Market Signal Briefing

SCOTTSDALE, Ariz., Dec. 23, 2025 (GLOBE NEWSWIRE) -- North American Company for Life and Health Insurance® (North American), a member company of Sammons® Financial Group and one of the largest issuers of fixed index annuities (FIAs) in the U.S.,1 and Annexus, a leading independent insurance retirement product design company, announce the addition of the NYSE® GEARS Index to the North American Secure HorizonSM FIA suite.

The NYSE® GEARS Index (the “Index”) is a growth-oriented index designed to identify the current global equity market environment and reallocate to capture equity performance through changing market conditions while using a proprietary risk management process to reduce volatility.

“We are very pleased to collaborate with North American, Annexus, and ICE Data Indices to bring the NYSE® GEARS Index to the North American Secure Horizon suite of FIAs,” said Anil Atluri, Head of the Institutional Client Group Americas at Deutsche Bank.

The Index has been designed by Deutsche Bank AG - a pioneer in the Equity Risk Premia space, having been active in equity research since the early 2000s. It is administered, calculated and maintained by ICE Data Indices, LLC (IDI), an affiliate of the New York Stock Exchange within Intercontinental Exchange, Inc. (ICE).

“We’re excited for the opportunity to bring additional customization and flexibility to our agents and their clients,” said Rob TeKolste, President of Sammons Independent Annuity Group. “This new Index, when paired with a Secure Horizon product, can help offer customers greater growth potential in an increasingly volatile market.”

Tom Haines, EVP of Capital Markets and Index Solutions at Annexus, added, “The addition of this Index enhances the diversification opportunities for agents and their clients with North American Secure Horizon FIAs. The Index is growth focused and has low correlation to the other indices in the portfolio, making it a complement to the other indices in the portfolio.”

“We are excited to expand our relationship with Annexus with the inclusion of the NYSE® GEARS Index in the Secure Horizon FIA suite and enter into a new collaboration with Deutsche Bank and North American,” said Preston Peacock, Head of ICE Data Indices. “The NYSE® GEARS Index leverages the breadth of services we offer at ICE Data Indices across index construction, calculation and administration.”

More information on the NYSE GEARS Index can be found at https://www.nyse.com/nygears.

About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.

1LIMRA/Secure Retirement Institute

ICE Data Indices, LLC (“ICE Data”) is the administrator of the NYSE® GEARS Index (“Index”). “NYSE®” is a registered mark of ICE Data or its affiliates which has been licensed, along with the Index for use by North American Company for Life and Health Insurance® (the “Company”) in connection with fixed indexed annuity products (the “Product”). Deutsche Bank AG or its affiliates (collectively, “DB Group”) have provided certain intellectual property for use in the construction of the Index. “Deutsche Bank” and “Deutsche Bank AG”, “Deutsche Bank Global Markets”, “DB Investment Solutions” and “Deutsche Bank AG, London Branch” and The “Deutsche Bank Global Equity Smart Beta IndexTM” and “Deutsche Bank DBIQ Global Sentiment Indicator II IndexTM” and the “Deutsche Bank Equity Alpha Basket IndexTM” are service marks of DB Group; and have been licensed to ICE Data, which has sublicensed their use for certain purposes to the Company. Neither the Company, nor the Product are sponsored, issued, endorsed, sold, recommended, or promoted by ICE Data, its affiliates or its third party suppliers, including each of Deutsche Bank AG, DB Group and its third party suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties, including regarding the advisability of investing in any asset generally, in the Product particularly, or the ability of the Index to track general market performance.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA, INPUT DATA, AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS AND SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ICE DATA AND ITS SUPPLIERS HAVE ANY LIABILITY (WHETHER IN NEGLIGENCE OR OTHERWISE) FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS) IN CONNECTION WITH THE INDEX OR THE PRODUCT, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

The North American Secure HorizonSM, Secure HorizonSM Plus, Secure HorizonSM Choice and Secure HorizonSM Accelerator are issued on form NA1015A/ICC21-NA1015A (Contract), AE651A/ICC21-AE651A (Secure Horizon/Secure Horizon Accelerator only), AE652A/ICC21-AE652A, AE653A/ICC21-AE653A (Secure Horizon/Secure Horizon Accelerator only), AE654A/ICC21-AE654A, AE655A/ICC21-AE655A, AE682A/ICC23-AE682A (Secure Horizon Accelerator only), AE642A/ICC20-AE642A, AE638A/ICC21-AE638A, AE639A/ICC21-AE639A, AE656A (Secure Horizon Plus only), AE658A (Secure Horizon Plus only), AE659A (Secure Horizon Plus only), AE660A04 (Secure Horizon Plus only), (riders/endorsements) or appropriate state variation. These products, features, and riders may not be available in all states. 

Fixed index annuities are not a direct investment in the stock market. They are long-term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from the accumulation value for optional benefit riders or strategy fees or charges associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index.

Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including North American Company for Life and Health Insurance®. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, North American Company for Life and Health Insurance®.

MEDIA CONTACT: [email protected]

CHICAGO--(BUSINESS WIRE)--Monroe Capital LLC (“Monroe”) announced it acted as joint lead arranger on the funding of a senior credit facility to support the investment in The Phia Group (“Phia”) by private equity sponsor InTandem Capital Partners. Founded in 2000 and headquartered in Canton, MA, Phia empowers health benefit plans and sponsors through consulting, cost containment, and plan management services. Phia reduces the cost of health benefits and improves access to quality care through in.

LBL-047 (DNTH212) is a bifunctional fusion protein targeting plasmacytoid dendritic cell (pDC) BDCA2 to reduce Type 1 interferon production, while simultaneously inhibiting BAFF/APRIL to suppress B cell function 

Top-line results in healthy volunteers anticipated in 2H’26

Dianthus to provide update on indication prioritization in 1H’26

LBL-047 (DNTH212) has the potential to be a first-line biologic in multiple autoimmune disorders with patient-friendly S.C. self-administration and Q4W or less frequent dosing

NANJING, China and NEW YORK and WALTHAM, Mass., Dec. 23, 2025 (GLOBE NEWSWIRE) -- Nanjing Leads Biolabs Co., Ltd. (“Leads Biolabs”) (9887.HK), a clinical-stage biotechnology company focused on developing innovative therapies in oncology, autoimmune, and other severe diseases, and Dianthus Therapeutics, Inc. (Nasdaq: DNTH), a clinical-stage biotechnology company dedicated to developing next-generation therapies to transform the treatment of severe autoimmune diseases, today announced the first subject has been successfully dosed in the Phase 1 clinical trial of LBL-047 (DNTH212), a potential first- and best-in-class anti-BDCA2/TACI bifunctional fusion protein developed by Leads Biolabs.

This two-part, double-blind, randomized, placebo-controlled, dose-escalation (single ascending dose) Phase 1 trial is designed to evaluate the safety, tolerability and PK/PD of LBL-047 (DNTH212) in healthy volunteers (Part A) and patients with systemic lupus erythematosus (Part B). The healthy volunteer part of the study is led by Professor Meng Xianmin at Shanghai Public Health Clinical Center, while the SLE part is led by Professors Ye Shuang and Chen Sheng at Renji Hospital, Shanghai Jiaotong University School of Medicine.

By targeting both the innate and adaptive immune systems via two clinically validated pathways that are known drivers of autoimmune disease, this complementary and differentiated approach has the potential to address multiple autoimmune indications with improved outcomes. LBL-047 (DNTH212) has the potential to be a first-line biologic with patient-friendly, S.C. self-administration and Q4W or less frequent dosing.

On October 16, 2025, Leads Biolabs entered into an exclusive global partnership with Dianthus, with the total potential deal value reaching up to $1 billion. Under the agreement, Dianthus licensed exclusive global rights from Leads Biolabs to research, develop, manufacture and commercialize LBL-047 outside Greater China, where it is known as DNTH212, jointly advancing its global development to maximize clinical and commercial potential. Dianthus expects to provide an update on prioritized indications for DNTH212 in the first half of 2026.

“We are pleased to announce the successful dosing of the first subject in our Phase 1 trial of LBL-047. By simultaneously targeting multiple pathways, LBL-047 is designed to address the limitations of single-target therapies. We look forward to advancing this program in collaboration with Dianthus Therapeutics to deliver potentially transformative options for patients worldwide,” said Dr. Charles Cai, Chief Medical Officer of Leads Biolabs.

“Initiating this Phase 1 study is the first step to realizing the much anticipated by physicians outcome of targeting multiple pertinent dysfunctional pathways in several autoimmune indications,” said Dr. Simrat Randhawa, Head of Research & Development at Dianthus Therapeutics.

About LBL-047 (DNTH212)
LBL-047 (DNTH212) is an investigational bifunctional fusion protein composed of a humanized anti-blood dendritic cell antigen 2 (BDCA2) antibody and an engineered transmembrane activator and CAML interactor (TACI) ectodomain. It is designed to selectively deplete pDCs to reduce type 1 interferon production, while simultaneously inhibiting B-cell activating factor (BAFF) and a proliferation-inducing ligand (APRIL) signaling pathways to suppress B-cell activation, differentiation, and antibody production. By targeting two key drivers of autoimmune disease pathogenesis, this differentiated approach has the potential to address multiple autoimmune indications. Additionally, LBL-047 (DNTH212) has also been optimized with Fc engineering to extend its half-life, offering the potential for a patient-friendly subcutaneous self-administration regimen with a dosing frequency of Q4W or less, supporting its potential as a first-line biologic therapy.

About Dianthus Therapeutics
Dianthus Therapeutics, Inc. is a clinical-stage biotechnology company dedicated to developing next-generation therapies to transform the treatment of severe autoimmune diseases. Based in New York City and Waltham, Mass., Dianthus is comprised of an experienced team of biotech and pharma executives who aim to deliver transformative medicines for people living with severe autoimmune and inflammatory diseases.

To learn more, please visit www.dianthustx.com and follow us on LinkedIn. 

About Leads Biolabs
Founded in 2012, Leads Biolabs is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of innovative therapies to address unmet medical needs in oncology, autoimmune, and other severe diseases both in China and globally. As a front-runner in next-generation immuno-oncology treatments, the company has a differentiated pipeline of 14 innovative drug candidates, including six clinical-stage drug candidates, of which four lead products are among the top-tier clinically advanced candidates globally.

Leads Biolabs adopts a science-driven R&D approach and has successfully established comprehensive R&D capabilities spanning antibody discovery and engineering, in vivo and in vitro efficacy evaluation, as well as druggability assessment. The company has also developed multiple proprietary technology platforms, including LeadsBody platform (a CD3 T-cell engager platform), X-body platform (a 4-1BB engager platform), TOPiKinectics (ADC platform), which serve as the cornerstone for continued innovation and have been validated by the clinical outcomes of bispecific antibody portfolios.

Leads Biolabs has established integrated capabilities across early discovery, translational medicine, clinical development, CMC and business development. The innovative nature and competitive strengths of drug candidates, coupled with global perspectives, proactive strategy, and efficient clinical validation, have made the company an attractive partner for leading industry players and investment institutions. For more information, please visit https://en.leadsbiolabs.com/

Dianthus Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, express or implied statements regarding future plans and prospects, including statements regarding the expectations or plans for discovery, preclinical studies, clinical trials and research and development programs, in particular with respect to DNTH212, and any developments or results in connection therewith, including the target product profile and administration of DNTH212; the anticipated timing of the initiation and results from those studies and trials; expectations regarding the clinical trial designs or indications; expectations regarding the time period over which the Company’s capital resources are expected to be sufficient to fund its anticipated operations; and expectations regarding market size, patient population size, and potential opportunities for complement therapies, in particular with respect to DNTH212. DNTH212 is an investigational agent that is not approved as a therapy in any indication in any jurisdiction worldwide. The words “opportunity,” “potential,” “milestones,” “runway,” “will,” “anticipate,” “achieve,” “near-term,” “catalysts,” “pursue,” “pipeline,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “predict,” “project,” “should,” “strive,” “would,” “aim,” “target,” “commit,” and similar expressions (including the negatives of these terms or variations of them) generally identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking.

Actual results could differ materially from those included in the forward-looking statements due to various factors, risks and uncertainties, including, but not limited to, that preclinical testing of DNTH212 and data from clinical trials may not be predictive of the results or success of ongoing or later clinical trials, that the development of DNTH212 may take longer and/or cost more than planned, that the Company or its partner may be unable to successfully complete the clinical development of the Company’s compounds, that the Company or its partner may be delayed in initiating, enrolling or completing its planned clinical trials, and that the Company's compounds may not receive regulatory approval or become commercially successful products. These and other risks and uncertainties are identified under the heading "Risk Factors" included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2024, and other filings that the Company has made and may make with the SEC in the future. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved.

The forward-looking statements in this press release speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Dianthus undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Dianthus Therapeutics Contact
Jennifer Davis Ruff
Dianthus Therapeutics
[email protected]

Leads Biolabs Contact
[email protected]

December 23, 2025 06:00 ET

 | Source:

Calfrac Well Services Ltd.

CALGARY, Alberta, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX: CFW) is pleased to announce that it has closed its previously announced offering of rights (the "Rights Offering") to the holders of common shares of the Company ("Common Shares") as of the close of business (Toronto time) on November 21, 2025. The Rights Offering period expired at 5:00 p.m. (Toronto time) on December 19, 2025. The Company issued an aggregate of 13,011,153 Common Shares at a subscription price of $2.69 per Common Share for aggregate gross proceeds of approximately $35.0 million. As of the closing date of the Rights Offering, there are 98,900,612 Common Shares issued and outstanding.

The Rights Offering was more than twice oversubscribed, with 96.7% of the rights exercised under the basic subscription privilege. As a result, the Rights Offering closed without requiring the issuance of any Common Shares pursuant to the standby purchase agreement the Company executed. To Calfrac’s knowledge, after reasonable inquiry and subject to rounding, insiders of the Company, including directors and officers, acquired an aggregate of approximately 8.2 million Common Shares, representing approximately 63% of the Rights Offering.

The net proceeds of the Rights Offering, combined with a drawdown of the Company’s $120.0 million delay draw term facility and additional proceeds available to the Company under its existing syndicated facility (together, the "Credit Facility Drawdowns"), will be used together with cash on hand to redeem all outstanding US$120,000,100 aggregate principal amount of 10.875% second lien secured notes (the "Second Lien Notes") issued by the Company's subsidiary, Calfrac Holdings LP (the "Redemption"). The Redemption is expected to be completed today.

Calfrac’s Chief Financial Officer, Mike Olinek commented: “Closing this oversubscribed Rights Offering with the support of a focused group of long-time shareholders is a strong endorsement of the Company’s outlook and improved financial position. The repayment of the Second Lien Notes is a meaningful milestone as it extends the Company’s long-term debt maturities to July 1, 2028, and provides certainty surrounding Calfrac’s deleveraging strategy. The Company is on track to exit the year with long-term debt at the lower end of the previously announced guidance of between $200.0 to $215.0 million, which is a year-over-year reduction of more than $100.0 million.”

Neither the rights offered under the Rights Offering nor the Common Shares have been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be exercised, offered or sold, as applicable, in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company. There shall be no offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the laws of any such jurisdiction.

All financial figures herein are stated in Canadian dollars unless otherwise noted.

FORWARD-LOOKING STATEMENTS

In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management's assessment of Calfrac's plans and future operations, certain statements contained in this press release, including statements that contain words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "forecast" or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the proposed use of the net proceeds of the Rights Offering and Credit Facility Drawdowns, the timing of the Redemption, the Company’s financial position and long-term debt levels and the Company's expectations and intentions with respect to the foregoing.

These statements are derived from certain assumptions and analyses made by the Company, including, among other things, the Company's ability to redeem the Second Lien Notes and the timing for completing the Redemption. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company's expectations. Such risk factors include but are not limited to: the Company's inability to satisfy all conditions necessary to complete the Credit Facility Drawdowns and the Redemption; risks related to global economic conditions; geopolitical risks, including but not limited to, the continued impacts of the trade war between Canada and United States; financial risks, including but not limited to, restrictions on the Company's access to capital, including the impacts of covenants under the Company's lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation; possible dilution from additional equity issuances; legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws. Further information about these and other risks and uncertainties may be found under the heading "Risk Factors" included in the Company's current annual information form and the rights offering circular dated November 14, 2025, copies of which are available on SEDAR+ (www.sedarplus.ca).

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

For further information, please contact:

Mike Olinek, Chief Financial Officer

Telephone: 403-266-6000 
www.calfrac.com

Company Held Approximately $50 Million of Cash and Restricted Cash as of December 19, 2025; $30.5 Million of Cash Allocated for Future Purchases of Bitcoin 

, /PRNewswire/ -- Hyperscale Data, Inc. (NYSE American: GPUS), an artificial intelligence ("AI") data center company anchored by Bitcoin ("Hyperscale Data" or the "Company"), today announced that its Bitcoin treasury, including current holdings and cash allocated to committed purchases of Bitcoin, totaled approximately $76 million, based on the price of Bitcoin as of December 21, 2025. This amount represents approximately 100.75% of the Company's market capitalization, based on the Company's stock price at the close of trading on December 22, 2025. The Company has achieved its goal of having 100% of its market capitalization in Bitcoin and cash allocated for future purchases of Bitcoin and intends to maintain parity with its market capitalization while remaining committed to its long-term goal of accumulating Bitcoin as part of its broader $100 million digital asset treasury ("DAT") strategy. The Company's next goal is to reach $100 million in Bitcoin on its balance sheet.

"We believe that our disciplined dollar-cost averaging strategy has meaningfully paid off, and we intend to continue executing that approach as we build our long-term Bitcoin reserve," stated Milton "Todd" Ault III, Executive Chairman of Hyperscale Data. "We recently reported an estimated net book value of approximately $0.52 per share and an estimated gross total asset value of approximately $1.16 per share. We consider our strategy conservative as we add Bitcoin to our balance sheet and invest in the long-term value of the Michigan AI data center while strategically raising additional capital."

Mr. Ault added, "While we remain focused on execution our DAT, we are disappointed that the Company's market capitalization does not properly reflect the underlying asset values, particularly given the deep discount to our estimated net book value and gross asset value. We anticipate updating stockholders on our sales forecast in mid-January and currently expect 2026 to be a record year in total revenue. We also expect to provide a mid-January update regarding when we anticipate reaching profitability."

The Company's wholly owned subsidiary, Sentinum, Inc. ("Sentinum") held approximately 514.9655 Bitcoin as of December 21, 2025, consisting of 74.7313 Bitcoin generated from mining operations and 440.2341 Bitcoin acquired in the open market (including 11.4473 Bitcoin purchased during the week ended December 21, 2025). Based on the Bitcoin closing price of $88,621 on December 21, 2025, these holdings had an approximate market value of $45.5 million. In addition, Hyperscale Data has allocated $30.5 million of cash for Sentinum to deploy into open-market Bitcoin purchases.

Hyperscale Data will fully deploy the cash allocated to its DAT strategy into Bitcoin purchases over time. While the Company generally targets investing at least 5% of allocated cash each week with daily purchases, the actual amount may vary, with some weeks higher or lower, depending on market conditions and strategic considerations. Investors should evaluate the Company's Bitcoin accumulation based on multi-week averages, as part of its ongoing dollar-cost-averaging strategy.

Beginning next Tuesday and continuing each Tuesday thereafter, Hyperscale Data expects to provide a revised weekly update, disclosing (i) the total amount of Bitcoin owned by the Company and (ii) the amount of Bitcoin purchased during the prior week, providing stockholders with consistent, transparent reporting as the Company advances its DAT strategy. The Company does not intend to provide regular public updates regarding its cash and restricted cash balances but intends to continue reporting on its Bitcoin holdings and weekly Bitcoin purchases as described above.

For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data's public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

About Hyperscale Data, Inc.

Through its wholly owned subsidiary Sentinum, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data's other wholly owned subsidiary, Ault Capital Group, Inc. ("ACG"), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

Hyperscale Data currently expects the divestiture of ACG (the "Divestiture") to occur in the second quarter of 2026. Upon the occurrence of the Divestiture, the Company would be an owner and operator of data centers to support high-performance computing services, as well as a holder of the digital assets. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data's headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the "Series F Preferred Stock") to all common stockholders and holders of the Series C Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the "ACG Shares"). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be shareholders of ACG upon the occurrence of the Divestiture.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company's business and financial results are included in the Company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company's website at hyperscaledata.com.

SOURCE Hyperscale Data Inc.

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SAN CARLOS, Calif.--(BUSINESS WIRE)--BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced it will participate in the 44th Annual J.P. Morgan Healthcare Conference on Tuesday, January 13, 2026, with a presentation at 7:30 am PST.

Live webcasts of these events can be accessed from the investors section of the Company’s website at https://ir.beonemedicines.com, https://hkexir.beonemedicines.com, https://sseir.beonemedicines.com. Archived replays will be available on the Company’s website.

About BeOne Medicines

BeOne Medicines is a global oncology company based in Switzerland that is discovering and developing innovative treatments that are more accessible to cancer patients worldwide. With a portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. With a growing global team of nearly 12,000 colleagues spanning six continents, the Company is committed to radically improving access to medicines for far more patients who need them.

To learn more about BeOne, please visit www.beonemedicines.com and follow us on LinkedIn, X, Facebook and Instagram.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding BeOne’s plans, commitments, aspirations and goals related to BeOne’s medicines and drug candidates. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors which are discussed in the section entitled “Risk Factors” in BeOne’s most recent periodic report filed with the U.S. Securities and Exchange Commission (“SEC”) as well as discussions of potential risks, uncertainties, and other important factors in BeOne’s subsequent filings with the SEC. All information in this press release is as of the date of this press release, and BeOne undertakes no duty to update such information unless required by law.

More News From BeOne Medicines Ltd.

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

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

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SummaryAstera Labs delivered $230.6M Q3 2025 revenue, up 104% YoY, with record 41.7% non-GAAP operating margins.
The business is shifting from Aries retimers to Scorpio scale-up fabrics, materially increasing dollar content per rack and system lock-in.
Scorpio X enters production late 2025, with a meaningful revenue ramp in 2026 and multi-generation architectural persistence.
Valuation compresses rapidly if revenue scales from ~$830M in FY2025 to $1.18B in FY2026 and $2B+ by 2028.
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The AI trade is moving into a more selective phase. The early rush to secure compute is fading, and the focus is shifting toward efficiency, optimization, and system design. In this environment, Astera Labs (

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.

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XRP, the cross-border payment token, fell below a key support level after failing to break through resistance at the start of the week, according to market data.

Summary

XRP price failed to clear resistance and broke below a key support zone, extending its drawdown from July’s all-time high and souring trader sentiment.​
Santiment data show social negativity spiking above average, a pattern that previously preceded a rally into July’s peak after similar late‑June capitulation.​
Spot XRP ETFs have posted consecutive net inflows since the Nov. 13 launch, with products now above the $1 billion AUM mark despite short-term price weakness.

The digital asset recorded minor gains on Monday but subsequently declined following the rejection at the resistance level, mirroring broader cryptocurrency market movements, as XRP price stood at $1.88 heading into the Asian afternoon.

XRP (XRP) is trading around $1.9 dollars now, up roughly 70–80% versus the start of 2025 when it sat close to $1.1.

Investor sentiment regarding the token has turned bearish, with negative comments on social media surging above average levels, according to data from analytics platform Santiment. The shift in sentiment follows the asset’s significant decline since reaching an all-time high in July.

🚨 This $XRP chart is interesting for one reason.

On the 3-week timeframe, the Stochastic RSI has dropped to 0.00. That’s extremely rare and has only happened once before — at the 2022 bear market bottom.

On such a high timeframe, this indicator only reaches zero when selling… pic.twitter.com/7QYqUDDopn

— STEPH IS CRYPTO (@Steph_iscrypto) December 21, 2025

Santiment noted that similar spikes in negative sentiment have historically preceded immediate price reversals. The firm cited late June as an example, when comparable bearish sentiment was followed by a rally to the July all-time high several weeks later.

Cobb, an analyst and member of the XRP community, stated a prediction for a new all-time high in the following year despite the declining sentiment.

The recent decline occurred despite continued positive momentum in XRP exchange-traded funds. Spot XRP ETFs have recorded consecutive days of net inflows since the first fund launched on Wall Street on November 13, according to data provider SoSoValue. The five ETF products attracted their highest daily net inflow since December 5 on Monday, SoSoValue reported.

Technical analysis using the TD Sequential indicator had signaled a potential correction, flashing a sell signal following a double-digit percentage bounce over several days, according to previous reports.

The cross-border payment token’s 24-hour decline comes amid mixed signals from fundamental ETF flows and technical indicators.

An undisclosed source revealed that in the weeks leading up to the launch of Libra, Hayden Davis signed an agreement to become Argentina's blockchain advisor. The agreement had not been disclosed by President Milei, who has stated that his participation was merely incidental.

New investors are increasingly gravitating toward gold and silver, rather than cryptocurrencies, amid mounting macroeconomic pressures.

This shift highlights a growing preference for traditional safe-haven assets, despite Bitcoin’s (BTC) positioning as “digital gold” and its long-term store-of-value narrative.

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Younger Investors Embrace Gold as a Hedge Against InflationAcross global markets, investors are turning to precious metals as a hedge against inflation and economic volatility. Market observers note that individuals with no prior trading experience are now entering gold and silver markets instead of crypto.

“People I know that have never traded anything are trading gold and silver. The retail did come and they did pump coins, just not in crypto. The alt season we waited for happened in precious metals,” a crypto market watcher stated.

In the Middle East, local media reported that record-high prices are attracting younger investors into the gold market. According to Gulf News, Chirag Vora of Bafleh Jewellers stated that first-time buyers now account for 55% to 60% of the gold demand. This group, primarily comprising Gen Z and Millennials, is increasingly viewing gold as a hedge against inflation.

The surge in prices has also altered buying behavior. Jewelry sales volume has declined, but overall spending rose, driven by higher prices. Retail buyers focused on investment value, preferring lower ticket sizes and flexible options. Interest shifted from traditional jewelry to gold bars, coins, and light pieces that offer easier resale.

A similar pattern is evident in India. Gold demand remains divided, with strong investment demand contrasting with weaker jewelry volumes.

“Demand for gold investment products, particularly bars and coins, remains strong. The preference towards investment-focused buying is reflected in the volume of gold imports, which rose sharply to 340t between July and October, compared with 204t between January and June, underscoring the resilience of investment-led demand,” World Gold Council’s Research Head for India, Kavita Chacko, wrote.

The demand is not new. In October, BeInCrypto reported that retail buyers were lining up outside bullion dealers to acquire physical gold and silver.

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A notable observation was the growing presence of younger investors among these buyers. This reinforces evidence of a generational shift toward traditional safe-haven assets.

This shift is also reflected in online search behavior. Google Trends data showed that search interest for terms such as “buy gold” has consistently outpaced “buy Bitcoin” over the past year, indicating stronger retail curiosity and intent toward precious metals compared to cryptocurrencies.

Despite this renewed interest, gold still represents a relatively small portion of household portfolios in the US. Kip Herriage, managing partner and founder of Vertical Research Advisory, noted that gold accounts for approximately 1% of total assets held by US retail investors, suggesting there is room for further allocation if the trend continues.

“In US households of retail investors, gold represents approximately 1% of their total portfolio (with silver even lower than that). We believe this move higher is just beginning, with a gold PT of $15,000/oz and silver $200/oz, as true price discovery is now underway. In 2003, when we first recommended gold & silver ($350/oz & $5/oz) we also recommended that investors “save” in gold, rather than fiat savings accounts. We continue to recommend this strategy today. Highly,” Herriage stated.

Beyond retail investors, central banks have also increased their exposure to gold. Global gold reserves surpassed 40,000 tonnes in the third quarter of 2025, reaching their highest level in at least 75 years.

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Central banks purchased a net 53 tonnes in October alone, marking a 36% month-over-month increase and the largest monthly net demand recorded year to date.

From Crypto to Bullion: Why New Investors Are Choosing GoldThe demand has further fueled gold’s rally. The yellow metal hit a fresh all-time high of $4,497 per ounce today.

Meanwhile, Bitcoin has slipped nearly 2% over the past 24 hours. BeInCrypto recently highlighted that BTC has lagged gold on a year-to-date basis, while silver has emerged as the top-performing asset, surging 138%.

Ray Youssef, CEO of NoOnes, told BeInCrypto that while gold may clearly be winning the 2025 debasement trade on price performance, the comparison masks a more nuanced market reality.

Gold’s recent run to new all-time highs and 67% YTD gains reflect classical defensive investor positioning as capital seeks certainty in a market environment defined by fiscal excess, geopolitical strain, and macro policy uncertainty. Increased central bank accumulation, a softer dollar, and persistent inflation risks have reinforced gold’s role as the market’s preferred defensive asset.

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“Bitcoin, by contrast, has recently failed to deliver on the hedge narrative, as its market behaviour has evolved. The asset has not traded like digital gold in 2025, owing to its heightened sensitivity to macroeconomic factors. BTC’s upside is now tied to liquidity expansion, sovereign policy clarity, and risk sentiment, rather than to monetary debasement alone,” he commented.

Crypto Markets Remain in “Wall of Disbelief” PhaseWhile retail interest has faded, some analysts believe that crypto may still experience growth. An analyst stressed that in prior cycles, retail activity surged as markets peaked. By contrast, this time, retail interest never climbed much and cooled quickly after rallies.

Our Crypto Talk stressed that the December 2024 price strength came without retail spikes. Instead, institutions, funds, and structured buying drove the action.

“Markets usually end when retail is fully involved, loud, confident, and overexposed. We’re not there. Right now, this looks more like a market still climbing a wall of disbelief, where price advances without broad participation and sentiment stays cautious even after strong moves. That doesn’t guarantee higher prices tomorrow. But it strongly suggests that this cycle hasn’t reached the psychological phase where excess gets punished. Retail hasn’t arrived yet. And historically, the biggest moves happen after they do, not before,” the analyst commented.

Whether retail capital will rotate from gold and silver back into digital assets is uncertain. For now, precious metals continue to draw interest and funds. As 2026 approaches, the question is whether this preference persists or shifts.

TLDR:

Gold leads in liquidity-driven cycles, often preceding Bitcoin’s major upward moves.
Bitcoin remains below previous highs while gold shows strong overbought conditions.
Fed rate cuts and $40B monthly Treasury purchases indicate improving liquidity.
Bitcoin reaching 30% of gold’s market cap could imply a $450,000 price per BTC.

Bitcoin follows Gold as bullion prices reach a fresh all-time high, reviving a familiar liquidity-driven sequence across macro markets. 

Historical cycles show capital often entering gold before rotating into Bitcoin once monetary conditions ease. Recent market data aligns with this structure, as gold strength coincides with Bitcoin consolidation. 

Analysts note improving liquidity, policy easing, and expanding money supply as conditions resembling earlier cycles where Bitcoin advanced after gold momentum cooled.

Gold Strength Signals Early Liquidity Rotation
Bitcoin follows Gold during periods when macro liquidity begins improving, according to long-term market observations shared by Bull Theory. 

In previous cycles, gold acted as an initial beneficiary of easing financial conditions before risk assets responded. The 2016–2017 cycle showed gold trending upward while Bitcoin remained range-bound during the early phase.

BREAKING: Gold just hit a new ATH, and history shows that Bitcoin always follows it with a lag.

This chart shows when liquidity conditions improve, money often moves in a sequence:

Gold moves first.
Bitcoin moves later.

You can see it repeating on the chart.

2016-2017:

Gold… pic.twitter.com/Smm14F77O6

— Bull Theory (@BullTheoryio) December 22, 2025

As the cycle matured, Bitcoin accelerated only after gold’s momentum softened. This sequencing reflected investor behavior shifting from capital preservation toward higher volatility assets. 

Gold’s leadership did not end the cycle but marked its early stage, while Bitcoin followed once liquidity filtered further into markets.

A similar pattern emerged during 2020–2021. Gold reached new highs following quantitative easing, while Bitcoin lagged below prior records. 

Bull Theory’s commentary notes that Bitcoin’s major expansion began after gold stalled, reinforcing the idea of delayed rotation rather than simultaneous movement.

Bitcoin Positioning as Gold Momentum Cools
Bitcoin follows Gold again as current conditions mirror earlier setups. Bull Theory notes that the Federal Reserve has already delivered three rate cuts. 

At the same time, the U.S. Treasury is purchasing approximately $40 billion in T-bills monthly, supporting liquidity expansion across financial systems.

Global money supply has also reached record levels, reinforcing the environment that previously preceded Bitcoin advances. 

Gold is currently trending strongly and appears extended by historical measures. Past cycles show that periods of gold consolidation often coincide with capital rotation toward Bitcoin.

Market size comparisons further frame the discussion shared in the tweet. Bitcoin’s market capitalization stands near $1.8 trillion, while gold is estimated around $31 trillion. 

Bull Theory notes gold has added nearly $17 trillion in value over two years, a scale that contextualizes Bitcoin’s potential without assigning forecasts certainty.

Bitcoin follows Gold remains a structural observation rather than a timing tool. The analysis emphasizes sequence over prediction, focusing on how liquidity historically migrates. 

The tweet frames Bitcoin’s current lag as consistent with prior cycles rather than a deviation, maintaining attention on macro conditions already in place.

Trump Media & Technology Group purchased 451 Bitcoin worth $40 million, increasing total holdings to 11,542 BTC valued at over $1 billion.
CFTC Chairman Michael Selig confirmed Congress will advance comprehensive crypto market structure legislation in January 2025.

Recent blockchain data show that Trump Media and Technology Group has increased its cryptocurrency holdings by a strategic acquisition of Bitcoin to the tune of $40 million. The acquisition coincides with the regulatory frameworks of digital assets, ready to move forward in Congress in the next few weeks.

In the most recent purchase, the media company acquired 451 Bitcoin, bringing its total to 11,542 BTC, valued at more than $1 billion. On-chain monitoring by blockchain analytics company Lookonchain revealed the purchase, indicating that the company remained dedicated to cryptocurrency as a treasury asset.

This purchase is preceded by Trump Media having previously reported having about $2 billion in exposure in Bitcoin and other digital assets on its balance sheet. Cryptocurrency has remained one of the fundamental elements of the corporate financial strategy of the company during 2025.

Regulatory Framework Development
CFTC Chairman Michael Selig, who was confirmed only a few hours ago, said that Congress is ready to proceed with comprehensive digital asset market structure legislation next month. The chairman stressed that the fast technological development and the growing involvement of the market have raised the acute demands of the new regulations.

Selig also owed his appointment to President Trump and recognized the change of the agency into a modernized oversight agency of the changing markets. He emphasized that the current regulatory frameworks were developed with traditional financial instruments in mind and need to be adjusted to the innovation of digital assets.

Legislative Pathway Forward
The proposed bill will provide a clear federal standard on digital tokens and jurisdictional boundaries between regulators. The Responsible Financial Innovation Act of the Senate is based on the CLARITY Act that was passed by the House in July before the holiday recess.

The members of the Senate Banking Committee intend to hold markup meetings on the crypto legislation in January, and it might be moved to the floor. The bill would define the oversight responsibilities between the CFTC and the Securities and Exchange Commission for different types of digital assets.

White House AI and crypto advisor David Sacks said that the present moment was a critical point in creating regulatory clarity in digital markets. Co-ordinated leadership between the CFTC and SEC is an indicator of agreement in the development of transparent rules, which he observed during recent policy deliberations.

The merging of corporate adoption and regulatory development is a major step towards mainstream integration of cryptocurrency in traditional financial systems.

Highlighted Crypto News Today: 

First XRP-Denominated Yield Product ‘EarnXRP’ Launches on Flare

Shubham Sahu is a crypto journalist and writer with extensive experience covering blockchain technology, digital currencies, and AI. With over seven years in financial markets, Shubham began his journey in traditional trading before uncovering his passion for the crypto verse. After making his first crypto investment in 2021, Shubham combines practical market experience with deep technical knowledge to provide insightful analysis and commentary.

Bitcoin has gone through another uncomfortable stretch, with prices sliding and volatility jumping sharply in recent weeks. On the surface, the market looks fragile. The data suggests this phase may be more about resetting excesses than signaling a lasting breakdown.

VanEck’s latest mid-December 2025 review highlights a market that is still under pressure but slowly rebuilding its foundations.

Why Hashrate Declines MatterHashrate measures the total computing power securing the Bitcoin network. When it falls, it usually means weaker or less efficient miners are being forced offline due to rising costs or falling prices. According to VanEck, Bitcoin has delivered positive returns about 65% of the time in the 90 days following a hashrate decline, compared to just 54% when hashrate is rising.

Over the past month, Bitcoin’s hashrate has dropped roughly 4%, marking the sharpest decline since April 2024. Analyst views this as a classic contrarian signal, often associated with miner capitulation rather than structural weakness.

Miner Pressure Is BuildingMining economics have become increasingly challenging. As Bitcoin’s price cooled, profitability for many operators declined sharply. The breakeven electricity cost for widely used rigs like the Antminer S19 XP has fallen from around $0.12 per kilowatt-hour in late 2024 to roughly $0.077 by mid-December 2025.

This shift means only miners with the lowest operating costs can remain competitive. While painful in the short term, this process historically helps flush out inefficient players, leading to a healthier mining ecosystem over time.

Moreover, these recent shutdowns in regions like Xinjiang, where inspections reportedly removed a large chunk of mining capacity, have added to the hashrate compression and reinforced the idea that capitulation is underway.

Institutional Buyers Step InWhile miners struggle, institutional players are moving in the opposite direction. VanEck notes that digital asset treasuries accumulated around 42,000 BTC over the past month, the strongest buying pace since mid-2025. These buyers appear less focused on short-term volatility and more interested in long-term positioning.

This divergence, with miners exiting and institutions accumulating, has historically appeared near cyclical lows rather than market tops.

Volatility Still a Key RiskDespite these supportive signals, the broader market remains fragile. Bitcoin has fallen sharply from its recent highs, volatility is elevated, and on-chain activity, such as transaction fees and active addresses, remains subdued. These factors suggest that any recovery may be uneven rather than immediate.

What This Means Going ForwardOverall, the analyst believes the combination of hashrate compression, miner exits, and steady institutional buying increases the odds that Bitcoin is forming a cyclical bottom. However, macroeconomic uncertainty, regulatory developments, and geopolitical risks remain important variables.

For now, the data points to cautious optimism. Bitcoin may still face turbulence, but history suggests that periods like this often lay the groundwork for the next sustained move higher.

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

FAQsIs Bitcoin’s hashrate decline a good or bad sign for the price?

A hashrate decline often signals miner stress but historically precedes price recoveries, with Bitcoin gaining about 65% of the time in the following 90 days, suggesting it’s a potential contrarian buy signal.

Are big institutions still buying Bitcoin during this volatility?

Yes, institutional treasuries have been accumulating Bitcoin at the strongest pace in months, viewing current prices as a long-term opportunity despite short-term market fragility.

Does this mean Bitcoin has reached a market bottom?

Not guaranteed, but hashrate compression, miner exits, and institutional buying often appear near cyclical bottoms, supporting cautious optimism.

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

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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Bitcoin’s four-year cycle is not disappearing, but its engine is changing.

According to 10x Research CEO Markus Thielen, market peaks are now aligning less with halving events and more closely with political cycles and liquidity conditions.

The shift shows that Bitcoin has matured into a macro-sensitive asset influenced more by policy expectations than by protocol mechanics.

Recent price action highlights that transition. Bitcoin briefly rallied after the latest Federal Reserve rate cut, only to reverse sharply as Chair Jerome Powell paired dovish remarks with guidance suggesting fewer rate cuts ahead.

The mixed messaging left markets unsettled, as traders recalibrated expectations for liquidity rather than celebrating the cut itself. Thielen argues that this mirrors prior election-cycle patterns, in which rallies fade as policy uncertainty rises and the Fed signals restraint.

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Moreover, in both 2019 and the most recent cycle, Bitcoin’s strongest advances coincided with periods of expanding liquidity tied to political developments rather than halving milestones.

The 10x Research CEO notes that midterm election phases have often marked consolidation zones for risk assets, including Bitcoin. That pattern is repeating, with the asset recently breaking below its long-running bull channel and struggling to regain momentum.

Meanwhile, Bitcoin ETF inflows have slowed compared to last year, while on-chain metrics show net inflows weakening for the first time since mid 2023.

As market capitalization grows, larger and more consistent capital injections are required to sustain upside. Without them, rallies tend to stall quickly.

As it stands, Bitcoin is behaving less like a mechanically driven scarcity trade and more like a barometer for macro confidence. Political uncertainty, election timelines, and central bank balance sheet decisions are now central to the cycle.

That said, halvings still matter, but they are no longer the dominant force. Today, liquidity leads, politics amplifies it, and Bitcoin follows.

Journalist

Posted: December 23, 2025

Peter Thiel-backed ETHZilla appears to be shifting away from the Ethereum corporate treasury, just four months after entering the trend. 

In a statement, the firm said it has offloaded $74.5 million of its ETH (24,291 coins) to pay down debt.

ETHZilla added that it will discontinue mNAV (a multiple that tracks the value of its crypto holdings relative to its enterprise value) and focus on tokenization. 

Source: X

Community reactions
However, the swift shift from its ETH strategy elicited mixed reactions from market watchers. One analyst castigated the firm for “destruction of shareholder value” within months, calling the shift “embarrassing”.

“NAV was 30/share 2 months ago…this is embarrassing. I haven’t seen such a quick destruction of value and poor management decision-making in 25 years outside of SPACs.”

ETHZilla’s (Nasdaq: ETHZ) mNAV fell below 1 in early December after threatening a similar move in late October.

The firm attempted to boost the mNAV via share buybacks in late October by selling $40M of its ETH holdings. 

Source: Blockworks

With the debt obligations also piling in, further market contraction in 2026 could complicate its ETH strategy and operations.

With mNAVs below 1, it becomes difficult to raise additional capital or sell shares to fund ETH buys. 

In fact, this is exactly why Strategy has scaled its USD reserve fund to cover immediate obligations, thereby avoiding the need to liquidate its BTC holdings in the event of a prolonged crypto winter and compressed mNAV. 

ETH struggles amid outflows
ETHZilla rebranded from 80 Life Sciences Corp, a biotech firm focused on therapeutic drugs.

The firm shifted its focus to the ETH strategy in August and sought to scale its holdings and generate yield via staking and diversified on-chain strategies.

It became the ninth-largest ETH treasury firm, holding 93.8K ETH, worth $280 million at current prices.  

However, amid the Q4 crypto rout, the plans have completely changed to tokenization. Reacting to the U-turn, Mike Dudas, crypto investor at VC firm 6thMan Ventures, said, 

“First DAT I’ve seen explicitly shift from mNAV (discontinued) to operating business model. RWA tokenization is occurring on many chains, interesting to see if they keep “ETH” as the core name or shift to something more reflective of how the segment is developing.”

That said, in the past seven days, ETH treasury firms recorded 107.7K ETH outflows. The ETF complex also recorded 116K ETH outflows, translating to nearly $670 million in outflows.

ETH struggled below $3k amid ongoing outflows. 

Source: ETH strategic reserve

 Final Thoughts

ETHZilla dumped more ETH to clear debt and signalled a shift from the ETH treasury to tokenized assets.
ETH ETF and treasury firms saw nearly $670 million in outflows in the past seven days.

BNB price is eyeing a retest of a key support trendline as it continues to remain in a downtrend. A break below the said pattern could trigger a 15% drop in BNB price ahead.

Summary

BNB price fell 11% below its December high.
Declining transactions and futures activity on the network continue to weigh on investor sentiment for the token.
BNB is eyeing a break below a key trendline support, which could lead to a deeper correction over the coming days.

According to data from crypto.news, BNB (BNB) price dropped 11% down from its monthly high of $923.8 to a low of $821.7 last Friday, Dec. 19. While the 4th leading cryptocurrency by market cap has since recovered slightly to $849.2 at press time, it still remains 38% below its year-to-date high reached in October.

BNB price has declined as user activity on the BNB Chain continues to slow down. Per data from BscScan, the number of transactions on the blockchain has dropped nearly 47% since its October highs to 16.1 million at press time.

Total number of transactions has declined since October | Source: BscScan
A drop in transactions over a network typically indicates lower engagement from users and developers, which in turn could reduce demand for the token among investors.

Further, derivative traders have also been unwinding their positions in the token. Data from CoinGlass shows BNB futures open interest has dropped from $2.97 billion in October to $1.27 billion at the time of writing.

Such a steep decline in open interest suggests that traders are actively closing their positions and reducing leveraged exposure, which could continue to put pressure on BNB prices at least in the short term.

The bearish on-chain stats come even as BNB’s longer-term fundamentals continue to improve. The BNB Chain is seeing greater adoption in the real-world asset market. Notably, BlackRock’s tokenized treasury fund is now supported on the network. Such a development increases institutional demand and enhances the overall credibility of the ecosystem.

Meanwhile, BNB’s auto-burn mechanism has also been quietly and consistently reducing its circulating supply, driving scarcity and strengthening the longer-term value proposition for BNB price.

BNB price analysis
On the daily chart, BNB price is approaching a key support trendline that has historically acted as a springboard for rebounds each time it was tested since April this year.

BNB price, Supertrend, and MACD chart — Dec. 23 | Source: crypto.news
At press time, BNB price is just 2.7% shy of dipping below this crucial support trendline.

Technical indicators are also suggesting a bearish outlook. The MACD lines have dropped below the zero level, a telltale sign of weakening momentum. Meanwhile, BNB price has also slipped below the Supertrend line, which has flashed red and indicates that the bearish trend remains intact.

Hence, a break below the support threshold could push BNB price down toward $729.3, its August second low, and a level that stands nearly 15% below the current price.

On the contrary, $927.5, which aligns with the 23.6% Fibonacci retracement level, acts as the key resistance to watch. A strong break above this could signal a shift in momentum and potentially pave the way for a recovery phase in the upcoming sessions.

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

11h05 ▪
4
min read ▪ by
Lydie M.

Summarize this article with:

While traditional markets slow down between Christmas and New Year, the digital derivatives ecosystem is preparing to absorb a major technical shock. Indeed, this Friday will see the expiration of 27 billion dollars worth of options on Bitcoin and Ethereum, concentrated on the Deribit platform. A crypto version of Boxing Day, both feared and closely watched.

In brief

27 billion dollars of BTC and ETH options expire on Deribit, representing over 50% of the platform’s open interest
The put-call ratio at 0.38 shows that call options largely dominate, with a strong concentration of Bitcoin calls between $100,000 and $116,000

A massive expiration, but not chaotic
This deadline represents more than 50% of Deribit’s total open interest. In other words, a good portion of the risk accumulated over the year will disappear or reposition itself. In this type of configuration, it is not only the price that matters, but the very structure of the market.

In detail, 23.6 billion dollars of Bitcoin options and 3.8 billion on Ethereum mature. Each contract represents one BTC or one ETH. This simple figure is enough to measure the scale of the event. Yet, unlike last December, the extreme nervousness is not present.

The implied volatility has significantly decreased. Bitcoin’s DVOL, a key indicator of Deribit, hovers around 45%. This is far from the peaks observed at the end of November, when BTC briefly dropped towards 80,000 dollars. The market seems to have digested previous shocks. The stress has dissipated.

This calm is crucial. It suggests that the expiration could unfold in a more orderly manner, without panic selling or violent squeezes. A signal rarely trivial at this stage of the cycle.

The bullish signal behind Bitcoin and Ether numbers
One indicator sums up the current bias by itself. Indeed, the put-call ratio is 0.38. Concretely, for 100 call options open, only 38 put options remain. Traders have massively bet on the upside.

The majority of open positions focus on Bitcoin calls, with strike prices between 100,000 and 116,000 dollars. On the other side, the most popular bearish strike remains at 85,000 dollars. This asymmetry tells a clear story: the market is no longer hedging against a sharp crash, it anticipates a continuation.

This positioning is not anecdotal. It reflects confidence accumulated throughout the year, strengthened by the maturing of crypto derivative products and the gradual entry of more disciplined institutional players.

Approaching expirations, one concept always returns: the “maximum loss” price. For this expiration, it is around 96,000 dollars for Bitcoin, and 3,100 dollars for Ether. This is the level where option buyers would lose the most, while sellers, often institutions, would optimize their gains. What matters more is what happens afterward. Part of the put options between 70,000 and 85,000 dollars is already rolled over to January.

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Lydie M.

Enseignante et ingénieure IT, Lydie découvre le Bitcoin en 2022 et plonge dans l’univers des cryptomonnaies. Elle vulgarise des sujets complexes, décrypte les enjeux du Web3 et défend une vision d’un futur numérique ouvert, inclusif et décentralisé.

DISCLAIMER

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

Bitcoin is moving towards its date with destiny. Will this be a breakout to the upside that takes the $BTC price back to the all-time high, or will this be a plunge into a bear market that could waylay Bitcoin for the entirety of 2026?

$BTC price enters corrective phase

Source: TradingView

The last upside leg for $BTC took the price to the downtrend line and just above the $90,500 horizontal resistance level. However, this was achieved with the last gasp of momentum, and now the price is in a corrective phase. This is all perfectly normal. It’s just like the ebb and flow of the tide. 

Nevertheless, the price was able to make a higher high, and if it is able to stay around the major ascending trendline, or if it does go below, it doesn’t make a lower low, then all could be set for an upside breakout at the end of this week.

Of course, if a lower low forms and the price stays depressed, a breakdown rather than a breakout could be the result. 

Head and shoulders pattern within the bear flag

Source: TradingView

In the daily chart a cause for concern is apparent. It can be observed that the $BTC price is still traversing in a bear flag, but also that a head and shoulders pattern has formed within it. It’s bad enough that bear flags normally break downwards, but having a head and shoulders pattern within it as well makes things doubly bearish.

In addition, the daily Stochastic RSI indicators are shaping to cross back down. One has to look back at the 4-hour chart to note that the Stochastic RSI indicator lines on that time frame are bottoming. The bulls will be hoping that when they cross back up they will signal enough upside momentum to prevent the bearish scenario playing out.

Bitcoin on the brink

Source: TradingView

The $BTC price is on the brink. A weekly candle close below the major ascending trendline could spell disaster. That said, moving into 2026, there are many bullish factors for Bitcoin. This would suggest that any kind of bearish breakdown here could still be reversed, as long as the US stock market stays strong.

Assuming that the $BTC price does break down, what could be the worst downside target? $80,000 is probably the next leg down if there is to be one. This corresponds with the previous local low, and also with a good horizontal resistance level. If this didn’t hold, then the major horizontal support band from $74,000 to $69,000 comes into play. 

All this said, it needs to be borne in mind that the Stochastic RSI indicators in this weekly time frame are not far from the bottom, and this is also the case for the 2-week time frame. Add to this that the RSI indicator is at its lowest position since the start of this bull market, and one gets the idea that a bottom is either forming, or it’s not far off.

Taking the price to the brink and beyond is how market makers get investors to sell their coins. Will yours be among them?

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Cover image via U.Today

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

Shiba Inu’s inconsistency has reached a troubling height for investors as members of the community performed no burn activity in the last 24 hours. According to Shibburn data, a platform that tracks the blockchain’s deflationary activities, there have been zero token burns within this time frame.

Shiba Inu price slips as supply pressure mountsFor clarity, the Shiba Inu ecosystem relies on the burn mechanism to reduce the circulating supply of SHIB. It periodically sends tokens to dead wallets and permanently removes them from circulation, with the hopes that it could create scarcity and improve the price outlook.

However, the ecosystem did not perform any burns despite the dropping price of SHIB on the market. The dog-themed meme coin has been battling bearish momentum, with all attempts at rebound failing to push the asset up.

HOURLY SHIB UPDATE$SHIB Price: $0.00000712 (1hr -0.34% ▼ | 24hr -2.05% ▼ )
Market Cap: $4,202,432,618 (-2.02% ▼)
Total Supply: 589,246,056,784,921

TOKENS BURNT
Past 24Hrs: 0 (0% ▲)
Past 7 Days: 35,182,822 (854.29% ▲)

— Shibburn (@shibburn) December 23, 2025 Shiba Inu remains volatile and dropped from a high of $0.000007348 to a low of $0.000007126 within this period of zero burn activity. As of press time, SHIB exchanges hands at $0.000007144, which represents a 2.05% decline.

The meme coin is underperforming the broader cryptocurrency market, as holders sell off their assets amid the decline's continued persistence. This sell pressure and caution from long-term traders appear to be worsening the rebound hopes for Shiba Inu.

Investors were anticipating upward price movement as SHIB’s Relative Strength Index (RSI) hit 14, suggesting oversold conditions. However, the sell pressure has created uncertainty given the increasing circulating supply.

With no burn to reduce it, hopes of a price rebound might be fading for Shiba Inu, and the price could suffer further decline. If panic-selling hits the SHIB market, it could trigger price slips below the $0.0000069 level.

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The next couple of days will determine if the meme coin is able to hold the $0.0000070 support. Failure to maintain this critical level might further accelerate the downward movement of the price for SHIB.

SHIB exchange supply remains major obstacleAs U.Today reported, Shiba Inu has numerous obstacles preventing its rally on the crypto market. 

One primary challenge is the circulating volume on exchanges. The more than 81.5 trillion SHIB on different exchanges usually triggers a sell wall, preventing a sustained rebound move of the meme coin.

The development has made every sell-off a hurdle for Shiba Inu, as it has to reset to a lower level. The trading volume is dominated more by traders dumping the asset, not accumulation in anticipation of a possible rebound.

With the current scenario, the possibility of Shiba Inu erasing a zero before 2025 has grown slimmer.

Bitcoin price has traded below its two-year bull market channel for six weeks, with a 2021-style rounded top and VanEck’s hashrate drop data framing a pivotal retest of resistance.

Summary

BTC broke below a long-running ascending channel and has since logged three failed reclaims, turning the channel’s lower boundary into stiff resistance.​
Current price action echoes 2021’s rounded top: breakdown, sharp dump, corrective bounce and renewed selling into the same support zone now being retested.​
VanEck flagged a 4% hashrate drop that has historically aligned with market bottoms, but analysts warn that confirmation still hinges on how BTC reacts at current resistance.

Bitcoin price is currently trading below its long-term bull market channel for six consecutive weeks, raising concerns about the cryptocurrency’s near-term trajectory as 2025 draws to a close, according to market analysts.

Bitcoin (BTC) broke below a trend channel it had maintained for nearly two years and has since faced repeated rejections at key resistance levels. During the six-week period below the channel, Bitcoin made three attempts to re-enter the structure, all of which were rejected, with resistance forming along the lower boundary of the previous trend channel, according to technical analysis.

Bitcoin price stalls at key level, what’s next?
Bitcoin is currently consolidating just below this resistance area, suggesting a fourth attempt to breach the level may occur. Market analysts stated that the asset’s reaction at this level could determine whether the recent decline represents a short-term deviation, a retest from below, or the beginning of a prolonged downward movement.

Some analysts have identified similarities between Bitcoin’s current price action and the pattern observed in 2021. In both instances, the asset exhibited a rounded top formation, followed by a sharp decline, a subsequent bounce, and continued downward pressure, according to technical analysis reports.

One analyst noted that the current support level being tested was also present during the 2021 cycle, when a breakdown from that level triggered a significant price decline. The analyst stated that while a move toward prior peak levels remains possible, such levels have historically marked turning points in market sentiment rather than sustained strength.

Technical analysts have presented diverging interpretations of current market conditions. One trader identified a potential bearish pennant formation on the weekly chart, suggesting a possible move toward lower major support levels if the pattern is confirmed.

VanEck reported a decline in Bitcoin’s network hashrate as of mid-December, indicating reduced mining activity. Such drops in hashrate have previously occurred near market bottoms, according to historical data, though analysts cautioned that past patterns do not guarantee future outcomes.

The cryptocurrency has struggled to regain momentum following the breach of its bull market channel, with market participants monitoring key technical levels to assess the potential for recovery or further declines.

Since 2013, BTC has closed December up only 5 times and down 7 times, yet the average December return is around +4%, hiding swings from about +47% to −35%.

Aggregated Coinglass/Binance seasonality shows December slightly positive on average (around +4% for BTC), which feeds the “Santa rally” meme, but the distribution is bimodal: strong rallies or sharp drawdowns, not gentle drift.

Recent analysis suggests the Santa effect is weakening: 2020’s huge year‑end surge skews the stats, while the last few years show much smaller or even negative holiday returns, so treating “Christmas rally” as an edge is mediocre at best.

Wall Street's hottest artificial intelligence (AI) stock may take a back seat to three industry-leading companies in the new year.

Over the last three years, no trend has captured the attention and capital of investors quite like the artificial intelligence (AI) revolution. The potential for software and systems to make split-second decisions and evolve without human oversight is a global opportunity that PwC analysts believe will surpass $15 trillion by 2030.

Arguably, no AI stock has been hotter since the beginning of 2023 than Palantir Technologies (PLTR +0.31%), with its shares skyrocketing by more than 2,900%. In terms of market cap, Palantir vaulted from a tech stock of fringe importance to the 19th-largest publicly traded company on Wall Street, as of the closing bell on Dec. 19.

Image source: Getty Images.

Although Palantir's shareholders would love for this parabolic ascent to extend into 2026, history suggests this is highly unlikely. No megacap company at the forefront of a next-big-thing technological trend has ever been able to sustain a price-to-sales (P/S) ratio above 30 for any extended length of time. Palantir ended last week at a P/S ratio of approximately 127!

Palantir shares would also be susceptible to significant weakness if an AI bubble were to form and subsequently burst. There hasn't been a game-changing innovation on Wall Street for more than 30 years that hasn't endured an early stage bubble-bursting event. Since all innovations need time to mature and evolve, it bodes poorly for the prospects of Palantir stock in the new year.

With historical precedent pointing to a rough 2026 for Palantir, the following three unstoppable stocks all have the tools and intangibles necessary to leapfrog it in the market cap column.

Coca-Cola
As of the closing bell on Dec. 19, beverage behemoth Coca-Cola (KO +0.21%) trailed Palantir by approximately $159 billion in market value. However, there's a real possibility of a 180 taking place in the new year.

Today's Change

(

0.21

%) $

0.15

Current Price

$

70.21

What makes Coca-Cola such an incredible investment is the predictability of its operating model. Beverages are a basic necessity, meaning consumers will purchase Coke's products regardless of how well or poorly the U.S. and global economy are performing. This leads to steady operating cash flow year after year.

It also doesn't hurt that this consumer goods giant has its proverbial fingers in just about every cookie jar worldwide. With the exception of North Korea, Cuba, and Russia, Coca-Cola has ongoing operations in every other country. This means it benefits from needle-moving organic growth in emerging markets, as well as steady demand from developed countries.

But perhaps the most valuable trait Coca-Cola brings to the table is its marketing. Few companies have demonstrated the ability to cross generational gaps and successfully engage with their customers quite like Coca-Cola. The company's holiday tie-ins help connect the brand with mature audiences, while its social media messaging keeps its younger customers engaged.

While Coca-Cola isn't going to jaw-drop Wall Street with its growth rate, a slow and steady approach is a recipe for it to leap ahead of Palantir in 2026.

Image source: Getty Images.

NextEra Energy
A second unstoppable stock that can leapfrog AI juggernaut Palantir Technologies in the new year is America's largest electric utility, NextEra Energy (NEE +0.63%). NextEra currently trails Palantir's market cap by roughly $295 billion.

Keeping with the theme described above with Coca-Cola, predictability is a valuable commodity on Wall Street. Whether you're a homeowner or renter, there's a very high probability you need electricity to operate your appliances and/or HVAC system. Electricity demand doesn't change much annually, which lends to predictable cash flow from operations.

However, NextEra Energy isn't your run-of-the-mill electric utility. As of the end of September, it was overseeing 76 gigawatts of electrical operating capacity, 57% of which came from renewables, such as wind and solar. No global electric utility generates more power from renewable energy sources than NextEra. Though investing in solar and wind projects has been costly, it's dramatically lowered the company's electricity generation costs and pumped up its earnings growth rate.

Today's Change

(

0.63

%) $

0.50

Current Price

$

80.04

Interestingly enough, NextEra offers a backdoor way for investors to safely take part in the AI revolution. The development of AI data centers is expected to result in a substantial increase in electricity demand.

With the stock market historically pricey, stocks perceived as safe and defensive, such as NextEra Energy, can outperform in 2026.

Uber Technologies
The third unstoppable stock that can hurdle Palantir Technologies in the market cap column for the upcoming year is ride-sharing leader Uber Technologies (UBER +2.46%).

Unlike Coca-Cola and NextEra Energy, Uber is a bona fide growth stock that's been attracting serious attention from billionaire money managers. Pershing Square Capital Management's billionaire boss Bill Ackman purchased more than 30 million shares of Uber during the first quarter of 2025, making it his fund's No. 1 holding.

Today's Change

(

2.46

%) $

1.95

Current Price

$

81.26

Uber finds itself as the undisputed leader in U.S. ride-sharing. Based on ride-share data spanning more than six years from AutoInsurance.com, Uber has accounted for a 68% to 76% share of the U.S. market, with rival Lyft grabbing the remainder. The 76% share was achieved in the most recent update (March 2024).

Furthermore, Uber Technologies provides investors with AI exposure. The company is leveraging AI to support driver route tracking, demand forecasting, and matching riders with drivers, among other tasks. Investing in businesses with solid foundations that utilize AI as an ancillary tool to enhance their existing operations is a smart way to protect your principal in the event of an AI bubble-bursting event.

Lastly, Uber is more than just the domestic leader in ride-sharing. It also operates the Uber Eats food delivery service and a freight logistics segment. These are operating segments that closely tie the company to the health of the U.S./global economy. Thankfully, economic expansions last disproportionately longer than recessions, which adds an extra layer of optimism to Uber's long-term prospects.

Toyota is recalling 55,405 vehicles in the U.S. as bolt inside the inverter may not have been tightened properly, causing incomplete contact at the inverter terminal, the U.S. National Highway Traffic Safety Administration said on Tuesday.

Investors await delayed GDP data for July-September

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Pre-Christmas spending and average active balances fall, however average balances for missed accounts remain high reflecting continued financial pressure

LONDON--(BUSINESS WIRE)--FICO (NYSE: FICO):

Ahead of the Christmas spending peak, the October 2025 credit card data from global analytics software leader FICO shows a decline in credit card spending compared with the previous month and the previous year. Lower spending led to average balances falling for the first time since May, but balances remain higher than October 2024.

Highlights

Spending fell 4.7% from September, and 3% year-on-year, to £765

Average active balances decreased by 0.7% month-on-month to £1,900 although they remain 4.7% higher than the same month in 2024

The percentage of total balance paid fell by 0.8% month-on-month to 34.4%; 7.6% lower than October 2024

Month-on-month, the number of missed payments rose for one and two-payment categories (by 7.5% and 2.6% respectively) while three missed payments fell by 2.3%

The percentage of customers using credit cards to take out cash declined 2.4% month-on-month and was 7.1% year-on-year, continuing a long-term downward trend

FICO Comment:

Seasonal patterns are emerging in the final quarter of 2025, with spending in October declining ahead of the festive season. As a result, average balances showed their first notable monthly decrease since May, although still remain 4.7% higher year-on-year. With the percentage of overall balance paid also decreasing month-on-month and year-on-year, risk teams will be concerned about financial vulnerabilities across the Christmas peak spending period.

This concern will be further exacerbated by the erratic pattern of missed payments seen through 2025. In October the percentage of customers missing either one or two payments increased month-on-month, illustrating the impact of the ongoing financial juggle taking place in UK households. Average balances for accounts with missed payments remain elevated compared to last year, with the average balance for one missed payment increasing for the third month in a row.

Average credit limits increased modestly by 0.2% month-on-month to £5,910, remaining 2.5% higher year-on-year. Encouragingly, overlimit accounts decreased by 6.0% on the previous month to 1.35%, though this remains 3.3% higher than last year, suggesting continued financial distress. The average overlimit amount increased to £95, up 3.3% on the previous month and 2.2% since the previous year.

The first notable decrease in average active balances since May, combined with fewer overlimit accounts, provides some encouraging signs ahead of the Christmas spending peak. However, as the average balance decreases, the delinquent average balance remains high, resulting in a higher ratio of delinquent balances for the last couple of months for customers missing either one or three payments. Payment rates also continue to trend downwards and are expected to decrease further. Risk teams should therefore prepare for potential seasonal stress by focusing on early intervention strategies, particularly for customers showing signs of payment strain.

Key Trend Indicators – UK Cards October 2025

Metric

Amount

Month-on-Month Change

Year-on-Year Change

Average UK Credit Card Spend

£765

-4.7%

-3%

Average Card Balance

£1,900

-0.7%

+4.7%

Percentage of Payments to Balance

34.36%

-0.8%

-7.6%

Accounts with One Missed Payment

1.41%

+7.5%

-3.2%

Accounts with Two Missed Payments

0.32%

+2.6%

+0.6%

Accounts with Three Missed Payments

0.2%

-2.3%

+2.5%

Average Credit Limit

£5,910

+0.2

+2.5%

Average Overlimit Spend

£95

+3.3%

+2.2%

Cash Sales as a % of Total Sales

0.88%

-3.4%

+0.9%

Source: FICO

These card performance figures are part of the data shared with subscribers of the FICO® Benchmark Reporting Service. The data sample comes from client reports generated by the FICO® TRIAD® Customer Manager solution in use by some 80% of UK card issuers. For more information on these trends, contact FICO.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at www.fico.com.

FICO and TRIAD are registered trademarks of Fair Isaac Corporation in the United States and other countries.

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