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Exterior view of the head office of ASML, a leading maker of semiconductor production equipment, in Veldhoven, Netherlands, on Jan. 30, 2023. Credit: AP Photo/Peter Dejong, File Dutch semiconductor chip machine maker ASML recorded a record net profit of 9.6 billion euros ($11.5 billion) in 2025 on sales of 32.7 billion euros fueled by AI-driven demand, the company reported Wednesday as it also announced plans to slash its workforce by about 1,700, about 4% of its workforce.

The growth comes despite Dutch government restrictions on exports of machines that can be used to make chips that can be integrated into weapons systems. The measures, initially announced in 2023 and later expanded, are seen as part of a U.S. policy that aims at limiting China's access to such technology.

"In the last months, many of our customers have shared a notably more positive assessment of the medium-term market situation, primarily based on more robust expectations of the sustainability of AI-related demand. This is reflected in a marked step-up in their medium-term capacity plans and in our record order intake," ASML President and Chief Executive Officer Christophe Fouquet said in a statement.

In a message to employees, the company said it was cutting jobs in order to become more streamlined and efficient. It said ASML was "choosing to make these changes at a moment of strength for the company. Improving our processes and systems will allow us to innovate more and innovate better, generating further responsible growth for ASML and our stakeholders."

The job cuts are intended to sharpen ASML's focus on engineering and innovation by streamlining the company's technology and IT departments, the message said.

The company said it expects 2026 to be "another growth year for ASML's business" driven by sales of its extreme ultraviolet lithography systems.

© 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Citation: ASML made record $11.5 billion profit in 2025 thanks to AI-driven demand, plans to cut 1,700 jobs (2026, January 28) retrieved 28 January 2026 from https://techxplore.com/news/2026-01-asml-billion-profit-ai-driven.html

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, /PRNewswire/ -- New Oriental Education & Technology Group Inc. (the "Company" or "New Oriental") (NYSE: EDU/ 9901.SEHK), a provider of private educational services in China, today announced its unaudited financial results for the second fiscal quarter ended November 30, 2025, which is the second quarter of New Oriental's fiscal year 2026.

Financial Highlights for the Second Fiscal Quarter Ended November 30, 2025

Total net revenues increased by 14.7% year over year to US$1,191.4 million for the second fiscal quarter of 2026.  Operating income increased by 244.4% year over year to US$66.3 million for the second fiscal quarter of 2026.  Net income attributable to New Oriental increased by 42.3% year over year to US$45.5 million for the second fiscal quarter of 2026. Key Financial Results

(in thousands US$, except per ADS(1) data)

2Q FY2026

2Q FY2025

% of
change

Net revenues

1,191,441

1,038,636

14.7 %

Operating income

66,307

19,255

244.4 %

Non-GAAP operating income (2)(3)

89,130

29,046

206.9 %

Net income attributable to New Oriental

45,452

31,931

42.3 %

Non-GAAP net income attributable to New Oriental (2)(3)

72,908

43,233

68.6 %

Net income per ADS attributable to New Oriental - basic

0.29

0.20

45.9 %

Net income per ADS attributable to New Oriental - diluted

0.28

0.19

44.3 %

Non-GAAP net income per ADS attributable to New Oriental - basic (2)(3)(4)

0.46

0.27

72.9 %

Non-GAAP net income per ADS attributable to New Oriental - diluted (2)(3)(4)

0.45

0.26

71.8 %

(in thousands US$, except per ADS(1) data)

1H FY2026

1H FY2025

% of
change

Net revenues

2,714,421

2,474,052

9.7 %

Operating income

377,134

312,405

20.7 %

Non-GAAP operating income (2)(3)

424,673

330,494

28.5 %

Net income attributable to New Oriental

286,175

277,361

3.2 %

Non-GAAP net income attributable to New Oriental (2)(3)

331,163

305,644

8.3 %

Net income per ADS attributable to New Oriental - basic

1.80

1.69

6.5 %

Net income per ADS attributable to New Oriental - diluted

1.78

1.68

6.0 %

Non-GAAP net income per ADS attributable to New Oriental - basic (2)(3)(4)

2.08

1.86

11.8 %

Non-GAAP net income per ADS attributable to New Oriental - diluted (2)(3)(4)

2.06

1.85

11.4 %

(1)  Each ADS represents ten common shares. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

(2)  GAAP represents Generally Accepted Accounting Principles in the United States of America.

(3)  New Oriental provides non-GAAP financial measures on net income attributable to New Oriental, operating income and net income per ADS attributable to New Oriental that exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, loss/(gain) from fair value change of investments, loss from equity method investments, impairment of long-term investments, impairment of goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments. For further details on these adjustments, please refer to the section titled "About Non-GAAP Financial Measures" and the tables captioned "Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth at the end of this release.

(4)  The Non-GAAP net income per ADS attributable to New Oriental is computed using Non-GAAP net income attributable to New Oriental and the same number of shares and ADSs used in GAAP basic and diluted EPS calculation.

Operating Highlights for the Second Fiscal Quarter Ended November 30, 2025

Michael Yu, New Oriental's Executive Chairman, commented, "It is encouraging to see an accelerated year over year top line growth of 14.7% in the second fiscal quarter of 2026. Revenues from overseas test preparation increased by approximately 4.1%. In addition, our domestic test preparation business targeting adults and university students grew by approximately 12.8% year over year, followed by a growth of 21.6% year over year for our new educational business initiatives. Our non-academic tutoring courses rolled out in around 60 cities, attracting approximately 1,058,000 student enrollments this quarter. Concurrently, our intelligent learning system and devices were adopted in around 60 cities, with approximately 352,000 active paid users. We will sharpen our focus on our core education business, prioritizing enhanced teaching standards and product quality. Simultaneously, we will continue to optimize our cost structure and operational efficiency to ensure that growth is high-quality, efficient and sustainable. We have also initiated the development of a comprehensive, cross-departmental customer service system. In today's macroeconomic climate, this initiative will boost customer loyalty and retention rate, facilitate cross-departmental upselling, and enhance customer lifetime value – all while reducing customer acquisition costs and marketing expenses. We remain dedicated in elevating our brand influence and creating long-term value for our customers and shareholders.

Chenggang Zhou, New Oriental's Chief Executive Officer, added, "In this fiscal quarter, we executed cautious capacity expansion while carefully balancing revenue growth and operational efficiency. In parallel, we enhanced our OMO (online-merge-offline) teaching system while investing in AI integration across our education ecosystem. We remain driven to embedding AI across existing educational offerings, refining new AI-powered products, and extending AI application to boost operational efficiency and solidify support for our teaching staff and employees. In this fiscal quarter, East Buy strengthened its product development and supply chain, diversifying beyond fresh food and snacks into seafood, healthcare, condiments, and home goods. This expansion enriched its private label portfolio to 801 SPUs, driving sales and profit growth by addressing demand for health and convenience, thereby optimizing the product mix. Concurrently, East Buy initiated offline channel expansion by capitalizing on its brand strength and New Oriental's established network. Building on the demonstrated profitability of smart vending machines in select cities, East Buy plans to continue this rollout with nationwide coverage."

Stephen Zhihui Yang, New Oriental's Executive President and Chief Financial Officer, commented, "In addition to accelerating revenue growth, we delivered a significant year over year improvement in our Non-GAAP operating margin. This was primarily driven by enhanced operational efficiency and improved utilization within our educational business. We recorded a quarterly Non-GAAP operating margin of 7.5%, up by 470 basis points compared to the same period last fiscal year. Looking ahead, we remain committed to a disciplined approach on intensifying our cost and efficiency initiatives across all business lines, with the goal of cementing our foundation for sustainable and profitable growth over the long term."

Update on Shareholder Return for the Fiscal Year 2026

In October 2025, the Company announced that, pursuant to its previously adopted three-year shareholder return plan, the board of directors had approved an ordinary dividend of US$0.12 per common share, or US$1.20 per ADS, to be distributed in two installments as part of the shareholder return for the fiscal year 2026. As of the date of this press release, the first installment has been fully paid to shareholders and ADS holders. Details of the second installment will be determined and announced in due course.

Additionally, as part of the shareholder return for the fiscal year 2026, the Company also announced in October 2025 a share repurchase program, under which the Company is authorized to repurchase up to US$300 million of its ADSs or common shares over the subsequent 12 months. As of January 27, 2026, the Company had repurchased a total of approximately 1.6 million ADSs for an aggregate consideration of approximately US$86.3 million from the open market under this share repurchase program.

Financial Results for the Second Fiscal Quarter Ended November 30, 2025

Net Revenues

For the second fiscal quarter of 2026, New Oriental reported net revenues of US$1,191.4 million, representing a 14.7% increase year over year. The growth was mainly driven by the increase in net revenues from the Company's new educational business initiatives.

Operating Costs and Expenses

Operating costs and expenses for the quarter were US$1,125.1 million, representing a 10.4% increase year over year.

Cost of revenues increased by 11.8% year over year to US$556.9 million. Selling and marketing expenses decreased by 1.1% year over year to US$194.0 million. General and administrative expenses for the quarter increased by 15.2% year over year to US$374.3 million. Total share-based compensation expenses, which were allocated to related operating costs and expenses, increased by 156.8% to US$21.4 million in the second fiscal quarter of 2026.

Operating Income and Operating Margin

Operating income was US$66.3 million, representing a 244.4% increase year over year. Non-GAAP income from operations for the quarter, excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, was US$89.1 million, representing a 206.9% increase year over year. 

Operating margin for the quarter was 5.6%, compared to 1.9% in the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, for the quarter was 7.5%, compared to 2.8% in the same period of the prior fiscal year.

Net Income and Net Income per ADS

Net income attributable to New Oriental for the quarter was US$45.5 million, representing a 42.3% increase year over year. Basic and diluted net income per ADS attributable to New Oriental were US$0.29 and US$0.28, respectively.

Non-GAAP Net Income and Non-GAAP Net Income per ADS

Non-GAAP net income attributable to New Oriental for the quarter, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, loss/(gain) from fair value change of investments, loss from equity method investments, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments, was US$72.9 million, representing a 68.6% increase year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were US$0.46 and US$0.45, respectively.

Cash Flow

Net operating cash inflow for the second fiscal quarter of 2026 was approximately US$323.5 million and capital expenditures for the quarter were US$23.7 million.

Balance Sheet

As of November 30, 2025, New Oriental had cash and cash equivalents of US$1,842.9 million. In addition, the Company had US$1,609.9 million in term deposits and US$1,875.2 million in short-term investment.

New Oriental's deferred revenue, which represents cash collected upfront from customers and related revenue that will be recognized as the services or goods are delivered, at the end of the second quarter of fiscal year 2026 was US$2,161.5 million, an increase of 10.2% as compared to US$1,960.6 million at the end of the second quarter of fiscal year 2025.

Financial Results for the Six Months Ended November 30, 2025

For the first six months of fiscal year 2026, New Oriental reported net revenues of US$2,714.4 million, representing a 9.7% increase year over year.

Operating income was US$377.1 million, representing a 20.7% increase year over year. Non-GAAP operating income, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions for the first six months of fiscal year 2026 was US$424.7 million, representing a 28.5% increase year over year.

Operating margin for the first six months of fiscal year 2026 was 13.9%, compared to 12.6% for the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, for the first six months of fiscal year 2026, was 15.6%, compared to 13.4% for the same period of the prior fiscal year.

Net income attributable to New Oriental for the first six months of fiscal year 2026 was US$286.2 million, representing a 3.2% increase year over year. Basic and diluted net income per ADS attributable to New Oriental for the first six months of fiscal year 2026 amounted to US$1.80 and US$1.78, respectively.

Non-GAAP net income attributable to New Oriental, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss from equity method investments, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments, for the first six months of fiscal year 2026 was US$331.2 million, representing a 8.3% increase year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental for the first six months of fiscal year 2026 amounted to US$2.08 and US$2.06, respectively.

East Buy's Financial Highlights for the Six Months Ended November 30, 2025

New Oriental's subsidiary, East Buy Holding Limited ("East Buy"), a well-known private label products and livestreaming e-commerce platform in China listed on the Hong Kong Stock Exchange, announced its financial results under International Financial Reporting Standards ("IFRSs") for the first six months of fiscal year 2026. East Buy's financial information in this section is presented in accordance with IFRSs.

For the first six months ended November 30, 2025, East Buy recorded the total revenue of RMB2.3 billion (US$323.3 million), a 5.7% increase from the revenue of RMB2.2 billion in the same period of the prior fiscal year, and recorded a net profit of RMB239.0 million (US$33.4 million), compared to a net loss of RMB96.5 million in the same period of the prior fiscal year. East Buy's gross profit was RMB841.6 million (US$117.7 million) and gross profit margin was 36.4% for the six months ended November 30, 2025.

The translations of RMB amounts into U.S. dollars in this section are presented solely for the convenience of the readers. The conversion of RMB into U.S. dollars is based on the average exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System for the six months ended November 30, 2025, which was RMB7.15 to US$1.00. The percentages stated in this section are calculated based on the RMB amounts.

Outlook for the Third Quarter and Full Year of the Fiscal Year 2026

New Oriental expects total net revenues in the third quarter of the fiscal year 2026 (December 1, 2025 to February 28, 2026) to be in the range of US$1,313.2 million to US$1,348.7 million, representing year over year increase in the range of 11% to 14%.  

Driven by encouraging growth across various business lines, New Oriental raises the full year guidance of total net revenues in the fiscal year 2026 (June 1, 2025 to May 31, 2026) to be in the range of US$5,292.3 million to US$5,488.3 million, representing a year over year increase in the range of 8% to 12%.

This forecast reflects New Oriental's current and preliminary view, which is subject to change. The forecast is based on the current USD/RMB exchange rate, which is also subject to change. 

Conference Call Information

New Oriental's management will host an earnings conference call at 8 AM on January 28, 2026, U.S. Eastern Time (9 PM on January 28, 2026, Beijing/Hong Kong Time). 

Please register in advance of the conference, using the link provided below. Upon registering, you will be provided with participant dial-in numbers, and unique personal PIN.

Conference call registration link:
https://register-conf.media-server.com/register/BI020d68a856074cdfb8b35fdbbf5fed20. 

It will automatically direct you to the registration page of "New Oriental FY2026 Q2 Earnings Conference Call" where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial in number(s) and personal PIN) provided in the confirmation email received at the point of registering.

Joining the conference call via a live webcast:

Additionally, a live and archived webcast of the conference call will be available at http://investor.neworiental.org.

Listening to the conference call replay:

A replay of the conference call may be accessed via the webcast on-demand by registering at https://edge.media-server.com/mmc/p/ceuzs6xr first. The replay will be available until January 28, 2027.

About New Oriental

New Oriental is a provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental's program, service and product offerings mainly consist of educational services and test preparation courses, private label products and livestreaming e-commerce, overseas study consulting services, and educational materials and distribution. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental's ADSs, each of which represents ten common shares, are listed and traded on the NYSE. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

For more information about New Oriental, please visit http://www.neworiental.org/english/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the third quarter and full year of fiscal year 2026, quotations from management in this announcement, as well as New Oriental's strategic and operational plans, contain forward-looking statements. New Oriental may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about New Oriental's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to effectively and efficiently manage changes of its existing business and new business; its ability to execute its business strategies; uncertainties in relation to the interpretation and implementation of or proposed changes to, the PRC laws, regulations and policies regarding the private education industry; its ability to attract students without a significant decrease in course fees; its ability to maintain and enhance its "New Oriental" brand; its ability to maintain consistent teaching quality throughout its school network, or service quality throughout its brand; its ability to achieve the benefits it expects from recent and future acquisitions; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the private education sector and livestreaming e-commerce business in China; the continuing efforts of its senior management team and other key personnel, health epidemics and other outbreaks in China; and general economic conditions in China. Further information regarding these and other risks is included in its annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement New Oriental's consolidated financial results presented in accordance with GAAP, New Oriental uses the following measures defined as non-GAAP financial measures by the SEC: net income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments; operating income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; operating margin excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; and basic and diluted net income per ADS and per share excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, loss/(gain) from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

New Oriental believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding from each non-GAAP measure certain items that may not be indicative of its operating performance from a cash perspective. New Oriental believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to New Oriental's historical performance and liquidity. New Oriental believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP measures is that they exclude from each non-GAAP measure certain items that have been and will continue to be for the foreseeable future a significant recurring expense in its business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Contacts

For investor and media inquiries, please contact:

Ms. Rita Fong

Ms. Sisi Zhao

FTI Consulting 

New Oriental Education & Technology Group Inc.

Tel:        +852 3768 4548

Tel:         +86-10-6260-5568

Email:    [email protected] 

Email: [email protected] 

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

As of November 30

As of May 31

2025

2025

(Unaudited)

(Audited)

USD

USD

ASSETS:

Current assets:

Cash and cash equivalents

1,842,935

1,612,379

Restricted cash, current

163,981

180,724

Term deposits, current

1,219,735

1,092,115

Short-term investments

1,875,204

1,873,502

Accounts receivable, net

37,732

33,629

Inventory, net

92,092

80,884

Prepaid expenses and other current assets, net

351,069

307,902

Amounts due from related parties, current

5,136

6,567

Total current assets

5,587,884

5,187,702

Restricted cash, non-current

91,222

24,030

Term deposits, non-current

390,129

355,665

Property and equipment, net

798,054

767,346

Land use rights, net

55,314

54,900

Amounts due from related parties, non-current

14,934

12,464

Long-term deposits

54,308

48,815

Intangible assets, net

10,342

13,020

Goodwill, net

44,579

43,832

Long-term investments, net

370,956

388,481

Deferred tax assets, net

80,493

97,932

Right-of-use assets

781,053

793,842

Other non-current assets

11,629

17,470

Total assets

8,290,897

7,805,499

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

94,519

80,484

Accrued expenses and other current liabilities

743,408

830,583

Dividend payable

95,179

-

Income taxes payable

197,300

167,881

Amounts due to related parties

397

405

Deferred revenue

2,161,514

1,954,464

Operating lease liability, current

262,059

255,997

Total current liabilities

3,554,376

3,289,814

Deferred tax liabilities

13,995

14,174

Unsecured senior notes

-

14,403

Operating lease liabilities, non-current

517,795

533,376

Total long-term liabilities

531,790

561,953

Total liabilities

4,086,166

3,851,767

Equity

  New Oriental Education & Technology Group Inc.
shareholders' equity

3,886,042

3,661,873

  Non-controlling interests

318,689

291,859

Total equity

4,204,731

3,953,732

Total liabilities and equity

8,290,897

7,805,499

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except for per share and per ADS amounts)

For the Three Months Ended November 30

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Net revenues

1,191,441

1,038,636

Operating cost and expenses (note 1)

Cost of revenues

556,887

498,312

Selling and marketing

193,985

196,121

General and administrative

374,262

324,948

Total operating cost and expenses

1,125,134

1,019,381

Operating income

66,307

19,255

(Loss)/Gain from fair value change of investments

(1,337)

2,505

Other income, net

22,235

31,008

Provision for income taxes

(24,467)

(14,629)

Loss from equity method investments

(6,458)

(6,292)

Net income

56,280

31,847

Net (income)/loss attributable to non-controlling interests

(10,828)

84

Net income attributable to New Oriental Education &
Technology Group Inc.'s shareholders

45,452

31,931

Net income per share attributable to New Oriental-
Basic (note 2)

0.03

0.02

Net income per share attributable to New Oriental-
Diluted (note 2)

0.03

0.02

Net income per ADS attributable to New Oriental-
Basic (note 2)

0.29

0.20

Net income per ADS attributable to New Oriental-
Diluted (note 2)

0.28

0.19

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

RECONCILIATIONS OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES

(In thousands except for per share and per ADS amounts)

For the Three Months Ended November 30

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Operating income

66,307

19,255

Share-based compensation expenses

21,379

8,325

Amortization of intangible assets resulting from
business acquisitions

1,444

1,466

Non-GAAP operating income

89,130

29,046

Operating margin

5.6 %

1.9 %

Non-GAAP operating margin

7.5 %

2.8 %

Net income attributable to New Oriental

45,452

31,931

Share-based compensation expenses

20,451

6,115

Loss/(Gain) from fair value change of
investments

1,337

(2,505)

Amortization of intangible assets resulting from
business acquisitions

895

917

Loss from equity method investments

6,458

6,292

Gain on disposals of investments and others

(1,480)

-

Tax effects on Non-GAAP adjustments

(205)

483

Non-GAAP net income attributable to New
Oriental

72,908

43,233

Net income per ADS attributable to New
Oriental- Basic (note 2)

0.29

0.20

Net income per ADS attributable to New
Oriental- Diluted (note 2)

0.28

0.19

Non-GAAP net income per ADS attributable to
New Oriental - Basic (note 2)

0.46

0.27

Non-GAAP net income per ADS attributable to
New Oriental - Diluted (note 2)

0.45

0.26

Weighted average shares used in calculating
basic net income per ADS (note 2)

1,589,182,510

1,629,316,430

Weighted average shares used in calculating
diluted net income per ADS (note 2)

1,604,505,363

1,638,260,510

Net income per share - basic

0.03

0.02

Net income per share - diluted

0.03

0.02

Non-GAAP net income per share - basic

0.05

0.03

Non-GAAP net income per share - diluted

0.05

0.03

Notes:

Note 1: Share-based compensation expenses (in thousands) are included in the operating cost and
expenses as follows:

For the Three Months Ended November 30

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Cost of revenues

242

710

Selling and marketing

685

2,088

General and administrative

20,452

5,527

Total

21,379

8,325

Note 2: Each ADS represents ten common shares.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the Three Months Ended November 30

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Net cash provided by operating activities

323,468

313,297

Net cash provided by investing activities

277,419

210,129

Net cash used in financing activities

(60,010)

(238,419)

Effect of exchange rate changes

16,614

(25,085)

Net change in cash, cash equivalents and restricted
cash

557,491

259,922

Cash, cash equivalents and restricted cash at
beginning of period

1,540,647

1,351,151

Cash, cash equivalents and restricted cash at end
of period

2,098,138

1,611,073

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except for per share and per ADS amounts)

For the Six Months Ended November 30

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Net revenues

2,714,421

2,474,052

Operating cost and expenses (note 1)

Cost of revenues

1,194,682

1,081,833

Selling and marketing

394,561

389,813

General and administrative

748,044

690,001

Total operating cost and expenses

2,337,287

2,161,647

Operating income

377,134

312,405

Gain/(Loss) from fair value change of investments

6,449

(9,408)

Other income, net

42,845

70,095

Provision for income taxes

(116,009)

(92,180)

Loss from equity method investments

(6,616)

(6,082)

Net income

303,803

274,830

Net (income)/loss attributable to non-controlling
interests

(17,628)

2,531

Net income attributable to New Oriental Education
& Technology Group Inc.'s shareholders

286,175

277,361

Net income per share attributable to New Oriental-
Basic (note 2)

0.18

0.17

Net income per share attributable to New Oriental-
Diluted (note 2)

0.18

0.17

Net income per ADS attributable to New Oriental-
Basic (note 2)

1.80

1.69

Net income per ADS attributable to New Oriental-
Diluted (note 2)

1.78

1.68

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES

(In thousands except for per share and per ADS amounts)

For the Six Months Ended November 30

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Operating income

377,134

312,405

Share-based compensation expenses

44,663

15,178

Amortization of intangible assets resulting
from business acquisitions

2,876

2,911

Non-GAAP operating income

424,673

330,494

Operating margin

13.9 %

12.6 %

Non-GAAP operating margin

15.6 %

13.4 %

Net income attributable to New Oriental

286,175

277,361

Share-based compensation expenses

42,861

13,504

(Gain) /Loss from fair value change of
investments

(6,449)

9,408

Amortization of intangible assets resulting
from business acquisitions

1,783

1,821

Loss from equity method investments

6,616

6,082

Gain on disposals of investments and others

(1,480)

-

Tax effects on Non-GAAP adjustments

1,657

(2,532)

Non-GAAP net income attributable to New
Oriental

331,163

305,644

Net income per ADS attributable to New
Oriental- Basic (note 2)

1.80

1.69

Net income per ADS attributable to New
Oriental- Diluted (note 2)

1.78

1.68

Non-GAAP net income per ADS attributable
to New Oriental - Basic (note 2)

2.08

1.86

Non-GAAP net income per ADS attributable
to New Oriental - Diluted (note 2)

2.06

1.85

Weighted average shares used in calculating
basic net income per ADS (note 2)

1,588,556,279

1,639,044,478

Weighted average shares used in calculating
diluted net income per ADS (note 2)

1,601,543,511

1,648,700,192

Net income per share - basic

0.18

0.17

Net income per share - diluted

0.18

0.17

Non-GAAP net income per share - basic

0.21

0.19

Non-GAAP net income per share - diluted

0.21

0.19

Notes:

Note 1: Share-based compensation expenses (in thousands) are included in the operating costs and
expenses as follows:

For the Six Months Ended November 30

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Cost of revenues

455

(2,436)

Selling and marketing

1,296

1,489

General and administrative

42,912

16,125

Total

44,663

15,178

Note 2: Each ADS represents ten common shares.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the Six Months Ended November 30

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Net cash provided by operating activities

515,786

496,507

Net cash used in investing activities

(174,293)

(85,027)

Net cash used in financing activities

(89,445)

(391,913)

Effect of exchange rate changes

28,957

2,402

Net change in cash, cash equivalents and restricted cash

281,005

21,969

Cash, cash equivalents and restricted cash at
beginning of period

1,817,133

1,589,104

Cash, cash equivalents and restricted cash at end of
period

2,098,138

1,611,073

Reconciliation between US GAAP and International Financial Reporting Standards

Deloitte Touche Tohmatsu was engaged by the company to conduct limited assurance engagement in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) "Assurance Engagements Other Than Audits or Reviews of Historical Financial Information" ("HKSAE 3000 (Revised)") issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") on the reconciliation of the condensed consolidated statement of operations for the six months ended November 30, 2025 and the condensed consolidated balance sheet as of November 30, 2025 of the company and its subsidiaries (collectively referred to as the "Group") between the accounting policies adopted by the Group of the relevant period in accordance with the accounting principles generally accepted in the United States of America (the "US GAAP") and the International Financial Reporting Standards (the "IFRSs") issued by the International Accounting Standards Board (together, the "Reconciliation").

The limited assurance engagement undertaken in accordance with HKSAE 3000 (Revised) involves performing procedures to obtain sufficient appropriate evidence about whether:

the related adjustments and reclassifications give appropriate effect to those criteria; and the Reconciliation reflects the proper application of the adjustments and reclassifications to the differences between the Group's accounting policies in accordance with the US GAAP and the IFRSs. The procedures performed by Deloitte Touche Tohmatsu were based on their professional judgment, having regard to their understanding of the management's process on preparing the Reconciliation, nature, business performance and financial position of the Group. Given the circumstances of the engagement, the procedures performed included:

(i)      Comparing the "Amounts as reported under US GAAP" as of and for the six months ended November 30, 2025 in the Reconciliation as set out in the Appendix with the financial results as of and for the six months ended November 30, 2025 prepared in accordance with the US GAAP;

(ii)     Evaluating the assessment made by the board of directors in identifying the differences between the accounting policies in accordance with the US GAAP and the IFRSs, and the evidence supporting the adjustments and reclassifications made in the Reconciliation in arriving at the "Amounts as reported under IFRSs" in the Reconciliation as set out in the Appendix; and

(iii)    Checking the arithmetic accuracy of the computation of the Reconciliation as set out in the Appendix.

The procedures performed by Deloitte Touche Tohmatsu in this limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, Deloitte Touche Tohmatsu do not express a reasonable assurance opinion.

Based on the procedures performed and evidence obtained, Deloitte Touche Tohmatsu have concluded that nothing has come to their attention that causes them to believe that:

(i)      The "Amounts as reported under US GAAP" as of and for the six months ended November 30, 2025 in the Reconciliation as set out in the Appendix is not in agreement with the financial results as of and for the six months ended November 30, 2025 prepared in accordance with the US GAAP;

(ii)      The adjustments and reclassifications made in the Reconciliation in arriving at the "Amounts as reported under IFRSs" in the Reconciliation as set out in the Appendix, do not reflect, in all material respects, the different accounting treatments according to the Group's accounting policies in accordance with the US GAAP and the IFRSs of the relevant period; and

(iii)      The computation of the Reconciliation as set out in the Appendix is not arithmetically accurate.

Appendix

The interim condensed consolidated financial statements are prepared in accordance with US GAAP, which differ in certain respects from IFRSs. The effects of material differences between the interim condensed consolidated financial statements of the Group prepared under US GAAP and IFRSs are as follows:

For the six months ended November 30, 2024

IFRSs adjustments

Amounts as

Investments
measured
at fair value

Share-based
compensation

Lease
accounting

Amounts as

reported
under

reported
 under

US GAAP

IFRSs

Note i

Note ii

Note iii

(US$ in thousand)

Cost of revenues

(1,081,833)

-

(3,568)

8,729

(1,076,672)

Selling and marketing

(389,813)

-

(1,930)

971

(390,772)

General and
administrative

(690,001)

-

(3,921)

2,425

(691,497)

Operating income

312,405

-

(9,419)

12,125

315,111

Interest expense

(182)

-

-

(15,493)

(15,675)

Gain/(Loss) from fair
value change of
investments

(9,408)

(6,106)

-

-

(15,514)

Income before
income taxes and
loss from equity
method investments

373,092

(6,106)

(9,419)

(3,368)

354,199

Provision for income
taxes

(92,180)

1,527

-

-

(90,653)

Net income

274,830

(4,579)

(9,419)

(3,368)

257,464

Net income
attributable to New
Oriental Education &
Technology Group
Inc.'s shareholders

277,361

(4,579)

(9,419)

(3,368)

259,995

For the six months ended November 30, 2025

IFRSs adjustments

Amounts as

Investments
measured
at fair value

Share-based
compensation

Lease
accounting

Amounts as

reported
under

reported
 under

US GAAP

IFRSs

Note i

Note ii

Note iii

(US$ in thousand)

Cost of revenues

(1,194,682)

-

54

10,534

(1,184,094)

Selling and marketing

(394,561)

-

153

854

(393,554)

General and
administrative

(748,044)

-

1,547

2,847

(743,650)

Operating income

377,134

-

1,754

14,235

393,123

Interest expense

-

-

-

(16,322)

(16,322)

Gain/(Loss) from fair
value change of
investments 

6,449

-

-

-

6,449

Gain on disposal of
financial assets at
FVTPL

2,640

(1,313)

-

-

1,327

Income before
income taxes and
loss from equity
method investments

426,428

(1,313)

1,754

(2,087)

424,782

Provision for income
taxes

(116,009)

197

-

-

(115,812)

Net income

303,803

(1,116)

1,754

(2,087)

302,354

Net income
attributable to New
Oriental Education &
Technology Group
Inc.'s shareholders

286,175

(1,116)

1,754

(2,087)

284,726

As of May 31, 2025

IFRSs adjustments

Amounts as

Investments
measured at
fair value

Share-based
compensation

Lease
accounting

Amounts as

reported
under

reported
under

US GAAP

IFRSs

Note i

Note ii

Note iii

(US$ in thousand)

ASSETS

Long-term
investments, net

388,481

(220,863)

-

-

167,618

Financial assets at
fair value through
profit or loss

-

223,355

-

-

223,355

Right-of-use assets

793,842

-

-

(23,485)

770,357

Total assets

7,805,499

2,492

-

(23,485)

7,784,506

LIABILITIES

Deferred tax
liabilities

14,174

497

-

-

14,671

Total liabilities

3,851,767

497

-

-

3,852,264

Total New Oriental
Education &
Technology Group
Inc. shareholders'
equity

3,661,873

1,995

-

(23,485)

3,640,383

Total equity

3,953,732

1,995

-

(23,485)

3,932,242

Total liabilities
and equity

7,805,499

2,492

-

(23,485)

7,784,506

As of November 30, 2025

IFRSs adjustments

Amounts as

Investments
measured at
fair value

Share-based
compensation

Lease
accounting

Amounts as

reported
under

reported
under

US GAAP

IFRSs

Note i

Note ii

Note iii

(US$ in thousand)

ASSETS

Long-term
investments, net

370,956

(212,802)

-

-

158,154

Financial assets at
fair value through
profit or loss

-

215,294

-

-

215,294

Right-of-use assets

781,053

-

-

(25,572)

755,481

Total assets

8,290,897

2,492

-

(25,572)

8,267,817

LIABILITIES

Deferred tax
liabilities

13,995

300

-

-

14,295

Total liabilities

4,086,166

300

-

-

4,086,466

Total New Oriental
Education &
Technology Group
Inc. shareholders'
equity

3,886,042

2,192

-

(25,572)

3,862,662

Total equity

4,204,731

2,192

-

(25,572)

4,181,351

Total liabilities and
equity

8,290,897

2,492

-

(25,572)

8,267,817

Notes

(i) Investments measured at fair value

Under US GAAP, the Group elects measurement alternative to the fair value measurement for the equity securities without readily determinable fair values, under which these investments are measured at cost, less impairment, plus or minus observable price changes of an identical or similar investment of the same issuer with the fair value change recorded in the consolidated statements of operations.

For investments in investee's shares which are determined to be debt securities, the Group accounts for them as available-for-sale investments when they are not classified as either trading or held-to-maturity investments. Available-for-sale investments are reported at fair value, with unrealized gains and losses, net of taxes recorded in accumulated other comprehensive income or loss. Realized gains or losses on the sales of these securities are recognized in the consolidated statements of operations.

Under IFRSs, the aforementioned investments are classified as financial assets at fair value through profit or loss and measured at fair value. Fair value changes of these long-term investments are recognized in profit or loss.

(ii) Share-based compensation

Under US GAAP, the Group recognized as compensation expenses net of forfeitures as they occur using graded vesting method over the requisite service period.

Under IFRSs, the compensation expenses are recognized net of estimated forfeitures using graded vesting method over the requisite service period.

(iii) Lease accounting

Under US GAAP, the amortization of the right-of-use assets and interest expense related to the lease liabilities are recorded together as lease expense to produce a straight-line recognition effect in profit or loss.

Under IFRSs, the amortization of the right-of-use asset is on a straight-line basis while the interest expense related to the lease liabilities are measured at amortized cost.

SOURCE New Oriental Education and Technology Group Inc.

Oceaneering International (OII) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.

Journalist

Posted: January 28, 2026

ZCash [ZEC], the privacy-focused token, is staging a solo rally today, even as other assets in the same category struggle to attract fresh capital.

The recent gains have placed ZEC among the day’s top performers, but questions remain around the sustainability of the move.

Market momentum appears fragile as perpetual and spot traders show diverging interests, with one side leaning heavily toward speculation while the other withdraws bullish support.

Speculators take control ZEC’s dominance over the past 24 hours has pushed its price up by more than 10%, at press time, allowing the token to reclaim the $384 level on the chart.

The most evident driver behind this rally stems from the perpetual futures market, which has recorded a simultaneous increase in both Open Interest (OI) and the Funding Rate.

OI measures the total liquidity committed to an asset’s perpetual contracts, while the Funding Rate indicates which side of the market pays a premium to maintain balance.

A rise in OI signals fresh capital entering the market, which can support either bullish or bearish positioning.

A positive Funding Rate, meanwhile, indicates that buyers, also known as long traders, are paying the fee, typically reflecting bullish positioning as prices trend in their favor.

Source: CoinGlass

In ZEC’s case, $71.26 million has flowed into the perpetual market, while the Funding Rate remains positive at approximately 0.0061%. This suggests that the majority of newly opened contracts have come from long traders at the time of writing.

Such a sizable liquidity injection can exert a strong influence on price action, a dynamic already reflected in ZEC’s recent market performance.

Spot traders withdraw support Spot market participants are not aligning with the bullish narrative around ZEC, as capital continues to exit the market.

Over the past 48 hours, CoinGlass spot exchange netflow data, which tracks whether inflows or outflows dominate, shows a clear tilt toward outflows.

During this period, total spot sales have reached $31.37 million, marking a significant sell-off. Put into perspective, spot traders have offloaded roughly 44% of the liquidity that entered the perpetual market.

Source: CoinGlass

This level of spot exit places ZEC in a vulnerable position. Historically, rallies driven largely by speculative activity, without corresponding spot demand, tend to weaken as downside risk increases.

Unless meaningful spot interest returns, ZEC appears exposed to a potential pullback, with broader market sentiment likely to deteriorate.

Downside targets come into view The liquidation heatmap remains a useful tool for assessing whether an asset is more likely to extend its rally or rotate lower.

This heatmap displays clusters positioned above or below the current price, with varying intensities indicating areas of concentrated liquidity. Typically, price gravitates toward zones with higher liquidity concentration.

Currently, the most significant cluster is situated below ZEC’s current price level, indicating potential for a broader downward move that could push the asset toward the $350 region on the chart.

While liquidity clusters do not guarantee price movement, the growing divergence between spot and perpetual market behavior increases the likelihood of a downside swing.

Source: CoinGlass

Final Thoughts ZEC has recorded a sharp price surge as speculative liquidity fuels the asset’s upward move. Spot investors, however, are pulling back, with more than $20 million worth of ZEC sold into the market.

HYPE token's 30% surge is a story of crypto-traditional market convergence, treasury firm saysHYPE has surged 30%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin. Jan 28, 2026, 8:02 a.m.

When the crypto market emerged more than a decade ago, its proponents pitched it as "us vs. them" – a rebel fight against Wall Street and traditional markets.

Over time, the great divide slowly closed with the debut of popular traditional instruments like futures and ETFs tied to cryptocurrencies, and now the two worlds have merged on decentralized platforms.

STORY CONTINUES BELOW

The market-beating rally in Hyperliquid's HYPE token, a decentralized exchange, reflects just that, according to Hyunsu Jung, CEO of Nasdaq-listed Hyperion DeFi. It's the first US publicly listed company building a long-term strategic treasury of HYPE tokens. As of late last year, it held over 1.4 million HYPE tokens.

The HYPE token has surged over 30% to $33 this week, leaving bitcoin BTC$88,841.00, ether ETH$2,987.12 and other major tokens far behind. Bitcoin has risen just 1.84%, while the CoinDesk 20 Index, a broader market gauge, has gained over 4%, according to CoinDesk data.

"This is a story of the convergence of all asset classes under the megatrend of tokenization in an increasingly financialized world - more and more of which is happening on Hyperliquid," Hyunsu said, explaining the HYPE rally.

While Hyperliquid started as a decentralized exchange for trading perpetual futures tied to cryptocurrencies, it has since expanded its product suite to include trading in equity indices, stocks, commodities, and major fiat currency pairs.

This shift stems from the Hyperliquid Improvement Proposal-3 (HIP-3), launched in October 2025, which allows anyone staking 500,000 HYPE tokens to freely create markets for non-crypto assets.

The timing couldn't have been better, as traditional assets, especially gold and silver, have gone bonkers since late 2025, driving huge trading volumes and fees in Hyperliquid's markets for those assets. The silver-USDC market has registered a trading volume of over $1 billion in the past 24 hours alone. The numbers look even more impressive on a broader scale.

"Within just 3 months of this upgrade, Hyperliquid’s HIP-3 markets have captured over $1B in Open Interest, ~$25B in total trading volume and over $3M in total fees, all transparently on-chain," Hyunsu noted. "Users globally are now able to access and trade equities (for example those in countries that could not access US equities) or get exposure to the incredible metals trade over the last few months."

The boom in fees translates into higher prices for HYPE via a token-burning mechanism. Hyperliquid burns HYPE based on protocol fees through an automated mechanism, with up to 97% of fee revenue used to buy back HYPE and remove coins from circulation.

"It's a deflationary mechanism not found in any other blockchain ecosystem, and an incredible structural tailwind for our treasury," Hyunsu said.

He explained that the nonstop 24/7 availability of traditional markets on Hyperliquid allows traders to react to global events, helping to achieve fairer spot prices outside regular hours and even on weekends when traditional markets are closed.

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.

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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.

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A new Ethereum standard seeks to give AI agents portable identities and reputations, letting them interact across companies and chains without relying on centralized gatekeepers.

What to know:

Ethereum developers are set to roll out ERC-8004, a new standard that gives AI software agents persistent on-chain identities and a shared framework for establishing credibility.The standard defines three registries—identity, reputation and validation—that let agents register themselves, collect reusable feedback and publish independent checks of their work on Ethereum or layer-2 networks.Framed as neutral infrastructure rather than a marketplace, ERC-8004 aims to enable interoperable, gatekeeper-free AI services on Ethereum, even as ether trades just above $3,000 after a recent price gain.

9h05 ▪ 3 min read ▪ by Ariela R.

Summarize this article with:

South Dakota wants its share of the digital pie. A new bill proposal could allow the state to invest part of its public funds in bitcoin. The idea resurfaces after an initial failure in 2025.

In brief South Dakota wants to invest up to 10% of its public funds in bitcoin. The project includes advanced security mechanisms to oversee the institutional adoption of this flagship crypto asset. South Dakota wants to integrate bitcoin into its public funds Republican representative Logan Manhart returns with the HB 1155 project. This would authorize the state to invest up to 10% of its public funds in bitcoin.

Very close to a previous rejected one, this text aims concretely to modify the local financial code to entrust this allocation to the State Investment Council. South Dakota would thus join states like Texas, Arizona, and New Hampshire, already converted to institutional adoption of bitcoin.

These territories consider the king of digital assets as a potential reserve, just like gold and other safe havens. But not only! In this context, cryptocurrencies would represent more than a diversification tool. Some legislators see them as a statement of financial sovereignty.

Security, strategy, and tensions around bitcoin adoption The HB 1155 bill does not just bet on BTC volatility. It also includes precise secure storage protocols: multi-signature governance, encrypted keys, and physical hardware. These safeguards aim to reassure a population still wary of hacking risks or mismanagement.

Behind this initiative, a national trend emerges. At the federal level, a decree by US President Donald Trump mentioned in 2025 the creation of a strategic bitcoin reserve. But lack of clear legislative support still hinders its implementation.

Discussions around alternative crypto investment pit innovation supporters against defenders of classic public management rules. The movement is nevertheless gaining ground, driven by logic of disintermediation and reduced dependence on the dollar.

At any rate, the return of this legislative text reflects an evolution: American states no longer wait for Washington’s impulse to carve their path in the bitcoin universe. Other jurisdictions might soon cross this threshold!

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Arthur Hayes says covert Fed liquidity to support the yen could mechanically lift Bitcoin and crypto prices.

Former BitMEX CEO Arthur Hayes has proposed that the U.S. Federal Reserve could soon expand its balance sheet to support the Japanese yen and government bonds.

He argued that this covert money printing would directly lift the price of Bitcoin (BTC) and other cryptocurrencies.

Hayes Links Yen Stress, Fed Action, and Crypto Markets In a January 28 essay titled “Woomph,” Hayes stated that the Fed has the legal authority to intervene in foreign exchange and bond markets, which would address economic pressures in Japan that threaten U.S. Treasury stability. According to him, the implication of that move for crypto markets is simple:

“Bitcoin and quality shitcoins will mechanically levitate in fiat terms as the quantity of paper money rises.”

Hayes constructed a scenario where the New York Federal Reserve, coordinating with the U.S. Treasury, creates new dollar reserves to buy Japanese yen. Those yen would then be used to purchase Japanese Government Bonds (JGBs). The goal would be to strengthen the yen and lower JGB yields, preventing Japanese investors from selling U.S. Treasuries to repatriate funds since a mass sale could spike U.S. borrowing costs.

He pointed to a concrete event as potential evidence: a “rate check” by the New York Fed on USD/JPY exchange rates on January 23. Analysts at QCP Capital noted on January 26 that this action hinted at official sensitivity to a weakening yen and made traders defensive. Hayes interpreted these actions as the Fed “deliberately and publicly telegraphing its intentions.”

The legal mechanism, according to the crypto veteran, involves the Treasury’s Exchange Stabilization Fund and the Fed’s authority to hold foreign currency assets. He wrote,

“Buffalo Bill Bessent can intervene in the currency markets… The Treasury taps the NY Fed to help manipulate the markets.”

In his opinion, confirmation would be visible in the weekly growth of the “Foreign Currency Denominated Assets” on the Fed’s balance sheet.

You may also like: Super Wednesday: Will the Fed and Oil Data Trigger Massive Bitcoin Volatility? Ripple (XRP) and Cardano (ADA) Show Deeper Undervaluation Than Bitcoin (BTC) ‘Bitcoin Isn’t in a Bull Market:’ Expert Warns $80K Wasn’t the Bottom Market Skepticism Remains Despite Liquidity Thesis Hayes’ prediction contrasts with a prevailing cautious tone in crypto markets. Bitcoin has struggled to hold above $90,000, trading around $89,000 at the time of this writing after briefly dipping lower.

Other experts have also looked to Japan for macro direction. Last week, market watcher Michaël van de Poppe suggested that the Japanese Central Bank needed to intervene in the bond markets, which would allow risk-on assets to continue moving.

Meanwhile, Hayes has acknowledged that his idea is currently a theory, stating, “What I will present is a theory which the actual flow of money… doesn’t support yet.” He has made his trading contingent on observing the Fed’s balance sheet expand. His view is that such intervention would create dollar liquidity globally, weakening the dollar index and providing fuel for asset price inflation.

For crypto investors, the BitMEX cofounder’s analysis frames the upcoming reports on the Fed’s balance sheet as critical data points for judging the market’s next major move.

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Hyperliquid price is gaining momentum as increased commodity trading and token burn mechanics drive renewed interest and market activity.

Summary

Hyperliquid’s surge is fueled by rising trading activity and growing investor interest. Token burns linked to platform usage are strengthening demand and supporting price action. Market sentiment and technical signals indicate continued bullish momentum and potential upside. Hyperliquid has maintained its recent momentum, rising an additional 23% in the last day to approximately $33.46 at the time of writing. After breaking out of a tight trading range and moving toward the top of its weekly levels, the token has gained more than 50%, capping a strong seven-day run.

Even with the sharp rebound, Hyperliquid (HYPE) remains well below its September 2025 peak near $59, showing just how hard it had fallen before this recent move. Trading activity has picked up quickly alongside the price, with spot volume surging more than 90% in the past 24 hours.

Derivatives markets suggests the rally is being driven largely by growing speculative interest, rather than steady spot buying. CoinGlass data shows derivatives volume up nearly 175% to $5.3 billion, while open interest rose over 21% to $1.84 billion.

This combination suggests fresh positions are being opened at higher prices, not just traders closing shorts, which often adds fuel to fast directional moves.

Trading activity on Hyperliquid rises The price jump has been closely tied to a sharp rise in activity on the Hyperliquid platform, led by commodity perpetual contracts. Silver trading has exploded in particular, with daily volume climbing past $1.2 billion and open interest expanding quickly. Gold and other metals have also seen heavier flows, lifting overall fee generation.

That surge in activity matters for HYPE holders. Hyperliquid directs up to 97% of its trading fees for token purchases and burns. As volumes increase, more tokens are removed from circulation. With this mechanism, usage is directly tied to token demand and price action

Hyperliquid’s HIP-3 framework enables its commodity trading feature. As long as 500,000 HYPE is staked, users can create perpetual contracts linked to assets other than cryptocurrencies, such as stocks, commodities, and indices. This has helped in diversifying activity and drawing in new traders.

The team reported in a Jan. 26 post on X that open interest on upgraded markets had risen to a record $790 million, a significant increase from roughly $260 million a month prior.

Hyperliquid price technical analysis From a chart perspective, HYPE has staged a sharp rebound from the lower Bollinger Band near $18.80. That move marked a clear shift in short-term trend, with buyers stepping in aggressively after a prolonged decline.

Hyperliquid daily chart. Credit: crypto.news Volatility has expanded since then. Bollinger Bands, which were tightly compressed during consolidation, have opened up to the upside. Such expansions often accompany fast directional moves rather than slow, sideways trading.

Momentum indicators confirm the strength of the push. The relative strength index has moved above 70, reflecting heavy buying pressure, though it also increases the chance of a pause or pullback. Price has reclaimed the 20-day moving average near $24.70, which now serves as the first line of support.

Attention is now on the $34–$36 zone, where previous selling pressure emerged. A clean daily close above that area would strengthen the bullish case and open the door toward the $48–$50 region.

If price stalls, a cooldown toward $30.50 or $28.00 would not be unusual. A sustained drop back below $28 would weaken the recovery and put the recent advance under strain.

Tether Quietly Becomes One of the Biggest Global Gold Market Players, Holds 140 Tons of Gold

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Crypto giant Tether Holdings has been shaking up the rising gold market with massive metal hoarding over the past year. The stablecoin issuer now holds around 140 tons of gold, according to CEO Paolo Ardoino.

In an interview with Bloomberg, Ardoino spoke that Tether aims to continue to cultivate its massive profits from holding, competing with banks in bullion trading.

“We are soon becoming basically one of the biggest, let’s say, gold central banks in the world,” he noted.

Tether’s Rapid Gold Purchases in Past YearThe crypto firm bought more than 70 tons of gold over the course of last year for its reserves as well its gold-backed stablecoin XAUT, a Wednesday Bloomberg report read.

The yellow metal hoarding is more than that was reported by the three largest exchange-traded funds, it added.

With 140 tons of gold reserves, the Tether bullion hoarding is worth $23 billion at current market prices, the largest known treasury outside of those held by central banks, ETFs and private banks.

Ardoino noted that the company has been accumulating more than a ton of gold every week. “And it’s only growing,” he said, adding that Tether intends to continue it for “definitely the next few months.”

“Then of course, based on the market, we are going to decide, but yeah, I think we will continue in this direction,” Ardoino said. “Maybe we are going to reduce, we don’t know yet. We are going to assess on a quarterly basis our demand for gold.”

Tether Stores Bullion in Swiss Nuclear BunkerThe USDT issuer is particular in storing its massive gold hoardings. The company has taken “the unusual step” of storing the precious metal in the former nuclear bunker in Switzerland, guarded by multiple layers of thick steel doors, Ardoino, 41, added.

“It’s a James Bond kind of place, it’s crazy,” he described the vaults.

Besides, Tether is also looking to trade the precious metal, competing with major Wall Street players, including JPMorgan Chase & Co. and HSBC.

“Our goal is to have a steady, stable, long-term access to gold,” Ardoino noted.

Following the news, Tether’s gold-backed XAUT stablecoin soared 3.99% over the last 24 hours, per CoinMarketCap data. The asset extended its weekly (+8.88%) and monthly (+18.06%) gains amid broader bullion strength.

The crypto firm’s gold holdings surpasses nations like Greece and Australia, positioning it among the top 30 global holders.

Arthur Hayes says stealth Fed support for the yen could expand dollar liquidity, weaken the DXY, and mechanically push Bitcoin and majors to new highs.

Summary

Hayes outlines a “Woomph” scenario where the NY Fed and U.S. Treasury quietly create dollar reserves to buy yen and JGBs, shoring up Japan’s bond market.​ He argues any balance-sheet expansion would weaken the dollar index and “mechanically” levitate Bitcoin and quality altcoins as fresh liquidity chases risk assets. Bitcoin stalls near record territory while Ethereum and Solana trade in tight ranges as traders watch weekly Fed foreign-asset data for confirmation of the thesis. Former BitMEX CEO Arthur Hayes is betting that quiet Federal Reserve intervention to support the Japanese yen could be the next spark for a renewed Bitcoin (BTC) rally, even as the market hesitates near record highs.​

Fed, Yen, and the “Mechanical” Bitcoin Trade In a new essay titled “Woomph,” Hayes argues that the Fed has both the legal room and the incentive to expand its balance sheet to stabilize Japan’s currency and bond market, a move he believes would spill directly into crypto. “Bitcoin and quality shitcoins will mechanically levitate in fiat terms as the quantity of paper money rises,” he wrote, tying any new dollar liquidity to higher nominal prices for risk assets.

Hayes sketches a scenario in which the New York Fed, acting with the U.S. Treasury, creates fresh dollar reserves to buy yen, which are then recycled into Japanese Government Bonds (JGBs) to strengthen the yen and cap yields. The point, in his view, is to keep Japanese investors from dumping U.S. Treasuries en masse, a selloff that could “spike U.S. borrowing costs” and undermine financial stability.​

Signals, Theory, and Market Skepticism Hayes sees recent market signals as clues that policymakers are already probing this path. He cites a January 23 “rate check” by the New York Fed on the USD/JPY pair and notes that QCP Capital analysts read the move as evidence of growing official concern over yen weakness. He interprets this as the Fed “deliberately and publicly telegraphing its intentions,” even if no formal program has been announced.​

The mechanism, he says, would likely run through the U.S. Treasury’s Exchange Stabilization Fund, alongside the Fed’s authority to hold foreign currency assets. “Buffalo Bill Bessent can intervene in the currency markets… The Treasury taps the NY Fed to help manipulate the markets,” Hayes wrote, adding that confirmation would appear in weekly increases in the “Foreign Currency Denominated Assets” line on the Fed’s balance sheet.​

Prices, Positioning, and What Comes Next For now, Hayes is explicit that his framework remains hypothetical: “What I will present is a theory which the actual flow of money… doesn’t support yet.” He says his own trading stance depends on seeing the Fed’s balance sheet actually expand, arguing that such a move would weaken the dollar index and “provide fuel for asset price inflation” across global markets.

Crypto traders remain cautious. Bitcoin has struggled to sustain levels above $90,000, recently trading near $89,000 after a brief dip below $88,000, underscoring lingering profit‑taking and macro uncertainty. Major altcoins are mixed: Ethereum changes hands around $3,000, up roughly 2–3 percent over the past 24 hours, while Solana trades in the low‑190 dollar area, with its 24‑hour range clustered between about $185 and $194.

Other analysts are also watching Tokyo. Market commentator Michaël van de Poppe has argued that renewed Bank of Japan bond support could “allow risk-on assets to continue moving,” putting Japanese policy firmly on crypto traders’ macro dashboards. For now, Hayes’ thesis turns weekly Fed data into a potential trading trigger—an abstract balance‑sheet line item that could, if he is right, become a very concrete catalyst for Bitcoin.

Stablecoin giant Tether is significantly expanding its gold reserves by buying up to 2 tons of gold per week and storing it in secure Swiss vaults. Switzerland has over 370,000 nuclear bunkers, a holdover from the Cold War, that are hardly ever deployed.

However, one of them is a flurry of activity. Tether Holdings SA owns the high-security vault that receives almost a ton of gold every week. It is now the largest known stash of bullion outside of banks and nation-states.

Tether emerges as a major gold market player Over the past year, Tether has become a major player in the global gold market, contributing to prices surpassing $5,100 an ounce. Chief Executive Officer Paolo Ardoino said, “We are soon becoming basically one of the biggest, let’s say, gold central banks in the world.” However, even in these historic times for the gold market, Tether’s activities stand out.

In 2025, Tether increased its purchases, buying more than 70 tons of gold for its reserves and its own gold stablecoin. That’s more than was reported by almost any single central bank. Only Poland, which increased its reserves by 102 tons, made higher declared purchases. 

It also exceeded the purchases made by all but the three largest exchange-traded funds, which result from the combined efforts of tens of thousands of individual investors and traders.

Ardoino stated that the corporation has over 140 tons of gold, the majority of which are its own reserves and the bullion that supports its own gold token. The greatest known hoard of metal, aside from those held by central banks, exchange-traded funds (ETFs), and commercial banks whose vaults support the major trading hubs, is estimated to be worth $23 billion.

He went on to say that Tether had been purchasing gold at a rate of about 1 to 2 tons a week, and planned to continue doing so for “definitely the next few months.” When asked whether Tether might reduce its gold purchases, Adroino replied that the firm had not yet made a decision and would evaluate its position every quarter.

Adroino also revealed that Tether makes money from its dollar stablecoin. Currently, the dollar stablecoin has $186 billion in circulation.

Tether expands stablecoin portfolio with XAU₮ and USA₮ Building on its growing gold reserves, through Tether Gold (XAU₮), Tether is further establishing its dominance in the gold-backed stablecoin market.

A Cryptopolitan report dated January 26 found that gold-backed stablecoins saw a sharp rise in market capitalization from over $1.3 billion to over $4 billion in 2025. Of these, XAU₮ dominated both issuance and circulation, making up about 60% of the supply of gold-backed stablecoins in this market.

The report noted that geopolitical fragmentation, historically high gold prices, and rising institutional and digital-native demand for fully on-chain safe-haven assets were the main causes of this.

Tether reported that at the end of quarter four of last year, the total market capitalization of XAU₮ tokens was $2.25 billion, with 409,217.640000 XAU₮ tokens sold and 110,871.660000 XAU₮ available for purchase.

Following these end-of-year data, Tether Gold Investments added more than 27 metric tons of gold to its fund exposure. It outpaced the purchases made by most individual central banks in the same period.

In another Cryptopolitan report on Tuesday, Tether introduced USA₮, a dollar-pegged stablecoin designed for use in U.S. jurisdictions. The GENIUS Act, which governs stablecoin issuance in the United States, was used to issue the stablecoin.

According to Tether, the introduction of USA₮ represents a major turning point for both the firm and the US dollar in the digital space. The new stablecoin “reinforces the strength of the U.S. dollar at a moment when countries are competing to shape the future of money,” according to the cryptocurrency business.

The company further stated that the new stablecoin draws on features such as scale and operational maturity from USDT, the stablecoin that dominates the global market.

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Ripple, a prominent blockchain company headed by Brad Garlinghouse, has reiterated its commitment to its native token, XRP. Amid surging doubts surrounding the token’s role in the company’s long-term roadmap, Ripple executive Reece Merrick underscored its key position. Despite the firm’s rapid expansion and collaborations, XRP remains its core asset, the company asserted.

Ripple Signals XRP Remains Core to Its Long-Term Vision In an X post earlier today, Ripple executive Reeve Merick emphasized the XRP token’s critical role in the company’s long-term vision. He wrote, “XRP will continue to be at the heart of the Ripple vision.”

Merick is highlighting the blockchain firm’s commitment to its native token with this statement. The company is assuring both the market and community members that XRP will remain vital to its future growth regardless of Ripple’s current activities and the hype surrounding the RLUSD stablecoin. The company has expanded into custody, stablecoins, and prime brokerage services, but its primary business focus remains on XRP as its main strategic element.

His words do not stand alone. Previously, when Ripple CEO Brad Garlinghouse revealed the acquisition of GTreasury and Hidden Road, he underscored the significance of the native token. He posited, “I’m reminding you all that XRP sits at the center of everything Ripple does.” He reassured the community of the token’s all-time significance while Ripple is evolving beyond the payments-focused company.

The latest statement comes ahead of a major event scheduled for February 11, 2026. The company plans to explain how XRP fits its expanding ecosystem. Led by Ripple President Monica Long and moderated by Jacquelyn Melinek, CEO of Token Relations, the event is expected to play a key role in the evolution of XRP in the upcoming years. The event is slated to take place on X Spaces, focusing on Ripple’s evolution and why XRP continues to play a central role in the firm’s future strategies. In an X post, Ripple unveiled the event, writing,

“XRP Community Day continues with Monica Long joining the Americas session to discuss Ripple’s evolution and why XRP remains core to the company’s strategy.”

Expanding Beyond Payments Notably, Ripple has been expanding its operations beyond cross-border payments. This indicates that the company intends to push itself into institutional-grade financial services. Positioning itself as an all-comprehensive blockchain infrastructure provider, the platform has launched its own RLUSD stablecoin, custody solutions, and prime brokerage platform.

The latest development includes the launch of Ripple Treasury, an enterprise-focused treasury solution that combines traditional cash management with digital assets. The move is part of the company’s vision of expanding real-world applications for XRP-powered payment infrastructure.

Ripple has launched Ripple Treasury, a corporate treasury platform that integrates GTreasury's enterprise software with Ripple’s blockchain infrastructure.

In a Tuesday blog post, Ripple wrote that the new platform combines traditional cash management with digital asset operations in a single system. It aims to streamline corporate treasury functions such as cross-border payments, liquidity management and asset reconciliation.

The release marks the first major product integration since Ripple acquired Chicago-based GTreasury for $1 billion in October. At the time, GTreasury Chief Executive Renaat Ver Eecke described the deal as a "watershed moment" for treasury management.

Ripple said the new platform is designed to address operational frictions in corporate treasury, including delayed settlement time, limited visibility into cross-border payments, and fragmented systems used to reconcile traditional cash with digital assets.

According to the statement, Ripple Treasury enables cross-border settlements in three to five seconds using Ripple's RLUSD stablecoin, compared with traditional settlement cycles that can take several business days.

The platform also provides a single interface for managing both fiat and digital assets, replacing manual spreadsheet-based processes with direct API integrations that treat digital asset platforms as "digital banks," Ripple said.

Ripple previously said the GTreasury integration would allow customers to access short-term liquidity markets through its broader institutional product suite. Access to repo markets is expected to be enabled via prime broker Hidden Road, which Ripple acquired for $1.25 billion last year.

Ripple and GTreasury added that they plan to focus on enabling customers to deploy excess cash more efficiently while maintaining existing treasury controls and reporting standards.

Global expansion The rollout comes as Ripple continues an aggressive expansion of its regulated payments and financial services footprint across major jurisdictions.

Earlier this month, Ripple received approval from the UK's financial regulator for its Electronic Money Institution license and crypto asset registration, clearing the way for the company to expand its payments platform. Ripple also secured preliminary approval this month for an EMI license from Luxembourg's Commission de Surveillance du Secteur Financier.

In the U.S., Ripple applied for a national banking license with the Office of the Comptroller of the Currency in July 2025. The move followed similar applications from crypto-native firms including Circle Internet Group and BitGo, and more recently Nomura-backed Laser Digital, the Financial Times reported.

Meanwhile, Ripple has said it does not plan to pursue an initial public offering, citing a strong balance sheet and a focus on growth initiatives following a series of acquisitions, including Hidden Road and stablecoin platform Rail.

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

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

Ethereum announced the proposition ERC-8004 is going on the main net soon. The upgrade will allow communication between AI agents. 

The Ethereum network will soon introduce the ERC-8004 standard, the Ethereum Foundation announced. To date, agentic tasks have been performed on an ad-hoc basis, with a human element. Ethereum aims to make agent-to-agent transactions a main feature of its network. 

ERC-8004 will enable discovery and portable reputation, meaning agents can interact across organizations. AI services may be able to join the permissionless on-chain economy based on their reputation score, without the need for extra verification steps. 

Ethereum is in the unique position to be the platform that secures and settles AI-to-AI interactions.

The ERC-8004 standard is coming to mainnet. pic.twitter.com/sjMziiPuaQ

— Davide Crapis (@DavideCrapis) January 27, 2026

The proposal was built by Marco De Rossi, Davide Crapis, Jordan Ellis, and Erik Reppel, representing MetaMask, Ethereum, and Coinbase. 

Ethereum to build an AI agent reputation system The ERC-8004 proposal aims to use blockchains to discover AI agents, choose, and interact across organizations, with no pre-existing screening. The goal is to create an open-ended agent economy. In crypto, AI agents are competing with mainstream launches, as in the case of Cloudflare’s Clawdbot AI.

The testing trust models are tiered and will be used to protect the value at risk. Agentic tasks may range from ordering a pizza to high-stakes transfers or decisions. Even before the main net launch, the ERC-8004 proposition has brought teams working on agentic and screening solutions. 

ERC-8004 ecosystem map (updated)

Here’s the teams building the Trustless AI Agents ecosystem 👇 pic.twitter.com/tPzUyBx4gd

— Vitto Rivabella (@VittoStack) January 19, 2026

Developers will be able to choose different trust models – reputation from client feedback, validation by staking, ZK machine learning proofs, or trusted execution environment oracles. 

ERC-8004 can bring the AI agent tools to the main net or any L2 network in the Ethereum ecosystem. The goal is to have a way to allow free agentic activity with sufficient checks and filtering to avoid risk. 

AI agents may boost Ethereum activity Ethereum activity remains near an all-time high. For now, the network relies on smart contracts, bots, and some regular users. Ethereum daily activity still brings nearly 1M daily active wallets and is close to an all-time peak. 

AI agents were more of a novelty on all networks, relying on human input and limited operations. Most of the agents built a presence on social media, with some handling limited trading tasks. Some of the agents built a tokenized economy, but still depended on crypto market forces for their valuation. 

Real interest in agents is yet to peak. For now, there are early signs, such as a high bid for the agent.eth ENS address. The rise in agent creation and usage may also revive the ENS market as a reputational tool. 

In the past, AI agent creation has been gamified, as in Base’s AI agent wars. Agent creation has also been linked to tokenization and trading. Ethereum’s new proposal may turn AI agents from novelty and hype into part of crypto’s infrastructure, with more tools to perform useful tasks. 

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Lawmakers revive plan to modernize South Dakota’s investment strategy with cryptocurrency exposure.

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Published: January 28, 2026 │ 8:45 AM GMT

Created by Gabor Kovacs from DailyCoin

South Dakota lawmakers are reconsidering a proposal that would allow the state to invest public funds in Bitcoin, reviving a plan first introduced last year.

Proposed Investment FrameworkRepublican State Representative Logan Manhart has reintroduced legislation that would amend South Dakota’s public investment rules, permitting the State Investment Council to allocate up to 10% of eligible state-managed funds to Bitcoin. 

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Eligible funds include pensions, endowments, and other professionally managed state portfolios.

The bill outlines multiple routes for Bitcoin exposure, including direct holdings, regulated custodians, and exchange-traded products. 

It also establishes security and operational protocols, emphasizing custody, auditability, and hardened storage to mitigate risks related to private key management.

Legislative Context and ImplicationsManhart described the initiative as a balance-sheet modernization effort. A similar proposal stalled during the previous legislative session.

The legislation has received its first reading and been referred to committee. Its passage would signal growing state-level acceptance of Bitcoin, providing a framework for public fund investment and governance that other states may reference.

State-Level Bitcoin MovesSouth Dakota’s proposal comes as more U.S. states explore Bitcoin in public finance. New Hampshire became the first to pass a strategic Bitcoin reserve law, allowing up to 5% of public funds in high‑cap digital assets. 

Texas followed with its own state‑managed Bitcoin reserve legislation. Arizona updated its unclaimed property rules to hold seized digital assets in their original form. The moves signal growing experimentation with cryptocurrency in state treasuries.

Why This MattersIf passed, the bill would make South Dakota one of the few U.S. states formally allowing public funds to hold Bitcoin, signaling a potential shift in how state treasuries approach cryptocurrency.

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People Also Ask:What is a strategic Bitcoin reserve?

It is a state-managed fund that allocates a portion of public money to Bitcoin, often capped at a set percentage, as a long-term hedge.

Can U.S. states invest public funds in Bitcoin?

Some states have passed laws allowing limited Bitcoin exposure, including New Hampshire and Texas. Proposals are emerging in others, like South Dakota.

How do states manage Bitcoin security for public funds?

Legislation typically mandates secure custodians, hardened storage, auditability, and strict operational protocols for private key management.

Why are states considering Bitcoin for public funds?

Bitcoin is increasingly viewed as a long-term hedge and an alternative asset, prompting some states to explore legal frameworks for public fund investment.

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Posted: January 28, 2026

It appears the memecoin risk appetite is back. 

According to blockchain analytics firm Artemis, the number of returning users on the memecoin creator platform Pump.fun has hit a record high of nearly 20K. 

These were traders (wallets) that hadn’t been active for about six months until recently, suggesting the memecoin trenches were waking up again. 

Source: Artemis

Memecoin has been the key driver of overall Solana DEX volumes and, by extension, the native token SOL. As a result, the renewed speculative interest in memecoins may be a tailwind for both PUMP and SOL.  

As such, AMBCrypto further explored how the recent resurgence of memecoin appetite has impacted these two assets. 

Pump.fun’s activity and revenue double In January, DeFiLlama data showed that Pump.fun’s DEX volume doubled from $45 million to $106 million. Over the same period, the generated revenue expanded 2x from $700K to $1.5 million. 

Source: DeFiLlama

Since over 90% of the collected revenue ends up buying back PUMP tokens, the early 2026 traction has been net positive to PUMP price action.

The token has exploded nearly 77% from the December low of  $0.0017. At press time, it traded at $0.0031. 

In fact, as of mid-January, the PUMP buyback program climbed to nearly $11 million on a weekly average, hitting levels last seen in September before broader market sentiment soured.  

Source: Blockworks

In other words, the memecoin mania was slowly creeping in, and PUMP’s explosive recovery was one of the telltale signs. 

But did the traction spill into the broader Solana ecosystem?

A recent AMBCrypto report showed stablecoin supply on Solana printed a record high in January.

At the same time, memecoins’ share in Solana’s DEX volumes surged to 63%, underscoring that the risk appetite was indeed rekindled in early 2026. 

The results? SOL’s price fronted a 16% recovery but erased some gains at the time of writing.  

What’s next for PUMP and SOL? The above correlation was a testament to how impactful memecoins are on Solana and SOL’s price dynamics. Should the memecoin demand pick up momentum, this could bolster PUMP and SOL’s recovery outlook. 

In particular, for SOL, such a move may be confirmed by defending the $120 support with $140 and $170 as immediate upside targets. This would translate to 16% and 42% potential gain, respectively. 

For PUMP, a decisive reclaim of $0.0037 as support would open up a possibility of eyeing $0.004 and $0.005, representing a potential 20% and 50% gain. 

Source: PUMP vs SOL price, TradingView 

Final Thoughts Pump.fun’s volumes and revenue doubled in January, scaling buybacks and driving PUMP’s price up by 76%  The renewed memecoin appetite could boost SOL’s recovery if broader market sentiment improves.

Plants hang from lights at a display of German energy firm Uniper during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren Purchase Licensing Rights, opens new tab

CompaniesBERLIN, Jan 28 (Reuters) - The European Union has acknowledged that Uniper (UN0k.DE), opens new tab can't meet one of the key conditions for approving a 13.5 billion euro ($16.2 billion) bailout, the German utility's CEO said, adding its Russian division Unipro was currently unsellable.

Uniper had to be rescued by Berlin in 2022 in the wake of Europe's energy crisis and Brussels set a number of conditions to approve the bailout, including the disposal of ten assets by end-2026, nine of which have been divested or are being sold.

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Russia's Unipro (UPRO.MM), opens new tab, in which Uniper holds an 83.7% stake currently valued at 106.5 billion roubles ($1.4 billion), remains on the list but has been put under administration by Moscow, effectively stripping its owner of any control.

"Brussels understands that Unipro is in a different category from all of the other assets on the list," the group's CEO Michael Lewis told Reuters at the Handelsblatt energy summit. "Brussels understands that we don't have control over it and we can't sell it."

Lewis said any proceeds from a potential Unipro sale down the line would be an upside since it was written off, adding he expected the division to remain under Russian control for now.

($1 = 0.8338 euros)

($1 = 76.2455 roubles)

Reporting by Christoph Steitz Editing by Ludwig Burger

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

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Trip.com Group Limited (NASDAQ: TCOM) resulting from allegations that Trip.com Group Limited may have issued materially misleading business information to the investing public.

So What: If you purchased Trip.com Group Limited securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=50668 mailto:or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

What is this about: On January 14, 2026, Investing.com published an article entitled "Trip.com stock falls after Chinese regulators launch antitrust probe." The article stated that Trip.com stock fell after "the Chinese travel service provider disclosed it is under investigation by China's market regulator for potential antitrust violations."

On this news, Trip.com American Depositary Shares ("ADS") fell 17% on January 14, 2026.

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.  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 has 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.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, 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.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      www.rosenlegal.com

SOURCE THE ROSEN LAW FIRM, P. A.

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The SK hynix logo appears in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SEOUL, Jan 28 (Reuters) - South Korea's SK Hynix (000660.KS), opens new tab said on Wednesday that quarterly profit more than doubled to a record, comfortably beating forecasts on relentless demand for artificial intelligence that has lifted prices for both advanced and conventional memory chips.

The Nvidia (NVDA.O), opens new tab supplier logged a 137% surge in operating profit to 19.2 trillion won ($13.5 billion) for the fourth quarter, according to Reuters calculations.

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That compared with 8.1 trillion won a year earlier and a 17.7 trillion won consensus prediction from LSEG SmartEstimate, which is weighted toward analysts with a more consistent track record.

SK Hynix will hold a briefing on its fourth-quarter earnings results on Thursday.

SK Hynix has managed to carve out an enviable lead in high bandwidth memory (HBM) used in artificial intelligence chipsets designed by the likes of Nvidia, commanding a 61% share of the HBM market, according to Macquarie Equity Research.

It is also benefiting as tight supply and rising AI demand push up prices for commodity DRAM and NAND chips used in servers, personal computers and mobile devices.

For example, contract prices for 16 gigabyte DDR5, a popular type of DRAM chip, more than quadrupled last quarter from a year earlier, according to market tracker TrendForce.

TrendForce expects conventional DRAM contract prices to rise a further 55% to 60% in the current quarter from the previous one.

($1 = 1,422.2400 won)

Reporting by Heekyong Yang; Editing by Miyoung Kim and Edwina Gibbs

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

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has reported results from the 50%-owned Mateguafa 8 appraisal well on the Tapir Block in Colombia’s Llanos Basin, where the well has now been placed on production.

M-8 was spudded on 14 December and reached target depth on 18 December, encountering several hydrocarbon-bearing intervals. After testing three Carbonera C7 sands with uneconomic outcomes, the company said it completed the well in the Carbonera C9 formation, with about 30 feet of oil pay and an electric submersible pump installed.

The well was brought online at a heavily restricted rate, and was flowing at around 230 barrels of oil per day gross, with 31° API oil and a 78% water cut, and, according to Arrow, it appears capable of higher rates as operations stabilise.

“With M-8 successfully encountering the C9 formation, we continue to view this as an excellent producing zone into which the company plans to drill further horizontal and vertical wells," said chief executive Marshall Abbott.

"The M-8 well tested the northernmost extent of the C9 formation and the success of this well in this formation indicates there are additional opportunities to the north.  In the M-8 well the C7 zone was not economic but showed very strong oil shows in petrophysical logs and the Company is exploring strategies to best produce the C7 zone in this area."

Abbott added: "The M-8 well reinforces the materiality that the Mateguafa Attic discovery represents for Arrow."

Arrow meanwhile highlighted that total corporate production, including restricted M-8 output, is about 4,625 boe/d and that it began 2026 with a cash balance of $11.5 million, and no debt.

It has also spud the Mateguafa HZ9 well and expects to drill and complete it in about three weeks, before bringing the well onto production. After that, the rig will move on to drill an exploration well at Icaco in Q2.

"Future wells will help determine the extent of the pools and the potential reserves additions... We look forward to providing further updates on the low-risk ongoing development of the Mateguafa Attic field."

The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the “Greed” zone on Tuesday.

U.S. stocks settled mixed on Friday, with the Dow Jones index falling more than 400 points and the Nasdaq Composite gaining over 200 points during the session ahead of a big week of major earnings reports and an interest rate decision from the Federal Reserve. The S&P 500 climbed to a fresh all-time intraday high.

General Motors Co. (NYSE:GM) surged more than 8% after the Detroit automaker beat forecasts and issued upbeat guidance for 2026. Boeing Co. (NYSE:BA) stock fell around 1.5% on Tuesday after reporting fourth-quarter results with revenue of $23.948 billion, up 57% from $15.242 billion, as commercial deliveries increased sharply.

On the economic data front, the Case-Shiller Home Price Index increased 1.4% year-over-year in November, up from October’s 1.3% growth and also beating market estimates of 1.2%. The FHFA house price index increased 0.6% in November, topping market expectations of a 0.3% gain.

Most sectors on the S&P 500 closed on a positive note, with energy, information technology and utilities stocks recording the biggest gains on Tuesday. However, health care and financial stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed lower by around 409 points to 49,003.41 on Tuesday. The S&P 500 rose 0.41% to 6,978.60, while the Nasdaq Composite gained 0.91% at 23,817.10 during Tuesday's session.

Investors are awaiting earnings results from Microsoft Corp. (NASDAQ:MSFT), Tesla Inc. (NASDAQ:TSLA) and Starbucks Corp. (NASDAQ:SBUX) today.

What Is CNN Business Fear & Greed Index?At a current reading of 63.6, the index remained in the “Greed” zone on Tuesday, versus a prior reading of 58.9.

The Fear & Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.

Photo via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Surprisingly, his words pushed the dollar to its lowest level since February 2022. Therefore, the weaker dollar made Gold more attractive for investors looking for safe-haven assets.

Normally, a strong dollar attracts safe-haven buyers, but this time the dollar’s drop actually gave a boost to the Gold prices. Traders are now considering the weaker dollar as one of the main reasons behind Gold rise.

Geopolitical Tensions Boost Safe-Haven Demand Apart from the weaker dollar, ongoing geopolitical tensions was seen as another key factor that helped gold to reach all time high. As we know, President Trump  recently threatened to take control of Greenland, impose tariffs on Europe. He also warned that Canada could face 100% tariffs if it signs a trade deal with China. As a result, demand for Gold, seen as a safe-haven asset, has increased significantly.

Fed Decision in Focus for Markets On the other hand, investors are closely watching the Federal Reserve’s interest rate decision scheduled on Wednesday. However, the Fed is expected to keep interest rates unchanged in the 3.50% to 3.75% range after cutting rates at three straight meetings late last year.

Hence, markets will pay close attention to Fed Chair Jerome Powell’s press conference. Any hawkish signals could limit further losses in the US dollar and weigh on Gold prices. In contrast to this, any dovish remarks could extend Gold’s rally even further.

Gold Price Forecast: XAU/USD Holds $5,235 as Bullish Channel Targets $5,410 Next