Market Signal Briefing

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Aptiv PLC (APTV - Free Report) , which belongs to the Zacks Automotive - Original Equipment industry.

This company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 13.73%.

For the most recent quarter, APTIV HLDS LTD was expected to post earnings of $2.12 per share, but it reported $1.79 per share instead, representing a surprise of 18.44%. For the previous quarter, the consensus estimate was $1.55 per share, while it actually produced $1.69 per share, a surprise of 9.03%.

Price and EPS Surprise

Thanks in part to this history, there has been a favorable change in earnings estimates for APTIV HLDS LTD lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

APTIV HLDS LTD currently has an Earnings ESP of +2.07%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on October 30, 2025.

Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Compare threat intelligence feeds based on indicator quality categories, including indicator age and number of tags.Understand how threat intelligence augments detections by looking at incident creation and closing classification metrics.See how ReversingLabs automation saves businesses time and money with estimates using operations data. CAMBRIDGE, Mass., Oct. 02, 2025 (GLOBE NEWSWIRE) -- ReversingLabs (RL), the trusted name in file and software security, today announced its inclusion in the Microsoft Security Store Partner Ecosystem. ReversingLabs was selected based on their proven experience with Microsoft Security technologies, willingness to explore and provide feedback on cutting-edge functionality, and close relationship with Microsoft.

“ReversingLabs’ addition to the new Microsoft Security Store provides businesses with best-in-class threat intelligence for Microsoft Sentinel. Through our integrated solution, users gain access to more accurate threat detections, thus reducing Mean Time to Detect (MTTD), lowering response costs, and improving effectiveness,” said Mario Vuksan, CEO and Co-Founder of ReversingLabs. “Microsoft Sentinel threat hunting and incident response workflows are also enriched with ReversingLabs threat intelligence, ensuring that SOC analysts have access to the context needed to quickly and effectively identify, investigate, and remediate the most sophisticated cyberattacks.”

"The Microsoft Security Store is designed to simplify and strengthen how organizations approach cybersecurity,” said Dorothy Li, Corporate Vice President, Security Copilot, Ecosystem and Marketplace, Microsoft. “By offering a curated selection of trusted solutions and AI agents, we help Security and IT teams quickly find, purchase, and deploy technologies that integrate seamlessly with Microsoft Security. With simplified billing, streamlined deployment, and verified integrations, the Security Store empowers defenders to accelerate their response, improve their security posture, and focus on what matters most."

The ReversingLabs Content Pack solution for Microsoft Sentinel provides users with a suite of tools, including sample playbooks that automatically enrich incidents with file hash reputation data from Spectra Intelligence (formerly TitaniumCloud) or Spectra Analyze (formerly A1000), enabling faster and more accurate incident triage. It also includes a workbook that helps visualize the value of ReversingLabs’ Azure-focused products and offers key capabilities such as comparing threat intelligence feeds by quality categories (e.g., indicator age and number of tags), assessing how intelligence augments detections through incident creation and closure metrics, and estimating time and cost savings from automation. For SOC Managers, the workbook provides valuable oversight of threat intelligence implementation, while SOC Analysts benefit from detailed enrichment data through the ReversingLabs-FileEnrichment playbook.

The Microsoft Security Store is setting a new benchmark for cybersecurity procurement and deployment. By centralizing a wide range of security solutions and AI agents—organizations can now streamline how they discover, acquire, and operationalize advanced security technologies. With features like industry framework alignment, simplified billing, and guided deployment, the Security Store helps security teams reduce complexity, accelerate adoption, and maximize the value of their security investment.

Where to find ReversingLabs products on the Microsoft Security Store:

ReversingLabs Content Pack for Microsoft Sentinel About ReversingLabs
ReversingLabs is the trusted name in file and software security. We provide the modern cybersecurity platform to verify and deliver safe binaries. Trusted by the Fortune 500 and leading cybersecurity vendors, RL Spectra Core powers the software supply chain and file security insights, tracking over 422 billion searchable files with the ability to deconstruct full software binaries in seconds to minutes. Only ReversingLabs provides that final exam to determine whether a single file or full software binary presents a risk to your organization and your customers.

Media Contact
Doug Fraim
Guyer Group
[email protected]

KEY TAKEAWAYS
Berkshire Hathaway has struck a $9.7 billion all-cash deal to buy OxyChem, the petrochemical division of Occidental Petroleum, in the largest acquisition by Warren Buffett’s conglomerate since 2022.Berkshire Hathaway has been focused on selling stakes and growing its cash pile rather than big-ticket purchases in recent years.

Berkshire Hathaway (BRK.A, BRK.B) has struck a $9.7 billion all-cash deal to buy the petrochemical division of Occidental Petroleum (OXY), in the largest acquisition by Warren Buffett’s conglomerate since 2022.

The two companies announced the transaction by Berkshire Hathaway for OxyChem early Thursday. Berkshire is already the largest shareholder in Occidental, and a pending deal had been widely reported ahead of the announcement.

“Berkshire is acquiring a robust portfolio of operating assets, supported by an accomplished team,” said Greg Abel, Buffett's successor. Abel, who is vice chair of non-insurance operations at Berkshire, is taking over as CEO at the end of the year. 

Why This Matters
Investments by the "Oracle of Omaha" have always been closely monitored by investors, and Buffett’s move for OxyChem may be seen as a bet on the chemicals industry. The purchase could also be the 95-year-old investor's last big deal before he steps down as CEO of Berkshire Hathaway at the end of the year.

The transaction is expected to close in the fourth quarter of 2025.

The deal is the largest by Berkshire since its 2022 purchase of insurer Alleghany for $11.6 billion and will be closely watched by investors. The conglomerate has been growing its cash pile lately by unwinding shares in companies like Apple (AAPL) and Bank of America (BAC), rather than making big-ticket acquisitions.

The OxyChem deal also marks Buffett’s second big bet on chemicals after Berkshire Hathaway's acquisition of Lubrizol in 2011. 

Occidental said it expects to use $6.5 billion of proceeds from the deal to cut its debt levels. “This transaction strengthens our financial position and catalyzes a significant resource opportunity we’ve been building in our oil and gas business for the last decade," Occidental CEO Vicki Hollub said.

Occidental shares were down about 7% in recent trading, while Berkshire Hathaway shares were little changed.

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

October 02, 2025 13:20 ET

 | Source:

Special Opportunities Fund, Inc.

NEW YORK, Oct. 02, 2025 (GLOBE NEWSWIRE) -- Special Opportunities Fund, Inc. (NYSE: SPE) (the “Fund”) has announced that the Fund’s Board of Directors (the “Board”) has declared the next three monthly distributions under the Fund’s managed distribution plan.

Under the Fund’s managed distribution plan, the Fund intends to make monthly distributions to common stockholders at an annual rate of 8% (or 0.6667% per month) for 2025, based on the net asset value of $16.47 of the Fund’s common shares as of December 31, 2024.

The next three distributions declared under the managed distribution plan are as follows:

MonthAmountRecord DatePayable DateOctober$0.1098
October 21, 2025October 31, 2025November$0.1098
November 18, 2025November 28, 2025December$0.1098
December 16, 2025December 31, 2025
Under the managed distribution plan, the Fund will distribute net investment income, net realized capital gains and/or return of capital. No conclusions should be drawn about the Fund’s investment performance from the amount of the distributions. The Board may amend the terms of the managed distribution plan or terminate the plan at any time without prior notice to stockholders.

The Fund will issue a notice to common stockholders that will provide an estimate of the composition of each distribution. For tax reporting purposes the actual composition of the total amount of distributions for each year will continue to be provided on a Form 1099-DIV issued after the end of the year.

Contacts

For information, please contact:
Thomas Antonucci, Bulldog Investors LLP ([email protected])

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.

Image: Bigstock

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Key Takeaways CarMax reported Q2 EPS of $0.64, missing estimates and down from $0.85 a year earlier.Quarterly revenues fell 6% year over year to $6.6B, lagging the $7.1B consensus estimate.Used-vehicle sales dropped 7.2% to $5.27B, with units sold down 5.4% to 199,729 vehicles.
CarMax Inc. (KMX - Free Report) reported second-quarter fiscal 2026 (ended Aug. 31, 2025) adjusted earnings per share of 64 cents, which missed the Zacks Consensus Estimate of $1.03. The bottom line fell from 85 cents per share recorded in the year-ago period. The auto retailer registered revenues of $6.6 billion in the quarter under review, which lagged the Zacks Consensus Estimate of $7.1 billion. The top line also fell 6% year over year.

Segmental PerformanceCarMax’s used-vehicle net sales totaled $5.27 billion for the reported quarter, down 7.2% year over year due to a decline in unit sales. The units sold in this segment fell 5.4% year over year to 199,729 vehicles and fell short of our forecast of 218,574 units. The average selling price (ASP) of used vehicles decreased 1% from the year-ago quarter to $25,993, which lagged our projection of $26,335. Amid lower-than-expected units sold, revenues from the segment missed our estimate of $5.76 billion.

Comparable store used-vehicle units decreased 6.3% and revenues fell 7.1% from the prior-year level. Used-vehicle gross profit per unit (GPU) came in at $2,216, which fell from the prior-year quarter’s $2,269 but lagged our estimate of $2,223.4.

For the fiscal second quarter, wholesale vehicle revenues decreased 0.4% from the year-ago level to $1.15 billion. The reported figure was below our projection of $1.1 million due to lower-than-anticipated unit sales. Units sold fell 2.2% to 138,302 (versus our forecast of 145,914) and the ASP rose 1.6% year over year to $7,891 (versus our estimate of $7,553). Wholesale vehicle GPU came in at $993, which fell from the year-ago period’s $1,021 but topped our estimate of $887.7.

Other sales and revenues decreased 4.2% year over year to $174.4 million but missed our estimate of $192.1 million. CarMax Auto Finance’s income fell 11.2% year over year to $102.6 million at the end of the fiscal second quarter.

Other TidbitsSelling, general and administrative expenses decreased 1.6% from the prior-year quarter to $601.1 million. The firm had cash/cash equivalents and long-term debt of $540.4 million and $1.37 billion, respectively, as of Aug. 31, 2025.

During the fiscal second quarter, CarMax repurchased shares worth $180 million. As of Aug. 31, 2025, it had $1.56 billion remaining under the share repurchase authorization.

Earnings Releases of Other Auto StocksTHOR Industries, Inc. (THO - Free Report) reported its fourth quarter of fiscal 2025 (ended July 31) results on Sept. 24. It posted earnings of $2.31 per share for the quarter, beating the Zacks Consensus Estimate of earnings of $1.16. The company reported earnings of $1.68 per share in the corresponding quarter of fiscal 2024.

THOR registered revenues of $2.52 billion for the fiscal fourth quarter, beating the Zacks Consensus Estimate of $2.31 billion. The top line fell 0.4% year over year.

AutoZone Inc. (AZO - Free Report) reported fourth-quarter fiscal 2025 (ended Aug. 30, 2025) results on Sept. 23. It reported earnings of $48.71 per share, which missed the Zacks Consensus Estimate of $50.52. The company had reported earnings of $48.11 per share in the corresponding quarter of fiscal 2024. Net sales grew 0.6% year over year to $6.24 billion and topped the Zacks Consensus Estimate of $6.22 billion.

Advance Auto Parts (AAP - Free Report) reported second-quarter 2025 results on Aug. 14. It reported adjusted earnings of 69 cents per share for the second quarter of 2025, beating the Zacks Consensus Estimate of 59 cents. The company reported adjusted earnings of 75 cents per share in the year-ago quarter. Advance Auto generated net revenues of $2.01 billion, which beat the Zacks Consensus Estimate of $1.98 billion. Comparable store sales increased 0.1% year over year. We expected a rise of 0.2% for the same. The top line decreased from $2.68 billion generated in the year-ago quarter.

Published in auto-tires-trucks earnings

SummaryPublic REITs remain a compelling portfolio diversifier, offering inflation protection, steady dividends, and downside risk mitigation amid a crowded investment landscape.REITs are currently undervalued, with double-digit total returns possible, supported by a 4% dividend yield and 4-6% annual growth.Despite recent outflows and competition from alternatives, a 10-20% allocation to real estate - mixing public and private - is still recommended for balanced portfolios.Markets are cyclical. The low-risk, hard-asset nature of REITs will regain favor, so increasing exposure now positions investors ahead of the trend. SewcreamStudio/iStock via Getty Images

Almost 15 years ago, we debuted our July 2011 Outlook titled "The Role of REITs" with the goal of informing clients and prospects about the benefits of adding REITs to their portfolios. Many of the attractive attributes of REITs

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. 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.

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Program has honored more than 500 members of the military since its inception

Sponsorship honors both local military veterans and healthcare professionals

POMPANO BEACH, Fla., October 2, 2025 – PRISM MediaWire (Press Release Service – Press Release Distribution) – BioStem Technologies, Inc. (OTC: BSEM), a leading MedTech company focused on the development, manufacturing, and commercialization of placental-derived products for advanced wound care, and the Florida Panthers, announced today that they will celebrate the 13th season of the “Heroes Among Us” program throughout the upcoming 2025-26 NHL season with BioStem Technologies Inc. as the new sponsoring partner. Through the support of BioStem, the club will continue its special tradition of introducing and highlighting the important contributions of military veterans to the U.S. during all home games.

“As one of the MedTech industry anchors in South Florida, BioStem is proud to expand our partnership with the Florida Panthers as the sponsor of the ‘Heroes Among Us’ program to recognize and honor those whose military contributions have made a lasting difference to our country. This sponsorship is an extension of our ongoing recognition of the sacrifices that our military members make, personified by our co-founder, Andrew Van Vurst, who is a veteran of the U.S. Marine Corps. We are also deeply honored to continue supporting the Panthers’ ‘Seats for Service’ program, which creates meaningful game-day experiences for veterans and their families. Together, these initiatives reflect our shared mission of giving back to those who have served, while also aligning with the upcoming launch of our American Amnion product line, a brand dedicated to advancing wound care for the military community.”

Jason Matuszewski, Chairman and CEO of BioStem Technologies
The “Heroes Among Us” program honors one military hero at every home game with a national anthem dedication and scoreboard video highlighting his or her story. Since its creation in 2013, the “Heroes Among Us” program has honored more than 500 local veterans and active-duty service members at Panthers’ home games, including more than 125 WWII veterans, 50 Vietnam War veterans, 20 Korean War veterans, and others.

“This program continues to be one of the most impactful moments of our games, as we honor the incredible stories of local veterans and recognize their service and sacrifice to our country. It’s an honor to give our fans and community the opportunity to thank and appreciate these heroes on a nightly basis and appreciate BioStem Technologies’ support of this program.”

VP of Panthers Foundation & Community Relations, John Colombo
Nominate a Veteran for the “Heroes Among Us” Program:

The South Florida community can nominate a member of the military by visiting FloridaPanthers.com/HeroesAmongUs.

BioStem to Continue Sponsorship of the “Seats for Service” Program with the Panthers:

Additionally, BioStem will continue to support the “Seats for Service” initiative in partnership with the Panthers. The partnership initiated during the 2024-25 season and BioStem has supported 125 seats to date. Fans can nominate a veteran to receive four tickets to a Panthers game at Amerant Bank Arena, one parking pass, and a $50 food and beverage credit. This initiative aims to create a memorable experience for the honorees and their families at Panthers games. Fans can nominate a veteran by clicking HERE.

Florida Panthers Foundation:

One of the four core pillars of the Florida Panthers Foundation is veterans’ affairs. The Panthers are dedicated to supporting organizations that provide critical resources and services to active duty and retired military members. For more information on the Panthers Foundation, please visit PanthersFoundation.org.

Purchase Tickets:

The Florida Panthers are back-to-back 2024 & 2025 Stanley Cup Champions! Fans interested in purchasing a Partial Plan for the 2025-26 season can click here, visit FloridaPanthers.com/tickets, or by calling PUCK line (954.835.PUCK).  

Join BioStem’s Distribution List & Social Media:
To follow the latest developments at BioStem, sign-up to the Company’s email distribution list HERE, and follow us on X, and LinkedIn.

About BioStem Technologies:

BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioREtain ® processing method. BioREtain ® has been developed by applying the latest research in advanced wound care, focused on maintaining growth factors and preserving tissue structure. BioStem Technologies’ quality management system and standard operating procedures have been reviewed and accredited by the American Association of Tissue Banks (“AATB”). These systems and procedures are established per current Good Tissue Practices (“cGTP”) and current Good Manufacturing Processes (“cGMP”). Our portfolio of quality brands includes AmnioWrap 2 ™, VENDAJE ®, VENDAJE AC ®, and VENDAJE OPTIC ®. Each BioStem Technologies placental allograft is processed at the Company’s FDA registered and AATB accredited site in Pompano Beach, Florida.

For more information, visit biostemtechnologies.com and follow us on X, and LinkedIn.

Contact BioStem Technologies, Inc.:
Website: www.biostemtechnologies.com
E-Mail: [email protected]
X: @BSEM_Tech
Facebook: BioStemTechnologies
Phone: 954-380-8342

Investor Relations:
Adam Holdsworth, BioStem Director of Investor Relations
E-Mail: [email protected]
Phone: 954-854-2409

Or

Gilmartin Group:
Philip Trip Taylor, Principal
E-Mail: [email protected]
Phone: 415-937-5406

Source: BioStem Technologies, Inc.

-

Enterprise customers running self-managed deployments now get real-time diagnostics, performance tuning and issue detection through Elastic Cloud at no additional cost

SAN FRANCISCO--(BUSINESS WIRE)--Elastic (NYSE: ESTC), the Search AI Company, announced that AutoOps is now available for the first time for self-managed enterprise users—at no additional cost.

By offloading the heavy lifting to Elastic Cloud, self-managed users gain powerful diagnostic benefits without the overhead of associated infrastructure, also gaining operational insights that improve resource efficiency and lower hardware costs.

“We are always looking to simplify Elasticsearch management to allow developers to focus on building new features instead of troubleshooting issues,” said Ajay Nair, general manager, Platform, at Elastic. “Teams working in self-managed environments can now access the same benefits of AutoOps experienced by Elastic Cloud users.”

AutoOps simplifies cluster management with zero additional overhead. The first in a roadmap of Elastic Cloud connected services for self-managed environments, it runs through a lightweight integration that securely streams operational metadata, such as shard allocations, query latencies, and node utilization to Elastic Cloud. The cloud-powered service processes this telemetry to deliver real-time issue detection and resolution, while the underlying customer data never leaves the self-managed deployment.

Key features for AutoOps include:

Simplified cluster management: Delivers real-time cluster insights and automatic detection of ingestion bottlenecks, shard imbalance, and mapping errors so teams can resolve problems before they impact performance.

Reduced operational overhead: Eliminates the need to provision and manage a dedicated monitoring cluster. AutoOps data is stored in Elastic's infrastructure and managed by Elastic, freeing teams from additional infrastructure costs and administrative tasks.

Cost and resource optimization: Highlights underutilized nodes and inefficient indices, providing clear methods to improve resource utilization and reduce hardware costs.

Better support: Elastic Support engineers’ read-only access to AutoOps diagnostics makes support responses faster, as well as more precise resolutions to support tickets.

AutoOps users get the data sovereignty of a self-managed deployment, combined with simplified, proactive operational insights. The platform securely streams operational metadata about cluster workloads to Elastic Cloud, leaving underlying business data within the indices.

“Before using AutoOps, we were spending a significant amount of time manually analyzing nodes, charts, and indices to understand the root cause and determine a solution for issue diagnosis," said Oz Levy, data operations manager at Tipalti. “When we started using AutoOps, it provided actionable intelligence that changed the game; we no longer have to hunt for answers, they get delivered to us right away, along with the solutions to address them.”

Availability

AutoOps is available at no additional cost for Enterprise subscription users. Support for AutoOps for self-managed customers is available now. Sign up for an Elastic Cloud Account to get started.

Additional Materials

Elastic blogs

AutoOps: Simple Elasticsearch cluster monitoring and management, now available on-prem

A Journey to Simplify Self-Managed Elasticsearch Management

Documentation

Learn more about Tipalti’s journey with AutoOps

About Elastic

Elastic (NYSE: ESTC), the Search AI Company, integrates its deep expertise in search technology with artificial intelligence to help everyone transform all of their data into answers, actions, and outcomes. Elastic's Search AI Platform — the foundation for its search, observability, and security solutions — is used by thousands of companies, including more than 50% of the Fortune 500. Learn more at elastic.co.

Elastic and associated marks are trademarks or registered trademarks of Elasticsearch BV and its subsidiaries. All other company and product names may be trademarks of their respective owners.

More News From Elastic N.V.

Back to Newsroom

It’s a quiet Thursday in today’s pre-market, with a federal government shutdown keeping us from Weekly Jobless Claims data from the U.S. Department of Labor and Factory Orders from the Census Bureau. With no signs of ending this week, this shutdown will also likely keep nonfarm payrolls from the Bureau of Labor Statistics (BLS) from seeing the light of day tomorrow.

Thoughts on Labor Market/Jobless ClaimsInitial Jobless Claims had been coming down drastically, following a multi-year high from Labor Day week of +264K. Since then, we saw a huge drop to +232K the next week and +218K the week after that. We’d have to go back to mid-July to see a lower new jobless claims print. It’s a testament to the durability of the present-day labor market, or at least that of the recent past.

For Continuing Claims, we had been riding a three-week train below 1.94K, after 13 straight weeks above it (without once hitting the psychologically impactful 2 million longer-term jobless claims). These jobless claims reads have helped compartmentalize issues in the labor force, especially as we’ve begun to see a bit more volatility in these numbers of late.

Consider, for instance, yesterday’s private-sector payroll data from Automatic Data Processing (ADP - Free Report) , which posted its third month of negative job growth in the past four months. This is the worst performance in job growth since the initial months of the Covid pandemic. Considering the very healthy recent weeks of jobless claims we’ve seen, we could really have used Friday’s BLS report to help color in the lines of where the labor market truly stands.

Year to date, according to BLS, we’ve averaged +71K new jobs filled per month in 2025. Compare that with the previous eight-month average of +159K — it’s less than half. We’re also now being threatened with future government job layoffs, and repercussions from immigration crackdowns via ICE are beginning to show up in labor data, as well. To say nothing of pending — and present — threats of AI to the entry-level workforce. In short, it’s tough to see where a life raft in jobs data is going to come from.

Tesla Sets Record for Delivery Orders in Q3As expected, based largely on the tax credit expiration for EV purchases, Tesla (TSLA - Free Report) delivered +497K automobiles in Q3. This is a new record for the U.S. EV leader, even with some “brand erosion” which occurred following CEO Elon Musk’s various antics, particularly in the political forum. The company produced 447K vehicles in the quarter.

The $7500 tax credit for buying EVs is expiring, so we expect Tesla deliveries in Q4 to feel the impact of this. Tesla is also seeing increased competition in the European EV market, including Chinese companies BYD and MG. Even still, after market gains of +88% in Tesla shares over the past year, the stock is up another +3% in early trading today.

Factory Orders Had Been Expected +1.4%Elsewhere, dormant Factory Orders numbers for August keep additional manufacturing data under wraps for now. We had expected to see a swing back into positive territory, +1.4% from -1.3% in July, and hopefully reversing the weak trend of three down-months in the past four. Manufacturing data from S&P PMI earlier this week was steady and positive (52.0) while ISM numbers were improving but still in slight retraction (49.0).

What to Expect from Today’s Stock MarketPre-market futures are mixed at this hour — the Dow -14 points, the S&P 500 +20 and the Nasdaq +150 — based on similar sentiment we’ve seen recently: AI investment and deal-making is very real and the race is on. AI-based tech firms, from the $4.5 trillion NVIDIA (NVDA - Free Report) to the sub-$10 billion D-Wave Quantum (QBTS - Free Report) , are driving the bus right now. You can get on, but don’t get in the way.

Kingstone aims to double in size with $0.5B in premiums, but faces concentration risks despite stronger profitability and expansion plans.

A view shows the logo of Organization of the Petroleum Exporting Countries during the United Nations climate change conference COP29, in Baku, Azerbaijan November 13, 2024. REUTERS/Maxim Shemetov/File Photo Purchase Licensing Rights, opens new tab

LONDON, Oct 2 (Reuters) - OPEC's oil output rose further in September after an OPEC+ agreement to raise production, a Reuters survey found on Thursday, mainly due to higher production by the United Arab Emirates and Saudi Arabia.

The Organization of the Petroleum Exporting Countries pumped 28.40 million barrels per day last month, up 330,000 bpd from August's revised total, the survey showed, with the United Arab Emirates and Saudi Arabia making the largest increases.

Sign up here.

OPEC+, which includes OPEC and allies including Russia, is accelerating its output hikes by starting in October to unwind a second layer of cuts ahead of plan. Simultaneously, some members are tasked with extra cuts to compensate for earlier overproduction, limiting the impact of the hikes.

Under an agreement by eight OPEC+ members covering September output, the five of them that are OPEC members - Algeria, Iraq, Kuwait, Saudi Arabia and the UAE - were to raise output by 415,000 bpd before the effect of compensation cuts totalling 170,000 bpd for Iraq, Kuwait and the UAE.

According to the survey, the actual increase by the five was 347,000 bpd.

There is a wide range of estimates of output in Iraq and the UAE with many outside sources putting the countries' output higher than the countries themselves.
While the Reuters survey and data provided by OPEC's secondary sources show they are pumping close to the quotas, other estimates, such as those of the International Energy Agency, say they are pumping significantly more.

The Reuters survey aims to track supply to the market and is based on flows data from financial group LSEG, information from other companies that track flows such as Kpler, and information provided by sources at oil companies, OPEC and consultants.

Additional reporting by Ahmad Ghaddar
Editing by Susan Fenton

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

SINGAPORE, Oct. 02, 2025 (GLOBE NEWSWIRE) -- Davis Commodities Limited (Nasdaq: DTCK) announced today that it is reviewing a proposed multi-layered “commodity treasury” framework connected to its Real Yield Token (RYT) initiative. This model is designed to explore how tokenized agricultural reserves, commodity futures, and programmable settlement rails could collectively scale into a multi-billion-dollar liquidity backbone for global agri-finance.

Modeling a $2.5 Billion Digital Commodity Reserve

Preliminary internal scenarios, subject to regulatory and market validation, suggest the following potential outcomes:

USD 2.5 billion in tokenized commodity reserves within a 36-month horizon.Commodity-backed reserves designed to stabilize settlement flows across 40+ trading corridors in Asia, Africa, and the Middle East.USD 500–700 million in simulated annual transaction throughput under ESG-certified commodities, including ISCC-certified rice, Bonsucro-verified sugar, and sustainable oils.Liquidity recycling mechanisms targeting up to 30% faster circulation velocity compared to conventional bank-settled trade finance. What Is a “Commodity Treasury”?

A “commodity treasury” is a structured pool of tokenized reserves—such as warehoused sugar, rice, or sustainable oil inventories—linked to yield-bearing digital assets. This programmable liquidity buffer acts as a backstop for cross-border settlement, hedging, and ESG-linked financing, enhancing transparency and capital efficiency for both institutional and retail ecosystems.

Ecosystem & ESG Synergies

The proposed treasury model could embed recognized sustainability certifications (e.g., ISCC, Bonsucro) directly into tokenized reserves. By doing so, the system may enable impact funds, sustainability-linked institutional investors, and regional trade financiers to access verified, traceable, commodity-backed yield instruments at scale.

Tokenized treasuries are attracting global attention, as traditional financial institutions and fintech leaders increasingly evaluate on-chain reserve frameworks to improve transparency and efficiency. Davis Commodities’ exploration aligns with these market developments, focusing on emerging-market trade corridors that are often underserved by conventional capital systems.

Executive Commentary

“We are studying how real commodities, digital yield architecture, and programmable settlement can converge into a capital-efficient treasury system,” said Ms. Li Peng Leck, Executive Chairwoman of Davis Commodities. “Our intent is to model a scalable backbone that could support both institutional hedging and retail-driven ecosystems in emerging markets—linking verified supply chains with next-generation capital flows.”

Next Steps

The treasury framework is currently under review in collaboration with ESG auditors, blockchain infrastructure providers, and cross-border liquidity specialists. No implementation commitments have been made at this stage. Any pilot or launch will remain subject to regulatory consultation, market readiness, and stakeholder feedback.

About Davis Commodities Limited

Based in Singapore, Davis Commodities Limited is an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products in various markets, including Asia, Africa and the Middle East. The Company sources, markets, and distributes commodities under two main brands: Maxwill and Taffy in Singapore. The Company also provides customers of its commodity offerings with complementary and ancillary services, such as warehouse handling and storage and logistics services. The Company utilizes an established global network of third-party commodity suppliers and logistics service providers to distribute sugar, rice, and oil and fat products to customers in over 20 countries, as of the fiscal year ended December 31, 2024.

For more information, please visit the Company’s website: ir.daviscl.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, relating to the fundraising plans of Davis Commodities Limited. These forward-looking statements generally can be identified by terms such as “believe,” “project,” “predict,” “budget,” “forecast,” “continue,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “could,” “should,” “will,” “would,” and similar expressions or negative versions of those expressions.

Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, therefore, subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release. The Company’s filings with the SEC identify and discuss other important risks and uncertainties that could cause events and results to differ materially from those indicated in these forward-looking statements.

Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance upon forward-looking statements. Davis Commodities Limited assumes no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Key Takeaways
Shares of Tesla retreated Thursday even after the company turned in third-quarter deliveries that came in stronger than Wall Street anticipated. But looking back, investors have been baking all kinds of optimism into Tesla's valuation lately; the EV maker's shares outperformed the rest of the Magnificent Seven in the third quarter.

Tesla's stock isn't having a big day today. Given its recent performance, it can probably be excused.

Shares of the Magnificent Seven stock and electric vehicle maker were down about 3% in recent trading as the broader tech sector rose, and after reporting third-quarter deliveries that, at 497,000, exceeded Wall Street's expectations as measured by Visible Alpha. (The mean forecast was around 440,000; it's generally believed that the expiration of federal subsidies has pulled some EV demand forward.) Tesla's third-quarter earnings are now set to land Oct. 22.

Given the outperformance, one might have expected a more dramatic reaction to the deliveries news—though Tesla's (TSLA) shares have been delivering for a while now. The stock has powered off 2025 lows seen in March, turning in the best third-quarter performance of any Magnificent Seven stock with a 40% climb.

Why This Matters to Investors
Though Tesla's stock didn't move much after its better-than-expected deliveries report, the shares have had a remarkable runup in recent months, as bulls shift much of their focus from sales of electric vehicles to Elon Musk's compensation package, robotaxis and AI.

That's happened as CEO Elon Musk has encouraged investors to look toward its developing business lines, including robotaxis, autonomous driving systems, and robotics, as the more important drivers of the company's value than auto sales. (Some of the incentives in Musk's massive proposed pay package point in that direction, too.) Reports indicate that Tesla will expand its robotaxi trials to another state.

Wall Street analysts, meanwhile, have been gradually lifting their price targets—though the average, according to Visible Alpha, is still roughly $100 below current prices. Wedbush's Dan Ives, among the biggest bulls around, on Thursday said an "AI valuation will start to get unlocked in the Tesla story, and we believe the march to an AI-driven valuation for Tesla over the next 6-9 months has now begun."

Investors have been buying in—even if today's modest move doesn't show it.

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

RSG leans on solid waste growth, EV fleet expansion and shareholder returns despite liquidity challenges.

Orosur Announces Closing of Brokered Private Placement for Gross Proceeds of C$20.0 Million LONDON, UK / ACCESS Newswire / October 2, 2025 / Orosur Mining Inc. ("Orosur" or the "Company") (TSX-V:OMI)(AIM:OMI) is pleased to announce the closing of its previously announced and oversubscribed "best efforts" private placement offering (the "Offering") for aggregate gross proceeds of approximately C$20,000,000, which includes the full exercise of the agents' option for gross proceeds of C$2,000,000. Under the Offering, the Company sold an aggregate of 58,823,530 common shares of the Company (the "Shares") at a price of C$0.34 per Share (being approximately GBP £0.1809 at an exchange rate of GBP £1.88 to CAD).

CNI's rail partnership with CSX, steady dividends and efficiency gains fuel growth, though rising costs and debt pose risks.

XRP holds $2.80 support with price near $2.98. Analysts see $3.13 as the breakout pivot, opening targets toward $4.13 and beyond.

XRP traded near $2.98 at press time, gaining 2% in the last 24 hours and 6% across the week. Analysts point to $2.80 as a key level that could determine whether the token continues its rebound.

$2.80 Holds as Key Support
Crypto analyst Ali Martinez said XRP defended $2.80, which has become a realized cost basis for a large number of holders. Data from Glassnode shows that about 2.18 billion tokens, equal to over 3% of the circulating supply, last moved at this price point.

$XRP held $2.80 as support. As long as it does, there are no major supply walls to block a rebound. pic.twitter.com/bGjjNqQxJc

— Ali (@ali_charts) October 2, 2025

Below this level, realized distribution is much thinner, meaning fewer holders are positioned to sell. That reduces immediate selling pressure, leaving the token more room to rise if demand builds.

Breakout Watch Near $3.18
Analyst CoinsKid pointed to a descending triangle pattern where XRP has compressed between falling resistance and horizontal support. The price is again testing resistance below $3.00, while $2.80 remains the base.

CoinsKid said, 

“If we can see #xrp take out the red upper red line we could begin to target an impulsive move up to at least $4.13.” 

They also warned that a rejection could roll price back toward the ascending white trendline below $2.8. This structure, they explained, could form an “expanding leading diagonal setup” that still leaves scope for a larger advance over time.

You may also like:

Ripple CTO Steps Down – How Will This Big Leadership Change Affect XRP?

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Source: CoinsKid/X
$3.13 Seen as the Pivot Level
EGRAG CRYPTO identified $3.13 as the pivot point, calling it a decisive barrier on the Fibonacci retracement chart. A close above it would confirm continuation and open a target around $4.4, with further extensions toward $6 and $7 marked on his chart.

#XRP – Ready to Move� But Where? 🤔

This is a simple post, but I think it’s very effective!

If we close above $3.13 (the Fib 0.5 level), we could reach a minimum of $4.40. 📈 However, if we get rejected at that level, we might drop down to $2.65 or even $2.40. 📉

It’s up to… pic.twitter.com/0JpWdeqyqN

— EGRAG CRYPTO (@egragcrypto) October 2, 2025

These downside levels align with the broader channel, keeping the longer-term structure intact even if corrections follow.

In addition, the technical setup comes as XRP adoption expands. Japanese giant SBI Holdings recently launched an XRP lending program aimed at institutional payments. Meanwhile, Ripple CTO David Schwartz has stepped into an emeritus role.

As CryptoPotato reported, several spot XRP ETF filings await SEC decisions starting Oct. 18. These developments, alongside XRP’s test of resistance levels, make the coming weeks critical for both price action and adoption trends.

Tags:

In brief
Bitcoin miner manufacturer Canaan said Thursday that it has landed an order for over 50,000 rigs.
The order, from an undisclosed U.S. customer, is the firm's largest single order in the last three years.
Canaan shares surged in early trading Thursday following the announcement.
Canaan Inc., a Singapore-based cryptocurrency mining equipment manufacturer, announced Wednesday it has landed its largest order in three years: more than 50,000 Avalon A15 Pro Bitcoin mining machines from an unnamed U.S. customer.

The firm's shares, listed on Nasdaq under the ticker CAN, quickly spiked in price to a recent mark of $1.30, per Yahoo Finance—a 25% jump on the day, and the highest price seen since February.

The purchase order, disclosed in a company statement, marks a notable milestone for the firm as institutional demand for Bitcoin mining infrastructure rebounds. The machines are scheduled for delivery in the fourth quarter of 2025. Canaan did not disclose the customer in question.

"This milestone order represents a significant win for Canaan and reflects the robust resurgence of the U.S. market," Canaan Chairman and CEO Nangeng Zhang said, in the release. "It highlights not only the strength of our Avalon A15 Pro but also our deep commitment to serving customers worldwide, with a particular focus on building long-term partnerships in the U.S. market."

Bitcoin miners have been on the rise over the last week, not only in tandem with the rising price of Bitcoin itself—which was nearing $120,000 Thursday morning for the first time since mid-August—but also following a pair of recent, high-value moves by the Google-backed miners, Cipher Mining and TeraWulf.

JP Morgan said in a report Wednesday that the top 14 publicly traded Bitcoin mining firms in the United States reached a peak combined market cap above $50 billion for the first time in September. Beyond Bitcoin's own rise, mining companies are benefitting for demand for high-performance computing to power AI and other applications.

Bitcoin mining is a costly and energy-intensive process that secures the top crypto network while providing incentives for supporters in the form of newly minted Bitcoin. Many miners these days are large-scale, industrial operations housed in warehouses, and these firms upgrade their hardware to more powerful and efficient rigs as Bitcoin mining difficulty gradually grows over time.

The Avalon A15 Pro represents Canaan's latest-gen mining hardware, designed to offer what the company describes as industry-leading efficiency and reliability—critical factors as power costs increasingly determine mining profitability.

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

In response to community chatter, Plasma co-founder Paul released a statement to clarify key concerns and reaffirm the company's commitment to long-term growth. His remarks underline both the project's transparency and its determination to keep the focus on innovation.

Bitcoin (CRYPTO: BTC) has rallied more than $10,000 since Sunday to tap $119,000 on Thursday—and some more upside may be left to capture in the short term.

What Happened: Glassnode data shows BTC defending its short-term holder cost basis (~$111,600), a reliable support since May 2025.

After dipping to $109,000 post-FOMC rally, BTC rebounded toward $118,800, indicating strong buy-side demand.

On-chain data dynamics reflects several interesting dynamics:

Overhead resistance lies between $114,000–$118,000, where recent buyers may take profits.
Short-term holder realized value has declined, suggesting reduced speculative profit-taking and possible accumulation.
Fear & Greed Index cooled from Greed to Neutral/Fear, reflecting cautious investor sentiment.
Long-term holder selling has slowed, while ETF inflows provide a stabilizing demand floor.
Also Read: Bitcoin Hits 2-Month At $118,000 High, Ethereum, XRP, Dogecoin Rocket Higher

Why It Matters: Glassnode data shows a post-options expiry reset, with open interest rebuilding into Q4.

Short-term implied volatility has eased, the skew shifted neutral, and the curve remains in contango, indicating balanced risk outlook.

This signal reflects reduced immediate downside stress and balanced risk outlook.

The flows show measured upside positioning in calls ($136,000–$145,000), while put selling rises, consistent with seasonal Q4 optimism.

This combination of factors is setting BTC up for a neutral, healthy structure while awaiting a decisive directional move.

A run to $121,000 may be followed by a pullback to $118,000 before further expansion.

Read Next:

Solana, XRP ETFs May Be Just The Start: Why You Need To Brace For The Crypto ETF Avalanche
Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

DoubleZero announced the launch of its mainnet-beta on October 2, marking a transition from controlled testing to full-scale production and coinciding with the public debut of the 2Z token.

According to the announcement, the network now runs on more than 70 high-performance fiber links across over 25 global locations, contributed by independent providers such as Jump, RockawayX, Distributed Global, Galaxy, Jito and Cumberland/DRW. These links form a dedicated backbone engineered for low-latency, deterministic routing to support high-throughput distributed systems.

The launch follows a staged rollout. Early testnet phases deliberately stress-tested redundancy and failover, while the September 15 mainnet-alpha allowed validators to validate performance at scale. Data from epoch 24 showed that 77% of active links and 82% of measured city-pair routes outperformed the public internet, underscoring the gains of a dedicated transport layer.

At the core of the system is the 2Z token, a Solana Program Library (SPL) asset used for payments, staking and contributor rewards. Genesis supply is capped at 10 billion tokens, with modest inflation to reward network contributions and partial burns to discourage artificial traffic. 

This news follows recent guidance from the SEC’s Division of Corporation Finance, where staff issued a no-action letter confirming that 2Z does not need to be registered as a security and that programmatic flows on the DoubleZero network are not considered securities transactions.

This marks a departure from the Commission’s historically cautious stance on token classification, which previously left infrastructure-linked assets in a gray area. Indications suggest the agency is growing ever more open to distinguishing utility-driven distribution models from speculative instruments — a shift that could shape how future DePIN projects approach regulatory compliance.

This is a developing story.

This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.

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TagsSECSolana

The bank forecasts bitcoin at $133,000 by year-end and $181,000 in 12 months. Oct 2, 2025, 2:56 p.m.

Citi (C) sees crypto heading into the new year with modest but meaningful momentum, projecting upside for both bitcoin BTC$118,837.35 and ether ETH$4,376.52 into year-end and beyond, the Wall Street bank said in a report on Wednesday.

For year-end 2025, Citi now expects to peg bitcoin at $133,000, a slight trim from its prior $135,000 forecast, and ether at $4,500, up from $4,300.

STORY CONTINUES BELOW

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The bank’s scenarios still span wide ranges: bitcoin could finish as high as $156,000 if equity markets rally and flows accelerate, or as low as $83,000 under recessionary conditions. Ether’s upside bull case stands at $6,100, while its bear case remains considerably lower.

Bitcoin was trading around $119,550 at publication time, while ether was at $4,407.

Looking 12 months out, Citi sets a bitcoin target of $181,000, with the call entirely premised on sustained inflows, particularly through exchange-traded fund (ETFs). The bank expects ether to hit $5,400 in a years time.

Citi says bitcoin is better positioned to capture new inflows thanks to its scale and “digital gold” narrative, while ether may benefit from staking and DeFi-linked yields

Favorable regulation, particularly in the U.S., should act as a tailwind, but Citi cautions that macro risks such as recessionary pressures could still derail the bull case.

Read more: Wall Street Bank Citigroup Sees Ether Falling to $4,300 by Year-End

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

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Total Crypto Trading Volume Hits Yearly High of $9.72T

2025年9月9日

Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025

需要了解的:

Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025Gate exchange emerged as major player with 98.9% volume surge to $746 billion, overtaking Bitget to become fourth-largest platformOpen interest across centralized derivatives exchanges rose 4.92% to $187 billionView Full Report

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BNB Climbs 3.5% as Fed Rate Cut Bets Fuel Rally Past Key Resistance

57分钟前

BNB's price action was also influenced by a reduction in gas fees and Kazakhstan's state-backed Alem Crypto Fund naming BNB as its first investment asset.

需要了解的:

BNB rallied 3.5% in 24 hours to top $1,050, tracking broader crypto market gains as expectations of a Federal Reserve rate cut increased following a weak ADP report.The token broke above key resistance levels, driven by volume exceeding the 24-hour average, and outpaced the wider market's 2.25% gain.BNB's price action was also influenced by token-specific catalysts, including a reduction in gas fees and Kazakhstan's state-backed Alem Crypto Fund naming BNB as its first investment asset.Read full story

Crypto for Advisors: Is Bitcoin Lending Back?Is crypto lending back? After the 2022 crash, the market reset with strict collateral rules. DeFi drives transparency; regulated CeFi offers institutional trust. Oct 2, 2025, 3:00 p.m.

Happy Uptoper! In today’s "Crypto for Advisors" newsletter, Gregory Mall, chief investment officer at Lionsoul Global, explains the evolution of bitcoin-backed lending in both decentralized and centralized financial systems.

Then, Lynn Nguyen, CEO of Saros, answers questions about tokenized stocks in "Ask an Expert."

Thank you to our sponsor of this week's newsletter, Grayscale. For financial advisors near San Francisco, Grayscale is hosting an exclusive event, Crypto Connect, on Thursday, October 9. Learn more.

STORY CONTINUES BELOW

- Sarah Morton

Crypto as Collateral: What Wealth Managers Should Know About the Resurgence of the Institutional Loan Market
Lending and borrowing have long been central to financial markets — and crypto is no exception. In fact, collateralized lending emerged in the digital asset space well before Decentralized Finance (DeFi) protocols gained prominence. The practice itself has deep historical roots: Lombard lending — using financial instruments as collateral for loans — dates back to medieval Europe, when Lombard merchants became renowned across the continent for extending credit secured by movable goods, precious metals, and eventually securities. By comparison, it has taken only a short time for this centuries-old model to conquer digital asset markets.

One reason lending against crypto collateral is so compelling is the unique liquidity profile of the asset class: top coins can be sold 24/7/365 in deep markets. The speculative nature of crypto also drives demand for leverage, while in some jurisdictions Lombard-style loans offer tax advantages by enabling liquidity generation without triggering taxable disposals. Another important use case is the behavior of bitcoin maximalists, who are often deeply attached to their BTC holdings and reluctant to reduce their overall stack. These long-term holders typically prefer borrowing at low loan-to-value ratios, with the expectation that bitcoin’s price will appreciate over time.

The History of the Collateralized Lending Market

The first informal bitcoin lenders appeared as early as 2013. But it was during the ICO boom of 2016-2017 that institutional-style players such as Genesis and BlockFi emerged. Despite the crypto winter of 2018, the centralized finance (CeFi) market expanded, with retail-focused firms like Celsius and Nexo joining the fray.

The rise of DeFi in 2020-2021 further supercharged lending. Both CeFi and DeFi platforms proliferated, competing aggressively for depositors. But as competition intensified, balance sheet quality deteriorated. Several major CeFi players operated with significant asset–liability mismatches, leaned heavily on their own governance tokens to bolster balance sheets, and relaxed underwriting standards, especially with regard to haircuts and LTVs (loan-to-value ratios).

The fragility became clear in the second quarter of 2022, when the collapses of the stablecoin TerraUSD (UST) and the hedge fund Three Arrows Capital (3AC) triggered widespread losses. Prominent CeFi lenders — including Celsius, Voyager, Hodlnaut, Babel, and BlockFi — were unable to meet withdrawal demands and entered bankruptcy. Billions of dollars in customer assets were erased in the process. Regulatory and court-led post-mortems pointed to familiar failings: thin collateral, poor risk management, and opacity around inter-firm exposures. A 2023 examiner’s report on Celsius described a business that marketed itself as safe and transparent while in reality issuing large unsecured and under-collateralized loans, masking losses, and operating in what the examiner likened to a "Ponzi-like" fashion.

Since then, the market has undergone a reset. The surviving CeFi lenders have generally focused on strengthening risk management, enforcing stricter collateral requirements, and tightening policies around rehypothecation and inter-firm exposures. Even so, the sector remains a fraction of its former size, with loan volumes at roughly 40% of their 2021 peak. DeFi credit markets, by contrast, have staged a stronger comeback: on-chain transparency around rehypothecation, loan-to-value ratios, and credit terms has helped restore confidence more swiftly, pushing total value locked (TVL) back toward its 2021 record levels.(DefiLlama).

Source: Galaxy Research

Does CeFi have a role next to DeFi?

Crypto has always been driven by an ethos of on-chain transparency and decentralization. Yet CeFi is unlikely to disappear. Following the crisis, the space is more concentrated, with a handful of firms, such as Galaxy, FalconX, and Ledn, accounting for the majority of outstanding loans. Importantly, many institutional borrowers continue to prefer dealing with licensed, established financial counterparties. For these players, concerns around anti-money laundering (AML), Know Your Customer (KYC), and Office of Foreign Assets Control (OFAC) exposure as well as regulatory risks, make direct borrowing from certain DeFi pools impractical or impermissible.

For these reasons, CeFi lending is expected to grow in the coming years — albeit at a slower pace than DeFi. The two markets are likely to evolve in parallel: DeFi providing transparency and composability, CeFi offering regulatory clarity and institutional comfort.

- Gregory Mall, chief investment officer, Lionsoul Global

Ask an ExpertQ. How will Nasdaq's integration of tokenized securities into the existing national market system and related investor protections benefit investors?

This step immediately brings three thoughts to mind — distribution, efficiency, and transparency. It's a game-changer for everyday investors who aren't engaging much in traditional finance. Blockchains are becoming more scalable each year, and I love the idea of efficient, composable Decentralized Finance (DeFi) use cases for tokenized securities. Plugging these assets into our industry means we'll also see far more transparency compared to legacy systems.

Stats back this up — the global tokenized asset market is hitting around $30 billion this year, up from just $6 billion in 2022. This means broader distribution — imagine a small investor in rural America earning 5 to 7% yields on tokenized stocks without needing a broker's blessing. Moving from traditional finance to DeFi, I've seen myself how blockchains can optimize while also being more transparent and inclusive. This isn't just hype — it's about helping more people build wealth through smarter, digitized tools that level the playing field.

Q. What are the challenges investors might face if the Securities and Exchange Commission (SEC) approves Nasdaq's proposal to trade tokenized securities?

It's not going to all be plain sailing. Firstly, there will be technical hurdles that need to be overcome, and these will affect timeframes as well as user experience for investors. Mixing blockchain infrastructure with legacy systems is not straightforward, and this will likely affect early adopters, as well as the initial prevalence of liquidity.

Early investors will also need clearer guidance on regulation. There's a need for crystal-clear guidance on token rights, as investors may face issues related to events such as dividends or voting. When introducing new technologies, it is also essential to take security very seriously. Cyberattacks have spiked 25% year-over-year, and we've all seen the high-profile cases related to blockchains. Though you would assume this would be a priority for Nasdaq.

All of these issues are solvable as far as I'm concerned. So I'm not too worried.

Q. Nasdaq has mentioned Europe's trading of tokenized stocks is "raising concerns" because investors can access tokenized U.S. equities without actual shares in companies. How will Nasdaq's proposal to offer "the same material rights and privileges as do traditional securities of an equivalent class" benefit investors?

Here, we're talking about benefits that include access to the same rights as traditional securities — voting, dividends, and equity stakes. In Europe, investors have been able to acquire securities without full rights, which I view as similar to holding an exclusive non-fungible token (NFT) without gaining the membership benefits it grants. Imagine owning a Cryptopunk but not having access to the PunkDAO and the venture opportunities available to holders.

Nasdaq is essentially trying to prevent investors from getting shortchanged. This is a major benefit because you are not just getting access to a more dynamic but limited version of the asset — you're still getting all of the perks. When I think of the potential here, it's exciting — imagine fully fledged stocks with 24/7 trading, lower fees, and significantly shorter settlement times.

- Lynn Nguyen, CEO, Saros

Keep ReadingBlackRock’s spot ETF IBIT now allows for in in-kind creation and redemptions of bitcoin.Canadian Royal Mounted Police have dismantled a crypto trading platform along with a seizure of over $56 million for operating illegally.The Bank of England Governer has stated the stablecoins could form a major shift in the banking system.More For You

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