Market Signal Briefing

Revenue up 229% over fiscal 2024, from $1.5 million to $4.9 million, with continuing momentum post year-end;Expected program billings on an annualized go-forward basis for Government programs of $8.8 million as of February, 2026 with continued growth;Strong financial position to execute operational plan through calendar 2026;First DEFSEC LightningTM SaaS order received.Ottawa, Ontario--(Newsfile Corp. - December 29, 2025) - DEFSEC Technologies Inc. (TSXV: DFSC) (TSXV: DFSC.WT.U) (NASDAQ: DFSC) (NASDAQ: DFSCW) ("DEFSEC" or the "Company") is pleased to announce the highlights of its financial year ended September 30, 2025 ("FY2025") results and the outlook for fiscal 2026. This announcement is a summary only and should be read in conjunction with DEFSEC's audited consolidated financial statements for the years ended September 30, 2025, 2024 and 2023, management's discussion and analysis for the year ended September 30, 2025, and Form 20-F Annual Report for the year ended September 30, 2025, all of which have been filed on the Company's SEDAR+ and EDGAR profiles, respectively. All figures are stated in Canadian Dollars unless otherwise noted.

"Fiscal 2025 was a break-out year for Company revenue growth and progress towards improved cash flow and profitability," said Sean Homuth, DEFSEC President and CEO. "Management currently believes it has a reasonable basis to support calendar 2026 forecasted activities based on cash on hand, anticipated revenue streams and planned expenditures in the fiscal year, subject to execution of the Company's operating plan and other factors described in its public filings."

The Company also reported that subsequent to year-end it received its first order for the DEFSEC LightningTM real-time situational awareness system offered as a hosted Software as a Service ("SaaS") for first responders. Mr. Homuth added, "The strong interest in DEFSEC LightningTM is very promising as we plan the full commercial release for early in 2026."

Much of the revenue growth in FY2025 was driven by increases in task orders for the Company's software services for the Canadian Department of National Defence under two foundational long-term program contracts: (i) Directorate Land Command Systems Program Management Software Engineering Facility ("DSEF"); and (ii) land command, control, communications, computers, intelligence, surveillance and reconnaissance ("Land C4ISR"), for the digital modernisation of the Canadian Forces. These multi-year contracts, with renewal options, currently provide for up to $75 million in programmatic services revenue through the initial contract period that run through 2028 and 2029, respectively. Beginning in February 2026, the Company's program billings on an annualized go-forward basis is expected to grow to approximately $8.81 million with 41 anticipated roles staffed across both programs by February 2026. This represents a substantial increase in momentum in revenue growth. The Company estimates annualized gross margin on a go-forward basis as of February 2026 for programmatic work to increase to approximately $2.62 million.

In FY2025, the Company also received and delivered an order for evaluation of prototypes of its Battlefield Laser Detection System ("BLDS") for a major North American armoured vehicle program. "We are now actively engaged in discussions with large Canadian-based Defence primes who have approached us to explore partnering to incorporate BLDS into their Canadian offerings and programs," said Mr. Homuth.

The Company's less-lethal ARWEN products also increased revenue and margin contribution to the business in FY2025, with revenue almost doubling from $0.5 million to $0.9 million. "Besides the growing revenue momentum in the ARWEN business, it also created an opportunity in FY2025 to incorporate our PARA SHOTTM technology into a new training cartridge in response to customer demand from many of our ARWEN customers," said Mr. Homuth. "This has now been developed and is in the final stages of preparation for scaled production."

Management believes that its extensive customer base of law enforcement agencies for ARWEN throughout North America is a ready market for its new products like PARA SHOTTM as well as DEFSEC LightningTM.

Full Year 2025 Financial Highlights:

DEFSEC's digitization revenue in FY2025 was $4.0 million, a 289% increase over fiscal 2024 ("FY2024"). Total revenue increased 229% over FY2024 to $4.9 million.

Gross margin was $1.7 million, or 35.2% of total revenue, in FY2025, compared to $0.5 million, or 32.3% of total revenue, in FY2024.

Operating loss was $9.1 million in FY2025 as compared to a loss of $9.8 million in FY2024.

Total cash and cash equivalents were $6.7 million as at September 30, 2025 compared to $0.3 million as at September 30, 2024.

Major Highlights - Financings

On August 7, 2025, the Company announced the closing of a public offering of 759,879 common shares in the capital of the Company (each, a "Common Share") (or pre-funded warrants in lieu thereof), together with Common Share purchase warrants (each, a "Warrant") to purchase up to 759,879 Common Shares at a combined public offering price of $8.955 per Common Share (or pre-funded warrant in lieu thereof) and Warrant, for gross proceeds to the Company of approximately $6.8 million, before deducting placement agent fees and other offering expenses payable by the Company. The Warrants have an exercise price of $10.52 per Common Share, are exercisable upon issuance and expire on August 7, 2030. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The Common Shares and Warrants were offered pursuant to a registration statement on Form F-1 (File No. 333-288827), which was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on July 23, 2025.

On December 17, 2025, the Company entered into definitive agreements for the purchase and sale of 566,040 Common Shares at a purchase price of $3.64 (US$2.65) per Common Share in a registered direct offering. In a concurrent private placement, on December 18, 2025, the Company issued unregistered Common Share purchase warrants to purchase up to 566,040 Common Shares at an exercise price of $4.27 per Common Share that are immediately exercisable upon issuance and expire on December 18, 2030.

About DEFSEC

DEFSEC (TSXV: DFSC) (TSXV: DFSC.WT.U) (NASDAQ: DFSC) (NASDAQ: DFSCSW) (FSE: 62UA) develops and commercializes breakthrough next-generation tactical systems for military and security forces. The company's current portfolio of offerings includes digitization of tactical forces for real-time shared situational awareness and targeting information from any source (including drones) streamed directly to users' smart devices and weapons. Other DEFSEC products include countermeasures against threats such as electronic detection, lasers and drones. These systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems, and all come integrated with TAK. The company also has a new proprietary non-lethal product line branded PARA SHOTTM with applications across all segments of the non-lethal market, including law enforcement. The Company is headquartered in Ottawa, Canada, with a representative office in London, UK.

For more information, please visit https://www.defsectec.com

Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of Canadian and United States securities laws (collectively, "forward-looking statements"), which may be identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", or "continue", the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking statements contain these terms and phrases. Forward-looking statements are provided for the purpose of assisting the reader in understanding us, our business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes. Such forward-looking statements are based on the current expectations of DEFSEC's management and are based on assumptions and subject to risks and uncertainties. Forward-looking statements included in this include, but are not limited to: management's belief of sufficiency of available financial resources to support forecasted activities in 2026 based on cash on hand, anticipated revenue streams and planned expenditures in the fiscal year, subject to execution of the Company's operating plan and other factors described in its public filings; interest in DEFSEC LightningTM as well as timing of full commercial release thereof; the Company's estimates of increases to annualized gross margin on a go-forward basis as of February 2026 and extent thereof, if any; the stage of scaled production for the PARA SHOTTM technology into new training cartridges and timing of release thereof; and management's belief that its extensive customer base of law enforcement agencies for ARWEN throughout North America is a ready market for its new products like PARA SHOTTM as well as DEFSEC LightningTM.

Although DEFSEC's management believes that the assumptions underlying such forward-looking statements are reasonable, they may prove to be incorrect. The forward-looking statements discussed in this news release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting DEFSEC, including DEFSEC's inability to execute on its current operating plan and/or fiscal 2026 forecasted activities, DEFSEC's inability to secure contracts and subcontracts (on the timelines, size and scale expected or at all), statements of work and orders for its products in fiscal 2026 and onwards for reasons beyond its control, the renewal or extension of agreements beyond their original term, the granting of patents applied for by DEFSEC, inability to finance the scale up to full commercial production levels for its physical products, inability to secure key partnership agreements to facilitate the outsourcing and logistics for its ARWEN® and PARA SHOTTM products, inability to commercialize DEFSEC's next generation Battlefield Laser Detection System, inability to secure or complete the execution of government contracts, inability to drive growth in DEFSEC's ARWEN® product line, inability to advance the commercialization of DEFSEC's PARA SHOTTM products, delay or inability to launch DEFSEC's Lightning SaaS offering, lower than expected or delayed demand for DEFSEC's BLDS, overall interest in DEFSEC's products being lower than anticipated or expected; general economic and stock market conditions; a stagnation or decrease in North American defense and public safety spending, adverse industry events; future legislative and regulatory developments in Canada, the United States and elsewhere; the inability of DEFSEC to implement and execute its business strategies; risks and uncertainties detailed from time to time in DEFSEC's filings with the Canadian Security Administrators and the United States Securities and Exchange Commission, and many other factors beyond the control of DEFSEC. Although DEFSEC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and DEFSEC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its respective 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 news release.

Non-IFRS Measures

This news release makes reference to certain non-IFRS measures. These measures are not recognized measures under the International Financial Reporting Standards ("IFRS"), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. 

The non-IFRS measures used in this news release. includes "annualized gross margin contribution" and "program billings on annualized go-forward basis", which are unaudited, non-IFRS measures.

"Annualized gross margin contribution", refers to gross margin dollars based on the staff and other related costs for the entire year at the program billing rate. Management believes annualized gross margin contribution is a useful measure because it aligns with annualized revenue and billings. The most directly comparable financial measure that is disclosed in the financial statements of the Company to which this non-IFRS measure relates is gross margin.

"Program billings on annualized go-forward basis", refers to programmatic revenue based on the roles staffed for a full year at the program billing rate. Management believes program billings on annualized go-forward basis is a useful measure because it reflects management's estimate of annualized revenues based on current contractual taskings as of the date of this release. The most directly comparable financial measure that is disclosed in the financial statements of the Company to which the non-IFRS measure relates is revenue.

These non-IFRS financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with IFRS results and the reconciliations to the corresponding IFRS financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. Because non-IFRS financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety under the Company's profile on EDGAR and SEDAR+. 

 

September 30,
2025

September 30, 2024
ASSETS

 Cash and cash equivalents$6,686,429
$256,828
 Restricted short-term investment
47,500

30,000
 Trade and other receivables
1,494,152

567,875
 Inventories
519,609

533,163
 Prepaid expenses and other
163,562

179,051
 Deferred costs
34,773

275,438
Current assets
8,946,025

1,842,355
 Property and equipment
279,132

311,712
 Right-of-use assets
1,165,181

230,124
 Deposit
46,132

28,806
 Intangible assets
2,390,030

3,174,832
 Deferred costs
94,976

29,319
Non-current assets
3,975,451

3,774,793
Total Assets$12,921,476
$5,617,148
LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
Liabilities
 

 
 Accounts payable and accrued liabilities$2,310,662
$1,660,637
 Accrued royalties liability
200,000

200,000
 Lease obligations
188,907

147,078
 Contract liabilities
7,671

120,571
 Warrant liabilities
210,965

847,295
Current liabilities
2,918,205

2,975,581
 Accrued royalties liability
1,087,009

1,118,135
 Lease obligations
1,114,543

155,145
Non-current liabilities
2,201,552

1,273,280
Total Liabilities
5,119,757

4,248,861
Shareholders' Equity
 

 
 Share capital
47,003,991

37,822,725
 Warrants
7,764,412

1,084,687
 Contributed surplus
5,398,445

5,152,753
 Accumulated other comprehensive loss
(85,077)
(38,520) Accumulated deficit
(52,280,052)
(42,653,358)Total Shareholders' Equity
7,801,719

1,368,287
Total Liabilities and Shareholders' Equity$12,921,476
$5,617,148
Refer to the audited consolidated financial statements for the years ended September 30, 2025, 2024 and 2023

September 30, 2025

September 30,
2024

September 30,
2023

Revenue$4,942,626
$1,504,328
$1,234,450
Cost of sales
(3,204,578)
(1,017,826)
(1,425,828)Gross profit (loss)
1,738,048

486,502

(191,378)

 

 

 
Operating expenses
 

 

 
 General and administrative
5,225,997

4,836,815

6,165,297
 Selling and marketing
2,037,088

1,525,228

2,892,679
 Research and development, net
2,367,995

2,354,160

1,529,572
 Share-based compensation
113,692

291,761

373,554
 Depreciation and amortization
1,073,727

1,277,911

952,508
Total operating expenses
10,818,499

10,285,875

11,913,610

 

 

 
Operating loss
(9,080,451)
(9,799,373)
(12,104,988)

 

 

 
Other income (expenses)
 

 

 
 Share issuance costs
(1,807,686)
(541,566)
(1,985,074) Net finance costs
(173,375)
(196,323)
(668,034) Foreign exchange gain (loss)
114,347

59,191

(98,275) Impairment of right-of-use assets
(88,596)
-

-
 Gain/loss on disposals
6,809

(7,256)
(291,181) Change in fair value of warrant liabilities
1,402,258

3,047,568

5,841,192
Total other income (expenses), net
(546,243)
2,361,614

2,798,628
Loss before income taxes
(9,626,694)
(7,437,759)
(9,306,360)Income tax recovery
 

 

 
Deferred tax recovery
-

-

-
Net loss$(9,626,694)$(7,437,759)$(9,306,360)          Other comprehensive income (loss):
 

 

 
          Items that are or may be reclassified 
subsequently to profit or loss
 

 

 
 Foreign currency translation differences
(46,557)
1,143

61,755
Total comprehensive loss$(9,673,251)$(7,436,616)$(9,244,605)

 

 

 
Net loss per share
 

 

 
 Basic and diluted$(15.78)$(188.86)$(478.85)

 

 

 
Weighted average number of shares outstanding
 

 

 
 Basic and diluted
610,169

39,382

19,435
Refer to the audited consolidated financial statements for the years ended September 30, 2025, 2024 and 2023

September 30, 2025

September 30,
2024

OPERATING ACTIVITIES

Net loss$(9,626,694)$(7,437,759)Items not affecting cash:
 

 
   Depreciation and amortization
1,081,590

1,277,911
   Share-based compensation
113,692

291,761
   Change in fair value of warrant liabilities (including
 related foreign exchange gain)
(1,325,549)
(3,047,568)   Net finance costs
173,375

196,323
   Impairment of intangible assets
-

-
   Impairment of ROU asset
72,868

-
   Loss on disposals
-

7,256
   Gain on debt settlement
(500)
-
   Unrealized foreign exchange loss
29,637

-
   Changes in non-cash working capital items
(358,246)
(343,671)   Interest received (paid)
74,896

(4,997)Add back items not affecting operating activities:
 

 
   Share issuance costs
1,807,686

-
Cash used in operating activities
(7,957,245)
(9,060,744)       INVESTING ACTIVITIES
 

 
   Additions of property and equipment
(140,620)
(101,330)   Investments in intangible assets
(26,675)
(9,823)   Purchase of restricted short-term investment
(17,500)
-
   Deposit for advanced royalties
-

-
   Recognition of open orders from acquisition
4,387

-
Cash flows used in investing activities
(180,408)
(111,153)       FINANCING ACTIVITIES
 

 
   Proceeds from U.S. IPO and Canadian Offering, net
-

-
   Proceeds from the issuance of common shares and
 warrants
18,718,524

4,965,680
   Payments of share offering costs
(4,346,838)
(747,926)   Payments of lease obligations
(172,153)
(197,651)   Proceeds from exercise of warrants
402,837

1,613
   Repayment of borrowings
-

-
   Proceeds from exercise of stock options
-

-
   Repurchase of vested RSUs and PSUs
-

-
Cash flows provided by financing activities
14,602,370

4,021,716
       Net change in cash during the year
6,429,717

(5,150,181)Cash and cash equivalents, beginning of year
256,828

5,407,009
Effect of exchange rates on cash
(35,116)
-
Cash and cash equivalents, end of year$6,686,429
$256,828
Refer to the audited consolidated financial statements for the years ended September 30, 2025, 2024 and 2023
1 Unaudited, non-IFRS measure. See "Non-IFRS Measures" in this news release.
2 Unaudited, non-IFRS measure. See "Non-IFRS Measures" in this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279178

Source: DEFSEC Technologies Inc.

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Creates a scaled, high performing regional bank with $23 billion in assets strategically located in attractive New Jersey, Long Island and New York marketsMeaningfully enhances profitability metrics with estimated EPS accretion of 16%, ROATCE of 13% and ROAA of 1.00% by 2027$225 million equity raise, priced at-the-market, is fully committed at a fixed price after extensive investor due diligence by Warburg Pincus1 RED BANK, N.J. and UNIONDALE, N.Y., Dec. 29, 2025 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ: “OCFC”), (“OceanFirst”), the holding company for OceanFirst Bank N.A., and Flushing Financial Corp. (NASDAQ: “FFIC”) (“Flushing”), the holding company for Flushing Bank, today announced entry into a definitive merger agreement pursuant to which the companies will combine in an all-stock merger transaction. Upon completion of the Flushing merger, Flushing Bank will merge into OceanFirst Bank, with OceanFirst Bank surviving the bank merger. Based on OceanFirst’s closing stock price on December 26, 2025 of $19.76, the transaction is valued at $579 million and will create a high-performing regional bank with a significant presence across attractive New Jersey, Long Island and New York markets.

1 Note: Third party diligence was performed by third parties only for the benefit of the respective clients, and neither such third-party diligence nor the diligence of Warburg Pincus may be relied upon by any OceanFirst and Flushing shareholder or other third party; No such diligence is a recommendation to any person, or otherwise expresses any view, as to how any shareholder should vote with respect to any matter relating to the proposed transaction.

The strategic acquisition accelerates OceanFirst’s organic growth in New York by immediately expanding its presence within the highly attractive, deposit-rich markets of Suffolk, Nassau, Queens, Brooklyn, and Manhattan counties. Following closing of the merger, the combined company is expected to have approximately $23 billion in assets, $17 billion in total loans, and $18 billion in total deposits across 71 retail branches.

OceanFirst concurrently announced that it has entered into an investment agreement with affiliates of funds managed by Warburg Pincus LLC ( “Warburg Pincus”), which is fully committed to invest $225 million for newly issued equity securities subject to the closing of the merger.

Upon completion of the proposed transaction, (a) the shares issued to Flushing stockholders in the merger are expected to represent approximately 30% of the outstanding shares of the combined company, (b) the shares issued to Warburg Pincus in the equity capital raise transaction discussed above are expected to represent approximately 12% of the outstanding shares of the combined company and (c) the shares of OceanFirst common stock that are outstanding immediately prior to completion of the merger are expected to represent approximately 58% of the outstanding shares of the combined company.

“This acquisition represents a natural extension of our proven growth strategy,” said Christopher Maher, Chairman and Chief Executive Officer of OceanFirst. “We are bringing together two highly complementary organizations, leveraging Flushing’s 95+ year distribution channel in Long Island and New York alongside OceanFirst’s relationship-driven business model and robust products and services. We share a disciplined credit philosophy and long-term commitment to the communities we serve and are highly confident that this combination will enable us to better support our customers and deliver meaningful value for shareholders.”

Christopher Maher, OceanFirst Chairman and Chief Executive Officer, will serve as the CEO of the combined holding company following completion of the merger. John Buran, President and Chief Executive Officer of Flushing, will join OceanFirst as the non-executive Chairman of the Board after the closing of the merger. The board of directors of the combined company will consist of 17 directors: ten from the existing OceanFirst board, six from the existing Flushing board and one from Warburg Pincus.

“We are excited to partner with OceanFirst, an organization that shares our values and long-term vision,” said Buran. “This transaction creates meaningful opportunities for our clients, employees, and communities while preserving the relationship-focused culture that has defined our bank for nearly a century. We look forward to taking the next step in our journey with OceanFirst and for our shareholders to participate in the future upside resulting from creating a scaled, more profitable franchise together.”

Todd Schell, Managing Director at Warburg Pincus, will join the board. He added, “This combination marries OceanFirst’s scalable platform and robust product suite with Flushing’s distribution network and deep customer relationships. We have known both franchises for a long time – they share an underlying culture and philosophy and are complementary in ways that unlock strategic value for the combined entity. This is a natural combination that can produce strong returns for shareholders.”

Financial Benefits of the Merger

This transaction is expected to be financially attractive with an estimated 2027 EPS accretion of approximately 16%, a strong internal rate of return of approximately 24% and with tangible book value dilution of approximately 6%, to be earned back in approximately 3 years. On a pro forma basis, the business is expected to deliver compelling return metrics supported by a strong balance sheet, including:

2027 Return on Average Tangible Common Equity of approximately 13%2027 Return on Average Assets of approximately 1.00%2027 Net Interest Margin of approximately 3.2%2027 Non-Interest Expense to Average Assets of approximately 1.7%Allowance Coverage Ratio of 1.5% at closeCommon Equity Tier 1 Capital Ratio of 10.8% Transaction Details

Flushing will merge into OceanFirst, with OceanFirst surviving. Under the terms of the merger agreement, Flushing stockholders will be entitled to receive 0.85x of a share of OceanFirst common stock for each share of Flushing common stock.

In the equity capital raise transaction, OceanFirst will sell approximately (i) 9.7 million shares of its common stock at a purchase price of $19.76 per share and (ii) shares of a new class of non-voting, common-equivalent stock representing the economic equivalent of 1.7 million shares of OceanFirst common stock at a purchase price of $19.76 per share of common stock to Warburg Pincus. In addition, OceanFirst will issue Warburg Pincus a warrant to purchase shares of non-voting, common-equivalent stock of OceanFirst representing the economic equivalent of approximately 11.4 million shares of common stock. The warrants carry a term of 7 years and are not exercisable before the third-year anniversary of the closing, except in certain limited circumstances. The warrants have a mandatory exercise if the market price of OceanFirst common stock closes at or above $30.00 per share for 20 days in a 30-day period, a 52% premium to the price paid on common stock.

Timing and Approvals

The transaction is expected to close in the second quarter of 2026, subject to the receipt of regulatory approvals, approval by OceanFirst and Flushing shareholders, and the satisfaction of other customary closing conditions. The equity capital raise is expected to close concurrently with the merger, subject to the concurrent closing of the merger and other closing conditions.

Conference Call and Additional Materials

OceanFirst will conduct a live conference call and webcast to discuss the transaction on Tuesday, December 30, 2025 at 8:00 a.m. ET. To listen to the live call, please dial 1-833-470-1428 and enter 407069 for the conference ID. A live webcast of the conference call and associate presentation materials will be available on the investor relations section of each company’s website at https://ir.oceanfirst.com/ and https://investor.flushingbank.com/.

Advisors

Keefe, Bruyette & Woods, Inc., A Stifel Company, served as financial advisor to OceanFirst and Simpson Thacher & Bartlett LLP served as its legal counsel. Piper Sandler & Co, served as financial advisor to Flushing and Hughes Hubbard & Reed LLP served as its legal counsel. J.P. Morgan acted as capital markets advisor and sole placement agent to OceanFirst. Jefferies LLC served as financial advisor to Warburg Pincus and Wachtell, Lipton, Rosen & Katz served as its legal counsel.

About OceanFirst

OceanFirst Financial Corp’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $14.3 billion regional bank serving business and retail customers throughout New Jersey and the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing solutions, wealth management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, please visit us at www.oceanfirst.com.

About Flushing

Flushing Financial Corporation (Nasdaq: FFIC) is the holding company for Flushing Bank®, an FDIC insured, New York State —chartered commercial bank that operates banking offices in Queens, Brooklyn, Manhattan, and on Long Island. The Bank has been building relationships with families, business owners, and communities since 1929. Today, it offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services. Rewarding customers with personalized attention and bankers that can communicate in the languages prevalent within these multicultural markets is what makes the Bank uniquely different. As an Equal Housing Lender and leader in real estate lending, the Bank’s experienced lending teams create mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. The Bank also fosters relationships with consumers nationwide through its online banking division with the iGObanking® and BankPurely® brands.

Additional information on Flushing Bank and Flushing Financial Corporation may be obtained by visiting the Company’s website at FlushingBank.com. Flushing Financial Corporation’s earnings release and presentation slides will be available prior to the conference call at www.FlushingBank.com under Investor Relations.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies. The firm has a nearly 30-year history of investing in the banking sector, having invested over $4.5 billion in 23 regulated banking institutions around the world. Notable U.S. bank investments include Banc of California, EverBank, Dime Bancorp, Mellon Bank, Webster Financial, Sterling Financial and National Penn Bancshares.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between OceanFirst Financial Corp. (“OceanFirst”) and Flushing Financial Corporation (“Flushing”) and the proposed investment by Warburg Pincus LLC (“Warburg Pincus”) in equity securities of OceanFirst. Forward-looking statements may be identified by the use of the words such as “ estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “could,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the proposed transaction between OceanFirst and Flushing and the proposed investment by Warburg Pincus, including statements as to the expected timing, completion and effects of the proposed transaction. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of OceanFirst’s and Flushing’s management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, may differ from assumptions and many are beyond the control of OceanFirst and Flushing. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) the failure to satisfy the conditions to the consummation of the proposed transaction, including obtaining the requisite OceanFirst and Flushing stockholder approvals or the necessary regulatory approvals (and the risk that such regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement between OceanFirst and Flushing; (iv) the inability to obtain alternative capital in the event it becomes necessary to complete the proposed transaction; (v) the effect of the announcement or pendency of the proposed transaction on OceanFirst’s and Flushing’s business relationships, operating results and business generally; (vi) risks that the proposed transaction disrupts current plans and operations of OceanFirst and Flushing; (vii) potential difficulties in retaining OceanFirst and Flushing customers and employees as a result of the proposed transaction; (viii) OceanFirst’s and Flushing’s estimates of its financial performance; (ix) changes in general economic, political, or industry conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; (x) uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; (xi) the credit risks of lending activities, which may be affected by deterioration in real estate markets and the financial condition of borrowers, and the operational risk of lending activities, including the effectiveness of OceanFirst’s and Flushing’s underwriting practices and the risk of fraud; (xii) fluctuations in the demand for loans; (xiii) the ability to develop and maintain a strong core deposit base or other low cost funding sources necessary to fund OceanFirst’s and Flushing’s activities particularly in a rising or high interest rate environment; (xiv) the rapid withdrawal of a significant amount of deposits over a short period of time; (xv) results of examinations by regulatory authorities of OceanFirst or Flushing and the possibility that any such regulatory authority may, among other things, limit OceanFirst’s or Flushing’s business activities, restrict OceanFirst’s or Flushing’s ability to invest in certain assets, refrain from issuing an approval or non-objection to certain capital or other actions, increase OceanFirst’s or Flushing’s allowance for credit losses, result in write-downs of asset values, restrict OceanFirst’s or Flushing’s ability or that of OceanFirst’s or Flushing’s bank subsidiary to pay dividends, or impose fines, penalties or sanctions; (xvi) the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; (xvii) changes in the markets in which OceanFirst and Flushing compete, including with respect to the competitive landscape, technology evolution or regulatory changes; (xviii) changes in consumer spending, borrowing and saving habits; (xix) slowdowns in securities trading or shifting demand for security trading products; (xx) the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; (xxi) legislative or regulatory changes; (xxii) changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, (xxiii) impact of operating in a highly competitive industry; (xxiv) reliance on third party service providers; (xxv) competition in retaining key employees; (xxvi) risks related to data security and privacy, including the impact of any data security breaches, cyberattacks, employee or other internal misconduct, malware, phishing or ransomware, physical security breaches, natural disasters, or similar disruptions; (xxvii) changes to accounting principles and guidelines; (xxviii) potential litigation relating to the proposed transaction that could be instituted against OceanFirst, Flushing or their respective directors and officers, including the effects of any outcomes related thereto; (xxix) volatility in the trading price of OceanFirst’s or Flushing’s securities; (xxx) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; (xxxi) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected expenses, factors or events; (xxxii) the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where OceanFirst and Flushing do business; and (xxxiii) the dilution caused by OceanFirst’s issuance of additional shares of its capital stock in connection with the transaction. The foregoing list of factors is not exhaustive. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. 

You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of OceanFirst’s registration statement on Form S-4 that will contain a joint proxy statement/prospectus discussed below, when it becomes available, and other documents filed by OceanFirst or Flushing from time to time with the U.S. Securities and Exchange Commission (the “SEC”). These filings do and will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual events and results could differ materially from those contained in the forward-looking statements. There may be additional risks that neither OceanFirst nor Flushing presently knows or that OceanFirst or Flushing currently believes are immaterial that could also cause actual events and results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect OceanFirst’s and Flushing’s expectations, plans or forecasts of future events and views as of the date of this document. OceanFirst and Flushing anticipate that subsequent events and developments will cause OceanFirst’s and Flushing’s assessments to change. While OceanFirst and Flushing may elect to update these forward-looking statements at some point in the future, OceanFirst and Flushing specifically disclaim any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing OceanFirst’s and Flushing’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. Forward-looking statements speak only as of the date they are made. Neither OceanFirst nor Flushing gives any assurance that either OceanFirst or Flushing, or the combined company, will achieve the results or other matters set forth in the forward-looking statements.

Additional Information and Where to Find It

This document is not a proxy statement or solicitation or a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of OceanFirst, Flushing or the combined company, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law.

This document relates to the proposed transaction between OceanFirst and Flushing and the proposed investment in OceanFirst by Warburg Pincus. OceanFirst intends to file a registration statement on Form S-4 with the SEC, which will include a preliminary joint proxy statement/prospectus to be distributed to holders of OceanFirst’s common stock and Flushing’s common stock in connection with OceanFirst’s and Flushing’s solicitation of proxies for the vote by OceanFirst’s stockholders and Flushing’s stockholders with respect to the proposed transaction. After the registration statement has been filed and declared effective, OceanFirst and Flushing will mail a definitive joint proxy statement/prospectus to their respective stockholders that, as of the applicable record date, are entitled to vote on the matters being considered at the OceanFirst stockholder meeting and at the Flushing stockholder meeting, as applicable. OceanFirst or Flushing may also file other documents with the SEC regarding the proposed transaction.

Before making any voting or investment decision, investors and security holders are urged to carefully read the entire registration statement and joint proxy statement/prospectus (including all amendments and supplements thereto) when they become available, and any other relevant documents filed with the SEC, And the definitive versions thereof (when they become available), as well as any amendments or supplements to such documents, carefully and in their entirety because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the registration statement, the joint proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by OceanFirst or Flushing through the website maintained by the SEC at www.sec.gov.

The documents filed by OceanFirst or Flushing with the SEC also may be obtained free of charge at OceanFirst’s or Flushing’s website at https://ir.oceanfirst.com/, under the heading “Financials” or https://investor.flushingbank.com/, under the heading “Financials”, respectively, or upon written request to OceanFirst, Attention: Investor Relations, 110 West Front Street, Red Bank, New Jersey 07701 or Flushing, Attention: Investor Relations, 220 RXR Plaza, Uniondale, New York 11556, respectively.

Participants in Solicitation

OceanFirst and Flushing and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from OceanFirst’s stockholders or Flushing’s stockholders in connection with the proposed transaction under the rules of the SEC. OceanFirst’s stockholders, Flushing’s stockholders and other interested persons will be able to obtain, without charge, more detailed information regarding the names, affiliations and interests of directors and executive officers of OceanFirst and Flushing in OceanFirst’s registration statement on Form S-4 that will be filed, as well other documents filed by OceanFirst or Flushing from time to time with the SEC. Other information regarding persons who may, under the rules of the SEC, be deemed the participants in the proxy solicitation of OceanFirst’s or Flushing’s stockholders in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the preliminary joint proxy statement/prospectus and will be contained in other relevant materials to be filed with the SEC regarding the proposed transaction (if and when they become available). You may obtain free copies of these documents at the SEC’s website at www.sec.gov. Copies of documents filed with the SEC by OceanFirst or Flushing will also be available free of charge from OceanFirst or Flushing using the contact information above.

Investor Relations Inquiries:

OceanFirst Financial Corp.

Alfred Goon
SVP Corporate Development and Investor Relations
[email protected]

Flushing Financial Corporation

Susan K. Cullen
SEVP and Chief Financial Officer
[email protected]

Media Inquiries:

OceanFirst Financial Corp.

Jill Hewitt
SVP Director of Corporate Communications and Community Impact
[email protected]
1.888.623.2633 ext.27513

Company Contact:

Patrick C. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
1.888.623.2633 ext. 27507
Email: [email protected]

A medical breakthrough is shining a light on the biotech's promising development platform.

Shares of Praxis Precision Medicines (PRAX +13.25%) leaped on Monday after the clinical-stage biopharmaceutical company received a Breakthrough Therapy Designation (BTD) for its experimental tremor treatment.

By the close of trading, Praxis' stock price was up more than 13%.

Image source: Getty Images.

A promising development
Praxis specializes in using genetic insights to discover new therapies for neurological disorders. The biotech's efforts received a boost today when the U.S. Food and Drug Administration (FDA) granted a BTD for Praxis' ulixacaltamide treatment for patients with essential tremor.

The designation was granted based on the encouraging results from two recent phase 3 studies. The BTD, which is intended to accelerate the development of drugs that could substantially improve the treatment of serious medical conditions, should help to hasten a regulatory review of ulixacaltamide.

Praxis, in turn, plans to submit a New Drug Application for ulixacaltamide in early 2026.

"We recently completed a series of positive interactions with the FDA, that, together with this BTD, are enabling us to advance this promising treatment faster to patients," Praxis CEO Marcio Souza said in a press release.

Today's Change

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A significant unmet need
Approximately 7 million people are afflicted with essential tremor in the U.S. alone. The movement disorder typically leads to involuntary arm movements that can disrupt patients' lives. Current treatment options are not very effective and are often poorly tolerated.

"The granting of the Breakthrough Therapy Designation for ulixacaltamide ... further underscores its potential to address the substantial unmet need in patients with ET," Souza said.

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

SAN DIEGO, Dec. 29, 2025 (GLOBE NEWSWIRE) -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Gauzy Ltd. (NASDAQ: GAUZ) securities between March 11, 2025 and November 13, 2025. Gauzy develops, manufactures, and supplies vision and light control technology products.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Gauzy Ltd. (GAUZ) Misled Investors Regarding its Business Prospects

According to the complaint, the action alleges that during the class period, defendants failed to disclose to investors that: (1) three of the Company’s French subsidiaries lacked the financial means to meet their debts as they became due; (2) as a result, it was substantially likely insolvency proceedings would be commenced; and (3) as a result, it was substantially likely a potential default under the Company’s existing senior secured debt facilities would be triggered.

Plaintiff alleges that on November 14, 2025, Gauzy announced “the Commercial Court of Lyon, France, ordered the commencement of French law insolvency proceedings (“Redressement Judiciaire”) relating to three subsidiaries of Gauzy located in France.” “Redressement Judiciaire are French insolvency proceedings aimed at preserving a company’s business and operations, maintaining employment and repaying creditors while allowing for a plan to enable its recovery.” The Company further revealed the “commencement of these insolvency proceedings in France constitutes a default under the Company’s existing senior secured debt facilities, which if not remedied could lead to an event of default.” Finally, the Company disclosed that it will not be releasing its financial results for the third quarter of 2025 on November 14, 2025, as previously planned, due to the proceedings. On this news, Gauzy’s share price fell $2.00 per share, or 49.8%, over two consecutive trading days, to close at $2.02 per share on November 17, 2025.

What Now: You may be eligible to participate in the class action against Gauzy Ltd. Shareholders who wish to serve as lead plaintiff for the class must submit their papers to the court by February 6, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

To be notified if a class action against Gauzy Ltd. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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

SAN DIEGO, Dec. 29, 2025 (GLOBE NEWSWIRE) -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Integer Holdings Corporation (NYSE: ITGR) securities between July 25, 2024 and October 22, 2025. Integer is a leading global medical device contract manufacturer specializing in cardiac rhythm management and cardiovascular products.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

What are the allegations? Robbins LLP is Investigating Allegations that Integer Holdings Corporation (ITGR) Misled Investors Regarding Demand for its Products

According to the complaint, the action alleges that defendants misled investors regarding the Company’s market position in the growing EP ("electrophysiology") market and vastly overstated demand for Integer's EP devices. In reality, demand for Integer’s EP devices had fallen off a cliff. Indeed, rather than the Company’s EP business outpacing market growth in the burgeoning EP market, revenue growth from Integer’s EP devices was in fact decelerating.

On October 23, 2025, Integer cut its full-year 2025 guidance and informed investors it expected net sales growth of -2% to 2% and organic sales growth of 0% to 4% for the full year of 2026. Integer further admitted that two of its PE devices had experienced “slower than forecasted” market adoption and expected the slower demand impact “to continue into 2026.” On this news, Integer common stock fell $35.22 per share, or more than 32%, to close at $73.89 per share on October 23, 2025.

What are your next steps? You may be eligible to participate in the class action against Integer Holdings Corporation. Shareholders who wish to serve as lead plaintiff for the class must submit their papers to the court by February 9, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

To be notified if a class action against Integer Holdings Corporation settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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

SAN DIEGO, Dec. 29, 2025 (GLOBE NEWSWIRE) -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Charming Medical, Limited (NASDAQ: MCTA) securities between October 10, 2025 and November 12, 2025. The Company claims to “enhance[] the quality of life from the inside out by integrating Traditional Chinese Medicine (TCM) wellness practices with modern technology.”

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

What are the allegations? Robbins LLP is Investigating Allegations that Charming Medical, Limited (MCTA) Engaged in a Fraudulent Stock Promotion Scheme

According to the complaint, defendants failed to disclose that: (1) Charming was the subject of a fraudulent stock promotion scheme involving social media based misinformation and impersonated financial professionals; (2) insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; and (3) Charming’s public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price.

Plaintiff alleges that in the weeks leading up to November 12, 2025, Charming’s share price surged from the initial public offering price of $4.00 to an all-time high of $29.36 per share, despite no fundamental news from the Company justifying such a spike. Investigations and public reports have revealed that Charming’s stock became the subject of an illicit social-media-based promotion scheme that artificially inflated its price. These reports detail how impersonators claiming to be legitimate financial advisors touted Charming in online forums, chat groups, and through social media posts with sensational, but baseless, claims to create a buying frenzy among retail investors. On November 12, 2025, the SEC halted trading of Charming’s stock. The stock remains halted because the Company has not provided the information regulators required to lift the suspension.

What can you do now? You may be eligible to participate in the class action against Charming Medical, Ltd. Shareholders who wish to serve as lead plaintiff for the class must submit papers to the court by February 17, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

To be notified if a class action against Charming Medical, Limited settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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

The deal is one of the first in which a major U.S. tech company has bought a startup with Chinese roots.

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.

LOS ANGELES--(BUSINESS WIRE)---- $DLTH--DLTH Investors Have Opportunity to Join Duluth Holdings Inc. Fraud Investigation with the Schall Law Firm.

NEW YORK, Dec. 29, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of StubHub Holdings, Inc. (NYSE: STUB) pursuant and/or traceable to the Registration Statement issued in connection with StubHub’s September 2025 initial public offering (the “IPO”), of the important January 23, 2026 lead plaintiff deadline.

SO WHAT: If you purchased StubHub common stock you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the StubHub class action, go to https://rosenlegal.com/submit-form/?case_id=48412 or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 23, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit,  the Registration Statement was materially false and misleading and omitted to state that: (1) StubHub was experiencing changes in the timing of payments to vendors; (2) those changes had a significant adverse impact on free cash flow, including trailing twelve months (“TTM”) free cash flow; (3) as a result, StubHub’s free cash flow reports were materially misleading, and that; (4) as a result of the foregoing, defendants’ positive statements about StubHub’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the StubHub class action, go to https://rosenlegal.com/submit-form/?case_id=48412 or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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

Contact Information:

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

TL;DR

Ethereum Led Crypto Capital Inflows in 2025, reinforcing its position as the primary settlement layer for large-scale crypto activity.
The network recorded more than $64B in total inflows and $4.2B in net inflows, surpassing all competing chains.
Liquidity rotated away from Layer 2 networks, particularly Arbitrum, while Ethereum recovered stablecoin depth and DeFi capital as market participants favored liquidity concentration and established infrastructure.

Although decentralized finance activity expanded across multiple blockchains, Ethereum attracted the largest share of returning capital. This behavior reflected a market environment where efficiency and depth outweighed experimentation, especially during periods of volatility.

On-chain data showed Ethereum leading all networks in net value flows over the year. Short-term rotations toward alternative chains occurred, but they did not alter Ethereum’s broader role as the core hub for high-value crypto transfers and DeFi positioning.

Ethereum Led Crypto Capital Inflows In 2025 Driven By Liquidity And Bridges
Ethereum processed more than $64B in gross inflows and close to $60B in outflows, ranking first in overall ecosystem flows. Its dominance relied heavily on bridge infrastructure that connects most major chains back to Ethereum. Stablecoins amplified this effect, as Ethereum-based tokens remained the most liquid for settlements, collateral management, and exchange operations.

After the market stress observed in October, capital flows shifted decisively. From mid-October onward, liquidity exited higher-risk environments and returned to Ethereum’s main layer. This trend continued into December, with Ethereum adding roughly $195M in net inflows during the final week of the year. Lower transaction fees also improved accessibility, supporting renewed on-chain activity without congestion concerns.

Layer 2 Liquidity Rotation Reshaped Capital Allocation
Layer 2 networks saw a measurable decline in liquidity toward year-end. Stablecoin balances dropped by approximately $1B in December, reducing their share of the broader Ethereum ecosystem economy to 13.5%. Arbitrum accounted for the largest portion of net outflows as DeFi liquidity consolidated back onto Layer 1.

Despite this contraction, Layer 2s continued to process more than 93% of transaction volume, underscoring their relevance for scalability. However, only 8.8% of total stablecoin supply remained on these networks, highlighting the separation between transaction throughput and capital concentration.

Ethereum’s Liquidity Strength Despite ETH Price Weakness
ETH experienced notable price volatility during 2025, ending the year down 12.1% after sharp declines in the final quarter. The asset traded near $2,930 after briefly moving above $3,000, within a yearly range between $1,400 and $4,948. Even under price pressure, Ethereum attracted sustained whale accumulation and higher DeFi lending activity.

Remember when billionaire venture capitalist Chamath Palihapitiya made his $500,000 Bitcoin-by-October-2025 prediction on the All-In Podcast? Swing and a miss!

After a string of high-profile forecasts proved inaccurate in 2025, confidence in Bitcoin “target-price narratives” has faded. Analysts now frame projections as scenario ranges, not promises. Still, that hasn’t stopped banks, CEOs, and veteran traders from publishing bold outlooks for Bitcoin’s next act.

Wu Blockchain compiled the core conclusions behind these forecasts, revealing just how wide the disagreement is — from six-figure upside driven by ETFs and institutional demand to catastrophic downside tied to macro tightening and technical breakdowns.

Below is a breakdown of where major voices think Bitcoin could land by 2026, and why.

Summary

The bullish take: Bitcoin reaches $150,000–$250,000 on ETF inflows, institutional adoption, and looser monetary policy.
The bearish take: Expect drawdowns to $70,000 or lower if demand weakens or macro conditions tighten.
Liquidity, regulation, and sustained institutional participation—not halving cycles alone—are now viewed as the key forces shaping Bitcoin’s 2026 trajectory.

Tom Lee: $200,000–$250,000
BitMine chair Tom Lee has repeatedly argued that Bitcoin could reach $200,000–$250,000 by the end of 2026, driven by expanding institutional allocations and structural inflows from spot ETFs. He believes institutional participation may fundamentally alter Bitcoin’s traditional market cycles.

That said, Fundstrat, which Lee co-founded, isn’t monolithic.

Sean Farrell: $60,000–$65,000
Fundstrat’s Head of Digital Asset Strategy warned clients that a sharp pullback could occur in early 2026, with BTC potentially falling to $60,000–$65,000 before resuming higher. Farrell emphasized the difference in time horizons: Lee speaks to long-term, low-allocation institutional investors, while Farrell focuses on active, higher-risk crypto portfolios.

According to @_FORAB, Tom Lee's fund, Fundstrat, stated in its latest 2026 cryptocurrency strategy advice to internal clients that a significant correction is expected in the first half of the year, completely contradicting Tom Lee's public statements.

The internal report sets… pic.twitter.com/HbRoNzr85z

— Wu Blockchain (@WuBlockchain) December 20, 2025

Brad Garlinghouse: $180,000 and $100,000+
At Binance Blockchain Week in December 2025, Ripple CEO Brad Garlinghouse predicted Bitcoin could hit $180,000 by end-2026.

Sharing the stage, Solana Foundation President Lily Liu offered a more conservative view, saying Bitcoin could trade above $100,000, while Binance CEO Richard Teng declined to give a number but said prices would be “higher than today.”

JPMorgan: $170,000 (Model-Implied Ceiling)
JPMorgan’s digital-assets team, led by Nikolaos Panigirtzoglou, pegs Bitcoin’s volatility-adjusted fair value near $170,000, using a BTC-to-gold relative valuation model. The New York-based investment bank frames this as a theoretical upper bound, not a year-end target, signaling upside potential over the next six to 12 months rather than a guaranteed destination.

Standard Chartered: $150,000 (Down from $300K)
Once among Bitcoin’s loudest bulls, Standard Chartered has dramatically cut its forecasts. The bank now expects BTC to reach $150,000 in 2026, roughly half its prior projection. The revision reflects slowing ETF inflows, fading demand catalysts, and broader market weakness. While the bank remains bullish long-term, it believes Bitcoin’s timeline has stretched.

Bernstein: $150,000
Bernstein sees Bitcoin reaching $150,000 in 2026, driven by institutional capital and spot-ETF inflows. The firm believes Bitcoin is no longer bound by the traditional four-year halving cycle, instead entering an extended institutional bull phase. Longer-term, it maintains far more aggressive targets — including $1 million by 2033.

BSTR President Katherine Dowling: $150,000
Katherine Dowling, president of Bitcoin reserve firm BSTR, expects BTC to climb to $150,000 by end-2026, citing three tailwinds:

Clearer U.S. crypto regulation
A shift toward looser monetary policy (rate cuts, end of QT)
Growing Wall Street adoption of Bitcoin ETFs (1%–4% allocations)

Citigroup: $143,000 (Base Case)
Citi outlines three scenarios for a 62% upside from current levels near $88,000:

Base case: $143,000
Bear case: ~$78,500
Bull case: ~$189,000 if institutional and retail demand accelerate

The bank flags $70,000 as a key support level.

Arthur Hayes: $124,000 to $200,000
Crypto trader Arthur Hayes, in his December 19 essay “Love Language,” says Bitcoin could break above roughly $124,000 in 2026 and further challenge the ~$200,000 level.

Per Wu Blockchain, Hayes’ “logic chain” is:

Money-supply expansion → inflation pressure → investors rotate into scarce-supply assets (like BTC) as a hedge.

TLDR

The DOT token recorded a 2% drop in the last 24 hours, trading around $1.83.
Resistance at $1.90 remains unbreakable due to general weakness across altcoins.
Polkadot has accumulated a 74% loss over the past year after trading above $10 in January.

This Monday, the Polkadot price moved through negative territory, affected by persistent market weakness that stalled any attempt at a solid recovery. After several failed attempts to break the technical barrier of $1.90, the native DOT token retreated to $1.83, revealing a sense of caution among traders.

Staking rewards on Polkadot follow a ~24-hour cycle called an "Era," usually split between ~22K nominators.

Yesterday, in Era #2035, an issue with an off-chain election tool limited the nominator set to just 3K, leading to higher individual payouts for those included. The issue…

— Polkadot (@Polkadot) December 29, 2025

The context of this bearish trend revolves around macroeconomic uncertainty affecting the primary assets in the sector. While Bitcoin and Ethereum struggle with their own psychological resistances, the Polkadot price today is suffering the consequences of low trading volume and waning buying interest.

Despite a brief weekly rally, the 30-day metric shows an 18% decline, consolidating a downward trend that has erased much of the asset’s value throughout the year.

Technical Analysis and Outlook for the DOT Ecosystem
Technically speaking, indicators suggest that the bearish trend still has room to maneuver. The 50-day Exponential Moving Average (EMA) is in decline, confirming short-term weakness.

Additionally, the Relative Strength Index (RSI) remains below the 50 level, signaling that the Polkadot price today could face further declines if it fails to find a stable floor soon.

If selling pressure continues, analysts warn that sellers could set their sights on the $1.70 support level. However, there is a glimmer of hope in the MACD indicator, which shows some bullish resilience.

In summary, for the scenario to change, Polkadot would need to reclaim levels of $2.00 and $2.25 in the short term. The success of this recovery will depend on internal factors such as parachain auctions and governance improvements, as well as an improvement in global liquidity conditions before fully entering 2026.

TLDR:

Hedera added RepSol and Blockchain4Energy to its Council for carbon tracing and digital identity.
Algorand partners with Enel to tokenize solar panels, enabling fractional ownership for businesses.
Stellar works with Nasdaq-listed Turbo Energy to tokenize financing for renewable installations.
All three partnerships involve enterprise-grade DLT with established energy companies beyond pilots.

Enterprise DLT has emerged as a transformative force in the energy sector during 2025. Three major blockchain platforms have secured partnerships with established energy companies. 

Hedera added RepSol and Blockchain4Energy to its Council, while Algorand partnered with Enel for solar asset tokenization. Stellar began working with Turbo Energy on renewable financing solutions.

Hedera Expands Energy Sector Presence
Hedera continues building its presence in energy markets through strategic partnerships. The platform now supports carbon tracing, measuring, reporting, and verification processes for major corporations. 

Blockchain4Energy, representing firms like Chevron, ExxonMobil, and ConocoPhillips, operates its B4ECarbon solution on Hedera’s network.

The relationship between Hedera and Blockchain4Energy strengthened this year with Council membership. 

The energy sector has quietly become one of the most promising real-world verticals for Enterprise DLT.

In 2025, three developments stand out:

• $HBAR adding RepSol and B4E to its Council

• $ALGO partnering w Enel to tokenize solar assets

• $XLM working w Turbo Energy for… pic.twitter.com/4k9KUnQKVi

— 🥖Tokenicer✲⥃⬢ (@Tokenicer) December 28, 2025

This development signals deeper integration between traditional energy companies and distributed ledger infrastructure. The B4ECarbon solution addresses transparency requirements in carbon markets through verified data tracking.

RepSol, ranked among the top 500 global companies, also joined Hedera’s Governing Council in 2025. 

The energy giant plans to test digital identity applications directly on the platform. These initiatives reflect growing confidence in blockchain technology among established energy corporations.

Algorand and Stellar Target Renewable Infrastructure
Algorand’s collaboration with Enel focuses on tokenizing solar energy infrastructure. Enel supplies over one-third of Italy’s electricity through its operations. The partnership enables fractional ownership of solar panels through blockchain-based assets.

Through Algorand’s platform, individuals and businesses can offset energy usage via tokenized solar assets. This model removes traditional barriers to renewable energy investment. The tokenization approach provides liquidity to infrastructure that previously required substantial capital commitments.

Stellar’s partnership with Nasdaq-listed Turbo Energy combines payment systems with energy financing. Using Taurus for custody services, they tokenize financing for hybrid renewable installations. The initiative aims to reduce capital barriers for enterprise energy deployment while increasing transparency.

According to industry observers, these developments share common characteristics. Each implementation involves enterprise-grade distributed ledger technology working with established energy companies. 

The partnerships have progressed beyond pilot programs to operational use cases. These projects address specific bottlenecks in carbon tracking, asset ownership, and project financing across the energy value chain.

Journalist

Posted: December 30, 2025

The Flow blockchain has initiated an ‘isolated recovery’ plan for the chain following last week’s $3.9 million crypto hack. 

At the time of this writing, Flow announced that it has reached validator consensus on the proposed software upgrade, and testing is underway.

However, final chain operations will be activated later on after all tests have been completed. 

Source: X

After the tests, the plan will enter the next stage, dubbed “phase 1 deployment.” This stage will ensure the resumption of the chain’s broader operations and restriction of addresses linked to the hack. 

Flow abandons initial rollback plan
The latest plan was adopted following opposition from key partners and exchanges to the initial plan to launch a full-chain rollback to the pre-hack status and block the hacked funds. 

Flow’s breach was first reported over the weekend, and the hacker swiftly moved the stolen $3.9 million off the network. This added to the growing number of 2025 crypto hacks, which have surpassed $3 billion. 

However, the consensus for the Flow chain rollback plan was not fast enough.

The rollback proposal would be ineffective because the hacker moved the funds from the chain into Ethereum and other assets, noted security expert Tay Vano. 

As a result, proceeding with the initial proposal would only affect innocent users who were not informed of the planned rollback in time. 

In fact, Alex Smirnov, co-founder of deBridge, one of the exchanges that handles the majority of FLOW volumes, stated that they weren’t informed of the rollback plans. 

Source: X/deAlex

The plan was changed to ‘isolated recovery’ following this feedback and the realization that a rollback plan was too late to affect the hacker.  

Flow is a Layer 1 chain led by a Foundation but with independent ecosystem builders. One of its largest ecosystem builders, Dapper Labs, threw its full support to the ‘isolated recovery’ proposal and added, 

“The revised approach preserves all legitimate user activity—meaning no rollback is required—and provides a clear path to restoring network operations. Safety remains the priority, but urgency is paramount.”

Source: X

That being said, the chain’s native token, FLOW, dropped over 40% to $0.1 after the breach. 

Final Thoughts

Flow has launched a recovery plan to preserve legitimate user activity, but restricts hackers’ addresses. 
The native token, FLOW, declined 40% after the breach; whether the recovery plan will reverse the losses remains to be seen. 

XRP is trading below critical technical levels after losing the $2 mark, a breakdown that has shifted market sentiment decisively toward fear. Bulls are struggling to find reliable support as price action weakens, and recent attempts at stabilization have failed to attract sustained demand. The loss of this psychological and structural level has left XRP vulnerable, with traders increasingly positioning defensively amid broader uncertainty across the altcoin market.

According to analysis shared by Darkfost, selling pressure on XRP has intensified materially over recent weeks. The data shows that the current move is not a minor pullback, but part of a deeper corrective phase. XRP has declined by roughly 50% from its cycle peak near $3.66, falling toward the $1.85 region.

This magnitude of decline reflects a clear shift in market behavior, as earlier optimism has given way to risk reduction and capital preservation.

Darkfost’s assessment suggests that the increase in selling is driven by a combination of profit-taking from older positions and capitulation from more recent buyers who entered at higher levels. As the price moves further away from prior highs, confidence has deteriorated, reinforcing the downside momentum.

Exchange Inflows Highlight Rising Sell-Side Pressure
Darkfost further explains that the recent surge in selling pressure becomes especially clear when examining XRP inflows to exchanges, with Binance standing out as the primary focal point.

As the exchange that concentrates the largest share of XRP trading volume, Binance often serves as an early indicator of shifting market intent. Rising inflows to exchanges are commonly interpreted as a signal that holders are preparing to sell, particularly when the increase is sudden and sustained.

XRP Ledger Exchange Inflow | Source: CryptoQuant
After several weeks of relatively calm conditions, characterized by stable and moderate inflows, this pattern changed sharply around December 15. Since then, XRP transfers to Binance have accelerated, with daily inflows consistently ranging between 35 million XRP and a pronounced spike of roughly 116 million XRP recorded on December 19.

This marks a clear break from the prior holding-oriented behavior observed through much of October and November.

The shift in inflow dynamics suggests a change in investor psychology. Longer-term holders appear to be taking profits after XRP’s strong run earlier in the cycle, while more recent entrants are increasingly capitulating and selling at a loss as the price continues to slide. This combination amplifies downside pressure and reinforces the current corrective trend.

As long as elevated exchange inflows persist, conditions for accumulation remain unfavorable. Without a meaningful slowdown in deposits, XRP is likely to struggle to form a durable base, increasing the risk that the correction extends further in both time and depth.

XRP Price Action Details: Testing Demand
XRP continues to trade under clear technical pressure, with price hovering near the $1.87–$1.90 zone after a prolonged downtrend on the daily chart. The structure shows a decisive loss of bullish control following the rejection from the $3.00–$3.50 region earlier in the year. Since that peak, XRP has consistently printed lower highs and lower lows, confirming a bearish market structure that remains intact.

XRP consolidates around a critical level | Source: XRPUSDT chart on TradingView
From a trend perspective, the price is trading below all major moving averages. The short-term moving average has turned sharply lower and now acts as immediate dynamic resistance, while the medium- and long-term averages are also sloping downward, reinforcing the broader bearish bias. Each recent attempt at a relief bounce has failed below these averages, suggesting that sellers continue to dominate rallies.

The $1.80–$1.85 region is now a critical support area. This zone has absorbed several tests in recent weeks, indicating short-term demand, but the lack of a strong rebound highlights weak buying conviction. A clean break below this level would expose XRP to a deeper retracement toward the $1.50 region, where historical demand previously emerged.

Unless XRP can reclaim the $2.10–$2.20 range and hold above it, the path of least resistance remains to the downside, with risks skewed toward further consolidation or continuation of the correction.

Featured image from ChatGPT, chart from TradingView.com 

TL;DR

Flow experienced a $3.9M exploit, considered a rollback, but pivoted to a targeted fix after community backlash.
The new plan avoids rewriting history, using temporary controls to blacklist and burn fraudulent assets.
The FLOW token fell ~42% as the event highlighted operational risk and governance challenges.

Flow scrapped a rollback of its blockchain after a $3.9 million exploit and chose a path that preserves all valid transactions. The network will restart from the last sealed block prior to the December 27 pause and target fraudulent assets through account restrictions and token burns, avoiding any block reorganization.

Validators halted activity once the team confirmed a flaw in the execution layer. Core contributors stated that legitimate balances remained intact and valid deposits stood unaffected. To undo exploit damage, the foundation initially floated a rollback that would freeze recipient accounts, withdraw illicit tokens, burn them, and rebalance DEX pools using reserve holdings. The proposal triggered objections tied to decentralization and operational risk.

Debate over decentralization and day-to-day operations
Bridge teams and exchanges warned about multi-day reconciliation and potential replay risk. Alex Smirnov, co-founder of deBridge, said on X that his company received “zero coordination” before the announcement and flagged possible liabilities for users who bridged assets during the window. Critical feedback scaled, and the network adjusted course.

This is the verified update from the Flow Foundation.

INCIDENT CONFIRMED

On December 27, 2025, an attacker exploited a vulnerability in Flow's execution layer and moved approximately $3.9M in assets off-network before validators executed a coordinated halt.

Critically, this… https://t.co/KEXzo0w8as

— Flow.com (@flow_blockchain) December 27, 2025

The updated plan avoids chain reorgs. Flow introduced a temporary software upgrade that grants the service account extraordinary, time-boxed powers to restrict and withdraw tainted assets, with revocation once remediation concludes. Validators must approve the change. Analyst Matthew Jessup endorsed the roadmap: governance oversees execution, and maintaining the EVM chain in read-only mode buys time to patch the flaw.

Full fund recovery remains uncertain. Grant Blaisdell, co-founder of Coinfirm and CEO of Copernic Space, noted that outcomes depend on fund destinations: centralized exchange landings, reporting speed, and exchange cooperation. Once funds exit into external channels, recovery shifts into a multi-jurisdiction legal process with uncertain timelines.

The episode reopens a core trade-off for layer-1 networks: immutability versus incident response. Foundations and validators face a clear dilemma. A rollback can deliver fast relief, yet it erodes cryptographic assurances and raises operational costs across bridges and venues. A surgical path—blacklists, burns, temporary controls, and permission audits—preserves the ledger and contains fallout, even if reimbursement takes longer.

TLDR

SHIB supply on centralized exchanges has dropped to 81.2 trillion, its lowest level since April 2021.
The asset has fallen out of the crypto market “Top 30” following a price decline of over 70% on a yearly scale.
Analysts believe that retail capitulation is a buy signal for “smart money.”

As 2025 draws to a close, the second-largest memecoin in the ecosystem faces a critical crossroads. With its price currently hovering around $0.000007478, the market is wondering if a long-awaited Shiba Inu comeback is just around the corner.

CryptoQuant data reveals that the amount of SHIB tokens stored on centralized platforms has dropped to levels not seen in four years, which traditionally reduces immediate selling pressure and sets the stage for a potential bullish momentum.

Despite the pessimism surrounding the asset—currently ranked 35th by market capitalization—this exhaustion of exchange supply is viewed by experts as a positive technical signal.

Expert analyst Lyvo suggests that SHIB has reached its “real bottom,” arguing that while retail investors abandon their positions due to a lack of faith in “old” projects, whales and “smart money” are accumulating medium-term exposure.

Persistent Challenges: Token Burns and the State of Shibarium
Undoubtedly, the path toward a Shiba Inu comeback is filled with significant obstacles. The token-burning mechanism has shown a recent slowdown, with only 30.7 million SHIB removed in the last week, representing a 14% decrease compared to the previous period.

With a circulating supply that still exceeds 585 trillion tokens, the impact of these burns remains limited in terms of drastically influencing the asset’s scarcity.

On the other hand, the Layer 2 network, Shibarium, has failed to regain its momentum following the security issues suffered in September. The stagnation in daily transaction processing has detracted from the ecosystem’s utility, a factor that bears are using to maintain control over the price.

In summary, the success of any Shiba Inu comeback in 2026 will depend on the low exchange supply, but also on the development team’s ability to revitalize confidence in its technological infrastructure.

Arthur Hayes, former chief executive of BitMEX, has forecast that Zcash could reach a four-figure price level, citing privacy narrative demand, institutional interest, and supply dynamics, according to public statements made in December.

Summary

Former BitMEX CEO Arthur Hayes predicts Zcash could reach $1,000.
Zcash is up ~40% since Hayes’ forecast, nearly 14% over the past month, and more than 700% year over year, with about 30% of supply now in shielded addresses, indicating growing use of private transactions.
Regulatory pressure on privacy coins, limited liquidity, and leverage-driven volatility remain key downside risks.

The cryptocurrency has reportedly gained approximately 40 percent since Hayes issued the forecast, according to market data. Zcash returned to market attention following Hayes’ projection that the privacy-focused digital asset could reach the $1,000 threshold as its first major price target.

Zcash has advanced nearly 14% over the past month and recorded annual gains of more than 748%, outperforming most large-cap cryptocurrencies.

Hayes described the four-figure price level as an initial target rather than a final destination, according to his December public post. The former exchange executive noted that price pullbacks toward the low hundreds remain possible despite the bullish outlook.

Several structural factors underpin the positive forecast, according to market observers. Approximately 30 percent of Zcash’s circulating supply now resides in shielded addresses, reflecting increased demand for private transactions, on-chain data indicates.

Institutional activity has increased in late 2025, with Grayscale launching a dedicated Zcash investment fund, according to company announcements. Additional firms have disclosed substantial purchases and accumulation plans, including intentions to hold significant percentages of the total supply, regulatory filings show.

Hayes identified Zcash’s late-2025 halving event as a supply inflection point that could reduce token issuance and contract available liquidity, according to his statements. Technical analysts are monitoring key resistance levels in the mid-hundreds, with a confirmed breakout potentially opening paths toward the high hundreds and a four-figure level by mid-2026, market commentary indicates.

The market structure remains sensitive to leverage and liquidation events, presenting ongoing risks, analysts noted. Regulatory pressure on privacy coins represents a significant concern, with potential coordinated enforcement actions capable of driving prices back to the low hundreds, according to market participants.

Liquidity access remains restricted on regulated trading venues, Hayes stated. Decentralized exchanges may handle future demand, though thinner order books could amplify volatility, according to his analysis.

The recent rally has been driven by a combination of narrative strength, supply dynamics, institutional accumulation, and liquidation-driven price discovery, market observers reported.

Journalist

Posted: December 30, 2025

Since the memecoin successfully held $0.23, FARTCOIN has traded within a mini ascending channel, reaching a local high of $0.32. 

At press time, FARTCOIN  traded at $0.31, down 3.23% on daily charts. Before this slip, FARTCOIN had been on an upward trajectory, hiking by 3.21% on weekly charts. 

With the memecoin signaling potential trend reversal, whales have taken notice and stepped in with strength.

Whale acquires $2.66 million worth of FARTCOIN
Interestingly, after FARTCOIN retraced from its attempted breakout, whales took the opportunity to accumulate. 

In fact, FARTCOIN Top Holders have increased their holdings by 9.38% to 692.04 million tokens according to Nansen data. 

Over the past four days, these addresses added 69.24 million FARTCOIN, while they only offloaded 18.08 million tokens. 

As a result, the Top holders recorded a positive Balance Change of 51.16 million over the same window, reflecting aggressive whale accumulation.  

Source: Nansen

Amid this whale accumulation spree, Onchain Lens observed one such whale. According to the monitor, a whale has spent $2.66 million to buy 8.58 million FARTCOIN.

Typically, when whales accumulate during periods of weakness, it signals strong confidence in the market. Thus, these participants view the market positively and expect a rebound in the near term.

Coupled with that, investors on Binance, Coinbase, and Bitstamp deployed significant funds into the memecoin, with buy volume outpacing selling.

Source: Coinalyze

At press time, the memecoin saw 5.17 million in Buy Volume compared to 4.12 million in Sell Volume. As a result, FARTCOIN recorded a positive market delta of 1.05 million, a clear signal of increased demand.

Buyers are not in control yet
Interestingly, while whales have increased accumulation, buyers have yet to take control of the market, and sellers remain strongly positioned.

The Buyers in Control (BIC) indicator on TradingView suggested that sellers have dominated the market for three consecutive weeks. In fact, buyers last controlled the market between the 23rd of November and the 8th of December.

Even more so, FARTCOIN’s Relative Strength Index (RSI) has largely remained within the bearish territory for the past 2 weeks, only touching 50 once. At press time, this indicator sat around 48, indicating seller control of the market.

Source: TradingView

Such market conditions leave FARTOIN in a risky position and could lead to further losses if demand fails to catch up.

Therefore, if whales continue to accumulate and effectively absorb the pressure, the memecoin could be strong enough to trigger a trend reversal. As such, FARTCOIN may reclaim $0.36 resistance and target $0.40, completing the bullish reversal.

Conversely, if the attempt fails and seller dominance prolongs, the memecoin could retrace to $0.28 and attempt another leg up.

Cover image via www.freepik.com

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

The market is not seeing the conviction we would have anticipated a few months ago, but at the same time, the year-end pump could be the foundation for a proper uptrend in 2026. Bitcoin has finally hit $90,000 but already retraced, Shiba Inu is ready to conquer 26 EMA and XRP is staying neutral.

Shiba Inu ready to fightShiba Inu is getting close to a technically crucial point that will probably determine how it moves into 2026. SHIB has begun to stabilize and recover from local lows following months of consistent downward pressure, but the move is now headed straight into its first significant roadblock: the 26-period EMA.

The price is once again testing this level from below, which has served as dynamic resistance during the decline. SHIB's recovery has been cautious rather than aggressive thus far. Momentum is increasing without displaying excess, and volume is still moderate. Although the RSI is rising and has moved out of oversold territory, it is not indicating a surge in demand. Instead of a clear breakout, that combination typically comes before a decision point. 

HOT Stories

SHIB/USDT Chart by TradingViewThe consequences are clear if SHIB fails at the 26 EMA. Rejecting this would probably render the short-term recovery structure invalid and allow recent lows to be retested. That scenario would eliminate the majority of the gains made during the late-December bounce and force SHIB back into pure damage-control mode going into the new year given how stretched the chart already is. Failure is not the base case, though. The way the price is responding to resistance is the more fascinating read.

Clearly the pressure to sell has decreased. Wicks are forming on the downside, down candles are getting smaller and buyers are entering the market earlier than they did in November. That is not just a change in price, it is a change in behavior. The structure is significantly altered if SHIB is successful in regaining and retaining the 26 EMA.

That would be the first indication that the downtrend is losing ground, paving the way for higher moving averages and quickening the momentum for the upside. In that case, as sidelined participants reengage, what initially appears to be a slow grind could quickly become a sharper rally. 

Bitcoin's end-of-year runFollowing weeks of sluggish price action, Bitcoin is once again doing what it has done numerous times: seizing a late-December bid. As the year comes to an end, Bitcoin has begun to stabilize and move higher after declining through November and the first part of December. 

This pattern has become almost seasonal for the asset. In the past, the end of the year has been when Bitcoin typically finds support. As funds close books, positioning becomes more defensive, aggressive selling stops and liquidity is reduced. Because of this combination, prices can frequently rise without the need for large volumes.

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The current rally is consistent with that model. Bitcoin has recovered short-term levels in the high-$80,000 to low-$90,000 range after rising from its recent lows in the mid-$80,000s. Technically speaking, this move appears to be more of a relief than a complete reversal of the trend. The larger structure is still corrective, and Bitcoin is still below its main moving averages. 

The 200-day average is significantly above the price, while the 50- and 100-day averages are sloping downward. Although momentum indicators have improved and the RSI has moved back above 50, they are still not in overbought territory. That implies stabilization rather than acceleration.

There is a history of year-end rallies like this. Due to positioning resets, tax concerns and a renewed sense of optimism for the upcoming year, Bitcoin has frequently shown strength in late December and early January. What typically happens next is the issue. In many previous cycles, these rallies subsided by February as institutional flows stabilized, full liquidity reappeared and speculative excess came to terms with reality. 

XRP eyeing $2 againXRP is circling the $2 mark once more, a price range that has frequently determined sentiment over the previous few months. The price has stabilized close to the lower edge of its declining channel following a protracted corrective phase, and buyers are determining whether a second attempt at $2 is feasible.

Although the setup is well-known the results are not assured. XRP is currently trading below all significant moving averages. Any upward move begins as a countertrend rally because the 50-, 100- and 200-day lines are still above and sloping downward. Although volume is exhibiting early indications of expansion and the RSI has recovered from oversold conditions, momentum has somewhat improved, but the structure is still brittle.

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In the bullish scenario, XRP steadily rises while defending the lower channel support. The price could first challenge the 26- and 50-period averages if there were a clear break above short-term resistance, which would lessen the immediate sell pressure. If that occurs in tandem with increased volume, XRP may return to the $2 range rather quickly. 

This move would only need persistent demand and a lack of aggressive selling, not a complete reversal of the trend. In this case, $2 is not a final top but rather a liquidity magnet, and even a brief reclamation would significantly change sentiment. The bearish scenario is easier. The recent bounce turns into another lower high if XRP is rejected at moving average resistance and is unable to maintain current levels.

That would probably lead to a retest of local lows and strengthen the general downtrend. In this case, $2 remains unattainable due to a lack of momentum rather than a single rejection. Buyers retreat volume declines, and prices move lower or sideways.

TLDR

Dash ranks as the project with the highest GitHub code activity over the last 30 days.
Emerging projects like NYM and HOPR outpace industry veterans in development intensity.
Monero shows a steadier pace, reflecting the technical maturity of its current protocol.

Data from Santiment reveals that the privacy coins segment of the cryptocurrency market is undergoing an intense technical upgrade process, with Dash at the helm. The platform’s data report—which filters out superficial commits to focus on actual engineering activity—discloses that developers are taking advantage of current market instability to bolster digital anonymity infrastructure.

The leading token of this movement managed to climb to the top spot, surpassing historic competitors. This surge suggests a renewed focus on protocol maintenance and upgrades, sending a bullish signal regarding the project’s long-term viability.

Following Dash, NYM and HOPR secure the second and third positions, demonstrating that interest in privacy is migrating toward new infrastructure solutions.

Beyond Price: Code as a Health Indicator for Privacy Coins
Other established names are also positioning themselves. Zcash continues to show steady development at its core, while Decred and Dusk maintain stable activity in the middle of the table.

In contrast, Monero—often considered the gold standard of privacy coins—appears in lower positions. Experts point out that this maturity typically translates into more deliberate and slower code changes, rather than a lack of interest. The relevance of this metric lies in its ability to anticipate trends.

In an ecosystem dominated by short-term speculation, the fact that privacy coins continue to attract engineering resources indicates that the sector is quietly consolidating. Projects like Verge, AnyOne Protocol, and Beldex also feature in the ranking, proving that the privacy niche is far from dormant.

In summary, this building activity is often the prelude to increased adoption or significant market movements, occurring long before they are reflected on price boards.

A chart analysis shared by cryptocurrency analyst Michaël van de Poppe indicates a bullish divergence between Bitcoin and gold, a pattern that has preceded periods of relative outperformance for Bitcoin in previous instances.

Summary

Analyst Michaël van de Poppe identifies a bullish divergence between Bitcoin and gold.
Historical precedent: Similar divergences in Q4 2022 and Q3 2024 preceded periods where Bitcoin outperformed gold, suggesting a potential repeat scenario.
Potential rotation signal: The pattern may indicate capital shifting from safe havens to risk-on assets, positioning Bitcoin to lead the next phase of market performance versus gold.

The chart in van de Poppe’s post on X compares Bitcoin against gold on the daily timeframe. While gold continues to trend lower, Bitcoin has shifted into consolidation, with momentum indicators beginning to turn higher, according to the analysis. The divergence suggests selling pressure is fading on Bitcoin even as gold remains under pressure.

Massive bullish divergence on the daily timeframe for BTCUSD vs. Gold.

Gold comes down, #Bitcoin consolidates and this starts to look better.

On top of that, given that this is a valid bullish divergence, it implies that Bitcoin is likely to outperform Gold in the coming… pic.twitter.com/cX2Vgn9NO1

— Michaël van de Poppe (@CryptoMichNL) December 29, 2025

Van de Poppe identified two previous periods where a similar divergence appeared: the fourth quarter of 2022, which coincided with the end of Bitcoin’s bear market, and the third quarter of 2024, shortly before Bitcoin accelerated sharply. In both cases, Bitcoin outperformed gold in the months that followed, according to the analyst.

The analyst stated that the current setup mirrors those earlier conditions, adding weight to the signal. Van de Poppe characterized the pattern as potentially indicating the early stage of a larger rotation, rather than a short-term trade.

The chart analysis suggests that Bitcoin holding steady while gold weakens could imply capital rotating away from traditional safe havens and toward risk-on assets. Van de Poppe stated that if the divergence remains intact, the probability increases that Bitcoin leads the next phase of market performance versus gold.

The pattern indicates that when gold declines and Bitcoin does not follow, historical data suggests a potential shift in relative performance between the two assets, according to the analyst’s interpretation.

"Generally speaking," gold is a buy, according to Luke Lloyd. He says gold will continue to rally alongside peers like silver and copper despite massive run-ups in recent months.

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

The author is not an investment advisor and offers no advice here. He shares his own analysis solely for the interest of readers.

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