Market Signal Briefing

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4
min read ▪ by
Luc Jose A.

Summarize this article with:

Despite an accounting loss of $17.4 billion in the fourth quarter of 2025, Strategy opens 2026 by purchasing 1,283 bitcoins for $116 million. As the global leader among institutional BTC holders, the company persists in its aggressive accumulation strategy, defying classical financial logic. This striking contrast between record loss and reaffirmed confidence prompts the question: how far is Michael Saylor willing to push his bet on Bitcoin?

In brief

Strategy starts 2026 with a purchase of 1,283 bitcoins for a total of $116 million.
This acquisition occurs while the company recorded an unrealized loss of $17.4 billion in Q4 2025.
Strategy now holds 673,783 BTC, acquired for a total of $62.6 billion at an average price of $75,026 per unit.
Despite market pressure and stock price drops, Strategy maintains its Bitcoin accumulation strategy.

A Bitcoin bet assumed despite extreme accounting pressure
While the flagship crypto just surpassed $94,000, Strategy announced it acquired 1,283 bitcoins this Monday, January 5, 2026, for $116 million, according to an official document filed with the SEC.

The purchase was made at an average price of $90,000 per BTC, funded by proceeds from MSTR stock sales through its “at-the-market” program. Michael Saylor, executive chairman and co-founder of the company, stated on X (ex-Twitter) : “Strategy increased its dollar holdings by $62 million, bringing its total cash to $2.25 billion”. This cash reserve would cover dividends, preferred stock, and interest payments on outstanding debt.

This operation fits into a continuous accumulation logic the company has followed for several years. Here are the key points to note about Strategy’s current position :

673,783 BTC are now held by the company ;
The total acquisition value is $62.6 billion ;
The average purchase price is $75,026 per BTC ;
The company has strengthened its USD cash reserves to $2.25 billion ;
Its strategy is financed by stock issuance through the ATM program.

By comparison, this early-year acquisition remains modest compared to the two largest buys in 2025 : 22,049 BTC acquired on March 31 for $1.92 billion, and 21,021 BTC purchased on July 29 for $2.46 billion.

A model under stress and a weakened valuation
Alongside this purchase, Michael Saylor’s company disclosed an unrealized loss of $17.4 billion in Q4 2025, due to a decline of over 23 % in the Bitcoin price during that period.

This sharp market downturn resulted in a significant accounting depreciation of its digital assets. The report submitted to the SEC also mentions a deferred tax benefit of $5 billion, which could reduce future tax liabilities, but does not compensate in the short term for the scale of recorded losses.

The company’s market valuation reflects this growing pressure. Even though MSTR stock saw a slight rebound of +3.88 % in pre-market on Monday, it remains down over 58 % year-over-year.

This persistent volatility fuels doubts about the viability of a business model centered almost exclusively on Bitcoin. Despite these warning signs, the firm stays the course, inspiring companies such as Metaplanet in Japan, now the fourth largest public BTC holder with 35,102 bitcoins.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

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

XRP has established a golden cross on its chart against Bitcoin in the early days of 2026. A golden cross occurs when a short-term moving average crosses above a long-term moving average, often considered a positive market signal. This development is gaining attention as it could potentially influence XRP’s market dynamics.

The formation of the golden cross could suggest increased momentum for XRP, potentially attracting additional investor interest. Market observers are closely watching this technical indicator, traditionally seen as a bullish sign, to assess possible impacts on XRP’s performance relative to Bitcoin.

XRP, a digital asset associated with cross-border payment solutions, has experienced fluctuations in its market standing. Historically, its value has been sensitive to broader cryptocurrency market trends and regulatory actions, which can significantly impact its price movement. Bitcoin, on the other hand, remains the dominant cryptocurrency, often setting the pace for the market.

While the golden cross is viewed positively by some analysts, others caution that it does not guarantee future price movements. Historical performance shows that while such crosses often precede price increases, they are not infallible indicators. External market factors and investor sentiment can still play substantial roles in determining actual outcomes.

The cryptocurrency market is known for its volatility, and factors such as regulatory developments, macroeconomic trends, and technological advancements can alter market conditions rapidly. In this context, XRP’s recent technical formation might contribute to speculative interest, but it should be considered alongside other market elements.

Currently, market participants are speculating on whether the golden cross might propel XRP toward higher price levels. Some forecasts suggest the possibility of reaching the $3 mark, although this remains speculative. Historically, XRP has experienced notable price surges during bullish market cycles, driven by both technical and fundamental factors.

Looking ahead, investors and analysts will focus on how XRP’s price trajectory unfolds in response to the golden cross. The broader market environment, including Bitcoin’s performance and regulatory developments, will also be critical factors affecting XRP’s prospects.

In summary, the emergence of a golden cross for XRP against Bitcoin is drawing attention in the crypto community. While it signals potential bullish momentum, the unpredictable nature of the cryptocurrency market means outcomes are far from certain. Stakeholders will continue to monitor XRP’s market behavior, particularly in relation to technological developments and regulatory actions, to gauge its potential trajectory.

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Venezuela-focused stablecoin neobank Kontigo has announced plans to compensate customers after over $340,000 in USDC was drained from customer wallets in a security breach.

Summary

Kontigo said more than $340,000 in USDC was stolen after unauthorized access.
Over 1000 costumes have been affected by the incident.
The firm has vowed to fully reimburse all users.

According to a Jan. 5 update, Kontigo confirmed that they “detected unauthorized access that affected the funds of some users.”

“We immediately isolated the systems involved, activated our security protocols, and are maintaining an active investigation to determine the scope of the incident,” a translated excerpt from the announcement said.

Kontigo’s USDC wallet drained
As per official estimates, approximately $340,905 worth of USDC was reportedly stolen in the incident, and 1,005 users were affected, Kontigo said in a subsequent update.

While an exact post-mortem of how the breach occurred is yet to be published, the neobank stated that its security team is working with independent external cybersecurity specialists to conduct a thorough review of the incident.

Last week, many of the company’s users took to social media to share screenshots showing unauthorized attempts to access their accounts. As of press time, it is not known if these reports are directly connected to the breach.

“Kontigo will reimburse 100% of the impacted amounts,” the neobank stated, adding that the restitution process is being handled on a case-by-case basis in accordance with the firm’s security protocols.

Among other post-incident measures, the firm is also operating under a “reinforced monitoring scheme” as systems are gradually brought back online to ensure operational integrity.

Founded in 2023, Kontigo is a San Francisco-based financial technology company that specifically targets the Latin American market and the Latino community in the United States. It offers stablecoin-based financial services such as USDC-denominated savings accounts, cross-border payments, debit and credit cards, and investment access to tokenized U.S. stocks and Bitcoin.

Kontigo is backed by major investors, including Y Combinator, DST Global, and Coinbase Ventures, and closed a $20 million seed funding round last month that valued the company at $100 million.

Crypto industry under attack?
The latest incident comes just as the industry remains on edge over a wave of large-scale attacks targeting crypto users.

Last month, Binance-owned Trust Wallet became the victim of a significant exploit that targeted users of its Google Chrome extension. Total losses have been estimated to surpass $7 million, and the firm has publicly vowed to compensate all affected users.

Meanwhile, on Jan. 5, blockchain security firm SlowMist rang the alarm bells on a major phishing campaign designed to trick MetaMask users into giving up their seed phrases under the guise of activating Two-Factor Authentication.

On Jan. 6, 2026, XRP surged 12.6% to $2.41, consolidating near $2.38 and securing a nearly 30% year-to-date gain. The rally triggered the liquidatation of $25 million in XRP short bets. The Geopolitical Spark XRP continued its aggressive uptrend in the early hours of Jan. 6, 2026, climbing to a high of $2.

TLDR

Table of Contents

TLDRBlackRock’s IBIT Records $372.47M Inflow, Fidelity’s FBTC Follows With $191.19MGrayscale, Bitwise, and ARK Products Post Daily GainsBTCO Gains $15.02, While GBTC, BRRR, and BTCW Bitcoin ETFs Remain Stable

Bitcoin ETFs recorded $697.25 million in total net inflow on January 5 across all issuers.
BlackRock’s IBIT led with $372.47 million in inflow, closing at $73.39 billion in net assets.
Fidelity’s FBTC followed with $191.19 million in inflow and closed at $82.10, up 5% on the day.
Bitwise’s BITB, ARK’s ARKB, and Grayscale’s BTC all posted strong inflows and price gains.
GBTC, BTCW, and DEFI reported no net inflow, with GBTC holding $15.53 billion in total assets.

As of January 5, the total net inflow across all listed Bitcoin ETFs reached $697.25 million. Cumulative net inflow stands at $57.78 billion, while total net assets reached $123.52 billion. The total value traded for the day was recorded at $5.86 billion.

BlackRock’s IBIT Records $372.47M Inflow, Fidelity’s FBTC Follows With $191.19M
A check on individual Bitcoin ETFs reveals that BlackRock’s IBIT on NASDAQ recorded the highest daily net inflow at $372.47 million. Its cumulative net inflow reached $62.75 billion, with net assets totaling $73.39 billion. IBIT closed with a +4.95% daily price change and traded $4.07 billion in value.

Source: SoSoValue (Bitcoin ETFs)
Fidelity’s FBTC on CBOE followed with a $191.19 million net inflow and 2.03K BTC added. Its net assets stood at $19.31 billion, and the market price reached $82.10, increasing 5% on the day. Daily trading volume was 6.95 million shares, totaling $568.39 million.

Grayscale, Bitwise, and ARK Products Post Daily Gains
Grayscale’s BTC product showed $17.92 million in net inflow with 189.93 BTC added. Net assets totaled $4.58 billion while trading volume reached 3.15 million shares. The ETF closed at $41.71 with a 4.96% daily increase. Bitwise’s BITB registered $38.45 million in daily inflow, adding 407.53 BTC. It holds $3.71 billion in assets and closed at $51.21, up 4.94%. Its total value traded was $257.08 million with 5.04 million shares exchanged.

ARK and 21Shares’ ARKB showed a $36.03 million net inflow and added 381.81 BTC. The ETF holds $3.61 billion in assets, up 5.04% to $31.29. Total shares traded reached 7.60 million, equaling $236.71 million. VanEck’s HODL recorded a $5.34 million net inflow and 56.56 BTC added. Net assets stood at $1.10 billion, with a 5.08% increase to $26.66. Trading volume reached 2.21 million shares.

BTCO Gains $15.02, While GBTC, BRRR, and BTCW Bitcoin ETFs Remain Stable
Invesco’s BTCO gained $15.02 million and added 159.15 BTC. It holds $605.37 million in assets and closed at $99.93. Total daily value traded stood at $26.33 million with 281.87K shares. Franklin’s EZBC added $13.64 million with 144.61 BTC inflow, bringing its assets to $567.62 million. The Bitcoin ETF rose 4.97% to $54.49 with $37.15 million in trades.

Grayscale’s GBTC recorded zero daily net inflow. The Bitcoin ETF holds cumulative net outflows of $25.24 billion with $15.53 billion in assets. Its price closed at $73.61, rising 4.95% with $440.98 million in trading volume.

Valkyrie’s BRRR posted $7.19 million inflow with 76.22 BTC added, reaching $315.59 million in total assets. It closed at $26.62, up 4.97%, with 783.42K shares traded. WisdomTree’s BTCW and Hashdex’s DEFI showed no net inflow on the day. BTCW holds $44.83 million in assets, while DEFI maintains $1.45 million.

In 2025, XRP emerged as the best-performing token among the top ten largest cryptocurrencies, outpacing gains from Bitcoin (BTC) and Ethereum (ETH). As the first week of 2026 unfolds, XRP has continued this upward trend, recording a 17% surge over the past week that has propelled its price back above the key $2.20 threshold.

Strong ETF Demand Pushes XRP Forward
One of the prominent factors contributing to this surge is the strong performance of XRP exchange-traded funds (ETFs), which became a standout in the market by attracting $483 million over the past weeks. In contrast, Bitcoin ETFs experienced a significant outflow of $1.09 billion, while Ethereum products faced a loss of $564 million. 

XRP funds not only achieved $483 million in inflows during December but also maintained a steady influx for 30 consecutive trading days. This streak finally ended on December 26 with the first day of zero inflows. 

Overall, since their launch in November, total inflows into XRP exchange-traded funds have amassed to $1.3 billion, marking the fastest adoption rate for any altcoin ETF to date.

Looking ahead, reports suggest that the ETF landscape could be pivotal in shaping bullish scenarios for XRP. A potential filing by BlackRock for an XRP ETF could serve as a significant credibility boost, attracting conservative institutional investors to the space. 

BlackRock’s own $40 billion Bitcoin ETF exemplifies the capacity to mobilize capital effectively through its Aladdin platform connections. Additionally, the scaling of Ripple’s RLUSD stablecoin into banking and remittance services could generate ongoing demand for XRP as a critical bridge asset.

There are also signs that the Federal Reserve could implement several rate cuts in 2026, which would lower the opportunity cost of investing in risk assets. 

Under such conditions, it is alleged that the XRP price might break through its all-time high of $3.84, potentially escalating toward the $4.00 to $5.00 range by year-end.

On The Cusp Of Major Gains?
When it comes to price action, market analyst Dark Defender, active on the social media platform X (previously Twitter), recently highlighted XRP’s price action by providing a three-month time frame update. 

The analyst noted that a newly initiated green candle in January exhibits a bullish Relative Strength Index (RSI). According to Dark Defender, surpassing the $2.22 level is crucial for XRP.

He further suggested that XRP could be on the brink of a significant surge, similar to silver, and pointed to ambitious targets such as $6 and even as high as $20 in the future. 

Achieving $6 would represent a notable 171% increase from current trading prices, while reaching the $20 mark would indicate a staggering 800% rise.

The daily chart shows XRP’s surge back above $2.20. Source: XRPUSDT on TradingView.com
While trading at $2.21 at the time of writing, the token is still facing $2.22 as the next major short-term resistance level, and is also trading at 40% below its all-time high.

Featured image from DALL-E, chart from TradingView.com 

MicroStrategy (now Strategy) is in its most consequential phase since adopting Bitcoin as its primary treasury asset. The company’s mNAV (microstrategic net asset value) premium has fallen to 1.04x, effectively erasing the valuation buffer that once powered its dramatic outperformance versus Bitcoin itself.

The shift marks a regime change, with Strategy’s future no longer hinging primarily on Bitcoin’s price trajectory, but on whether capital markets are still willing to fund its increasingly complex Bitcoin-native financial structure.

Strategy mNAV Premium Falls to 1.03x as $17.4 Billion Q4 Loss Challenges Bitcoin Leverage ModelFor much of 2023 and 2024, Strategy traded at premiums exceeding 2x, and at times 2.5x, its net asset value (NAV).

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That premium allowed the firm to issue equity, convertibles, and preferred stock at favorable terms, recycling capital into additional Bitcoin purchases and amplifying shareholder exposure. With the premium now near parity, that flywheel has stalled.

MicroStrategy mNAV. Source: Strategy WebsiteStrategy currently holds about 673,783 BTC, valued at more than $63 billion at the time of its latest disclosure, alongside approximately $2.25 billion in cash. Yet, its market capitalization metrics are such that:

Basic- $47 billion
Diluted – $53 billion
Enterprise value – $61 billion
This mismatch between its Bitcoin value and market cap raises debate over whether the stock is undervalued or whether markets are finally pricing in the structural risks of the model. Some investors see the compression as an opportunity.

Adam Livingston described the 1.03x mNAV as “the best entry point” he has seen. He argues that a modest 3% premium still offers roughly 26% amplified Bitcoin exposure.

This is the best entry point I've ever seen for MSTR.

mNAV is 1.03.

For just 3% premium, you can buy 26% amplified Bitcoin exposure AND have giga-chad Saylor increase your Bitcoin exposure over time with Bitcoin yield increase.

ATM for STRC about to FIRE all week, leading to… pic.twitter.com/HYyd1AWtvD

— Adam Livingston (@AdamBLiv) January 5, 2026
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In his view, Strategy’s at-the-market issuance of STRC preferred stock could soon fund another large Bitcoin purchase. This would allow Executive Chairman Michael Saylor to increase Bitcoin per share without relying on extreme premiums.

That optimism rests on a fundamental reframing of Strategy’s business. Rather than a growth equity levered to Bitcoin momentum, Strategy is increasingly positioning itself as a yield-driven Bitcoin accumulator.

Its STRC Variable Rate Series A Perpetual Stretch Preferred Stock now carries an 11% annual dividend, with the next payment expected to be around $0.91 per share later this month.

Supporters argue this transforms the company into a form of Bitcoin-backed fixed-income vehicle. Joe Burnett, Director of Bitcoin Strategy at Semler Scientific, has argued that even if Bitcoin’s price were to remain flat, Strategy could theoretically service its digital credit dividends for decades. In his post, Burnett cites the long-term debasement of fiat currencies.

If the price of Bitcoin stays flat, despite the supply of USD growing ~8% annually, $MSTR could still cover dividend payments on their Digital Credit products for the next 76 years.

I'll be 104 years old.

Bitcoin will eat the fixed income market and then the world. pic.twitter.com/OzT3Oec6s0

— Joe Burnett, MSBA (@IIICapital) January 5, 2026
In this framing, duration, not short-term price action, is the key variable.

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Accounting Losses Expose the Fragility of Strategy’s Post-Premium ModelThis yield-focused pivot comes as Strategy’s financial statements highlight growing tensions. In its January 5, 2026, Form 8-K, the company disclosed a $17.44 billion unrealized loss on digital assets for the fourth quarter of 2025 and a $5.40 billion unrealized loss for the full year.

While these losses are accounting-based and tied to Bitcoin’s Q4 drawdown, they carry real implications. Under current accounting rules, digital assets are treated as indefinite-lived intangible assets.

This compels companies to recognize impairments during downturns without allowing remeasurement upward during recoveries. Critics argue these optics matter far more now that the premium has vanished.

Analyst Novacula Occami pointed to persistent underperformance, noting that Strategy shares have lagged Bitcoin over one-month, six-month, and one-year horizons. With this, it has broken the core thesis that MSTR should outperform spot BTC exposure.

In his assessment, the collapse in mNAV premium since mid-2025 has undermined Strategy’s ability to issue “cheap” convertibles and “expensive” preferreds, leaving common shareholders exposed to dilution without upside.

For all the tweets from @saylor and his faithful herd, the reality is $MSTR has underperformed BTC, not only today (by 0.9%), but in the last 1 month (by 12%), last 6 months (by 45%) and last 1 Year (by 48%). $MSTR was supposed to outperform BTC, not underperform it.

And… pic.twitter.com/lD76RfdEm0

— Novacula Occami (@OccamiCrypto) January 5, 2026
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Others warn that continued equity issuance below meaningful premiums erodes shareholder value. Among them is Brennan Smithson, who argues that insufficient demand for preferreds could force Strategy to rely on dilution to fund both dividends and Bitcoin purchases.

People are going to keep defending Saylor’s reckless dilution scheme as long as there is a “1” in the hundredths space.

Little do they know he will probably add a decimal place to make sure he drains every last drop of premium from $MSTR holders.

If Bitcoin has 8 decimal… pic.twitter.com/t406GilKTx

— Brennan Smithson (@SmithsonBrennan) January 5, 2026
This debate mirrors the central question facing Strategy in 2026: can Bitcoin-native corporate finance function without speculative premiums?

With mNAV near 1x, every capital raise is scrutinized. Issuing shares or preferreds no longer automatically increases Bitcoin per share. Instead, it risks signaling weakness if demand falters.

The bull case depends on patience. Proponents believe moderate Bitcoin appreciation, sustained dollar debasement, and potential interest rate cuts could gradually restore confidence in Strategy’s yield model.

The bear case warns that without renewed capital market appetite, the experiment could stall. Such an outcome could turn Strategy into a volatile, underperforming proxy rather than a superior alternative to direct Bitcoin or ETFs.

These perspectives make Strategy a live stress test for whether capital markets will continue to fund leveraged Bitcoin exposure when the hype fades, and the premium cushion is gone.

Strategy increased its Bitcoin and cash reserves in early January, adding to its balance sheet while still carrying a large unrealized loss from late 2025 digital asset price swings, according to company disclosures.

The company said it acquired 1,287 Bitcoin, lifting its total Bitcoin reserve to 673,783 BTC. At the same time, Strategy raised its U.S. dollar reserve by $62 million, bringing total cash holdings to $2.25 billion. The update was disclosed in a Jan. 5 press release and detailed in a Form 8-K filing.

Strategy expands Bitcoin and cash reservesStrategy said the latest Bitcoin purchase formed part of its ongoing treasury strategy, which centers on holding Bitcoin as a primary reserve asset. Following the acquisition, the firm now controls one of the largest corporate Bitcoin positions globally, valued in the tens of billions of dollars based on prevailing market prices.

Alongside the Bitcoin increase, Strategy strengthened its liquidity position. The company reported that its USD reserve rose to $2.25 billion, reflecting additional capital raised and retained cash. This buffer supports operating needs, debt servicing, and flexibility during periods of market volatility.

The disclosure did not specify the average purchase price of the newly acquired Bitcoin. However, the filing confirmed that Strategy continues to use a mix of cash resources and capital market activity to fund its digital asset strategy.

Q4 unrealized losses highlight volatilityThe balance sheet expansion comes after Strategy reported a significant paper loss tied to Bitcoin price movements late last year. During the fourth quarter, the company recorded an unrealized loss of $17.4 billion on its digital asset holdings, according to prior financial updates linked to its year end reporting.

That loss reflected Bitcoin’s pullback during the final months of 2025, rather than any asset sales. Strategy did not reduce its Bitcoin position during that period and continued to classify the losses as unrealized, meaning they did not impact cash flow.

Michael Saylor, the company’s co founder and executive chairman, has repeatedly said Strategy views Bitcoin as a long term store of value despite short term price swings. The latest January filings show that approach remains unchanged, with the firm adding to both its Bitcoin and cash reserves even after a volatile quarter for digital assets.

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Bitcoin’s roughly 5% jump on Jan. 5 landed on a clean, TV-friendly explanation: a shock political turn in Venezuela would “unlock” oil supply, push energy prices down, cool inflation, bring rate cuts forward, and lift BTC. Bitwise Head of Research Ryan Rasmussen says there’s a major flaw with that.

The catalyst for the narrative was Venezuela’s weekend drama, culminating in Nicolás Maduro’s capture and transfer into US custody, an episode that immediately spilled into geopolitics, commodities chatter, and macro cross-asset takes.

Rasmussen, posting in a thread on X, summarized the “Wall Street theory” as follows: “Venezuela oil reserves unlocked >> lower oil prices >> lower inflation >> interest rates >> bitcoin rallies. A thread on why that’s wrong.”

Why This Bitcoin Theory Is Wrong
Rasmussen’s central point is mechanical: if the rally is being driven by a sudden repricing of monetary policy expectations, it should show up in the probabilities traders are assigning to rate cuts. In his read, it didn’t.

He cited a slight dip in the implied odds of a 25 basis-point cut in January 2026 immediately after the Venezuela headlines. “Probability of a 25bps Rate Cut in Jan’26: Prior to Maduro’s Capture: 16.6%. After Maduro’s Capture: 16.1%,” Rasmussen wrote, adding that “the probability of a 25bps rate cut this month actually fell.”

Even further out, he argued, the change was marginal to nonexistent. “Probability of a 25bps Rate Cut in Dec’26: Prior to Maduro’s Capture: 19.1%. After Maduro’s Capture: 19.2%,” he wrote, framing it as “barely moved.”

That’s the mismatch Rasmussen wants investors to notice: a tidy causal story was making the rounds, but the pricing in the instrument closest to that story, rate expectations, was effectively unchanged.

If not a Venezuela-to-Fed chain reaction, what explains the day’s BTC strength? Rasmussen pointed to a cluster of themes that have been building without needing a weekend headline to justify them.

First is institutional demand. Rasmussen argued that the post-2024 spot bitcoin ETF channel continues to widen, with more major platforms beginning to allocate. He cited an example of “+$500m into bitcoin ETFs on Jan. 2nd,” and named Morgan Stanley, Wells Fargo, and Merrill Lynch as part of the distribution wave which have opened their door with the beginning of the year.

Second is the regulatory backdrop. Rasmussen described a “pro-crypto regulatory shift” following the 2024 election, saying crypto markets are beginning to “feel the benefits” as wealth managers, endowments, pensions, and sovereigns get more comfortable adopting bitcoin.

Third is a broader risk-on tone tied to AI. In Rasmussen’s framing, “fears of an AI-bubble are settling,” and investors have been “piling into risk-on assets, like tech stocks and bitcoin.”

Finally, he returned to policy, just not via Venezuela. “Did Maduro’s capture materially change short-term rate cut expectations? No. Does that mean QE is out of the picture. Also no,” Rasmussen wrote, before adding: “QE is just beginning. The market was—and still is—expecting 50bps (or more) rate cuts in 2026.”

Overall, Rasmussen did not argue Venezuela is irrelevant. His conclusion was narrower: “Yes. Somewhat,” he wrote when asked whether the weekend’s events matter for bitcoin, before answering the bigger question whether it’s the main reason for the +5% move with a flat “No. Zoom Out.”

At press time, BTC traded at $93,750.

Bitcoin remains below the 0.618 Fib, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

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Crypto market leader Bitcoin (BTC) has soared to a three-week high as silver continues its strong rally.

Data from CoinCodex shows that BTC’s price rose a fraction of a percentage in the past 24 hours to trade at $93,293 at the time of writing and to extend its weekly gain to more than 6%.

BTC price (Source: Coincodex)

Over $186M Liquidated From Bitcoin Shorts, Experts See Further Upside BTC’s continued rise led to more than $186 million in short liquidations over the past 24 hours, data from CoinGlass shows. Bearish bets for the crypto king took the hardest hit as well, with only around $75 million and approximately $31 million getting liquidated from Ethereum (ETH) and XRP short positions, respectively, during the same period. 

Bitcoin’s break above the $93K mark might be just the beginning, as industry experts believe there is more upside for the crypto’s price. 

Among those experts is Tom Lee, the Chairman for leading corporate ETH holder BitMine Immersion Technologies. During a recent appearance on CNBC’s Squawk Box, he predicted that BTC might reach a new all-time high (ATH) by the end of January. 

“I don’t think Bitcoin has peaked yet,” he said. This is after Lee said that BTC’s price would soar to above $200K before the conclusion of 2025. While acknowledging that this previous prediction was “overly optimistic,” he stood firm on his view that there is room for BTC and other cryptos, such as ETH, to rise in the short-term. 

He went on to predict that “2026 is going to be a year of two halves,” warning that the first half of the year “may be tough” as institutional rebalancing takes place amid a “strategic reset” in the crypto markets. 

That volatility, Lee believes,”is exactly what sets the stage for the massive rally we expect in the back half.” 

Lee’s view was echoed by Miller Value Partners CIO Bill Miller. In a Monday interview with CNBC, he said that Bitcoin will likely “break out to a higher high than its all-time high,” which was set at above $126K on Oct. 6. 

BTC’s latest break above the $93K mark comes after the crypto traded flat while precious metals, especially silver, went on to soar to new record prices in recent weeks amid ongoing macroeconomic turbulence.

Silver price (Source: CoinCodex)

In the past 24 hours, silver’s price pumped another 4%. 

Zooming out to the longer-term time frames shows that the precious metal is more than 4% in the green on the seven-day time frame and over 33% up on the monthly time frame.

Commenting on the recent performance of precious metals, known Bitcoin critic and gold advocate Peter Schiff said in a Jan. 5 X post that the metals are still in the early stages “in what will likely be the biggest precious metals bull market in history.” 

He then continued to question the ongoing attention that CNBC and other outlets keep giving Bitcoin, while seemingly not offering the same coverage to silver and precious metals.

Vancouver, British Columbia--(Newsfile Corp. - January 6, 2026) - Atomic Minerals Corporation (TSXV: ATOM) (FSE: DO8) (OTCQB: ATMMF) ("ATOMIC MINERALS" or the "Company") is pleased to announce that it has engaged Lagace Capital Corporation ("Lagace") to provide investor relations services to the Company including coordinating contacts with the investment community and responding to shareholder inquiries on the recent developments within the Company. In addition, Lagace will organize and attend roadshows in conjunction with the organization of conferences.

Lagace is an arms-length communications firm based in Vancouver, British Columbia, and operated by Raven Waschilowski.

Lagace has been engaged for an initial one-year term commencing January 1, 2026, with an option to continue the engagement on a month-to-month basis afterwards. In consideration for the services, Lagace is entitled to receive a monthly cash fee of $6,000. Compensation to Lagace will include 200,000 vested stock options granted at $0.10 per common share with a 5 year term. The Company is advised that neither Lagace, nor Mr. Waschilowski, presently hold any securities of the Company.

Stock Option Grants

The Company has granted to Consultants of the Company an aggregate of 360,000 stock options at $0.10 per common shares with a term of 5 years.

About the Company

Atomic Minerals Corp. is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven track record in the junior mining sector. Atomic Minerals' objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.

Atomic Minerals' property portfolio contains uranium projects in three locations within North America, all of which have significant technical merit and or are known for hosting uranium production in the past. Three of the properties are located on the Colorado Plateau, an area which has previously produced 597 million pounds of U3O8; Three others are in the prolific Athabasca Basin region and nine uranium projects are located Northern Saskatchewan, encompassing a total exploration area of 6,495 hectares.

For additional information about the Company and its projects, please visit our website at www.atomicminerals.ca.

ON BEHALF OF THE BOARD OF DIRECTORS

"Clive Massey"
Clive H. Massey
President & CEO

For further information, please contact:
[email protected]
(604) 644-6794
(604) 341-6870 (office)

Neither TSX Venture Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements:

This news release contains certain statements that may be deemed "forward-looking" statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Atomic Minerals Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Atomic Minerals Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

###

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279587

Source: Atomic Minerals Corp.

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In a rough year for restaurant stocks, Darden was relatively strong, but another familiar name could get its groove back in 2026.

During a year when many U.S. consumers continued to feel the pinch from inflation and shaky household finances, many opted to cut back on their spending by dining out less. Predictably, this trend weighed on restaurant stocks in 2025, including those in the fast-food and fast-casual segments.

Things were so rough for restaurant equities last year that Darden Restaurants (DRI +2.91%) was one of the stars of the group, despite gaining just 1.6%. Investors in the Olive Garden owner could have done better in a high-yield money market account or a basic S&P 500 index fund. But with the company aiming for 8.5% to 9.3% revenue growth and Olive Garden leaning into healthier, lighter portions, the stock could have a stronger showing in 2026.  

Image source: Getty Images.

Investors seeking alternative restaurant rebound ideas in 2026 have a range to choose from, including once-high-flying Texas Roadhouse (TXRH +1.72%). That stock shed 6.6% last year, but there are reasons to think the steakhouse chain could get its sizzle back.

Where's the beef?
One of the apparent reasons that shares of Texas Roadhouse faltered last year is that the operation is particularly sensitive to swings in commodity prices, specifically for beef. Over the course of 2025, beef prices surged, boosting costs for burger- and steak-intensive chains. 

Those chains naturally attempted to pass those higher costs on to their customers via higher prices, but on that front, consumers' tolerance has been pushed to the limit. Further weighing on stocks like Texas Roadhouse in 2025 was the simple fact that it was cheaper to eat at home. In the November Consumer Price Index report, the year-over-year increase for items in the eating-at-home category was 1.9%, but inflation in the food-away-from-home category was nearly double that.

So it's clear that dining out isn't cheap, but this is where things get interesting for investors mulling stocks like Darden and Texas Roadhouse. Higher meal prices and also the specter of "shrinkflation" -- providing smaller portions at the same or increased prices -- are among the reasons why so many fast-casual restaurant chains' results and share prices slipped last year.

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That's relevant in discussing the Dardens and Texas Roadhouses of the world because, as prices rise at fast food and fast-casual outlets, some consumers are concluding that if they are going to spend more either way, they'd rather do it at sit-down restaurants with waitstaff -- an experience with a higher perceived value. That trend could support improved results for Texas Roadhouse this year.

Tax changes could indirectly benefit Texas Roadhouse
This is neither an endorsement of nor a criticism of President Donald Trump's "big, beautiful bill." Still, it's possible that as the legislation's no-tax policies on overtime and tips go into effect this year, restaurant stocks such as Texas Roadhouse may benefit.

The prevailing sentiment among restaurant industry observers is that employers won't directly benefit from those policies, but there are intangibles in play. For example, those tax deductions could serve as employee attraction/retention tools, and that shouldn't be glossed over, because the dining industry is notorious for high staff turnover.

Additionally, the combination of more retained earnings from overtime workers in other fields and larger tax rebate checks could be catalysts for more casual dining spending in 2026, potentially fostering a rebound for Texas Roadhouse along the way.

Nvidia's highly anticipated Rubin data center processors are in production and customers will soon be able to try out the technology, according to Chief Executive Officer Jensen Huang. Meanwhile, Advanced Micro Devices announced a new chip for corporate data center use and talked up the attributes of a future generation of products for that market.

TORONTO, ON / ACCESS Newswire / January 6, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce the appointment of Canaccord Genuity Limited ("Canaccord") as Joint Broker to the Company with immediate effect.

January 06, 2026 02:01 ET

 | Source:

Diversified Energy PLC

DIVERSIFIED ENERGY COMPANY

("Diversified", or the "Company")

DIVERSIFIED ENERGY COMPANY (NYSE:DEC; LSE:DEC) announces that, in accordance with the terms of its share buyback program announced on March 20, 2025, the Company has purchased 145,914 shares of common stock, par value $0.01 per share of the Company (the "Shares") in the market at a volume-weighted average price of $14.0956 per Share through Mizuho Securities USA LLC (MSUSA). The Shares acquired will, in due course, be cancelled.

Aggregated Information

Date of Purchase:January 05, 2026Aggregate Number of Shares Purchased:145,914Lowest Price Paid per Share (USD):13.70Highest Price Paid per Share (USD):14.40Volume-Weighted Average Price Paid per Share (USD):14.0956 Following the cancellation of Shares, Diversified will have 78,884,330 shares of common stock, in issue and no shares of common stock is held in treasury. This figure of 78,884,330 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation), (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the table below contains detailed information of the individual trades made by Mizuho Securities USA LLC as part of the buyback program.

Schedule of Purchases

Aggregate number
of ordinary shares
acquiredDaily volume
weighted
average price
paidDaily highest
price paid per
shareDaily lowest
price per
shareTrading Venue1354214.1374$14.37$13.78ARCX769114.1165$14.30$13.78ASPN182014.1700$14.29$13.88BAML189214.1057$14.28$13.76BATS258514.1100$14.28$13.80BATY118914.2900$14.30$14.28BIDS184814.1705$14.39$13.87EDGA173014.1028$14.25$13.82EDGX6554114.0488$14.40$13.72IEXG152314.2080$14.29$14.03JPMX55714.0867$14.28$13.99JSJX100014.2933$14.30$14.28LEVL4814.1900$14.19$14.19MEMX80014.2850$14.29$14.28MSPL82014.0600$14.29$13.80SGMT816814.1233$14.30$13.78UBSA120014.2850$14.29$14.28VFMI160014.1262$14.30$13.82XBOS14814.2100$14.23$14.19XCHI40014.1850$14.25$14.06XCIS1187914.1184$14.37$13.72XNAS1993314.0849$14.39$13.70XNYS For further information, please contact:

Diversified Energy Company+1 973 856 2757Doug [email protected] Senior Vice President, Investor Relations & Corporate Communicationswww.div.energy  About Diversified Energy Company 

Diversified is a leading publicly traded energy company focused on acquiring, operating, and optimizing cash generating energy assets. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

The beer giant agreed to repurchase a minority stake in its U.S.-based metal container plants, taking back its share of the facilities that boost supply security.

Oklo can benefit from the AI boom, but is a prerevenue, speculative stock.

Oklo (OKLO +14.83%) is a designer of small modular reactors that could become a critical energy source for artificial intelligence (AI) processes. The nuclear energy stock has been one of the favorites in the industry thanks to Sam Altman's connection as a significant investor and former chairman of the board.

Oklo shares more than tripled last year, but it is a highly speculative company with no commercial revenue to speak of at this time. Oklo also has an $11 billion market cap, which is a lot for a company that isn't making any revenue. While AI is a megatrend that can produce many winners, investors can minimize their risk while having a high potential upside with more viable AI stocks.

Comfort Systems USA (FIX +2.84%) is also benefiting from the AI boom, but unlike Oklo, it already makes billions of dollars every quarter.

How Comfort Systems USA fits in the AI industry

Image source: Getty Images.

AI chips are the big story, but those chips must be in the right environment to function, let alone perform optimally. One of the requirements for AI chips is that they are in frigid environments, or else they will overheat.

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Companies can't put every data center in Antarctica, so they have resorted to intense air conditioning to keep the chips nice and cool. Comfort Systems USA has been a commercial provider of heating, ventilation, air conditioning, and electrical contracting services for almost 30 years. AI data centers have suddenly boosted the demand for Comfort Systems USA's services, and that has translated into significant gains.

The growth stock more than doubled in 2025 and is up by roughly 1,900% over the past five years. It really goes to show how much investors can generate from small AI stocks before they gain more spotlight.

The backlog is growing
While Oklo is a very speculative AI-related stock, Comfort Systems USA offers real results. The HVAC company wrapped up Q3 with a $9.38 billion backlog, with same-store backlog growing by 62% year over year.

Revenue jumped by 35% in Q3, while net income almost doubled. A rising profit margin bodes well as the company continues to capitalize on the AI boom. CEO Brian Lane cited "unprecedented demand" for the company's services in the company's Q3 press release. Lane also reminded investors that Comfort Systems USA acquired two electrical companies -- Feyen Zylstra and Meisner Electric.

Comfort Systems USA achieves solid organic growth and regularly uses acquisitions to expand its market share. This growth strategy and rising margins explain why the company has been able to hike its dividend.

As the demand for AI chips continues to grow, tech companies will need cool temperatures to ensure the chips don't overheat. Comfort Systems USA can rally further if this tailwind remains strong.

Jollibee Foods Corp. plans to spin off its international business and list it in the U.S. by late 2027, as the Philippine fast-food group moves to accelerate its growth globally.

HomeStock IdeasLong IdeasHealthcare 

SummaryI maintain a buy rating on Scholar Rock, raising my target price to $97, reflecting increased confidence in apitegromab's approval and commercial prospects.FDA setbacks are manufacturing-related, not clinical, with no new efficacy or safety concerns; remediation and a second CDMO are underway.Topline phase 3 data support apitegromab's novel mechanism and broad label potential, materially expanding SRRK's addressable market and pricing power.SRRK's risks include potential further manufacturing delays, regulatory timing uncertainties, and possible capital raises if approval is postponed beyond the 2027 cash runway.Luis Alvarez/DigitalVision via Getty Images

Maintaining a buy rating I am maintaining a buy rating on Scholar Rock (SRRK) moving into 2026 as I believe the approval of apitegromab is an issue of "when" rather than "if." I

Analyst’s Disclosure:I/we have a beneficial long position in the shares of SRRK 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.

I do not provide personal investment advice. All content in this article, including but not limited to opinions, analyses, commentaries, forecasts, stock picks, and investment strategies, is for informational and educational purposes only and should not be interpreted as financial or investment advice. While I strive to provide accurate and up-to-date information, the content may contain errors, inaccuracies, or omissions. Any financial decisions or investments made based on the information presented in this article are solely at your own risk. I am not responsible for any financial losses, damages, or other consequences resulting from actions taken in reliance on the information provided. You should conduct your own due diligence and consult with a qualified financial professional before making any investment decisions. This article reflects my personal views and opinions and is not affiliated with any employer, financial institution, or advisory firm. No representations or warranties are made regarding the completeness, accuracy, or reliability of the content, including any external links provided. Any third-party links are for informational purposes only, and I do not endorse or take responsibility for the content or services offered by external sources. All information is provided on an "as is" basis without any express or implied warranties.

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.

European energy companies Eni and Repsol are struggling to recover recover about $6 billion in gas payments from Venezuela and are facing indifference from U.S. officials about the debt, the Financial Times reported on Tuesday.

Duolingo stock price jumped by 5% on Monday as American equities bounced back and as investors reacted to a bullish research note by Bank of America analysts. DUOL jumped to $185, a few points above this year’s low of $174. Still, it remains 66% below its all-time high after having a disastrous year in 2025.

Wall Street analysts are bullish on the Duolingo stock
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Duolingo share price crashed last year, a move that erased billions of dollar in value as its market capitalization tumbled from over $24 billion to the current $8.54 billion. 

Some Wall Street analysts believe that the company has now become a bargain and that it will rebound this year. The most recent note came from Bank of America, which booted the rating from neutral to buy.

In the note, the analyst argued that the company had more room to grow, especially if it was viewed a mobile gaming company. Also, the analyst noted that the company was adding more subject ike chess, math, and music, which will broaden its apeal among users. 

Most importantly, Bank of America analysts believe that the company has a large total addressable market (TAM). It based this view on the fact that over 1 billion people from around the world were considering learning additional languages over time.

BoFA joins other analysts who believe that the company has more upside going forward. Data compiled by Barchart shows that the consensus estimate for the Duolingo stock price is $314, much higher than th e current $184.

Jefferies’ John Colantuoni has a target of $220, while Evercore’s Mark Mahaney has a target of $330. Other bullish analysts are from Scotiabank, Morgan Stanley, Raymond James, and Citi.

Duolingo’s business is growing at a lower pace than expected
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The ongoing Duolingo stock crash accelerated after the company published its financial results that were weaker than expected. Its numbers showed that it had over 11.5 million paid subscribers, up by 34% from the same period in the previous year.

Duolingo’s revenue rose by 41% to $271 million, while its net income was up by over 100% to $292 million. This profit growth was primarily because the company released the valuation allowance recorded against its federal and state deferred tax assets.

While Duolingo’s numbers were strong, they missed analysts’ estimates. Its guidance was also weaker than expected. Yahoo Finance data shows that the company’s growth will slow. The average estimate is that its annual revenue growth for last year was 37% to $1.03 billion. This growth will then slow to 22.42% to $1.26 billion. 

DUOL stock technical analysis 
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Duolingo stock chart | Source: TradingViewThe daily chart shows that the Duolingo stock price has been in a free fall in the past few months. It has crashed from a high of $544 to the current $185, which explains why it has remained below all moving averages.

On the positive side, the stock has formed an island reversal pattern, which is a rare reversal pattern. This pattern happens after a stock makes a big gap, which is then followed by a consolidation. 

The stock has also formed a double-bottom pattern at $174.10 and a neckline at $213. Therefore, there is a likelihood that it will rebound, and possibly hit the neckline. A move above that level will raise the odds of the stock jumping to $250.

The trial aims to establish clinical proof-of-concept in psoriasis and proof-of-mechanism for other CCR6- and Th17-associated autoimmune indications Allschwil, Switzerland – January 6, 2026
Idorsia Ltd (SIX: IDIA) announces the initiation of a Phase 2 proof-of-concept trial evaluating IDOR-1117-2520 for participants with moderate-to-severe psoriasis. IDOR-1117-2520 is Idorsia’s first-in-class, oral, selective CCR6 receptor antagonist designed to block the CCR6/CCL20 axis and prevent the migration of disease-driving Th17 immune cells.

Psoriasis is a chronic, immune-mediated skin condition driven by the IL-23/Th17 pathway, characterized by elevated CCL20 and CCR6-positive cells in affected skin.1 There is a significant need for oral drugs with innovative mechanisms of action that address Th17-driven conditions such as psoriasis.

The 12-week exploratory Phase 2 proof-of-concept trial will evaluate whether CCR6 blockade improves psoriasis by preventing pathogenic immune cells from reaching the skin. Two dosages of the once-daily oral drug will be tested against placebo, using established clinical endpoints such as Psoriasis Area and Severity Index (PASI) and biomarkers including beta-defensin 2, a key indicator of disease activity.2 Psoriasis is a well-validated indication to demonstrate clinical proof-of-mechanism for targeting of the IL-23/Th17 pathway that matches Idorsia’s ambition for its investigational compound.

Alberto Gimona MD, Head of Global Clinical Development at Idorsia, commented:
“The potential for an oral therapy that delivers biologic-like efficacy is compelling. We’ve designed a trial that evaluates the speed and magnitude of response, dose performance, and safety in a well-characterized Th17-driven disease. A positive outcome would confirm clinical proof-of-concept in psoriasis and mechanistic validation for expansion into other CCR6- and Th17-associated indications.”

About the proof-of-concept trial
This multicenter, double-blind, randomized, placebo-controlled, Phase 2 proof-of-concept trial will explore the efficacy and safety of IDOR-1117-2520 in adults with moderate-to-severe chronic plaque psoriasis, with or without psoriatic arthritis. Approximately 30 participants will be randomized to receive one of two doses of IDOR-1117-2520 or placebo once daily. Efficacy will be measured through the primary endpoint of change from baseline to Week 12 in PASI score. Results are expected in the first quarter of 2027.

Martine Clozel, MD, Chief Scientific Officer and Head of Research at Idorsia, commented:
“Idorsia has a rich heritage in G-Protein Coupled Receptor (GPCR) research and drug discovery, and we have built a portfolio of chemokine projects where GPCRs play an important pathogenic role, opening the way to address clear medical needs. IDOR-1117-2520 is the first to enter Phase 2 development. We’ve chosen our first-in-class, once-a-day oral CCR6 receptor antagonist based on its selectivity and potency for the CCR6 receptor, a novel target in the inflammatory cascade in Th17-driven diseases. This trial in patients with psoriasis will elucidate the profile of our unique compound and if positive will support secondary selection of the best CCR6-driven target indications for further development – either independently or in partnership.”

About CCR6 antagonism
CCR6 antagonism targets a key receptor that directs pathogenic immune cells toward inflamed tissues through the CCL20-CCR6 axis.3-8 In many immune-mediated diseases, CCL20 is strongly upregulated, attracting CCR6-positive cells such as Th17-lineage lymphocytes.3-8 Blocking CCR6 prevents these cells from migrating from the bloodstream into the inflamed peripheral tissues. The prevention of this migration inhibits the Th17 pathway, which is well understood and consistent across psoriasis, psoriatic arthritis, rheumatoid arthritis, inflammatory bowel disease, and other Th17-associated conditions.3-8 CCR6 antagonism therefore offers a targeted approach to modulating inflammation without broad immunosuppression.

About IDOR-1117-2520
IDOR-1117-2520 is a first-in-class, oral small-molecule, selective CCR6 receptor antagonist that blocks CCL20-driven recruitment of pathogenic CCR6-expressing immune cells. In preclinical models, the compound prevented CCR6-positive cell migration and achieved efficacy comparable to inhibitors of IL-17 and IL-23, supporting its relevance across multiple Th17-mediated autoimmune diseases.9 Phase 1 data confirmed a safety and pharmacokinetics profile supporting further investigation with once-daily dosing.

IDOR-1117-2520 is now in a Phase 2 proof-of-concept trial in psoriasis, with the potential to expand into additional autoimmune conditions where the CCR6-CCL20 pathway plays a pathogenic role.

Notes to the editor

About Th17-mediated immune disorders
Th17-driven immune disorders are characterized by excessive recruitment of auto-reactive inflammatory immune cells to tissues, where they release cytokines such as IL-17 that perpetuate chronic inflammation.10,11 These cells are drawn toward areas of disease by elevated CCL20, which signals through CCR6. Multiple autoimmune conditions share this pathology, including psoriasis, psoriatic arthritis, rheumatoid arthritis, inflammatory bowel disease and multiple sclerosis 3-8 Existing therapies that block IL-17 or IL-23 validate this pathway clinically but are mostly injectable biologics.12-14 A targeted oral therapy acting on the CCR6-CCL20 axis could address substantial unmet need across this group of diseases, and offer patients a more convenient treatment option.

References:

Griffiths, C. E. M., Armstrong, A. W., Gudjonsson, J. E., & Barker, J. (2021). Psoriasis. Lancet, 397(10281), 1301–1315.Kolbinger F, Loesche C, Valentin MA, Jiang X, Cheng Y, Jarvis P, Peters T, Calonder C, Bruin G, Polus F, Aigner B, Lee DM, Bodenlenz M, Sinner F, Pieber TR, Patel DD. β-Defensin 2 is a responsive biomarker of IL-17A-driven skin pathology in patients with psoriasis. J Allergy Clin Immunol. 2017 Mar;139(3):923-932.e8.Meitei HT, Jadhav N, Lal G. CCR6-CCL20 axis as a therapeutic target for autoimmune diseases. Autoimmun Rev. 2021 Jul;20(7):102846. doi: 10.1016/j.autrev.2021.102846. Epub 2021 May 7. PMID: 33971346.Gómez-Melero S, Caballero-Villarraso J. CCR6 as a Potential Target for Therapeutic Antibodies for the Treatment of Inflammatory Diseases. Antibodies (Basel). 2023 Apr 20;12(2):30. doi: 10.3390/antib12020030. PMID: 37092451; PMCID: PMC10123731.Comerford I, Bunting M, Fenix K, Haylock-Jacobs S, Litchfield W, Harata-Lee Y, Turvey M, Brazzatti J, Gregor C, Nguyen P, Kara E, McColl SR. An immune paradox: how can the same chemokine axis regulate both immune tolerance and activation?: CCR6/CCL20: a chemokine axis balancing immunological tolerance and inflammation in autoimmune disease. Bioessays. 2010 Dec;32(12):1067-76. doi: 10.1002/bies.201000063. Epub 2010 Oct 15. PMID: 20954179.Wang L, Hong X, Du H. Association Between Serum Chemokine Ligand 20 Levels and Disease Activity and Th1/Th2/Th17-Related Cytokine Levels in Rheumatoid Arthritis. J Interferon Cytokine Res. 2023 Nov;43(11):512-517. doi: 10.1089/jir.2023.0057. Epub 2023 Oct 9. PMID: 37815793.Stallhofer J, Reichl F, Lauseker M, Waldenmaier L, Török HP, Mayerle J, Olszak T, Schnitzler F, Frasheri I, Breiteneicher S, Brand S, Stallmach A, Diegelmann J, Beigel F. CCL20 expression is elevated in inflammatory bowel disease and attenuated by vitamin D metabolites. Sci Rep. 2025 Jun 20;15(1):20145. doi: 10.1038/s41598-025-05094-x. PMID: 40542081; PMCID: PMC12181267.Jafarzadeh A, Bagherzadeh S, Ebrahimi HA, Hajghani H, Bazrafshani MR, Khosravimashizi A, Nemati M, Gadari F, Sabahi A, Iranmanesh F, Mohammadi MM, Daneshvar H. Higher circulating levels of chemokine CCL20 in patients with multiple sclerosis: evaluation of the influences of chemokine gene polymorphism, gender, treatment and disease pattern. J Mol Neurosci. 2014 Jul;53(3):500-5. doi: 10.1007/s12031-013-0214-2. Epub 2014 Jan 7. PMID: 24395091.Kulig P, Brazauskas P, Suffiotti M, Raoult E, Babilonski U, Renault B, Grieder U, Vezzali E, Blattmann P, Martinic MM, Murphy MJ. Efficacy of IDOR-1117-2520, a novel, orally available CCR6 antagonist in preclinical models of skin dermatitis. Br J Pharmacol. 2025 Aug;182(15):3452-3475. doi: 10.1111/bph.70025. Epub 2025 Mar 28. PMID: 40156059.Furue, M., Furue, K., Tsuji, G., & Nakahara, T. (2020b). Interleukin-17a and keratinocytes in psoriasis. International Journal of Molecular Sciences, 21(4), 1275.Ferris, L. K., Ott, E., Jiang, J., Hong, H. C., Li, S., Han, C., & Baran, W. (2020). Efficacy and safety of guselkumab, administered with a novel patient-controlled injector (one-press), for moderate-to-severe psoriasis: Results from the phase 3 ORION study. The Journal of Dermatological Treatment, 31(2), 152–159.Papp, K. A., Leonardi, C., Menter, A., Ortonne, J. P., Krueger, J. G., Kricorian, G., & Baumgartner, S. (2012). Brodalumab, an anti-interleukin-17-receptor antibody for psoriasis. The New England Journal of Medicine, 366(13), 1181–1189.Paul, C., Lacour, J. P., Tedremets, L., Kreutzer, K., Jazayeri, S., Adams, S., & group, J. s. (2015). Efficacy, safety and usability of secukinumab administration by autoinjector/pen in psoriasis: A randomized, controlled trial (JUNCTURE). Journal of the European Academy of Dermatology and Venereology, 29(6), 1082–1090.Reich, K., Griffiths, C. E. M., Gordon, K. B., Papp, K. A., Song, M., Randazzo, B., & Blauvelt, A. (2020). Maintenance of clinical response and consistent safety profile with up to 3 years of continuous treatment with guselkumab: Results from the VOYAGE 1 and VOYAGE 2 trials. Journal of the American Academy of Dermatology, 82(4), 936–945. About Idorsia
The purpose of Idorsia is to challenge accepted medical paradigms, answering the questions that matter most. To achieve this, we will discover, develop, and commercialize transformative medicines – either with in-house capabilities or together with partners – and evolve Idorsia into a leading biopharmaceutical company, with a strong scientific core.

Headquartered near Basel, Switzerland – a European biotech hub – Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ™ (daridorexant), a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients. Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA).

For further information, please contact:
George Thampy
Senior Vice President, Head of Investor Relations
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
[email protected] – [email protected] – www.idorsia.com

The above information contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as “intend”, "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs, business development activities and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.

Press Release PDF

Holcim on Tuesday said it had completed the purchase of French precast concrete maker Alkern, the latest acquisition by the Swiss building materials maker.

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