers critical DEX liquidity infrastructure for trading pairs and automated market making.

World Liberty Financial positioned USD1 as “the leading USD1 community on Solana,” suggesting plans to dominate stablecoin usage on the blockchain. 

According to data from DefiLlama, USDC currently dominates on the Solana network. 

USDC makes up over $9 billion of the $14.12 billion stablecoin market cap on Solana. 

The partnerships enable USD1 to challenge that dominance by embedding into Solana’s DeFi ecosystem at the infrastructure level.

Strategic reserve questions
World Liberty Financial also disclosed acquiring USD1 for its own strategic reserves—effectively buying back its own stablecoin.

The move serves multiple purposes: it provides initial liquidity, supports market-making operations, and creates internal demand.

However, the announcement omitted specifics on acquisition size.

The strategic reserve concept aligns with broader trends in the crypto industry and Trump’s own proposals for government Bitcoin reserves.

This potentially positions USD1 as a treasury management tool for the project’s DeFi operations.

What’s next
World Liberty Financial teased “Stay tuned,” suggesting additional announcements around USD1’s Solana expansion. 

The stablecoin’s rapid growth and strategic partnerships indicate serious ambitions to compete with established players in the $200 billion stablecoin market.

Galaxy Digital says bitcoin's “maturity era” has slowed upside momentum as whales offload and ETFs absorb supply.

19h05 ▪
4
min read ▪ by
Ifeoluwa O.

Summarize this article with:

Forward Industries is strengthening its position within the Solana (SOL) ecosystem, taking a major step with a $1 billion program to buy back its own shares. The initiative, set to continue through September 30, 2027, reflects the company’s focus on Solana, where it holds more SOL than any other corporation.

In brief

Forward Industries’ board authorized a $1 billion share buyback running through September 2027 with purchases via the open market, block trades, or private deals.
The company holds more than 6.8 million SOL, making it the largest corporate Solana treasury valued at over $1 billion.

Board Approval and Buyback Structure
The company’s board approved the program on November 3, authorizing Forward Industries to reacquire up to $1 billion of its common stock. The plan allows the firm to repurchase shares gradually, using a combination of methods. Purchases may occur directly on the open market, through block trades, or via privately arranged buybacks, giving the company flexibility to manage its share count while responding to market conditions.

Forward Industries plans to conduct the buybacks in compliance with Securities and Exchange Commission (SEC) rules and may use Rule 10b5-1 trading plans, which let companies repurchase shares without raising insider trading concerns.

Commenting on the initiative, Kyle Samani, Chairman of the Board, said the buyback reflects confidence in the company’s approach and in Solana’s ecosystem and forms part of the company’s effort to create long-term value for shareholders, noting that the resale registration followed a recent PIPE transaction.

Samani also stated that “the authorization gives us flexibility to return capital to shareholders when we believe our stock trades below intrinsic value, all while continuing to execute our Solana treasury and operational initiatives.”

Solana Holdings and Market Pressures
Forward Industries maintains a significant position in Solana, holding more than 6.8 million SOL. According to data from CoinGecko, this stake is valued at approximately $1.07 billion, making it the largest corporate Solana treasury. 

Meanwhile, the company’s stock fell roughly 25% in a single day following the buyback announcement. The decrease coincided with softer market sentiment among cryptocurrency-focused equities. Even with substantial SOL holdings and a structured repurchase program, Forward Industries faced downward pressure as investors reacted to broader market trends.

Solana itself has shown a similar downward trajectory, dropping more than 19% over the past week and over 3% in the last 24 hours. The token hit $148 on Tuesday, its lowest level since July 9, as the broader crypto market continues to struggle. 

The recent weakness in the market reflects broader challenges for companies that adopted a crypto treasury model during the bull run. These firms built up large digital asset holdings to support their operations and explore higher-growth opportunities. Current conditions, however, have exposed pressures within this approach.

Experts from Standard Chartered point out that many of these companies are now under pressure, with enterprise values falling below the market value of their crypto holdings, compressing their market net asset value and creating a clear valuation squeeze.

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Ifeoluwa O.

Ifeoluwa specializes in Web3 writing and marketing, with over 5 years of experience creating insightful and strategic content. Beyond this, he trades crypto and is skilled at conducting technical, fundamental, and on-chain analyses.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

TL;DR

WisdomTree is adopting Chainlink DataLink to deliver verified onchain Net Asset Value (NAV) data for its tokenized CRDT fund on Ethereum, improving pricing reliability for investors.
The initiative expands access to real-time fund valuations across DeFi and institutional platforms.
WisdomTree expects to extend the integration to more tokenized funds, enabling wider use of automated financial products supported by trusted onchain data.

WisdomTree is enhancing the way tokenized fund valuations are delivered by integrating Chainlink DataLink to publish the Net Asset Value for its WisdomTree Private Placement Credit and Alternative Income Digital Fund (CRDT) directly onto the Ethereum blockchain. This strengthens the accuracy and transparency of financial data for digital platforms and establishes a foundation for more advanced tokenization use cases across regulated markets, while encouraging a broader adoption of compliant digital investment products among traditional investors.

The integration connects verified NAV data with a programmable execution layer, creating smoother interaction between traditional asset management infrastructure and onchain financial applications. This enables smart contract usage of real fund pricing, supporting automated settlements, continuous auditability, and the development of structured financial products backed by tokenized assets. It also opens opportunities for fintech platforms to integrate institutional-grade fund data with improved reliability.

Growing Institutional Interest In Onchain Data
An increasing number of financial institutions are moving validated market data onchain to improve efficiency and reduce reliance on intermediaries. With DataLink, Chainlink provides infrastructure that ensures data distributed across blockchains remains consistent, secure, and tamper-resistant. WisdomTree’s involvement reinforces the adoption of blockchain technology for regulated financial instruments by well-established asset managers, while motivating other firms to explore similar integrations.

This trend is aligned with the rapid expansion of tokenized assets across private credit, fixed income, and real estate. Boston Consulting Group estimates tokenization markets could surpass 16 trillion dollars within the next decade, accelerating the need for dependable data to support automated operations, risk management, and hybrid financial products designed for both institutional and retail markets.

Expansion Toward Multi Asset Tokenization
WisdomTree indicated that this integration is only the first phase and plans to expand the use of DataLink across additional digital funds. The firm already provides regulated tokenized assets in the United States and Europe, offering investors real-time access to their portfolios through digital channels and improved reporting tools for better decision-making.

This advancement supports an environment where fund valuations, yield distributions, and accounting data can operate seamlessly on blockchain.  

TL;DR

Aster will launch a public, zero-fee blockchain focused on privacy, designed for traders seeking lower costs and enhanced confidentiality.
The network will feature tokenized stock futures and pre-market products, with integrated KYC, custody, and liquidity incentives.
The zero gas fee model promises greater efficiency for high-frequency trading, though questions remain about sustainability and regulatory scrutiny.

Aster, the decentralized exchange backed by Binance, is building a new public blockchain focused on privacy and zero gas fees, aimed at traders looking to cut costs and operate with higher confidentiality. The project will introduce tokenized stock futures and is partnering with launchpad Buidlpad to offer pre-market futures for new assets.

The network, called Aster Blockchain, will eliminate gas fees across all transactions, allowing zero-cost operations while prioritizing privacy at every stage. According to the company, orders and transactions will be obfuscated to protect trader information both before and after execution. The design aims to provide a safer environment for implementing sensitive strategies, though maintaining auditability for compliance purposes will require adjustments to be tested during pilot phases.

Questions About Aster’s Sustainability
The zero-fee model aims to position the exchange as an efficient option for high-frequency and pre-launch markets, where transaction costs often act as a barrier. However, the model raises concerns about validator incentives and long-term sustainability. Aster has not yet disclosed its economic structure, though it is expected to rely on token issuance or staking rewards to secure the network.

The partnership with Buidlpad will enable Aster to offer tokenized stock futures and pre-market futures, integrating KYC verification, custody solutions, and liquidity incentive programs. The goal is to shorten launch timelines and improve price discovery for new projects. Buidlpad stated that this collaboration will enable faster market access and deeper order books during initial listings.

A Platform for Sophisticated Traders
The combination of advanced privacy features and a zero-fee model could attract sophisticated traders but may also draw increased regulatory attention, especially in jurisdictions where tokenized derivatives face strict KYC and AML oversight.

Aster has yet to release technical details or governance frameworks for the new network. The project aims to establish a new operational standard for tokenized derivatives platforms, merging anonymity, low costs, and regulatory compliance into a single infrastructure

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

Sleep Number Corporation (SNBR) Q3 2025 Earnings Call November 5, 2025 8:30 AM EST

Company Participants

Linda Findley - President, CEO & Director
Robert Ryder - Interim Chief Financial Officer

Conference Call Participants

Robert Griffin - Raymond James & Associates, Inc., Research Division
Daniel Silverstein - UBS Investment Bank, Research Division
Bradley Thomas - KeyBanc Capital Markets Inc., Research Division
Peter Keith - Piper Sandler & Co., Research Division

Presentation

Operator

Welcome to Sleep Number's Q3 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded today, Wednesday, November 5, 2025. This conference call will be available on the company's website, ir.sleepnumber.com. Please refer to today's news release to access the replay.

On today's call, we have Linda Findley, President and CEO; and Bob Ryder, Interim Financial -- Chief Financial Officer of Sleep Number.

Before handing the call over to the company, we will review the safe harbor statement. The primary purpose of this call is to discuss the results of the fiscal period ending on September 27, 2025. Commentary and responses to questions may include certain forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties outlined in the company's earnings news release and discussed in some detail in the annual report on Form 10-K and other periodic filings with the SEC. The company's actual future results may vary materially. In addition, any forward-looking statements represent the company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The company specifically disclaims any obligation to update these statements.

Please also refer to the company's news release and SEC filings for a reconciliation of certain non-GAAP financial measures and supplemental financial information included in the news release or that may be discussed on this

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Good morning. Welcome to Flowco Holdings, Inc.'s Third Quarter 2025 Earnings Call. Today's call is being recorded, and we have allocated 1 hour for prepared remarks and Q&A.

At this time, I would like to turn the conference over to Andrew Leonpacher, Vice President, Finance, Corporate Development and Investor Relations at Flowco. Thank you. You may begin.

Andrew Leonpacher

Good morning, everyone, and thanks for joining us to discuss Flowco's third quarter results.

Before we begin, we would like to remind you that this conference call may include forward-looking statements. These statements, which are subject to various risks, uncertainties and assumptions, could cause our actual results to differ materially from these statements. These risks, uncertainties and assumptions are detailed in this morning's press release as well as our filings with the SEC, which can be found on our website at ir.flowco-inc.com. We undertake no obligation to revise or update any forward-looking statements or information, except as required by law.

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Presentation

Operator

Greetings. Welcome to the GCI Liberty 2025 Q3 Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded today, November 5.

I will now turn the call over to Shane Kleinstein, Senior Vice President, Investor Relations. Please go ahead.

Shane Kleinstein
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Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties including those mentioned in the prospectus forming part of GCI Liberty's registration statement, most recent forms 10-Q followed by GCI Liberty and Liberty Broadband with the SEC. These forward-looking statements speak only as of the date of this call, and GCI Liberty and Liberty Broadband expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in GCI Liberty or Liberty Broadband's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

On today's call, we will discuss certain non-GAAP financial measures for GCI Liberty, including adjusted OIBDA, adjusted OIBDA margin and free cash flow. Information regarding the required definitions along with the comparable GAAP metrics and reconciliations including Schedule 1 can be found in the earnings press release issued today, which is available on GCI Liberty's website.

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