Market Signal Briefing

Asia Market Open: Bitcoin Range-Bound Near $88K As Asia Tech Loses Momentum, Gold Pushes Higher

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

Part of the Team Since

Jan 2024

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Bitcoin held near $88,000 early Thursday as Asian markets eased out of a hot streak in tech and investors shifted focus to earnings, central bank signals, and a fresh run higher in gold.

Shanghai rose 0.21% and DJ Shanghai gained 0.22%, and the SZSE Component slipped 0.10% and China A50 fell 0.20%. Hong Kong stood out as the Hang Seng jumped 1.22%.

Market snapshot Bitcoin: $88,527, down 0.7% Ether: $2,990, down 0.6% XRP: $1.89, down 0.1% Total crypto market cap: $3.08 trillion, down 0.6% Markets Torn Between Tech Hopes And Macro UncertaintyLukman Otunuga, senior market analyst at FXTM, said that markets are being pulled in two directions.

“On one hand, optimism around global equities and major tech earnings is supporting risk appetite. On the other, persistent trade uncertainty, sharp currency moves, and doubts around US fiscal and monetary policy are keeping investors on edge,” he said.

“With the dollar still vulnerable and big tech earnings accounting for a significant share of the S&P 500, the coming days could set the tone for risk sentiment well beyond this week.”

Gold and silver pushed to fresh all-time highs as investors stayed committed to physical assets, and oil hit a four-month top after President Donald Trump warned Iran of possible attacks if it did not make a deal on nuclear weapons.

Powell Signals Steady Policy As Markets Reprice Easing PathIn the US, the Federal Reserve kept rates on hold, and Chair Jerome Powell talked of a “clearly improving” economic outlook and broad support on the committee for a pause. Powell also sidestepped questions on whether he would remain as a governor after stepping down as chair in May as Trump presses for deeper cuts.

Traders then repriced the path ahead, with the chance of another easing by April pared back to 26% and June seen as the next likely window at 61%.

Earnings kept driving the equity story. Samsung Electronics reported a surge in operating profit as AI spending lifted chip prices, and markets also watched the split reaction to Microsoft and Meta, with investors turning next to Apple results.

Currency markets stayed unsettled as the dollar remained under pressure, even after US Treasury Secretary Scott Bessent reiterated the administration’s preference for a strong dollar, and European officials monitored the euro’s rise as the European Central Bank flagged that a steep move could influence rate decisions.

For crypto, the mood stayed cautious. Thin spot ETF activity and softer derivatives positioning kept bitcoin trading in a tight range, with traders looking for a clearer catalyst from risk markets, earnings, and the next signals from policymakers.

Tesla Inc. (NASDAQ:TSLA) retained its Bitcoin (CRYPTO: BTC)through the fourth quarter, but reported paper losses on the holdings on Wednesday Tesla Reports Unrealized Loss On Bitcoin Tesla held $1.008 billion in digital assets as of Dec. 31, down 23% from the previous quarter, according to the company's earnings report posted after the market close. The Elon Musk-led mobility giant reported paper losses of $307 million on its cryptocurrency holdings, reversing two consecutive quarters of paper profits.

Flare Networks says it has turned a chunk of XRP from an idle holding into something that can earn returns. The moves are recent and the numbers are concrete enough to grab attention, yet they raise as many questions as they answer.

Flare Bridging And Activity According to Flare, roughly 91.69 million XRP have been bridged onto its network. About 75% of that stock is said to be actively put to work onchain.

Reports say the Flare vault system shows 90.55 million XRP in its core vault after inflows and outflows were counted, and the FXRP wrapper is reported to hold 91.67 million tokens with a 100% reserve ratio.

The new Flare XRP Yield Vault crossed $10.54 million in TVL inside 30 days. That last figure is quick growth for a product aimed at XRP holders who until now had few options for earning yield.

How @FlareNetworks is becoming the center of XRP DeFi:

91M+ XRP bridged.
75%+ deployed onchain.

And now: the Flare XRP Yield Vault powered by @upshift_fi ’s modular vault infrastructure, bringing automated strategy execution, risk frameworks, and scalable yield to XRP for the… pic.twitter.com/VwnnCJVldC

— Flare ☀️ (@FlareNetworks) January 27, 2026

High Deployment Rate The high deployment rate suggests people are not simply parking assets to chase an easy bonus. Activity has been recorded across a set of strategies and the wrapped FXRP is being moved into other protocols.

That activity has been supported by a vault system built by Upshift, which automates yield processes and applies predefined risk controls. Reports indicate that returns are generated through a mix of onchain strategies, though details on how those yields may change over time have not been fully outlined.

XRP market cap currently at $117 billion. Chart: TradingView Based on past market patterns, yield levels across crypto platforms have tended to decline once incentive programs are reduced. At the same time, the use of bridges and smart contracts introduces added technical complexity, which has previously led to disruptions and losses across the sector.

Where The Yield Comes From Reports note that other firms have adopted similar models. Axelar and Hex Trust are among those that issued wrapped XRP tools that earn returns when deployed. That means multiple places are trying to make XRP productive.

At the same time, Ripple — the company closely tied to XRP — has been active on the business side: a $500 million funding round was reported in November, and regulatory steps in the UK were announced in January, including an Electronic Money Institution license and cryptoasset registration.

GTreasury, acquired by Ripple for $1 billion in October, launched a product called Ripple Treasury this month. These moves add weight to the wider story but do not change the mechanics of how onchain yield is created or kept.

Featured image from Yahoo Finance, chart from TradingView

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The long-awaited altcoin season may fail to meet expectations, according to comments shared by well-known market analyst Ted Pillows. In a recent post on X, Pillows pushed back against the popular belief that gains from Bitcoin and traditional safe-haven assets will naturally rotate into alts. This outlook is based on the analyst’s reconciliation with the fact that the structure of today’s crypto market is very different from past cycles.

Why Bitcoin Gains Have Not Flowed Into Altcoins Many crypto market participants have been waiting for many months for a capital rotation from Bitcoin into altcoins, a trend that played out in previous market cycles, most especially in 2021. However, this has yet to play out as expected, as the crypto industry’s dynamics have matured from speculative inflows from investors since then. 

Particularly, Pillows pointed to the current 2024/2025 market cycle as a clear example of misplaced expectations among altcoin holders. According to his assessment, the rotation into alts never materialized because the dominant buyers of Bitcoin were institutions, not retail traders. 

Institutional participants, he noted, tend to accumulate Bitcoin as a long-term asset and do not actively rotate capital into altcoins the way retail investors did in previous cycles. This market behavior from the new cohort of investors has contributed to a strong Bitcoin dominance even during periods of corrections. According to CoinMarketCap’s dominance index, Bitcoin’s dominance is currently at 58.9%.

The analyst extended this logic to current expectations around gold and silver. Right now, gold and silver are trading near record highs, with social media interest in these precious metals also at remarkable highs. Gold is currently trading above $5,270 per ounce and is steadily pushing to new highs. Silver is also pushing to new highs, currently trading around $113 per ounce.

Some market participants believe that strength in these precious metals could eventually translate into Bitcoin inflows and then into altcoins. However, according to Pillows, this won’t happen again, which might leave altcoin holders disappointed. He pointed to the fact that the primary buyers of gold and silver today are central banks, not retail investors. 

What Needs To Change Before An Alt Rally Despite the skeptical outlook, Pillows did not claim that altcoins are permanently sidelined. Instead, he outlined conditions he believes are necessary for a widespread altcoin rally to take shape. One is meaningful regulatory clarity, particularly through the approval of the Clarity Act, which could improve institutional confidence across the digital asset space. The Clarity Act, however, is currently facing delays in Congress.

The other condition for an altcoin rally is a return to aggressive liquidity expansion similar to the quantitative easing environment witnessed during the 2020/2021 cycle. Without those conditions in place, only a small subset of altcoins will manage to perform well, while many others will gradually lose relevance and slowly dump to zero.

Overall market cap excluding BTC at $1.21 trillion on the 1D chart | Source: TOTAL2 on Tradingview.com Featured image from iStock, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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

Key takeaways:

HYPE surged 60% to $34.90, fueled by institutional investor accumulation from Hyperliquid Strategies and reduced selling after staking unlocks.

Bearish liquidations exceeding $20 million and ARK Invest's bullish report fueled speculation despite flat perpetual volumes.

Hyperliquid (HYPE) surged to $34.90 on Wednesday, climbing from $21.80 just two days prior. The 60% rally triggered over $20 million in liquidations on bearish leveraged positions, fueling speculation of further gains toward $40. The move followed reports of a publicly listed company focused on digital asset reserves adding HYPE to its balance sheet, alongside diminished sell pressure following a large staking unlock.

X user lukecannon727 raised suspicions regarding whether the company Hyperliquid Strategies (PURR US) has been diverting flows away from market maker Flowdesk. This came after users flagged a 3.6 million HYPE accumulation initiated on December 12, 2025. The associated addresses staked the HYPE tokens a few hours after receiving them via Anchorage custody solutions.

Source: X/lukecannon727The analysis cites another 460,000 HYPE transferred from OKX and Bybit on Tuesday and subsequently staked via Anchorage, which is consistent with Hyperliquid Strategies' operational methods. PURR, the Nasdaq-listed digital assets treasury company, originated from a merger with Rorschach, a SPAC sponsored by venture capital firms Paradigm and Atlas Merchant Capital.

Did Hyperliquid flip Binance?Some market participants attributed HYPE’s price gains to an increase in Hyperliquid’s onchain activity, although synthetic perpetual volumes and fees showed no significant changes. Similarly, open interest on Hyperliquid totaled $8.5 billion on Tuesday, flat from one week prior. There is little evidence of a major shift in Hyperliquid usage apart from increased activity in silver contracts.

Hyperliquid daily fees and perpetual volumes, USD. Source: DefiLlamaHyperliquid’s official X account reported an all-time high in open interest on Monday, driven by a surge in synthetic commodities volumes. The information was reposted by Hyperliquid CEO Jeff Yan, who noted that Hyperliquid’s Bitcoin futures liquidity had surpassed Binance. The analysis included a snapshot comparing the BTC perpetual futures orderbooks from Binance and Hyperliquid.

Source: X/chameleon_jeffYan’s analysis suggested that Hyperliquid has become the epicenter for “crypto price discovery,” although this assumption omits that Binance’s aggregate BTC futures open interest stands at $12.3 billion. The centralized exchange also offers monthly contracts and contracts settled in both BTC and Tether (USDT). In reality, Binance BTC open interest remains five times larger than Hyperliquid’s.

Previous HYPE sell pressure has been attributed to Continue Capital, especially after the fund manager reportedly sold 297,000 HYPE two weeks ago, according to X user murda0x. The latest large staking unlock from Continue Capital occurred on Jan. 21, totaling 1.47 million HYPE. Another 1.5 million HYPE were recently unlocked by wallets attributed to a "Tornado Cash cluster."

An ARK Invest research report released on Jan. 22 likely played an important role in capturing investor interest. The report depicted Hyperliquid as one of “the most revenue efficient companies in the world,” using decentralized finance (DeFi) derivatives to compete directly with traditional exchanges. Analysts noted that blockchain networks are evolving into monetary assets as a function of their utility.

HYPE’s failure to sustain levels above $34 on Wednesday is not necessarily a death sentence, but odds are the recent gains resulted from one-off events, such as inflows from a digital assets reserve company and reduced sell pressure. While Hyperliquid long-term fundamentals remain solid, there is no definitive evidence that $40 is the next logical step for the HYPE token.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

Donald Trump Jr., co-founder of World Liberty Financial, cheered the dollar-pegged World Liberty Financial USD (USD1) stablecoin hitting a $5 billion market capitalization on Wednesday. Trump Family Cheers USD1's Success Trump Jr. posted a CoinMarketCap screenshot on X to highlight the milestone.

Ethereum [ETH] is preparing for an important upgrade with ERC-8004, a new standard aimed at helping AI agents interact and verify each other directly on-chain.

The idea is big, but will it bring developers, activity, and eventually capital back to Ethereum’s mainnet?

What you need to know ERC-8004 is set to be out soon—it is a new smart contract standard designed to help AI agents discover and trust each other on-chain.

According to Marco De Rossi, head of AI at MetaMask, development on the standard has now been frozen, with mainnet deployment expected midweek, likely around Thursday at 9 AM ET.

Source: Telegram

That timeline lines up with Ethereum’s official X account, which confirmed the protocol is going live “soon.” The post also said,

“This unlocks a global market where AI services can interoperate without gatekeepers.”

ERC-8004 does not require any changes to Ethereum’s core network. Instead, it gives developers a standardized way to register and validate AI agents within smart contracts.

While existing frameworks like MCP and Agent2Agent already handle communication and task coordination, they stop short of addressing discovery and reliability.

This is the gap that the upcoming upgrade is intended to bridge.

Price action looks shaky, but positioning is firm Ethereum’s price action over the past few days has been held back, but optimistic. At press time, ETH traded near $3,025, up marginally on the day after rebounding from a dip toward the $2,900 zone earlier in the week.

Source: TradingView

That bounce came with a noticeable pickup in volume, so buyers stepped in on weakness. Pace is mixed. RSI was not in overbought territory and lacked strong bullish pressure.

Source: Coinalyze

Aggregated Open Interest climbed to roughly $17.05 billion, recovering from recent lows. It looks like traders are rebuilding positions, but without aggressive leverage.

Final Thoughts ERC-8004 will make the mainnet the settlement layer for an emerging AI agent economy. At press time, ETH price was steady near $3,025 with $17B+ in Open Interest.

Wednesday, 28 January 2026 09:30 PM

Topic: 

Earnings SANTA BARBARA, CA / ACCESS Newswire / January 28, 2026 / American Riviera Bancorp ("Company") (OTCQX:ARBV), holding company of American Riviera Bank ("Bank"), announced today unaudited net income of $12.4 million ($2.18 per share) for the year ended December 31, 2025, compared to $8.7 million ($1.50 per share) earned in the same reporting period in the previous year. Unaudited net income was $4.5 million ($0.80 per share) for the three months ended December 31, 2025, compared to $2.9 million ($0.51 per share) in the previous quarter, and $2.0 million ($0.35 per share) earned in the same reporting period in the previous year.

Total deposits were $1.20 billion at December 31, 2025, an increase of $86.7 million or 7.8% from December 31, 2024. At December 31, 2025, all deposits were "core deposits" from our clients, with no wholesale-funded certificates of deposit. Total loans were $1.08 billion at December 31, 2025, an increase of $91.8 million or 9.3% from December 31, 2024. Total loans grew $39.9 million or 3.8% in the fourth quarter of 2025.

Jeff DeVine, President and CEO of the Company and the Bank stated, "In 2025, we achieved over $90 million of net loan growth and similar growth in deposits through onboarding new clients and expanding existing relationships. Earnings improved substantially, and our shareholders were rewarded with a 17.4% increase in tangible book value per share and a new high for ARBV share price. We have reinvested for growth and look forward to opportunities from our new lending center in Ventura County."

Fourth Quarter 2025 Highlights

Unaudited net income and earnings per share have increased sequentially over the past four quarters and have improved 125.4% and 128.6%, respectively, from the fourth quarter of 2024. Net income in the fourth quarter of 2025 included a $535,000 tax credit gain related to the purchase of a qualified energy Federal tax credit at a discount.

Return on average assets was 1.27%, return on average equity was 14.48% and efficiency ratio was 64.05% for the fourth quarter of 2025, with sequential improvement in all of these ratios over the past four quarters. Return on average assets, adjusted to exclude the $535,000 tax credit gain, was 1.13% for the fourth quarter of 2025.

Total shareholders' equity was $127.7 million at December 31, 2025, and increased $16.3 million or 14.6% from the same reporting period in the previous year.

Tangible book value per share was $21.49 at December 31, 2025, and increased $3.18 or 17.4% from the same reporting period in the previous year.

The Company's tangible common equity ratio improved to 9.01% at December 31, 2025, compared to 8.35% at December 31, 2024. Strong earnings and improvements in the market value of the securities portfolio were partially offset by cumulative share repurchases totaling $2.6 million and the impact of 6.9% asset growth over the prior year.

Non-interest-bearing demand deposits were $451.7 million or 37.6% of total deposits at December 31, 2025, and have increased $20.7 million or 4.8% since December 31, 2024.

Total demand deposits were $620.1 million or 51.7% of total deposits at December 31, 2025, and have increased $72.1 million or 13.2% since December 31, 2024.

As a result of the Bank's core funding and relationship-based deposits, the cost of deposits and total cost of funds declined to 1.29% and 1.41%, respectively, for the fourth quarter of 2025. Total cost of funds has improved by 22 basis points from the 1.63% reported for the same quarter in the prior year.

Net interest margin ("NIM") increased to 3.81% for the fourth quarter of 2025, compared to 3.66% in the prior quarter, and has improved 49 basis points from the 3.32% reported for the same quarter in the prior year. NIM improved as a result of steady loan yield improvement and declining total cost of funds.

On-balance sheet liquidity continues to be substantial with $191.2 million of cash, due from banks, and available-for-sale ("AFS") securities at market value as of December 31, 2025.

At December 31, 2025, the Bank's commercial real estate ("CRE") portfolio is diverse, with weighted average loan-to-values of 29% to 54% and weighted average debt coverage ratios between 1.73x and 4.40x depending on the individual CRE category and as of the most recent CRE stress test in July 2025.

The Bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due and still accruing, and $8.1 million or 0.75% of total loans on non-accrual status, which are well supported by collateral, borrower assets, SBA guarantees, or specific reserves.

Fourth Quarter 2025 Earnings
For the fourth quarter of 2025, unaudited net income was $4.5 million, compared to $2.9 million reported in the third quarter of 2025, and $2.0 million reported in the fourth quarter of 2024. In the fourth quarter of 2025 the bank purchased a qualified energy Federal tax credit at a discount, which was applied to 2025 Federal tax liability and carried back for 3 prior tax years, resulting in the recognition of a $535,000 tax credit gain. Unaudited net income pre-tax, pre-provision (non-GAAP) was $5.1 million in the fourth quarter of 2025, a $0.6 million or 13.7% increase from the $4.5 million reported in the third quarter of 2025, and a $1.8 million or 54.6% increase from the $3.3 million reported in the fourth quarter of 2024.

The Bank continues to grow interest and fees on loans sequentially over the last five quarters from $13.4 million in the fourth quarter of 2024 to $15.4 million in the fourth quarter of 2025, representing a $2.0 million or 15.0% increase.

Total interest expense has decreased from $4.8 million in the fourth quarter of 2024 to $4.5 million in the fourth quarter of 2025, a $0.3 million or 5.8% decrease, even though deposits have grown $86.7 million or 7.8% since the fourth quarter of 2024. Total interest expense has declined due to the favorable shift in funding mix, reduced borrowings, and deposit rate reductions which followed the Federal Reserve's actions to lower its target rate by a total of 75 basis points in the last four months of 2025.

Net interest income pre-provision increased $1.1 million or 8.7% in the fourth quarter of 2025 compared to the third quarter of 2025 and increased $2.7 million or 25.2% compared to the fourth quarter of 2024.

Non-Interest Income and Expense
Total non-interest income was $0.9 million for the fourth quarter of 2025, the same as the prior quarter, and $0.1 million more than the fourth quarter of last year. Variances between the quarters can be attributed to SBA loan sale premiums, mortgage broker fees, loan interest rate swap fees, loan prepayment fees and gains or losses on sale of securities.

Total non-interest expense was $9.1 million for the fourth quarter of 2025, an increase from the $8.6 million reported for the prior quarter and the $8.1 million reported for the same quarter last year. Variances between the quarters can be attributed to changes in staffing, bonus accrual adjustments, operating losses and recoveries, and the timing of expenses related to advertising and events. The Company has generated significant operating leverage with total non-interest expense up only $1.7 million or 5.1% in fiscal 2025 while net interest income increased $6.7 million, or 16.2% in fiscal 2025.

Loans and Asset Quality
Total loans were $1.08 billion at December 31, 2025, an increase of $39.9 million or 3.8% from the prior quarter-end, and an increase of $91.8 million or 9.3% from December 31, 2024.

The Bank's Allowance for Credit Losses ("ACL") was $12.7 million at December 31, 2025, with a resulting coverage ratio of 1.17%, compared to $11.6 million or 1.17% at December 31, 2024. As of December 31, 2025, non-accrual loans totaled $8.1 million, a $1.7 million decrease from the previous quarter-end, and a $2.0 million increase from the $6.1 million reported at December 31, 2024. All loans on non-accrual are well supported by collateral, borrower assets, SBA guarantees, or specific reserves.

Deposits & Borrowings
Total deposits were $1.20 billion at December 31, 2025, a $60.7 million or 4.8% decrease from the prior quarter-end, and an increase of $86.7 million or 7.8% from December 31, 2024. Deposit growth year-over-year was represented by core deposits, with no wholesale brokered funds at December 31, 2025.

Non-interest-bearing demand deposits totaled $451.7 million at December 31, 2025, a decrease of $30.6 million or 6.3% from the prior quarter-end, and an increase of $20.7 million or 4.8% from December 31, 2024. Non-interest-bearing demand deposits represent 37.6% of total deposits at December 31, 2025, compared to 38.3% at the prior quarter-end, and 38.7% at December 31, 2024.

Interest-bearing demand deposits totaled $168.4 million at December 31, 2025, a decrease of $12.5 million or 6.9% from the prior quarter-end, and an increase of $51.4 million or 43.9% from December 31, 2024. Total demand deposits, including interest-bearing demand, represent 51.7% of total deposits at December 31, 2025, compared to 52.6% at the prior quarter-end, and 49.2% at December 31, 2024.

Other interest-bearing deposits totaled $579.9 million at December 31, 2025, a decrease of $17.6 million or 2.9% from the prior quarter-end, and an increase of $14.6 million or 2.6% from December 31, 2024.

The weighted average cost of deposits for the fourth quarter of 2025 decreased to 1.29% from 1.45% for the third quarter of 2025 and decreased 29 basis points from the 1.58% reported for the same quarter of last year. The decrease in the cost of deposits was due to significant growth in demand deposits throughout the year, and the Federal Reserve's three 25 basis point rate cuts in the last four months of 2025.

The Company's total borrowings remained at $26.5 million at December 31, 2025, same as prior quarter, and a decrease from $41.5 million at December 31, 2024. At December 31, 2025, the Company had $10.0 million drawn on a correspondent bank line of credit at a rate of 3.85%, and $16.5 million of subordinated notes outstanding at a rate of 3.75%. The weighted average cost on all borrowings for the fourth quarter of 2025 was 3.84%, resulting in $0.3 million of interest expense on borrowings, the same as the previous quarter and for the same quarter last year.

As a result of the favorable shift to core funding and the impact of deposit pricing changes, total cost of funds was 1.41% for the fourth quarter of 2025, 7 basis points better than the 1.48% reported for the previous quarter, and 22 basis points better than the 1.63% reported for the same quarter of last year. The Company's net interest margin improved to 3.81% for the fourth quarter of 2025, compared to 3.66% in the prior quarter, and improved a significant 49 basis points from the 3.32% reported for the same quarter of last year as a result of steady loan yield improvement and decline in total cost of funds.

The Bank's liquidity position remained strong with a primary liquidity ratio (cash and cash equivalents, deposits held in other banks and unpledged AFS securities as a percentage of total assets) of 12.1% at December 31, 2025, compared to 18.6% at September 30, 2025. As of December 31, 2025, the Bank had available and unused, secured borrowing capacity with the Federal Home Loan Bank of San Francisco of $263.6 million, and had available and unused, secured borrowing capacity with the Federal Reserve of $44.6 million. In addition, the Bank had $142.7 million of unused fed funds lines of credit with correspondent banks at December 31, 2025. Available contingent funding sources of $450.9 million remain robust.

Overall uninsured deposits, excluding public agency deposits that are collateralized, are conservatively estimated to be $398.4 million, or 33.2% of total deposit balances as of December 31, 2025. The actual level of uninsured deposits is lower than the percentage stated above, as our knowledgeable bankers have helped clients obtain more than $250,000 of FDIC insurance with vesting structures such as joint accounts, payable upon death accounts, and revocable trust accounts with multiple beneficiaries. In addition, the Bank can offer up to $285 million of FDIC pass-through insurance to clients via the IntraFi network Insured Cash Sweep ("ICS") or Certificate of Deposit Account Registry Service ("CDARS") products.

Shareholders' Equity
Total shareholders' equity was $127.7 million at December 31, 2025, a $5.6 million or 4.6% increase since September 30, 2025, and an increase of $16.3 million or 14.6% over the same period of the prior year. The tax adjusted unrealized loss on securities, which is a component of equity (accumulated other comprehensive income or "AOCI"), improved $0.8 million or 5.4% from $14.7 million at September 30, 2025, to $13.9 million at December 31, 2025, and improved $5.7 million or 29.2% from December 31, 2024. The Bank fully expects to receive all principal when the investments mature.

As of December 31, 2025, the Company had repurchased 130,616 shares of common stock at a weighted average cost of $19.80, leaving $2.4 million available for repurchase under the share repurchase program.

Company Profile

American Riviera Bancorp (OTCQX:ARBV) is a registered bank holding company headquartered in Santa Barbara, California. American Riviera Bank, the 100% owned subsidiary of American Riviera Bancorp, is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers on the Central Coast of California. The state-chartered bank opened for business on July 18, 2006, with the support of local shareholders. Full-service branches are located in Santa Barbara, Montecito, Goleta, Santa Maria, San Luis Obispo, Atascadero, and Paso Robles. In December 2025, the Bank opened a lending center in the City of Ventura. The Bank provides commercial business, commercial real estate, residential mortgage, construction, and Small Business Administration lending services as well as convenient online and mobile technology. The Bank maintains a "5 Star - Superior" rating from Bauer Financial and for fourteen consecutive years, has been recognized for strong financial performance by the Findley Reports. The Bank was rated "Outstanding" by the Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act. The Company was named to the "OTCQX Best 50" list for equal weighted share trading volume and total return in 2024. The Bank was recognized by S&P Global as a Top 100 Small US Community Bank Deposit Franchise as of June 30, 2025. #BankonBetter #OTCQX

American Riviera Bank
www.americanriviera.bank
805-965-5942
Michelle Martinich

Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the US government, and general economic conditions.

American Riviera Bancorp and Subsidiaries
Balance Sheets (unaudited)
(dollars in thousands)

December 31,

December 31,

One Year

One Year

2025

2024

$ Change

% Change

Assets

Cash & Due From Banks

$

21,395

$

20,948

$

447

2

%

Available-for-sale securities

169,793

178,082

(8,289

)

-5

%

Held-to-maturity securities, net

41,430

41,393

37

0

%

Loans

1,081,696

989,941

91,755

9

%

Allowance For Credit Losses

(12,689

)

(11,572

)

(1,117

)

10

%

Net Loans

1,069,007

978,369

90,638

9

%

Premise & Equipment

7,255

8,221

(966

)

-12

%

Operating Lease Right-of-Use Asset

5,584

4,841

743

15

%

Bank Owned Life Insurance

14,051

12,131

1,920

16

%

Stock in Other Banks

6,786

6,786

-

-

Goodwill and Other Intangibles

4,871

4,911

(40

)

-1

%

Other Assets

27,117

23,629

3,488

15

%

Total Assets

$

1,367,289

$

1,279,312

$

87,977

7

%

Liabilities & Shareholders' Equity

Non-interest-bearing Demand Deposits

$

451,721

$

431,031

$

20,690

5

%

Interest-bearing Demand Deposits

168,399

116,996

51,403

44

%

Other Interest-bearing Deposits

579,902

565,312

14,590

3

%

Total Deposits

1,200,022

1,113,338

86,683

8

%

Borrowed Funds

26,500

41,500

(15,000

)

-36

%

Allowance for credit losses on off-balance sheet exposures

974

1,052

(78

)

-7

%

Other Liabilities

12,123

12,039

84

1

%

Total Liabilities

1,239,619

1,167,929

71,689

6

%

Common Stock

68,767

68,134

633

1

%

Retained Earnings

72,826

62,919

9,907

16

%

Other Capital

(13,923

)

(19,670

)

5,747

29

%

Total Shareholders' Equity

127,670

111,383

16,287

15

%

Total Liabilities & Shareholders' Equity

$

1,367,289

$

1,279,312

$

87,977

7

%

American Riviera Bancorp and Subsidiaries
Balance Sheets (unaudited)
(dollars in thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2025

2025

2025

2024

Assets

Cash & Due From Banks

$

21,395

$

128,753

$

28,111

$

30,525

$

20,948

Available-for-sale securities

169,793

164,459

162,089

175,787

178,082

Held-to-maturity securities

41,430

41,411

41,392

41,410

41,393

Loans

1,081,696

1,041,839

1,020,261

994,788

989,941

Allowance for Credit Losses

(12,689

)

(12,689

)

(12,496

)

(11,859

)

(11,572

)

Net Loans

1,069,007

1,029,150

1,007,765

982,928

978,369

Premise & Equipment

7,255

7,494

7,773

7,943

8,221

Operating Lease Right-of-Use Asset

5,584

5,885

6,184

4,528

4,841

Bank Owned Life Insurance

14,051

12,489

12,370

12,254

12,131

Stock in Other Banks

6,786

6,786

6,786

6,786

6,786

Goodwill and Other Intangibles

4,871

4,883

4,889

4,898

4,911

Other Assets

27,117

21,142

23,086

21,725

23,629

Total Assets

$

1,367,289

$

1,422,452

$

1,300,445

$

1,288,784

$

1,279,312

Liabilities & Shareholders' Equity

Non-interest-bearing Demand Deposits

$

451,721

$

482,343

$

447,534

$

445,533

$

431,031

Interest-bearing Demand Deposits

168,399

180,930

134,538

116,425

116,995

Other Interest-bearing Deposits

579,902

597,454

549,404

572,936

565,312

Total Deposits

1,200,022

1,260,727

1,131,476

1,134,894

1,113,338

Borrowed Funds

26,500

26,500

38,500

26,500

41,500

Allowance for credit losses on off-balance sheet exposures

974

1,215

993

1,126

1,052

Other Liabilities

12,123

11,956

11,865

11,158

12,039

Total Liabilities

1,239,619

1,300,398

1,182,834

1,173,678

1,167,929

Common Stock

68,767

68,493

67,914

67,914

68,041

Retained Earnings

72,826

68,276

67,645

65,334

63,012

Other Capital

(13,923

)

(14,715

)

(17,948

)

(18,142

)

(19,670

)

Total Shareholders' Equity

127,670

122,054

117,611

115,106

111,383

Total Liabilities & Shareholders' Equity

$

1,367,289

$

1,422,452

$

1,300,445

$

1,288,784

$

1,279,312

American Riviera Bancorp and Subsidiaries
Average Balance Sheets (unaudited)
(dollars in thousands)

4Q 2025

3Q 2025

2Q 2025

1Q 2025

4Q 2024

Average

Average

Average

Average

Average

Assets

Cash & Due From Banks

$

109,112

$

70,822

$

21,159

$

28,207

$

49,181

Available-for-sale securities

166,373

162,709

166,833

176,964

183,256

Held-to-maturity securities

41,416

41,397

41,414

41,400

41,383

Loans

1,055,371

1,031,749

1,007,429

988,262

980,848

Allowance for Credit Losses

(12,689

)

(12,626

)

(12,010

)

(11,575

)

(11,692

)

Net Loans

1,042,682

1,019,123

995,419

976,687

969,156

Premise & Equipment

7,392

7,666

7,910

8,118

8,384

Operating Lease Right-of-Use Asset

5,762

6,057

4,636

4,676

4,945

Bank Owned Life Insurance

13,762

12,448

12,330

12,183

12,072

Stock in Other Banks

6,786

6,786

6,786

6,786

6,786

Goodwill and Other Intangibles

4,877

4,887

4,894

4,904

4,925

Other Assets

21,352

21,981

20,943

21,893

22,926

Total Assets

$

1,419,514

$

1,353,876

$

1,282,324

$

1,281,818

$

1,303,014

Liabilities & Shareholders' Equity

Non-interest-bearing Demand Deposits

$

476,473

$

465,622

$

433,652

$

435,938

$

452,802

Interest-bearing Demand Deposits

156,271

150,042

120,062

113,411

113,218

Other Interest-bearing Deposits

621,162

579,637

554,088

568,440

584,053

Total Deposits

1,253,906

1,195,301

1,107,802

1,117,789

1,150,073

Borrowed Funds

26,589

26,674

47,231

37,389

27,772

Allowance for credit losses on off-balance sheet exposures

1,212

1,085

1,092

1,053

654

Other Liabilities

13,149

12,052

10,208

12,364

13,125

Total Liabilities

1,294,856

1,235,112

1,166,333

1,168,595

1,191,624

Common Stock

68,695

68,413

68,092

68,076

68,057

Retained Earnings

70,292

67,886

66,288

64,320

61,775

Other Capital

(14,329

)

(17,535

)

(18,389

)

(19,173

)

(18,442

)

Total Shareholders' Equity

124,658

118,764

115,991

113,223

111,390

Total Liabilities & Shareholders' Equity

$

1,419,514

$

1,353,876

$

1,282,324

$

1,281,818

$

1,303,014

American Riviera Bancorp and Subsidiaries
Statement of Income (unaudited)
(dollars in thousands, except per share data)

Quarter Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2025

2024

Change

2025

2024

Change

Interest Income

Interest and Fees on Loans

$

15,437

$

13,426

15

%

$

58,092

$

52,536

11

%

Interest on Securities

1,378

1,518

-9

%

5,646

6,401

-12

%

Interest on Due From Banks

962

445

116

%

1,827

1,194

53

%

Total Interest Income

17,777

15,389

16

%

65,565

60,131

9

%

Interest Expense

Interest Expense on Deposits

4,282

4,555

-6

%

16,284

15,120

8

%

Interest Expense on Borrowings

254

258

-2

%

1,371

3,791

-64

%

Total Interest Expense

4,536

4,813

-6

%

17,655

18,911

-7

%

Net Interest Income

13,241

10,576

25

%

47,910

41,220

16

%

Provision for Credit Losses

-

(121

)

-100

%

1,115

(77

)

-1548

%

Provision for Off-Balance Sheet Credit Exposures

(240

)

403

-160

%

(78

)

470

-117

%

Net Interest Income After Provision

13,481

10,294

31

%

46,873

40,827

15

%

Non-Interest Income

Service Charges, Commissions and Fees

609

530

15

%

2,427

2,387

2

%

Other Non-Interest Income

284

299

-5

%

1,087

1,736

-37

%

Total Non-Interest Income

893

829

8

%

3,514

4,123

-15

%

Non-Interest Expense

Salaries and Employee Benefits

5,744

4,705

22

%

21,859

19,997

9

%

Occupancy and Equipment

917

981

-7

%

3,705

3,726

-1

%

Other Non-Interest Expense

2,393

2,432

-2

%

8,741

8,927

-2

%

Total Non-Interest Expense

9,053

8,118

12

%

34,305

32,650

5

%

Net Income Before Provision for Taxes

5,321

3,005

77

%

16,082

12,300

31

%

Provision for Taxes

772

986

-22

%

3,637

3,559

2

%

Net Income

$

4,549

$

2,019

125

%

$

12,445

$

8,741

42

%

Shares Outstanding

5,713,022

5,815,818

-2

%

5,713,022

5,815,818

-2

%

Earnings Per Share - Basic

$

0.80

$

0.35

129

%

$

2.18

$

1.50

45

%

Return on Average Assets

1.27

%

0.62

%

105

%

0.93

%

0.68

%

37

%

Return on Average Equity

14.48

%

7.27

%

99

%

10.54

%

8.25

%

28

%

Net Interest Margin

3.81

%

3.32

%

15

%

3.69

%

3.30

%

12

%

American Riviera Bancorp and Subsidiaries
Five Quarter Statements of Income (unaudited)
(dollars in thousands, except per share data)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2025

2025

2025

2024

Interest Income

Interest and Fees on Loans

$

15,437

$

14,789

$

14,168

$

13,698

$

13,426

Interest on Securities

1,378

1,340

1,439

1,489

1,518

Interest on Due From Banks

962

621

82

162

445

Total Interest Income

17,777

16,750

15,689

15,349

15,389

Interest Expense

Interest Expense on Deposits

4,282

4,315

3,822

3,865

4,555

Interest Expense on Borrowings

254

257

487

373

258

Total Interest Expense

4,536

4,572

4,309

4,238

4,813

Net Interest Income

13,241

12,178

11,380

11,111

10,576

Provision for Credit Losses

-

194

634

287

(121

)

Provision for Off-Balance Sheet Credit Exposures

(240

)

221

(133

)

74

403

Net Interest Income After Provision

13,481

11,763

10,879

10,750

10,294

Non-Interest Income

Service Charges, Commissions and Fees

609

631

639

548

530

Other Non-Interest Income

284

289

247

267

299

Total Non-Interest Income

893

920

886

815

828

Non-Interest Expense

Salaries and Employee Benefits

5,744

5,467

5,250

5,398

4,705

Occupancy and Equipment

917

922

929

937

981

Other Non-Interest Expense

2,393

2,240

2,072

2,037

2,432

Total Non-Interest Expense

9,054

8,629

8,251

8,372

8,118

Net Income Before Provision for Taxes

5,320

4,054

3,514

3,193

3,004

Provision for Taxes

772

1,125

870

870

986

Net Income

$

4,548

$

2,929

$

2,644

$

2,323

$

2,018

Shares Outstanding

5,713,022

5,708,960

5,810,042

5,833,247

5,815,818

Earnings Per Share - Basic

$

0.80

$

0.51

$

0.46

$

0.40

$

0.35

Net Income pre-tax, pre-provision (Non-GAAP)

$

5,080

$

4,469

$

4,015

$

3,554

$

3,286

American Riviera Bancorp and Subsidiaries
Selected Financial Highlights (unaudited)
(dollars in thousands, except per share data)

At or for the Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2025

2025

2025

2024

Income and performance ratios:

Net Income

$

4,549

$

2,929

$

2,644

$

2,323

$

2,018

Earnings per share - basic

0.80

0.51

0.46

0.40

0.35

Return on average assets

1.27

%

0.85

%

0.83

%

0.74

%

0.62

%

Return on average equity

14.48

%

9.75

%

9.14

%

8.39

%

7.27

%

Loan yield

5.80

%

5.69

%

5.64

%

5.62

%

5.45

%

Cost of funds

1.41

%

1.48

%

1.50

%

1.49

%

1.63

%

Cost of deposits

1.29

%

1.45

%

1.39

%

1.39

%

1.58

%

Net interest margin

3.81

%

3.66

%

3.65

%

3.61

%

3.32

%

Efficiency ratio (b)

64.05

%

65.89

%

67.26

%

70.20

%

71.18

%

Balance Sheet ratios:

Loan-to-deposit ratio

90.14

%

82.64

%

90.17

%

87.65

%

88.92

%

Non-interest-bearing deposits / total deposits

37.64

%

38.26

%

39.55

%

39.26

%

38.72

%

Demand deposits / total deposits

51.68

%

52.61

%

51.44

%

49.52

%

49.22

%

Asset quality:

Allowance for credit losses

$

12,689

$

12,689

$

12,496

$

11,859

$

11,572

Nonperforming assets

8,116

9,803

8,442

4,799

6,098

Allowance for credit losses / total loans and leases

1.17

%

1.22

%

1.22

%

1.19

%

1.17

%

Net charge-offs / average loans and leases (annualized)

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

Texas ratio (a)

7.37

%

9.38

%

8.42

%

4.87

%

5.47

%

Capital ratios for American Riviera Bank(c):

Tier 1 risk-based capital

12.54

%

12.56

%

13.39

%

13.34

%

13.21

%

Total risk-based capital

13.68

%

13.77

%

14.59

%

14.51

%

14.36

%

Tier 1 leverage ratio

10.55

%

10.69

%

11.78

%

11.55

%

11.17

%

Capital ratios for American Riviera Bancorp(c):

Tier 1 risk-based capital

11.48

%

11.49

%

11.61

%

11.61

%

11.49

%

Total risk-based capital

13.93

%

14.03

%

14.19

%

14.17

%

14.05

%

Tier 1 leverage ratio

9.66

%

9.78

%

10.16

%

9.89

%

9.72

%

Tangible common equity ratio

9.01

%

8.27

%

8.70

%

8.58

%

8.35

%

Equity and share related:

Common equity

$

127,670

$

122,054

$

117,611

$

115,106

$

111,383

Book value per share

22.35

21.38

20.24

19.73

19.15

Tangible book value per share

21.49

20.52

19.40

18.89

18.31

Tangible book value per share, excluding AOCI (d)

23.93

23.10

22.49

22.00

21.69

Stock closing price per share

23.90

21.99

19.27

19.16

20.00

Number of shares issued and outstanding

5,713.02

5,708.96

5,810.04

5,833.25

5,815.82

Notes:

(a) Sum of Nonperforming Assets and Other Real Estate Owned, divided by the sum of Total Shareholder Equity and Total Allowance for Credit Losses less Preferred Stock and Intangible Assets.

(b) Annualized Operating Expense excluding Provision for Credit Losses minus Annualized Extraordinary Expense, divided by Annualized Interest Income including Loan Fees minus Annualized Interest Expense plus Annualized Non-Interest Income minus Annualized Extraordinary Income, expressed as a percentage.

(c) Current period capital ratios are preliminary.

(d) Accumulated Other Comprehensive Income (AOCI) is comprised of the tax adjusted unrealized loss on securities and is presented as Other Capital on the Balance Sheet.

SOURCE: American Riviera Bancorp

Chairman Chung Kisun attends high-level roundtable at Prime Minister Modi's invitation Cooperation spans commercial and naval shipbuilding and port crane projects; joint shipyard development to be pursued "India is a key pillar of our overseas production diversification strategy, poised to become HD Hyundai's new growth engine" , /PRNewswire/ -- HD Hyundai Chairman Chung Kisun met with India's Prime Minister Narendra Modi to discuss expanding bilateral cooperation in shipbuilding.

HD Hyundai said Chairman Chung Kisun and HD Korea Shipbuilding & Offshore Engineering CEO Kim Hyungkwan attended the high-level roundtable on Wednesday, January 28, hosted by Prime Minister Modi at the Prime Minister's official residence in New Delhi.

The high-level roundtable was held as part of India Energy Week 2026, bringing together about 30 participants, including Prime Minister Modi, ministers from relevant Indian government bodies, heads of state-owned enterprises, and chief executives of global companies, to discuss avenues for cooperation.

During the meeting, Chairman Chung expressed appreciation for the Prime Minister's strong commitment to fostering the shipbuilding industry and asked for continued interest and support for HD Hyundai's ongoing collaborative initiatives with India.

"HD Hyundai continues to maintain close collaborative relationships with India across a wide range of areas," Chairman Chung said. "India is a key pillar of our strategy to diversify overseas production bases, and I am confident it will serve as a new engine of growth for HD Hyundai."

To take part in the Indian government's Maritime Amrit Kaal Vision 2047 initiative, HD Hyundai signed a memorandum of understanding in July last year with Cochin Shipyard, India's largest state-owned shipbuilder, agreeing to cooperate across multiple areas, including design and procurement support, productivity improvements, and workforce capability development.

More recently, HD Hyundai expanded its collaboration with Cochin Shipyard to include naval vessels. It has also accelerated its entry into the Indian market by signing an exclusive MOU with the government of Tamil Nadu to jointly build a shipyard and advance crane business cooperation with state-owned BEML.

India has also shown strong interest in strengthening cooperation with HD Hyundai. In November last year and again in January this year, Hardeep Singh Puri, India's Minister of Petroleum and Natural Gas, and T. R. B. Rajaa, Tamil Nadu's Minister for Industries, respectively, visited South Korea to tour HD Hyundai's Global R&D Center and HD Hyundai Heavy Industries' Ulsan shipyard and discuss ways to deepen cooperation with the group.

SOURCE HD Hyundai

Raymond James Financial, Inc. (RJF) Q1 2026 Earnings Call January 28, 2026 5:00 PM EST

Company Participants

Kristina Waugh - Senior Vice President of Investor Relations and FP&A
Paul Shoukry - CEO & Director
Jonathan Oorlog - Senior VP, CFO & Controller
Paul Reilly - Executive Chair

Conference Call Participants

Y. Cho - JPMorgan Chase & Co, Research Division
Benjamin Budish - Barclays Bank PLC, Research Division
Craig Siegenthaler - BofA Securities, Research Division
Brennan Hawken - BMO Capital Markets Equity Research
William Katz - TD Cowen, Research Division
Steven Chubak - Wolfe Research, LLC
James Mitchell - Seaport Research Partners
Michael Cyprys - Morgan Stanley, Research Division
Devin Ryan - Citizens JMP Securities, LLC, Research Division
Daniel Fannon - Jefferies LLC, Research Division

Presentation

Kristina Waugh
Senior Vice President of Investor Relations and FP&A

Good evening, and welcome to Raymond James Financial's Fiscal First Quarter 2026 Earnings Call. This call is being recorded and will be available for replay for 30 days on the company's Investor Relations website. I'm Kristie Waugh, Senior Vice President of Investor Relations. Thank you for joining us. With me on the call today are Chief Executive Officer, Paul Shoukry; and Chief Financial Officer, Butch Oorlog. The presentation being reviewed today is available on our Investor Relations website. [Operator Instructions].

Calling your attention to Slide 2. Please note that certain statements made during this call may constitute forward-looking statements. These statements include, but are not limited to, information concerning future strategic objectives, business prospects, financial results, industry or market conditions, anticipated timing and benefits of our acquisitions and our level of success in integrating acquired businesses, anticipated results of litigation and regulatory developments and general economic conditions.

In addition, words such as believes, expects, anticipates, intends, plans, estimates, projects, forecasts and future or conditional verbs such as may, will, could, should and would as well as any other statements that necessarily depend on future events are intended

ServiceNow, Inc. (NOW) Q4 2025 Earnings Call January 28, 2026 5:00 PM EST

Company Participants

Darren Yip - Head of Investor Relations
William McDermott - Chairman & CEO
Gina Mastantuono - President & CFO
Amit Zavery - President, Chief Product Officer & COO

Conference Call Participants

Aleksandr Zukin - Wolfe Research, LLC
Sanjit Singh - Morgan Stanley, Research Division
Gabriela Borges - Goldman Sachs Group, Inc., Research Division
Samad Samana - Jefferies LLC, Research Division
Peter Weed - Bernstein Institutional Services LLC, Research Division
Patrick Walravens - Citizens JMP Securities, LLC, Research Division
Matthew Hedberg - RBC Capital Markets, Research Division
Brian Schwartz - Oppenheimer & Co. Inc., Research Division

Presentation

Operator

Thank you for standing by. At this time, I would like to welcome everyone to the Q4 and Full Year 2025 ServiceNow Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Darren Yip, Senior Vice President of Investor Relations and Market Insights. You may begin.

Darren Yip
Head of Investor Relations

Good afternoon, and thank you for joining ServiceNow's Fourth Quarter 2025 Earnings Conference Call. Joining me are Bill McDermott, our Chairman and Chief Executive Officer; Gina Mastantuono, our President and Chief Financial Officer; and Amit Zavery, President, Chief Product Officer and Chief Operating Officer. During today's call, we will review our fourth quarter 2025 results and discuss our guidance for the first quarter and full year 2026.

Before we get started, we want to emphasize that the information discussed on this call, including our guidance is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events.

Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 10-K for

Tesla, Inc. (TSLA) Q4 2025 Earnings Call January 28, 2026 5:30 PM EST

Company Participants

Elon Musk - Co-Founder, Technoking of Tesla, CEO & Director
Travis Axelrod - Head of Investor Relations
Vaibhav Taneja - Chief Financial Officer
Lars Moravy - Vice President of Vehicle Engineering
Ashok Elluswamy - Executive Officer

Conference Call Participants

Emmanuel Rosner - Wolfe Research, LLC
Andrew Percoco - Morgan Stanley, Research Division
Dan Levy - Barclays Bank PLC, Research Division
George Gianarikas - Canaccord Genuity Corp., Research Division
Colin Rusch - Oppenheimer & Co. Inc., Research Division

Presentation

Operator

Good afternoon, everyone, and welcome to Tesla's Fourth Quarter 2025 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk; Vaibhav Taneja and a number of other executives.

Our Q4 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. [Operator Instructions]

Before we jump into Q&A, Elon has some opening remarks. Elon?

Elon Musk
Co-Founder, Technoking of Tesla, CEO & Director

Thanks, Travis. So we've updated the Tesla mission to amazing abundance, and this is intended to send a message of optimism about the future. I think we're most likely headed to an exciting, amazing era of abundance. And I think with the advent or with the continued growth of AI and robotics, I think we actually are headed to a future of universal high income, not universal basic income, but universal high income. I mean there's going to be a lot of change along the way, but that is what

HomeStock IdeasLong IdeasConsumer 

SummaryQuantumScape has transitioned from lab-stage feasibility to early factory workflow, materially de-risking its commercialization pathway since Q2 2023.QS’s manufacturing risk has declined, with key equipment installed, pilot lines operational, and strategic partnerships reducing execution uncertainty.Automotive OEM engagement has advanced to formal joint development agreements and field demonstrations, though production contracts remain pending.Despite a ~22% share price increase since 2023, the magnitude of de-risking supports opportunistic Buys, with key risks now more trackable.Martin Barraud/OJO Images via Getty Images

QuantumScape's (QS) price action suggests a good zone for an opportunistic Buy on the technical progress made. For a pre-revenue stock, measuring narrative progress is a difficult task. I have tried to formalize my arguments through

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

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

Brent Thill, Jefferies, joins 'Closing Bell Overtime' to talk Microsoft and Meta quarterly results.

New York, New York--(Newsfile Corp. - January 28, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Coupang, Inc. (NYSE: CPNG) between August 6, 2025 and December 16, 2025, both dates inclusive (the "Class Period"), of the important February 17, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased Coupang securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Coupang class action, go to https://rosenlegal.com/submit-form/?case_id=8383 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 17, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Coupang had inadequate cybersecurity protocols that allowed a former employee to access sensitive customer information for nearly six months without being detected; (2) this subjected Coupang to a materially heightened risk of regulatory and legal scrutiny; (3) When defendants became aware that Coupang had been subjected to this data breach, they did not report it in a current report filing (to be filed with the U.S. Securities and Exchange Commission (the "SEC")) in compliance with applicable reporting rules; and (4) as a result, defendants' public statements were materially false and/or misleading at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Coupang class action, go to https://rosenlegal.com/submit-form/?case_id=8383 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281948

Source: The Rosen Law Firm PA

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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Levi Strauss & Co. (LEVI) Q4 2025 Earnings Call January 28, 2026 5:00 PM EST

Company Participants

Aida Orphan - Vice President of Investor Relations
Michelle Gass - CEO, President & Director
Harmit Singh - Executive VP & Chief Financial & Growth Officer

Conference Call Participants

Laurent Vasilescu - BNP Paribas, Research Division
Matthew Boss - JPMorgan Chase & Co, Research Division
Jay Sole - UBS Investment Bank, Research Division
Robert Drbul - BTIG, LLC, Research Division
Gabriella Garr - TD Cowen, Research Division
Rakesh Patel - Raymond James & Associates, Inc., Research Division
Paul Lejuez - Citigroup Inc. Exchange Research
Brooke Roach - Goldman Sachs Group, Inc., Research Division
Tom Nikic - Needham & Company, LLC, Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Levi Strauss & Co. Fourth Quarter Fiscal Year-end Earnings Conference Call for the period ending November 30, 2025.

[Operator Instructions] This conference call is being recorded and may not be reproduced in whole or in part without written permission from the company. This conference call is being broadcast over the Internet, and a replay of the webcast will be accessible for 1 quarter on the company's website, levistrauss.com.

I would now like to turn the call over to Aida Orphan, Vice President of Investor Relations at Levi Strauss & Co.

Aida Orphan
Vice President of Investor Relations

Thank you for joining us on the call today to discuss the results for our fourth quarter and fiscal year-end. Joining me on today's call are Michelle Gass, our President and CEO; and Harmit Singh, our Chief Financial and Growth Officer.

We'd like to remind you that we will be making forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in our

NEW ORLEANS, Jan. 28, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 17, 2026 to file lead plaintiff applications in a securities class action lawsuit against Coupang, Inc. (NYSE: CPNG), if they purchased or otherwise acquired the Company’s securities between May 7, 2025 and December 16, 2025, inclusive (the “Class Period”). These actions are pending in the United States District Courts for the Northern District of California and Western District of Washington.

Get Help

Coupang investors should visit us at https://claimsfiler.com/cases/nyse-cpng-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuits

Coupang and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company had inadequate cybersecurity protocols that allowed a former employee to access sensitive customer information for nearly six months without being detected; (ii) this subjected the Company to a materially heightened risk of regulatory and legal scrutiny; (iii) when defendants became aware that the Company had been subjected to this data breach, they did not report it in a current report filing in compliance with applicable Securities and Exchange Commission reporting rules; and (iv) as a result, defendants’ public statements were materially false and/or misleading at all times.

The first-filed case is Barry v. Coupang, Inc., et al., No. 25-cv-10795. A subsequent case, Lee v. Coupang, Inc., et al., No. 26-cv-00047, expanded the class period.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

CurveBeam AI Limited (CRVAF) Q2 2026 Earnings Call January 28, 2026 7:01 PM EST

Company Participants

Gregory Brown - CEO, MD & Director

Conference Call Participants

Matthew Wright

Presentation

Matthew Wright

Thanks for standing by, and welcome to the CurveBeam AI investor webinar for the quarter ended December 2025. [Operator Instructions] On the webinar from CurveBeam AI today, we have the Managing Director and CEO, Greg Brown; CTO and COO, Arun Singh; and the CFO, Ura Auckland. The presentation will last for approximately 15 to 20 minutes, and then we'll get into the questions. But to kick it off, I'll hand it over to Greg.

Gregory Brown
CEO, MD & Director

Thanks, Matt, and welcome, everybody, to our Q2 fiscal year '26 quarterly update.

A lot to update everyone on today. Firstly, in the second quarter, we received 5 orders, 5 devices for Q2 of fiscal year '26. All 5 devices were from the U.S. There was 4 HiRise and 1 LineUp.

Now I know the next topic is of great interest to a lot of our investors, our commercialization agreements with WEGO Orthopaedics and the progress on the initial payment of the $4 million milestone, placing at $0.40 a share.

The update on that is the funds -- well, the good news, first of all, as we've shared with the market, the Chinese outbound directive investment control, which any company in China has to get approval for before doing a strategic investment or the full $10 million investment at the $0.40 is approved. So the ODI approval is in place for the full $10 million.

Now the first payment is the first $4 million. Those funds actually transferred before the long weekend. We had a press release ready to go earlier in the week. What we didn't factor on was the

By Reuters

January 29, 20263:08 AM UTCUpdated ago

OpenAI logo is seen in this illustration taken February 16, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

Jan 28 (Reuters) - Nvidia (NVDA.O), opens new tab, ​Amazon (AMZN.O), opens new tab, Microsoft (MSFT.O), opens new tab ‌are in talks ‌to invest ​up to $60 ‍billion in OpenAI, ⁠The ‍Information reported on ‌Wednesday.

Reuters ‌could not ⁠immediately ⁠verify ​the report.

Sign up here.

Reporting by Disha ‍Mishra in ​Bengaluru; ‍Editing by ​Sonia Cheema

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

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TL;DR:

American Bitcoin (ABTC) increased its treasury by 137%, adding 416 BTC to reach a total of 5,843 units. Despite a 23% drop in Q4 2025, the company maintains a 116% yield since its NASDAQ debut. Ethereum staking reaches all-time highs of 36 million ETH, strengthening the sector’s resilience against volatility. Currently, the financial landscape seems to be directing capital toward legacy and industrial assets, driven by the AI boom. However, the ABTC Bitcoin purchase stands out as a strategic move that defies the loss of liquidity in traditional risk assets.

American Bitcoin’s treasury has jumped by 137%, consolidating the firm as the 18th largest corporate holder of the asset. This increase occurred exactly during the worst quarter of 2025 for the cryptocurrency, demonstrating unwavering institutional conviction in the face of market fluctuations.

Treasury Strategies and Resilience Against Macro FUD Despite Bitcoin’s price in January retreating from $97,000 to $88,000, companies in the sector are diversifying their defenses. For instance, the massive surge in Ethereum staking, which now represents 30.6% of its total supply, acts as a buffer against global uncertainty.

Companies like ABTC, which currently face unrealized losses from previous purchases at higher levels, prefer to bet on long-term yield. In fact, the company has delivered a cumulative return of 116% since its IPO, validating its digital asset management.

This silent accumulation reinforces the vision of transforming the United States into a crypto capital, especially with the support of figures linked to the current administration. In this way, the market structure strengthens while institutional investors absorb the impact of the rotation toward AI.

In summary, the resilience of corporate treasuries suggests that Bitcoin’s utility value remains under a positive spotlight for major capital holders. Market analysts agree that these movements lay the foundation for a solid recovery once speculative capital returns to the ecosystem.

Tesla’s recent earnings report revealed that its Tesla Bitcoin holdings remained stable during the fourth quarter of 2025, accumulating a total of 11,509 BTC. During this period, the company did not make any sales, but it had to record an after-tax accounting impairment loss of approximately $239 million due to the drop in the asset’s market price.

The figures reveal the volatility of the period, during which the value of the pioneer crypto descended from $114,000 to $88,000. Nevertheless, the decision to keep the position intact underlines a more conservative treasury strategy compared to previous years, which helped the firm’s shares rise by 3.4% in after-hours trading.

From now on, the market must stay alert to whether the recovery of the company’s operating margins compensates for the volatility of its digital assets. Additionally, observers will be vigilant of Bitcoin’s upcoming support levels, as any further fluctuations will continue to directly impact the automotive giant’s quarterly balance sheets.

Source:https://assets-ir.tesla.com/tesla-contents/IR/TSLA-Q4-2025-Update.pdf

 Disclaimer: Crypto Economy Flash News is prepared from official and public sources verified by our editorial team. Its purpose is to quickly inform about relevant events in the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We recommend always verifying the official channels of each project before making related decisions.

Journalist

Posted: January 29, 2026

While markets focused on Bitcoin’s price swings, Bitwise was quietly working on a new crypto ETF idea tied to Uniswap [UNI].

By registering a Bitwise Uniswap ETF trust in Delaware, the firm is preparing for a possible ETF linked to the protocol.

For traditional investors, this makes Uniswap easier to understand and evaluate.

Lingering concerns around Uniswap ETF While the filing drew attention in the DeFi market, analysts are urging caution.

In many cases, Delaware trust registrations serve as early legal setups, allowing firms like Bitwise to move quickly if regulations change.

However, there is currently no active SEC review for a Uniswap ETF, nor is there a confirmed timeline for a formal filing.

This suggests the move is more about preparation than immediate action.

In simple terms, Bitwise is positioning itself early, even though the regulatory process has not yet begun.

Market reaction Now, even though the filing is only an early step, the UNI token reacted positively. Around the time of the filing, Uniswap was trading at $4.82, up 3.83% over 24 hours.

This price move stands out because the broader ETF market is sending mixed signals. While UNI benefited from the Bitwise filing, other assets saw very different flows. 

Ethereum [ETH] recorded large outflows totaling $63.53 million.

But Ripple [XRP] led inflows with $9.16 million, followed by Solana [SOL], which recorded $1.87 million worth of inflows. Additionally, Chainlink [LINK] also saw smaller inflows of $439.03K.

This split suggests investors may be reducing exposure to larger, established crypto assets like Ethereum.

What’s more? This coincided with UNI recently lagging in the broader market over the past three weeks, even as many altcoins rallied alongside Bitcoin [BTC] in early January.

While UNI did see momentum last month around the UNIfication proposal, that strength faded quickly after the vote passed.

Even major developments, such as the 100 million UNI token burn, the removal of frontend fees by Uniswap Labs, and the activation of fee switches, failed to trigger a sustained rally.

This underperformance, especially compared to Bitcoin and other altcoins, remains a concern for bullish investors.

In short, while Uniswap’s fundamentals and governance progress are improving, the market has yet to reflect that confidence in price.

Final Thoughts Bitwise’s filing signals long-term intent, not immediate action, as no SEC review or timeline is currently in place. Altcoin ETF flows remain mixed, suggesting selective interest rather than broad confidence across the market.

Ishika Kumari is a Crypto Analyst and Content Strategist at AMBCrypto, specializing in the analysis of cryptocurrency regulations, market trends, and the socio-political impact of blockchain technology. Her expertise is grounded in her academic background as a graduate of Political Science from the renowned University of Delhi. This discipline has equipped her with a sophisticated framework for analyzing complex governance models, international regulatory landscapes, and the economic principles that underpin decentralized systems. At AMBCrypto, Ishika applies this unique analytical lens to her work. She excels at breaking down intricate subjects—from the technicalities of new protocols to the nuances of global crypto legislation—into clear, accessible, and insightful content. Her primary mission is to bridge the gap between the complexity of the digital asset industry and the everyday reader, ensuring that AMBCrypto's audience is not just informed, but truly understands the forces shaping the future of finance.

Meta and Microsoft continue going big on AI Spending. Here's how bitcoin miners could benefitIn its fourth quarter earnings report, Meta said capital spending plans for 2026 should be in the range of $115-$135 billion, well ahead of consensus forecasts. Jan 28, 2026, 11:07 p.m.

Shares of bitcoin mining companies that have shifted business plans to cater to artificial intelligence (AI) infrastructure were big winners in 2025, a run they continued into the new year.

And if big tech's earnings this year are any indications, they might continue to reap the benefit of the pivot.

STORY CONTINUES BELOW

Fourth-quarter results and 2026 outlooks released Wednesday evening from tech giants Meta (META) and Microsoft (MSFT) — both of which put AI investment at the center of their growth strategies for this year and beyond — suggest no slowdown in the AI spending binge.

“We are only at the beginning phases of AI diffusion, and already Microsoft has built an AI business that is larger than some of our biggest franchises,” said Microsoft CEO Satya Nadella. “We are pushing the frontier across our entire AI stack to drive new value for our customers and partners.”

Meta, meanwhile, forecast 2026 capital spending of $115-$135 billion, well ahead of consensus forecasts for $110 billion.

Read more: GPU Gold Rush: Why Bitcoin Miners Are Powering AI’s Expansion

Facing a profit squeeze from bitcoin's last halving event, which cut miners' rewards by half, as well as higher competition and power costs, mining firms have pivoted to use their data centers to host AI and cloud computing machines. The move has saved many miners from going under, as it has allowed them to diversify their revenue sources beyond mining bitcoin and reap the profits of the continued AI-related hype.

In November, Iren (IREN) announced a multiyear cloud-services contract with Microsoft to support AI workloads using advanced Nvidia (NVDA) chips, signaling a deeper shift into high-performance computing. Around the same time, Cipher Mining (CIFR) signed a deal with Amazon (AMZN) to deliver 300 megawatts of capacity to Amazon Web Services (AWS), one of the largest infrastructure commitments yet from a bitcoin miner looking to tap into the AI boom.

IREN was up 4.9% on Wednesday ahead of the results, bringing its year-to-date gain to 47% and year-over-year advance to $524%. Up 1.2% on Wednesday, CIFR is now up 17% in 2026 and 322% year-over-year.

Another miner that has so far successfully pivoted to AI infrastructure and high-performance computing is Hut 8 (HUT), which is up 26% year-to-date and 230% year-over-year.

The next test of the sustainability of AI- and cloud-computing-related optimism will be Nvidia's next report on Feb. 25.

Read more: Bitcoin miners chase AI demand as Nvidia says Rubin is already in production

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

More For You

Pudgy Penguins: A New Blueprint for Tokenized Culture

Dec 30, 2025

Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.

What to know:

Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.

The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.

More For You

Bitcoin remains subdued as gold races to new record above $5,400 following Jerome Powell remarks

3 hours ago

Gold fans rushed in to buy as the Fed chair said he took no macro signal from the raging bull market in precious metals.

What to know:

Gold soared to a new record on Wednesday afternoon, quickening its rise as Fed Chair Jerome Powell spoke at his post-meeting press conference.Bitcoin continues to trade in a very tight range around $89,000."Crypto is underperforming some of the very assets it was designed to supplant," said one analyst.

TL;DR:

Kim claims Bitcoin’s historical four-year rhythm is dead, making way for a prolonged expansion. Institutional adoption and global liquidity are displacing the “halving” as the primary price driver. Analysts from Bitwise and BitMEX support the transition toward a market of sustained growth and lower volatility. Recent statements from Kim suggest that the digital asset ecosystem is undergoing a profound structural transformation that could mark the end of Bitcoin’s four-year cycle. This shift in the landscape suggests that the pioneer crypto is abandoning its traditional boom-and-bust phase to initiate an expansionary “supercycle.”

Bitcoin 4 year cycle is dead. We are entering a decade long supercycle.

— YoungHoon Kim, IQ 276 (@yhbryankimiq) January 28, 2026 Instead of relying exclusively on the supply shocks generated by halving events, the market appears to be responding strongly to global macroeconomic factors. This development suggests that Bitcoin will experience long bullish trends and less severe corrections than the crypto winters of the past.

Macro Factors and Institutional Adoption: The New Engines The supercycle thesis is not an isolated one. In fact, Changpeng Zhao and Matt Hougan point out that regulatory reality is redefining the asset’s behavior. Therefore, Bitcoin’s integration into traditional finance drastically reduces the impact of its internal protocol mechanics.

This vision is supported by BitMEX co-founder Arthur Hayes, who argues that market liquidity and interest rates are now the dominant catalysts. Under this logic, the return of more flexible financial conditions could drive the price toward new all-time highs in a more stable manner.

Currently, with the price hovering around $90,226, technical indicators show accumulation zones that precede multi-year rallies. Thus, the current market structure seems to confirm that we are facing a sustained climb rather than a temporary bubble.

In summary, for investors, this scenario implies less dependence on halving seasonality and greater attention to international monetary policies. If this theory is correct, Bitcoin’s future will look more like a steady ascent than an emotional roller coaster.