Market Signal Briefing

Bitcoin’s price dropped again, falling below $108,000 as worries grow over rising tensions between the United States and China. The trade dispute between the two biggest economies has made investors nervous, pushing many to sell risky assets like crypto.

Bitcoin Stuck in a Volatile ZoneBitcoin is now trading around $107,800, after briefly jumping to $111,600 earlier. The coin has been moving up and down quickly as traders react to the changing political situation. 

According to Jeff Mei, Chief Operating Officer at BTSE, “macro concerns are driving day-to-day changes in the market.” He said traders are reducing their risk ahead of the upcoming meeting between U.S. President Trump and China’s President Xi Jinping. Mei added that even if they reach a deal, the market will stay unstable for a while.

US-China Trade War Hits Bitcoin HardThe trade fight between the U.S. and China has been heating up again, with new tariffs and export bans causing uncertainty in global markets. Every time the tension grows, Bitcoin’s price tends to drop as investors avoid risky assets. 

Earlier this month, Bitcoin fell to $104,782 after the U.S. announced new tariffs on Chinese goods, wiping out more than $150 billion from the crypto market.

The sell-off has also caused big losses for traders. Data from CoinGlass shows that over $322 million worth of crypto positions were liquidated in the past day. Earlier, on October 11, a huge $19 billion liquidation hit the market, the biggest in crypto history. 

Altcoins and ETFs Also FallThe drop didn’t stop with Bitcoin. Ethereum is down nearly 5%, BNB lost 6%, and Solana dropped 4.5%. Crypto exchange-traded funds (ETFs) also saw large outflows, with $40.5 million leaving Bitcoin funds and $145.7 million exiting Ethereum funds. Investor fear is rising, with the Fear and Greed Index now at 34, showing growing caution.

Can Bitcoin Bounce Back?Despite all the tension, some analysts still believe Bitcoin has a bright future. Traders are now watching for new inflation data that could affect the U.S. Federal Reserve’s interest rate decision. The CME FedWatch Tool shows a 98.9% chance of a small rate cut later this month, which could help crypto prices recover in the short term.

However, analyst Willy Woo warned that the next crypto downturn might come from a global economic slowdown, not just a market cycle. Whether Bitcoin will act more like gold or tech stocks in that case remains to be seen, but for now, trade politics continue to shape its every move.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

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Japan’s top regulator is reportedly weighing a policy change that would let banks offer Bitcoin custody and trading services.

Japan Considering Allowing Banks To Offer Crypto-Related Services
As reported by Japanese newspaper Yomiuri, Japan’s Financial Services Agency (FSA) is considering allowing banks to acquire and hold digital assets like Bitcoin for investment purposes.

This reform, if enacted, would change the banking landscape in the East Asian nation. Currently, banks are prohibited from making cryptocurrency acquisitions for the purpose of investments under FSA guidelines introduced in 2020.

Under the new regulation, banks would be able to trade Bitcoin and other digital assets in a similar way to stocks and government bonds. There would also be certain safeguards to ensure the institutions’ financial stability.

This isn’t the only rule change the FSA is looking at. According to the report, the regulator is also discussing permitting banking groups to register as “crypto exchange operators.” As these exchange operators, they will be able to offer digital asset trading and exchange services directly to customers.

The intent behind the move is to make it easier for retail investors to participate in the cryptocurrency sector through institutions that are well-regulated and highly credible.

The reform will be taken up in the next working group meeting of the Financial System Council, a government advisory panel under the Prime Minister. Whether the rule change will ultimately come to pass remains to be seen.

In some other news, Beijing has put a roadblock on Hong Kong’s stablecoin plans, according to the Financial Times. Hong Kong launched its stablecoin legislature earlier this year, making it so that institutions seeking to issue fiat-tied cryptocurrencies in the region have to obtain a license from the Hong Kong Monetary Authority (HKMA)

Several high profile names like Ant Group and JD.com had lined up to register with HKMA, with the first batch of licenses expected to arrive next year. It seems, however, that the tech giants have now put their plans on ice after Chinese regulators urged them not to move ahead, raising concerns about the rise of currencies controlled by the private sector.

While China continues to be cautious about stablecoins, the rest of the world has been moving forward in adoption of these digital assets, including other Asian countries. According to a Friday report, three major Japanese banks are preparing to issue a yen-backed token before the end of the year.

Separately, an earlier report from August noted that four major South Korean financial institutions were in talks with Tether and Circle, the issuers of the two largest stablecoins, USDT and USDC.

Bitcoin Price
Bitcoin has seen a jump of around 3% over the past day, recovering back above the $110,600 mark.

The price of the coin has made recovery from its recent plunge | Source: BTCUSDT on TradingView
Around $139 million in liquidations on derivatives exchanges have accompanied this Bitcoin surge.

The liquidation heatmap for the crypto market | Source: CoinGlass
Featured image from Dall-E, CoinGlass.com, chart from TradingView.com

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

Tom Lee’s Ether treasury firm has been aggressively buying the dip since the market crash earlier this month. 

BitMine Immersion Technologies has made its fourth purchase of Ether since the record liquidity flush on October 10.

The company scooped up $250 million in ETH from Bitgo and Kraken on Monday, according to Arkham Intelligence which said “These accounts match Bitmine’s prior acquisition pattern.”

“Will Tom Lee ever stop buying?”

3.2 Million ETH Holdings
The wallets purchased 63,538 ETH this week and a whopping 379,271 ETH last week. This brings the total to 442,809 ETH worth around $1.74 billion at current prices purchased since the market crash.

This aggressive dip buying, which Bitcoin treasurys have not replicated, has pushed BitMine’s total to around 3.17 million ETH, but the company has yet to confirm the most recent purchases officially.

This would give it around 2.6% of the entire supply of the asset, and over 50% towards its target of 5%.

🚀 From 163,000 ETH to 3.24 MILLION ETH in just 3 months. 🤯

Bitmine’s accumulation is historic, week after week, they’ve been loading the bags nonstop:

July 14 — 163K

Aug 10 — 1.15M

Sept 14 — 2.15M

Oct 19 — 3.24M 🔥

At this pace, they’re on track to control 5% of all $ETH in… pic.twitter.com/skfLh9vQAi

— BMNR Bullz (@BMNRBullz) October 20, 2025

BitMine chairman Tom Lee is confident that this is not the top of the crypto cycle. “So I think we’re at the basement and working our way back up,” he told CNBC on Friday.

You may also like:

Vitalik Buterin Unveils GKR: A Faster, More Scalable Zero-Knowledge Protocol

Ethereum (ETH) Rally Ignites as Investors Pour $205M Despite Market Turmoil

Ethereum Reclaims $4K, Poised For Explosive Breakout Say Analysts

Lee has also recently stated that BitMine is preparing to roll out its own Ethereum staking solution very soon.

Coinbase is also bullish about fourth quarter momentum for crypto markets and the influence of digital asset treasurys (DATs).

“Looking at the supply/demand picture, it’s hard to overstate the impact that digital asset treasury companies have had on markets this year,” wrote David Duong, head of research at Coinbase Institutional, in a recent research paper.

Ether Prices Retreat
The same crypto market pattern has playing out daily: Asia pumps markets with buying, and America dumps with selling, preventing any sustained upward momentum.

As a result, Ether prices have fallen back below $4,000 again. ETH hit an intraday high of $4,080 in early trading on Monday, but sustained selling pressure on the US timezone pushed it back down to $3,940 where it currently trades.

The asset has only seen a marginal recovery from its double dip in October and needs to clear $4,000, and stay above it, to see any real progress.

Ethereum’s weekly chart is “loading a monster move” with a double retest of the exponential moving average, observed analyst ‘Merlijn the Trader” who added that it pumped 70% last time this was seen.

8h05 ▪
4
min read ▪ by
Fenelon L.

Summarize this article with:

A major outage of Amazon Web Services paralyzed the main crypto platforms on Monday, revealing once again the paradoxical dependence of a sector that advocates decentralization. From MetaMask to Coinbase through Base and OpenSea, malfunctions multiplied throughout the day.

In brief

Amazon Web Services experienced a massive outage on Monday, severely disrupting the crypto ecosystem for several hours.
MetaMask displayed zero balances for many users due to failures at Infura, its blockchain data provider.
Coinbase, Base, OpenSea and other major platforms faced persistent difficulties, especially on the US East Coast.

A centralized infrastructure weakens the crypto promise
The outage began early Monday morning, abruptly revealing the flaws of a sector nonetheless built on the promise of resilience. Users of MetaMask, one of the most widely used decentralized wallets in the world, were shocked to discover balances showing zero.

No, their funds had not disappeared: the issue came from Infura, the service that connects decentralized applications to blockchains. However, this provider depends directly on Amazon Web Services (AWS) to extract real-time data.

Deprived of this infrastructure, applications found themselves cut off from access to the Ethereum, Base, Polygon, Optimism, Arbitrum, Linea and Scroll networks. A disturbing observation: even tools praising decentralization still rely on centralized actors to operate.

The Base network, developed by Coinbase and presented as a fast and scalable solution, also faltered. After a brief lull in the afternoon, problems re-emerged: high latencies, synchronization errors, inconsistencies in block production. For a network meant to symbolize the modernity and robustness of Web3, the setback is severe.

As for Coinbase, Base’s parent company, it struggled to restore all its services. Several hours after the outage began, many users remained unable to trade or transfer their assets. This situation was all the more embarrassing as Robinhood, affected by the same AWS failure, had already resumed normal operation.

The paradox of decentralization revealed in broad daylight
OpenSea, the leading NFT marketplace, was not spared by the storm. Its CTO, Chris Maddern, explained that despite a “functioning appearance” of the site, several upstream providers continued to encounter major difficulties. 

Result: sporadic interruptions, an abnormally high error rate and a greatly degraded user experience. Maddern also warned that these disruptions could persist for several hours before a full return to normal.

This crisis highlights a central question: how can a sector founded on decentralization depend so much on a single cloud infrastructure provider? 

The AWS incident revealed a worrying structural fragility, exacerbated by the geographical concentration of servers. Users on the US East Coast were among the most affected.

Ironically, this widespread outage also had a positive side effect: a dramatic drop in Ethereum transaction fees. With activity sharply down, gas fees fell below 0.1 gwei, according to Etherscan data—a historically low level, equivalent to less than a tenth of the previous day’s rate and under 1% of the average costs seen in recent months. But beyond this technical pause, the message is clear: crypto still has a long way to go before realizing its ambitions of resilience and independence.

As long as the ecosystem relies on centralized giants like Amazon, it will remain exposed to this type of systemic vulnerabilities. The irony was not lost on observers, who noted the hypocrisy of a sector championing decentralization while depending on the shoulders of a single centralized actor.

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

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

A trader dubbed the “Trump insider” has boosted his Bitcoin short by 200 BTC, bringing his total bearish position to 900 BTC worth about $99.6m.

Ethereum has reclaimed its position as the frontrunner in the digital asset market, leading a powerful comeback for cryptocurrencies in the third quarter of 2025. According to CoinGecko's latest report, the surge was fueled by renewed investor enthusiasm for decentralized finance (DeFi) and the rapid rise of tokenized real-world assets (RWAs), marking a new phase in crypto market evolution.

TLDR:

Péter Szilágyi’s leaked letter accused Ethereum Foundation of power centralization around Vitalik Buterin’s circle.
He claimed Ethereum’s success now depends on relationships with 5–10 key figures tied to venture capital firms.
The developer warned that underpayment and outside advisorships risked “protocol capture” and internal conflicts.
Community responses stressed Ethereum’s “decentralized code but centralized influence,” echoing governance concerns.

A leaked letter from Ethereum core developer Péter Szilágyi has reopened the debate over power concentration inside the Ethereum Foundation. 

The letter, sent in May 2024 and revealed by Wu Blockchain, outlines his frustrations with how influence is distributed across the network. Szilágyi claims that most key projects are controlled by a small inner circle closely linked to Vitalik Buterin. 

His statements paint a picture of Ethereum’s decentralization being more ideal than practice. The revelations have sparked renewed scrutiny from the crypto community over how governance really works within Ethereum.

Ethereum Developer Questions Decentralization and Leadership
Szilágyi wrote that Ethereum’s ecosystem is “failing” him due to internal contradictions between its stated values and actual decision-making. He said his role within the Foundation had been misrepresented, describing himself as a “useful fool” in a structure that rewards loyalty to influence rather than merit.

According to the letter, Szilágyi argued that Ethereum has drifted from its founding ideals. 

He suggested that financial motives have replaced the original principles of open collaboration and fairness. The developer claimed that projects succeed mainly based on their closeness to a small group of powerful figures and venture capital firms surrounding Vitalik Buterin.

He also expressed concern about how the Foundation’s financial policies have shaped this dynamic. Underpaid developers, he said, were often forced to seek outside compensation through advisorships and partnerships, creating conflicts of interest. 

Szilágyi noted that such practices opened the door for what he called “protocol capture,” where a handful of actors influence critical network directions.

His words echoed frustrations shared privately by other developers, who, he claimed, had faced similar moral and financial dilemmas. 

“We built something great, but we’ll shed all our principles once money enters the room,” Szilágyi stated in the letter.

Vitalik’s Influence and the Inner Circle Debate
The letter described Vitalik Buterin as an unintentional “kingmaker” whose opinions shape Ethereum’s success patterns. 

Szilágyi claimed that Buterin’s attention, donations, and endorsements dictate which projects thrive. He added that a small circle of five to ten figures now controls which ventures rise within the network, linking this influence to one to three major venture capital firms.

Szilágyi pointed to projects like Farcaster as examples of how proximity to Vitalik or his network could define success. He warned that Ethereum’s supposed decentralization in structure hides a deeper centralization of influence, where relationships outweigh innovation.

Wu Blockchain shared the letter publicly, bringing attention to Szilágyi’s claims. The crypto community quickly responded, debating whether Ethereum had drifted from its decentralized promise.

Ethereum core developer Péter Szilágyi revealed a letter he sent to the Ethereum Foundation leadership last year, criticizing Vitalik Buterin’s excessive influence and claiming that most projects are controlled by a small circle of 5–10 people and 1–3 venture capital firms behind…

— Wu Blockchain (@WuBlockchain) October 21, 2025

ACY Securities commented on the post, stating that

“if true, it exposes a governance flaw: decentralization in code but centralization in influence.” 

The statement captured the sentiment now circulating across crypto circles, Ethereum may be decentralized by design but increasingly centralized in power.

Szilágyi ended his message by admitting uncertainty about his future in the ecosystem, saying he feels “stuck between two hard places.” The letter’s tone suggested deep frustration rather than resignation but underscored growing unease about Ethereum’s leadership structure.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto Rover hat in seinem neuesten Marktupdate klare Worte gefunden. Schon gestern warnte er vor dem Widerstandsbereich um 112.000 US-Dollar und genau dort prallte Bitcoin jetzt erneut ab. Die Folge: eine deutliche rote Kerze nach unten. Der Trader sieht darin die Bestätigung, dass der aktuelle Abwärtstrend noch nicht vorbei ist. Während sich viele über den Rückschlag ärgern, bleibt Rover gelassen. Er hat seine Kaufzonen längst vorbereitet und wartet darauf, dass Bitcoin noch etwas tiefer fällt. Nach eigenen Angaben liegen rund 50 Millionen US-Dollar an Kauforders bereit, nicht nur für Bitcoin, sondern auch für Ethereum.

Auch Blackrock ist am Verkaufen, Quelle: https://farside.co.uk/btc/

Auf dem Chart zeigt sich ein klassisches Muster: tiefere Hochs auf der Oberseite, höhere Tiefs auf der Unterseite, eine Phase der Kompression, wie sie typisch ist, bevor es zu einem großen Ausbruch kommt. Für Rover ist entscheidend, ob Bitcoin die Marke um 106.000 US-Dollar hält. Fällt der Kurs darunter, rechnet er mit einem deutlichen Rücksetzer in Richtung 100.000 US-Dollar. Sollte diese Zone halten, wäre ein erneuter Anstieg bis 112.000 US-Dollar denkbar.

Zyklus schon am Ende?
Er beobachtet außerdem die Liquiditätszonen im Markt. Viele Short-Positionen liegen offen, während oberhalb des Kurses noch ungenutzte Liquidität wartet. Das könnte kurzfristig zu einem Short Squeeze führen, wenn größere Player ihre Positionen absichern. Dennoch bleibt der Analyst vorsichtig. Auf Wochenbasis verliert der Markt an Momentum, und der MACD zeigt erste bärische Signale. Für Rover ein Hinweis, dass sich Bitcoin dem Ende seines Zyklus nähert.

Der sogenannte „Bitcoin High-Cycle-Profit-Indikator“ deute ebenfalls darauf hin, dass die Rallye langsam ausläuft. Seine Einschätzung: kein sofortiger Crash, aber ein mögliches Ende der aktuellen Haussephase. Bitcoin könne in eine längere Seitwärtsphase oder sogar in eine mehrmonatige Korrektur übergehen. Trotzdem sieht Rover Chancen für einen letzten Anstieg, eine „Blow-off-Top“-Bewegung, bei der der Kurs ein letztes Hoch erreicht, bevor der Markt endgültig abkühlt.

BITCOIN SHORT SQUEEZE INCOMING! pic.twitter.com/79FqIZiEOL

— Crypto Rover (@rovercrc) October 21, 2025

In dieser Phase plant er, aktiv zu werden. Sollte Bitcoin noch einmal in die Zone um 100.000 US-Dollar fallen, will Rover massiv kaufen. Erst wenn Panik den Markt erfasst, sieht er den idealen Zeitpunkt für neue Long-Positionen. Für ihn bleibt Geduld entscheidend. Auf kurzfristiger Basis ist er weiter neutral bis leicht bärisch, auf mittlere Sicht aber bereit für die nächste große Bewegung.

Sein Fazit: Die Party ist noch nicht vorbei, aber das Licht wird langsam gedimmt. Trader sollten sich auf eine volatile Phase einstellen, in der schnelle Richtungswechsel die Regel sind. Ein Durchbruch unter die 100.000 US-Dollar-Marke könnte den Markt kurzfristig erschüttern, langfristig aber eine attraktive Kaufchance eröffnen.

Als Alternative zu Bitcoin investieren derzeit aber schon viele in den Vorverkauf von Bitcoin Hyper ($HYPER). Schon über 24,4 Millionen US-Dollar wurden investiert, einer der größten Presale des Jahres 2025.

Immer neue Updates, Quelle: https://bitcoinhyper.com/de/news

Bitcoin Hyper als Alternative mit Zukunft
Das Timing für die neue Layer 2 Blockchain könnte kaum besser sein: Am heutigen Dienstag hält die US-Notenbank ihre Konferenz zu Zahlungssystemen, bei der erstmals auch führende Köpfe der Kryptobranche teilnehmen, darunter Vertreter von Chainlink, Fireblocks, Coinbase und BlackRock.

Viele Analysten sehen darin einen wichtigen Schritt hin zu einer engeren Verbindung zwischen klassischem Finanzsystem und Krypto-Sektor, was Bitcoin Hyper in die Karten spielen könnte. Das Projekt baut das erste High-Performance-Layer-2-Netzwerk für Bitcoin auf Basis der Solana Virtual Machine. Ziel ist es, Bitcoin nicht nur als Wertspeicher zu nutzen, sondern als aktiv einsetzbares Asset für DeFi-Anwendungen, Gaming und reale Vermögenswerte.

Mit Transaktionsgeschwindigkeiten auf Solana-Niveau könnte Bitcoin Hyper eine völlig neue Nutzungsdimension eröffnen. Jeder übertragene BTC ist dabei durch echtes Bitcoin im Hauptnetz abgesichert, die Geschwindigkeit steigt, die Sicherheit bleibt. Der native Token HYPER treibt das Netzwerk an, deckt Gebühren, dient als Governance-Coin und kann mit einer dynamischen APY von 49 Prozent gestakt werden.

Angesichts der aktuellen Marktunsicherheit sehen viele Investoren in HYPER eine Chance, indirekt von Bitcoin zu profitieren, über ein Projekt, das den Nutzen der größten Kryptowährung massiv erweitern will. Natürlich sind auch hier die Risiken eines Memecoins zu kalkulieren, schnell Anstiege bieten auch immer die Möglichkeit für schnelle Kursstürze. 

Wer früh dabei ist, kann dennoch günstiger als zum Listingpreis einkaufen. Die laufende Presale-Phase endet in Kürze, der Preis liegt aktuell bei 0,013145 US-Dollar pro Token. Wer an die Zukunft von Bitcoin im Anwendungsbereich glaubt, dürfte Bitcoin Hyper genau beobachten.

Hier noch Bitcoin Hyper Presale Token kaufen.

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Key Takeaways
What’s driving Zcash’s recent price surge and bullish momentum?
 Strong technical indicators, rising retail accumulation, and buyer dominance across markets are fueling the rally.

Why is the $300 level critical for ZEC’s next move?
 It’s a key psychological and technical resistance zone that could confirm a breakout if bulls maintain momentum.

Zcash [ZEC] prices have gained by 8.5% in the past 24 hours, extending its bullish streak over the last four days. 

The token was trading at $238 and still holding firm above the 20-day Exponential Moving Average (EMA) after the recent bounce off at around $187. The support level is proving to be a solid base after the recent strong rejection 4 days ago.

Source: TradingView

Beyond price action, ZEC Stochastic RSI was bouncing from the oversold zone.

That is often the first sign of renewed strength in a market that’s been under pressure. It signals that selling has slowed down, and that buyers are quietly stepping back in.

Momentum is shifting while confidence is returning. These kinds of setups often come before bigger rallies, especially when trading volumes begin to climb.

And right now, ZEC seems to be following that exact pattern.

Buyers dominate as retail activity picks up
Across both spot and futures markets, buyers are dominating. According to CryptoQuant’s Cumulative Volume Delta data, buyer dominance has surged significantly over the last four days.

Source: CryptoQuant

Retail traders are joining in too. Accumulation is climbing, adding fuel to the growing momentum.

That is a convergence of bullish factors, with institutional interest meeting retail confidence. And when bullish factors converge, amplified effects are expected on its price charge.

The bullish on-chain metrics affirm the technical bias.

Source: CryptoQuant

Can ZEC push beyond $300?
The real test for Zcash now sits at the $300 resistance zone, a level that’s both psychological and technical. Breaking above $300 could confirm the strength of this rally.

Liquidity pockets are already building above the current price, hinting that a push toward this zone could stir up some volatility. But if the bulls hold their ground, it might just open the door for a clean breakout.

For now, all metrics and indicator points to a prolonged bullish run. As long as ZEC stays above its EMA support and momentum indicators keep flashing bullish signals, a climb toward $300 looks more like a question of when, not if.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum (ETH) treasury firm BitMine Immersion Technologies today announced that it had bought another 203,800 ETH last week. Following its latest purchase, the firm’s total ETH holdings now stand 3.24 million tokens.

BitMine Continues To Stack Ethereum Despite Crash 
According to a press release issued earlier today, BitMine Immersion Technologies, a leading Ethereum treasury firm has further increased its ETH holdings. The firm added another 203,800 ETH over the last week, worth approximately $820 million.

Last week’s purchase has increased BitMine’s total ETH holdings to 3.24 million ETH, representing roughly 2.7% of the active circulating supply. In addition, the company holds 192 Bitcoin (BTC) and $219 in cash. The firm has $1.34 billion in combined crypto and cash holdings.

BitMine’s frequent ETH purchases have propelled it as the leading public company in terms of ETH held on its balance sheet. Earlier this month, the firm had reported that its total ETH holdings had surpassed 3 million tokens. Commenting, Tom Lee, Chairman of BitMine said:

The crypto market saw one of its largest deleveraging events ever last week and this put downward pressure on ETH prices. Open interest for ETH sits at the same levels as seen on June 30th of this year. Given the expected Supercycle for ethereum, this price dislocation represents an attractive risk/reward.  We acquired 203,826 ETH tokens over the past week pushing our ETH holdings to 3.24 million, or 2.7% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.

Lee added that he sees Ethereum as a “truly neutral” blockchain which is likely to witness growing institutional adoption. He added that BitMine remains committed to accumulating 5% of Ethereum’s total circulating supply.

Source: Coingecko
Following today’s announcement, the NYSE-listed firm’s stock BMNR surged an impressive 7.76%, trading at $53.72 at the time of writing. The stock is up an astonishing 640.87% over the past six months.

Source: Yahoo! Finance
Is ETH Destined For A New High?
As institutional adoption of Ethereum grows, analysts are predicting new all-time highs (ATH) for the second-largest cryptocurrency by market cap. According to crypto analyst HAMED_AZ, ETH can surge to $6,400 on the back of a new bullish wave.

Recent trends show that some institutional investors are even replacing BTC with ETH, due to the latter’s greater flexibility and wider variety of uses. Major asset manager, BlackRock recently shifted some of its BTC holdings to ETH.

That said, some analysts are cautious of the trend of Ethereum treasury firms adding ETH on their balance sheets. At press time, ETH trades at $4,019, up 1.2% in the past 24 hours.

Ethereum trades at $4,019 on the daily chart | Source: ETHUSDT on TradingView.com
Featured image from Unsplash.com, charts from Coingecko, Yahoo! Finance and TradingView.com

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work.
Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential.
In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills.
Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information.
In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery.
Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

Chainlink price appears to be shaping a bullish reversal setup as whales accumulate the token near a key resistance level. The setup could potentially spark a rally toward $24 or higher in the coming days.

Summary

Chainlink price has dropped over 7% in the past week.
Whales increases accumulation of LINK over the past past three days.
LINK Price has formed a bullish pattern on the daily chart.

According to data from crypto.news, Chainlink (LINK) has slipped 7.5% over the past week and is down about 25% from its October peak. Currently trading around $17.74, the token has fallen roughly 36% from its year‑to‑date high when viewed on a broader timeframe.

Still, despite the recent pullback, market sentiment around Chainlink began shifting positively on Oct. 21, fueled by a series of bullish developments that have put the token back in the spotlight.

In an Oct. 20 X post, the Chainlink team highlighted that its oracle services remained fully operational during the widespread Amazon Web Services (AWS) outage observed on Monday that disrupted large parts of the internet. This included major trading platforms like Coinbase and Robinhood, both of which rely heavily on centralized cloud infrastructure. 

The project’s resilience has reignited interest in Chainlink, as it successfully showcased the reliability and robustness of decentralized systems compared to centralized counterparts, boosting demand for its token.

Chainlink is a leading provider of decentralized oracle services, and its network of node operators, backed by cryptographic guarantees and a reputation-based incentive model, has delivered a level of reliability that many other oracle solutions have struggled to match.

As such, Chainlink has become the go-to oracle provider for systems where data integrity is critical.

In its recently released Q3 report, Chainlink Labs highlighted several major partnerships, including collaborations with interbank messaging giant Swift, U.S. clearinghouse DTCC, and its European counterpart Euroclear. The report also mentioned a pilot project with the U.S. Department of Commerce aimed at bringing government data on-chain.

Chainlink also used the update to shed light on its expanding vision that is transitioning from a pure oracle solution into a full-stack infrastructure platform powering tokenized assets and real-world applications.

Meanwhile, data from DeFiLlama shows that Chainlink continues to dominate the oracle landscape, securing over $92.58 billion in total value, around 68% of the entire market. Its closest rival, Chronicle, lags far behind with $10.5 billion in TVS.

A big upcoming development for Chainlink that has also boosted visibility for the token is Chainlink cofounder Sergey Nazarov’s inclusion in the Federal Reserve’s conference on payments innovation, scheduled for Oct. 21. Alongside representatives from Paxos, Circle, and Coinbase, Nazarov is expected to speak on the role of decentralized technologies in building more secure and transparent payment systems.

Such developments have caught the attention of both retail traders and whales, many of whom seem to be positioning early in anticipation of further growth and long-term potential for the project.

Backing this up, data from Santiment shows that whale wallets holding between 100k and 100 million LINK have steadily increased their holdings over the past three days. This accumulation trend is further reinforced by data from Nansen, which reveals notable exchange outflows. 

Source: Santiment
Specifically, the balance of LINK held across centralized exchanges dropped by 3.8% over the past week, bringing the total down to 269.6 million tokens, a sign that investors may be moving their assets into self-custody, typically seen as a bullish signal.

Chainlink price analysis
On the daily chart, Chainlink price appears to have formed a double bottom pattern, a structure often viewed as a bullish reversal, signaling that the recent selling pressure may be easing as buyers step in to defend a key support zone.

Chainlink price has formed a bullish reversal pattern on the daily chart — Oct. 21 | Source: crypto.news
The immediate resistance to watch lies near $20.24, which marks the neckline of this potential reversal formation. Interestingly, this level also lines up with the 50% Fibonacci retracement zone, adding more weight to its importance.

If LINK manages to break above this neckline while the RSI also pushes through its descending trendline resistance, it would likely add strong confirmation to the bullish setup. As of press time, the MACD lines were trending upward, suggesting that momentum is gradually shifting in favor of the bulls.

A confirmed breakout from this double bottom pattern could open the doors for a rally toward $24, which is derived by projecting the depth of the pattern above the neckline level. The target lies 35% above the current price level.

However, if LINK fails to hold above support and drops below $16.47, a level that corresponds with the 38.2 percent Fibonacci retracement, the bullish structure would be invalidated, possibly exposing the token to further downside risk.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Kraken has released an anonymized, aggregate analysis of millions of wallets on its platform showing Australian clients' holdings and trading activity from August 2024–2025, comparing local trends with global averages. The report finds bitcoin held by 36.70% of Australian users (average AU BTC balance $17,409 vs $29,830 globally) and ethereum comprising 33.

Spot bitcoin ETFs in the US recorded $40.5 million in net outflows yesterday amid a broad recovery in crypto market prices.

LONDON — European stocks are set to open higher on Tuesday, continuing positive momentum built at the start of the week on the back of the region's defense stocks.

The U.K.'s FTSE index is seen opening 0.31% higher, Germany's DAX up 0.22%, France's CAC 40 up 0.2% and Italy's FTSE MIB 0.33% higher, according to data from IG.

European defense stocks were among the strong movers on Monday, with Thyssenkrupp gaining almost 7.9% by the end of the session following the spinout and IPO of its German warship manufacturer TKMS.

Hensoldt topped the STOXX 600 index, having added almost 8%, Renk gained around 6.7%, and Rheinmetall closed 5.9% higher after U.S. President Donald Trump had another tense meeting with Volodymyr Zelenskyy over the weekend regarding Ukrainian territory.

Third-quarter earnings season is kicking into gear this week with L'Oreal and Assa Abloy due to report Tuesday. There are no major data releases Tuesday.

Looking at global markets, U.S. stock futures were slightly higher overnight after Monday's broad rally. Investors await a busy earnings week that could inform the trajectory of the markets, with Netflix and Coca-Cola set to report on Tuesday.

Elsewhere, Asia-Pacific markets traded higher overnight, with South Korea's Kospi index jumping more than 2% to hit a sixth consecutive record high, building on a rally spurred by optimism around an impending trade deal with the U.S.

South Korean stocks have been on a roll since U.S. Treasury Secretary Scott Bessent told CNBC in an exclusive interview Wednesday stateside that Washington was "about to finish up" trade negotiations with the Asian country.

— CNBC's Nur Hikmah Md Ali, Hugh Leask and Pia Singh contributed to this market report.

ATLANTA & ZUG, Switzerland--(BUSINESS WIRE)--The Coca-Cola Company and Gutsche Family Investments have agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa Pty. Ltd. to Coca-Cola HBC AG, the companies announced today.

CCBA is the largest Coca-Cola bottler in Africa. It operates in 14 countries on the continent and accounts for about 40% of all Coca-Cola product volume sold across Africa. Coca-Cola HBC is one of the largest Coca-Cola bottlers in the world, with operations in 29 countries across Europe and Africa, including Nigeria and Egypt.

Coca-Cola will sell 41.52% out of its 66.52% stake in CCBA to Coca-Cola HBC, and Coca-Cola HBC is acquiring 33.48% of CCBA that is held by GFI. In total, the transaction values 100% of CCBA at an equity value of US$3.4 billion.

The transactions are targeted to close by the end of 2026.

Coca-Cola and Coca-Cola HBC have also agreed to a separate option agreement for Coca-Cola HBC to acquire the remaining 25% of CCBA still owned by Coca-Cola within a six-year period from closing.

Refranchising Progress

The sale of Coca-Cola’s stake in CCBA is another significant step in the ongoing refranchising of company-owned or controlled bottling operations.

In 2024, bottling investments, as a percent of consolidated net revenue, was 13%, down from 52% in 2015. Following the closing of this transaction, the company expects bottling investments to make up approximately 5% of consolidated net revenue.

In July 2025, Coca-Cola reached another milestone in the refranchising process in India with the sale of a 40% ownership stake in Hindustan Coca-Cola Beverages Pvt. Ltd. to Jubilant Bhartia Group. Coca-Cola continues to own 60% of the Indian bottler.

“Coca-Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA,” said Henrique Braun, executive vice president and chief operating officer of Coca-Cola. “Coca-Cola HBC has demonstrated a strong track record of growing our system across Africa, having strong market share growth in Egypt and realizing strong volume and share growth in Nigeria over the past several years. We are pleased with Coca-Cola HBC’s continued and aligned investment in the Coca-Cola system and in taking another significant step forward in the refranchising of company-owned bottling operations.”

GFI Ongoing Involvement

After the sale, the Gutsche family will continue its involvement in both the Coca-Cola system and Africa through its ownership stake in Coca-Cola HBC.

“For more than eight decades, the Gutsche family has been dedicated to developing the Coca-Cola business across Southern and Eastern Africa,” said GFI Chairman Philipp Hugo Gutsche. “Coca-Cola HBC is the ideal partner to carry the CCBA business forward and to realize their shared vision for the Coca-Cola system on the continent.”

Coca-Cola HBC Expansion

Following closing of the acquisition, Coca-Cola HBC will represent two-thirds of Africa’s total Coca-Cola system volume and cover over 50% of the continent’s population, solidifying its long-term commitment to growth in Africa. With a proven track record of operating in Africa for nearly 75 years since its founding in Nigeria, the acquisition creates a platform for Coca-Cola HBC to share best practices, roll out its leading bespoke capabilities, and invest further in CCBA to drive sustainable, profitable growth.

“We are very excited to announce the acquisition of a majority stake in CCBA, with a path to full ownership,” said Zoran Bogdanovic, CEO of Coca-Cola HBC.

“With almost 75 years of experience in Nigeria and with our successful acquisition of Coca-Cola’s bottling business in Egypt in 2022, we see huge growth opportunities in Africa. It has a sizable and growing consumer base and significant potential to increase per capita consumption,” Bogdanovic said. “We believe we can unlock this growth and create value for our shareholders by leveraging our best-in-class bespoke capabilities, commercial expertise and industry-leading approach to sustainability. We appreciate the trust placed in us by Coca-Cola and GFI and look forward to welcoming the CCBA team to Coca-Cola HBC and driving joint success.”

Next Steps

Coca-Cola HBC’s acquisition of CCBA is targeted to be completed by the end of 2026, subject to satisfaction of conditions, including customary regulatory and antitrust approvals.

As part of the acquisition, Coca-Cola HBC will pursue a secondary listing on the Johannesburg Stock Exchange, underpinning its commitment to South Africa and the African continent.

Rothschild & Co acted as sole financial adviser to Coca-Cola. Goldman Sachs Bank Europe SE, Amsterdam Branch and UBS AG London Branch acted as financial advisers to Coca-Cola HBC. Nomura International acted as sole financial adviser to GFI.

About The Coca-Cola Company

The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Fuze Tea, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Instagram, Facebook and LinkedIn.

About Coca-Cola HBC AG

Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. We open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 750 million consumers across a broad geographic footprint of 29 countries. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, Finlandia Vodka, The Macallan, Jack Daniel’s and Grey Goose. We foster an open and inclusive work environment amongst our 33,000 employees and believe that building a more positive environmental impact is integral to our future growth. We rank among the top sustainability performers in ESG benchmarks such as the 2024 Dow Jones Best-in-Class Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG.

Coca-Cola HBC is listed on the London Stock Exchange (LSE: CCH) and on the Athens Exchange (ATHEX: EEE). For more information, please visit https://www.coca-colahellenic.com.

About Coca-Cola Beverages Africa

CCBA is the eighth largest Coca-Cola authorised bottler in the world by revenue, and the largest on the continent. It accounts for over 40% of all Coca-Cola ready-to-drink beverages sold in Africa by volume. With over 14,000 employees in Africa, CCBA group services more than 800,000 customers with a host of international and local brands. CCBA group operates in 14 countries: South Africa, Kenya, Ethiopia, Uganda, Mozambique, Namibia, Tanzania, Botswana, Zambia, Eswatini, Lesotho, Malawi and the islands of Comoros and Mayotte.

About Gutsche Family Investments

Gutsche Family Investments is a private company incorporated under the laws of South Africa. The Gutsche family’s association with TCCC started in 1940 when PR Gutsche joined the SA Bottling Company Proprietary Limited as an employee. In 1956, the Gutsche family became a minority shareholder of the company and in 1960 became the sole shareholder. From 1960 to 1995, the company grew and acquired more territory within South Africa and started expansion into East Africa in 1994. At this time, the company became known as Coca-Cola Sabco Proprietary Limited and was a subsidiary of GFI. On the formation of CCBA in July 2016, GFI contributed its majority shareholding in several sub-Saharan African bottling businesses and held approximately 33.5% of CCBA.

Forward-Looking Statements

This press release may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature.

Forward-looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Company’s actual results to differ materially from its historical experience and its present expectations or projections. These risks include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement entered into in connection with the proposed sale, the ability to satisfy all conditions to closing, including obtaining clearances under applicable antitrust regulations, and complete the proposed sale on the anticipated timeline, the disruption of management’s attention from our ongoing business operations due to the proposed sale and the failure to realize the anticipated benefits from the proposed sale, and other risks discussed in The Coca-Cola Company’s filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequently filed reports on Form 10-Q, which filings are available from the SEC.

Coca-Cola HBC's actual results and events could also differ materially from those anticipated in the forward-looking statements in this announcement, including the corresponding risks described above. By their nature, forward-looking statements involve risk and uncertainty and they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. There can be no assurance that future results, level of activity, performance or achievements of Coca-Cola HBC or CCBA will meet these expectations.

You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither The Coca-Cola Company nor Coca-Cola HBC undertake any obligation to publicly update or revise any forward-looking statements, other than as required by law or regulation.

Volta Finance Limited (VTA/VTAS)
Legal Entity Identification Code: 2138004N6QDNAZ2V3W80

Publication of the Annual Report and Audited Financial Statements
(the “Accounts”) for the financial year ended 31 July 2025 and
Notice of the Annual General Meeting

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES

*****

Guernsey, 21 October 2025

Volta Finance Limited has published its results for the financial year ended 31 July 2025. The 2025 Accounts are attached to this release and will be available on the Volta Finance Limited website (www.voltafinance.com).

Notice of the Annual General Meeting of Volta Finance Limited on Thursday 4 December 2025 may be found at pages 87 and 88 of the Accounts.

For further information, please contact:

Company Secretary and Portfolio Administrator
BNP Paribas S.A., Guernsey Branch
[email protected]
+44 (0) 1481 750 850

Corporate Broker
Cavendish Financial plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900

For the Investment Manager
AXA Investment Managers Paris
François Touati

[email protected]
+33 (0) 1 44 45 84 47

*****
ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange's Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with more than 3,000 professionals and €879 billion in assets under management as of the end of June 2025.

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This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the "Volta Finance") whose portfolio is managed by AXA IM.

This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

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This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

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This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance's actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide - 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

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2025.07.31 VFL - Annual Report_unsigned

Data presented at IDWeek 2025 after study stopped early for efficacyPrimary endpoint met, demonstrating non-inferiority of oral tebipenem HBr compared to intravenous treatment1Data will be shared with regulatory authorities to support regulatory filings
CAMBRIDGE, Mass., Oct. 21, 2025 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc. (Nasdaq: SPRO) and GSK plc (LSE/NYSE: GSK) today announced efficacy and safety results of the positive pivotal phase 3 PIVOT-PO trial evaluating tebipenem HBr, an investigational oral treatment for complicated urinary tract infections (cUTIs), including pyelonephritis (NCT06059846). These results were presented on October 20, 2025, in a late-breaking oral abstract session at IDWeek 2025 in Atlanta, Georgia.

Complicated UTIs represent an important health issue, with an estimated 2.9 million cases of cUTIs treated annually in the U.S. alone.2 These infections are often caused by multidrug-resistant pathogens3 and carry serious risks including organ failure, sepsis, and even death.3-5 They also result in significant emergency department visits and hospitalizations, contributing to over $6 billion per year in healthcare costs.6 Current standard of care includes carbapenem antibiotics in cases of sepsis or resistance to other antibiotics, but they are only available for intravenous administration.7, 8

The trial, which was stopped early for efficacy in May this year, demonstrated non-inferiority of tebipenem HBr compared to intravenous imipenem-cilastatin in hospitalized patients with cUTI, including pyelonephritis, based on the overall response (composite of clinical cure plus microbiological eradication of the bacteria causing the infection) at the test of cure visit. Tebipenem HBr (oral, 600 mg) achieved a 58.5% overall success rate (261/446 participants) compared to 60.2% overall success rate (291/483 participants) for imipenem-cilastatin (intravenous, 500 mg) (adjusted treatment difference: −1.3%; 95% CI: −7.5%, 4.8%). The safety profile of tebipenem HBr was generally similar to that of other carbapenem antibiotics. The most frequently reported adverse events (in ≥3% of patients who received tebipenem HBr) were diarrhea and headache; these events were all mild or moderate and non-serious.

Tony Wood, Chief Scientific Officer, GSK, said: “Complicated UTIs can have serious consequences for patients, including organ failure and sepsis, and oral options for drug-resistant infections are limited. These ground-breaking data show for the first time that cUTIs, including pyelonephritis, can be treated with an oral carbapenem antibiotic as effectively as with an intravenous one. We have a long-standing commitment to delivering novel anti-infectives and are delighted to offer the potential of tebipenem HBr as an effective oral alternative that could be taken at home.”

Esther Rajavelu, Chief Executive Officer, Spero Therapeutics, said: “These data presented at IDWeek represent the culmination of years of dedicated work by our team in close collaboration with GSK. We are deeply grateful to the physicians, researchers, support staff, and, most importantly, to the patients who made this study, and the ones before it, possible. Along with GSK, we are now focused on advancing tebipenem HBr toward FDA submission and bringing this important therapy to patients in need.”

Dr George Sakoulas, Infectious Disease specialist, Sharp Memorial Hospital in San Diego, commented: “Increasing antibiotic resistance among community-acquired bacteria that cause complicated urinary tract infections is greatly amplifying the burden of treatment for patients, clinicians, and payers. The therapeutic flexibility of a new oral antibiotic may reduce the need for intravenous antibiotics to treat cUTI, providing benefit to patients and improving treatment options.”

Secondary endpoints also show:

Clinical cure (i.e. absence of symptoms) rates at test of cure visit were 93.5% in the tebipenem HBr group (417/446) compared to 95.2% in the imipenem-cilastatin group (460/483) with adjusted treatment difference: −1.6% (95% CI: −4.7%, 1.4%)Microbiological response rates at test of cure visit were 60.3% in the tebipenem HBr group (269/446) compared to 61.3% in the imipenem-cilastatin group (296/483) with adjusted treatment difference: −0.8% (95% CI: −6.9%, 5.3%)Overall, clinical and microbiological response rates at test of cure in participants with infections caused by antimicrobial-resistant Enterobacterales were consistent with the respective response rates in the primary analysis population.
Spero has licensed tebipenem HBr to GSK for development and commercialization in all markets except certain Asian territories. GSK plans to work with US regulatory authorities to include the data as part of a filing in Q4 2025. If approved, tebipenem HBr would be the first oral carbapenem antibiotic in the US for patients who suffer from cUTIs, adding to GSK’s growing anti-infectives portfolio and helping address the challenges of antimicrobial resistance (AMR).

The development of tebipenem HBr is supported in part with federal funds from the U.S. Department of Health and Human Services; Administration for Strategic Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA), under contract number HHSO100201800015C.

About tebipenem HBr
Tebipenem pivoxil as hydrobromide salt (Tebipenem HBr) is a late-stage development asset developed in collaboration with Spero Therapeutics. Tebipenem HBr is being developed to treat cUTIs, including pyelonephritis. In September 2022, GSK entered into an exclusive license agreement with Spero Therapeutics for the development and commercialization of tebipenem HBr in all markets, except certain Asian territories. Under this agreement GSK has sub-licensed back to Spero Therapeutics the rights and responsibility to conduct certain development work including the PIVOT-PO Phase 3 study, after which sponsorship of the new drug application (NDA) will be transferred to GSK from Spero Therapeutics. Tebipenem HBr has received Qualified Infectious Disease Product (QIDP) and Fast Track designations from the U.S. Food and Drug Administration (FDA).

About the PIVOT-PO trial
PIVOT-PO was a global, randomized, double-blind, pivotal, non-inferiority (NI margin: -10%) Phase 3 clinical trial of oral tebipenem HBr compared to IV imipenem-cilastatin, in hospitalized adult patients with cUTI including pyelonephritis. Patients were randomized 1:1 to receive tebipenem pivoxil (600 mg) orally every six hours, or imipenem-cilastatin (500 mg) IV every six hours, for a total of seven to ten days. Matching placebos were used to maintain blinding. The primary efficacy endpoint was overall response (composite of clinical cure plus microbiological eradication) at the test-of-cure visit (about 17 days from first dose administration of study drug) in patients with qualifying pathogens susceptible to imipenem. The trial enrolled a total of 1,690 patients, with randomization stratified by age, baseline diagnosis (cUTI or pyelonephritis), and the presence or absence of urinary tract instrumentation. For further details on the trial, refer to clinicaltrials.gov identifier NCT06059846.

About complicated urinary tract infections (cUTIs)
cUTIs are broadly described as any UTI that carries an increased risk of morbidity and mortality.3 Definitions of cUTIs are not currently uniform among international societies and regulatory agencies.5, 9 cUTIs encompass a heterogeneous patient population due to the wide range of host factors, comorbidities and urological abnormalities associated with cUTIs.5, 9 Risk factors for cUTI include indwelling catheters, ureteric stents, neurogenic bladder, obstructive uropathy, urinary retention, urinary diversion, kidney stones, diabetes mellitus, immune deficiency, urinary tract modification, and UTIs in renal transplant patients.3, 10-13

About GSK
GSK is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at gsk.com.

About Spero Therapeutics
Spero Therapeutics, headquartered in Cambridge, Massachusetts, is a clinical-stage biopharmaceutical company focused on identifying and developing novel treatments for rare diseases and multi-drug resistant (MDR) bacterial infections with high unmet need. For more information, visit www.sperotherapeutics.com

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the progress and results of Spero's Phase 3 PIVOT-PO trial; the timing of a planned FDA filing in 2H 2025 for tebipenem HBr; the potential of tebipenem HBr to be the first oral carbapenem antibiotic for U.S. patients with cUTI, including pyelonephritis; the potential receipt of milestone payments under Spero’s license and collaboration agreements; and the potential benefits of any of Spero’s current or future product candidates in treating patients. In some cases, forward-looking statements may be identified by terms such as "may," "will," "should," "expect," "plan," "aim," "anticipate," "could," "intent," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms or other similar expressions. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of important risks, uncertainties and other factors that may cause actual results to differ materially from those indicated by such forward looking statements, including whether tebipenem HBr will advance through the clinical development process, or at all, taking into account the effects of possible regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, clinical trial design and clinical outcomes; whether the results of such trials will warrant submission for approval from the FDA or equivalent foreign regulatory agencies; whether the FDA will ultimately approve tebipenem HBr and, if so, the timing of any such approval; whether the FDA will require any additional clinical data or place labeling restrictions on the use of tebipenem HBr that would delay approval and/or reduce the commercial prospects of tebipenem HBr; whether a successful commercial launch can be achieved and market acceptance of tebipenem HBr can be established; whether results obtained in preclinical studies and clinical trials will be indicative of results obtained in future clinical trials; Spero's reliance on third parties to manufacture, develop, and commercialize its product candidates, if approved, including, in the case of tebipenem HBr, Spero’s reliance on GSK pursuant to the exclusive GSK License Agreement to develop tebipenem HBr and GSK’s right thereunder to determine whether to further develop tebipenem HBr; Spero's need for additional funding; the ability to commercialize Spero's product candidates, if approved; Spero's ability to retain key personnel; Spero's leadership transitions; whether Spero's cash resources will be sufficient to fund its continuing operations for the periods and/or trials anticipated; and other factors discussed in the "Risk Factors" set forth in filings that Spero periodically makes with the SEC. The forward-looking statements included in this press release represent Spero's views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, Spero explicitly disclaims any obligation to update any forward-looking statements.

Investor Relations Contact:
Shai Biran, PhD
Spero Therapeutics
[email protected]

Media Inquiries:
[email protected]

References

1. Hong D. et al, Oral Tebipenem Pivoxil Hydrobromide vs Intravenous Imipenem-Cilastatin in Patients with Complicated Urinary Tract Infections or Acute Pyelonephritis: Efficacy and Safety Results from the Phase 3 PIVOT-PO study, Oral presentation at IDWeek 2025, 20 October 2025.
2. Carreno JJ, et al. Longitudinal, Nationwide, Cohort Study to Assess Incidence, Outcomes, and Costs Associated With Complicated Urinary Tract Infection. Open Forum Infect Dis. 2019;6:ofz446.
3. Sabih A, Leslie SW. Complicated urinary tract infections. In: StatPearls. 2023. StatPearls Publishing: Treasure Island, FL, USA.
4. Vallejo-Torres L, et al. Cost of hospitalised patients due to complicated urinary tract infections: a retrospective observational study in countries with high prevalence of multidrug-resistant Gram-negative bacteria: the COMBACTE-MAGNET, RESCUING study. BMJ Open. 2018;8:e020251.
5. Marantidis J, Sussman RD. Unmet Needs in Complicated Urinary Tract Infections: Challenges, Recommendations, and Emerging Treatment Pathways. Infect Drug Resist. 2023:16:1391-1405.
6. Lodise TP, et al. Hospital admission patterns of adult patients with complicated urinary tract infections who present to the hospital by disease acuity and comorbid conditions: How many admissions are potentially avoidable? Am J Infect Control. 2021;49(12):1528-1534.
7. Cotroneo, N., et al. In Vitro and In Vivo Characterization of Tebipenem, an Oral Carbapenem. Antimicrobial agents and chemotherapy. 2020. 64(8), e02240-19.
8. Maeda M, et al. Efficacy of carbapenems versus alternative antimicrobials for treating complicated urinary tract infections caused by antimicrobial-resistant Gram-negative bacteria: protocol for a systematic review and meta-analysis. BMJ Open. 2023 Apr 21;13(4):e069166.
9. Fernandez MM, et al. Poster presented at ESCMID Global, 27–30 April 2024, Barcelona, Spain. Poster P1023.
10. Bonkat G, et al. Keep it Simple: A Proposal for a New Definition of Uncomplicated and Complicated Urinary Tract Infections from the EAU Urological Infections Guidelines Panel. Eur Urol. 2024;86(3):195-197.
11. Wagenlehner FME, et al. Epidemiology, definition and treatment of complicated urinary tract infections. Nat Rev Urol. 2020;17(10):586-600.
12. Gomila A, et al. Predictive factors for multidrug-resistant gram-negative bacteria among hospitalised patients with complicated urinary tract infections. Antimicrob Resist Infect Control. 2018;7:111.
13. Altunal N, et al. Ureteral stent infections: a prospective study. Braz J Infect Dis. 2017;21(3):361-364.

Please see below information about transactions made under the third tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

Date on which the buy-back tranche was announced: 23 July 2025.

The duration of the buy-back tranche: 24 July to no later than 27 October 2025.

Further information on the tranche can be found in the stock market announcement on its commencement dated 23 July 2025, available here: https://newsweb.oslobors.no/message/651645

From 13 October to 17 October 2025, Equinor ASA has purchased a total of 1,129,635 own shares at an average price of NOK 235.3736 per share.

Overview of transactions:

DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK)     13 OctoberOSE278,535238.535566,440,485.49 CEUX    TQEX        14 OctoberOSE285,400235.025167,076,163.54 CEUX    TQEX        15 OctoberOSE    CEUX    TQEX        16 OctoberOSE281,000235.918366,293,042.30 CEUX    TQEX        17 OctoberOSE284,700232.091866,076,535.46 CEUX    TQEX        Total for the periodOSE1,129,635235.3736265,886,226.79 CEUX    TQEX        Previously disclosed buy-backs under the trancheOSE14,704,821249.93803,675,294,128.05CEUX   TQEX   Total14,704,821249.93803,675,294,128.05     Total buy-backs under the tranche (accumulated)OSE15,834,456248.89903,941,180,354.84CEUX   TQEX   Total15,834,456248.89903,941,180,354.84 Following the completion of the above transactions, Equinor ASA owns a total of 42,531,946 own shares, corresponding to 1.66% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 32,211,644 own shares, corresponding to 1.26% of the share capital).

This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

Contact details:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

Detailed overview of transactions

Long-term continuous OGSIVEO treatment for up to 4 years was associated with further tumor size reductions, increase in objective response rate, sustained improvement in desmoid tumor symptoms and consistent safety profile

October 21, 2025 02:00 ET

 | Source:

SpringWorks Therapeutics, Inc.

STAMFORD, Conn., Oct. 21, 2025 (GLOBE NEWSWIRE) -- SpringWorks Therapeutics, Inc., a healthcare company of Merck KGaA, Darmstadt, Germany, announced today that long-term efficacy and safety data from the Phase 3 DeFi trial of OGSIVEO® (nirogacestat), an oral gamma secretase inhibitor for the treatment of adults with progressing desmoid tumors who require systemic treatment, were published in the Journal of Clinical Oncology (JCO). The long-term follow-up data from DeFi, which was a global, randomized, multicenter, double-blind, placebo-controlled trial, were previously presented at the 2024 Connective Tissue Oncology Society Meeting. The new results published in JCO utilized a December 2024 data cutoff date (the final data cut of the clinical trial) and showed that longer-term treatment with OGSIVEO was associated with further reductions in tumor size, an increase in objective response rate (ORR) with additional partial responses (PRs) and complete responses (CRs), sustained improvement in patient reported outcomes, and a consistent safety profile compared to the April 2022 data cut off utilized for the primary analysis of the trial. The JCO e-publication can be accessed at the following link: https://ascopubs.org/doi/abs/10.1200/JCO-25-00582.

“Desmoid tumors are locally aggressive and complex tumors whose unpredictable growth can cause significant pain, functional impairment, and emotional distress. For many patients, these tumors disrupt daily life in ways that are often underestimated, so advancing treatment options that offer durable symptom relief and tumor control can make a meaningful difference for patients,” said Ravin Ratan, M.D., M.Ed., Associate Professor, Department of Sarcoma Medical Oncology, Division of Cancer Medicine, The University of Texas MD Anderson Cancer Center in Houston and lead author of the JCO publication. “While the optimal duration of therapy may vary for many patients and is best decided between individual patients and their physicians, the new data published in the JCO provide physicians with additional information regarding the long-term safety and efficacy of nirogacestat, and will help inform treatment decisions and improve patient care.”

In the Phase 3 DeFi trial primary analysis, which was previously published in the New England Journal of Medicine, OGSIVEO showed significant improvement versus placebo in progression-free survival (PFS), objective response rate (ORR), and patient-reported outcomes (PRO) in adult patients with progressing desmoid tumors (DT; median [range] exposure: 20.6 [0.3-33.6] months).1 In the JCO publication, long-term efficacy and safety were evaluated in patients randomized to OGSIVEO and followed through the final data-cutoff date of December 2024. The median duration of OGSIVEO treatment in these patients was 33.6 (0.3 to 61.8) months.

Objective response rates (ORR) improved with long-term OGSIVEO treatment. While ORR was 34.3% (n = 24) in year 1, it increased to 45.7% (n = 32) in patients who received OGSIVEO for up to 4 years, with three additional complete responses (CRs) and three additional partial responses (PRs) since the primary analysis and yielding 24 (34.3%) PRs and 8 (11.4%) CRs in total. The median best percent reduction from baseline in target tumor size by RECIST 1.1 with continuous OGSIVEO treatment was −32.3% at year one (n=46) and −75.8% (n=15) for patients completing at least four years of treatment. Improvements in patient-reported outcomes (PROs) of pain, desmoid tumor-specific symptom severity, desmoid tumor-specific physical functioning, global health status/quality of life and role functioning occurred early (as early as Cycle 2, the first post-treatment timepoint evaluated as disclosed at the primary analysis) and were sustained with up to 45 months of treatment with OGSIVEO.

Overall, the incidence and severity of frequently reported treatment emergent adverse events (TEAEs) decreased through years two, three and four of treatment. The most common adverse events (>15%) reported in patients receiving OGSIVEO were diarrhea, ovarian toxicity, rash, nausea, fatigue, stomatitis, headache, abdominal pain, cough, alopecia, upper respiratory tract infection, and dyspnea. Please see Important Safety Information below, including Warnings & Precautions relating to diarrhea, ovarian toxicity, hepatotoxicity, non-melanoma skin cancers, electrolyte abnormalities, and embryo-fetal toxicity.2

“We are pleased that long-term continuous nirogacestat treatment for up to four years was associated with additional late responses and further tumor size reductions,” said Uche Iloeje, M.D., Senior Vice President, Global Head of Medical Affairs at SpringWorks Therapeutics. “These data represent the largest prospective analysis from a randomized controlled clinical trial of long-term exposure to any systemic agent for desmoid tumors and provide valuable insights on the benefits of OGSIVEO for patients with desmoid tumors.”

About the DeFi Trial

DeFi (NCT03785964) was a global, randomized (1:1), multicenter, double-blind, placebo-controlled pivotal Phase 3 trial that evaluated the efficacy, safety and tolerability of nirogacestat in adult patients with progressing desmoid tumors. The double-blind phase of the study randomized 142 patients (nirogacestat, n=70; placebo n=72) to receive 150 mg of nirogacestat or placebo twice daily. Key eligibility criteria included tumor progression by ≥20% as measured by Response Evaluation Criteria in Solid Tumors (RECIST 1.1) within 12 months prior to screening. The primary endpoint was progression-free survival, as assessed by blinded independent central review, or death by any cause. Secondary and exploratory endpoints included safety and tolerability measures, objective response rate, duration of response, changes in tumor volume assessed by magnetic resonance imaging (MRI), and changes in patient-reported outcomes. DeFi also included an open-label extension phase.

About Desmoid Tumors

Desmoid tumors are rare, locally aggressive tumors of the soft tissues that can be serious, debilitating, and, in rare cases when vital structures are impacted, life-threatening.3,4

Desmoid tumors are most commonly diagnosed in patients between the ages of 20 and 44 years, with a two-to-three times higher prevalence in females.5,6 In the U.S., up to 1650 people are diagnosed with desmoid tumors every year.5,7,8

Although desmoid tumors do not metastasize, they can be associated with recurrence rates of up to 77% after surgical resection.6,9 Desmoid tumor experts and treatment guidelines now recommend systemic therapies as first-line intervention for most tumor locations requiring treatment.10,11

About OGSIVEO® (nirogacestat)

OGSIVEO® (nirogacestat) is an oral, selective, small molecule gamma secretase inhibitor approved in the United States and European Union as monotherapy for the treatment of adult patients with progressing desmoid tumors who require systemic treatment.

The FDA and the EMA have granted Orphan Drug designation for OGSIVEO for the treatment of desmoid tumors.

IMPORTANT SAFETY INFORMATION

WARNINGS AND PRECAUTIONS

Diarrhea: Diarrhea occurred in 84% of patients treated with OGSIVEO. Grade 3 events occurred in 16% of patients. Monitor patients and manage using antidiarrheal medications. Modify dose as recommended.Ovarian Toxicity: Female reproductive function and fertility may be impaired in patients treated with OGSIVEO. Impact on fertility may depend on factors like duration of therapy and state of gonadal function at time of treatment. Long-term effects on fertility have not been established. Advise patients on the potential risks for ovarian toxicity before initiating treatment. Monitor patients for changes in menstrual cycle regularity or the development of symptoms of estrogen deficiency, including hot flashes, night sweats, and vaginal dryness.Hepatotoxicity: ALT or AST elevations occurred in 30% and 33% of patients, respectively. Grade 3 ALT or AST elevations (>5 × ULN) occurred in 6% and 2.9% of patients. Monitor liver function tests regularly and modify dose as recommended.Non-Melanoma Skin Cancers: New cutaneous squamous cell carcinoma and basal cell carcinoma occurred in 2.9% and 1.4% of patients, respectively. Perform dermatologic evaluations prior to initiation of OGSIVEO and routinely during treatment.Electrolyte Abnormalities: Decreased phosphate (65%) and potassium (22%) occurred in OGSIVEO-treated patients. Phosphate <2 mg/dL occurred in 20% of patients. Grade 3 decreased potassium occurred in 1.4% of patients. Monitor phosphate and potassium levels regularly and supplement as necessary. Modify dose as recommended.Embryo-Fetal Toxicity: Oral administration of nirogacestat to pregnant rats during the period of organogenesis resulted in embryo-fetal toxicity at maternal exposures below human exposure at the recommended dose of 150 mg twice daily. Advise pregnant women of the potential risk to a fetus. Advise females and males of reproductive potential to use effective contraception during treatment with OGSIVEO and for 1 week after the last dose. ADVERSE REACTIONS

The most common (≥15%) adverse reactions were diarrhea, ovarian toxicity, rash, nausea, fatigue, stomatitis, headache, abdominal pain, cough, alopecia, upper respiratory tract infection, and dyspnea.Serious adverse reactions occurring in ≥2% of patients were ovarian toxicity (4%).The most common laboratory abnormalities (≥15%) were decreased phosphate, increased urine glucose, increased urine protein, increased AST, increased ALT, and decreased potassium.
DRUG INTERACTIONS

CYP3A Inhibitors and Inducers: Avoid concomitant use with strong or moderate CYP3A inhibitors (including grapefruit products, Seville oranges, and starfruit) and strong or moderate CYP3A inducers.Gastric Acid Reducing Agents: Avoid concomitant use with proton pump inhibitors and H2 blockers. If concomitant use cannot be avoided, OGSIVEO can be staggered with antacids (e.g., administer OGSIVEO 2 hours before or 2 hours after antacid use).Consult the full Prescribing Information prior to and during treatment for important drug interactions.
To report suspected adverse reactions, contact SpringWorks Therapeutics at 1-888-400-SWTX (1-888-400-7989) or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

Please see full Prescribing Information for OGSIVEO for more information.

About SpringWorks Therapeutics

SpringWorks Therapeutics, a healthcare company of Merck KGaA, Darmstadt, Germany, is a commercial-stage biopharmaceutical company dedicated to improving the lives of patients with rare tumors. We developed and are commercializing the first and only FDA and EC approved medicine for adults with desmoid tumors and the first and only FDA and EC approved medicine for both adults and children with neurofibromatosis type 1 associated plexiform neurofibromas (NF1-PN). We are also advancing a portfolio of novel targeted therapy product candidates for patients with additional rare tumors and hematological cancers.

For more information, visit www.springworkstx.com and follow @SpringWorksTx on X, LinkedIn, Facebook, Instagram and YouTube.

About Merck KGaA, Darmstadt, Germany

Merck KGaA, Darmstadt, Germany, a leading science and technology company, operates across life science, healthcare and electronics. More than 62,000 employees work to make a positive difference to millions of people’s lives every day by creating more joyful and sustainable ways to live. From providing products and services that accelerate drug development and manufacturing as well as discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2024, Merck KGaA, Darmstadt, Germany, generated sales of € 21.2 billion in 65 countries.

The company holds the global rights to the name and trademark “Merck” internationally. The only exceptions are the United States and Canada, where the business sectors of Merck KGaA, Darmstadt, Germany, operate as MilliporeSigma in life science, EMD Serono in healthcare and EMD Electronics in electronics. Since its founding in 1668, scientific exploration and responsible entrepreneurship have been key to the company’s technological and scientific advances. To this day, the founding family remains the majority owner of the publicly listed company.

Contacts:

Media
[email protected]

References

Gounder M, Ratan R, Alcindor T, et al. Nirogacestat, a Gamma-Secretase Inhibitor for Desmoid Tumors. N Engl J Med. 2023;388:898-912. doi:10.1056/NEJMoa2210140.OGSIVEO. Prescribing Information. SpringWorks Therapeutics, Inc.Sbaraglia M, Bellan E, Dei Tos AP. The 2020 WHO Classification of Soft Tissue Tumours: news and perspectives. Pathologica. 2021;113(2):70-84. doi:10.32074/1591-951X-213.Penel N, Chibon F, Salas S. Adult desmoid tumors: biology, management and ongoing trials. Curr Opin Oncol. 2017;29(4):268-274. doi:10.1097/CCO.0000000000000374.van Broekhoven DLM, Grünhagen DJ, den Bakker MA, van Dalen T, Verhoef C. Time trends in the incidence and treatment of extra-abdominal and abdominal aggressive fibromatosis: a population-based study. Ann Surg Oncol. 2015;22(9):2817-2823. doi:10.1245/s10434-015-4632-y.Skubitz KM. Biology and treatment of aggressive fibromatosis or desmoid tumor. Mayo Clin Proc. 2017;92(6):947-964. doi:10.1016/j.mayocp.2017.02.012.Orphanet Report Series: Rare Diseases collection. Prevalence and incidence of rare diseases: bibliographic data. Number 1, January 2022. Accessed November 5, 2024. https://www.orpha.net/orphacom/cahiers/docs/GB/Prevalence_of_rare_diseases_by_alphabetical_list.pdf.U.S. Department of Commerce. News Blog. U.S. population estimated at 332,403,650 on Jan. 1, 2022. Accessed November 5, 2024. https://www.commerce.gov/news/blog/2022/01/us-population-estimated-332403650-jan-1-2022.Easter DW, Halasz NA. Recent trends in the management of desmoid tumors. Summary of 19 cases and review of the literature. Ann Surg. 1989;210(6):765-769. doi:10.1097/00000658-198912000-00012.Desmoid Tumor Working Group. The management of desmoid tumours: a joint global consensus-based guideline approach for adult and paediatric patients. Eur J Cancer. 2020;127:96-107. doi:10.1016/j.ejca.2019.11.013.Referenced with permission from the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) for Soft Tissue Sarcoma V.2.2023. © National Comprehensive Cancer Network, Inc. 2023. All rights reserved. Accessed August 2023. To view the most recent and complete version of the guideline, go online to NCCN.org. NCCN makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any way.

Yancoal Australia Ltd (OTCPK:YACAF) Q3 2025 Earnings Call October 20, 2025 9:00 PM EDT

Company Participants

Brendan Fitzpatrick - General Manager of Investor Relations
Sharif Burra - Chief Executive Officer
David Bennett
Mark Salem - Executive General Manager of Marketing
Ning Su - Chief Financial Officer

Conference Call Participants

Peter Wang

Presentation

Operator

Thank you for standing by, and welcome to the Yancoal Third Quarter Production Report. [Operator Instructions] I would now like to hand the conference over to Brendan Fitzpatrick. Please go ahead.

Brendan Fitzpatrick
General Manager of Investor Relations

Thank you, Travis, and thank you to everyone on the call for joining this briefing on Yancoal's Third Quarter Production Report for 2025. We have several members of Yancoal's executive leadership team to recap the quarter and participate in the question-and-answer session.

On the call, we have Sharif Burra, our Chief Executive Officer; Kevin Su, Chief Financial Officer; Laura Zhang, Company Secretary, Chief Legal, Compliance, Corporate Affairs Officer; David Bennett, EGM Operations; Mark Salem, EGM, Marketing and Logistics; and Mike Wells, EGM Finance.

The commentary provided today is based on the quarterly production report published on the Australian Securities Exchange and the Stock Exchange of Hong Kong announcement platforms yesterday, the 20th of October. There is no presentation pack for this conference call. The Yancoal website holds past presentations for any participants who require additional information on the company.

I'll hand over to our CEO, Sharif Burra, to provide third quarter highlights.

Sharif Burra
Chief Executive Officer

Thanks, Brendan. I also welcome everyone joining us on today's conference call. This is my first time engaging with you since my appointment as CEO last month. I'd like to acknowledge and thank Mr. Yue, our Chair of the Executive Committee, who took on the additional responsibilities of acting CEO earlier this year and did an excellent job conducting both roles. I

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LONDON--(BUSINESS WIRE)--India’s smartphone market grew 3% year-on-year (YoY) in Q3 2025, reaching 48.4 million units shipped according to the latest research from Omdia. Vendors filled the channels with new stocks in expectation of a high-demand festive period. The modest growth was driven by a wave of new launches in July and August, retail incentivization and an earlier festive season that pulled forward inventory flows.

“With limited organic demand, 3Q’s momentum was largely sustained through incentive-led channel push rather than pure consumer recovery,” said Sanyam Chaurasia, Principal Analyst at Omdia.

Share
vivo (excluding iQOO) extended its lead in the market with 9.7 million units shipped capturing a 20% market share. Samsung ranked second with 6.8 million units and a 14% market share followed by Xiaomi in third place, narrowly overtaking OPPO (excluding OnePlus), with both vendors shipping 6.5 million units. Apple returned to the top five with 4.9 million units, with incremental growth driven by smaller tier cities.

“With limited organic demand, 3Q’s momentum was largely sustained through incentive-led channel push rather than pure consumer recovery,” said Sanyam Chaurasia, Principal Analyst at Omdia. “Vendors reallocated marketing budgets to high-impact retail incentive programs that rewarded sell-through, ranging from cash-per-unit bonuses to tiered margins and dealer contests with rewards such as gold coins, bikes, and international trips. These incentives motivated distributors and retailers to absorb higher inventory ahead of the festive season. At the same time, vendors intensified consumer-facing schemes – from zero-down-payment EMIs, micro-instalment plans, bundled accessories and extended warranties – to drive conversions.

“vivo extended its lead with a balanced portfolio, aggressive retail programs, and a standout promoter network,” continued Chaurasia. “Its T-series scaled online early in the festive period, while the V60 and Y-series expanded across large-format and rural retail. Samsung gained mid-premium traction with old generation models, refreshed Snapdragon-powered S24 and S25 FE but faced pressure in the entry tier. OPPO’s volumes were driven by an aggressive multi-layered festive channel program, anchored around the F31 series. Outside the top five, Motorola hit a record 4 million units, up 53% YoY, led by G-series and Edge 60 offline expansion. Nothing grew 66%, with CMF Phone 2 Pro and Phone 3a driving volumes, as it repositioned CMF as India’s first locally headquartered sub-brand via its tie-up with Optimus.

“Apple posted its highest-ever shipments in India in 3Q, securing 10% share,” added Chaurasia. “Smaller cities drove volumes through aspirational demand, aggressive festive offers and wider availability. While older iPhones 16s and 15s drove major shipments under discount-led upgrades, the iPhone 17 base model gained traction supported by a strong iPhone 12–15 install base upgrades. Looking ahead, Apple will aim for Pro-model upgrades and deepen its ecosystem to drive long-term value.”

“Despite early momentum, 3Q’s gains are unlikely to sustain into a strong year-end. While government-led reforms such as GST reductions on large appliances lifted overall retail sentiment, smartphone-specific demand recovery remains limited. Urban consumers continue to delay upgrades due to employment uncertainties and rising cost sensitivity, despite better product availability and financing schemes. As a result, sell-out traction lags behind shipment growth, raising concerns of inventory build-up in 4Q, especially after November. In contrast, rural demand has been relatively stable, but insufficient to offset cautious urban sentiment. For full-year 2025, we continue to expect a modest decline, reflecting a fragile recovery cycle that remains highly sensitive to economic tailwinds and channel correction dynamics,” concluded Chaurasia.

India’s smartphone shipments and annual growth

Omdia Smartphone Market Pulse: 3Q25

Vendor

3Q25 shipments (million)

3Q25

market share

3Q24

shipments (million)

3Q24

market share

Annual

growth

vivo

9.7

20%

8.2

17%

19%

Samsung

6.8

14%

7.5

16%

-9%

Xiaomi

6.5

13%

7.8

17%

-17%

OPPO

6.5

13%

6.3

13%

3%

Apple

4.9

10%

3.3

7%

47%

Others

14.0

29%

13.9

30%

1%

Total

48.4

100%

47.1

100%

3%

Note: vivo excludes iQOO. OPPO excludes OnePlus. Xiaomi estimates include sub-brand POCO. Percentages may not add up to 100% due to rounding.

Source: Omdia Smartphone Horizon Service (sell-in shipments), October 2025

ABOUT OMDIA

Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

PARIS--(BUSINESS WIRE)--TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and the independent French consulting and engineering group Oteis have signed a deal for the sale of TotalEnergies’ sustainable consultancy and solutions affiliate GreenFlex to Oteis, a divestment that reflects TotalEnergies’ strategy to concentrate its activities on energy production and supply.

With over 800 employees and some thirty agencies in France and the rest of Europe, Oteis Conseil & Ingénierie operates in several fields: construction, water and development, infrastructure, and industry. The group’s ability to integrate new teams and develop their skills following deals similar to the GreenFlex acquisition has delivered strong growth in recent years.

Oteis intends to harness GreenFlex’s expertise in environmental and social consultancy, low-carbon energy performance and transition financing to establish a major new player with a full range of services and solutions on their markets.

For the teams at GreenFlex, the deal represents an opportunity to expand into new markets while continuing to help businesses and regions to become more sustainable, decarbonize and improve their energy efficiency.

Following divestment, TotalEnergies will become a major GreenFlex customer, signing a contract for the production of French Energy Saving Certificates (CEEs).

Completion of the project is subject to the usual conditions, including the consultation of employee representatives and the authorization of the competition authorities.

***

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

About GreenFlex

GreenFlex supports businesses and regional authorities from designing of their roadmap to launching of operations and ongoing monitoring. This end-to-end support is based on a multi-disciplinary model, combining consultancy, dedicated contacts, digital tools, and financing. GreenFlex’s teams work in nineteen offices across France and the rest of Europe. http://www.greenflex.com/

About Oteis

An independent French consulting and engineering group, Oteis operates in many fields: Construction, Water & Development, Infrastructure & Civil Engineering, and Industry & Processes. When acting as a Consultant, or providing assistance for project ownership or project management, we support public and private entities at every stage of their project: planning, feasibility, design, construction, operation and maintenance, and renovation and rehabilitation. With our "Green & Digital" inspiration for innovative, high-performance and resilient structures, Oteis is a bold company with a proven track record of past projects delivered by its committed, multidisciplinary teams. The experience of our 850 employees and our dense regional network (over thirty agencies in mainland France, the French overseas territories, Belgium, and Monaco) allow us to combine technical expertise, customer closeness, and agility alongside innovation, value and low-carbon ambitions for our customers’ projects. More information at www.oteis.fr.

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

About Jamie Ashcroft
Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development.
As one of the early external hires at Proactive in 2009, Jamie contributed... Read more

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