Market Signal Briefing

Ares Capital has a great history and a huge yield, but it's still a business development company (BDC).

The big selling point for Ares Capital (ARCC +1.20%) is its huge 9.6% dividend yield. Part of the reason for that is that, as a business development company (BDC), Ares Capital's corporate structure is designed to pass income on to investors.

However, there's an important wrinkle with BDCs that you can't ignore if you are considering buying Ares Capital because of its lofty yield.

Image source: Getty Images.

What does a business development company like Ares Capital do?
From a high-level view, Ares Capital makes loans to smaller businesses. There's nothing inherently wrong with this, but it is notable that the average interest rate on the BDC's loans in the second quarter was a huge 10.9%. These are, on average, very costly loans for the companies to which Ares is providing capital.

The second-order issue here is that the companies to which Ares Capital is lending don't have other more attractive options. If they did, they would probably raise capital differently, such as issuing stock, selling debt publicly, or taking out a loan from a bank. In other words, Ares Capital is dealing with relatively risky loans. The hope is that providing loans to a large number of companies (566 at the mid-point of 2025) will spread the risk around.

To some extent, the company's diversified portfolio does help to minimize the risk posed by any one company's loans. But go back to the lofty interest rates on Ares Capital's loans again. The vast majority of the companies it works with are higher risk for some reason. And that changes the dynamics during economic downturns.

The logic isn't particularly complicated. When the economy falls into a recession, smaller and more financially stressed companies tend to suffer more than others. And since Ares Capital's portfolio is focused on such companies, well, it usually has to deal with a large collection of problems within its portfolio at the same time during business downturns. The high rates it charges on loans don't help the situation.

This isn't actually good or bad, per se. It is just a fact of life. However, there are big implications for dividend investors.

Data by YCharts.

Ares Capital's dividend moves around
Most dividend investors try to find well-run companies that have sustainable, if not growing, dividends. The goal is often to provide a reliable income stream to help support retirement spending. This is why being a Dividend King, which means a company has 50-plus consecutive annual dividend increases under its belt, is such an important achievement. Ares Capital is no Dividend King, as the chart above clearly highlights.

The first key thing to notice is that Ares Capital's dividend has fallen notably during both of the recessions it has lived through. That's true even though the recession surrounding the coronavirus pandemic was extremely short. The second issue to pay attention to is that the dividend, even outside of those two periods, has bounced around a bit. This is not a dividend you can rely on quarter after quarter.

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That isn't a criticism of Ares Capital as a business. It is actually a fairly well-run BDC. In fact, during the Great Recession, it ended up acting as an industry consolidator, using its strong business foundation to buy weaker BDCs. There's no reason to believe it won't be able to do the same again if there's a deep downturn. But that doesn't change the fact that the dividend, simply because of the nature of Ares Capital's business, is volatile.

Is Ares Capital a buy now?
If you want to own a well-run business development company, Ares Capital is a solid option. However, if you want to own a reliable dividend stock, you would probably be better off avoiding it and BDCs altogether. As for the opportunity right now, the Federal Reserve is lowering interest rates in an effort to prop up economic growth. If it fails in that effort, a recession could be in the cards. And that is one of the worst environments for BDCs to operate in.

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SINGAPORE--(BUSINESS WIRE)--Sea Limited (NYSE: SE) (“Sea” or the “Company”) plans to announce its third quarter 2025 results before the U.S. market opens on November 11, 2025, U.S. Eastern Time.

The Company’s management will host a conference call to discuss the third quarter 2025 results. A live webcast of this conference call will be available on the Company’s website.

Details of the webcast are as follows:

A replay of the conference call will be available at the Company’s investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above.

About Sea

Sea Limited (NYSE: SE) is a leading global consumer internet company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital financial services, known as Garena, Shopee and Monee, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America. Monee is a leading digital financial services provider in Southeast Asia and is growing its presence in Brazil.

For more information, visit www.sea.com.

More News From Sea Limited

Back to Newsroom

HSBC Holdings PLC (LSE:HSBA) shares rose 3% on Monday after the bank raised its full-year guidance, brushing aside a $1.1 billion provision linked to the Madoff securities fraud.

The group’s third-quarter underlying profit before tax rose 3% to $9.1 billion, ahead of forecasts, while revenue also climbed 3% to $17.9 billion. Hargreaves Lansdown analyst Matt Britzman said the apparent weakness in headline figures “flips” when the one-off Madoff charge is excluded.

He said the results showed “the operational engine is clearly firing,” with net interest income increasing to $11 billion on stronger deposits and structural hedging, while wealth management fees improved as client activity returned.

HSBC raised its 2025 net interest income target to at least $43 billion, up from $42.5 billion, which Britzman described as “conservative” given rising Hong Kong rates and resilient deposit growth.

The lender’s upbeat tone and better-than-expected underlying performance lifted sentiment across the UK banking sector, helping offset lingering concerns over litigation costs and slowing global growth.

HSBC’s results suggest its core business remains in good health despite market volatility and regulatory headwinds — a reassuring sign for investors after several quarters of mixed performance.

The shares rose 28.5p to 1,029.8p.

CSL Limited (OTCQX:CSLLY) Shareholder/Analyst Call October 27, 2025 7:01 PM EDT

Company Participants

Fiona Mead - Company Secretary & Head of Corporate Governance
Brian McNamee
Paul McKenzie - MD, CEO & Executive Director
Brian Daniels
Cameron Price
Megan Clark

Conference Call Participants

Phoebe Rountree

Presentation

Fiona Mead
Company Secretary & Head of Corporate Governance

Good morning, ladies and gentlemen. We still have some people registering, but we always start our Board meetings on time at CSL. So today will be no exception.

Welcome to CSL's 2025 Annual General Meeting. Before we commence with the formal proceedings of the meeting, we'd like to play you a short video. The video feathers Melissa, who has a hereditary angioedema or HAE patient of ours. Thankfully, Melissa and many of our other HAE patients can manage their treatment with CSL products.

You can read more about our purpose and how the people and science of CSL save lives and make the lives of our patients better in our annual report, which is on our website or there's some copies outside afterwards.

Thank you, Melissa, for sharing your story with us today.

[Presentation]

Fiona Mead
Company Secretary & Head of Corporate Governance

My name is Fiona Mead. I'm the Company Secretary here at CSL Limited. It's a pleasure to welcome you all to our 2025 Annual General Meeting, and I do believe we have a full house.

I will run through the procedural aspects of the meeting shortly. This meeting is being held in a hybrid format. Thank you to all of you who've joined us today in person, and we welcome everybody who is joining us online as well.

For those here in the room, in the unlikely event of an emergency, please follow all the instructions from the RACV staff and be attentive to announcements over the PA system. If

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October 28, 2025 5:00 AM EDT | Source: Provenance Gold Corp.
Vancouver, British Columbia--(Newsfile Corp. - October 28, 2025) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) ("Provenance" or the "Company") is pleased to announce the closing of its non-brokered private placement (the "Offering") for gross proceeds of $4,500,000.

Upon closing, the Company issued 18,000,000 units (each, a "Unit") at a price of $0.25 per Unit. Each Unit consists of one common share and one-half of one share purchase warrant (each, a "Warrant"), with each full Warrant entitling the holder to purchase one additional share at a price of $0.30 until October 27, 2030.

In connection with closing the Offering, the Company paid $156,000 and issued 624,000 broker warrants to an arms-length brokerage firm. Each broker warrant is exercisable on the same terms as the subscriber Warrants. All securities issued in connection with the Offering are subject to restrictions on resale until February 28, 2026, in accordance with applicable securities laws. In addition, all subscribers in the Offering have agreed that the Units will be subject to additional restrictions on resale until October 27, 2026.

Stock Options

The Company also announces that it has granted 1,530,000 stock options to certain officers, directors and consultants of the Company. The options have an exercise price of $0.30 per share, have a sixty (60) month term from the date of the grant and vest immediately.

Ongoing Exploration

The Company continues to have two drill rigs operating at Eldorado West. Further assay results are pending.

About Provenance Gold Corp.

Safe Harbor Statement: Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272171

Tether Holdings Ltd., the company behind the USDT stablecoin, anticipates generating nearly $15 billion in earnings for 2025. This projection underscores the company’s steady business growth, enabled largely by the adoption of its pegged digital currency, which underpins much of the global cryptocurrency trading volume (even though other stablecoins like Circle’s USDC are beginning to claim a larger market share after more regulatory clarity in the US under the Trump Administration).

Now headquartered in El Salvador, Tether has solidified its position as the undisputed leader in the stablecoin sector. With USDT circulating in considerable quantities—exceeding $100 billion in market capitalization—the token serves as a critical bridge between traditional finance and blockchain ecosystems.

Traders worldwide rely on it for quick, low-volatility transactions, from hedging crypto volatility to facilitating cross-border remittances. This year alone, Tether’s operational scale has amplified its financial returns, transforming it from a niche player into a behemoth capable of rivaling established fintech giants.

As reported by Bloomberg, the profit outlook, which reflects a substantial uptick from prior periods, stems largely from interest income on the reserves backing USDT. These assets, comprising cash equivalents, U.S. Treasuries, and other low-risk holdings, generate yields in a high-interest-rate environment. As central banks maintain elevated rates to combat inflation, Tether’s treasury has become a lucrative engine, converting everyday stability into extraordinary gains.

Analysts note that such earnings not only bolster the company’s balance sheet but also enhance investor confidence in the sustainability of stablecoins amid regulatory scrutiny. Adding to the momentum, Tether is actively negotiating a capital infusion.

Discussions are underway to secure up to $20 billion from strategic partners, in return for approximately 3% equity in the firm. If finalized, this infusion would peg Tether’s overall valuation at a $500 billion, bringing it into the ranks of privately held enterprises worldwide.

The talks, first spotlighted in financial circles last month, have ignited interest from venture capitalists and institutional players eager to tap into the stablecoin adoption surge.

This potential deal arrives at a pivotal juncture for Tether. While the company has faced past controversies over reserve transparency and regulatory probes, its growth trajectory—marked by reserve attestations and expanding partnerships—has address some of the doubts.

The fundraising could accelerate product development, such as deeper integration with decentralized finance (DeFi) protocols or tokenized real-world assets, further enhancing USDT’s utility.

Looking ahead to the foreseeable future, Tether‘s growth signals broader shifts in the crypto space. As stablecoins evolve from simple trading tools to foundational infrastructure for global payments, companies like Tether could continue to enhance monetary flows.

With more scale also comes heightened expectations: regulators in the U.S. and Europe are intensifying oversight to ensure systemic stability.

OKX has listed Virtuals Protocol (VIRTUAL) for spot trading against USDT.The listing follows a 90% weekly surge and a three-month price high, signaling renewed investor interest in VIRTUAL.Rising wallet activity, whale transactions, and new integrations within the AI agent ecosystem have strengthened market optimism.OKX, a leading cryptocurrency exchange, has announced the listing of Virtuals Protocol (VIRTUAL) on its spot platform.

The listing follows a surge in momentum for VIRTUAL, which hit a three-month high yesterday amid strong on-chain activity and new strategic integrations.

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VIRTUAL Secures Major Exchange ListingIn its latest announcement, OKX confirmed that VIRTUAL will be available to trade against the Tether (USDT) pair. The exchange has opened deposits.

Moreover, trading will go live at 8:00 UTC following a one-hour pre-open session starting at 7:00 UTC. OKX will open withdrawals at 11:00 UTC.

“Following the end of the Pre-open session, OKX will use the last index price at the commencement of continuous trading as the initial price of the trading chart,” the exchange stated.

OKX will cap limit orders at $10,000 for the first five minutes when trading starts. The exchange will also enforce index-based price restrictions during the pre-open period and continuous trading. These measures aim to mitigate volatility during the token’s debut on the platform.

How Virtuals Protocol (VIRTUAL) Regained Market Attention in October Notably, OKX’s decision to list the token comes at a time when VIRTUAL is attracting renewed attention. BeInCrypto Markets data showed that the altcoin’s value has appreciated by over 90% in the past week. 

Yesterday, it even peaked at a three-month high before experiencing a correction. Over the past day, the VIRTUAL token has dipped 7.8%. At the time of writing, it traded at $1.43.

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Virtuals Protocol (VIRTUAL) Price Performance. Source: BeInCrypto MarketsDespite the dip, CoinGecko data showed that 87% of the traders remain bullish on VIRTUAL, highlighting strong community optimism. This sentiment is echoed in analysts’ forecasts, who expect the token to continue reaching new highs. 

One analyst noted that the altcoin has broken a 19-week downtrend, which could lead to a larger rally. He added that even if there’s a correction, the overall outlook would still remain bullish.

“My targets: $2, $2.59, $3.2 (bull targets are higher ;)” he wrote.

In addition to the price, the network has seen strong growth overall. According to the latest data from Dune Analytics, the number of daily active wallets increased in late October, averaging over 10,000. Furthermore, whale transactions exceeding $100,000 rose 240% week-over-week.

The growth could be attributed to the ecosystem expansions that have amplified VIRTUAL’s utility and demand. The Virtuals Protocol’s AI agent ecosystem saw multiple integrations. Additionally, the network announced that all agent tokens went live on Coinbase.

“Virtuals is one of the most important ecosystems in base, and I am so proud we all have all of it on  @coinbase. Incredibly well deserved,” Jesse Pollak, Head of Base, wrote.

Together, these trends point to a clear revival of interest in Virtuals Protocol. Whether this momentum will endure or fade will become evident in the coming time.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Key Takeaways
Is Bitcoin’s bottom in?
Risk appetite among Bitcoin investors remain muted despite improving on-chain strength.

What’s driving sentiment now?
Whale accumulation and resilient short-term holders are building the case for a potential sustained rally.

Looks like Bitcoin [BTC] is sticking to its seasonal tailwind. 

Despite the October flush, BTC is still up 1.23% and sits just 7% shy from reclaiming all its post-crash losses. That means previously underwater wallets are back into profit, with 91% of the BTC supply now in the green.

On top of that, BTC has flipped above the short-term holder (STH, >155 days) cost basis at $113k for the first time since the crash, reinforcing buyer confidence among those most prone to capitulation during drawdowns.

Source: Glassnode

In short, Bitcoin looks poised to trigger FOMO if this momentum holds.

Supporting that view, whale activity has picked up noticeably. On the 26th of October, a single whale accumulated 2,772 BTC (roughly $309 million worth) pushing its estimated cost basis to around $111k.

Together, these dynamics (weak hands realizing gains, STHs showing resilience and whales buying the dip) are forming the ideal conditions for a “sustained” move. The question is, has greed returned to the market?

Cautious sentiment lingers among Bitcoin investors
From a broader view, it looks like the market’s in a holding pattern.

Despite its underlying strength, Bitcoin remains nearly 10% below its $126k all-time high. This indicates that investors are treading carefully, opting for measured positioning rather than aggressive dip-buying.

Meanwhile, the Fear and Greed Index reflects this cautious tone. Since the crash, the index has climbed just two points, keeping the market in a neutral zone and suggesting that risk appetite is still muted among bulls.

Source: CoinMarketCap

In this context, calling a Bitcoin bottom might still be premature.

Still, with whales accumulating and on-chain metrics stabilizing, the groundwork for BTC’s next move may already be in place. If momentum picks up, caution could quickly turn into conviction for a sustained run.

On the flip side, that same caution could just as easily shift into capitulation. So for now, Bitcoin sits at a key inflection point, making it a “high-risk” trade for those looking to front-run the next move.

Ritika Gupta is a Financial Journalist and Geopolitical Analyst at AMBCrypto, specializing in the critical intersection of world politics, economic policy, and the cryptocurrency markets. Her analysis is informed by her distinguished background, which includes professional experience at major news network.
She holds a Bachelor's degree in Political Science and Psychology from Gargi College, University of Delhi. This academic training provides her with a sophisticated framework for dissecting complex issues such as international regulations, government fiscal policies, and the geopolitical forces that directly influence asset valuations.
At AMBCrypto, Ritika applies this expert lens to synthesize macroeconomic data and political developments, offering readers a deeper context for market movements. She excels at explaining not just what is happening in the market, but why it is happening. Her work is dedicated to providing strategic insights that empower readers to understand the complex relationship between global events and their digital assets.

8h05 ▪
4
min read ▪ by
Luc Jose A.

Summarize this article with:

While the crypto market shows signs of recovery, BitMine Immersion Technologies stands out with a $321 million Ethereum purchase. This operation places the company, listed on the NYSE, at the top of public ETH treasuries. At the helm, Tom Lee, co-founder of Fundstrat, orchestrates this bold bet in a climate of renewed risk-taking in the markets. This strong signal could redefine the balance of power between Bitcoin and Ethereum.

In brief

BitMine Immersion Technologies invests $321 million in Ethereum, consolidating its position as the leader of ETH treasuries.
The company now holds 3.313 million ETH, valued at $13.8 billion, as well as 192 BTC and $305M in cash.
This operation takes place as Ethereum rebounds in the market, briefly reaching $4,246.
Tom Lee, chairman of BitMine, justifies this purchase by a more favorable macroeconomic context, notably thanks to eased US-China tensions.

BitMine boosts its ETH treasury to a record level
Last week, BitMine Immersion Technologies made one of the largest Ethereum purchases ever recorded by a public company: 77,055 ETH were acquired for a total value of $321 million, while the company already held 3 million.

This announcement, made Monday by the company, comes as Ethereum gains ground in the market, with a 3 % rebound over the week and a peak observed at $4,246. This bullish context also pushed BitMine’s stock upward, with a rise of over 5 % on Monday, bringing the BMNR share to $53.15.

With this new acquisition, BitMine solidifies its status as the world’s largest institutional holder of ETH, far ahead of its competitors. Its treasury structure is now as follows :

3.313 million ETH, valued at $13.8 billion ;
192 BTC, representing about $22 million ;
$305 million in available cash.

This positioning places BitMine at the top of corporate Ethereum treasuries, ahead of SharpLink Gaming ($3.58B in ETH). Across all crypto treasuries, BitMine ranks second, only surpassed by Strategy, holder of 640,800 BTC, valued at more than $73.6 billion.

A unique strategy amid crypto diversification
Beyond the numbers, BitMine’s strategy resonates directly with the words of its chairman, Tom Lee. He explained that the massive ETH purchase fits into an improving macroeconomic context, particularly on the US-China trade relations front.

“Progress in trade talks between the United States and China is a positive signal for Ethereum and the entire crypto market,” Lee stated. According to him, although crypto fundamentals are theoretically uncorrelated to stocks, Ethereum performance historically improves during rises in traditional markets.

This interpretation is notably based on research conducted by Fundstrat, which highlight an indirect correlation via leverage dynamics. When equity markets are in an upward phase, institutional investors tend to take on more risk, including in assets like Ethereum. This return of risk appetite after the recent crypto market capitulation thus offers, according to Lee, a favorable ground for a massive repositioning on ETH, despite ongoing volatility.

With this spectacular operation, BitMine and Tom Lee send a strong signal. Ethereum is now at the heart of crypto company treasury strategies, and perhaps soon other major public players according to Coinbase. It remains to be seen if this bet on a market recovery and a beneficial short-term correlation will be sustainable.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

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

Bitcoin’s recent rise has started a new debate among traders and analysts. Many are wondering if the bull run is coming to an end or if a new rally is just beginning. One of the most respected crypto chart analysts, Stockmoney Lizards, thinks this cycle is different from the past ones and says Bitcoin may still have more room to grow.

The 4-Year Cycle DebateTraditionally, Bitcoin’s market follows a four-year cycle, roughly 1.5 years from halving to peak, and four years from one peak to the next. By that logic, the market should now be entering its bear phase. 

But according to Stockmoney Lizards, this cycle is different. The total market cap has grown from $10 billion in 2016 to over $2 trillion in 2025, making simple historical comparisons less relevant. 

Unlike previous cycles marked by dramatic parabolic rises, Bitcoin has been climbing in a steady channel. There hasn’t been a “blow-off top” or explosive hype phase yet, a sign that the cycle could still have room to grow.

Institutional Buying Changes the GameOne major difference this time is institutional involvement. Spot Bitcoin ETFs now hold roughly $150 billion worth of BTC, and inflows have remained strong throughout October. 

Stockmoney Lizards points out that such large-scale investment reduces the chances of a -90% crash, which was common in previous cycles.

Apart from it, on-chain data like the Satoshimeter shows the market hasn’t reached its typical “hype zone.” Other technical patterns, like three rising valleys and Bollinger Band compression, also suggest a strong foundation for another leg up.

Bitcoin Nears Final Resistance ZoneAdding bullishness to the analysis, crypto analyst Castrades says Bitcoin is still moving in a large ABC correction pattern, which often appears after big rallies.

He points out a key resistance area between $117,000 and $119,500 — calling it the “final resistance zone.” If Bitcoin can’t break above this range, it might drop back toward $94,000–$97,000.

But if the price climbs above $123,500, Castrades believes it could start a new strong bullish phase instead.

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.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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Ethereum treasury company ETHZilla has sold roughly $40 million worth of ETH from its treasury to support a share buyback program as it looks to narrow the gap between its stock price and net asset value.

Summary

ETHZilla sold $40 million in ETH to fund share buybacks.
Around 600,000 shares were repurchased for $12 million.
ETHZilla shares rallied over 14% on Monday.

The Nasdaq-listed company acquired approximately 600,000 shares late last week for around $12 million after offloading a portion of its ETH holdings, an Oct. 27 press release outlined.

Net Asset Value, or NAV, is a financial metric that represents the per-share value of a company’s assets after subtracting liabilities. It’s commonly used by crypto treasury firms, especially those holding large crypto reserves like ETHZilla, to determine whether a stock is overvalued or undervalued relative to its underlying holdings.

ETHZilla hopes to narrow the gap between its share price and the net asset value per share, which reflects the market value of its Ethereum reserves, by trimming the number of shares in circulation and increasing each remaining share’s proportional claim on its assets.

“By opportunistically repurchasing shares while our stock is trading below NAV, we plan to reduce the number of shares that are available for stock loan/borrow activity, while increasing the NAV per share of the Company,” ETHZilla Chairman and CEO McAndrew Rudisill said in an accompanying statement.

The remaining funds procured in the sale have also been earmarked for share repurchases, the firm added, noting that it would continue to “repurchase its shares until the discount to NAV is normalized.”

Following this sale, ETHZilla continues to hold roughly $400 million worth of ETH in its treasury. 

ETHZilla shareholders push for share buybacks
Major ETHZilla shareholders like activist investor Dimitri Semenikhin have been calling for more aggressive buybacks as the stock continued to trade at a steep discount to its net asset value.

ETHZilla’s announcement followed closely on the heels of an open letter published by Semenikhin, who recently disclosed a 2.2% stake in the company, urging management to deploy its Ethereum holdings to buy back shares and unlock immediate value for investors. See below.

Dimitri Semenikhin (Capybara Stocks) open letter to ETHZilla | Source Capybara Stocks on X
ETHZilla shares, which have been struggling over the past month, have rebounded sharply since Oct. 23, climbing 14.5% on Monday to close at $20.65 and rising another 14% after hours to $23.55 according to Google Finance data.

Some of the market enthusiasm was fuelled by the company’s $15 million investment for a 15% stake in Satschel, Inc., the parent company of Liquidity.io, a regulated broker-dealer and digital alternative trading system.

ETHZilla announces $250m share buyback program
Back in August, ETHZilla’s board of directors approved a $250 million share repurchase plan, and the latest purchase follows over 6 million shares purchased in September.

At the time the repurchase program was approved, the company said it expects the program to run through June 30, 2026, with repurchases expected to be carried out either on the open market or through privately negotiated transactions at prevailing market prices.

SOL Analysis: bulls test key 50-day level with 3 triggers.

Summary

In summaryMulti-timeframe analysisSOL Analysis — Daily (D1)Hourly (H1)M15 micro-structureKey levelsTrading scenariosSOL Analysis — Bullish scenarioSOL Analysis — Bearish scenarioSOL Analysis — Neutral scenario (main)Market contextEcosystem
In summary

D1 neutral: price 202.21 above EMA20, below EMA50.
RSI 51.59 and positive MACD histogram → improving momentum.
Range framed by 199.48–203.86; ATR 10.52 implies wide swings.
This SOL Analysis tracks three triggers at R1, PP, and BB mid.

Multi-timeframe analysis
SOL Analysis — Daily (D1)
D1: SOL closes at 202.21, above the EMA20 (197.53) and EMA200 (188.83) but fractionally below the EMA50 (202.66). This keeps structure neutral-to-constructive; reclaiming the 50-day would tilt bias bullish.

RSI 51.59: just above 50, signaling a slight bullish tilt. Buyers have a marginal edge, but conviction remains tentative.

MACD: line -3.95 vs signal -6.13 with histogram 2.18. Momentum is improving as the line runs above the signal, yet sub-zero values warn the uptrend is still maturing.

Bollinger Bands: mid 193.32, upper 213.48, lower 173.15. Price sits above the middle band and leans upward, suggesting buyers are probing higher while volatility remains manageable.

ATR 10.52: daily volatility is elevated. Risk management likely benefits from wider buffers and staggered entries.

Pivot: PP 201.14, R1 203.86, S1 199.48. The pair trades just above PP; a push through R1 could unlock a momentum extension, while a slip under S1 would hand initiative back to sellers.

Hourly (H1)
H1: price 202.21 sits above the EMA20 (200.48), EMA50 (199.32), and EMA200 (194.10). Intraday trend is bullish, with dips likely supported near fast averages.

RSI 57: positive but not stretched. Bulls are pressing, yet there’s room for pullbacks without breaking structure.

MACD: line 0.23 over signal 0.15, histogram 0.08. Momentum favors buyers, though the edge is modest.

Bollinger Bands: mid 200.30, upper 202.90, lower 197.69. Price near the upper band shows pressure upward; a band walk could develop if R1 gives way.

ATR 2.01: intraday swings are contained; scalp-oriented strategies could key off pivot rotations.

Pivot: PP 201.90, R1 203.10, S1 201.00. Above PP sustains a bullish intraday bias; losing it would slow momentum.

M15 micro-structure
M15: close 202.24 above EMA20 (200.59), EMA50 (200.42), EMA200 (199.36). Micro-trend is up, with buyers defending shallow pullbacks.

RSI 62.15: healthy momentum, not overbought. Buyers are active, though follow-through still depends on higher-timeframe gates.

MACD: line 0.22 over signal 0.07, histogram 0.15. Positive intraday impulse supports continued tests of nearby resistance.

Bollinger Bands: mid 200.69, upper 202.65, lower 198.73. Price near the upper band signals persistent bid; a close above 202.65 could invite a quick squeeze.

ATR 0.96: tight tape; micro-breakouts may be brief unless the daily level at 203.86 breaks.

Across frames, D1 is neutral while H1/M15 lean bullish. The path of least resistance is up, but the daily EMA50 and R1 at 203.86 remain the key gates.

Key levels

Level
Type
Bias/Note

213.48
Bollinger upper (D1)
Stretch target if breakout holds

203.86
Pivot R1 (D1)
Primary resistance; breakout trigger

202.66
EMA50 (D1)
Reclaim improves bullish bias

201.90
Pivot PP (H1)
Intraday balance point

201.14
Pivot PP (D1)
Range center; risk marker

199.48
Pivot S1 (D1)
First support; loss opens downside

197.53
EMA20 (D1)
Dynamic support; watch reactions

193.32
Bollinger mid (D1)
Mean reversion magnet

188.83
EMA200 (D1)
Major trend support

173.15
Bollinger lower (D1)
Extreme support/overshoot

Trading scenarios
SOL Analysis — Bullish scenario
Trigger: H1 close above 203.10 and D1 reclaim of 202.66, then a daily close above 203.86.

Target: 203.86 first, then 213.48 (D1 upper band) if momentum persists.

Invalidation: Return below 201.14 (D1 PP) or sustained trade under 201.00 (H1 S1).

Risk: Stops 0.5–1.0× ATR(14) D1 ≈ 5.26–10.52. Scale as volatility evolves.

SOL Analysis — Bearish scenario
Trigger: Rejection near 203.86 followed by a break below 201.14, then loss of 199.48.

Target: 197.53 (EMA20) and 193.32 (Bollinger mid). Deeper fades could probe 188.83.

Invalidation: Daily close above 203.86.

Risk: Stops 0.5–1.0× ATR(14) D1, accounting for potential whipsaws around PP.

SOL Analysis — Neutral scenario (main)
Trigger: Consolidation between 199.48 and 203.86 with price rotating around 201.14.

Target: Mean reversion toward 201.14; quick rotations to edges while momentum remains contained.

Invalidation: A sustained break and close beyond either boundary.

Risk: Stops 0.5–0.8× ATR(14) D1 to respect range noise.

For Solana perps, the same support and resistance often guide intraday flows.

Market context
Total crypto market cap: 3949462570575.045 USD; 24h change: -1.1353426519245178%.

BTC dominance: 57.627690648027354%. Fear & Greed Index: 50 (Neutral).

High BTC dominance with neutral sentiment often caps broad altcoin outperformance; selectivity matters.

Ecosystem
DeFi on Solana shows active DEX flows: Raydium AMM fees +22.37% d/d; Orca DEX +67.27%; Meteora DLMM +133.47%; HumidiFi +99.31%. In contrast, SolFi declined over 7d (-51.57%) and 30d (-88.8%).

Mixed fee trends suggest selective participation across DeFi platforms.

Satoshi Voice

Satoshi Voice is an advanced artificial intelligence created to explore, analyze, and report on the world of cryptocurrency and blockchain. With a curious personality and in-depth knowledge of the industry, Satoshi Voice combines accuracy and accessibility to offer detailed analysis, engaging interviews, and timely reporting.
Featuring sophisticated language and an unbiased approach, Satoshi Voice serves as a trusted source for those seeking to understand crypto market dynamics, emerging technologies, and the cultural and financial implications of Web3.
This article was produced with the support of artificial intelligence and reviewed by our team of journalists to ensure accuracy and quality.
Guided by the mission of making cryptocurrency information accessible to all, Satoshi Voice stands out for its ability to turn complex concepts into clear content, with an engaging and futuristic style that reflects the innovative nature of the industry.

ETH analysis in summary:

Price sits between EMA20 and EMA50 on D1, keeping range risk alive.
RSI at 51.35 → slight bullish bias; MACD histogram positive.
ATR 188.29 shows meaningful daily volatility; pivots frame near-term triggers.
This ETH Analysis tracks 7 levels likely to guide this week’s tone.

Summary

Multi-timeframe ETH AnalysisD1 (daily)H1 (hourly)M15 (15‑min)Key levelsTrading scenarios — ETH AnalysisNeutral (main)Bullish ETH AnalysisBearishMarket contextETH ecosystem analysisRecent news about ETH
Multi-timeframe ETH Analysis
D1 (daily)
ETH closes at 4114.53, above the EMA20 4050.13 yet just below the EMA50 4125.80, while holding well over the EMA200 3614.59. This mix suggests an uptrend backbone with short-term hesitation.

RSI 51.35 sits just above 50, signaling a mild bullish tilt, but not a strong momentum push. MACD line at -52.67 is above the signal at -85.44, with a positive histogram of 32.77 — momentum is improving, though still fragile below zero.

Price trades between the Bollinger middle at 3992.13 and the upper band at 4311.63. That implies upside room without overextension. ATR 188.29 indicates sizeable daily ranges; position sizing matters.

Daily pivot PP 4108.08 sits near price, with R1 4149.58 and S1 4073.03 as nearby break levels. Overall, the D1 tone is neutral with a gentle bullish lean.

H1 (hourly)
On H1, price is below the EMA20 4126.83, above the EMA50 4105.46, and comfortably over the EMA200 3999.56. Intraday momentum looks mixed, with a slight downside bias.

RSI 47.37 favors sellers marginally. The MACD histogram is -7.96, indicating soft downside pressure. Price hovers under the Bollinger mid 4140.87; volatility via ATR 36.36 is moderate. This hints at choppy intraday trading unless a clear trigger emerges.

H1 pivots show PP 4117.51, R1 4124.03, and S1 4108.03. Minor rejections here could continue to define the micro-range.

M15 (15‑min)
The M15 prints above the EMA20 4102.24, below the EMA50 4119.11, and above the EMA200 4106.31. Short-term buyers are attempting a push, but it feels capped by nearby resistance.

RSI 54.63 supports that mild bid, while a positive MACD histogram of 4.93 shows improving momentum. Price sits near the upper Bollinger band 4121.31 with ATR 12.99 — a tight tape that could break either way.

Synthesis: D1 is neutral-leaning-bullish, H1 leans slightly bearish, and M15 is perking up. Net result: a cautious, balanced structure where confirmation matters.

Key levels
Here are 7 key levels to watch this week in our ETH Analysis.

Level
Type
Bias/Note

4050.13
EMA20 (D1)
Near-term support; holds short-term bullish structure while above.

4125.80
EMA50 (D1)
Immediate resistance; reclaiming would aid buyers.

3614.59
EMA200 (D1)
Trend support; key line in the sand.

4108.08
Pivot PP (D1)
Range center; intraday trigger zone.

4149.58
Pivot R1 (D1)
Breakout trigger; opens room higher.

4073.03
Pivot S1 (D1)
Breakdown trigger; risks deeper pullback.

4311.63
Bollinger Upper (D1)
Stretch/target area; potential overbought zone.

Trading scenarios — ETH Analysis
Neutral (main)
Trigger: Price oscillates around PP 4108.08 and holds between S1 4073.03 and R1 4149.58 on D1.

Target: Mean-reversion within the range; watch reactions at edges.

Invalidation: A daily close above 4149.58 or below 4073.03 shifts bias.

Risk: Consider stops around 0.5–1.0× ATR14 (94.15–188.29 USDT) beyond the range extremes.

Bullish ETH Analysis
Trigger: H1 reclaim of EMA20 4126.83 followed by a D1 break above R1 4149.58.

Target: Toward the Bollinger Upper 4311.63.

Invalidation: Return below PP 4108.08 or failure to hold EMA50 4125.80.

Risk: Stops near 0.5–1.0× ATR14 (94.15–188.29 USDT) to account for daily swings.

Bearish
Trigger: D1 loss of S1 4073.03 and follow-through below EMA20 4050.13.

Target: Toward the Bollinger middle at 3992.13, with room to 3672.64 if momentum accelerates.

Invalidation: Regain of PP 4108.08 or strong close back above 4149.58.

Risk: Stops sized near 0.5–1.0× ATR14 (94.15–188.29 USDT) to manage volatility.

Market context
Total crypto market cap stands near 3,949,462,570,575.05 USD, down 1.14% over 24h. BTC dominance 57.63%. Fear & Greed Index at 50 (Neutral). High dominance with neutral sentiment often tempers altcoin momentum.

ETH ecosystem analysis
DeFi fees are active: Uniswap V3 +46.09% (1d), Uniswap V4 +91.89% (1d), Curve DEX +66.83% (1d) and +281.51% (7d), while Fluid DEX +53.88% (1d). Uniswap V2 shows -100% on 7d/30d changes. Mixed fees suggest selective participation across DeFi venues.

Recent news about ETH
JPMorgan will allow Bitcoin and Ether to be used as collateral in its crypto push (Bloomberg, 2025-10-24). This development could support institutional confidence around Ethereum without immediately changing near-term price dynamics.

Satoshi Voice

Satoshi Voice is an advanced artificial intelligence created to explore, analyze, and report on the world of cryptocurrency and blockchain. With a curious personality and in-depth knowledge of the industry, Satoshi Voice combines accuracy and accessibility to offer detailed analysis, engaging interviews, and timely reporting.
Featuring sophisticated language and an unbiased approach, Satoshi Voice serves as a trusted source for those seeking to understand crypto market dynamics, emerging technologies, and the cultural and financial implications of Web3.
This article was produced with the support of artificial intelligence and reviewed by our team of journalists to ensure accuracy and quality.
Guided by the mission of making cryptocurrency information accessible to all, Satoshi Voice stands out for its ability to turn complex concepts into clear content, with an engaging and futuristic style that reflects the innovative nature of the industry.

BTC Analysis: D1 neutral as price hovers near pivot today

Summary

In summaryBTC Analysis — Daily (D1)BTC Analysis — Intraday (H1)BTC Analysis — Micro (M15)Key levelsTrading scenariosBullish BTC AnalysisBearish BTC AnalysisNeutral (main)Market contextEcosystem (DeFi/DEX)Disclaimer
In summary

Price at 114,170.10 USDT sits just above the daily pivot.
RSI 53.27 on D1 → slight bullish tilt, momentum still fragile.
MACD turns positive histogram on D1 while H1 stays soft.
The mix suggests range-bound action; BTC Analysis remains balanced.

BTC Analysis — Daily (D1)
Trend/EMAs: Price at 114,170.10 USDT trades above the 20/50/200 EMAs (112,411.05 / 113,395.48 / 109,356.64). This shows a slight bullish structure, as buyers keep price above key trend gauges.

RSI (14): 53.27, marginally above 50. This signals a neutral-to-bullish bias, but not a dominant uptrend.

MACD: Line -629.75 vs signal -1,238.70 with a +608.95 histogram. Line above signal and histogram positive indicate improving momentum from below zero, often an early recovery phase.

Bollinger Bands: Mid 111,570.75; upper 118,633.95; lower 104,507.55. Price sits between mid and upper band, implying moderate buying interest without overextension.

ATR (14): 3,348.20. Daily volatility is elevated; risk control may require wider stops and measured position sizing.

Pivots: PP 114,066.87; R1 114,650.43; S1 113,586.53. Hovering just above PP suggests a balanced session with nearby triggers in either direction.

Overall, D1 stays neutral with a mild bullish lean as long as price holds above EMA20.

BTC Analysis — Intraday (H1)
Trend/EMAs: Price is below EMA20 (114,332.83) but above EMA50/200 (113,975.41 / 111,730.23). This points to minor intraday softness within a broader uptrend.

RSI (14): 47.62, slightly under 50. Intraday bias leans bearish, hinting at hesitant buyers.

MACD: Line -147.49 below signal -38.51 with a -108.97 histogram. Negative momentum shows pressure from sellers in the short term.

Bollinger Bands: Mid 114,533.16; upper 115,733.60; lower 113,332.73. Price below the mid band signals range drift toward support.

ATR (14): 503.66. Typical hourly swings near 500 USDT imply tactical risk management for intraday plans.

Pivots: PP 114,192.47; R1 114,293.42; S1 114,069.14. Trading just under PP keeps the edge with sellers unless reclaimed.

BTC Analysis — Micro (M15)
Trend/EMAs: Price 114,188.97 above EMA20 (113,987.91) and EMA200 (114,024.03) but just under EMA50 (114,214.20). Micro trend is constructive, yet capped by the 50-EMA.

RSI (14): 55.56, modestly bullish. Near-term buyers have a slight edge.

MACD: Line -43.06 above signal -106.61 with a +63.55 histogram. A fresh cross supports short bursts higher.

Bollinger Bands: Mid 113,903.84; upper 114,179.55; lower 113,628.12. Price nudging above the upper band hints at a brief overextension that often mean-reverts.

ATR (14): 194.64. Micro volatility is contained, favoring tight levels for execution.

Pivots: PP 114,172.85; R1 114,245.96; S1 114,115.86. Holding above PP keeps the near-term tone positive.

Daily is neutral, H1 tilts soft, and M15 is mildly constructive—overall a cautious, range-biased structure into today’s session.

Key levels

Level
Type
Bias/Note

118,633.95
Bollinger upper (D1)
Major resistance / stretch target

114,650.43
R1 (D1 Pivot)
First resistance above daily PP

114,533.16
Bollinger mid (H1)
Intraday mean; reclaim strengthens bids

114,293.42
R1 (H1 Pivot)
Intraday breakout trigger

114,192.47
PP (H1)
Intraday balance point

114,172.85
PP (M15)
Micro balance point

114,066.87
PP (D1)
Daily balance; key pivot

113,586.53
S1 (D1 Pivot)
First support

113,395.48
EMA50 (D1)
Dynamic support

112,411.05
EMA20 (D1)
Trend support

111,570.75
Bollinger mid (D1)
Mean reversion zone

109,356.64
EMA200 (D1)
Major trend support

104,507.55
Bollinger lower (D1)
Extreme support

Trading scenarios
Bullish BTC Analysis
Trigger: Hold above 114,066.87 (D1 PP) and break 114,293.42 (H1 R1), then 114,650.43 (D1 R1).

Target: 115,733.60 (H1 upper band), then 118,633.95 (D1 upper band).

Invalidation: Close back below 113,586.53 (D1 S1).

Risk: Consider 0.5–1.0× ATR for stops (D1 ATR ≈ 1,674–3,348 USDT).

Bearish BTC Analysis
Trigger: Fail to reclaim 114,192.47 (H1 PP) and lose 114,066.87 (D1 PP) on momentum.

Target: 113,586.53 (D1 S1), then 112,411.05 (D1 EMA20) or 111,570.75 (D1 Boll mid).

Invalidation: Strong close above 114,650.43 (D1 R1).

Risk: 0.5–1.0× ATR on H1 for tighter control (≈ 252–504 USDT).

Neutral (main)
Trigger: As long as price oscillates between 113,586.53 and 114,650.43, fading moves back toward 114,066.87 (D1 PP) could remain valid.

Target: Reversions to the daily pivot; stretch tests near intraday R1/S1.

Invalidation: A decisive breakout beyond R1/S1 with confirming momentum shifts (RSI/MACD).

Risk: 0.25–0.5× ATR on M15 (≈ 49–97 USDT) to reflect range conditions.

Market context
Total crypto market cap: 3.95T USD, with a 24h change of -1.14%.

BTC dominance: 57.63% — leadership remains firm.

Fear & Greed Index: 50 (Neutral) — positioning is balanced.

High BTC dominance with neutral sentiment typically keeps altcoin beta contained while Bitcoin guides direction.

Ecosystem (DeFi/DEX)
Uniswap V3: 1d fees +46.09%; Uniswap V4: 1d +91.89% and 7d +47.55%; Curve DEX: 1d +66.83% and 7d +281.51%; Fluid DEX: 1d +53.88% but 30d -9.96%. Uniswap V2 shows -100% on 7d/30d (not provided beyond that).

Mixed fee dynamics suggest selective participation across DeFi venues as volatility rotates.

Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. #NFA #DYOR

Satoshi Voice

Satoshi Voice is an advanced artificial intelligence created to explore, analyze, and report on the world of cryptocurrency and blockchain. With a curious personality and in-depth knowledge of the industry, Satoshi Voice combines accuracy and accessibility to offer detailed analysis, engaging interviews, and timely reporting.
Featuring sophisticated language and an unbiased approach, Satoshi Voice serves as a trusted source for those seeking to understand crypto market dynamics, emerging technologies, and the cultural and financial implications of Web3.
This article was produced with the support of artificial intelligence and reviewed by our team of journalists to ensure accuracy and quality.
Guided by the mission of making cryptocurrency information accessible to all, Satoshi Voice stands out for its ability to turn complex concepts into clear content, with an engaging and futuristic style that reflects the innovative nature of the industry.

XRP analysis in summary.

D1 regime neutral as price sits between key EMAs; momentum steady.
RSI at 52.83 → slight bullish tilt, not decisive yet.
Price tracks the pivot at 2.64 USDT; range 2.62–2.67 dominates.
This XRP Analysis spotlights five levels to monitor this week.

Summary

Multi-timeframe analysisXRP Analysis: Daily (D1)Hourly (H1)15-minute (M15)Key levels — XRP AnalysisTrading scenariosNeutral scenario (main)XRP Bullish analysisXRP Bearish scenarioMarket contextXRP Ecosystem analysis
Multi-timeframe analysis
XRP Analysis: Daily (D1)
Price is 2.65 USDT, above the EMA20 at 2.57 but below the EMA50 at 2.69 and EMA200 at 2.68. This mixed alignment signals a neutral backdrop where buyers have an edge intraday but not on the broader trend.

The RSI reads 52.83, just over the midline. That suggests mild positive momentum, yet conviction remains modest until we see continued closes above the EMA50.

The MACD line at -0.05 sits above its signal at -0.09, with a positive histogram of 0.04. Momentum is improving, but because the line is still below zero, any upside could remain fragile.

On Bollinger Bands, price hovers in the upper half (mid 2.48, upper 2.75, lower 2.22). This shows buyers testing higher ground while volatility stays contained.

The ATR at 0.13 indicates moderate daily volatility. Risk control may benefit from tighter sizing until a clear trend establishes.

Daily Pivot levels: PP 2.64, R1 2.67, S1 2.62. Holding above PP keeps buyers engaged; a clean push over R1 would strengthen the case.

Hourly (H1)
Price at 2.65 USDT sits above the EMA20 2.64, EMA50 2.63, and EMA200 2.53. Intraday trend leans bullish, although the slope is gentle.

The RSI prints 53.09, reflecting a slight upward bias. Buyers are active, but momentum feels restrained.

MACD is flat around zero (lines and histogram near 0). This underscores a balanced tape where breakouts need volume to stick.

Bollinger Bands are tight (mid 2.65, upper 2.69, lower 2.60). Compressed volatility hints at a potential expansion move.

H1 ATR at 0.03 shows low intraday ranges. Small stops can hold, but whipsaws are possible near the pivot cluster.

H1 Pivot: PP 2.65, R1 2.66, S1 2.64. Micro levels confirm a narrow range with nearby inflection points.

15-minute (M15)
At 2.65 USDT, price rides the EMA20 2.63 and EMA50 2.64, with EMA200 at 2.63. Micro-structure is slightly constructive, favoring quick rotations.

RSI at 57.32 sits comfortably above 50, showing intraday buyers have the upper hand for now.

MACD near zero signals equilibrium. Without a catalyst, breaks may fade.

On Bollinger Bands (mid 2.63, upper 2.65, lower 2.61), price tests the upper band, suggesting light upside pressure within a tight envelope.

M15 ATR of 0.01 confirms compression. A brief volatility pop could decide the next micro-leg.

Overall, D1 is neutral, H1 leans bullish, and M15 is mildly positive. The combined read favors a cautious, range-first approach until D1 clears resistance.

Key levels — XRP Analysis
We are tracking five key levels this week that could steer the next move.

Level
Type
Bias/Note

2.62 USDT
Pivot S1
First support; loss opens room to 2.57

2.64 USDT
Pivot PP
Range pivot; above keeps buyers engaged

2.67 USDT
Pivot R1
Near-term resistance; a close above improves odds

2.69 USDT
EMA50 (D1)
Trend gauge; reclaiming it strengthens bulls

2.75 USDT
Bollinger Upper (D1)
Stretch target; probable supply on first test

Trading scenarios
Neutral scenario (main)
Trigger: Price oscillates between 2.62 and 2.67, respecting PP at 2.64.

Targets: Mean-reversion toward 2.64; extension to 2.67 or 2.62 on edges.

Invalidation: A daily close above 2.69 or below 2.62 shifts bias.

Risk: Use 0.5–1.0× ATR (0.07–0.13 USDT) for sizing; volatility is moderate.

Tone: balanced; participants fade extremes until the range breaks.

XRP Bullish analysis
Trigger: 1H close above 2.67, ideally followed by strength through 2.69 (EMA50).

Targets: 2.69 first, then 2.75 near the Bollinger upper band.

Invalidation: Return below 2.64 suggests a false break.

Risk: 0.5–1.0× ATR (0.07–0.13 USDT). Tight bands imply potential quick squeezes.

Tone: constructive; bulls control as long as price holds above former resistance.

XRP Bearish scenario
Trigger: Rejection near 2.67 and a sustained move below 2.64.

Targets: 2.62 first, then 2.57 (EMA20) if momentum builds.

Invalidation: Recovery above 2.67 reduces downside follow-through.

Risk: 0.5–1.0× ATR (0.07–0.13 USDT). Watch for traps near supports.

Tone: defensive; sellers need confirmation below the pivot pack.

Market context
Total crypto market cap stands near 3.95T USD, down about -1.14% over 24h. Bitcoin dominance is roughly 57.63%, while the Fear & Greed Index is 50 (Neutral).

High dominance and neutral sentiment usually favor patience in altcoins, including XRP, as capital concentrates and rotations slow.

XRP Ecosystem analysis
DEX fees show mixed strength: Uniswap V3 daily fees up 46.09%, Uniswap V4 up 91.89%, Curve DEX up 66.83%, and Fluid DEX up 53.88%. Uniswap V2 shows -100% over 7d and 30d.

These shifts indicate uneven activity across DeFi venues, hinting at selective risk-taking.

Satoshi Voice

Satoshi Voice is an advanced artificial intelligence created to explore, analyze, and report on the world of cryptocurrency and blockchain. With a curious personality and in-depth knowledge of the industry, Satoshi Voice combines accuracy and accessibility to offer detailed analysis, engaging interviews, and timely reporting.
Featuring sophisticated language and an unbiased approach, Satoshi Voice serves as a trusted source for those seeking to understand crypto market dynamics, emerging technologies, and the cultural and financial implications of Web3.
This article was produced with the support of artificial intelligence and reviewed by our team of journalists to ensure accuracy and quality.
Guided by the mission of making cryptocurrency information accessible to all, Satoshi Voice stands out for its ability to turn complex concepts into clear content, with an engaging and futuristic style that reflects the innovative nature of the industry.

The crypto market may seem quiet, but that calm is hiding opportunity. While most traders are distracted, big investors and whales are quietly accumulating specific altcoins. November 2025 could become one of the most interesting months of the year, especially for a few projects that are showing real strength.

Below are four altcoins that stand out right now for their momentum, upgrades, or institutional attention.

Solana (SOL): Solana is back in the spotlight for good reason. Solana spot ETFs are set to start trading in Hong Kong, marking a big step toward global legitimacy. At the same time, the 21Shares Solana ETF has cleared a key regulatory step with the U.S. SEC, opening the door for a possible launch soon.

With a strong ecosystem, new staking incentives, and growing institutional attention, Solana could easily test the $300 mark if momentum continues.

Ethereum (ETH): Ethereum remains the foundation of decentralized finance. At press time, ETH trades near $4,150, up more than 7 percent this week.

Investor confidence is rising thanks to Ethereum’s next major upgrade  which is set for early November. This update improves scalability and prepares the network for broader Layer-2 adoption. Institutional interest is climbing. In the third quarter, Ethereum ETF inflows surpassed Bitcoin’s for the first time.

Analyst Tom Lee has described ETH as being in a “super cycle,” with long-term price targets between $8,000 and $12,000. Treasury accumulation by companies and funds is also supporting that bullish outlook.

Chainlink (LINK): Chainlink continues to expand its role as the bridge between blockchain and the real world. The project’s SmartCon conference in early November will bring together major names such as Swift, Mastercard, and JPMorgan, showing how deeply integrated Chainlink is becoming with traditional finance.

Its Cross-Chain Interoperability Protocol (CCIP) now connects over 60 blockchains, playing a central role in the tokenization of real-world assets. That market is projected to exceed $16 trillion by 2030.

The LINK reserve continues to grow, reducing circulating supply and supporting long-term value. At around $18, LINK still looks undervalued, with near-term targets around $22 and a longer-term goal of retesting its $50 all-time high.

Bittensor (TAO): Bittensor combines two of crypto’s strongest themes, artificial intelligence and decentralized infrastructure. The project is gaining strong institutional backing, with NASDAQ-listed Tao Synergies and Grayscale’s Decentralized AI Fund both accumulating large TAO positions.

Only 21 million TAO will ever exist, following a model similar to Bitcoin’s hard-cap design. Its first halving event in early December is expected to tighten supply further, creating a potential catalyst for price growth.

At around $49, TAO could see upside as AI narratives strengthen and its tokenomics tighten. Some predictions place possible targets between $500 and $700 if trend continues.

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Multiple crypto exchange-traded funds (ETFs) are set to launch this week despite the government shutdown, with investment products based on Solana (SOL), Litecoin (LTC), and Hedera (HBAR) seemingly ready to start trading as soon as Tuesday. Related Reading: Crypto Analyst Shows The Possibility Of The Ethereum Price Reaching $16,000 Big Week For Crypto ETFs On Sunday night, Nate Geraci affirmed that the next two weeks will be key for the long-awaited spot crypto-based ETFs as Solana, XRP, LTC, and other ETF filings are “all lined up & ready for launch.

Total assets under management stood at €2.317 trillion on Sept. 30, 2.2% higher than three months prior.

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The HSBC share price rose by 3.2% in Hong Kong as investors reacted to the latest earnings report. It jumped to a high of $105 from this week's low of $100 and below the year-to-date high of $112.

The logo of Ceconomy AG, Europe's largest consumer electronics retailer is pictured at the company's general shareholders meeting in Duesseldorf, Germany, February 12, 2020. REUTERS/Wolfgang Rattay Purchase Licensing Rights, opens new tab

Oct 28 (Reuters) - German electronics retailer Ceconomy

(CECG.DE), opens new tab said on Tuesday it expected to slightly exceed its earnings forecast for the 2024/2025 financial year, with CEO Kai-Ulrich Deissner adding the Dusseldorf-based firm was "on the right track" with its growth strategy.

WHY IT'S IMPORTANTEurope's largest consumer electronics retailer, which runs physical chain stores under the names MediaMarkt and Saturn, is the subject of a takeover offer by Chinese tech giant JD.com

(9618.HK), opens new tab. Shares of Ceconomy have gained 69% year-to-date, hovering at around 4.40 euros per share since the bid for 4.60 euros per share was announced at the end of July.

Sign up here.

BY THE NUMBERSPreliminary figures for the full year show an adjusted operating profit of around 380 million euros ($443 million), compared to the company's latest guidance of around 375 million euros. Fourth quarter sales from July to September were up 7% at 5.38 billion euros.

KEY CONTEXTGermany's federal cartel office approved JD.com's acquisition of Ceconomy in September.

CEO Deissner said he believed the Dusseldorf-based company would be able to grow faster and gain access to leading technologies after the takeover offer was launched.

($1 = 0.8575 euros)

Reporting by Matthias Inverardi and Bernadette Hogg, editing by Milla Nissi-Prussak

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

2025 Third-Quarter Sales
Press release – Paris, October 28, 2025, at 7:30 AM CET

Strong and consistent growth in Q3,
led by volume/mix

Sales reached €6,876m in Q3 2025, up +4.8% on a like-for-like (LFL) basisStrong volume/mix, up +3.2%, and price up +1.6%; quality growth across all categoriesOutstanding performance in China, North Asia & Oceania, with strong momentum in all categoriesContinued step-up in Europe, driven by volume/mixSofter growth in North America, despite sustained momentum in high protein2025 guidance confirmed, in line with mid-term ambition: like-for-like sales growth expected between +3% and +5%, with recurring operating income growing faster than sales € million except %Q3
2024Q3
2025Reported changeLFL sales
growthVolume/mix growth9M
20249M
2025Reported changeLFL sales
growthVolume/mix
growth BY GEOGRAPHICAL ZONE          Europe2,4272,481+2.2%+2.6%+2.1%7,2107,375+2.3%+2.3%+2.2% North America1,6111,577-2.1%+1.5%+0.3%4,9434,757-3.8%+2.5%+1.0% China, North Asia & Oceania9671,032+6.7%+13.8%+15.1%2,8083,048+8.6%+12.1%+13.0% Latin America706676-4.2%+4.3%-2.3%2,2652,066-8.8%+5.2%-2.5% Asia, Middle East & Africa1,1151,111-0.4%+6.8%+2.6%3,3503,332-0.5%+4.8%+1.0% BY CATEGORY          EDP3,2833,255-0.9%+3.5%+1.7%10,0669,853-2.1%+3.4%+1.8% Specialized Nutrition2,1892,299+5.0%+8.3%+6.5%6,5996,904+4.6%+7.5%+5.5% Waters1,3541,322-2.3%+2.3%+1.3%3,9103,822-2.2%+1.8%+0.6%            TOTAL6,8266,876+0.7%+4.8%+3.2%20,57520,578+0.0%+4.4%+2.8%  1

Antoine de Saint-Affrique: CEO statement

We continued to deliver consistent, quality growth this quarter, with volume/mix being the primary growth driver across our categories, confirming the strength and the relevance of our health-focused portfolio.

We are particularly pleased with the step-by-step improvement in Europe, where volume/mix has now been positive for eight consecutive quarters, while CNAO delivered another outstanding performance across all categories. At the same time, we recognize that our transformation journey is not over and that some areas require further progress. We stay focused on fully leveraging our science-based and value-added portfolio, while continuing to execute with discipline and agility.

In what remains a volatile and uncertain environment, we are confident in our direction, deploying chapter two of our Renew Danone strategy to deliver on our mid-term ambition.

I. THIRD QUARTER SALES

In Q3 2025, consolidated sales stood at €6,876m, up +4.8% on a like-for-like basis, led by an increase of +3.2% from volume/mix and +1.6% from price. On a reported basis, sales increased by +0.7%, including a positive impact from scope (+0.7%) resulting predominantly from the acquisition of Kate Farms in the US (completed on July 1st, 2025). Reported sales were negatively impacted by forex (-5.1%), reflecting the depreciation of several currencies against the euro, notably the US Dollar, the Chinese Renminbi, the Indonesian Rupiah, the Argentine Peso and the Turkish Lira. In addition, hyperinflation contributed positively to reported sales (+0.3%).

Sales by operating segment

In Q3 2025, Europe continued to step-up with sales growth of +2.6% LFL, led by volume/mix up +2.1%, and positive price, up +0.5%. Sustained progress in EDP was driven by functional dairy, notably Danone Skyr, Activia Kefir and YoPro high protein, as well as Alpro. Specialized Nutrition posted a solid quarter, with double-digit growth in adult medical nutrition, while evian drove robust growth in Waters.

In North America, sales were up +1.5% LFL, with +0.3% volume/mix and +1.2% price. Momentum remained strong in high protein, with new innovations launched during the quarter. Coffee Creamers are progressively regaining competitiveness. Plant-based remains work in progress. Medical Nutrition delivered a good performance, and recently acquired Kate Farms showed positive dynamics, not yet included in the LFL figure. Finally, evian drove strong growth in Waters.

China, North Asia & Oceania delivered an outstanding performance, with strong momentum in all categories. Sales were up +13.8% LFL, driven by volume/mix of +15.1%, and price of -1.3%. Specialized Nutrition saw consistently strong growth in both Infant Milk Formula and Medical Nutrition. Souvenaid contributed to strong growth in Oceania. In Waters, Mizone sustained its solid dynamics, while in EDP, Activia and Oikos delivered double-digit growth in Japan.

Latin America posted a solid performance amid challenging markets, with sales up +4.3% LFL, including -2.3% volume/mix and +6.6% price. Specialized Nutrition delivered double-digit growth across the region, driven by Aptamil. EDP recorded a strong performance, supported by Danone, Oikos Greek and YoPro. Waters continued to be impacted by a subdued beverage market in Mexico.

In Asia, Middle East and Africa, sales growth accelerated to +6.8% LFL, with a solid contribution from volume/mix, up +2.6%, and price up +4.2%. Specialized Nutrition posted another quarter of strong growth, driven by Aptamil. Strong momentum continued in Dairy Africa, led by Danone and Activia, while the performance in Waters improved, including in volume/mix.

Sales by geography by category

Q3 2025EuropeNorth AmericaChina, North Asia & OceaniaAMEA &
Latin AmericaTotalSales (€m)LFL sales growth (%)Sales (€m)LFL sales growth (%)Sales (€m)LFL sales growth (%)Sales (€m)LFL sales growth (%)Sales (€m)LFL sales growth (%)           EDP1,087+2.1%1,365+1.5%103+14.5%701+8.7%3,255+3.5%Specialized Nutrition789+3.0%136+0.1%678+17.0%696+7.6%2,299+8.3%Waters605+3.0%77+5.0%251+5.6%390-1.3%1,322+2.3%Total Company2,481+2.6%1,577+1.5%1,032+13.8%1,787+5.9%6,876+4.8% 9M 2025EuropeNorth AmericaChina, North Asia & OceaniaAMEA &
Latin AmericaTotalSales (€m)LFL sales growth (%)Sales (€m)LFL sales growth (%)Sales (€m)LFL sales growth (%)Sales (€m)LFL sales growth (%)Sales (€m)LFL sales growth (%)           EDP3,292+1.7%4,199+2.2%305+10.5%2,058+7.8%9,853+3.4%Specialized Nutrition2,399+2.6%325+5.3%2,048+14.2%2,132+7.1%6,904+7.5%Waters1,684+2.9%233+3.9%696+6.9%1,209-2.6%3,822+1.8%Total Company7,375+2.3%4,757+2.5%3,048+12.1%5,399+4.9%20,578+4.4% II. 2025 GUIDANCE

2025 guidance confirmed, in line with mid-term ambition: LFL sales growth expected between +3% and +5%, with recurring operating income growing faster than sales.

III. RECENT MAJOR DEVELOPMENTS

June 25, 2025: Danone announced the acquisition of The Akkermansia Company (TAC), a Belgian company with nearly 20 years of history and science, specializing in biotics. Expanding deeper into gut health is a key facet of Danone’s Renew strategy, as it doubles down on science and innovation, and as consumer interest in healthy products continues to rise.July 1st, 2025: Danone successfully completed the acquisition of a majority stake in Kate Farms, a fast-growing U.S. business and the #1 doctor-recommended plant-based brand in the U.S.2, offering a wide array of organic, plant-based nutrition products for both medical and everyday needs.August 26, 2025: Danone announced an evolution of its leadership structure. The company will operate through 3 geographies: EMEA, Asia Pacific and Americas. This leaner organization marks a further step in the deployment of the second chapter of Renew Danone. It will further enhance the company’s agility and market impact. To this effect, as of January 1st, 2026, Pablo Perversi is appointed President EMEA (Europe, Turkey, Middle East and Africa),Bruno Chevot is appointed President APAC (Asia-Pacific),and Henri Bruxelles is appointed President Americas. all reporting to Véronique Penchienati-Bosetta, Group Deputy CEO, in charge of geographies and categories.

September 1st, 2025: Danone announced it has launched a €1.3 billion dual-tranche bond issue, consisting of: a tranche of 2-year floating rate notes of €800 million (coupon of Euribor 3 months +27 basis points);a tranche of undated deeply subordinated fixed rate resettable notes of €500 million (fixed resettable coupon of 3.95% with a first call date on 8 September 2032). Proceeds of this issue will be used for the general corporate purposes, including, for the undated deeply subordinated notes, to refinance Danone's existing €500 million undated deeply subordinated fixed rate resettable notes callable in September 2026 (ISIN: FR0014005EJ6). The undated deeply subordinated notes will be fully accounted as equity in accordance with IFRS standards and will be treated as 50% equity by Moody’s and Standard & Poor’s in their credit metrics. The settlement took place on September 8, 2025, and the bonds are listed on Euronext Paris.

September 29, 2025: Danone inaugurated its OneBiome Laboratory in Paris-Saclay, marking a major milestone in its commitment to science-based innovation and leadership in gut health research. The Danone OneBiome Lab will serve as a global hub for microbiome science, nutrition, and digital health, reinforcing Danone’s pioneering role in shaping the future of food and health. IV. ALTERNATIVE PERFORMANCE MEASURES NOT DEFINED BY IFRS

IAS 29: impact on reported data

Danone has applied IAS 29 in hyperinflationary countries, as defined in IFRS. Adoption of IAS 29 in hyperinflationary countries requires their non-monetary assets and liabilities and their income statement to be restated to reflect the changes in the general purchasing power of their functional currencies, leading to a gain or loss on the net monetary position, included in the net income. Moreover, their financial statements are converted into euros using the closing exchange rate of the relevant period.

IAS 29: impact on reported dataQ3 2025Sales (€ million)+13.8Sales growth (%)+0.20% Breakdown by quarter of 9M 2025 sales after application of IAS 29
9M 2025 sales correspond to the addition of:

Q3 2025 reported sales;Q1 and Q2 2025 sales resulting from the application of IAS 29 until September 30, 2025, to sales of entities in hyperinflation countries (application of the inflation rate until September 30, 2025, and translation into euros using the September 30, 2025, closing rate) and provided in the table below for information (unaudited data) Sales after application of IAS 29 (€ million)Q1 20251Q2 20252Q3 20259M 2025BY GEOGRAPHICAL ZONE    Europe2,3892,5052,4817,375North America1,6331,5461,5774,757China, North Asia & Oceania9361,0801,0323,048Latin America6867046762,066Asia, Middle East & Africa1,1671,0551,1113,332BY CATEGORY

    EDP3,3593,2393,2559,853Specialized Nutrition2,2982,3072,2996,904Waters1,1551,3451,3223,822     Total6,8116,8916,87620,578 1Results from the application of IAS 29 until September 30, 2025, to Q1 sales of entities of hyperinflation countries.
2Results from the application of IAS 29 until September 30, 2025, to Q2 sales of entities of hyperinflation countries.

Definitions of geographical zones

Europe refers to European countries.

North America refers to the United States and Canada.

China, North Asia & Oceania refers to China, Japan, Australia and New-Zealand.

Latin America refers to Mexico, Brazil, Argentina and Uruguay.

Asia, Middle East & Africa refers to refers to Asia, Middle East including Turkey, Africa and CIS (zone previously called “Rest of the World”).

Financial indicators not defined in IFRS

Due to rounding, the sum of values presented may differ from totals as reported. Such differences are not material.

Like-for-like changes in sales reflect Danone's organic performance and essentially exclude the impact of:

changes in consolidation scope, with indicators related to a given fiscal year calculated on the basis of the previous year's scope;changes in applicable accounting principles;changes in exchange rates, with both previous-year and current-year indicators calculated using the same exchange rate (the exchange rate used is a projected annual rate determined by Danone for the current year and applied to both previous and current years). Since January 1st, 2023, all countries with hyperinflationary economies are taken into account in like-for-like changes as follows: sales growth in excess of around 26% per year (a three-year average at 26% would generally trigger the application of hyperinflationary accounting as defined in IFRS) is now excluded from the like-for-like sales growth calculation.

Bridge from like-for-like data to reported data

(€ million except %)2024 salesLike-for-like changeImpact of changes
in scope of consolidation Impact of changes in exchange rates & others incl. IAS 29Contribution of hyperinflationReported change2025 sales        Q36,826+4.8%+0.7%-5.1%+0.3%+0.7%6,8769M20,575+4.4%-0.8%-4.3%+0.6%+0.0%20,578 Recurring operating income is defined as Danone’s operating income excluding Other operating income and expenses. Other operating income and expenses comprise items that, because of their significant or unusual nature, cannot be viewed as inherent to Danone’s recurring activity and have limited predictive value, thus distorting the assessment of its recurring operating performance and its evolution. These mainly include:

capital gains and losses on disposals of businesses and fully consolidated companies;under IAS 36, impairment charges on intangible assets with indefinite useful lives;costs related to strategic restructuring operations or transformation plans;costs related to major external growth transactions;costs related to crises and major disputes;in connection with IFRS 3 and IFRS 10, (i) acquisition costs related to acquisitions of companies resulting in control, (ii) revaluation gains or losses accounted for following a loss of control, and (iii) changes in earn-outs subsequent to acquisitions resulting in control. Recurring operating margin is defined as the Recurring operating income over Sales ratio.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning Danone that are subject to risks and uncertainties. In some cases, you can identify these forward-looking statements by forward-looking words, such as “estimate”, “expect”, “anticipate”, “project”, “plan”, “intend”, “objective”, “believe”, “forecast”, “guidance”, “foresee”, “likely”, “may”, “should”, “goal”, “target”, “might”, “will”, “could”, “predict”, “continue”, “convinced” and “confident,” the negative or plural of these words and other comparable terminology, or by using future dates. Forward looking statements in this document include, but are not limited to, predictions of future activities, operations, direction, performance and results of Danone.

These forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in these forward-looking statements. For a detailed description of these risks and uncertainties, please refer to the “Risk Factors” section of Danone’s Universal Registration Document (the current version of which is available at www.danone.com).

Subject to regulatory requirements, Danone does not undertake to publicly update or revise any of these forward-looking statements. This document does not constitute an offer to sell, or a solicitation of an offer to buy Danone securities.

The presentation to analysts and investors will be broadcast live today from 8:00 a.m. (Paris time)
on Danone’s website (www.danone.com).
Related slides will also be available on the website in the Investors section.

APPENDIX – Sales by geographical zone and by category (in € million)

 Q1Q2Q3 202420252024202520242025BY GEOGRAPHICAL ZONE

           Europe2,3362,3892,4472,5052,4272,481North America1,7371,6331,5951,5461,6111,577China, North Asia & Oceania8409361,0011,0809671,032Latin America727715810714706676Asia, Middle East & Africa1,1501,1701,0841,0671,1151,111BY CATEGORY

          EDP3,4743,3813,2983,2613,2833,255Specialized Nutrition2,1832,3062,2132,3072,1892,299Waters1,1321,1561,4261,3451,3541,322           TOTAL6,7896,8446,9386,9136,8266,876  Q1 2025Q2 2025Q3 2025 Reported changeLFL changeReported changeLFL changeReported changeLFL changeBY GEOGRAPHICAL ZONE

         Europe+2.3%+2.0%+2.4%+2.2%+2.2%+2.6%North America-5.9%+3.7%-3.0%+2.3%-2.1%+1.5%China, North Asia & Oceania+11.5%+9.9%+7.9%+12.4%+6.7%+13.8%Latin America-1.6%+9.0%-11.9%+2.9%-4.2%+4.3%Asia, Middle East & Africa+1.7%+3.3%-1.6%+4.1%-0.4%+6.8%BY CATEGORY

      EDP-2.7%+3.7%-1.1%+3.0%-0.9%+3.5%Specialized Nutrition+5.7%+5.3%+4.2%+8.7%+5.0%+8.3%Waters+2.2%+4.1%-5.7%-0.5%-2.3%+2.3%       TOTAL+0.8%+4.3%-0.4%+4.1%+0.7%+4.8% All references in this document to Like-for-like (LFL) changes, and Recurring operating income and margin, correspond to alternative performance measures not defined by IFRS. Their definitions and their reconciliation with financial statements, as well as the definitions of geographical zones, are listed on pages 3 to 5.

2among surveyed doctors recommending plant-based nutrition products.

prdanone281025

SummaryCompaniesBYD will debut new made-for-Japan 'kei' EV at mobility showPint-sized kei cars are popular with cost-conscious driversGovernment officials watching challenge with concern, sources sayJapan will not resort to protectionism, government officials sayTOKYO, Oct 28 (Reuters) - BYD's

(002594.SZ), opens new tab Japanese mini-car will not go on sale until the end of next year, but it has already created buzz - at least among officials in Tokyo worried about the challenge from China's biggest automaker.

The company plans to debut its all-electric "kei" car - a class of pint-sized, affordable vehicles smaller than a two-door Mini Cooper - at the Japan Mobility Show that opens to the public on Friday.

Sign up here.

The move will make BYD a rare foreign entrant in the "kei jidosha", which translates as "light vehicle", segment that accounts for about a third of Japan's auto sales and for decades has been the almost exclusive turf of domestic players like Honda

(7267.T), opens new tab and Suzuki

(6785.T), opens new tab.

BYD has sold just 6,600 of its standard-sized electric vehicles since entering the Japanese auto market nearly three years ago, Atsuki Tofukuji, who heads the company's passenger car sales business in Japan, told Reuters in an interview.

"In terms of our initial expectations, our sales in Japan are missing a zero," Tofukuji said.

Foreign automakers had just a 6% share of the 3.7 million new passenger cars sold in Japan last year.

But some Japanese government officials and industry insiders say BYD could pose a threat with an electric kei car, as consumers are particularly cost-conscious and there are few ultra-compact EVs. Electric cars are eligible for subsidies and tax breaks in Japan.

IN JAPAN FOR THE LONG HAULBy designing a car specifically for the world's fourth-largest auto market, BYD appears to be in Japan for the long haul, and determined to win over the country's famously picky consumers.

The effort comes as Chinese automakers scramble to boost their overseas sales in response to a brutal price war at home, taking market share from Japanese automakers in Southeast Asia.

"Japan's auto industry is one of the country's core industries and is highly competitive," said Eisuke Mori, a lawmaker and head of ruling Liberal Democratic Party's parliamentary automobile caucus. "But when it comes to EVs, Chinese automakers have been on the rise globally, and we have a strong sense of crisis about that," he said in a written response to questions.

Although BYD has yet to pose much of a challenge to Japanese car companies in the domestic market, the government was nevertheless paying close attention, Mori said.

His comments were echoed in private by more than half a dozen government officials and auto industry insiders, all of whom declined to be identified because of the sensitivity of the topic.

Some of those individuals were stark in their assessment of the potential challenges to Japan, with three saying BYD represented a much-needed wake-up call for Japanese automakers that have focused primarily on hybrid technology, while falling behind on EVs.

DESIGNED FOR SHORT TRIPS AND MODEST BUDGETSThe decision to sell a kei car came after some BYD company executives made a stop-over in Tokyo in 2023 and saw how prevalent the cars were, BYD's Tofukuji said.

"They saw how many kei cars were on the roads and were struck by the sheer variety of body styles. I think that’s when they really got a sense of the Japanese market."

Designed for short trips on narrow roads, kei cars are largely unavailable outside Japan and can be no more than 3.4 m (11 ft) long and 1.48 m wide with an engine no larger than 660 cc.

The ultra-compact size - the engine is roughly a third of the Toyota

(7203.T), opens new tab Corolla's smallest - means kei cars are sluggish on hills and highways, but can squeeze into the tightest of parking spots.

The size also means lower taxes for drivers.

Japan's most popular kei model is Honda's N-Box series, which starts at around $11,400. Around 200,000 of the cuboid, four-door, four-seaters were sold last year. Nissan offers a kei EV, the Sakura, that starts at around $17,000. Last year it sold around 23,000 of them, according to industry data.

BYD believes there is big potential demand for EVs in Japan as more people move away from petrol cars and it aims to have a presence in all of Japan's 47 prefectures by the end of next year, Tofukuji said.

He declined to disclose the expected price of the kei EV.

SELLING IN JAPAN AS A STATUS SYMBOL"For Chinese automakers, being able to sell in Japan is a kind of status - a sign they've become a true car manufacturer," said Koji Endo, chief executive analyst at SBI Securities.

Some of the government officials said they were concerned about the challenge from BYD. But they said Japan was unwilling to resort to protectionism, which would lead to action at the World Trade Organization and retaliatory measures in the Chinese auto market, the world's largest and an important one for Japanese carmakers.

Japan's new prime minister, Sanae Takaichi, has previously mentioned support for scrapping EV subsidies that she said only benefited BYD and Tesla

(TSLA.O), opens new tab. The government is considering a temporary freeze on tax breaks for cars based on emissions, which typically benefit EV makers, Reuters recently reported.

The EV subsidy scheme was rejigged last year to take into account factors like the number of charging stations built by the automaker. As a result, BYD customers now get a subsidy of 350,000 yen ($2,300), when previously they were eligible for as much as 850,000 yen.

Making inroads in Japan will likely require BYD to compete on price, Endo said.

"People buy kei cars because they’re cheap. So BYD will likely use very strategic pricing at first to gain market share."

Reporting by Maki Shiraki, Yoshifumi Takemoto, Daniel Leussink, Tamiyuki Kihara, Kentaro Okasaka and Makiko Yamazaki; Writing by David Dolan; Editing by Jamie Freed

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

Daniel Leussink is a correspondent in Japan. Most recently, he has been covering Japan’s automotive industry, chronicling how some of the world's biggest automakers navigate a transition to electric vehicles and unprecedented supply chain disruptions. Since joining Reuters in 2018, Leussink has also covered Japan’s economy, the Tokyo 2020 Olympics, COVID-19 and the Bank of Japan’s ultra-easy monetary policy experiment.

VANCOUVER, British Columbia, Oct. 28, 2025 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a leading vertically integrated blockchain and data center technology company, announces the signing of a second Memorandum of Understanding (“MOU”) with Malahat Nation’s Economic Development Corporation (“YOS”) stating the intent to create the Malahat-DMG Utility Limited Partnership (MDULP) — a Malahat majority-owned private and regulated utility that will provide electricity and natural gas to emerging clean technology and digital infrastructure projects on Malahat lands.

This builds on a prior 2024 MOU with YOS outlining the intent to develop a total of 30 megawatts of sovereign artificial intelligence (AI) data centers, evenly split between the two parties to co-develop Canada’s first Indigenous-led AI data centers. Both MOUs are expected to result in definitive agreements, which, in tandem, would create the utility that, in turn, powers the AI data center facility and all community infrastructure located on Malahat Nation lands near Mill Bay, BC. This agreement would represent a first-of-its-kind Indigenous-led regulated utility in British Columbia and a significant milestone in the development of Canada’s first Indigenous-led AI data center campus.

Under the MOU, Malahat and DMG will jointly develop and operate new energy infrastructure, including substation upgrades, BC Hydro utility interconnections, and future natural gas distribution rights in partnership with FortisBC. The initiative will provide stable, sustainable, and sovereign power to support AI computing, renewable energy, and industrial development on Malahat lands. Further information will be provided, if and when, the parties enter into definitive agreements.

Empowering Indigenous Energy Sovereignty

The partnership reflects the shared vision of both organizations: combining Malahat Nation’s leadership in Indigenous economic development with DMG’s expertise in power infrastructure, high-performance computing (HPC), and data center design. The collaboration will enable long-term job creation, training programs, and cultural investments for Malahat members while building the foundation for a new era of Indigenous-owned clean energy systems.

Gordon Harry, Chief of Malahat Nation, said, “This partnership is about more than infrastructure — it’s about sovereignty. By developing our own regulated utility, Malahat Nation is taking control of its energy future, ensuring that growth on our lands aligns with our environmental values and creates opportunities for our people.”

Sheldon Bennett, CEO of DMG Blockchain Solutions, added, “We’re honoured to work alongside Malahat Nation to design and deploy a Canadian Indigenous-led regulated utility. This partnership demonstrates how clean energy generation, digital infrastructure, and reconciliation can move forward together.”

Grant of Stock Options and RSUs

DMG announces the granting of stock options and RSUs to employees and directors of the Company. A total of 188,170 stock options (“Options”) and 1,250,000 restricted stock units (“RSUs”) have been granted. The Options are exercisable over five years at a price of $0.53 per share, with vesting in 25% increments on the six-, 12-, 18-, and 24-month anniversaries of the grant date. The RSUs vest in one year; these grants are designed to create an incentive structure that aligns longer-term performance with the Company's growth.

About The Malahat Nation

The Malahat Nation is a proud Coast Salish Indigenous community. We are situated between Victoria and Mill Bay, British Columbia, Canada, with reserve lands located on the western shore of Saanich Inlet, nestled beneath Yos mountain, commonly known as The Malahat, one of the most sacred sites on southern Vancouver Island.

The economic development corporation of Malahat Nation seeks business opportunities that align with Malahat laws and values. YOS’s mission is to support the growth of business and employment opportunities for members of Malahat and to support learning, family, health, culture and traditions while looking after the lands and resources of Malahat, to make a better world for future generations.

About DMG Blockchain Solutions Inc.

DMG is a sustainable, vertically integrated blockchain and data center technology company that develops, manages, and operates comprehensive platform solutions to monetize the blockchain ecosystem. The company’s operations are driven by two strategic pillars: Core and Core+, both unified by DMG’s commitment to vertical integration and environmentally responsible practices. DMG’s subsidiary Systemic Trust Corporation is focused on custody of digital assets.

For more information on DMG Blockchain Solutions, visit: www.dmgblockchain.com

Follow @dmgblockchain on Twitter and subscribe to DMG's YouTube channel.

For further information, please contact:

On behalf of the Board of Directors,

Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: [email protected]
Web: www.dmgblockchain.com

For Investor Relations:
[email protected]

For Media Inquiries:
Colin Doylend
Head of Business Relationships
+1 (604) 338-8543
[email protected]

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding presenting at upcoming conferences, DMG’s strategies and plans, developing and executing on the Company’s products and services, working towards definitive agreements with the Malahat Nation that support both AI and the power generation to energize that AI and the expected outcomes and benefits from this transaction and relationship, the opportunity and plans to monetize bitcoin transactions and provide additional products and services to customers and users, the continued investment in Bitcoin network software infrastructure and applications, the expected allocation of capital, developing and executing on the Company’s products and services, increasing self-mining, increasing hashrate, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate mining difficulty.

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company's financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; the demand and pricing of AI data centers and usage; security threats, including a loss/theft of DMG's bitcoin; DMG's relationships with its customers, distributors and business partners; the inability to add more power to DMG's facilities; DMG's ability to successfully define, design and release new products in a timely manner that meet customers' needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG's business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment and/or infrastructure failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company's ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG's products, services and blockchain and AI technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.