Market Signal Briefing

Revenues increased to RMB5.38 billion, representing 24.8% year-over-year growth

Adjusted net profit reached RMB187.9 million, representing 43.3% year-over-year growth

Store-level operating profit grew by 18.5%; Adjusted group EBITDA increased by 28.2%

EPS increased 157.1% YoY to RMB1.08, Diluted EPS increased 150.0% YoY to RMB1.05

, /PRNewswire/ -- DPC Dash Ltd - Domino's Pizza China ("DPC Dash" or the "Company", together with its subsidiaries, the "Group") (1405.HK), Domino's Pizza's exclusive master franchisee in the China Mainland, the Hong Kong Special Administrative Region of China, and the Macau Special Administrative Region of China, today announced its audited consolidated financial results for the year ended December 31, 2025 ("FY2025").

FY2025 HIGHLIGHTS[1]

Revenues reached RMB5.38 billion, representing an increase of 24.8% from RMB4.31 billion in the year ended December 31, 2024 ("FY2024"). Opened 307 net new stores and entered into 21 new cities in FY2025. Total stores reached 1,315, across 60 cities, with 517 stores in Tier 1 cities and 798 stores in non-Tier 1 cities, as of December 31, 2025. Same-store sales growth (SSSG) was -1.5%, compared to 2.5% for FY2024 and -1.0% in the first six months of 2025. Tier 1 City markets delivered positive SSSG during FY2025 and in both the six months ended June 30 and December 31, 2025. Store-level EBITDA was RMB1,001.0 million, representing an increase of 20.4% from RMB831.4 million in FY2024. Store-level EBITDA margin was 18.6%, compared to 19.3% in FY2024. Store-level operating profit was RMB739.7 million, representing an increase of 18.5% from RMB624.0 million in FY2024. Store-level operating profit margin was 13.7%, compared to 14.5% for FY2024. Adjusted EBITDA was RMB634.6 million, representing an increase of 28.2% from RMB495.2 million in FY2024. Adjusted EBITDA margin was 11.8%, compared to 11.5% for FY2024. Adjusted Net profit was RMB187.9 million, representing an increase of 43.3% from RMB131.2 million in FY2024. Adjusted Net Profit margin was 3.5%, compared to 3.0% for FY2024. As of December 31, 2025, the Group held RMB1,001.5 million in cash and bank balances, as compared to RMB1,069.3 million as of December 31, 2024. Total loyalty program membership was 35.6 million, representing an increase of 45.3% from 24.5 million in FY2024. [1] Please refer to the section "KEY DEFINITIONS" below for detailed definitions on certain terms used.

Ms. Aileen Wang, CEO & Executive Director of DPC Dash commented, "We delivered another year of strong growth in 2025, with revenue increasing 24.8% to RMB5.38 billion and 307 net store openings expanding our footprint to 1,315 stores across 60 cities as of year end. Our 4D strategy continues to drive results across our network. Stores in Tier 1 cities delivered solid growth driven by positive same-store sales growth, demonstrating the resilience and sustained brand strength in our most mature markets. Meanwhile, non-Tier 1 markets now contribute nearly 60% of revenue, with new stores achieving exceptional unit economics and strong capital efficiency. We remain confident in our ability to capture the significant pizza market opportunity while delivering sustainable, long-term value for our shareholders."

Ms. Helen Wu, CFO of DPC Dash, added, "Our 2025 results reflect both strong top-line momentum and enhanced operating efficiency, with adjusted EBITDA growing 28.2% to RMB634.6 million and adjusted net profit increasing 43.3% to RMB187.9 million. These results reflect our consistent cost discipline and targeted store‑level investments, as well as the increasing benefits of scale and efficiency at the corporate level. Looking ahead, supported by our solid balance sheet, we are well positioned to advance our 'Go‑Deeper' and 'Go‑Broader' strategy in a disciplined manner, maintaining a strong focus on efficiency as our footprint expands and stores ramp up."

FY2025 Financial Results

Year ended

Dec 31,

Dec 31,

(in RMB millions, except percentages and per share data)

2025

2024

YoY

Revenue

5,382.0

4,314.1

+24.8 %

Store-level EBITDA[1]

1,001.0

831.4

+20.4 %

Store-level EBITDA margin[1]

18.6 %

19.3 %

-0.7

Store-level operating profit

739.7

624.0

+18.5 %

Store-level operating profit margin

13.7 %

14.5 %

-0.8

Adjusted EBITDA[1]

634.6

495.2

+28.2 %

Adjusted EBITDA margin[1]

11.8 %

11.5 %

+0.3

Adjusted Net Profit[1]

187.9

131.2

+43.3 %

Adjusted Net Profit margin[1]

3.5 %

3.0 %

+0.5

Net Profit

141.9

55.2

157.1 %

Net Profit margin

2.6 %

1.3 %

+1.3

Basic Earnings per share

1.08

0.42

157.1 %

Diluted Earnings per share

1.05

0.42

150.0 %

[1] Please refer to the section "Non-IFRS Measures" below for detailed definition on certain terms used.

Recent Developments

On December 19, 2025, the Company was recognized as a 2025 Best Employer by Mercer for the fourth consecutive year, and was also honored with the first-time "Star Employer" award.

As of December 31, 2025, the Chinese mainland market ranks as the third-largest international market within Domino's Pizza's global system in terms of store count.

On January 1, 2026, the Company opened 62 stores in 46 cities, the highest daily opening record in its history. Its first store in Dalian generated sales close to RMB700,000 on the grand opening day, setting a new record in Domino's global system.

As of January 31, 2026, the Company held all of the top 50 positions in the global records of Domino's Pizza for the first 30-day sales of new stores, such as the first store in Xuzhou, Handan and Huhehaote.

Outlook

The Group expects to open approximately 350 new stores in 2026. As of March 20, 2026, the Company opened 140 net new stores, with 14 stores under construction, and 65 stores signed, well on track to deliver the 2026 full year opening target of 350 stores.

Conference Call Information

The Company will host a conference call today, Wednesday, March 25, 2026, at 7:00 pm Hong Kong Time (or Wednesday, March 25, 2026, at 7:00 am Eastern Time) to discuss the financial results.

A live audio-only webcast of the call can be accessed directly at https://event.choruscall.com/mediaframe/webcast.html?webcastid=nHRXnD0d.

To participate by phone, participants are strongly encouraged to pre-register for the conference call, by using the link provided below. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.

Pre-registration Link: https://dpregister.com/sreg/10206649/1034ed20f15

An audio-only replay of the call will also be accessible through April 1, 2026, by dialing the following numbers:

United States Toll Free:

+ 1-855-669-9658

International:

+ 1-412-317-0088

Access Code:

2877882

Key Definitions

Store-level operating profit represents revenue less operational costs incurred at the store level, comprising salary-based expense, raw materials and consumables cost, depreciation of right-of-use assets, depreciation of plant and equipment, amortization of intangible assets, variable lease rental payment and short-term rental expenses, utilities expenses, advertising and promotion expenses, store operating and maintenance expenses and other expenses. Store-level operating profit margin is calculated by dividing store-level operating profit by revenue for the same year. Store-level EBITDA is defined as store-level operating profit for the year and adding back depreciation of plant and equipment and amortization of intangible assets in store-level. Store-level EBITDA margin is calculated by dividing Store-level EBITDA by revenue for the same year. Adjusted EBITDA is defined as Adjusted Net Profit for the year and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same year. Adjusted Net Profit is defined as profit for the year and adding back share-based compensation. Adjusted Net Profit margin is calculated by dividing Adjusted Net Profit by revenue for the same year. Net new store openings. The number of gross new stores opened during the year minus the number of stores closed during the period. Same-store sales growth (SSSG). SSSG compares the sales generated by same stores during the relevant period year-on-year: the SSSG for the year ended December 31, 2025 compares the same-store sales of the year ended December 31, 2025 and that of the year ended December 31, 2024; the SSSG for the six months ended June 30, 2025 compares the same-store sales of the six months ended June 30, 2025 and that of the six months ended June 30, 2024; and the SSSG for the year ended December 31, 2024 compares the same-store sales of the year ended December 31, 2024 and that of the year ended December 31, 2023. Non-IFRS Measures

To supplement the Group's consolidated financial statements that are presented in accordance with the IFRS, the Group also uses Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.

"Store-level EBITDA" is defined as store-level operating profit for the year and adding back depreciation of plant and equipment and amortization of intangible assets in store-level. "Store-level EBITDA margin" is calculated by dividing Store-level EBITDA by revenue for the same year. "Adjusted Net Profit" is defined as profit for the year and adding back share-based compensation. "Adjusted Net Profit margin" is calculated by dividing Adjusted Net Profit by revenue for the same year. "Adjusted EBITDA" is defined as Adjusted Net Profit for the year and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net. "Adjusted EBITDA margin" is calculated by dividing Adjusted EBITDA by revenue for the same year.

The Group believes that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company. The Group believes that these measures provide useful information to investors and others in understanding and evaluating the Group's results of operations in the same manner as they help the Group's management. However, the Group's presentation of Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies. The use of such non-IFRS measures has limitations as an analytical tool, and shareholders and potential investors of the Company should not consider them in isolation from, or as substitute for analysis of, the Group's results of operations or financial condition as reported under IFRS.

Forward-Looking Statements

Certain statements in this document and/or the Announcement are forward-looking statements that are, by their nature, subject to significant risks and uncertainties. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events, or performance (often, but not always, through the use of words or phrases such as "will", "expect", "anticipate", "estimate", "believe", "going forward", "ought to", "may", "seek", "should", "intend", "plan", "projection", "could", "vision", "goals", "aim", "aspire", "objective", "target", "schedules", and "outlook") are not historical facts, are forward-looking and may involve estimates and assumptions and are subject to risks (including but not limited to the risk factors detailed in this document and/or the Announcement), uncertainties and other factors some of which are beyond the Company's control. Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company's forward-looking statements have been based on assumptions and factors concerning future events that may prove to be inaccurate. Those assumptions and factors are based on information currently available to the Company about the businesses that it operates. The risks, uncertainties and other factors, many of which are beyond the Company's control, that could influence actual results include, but are not limited to: the Company's operations and business prospects; its business and operating strategies and ability to implement such strategies; its ability to develop and manage its operations and business; its ability to control costs and expenses; its ability to identify and satisfy customer demands and preferences; the actions and developments of its competitors; general economic, political and business conditions in the markets in which it operates; and changes to regulatory and operating conditions in the industry and geographical markets in which it operates.

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or under applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

Since actual results or outcomes could differ materially from those expressed in any forward-looking statements, the Company's shareholders and potential investors are advised not to place undue reliance on the forward-looking statements and to exercise caution in dealing in securities in the Company.

About DPC Dash Ltd

DPC Dash is Domino's Pizza's exclusive master franchisee in the Chinese mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China. Domino's Pizza, Inc., DPC Dash's global franchisor, is one of the most widely-recognized global consumer brands and the world's largest pizza company. Led by a seasoned and visionary management team, DPC Dash is a market leader that differentiates from competitors with, among others, a continually innovated and localized pizza-focused menu, unique expertise and leadership in delivery, technology focus and scalable and replicable store economic model. DPC Dash operates 1,315 stores in 60 cities in the Chinese mainland as of December 31, 2025.

For more information, please visit www.dpcdash.com
For official company announcements, please visit www.hkexnews.hk

Contacts
DPC Dash Ltd Investor Relations:
DPC Dash Ltd
[email protected]

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Year ended December 31

2025

2024

RMB'000

RMB'000

Revenue

5,382,047

4,314,093

Raw materials and consumables cost

(1,469,005)

(1,169,799)

Staff compensation expenses

(1,829,886)

(1,509,483)

Depreciation of right-of-use assets

(395,397)

(307,139)

Depreciation of plant and equipment

(261,405)

(208,643)

Amortization of intangible assets

(58,755)

(54,104)

Utilities expenses

(196,772)

(164,104)

Advertising and promotion expenses

(269,236)

(217,623)

Store operation and maintenance expenses

(334,184)

(270,833)

Variable lease rental payment, short-term
   rental and other related expenses

(144,493)

(121,035)

Other expenses

(160,082)

(137,721)

Other income

18,951

14,560

Other losses, net

(13,861)

(10,589)

Finance costs, net

(64,920)

(57,975)

Profit before income tax

203,002

99,605

Income tax expense

(61,070)

(44,410)

Profit for the year attributable to equity
   holders of the Company

141,932

55,195

Other comprehensive (loss)/income:

Item that may be subsequently reclassified to   
profit or loss

Currency translation differences

10,951

(4,670)

Item that may not be subsequently reclassified
   to profit or loss

Currency translation differences

(21,534)

13,583

Other comprehensive (loss)/income for the
   year, net of tax

(10,583)

8,913

Total comprehensive income for the year
   attributable to equity holders of the
   Company

131,349

64,108

Earnings per share for profit attributable to
   equity holders of the Company

- Basic earnings per share (RMB)

1.08

0.42

- Diluted earnings per share (RMB)

1.05

0.42

CONSOLIDATED BALANCE SHEET

As at December 31

2025

2024

RMB'000

RMB'000

ASSETS

   Non-current assets

Plant and equipment

1,038,359

807,812

Right-of-use assets

1,747,209

1,305,383

Intangible assets

1,208,671

1,211,213

Deposits

104,798

74,822

Deferred income tax assets

161,863

108,336

4,260,900

3,507,566

Current assets

Inventories

132,065

114,551

Trade receivables

17,349

12,962

Prepayment, deposits and other receivables

234,766

171,745

Cash and bank balances

1,001,511

1,069,302

1,385,691

1,368,560

Total assets

5,646,591

4,876,126

EQUITY

Equity attributable to equity holders of the
   Company

Share capital

888,950

882,537

Share premium

2,324,731

2,278,503

Other reserves

148,368

150,240

Accumulated losses

(925,122)

(1,067,054)

Shares held for restricted share units

("RSUs")

(525)

(994)

Total equity

2,436,402

2,243,232

LIABILITIES

Non-current liabilities

Borrowings

199,400

-

Lease liabilities

1,413,606

1,078,957

Other payables

60,178

36,939

1,673,184

1,115,896

Current liabilities

Borrowings

400

200,000

Lease liabilities

393,684

289,221

Trade payables

279,126

248,645

Contract liabilities

56,008

63,010

Accruals and other payables

778,543

676,051

Current income tax liabilities

29,244

40,071

1,537,005

1,516,998

Total liabilities

3,210,189

2,632,894

Total equity and liabilities

5,646,591

4,876,126

CONSOLIDATED CASH FLOW STATEMENT

Year ended December 31

2025

2024

RMB'000

RMB'000

Cash flows from operating activities

Cash generated from operations

1,018,322

895,890

Income tax paid

(125,423)

(77,469)

Net cash generated from operating activities

892,899

818,421

Cash flows from investing activities

Purchase of plant and equipment

(454,304)

(373,163)

Purchase of intangible assets

(51,724)

(43,082)

Interest received

17,503

25,288

Proceeds from disposal of plant and
   equipment

48

127

Decrease in short-term time deposits with
   original maturities over three months

-

432,444

Net cash (used in)/generated from investing
   activities

(488,477)

41,614

Cash flows from financing activities

Rental deposit payment

(28,724)

(24,608)

Proceeds from borrowings

200,000

-

Repayment to borrowings

(200,200)

-

Payment of principal element of lease
   liabilities

(370,212)

(285,213)

Payment of interest element of lease
   liabilities

(74,024)

(68,092)

Interests paid

(6,584)

(9,318)

Proceeds from exercise of share options

15,853

5,225

Net cash used in financing activities

(463,891)

(382,006)

Net (decrease)/increase in cash and cash
   equivalents

(59,469)

478,029

Cash and cash equivalents at beginning of
   year

1,069,102

587,038

Exchange difference on cash and cash
   equivalents

(8,322)

4,035

Cash and cash equivalents at end of year

1,001,311

1,069,102

Cash at bank and in hand at end of year

1,001,511

1,069,302

Less: Restricted cash at end of year

(200)

(200)

SOURCE DPC Dash Ltd

Pop Mart shares lost more than a fifth of their value on Wednesday, as concerns over the sustainability of the company's Labubu plushies-driven growth overshadowed its blockbuster annual results.

That sharp sell-off came after the Beijing-based toy maker posted annual revenue of 37.1 billion yuan ($5.4 billion) for 2025, up 185% from a year earlier, just shy of LSEG estimates of 38 billion yuan. Net income more than quadrupled to 12.8 billion yuan, slightly above the 12.6 billion yuan forecast.

Despite resilient headline numbers, "a material slowdown in the fourth quarter [has amplified] investors' concern on the durability of top IP's popularity," said Jeff Zhang, equity analyst at Morningstar, adding that a pullback in dividend payout ratio to 25% in 2025 from 35% in the prior year was also a negative factor. 

Pop Mart International

Labubu, the snaggle-toothed monster doll that became a global collectible phenomenon, has remained the company's primary growth engine. But Pop Mart's chances of replicating that success with newer characters such as Skullpanda and Twinkle Twinkle have come under investor scrutiny with the momentum that drove a massive rally in the stock over the past two years beginning to fade.

Sales from Skullpanda more than doubled to 3.54 billion yuan, and those for Crybaby and Dimoo each roughly tripled. But The Monsters — the IP family that houses Labubu — still contributed a larger share of 38% to the total annual revenue, compared with 23% in 2024.

Twinkle Twinkle and Hirono, newer additions to the roster, generated 2.06 billion yuan and 1.74 billion yuan, respectively, substantially lower compared with The Monster family sales of $14.2 billion yuan.

Billy Leung, analyst at Global X ETF, highlighted the persistent debate, with "bulls focused on ongoing IP monetization and overseas growth ... [and] bears question durability and cycle risk. Earnings did little to close that gap," he said.

CEO Wang Ning sought to calm the market during the earnings call, saying that "Pop Mart has more than just Labubu" — and likening the expectations for the company to a "rookie racing driver suddenly thrown onto an F1 circuit."

Pop Mart's sell-off also reflects an extended period of cautious sentiment since last year, said Shaun Rein, managing director at China Market Research Group.

Investors who had accumulated short positions over the past six months — betting that Pop Mart's appeal was a short-term fad — unwound those positions on Tuesday, Rein said, contributing to the sell-off.

Pop Mart shares have lost some momentum after their extended run-up, retreating about 50% from their August peak. Shares had gained more than 340% in 2024 and nearly 110% last year.

— CNBC's Elaine Yu contributed to this report.

ZURICH, Switzerland--(BUSINESS WIRE)--On Co-Founders to Lead Next Chapter of Growth as Co-CEOs.

The global artificial intelligence (AI) infrastructure buildout relies not only on compute capacity but increasingly on memory and storage. That is exactly why Micron Technology (MU 2.18%) is positioned as one of the most important technology players in this AI boom.

Image source: Getty Images.

Shares of the chipmaker have already surged almost 40% so far in 2026 (as of March 23). Wall Street is increasingly recognizing that memory is a critical bottleneck to expanding AI infrastructure.

That view has further strengthened following the company's second-quarter fiscal 2026 earnings results (ended Feb. 26) and has prompted research firm Needham to raise its price target to $500 from $450 while maintaining a buy rating. The median target price is already $530, implying an upside potential of about 30%.

So, the key question is whether Micron is riding another memory chip cycle or if this marks a structural shift in the memory industry.

Memory is becoming a strategic asset Micron's second-quarter results were impressive. The company's revenue soared 196% year over year and 75% sequentially to $23.9 billion, while non-GAAP (generally accepted accounting principles) earnings per share surged 682% year over year and 155% sequentially. Gross margins hit a record 75%, while operating margin reached 69%. The company also generated $6.9 billion in free cash flow.

Today's Change

(

-2.18

%) $

-8.82

Current Price

$

395.53

Micron's third-quarter forecast also was exceptional. It expects revenue of $32.75 billion to $34.25 billion, while diluted earnings per share are projected to be in the range of $18.75 to $19.55.

These outstanding numbers are the result of the changing position of memory in the overall technology industry. The rapid adoption of AI has positioned memory as a strategic asset, since Micron now expects AI-driven demand in data centers to account for more than 50% of the DRAM and NAND target addressable market (TAM) in 2026.

AI workloads require significantly higher memory capacity and bandwidth than traditional computing, driving a rapid increase in memory capacity per server. In fact, memory requirements in advanced AI systems have already doubled in just a year.

At the same time, this demand is not limited to data centers. AI is driving higher memory usage across PCs, smartphones, and automotive systems and even in robotics. Hence, memory demand is becoming more durable and less dependent on any single end market.

HBM is a catalyst Increasing demand for high-bandwidth memory (HBM), a critical component of modern AI accelerators, is a key growth catalyst for Micron. As AI models have grown more complex, they increasingly depend on faster data movement between processors and HBM on the chip.

Micron has already begun volume shipments of its HBM4 products, designed for Nvidia's planned Vera Rubin systems, in the first quarter of the calendar year 2026. The company is also advancing development of its next-generation HBM4E products and expects to increase volume in 2027. The company expects these products to deliver significant performance and capacity improvements to further support complex AI workloads.

Micron has also said that its HBM supply for 2026 is effectively sold out, with the company already securing pricing and volume commitments from customers.

Supply-demand mismatch is driving pricing power Memory supply is not keeping pace with the surge in demand. This dynamic is driving continued pricing improvement across Micron's end markets. In the second quarter, the company noted that DRAM prices rose in the mid-60% range sequentially, while NAND prices increased in the high-70% range. Management expects the supply-demand imbalance in memory to persist well beyond 2026.

Micron expects DRAM supply to grow in the low-20% range in 2026. Supply growth is constrained by limited cleanroom capacity and by smaller increases in memory output per wafer (efficiency gains) from newer memory manufacturing technologies. Additionally, new fabs take years to become operational and require significant capital investment. HBM is also consuming a large share of DRAM capacity, further tightening supply.

Beyond DRAM, Micron is also witnessing supply-demand imbalances across other memory products, such as low-power DRAM, NAND, and data center SSDs. These memory products are increasingly used in AI inference (real-time deployment of models in production environments) workloads, where companies are optimizing architectures for cost and efficiency. As a result, Micron can only meet about 50% to two-thirds of customer demand in the medium term.

The business strategy Micron is entering into strategic customer agreements (SCAs) with customers that involve specific commitments over multiple years. The company recently signed its first five-year SCA, which is a significant change from its traditional one-year contracts. These agreements are designed to provide greater visibility, supply commitments, and stability for the next few years.

Micron is investing aggressively to expand its production capacity. The company expects fiscal 2026 capital expenditures to exceed $25 billion, with further increases planned for 2027. The company plans to invest in clean room facilities, new fabs, advanced HBM packaging, and expanded manufacturing capacity globally.

Valuation Despite the many pros, Micron trades at only about 4.3 times forward earnings. This is very conservative for a company with triple-digit percentage revenue growth, record margins, and free cash flow. That disconnect has led Wall Street research firms, including Needham, to raise their target prices for the company.

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

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The UK chip designer is entering physical silicon for the first time, marking a break from its decades-old licensing model

Arm Holdings PLC (NASDAQ:ARM), the UK-based semiconductor company best known for licensing chip designs to the world's biggest technology firms, has unveiled its first ever in-house processor, with Meta signing on as the debut customer.

The new chip, called the AGI CPU (central processing unit), is designed specifically for running artificial intelligence workloads in data centres.

The move represents a significant departure for Arm, which has spent more than 35 years collecting royalties on chip designs used by companies including Apple, Nvidia, Amazon and Google, rather than manufacturing its own silicon.

Seven further customers have committed to the chip, among them OpenAI and Cloudflare, the web infrastructure company.

The processor is built on Taiwan Semiconductor Manufacturing Company's (TSMC) 3-nanometre production process and is optimised for energy efficiency, with Arm claiming double the performance-per-watt compared with conventional x86 chips made by Intel and AMD.

Up to 64 units can be packed into a single air-cooled rack, making it suited to power-constrained data centres.

Arm developed the chip over roughly 18 months at a purpose-built $71 million laboratory in Austin, Texas.

Turkey's Minister of Energy and Natural Resources Alparslan Bayraktar speaks during the conference 'Energy Security in the World and Turkey: Risks and Solutions in Critical Minerals' at the... Purchase Licensing Rights, opens new tab Read more

CompaniesISTANBUL, March 25 (Reuters) - Turkey's dependence on Middle East oil is at a minimum ​and "manageable" level of 10% of overall supplies and ‌there are no supply problems at the moment despite the Iran war, Energy Minister Alparslan Bayraktar said on Wednesday.

Speaking ​on a state-run Anadolu Agency programme, he said ​the war had caused a crisis in global ⁠energy security, adding that Turkey, a big energy ​importer which neighbours Iran, had taken protective diversification steps.

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Bayraktar ​said a $1 increase in the price of a barrel of oil costs Turkey $400 million.

Asked about natural gas, Bayraktar said that there ​had been no supply cuts from Iran yet ​but added that this was a possibility.

"There were reports that Iranian ‌natural ⁠gas was cut a short while ago," he said. "To this point, this has not happened. But this does not mean it won't happen later, so we ​are carrying out ​significant diversification ⁠against risks that may emerge here."

As part of its diversification steps, he said ​Turkey planned to sign a cooperation deal ​with TotalEnergies (TTEF.PA), opens new tab ⁠soon.

Separately, Bayraktar said that connecting the flow of oil from Syria to the Iraq-Turkey crude oil pipeline was ⁠on ​their agenda, and that this ​had been conveyed to Syrian counterparts.

Reporting by Can Sezer and Tuvan Gumrukcu; ​Editing by Jonathan Spicer, Alison Williams and Christian Schmollinger

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

Schiphol, March 25, 2026 - Aegon has nominated Marco Keim, CEO of Aegon’s International business and a member of the Executive Committee, to succeed Aegon CEO, Lard Friese, as a non-independent member of the Supervisory Board of Dutch insurer, a.s.r., in which Aegon holds a strategic stake of approximately 24%. The nomination follows Aegon’s announcement on December 10, 2025, that Mr. Friese would step down as a non-independent member of a.s.r.’s Supervisory Board to focus on the relocation of Aegon’s head office and legal seat to the US.

The proposal to appoint Mr. Keim will be voted on at a.s.r.’s Annual General Meeting (AGM) on May 20, 2026, as announced by a.s.r. today. Subject to shareholder approval, Mr. Keim will take up his position on a.s.r.’s Supervisory Board as of the closing of the AGM until July 4, 2028, in accordance with the Relationship Agreement between Aegon and a.s.r.

Mr. Keim is well placed to represent Aegon's shareholding on the Supervisory Board of a.s.r. He brings extensive senior leadership experience in the financial services sector, combined with a strong understanding of the Dutch insurance market. Mr. Keim joined Aegon in 2008 as CEO of Aegon the Netherlands. Before that, he was CEO of Zwitserleven. He has also held senior leadership roles in marketing within the insurance sector, as well as in other industries. In addition, Mr. Keim has held various supervisory roles.

Contacts

Media relationsInvestor relationsCarolien van der GiessenYves Cormier+31 611 953 367+44 782 337 [email protected]@aegon.com    About Aegon
Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues. Aegon is headquartered in Schiphol, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.

Forward-looking statements
The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, focus, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect the company’s expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include, but are not limited to, the following:

Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the United Kingdom and, in relation to Aegon’s shareholding in ASR Nederland N.V., and Aegon’s asset management business, the Netherlands.Civil unrest, (geo-) political tensions, military action or other instability in countries or geographic regions that affect our operations or that affect global markets.Changes in the performance of financial markets, including emerging markets, such as:          The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios. The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds. The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds.The impact from volatility in credit, equity, and interest rates. Changes in the performance of Aegon’s investment portfolio and a decline in the ratings of Aegon’s counterparties.The effect of tariffs and potential trade wars on trading markets and on economic growth, both globally and in the markets where Aegon operates.The lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition.The lowering of one or more insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries.The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain and our ability to pay dividends.Changes in the European Commission’s or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda.Changes affecting interest rate levels and low or rapidly changing interest rate levels.Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates.The effects of global inflation, or inflation in the markets where Aegon operates.Changes in the availability of, and costs associated with, liquidity sources, such as bank and capital markets funding, as well as conditions in the credit markets in general, such as changes in borrower and counterparty creditworthiness.Increasing levels of competition, particularly in the United States, the United Kingdom, emerging markets and, in relation to Aegon’s shareholding in ASR Nederland N.V. and Aegon’s asset management business, the Netherlands.Catastrophic events, either manmade or by nature – including, for example, acts of God, acts of terrorism, acts of war and pandemics – could result in material losses and significantly interrupt Aegon’s business.The frequency and severity of insured loss events.Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives.Aegon’s projected results, which are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems that are subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect or should errors in those models escape the controls in place to detect them, future performance will vary from projected results.Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations.Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations.Customer responsiveness to both new products and distribution channels.Third-party information used by Aegon, which may prove to be inaccurate and/or change over time (as methodologies and data availability and quality continue to evolve) and therefore impact our results and disclosures.Operational risks (such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business) which may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows.Aegon’s failure to swiftly, effectively, and securely adapt and integrate emerging technologies.The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results from such transactions, and its ability to separate businesses as part of divestitures. In particular, there is no certainty or guarantee what the manner, timing, and potential impacts of the planned relocation of the company’s legal domicile and head office to the United States will be, and if such a relocation can be completed successfully.Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow.Changes in the policies of central banks and/or governments.Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business.Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of, or demand for, Aegon’s products.The consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or any further consequences of the exit of the United Kingdom from the European Union, and the potential consequences of other European Union countries leaving the European Union.Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting, for example, the ability of Aegon’s operations to hire and retain key personnel, the taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property.Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates.Standard setting initiatives of supranational standard setting bodies, such as the Financial Stability Board and the International Association of Insurance Supervisors, or changes to such standards that may have an impact on regional (such as EU), national (such as Bermuda) or US federal or state level financial regulation or the application thereof to Aegon.Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels.Rapid changes in the landscape for ESG responsibilities, which lead to potential challenges by private parties and governmental authorities, and/or changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, that may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management. Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, or other ESG targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws.Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon's discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes, even if we use words such as "material" or "materiality" in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future. Further details of potential risks and uncertainties affecting Aegon are included in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the Annual Report 2024. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

20260325_PR_Aegon nominates Marco Keim to succeed Lard Friese on the Supervisory Board of asr

, /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

Total revenues were RMB460.7 million (US$65.9 million[1]), compared with RMB369.2 million in the corresponding period of 2024. The aesthetic treatment services revenues were RMB248.1 million (US$35.5 million), compared with RMB81.3 million in the corresponding period of 2024, exceeding the high end of guidance. Net loss attributable to So-Young International Inc. was RMB108.8 million (US$15.6 million), compared with net loss attributable to So-Young International Inc. of RMB607.6 million in the same period of 2024. Non-GAAP net loss attributable to So-Young International Inc.[2] was RMB93.4 million (US$13.2 million), compared with non-GAAP net loss attributable to So-Young International Inc. of RMB53.2 million in the same period of 2024. Fourth Quarter 2025 Operational Highlights

The number of verified treatment visits to the branded aesthetic centers for the quarter reached over 125,000, compared with approximately 45,000 in the same period of 2024. The number of verified aesthetic treatments performed surpassed 289,400, compared with approximately 107,900 in the same period of 2024. The number of active users, defined as those who visited branded aesthetic centers at least once during the 12-month period ended on December 31, 2025, exceeded 171,000, compared with approximately 52,700 users during the corresponding period in 2024. The number of core members grew by over 14,500 during the quarter, representing an approximately 39% sequential increase. Both the revenue contribution from core members to aesthetic treatment services and their quarterly repurchase rate exceeded 80%. As of December 31, 2025, So-Young had 49 fully operational branded aesthetic centers (48 directly-operated, 1 franchised) across fifteen major cities: Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan, Chongqing, Ningbo, Changsha, Tianjin, Xi'an, Suzhou, Hefei and Kunming. Among them, 25 centers achieved profitability* in the fourth quarter. In addition, 39 centers generated positive quarterly operating cash flow* in the fourth quarter. The following table shows the revenues generated by So-Young aesthetic centers, categorized by their phase of development: [1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB6.9931 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on December 31, 2025.

[2] Non-GAAP net income/(loss) attributable to So-Young International Inc. is defined as net income/(loss) attributable to So-Young International Inc. excluding share-based compensation expenses, impairment of goodwill and long-lived assets attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

Phase** (Operating
duration)

Number of
Centers

Revenue
(RMB)

Average Revenue per
Center (RMB)

Average Center Age
(Month)

Ramp-up (0-3 months)

13

16,598,000

1,277,000

1.2

Growth (4-12 months)

19

88,955,000

4,682,000

7.1

Maturity (over 12 months)

17

142,523,000

8,384,000

17.8

* Center-level profitability measures whether an individual aesthetic center achieved positive profit in a given period. It is calculated by deducting consumable materials costs, personnel costs, center rental expenses, center depreciation expenses, and other center-level operating costs from the company's self-operated store revenues, before allocation of any back-office or mid-office expenses. Quarterly operating cash flow refers to total cash collected from orders less center-level operating payments in a given period, and excluding operating expense payments made by back-office or mid-office departments during the same period. Center-level profitability and quarterly operating cash flow are metrics derived from the Company's internal management accounts, which have not been audited.

** For the purposes of this table, "Phase" refers to the length of time since commencement of actual operations rather than the legal establishment or registration date of a branded aesthetic center. In cases where a center has been relocated, merged, or its team and customer base transferred to another location, the operating duration of the branded aesthetic center is calculated from the commencement date of the predecessor center's operations. Periods during which a center is temporarily closed and not conducting external operations (e.g., due to renovation or other suspensions of business) are excluded from the calculation of operating duration. Branded aesthetic centers that have been converted to other uses or are no longer within the reporting scope are excluded from the statistics.

Fiscal Year 2025 Financial Highlights

Total revenues were RMB1,523.4 million (US$217.8 million) in fiscal year 2025, compared with RMB1,466.7 million in the prior year. Net loss attributable to So-Young International Inc. was RMB242.3 million (US$34.6 million) in fiscal year 2025, compared with a net loss attributable to So-Young International Inc. of RMB589.5 million in the prior year. Non-GAAP net loss attributable to So-Young International Inc. was RMB217.1 million (US$31.0 million) in fiscal year 2025, compared with a non-GAAP net loss attributable to So-Young International Inc. of RMB4.7 million in the prior year. Extension of Share Repurchase Program

The share repurchase program, initially approved on March 18, 2024, authorizing the repurchase of up to US$25 million in ADSs or ordinary shares, has been extended for an additional 12-month period through March 31, 2027. In 2024 and 2025, the Company repurchased approximately 4.8 million ADSs. All other terms remain unchanged.

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "In the fourth quarter, our aesthetic center business maintained its strong momentum, solidifying its role as a core growth engine for the Group. We have retained our position as China's leading light medical aesthetics chain by scale, which serves as a clear validation of our business model's strength and sustainability. Looking ahead, we will pursue steady store expansion while prioritizing operational excellence and industry-leading standards. Through strategic alliances with upstream manufacturers and a commitment to genuine product traceability, we are building competitive advantages rooted in both unit economics and trust. We are confident that this disciplined approach will drive sustainable value for our shareholders."

Fourth Quarter 2025 Financial Results     

Revenues

Total revenues were RMB460.7 million (US$65.9 million), an increase of 24.8% from RMB369.2 million in the same period of 2024. The increase was primarily due to business expansion of the branded aesthetic centers.

Aesthetic treatment services revenues were RMB248.1 million (US$35.5 million), an increase of 205.3% from RMB81.3 million in the same period of 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. Information and reservation services[3] revenues were RMB125.7 million (US$18.0 million), a decrease of 26.8% from RMB171.6 million in the same period of 2024. The decrease was primarily due to a decrease in the number of medical service providers subscribing to information services on So-Young's platform. Sales of medical products and maintenance services revenues were RMB69.3 million (US$9.9 million), a decrease of 19.9% from RMB86.4 million in the same period of 2024, primarily due to a decrease in the order volume for medical equipment. Other services revenues were RMB17.7 million (US$2.5 million), a decrease of 40.7% from RMB29.9 million in the same period of 2024, primarily due to a decrease in revenues from So-Young Prime. [3] Since the second quarter of 2025, in light of the better monitoring business development of branded aesthetic centers, the previous line item information, reservation services and others was separated into two line items, which are information and reservation services and other services.

The revenue generated from information and reservation services and other services for the fourth quarter of 2024 have also been retrospectively updated. The amount reclassified from previous line item information, reservation services and others to information and reservation services is RMB171.6 million for the fourth quarter of 2024.

Cost of Revenues

Cost of revenues was RMB255.9 million (US$36.6 million), an increase of 67.2% from RMB153.1 million in the fourth quarter of 2024. The increase was primarily due to business expansion of the branded aesthetic centers.

Cost of aesthetic treatment services was RMB189.0 million (US$27.0 million), an increase of 189.9% from RMB65.2 million in the fourth quarter of 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. Cost of information and reservation services[4] was RMB10.1 million (US$1.4 million), a decrease of 50.6% from RMB20.4 million in the fourth quarter of 2024. The decrease was in line with the decrease in revenue generated from information and reservation services. Cost of medical products sold and maintenance services was RMB41.6 million (US$5.9 million), a decrease of 4.0% from RMB43.3 million in the fourth quarter of 2024. The decrease was primarily due to a decrease in costs associated with the sales of medical equipment. Cost of other services was RMB15.3 million (US$2.2 million), a decrease of 36.7% from RMB24.1 million in the fourth quarter of 2024. The decrease was primarily due to a decrease in costs associated with So-Young Prime. [4] Since the second quarter of 2025, the previous line item cost of information, reservation services and others was separated into two line items, which are cost of information and reservation services and cost of other services. Cost of information and reservation services primarily consists of expenditures relating to operation of platform business, and the remaining cost of information, reservation services and others is reclassified into cost of other services. The cost of information and reservation services and cost of other services for the fourth quarter of 2024 have also been retrospectively reclassified.

Operating Expenses

Total operating expenses were RMB327.7 million (US$46.9 million), a decrease of 59.8% from RMB815.2 million in the fourth quarter of 2024.

Sales and marketing expenses were RMB168.7 million (US$24.1 million), an increase of 25.8% from RMB134.0 million in the fourth quarter of 2024. The increase was primarily attributable to an increase in expenses associated with branding and user acquisition activities for the branded aesthetic centers. General and administrative expenses were RMB101.9 million (US$14.6 million), an increase of 3.5% from RMB98.4 million in the fourth quarter of 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. Research and development expenses were RMB37.4 million (US$5.4 million), a decrease of 12.4% from RMB42.8 million in the fourth quarter of 2024. The decrease was primarily attributable to improvements in staff efficiency. Impairment of goodwill and long-lived assets was RMB19.7 million (US$2.8 million) in this quarter, representing the amount by which the carrying amount of certain asset exceeds their fair value, based on an annual long-lived assets impairment assessment. Impairment of goodwill was RMB540.0 million in the fourth quarter of 2024. Income Tax Benefits/(Expenses)

Income tax benefits were RMB0.6 million (US$0.1 million), compared with income tax expenses of RMB2.1 million in the same period of 2024.

Net Loss Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB108.8 million (US$15.6 million), compared with a net loss attributable to So-Young International Inc. of RMB607.6 million in the fourth quarter of 2024.

Non-GAAP Net Loss Attributable to So-Young International Inc.

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, impairment of goodwill and long-lived assets attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments, was RMB93.4 million (US$13.2 million), compared with RMB53.2 million non-GAAP net loss attributable to So-Young International Inc. in the same period of 2024.

Basic and Diluted Loss per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB1.08 (US$0.15) and RMB1.08 (US$0.15), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB5.92 and RMB5.92, respectively, in the same period of 2024.

Fiscal Year 2025 Financial Results

Revenues

Total revenues were RMB1,523.4 million (US$217.8 million), an increase of 3.9% from RMB1,466.7 million in fiscal year 2024.

Aesthetic treatment services revenues were RMB674.9 million (US$96.5 million), an increase of 298.7% from RMB169.3 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. Information and reservation services revenues were RMB499.7 million (US$71.5 million), a decrease of 32.2% from RMB736.6 million in fiscal year 2024. The decrease was primarily due to a decrease in the number of medical service providers subscribing to information services on So-Young's platform. Sales of medical products and maintenance services revenues were RMB267.8 million (US$38.3 million), a decrease of 27.2% from RMB368.0 million in fiscal year 2024, primarily due to a decrease in sales of medical equipment.  Other services revenues were RMB81.0 million (US$11.6 million), a decrease of 58.0% from RMB192.8 million in the same period of 2024, primarily due to a decrease in revenues from So-Young Prime. Cost of Revenues

Cost of revenues was RMB795.7 million (US$113.8 million), an increase of 40.2% from RMB567.6 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers.

Cost of aesthetic treatment services was RMB518.7 million (US$74.2 million), an increase of 294.2% from RMB131.6 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. Cost of information and reservation services was RMB63.0 million (US$9.0 million), a decrease of 41.1% from RMB107.0 million in fiscal year 2024. The decrease was in line with the decrease in revenue generated from information and reservation services. Cost of medical products sold and maintenance services was RMB147.1 million (US$21.0 million), a decrease of 19.7% from RMB183.2 million in fiscal year 2024. The decrease was primarily due to a decrease in costs associated with the sales of medical equipment. Cost of other services was RMB66.9 million (US$9.6 million), a decrease of 54.1% from RMB145.9 million in fiscal year of 2024. The decrease was primarily due to a decrease in costs associated with So-Young Prime. Operating Expenses

Total operating expenses were RMB1,013.9 million (US$145.0 million), a decrease of 33.5% from RMB1,523.6 million in fiscal year 2024.

Sales and marketing expenses were RMB528.6 million (US$75.6 million), an increase of 6.9% from RMB494.5 million in fiscal year 2024. The increase was primarily attributable to an increase in expenses associated with branding and user acquisition activities for the branded aesthetic centers. General and administrative expenses were RMB328.5 million (US$47.0 million), an increase of 1.4% from RMB324.1 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. Research and development expenses were RMB137.0 million (US$19.6 million), a decrease of 17.0% from RMB165.0 million in fiscal year 2024. The decrease was primarily attributable to improvements in staff efficiency. Impairment of goodwill and long-lived assets was RMB19.7 million (US$2.8 million) in this year, representing the amount by which the carrying amount of certain asset exceeds their fair value, based on an annual long-lived assets impairment assessment. Impairment of goodwill was RMB540.0 million in fiscal year 2024. Income Tax (Expenses)/Benefits

Income tax expenses were RMB0.8 million (US$0.1 million), compared with an income tax benefits of RMB0.9 million in fiscal year 2024.

Net Loss Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB242.3 million (US$34.6 million), compared with a net loss attributable to So-Young International Inc. of RMB589.5 million in fiscal year 2024.

Non-GAAP Net Loss Attributable to So-Young International Inc.

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, impairment of goodwill and long-lived assets attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments, was RMB217.1 million (US$31.0 million), compared with a non-GAAP net loss attributable to So-Young International Inc. of RMB4.7 million in fiscal year 2024.

Basic and Diluted Loss per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB2.39 (US$0.34) and RMB2.39 (US$0.34), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB5.72 and RMB5.72 in fiscal year 2024.

Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments

As of December 31, 2025, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB936.4 million (US$133.9 million), compared with RMB1,253.2 million as of December 31, 2024, primarily due to an increase of investment in branded aesthetic centers.

Business Outlook

For the first quarter of 2026, So-Young expects aesthetic treatment services revenues to be between RMB268.0 million (US$38.3 million) and RMB278.0 million (US$39.8 million), representing a 171.2% to 181.3% increase from the same period in 2025. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income/(loss) attributable to So-Young International Inc. by excluding share-based compensation expenses and impairment of goodwill and long-lived assets from income/(loss) from operations, and excluding share-based compensation expenses, impairment of goodwill and long-lived assets, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments from net income/(loss) attributable to So-Young International Inc., respectively. Starting from the fourth quarter of 2024, the Company newly included impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments as additional adjustments in its non-GAAP financial measures, which may result in differences from previously disclosed non-GAAP figures.

The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses (i) that are not expected to result in cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses, the impairment of goodwill and long-lived assets, impairment of long-term investment and allowance for credit loss from loans to investees are non-cash in nature. Gain/(loss) on disposal of long-term investment and fair value change of long-term investment are non-recurring in nature. And, in substance, both impairment of long-term investment and allowance for credit loss from loans to investees are impairment of investment. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses, impairment of goodwill and long-lived assets, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

Conference Call Information

So-Young's management will hold an earnings conference call on Wednesday, March 25, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

International: 

+1-412-902-4272

Mainland China:

4001-201203

US:

+1-888-346-8982

Hong Kong:

+852-800-905-945 

Passcode:

So Young

A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, April 1, 2026. The dial-in details are:

International:

+1-412-317-0088

US: 

+1-855-669-9658

Passcode:

5232304

Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.

Safe Harbor Statement

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," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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 So-Young'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: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; 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 Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

So-Young

Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: [email protected] 

Christensen

Ms. Charlie Chi
Phone: +86-10-5900-1548
E-mail: [email protected] 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share and per share data)

As of

December 31,

December 31,

December 31,

2024

2025

2025

RMB

RMB

US$

Assets

Current assets:

Cash and cash equivalents

587,749

418,213

59,804

Restricted cash and term deposits

66,367

64,683

9,250

Trade receivables

98,774

51,532

7,369

Inventories

151,754

233,389

33,374

Receivables from online payment platforms

24,255

16,296

2,330

Amounts due from related parties

1,218

774

111

Term deposits and short-term investments

599,041

453,472

64,846

Prepayment and other current assets

195,202

246,237

35,211

Total current assets

1,724,360

1,484,596

212,295

Non-current assets:

Long-term investments

280,281

274,753

39,289

Intangible assets

126,615

144,097

20,606

Goodwill

684

684

98

Property and equipment, net

155,352

293,560

41,979

Deferred tax assets

84,950

69,313

9,912

Operating lease right-of-use assets

162,764

251,635

35,983

Other non-current assets

200,152

130,998

18,732

Total non-current assets

1,010,798

1,165,040

166,599

Total assets

2,735,158

2,649,636

378,894

Liabilities

Current liabilities:

Short-term borrowings

69,771

39,814

5,693

Taxes payable

61,862

43,461

6,215

Contract liabilities

76,579

65,948

9,430

Salary and welfare payables

111,396

130,170

18,614

Amounts due to related parties

477

618

88

Accrued expenses and other current
liabilities

265,216

427,507

61,134

Operating lease liabilities-current

44,905

76,536

10,945

Total current liabilities

630,206

784,054

112,119

Non-current liabilities:

Operating lease liabilities-non current

125,200

183,364

26,221

Deferred tax liabilities

19,758

10,615

1,518

Other non-current liabilities

1,264

2,783

398

Total non-current liabilities

146,222

196,762

28,137

Total liabilities

776,428

980,816

140,256

Shareholders' equity:

Treasury stock

(376,690)

(391,944)

(56,047)

Class A ordinary shares (US$0.0005 par value; 750,000,000
   shares authorized as of December 31, 2024 and December
   31, 2025; 77,897,969 and 65,659,510 shares issued and
   outstanding as of December 31, 2024, 79,016,808 and
   65,089,482 shares issued and outstanding as of December
   31, 2025, respectively)

253

257

37

Class B ordinary shares (US$ 0.0005 par value; 20,000,000
   shares authorized as of December 31, 2024 and December
   31, 2025; 12,000,000 shares issued and outstanding as of
   December 31, 2024 and December 31, 2025)

37

37

5

Additional paid-in capital

3,069,799

3,059,764

437,540

Statutory reserves

40,552

46,448

6,642

Accumulated deficit

(926,390)

(1,174,587)

(167,964)

Accumulated other comprehensive income

31,560

13,340

1,908

Total So-Young International Inc. shareholders' equity

1,839,121

1,553,315

222,121

Non-controlling interests

119,609

115,505

16,517

Total shareholders' equity

1,958,730

1,668,820

238,638

Total liabilities and shareholders' equity

2,735,158

2,649,636

378,894

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except for share and per share data) 

For the Three Months Ended

For the Fiscal Year Ended

December
31, 2024

December
31, 2025

December
31, 2025

December
31, 2024

December
31, 2025

December
31, 2025

RMB

RMB

US$

RMB

RMB

US$

Revenues:

Aesthetic treatment services

81,267

248,076

35,474

169,263

674,903

96,510

Information and reservation services

171,624

125,675

17,971

736,607

499,685

71,454

Sales of medical products and maintenance services

86,432

69,257

9,904

367,980

267,839

38,300

Other services

29,888

17,714

2,533

192,848

80,983

11,580

Total revenues

369,211

460,722

65,882

1,466,698

1,523,410

217,844

Cost of revenues:

Cost of aesthetic treatment services

(65,208)

(189,017)

(27,029)

(131,580)

(518,749)

(74,180)

Cost of information and reservation services

(20,384)

(10,071)

(1,440)

(106,958)

(62,970)

(9,005)

Cost of medical products sold and maintenance services

(43,325)

(41,595)

(5,948)

(183,164)

(147,110)

(21,036)

Cost of other services

(24,134)

(15,265)

(2,183)

(145,883)

(66,894)

(9,566)

Total cost of revenues

(153,051)

(255,948)

(36,600)

(567,585)

(795,723)

(113,787)

Gross profit

216,160

204,774

29,282

899,113

727,687

104,057

Operating expenses:

Sales and marketing expenses

(134,045)

(168,678)

(24,121)

(494,493)

(528,591)

(75,588)

General and administrative expenses

(98,420)

(101,893)

(14,571)

(324,073)

(328,523)

(46,978)

Research and development expenses

(42,753)

(37,436)

(5,353)

(165,030)

(137,040)

(19,596)

Impairment of goodwill and long-lived assets

(540,009)

(19,710)

(2,818)

(540,009)

(19,710)

(2,818)

Total operating expenses

(815,227)

(327,717)

(46,863)

(1,523,605)

(1,013,864)

(144,980)

Loss from operations

(599,067)

(122,943)

(17,581)

(624,492)

(286,177)

(40,923)

Other income/(expenses):

Investment income, net

7,623

773

111

11,020

1,738

249

Interest income, net

8,237

3,453

494

46,507

23,556

3,368

Exchange (losses)/gains

(763)

2,929

419

112

5,948

851

Impairment of long-term investment

(7,350)

—

—

(7,350)

—

—

Share of losses of equity method investee

(3,413)

(616)

(88)

(15,015)

(4,076)

(583)

Others, net

(11,103)

1,670

238

1,131

12,902

1,845

Loss before tax

(605,836)

(114,734)

(16,407)

(588,087)

(246,109)

(35,193)

Income tax (expenses)/benefits

(2,126)

619

89

905

(796)

(114)

Net loss

(607,962)

(114,115)

(16,318)

(587,182)

(246,905)

(35,307)

Net loss/(income) attributable to noncontrolling interests

386

5,266

753

(2,345)

4,604

658

Net loss attributable to So-Young International Inc.

(607,576)

(108,849)

(15,565)

(589,527)

(242,301)

(34,649)

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

(Amounts in thousands, except for share and per share data) 

For the Three Months Ended

For the Fiscal Year Ended

December
31, 2024

December
31, 2025

December
31, 2025

December
31, 2024

December
31, 2025

December
31, 2025

RMB

RMB

US$

RMB

RMB

US$

Net loss per ordinary share

Net loss per ordinary share attributable to ordinary shareholder - basic

(7.70)

(1.40)

(0.20)

(7.43)

(3.11)

(0.44)

Net loss per ordinary share attributable to ordinary shareholder - diluted

(7.70)

(1.40)

(0.20)

(7.43)

(3.11)

(0.44)

Net loss per ADS attributable to ordinary shareholders - basic (13 ADS
   represents 10 Class A ordinary shares)

(5.92)

(1.08)

(0.15)

(5.72)

(2.39)

(0.34)

Net loss per ADS attributable to ordinary shareholders - diluted (13 ADS
   represents 10 Class A ordinary shares)

(5.92)

(1.08)

(0.15)

(5.72)

(2.39)

(0.34)

Weighted average number of ordinary shares used in computing loss per share,
   basic*

78,905,617

77,593,230

77,593,230

79,384,454

77,863,698

77,863,698

Weighted average number of ordinary shares used in computing loss per share,
   diluted*

78,905,617

77,593,230

77,593,230

79,384,454

77,863,698

77,863,698

Share-based compensation expenses included in:

Cost of revenues

(34)

4

1

(289)

(185)

(26)

Sales and marketing expenses

(239)

30

4

(659)

(835)

(119)

General and administrative expenses

(1,731)

771

110

(29,527)

(7,118)

(1,018)

Research and development expenses

(211)

66

9

(2,180)

(780)

(112)

* Both Class A and Class B ordinary shares are included in the calculation of the weighted average number of ordinary shares outstanding, basic and diluted.

SO-YOUNG INTERNATIONAL INC.

Reconciliation of GAAP and Non-GAAP Results

(Amounts in thousands, except for share and per share data)

For the Three Months Ended

For the Fiscal Year Ended

December
31, 2024

December
31, 2025

December
31, 2025

December
31, 2024

December
31, 2025

December
31, 2025

RMB

RMB

US$

RMB

RMB

US$

GAAP loss from operations

(599,067)

(122,943)

(17,581)

(624,492)

(286,177)

(40,923)

Add back: Share-based compensation expenses

2,215

(871)

(124)

32,655

8,918

1,275

Add back: Impairment of goodwill and long-lived assets

540,009

19,710

2,818

540,009

19,710

2,818

Non-GAAP loss from operations

(56,843)

(104,104)

(14,887)

(51,828)

(257,549)

(36,830)

GAAP net loss attributable to So-Young International Inc.

(607,576)

(108,849)

(15,565)

(589,527)

(242,301)

(34,649)

Add back: Share-based compensation expenses

2,215

(871)

(124)

32,655

8,918

1,275

Add back: Impairment of goodwill and long-lived assets attributable to So-
   Young International Inc.

540,009

18,782

2,818

540,009

18,782

2,686

Add back: Impairment of long-term investment attributable to So-Young
   International Inc.

7,350

—

—

7,350

—

—

Add back: Allowance for credit loss from loans to investees attributable to So-
   Young International Inc.

13,843

—

—

13,843

—

—

Reversal: Gain on disposal of long-term investment and fair value change of
   long-term investment attributable to So-Young International Inc.

(7,791)

—

—

(7,791)

—

—

Reversal: Tax effects on non-GAAP adjustments (1)

(1,276)

(2,483)

(355)

(1,276)

(2,483)

(355)

Non-GAAP net loss attributable to So-Young International Inc.

(53,226)

(93,421)

(13,226)

(4,737)

(217,084)

(31,043)

(1) To adjust the income tax effects of non-GAAP adjustments, which is primarily related to allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment, fair value change of long-term investment and impairment of long-lived assets. Other non-GAAP adjustment items have no tax effect, because full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.

SOURCE So-Young International Inc.

Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF), the AIM-listed semiconductor company, has reported growing revenues from its Tier-1 US defence and aerospace customer, sending its shares up 44% to 0.0039p.

The company, which supplies data processing chip technology for networking appliances, said it recognised $0.2 million in revenue from the customer during the first quarter of 2026.

It now expects total enhancement-related revenues from the programme to reach between $0.8 million and $1.0 million for the full year, offering investors greater clarity on near-term income.

The relationship began with a $1.3 million single-platform licence agreement announced in March 2025 and completed in August of that year, since when Ethernity has continued generating income through ongoing product development work.

The customer has begun shipping its platform incorporating Ethernity's intellectual property and is evaluating whether to extend the technology to an additional platform, which would generate further licence revenue on top of the figures already outlined.

Chief executive David Levi said the customer provided "near-term revenue visibility and potential for further platform expansion," adding that the deepening relationship supported the company's strategy of building high-value, long-term customer engagements.

HomeMarketsFink says $150 oil would likely lead to a sharp recessionPublished: March 25, 2026 at 5:27 a.m. ET

CEO of BlackRock Larry Fink has a blunt message to private-credit investors trying to cash out. Photo: Anna Moneymaker/Getty ImagesBlackRock Chairman and CEO Larry Fink has an unforgiving message to private-credit investors who want to exit their funds.

BlackRock BLK was one of several firms running funds that invest in private credit that received more redemption requests than the 5% per quarter that funds typically allow.

88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) aims to raise up to the equivalent of £2.62 million (A$5.03 million) to help fund drill plans in Alaska.

The AIM and ASX-listed explorer pricing the issue at A$0.029 a share, or about 1.508p. The placing price marks a 2.7% discount to the company’s AIM close on Tuesday.

Net proceeds, together with existing cash, will support advanced planning for the Augusta-1 exploration well, including permitting and long-lead items, as well as rig contracting and payments tied to newly secured leases at South Prudhoe and Kad River East.

Augusta-1 is the group’s highest-priority Alaska target, with a rig contract expected in the second quarter of 2026 and a farm-out process targeted for the third quarter ahead of a planned winter drilling window in the first quarter of 2027.

88 Energy noted that it had cash resources of A$5.9 million as of 28 February, and it expects the raise should leave it funded for at least 12 months of working capital and overheads.

Bittensor is recording massive growth, led by both TAO and its subnet ecosystem. The token has jumped nearly 90% in March, rising from around $180 to above $332. Alongside this move, subnet tokens have pushed the ecosystem’s total valuation close to $1.5 billion.

The cumulative valuation of Bittensor subnet tokens has climbed to nearly $1.5 billion, with CoinGecko data showing a 30% jump in just 24 hours and trading volumes exceeding $118 million. Many subnet tokens have posted double- and even triple-digit gains over the past month, signaling strong investor interest beyond the core asset.

How Subnets WorkSubnets are smaller networks within Bittensor, each focused on specific AI tasks like compute, training, trading, or storage. Miners generate outputs, validators rank them, and rewards are paid in TAO. With the launch of dynamic TAO (dTAO) in 2025, each subnet now has its own token backed by TAO reserves, linking its value directly to TAO. 

Looking at the market scenario and subnet buzz, our Crypto Talk has brought to attention the top 10 Bittensor subnets list you should know. 

1. Chutes (SN64) – The $100M TrailblazerChutes has already processed over 9.1 trillion tokens with 400,000+ users, positioning itself as the first Bittensor subnet to surpass $100 million. Operating at 85% lower costs than AWS, it’s proving the efficiency of decentralized AI infrastructure.

2. Targon (SN4) – Powering MillionsTargon projects $10.4 million in annual revenue and raised $10.5 million in Series A funding. It powers Dippy, a platform with over 4 million users, cementing its role as a commercial backbone in Bittensor’s ecosystem.

3. Templar (SN3) – Decentralized AI GiantTemplar boasts the largest decentralized LLM ever trained, with 72 billion parameters and 1.1 trillion tokens. Notably, it operates without clusters, and its work has earned public acknowledgment from NVIDIA CEO Jensen Huang.

4. NOVA (SN68) – Revolutionizing PharmaFocusing on decentralized drug molecule discovery, NOVA targets the $1.5 trillion pharmaceutical market. It employs deterministic oracle scores for every output, ensuring reliability and transparency in high-stakes AI-driven research.

5. Hippius (SN75) – Blockchain Storage LeaderHippius functions as Bittensor’s AWS S3 equivalent, offering blockchain-backed persistent storage. It has realized $4.48 million in PnL, proving the viability of decentralized storage solutions.

6. Gradients (SN56) – Affordable AI TrainingGradients allows AI model training for just $5/hour, attracting life sciences adopters. It forms part of Rayon Labs’ dominant trio, highlighting its strategic importance in decentralized AI workflows.

7. Ridges AI (SN62) – Autonomous Coding MarketRidges AI hosts a marketplace for autonomous coding agents, claiming the highest mindshare among Bittensor subnets. It capitalizes on the growing demand for AI agents in software development.

8. Score (SN44) – AI Sports AnalysisScore provides AI-powered football analysis with 70% accuracy at a fraction of traditional costs. Targeting the $600 billion soccer industry, it demonstrates a high-impact, cost-effective AI application.

9. Vanta (SN8) – AI-Driven Trading SignalsVanta crowdsources AI-generated trading strategies, offering a direct revenue path through competitive strategy models. It’s among the fastest monetizing subnets in the ecosystem.

10. DSperse (SN2) – Enterprise Trust LayerDSperse leverages zero-knowledge proofs for AI inference, building a verification backbone for enterprise applications. It strengthens trust and reliability across Bittensor’s decentralized AI networks.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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One thing that has stood out about Bitcoin is how different the recent bull cycle was from other bull cycles. For example, even after the Bitcoin price surged to new all-time highs, the altcoins never followed, and therefore, there was no explosive altcoin season as many expected. Following this deviation, crypto analyst Swallow Academy has purported that the digital asset is likely to keep deviating, and that would mean that it has now entered another bear market cycle.

Why Bitcoin Price Is Headed Below $30,000 The chart shared on the TradingView website by the crypto analyst points to the fact that the Bitcoin price has completed a Head and Shoulders pattern. The first shoulder had been formed at the start of the year 2025, and when the digital asset hit a new all-time high later in the year, then the head was formed.

Then, moving into 2026, when the price began a brutal reversal, a second shoulder was formed. Now, the crypto analyst admits that the second shoulder is a bit weak, but it is still a shoulder, and this has completed the pattern. The end of this pattern points to the fact that the Bitcoin price is weakening and could crash further.

This structure actually points to much lower zones than most of the market is expecting. But the crypto analyst explains that even though some people say it’s extreme to say that the cryptocurrency has entered a bear market, the facts say otherwise.

Since this cycle is not the same as other cycles, it is then logical to expect that the bear market will not play out the same. As before, the opposite of what the market expects usually happens, and since most investors are expecting Bitcoin not to fall below $40,000, it is likely that it will go much lower. In addition, the Bitcoin price had been struggling to hold support at $70,000, and if this support is lost, it could open the way for deeper declines.

Source: TradingView Once the Bitcoin price begins to fall again, the crypto analyst puts the first stop at $52,300, where there is support. However, the analyst expects this level to eventually fail as well, and then the next stop for Bitcoin would be to bottom somewhere around $30,000.

As Swallow Academy explains, this level would then be the most logical level to begin accumulating BTC. This is because Bitcoin recoveries are usually swift once the price hits a bottom and it begins to reverse again.

BTC maintains bullish momentum | Source: BTCUSD on Tradingview.com Featured image from Dall.E, chart from TradingView.com

The Bittensor subnet ecosystem has witnessed a sharp expansion over the past year, with inflows and network activity accelerating at an unprecedented pace.

According to CryptoRank, the total TAO staked across subnets has surged from roughly $74,400 to more than $620 million over the past 12 months. This marks an increase of approximately 833,000%.

Subnet Ecosystem Expansion AcceleratesThe sharp rise highlights growing investor interest in subnet participation, a key component of Bittensor’s decentralized AI infrastructure. Network growth has also been reflected in the number of subnets.

The subnets have climbed from around 80 to over 120 during the same period. Several subnets have posted strong monthly performance, with Templar leading the pack at 171% growth, followed by Quasar at 146%, NOVA at 66%, Targon at 36%, and iota at 29%.

The combined market capitalization of Bittensor subnet coins has crossed $1.5 billion, according to CoinGecko. Every tracked subnet token posted positive returns over the past month.

Despite the staking surge, most TAO remains outside subnets. Mark Jeffrey, Partner at Bittensor Fund, Stillcore Capital, noted that only 19% of TAO is currently staked in subnets, while roughly 48% sits in Root.

“Once the first subnet zooms to $1B+, I expect Root stakers will start rushing into Subnets. Even if NO NEW TAO is bought, Subnets could 3x or 4x just because of that alone,” he stated.

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TAO Outperforms the Crypto MarketWhile the ecosystem expands, TAO itself has been rallying since early March. BeInCrypto reported that the altcoin crossed $300 after Nvidia CEO Jensen Huang referenced the Covenant-72B model during an appearance on the All-In Podcast.

However, underlying buying pressure had been building for months, with a short squeeze amplifying the move. Despite the subsequent dip, TAO has seen upward growth this week. 

The asset has posted gains of over 20% in the past week, outperforming the broader crypto market. 

Bittensor (TAO) Price Performance. Source: BeInCrypto MarketsIn addition, TAO rose neraly 11% over the last 24 hours, making it one of the top-performing cryptocurrencies among the top 100 by market capitalization. At the time of writing, the altcoin was trading at around $339, its highest level since November 2025.

500 BTC moved on-chain after nearly 10 years of dormancy Funds linked to Irish drug dealer Clifton Collins Originally part of a 6,000 BTC stash acquired in 2011–2012 Private keys were believed lost in a landfill after 2017 arrest Ireland’s Criminal Assets Bureau (CAB) confirmed seizure of the 500 BTC Assistance provided by Europol’s cybercrime center 500 BTC moved on-chain after nearly 10 years A portion of Bitcoin previously believed to be permanently lost has resurfaced after nearly a decade. On March 24, 2026, at 12:51:17 UTC, 500 BTC linked to Irish drug dealer Clifton Collins was moved on-chain, marking the first activity from the wallet in almost ten years. The movement suggests that at least part of the cryptocurrency stash, once presumed inaccessible has been recovered or accessed. The transferred Bitcoin, valued at approximately $35.44 million, was subsequently moved into Coinbase.

6,000 BTC From Illegal Proceeds: Clifton Collins had accumulated a total of 6,000 BTC between 2011 and 2012 using proceeds from cannabis cultivation and distribution. He divided the holdings across 12 separate wallets. To secure access, Collins stored the private keys on paper hidden inside a fishing rod case at a rental property located in Galway, Ireland.

Keys Lost After 2017 Arrest Following Collins’ arrest in 2017, the rental property was cleared out. His personal belongings, including the fishing rod case containing the private keys, were reportedly sent to a landfill. As a result, both authorities and Collins believed the Bitcoin holdings were irretrievably lost. An Irish court subsequently ruled that the funds should be confiscated as proceeds of crime, but the absence of the keys made recovery impossible at the time.

Authorities Confirm Seizure of 500 BTC: The Garda’s Criminal Assets Bureau (CAB) announced that it has now successfully seized and gained access to a wallet containing 500 BTC tied to Collins. The bureau confirmed that the recovered Bitcoin has been identified as proceeds of criminal activity. Europol’s cybercrime center assisted Irish authorities in the operation.

Remaining Bitcoin Holdings Out of the original 6,000 BTC, Collins is believed to still hold approximately 5,500 BTC, with an estimated value of around $389 million. The recent movement raises questions about the status of the remaining funds, which were also thought to be permanently inaccessible due to the loss of private keys. The unexpected movement and seizure of 500 BTC highlight the evolving capabilities of law enforcement in tracking and recovering digital assets. Despite earlier assumptions that the funds were lost forever, a portion of the Bitcoin has now been brought back under control.

The passing of the US CLARITY Act likely won’t catapult Bitcoin to eye-watering new all-time highs overnight. But it would send a far more important signal that institutions still sitting on the sidelines have fewer reasons to stay hesitant about Bitcoin and the broader crypto industry.

If the US sets the tone, other markets around the world won’t ignore it; they’ll calibrate around it.

Discussions about crypto among the retail audience often focus on price movements, but for major institutions with significant capital, price is rarely the primary concern. Instead, custody, execution, and legal certainty are critical.

The US CLARITY Act, which has recently been speculated to be passed as soon as April, aims to address these needs. The CLARITY Act will not result in universal adoption of a single regulatory framework. However, regulatory momentum is no longer just a US story; it’s unfolding across major financial centres worldwide.

Regulators worldwide are progressing at different rates; some may observe, some may adopt relevant elements, and others may disregard them altogether.

Also Read: VARA Counsel on The Next Phase of Digital Finance

The CLARITY Act And Institutions The goal is not uniformity, but to establish a benchmark for responsible and legally defensible crypto activity. For institutional investors, this clarity is invaluable.

Institutions require clear regulations to operate effectively. The industry watched a stream of crypto companies relocate out of the US during the Biden administration, blaming regulatory ambiguity and a “regulation-by-enforcement” stance from then-SEC chair Gary Gensler.

When rules are ambiguous, capital flows diminish. Major banks, hedge funds, and asset managers will not allocate resources if legal risks persist. This is why the CLARITY Act may be more significant than Bitcoin’s price today. It provides a trusted framework, assuring institutions that they can hold, execute, and settle digital assets with confidence.

The United Arab Emirates offers a useful case study. By introducing clear frameworks through bodies such as the Virtual Assets Regulatory Authority, it created enough certainty for global firms to establish regional headquarters there — a sign that when rules are defined, capital doesn’t hesitate for long.

Also read: Coinbase x402 Developers on Agentic Commerce

What CLARITY Act passage means Jurisdictions still undecided on crypto will observe the US approach and adopt elements that suit their markets. A worldwide mandate is unnecessary; the US standard can serve as a de facto benchmark, influencing institutional approaches to crypto globally.

The crypto community often focuses on volatility and short-term price changes, overlooking the factors that drive long-term adoption. Institutional capital is guided by certainty, not speculation. If the CLARITY Act passes, it could accelerate capital inflows, even in the current market. While resistance from the banking sector is expected, especially toward stablecoin rewards, regulatory progress reduces uncertainty and prompts institutional participation.

The UAE shows how this plays out in real time. Clear rules from regulators didn’t create a hype cycle; they created a base for firms to operate from with confidence.

Institutional capital flows are often not visible in headlines, unlike retail-driven market cycles. However, their impact is significant. Custody platforms will expand, trading desks will grow, and compliant products will become more accessible. These developments provide the foundation for a more mature market.

For retail traders, these developments may seem abstract, as price is tangible while regulatory clarity appears less engaging. However, both are interconnected.

Also Read: One Thing Every Crypto Firm is Racing to Build

Without institutional participation at scale, crypto markets remain fragile and susceptible to volatility. Certainty serves as essential infrastructure.

A Safe Framework for Crypto The CLARITY Act is not just legislation; it signals that the US is committed to providing a safe framework for crypto, a message with global resonance.

While traders focus on all-time highs, institutions prioritize regulatory clarity. Clarity is more important than price for sustainable adoption.

The CLARITY Act may not generate immediate headlines, but if enacted, it could steadily reshape the industry by setting standards, reducing risk, and encouraging institutional commitment.

The CLARITY Act might not move Bitcoin’s price at all. If anything, it could trigger a short-term pullback. We’ve seen plenty of “sell the news” reactions after positive developments. But if the Act passes in 2026, it will significantly improve the backdrop for Bitcoin. A clearer regulatory framework creates stronger foundations for sustained capital inflows, which is far more important than a knee-jerk price spike.

Rather than guaranteeing immediate upside, it would strengthen the case that 2026 doesn’t have to be a down year, and that new highs remain structurally viable in a more stable environment.

In a market often focused on the next price peak, the more important story is legal certainty, clear regulations, and institutional adoption. These factors will drive crypto’s progress long after price milestones are forgotten.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Bitcoin Price Prediction: BTC A Safe Haven Assets Bloomberg Analyst Says Bitcoin (BTC)

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Investors fled major gold funds as geopolitical tensions escalated, marking a distinct shift in capital allocation strategies. While gold spot ETFs bled, Bitcoin price has demonstrated resilience, holding the $70,000 level amid prediction of market whipsaws. This divergence suggests a potential changing of the guard, according to Bloomberg analyst.

The latest data paints a stark picture of this rotation. In the last week alone, top gold ETFs like GLD and IAU saw approximately $3.8 billion in exits. Conversely, Bitcoin investment products absorbed roughly $2 billion over the past few weeks, signaling that institutional appetite is shifting toward digital scarcity.

“Since the Iran strike, Bitcoin, surprisingly, has looked like a good safe haven and gold hasn’t,” noted Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

BTC XAUT, TradingView Currently, Bitcoin trades above $71,000, noting a fractional bounce by 0.3% in the last 24 hours.

This decoupling challenges the traditional narrative that crypto assets are purely risk-on vehicles. With Bitcoin behaving as a store of value while gold falters, we are closely watching the $70,000 support zone for the next directional cue.

Discover: The best pre-launch token sales

Bitcoin Price Prediction: Can BTC Hold $70,500 Support Amid Volatility?Bitcoin’s price action over the last 48 hours has been defined by tight consolidation, oscillating between a high of $72,000 and a low of $69,000. While the asset remains down 18% year-to-date, the immediate short-term structure shows buyers stepping in aggressively near the $68,000 mark.

Volume data indicates a standoff and cautious optimism. However, overhead resistance at $71,800 remains a formidable barrier. If bulls fail to reclaim this level, a retest of the monthly low at $65,000 becomes a viable bearish scenario. Conversely, a breakout above $72,500 could open the path toward this year’s high.

BTC USD, TradingViewThe technical setup suggests a market in waiting. Geopolitical catalysts are currently priced in, but the lack of a clear breakout keeps margin traders largely sidelined. For those seeking aggressive multiples, Bitcoin’s maturity into a “safe haven” may limit short-term explosive upside compared to emerging ecosystem plays.

Discover: The best crypto to diversify your portfolio with

Bitcoin Hyper Targets Early Mover Upside as L2 Narrative Heats UpWhile Bitcoin stabilizes as a macro asset, the race to scale its network is accelerating. Capital is rotating into infrastructure layer-2 solutions that promise to unlock programmability for the world’s largest digital asset. Leading this charge is Bitcoin Hyper ($HYPER), the first-ever Bitcoin Layer 2 to integrate the Solana Virtual Machine (SVM).

The project is capitalizing on the demand for high-speed, low-cost execution on Bitcoin. By utilizing the SVM, Bitcoin Hyper delivers transaction finality faster than Solana itself, addressing Bitcoin’s core limitations—slow transactions and high fees—while maintaining a decentralized canonical bridge to the main chain. The market response has been quantifiable: the presale has already raised more than $32 Million.

Early participants can enter at a price of $0.0136 per token with 36% APY on staking rewards. Beyond the technology, the protocol offers high APY staking incentives to secure the network early. As Bitcoin continues to trade sideways in the $70k range, the risk-reward ratio for pre-market infrastructure plays like $HYPER is drawing attention from traders looking to front-run the L2 ecosystem boom.

Investors can research the Bitcoin Hyper presale here.

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

The Royal Government of Bhutan moved 519.7 BTC. Total value of the transfer was $36.75 million. Funds were sent to two wallets. One wallet is linked to QCP Capital. The transaction occurred on 25 Mar, 2026 at 03:48:31 UTC. Bhutan Government Moves 519.7 BTC Worth $36.75M The Royal Government of Bhutan executed a transfer of 519.7 BTC, valued at $36.75 million. The movement involved distribution of funds across two separate wallets (March 25, 2026, at 03:48:31 UTC), along with an additional wallet identified as being linked to QCP Capital.

The transaction was recorded on March 25, 2026, at 03:48:31 UTC. No further details regarding the purpose or subsequent activity of the funds were provided.

A total of 519.7 BTC worth $36.75 million was moved by the Royal Government of Bhutan to multiple destinations, including two wallets and one associated with QCP Capital, at the specified timestamp. The Royal Government of Bhutan previously moved 596 BTC in a transaction on March 18. This earlier movement occurred prior to the latest transfer of 519.7 BTC on March 25, 2026.

TLDR: Solana Foundation launched SDP, consolidating 20+ infrastructure partners into one enterprise-grade API platform. Mastercard, Worldpay, and Western Union are already using SDP for stablecoin settlement and cross-border payments. SDP’s three modules cover asset issuance, payment orchestration, and trading, with trading launching later in 2026. BitGo, Fireblocks, Chainalysis, and other top-tier partners handle custody, compliance, and ramp needs within SDP. Solana Developer Platform (SDP) is now live, giving enterprises and financial institutions a single API-based gateway to build on Solana.

The Solana Foundation announced the launch, consolidating over 20 infrastructure partners into one unified interface. Major institutions including Mastercard, Worldpay, and Western Union are already using the platform.

SDP covers tokenization, payments, and trading, targeting enterprises seeking compliant and scalable blockchain solutions without heavy technical overhead.

SDP Brings Three Core Modules for Financial Product Development Solana Developer Platform is structured around three API modules designed for enterprise needs. The issuance module allows users to create tokenized deposits, stablecoins, and real-world asset tokens.

The payments module handles fiat and stablecoin flows, covering on-ramp, off-ramp, and on-chain transactions. Together, they support B2B, B2C, and P2P payment use cases efficiently.

The trading module, set to launch later in 2026, will support atomic swaps, vaults, and on-chain foreign exchange. At launch, only the issuance and payments modules are live.

The platform already offers a broad range of use cases for institutions entering the blockchain space. SDP currently runs on a sandbox built on Solana devnet.

Catherine Gu, Head of Product at the Solana Foundation, described the platform’s purpose directly. “Solana Developer Platform provides an easy gateway for any financial institution to build on Solana from day one,” she said.

She noted that SDP removes technical and operational barriers enterprise developers may face. The platform aggregates Solana protocol features, including token extensions for permissioning and privacy.

Over 20 infrastructure partners are already integrated across key service categories at launch. Ahmed Zifzaf, Head of Crypto Partnerships at Worldpay, explained his firm’s approach to the platform.

“By leveraging SDP’s payments and issuance modules, Worldpay can offer merchants seamless access to on-chain settlement and tokenized assets,” he said. This opens new business models and unlocks digital assets in everyday commerce.

Infrastructure Partners Cover Custody, Compliance, Nodes, and Ramps SDP’s infrastructure spans four categories: node infrastructure, wallets, compliance, and ramps. Node providers include Alchemy, Helius, Quicknode, and Triton, abstracting blockchain complexity for developers. This low-code access allows enterprises to start building without running their own nodes.

The wallet category features BitGo, Fireblocks, Coinbase, Anchorage Digital, and several others. BitGo brings multi-sig and MPC wallet support, policy controls, and cold storage to the platform. Enterprises can explore different custody options based on their specific operational needs.

Raj Dhamodharan of Mastercard noted that SDP enables direct stablecoin settlement beginning with Solana. “The next phase of digital asset innovation will be defined by practical use cases that integrate seamlessly with existing financial systems,” he said.

Compliance partners including Chainalysis, Elliptic, Range, and TRM ensure institutions meet KYC, KYB, and Travel Rule requirements.

Malcolm Clarke, VP of Digital Assets at Western Union, described SDP as a modern extension of their existing cross-border network. “It’s not a replacement for our network; it’s a modern extension that helps us innovate faster,” Clarke said.

He added that the platform helps Western Union bring more cross-border activity on-chain in a compliant way.

Ramp partners such as Bridge, MoonPay, BVNK, Lightspark, and Modern Treasury handle stablecoin payments and fiat on/off ramp functions within the payments module.

SDP also works with AI coding tools including Claude Code by Anthropic and Codex by OpenAI, broadening developer access for technical teams already using these environments.

TLDR The 365-day MVRV metric for Cardano has plummeted to -43%, entering what market analysts identify as an accumulation zone ADA funding rates on Binance have hit their lowest point since June 2023, indicating extreme bearish positioning Total Value Locked on Cardano increased 3% over 24 hours to reach 525.44 million ADA, signaling sustained network activity Both metrics last converged at these levels in mid-2023, preceding an approximate 300% price increase over the next year and a half Current ADA price stands around $0.26, reflecting a weekly decline of 7% and a 71% drop from September highs Cardano is currently exchanging hands near the $0.26 mark following a 4% intraday recovery on Monday. A combination of two historically significant indicators from on-chain analytics and derivatives markets has simultaneously activated, mirroring conditions that previously signaled major price reversals.

Cardano (ADA) Price The 365-day Market Value to Realized Value metric for Cardano has declined to -43%. This negative reading indicates that network participants who have been active over the previous 12 months are currently experiencing unrealized losses averaging 43%. Blockchain analytics provider Santiment categorizes this territory as the “opportunity zone.” Historical data suggests that when MVRV reaches such deeply negative values, the majority of weak-handed sellers have typically already capitulated.

Source; Santiment The MVRV indicator measures the average profit or loss position of market participants across a defined timeframe and has historically demonstrated mean-reversion characteristics. When this metric falls significantly below zero, the remaining holders typically consist of long-term believers or investors who have already reconciled themselves to current losses. This dynamic substantially reduces the probability of additional capitulation events.

Concurrently, Binance’s weekly average funding rate for ADA perpetual futures has plunged to its most bearish level since June 2023. Funding rates in perpetual swap markets represent the cost exchange between long and short position holders. An extremely negative funding rate indicates that short sellers dominate the market and must compensate long position holders to maintain their bearish bets.

Why Short Crowding Matters When bearish positioning reaches such extreme concentration levels, even modest upward price movements can catalyze cascading liquidations. Short positions get forcibly closed, requiring traders to purchase the underlying asset to cover their exposure, which subsequently drives prices higher and triggers additional liquidation events.

$SOL Has A Hidden Pattern Most Traders Miss

Every Major #Solana Rally Started With One Signal… A Monthly Bullish Engulfing Candle.

1⃣ 2020: $1.03 → $260 (252x)
3⃣ 2022: $8 → $296 (37x)
3⃣ 2026: Not Yet. But Watch Closely.

No Engulfing = No Rally. Every Time.
When It… pic.twitter.com/x18WGwONNG

— Crypto Patel (@CryptoPatel) March 24, 2026

Market participants refer to this phenomenon as a short squeeze. For Cardano specifically, periods of extremely negative funding rates have more frequently preceded sharp upward price movements rather than continued downward trends.

The previous instance when both the MVRV indicator and funding rate metrics converged at comparable extreme levels occurred in mid-2023. At that juncture, ADA was trading near $0.25 before subsequently appreciating approximately 300% throughout the subsequent 18-month period.

According to DeFiLlama analytics, Cardano’s Total Value Locked experienced a 3% increase within a 24-hour window, climbing to 525.44 million ADA. The TVL measurement has exhibited a predominantly upward trajectory since the market correction that began in September.

Technical Levels to Watch From a technical perspective, ADA continues to defend the $0.2436 support threshold, which previously served as a testing point on February 5. The upper boundary of the current range is established at $0.2991, last contacted on February 26.

Cardano remains positioned beneath its 50-day, 100-day, and 200-day Exponential Moving Averages, all of which maintain bearish downward trajectories. The Relative Strength Index registers at 45, marginally below the 50-level neutral threshold. The MACD indicator has crossed back underneath its signal line.

ADA has depreciated approximately 71% from its September zenith and trades roughly 7% lower across the weekly timeframe.

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The Kingdom of Bhutan moved $37 million worth of Bitcoin over the past 24 hours, as it continues to offload portions of its holdings.

On-chain data tracked by Arkham Intelligence shows that Bhutan-linked wallets transferred 519.7 BTC— valued at about $36.75 million—to two fresh addresses, including one associated with the known trading firm QCP Capital.

While the precise motive behind the latest transfer is unclear, moves to trading firms or exchange-linked wallets are typically seen as a signal that a sale may be imminent.

Druk Holding and Investments (DHI), a state-owned investment company that manages the country’s Bitcoin mining operations and crypto investments, has carried out several Bitcoin transfers in recent weeks, including a $72.3 million transaction last week and another worth nearly $12 million earlier this month.

Bhutan has embraced a national Bitcoin development strategy aimed at supporting long-term economic growth through its holdings and mining activities. In December, the country announced plans to deploy 10,000 BTC from its reserves to help fund the development of the Gelephu Mindfulness City (GMC), a planned special administrative region.

 

After the latest transfer, the Bhutanese government now holds 4,453 BTC, worth approximately $315.89 million.

Historically, Bhutan quietly built its Bitcoin reserves through state-backed mining operations fueled by the country’s abundant hydropower, peaking at over 13,000 BTC in October 2024. According to Arkham, wallet addresses controlled by Bhutan have not received BTC inflows exceeding $100 million in over a year, fueling speculation that the nation may have scaled back or halted its mining operations.

Meanwhile, Bitcoin was trading hands at $71,167 as of press time, up 0.4% on the day, per CoinGecko data. This surge comes amid reports that the U.S. drafted a 15‑point plan aimed at ending the Iran conflict and delivered it to Tehran through Pakistan as part of renewed diplomatic efforts to secure a ceasefire— a move that has helped calm markets, ease inflation pressures, and lift risk assets globally as oil prices retreated and equities rallied. Still, the premier crypto remains down around 43.6% from its all-time high of $126,080 registered in October 2025.

Key Highlights On March 24, 2026, the Ethereum Foundation unveiled a dedicated platform focused on post-quantum cryptographic security Protocol-level quantum-resistant implementations are scheduled for deployment by 2029 through a specialized Post-Quantum team While no immediate quantum computing threat currently exists, the team emphasizes early preparation given the extensive complexity of network-wide upgrades The initiative utilizes SNARK-based signature technology to preserve network performance Over 10 development teams are actively participating in weekly devnet testing and implementation On Tuesday, the Ethereum Foundation introduced a comprehensive digital platform devoted to safeguarding the Ethereum blockchain against emerging quantum computing vulnerabilities. Accessible at pq.ethereum.org, this initiative represents the culmination of over eight years of intensive research conducted by the Foundation’s Protocol Architecture and Protocol Coordination divisions.

Today, several teams at the EF are launching https://t.co/L9ZOUoRNNB, a dedicated resource for Ethereum's post-quantum security effort.

What started with early STARK-based signature aggregation research in 2018 has grown into a coordinated, multi-team effort, all open source.…

— Ethereum Foundation (@ethereumfndn) March 24, 2026

The newly established Post-Quantum team has outlined an ambitious timeline to integrate quantum-resistant mechanisms at the protocol level by 2029. Following this initial phase, additional safeguards targeting the execution layer will be introduced in subsequent updates.

The development team has emphasized that current quantum computing technology poses no immediate risk to blockchain cryptography. Existing quantum computers lack the capability to compromise the cryptographic foundations securing blockchain networks today.

However, the team stresses that postponing action would be unwise. Implementing comprehensive upgrades across a worldwide, decentralized infrastructure requires extensive coordination, rigorous testing, and multiple years of development—necessitating proactive measures long before any tangible threat materializes.

The newly launched platform functions as a comprehensive resource center for Ethereum’s quantum-resistance strategy. Visitors can access detailed information about quantum vulnerabilities affecting various protocol layers, a complete development roadmap, open-source toolkits, and an extensive FAQ section.

Additionally, the site features a six-episode interview series and registration options for the upcoming second annual Post-Quantum Research Retreat.

Ethereum’s Quantum Defense Strategy The development team has selected SNARK technology—Zero-Knowledge Succinct Non-Interactive Argument of Knowledge—as the foundation for constructing quantum-resistant digital signatures. This technological choice prioritizes maintaining the network’s speed and operational efficiency.

Certain quantum-resistant cryptographic solutions present significant challenges by dramatically increasing bandwidth requirements and storage overhead. The SNARK-based methodology is specifically designed to circumvent these performance bottlenecks.

Quantum-resistant upgrades will be integrated across Ethereum’s consensus mechanism, execution environment, and data availability layers. The team has identified standard user wallets as the highest priority for protection, given that the majority of the network’s economic value resides in these accounts.

Subsequent implementation phases will address high-value institutional wallets associated with cryptocurrency exchanges, cross-chain bridges, and professional custody service providers.

Obstacles and Uncertainties Cryptographic security experts hold varying perspectives regarding the severity and timeline of quantum computing threats. Galaxy Digital analyst Will Owens has suggested that only cryptocurrency wallets with publicly exposed keys face vulnerability. Meanwhile, Charles Edwards from Capriole Investments has argued that all digital assets could ultimately become susceptible to quantum attacks.

One of the most formidable challenges involves upgrading hundreds of millions of individual accounts while avoiding the introduction of new vulnerabilities or security flaws. The Post-Quantum team has transparently acknowledged these complexities on their dedicated platform.

Currently, more than 10 independent client development teams are actively engaged in the initiative, conducting regular testing sessions on dedicated development networks through the PQ Interop collaboration program.

The complete Ethereum Foundation post-quantum security roadmap is publicly available at strawmap.org.

Key Highlights Table of Contents

Key HighlightsBitcoin’s Presence in Decentralized Finance Remains Limited but ExpandingImpact on Institutional Market ParticipantsGet 3 Free Stock Ebooks Bitwise Asset Management has joined forces with Lombard to enable institutions to generate yield and access credit using Bitcoin without relinquishing custody The solution leverages “Bitcoin Smart Accounts” technology to bridge institutional custody systems with decentralized finance platforms Morpho, a leading decentralized lending platform, will supply the underlying borrowing technology Approximately $500 billion in institutional Bitcoin remains disconnected from DeFi opportunities, according to Lombard’s estimates The service launch is scheduled for the second quarter of 2026, with additional custody partners planned for future integration Lombard, a company specializing in Bitcoin lending infrastructure, has unveiled a collaboration with Bitwise Asset Management designed to enable institutional investors to generate returns on their Bitcoin holdings while maintaining their existing custody arrangements.

.@Bitwise Asset Management joins Lombard's Bitcoin Smart Accounts as a strategic yield partner.

The global crypto asset manager with $15B+ AUM and 40+ investment products is developing scalable Bitcoin yield strategies for the estimated $500B in institutionally custodied BTC. pic.twitter.com/6HUAJP9YIZ

— Lombard (@Lombard_Finance) March 24, 2026

The announcement came during the Digital Asset Summit held in New York. The initiative is aimed at asset management firms, corporate treasuries, and wealthy individuals holding substantial Bitcoin positions who have historically lacked viable options for earning returns on these assets.

According to Jacob Phillips, CEO of Lombard, the breakthrough lies in a technology called “Bitcoin Smart Accounts.” This innovation bridges the gap between institutional custody frameworks and blockchain-based finance—two ecosystems that have remained largely disconnected.

Bitwise will construct the yield-generation strategies, which will blend decentralized finance lending opportunities with tokenized traditional assets. Morpho, a decentralized lending platform, will provide the technical framework for collateralized borrowing against Bitcoin.

The technology employs Bitcoin-native mechanisms, including partially signed Bitcoin transactions and timelock features, to authenticate collateral. This approach enables onchain representation of lending positions without requiring actual transfer of the underlying Bitcoin assets.

Phillips emphasized that the architecture eliminates three major risk categories simultaneously: custody risk, bridge risk, and counterparty risk. These concerns have traditionally prevented institutions from participating in Bitcoin lending markets or made such participation unappealing.

Lombard’s research indicates that approximately $500 billion in Bitcoin currently resides in institutional custody arrangements. The vast majority of these holdings remain disconnected from blockchain-based financial markets and generate zero returns.

Bitcoin’s Presence in Decentralized Finance Remains Limited but Expanding According to DefiLlama data, Bitcoin’s total value locked within DeFi protocols stands at approximately $2.93 billion. While this represents only a fraction of Bitcoin’s roughly $1.4 trillion market capitalization, the figure has shown consistent growth.

Source: DefiLlama Babylon Protocol currently dominates Bitcoin-focused DeFi with approximately $2.8 billion in total value locked. Lombard holds the second position with around $744 million.

Additional indicators of growing adoption include Telegram’s integration of yield-generating vaults into its cryptocurrency wallet in February, supporting Bitcoin, Ether, and USDT. March saw Babylon, a Bitcoin staking protocol, partner with hardware wallet manufacturer Ledger, enabling users to earn returns while maintaining self-custody through hardware-secured transaction signing.

Earlier in January, Bitwise had already collaborated with Morpho to introduce non-custodial vault products that generate yield through overcollateralized lending mechanisms.

Impact on Institutional Market Participants For institutional market participants, available alternatives have been constrained. Generating yield or obtaining liquidity from Bitcoin positions has traditionally required removing assets from custody, accepting counterparty exposure, or creating taxable events.

The Lombard-Bitwise framework is structured to circumvent all three obstacles. By preserving Bitcoin within its existing custody infrastructure, institutions can maintain their current asset holding procedures unchanged.

Phillips characterized the development as transforming Bitcoin from a static value store into productive capital. The platform launch is targeted for the second quarter of 2026, with Lombard indicating plans to onboard additional custodians and protocol integrations following the initial release.

Ripple is moving ahead with new payment plans tied to its RLUSD stablecoin as it targets faster cross-border trade settlement. 

Summary

Ripple and Unloq are testing RLUSD in Singapore to automate trade payments on XRP Ledger. BLOOM gives Ripple a regulated sandbox to test settlement tied to shipment verification and financing. The pilot adds to Ripple’s broader payments expansion in Asia and planned Australian licensing push. According to the announcement, the company is working with supply chain finance firm Unloq to test a trade finance model on the XRP Ledger through BLOOM, a sandbox run by the Monetary Authority of Singapore.

Meanwhile, the pilot will examine whether RLUSD can replace manual payment steps that have slowed trade finance for years. Ripple and Unloq said the system can release payments “automatically when predefined conditions are met, such as shipment verification.”

Ripple plans to use RLUSD as the settlement asset in a pilot built with Unloq’s SC+ platform. The project aims to combine trade obligations, settlement rules, and financing workflows in one execution layer on the XRP Ledger.

The companies said current trade finance still depends on manual checks, documentary credits, and correspondent banking links that often take days or weeks to complete. They said the new model seeks to reduce delays by automating payment release once agreed trade conditions are verified.

BLOOM pilot targets faster cross-border settlement The pilot will run inside BLOOM, which stands for Borderless, Liquid, Open, Online, Multi-currency. MAS launched the initiative in October 2025 to expand settlement options for tokenized bank liabilities and regulated stablecoins.

Ripple said the test will focus on whether RLUSD can replace manual processes that have “slowed cross-border trade for decades.” The companies also said the model could give firms better visibility into settlement risk while helping smaller businesses access trade-finance services.

RLUSD growth supports Ripple’s wider payments plan Ripple launched RLUSD in December 2024 with institutional use as its main target. The stablecoin has grown to a market value near $1.5 billion, placing it among the largest stablecoins by market capitalization.

The BLOOM pilot comes less than four months after Ripple said MAS approved an expanded scope of payment activities for Ripple Markets APAC in December 2025. That approval added to Ripple’s push to deepen its role in regulated payment infrastructure in Asia.

As previously reported, Ripple has also outlined plans to expand in Australia through an Australian Financial Services License. The company said it aims to obtain that license by acquiring BC Payments Australia Pty Ltd., subject to the final completion process.