Market Signal Briefing

, /PRNewswire/ -- Greenland Technologies Holding Corporation (Nasdaq: GTEC) ("Greenland" or the "Company"), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced the closing of its previously announced underwritten public offering of 5,083,330 units (the "Units") at a public offering price of $1.20 per Unit. Each Unit consists of one ordinary share of the Company (each, an "ordinary share" and collectively, the "ordinary shares") and four-fifths of one warrant (each, a "warrant" and collectively, the "warrants"), with each whole warrant exercisable for one ordinary share.

The Units were not certificated or issued as stand-alone securities. The ordinary shares and warrants included in the Units were immediately separable and were issued separately in the offering. The warrants are immediately exercisable upon issuance, have an exercise price of $1.20 per share, or by means of a zero price exercise, and will expire three years from the date of issuance. There is no established trading market for the Units or the warrants, and the Company does not intend to list the Units or the warrants on any securities exchange or other trading market. The ordinary shares are listed on The Nasdaq Capital Market under the symbol "GTEC."

The gross proceeds from the offering were approximately $6.1 million, before deducting underwriting discounts and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

The offering was conducted on a firm commitment basis. Joseph Stone Capital, LLC acted as the sole underwriter for the offering. Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the Company, and Sichenzia Ross Ference Carmel LLP acted as U.S. securities counsel to Joseph Stone Capital, LLC in connection with the offering.

The offering was made pursuant to a registration statement on Form S-1, as amended (File No. 333-292412) (the "Registration Statement"), which was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on January 26, 2026. The offering was made only by means of a prospectus forming part of the effective registration statement. A final prospectus related to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus may be obtained from Joseph Stone Capital, LLC, by standard mail to Joseph Stone Capital, LLC, 585 Stewart Ave, Suite L60-C, Garden City, NY 11530, via email at [email protected], or by telephone at +1 (888) 302-5548.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Greenland Technologies Holding Corporation

Greenland Technologies Holding Corporation (Nasdaq: GTEC) is a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles. For more information, please visit the Company's website at https://ir.gtec-tech.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including statements regarding the expected use of proceeds from the offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Registration Statement, the Company's quarterly report on Form 10-Q, filed with the SEC on November 7, 2025, and other filings with the SEC.

SOURCE Greenland Technologies Holding Corporation

January 29, 2026 16:10 ET  | Source: Navios Maritime Partners L.P.

PIRAEUS, Greece, Jan. 29, 2026 (GLOBE NEWSWIRE) -- Navios Maritime Partners L.P. ("Navios Partners") (NYSE:NMM) announced today that its Board of Directors has declared a cash distribution of $0.05 per unit for the quarter ended December 31, 2025. This distribution represents an annualized distribution of $0.20 per unit.

The cash distribution will be payable on February 12, 2026 to unit holders of record as of February 9, 2026.

About Navios Maritime Partners L.P.
Navios Partners (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.

Forward-Looking Statements
This press release contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners’ expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ability to take advantage of dislocation in the market and Navios Partners’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters and Navios Partners’ ability to refinance its debt on attractive terms, or at all. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Partners at the time these statements were made. Although Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements.

Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, the economic condition of the markets in which we operate, shipyards performing scrubber installations, construction of newbuilding vessels, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, wars, sanctions, diseases, pandemics, political events, piracy or acts by terrorists; uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry and liquid cargo shipping sectors in general and the demand for our dry bulk, containerships and tanker vessels in particular, fluctuations in charter rates for dry bulk, containerships and tanker vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, fluctuation in interest rates and foreign exchange rates, increases in costs and expenses, including but not limited to: crew, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; the growing expectations from investors, lenders, charterers, and other market participants regarding our sustainability practices, as well as our capacity to implement sustainability initiatives and achieve our objectives and targets; and other factors listed from time to time in Navios Partners’ filings with the Securities and Exchange Commission, including its Form 20-Fs and Form 6-Ks. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Partners makes no prediction or statement about the performance of its common units.

Contacts
Public & Investor Relations Contact:
Navios Maritime Partners L.P.
+1.212.906.8645
[email protected]

Nicolas Bornozis
Capital Link, Inc.
+1.212.661.7566
[email protected]

January 29, 2026 16:10 ET  | Source: CVRx, Inc.

MINNEAPOLIS, Jan. 29, 2026 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases, today announced that it plans to release fourth quarter 2025 financial and operating results after market close on Thursday, Feb. 12, 2026. The Company will host a conference call to review its results at 4:30 p.m. Eastern Time the same day.

A live webcast of the investor conference call will be available online at the investor relations page of the Company’s website at ir.cvrx.com. To listen to the conference call on your telephone, please dial 1- 877-704-4453 for U.S. callers, or 1-201-389-0920 for international callers, approximately ten minutes prior to the start time.

About CVRx, Inc.

CVRx is a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases. Barostim™ is the first medical technology approved by FDA that uses neuromodulation to improve the symptoms of patients with heart failure. Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery. The therapy is designed to restore balance to the autonomic nervous system and thereby reduce the symptoms of heart failure. Barostim received the FDA Breakthrough Device designation and is FDA-approved for use in heart failure patients in the U.S. It has been certified as compliant with the EU Medical Device Regulation (MDR) and holds CE Mark for heart failure and resistant hypertension in the European Economic Area. To learn more about Barostim, visit www.cvrx.com.

Investor Contact:
Mark Klausner or Mike Vallie
ICR Healthcare
443-213-0501
[email protected] 

Media Contact:
Emily Meyers 
CVRx, Inc. 
763-416-2853
[email protected] 

Scancell Holdings plc (SCNLF) Q2 2026 Earnings Call January 29, 2026 9:00 AM EST

Company Participants

Mary-Ann Chang
Phillip L'Huillier - CEO & Director
Sathijeevan Nirmalananthan - CFO, Company Secretary & Director

Conference Call Participants

Julie Simmonds - Panmure Liberum Limited, Research Division
Edward Sham - Singer Capital Markets Securities Limited, Research Division

Presentation

Mary-Ann Chang

Good morning and good afternoon to all our listeners. Welcome to Scancell's results call for the 6 months ended 31st of October 2025. My name is Mary-Ann Chang, Investor Relations. And with us presenting today, we have our CEO, Phil L’Huillier; and our CFO, Sath Nirmalananthan. After the presentation, we'll conduct a Q&A session for which you may submit written questions at any point during the webcast. Before we start, a few housekeeping items. This call is being recorded. [Operator Instructions] Please note, today's discussion will include forward-looking statements, which are based on current expectations and assumptions. Actual results may differ materially, and we encourage you to review our filings for more information on risks and uncertainties.

With that, I'll now turn the call over to our CEO, Phil L’Huillier, to get us started. Over to you, Phil.

Phillip L'Huillier
CEO & Director

Thank you, Mary-Ann. Hello, everybody. Thank you for joining this Scancell update. Both myself and Sath will present this update to you this afternoon. This is our disclaimer. Here's a summary slide of the highlights for the interim period that we're summarizing. iSCIB1+ as a novel DNA active immunotherapy has shown and is showing best-in-class potential. It has the potential to redefine the standard of care in first-line unresectable melanoma, a really terrible condition. This is a significant unmet need and a large market opportunity, blockbuster opportunity as pharma calls it. And we're now at the stage of being registrational ready to move this product forward into a Phase III registrational study.

, /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) announced today that it will release its financial results for the fourth quarter and fiscal year 2025 after the market close on Wednesday, February 11, 2026.

The Company will host an earnings conference call reviewing these results and its operations beginning at 9:00 a.m. ET on Thursday, February 12, 2026. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website, www.safeholdinc.com, in the "Investors" section.

The dial-in information for the live call is:

Dial-in:

877.545.0523

International:

973.528.0016

Access Code:

239703

A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:00 p.m. ET on February 12, 2026 through 12:00 a.m. ET on February 26, 2026 by calling:

Replay:

877.481.4010

International:

919.882.2331

Access Code:

53587

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.

Company Contact:
Pearse Hoffmann
Senior Vice President
Head of Corporate Finance 
T 212.930.9400
E [email protected]

SOURCE Safehold

WEST PALM BEACH, Fla., Jan. 29, 2026 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that it will hold a conference call on Thursday, February 12, 2026 at 8:30 a.m. (ET) to review the Company’s fourth quarter and full year 2025 operating results.

All interested parties are welcome to participate. You can access the conference call by dialing (800) 267-6316 or (203) 518-9783 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through February 26, 2026, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11160700.

Preliminary Financial Results

On January 26, 2026, the Company disclosed preliminary financial results for the fourth quarter and full year 2025, which can be found on its Shareholder Relations page under SEC Filings here.

About Onity Group

Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

For Further Information Contact:

Investors:
Valerie Haertel, VP, Investor Relations
(561) 570-2969
[email protected]

Media:
Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
[email protected]

Journalist

Posted: January 30, 2026

What started as tech to support “decentralization” has now found its footing in the financial world. With how things are shaping up, the future looks bright for decentralized finance (DeFi) and the way we handle money.

Payments are naturally the ground most L1 blockchains are now targeting as a bridge from TradFi to DeFi. Ripple’s [XRP] $1 billion acquisition of GTreasury last year, for instance, was a major step in line with this strategy.

Building on that move, Ripple and GTreasury have now teamed up to launch Ripple Treasury, aiming for faster cross-border payments by plugging XRPL rails into GTreasury’s enterprise-grade treasury software.

Source: X

As noted on Ripple’s official website, the goal of the treasury is to streamline financial operations for GTreasury’s network of 13,000 banks, offering 100% cash visibility and supporting flows of up to $12.5 trillion.

At the macro level, this move is another major boost for XRPL’s real-world adoption. Its native stablecoin, RLUSD, powers these payments by providing on-chain liquidity, faster settlement, and a seamless experience.

In short, this partnership shows how blockchain can do what traditional banks do, but faster, cheaper, and more efficiently. Naturally, it raises a key question: Is this Ripple’s first “real” step toward outpacing TradFi?

Ripple brings blockchain speed to banks Ripple’s RLUSD is showing its growing impact in the market. 

According to DeFiLlama, its circulating supply on XRPL has jumped 15.36% over the past 30 days, bringing the total to 388 million. That’s 60 million added in on-chain liquidity, ready as dry powder for real-world use.

And it’s not stopping there. The total stablecoin market on XRPL hit a $400 million ATH, with $100 million added so far in 2026. RLUSD makes up 83% of that, cementing its role as the backbone of the network’s liquidity.

Source: DeFiLlama

In this context, Ripple’s push into TradFi isn’t random.

Instead, its growing stablecoin presence is positioning XRPL as a bridge.  Think of it this way: RLUSD acts like a digital highway, letting banks move money instantly while still connecting to the systems they already use.

However, with Ripple Treasury now in place, the system adds a full suite of enterprise-grade treasury tools like liquidity management, risk oversight, and payments, bringing blockchain speed straight into traditional finance.

Against this backdrop, the Ripple–GTreasury partnership isn’t just another move to support banks. Instead, it’s a strategic push into the heart of TradFi, using stablecoins to make banking operations more efficient.

Final Thoughts Ripple and GTreasury have launched a Ripple Treasury to integrate XRPL rails with GTreasury’s enterprise-grade tools. Ripple is positioning XRPL as a bridge for traditional finance, using stablecoins to make banking faster, cheaper, and more efficient.

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.

20h05 ▪ 4 min read ▪ by Eddy S.

Summarize this article with:

Solana, one of the most promising blockchains in the crypto sector, is going through a quiet but deep crisis. In three years, its number of validators has dropped by 68%, falling from 2,560 to only 795 in January 2026. Behind these figures lies a frightening reality… How did we get here? What are the consequences for Solana’s future?

In brief Solana has lost 68% of its validators since 2023, dropping from 2,560 to 795 due to rising costs and fee competition. The Nakamoto coefficient has dropped by 35%, signaling an increased concentration of power in the hands of a handful of crypto validators. Despite record transaction volumes, Solana must find a balance between efficiency and fairness. Solana Validators Abandon Ship: Will the Network Hold? The data speaks for itself. Indeed, Solana has lost 68% of its validators since its peak in March 2023. According to Solanacompass, only 795 active validators remain today, compared to over 2,500 three years ago. This hemorrhage is mainly explained by:

The increase in operational costs; Fierce competition on fees, making the activity unprofitable for small operators.  Drastic drop in Solana validators. Some validators have even publicly admitted considering shutting down their nodes, not due to lack of confidence in Solana, but because the economic equation no longer holds. Moreover, the situation is even more concerning as the Nakamoto coefficient, a key decentralization indicator, has also plunged by 35%, dropping from 31 to 20! Meaning the crypto network is now more vulnerable to power concentration in the hands of a few dominant players.

The 68% drop in the number of validators raises a fundamental question: Is Solana sacrificing its decentralization on the altar of performance? The crypto network justifies this evolution by maturation, arguing that fewer, but more robust validators would ensure better stability. Yet, the risks are real. Fewer nodes mean less geographical and technical redistribution. This could weaken network security against attacks or major outages.

Paradoxically, despite this drop, the transaction volume remains exceptionally high, nearly reaching 100 million per day. A performance that barely hides internal tensions. Within the crypto community, debates are raging. On one side, some see it as a natural evolution. On the other, a pure and simple abandonment of blockchain founding principles. Between efficiency and decentralized ideals, Solana appears at a crossroads, with no clear outcome yet.

What Solutions to Avoid the End of Solana? Facing this crisis, initiatives are emerging to try to stop the validators’ exodus. The Solana Foundation has launched support programs, such as the Solana Foundation Delegation Program (SFDP), aimed at financially helping small operators. However, the results remain mixed: while the number of independent validators has slightly increased, most nodes remain controlled by a few institutional players.

Other avenues are being explored, such as optimizing operational costs or creating incentive mechanisms to attract new validators. Some even propose taking inspiration from models like Ethereum, where decentralization remains an absolute priority. But one question remains: Can Solana reconcile performance and fairness, or must it accept a more centralized network to survive?

The Solana validator crisis reveals a bigger dilemma… How far can a blockchain go in centralization without betraying its DNA? With 68% of its validators gone, the crypto network is at a turning point. Solutions exist, but their implementation will determine if Solana manages to preserve its balance between innovation and decentralization. And you, would you be willing to trust a network where decentralization is just a distant memory?

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

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.

XRP showed signs of stabilizing on Thursday following a sharp, market-wide sell-off earlier this week. Notably, on Tuesday, Bitcoin dropped below $88,000, pulling many altcoins down in its wake.

The broader crypto decline mirrored weakness in U.S. stocks and was compounded by growing geopolitical concerns, including President Trump’s plans for Greenland, which added to market uncertainty.

Nevertheless, analysts have highlighted several factors that could fuel a strong recovery for the fifth-largest cryptocurrency by market cap.

According to Santiment analysts, XRP has entered “Extreme Fear” territory, reflecting a sharp shift in sentiment among small retail traders. The firm tweeted Thursday that after a -19% drop since January 5, pessimism has reached historic highs. 

“Historically, this high level of bearish commentary leads to rallies. Prices move the opposite to retails’ expectations more often than not.” the analysts explained, suggesting potential upside in the near term.

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Elsewhere, popular analyst Javon Marks observed that XRP’s breakout pattern signals massive growth potential. He highlighted a “coil” chart pattern first identified in April 2024 at roughly $0.50, which later surged to a peak near $4 in 2025, reflecting a 580% gain before pulling back to around $2. 

Marks projects a minimum breakout target between $15–$20, implying more than 600% upside from current levels, based on trendline extensions and historical price behavior.

Other analysts have also echoed cautious optimism. Using the Elliot Wave pattern, Steph Is Crypto pointed out a wave 4 correction bottom at $1.79 on the XRP/USD chart and projected a wave 5 rise exceeding $3.

While he warned of “short-term hopium” signals, the overall assessment is that a potential rebound is likely, especially for traders who avoid panic-selling.

Meanwhile, the XRP/BTC pair has formed a year-long descending wedge, according to CryptoWZRD. The wedge developed after XRP’s explosive November 2024 run, during which it rose from 0.00000725 BTC to 0.00003062 BTC by early December, a 337% gain against Bitcoin. The consolidation that followed has kept XRP trading near the wedge’s lower trendline at roughly 0.00002135 BTC.

The analyst predicted that a breakout from this wedge could trigger a parabolic rally, potentially pushing XRPBTC to 0.000048, a 116% increase from current levels.

Further, he noted that if Bitcoin remains around $90,000 during this period, XRP could reach $4.32, setting a new all-time high.

At press time, XRP was trading at $1.78, reflecting a modest 6.41% drop over the past 24 hours. 

The XRP millionaire list breached 2,000 once again weeks after the OG coin’s mainstream media coverage.

Market Sentiment:

Bullish Bearish Neutral

Published: January 29, 2026 │ 7:11 PM GMT

Created by Gabor Kovacs from DailyCoin

In spite of the current market uncertainty, Ripple coin’s largest crypto whales have been seen stacking up the altcoin, defying the fearful trend that’s caught the retail by the nuts. Since the beginning of 2026, XRP’s market value dipped by 4%, but this modest figure comes along with 42 new millionaires, on-chain data suggests.

Mainstream Hit Births Millionaires: A Good Long-Term Look?According to Santiment, this vibe is totally different from what the on-chain sleuths had seen in Q4 of 2025. Interestingly, 784 XRP millionaires had signed off from October 5, 2025 until the New Year’s Eve, hinting at hefty profit-taking among largest crypto investors, popularly referred to as crypto whales.

🐳🦈 XRP's price is down a modest -4% since the start of 2026, but its amount of 'millionaire' wallets are rising for the first time since September. A net of +42 wallets with at least 1M $XRP have returned to the ledger, an encouraging sign for the long-term. pic.twitter.com/nmB4hCxtZO

— Santiment (@santimentfeed) January 28, 2026 Once 2026 kicked in, XRP’s price didn’t necessarily burst out with gains, but the change was there. A CNBC report had acknowledged XRP coin to be the ‘hottest crypto play’ of the year, meaning that Ripple’s native coin had garnered unprecedented mainstream attention. On top of that, the regulatory path looks crystal clear compared to what it was a year ago.

Sponsored

Having settled with the SEC, Ripple even applied for a traditional banking license last Summer. With the results still pending, the stablecoin-focused Clarity Act puts Ripple’s own RLUSD stablecoin at the pedestal for federal-grade integration. Eventually, this is expected to give a huge liquidity boost to the broader XRP Ledger ecosystem, including XRP coin.

Broader Trend Still Dubious, XRP’s 25% Below Key Trend-lineWhile defying the broader market trend, the upswing isn’t structural yet. XRP’s price remains sustained in a corrective wave, another fresh report from Crypto Quant suggests. XRP coin has closed in the $1.82 – $1.95 price range for the past week, but the current price of $1.88 mirrors the mild panic – XRP’s $2 entrance was denied twice in 7 days.

According to Crypto Quant, XRP’s 200-day moving average sits at $2.54, a territory unclaimed since mid-November, 2025. The Sharpe Ratio also remained super-low at 0.034, meaning that the market participants lack a decisive direction, hibernating in “wait-&-see” mode as political tensions continue to rattle the globe’s financial markets.

Stay in the loop with DailyCoin’s top crypto news:
Analyst: “Traders Are Drowning In Data For The Wrong Reasons”
Strive Breaks Into Top 10 Bitcoin Treasuries After Major Debt Cleanup

People Also Ask:What does the “Millionaire Club” refer to for XRP?

Wallets holding at least 1 million XRP tokens (valued in the millions USD at current prices). Santiment tracks this as a key whale/large-holder metric for long-term sentiment.

How many millionaire wallets have been added recently?

A net +42 wallets with 1M+ XRP have returned since January 1, 2026—the first growth since September 2025. This reverses prior declines (e.g., -784 from October to December).

What’s the current total number of XRP millionaire wallets?

Around 2,016 as of late January 2026, up from recent lows in the 1,915–1,974 range. The chart shows steady growth in early 2026 after months of outflows.

Is this bullish for XRP price?

Encouraging long-term sign—whale accumulation during dips often precedes rallies. But short-term price needs catalysts to confirm upside; broader market chop remains a factor.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

Market Sentiment

100% Bullish

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

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

Happy Thursday! Bitcoin BTC has slumped to its lowest level in two months amid a broader crypto downturn that's seen more than $1 billion in 24-hour liquidations, with gold and equities also giving up gains.

In today's newsletter, the Ethereum ETH Foundation brings back The DAO, Tether USDT CEO Paolo Ardoino denies taking a position in the stablecoin yield debate, the Senate Agriculture Committee advances its crypto bill, and more.

Meanwhile, OP token holders approve a buyback plan redirecting 50% of Optimism protocol revenue to OTC swaps.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

'The DAO is back!': Ethereum dev Griff Green to use unclaimed hack funds for new security effort Ethereum developer Griff Green, who helped found The DAO, said unclaimed funds from its infamous 2016 hack will be redeployed to launch a new Ethereum security initiative.

"The DAO is back … and that may scare some people, but this time it shouldn't be so scary," Green said in an interview with journalist Laura Shin, who wrote a book uncovering secrets about the exploit. Around 20% of the original DAO recovery funds, once worth $6 million and now estimated at around $200 million, were never claimed by affected users, he explained. The new effort, called the TheDAO Security Fund, plans to stake roughly 75,000 ETH and use the yield to finance ongoing security operations. Green said the fund will operate in coordination with the Ethereum Foundation as part of its broader "Trillion Dollar Security" initiative. Funding allocations will rely on bottom-up mechanisms such as quadratic funding, retroactive grants, and ranked-choice RFPs, he noted. TheDAO Security Fund named prominent Ethereum security experts, including Vitalik Buterin, MetaMask's Taylor Monahan, and ZisK's Jordi Baylina, as curators. Tether pushes back on reports it sides with banks on stablecoin yield Tether CEO Paolo Ardoino said the company does not have a stake in proposed restrictions on stablecoin yield being debated as part of ongoing crypto market structure legislation because USDT does not distribute rewards to users.

He pushed back on reports suggesting Tether is aligned with banks after its new U.S. operation met with members of the Senate Banking Committee. "We don't take a position on the matter," Ardoino told The Block. "Tether doesn't share yield. So we don't have much beef in this fight." The treatment of stablecoin rewards has emerged as a major sticking point in crypto legislation, pitting banks against parts of the crypto industry. Senate Agriculture Committee advances digital asset bill as Trump's crypto ties block bipartisan support Meanwhile, the Senate Agriculture Committee advanced its version of the crypto market structure bill in a 12–11 party-line vote on Thursday, with Democrats citing President Donald Trump's crypto ties as a barrier to bipartisan support.

The bill would expand the Commodity Futures Trading Commission's oversight of digital assets and include protections for decentralized finance and noncustodial software developers. Democratic lawmakers pushed amendments addressing what they described as Trump's conflicts of interest, but the committee rejected those proposals during the markup. The legislation now heads toward a contentious path through the Senate Banking Committee, where earlier divisions and Coinbase's withdrawal of support have already stalled progress. SEC clarifies rules for tokenized securities, placing asset class under federal securities laws The Securities and Exchange Commission said tokenized securities remain subject to federal securities laws, including registration, disclosure, and compliance obligations, regardless of their onchain format.

The agency defined tokenized securities as traditional financial instruments represented as crypto assets with ownership records maintained on blockchain networks. SEC guidance outlined multiple tokenization models, including issuer-sponsored, third-party custodial, and synthetic "linked securities," all of which fall under existing regulatory frameworks. The clarification comes as exchanges look to launch securities trading services, like Kraken's xStocks and Robinhood's Arbitrum-based tokenized stocks. OpenAI social network could tap World's eyeball-scanning Orbs OpenAI is exploring the use of World's eyeball-scanning Orb technology to verify real humans on its proposed social network, according to a report from Forbes. The effort could bring together two Sam Altman-founded projects as OpenAI looks to build a bot-free platform powered by its ChatGPT and Sora ecosystem. World, formerly Worldcoin, claims to have signed up more than 17 million users by offering its WLD token to people who complete in-person biometric scans, despite ongoing privacy concerns. In the next 24 hours U.S. PPI data are released at 8:30 a.m. ET on Friday. U.S. FOMC member Michelle Bowman will speak at 3 p.m. Celo and Zora are among the crypto projects set for token unlocks. WallStreetBets Live 2026 concludes in Miami. Adopting Bitcoin Cape Town and Plan ₿ Forum El Salvador both get underway. Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT and reviewed and edited by our editorial team.

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

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

TL;DR:

Paolo Ardoino denied that Tether is allied with banks to restrict stablecoin interest in U.S. legislation. Traditional banks fear that yield-bearing stablecoins could trigger a massive flight of deposits toward the digital ecosystem. The dispute over digital asset rewards continues to block the progress of a comprehensive crypto market law. Tether CEO Paolo Ardoino has pushed back against reports linking the world’s largest stablecoin issuer with the interests of traditional banking. Ardoino was emphatic in stating that his firm’s position is neutral, clarifying that its business model does not include yield sharing.

The executive emphasized that Tether “has no beef in this fight,” debunking rumors of a supposed alliance with the Senate Banking Committee. Notably, his statements come amid a heated debate over whether issuers should be required to share their profits with end-users.

Unlike its competitors, the firm focuses on maintaining USDT’s stability without entering the direct competition for deposits through interest rates. Consequently, its focus remains on liquidity and regulatory infrastructure rather than the dispute over yields.

The Legislative Conflict: Banking vs. the Crypto Industry The primary point of friction so far is the GENIUS Act. This bill prohibits the direct payment of interest but allows for rewards through third-party platforms. This legal loophole has alerted banking entities, which view stablecoins as a direct threat to their balance sheets.

On the other hand, companies like Coinbase have withdrawn their support for certain versions of the bill due to excessive restrictions on DeFi rewards. This internal division within the private sector is delaying the consensus needed for the regulations to move forward in the U.S. Senate.

In summary, by remaining neutral, Tether seeks to protect its dominant position without alienating regulators or banks. Meanwhile, the future of crypto legislation continues to depend on how the complex dilemma of financial yields on the blockchain is resolved.

In brief Metaplanet closed a $137 million raise via 24.5M shares and 1-year warrants for Bitcoin purchases. The firm's stock dropped from a $15.35 peak in May 2025 to $2.77 recently, though it's up so far in 2026. The proliferation of Bitcoin treasury firms has fragmented investor attention and liquidity, analysts say. Japanese Bitcoin treasury firm Metaplanet just closed a $137 million sale of shares and one-year warrants to buy more BTC.

The raise includes 24,529,000 newly issued common shares sold through a third-party allotment to overseas buyers, the company said in a company filing it shared Thursday on X.

The company explained that it selected this structure for its raise to "distribute dilution over time," setting warrant exercise prices above current trading levels. "While this fundraising will result in dilution to the company's ordinary shares, allocating the proceeds primarily to Bitcoin acquisition is expected to increase BTC holdings per share," Metaplanet said in its filing.

The company will have one year, beginning February 16, 2026, to use the funds, the filing said. Metaplanet currently holds just shy of $3 billion worth of Bitcoin, with 35,102 BTC.

But it hasn't all been smooth sailing for the Japanese firm. In 2025, the company saw its share price peak at $15.35 in May and spent the remainder of the year sliding to $2.50.

The stock, which trades under the MTPLF ticker on the OTC Markets OTCQX, has climbed 7% since the start of the year and was changing hands for $2.77 at the time of writing.

In November 2025, Metaplanet borrowed $100 million against its Bitcoin holdings to fund another BTC buy.

At the time of writing, Bitcoin was changing hands for $83,541 after having dropped by more than 6% in the past day, according to price aggregator CoinGecko. Bitcoin hit its lowest price since November earlier Thursday.

Equities have taken a hit too, with the S&P 500 losing 0.53% and the Nasdaq dropping 1.27% since the open on Thursday. Lawmakers in D.C. are still in gridlock as the U.S. government faces a partial shutdown if the Senate fails to advance a spending measure before Saturday.

Digital asset treasuries like Metaplanet experienced a huge surge last year as many companies copied the playbook pioneered by Strategy, the first Bitcoin treasury company with just shy of $60 billion in current holdings.

But the explosion of companies pursuing crypto treasuries has diluted investor attention, Ram Ahluwalia, CEO and co-founder of investment advisor Lumida Wealth, told Decrypt.

“There’s been a proliferation of these, and it’s led to attention fragmentation and liquidity fragmentation,” he said. “I think you’ll see some M&A in the category, but it's still early, and we have to see who's going to play that role.”

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Tesla’s long-running flirtation with Bitcoin took a mark-to-market hit in the fourth quarter, even as the electric-vehicle maker delivered stronger-than-expected earnings and doubled down on Elon Musk’s broader tech ambitions.

Summary

Tesla held steady on its Bitcoin position through the end of 2025, but booked a sizable unrealized loss as crypto prices slid late in the year. The EV maker reported $1.008 billion in digital assets as of Dec. 31—down 23% from the prior quarter—resulting in a $307 million paper loss after two consecutive quarters of unrealized gains. The decline mirrors Bitcoin’s own Q4 swoon; it fell roughly 23.7% over the period. Tesla Inc. disclosed Wednesday that it held steady on its Bitcoin position through the end of 2025, but booked a sizable unrealized loss as crypto prices slid late in the year. The company reported $1.008 billion in digital assets as of Dec. 31—down 23% from the prior quarter—resulting in a $307 million paper loss after two consecutive quarters of unrealized gains.

The decline mirrors Bitcoin’s own fourth-quarter swoon. The world’s largest cryptocurrency fell roughly 23.7% over the period, a move that closely tracked the drop in the reported value of Tesla’s digital assets. While Tesla does not break out its crypto holdings, on-chain analytics firm Arkham Intelligence says the company’s stash consists entirely of Bitcoin—11,509 BTC that remained unchanged quarter over quarter.

Tesla’s relationship with Bitcoin dates back to January 2021, when it made waves by purchasing $1.5 billion worth of the cryptocurrency. The automaker briefly accepted Bitcoin as payment for vehicles before suspending the option, citing environmental concerns tied to energy-intensive mining.

Despite the crypto paper loss, Tesla’s core business showed resilience. The company posted better-than-expected fourth-quarter earnings and revenue, reassuring investors after a volatile year for both equities and digital assets. Tesla also revealed a $2 billion investment to acquire shares in Musk’s artificial intelligence startup, xAI, underscoring its expanding bets beyond cars and energy.

Bitcoin was trading around $88,511 late Wednesday, while Tesla shares rose nearly 2% in after-hours trading, signaling Wall Street’s focus remains firmly on fundamentals—even as crypto volatility lingers in the background.

The DAO, the infamous experiment that nearly broke Ethereum in 2016 and led to the creation of the Ethereum Classic fork, is quietly staging a return — this time as a $220 million security fund aimed at hardening the network it once imperiled.

Ripple (CRYPTO: XRP) and Coinbase Global Inc. (NASDAQ:COIN) have poured a combined $75 million into crypto super PAC Fairshake, yet find themselves on opposite sides of the crypto market structure bill. The Super PAC War Chest Fairshake announced Wednesday it raised $193 million total for the 2026 midterms, making it one of the best-funded political forces in the country according to Politico.

Cryptocurrency markets have shown limited momentum this week, with both Bitcoin and Ethereum lingering in narrow price ranges. This price action comes on the heels of the US Federal Reserve’s decision to keep interest rates unchanged. Traders and investors appeared to have taken a wait-and-see approach, leaving the largest digital assets stuck in consolidation without any breakout in either direction.

Fed Policy And Market Expectations The Federal Reserve chose to hold benchmark interest rates at 3.50-3.75% in its latest policy meeting on Wedensday, a decision that was largely anticipated by markets. Still, this meeting marked the first pause in policy easing since July 2025, ending a stretch where the central bank cut rates three times last year while assessing how the economy was responding to President Donald Trump’s combative fiscal and trade policies.

By choosing to step back from further cuts, policymakers have now taken a more cautious stance before adjusting rates again. However, two governors dissented, preferring a quarter-point cut. Stephen Miran, as well as Christopher Waller, advocated for a 25-basis-point cut.

The pause is continued caution about inflation and economic data, suggesting further easing won’t come without clear evidence of weaker economic conditions. In its statement, the Federal Reserve noted that the Committee is strongly committed to supporting maximum employment and returning inflation to its 2% objective. This kind of higher-for-longer message can dampen risk appetite, and cryptocurrencies, which are viewed as risk assets, are feeling the impact.

Bitcoin And Ethereum Locked In Tight Consolidation Recent price action across Bitcoin and Ethereum continues to indicate a market stuck in indecision. Bitcoin briefly tested the psychological $90,000 level but failed to establish acceptance above it, slipping back into a narrow range around $87,000 to $89,000. 

A recent rejection at $90,000 has limited upside follow-through and has kept both buyers and sellers cautious, as neither side has been able to take control. This lack of momentum is also reflected in steady outflows from Spot Bitcoin ETFs, which witnessed $28.1 million in outflows in the past 24 hours.

Ethereum has mirrored Bitcoin’s behavior almost step for step. The price broke above $3,000 very briefly in the past 24 hours, but it has since rejected and is back to trading around $2,900. This movement puts it oscillating within a tight band without delivering a decisive breakout or breakdown.

Interestingly, Spot Ethereum ETFs, on the other hand, had $28.10 million in inflows in the past 24 hours. Although on-chain indicators like increasing wallet participation show underlying engagement, those signals have yet to translate into a sustained bullish momentum. Profit-taking near the $3,000 resistance and uncertainty have continued to restrict short-term gains.

As it stands, both Bitcoin and Ethereum seem likely to remain confined to their current ranges until a stronger catalyst emerges.

BTC trading at $87,917 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com

Bitcoin's digital gold narrative eroded further on Jan. 29, as the cryptocurrency's price action mimicked the volatility of tech stocks rather than acting as an independent safe haven asset.

XRP has opened 2026 trading in a tight range under $2 as it failed to establish a clear trend in the year’s opening month.

However, underlying data suggests high-net-worth investors are accumulating the token despite the lack of price momentum.

Data from on-chain analytics firm Santiment revealed that the XRP network has added a net 42 “millionaire” wallets since the start of 2026. These are defined as addresses holding at least 1 million XRP.

XRP ‘Millionaire' Wallets (Source: Santiment)This marks the first increase in this specific cohort since September 2025. Notably, the shift has occurred even as XRP's price remained modestly lower on the year, suggesting that large holders are using the period of weakness to build positions.

This behavior significantly alters the market's internal dynamics as accumulation by large holders can serve as a leading indicator of a potential uptrend.

Moreover, the potential for a price shift increases when these accumulation patterns coincide with thinning sell-side liquidity, creating a scenario in which demand stabilizes just as available supply constricts.

Whales add exposure while price stays below the 200-day averageThe accumulation signal arrives in a market that remains technically fragile.

XRP is trading around $1.80, which is well below its 200-day moving average of $2.54.

This gap keeps the long-term technical picture tilted toward a corrective range rather than a confirmed uptrend, a status that typically forces momentum traders to remain on the sidelines until a breakout occurs.

Notably, risk-adjusted performance metrics reflect this cautious environment.

Cryptoquant data shows a 30-day Sharpe Ratio of approximately 0.034 for XRP. This reading is close to zero, indicating that recent returns have barely compensated investors for the volatility they have endured.

XRP Sharpe-Based Trend Regime (Source: CryptoQuant)Such conditions are characteristic of consolidating markets where traders receive minimal payment for taking directional risk.

Meanwhile, additional metrics reinforce the view of a market in equilibrium rather than one driven by a fresh impulse.

A Sharpe Z-Score of around 0.70 suggests that return quality has improved compared to its recent baseline, but the figure remains below the threshold typically associated with clear trend formation.

Additionally, the 7-day Sharpe Momentum stands at roughly 0.03. This marginally positive figure is consistent with a base-building phase rather than the sharp breakout required to attract new retail volume.

The tension between these technicals and the on-chain data defines the current market structure. The chart indicates that XRP is capped by long-term resistance, while wallet data suggests large holders are disregarding the technical ceiling to accumulate assets.

In a range-bound market, rallies are often treated as selling opportunities. However, if the market transitions to a trend phase, pullbacks are viewed as entry points.

So, XRP is currently testing which of these two regimes will dominate 2026.

XRP's exchange supply looks thin, but volume is still missingA potential driver of whale accumulation may be the tightening of supply on trading venues.

Another analysis from CryptoQuant showed that the proportion of XRP held on exchanges is currently in a “bottom zone,” suggesting that selling pressure has stabilized after a period of coins draining from exchanges.

In this framework, a decline in exchange-held supply can set the stage for sharper upside moves because fewer assets are readily available to be sold into a rally.

The analysis references prior market behavior, stating that declines in Exchange Supply Share have historically preceded price increases with a lag.

XRP Exchange Supply Share (Source: CryptoQuant)Specifically, the data points to the period from February to April 2025 as a precedent. Conversely, it notes that rising Exchange Supply Share aligned with distribution and market tops during July to September 2025.

However, the current setup is complicated by a lack of trading volume.

The analysis warns that the market has not yet seen the volume expansion necessary to confirm a trend. Without a surge in volume, any potential upside is more likely to manifest as a temporary relief bounce rather than a sustained rally.

This nuance is critical for positioning in 2026. If whales continue to accumulate while exchange balances remain low, the market risks becoming thin on the offer side.

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Thin markets can accelerate rapidly when demand returns, but they can also fail quickly if they encounter overhead resistance without sufficient follow-through buying.

XRPL is showing signs of fresh liquidityWhile supply metrics focus on available liquidity, activity on the XRP Ledger (XRPL) provides a signal regarding network utility.

CryptoQuant data notes that the XRPL began 2026 with a significant surge in decentralized exchange (DEX) usage. The 14-day moving average of DEX transaction counts reached approximately 1.014 million, breaking a ceiling that had held since early 2025 and marking a 13-month high.

XRPL DEX Transaction Count (Source: CryptoQuant)The use of a moving average in this data point is significant. While daily spikes in crypto activity can be attributed to short-lived incentives or noise, a breakout in a moving average implies sustained participation.

This suggests a consistent rise in recurring interactions and swaps, potentially indicating that liquidity is remaining sticky within the XRPL ecosystem.

Notably, investors often wait for narrative confirmation before pricing in sustained activity. However, activity breakouts can provide the evidence needed to support a later narrative re-rating.

For XRP, a token often driven by speculative positioning and legal headlines, a sustained pickup in on-chain DEX usage offers a fundamental baseline rooted in transaction volume rather than pure speculation.

What to watch for 2026Looking ahead to potential catalysts for the rest of the year, 21Shares sketched out a scenario framework for how a 2026 repricing in XRP could unfold.

The asset management firm tied outcomes to two variables, including ETF-driven demand and real-world usage across the Ripple ecosystem.

On the demand side, the firm pointed to the early footprint of US spot XRP ETFs. It noted the products gathered more than $1.3 billion in assets in their first month, alongside a 55-day run of consecutive inflows.

21Shares also highlighted a potential supply constraint, citing exchange reserves at a seven-year low of about 1.7 billion XRP, a setup it frames as a possible supply-shock mechanism if structural buyers keep adding exposure into a thinner float.

On the usage side, 21Shares argues the adoption story is increasingly being expressed through stablecoins and on-chain activity.

It flags RLUSD stablecoin growth, citing about 37,000 holders and a market cap that rose from $72 million to about $1.38 billion in under a year. It also noted that the total value locked in XRPL DeFi has surpassed $100 million, alongside protocol upgrades focused on tokenization.

In the firm’s view, XRP’s longer-term trajectory depends on whether those rails continue to deepen and whether investor demand holds alongside them.

According to 21shares, this mix has historically mattered for assets that spend long stretches compressing before abrupt repricing phases.

Based on those assumptions, 21Shares models a 2026 peak price of $2.45 in its base case, $2.69 in its bull case, and $1.60 in its bear case.

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M posts its strongest comp sales growth in 13 quarters as Bold New Chapter execution lifts results across Macy's and luxury banners.

Champion Iron Limited (CIA:CA) Q3 2026 Earnings Call January 29, 2026 9:00 AM EST

Company Participants

Michael Marcotte - Senior Vice President of Corporate Development & Capital Markets
David Cataford - CEO & Non-Independent Director

Conference Call Participants

Julio Mondragon - BMO Capital Markets Equity Research
Orest Wowkodaw - Scotiabank Global Banking and Markets, Research Division
Fedor Shabalin - B. Riley Securities, Inc., Research Division
Dalton Baretto - Canaccord Genuity Corp., Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to Champion's Third Quarter Results of the Financial Year 2026 Conference Call. [Operator Instructions]

I would now like to turn the conference call over to Michael Marcotte. Please go ahead.

Michael Marcotte
Senior Vice President of Corporate Development & Capital Markets

Thank you, operator, and thank you, everyone, for joining us here to discuss our third quarter results. Before we get going, I'd like to highlight, we'll be using a presentation that's available on our website at championiron.com. I'd like to highlight that throughout this call, we'll be making forward-looking statements. If you want to read more about forward-looking statements, risks and assumptions, you can also visit our MD&A, which is also available on our website.

Joining me here today includes many of our executives, including David Cataford, our CEO, who will be doing the formal portion of the presentation; and our COO, Alexandre Belleau. With that, I'll turn it over to David.

David Cataford
CEO & Non-Independent Director

Thanks, Michael. Thanks, everyone, for being on the call today. I'm very happy to be able to present the fiscal year 2026 third quarter results. In terms of the highlights, so we managed to produce roughly about 3.7 million tonnes during the quarter and sold just shy of 3.9 million tonnes also during the quarter. One of the big highlights as well is we've continued to improve on our

Bread Financial Holdings, Inc. (BFH) Q4 2025 Earnings Call January 29, 2026 8:30 AM EST

Company Participants

Brian Vereb - Head of Investor Relations
Ralph Andretta - President, CEO & Director
Perry Beberman - Executive VP & CFO

Conference Call Participants

Sanjay Sakhrani - Keefe, Bruyette, & Woods, Inc., Research Division
Moshe Orenbuch - TD Cowen, Research Division
John Hecht - Jefferies LLC, Research Division
Mihir Bhatia - BofA Securities, Research Division
Jeffrey Adelson - Morgan Stanley, Research Division
John Pancari - Evercore ISI Institutional Equities, Research Division
Reginald Smith - JPMorgan Chase & Co, Research Division
Vincent Caintic - BTIG, LLC, Research Division

Presentation

Operator

Good morning, and welcome to the Bread Financial Fourth Quarter 2025 Earnings Conference Call. My name is Kevin, and I'll be coordinating your call today. [Operator Instructions]

It is now my pleasure to introduce Mr. Brian Vereb, Head of Investor Relations at Bread Financial. The floor is yours.

Brian Vereb
Head of Investor Relations

Thank you. Copies of the slides we will be reviewing and the earnings release can be found on the Investor Relations section of our website at breadfinancial.com. On the call today, we have Ralph Andretta, President and Chief Executive Officer; and Perry Beberman, Executive Vice President and Chief Financial Officer.

Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are based on management's current expectations and assumptions and are subject to the risks and uncertainties described in the company's earnings release and other filings with the SEC. Also on today's call, our speakers will reference certain non-GAAP financial measures, which we believe will provide useful information for investors. Reconciliation of those measures to GAAP are included in our quarterly earnings materials posted on our Investor Relations website.

Copper surged by the most in more than 16 years after a wave of buying from Chinese investors, with prices gaining as much as 11% to trade above $14,500 a ton for the first time ever. Bloomberg's Mike McGlone joins to discuss with Paul Sweeney and Scarlet Fu.

CNBC's Deirdre Bosa reports on news regarding Microsoft's OpenAI exposure.

The Dutch semiconductor equipment maker has a bright future.

ASML's (ASML +1.73%) stock has roughly doubled over the past 12 months. The Dutch semiconductor equipment maker attracted significant attention as a long-term play on the growth of the AI market, since its lithography systems are essential for producing the top AI chips. However, I believe ASML's stock could soar even higher this year for three simple reasons.

1. It's a "picks and shovels" play for the AI infrastructure market ASML is the world's largest producer of lithography systems, which are used to optically etch circuit patterns onto silicon wafers. It's also the only producer of high-end extreme ultraviolet (EUV) lithography systems, which are used to manufacture the world's smallest and most densely packed chips. All of the most advanced foundries -- including TSMC (TSM 1.27%), Samsung, and Intel -- use its EUV systems to produce their most sophisticated chips.

Image source: Getty Images.

Fabless chipmakers -- including Nvidia (NVDA 0.50%), AMD (AMD 1.82%), Broadcom (AVGO 1.03%), and Qualcomm -- outsource their chip production to TSMC and other foundries. Those foundries couldn't manufacture those chips -- including the latest AI chips from Nvidia, AMD, and Broadcom -- without ASML's EUV systems.

That makes ASML one of the top "picks and shovels" plays on the AI infrastructure market, which could grow at a CAGR of 29.1% from 2025 to 2032, according to Fortune Business Insights. It's also a well-balanced way to profit from the AI market's long-term expansion without worrying about competitive pressure among individual chipmakers.

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2. The memory market is recovering ASML also sells many lithography systems to memory chipmakers like Micron (MU 0.06%), which uses its EUV systems to manufacture its newest DRAM chips and its older deep ultraviolet (DUV) systems to produce its older DRAM chips and NAND chips.

However, the memory market goes through boom-and-bust cycles. Its last bust occurred from 2022 to 2023, when the PC and smartphone markets stalled out, and rising interest rates drove many tech companies to throttle their data center expansions.

Yet in 2024 and 2025, a new boom began as the PC and smartphone markets stabilized, interest rates declined, and the AI market's breakneck growth drove more data centers to upgrade their solid-state drives (SSDs) and high-bandwidth memory (HBM) chips. That expansion, which analysts predict will continue for at least 2 more years, should complement broader demand for AI accelerator chips and boost ASML's EUV sales.

3. It recently raised its 2026 guidance In 2024, ASML's net sales only rose 3% to 28.3 billion euros ($33.8 billion), its gross margin stayed flat at 51.3%, and its earnings per share (EPS) fell 3%. That decline can be attributed to the export curbs against China, a temporary reduction in capex from its top customers, and slowing orders for its older "low-NA" EUV systems as it rolled out its newer "high-NA" EUV systems -- which can manufacture even smaller, denser, and more power-efficient chips.

Yet in 2025, ASML's net sales grew 16% to 32.7 billion euros ($39.1 billion), its gross margin expanded to 52.8%, and its EPS increased 28%. That acceleration was driven by the growth of the AI and memory markets, as well as the normalization of its sales in China. Its low-NA EUV system sales continued rising as it gradually deployed more high-NA EUV systems.

ASML's orders, which lag its revenues because its massive systems take months to build and ship, spiked in the second half of 2025, boosting its year-end backlog to 38.8 billion euros ($46.4 billion). That acceleration drove it to raise its 2026 revenue guidance to 34 billion ($40.7 billion) to 39 billion ($46.6 billion) euros -- which represents 12% growth at the midpoint. Analysts had previously only expected 7% growth.

ASML also expects its revenue to hit 44 billion euros ($52.6 billion) to 60 billion euros ($71.8 billion) by 2030. The midpoint of that forecast would imply a 10% five-year CAGR from 2025.

ASML deserves its premium valuation From 2025 to 2027, analysts expect ASML's EPS to grow at a 22% CAGR. Its stock might not seem like a bargain at 42 times this year's earnings. Still, its monopolization of the EUV market, its irreplaceable position in the global semiconductor market, and its exposure to the booming AI and memory chip markets all justify that higher valuation.