Market Signal Briefing

The OKB price has exhibited one of the most remarkable rallies in 2025, primarily driven by token supply reductions and expanding utility. A permanent burn of over 65 million tokens in August triggered a parabolic surge, placing OKB in the spotlight. As Uptober unfolds, bullish momentum has once again been observed, with recent news suggesting that the token may continue its upward path.

Parabolic Growth After Supply BurnIn August, OKX announced a move mirroring Bitcoin’s scarcity model that slashed more than 65 million OKB tokens to 21 million. Immediately after, OKB crypto experienced a significant surge in value, climbing 475% from a near $44 to reach an all-time high (ATH) of $258.

This supply shock propelled OKB beyond a multi-year upward channel that had been intact for more than five years. The OKB price chart reflects how investors priced in scarcity, with the rally positioning OKB as one of the strongest performers of the year.

Beyond tokenomics power, OKB’s value is also supported by ecosystem expansion. OKX’s blockchain, X Layer, is designed for decentralized finance, payments, and tokenized assets. With high throughput and minimal fees, it has the potential to sustain long-term demand as adoption grows.

Moreover, the network’s visibility and growing utility continue to attract fresh participants. According to Certik Skynet data, OKB now has 18,490 holders, up from 18,182 just 30 days ago, with the top 10 wallets controlling 50.72% of the supply. 

This indicates that large holders remain committed, while gradual growth in retail adoption strengthens market depth.

Symmetrical Triangle Pause and Uptober BreakoutDespite its explosive August gains, momentum cooled in September as OKB price consolidated within a symmetrical triangle. By the close of Q3, the token settled below $190. 

However, October brought renewed energy as the price broke out of the consolidation range in line with the seasonal trend to which many often dubbed the month october as “Uptober.”

Currently, OKB price USD trades near $222 after briefly spiking to $237 on intraday charts, following the X post announcement that BTC staking had become available in the US. 

Profit-taking trimmed some gains, yet the overall bullish structure remains intact as OKB sustains above its 20-day EMA across major timeframes.

OKB Price Forecast: Targets AheadFrom a technical perspective, the breakout from consolidation sets the stage for a potential retest of the $258 ATH. A decisive move above this resistance could open the path toward $300 in the near term. 

Meanwhile, correlation analysis shows that OKB is moving with more independence compared to BTC and ETH this week, though its performance remains strongly aligned with other exchange tokens like BNB.

With bullish fundamentals, tightening supply, and ecosystem growth, the OKB price prediction leans toward further upside if buying momentum continues. The OKB price forecast highlights $258 as the immediate resistance, followed by $300 as the next milestone that traders are closely watching.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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The company plans on using blockchain technology behind the scenes while avoiding crypto-native terminology. Oct 4, 2025, 2:00 p.m.

Twelve years after launching as a cryptocurrency exchange, Mercado Bitcoin aims to be something entirely different.

Less focused on price charts and trading pairs, the São Paulo-based company now talks more about Brazil’s central bank’s PIX payments, digital fixed income, and streamlined remittances.

STORY CONTINUES BELOW

Mercado Bitcoin’s head of corporate development, Daniel Cunha, told CoinDesk in an interview on the sidelines of the exchange’s DAC 2025 conference that the firm wants to become the app where Brazilians manage their financial lives. A kind of “super app” for spending, saving, and investing.

Yet, calling MB a “super app” may not quite capture the essence of the strategy. Its leadership prefers a different term: a financial hub that blends legacy finance with blockchain, letting users tap into both without needing to understand either.

“The revolution happens when the protocol disappears,” Cunha told CoinDesk. “The customer doesn’t want to hear about blockchains and tokens. They want to know the rate, the risk, and the maturity date,” he said, referring to the exchange’s tokenized fixed income offerings.

'Invisible blockchain'That thinking has reshaped how MB presents itself to users. Instead of relying on crypto-native vocabulary, the company now emphasizes features in its offering. One major change involved scrapping the term “tokenization” in user-facing materials altogether, Cunha said.

“We tried a ton of variations,” Cunha said. “When we stopped saying ‘token’ and started saying ‘digital fixed income,’ things took off.” The idea is to have a product whose backend is powered by blockchain technology, but the frontend remains more recognizable to the masses.

Essentially, MB’s bet is that “invisible blockchain” is the next frontier.

“We’re going to see a lot of people use blockchain without realizing they’re using blockchain,” MB said. “That’s when you know the revolution has happened.”

The firm’s flagship blockchain-based investment products focus on tokenized private credit, a segment it believes is underserved and ripe for disruption in Brazil.

Brazil ranks among the top five countries for retail crypto usage, according to Chainalysis’ Global Crypto Adoption Index. MB is positioning itself as an answer to a pain point common in the country through a stablecoin-based remittance service.

A pivot from tradingDespite all the new initiatives, MB’s core business, crypto trading, still accounts for the majority of its revenue. But that balance is shifting.

At its peak, trading made up 95% of the firm’s income. Today, that number is closer to 60%, with the rest coming from payments, custody, tokenized investments, and services like asset management. Over time, the company expects trading to fall below 30%, Cunha revealed.

As part of that shift, the firm is also expanding geographically. It now has a client-facing operation in Portugal and is building institutional channels in the U.S., aiming to link capital and investment opportunities across markets.

Mercado Bitcoin, where a significant portion of assets under management are made up of small and medium enterprises’ treasuries, expects to surpass 3 billion reais ($563 million) in tokenized credit issuance by year-end. About 20% of assets under custody on the platform are now tokenized real-world assets (RWAs), up from virtually zero just a few years ago.

The pivot sits within a wider push to build “financial super apps.” Coinbase CEO Brian Armstrong has said Coinbase aims to be a crypto-powered “super app” that would provide “all types of financial services.”

Beyond crypto, fintechs such as Revolut and Paytm are bundling payments, lending and investing. The playbook borrows from WeChat and Alipay, apps that bundle social, financial, and other features.

Read more: Crypto Exchange Mercado Bitcoin to Tokenize $200M in Real-World Assets on XRP Ledger

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The service will be powered by Zerohash, and will put OnePay in line with competitors like Venmo, Cash App, and PayPal.

What to know:

Walmart-backed fintech OnePay plans to add cryptocurrency trading and custody features to its app by the end of the year.The service will be powered by Chicago-based Zerohash, and will put OnePay in line with competitors like Venmo, Cash App, and PayPal, which already offer crypto trading to US users.OnePay's move into crypto is part of its goal to become an "everything app" for digital finance, offering a range of services including savings accounts, debit and credit cards, and peer-to-peer payments to its users.Read full story

Before Markeiz Ryan, 36, left the U.S. Air Force in 2019, he took a trip to Vietnam and that experience changed the course of his life.

"It just looked like so much fun and it really lived up to all the hype," Ryan tells CNBC Make It. "I ended up having the best time of my life, and that depression was [just] gone."

Ryan says that after that first visit to Vietnam and how happy he was there, he didn't want to let go of that feeling. He started planning his return to the country.

The veteran returned to his life in the United States and the Air Force, where he completed his service on a military base in Wyoming before being honorably discharged in 2019.

Ryan's favorite part of the apartment is his view.

Louis Corallo for CNBC Make It

Soon after leaving the Air Force, Ryan relocated to Vietnam, where he lives off roughly $4,000 a month, according to documents reviewed by CNBC Make It. His monthly income stems from several sources, including VA disability, the GI Bill since he's pursuing a master's degree, and teaching English. Ryan also occasionally takes on odd jobs, such as voiceover work, and is an avid fan of day trading.

Ryan suffers from spine arthritis, respiratory issues, auditory pain, and mental health challenges from his time in the military.

"This might not sound like a lot in America but trust me, this is more than enough to be middle or even above middle class in Vietnam," he says.

When Ryan first arrived, he worked with a longtime friend and realtor to find his first apartment. He moved around a lot at first because of all the noise pollution. He also wanted to take advantage of low rent prices during the covid-19 pandemic.

"There's a lot of honking, street sellers and sometimes karaoke really loudly, so if you are very intolerant to noise, this might not be the place for you," he says.

Ryan says he has no plans of leaving this apartment.

Louis Corallo for CNBC Make It

In 2023, Ryan moved into the two-bedroom, one-bathroom apartment where he currently resides in Ho Chi Minh City. It is in one of the country's tallest residential towers. Ryan says what he loves the most is the view.

"The view is so good here. I can't pass it up for everything. I'm never going to resign unless they kick me out," he says.

His utilities round up to about $130, which includes electricity, water and housekeeping.

This is Ryan's fourth apartment since he moved to Vietnam in 2019.

Louis Corallo for CNBC Make It

Ryan has been in this space for two years now and has no plans of leaving the apartment — or Vietnam.

"If I leave, it's because Vietnam told me to leave. In America, I felt very unmotivated. I felt like no matter how hard you work, you're still in poverty. You're constantly chasing a standard that you can't really achieve," he says.

"Here in Vietnam, it takes a lot of the monetary pressure out of your day-to-day. You focus on what makes you happy, who you want to become and how you're going to get there."

Ryan lives in one of the country’s tallest residential towers in Ho Chi Minh City.

Louis Corallo for CNBC Make It

This experience, he says, is the complete opposite of what his life was like back in the U.S.

"Every day I wake up with a long to-do list of things I want to do, not the things that I need to do, and it's a completely different way of living. Even if you need to work 40 hours a week here, you're doing it as an investment in your future. Getting out of survival mode makes things infinitely more human."

Want to be your own boss? Sign up for CNBC's new online course, How To Start A Business: For First-Time Founders. Find step-by-step guidance for launching your first business, from testing your idea to growing your revenue.

Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life, and request to join our exclusive community on LinkedIn to connect with experts and peers.

Bitcoin ETFs recorded $985.08 million in total net inflows on October 3, 2025, extending the streak to five consecutive days of positive flows.

Summary

Bitcoin ETFs gained $985m, Ethereum $233m in daily inflows on October 3.
Bitcoin ETF net inflows hit $60b total after five straight positive days.
BTC up 12% from September lows; analysts eye $133K breakout target.

Strong institutional demand pushed cumulative total net inflows to $60.05 billion.

As per SoSo Value data, Ethereum (ETH) spot ETFs mirrored this surge with $233.55 million in daily inflows, also marking five straight days of positive flows.

The synchronized buying across both major cryptocurrency ETF categories comes as Bitcoin (BTC) stabilizes above $122,000, showing resilience after September’s correction to $107,000.

Individual ETF performance shows broad-based demand
Bitcoin ETF inflows on October 3 were distributed across multiple providers rather than concentration in single products:

BlackRock’s IBIT led with $791.55 million in daily inflows
Fidelity’s FBTC attracted $69.58 million
Ark & 21Shares’ ARKB recorded $35.48 million
VanEck’s HODL saw $26.04 million in flows
Bitwise’s BITB added $24.03 million
Grayscale’s BTC gained $20.11 million
Grayscale’s GBTC posted $18.29 million despite historical outflow patterns

Weekly data underscores the strength of the current trend, with Bitcoin ETFs attracting $3.24 billion in the week ending October 3.

This marks a reversal from the previous week, which ended on September 26 and saw $902.50 million in outflows.

The five-day streak follows a pattern of consistently positive daily inflows since September 30, when flows totaled $429.96 million. October 1 and 2 recorded $675.81 million and $627.24 million, respectively.

Historical patterns suggest September bottom formation
Analyst Ted Pillows pointed to historical patterns showing that Bitcoin typically bottoms in September.

Since 2016, Bitcoin has formed bottoms in September seven times, with last month’s drop to approximately $107,000 potentially marking this cycle’s low point.

Bitcoin has rallied 12% since the September low, supporting the thesis that the correction phase has ended.

Ted suggested this historical pattern indicates that BTC is unlikely to revisit levels below $107,000.

Analyst Kamran Asghar identified a breakout formation targeting $133,000 as the next major level. The setup suggests an upward move could drive prices toward new all-time highs if current support levels hold.

$BTC historically bottoms in September.

Since 2016, Bitcoin has bottomed 7 times in September.

Last month, BTC dropped around $107K, and since then, it's up 12%.

Historically this means BTC bottom is most likely in and it won't go lower than $107K.

Let's see how this plays… pic.twitter.com/HGrpBG1dft

— Ted (@TedPillows) October 3, 2025

The surge in Bitcoin and Ethereum ETF inflows on October 3 was also likely influenced in part by mounting concerns over the current U.S. government shutdown, which is now on its fourth day.

Political uncertainty often drives investors toward alternative assets like crypto, especially as it raises expectations of a more dovish Federal Reserve.

Combined with weakening labor data, seasonal trends like Bitcoin’s typical “Uptober” rally, and growing institutional adoption via ETFs, the shutdown likely acted as a catalyst within a broader set of bullish factors.

Sat, 4/10/2025 - 14:14

With Tether's Wallet Development Kit, cryptocurrency community participants will be able to create trillions of non-custodial wallets, Paolo Ardoino says

Cover image via u.today

Tether, the issuer of USDT, the largest stablecoin, is close to making its Wallet Development Kit open-source. Tether CEO Paolo Ardoino expects the new product not only to catalyze massive adoption of self-custody wallets, but also to bring "pure freedom" to users.

Trillion wallets, no strings attached: Tether's Paolo Ardoino on game-changing releaseWallet Development Kit by Tether, one of the biggest crypto companies and the USDT stablecoin issuer, is close to being 100% open-source. Such a statement was made by Tether CEO and co-founder Paolo Ardoino on his X today, Oct. 4, 2025.

WDK by Tether, our Wallet Development Kit, is getting ready for open-source.

Trillions of self-custodial wallets.
No string attached.
Pure freedom. pic.twitter.com/0i6YwZ7Tkx

— Paolo Ardoino 🤖 (@paoloardoino) October 4, 2025 Ardoino expects "trillions" of new self-custody wallets to be created with the instruments of the new WDK. As a result, the new generation of cryptocurrency users will have "pure freedom" in their journeys in crypto.

As covered by U.Today previously, for the first time, such ambitions were shared by Tether in May. The new WDK was introduced as a product for gasless transactions with no API key sharing and a seamless UX/UI.

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Earlier this week, the USDT stablecoin, Tether's flagship product, achieved a new all-time high in terms of circulating supply.

With USDT market cap currently exceeding $175 billion, it is responsible for 56.4% of the net stablecoin scene volume.

The CEO of Tether's portfolio company Rumble expects USDT's market cap to add 500% "sooner than everyone thinks," U.Today reported.

Tether's revolutionary WDK: What do we know so far?While Tether's Wallet Development Kit is nearing an open-source release, its documentation can shed some light on what this tool will bring to the table.

Technically, it would be an out-of-a-box service capable of handling interactions with multiple blockchains without compromising self-custody:

WDK is a developer-first framework to create cross-chain wallets that are secure, extensible, and production-ready. It provides a single, stateless API to interact with Ethereum, Bitcoin, TON, and Spark (Lightning Network)—abstracting blockchain-specific complexity while keeping developers in full control of keys and data.

Thanks to account abstraction tech, it would be able to implement gas subsidies to make operations gasless for end users. Also, wallets created with this WDK will be equipped with all DeFi-centric functions like swaps, token transfer tools and cross-chain messaging.

Frameworks for Solana (SOL) and Tron will be included into next releases, as per the official documentation portal of Tether WDK.

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Pi Coin trades at $0.259, just above key $0.256 support, as inflows rise and technical indicators hint at early recovery momentum.Chaikin Money Flow and MACD show improving signals, with a potential bullish crossover suggesting renewed investor confidence.A 38.8% rally is needed to erase losses, with resistance at $0.271 and $0.286, but falling below $0.256 risks decline to $0.240.Pi Coin continues to struggle after its recent crash, with the altcoin unable to break free from its persistent downtrend. The cryptocurrency suffered heavy losses in recent weeks, driven by weak market momentum and declining investor confidence.

However, improving sentiment across the broader crypto market this week could offer Pi Coin a chance to recover.

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Pi Coin Investors Continue To Pour MoneyThe Chaikin Money Flow (CMF) indicator is currently showing a noticeable uptick, signaling rising inflows into Pi Coin. This trend suggests that investors are regaining confidence and injecting capital back into the asset.

Sustained inflows are essential for fueling upward price movement, particularly after prolonged selling pressure.

The improvement in CMF highlights that Pi Coin may be regaining traction among traders looking to buy the dip.

As new capital enters the market, it could provide the liquidity necessary to stabilize the price and initiate a steady rebound from current levels, provided momentum remains consistent.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Pi Coin CMF. Source: TradingViewOn the technical front, the Moving Average Convergence Divergence (MACD) indicator points to a potential bullish crossover. The indicator line is nearing the signal line, and a crossover would confirm a shift toward positive momentum.

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Historically, such movements have preceded recoveries for Pi Coin, signaling possible short-term strength.

If confirmed, this crossover could attract additional investor interest, reinforcing confidence in Pi Coin’s ability to recover. While the broader market’s volatility remains a risk, a sustained bullish signal from MACD would strengthen the case for gradual appreciation over the coming weeks.

Pi Coin MACD. Source: TradingViewPI Price Needs A PushAt the time of writing, Pi Coin is trading at $0.259, just above the critical support level of $0.256. This zone has acted as a key foundation for the token, preventing further declines during recent market turbulence.

To fully recover from its 47% crash, Pi Coin must rally by approximately 38.8%. While this target remains ambitious, rising inflows and improving technical indicators could gradually push the token toward recovery if current conditions persist.

Pi Coin Price Analysis. Source: TradingViewA sustained uptrend could help Pi Coin break through resistance levels at $0.271 and $0.286.

However, failure to maintain bullish momentum could send it below $0.256, with potential losses extending to $0.240, invalidating the current optimistic outlook.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Bitcoin is on a bullish comeback move as the coin has gained 11.61% in the last seven days, as it inches closer to its all-time high (ATH) of $124,457. Amid this positive move, Matthew Sigel, VanEck’s head of Digital Asset Research, has dropped another bullish update.

Bitcoin self-custody moves tighten liquidityAccording to Sigel, crypto exchanges appear to be experiencing declining reserves. In his post on X, Sigel stated that if the trend continues, at the start of business on Oct. 6, there might be a shortage of Bitcoin across the various exchanges.

He opined that it might be good thinking to acquire some Bitcoin before a shortage hits. However, a user immediately countered VanEck’s executive by noting that such a scarcity narrative has been making the rounds in the past four years.

Sigel’s reply is instructive as he insists that a scarcity was in play. "Well, I only got the calls from the exchanges today. I told them we aren't selling," he wrote.

Well I only got the calls from the exchanges today. I told them we aren't selling 🤷‍♂️

— matthew sigel, recovering CFA (@matthew_sigel) October 4, 2025 This comment suggests that large holders and institutions like VanEck are being contacted to supply exchanges with Bitcoin. If this is true, it implies that there could be a supply shock with demand staying higher than supply.

It indicates that many Bitcoin holders have moved their coins off exchanges into self-custody, typically reducing liquidity. Such a scenario is a perfect condition to further drive Bitcoin prices higher.

As of this writing, Bitcoin is changing hands at $122,179.35, which represents a 1.52% increase in the last 24 hours. The flagship coin, which earlier hit an intraday peak of $123,944.70, is currently just 1.89% away from flipping its ATH.

The price surge has kept trading volume up by 1.12% at $73.51 billion within the same time frame. The uptick in activity suggests that the "Uptober" momentum is gaining ground.

Institutional bets signal new Bitcoin price peakWorth mentioning is that the Bitcoin market looks ready to push the coin to a new ATH as investors have committed $45.3 billion in open interest on the asset. This extreme leverage move indicates that market participants are anticipating further highs from the leading cryptocurrency.

Meanwhile, Geoff Kendrick, Standard Chartered analyst, believes the coin has potential to hit $200,000 by the end of 2025. Kendrick drew a positive correlation between Bitcoin and U.S. Treasury term premiums, which are on the rise as a result of the government shutdown.

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Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move in the diversification of Bitcoin to tokenized credit markets.

Robinhood Opens Up Strategy’s Retail Stocks Backed by Bitcoin for Investors
According to the announcement, the listing contains the suite of digital credit tokens by Strategy. They are blockchain-based preferred shares secured by reserves of Bitcoin.

This is an indicator of the increasing popularity of Bitcoin as productive collateral. It allows retail users on Robinhood to gain exposure to tokenized credit instruments within a regulated platform. This reflects Saylor’s belief that Bitcoin can serve as an active financial engine rather than idle treasury capital.

This aligns with recent policy shifts, including the U.S. Treasury’s move to ease tax rules on unrealized Bitcoin gains. This could further strengthen Saylor’s Bitcoin-backed corporate model.

CEO Vlad Tenev confirmed the development, saying Robinhood users can now hold and trade Strategy’s preferred stocks. He added that many Strategy investors had requested this before moving their accounts, calling it an “important unlock” for users.

Analysts Hail Strategy’s $STRC Listing as a Breakthrough for Bitcoin-Backed Finance
Crypto analyst Udi Wertheimer described the listing as “a stroke of genius,” noting that Robinhood’s low margin rates make $STRC highly attractive for leveraged buyers. He explained that investors can borrow cheaply from Robinhood.

Also, they can use those funds to purchase $STRC, whose dividends are higher than Robinhood’s borrow rates. “Every dollar of overweight demand goes into buying Bitcoin,” he wrote. Wertheimer added that Saylor is effectively redirecting Robinhood’s marketing power into BTC accumulation.

Bitcoin Asset Research called $STRC “the iPhone moment for the entire crypto industry,” highlighting its unmatched product-market fit. The account noted that Robinhood’s first-ever preferred stock listing being $STRC signals major progress for tokenized finance. “Even today, their site says they don’t support preferred stocks. This is a signal of PMF,” it said.

$STRC Sets Stage for Regulated Yield Assets in Bitcoin Credit Markets
As ratings agencies begin covering tokenized preferred stocks, institutional pools may join the market, driving demand. There are parallels between $STRC and yield-bearing stablecoins. However, Strategy’s version is legally structured and it’s compliant with U.S. regulations.

The firm’s model essentially creates a yield-bearing Bitcoin-backed instrument that functions like a compliant stable asset. The approach reflects Michael Saylor’s long-held conviction that BTC can outperform traditional assets. Recently, Saylor credited Bitcoin for Strategy’s exceptional results.

Once tokenized, $STRC could become a regulated alternative to yield-bearing stablecoins previously struck down by Congress. With Strategy’s Bitcoin-backed instruments now live on Robinhood, investors can access an entirely new asset class. The listing marks a turning point for Bitcoin’s role in credit markets, transforming it from passive reserve to productive collateral powering global financial infrastructure.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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According to market reports, Bitcoin pushed up against a key ceiling this week as more money flowed into futures and spot markets. Price action has held above several support levels, and traders are watching $123,500 as the immediate test before a fresh run at records.

Bitcoin Price Tests Final Resistance
Bitcoin’s trading channel has held firm for weeks, with a steady pattern of higher highs and higher lows. After finding support near the channel low — a point that lined up with the market’s point of control — the rally reached the $123,825 high-timeframe resistance zone.

Based on reports, that level is now the last major cap before prices move into untried territory. If the barrier is taken cleanly, the next target inside the channel sits near $131,000.

Momentum is being backed by rising open interest. As price climbed, the number of active positions has also grown, which traders read as a sign of broadening participation rather than a brief retail flare-up.

Reports have disclosed that Strategy’s Bitcoin holdings rose to $77.4 billion as BTC reclaimed the $120,000 mark, a move that market watchers say reflects stronger institutional interest.

Source: Coinglass
Institutions Add Large Positions
Spot Bitcoin ETFs have drawn substantial money. According to figures cited in the market, inflows into these ETFs reached $58 billion overall, with $23 billion coming this year.

Some analysts expect another $20 billion could arrive before year-end. That kind of demand is being called by some investors a structural bid that tightens available supply on exchanges.

Analysts on Wall Street are now issuing bold price targets. One large bank has put a $231K figure into circulation, while Geoff Kendrick, head of digital assets research at Standard Chartered, offered a $135,000 near-term call and said $200,000 could be possible by the end of 2025.

BTC market cap currently at $2.44 trillion. Chart: TradingView
Kendrick bases his view on three pillars: sustained ETF inflows, faster adoption across firms, and steady market sentiment despite broader macro worries.

Price structure and open interest are aligned in a way that many traders find convincing. Each rally so far has been followed by measured pullbacks, which some see as healthy consolidation rather than a breakdown. Still, the region above prior highs is thin on liquidity; moves there tend to be quick and wild.

What Traders Should Watch Next
A close watch on how the market behaves around $123,500 will be important. A decisive break with growing volume and rising open interest would likely accelerate the climb toward $131,000 and beyond. If the level holds as resistance, expect a sharper correction that could test lower support inside the channel.

Featured image from Gemini, chart from TradingView

The sharp decline witnessed in the SHIB trading price has also extended to its derivatives market as data from CoinGlass shows a notable decrease in its open interest over the last 24 hours.

With the data showing that SHIB futures open interest has plunged by 2.19% in the last 24 hours, the declining momentum flashes signals of new selling pressure on the market.

15,660,000,000,000 SHIB committed as bulls relentFollowing the decline in SHIB’s derivatives activity, the leading dog-themed meme coin has seen only 15,660,000,000,000 of its tokens committed to open interest in the last day. This is worth $198.48 million per SHIB’s trading price during the period.

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After multiple days of high price rallies, it appears that uncertainty is gradually stepping into the crypto market, with sudden price reversals sparking fears and doubts among market participants.

As such, the negative market trend has seen the total amount of money invested in Shiba Inu derivatives over the last day decrease substantially, suggesting reduced optimism and interest among investors.

While investors are still resilient on their bullish sentiments for the “Uptober” rally, they have shown less worry about the sharp reversal in SHIB’s on-chain activities as they believe it is only a brief response to the broader market headwinds; this suggests that the asset will be back on the positive trail in the near term.

With the negative trend reflecting on SHIB’s trading price during the period, data from CoinMarketCap shows that Shiba Inu has recorded a modest decline of 0.09% in the last 24 hours, trading at $0.00001245 as of press time.

Nonetheless, the fall in Shiba Inu open interest has expanded across major trading platforms, with Gate.io seeing a higher decrease of 4.21% in the metric as it accounts for nearly half of the total SHIB futures market.

Coinbase, on the other hand, has seen its SHIB derivatives activity remain on the positive side. While it accounts for only 0.34% of the SHIB derivatives market, the SHIB open interest volume on the U.S crypto exchange has surged by 1.54% over the period.

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The weekend has started with ongoing market growth, however, there are some exceptions, according to CoinMarketCap.

Top coins by CoinMarketCapSHIB/USDThe rate of SHIB has gone up by 0.54% over the last 24 hours.

Image by TradingViewOn the hourly chart, the price of SHIB has set a local support of $0.00001239.

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If the daily bar closes far from that mark, one can expect a bounce back to the $0.00001270 area.

Image by TradingViewOn the bigger time frame, one should focus on the nearest level of $0.00001306. If a breakout happens, the accumulated energy might be enough for a blast to the $0.00001350 range. Such a scenario is relevant until the end of next week.

Image by TradingViewFrom the midterm point of view, the rate of SHIB has once again bounced off the support of $0.00001145. However, bulls might need more time to accumulate energy for a further move. In this case, sideways trading in the range of $0.000012-$0.000013 is the more likely scenario.

SHIB is trading at $0.00001243 at press time.

NEW YORK, Oct. 04, 2025 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:

ODP Corporation (NASDAQ: ODP)’s sale to an affiliate of Atlas Holdings for $28.00 per share in cash. If you are an ODP shareholder, click here to learn more about your rights and options.

Air Lease Corporation (NYSE: AL)’s sale to Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield for $65.00 per share in cash. If you are an Air Lease shareholder, click here to learn more about your rights and options.

Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email [email protected] or [email protected].

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

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

Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
[email protected]
[email protected]  
https://www.halpersadeh.com

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

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

SummaryMSDL has seen its stock price decline ~20% YTD, creating a significant valuation gap versus peer BXSL.Morgan Stanley Direct Lending now trades at ~0.8x NAV compared to BXSL's 1.0x, making the current discount and income potential attractive for investors.Despite concerns over dividend coverage and declining net investment income, I upgrade MSDL to a 'strong buy' due to upside from multiple appreciation.MSDL's 12% dividend yield remains appealing, but investors should be cautious about risks from interest rate changes and potential dividend cuts.However, even with a risk of dividend cut, MSDL will still serve you as a solid source of income. gguy44/iStock via Getty Images

Morgan Stanley Direct Lending's (NYSE:MSDL) shareholders (including me) didn't have a pleasant experience with its stock price declining by ~20% YTD. So far, I've only published bullish articles about MSDL, and some may wonder

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

The information, opinions, and thoughts included in this article do not constitute an investment recommendation or any form of investment advice.

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

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Lakeway, Oct. 04, 2025 (GLOBE NEWSWIRE) -- Financial Gravity Companies, Inc. (OTC: FGCO) (“Financial Gravity” or the “Company”), a leading provider of family office services and financial solutions, today announced that it has closed on a credit facility with Prospeq.

The facility is designated to provide capital for advisor acquisition and transition financing as part of Financial Gravity’s long-term growth strategy. By accessing this credit facility, the Company intends to expand its advisor network and streamline the onboarding of new advisor partners into the Financial Gravity ecosystem.

“Securing this facility with Prospeq represents a significant step in our mission to accelerate advisor growth and deliver scalable solutions,” said Scott Winters, Chief Executive Officer of Financial Gravity. “This capital will allow us to support advisors through transition while aligning with our broader commitment to helping them grow their practices under the Financial Gravity model.”

Terms of the facility were not disclosed.

About Financial Gravity Companies, Inc.

Financial Gravity Companies, Inc. (OTC: FGCO) is an integrated financial services company that provides tax, estate, asset, risk, and investment management services through its family office framework. The Company serves independent financial advisors and their clients by delivering a comprehensive suite of solutions designed to help advisors scale and serve affluent families.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Such risks and uncertainties include, among others, those described in the Company’s reports filed with the OTC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. Financial Gravity undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date hereof.

Canaccord Genuity managing director George Gianarikas joins Yahoo Finance Head of News Myles Udland on Market Domination to discuss what the expiration of the electric vehicle (EV) tax credits means for Tesla (TSLA). Also, Kelley Blue Book executive editor Brian Moody speaks with Allie Canal about what these sales figures signal for the EV market and Tesla heading into the fourth quarter.

Geopolitical events, judicial rulings, new law legislation, and policy changes are all circumstances occurring on domestic and international stages that are triggering big stock moves in various industrial sectors.

A record quarter sets a high bar just as a key tailwind disappears.

Tesla (TSLA -1.41%) investors have been hoping for a return to growth, and the electric-car maker delivered. Third-quarter deliveries were 29% higher than the previous quarter and returned to year-over-year growth. These record quarterly deliveries followed two periods of underwhelming sales in the first half of the year.

The timing of a blowout quarter wasn't random. U.S. buyers were racing to complete purchases before the $7,500 clean-vehicle credit ended for vehicles acquired after Sept. 30, and Tesla's refreshed Model Y helped convert interest into orders. The result was a headline-grabbing surge in the deliveries that refocused attention on the company's growth story.

But can momentum persist in Q4? The next few months will tell us how much of Q3's strength reflected one-time incentives and how much represented underlying demand that can carry into next year.

Image source: Getty Images.

An impressive third quarter
Tesla's third-quarter deliveries came in at 497,099, the company said on Thursday. This is up 7% year over year and far higher than Q2 numbers. Production, however, lagged behind, coming in at 447,450 units. That gap reduced inventory and suggests the company's demand exceeded production -- a testament to the company's compelling lineup and a rush to buy vehicles before the $7,500 credit expired.

The surging demand to take advantage of the credit makes perfect sense. Under recently updated IRS guidance, vehicles placed in service after Sept. 30 must have been acquired on or before Sept. 30 to qualify -- meaning shoppers who hadn't locked in by that date lost access to the $7,500 credit. That deadline, therefore, likely concentrated a meaningful number of U.S. deliveries into late September.

Product updates likely helped, too. The "Juniper" refresh of Model Y rolled out in China in January and reached the U.S., Canada, and Europe weeks later, bringing exterior and interior updates that could have nudged fence-sitters to act. For a vehicle that already represents the bulk of Tesla's volume, even modest improvements can move the needle -- particularly when stacked on top of a closing incentive window.

Q4 could be weak, but that's OK
Investors shouldn't assume Q3's pace will continue -- at least not in Q4. With the federal credit no longer available for vehicles acquired after Sept. 30, the most obvious catalyst that pulled buyers forward is gone. Add the production-delivery gap from Q3, and it's reasonable to expect a sequential step-down in fourth-quarter deliveries as production and orders realign.

The long-term picture, however, remains the more important lens. In Tesla's second-quarter update, management said that "first builds of a more affordable model" occurred in June, with volume production planned for the back half of 2025 (so, any day now). The more affordable model, which is rumored to just be a lower-priced Model Y variant, would widen the company's addressable market and could help drive sales higher next year.

Additionally, Tesla's progress with its autonomous ride-sharing network, Robotaxi, could attract attention to its cars and bolster demand, since all Tesla vehicles are built with self-driving capabilities. As of now, the self-driving technology requires supervision from the driver, but as it gets closer to full autonomy with future software updates, it will likely get more attention from consumers and may morph into a substantial catalyst for sales over time.

The market certainly seems to be looking past a potentially weak Q4. As of this writing, Tesla's market capitalization sits around $1.45 trillion against trailing-12-month net income of about $5.9 billion, giving the stock an extraordinarily high price-to-earnings ratio of about 245. While the valuation leaves little room for error, it could prove to be reasonable over the long haul if deliveries reaccelerate alongside growth in software sales and its energy business.

Ultimately, despite an impressive third quarter, Q4 may step back as the rush fades and production catches up, which is worth keeping in mind at today's valuation. The more consequential factors, however, are still ahead: lower-priced vehicles and early autonomy efforts. These growth initiatives could put deliveries and revenue on a firmer upward path next year. For investors, the case rests less on one quarter and more on the trajectory those catalysts can sustain over time.

Daniel Sparks and/or his clients have positions in Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.

No matter which tech company wins the global artificial intelligence (AI) race, this silver miner could soar.

Chances are that you've heard how the real fortunes from the California gold rush weren't made digging for gold. Instead, they were made by people selling picks and shovels. Today, a similar picks-and-shovels opportunity may be shaping up for the $15.7 trillion artificial intelligence (AI) revolution.

Because just as the picks and shovels merchants made money no matter who found the gold, First Majestic Silver (AG 0.41%), already up 100% in recent months, could keep rising, no matter which tech company wins the AI race.

The AI revolution can't proceed without silver
AI data centers could consume as much electricity as all of Japan -- a nation of 125 million people -- by 2030, according to the International Energy Agency. This is why OpenAI CEO Sam Altman in 2024 called for an energy breakthrough to meet the surge in demand, while doubling down in June that a "significant fraction" of global electricity should be devoted to AI.

And with governments around the world bent on decarbonization, these energy needs will largely be met by nuclear power and renewables.

In America, President Donald Trump is quadrupling the number of nuclear reactors. Worldwide, the number of solar installations soared by 64% for the first half of 2025, compared to the first six months of last year. And despite the loss of tax credits for American buyers, BloombergNEF expects almost 22 million electric vehicles to be sold in 2025, a new record.

The turn to clean energy to meet AI's energy needs is a massive boon to silver prices. That's because the average nuclear reactor needs 56,000 ounces of silver, while each solar panel requires about 0.64 ounces. Electric vehicles need about 1.3 ounces of silver, twice as much as the gas-powered cars they're replacing.

Add up the hundreds of millions of solar panels, hundreds of new nuclear reactors, and millions of new electric cars, and it's small wonder that silver prices have surged 60% year to date. And with experts forecasting a supply crunch, it's easy to envision prices climbing still higher.

You can see the AI revolution's impact on silver through the iShares Silver Trust (SLV 2.34%), a fund that buys and stores physical silver. It's returned over 100% since ChatGPT launched in November 2022.

Management touts First Majestic's "best quarter ever"
The silver boom is great news for First Majestic, which is just coming off what CEO Keith Neumeyer calls its "best quarter ever in the company's history," with a 76% jump in silver production year over year, and a 94% jump in revenue.

He also touted the company's record cash flow of $115 million and its total cash of $510 million, calling it "not too bad a place to be." This war chest, against debt of just $235 million, gives First Majestic a debt-to-equity ratio of just 8.08%, which compares favorably to bigger rivals like Pan American Silver (PAAS -0.31%) or Hecla Mining (HL -1.33%), with their respective debt-to-equity ratios of 16.9% and 24.9%.

The Vancouver-based company, valued at roughly $6 billion, is still a mid-cap stock. It has four major silver and gold mines, most notably San Dimas, a mine in Durango, Mexico, which recently saw encouraging exploration results. San Dimas has over 30 million ounces of silver in proven and probable reserves, plus 364,000 ounces of gold in proven and probable reserves, which it costs just $21.06 per ounce to extract. First Majestic can access the 10.5 million ounces of proven and probable silver reserves in its Santa Elena mine even more cheaply, at $14.40 per ounce.

Image source: Getty Images.

But First Majestic isn't content to rest on its laurels. Record spending on exploration is underway, with 255,000 meters expected to be drilled in 2025, compared to 182,909 meters drilled last year.

Clearly, management knows what the ongoing silver boom could mean for the company, and is determined to meet the moment.

And because 55% of First Majestic's revenue comes from silver, compared to 44% for the nearest major miner, it is a compelling opportunity for investors seeking a "pure play" to ride the silver boom.

Can shares keep climbing?
First Majestic shares have soared over 120% year to date, raising questions of whether its rally can continue.

At first glance, shares appear richly valued. First Majestic's price-to-sales ratio of 5.7 is well above the industry average of 2.9. Its forward price-to-earnings ratio stands at 45.3, which is expensive but not prohibitively so.

But investors should keep First Majestic's record cash position in mind. Its $510 million in total cash could allow it to make strategic acquisitions to dramatically grow its mining empire, as it did when it acquired the Los Gatos mine and its 6 million ounces in annual silver production in 2024.

Additionally, a further climb in silver prices would boost First Majestic's earnings and allow it to grow into its valuation.

For investors looking for a way outside of tech to play the global AI revolution, or simply capitalize on an ongoing silver boom, First Majestic could be worth buying.

William Dahl has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF)CEO John Passalacqua spoke with Proactive about the company’s recently launched $15 million private placement and how it strengthens its growth path.  

Passalacqua explained that the financing, conducted under a LIFE offering, is different from the company’s previous raises. It comes on top of $20 million already secured over the past six months, bringing the total raised to $35 million in that timeframe.  

He said the decision to proceed with this placement was aimed at “fully de-risking the company” as it advances its Bégin-Lamarche igneous phosphate mine and begins work on downstream processing facilities. 

He also spoke about the challenge many mining companies face in moving from preliminary economic assessments to feasibility studies and permitting, often referred to as the “Valley of Death.”  

Passalacqua noted that with the current funding, First Phosphate is well-positioned to cross this stage without relying on royalties, debt, or additional dilution. 

Looking ahead, the company is planning metallurgical bulk sampling, definition drilling, and environmental programs this fall.  

These activities will feed into a feasibility study targeted for completion by the end of 2026, with permitting expected by the first quarter of 2027. 

Proactive: Welcome back inside our Proactive newsroom. Joining me now is John Passalacqua, the CEO of First Phosphate. Back with some really big news from the company. You’re here to announce a $15 million private placement. Tell me about the timing and the strategy behind this. 

John Passalacqua: This private placement is through a LIFE offering. It’s different from our previous placements and significantly larger. The LIFE offering allows up to $25 million per year, and we’ve gone out for $15 million. The idea is to fully de-risk the company now that investor interest is strong.  

This is on top of the $20 million we raised in the last five to six months, bringing the total to $35 million raised in that period. It was prudent to strengthen the balance sheet so we can move ahead with permitting for the Bégin-Lamarche igneous phosphate mine and start on downstream processing facilities. 

And what about the capital needs going forward? You’ve raised quite a bit, but there are still things to be done in the next few years. 

Right. In mining, there’s something called the Valley of Death, the stage between a preliminary economic assessment and feasibility studies with permits. For us, that journey is about $30 to $35 million. With this raise and what we already have in treasury, we can now fully de-risk the company.  

Many juniors end up selling royalties or taking on difficult debt to get through this stage. We’ve structured it so we can traverse that period with equity only, avoiding dilution, royalties, or toxic debt. 

With this funding, we can accelerate. We’re hoping to deliver a feasibility study by the end of 2026 and permitting by Q1 of 2027. It also protects our early shareholders who took the bigger risk when the company was less certain. 

And what’s planned for this fall? What should people be watching for before you get into 2026? 

We’ll continue metallurgical bulk sampling to determine mineral concentration, definition drilling for the feasibility study, and environmental programs. All of that will feed into the feasibility study and the final report. 

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Tesla (TSLA) will release Full-Self Driving v14 on Monday, CEO Elon Musk wrote, big news for Tesla and TSLA stock. Musk wrote early Saturday on his social site that FSD v14's release had been delayed due to a "last minute bug," but said "that gives us time to add a few more features." Back on Sept. 25, Musk had said…

, /PRNewswire/ -- The Kroger Co. (NYSE: KR), said today it has recalled Basil Pesto Bowtie Salad and Smoked Mozzarella Penne Salad that was sold in the Kroger Family of Stores in following states:  AK, AL, AR, AZ, CA, CO, GA, ID, IL, IN, KS, KY, LA, MI, MO, MS, MT, NE, NM, NV, OH, OR, SC, TN, TX, UT, WA and WV.  This follows a recall initiated by Fresh Creative Foods, due to possible Listeria monocytogenes contamination of the pasta ingredient that was manufactured by Nate's Fine Foods of Roseville, CA.

For a complete list of product label

For a complete list of product label images, visit: https://brandfolder.com/kroger/recalls.

For a complete list of product label images, visit: https://brandfolder.com/kroger/recalls.

For a complete list of product label images, visit: https://brandfolder.com/kroger/recalls.

Listeria monocytogenes is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, Listeria infection can cause miscarriages and stillbirths among pregnant women. No reports of illness or injury have been reported to date.  Anyone concerned about an illness should contact a healthcare provider.

The item was sold from the deli full and self-service cases at 1,860 Kroger Family of Stores locations under the following banners: Kroger, Baker's, City Market, Dillons, Fred Meyer, Fry's, Gerbes, King Soopers, Payless, Ralphs and Smith's.  Kroger has removed these items from store shelves and initiated their customer recall notification system that alerts customers who may have purchased recalled products through register receipt tape messages and email alerts.  For a complete list of product label images, click here.

Product

UPC

CODE

Size

BASIL PESTO BOWTIE

PASTA SALAD

217573-10000

SOLD ON:

SEP 6 2025

<thru>

OCT 2 2025

Random Weight

sold at deli service

counter

BASIL PESTO BOWTIE

PASTA SALAD

217573-20000

SOLD ON:

SEP 6 2025

<thru>

OCT 2 2025

Random Weight

Grab-n-Go

packages sold in

Deli Dept. 

SMOKED MOZZARELLA

PENNE SALAD

227573-10000

SOLD ON:

AUG 29 2025

<thru>

OCT 2 2025

Random Weight

sold at deli service

counter

SMOKED MOZZARELLA

PENNE SALAD

227573-20000

SOLD ON:

AUG 29 2025

<thru>

OCT 2 2025

Random Weight

Grab-n-Go

packages sold in

Deli Dept.

The Kroger Family of Stores was notified on September 26 by the salad kit supplier, Fresh Creative Foods, that the supplier of the kit's pasta ingredient, Nate's Fine Foods, had recalled the bowtie pasta due to possible Listeria monocytogenes contamination.   This recall affected 24 Smith's stores in AZ, NM, and NV.   On October 1, Kroger was again notified by Fresh Creative Foods, that the supplier for the kit's pasta ingredient, Nate's Fine Foods, was recalling additional dates of the bowtie pasta as well as penne pasta items due to possible Listeria monocytogenes contamination.

Customers who have purchased the product described above should not consume it and should return it to a store for a full refund or replacement.

Customers who have questions may contact Kroger at 1-800-KROGERS, Monday through Friday 8:00 a.m. ET to 12:00 a.m. ET, and Saturday through Sunday 8:00 a.m. ET to 9:00 p.m. ET.

About Kroger
At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: To Feed the Human Spirit™. We are, across our family of companies more than 400,000 associates who serve over 11 million customers daily through an eCommerce experience and retail food stores under a variety of banner names, serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities. To learn more about us, visit our newsroom and investor relations site.  

SOURCE The Kroger Co.

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

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

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

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

Company: Workiva (WK)Business: Workiva is a provider of cloud-based reporting solutions that are designed to solve financial and non-financial business challenges at the intersection of data, process and people. The company offers its unified software-as-a-service, or SaaS, platform that brings customers' financial reporting; environmental, social and governance (ESG); and governance, risk and compliance (GRC) together in a controlled, secure, audit-ready platform. The Workiva platform is multi-tenant cloud software deployed in multiple regions worldwide for assured integrated reporting. The company's platform is built primarily on Amazon Web Services and is composed of both proprietary and open-source technologies. Its Workiva platform helps customers by connecting and transforming data from hundreds of enterprise resource planning, human capital management, and customer relationship management systems, as well as other third-party cloud and on-premises applications.

Stock Market Value: $4.92 billion ($87.46 per share)

Activist: Irenic Capital ManagementOwnership: ~2.0%

Average Cost: n/a

Activist Commentary: Irenic Capital was founded in October 2021 by Adam Katz, a former portfolio manager at Elliott Investment Management, and Andy Dodge, a former investment partner at Indaba Capital Management. Irenic invests in public companies and works collaboratively with firm leadership. Their activism has thus far focused on strategic activism, recommending spinoffs and sales of businesses.

What's happeningOn Sept. 29, Irenic announced that they have taken a roughly 2% position in Workiva and are calling on the company to improve its operating efficiency, review strategic alternatives with fresh board oversight, including a potential sale of the company, and improve corporate governance practices, including collapsing its dual-class share structure. Irenic also called on the company to add two new board members, including Irenic executive Krishna Korupolu, to the board, and noted that they have not ruled out nominating directors if the two sides can't reach an agreement.

Behind the scenesWorkiva is the leading provider of cloud-based reporting solutions, integrating financial reporting, sustainability management, and governance, risk, and compliance, into a sharable, data-integrated, and audit-ready environment. Over 40% of the company's revenue is derived from its SEC filing service, which simplifies regulatory filings and other disclosures for public companies. This is a great business that serves some of the world's largest enterprises, with 95% of the Fortune 100, 89% of the Fortune 500 and 85% of the Fortune 1000 using its platform, supported by an approximately 97% customer retention rate that has enabled consistent mid-teens revenue growth.

But the problem for Workiva lies not in the quality of its business, but rather its lack of profitability. Despite scaling toward more than $1 billion in revenue by 2026 and over 10 years operating in the public markets, Workiva is yet to generate a profit. As a result, Workiva shares currently trade at a roughly 25% discount to application software rivals like Workday and ServiceNow.

This discount and operational challenges have drawn the attention of Irenic Capital, who has disclosed an approximately 2% position in the company and issued a presentation to the Workiva board calling for governance enhancements, operational changes and a review of strategic alternatives.

Governance is a real issue at Workiva and an obvious reason for the discounted stock price. Workiva is still run like a private company with its three founders controlling the company through the dual share class structure. This has led to a staggered board with little relevant experience and five of seven directors serving since the 2014 IPO.

Irenic would like to see the dual class share structure collapsed and the board de-staggered and reconstituted with qualified directors including Irenic executive Krishna Korupolu. In the world of shareholder activism, this is generally tantamount to asking a country like North Korea to convert to a democracy, but Irenic's prospects are not hopeless here (more on that later).

Operationally, you get what you would expect from a founder-controlled company — an extremely bloated SG&A. Much of the margin pressure can be attributed to inefficiencies in the company's operating model, particularly within its sales force, as sales and marketing currently occupy 43% of revenue compared to 31% on average for peers. This has produced an estimated operating margin for calendar year 2025 of 7%, despite having 80% gross profit margins. SaaS companies of this caliber should be able to meet "Rule of 40" targets (operating margins plus revenue growth equal or exceeding 40), a level of efficiency that would be extremely accretive to shareholders, which Irenic believes is achievable by FY 2027.

Workiva currently has an 18% revenue growth rate but spends an inordinate amount of money to get the last couple of percentage points. It should be able to sustain double-digit revenue growth with far less sales force spending, which could in itself meaningfully change the company's margin profile. Combining this with the company's extremely strong pricing power suggests room for significant profitability improvements.

Irenic states that if Workiva is unable to execute as a refocused public company with improved corporate governance, the board (preferably revamped) should run a strategic review, pursuing a sale of the company to determine the best risk-adjusted path for shareholders.

Workiva is a market leader in a secularly growing business with a vast blue-chip clientele and no real number two when it comes to its SEC filing service. The quality of Workiva's business should mean no shortage of private and strategic interest. In fact, in 2022, reports surfaced that PE firms Thoma Bravo and TPG had interest in a potential acquisition. Logical strategic acquirers include similar financial management platforms like Intuit, stock exchange operators (Nasdaq, LSEG, Deutsche Börse), as well as software behemoths such as Salesforce, Oracle and IBM, all of whom could realize meaningful synergies.

Comparable transactions — Smartsheet/Vista Equity (7x revenue), Coupa/Thoma Bravo (8x), AspenTech/Emerson Electric (14x), and AltairEngineering/Siemens (14x) — suggest a 7 to 8 times forward revenue multiple for financial acquirers, which at $1 billion projected revenue for 2026, would imply 40% to 60% upside, with the potential for even higher premiums in a strategic transaction given the potential for significant synergies.

While Irenic's public presence at Workiva has likely piqued the interest of potential acquirers, the bottom line here is, as an effectively controlled company, nothing can happen without the consent of the controlling parties – the three founders, who through a dual class structure control roughly 44% of the voting power.

While such factors can often stifle an activist campaign, there are a few reasons why this situation may be different. First, this is not a founding family but three different founders that are not necessarily aligned and may have grown apart.

Matthew Rizai resigned as chairman and CEO in June 2018 with a nice severance package. This and the fact that he was replaced by co-founder Martin Vanderploeg as CEO and did not even stay on the board indicates that this might have not been as mutual as the company's press release stated. Jeffrey Trom reduced his duties at the company in 2022, resigned in 2023 and ended a consulting relationship in 2024. Additionally, all three founders are over 65 years of age and have been slowly selling shares. Of the three founders, only Vanderploeg remains actively involved in the company as the non-executive chairman and he has 10.6% of total voting power versus 24.6% for Rizai and 9.2% for Trom. At the price that Irenic thinks this company could fetch in a sale, it is hard to believe that they would not be able to get the support of Rizai and/or Trom.

Additionally, Irenic has stated that they have not ruled out nominating directors if the two sides can't reach an agreement and if it does come to that, we would not necessarily assume the three founders are aligned.

Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments.