Market Signal Briefing

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all.

By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.

However, the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects, makes it pretty easy to find cutting-edge growth stocks.

New Gold (NGD - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this gold mining company a great growth pick right now.

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for New Gold is 29%, investors should actually focus on the projected growth. The company's EPS is expected to grow 112.3% this year, crushing the industry average, which calls for EPS growth of 45.1%.

Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.

Right now, year-over-year cash flow growth for New Gold is 41.6%, which is higher than many of its peers. In fact, the rate compares to the industry average of 14.4%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 15.6% over the past 3-5 years versus the industry average of 15.4%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for New Gold have been revising upward. The Zacks Consensus Estimate for the current year has surged 14.8% over the past month.

Bottom LineNew Gold has not only earned a Growth Score of A based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #1 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination positions New Gold well for outperformance, so growth investors may want to bet on it.

Key Takeaways WY's Q4 earnings likely felt pressure from weak housing, remodeling and soft wood products demand.Wood Products sales are projected to fall 9.7%, with EBITDA plunging 96.2% year over year.Timberlands revenue may rise 2.9%, aided by stable U.S. South demand despite export and Western softness. Weyerhaeuser Company (WY - Free Report) is slated to report fourth-quarter 2025 results on Jan. 29, after the closing bell.

The quarter is expected to reflect a continuation of the challenging housing and wood products environment seen through the back half of 2025.

In the last reported quarter, the company’s adjusted earnings topped the Zacks Consensus Estimate by 185.7%, and net sales topped the same by 4.1%. On a year-over-year basis, the top and bottom lines decreased 2.1% and 20%, respectively.

Weyerhaeuser’s earnings beat the consensus mark in three of the last four quarters and met on one occasion, with the average surprise being 65.7%.

How Are Estimates Placed for Weyerhaeuser?The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share has widened to 13 cents from 12 cents over the past 30 days. In the year-ago quarter, the company had reported an earnings per share (EPS) of 11 cents.

The consensus mark for net sales is pegged at $1.58 billion, indicating a 7.2% year-over-year decline.

Factors Influencing WY’s Q4 ResultsWeyerhaeuser’s fourth-quarter revenues are likely to have been pressured by seasonally softer housing and repair-and-remodel activity, which might have weighed on demand across its Wood Products segment (which accounted for approximately 71.5% of third-quarter 2025 net sales). Management indicated during the third quarter of 2025 earnings call that lumber and oriented strand board, or OSB, pricing remained near historically low levels on an inflation-adjusted basis during the quarter, while demand typically moderates further in the winter months. Reduced production levels, including a roughly 10% sequential decline in lumber output tied to weaker market conditions and the Princeton mill sale, are also expected to have constrained shipment volumes.

Our model predicts the Wood Products segment’s net sales to decline 9.7% year over year to $1.14 billion in the fourth quarter. Adjusted EBITDA is expected to decline 96.2% from a year ago to $6.1 million.

Timberlands revenue (which accounted for approximately 31.2% of third-quarter 2025 net sales) trends were likely mixed. In the Western region, domestic log demand remained soft early in the fourth quarter as mills worked through elevated inventories, leading to moderately lower sales realizations and reduced harvest volumes. Export log volumes to Japan were also expected to decline sequentially in the fourth quarter amid inventory overhangs and housing-related headwinds in that market. These pressures were partially offset by stable log demand in the U.S. South, where delivered log programs helped maintain steady takeaway despite muted sawlog markets.

We expect the Timberlands segment’s net sales to grow 2.9% to $511.4 million. Adjusted EBITDA is expected to decline 6.2% from a year ago to $118.2 million.

In the Real Estate, Energy and Natural Resources (6% of third-quarter sales) segment, while earnings are expected to have declined modestly quarter over quarter due to the timing and mix of sales, underlying demand for higher-and-better-use properties remained healthy, with strong pricing premiums to timber value continuing into year-end. Growth in forest carbon and natural climate solutions is also likely to remain a constructive contributor.

Our model predicts the Real Estate, Energy and Natural Resources segment’s net sales to be $81.8 million, down 4.9% year over year. Adjusted EBITDA is expected to be up 1.7% from a year ago to $77.3 million.

Overall, margin performance in the fourth quarter is expected to remain under pressure, particularly within Wood Products. Persistently weak lumber and OSB pricing, combined with lower operating rates, likely limited margin recovery despite Weyerhaeuser’s best-in-class cost position. Planned annual maintenance outages at OSB mills and lower volumes across engineered wood products likely added to fixed-cost absorption challenges.

That said, several cost offsets were expected to support the bottom line. Log and fiber costs were projected to decline modestly, particularly in lumber, while per-unit log and haul costs and forestry expenses were expected to fall seasonally in Timberlands. The company’s disciplined operating posture, OpEx culture and integrated portfolio were also expected to help cushion earnings volatility in a trough pricing environment.

What Our Model Unveils for WYOur proven model does not conclusively predict an earnings beat for Weyerhaeuser this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here.

Earnings ESP: WY has an Earnings ESP of -27.28%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

Zacks Rank: The company currently carries a Zacks Rank #3.

Stocks With the Favorable CombinationHere are some stocks from the Zacks Construction sector, which, per our model, have the right combination of elements to deliver an earnings beat this time around.

Construction Partners, Inc. (ROAD - Free Report) has an Earnings ESP of +25.62% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Construction Partners’ earnings beat estimates in two of the last four quarters and missed on the other two occasions, the average surprise being 92%. The company’s earnings for the fourth quarter of 2025 are expected to increase 20% year over year.

Owens Corning (OC - Free Report) has an Earnings ESP of +12.59% and a Zacks Rank of 3.

Owens Corning’s earnings beat estimates in each of the last four quarters, the average surprise being 7.3%. The company’s earnings for the fourth quarter of 2025 are expected to decline 58.7% year over year.

AAON, Inc. (AAON - Free Report) currently has an Earnings ESP of +11.73% and a Zacks Rank of 3.

AAON’s earnings beat estimates in two of the last four quarters and missed on the other two occasions, the average negative surprise being 3.3%. The company’s earnings for the fourth quarter of 2025 are expected to increase 50% year over year.

The mandatory tender offer is launched as a consequence of Neinor successfully securing a 79.20% controlling stake in AEDAS through the voluntary tender offer completed in DecemberThe offer price of €24.00 per share, which has the consideration of an equitable price, represents a 12.5% premium over the price of the voluntary tender offerThe acceptance period of the mandatory tender offer will run from 30 January to 27 February, both dates inclusiveThis step completes the roadmap communicated to the market and represents the final stage of the AEDAS acquisition process within the applicable regulatory framework, as established by the CNMV Madrid, 28 January, 2026 – Neinor Homes (“Neinor”), Spain’s leading listed residential developer, announces that the Spanish Securities Market Commission (CNMV) has authorised the launch of the mandatory tender offer (MTO) for the remaining shares of AEDAS Homes (“AEDAS”) at the previously communicated price of €24.00 per share.

This mandatory tender offer follows the successful completion of the voluntary tender offer, through which Neinor acquired a 79.20% controlling stake in AEDAS in December 2025, fulfilling the central milestone of the acquisition roadmap communicated to the market.

The €24.00 per share offer price, which has the consideration of an equitable price, represents a 12.5% premium over the €21.335 per share price paid in the voluntary offer.

The acceptance period will run from 30 January to 27 February, both dates inclusive. Settlement of the transaction is expected to take place shortly after the end of the acceptance period, subject to the terms and conditions set out in the offer documentation.

This mandatory tender offer represents the final step in the acquisition process of AEDAS, allowing the remaining minority shareholders to tender their shares and receive a price that has the consideration of an equitable price for the purposes of the applicable tender offer regulations.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “This mandatory tender offer is being launched in line with the roadmap we communicated to the market and in accordance with the terms approved by the CNMV. Following the acquisition of control, this step ensures full compliance with all applicable regulatory requirements.”

Jordi Argemí, Deputy CEO and CFO of Neinor Homes, added: “This milestone allows us to move forward on the transaction process and focus on managing Spain’s leading residential development platform, while continuing to pursue disciplined growth in line with our strategy.”

* For the full regulatory announcement please refer to Neinor’s webpage (https://www.neinorhomes.com/en/corporate/investors/market-notifications/other-relevant-information/)

-ENDS-

About Neinor Homes

Neinor Homes is the leading residential property developer in Spain, with a fully owned land bank to develop c11,900 homes, and a GAV to June 2025 of +€1,400mn. This land bank is located in some of the fastest growing regions with the best economic fundamentals in Spain: Madrid, Guadalajara, Western and Eastern Andalusia, Levante, Basque Country and Catalonia.

Neinor is a fully integrated and well-established residential platform of scale in Spain, covering the entire development value chain from land buying, planning and urban management, product design, delegated development and construction, sales and marketing and rentals. We are committed to creating and delivering attractive risk adjusted returns for shareholders through our disciplined capital allocation strategy and our excellence in operations and risk management.

We are the only listed residential property developer with a multi-sector strategy to market in Spain, and our strategies include Build-to-rent (BTR); Build-to-sell (BTS); and the largely untapped senior living rental market in Spain, which we are progressing.

Neinor’s operational excellence, investment strategy and results achieved since 2019 have enabled us to deliver on our 5-year business plan, launched in March 2023, in a sustainable and capital-efficient manner. This plan combines a €600mn shareholder remuneration plan and an investment of €1,000mn in new opportunistic land acquisitions, half of which are expected to be undertaken in joint ventures with strategic partners through co-investment agreements, with a +20% IRR target.

We offer shareholders attractive risk adjusted returns in a country where there are strong and sustainable supply and demand fundamentals and supported by a resilient macroeconomic environment and outlook. Spain remains one the most attractive and safest residential markets worldwide, with one of the lowest ratios of new supply per capita globally since 2013.

For more information:

NEINOR HOMES
Investor Relations Department
[email protected]

H/ADVISORS MAITLAND
[email protected]
David Sturken                                    +44 7990 595 913
Billy Moran                                         +44 7554 912 008

Press contact
LLYC
[email protected]

UKRAINE - 2024/04/13: In this photo illustration, an Applied Digital logo is seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Applied Digital (APLD) stock has greatly surpassed its competitors over the last year. However, a closer examination of this data center and cryptocurrency infrastructure company indicates substantial revenue growth but ongoing unprofitability, marked by severely negative operating and free cash flow margins. Its elevated valuation, even with lower revenue in comparison to many competitors, implies potential overreach considering its cash burn pattern.

APLD’s -28.0% margin, which contrasts sharply with HUT’s 60.3%, indicates significant AI/HPC infrastructure spending compared to the operational efficiency of established mining.APLD’s 63.0% revenue growth, exceeding some yet trailing others, implies that its AI/HPC contract victories fluctuate relative to its peers’ mining expansion magnitude.APLD’s 538.6% increase, accompanied by a -93.6 PE, reflects investor enthusiasm for its AI data center approach, prioritizing future growth over present earnings.This is how Applied Digital compares across size, valuation, and profitability against major peers.

APLD

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For additional details on Applied Digital, read Buy or Sell APLD Stock. Below we compare APLD’s growth, margin, and valuation with peers across various years.

Revenue Growth Comparison

APLD

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Operating Margin Comparison

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PE Ratio Comparison

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Still uncertain about APLD stock? Think about a portfolio approach.

Portfolios Thrive When Individual Stock Selections Fall Short

Individual stocks can be unpredictable. A well-structured portfolio keeps you invested, mitigates downside risks, and offers exposure to upside potential.

The Trefis High Quality (HQ) Portfolio, consisting of 30 stocks, has a history of comfortably surpassing its benchmark, which includes all three indices: the S&P 500, S&P mid-cap, and Russell 2000. The reason? Collectively, HQ Portfolio stocks have delivered better returns with reduced risk compared to the benchmark, demonstrating a smoother trajectory, as visible in HQ Portfolio performance metrics.

Key Takeaways RYAAY's Q3 earnings of 26 cents per share beat estimates, while revenues rose 18.5% year over year.RYAAY saw traffic rise 6% to 47.5 million passengers, with load factor flat at 92% and fares up 4%.RYAAY lifted fiscal 2026 traffic outlook to 208M passengers on strong demand and early Boeing deliveries. Ryanair Holdings plc (RYAAY - Free Report)  reported third-quarter fiscal 2026 (ended Dec. 31, 2025) earnings of 26 cents per share, which beat the Zacks Consensus Estimate of 18 cents but declined on a year-over-year basis. Revenues of $3.74 billion marginally fell short of the Zacks Consensus Estimate by 0.1% but increased 18.5% year over year. The top line benefited from solid October school mid-term and close-in Christmas/New Year bookings.

Traffic grew 6% year over year to 47.5 million passengers during the reported quarter. The load factor of 92% remained flat on a year-over-year basis. Average fares were up 4% year over year.

Operating costs grew 6% year over year, owing to higher air traffic control (ATC) fares and environmental costs. This was partially offset by fuel hedge savings.

RYAAY now anticipates its fiscal 2026 traffic to grow 4% to almost 208 million passengers (prior view: 207 million), owing to solid demand and earlier than expected Boeing deliveries. Unit cost inflation is expected to remain modest during fiscal 2026 as the B-8200 deliveries, fuel hedging and effective cost control should help offset increased ATC charges, higher environmental costs and the roll-off of last year's delivery delay compensation.

Although RYAAY’s fourth quarter does not benefit from Easter, fares are trending above prior-year levels. As a result, full-year fares are likely to surpass the previously guided ranges. RYAAY is expecting fiscal 2026 profit after tax (pre-exceptional) in the range of €2.13bn to €2.23bn, although the final fiscal 2026 outcome remains exposed to adverse external developments in the fourth quarter, rising conflict in Ukraine and the Middle East, macro-economic shocks and any further impact of repeated European ATC strikes & mismanagement.

Currently, RYAAY sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Q4 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report) reported fourth-quarter 2025 earnings (excluding 31 cents from non-recurring items) of $1.55 per share, which beat the Zacks Consensus Estimate of $1.53. Earnings decreased 16.22% on a year-over-year basis due to high labor costs.

Revenues in the December-end quarter were $16 billion, beating the Zacks Consensus Estimate of $15.63 billion and increasing 2.9% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1.2% year over year to $14.6 billion. Revenue growth was impacted by about 2 points due to the government shutdown, mainly in the domestic segment, consistent with the company's disclosure last month.

J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported fourth-quarter 2025 earnings of $1.90 per share, which surpassed the Zacks Consensus Estimate of $1.81 and improved 24.2% year over year.

Total operating revenues of $3.09 billion lagged the Zacks Consensus Estimate of $3.12 billion and were down 1.6% year over year. JBHT’s fourth-quarter revenue performance was hurt by a 2% and 4% decline in revenue per load excluding fuel surcharge revenue in Intermodal (JBI) and Truckload (JBT), respectively, a 1% decrease in average trucks in Dedicated Contract Services (DCS), and a 7% and 2% decline in load volume in Integrated Capacity Solutions (ICS) and JBI, respectively. The decrease in revenue, excluding fuel surcharge revenue, was partially offset by a 15% increase in volume in JBT, a 1% uptick in productivity, excluding fuel surcharge revenue, in DCS, and an increase in revenue per load in ICS. Total operating revenue, excluding fuel surcharge revenue, decreased 2% year over year.

United Airlines Holdings, Inc. (UAL - Free Report) reported solid fourth-quarter 2025 results wherein the company’s earnings and revenues beat the Zacks Consensus Estimate.

UAL's fourth-quarter 2025 adjusted earnings per share (excluding 9 cents from non-recurring items) of $3.10 surpassed the Zacks Consensus Estimate of $2.98 but declined 4.9% on a year-over-year basis. The reported figure lies within the guided range of $3.00-$3.50.

Operating revenues of $15.4 billion outpaced the Zacks Consensus Estimate marginally by 0.1% and increased 4.8% year over year. Passenger revenues (which accounted for 90.4% of the top line) increased 4.9% year over year to $13.9 billion. UAL flights transported 45,679 passengers in the fourth quarter, up 3% year over year.

Cargo revenues fell 6% year over year to $490 million. Revenues from other sources rose 9.1% year over year to $981 million.

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

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.

Q4: 2026-01-27 Earnings SummaryEPS of $0.60 misses by $0.22

 |

Revenue of

$102.70M

(-0.41% Y/Y)

misses by $4.78M

National Bank Holdings Corporation (NBHC) Q4 2025 Earnings Call January 28, 2026 11:00 AM EST

Company Participants

Emily Gooden - Senior VP, Chief Accounting Officer & Investor Relations Director
Tim Laney - Founder, Chairman & CEO
Nicole Van Denabeele - Executive VP & CFO
John Steinmetz
Aldis Birkans - President
John Finn

Conference Call Participants

Jeff Rulis - D.A. Davidson & Co., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division
Andrew Terrell - Stephens Inc., Research Division
Brett Rabatin - Hovde Group, LLC, Research Division

Presentation

Operator

Good morning, everyone, and welcome to the National Bank Holdings Corporation 2025 Fourth Quarter Earnings Call. My name is Rachel, and I will be your conference operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.

I will now turn the call over to Emily Gooden, Chief Accounting Officer and Director of Investor Relations.

Emily Gooden
Senior VP, Chief Accounting Officer & Investor Relations Director

Thank you, Rachel, and good morning. We will begin today's call with prepared remarks, followed by a question-and-answer session. I would like to remind you that this conference call will contain forward-looking statements, including, but not limited to, statements regarding the company's strategy, loans, deposits, capital, net interest income, noninterest income, margins, allowance, taxes and noninterest expense. Actual results could differ materially from those discussed today. These forward-looking statements are subject to risks, uncertainties and other factors which are disclosed in more detail in the company's most recent filings with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this call, and National Bank Holdings Corporation undertakes no obligation to update or revise these statements.

In addition, the call today will reference certain non-GAAP measures which National Bank Holdings Corporation believes provides useful information for investors. Reconciliations of these non-GAAP

Key Takeaways VFC posted Q3 EPS of 58 cents and revenues of $2.88B, beating estimates despite earnings falling Y/Y.VFC saw strength from The North Face and Timberland, with the Americas delivering its best results. DTC sales returned to growth and it beat revenue and operating income guidance under the Reinvent program. V.F. Corporation (VFC - Free Report) reported third-quarter fiscal 2026 results, with a sales and earnings beat. While earnings fell year over year, revenues increased. Nevertheless, the company is on track with its Reinvent program and expects to deliver medium-term financial targets. The Reinvent program and VFC’s actions to boost operating profitability appear encouraging.

The company reported adjusted earnings per share (EPS) of 58 cents, beating the Zacks Consensus Estimate of 43 cents. Earnings declined from 62 cents a share in the year-earlier quarter.

Net revenues of $2.88 billion grew 1% year over year and surpassed the consensus estimate of $2.76 billion. Adjusted revenues (excluding Dickies) increased 4% year over year. The adjusted gross margin rose 10 bps to 57%.

V.F. Corp. reported solid third-quarter performance, delivering growth during the peak holiday season and beating revenue and operating income guidance. Strength was led by The North Face and Timberland, while the Americas region posted its strongest results in over three years. Global direct-to-consumer sales returned to growth, reinforcing management’s confidence in achieving its medium-term financial targets.

V.F. Corp.’s Revenue DetailsOn a regional basis, revenues in the Americas rose 2% year over year both on a reported basis and on a constant-currency basis. In the EMEA region, revenues were up 4% on a reported basis and down 4% on a constant-currency basis. Revenues in the APAC region were down 6% on a reported basis and 7% down on a constant-currency basis. The company’s International revenues grew 2% year over year on a reported basis and were down 4% on a constant-currency basis.

Channel-wise, wholesale revenues fell 1% on a reported basis. Direct-to-consumer revenues were up 4% year over year on a reported basis and 1% on a constant-currency basis. Our model estimated the wholesale revenues to fall 0.1% and direct-to-consumer revenues to dip 1% year over year.

In the first quarter of fiscal 2026, V.F. Corp. realigned its reportable segments into two main categories: Outdoor and Active. Operating segments not meeting disclosure thresholds are now grouped under an "All Other" category.

Based on reporting segments, revenues in the Outdoor segment improved 8% year over year on a reported basis and 5% on a constant-currency basis to $1,926 million. In the Active segment, revenues of $671.8 million declined 6% year over year on a reported basis and 9% on a constant-currency basis. Revenues in the All Other segment fell 18% year over year on a reported basis and 20% on a constant-currency basis to $278 million.

Financial Details of VFCV.F. Corp. ended the fiscal third quarter with cash and cash equivalents of $1.5 billion, long-term debt of $3.55 billion and shareholders’ equity of $1.78 billion. Net debt was down $0.5 billion from the year-ago period.

The company’s board has announced a quarterly dividend of 9 cents per share, payable March 19, 2026, to its shareholders of record as of March 10.

Other DetailsThe company announced a definitive agreement on Sept. 15, 2025, to sell the Dickies brand to Bluestar Alliance LLC and completed the divestiture on Nov. 12. Under U.S. GAAP, Dickies’ results remain included in V.F. Corp.’s third-quarter fiscal 2026 results through the date of sale, as the transaction did not qualify for discontinued-operations treatment. To better reflect ongoing performance following the divestiture, VFC also presents results “excluding Dickies” and “adjusted excluding Dickies,” which remove Dickies’ contribution from all periods and are intended to provide clearer insight into V.F. Corp.’s post-sale operating trends.

In the nine months ended December 2025, VFC spent $51 million on its Reinvent transformation program. These costs mainly covered severance and employee-associated gains and costs with respect to the engagement of a consulting firm to boost the company's transformation journey.

The program led to a net tax benefit of $11.9 million in the nine months of fiscal 2026. VFC has spent $207.7 million in restructuring charges under Reinvent, with all the substantial efforts completed by the end of the first quarter of fiscal 2026.

What to Expect From VFC in Q4 & FY26?For the fourth quarter of fiscal 2026, VFC expects revenues to be flat to up 2% in constant currency compared with the prior year. Adjusted operating income is projected to range between $10 million and $30 million. Adjusted gross margin is likely to be flat to slightly up year over year. Adjusted SG&A are likely to be flat to slightly down.

For fiscal 2026, VFC expects adjusted operating income, operating cash flow and free cash flow to increase year over year, while ending fiscal 2026 with leverage at or below 3.5x. These projections reflect the company’s ongoing progress under its Reinvent transformation program, focused on cost reduction, margin improvement and strategic brand repositioning to drive long-term growth.

The Zacks Rank #3 (Hold) company's shares have gained 27.5% in the past three months compared with the industry’s 5.4% growth.

VFC Stock's Price Performance
Image Source: Zacks Investment Research

Key Consumer Discretionary PicksUnder Armour (UAA - Free Report) is one of the leading designers, marketers and distributors of authentic athletic footwear, apparel and accessories for a wide variety of sports and fitness activities in the United States and internationally. The company sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for UAA’s current financial-year sales and EPS indicates declines of 3.9% and 93.9%, respectively, from the year-ago reported figures. Under Armour has a trailing four-quarter earnings surprise of 44.5%, on average.

Ralph Lauren (RL - Free Report) , which is a designer and marketer of premium lifestyle products, currently carries a Zacks Rank of 2 (Buy).

RL delivered a trailing four-quarter earnings surprise of 9.8%, on average. The Zacks Consensus Estimate for RL’s current financial-year sales indicates growth of 25.1% from the year-ago number.

GIII Apparel Group (GIII - Free Report) , which is a designer and manufacturer of apparel and accessories, currently carries a Zacks Rank of 2.

The Zacks Consensus Estimate for GIII’s current financial-year EPS is expected to rise 6.3% from the corresponding year-ago reported figure. GIII Apparel delivered a trailing four-quarter earnings surprise of 64.5%, on average.

In this photo illustration, the Commvault Systems, Inc. logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Commvault Systems (CVLT) shares have decreased by 31% in the past day and are currently priced at $89.13. The sharp drop came after the company’s most recent earnings release. While Commvault reported strong revenue and earnings beats, its forward guidance and growth expectations disappointed investors, who had been pricing in acceleration rather than just in-line forecasts. Concerns about slower near-term growth in subscription revenue and a high valuation multiple also weighed on sentiment, prompting analysts to lower price targets and triggering steep selling pressure.

We believe there is little to worry about with CVLT stock, considering its overall Strong operational performance and financial health. This aligns with the stock's High valuation, which makes us conclude that it is Fairly Priced.

Below is our evaluation:

evaluation

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You can’t foresee the movements of individual stocks, but you can get ready. Discover how High Quality Portfolio assists you.

Let’s delve into the details of each of the evaluated factors, but first, for a quick background: With $4.0 Bil in market capitalization, Commvault Systems offers data protection and information management software, alongside integrated hardware appliances and related services through strategic collaborations with leading technology firms globally.

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[1] Valuation Appears High

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This table illustrates how CVLT is valued compared to the broader market. For additional information, see: CVLT Valuation Ratios

[2] Growth Is Very Strong

Commvault Systems has experienced an average top-line growth of 11.7% over the past 3 yearsIts revenues have increased by 22% from $898 Mil to $1.1 Bil in the last 12 monthsAdditionally, its quarterly revenues rose by 18.4% to $276 Mil in the latest quarter from $233 Mil a year earlier.revenue

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This table illustrates how CVLT is growing compared to the broader market. For additional details, see: CVLT Revenue Comparison

[3] Profitability Seems Weak

CVLT reported an operating income of $86 Mil in the last 12 months, which corresponds to an operating margin of 7.8%With a cash flow margin of 19.7%, it produced nearly $216 Mil in operating cash flow during this timeframeDuring the same period, CVLT generated nearly $80 Mil in net income, indicating a net margin of approximately 7.3%profitability

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This table illustrates how CVLT's profitability compares to the broader market. For more information, see: CVLT Operating Income Comparison

[4] Financial Stability Seems Very Strong

CVLT's Debt was $908 Mil at the close of the last quarter, while its current Market Cap is $4.0 Bil. This results in a Debt-to-Equity Ratio of 22.9%CVLT's Cash (including cash equivalents) constitutes $1.1 Bil of $1.9 Bil in total Assets. This gives a Cash-to-Assets Ratio of 55.5%financial stability

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[5] Downturn Resilience Is Weak

CVLT has performed worse than the S&P 500 index during several economic contractions. We evaluate this based on both (a) the magnitude of the stock decline and (b) the speed of its recovery.

2022 Inflation Shock

CVLT stock decreased by 39.1% from its peak of $83.87 on 3 September 2021 to $51.08 on 15 September 2022, whereas the S&P 500 saw a peak-to-trough decline of 25.4%.Nevertheless, the stock completely rebounded to its pre-crisis peak by 30 January 2024Since that time, the stock has climbed to a peak of $195.41 on 18 September 2025 and is currently trading at $89.13inflation shock

Trefis

2020 Covid Pandemic

CVLT stock dropped 46.0% from its peak of $51.55 on 12 February 2020 to $27.83 on 18 March 2020, compared to a peak-to-trough decline of 33.9% for the S&P 500.Nevertheless, the stock fully rebounded to its pre-crisis peak by 10 December 2020pandemic shock

Trefis

2008 Global Financial Crisis

CVLT stock declined by 65.3% from a high of $22.87 on 6 November 2007 to $7.94 on 20 November 2008, compared to a peak-to-trough decline of 56.8% for the S&P 500.Nevertheless, the stock fully recovered to its pre-crisis peak by 18 December 2009financial crisis

Trefis

However, the risk isn't confined to significant market crashes. Stocks can decline even when market conditions are favorable — consider events such as earnings reports, business updates, or changes in outlook. Refer to CVLT Dip Buyer Analyses to observe how the stock has bounced back from sharp declines in the past.

The Trefis High Quality (HQ) Portfolio, which includes 30 stocks, has a history of comfortably outpacing its benchmark, including all three indices — the S&P 500, S&P mid-cap, and Russell 2000. Why is this the case? As a collective, HQ Portfolio stocks have offered better returns with less risk compared to the benchmark index; it has been a smoother experience, as showcased by HQ Portfolio performance metrics.

Kingsoft Cloud (KC) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

Southern Copper Corporation (SCCO) Q4 2025 Earnings Call January 28, 2026 10:00 AM EST

Company Participants

Raul Jacob - VP of Finance, Treasurer & CFO

Conference Call Participants

Timna Tanners - Wells Fargo Securities, LLC, Research Division
Emerson Vieira - Goldman Sachs Group, Inc., Research Division
Alfonso Salazar - Scotiabank Global Banking and Markets, Research Division
Tingshuai Feng - China International Capital Corporation Limited, Research Division
Matheus Moreira - Banco Bradesco BBI S.A., Research Division
Alexander Hacking - Citigroup Inc., Research Division
Myles Allsop - UBS Investment Bank, Research Division

Presentation

Operator

Good morning, and welcome to Southern Copper Corporation's Fourth Quarter and Year 2025. With us this morning, we have Southern Copper Corporation, Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the company for the fourth quarter and year 2025 as well as answer any questions that you might have.

The information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions to not place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All results are expressed in full U.S. GAAP. Now I will pass the call on to Mr. Raul Jacob.

Raul Jacob
VP of Finance, Treasurer & CFO

Thank you very much, Gigi. Good morning, everyone, and welcome to Southern Copper's Fourth Quarter and Full Year 2025 Results Conference Call. At today's conference, I'm accompanied by Mr. Oscar Gonzalez Rocha, CEO of Southern Copper and Board member; as well as Mr. Leonardo Contreras, who is also a Board member. In today's call, we will begin with an update on our view of the copper market and then review Southern Copper's key results related to

Apple Inc (NASDAQ:AAPL, XETRA:APC) is set to report its fiscal first-quarter results on Thursday after the bell, with Wedbush expecting a strong performance following the holiday season and growing investor focus on the company’s artificial intelligence strategy.

Wedbush’s Dan Ives believes the market continues to underestimate Apple’s longer-term growth prospects, calling 2026 a potential turning point for the company’s AI ambitions.

“We expect strong results after this holiday season as the Street continues to underestimate what 2026 is going to bring for Apple, as in our view, this will finally be the time that Cook & Co. dive into the deep end of the pool on its AI strategic roadmap,” Ives wrote.

Wedbush maintained its Outperform rating on Apple with a $350 price target, keeping the stock on both its Best Ideas List and IVES AI 30 List.

Ives said consensus revenue expectations of $138.4 billion for the quarter could prove conservative, citing strength in the iPhone 17 cycle and a sharper-than-expected rebound in China.

“We believe the Street’s top line estimate of $138.4 billion is beatable given the strength of iPhone 17 including a major rebound in China despite the heated competition in the region,” Ives said, calling the demand trend a “surprise tailwind” in the current iPhone supercycle.

Ives added that Apple is likely to outperform expectations for iPhone sales, pointing to a large base of users yet to upgrade.

“The iPhone 17 continues to garner interest across geographies with ~315 million of 1.5 billion iPhones not upgrading in the last four years,” he said.

Beyond hardware, Ives expects services revenue to remain a key driver, with growth supported by cloud and payment offerings.

“We also believe that the company will outperform the Street’s Services revenue expectations of mid-teens y/y growth through acceleration from cloud and payment services,” Ives noted.

Investors are also expected to focus closely on Apple’s AI strategy during the earnings call, particularly around plans to revamp Siri and the company’s partnership with Google.

“With the most unrivaled consumer installed base in the world of 2.4 billion iOS devices and 1.5 billion iPhones, we expect Cook and Co. to expand on the company’s AI strategy on the call,” Ives said.

The analyst said Apple’s decision to integrate Google’s Gemini technology into Siri marks a key step in its AI push, setting the stage for a broader rollout in 2026.

“Now it’s about the consumer AI revolution coming through Cupertino,” Ives wrote, adding that Apple is expected to outline a clearer blueprint for its AI roadmap ahead of a Siri refresh this spring and its annual developers conference in June.

While acknowledging execution risks, Ives said Apple’s AI potential is not yet reflected in the stock.

“We believe no ‘AI premium’ which could be worth $75–$100 per share is factored into Apple’s stock at current prices,” he said.

Otis Worldwide Corporation (OTIS) Q4 2025 Earnings Call January 28, 2026 8:30 AM EST

Company Participants

Robert Quartaro - Vice President of Investor Relations
Judith Marks - Chair, President & CEO
Cristina Mendez - Executive VP & CFO

Conference Call Participants

Amit Mehrotra - UBS Investment Bank, Research Division
Joseph O'Dea - Wells Fargo Securities, LLC, Research Division
Nicholas Housden - RBC Capital Markets, Research Division
Christopher Snyder - Morgan Stanley, Research Division
Jeffrey Sprague - Vertical Research Partners, LLC
Nigel Coe - Wolfe Research, LLC
Julian Mitchell - Barclays Bank PLC, Research Division
Robert Wertheimer - Melius Research LLC
Kyle Summers - Rothschild & Co Redburn, Research Division
C. Stephen Tusa - JPMorgan Chase & Co, Research Division

Presentation

Operator

Good morning, and welcome to Otis' Fourth Quarter 2025 Earnings Conference Call. This call is being carried live on the Internet and recorded. Presentation materials are available for download from Otis' website at www.otis.com. I'll now turn it over to Rob Quartaro, Vice President of Investor Relations. Please go ahead.

Robert Quartaro
Vice President of Investor Relations

Thank you, Krista. Welcome to Otis' Fourth Quarter 2025 Earnings Conference Call. On the call with me today are Judy Marks, Chair, CEO and President; and Cristina Mendez, Executive Vice President and CFO. Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring and significant nonrecurring items.

A reconciliation of these measures can be found in the appendix of the webcast. We also remind listeners that the presentation contains forward-looking statements, which are subject to risks and uncertainties. Otis' SEC filings, including our Form 10-K and quarterly reports on Form 10-Q, provide details on important factors that could cause actual results to differ materially.

Now I'll turn it over to Judy.

Judith Marks
Chair, President & CEO

Thank you, Rob. Good morning, afternoon and evening, everyone. Thank you for

HSBC issued a directive on Jan. 27 for investors to stay aggressively risk-on. The bank recommends overweighting equities, high-yield debt, emerging-market bonds, and gold while underweighting sovereigns, investment-grade credit, and oil.

The call rests on a specific macro view: US growth holds up, rate volatility stays contained, and markets tilt back toward mega-cap tech. Meanwhile, the US dollar hit its lowest level since 2021, trading at 96.206 as of press time.

The confluence raises a question of whether the dollar's multi-year low can create a risk appetite for Bitcoin.

HSBC's thesis is not a currency call in isolation. It's a regime call about volatility and growth, which matters because Bitcoin trades as a high-beta risk asset in some environments and as a liquidity or FX hedge in others.

The current setup requires testing which behavior is operative.

Who else is positioned risk-onHSBC is not alone. JPMorgan's first-quarter 2026 allocation describes a “pro-risk tilt,” with overweights in US, Japanese, and select emerging-market equities alongside an explicit underweight to the dollar and a constructive view on gold.

Invesco's house view for the first quarter maintains a moderate overweight in equities versus fixed income, prefers riskier credit exposure, and also flags an underweight dollar position.

BlackRock's recent bi-weekly market commentary continues to support risk assets at a structural level.

The pattern is consistent: major allocators are positioning for risk appetite while reducing dollar exposure.

That combination theoretically supports assets perceived as both risk proxies and dollar alternatives, and Bitcoin fits both categories at different times. The question is which lens applies now.

InstitutionOverweightUnderweightStated driverBTC implicationHSBCEquities; high-yield credit; EM debt; goldSovereign bonds; investment-grade credit; oilMarkets driven by US rates + growth (not geopolitics); rate vol contained; rotate toward mega-cap techBTC tends to behave like a risk-beta if vol stays containedJPMorganEquities (US, Japan, parts of EM); (constructive) goldUS dollar“Pro-risk tilt” with equities leadership; Fed cuts / macro backdrop seen as supportive; gold as diversifierSupports BTC via risk-on channel more than USD-hedge channelInvescoEquities vs fixed income; credit risk (riskier credit exposure)US dollarModerate equity OW vs FI; prefers credit risk; flags UW USDBTC upside more likely if the regime stays risk-on (equity/credit friendly)BlackRockRisk assets / US equities (structural risk-on framing)(Often) long-duration gov’t bonds as less preferred vs equities; uses gold tacticallyPro-risk stance tied to macro regime (policy/rates backdrop); gold as tactical diversifier/hedgeBTC tends to track equities/liquidity when risk appetite is supported and vol stays lowDollar weakness has two facesA falling dollar can occur in two distinct macro regimes with opposite implications for high-beta assets.

In a risk-on regime consisting of global growth accelerating, carry trades working, and financial conditions easing, dollar weakness supports high-beta assets because capital flows toward growth and yield.

In a risk-off regime characterized by US growth scare, policy uncertainty, and rising volatility, dollar weakness can reflect capital rotating away from US assets even as risk appetite collapses.

In the second case, a falling dollar and falling risk assets move together.

HSBC's call assumes the first regime: contained volatility and stable growth. If that assumption holds, Bitcoin should benefit from both the dollar's decline and the broader risk-on posture.

If volatility picks up or growth disappoints, the dollar's weakness becomes irrelevant or even a negative signal. The distinction matters because Bitcoin's sensitivity to each factor shifts over time.

Testing Bitcoin's dollar and risk-on sensitivityThe disciplined way to assess whether the dollar's decline matters for Bitcoin is to measure rolling correlation between Bitcoin daily returns and a dollar index proxy over the past 60 to 90 days.

A meaningfully negative correlation, which translates to below -0.3, tells that the dollar weakness provides a mechanical tailwind. On the contrary, if the correlation is near zero or positive, the “dollar down, Bitcoin up” relationship is not operative, and the dollar's level becomes noise.

As of press time, the 60-day rolling correlation between Bitcoin and DXY was at -0.036. Meanwhile, the 90-day rolling correlation was at +0.004. In this scenario, the dollar movement does not signal an upward movement and is just chatter.

Yet, historical periods show this correlation swings significantly. During liquidity-driven rallies, Bitcoin often exhibits a strong negative correlation with the dollar as both respond to global liquidity conditions.

During risk-off episodes, the relationship can invert or collapse entirely. The current correlation determines whether the dollar's four-year low functions as a tailwind or a red herring.

The second test pairs Bitcoin's returns against a clean risk proxy, consisting of the S&P 500 and Nasdaq, over the same rolling window.

The 60-day rolling correlation between Bitcoin and the S&P 500 is +0.536 as of press time, rising to +0.591 over the 90-day window. For Nasdaq, the 60-day and 90-day correlations registered +0.544 and +0.586, respectively.

Bitcoin's 60-day rolling correlation with the dollar index sits near zero as of Jan. 27, while correlations with the S&P 500 and Nasdaq remain elevated above 0.5.Bitcoin's stronger correlation with equities than with the dollar suggests HSBC's “risk-on with contained volatility” thesis becomes the dominant driver.

This distinction is critical because HSBC's call is conditional. The bank's risk-on stance assumes rate volatility stays low and growth holds up.

However, if either assumption breaks, with events such as rate volatility surges, or growth data disappoints, the entire regime call flips.

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Bitcoin could then face headwinds from rising volatility, even if the dollar continues to fall.

Microstructure layer and what the dollar signalsBitcoin's internal market structure as of Jan. 27 shows mixed signals that complicate the macro tailwind narrative.

Data from Farside Investors shows that spot ETF flows turned net negative for the month at -$110.3 million, indicating institutional demand has cooled despite the broader risk-on setup.

Funding rates sit near neutral, with OI-weighted at 0.0068% and volume-weighted at 0.0061%, suggesting leverage is neither stretched long nor positioned defensively.

CoinGlass shows that options open interest stands at $36.49 billion, reflecting active derivatives positioning but without a clear directional bias from the funding data alone.

The most constructive signal from the microstructure comes from exchange balances: 2.47 million BTC remain on exchanges, near the lowest level in the past year.

Declining exchange reserves typically indicate reduced selling pressure as holders move coins to cold storage, a behavior associated with longer time horizons and lower urgency to liquidate.

Combined with neutral funding, this suggests the positioning is not stretched too far, meaning there is room for the macro tailwind to translate into upside without triggering immediate supply constraints from overleveraged longs unwinding.

The spot ETF outflows present a tension. Institutional allocators are not adding exposure aggressively despite Wall Street's risk-on positioning, which could mean Bitcoin is not yet viewed as a core beneficiary of the regime or that flows lag the narrative.

Either way, the microstructure does not show defensive positioning that would block macro transmission, but it also does not show the enthusiastic positioning that would amplify it.

MetricLatest (Jan 27)SignalWhy it mattersSpot ETF flows (MTD)-$110.3MHeadwindNet outflows suggest institutional bid cooled despite risk-on tonePerps funding (OI-weighted)+0.0068%NeutralNear-neutral leverage; no crowded long positioning to unwindPerps funding (vol-weighted)+0.0061%NeutralConfirms funding neutrality across higher-volume venuesOptions open interest$36.49BNeutralElevated positioning, but direction unclear without skew/IV contextExchange balances2.47M BTCSupportiveLower exchange supply implies reduced near-term sell pressureThe regime Bitcoin actually facesThe dollar's decline to levels last seen in 2021 occurs in a hybrid regime rather than the clean risk-on environment HSBC assumes.

Financial conditions are easing, which is the clearest tailwind for high-beta assets. Volatility remains contained in both equity and bond markets, supporting risk appetite. Yet global growth is not reaccelerating, but rather expanding at the slowest pace in six months.

US growth shows strong GDP estimates, but they are offset by deteriorating consumer confidence and weak job gains. Policy uncertainty remains elevated and volatile, adding a layer of friction that can disrupt even favorable financial conditions.

This places Bitcoin in a complex position. The dollar is falling in a loose financial conditions environment with contained volatility, both of which are supportive of Bitcoin as a high-beta risk asset.

However, the absence of growth acceleration and the presence of policy uncertainty mean the macro backdrop is more fragile than HSBC's framework suggests.

Bitcoin benefits from easier financial conditions and low volatility, but faces headwinds from mixed growth signals and policy noise that could trigger sudden regime shifts.

The trade works as long as volatility stays contained and financial conditions remain loose, and these are two conditions currently met but not guaranteed, especially given elevated policy uncertainty that can disrupt both quickly.

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TL;DR

Circle will offer USDC payments in Europe and India through an integration with Saber, enabling settlement in local currencies. Payments are settled in euros via SEPA and in rupees via IMPS, RTGS, and NEFT, under a single-integration model that avoids signing bilateral banking agreements. Saber integrated as a Beneficiary Financial Institution with 24/7 fiat off-ramps. Circle expanded its Circle Payments Network to add new payment rails with local settlement in Europe and India. The expansion is being implemented through an integration with Saber money, allowing businesses to send USDC onchain while recipients receive fiat currency directly into local bank accounts.

In Europe, payments are settled in euros through SEPA. In India, transfers are processed in rupees via IMPS, RTGS, and NEFT. Circle confirmed that the rails are already live and operate under the same technical and operational standards used by the network in other markets. The new model allows access to multiple regions through a single integration, without the need to establish individual bilateral agreements with local banks.

Connecting Banks and Stablecoins This integration links stablecoin liquidity with existing banking rails. Businesses send digital dollars onchain, and the funds are converted and settled in local currency within the payment infrastructure. The design targets B2B payments, freelancer payouts, corporate remittances, and treasury operations with near-instant settlement.

Saber integrated with the Circle Payments Network as a Beneficiary Financial Institution. The company operates cross-border payment infrastructure powered by Mudrex Inc. and processes more than $1.5 billion in annualized volume. Through this integration, Saber will offer instant fiat off-ramps, 24/7 settlement, and direct conversion from USDC to local currency. The platform serves remittance, payroll, and fintech sectors through developer-oriented APIs.

Institutions using Saber will be able to access real-time domestic payment systems across multiple countries, using regulated stablecoins as the settlement layer. This structure will preserve the operational requirements related to compliance, security, and controls expected of financial institutions.

Circle Launched USDCx for Private Payments In addition, Circle launched USDCx on the Aleo blockchain. USDCx is a stablecoin backed 1:1 by USDC held in segregated reserves. This stablecoin is designed for private payments and confidential workflows on zero-knowledge-based infrastructure. The company stated that USDCx is fully interoperable with standard USDC and does not rely on external bridges to execute onchain transfers.

Data from 2025 shows that global stablecoin transaction volumes exceeded $2 trillion annually. Within that total, a significant share corresponds to operational payments and commercial settlements

As an Arctic storm front batters multiple U.S. states, bitcoin mining activity across the country has pulled back sharply, with American-based operators scaling down operations to ease pressure on the power grid during a difficult stretch.

Declining retail activity and shifting market dynamics signal a pivotal moment for Bitcoin’s near-term outlook.

Market Sentiment:

Bullish Bearish Neutral

Published: January 28, 2026 │ 5:40 PM GMT

Created by Kornelija Poderskytė from DailyCoin

Bitcoin is approaching a crucial turning point. Retail participation is weakening, and the cryptocurrency is closing in on Binance’s $62,000 Reserve Realized Price, a key on-chain support level that has never been tested since U.S. spot Bitcoin ETFs were approved in January 2024. 

Analysts at CryptoQuant warn that this combination could put the market’s near-term structure at risk.

Retail Participation Continues to SlideAccording to CryptoQuant, on-chain demand has continued to fall, while retail participation remains subdued, a combination that threatens the current market structure if left unresolved.

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Analyst @caueconomy said a meaningful recovery will depend on “a renewal in market sentiment and greater retail participation in on-chain volume.”

Retail Demand is Collapsing and Threatening Market Structure

“A solid recovery will require a renewal in market sentiment and greater retail participation in on-chain volume.” – By @caueconomy pic.twitter.com/E0oBo7jHPh

— CryptoQuant.com (@cryptoquant_com) January 28, 2026 The analyst pointed to fears of another potential U.S. government shutdown as a key driver of risk aversion, warning that such an event could further restrict liquidity across global markets.

At the same time, liquidity conditions are already under pressure, as the unwinding of carry trades has reduced capital flows out of Japan. Together, these factors have contributed to a defensive market posture, limiting fresh inflows from retail investors.

“A solid recovery will require a renewal in market sentiment and greater retail participation in on-chain volume,” Caueconomy said.

Bitcoin Approaches a Key Post-ETF Support LevelMeanwhile, Bitcoin is nearing a key on-chain support level as Binance’s Reserve Realized Price (RP) reaches $62,000, marking a critical test in the post-spot ETF era, says another CryptoQuant’s post.

Binance Reserve Cost is at 62K and Bitcoin Has Never Tested This Level Since Spot ETF Approval!

“Historically, this level provided significant bottoms during bear seasons. Pre-2024, it was at 42K and was tested. Now it's at 62K, and the paradigm has shifted” – By @burak_kesmeci pic.twitter.com/hGNuvB59U6

— CryptoQuant.com (@cryptoquant_com) January 28, 2026 The Binance Reserve RP measures the average acquisition cost of Bitcoin held on the exchange and has historically acted as a major support level separating bull and bear markets. When prices trade above it, bullish momentum typically persists. Drops below have historically signaled the start of bear phases.

“Historically, this level provided significant bottoms during bear seasons,” says CryptoQuant’s analyst Burak Kesmeci. “Pre-2024 it was at 42K and was tested. Now it’s at 62K and the paradigm has shifted, market structure has changed – perhaps bottom levels have changed too.”

The shift follows the approval of Bitcoin Spot ETFs in January 2024, which raised the structural floor for institutional and retail participants. Since that approval, Bitcoin has never tested the $62K level, trading well above it throughout the 2024 bull run.

Currently, Bitcoin is technically in a bear cycle, but CryptoQuant analyst cautions that because of changing paradigms like institutional inflows, ETF-driven demand, and broader adoption, “the bottom of this bear season might be different from past cycles.”

Why This MattersRetail participation continues to slide while Bitcoin nears a post-ETF support level, creating a potential inflection point that could determine the next market trend.

Stay in the loop with DailyCoin’s hottest crypto news:
South Dakota Weighs Bitcoin Investment for Public Funds
Gold Hits Records, But Dogecoin’s Founder Screams ‘FOMO’

People Also Ask:What is retail participation in cryptocurrency markets?

Retail participation refers to buying or selling crypto by individual investors rather than institutions.

Why does declining retail demand matter for Bitcoin?

Lower retail activity can reduce liquidity and slow price momentum, affecting short-term market stability.

What factors influence Bitcoin’s market structure?

Market structure is shaped by investor behavior, liquidity, institutional flows, and key support/resistance levels.

How can global events impact crypto markets?

Events like government shutdowns or policy changes can restrict liquidity, increase risk aversion, and influence investor decisions.

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

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0% Neutral

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.

Key NotesThe asset manager now enables minting of all its tokenized investment products directly on Solana's network.Users can convert between USDC and PYUSD stablecoins while maintaining full on-chain custody of their assets.WisdomTree's stock surged to decade highs following the announcement despite recent XRP ETF cancellation setback. WisdomTree, a global fintech assets manager and ETF/ETP sponsor, has launched its full suite of tokenized fund products on the Solana blockchain.

According to a Jan. 28 press release, WisdomTree Connect and WisdomTree Prime users can now access tokenized funds including money market, equities, fixed income, alternatives, and asset allocation funds on the Solana blockchain directly and via WisdomTree’s stablecoin USDC and PYUSD conversion service.

The expansion to Solana will allow all existing WisdomTree tokenized funds to be minted directly on Solana. According to WisdomTree, this brings full ecosystem support to the Solana blockchain including minting via its B2B/B2B2C tokenization platform and the use of its stablecoin conversion service for subscriptions and redemptions.

Retail investors and Wisdom Prime users will have full on-ramp access to move USDC directly from Solana into the WisdomTree Prime app, keeping funds entirely onchain. This enables seamless investing with near-zero network fees and provides full self-custody support through integrated off-ramping.

WisdomTree tokenized funds are now live on @Solana

WisdomTree Prime and Connect users can access regulated money market, equity, fixed income, and multi-asset funds natively on Solana, with the ability to hold them in self-custody wallets.

Read the Press Release:… pic.twitter.com/sgmolzWsZK

— WisdomTree Prime® (@WisdomTreePrime) January 28, 2026

Solana Expansion, XRP Withdrawal The news comes amid a restabilization period for the cryptocurrency market with Bitcoin BTC $89 814 24h volatility: 2.9% Market cap: $1.79 T Vol. 24h: $47.27 B trading just below $90K and Solana SOL $126.2 24h volatility: 2.1% Market cap: $71.35 B Vol. 24h: $3.67 B down nearly a percent over the past 24 hours as of the time of this article’s publication.

Solana remains up around 0.50% for the week, but dipped as low as $125.37 as US markets opened | Source: TradingView

WisdomTree, for its part, saw its stock reach a 10-year high as it climbed to $16.89 on the news before receding slightly to $16.82 as of the time of this article’s publication. It currently remains up nearly 4% for the week and more than 35% over the past 30 days.

WisdomTree’s stock reached a 10-year high on the NYSE exchange | Source: TradingView

WisdomTree’s stock has shown significant recovery since reaching a recent low of around $11.00 after news broke that the firm cancelled plans to launch an XRP XRP $1.91 24h volatility: 1.9% Market cap: $116.47 B Vol. 24h: $2.34 B ETF and asked the SEC to withdraw its registration statement on Form S-1 in the first week of January.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Solana (SOL) News, Cryptocurrency News, News

Tristan is a technology journalist and editorial leader with 8 years of experience covering science, deep tech, finance, politics, and business. Before joining Coinspeaker, he wrote for Cointelegraph and TNW.

Tristan Greene on X

In brief Tether is purchasing around 1-2 tons of gold per week to add to its massive holdings, its CEO said. It now holds around 140 tons, or $24 billion worth of the precious metal, much of which is held for reserves and its gold-backed token. The firm's holdings are maintained in a secure former nuclear bunker in Switzerland. Crypto’s biggest stablecoin firm is becoming a behemoth in the gold market too. 

Tether, which issues USDT—the largest stablecoin by market capitalization—has been adding around 1-2 tons of gold per week to its reserves, CEO Paolo Adroino told Bloomberg. 

“We are soon becoming basically one of the biggest, let’s say, gold central banks in the world,” Adroino said in a recent interview.

The firm’s frontman said Tether owns around 140 tons of gold, around $24 billion worth following the asset’s recent record surge, and it intends to keep buying at its current pace at least for the next few months.

That haul is good enough to make it one of the largest holders of the precious metal in the world, much of which is held for its stablecoin reserves and to fulfill its gold-backed stablecoin, XAUT, which has seen a rapid expansion as gold demand surges. XAUT outpaced USDT’s growth last quarter, leaping inside the top 50 cryptocurrencies by market cap. 

Buying and storing gold is not a simple process, and it’s something the firm is hoping to make more efficient over time, according to Ardoino. He told Bloomberg that the firm hauls its weekly gold acquisitions into a high-security vault that was once a Swiss nuclear bunker, hidden behind multiple layers of steel doors. 

“It’s a James Bond kind of place,” Ardoino said. “It’s crazy.”

The firm’s bunker has only been getting more valuable of late, as gold soared to new all-time highs earlier this week, eclipsing a price of $5,000 per ounce for the first time. It’s now jumped even further, up nearly 4% on Wednesday and recently changing hands around $5,320.

“Maybe we are going to reduce, we don't know yet,” Ardoino told Bloomberg of the firm’s future plans to acquire the metal. “We are going to assess on a quarterly basis our demand for gold.”

Its precious metal reserves, mainly gold bars, which act as partial backing for its USDT stablecoin, were worth around $12.9 billion—or about 7% of its stablecoin reserve—according to a September attestation from Italian bank BDO Italia. 

In November, S&P Global downgraded the stability of its flagship product to “weak” on account of its use of risky assets, like Bitcoin, in its reserves.

Users on Myriad—a prediction market operated by Decrypt's parent company, Dastan—believe that gold will continue its recent surge, giving it an 85% chance of rising up to $5,400 rather than falling back to $4,700. Those odds have grown 28% in the last day alone.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Published: January 28, 2026 │ 5:55 PM GMT

The host of a Cardano-focused channel has laid out a dense slate of ecosystem developments, from cross-chain smart contract upgrades and wrapped Bitcoin bridges to contentious funding plans for top decentralized applications.

The video centers on whether Cardano is finally assembling the infrastructure needed to matter in multi-chain DeFi — and whether the network is backing the right projects to get there.

Chainlink’s Oracles & The Missed-Out $100 Million PlayThe analyst opens with the state of Cardano oracles, noting that Charlie3 — a long-running native oracle project — is continuing without its former director Damon, who left in December.

Sponsored

The oracle market on Cardano is described as “a very, very tough business” with users criticizing cost and decentralization and pushing for external options like Chainlink and Pyth.

Chainlink’s long-awaited Cardano integration, announced back in 2021, “apparently… didn’t happen” the host says, citing past discussions that it might have cost $50–100 million to bring Chainlink fully on-chain.

With Chainlink now advertising a privacy-focused stack — “private data, private cross-chain, private identity, private compute, private money, private payments” — the video asks whether paying that bill years ago could have given Cardano some of Midnight’s promised privacy capabilities earlier, or simply resulted in overlapping solutions.

Search for “charli3” to see details on our upcoming F15 catalyst project with Bike ID.

It’s time to unlock the power of Cardano by on-boarding enterprise use cases via our enterprise grade data solutions. https://t.co/5NyYwhPkvC

— Charli3 Oracles 📍Reliable, Secure, Trusted (@Oraclecharli3) January 23, 2026 For now, users are told that native options like Charlie3 and Arox (Awok) Facts exist today, with Pyth and possibly Chainlink still in the “maybe someday” bucket.

Midnight’s TOP 15 dApp Funding: Real Cross-Chain DeFi?The most immediate catalyst may come from Midnight, Cardano’s privacy-focused partner chain.

The host highlights comments from Cardano founder Charles Hoskinson, who said he plans to “aggressively push for the top 15 Cardano dApps to go through a retrofit overhaul, and get some additional resources” around mid-year, with Midnight as “an indispensable component” to make those dApps more competitive and privacy-enabled.

This plan drew public skepticism from within the ecosystem.

Citing commentary from a builder at Ada Anvil, the video raises whether this is “another bailout” for teams that “have proven incapable time and time again” and questions if extra funding alone can fix weak product–market fit or heavy external competition in DeFi.

The more transformative pieces may be at the infrastructure layer.

Sebastian, former Milkomeda founder and now CTO of Midnight, is working on letting Ethereum and Cardano wallets connect directly through Midnight. The goal: users of MetaMask, Phantom, Trust Wallet and others can interact with Midnight and, in the same flow, touch Cardano — without setting up a new wallet.

The code for hash functions is in place, according to the host, with full end-to-end wallet connection still being integrated into mainnet code.

Separately, Fluid Tokens has enabled Cardano smart contracts to verify Ethereum and Bitcoin signatures, paving the way for “true atomic swaps… with no intermediaries.” That means MetaMask or even Bitcoin wallets could be used to execute cross-chain swaps directly via Cardano dApps.

Paired with the incoming Bitfrost bridge, which aims to bring wrapped Bitcoin to Cardano, the analyst argues this could make Cardano an attractive home for BTC-based DeFi, especially in light of yet another Ethereum smart contract exploit that drained 37 wrapped BTC (around $3.1 million) from a 41-day-old, closed-source contract.

Governance, Venture Capital & Cardano’s NFT ChoicesOn governance, the Cardano Foundation has shifted from voting directly with its large ADA holdings to delegating hundreds of millions of ADA to selected Delegated Representatives (DReps).

A new batch of 220 million ADA has been delegated to 11 DReps, including several known community builders and tool operators, reframing foundation influence as indirect rather than direct voting power.

On funding, 80 million ADA from the Cardano treasury is heading to Draper Dragon to “help accelerate and build the Cardano ecosystem,” the host says, with an upcoming interview planned to clarify how that capital will be deployed.

In parallel, the Cardano Venture Hub is recruiting mentors for an accelerator program focused on DeFi and real-world assets, with applications closing January 30 and the program expected to start in March.

The video also contrasts NFT design on Cardano with early Ethereum-era collections like Beeple’s on Nifty Gateway. Some high-profile NFTs, the host notes, rely on centralized APIs and domains without IPFS references or on-chain metadata, making them vulnerable if a platform shuts down or censors content.

By design, Cardano NFTs embed metadata on-chain and reference media via IPFS, which the analyst frames as closer to what NFTs must eventually become — durable records for high-value assets like property, cars, or deeds, not just images.

For investors, the through-line is clear enough: Cardano is finally getting the technical primitives — cross-chain signature verification, atomic swaps, BTC bridges, privacy sidechains, and multi-chain wallet support — that could make its dApps visible beyond its own community.

Whether directing treasury and foundation capital toward existing top projects and VC partnerships will convert that infrastructure into meaningful user growth remains an open and increasingly debated question.

People Also Ask:Which Cardano oracles are live today?

According to the video, Cardano-native oracles like Charlie3 and Arox/Awok Facts are already operating, with other providers such as Pyth and possibly Chainlink still not fully integrated.

What is Midnight’s role in Cardano’s roadmap?

Midnight is positioned as a privacy-focused chain that can be combined with Cardano dApps to offer private DeFi, cross-chain interactions, and wallet interoperability for EVM users.

How is Cardano approaching cross-chain swaps?

Fluid Tokens has enabled Cardano smart contracts to verify Ethereum and Bitcoin signatures, allowing atomic swaps without intermediaries, and the Bitfrost bridge is expected to bring wrapped Bitcoin into the ecosystem.

What changed in Cardano governance recently?

The Cardano Foundation is delegating hundreds of millions of ADA to community DReps instead of voting directly, distributing influence over treasury and governance decisions to a broader set of actors.

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

Market Sentiment

0% Neutral

Dogecoin price analysis reveals consolidation above $0.12 with potential move to $0.20. New mobile app development and technical levels suggest breakout opportunities ahead.

Newton Gitonga2 min read

28 January 2026, 06:07 PM

Dogecoin experienced consecutive gains on Monday and Tuesday before reaching an intraday peak of $0.1275 on Wednesday. At the time of writing, Dogecoin trades at around $0.1239, suggesting a 1.25% surge in the last 24 hours.

Since December 2025, the meme coin has remained confined within a trading range of $0.1172 to $0.1566. The initial momentum witnessed at the start of 2026 has since dissipated, leaving the cryptocurrency in a consolidation phase.

Current price behavior aligns with historical patterns. Krisspax, an active member of the DOGE community, highlighted that similar consolidation periods have occurred previously. The observer indicated that without significant market catalysts, the cryptocurrency might experience limited price movement through summer 2026. Potential downward pressure could emerge during June, August, and September.

Technical Outlook and Critical Price LevelsThe $0.12 support level remains intact for now. This positioning offers short-term stability and creates opportunities for upward movement. Market participants are monitoring whether the asset can push through the $0.132 resistance, which aligns with the 50-day moving average.

A successful break above this technical barrier could pave the way toward the $0.20 target. Bulls need to maintain control above the moving averages to keep prices within the established $0.12 to $0.16 range.

However, risks persist on the downside. Should the $0.12 support fail, the cryptocurrency faces potential decline toward the $0.10 level. This would mark a significant deterioration in the technical setup and could trigger additional selling pressure.

The broader cryptocurrency market sentiment continues to influence price action. Trading volumes and market participation will determine whether buyers can sustain momentum above current levels. Technical indicators suggest a neutral stance, with the asset requiring fresh buying interest to escape the prolonged consolidation phase.

New Mobile Application Development Signals Utility ExpansionThe Dogecoin Foundation's corporate division, House of Doge, has partnered with Brag House Holdings to develop a mobile application called "Such." The platform is scheduled for launch during the first half of 2026.

The Such app aims to provide practical payment solutions for Dogecoin users. The application will enable wallet creation and direct cryptocurrency purchases. Small business integration represents a key component of the platform's functionality.

This development addresses a critical aspect of cryptocurrency adoption: real-world utility. The ability to use digital assets for everyday transactions remains essential for long-term viability. The Such app positions Dogecoin to expand beyond speculative trading into practical commerce applications.

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well-curated news from the crypto world!

Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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Dogecoin (DOGE) News

Bitcoin traded around $90,011 as of writing, posting gains of about 1.77% over the last 7 days and 2.34% in the last 24 hours. This price zone sits just above a level drawing intense focus across institutional markets. Bitcoin now hovers close to the realized price of US spot Bitcoin ETF holders, estimated near $86,600. 

That level reflects the average entry price for ETF investors and marks a key behavioral threshold.

ETF Flows Reverse After Record InflowsU.S.-listed Bitcoin ETFs experienced a sharp shift in momentum after reaching cumulative net inflows of $72.6 billion on October 10, 2025. Since that peak, net outflows totaled roughly $6.1 billion, pulling total holdings down to about $66.5 billion. This decline represents an 8.4% drawdown from all-time highs and stands as the first meaningful stress test for ETF investors since regulatory approval.

Source: CryptoQuant

The reversal followed a period when Bitcoin also set a record high near $126,200. As prices cooled, institutional appetite faced pressure, especially among investors who entered later in the cycle.

Realized Price Becomes the Psychological PivotCryptoQuant data shows Bitcoin trading near the ETF realized price, a zone that often determines short-term investor behavior. When price holds above this level, ETF holders retain a profit buffer, which historically supports steadier flows. When price slips below it, that buffer disappears, and redemptions tend to accelerate as investors reassess risk tolerance.

Analysts described this phase as a test of conviction rather than trend confirmation. With gains erased, ETF investors now decide whether to accept drawdowns or exit positions near breakeven. This moment shifts decision-making from profit-taking to capital preservation. How long will investors stay patient?

Outflows Persist, Yet Realized Price HoldsDespite the $6 billion drawdown in cumulative flows, the ETF realized price remained relatively stable and continued trending higher over recent months. This pattern suggests that investors absorbed substantial selling pressure without triggering a sharp collapse in average entry costs.

Source: CryptoQuant

CryptoQuant contributors noted that sustained outflows likely reflect distribution from less committed capital, including late-cycle entrants or short-term traders seeking to protect remaining gains. Meanwhile, longer-term holders appear to maintain positions, limiting volatility in realized price metrics.

January Data Shows Mixed ETF DemandETF flow data from mid-January showed consistent net outflows across most trading sessions. Only January 26 recorded net inflows, totaling just $6.8 million, while several ETF products still posted losses. This uneven activity reinforced the idea of cautious positioning rather than broad capitulation.

Source: CoinGlass

Still, industry executives pointed to signs of potential demand recovery. Bitwise European research head Andre Dragosch reported that major US wirehouses continued approving Bitcoin ETF access for thousands of financial advisors. 

One such approval occurred this week, according to Dragosch, though he declined to name the firm.

Price Levels Add to Market TensionFrom a technical perspective, Bitcoin recently bounced from the $86,350 support zone, aligning closely with the ETF realized price. The rebound pushed BTC toward a resistance range between $90,100 and $91,300. Market watchers now track whether the price can clear that band. Failure to do so could reopen downside risks toward $85,000.

Source: X

For now, Bitcoin trades at a line where institutional conviction faces its clearest test yet. Will ETF investors hold firm, or will flows shift from consolidation to deeper distribution? The answer may shape near-term market direction.

Bitcoin (BTC) attempted a rebound past $90,000 at Wednesday’s Wall Street open as markets awaited US macro cues.

Key points:

Bitcoin struggles to hold a $90,000 uptick as gold surges and US dollar strength crumbles.

The Federal Reserve interest-rate decision sees flat moves on stocks.

Bitcoin traders sit and wait for an inevitable range breakout.

$90,000 proves too much for Bitcoin bullsData from TradingView showed BTC/USD almost hitting $90,500 before giving up its gains, dipping to $88,800.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US markets opened flat on the day ahead of a new decision on interest-rate changes from the Federal Reserve.

As Cointelegraph reported, expectations were for no adjustments to take place at the Federal Open Market Committee (FOMC) meeting. The accompanying speech and press conference by Chair Jerome Powell was of more interest.

“Fireworks, that's what we can expect,” crypto trader, analyst and entrepreneur Michaël van de Poppe forecast in an X post on Wednesday.

Gold offered a potential taste of things to come, hitting new record highs above $5,300 per ounce during Asia’s trading session.

XAU/USD one-hour chart. Source: Cointelegraph/TradingView
At the same time, US dollar strength suffered as it appeared that US President Donald Trump was content with using it as a tool to boost US export competitiveness.

“Objectively speaking, the US Dollar just posted its worst year in 8 years. When asked about it for the first time, President Trump could have easily pushed back on the recent decline. In fact, he said the US Dollar is like a ‘yo-yo,’ which he could swing to either direction, acknowledging his ability to reverse its decline,” trading resource The Kobeissi Letter commented on the topic. 

“If this is the case, why didn't President Trump speak in favor of strengthening the US Dollar? Because a weaker US Dollar comes with lower rates, higher US exports, a lower trade deficit, and higher nominal GDP growth. And, most importantly: higher asset prices.” US dollar index (DXY) one-day chart. Source: Cointelegraph/TradingView
Geopolitical tensions, now focused around the US army’s maneuvering toward Iran, helped the safe-haven gains.

BTC price “cannot remain stuck in the middle”Continuing an all too familiar trend, meanwhile, Bitcoin and altcoins failed to capitalize on the feeling of macro uncertainty.

Among traders, patience was wearing thin, as consensus favored an eventual breakout from Bitcoin’s narrow trading range.

“At the moment, liquidity is concentrated at the extremes of the range. BTC cannot remain stuck in the middle: sooner or later, it will have to take stops and orders from one of the two sides,” trader EliZ told X followers on the day. 

BTC/USD one-day chart. Source: EliZ/X
Trader and analyst Rekt Capital eyed diminishing volatility within the range, but issued a warning to bulls.

“At the end of the day, Bitcoin has simply been consolidating between $86-$93k since November 2025. The first reaction from the Range Low yielded a +13% move. Thus far, this rebound is +4%,” an X post on the day stated.

“If this current rebound falls short of the previous +13% move then that would demonstrate that the Range Low is weakening as support which could precede macro breakdown over time.” BTC/USD one-week chart. Source: Rekt Capital/X
Earlier, Rekt Capital reported a bearish trendline crossover on BTC/USD weekly chart — something that sparked a multimonth ride to bear market bottoms in previous years.

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.

Strive, Inc. announced today that it has closed an upsized and oversubscribed follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, raising $225 million amid strong institutional demand and accelerating the retirement of legacy debt from its Semler Scientific acquisition.

The Dallas-based firm said it sold 1.32 million shares of the preferred stock — known as SATA — at $90 per share, after demand exceeded $600 million. The offering was initially targeted at $150 million before being increased alongside a series of privately negotiated note exchanges.

As part of the transaction, Strive retired $110 million of the $120 million in debt assumed from Semler Scientific, including $90 million of Semler’s 4.25% convertible senior notes due 2030, which were exchanged for approximately 930,000 shares of SATA stock. 

The company also used proceeds from the offering to fully repay a $20 million loan with Coinbase Credit, leaving all of Strive’s bitcoin holdings unencumbered. 

The remaining $10 million of Semler-related debt is expected to be retired by April 2026, the company said.

This quick deleveraging comes just 11 days after Strive closed the Semler acquisition, placing the firm well ahead of its previously stated goal to retire the debt within 12 months.

“By quickly returning to a preferred equity–only amplification structure, we are matching the long-duration nature of bitcoin with long-duration financing,” said Chairman and CEO Matt Cole, adding that the company views preferred equity as the optimal mechanism for scaling bitcoin exposure.

Strive purchases $29 million in bitcoin Strive also disclosed that it purchased an additional 333.89 bitcoin at an average price of $89,851, bringing total holdings to 13,131.82 BTC as of January 28. The company is now the tenth-largest publicly traded corporate holder of bitcoin globally.

According to Strive, its amplification ratio — calculated as total debt and preferred equity divided by the market value of bitcoin held — stands at 37.2%, with 97.7% derived from preferred equity.

The firm reported a quarter-to-date bitcoin yield of 21.17%, a metric reflecting growth in bitcoin exposure per common share.

“The successful completion of this oversubscribed SATA follow-on offering reflects robust and growing investor demand for digital credit,” said Chief Investment Officer Ben Werkman. “In just over four months, Strive has scaled from zero bitcoin to become a top-10 publicly traded holder.”

Source: Strive

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.