Blockonomi

TLDR:
The outbound investment rule covers China, Russia, Iran, North Korea and Cuba, with AI restrictions and notice requirements for certain technology deals; it remains a proposal, not a final rule.
Treasury’s draft spans semiconductors, AI, quantum technologies, supercomputing, hypersonics and biotechnology, targeting defined dual-use investments rather than every business in those markets.
Publicly traded shares are exempt, and transactions below $50,000 avoid the notice requirement; the proposal also allows national-interest exceptions and excludes certain pharmaceutical licensing deals.
Comments remain open until December 7, while existing outbound investment rules continue until new regulations take effect; companies may need broader screening and compliance checks.
The Treasury Department proposed an outbound investment rule for sensitive technology deals in five countries. It would impose new bans and advance notice requirements. The proposal covers China, Russia, Iran, North Korea and Cuba. It identifies six areas: semiconductors, artificial intelligence, quantum technology, supercomputing, hypersonics and biotechnology.
Treasury is seeking public comments through December 7. The restrictions would implement a 2025 law that expanded a federal program first established after a 2023 executive order. They do not ban every investment in the named countries. Publicly traded shares and transactions below $50,000 are among the exceptions. Its reach varies by deal.
Outbound Investment Rule Would Cover Five Countries and Six Sectors
The COINS Act became law in December 2025, adding countries and technologies to the earlier China-focused program. Treasury created the Outbound Investment Security Program after President Joe Biden’s 2023 executive order. Existing rules took effect in January 2025 and remain active while Treasury develops regulations under the new law.
The US Treasury Department on Thursday announced proposed rules for screening outbound investment in China, Russia and other countries, a list that no longer includes Venezuela now that the country's former president Nicolas Maduro is not in power. https://t.co/Vs20vguZmk
— Reuters Legal (@ReutersLegal) October 22, 2026
The draft names China, Russia, Iran, North Korea and Cuba as countries of concern. Congress also listed Venezuela, but Treasury left it out of this proposed list. The department said Maduro’s government no longer existed after his January capture. Officials said investments connected to some Venezuelan entities may still fall under the statute, without identifying examples.
Coverage depends on the business and technology involved. The draft targets firms whose dual-use technologies are tied to military programs, surveillance or human-rights abuses. The outbound investment rule requires investors to check portfolio companies, subsidiaries and deal structures before closing.
The six sectors include semiconductors and microelectronics, AI systems, quantum information technologies, supercomputing, hypersonics and biotechnology. A listed company is not automatically restricted; its activity and the investment must meet the rule’s definitions. That distinction matters for funds with broad regional holdings or mixed civilian and defense businesses.
Reuters quoted a Treasury official saying investment can build business networks and supply-chain links. Those ties extend influence beyond the original capital. They may help firms scale, form partnerships and support military-relevant work in sensitive sectors.
AI Bans, Stock Exemptions and the Comment Deadline
The draft bans specified U.S. investments in AI systems across the five countries. Under the outbound investment rule, certain deals in other covered sectors would require notice to Treasury before completion. Reporting depends on the technology, transaction and company activity. The process would help Treasury track capital flowing into sensitive firms.
Treasury says AI’s rapid advance makes powerful systems difficult to classify and assess. It says future models could strengthen military or intelligence work. The proposed ban applies to defined transactions, not all U.S. exposure to AI companies in those countries.
Exceptions include publicly traded shares and deals below $50,000, which avoid the notice rule. Treasury also allows national-interest exceptions and excludes pharmaceutical licensing deals with China. These carve-outs narrow the scope while leaving private investments in covered firms subject to review.
The proposal is not final. Treasury will take comments through December 7 before issuing regulations. The outbound investment rule’s new requirements will not take effect until regulations are issued. Companies may need screening procedures to identify ownership, activities and technical capabilities across portfolio firms.
A former Justice Department lawyer told AP that the framework could require substantial compliance programs. In July, Treasury fined a U.S. company $200,000. Its subsidiary had failed to report a $92,500 investment in a Chinese AI and robotics firm.
Russia’s inclusion came days after Trump waived sanctions following a diesel deal with Vladimir Putin. The outbound investment rule is a separate policy measure. Still, the timing may draw scrutiny over how Washington weighs security and diplomatic priorities.
The post Outbound Investment Rule Targets Five Countries for Tech Deals appeared first on Blockonomi.

TLDR:
The Circle shareholder lawsuit alleges that two UAE-linked transactions violated the Foreign Emoluments Clause and benefited Trump through World Liberty Financial.
The first transaction involved a $500 million agreement for a 49% stake in World Liberty days before Trump’s January 2025 inauguration.
The complaint also challenges a $2 billion Binance investment settled in World Liberty’s USD1 stablecoin, alleging it benefited Trump’s crypto interests.
Greenberg seeks alleged unlawful profits, additional disclosures and unspecified damages; Circle says it did not participate, while World Liberty rejects the claims.
The Circle shareholder lawsuit puts renewed scrutiny on the Trump family’s crypto business. Greenberg says two UAE-linked transactions violated the Foreign Emoluments Clause. J. Benjamin Greenberg, a former Circle employee and shareholder, filed the derivative complaint in federal court in Washington. He argues the deals benefited President Donald Trump and World Liberty Financial while exposing Circle investors to unfair competition.
The complaint seeks alleged unlawful profits, disclosures about other foreign crypto payments, and unspecified damages. The court has not ruled on the claims. Circle says it had no role in the filing, while World Liberty rejects the allegations as meritless.
Circle Shareholder Lawsuit Centers on Two UAE-Linked Deals
Greenberg filed the Circle shareholder lawsuit on behalf of Circle, the company behind USDC, a dollar-pegged stablecoin. The suit names Trump, World Liberty, U.S. Middle East special envoy Steve Witkoff, and four affiliated limited liability companies. It casts USD1, World Liberty’s dollar-backed stablecoin, as a direct competitor to USDC. In the Circle shareholder lawsuit, Greenberg says UAE-linked competition diverted business from Circle and harmed its investors.
Derivative actions let shareholders pursue claims on a company’s behalf, rather than only for themselves. Greenberg’s filing says World Liberty’s stablecoin competition harmed Circle and its investors. Any recovery depends on a court accepting the claims.
The first transaction centers on a $500 million sale of a 49% stake in World Liberty. A vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan agreed to the purchase days before Trump’s January 2025 inauguration. Tahnoon is the UAE’s national security adviser. The complaint alleges Trump received financial benefits from the transaction after taking office. It describes the funding as foreign-state money flowing into a business linked to the president.
The second deal involves a $2 billion investment in Binance by Abu Dhabi’s MGX fund, which Tahnoon chairs. The payment was made using USD1, according to reporting cited in the complaint.
Greenberg argues the stablecoin transaction helped raise USD1’s profile and value, benefiting Trump’s interests in World Liberty. The Circle shareholder lawsuit frames both deals as alleged foreign benefits tied to Trump’s crypto holdings.
Greenberg Seeks Profit Recovery, Disclosure and Unspecified Damages
The Foreign Emoluments Clause bars federal officeholders from accepting benefits from foreign states without congressional consent. Greenberg asks the court to declare that Trump’s profits violated the restriction. He wants the court to order Trump to return gains it deems unlawful. He also seeks an accounting of foreign crypto-related payments and disclosure of other transactions. The suit requests damages but does not specify an amount. Those requests are allegations and remedies sought, not findings by a court.
Circle said it did not initiate, direct, authorize, or take part in the case. The company emphasized that Greenberg filed as an individual shareholder. World Liberty spokesperson David Wachsman called the claims meritless and said the firm would address them in court. White House spokeswoman Anna Kelly described the case as frivolous and denied any conflict of interest. Witkoff’s representative had not responded to requests for comment, according to the report.
The Circle shareholder lawsuit centers on UAE crypto deals amid scrutiny of Trump-family interests. Trump co-founded World Liberty Financial with his sons before taking office and stopped participating in the project in 2025.
The lawsuit focuses on alleged financial benefits. It also points to U.S. approval of advanced AI chip exports to the UAE and Trump’s pardon of convicted Binance founder Changpeng Zhao. The filing alleges those actions intersected with the deals. The case is Greenberg v. Trump, 26-cv-03686, in the U.S. District Court for the District of Columbia. No judgment or ruling has resolved the claims.
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TLDR:
XRP Ledger now has a record 8.24 million non-empty wallets, extending a climb through price volatility.
Network growth hit 4,772 new wallets in a single day, the fifth-largest spike recorded since March.
Santiment names $1.40 as the first level to watch, with $1.50 in view if wallet growth stays near 4K.
CryptoBusy says XRP needs to hold $1.33 to avoid a drop toward $1.30 and $1.26 as resistance stays in play.
XRP holder count has reached a record 8.24 million non-empty wallets on the XRP Ledger, according to Santiment data. The milestone extends a steady climb that continued through months of price volatility.
Network growth also jumped, with 4,772 new wallets created in a single day. That reading ranks as the fifth-largest daily spike since March.
XRP trades near $1.36 as of writing, and market participants are now watching whether price action will confirm the rise in users.
XRP Holder Count Growth Gains Pace
Santiment Intelligence shared the data in a post on X. The analytics platform said holder growth is still moving higher. The post presents the XRP holder count as a record for the network.
The post also covered new wallet creation. Network growth tracks how many new wallets appear on the ledger each day.
It reached 4,772 wallets in one day, the fifth-largest spike since March. Santiment said fresh participation is accelerating again.
XRP Holder Count Hits Record As Network Growth Accelerates
XRP Ledger now has a record 8.24M non-empty wallets, extending a steady climb that has continued through months of price volatility. Holder growth is still moving higher with $XRP trading near $1.36.
Network… pic.twitter.com/IUpjoF5LQl
— Santiment Intelligence (@SantimentData) October 22, 2026
In addition, Santiment said the trend strengthens the bullish case if price continues confirming the rise in users. The firm linked its outlook to both price action and daily wallet creation. Therefore, the report treats price as the confirmation for the user data.
The climb has continued across months of price swings on the XRP Ledger. Price volatility during that stretch did not reverse the trend in wallet growth.
Meanwhile, XRP traded near $1.36 at the time of the report. The XRP holder count has kept rising throughout that period.
Key Price Levels Shape The Short-Term Outlook
Santiment named $1.40 as the first level to watch. The firm tied the next move to a sustained break above that level.
Network growth would also need to stay near or above 4,000 daily wallets. A quick return to $1.50 would then be more than plausible.
On the downside, Santiment pointed to $1.30. If XRP loses that level, and new-wallet creation falls back below roughly 3,000, the adoption signal would look less convincing. That assessment applies to the short term only.
Separately, CryptoBusy posted a 4H chart view of XRP on X. The 4H timeframe tracks price in four-hour candles. The token is testing a major descending resistance trendline after recovering from $1.26 toward $1.40. Price briefly broke above the trendline but met selling pressure. It then pulled back toward $1.34.
$XRP is testing a major descending resistance trendline on the 4H chart after recovering from $1.26 toward $1.40.
Price briefly broke above the trendline but faced selling pressure, pulling back toward $1.34.
A confirmed breakout above $1.38-$1.40 could open the door toward… pic.twitter.com/ApW8aoQB1b
— CryptoBusy (@CryptoBusy) October 22, 2026
According to CryptoBusy, a confirmed breakout above $1.38 to $1.40 could open the door toward $1.45 to $1.50. However, failure to hold $1.33 could push XRP back toward $1.30 and potentially $1.26.
The key is whether XRP can break and hold above resistance. Until then, the broader downtrend remains intact. At the same time, the XRP holder count keeps climbing.
The post XRP Holder Count Hits Record 8.24M as Network Growth Accelerates appeared first on Blockonomi.

TLDR:
Goldman Sachs estimates 148 tonnes of Chinese gold buying from May to August, against 65 tonnes reported.
The estimated 83-tonne gap exceeds China’s official four-month additions by 128%, but remains unverified.
May’s 48-tonne estimate exceeded the 10 tonnes disclosed, while August’s gap narrowed to just five tonnes.
Global central bank gold buying reached an estimated 79 tonnes in August, against 39 tonnes disclosed.
A widening gap between inferred bullion purchases and official reserve additions has placed China’s gold demand under renewed scrutiny. Goldman Sachs estimates that Chinese buyers acquired 148 tonnes between May and August 2026, compared with 65 tonnes officially disclosed by the People’s Bank of China. That 83-tonne difference equals 128% of the officially reported total.
Market reports on October 19, 2026, highlighted the discrepancy, which The Kobeissi Letter also circulated. It draws attention to trading activity attributed to Chinese demand in London’s over-the-counter (OTC) bullion market, where transactions do not necessarily translate into prompt reserve disclosures.
BREAKING: China purchased +25 tonnes of gold in August via the London OTC market, according to Goldman Sachs estimates.
This is +25% more than the official +20 tonnes reported by China's central bank for this month.
This also follows estimated purchases of +35, +40, and +48… pic.twitter.com/6qv1fCovBB
— The Kobeissi Letter (@KobeissiLetter) October 22, 2026
The comparison does not establish that Beijing secretly acquired 83 tonnes. Goldman’s model estimates purchases using market flows and trade indicators, while the PBoC reports changes in recorded holdings. Those distinct measures can diverge because of methodology and timing.
China’s Gold Buying Gap Hits 128% as Goldman Estimates 148 Tonnes
The monthly breakdown shows the largest discrepancy in May. Goldman estimated 48 tonnes of demand against an official addition of approximately 10 tonnes, creating a 38-tonne gap. June followed with 40 tonnes estimated and 15 tonnes disclosed. July’s figures narrowed to 35 tonnes versus 20 tonnes, before August recorded 25 tonnes against approximately 20 tonnes.
Consequently, the estimated monthly excess fell from 38 tonnes in May to five tonnes in August. Nevertheless, the four-month cumulative difference remained substantial because the strongest divergences occurred earlier in the period.
Source: World Gold Council
The World Gold Council placed China’s official holdings at 2,387 tonnes in August after an increase of 20.2 tonnes. September 2026 brought a further 23 tonnes, extending the central bank’s buying streak to 23 months and raising reserves to 2,410 tonnes.
Goldman Estimates 79 Tonnes in Central Bank Buying Versus 39 Reported
A similar split appears in estimates of worldwide central-bank demand. Goldman placed August purchases at 79 tonnes, approximately 4.6 times the pre-2022 monthly average of 17 tonnes.
The World Gold Council, meanwhile, logged 39 tonnes in publicly reported net additions, underscoring the distinction between inferred market activity and disclosed transactions. The figures reflect different methods of measuring demand, not separate inventories of newly acquired bullion.
In particular, the inferred 148 tonnes cannot be added to the officially reported 65 tonnes without double counting potential overlaps. Reserve diversification provides broader context. In the Council’s 2026 survey, 89% of respondents expected global official holdings to increase over the following year.
Another 74% anticipated a reduction in the US dollar’s share of reserves over five years. Those responses measure survey expectations, not completed purchases. For investors, the documented difference is therefore a measurement gap. It does not independently verify undisclosed sovereign holdings or prove intentional concealment.
The post China’s Hidden Gold Buying? Goldman Sachs Estimates 128% More Than Official Figures appeared first on Blockonomi.

TLDR
Merck stock dips 0.67% despite a 42% drop in melanoma recurrence or death risk.
Merck and Moderna’s mRNA therapy cuts distant metastasis or death risk by 38%.
Phase 3 melanoma trial reports 82.2% recurrence-free survival at two years.
MRK falls to $148.87 even as personalized cancer therapy posts strong trial data.
Merck and Moderna plan regulatory talks after promising melanoma trial results.
Merck & Co. shares declined despite positive Phase 3 results for a melanoma treatment developed with Moderna. MRK fell 0.67% to $148.87, losing $1.01 as midday selling erased earlier gains. The companies reported lower risks of cancer recurrence and distant spread when patients received personalized mRNA therapy alongside KEYTRUDA.
Merck & Co., Inc., MRK
Phase 3 Trial Shows Lower Melanoma Recurrence Risk
Merck and Moderna tested intismeran autogene, an experimental therapy tailored to genetic changes in each patient’s tumor. The treatment uses mRNA technology to help the immune system recognize cancer-related targets. Researchers paired intismeran with Merck’s immunotherapy KEYTRUDA after patients underwent surgery for melanoma.
The INTerpath-001 trial enrolled 1,137 patients with completely removed stage IIB through IV melanoma. Researchers assigned participants to receive either intismeran plus KEYTRUDA or placebo plus KEYTRUDA. After a median 24.6 months, the combination reduced the risk of recurrence or death by 42%.
The treatment also reduced the risk of distant metastasis or death by 38% against KEYTRUDA alone. Both findings met statistical significance, and researchers observed broadly consistent benefits across planned patient subgroups. Overall survival data remain immature, although researchers reported a favorable trend for the combination.
Two-Year Results Detail Benefits and Side Effects
After two years, 82.2% of combination patients remained free from recurrence, compared with 70.0% receiving KEYTRUDA alone. The corresponding rates for remaining free from distant metastasis reached 88.5% and 80.2%. Neither treatment group had reached its median recurrence-free or distant metastasis-free survival point.
During the first six months, researchers found similar recurrence and distant metastasis outcomes across both treatment groups. However, a planned six-month analysis showed a 58% lower recurrence or death risk with the combination. Researchers also recorded a 50% lower risk of distant metastasis or death in that analysis.
Treatment-related side effects affected 95.8% of combination recipients and 90.0% of the comparison group. Grade 3–5 treatment-related events occurred in 14.2% and 13.4% of patients, respectively. Fever, injection-site pain and fatigue were the most common reported reactions among combination recipients.
Merck and Moderna Pursue Broader Cancer Studies
Merck and Moderna plan to discuss the trial findings with regulators as they continue collecting survival data. The companies also intend to present detailed findings at the 2026 European Society for Medical Oncology Congress. The New England Journal of Medicine has accepted the results for publication.
The companies run nine Phase 2 and Phase 3 studies across several cancer types and disease stages. Three Phase 3 trials focus on non-small cell lung cancer, while other studies examine additional treatment settings. Researchers are also studying intismeran in pancreatic and gastric cancers.
Earlier Phase 2b melanoma results supported the companies’ decision to advance the personalized treatment into larger trials. However, the latest trial has not yet established a final overall survival benefit. Merck shares nonetheless ended lower despite the reported clinical progress and continued development plans.

The post Merck & Co. (MRK) Stock: Slips to $148.87 Despite Strong Melanoma Trial Results With Moderna appeared first on Blockonomi.

TLDR
Roche stock rises 1.18% as third-quarter sales climb 7% at constant exchange rates.
Roche reports CHF 46.5 billion in nine-month sales, fueled by key medicines.
FDA approvals for Tecentriq and Enspryng expand Roche’s treatment portfolio.
Roche’s top five medicines generate CHF 16.8 billion, up 12% at constant rates.
Roche maintains its 2026 growth outlook amid drug approvals and diagnostics gains.
Roche Holding AG (RHHBY) stock climbed 1.18% to $59.81, gaining $0.70 as strong third-quarter sales supported positive market momentum. The Swiss pharmaceutical company reported 7% quarterly sales growth at constant exchange rates, alongside several major FDA approvals. Meanwhile, growing demand for key medicines and progress across its drug pipeline strengthened its business performance.
Roche Holding AG, RHHBY
Roche Reports Strong Pharmaceutical Sales Growth
Roche generated CHF 46.5 billion in group sales during the first nine months of 2026, representing 6% constant-currency growth. However, the stronger Swiss franc reduced reported growth to 1%, despite continued demand for medicines and diagnostic products. Third-quarter revenue increased 8% in Swiss francs as currency pressures eased during the period.
The Pharmaceuticals Division recorded CHF 36.2 billion in sales, reflecting 7% growth at constant exchange rates. Meanwhile, Xolair, Hemlibra, Ocrevus, Phesgo, and Vabysmo generated combined revenue of CHF 16.8 billion. These five medicines delivered 12% constant-currency growth, supporting Roche’s performance across several major disease categories.
Regional results also highlighted differences in pharmaceutical demand across Roche’s markets. Japan recorded 25% constant-currency growth, while international markets expanded 10% and the United States grew 5%. However, older medicines faced biosimilar competition, which reduced sales from several established treatments.
Major FDA Approvals Strengthen Roche’s Drug Pipeline
Roche secured several US regulatory approvals during the quarter, expanding treatment options across cancer and autoimmune diseases. The FDA approved Tecentriq with chemotherapy for certain patients with stage III colon cancer following surgery. Clinical trial results showed the combination reduced disease recurrence or death risk by 50% compared with chemotherapy alone.
The FDA approved Enspryng for thyroid eye disease, providing an at-home treatment option for eligible patients. Roche also secured Priority Review for fenebrutinib across relapsing and primary progressive multiple sclerosis. Phase III trials showed fenebrutinib reduced relapse rates by 51% and 58% against teriflunomide.
Beyond regulatory progress, Roche reported positive clinical results across kidney disease, cancer, diabetes, and obesity programs. Its experimental diabetes treatment, enicepatide, achieved average weight loss of 15.5% at the highest dose after 48 weeks. Furthermore, Roche continues expanding its development pipeline and targets up to 20 new medicines by 2030.
Diagnostics Growth and 2026 Outlook Support Business Expansion
Roche’s Diagnostics Division generated CHF 10.3 billion in nine-month sales, representing 4% constant-currency growth. Strong demand for laboratory and pathology products helped offset pricing reforms affecting diagnostic sales in China. North America delivered 9% growth, while Latin America expanded 12% at constant exchange rates.
The FDA also cleared Roche’s Elecsys pTau217 blood test to support Alzheimer’s disease assessment. The test helps clinicians identify amyloid pathology through a single biomarker across primary and specialist care settings. Roche plans to use its existing US laboratory equipment network to support wider access.
Roche maintained its full-year 2026 outlook following its third-quarter performance and regulatory progress. The company expects mid-single-digit group sales growth and high-single-digit core earnings-per-share growth at constant exchange rates. Additionally, Roche expects another dividend increase in Swiss francs while expanding manufacturing and research operations in the United States.

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TLDR
Nokia stock sinks nearly 15% even as IP Networks sales climb 43% year over year.
AI and cloud sales jump 123%, but Nokia shares still tumble almost 15% on Thursday.
Nokia’s comparable operating profit rises 35% as restructuring dents results.
Nokia eyes 25%-30% Optical and IP Networks growth in 2027 despite sharp selloff.
Nokia secures €1.5 billion in AI and cloud orders while keeping its outlook.
Nokia shares plunged 14.97% to $7.86 despite rising revenue and stronger demand for artificial intelligence networks. The Finnish company reported sharp IP Networks growth alongside higher cloud customer demand. However, restructuring charges weighed on reported profitability, while the company maintained its full-year 2026 financial outlook.
Nokia Oyj, NOK
Network Infrastructure Leads Quarterly Sales Growth
Nokia generated EUR 5.15 billion in third-quarter revenue, an increase of 10% from the previous year. Sales grew 9% after adjustments for currency movements, supported by stronger network infrastructure activity. The company recorded more orders from customers building networks for computing facilities.
Network Infrastructure revenue reached EUR 2.16 billion, representing 15% growth at constant exchange rates. Within that business, IP Networks grew 43%, while Optical Networks increased 18% over the year. These products carry data between servers, facilities and other network components.
Mobile Infrastructure contributed EUR 2.90 billion in sales, up 5% from a year earlier. Some fourth-quarter revenue shifted into the third quarter. Meanwhile, the segment benefited from its product mix, spending controls and continued cost reductions.
Restructuring Costs Pressure Reported Profitability
Nokia reported EUR 605 million in comparable operating profit, up 35% from the prior year. Its comparable operating margin improved to 11.7%, compared with 9.5% one year earlier. Revenue growth and tighter operating expenses helped support that improvement.
However, reported operating profit fell 22% to EUR 196 million as restructuring and integration expenses increased. The reported operating margin slipped to 3.8%, while reported gross margin decreased to 42.2%. Comparable gross margin remained largely stable at 44.6%.
Comparable diluted earnings reached EUR 0.09 per share, compared with EUR 0.06 previously. Reported diluted earnings from continuing operations stood at EUR 0.03 per share. Despite the weaker reported operating result, quarterly net profit increased to EUR 156 million.
AI Orders Support Growth Plans
Sales to AI and cloud customers surged 123%, while related order intake increased 118%. Nokia secured EUR 1.5 billion in new quarterly orders from these customers. Its existing backlog also supports future demand for high-capacity network equipment.
The company expects combined Optical and IP Networks growth of 25% to 30% in 2027. Nokia also plans to finish integrating its acquisition of Infinera by year-end, one year ahead of schedule. Management projects EUR 200 million in net synergies from that integration.
Nokia is working with Google on connectivity linked to its EUR 13 billion investment in Finland. Separately, Nokia completed a live-network AI-RAN call with T-Mobile and NVIDIA. The company kept its full-year outlook unchanged despite the steep decline in its share price.

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TLDR
ARGX slips 1.00% as blockbuster VYVGART sales reach $1.7 billion in Q3 2026.
Argenx profit climbs to $506 million, but ARGX shares still face selling pressure.
VYVGART sales jump 54% year over year as Argenx expands its treatment pipeline.
Rising development costs push Argenx quarterly operating expenses to $1.27B.
December empasiprubart results could mark Argenx’s next major clinical milestone.
Argenx SE (ARGX) shares fell despite stronger third-quarter sales and higher profit. The stock declined 1.00% to $881.15, losing $8.90 during trading. Shares recovered from early lows before renewed selling emerged near $890 during a volatile session.
argenx SE, ARGX
VYVGART Drives Strong Quarterly Sales
Argenx reported $1.72 billion in third-quarter product sales, up 54% from last year. Sales rose 13% sequentially as demand grew across major treatment areas. The company markets VYVGART for autoimmune conditions, including generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy.
Total operating income reached $1.75 billion, against $1.15 billion one year earlier. Quarterly operating profit rose to $486 million from $346 million in the comparable period. Net profit increased to $506 million from $344 million, while basic earnings reached $8.07 per share.
Nine-month VYVGART sales totaled $4.53 billion versus $2.87 billion a year earlier. Operating profit doubled to $1.37 billion, reflecting stronger commercial activity over nine months. However, the company increased spending to support development, marketing, and operations.
Rising Expenses Offset Part of Growth
Third-quarter operating expenses climbed to $1.27 billion from $805 million a year earlier. Research and development costs increased to $503 million as argenx advanced clinical programs across multiple diseases. Selling, general and administrative expenses reached $598 million, compared with $336 million last year.
Administrative spending included approximately $150 million in costs related to the Forte Biosciences acquisition. Argenx paid about $2.1 billion for that transaction, net of acquired cash. Combined cash and current financial assets totaled $3.7 billion in September, down from $4.4 billion in December.
Argenx now expects combined research, development, and administrative expenses near $4 billion for 2026. That estimate includes Forte acquisition costs and ongoing commercial expansion. The updated forecast reflects spending on its pipeline alongside VYVGART sales growth worldwide.
Drug Pipeline Sets Up Coming Milestones
Argenx submitted an FDA application to expand VYVGART treatment into ocular myasthenia gravis. The FDA also granted priority review for pediatric generalized myasthenia gravis, targeting February 2027. Additionally, argenx expects a VYVGART Hytrulo autoinjector launch during the second half of 2027.
Positive Phase 3 ALKIVIA results supported further development in immune-mediated muscle diseases. Argenx expects an application for immune-mediated necrotizing myopathy before year-end 2026. Meanwhile, its empasiprubart Phase 3 study in multifocal motor neuropathy should report results in December.
The company plans Phase 3 development for FB102 in celiac disease following promising earlier results. Its Vision 2030 targets 50,000 treated patients, 10 approved indications, and five candidates in registrational development. Despite sales growth and clinical progress, ARGX shares faced continued selling pressure.

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TLDR
Sky Quarry stock gains 2.32% as Nevada’s Eagle Springs refinery starts production.
Sky Quarry’s Eagle Springs refinery starts producing diesel, asphalt, and naphtha.
Regional diesel crack spreads jump nearly 300% from January to 133-136 a barrel.
Sky Quarry targets higher refinery throughput and stronger sales across the West.
At 5,000 barrels daily capacity, Eagle Springs eyes more crude supply and sales.
Sky Quarry began producing refined petroleum at its Eagle Springs Refinery in eastern Nevada after completing a restart. Sky Quarry Inc. (SKYQ) stock climbed 2.32% to $2.2101 despite retreating from an intraday peak near $2.60. The company now aims to increase output and commercial sales as regional diesel prices strengthen.
Sky Quarry Inc., SKYQ
Nevada Refinery Moves Into Active Production
Foreland Refining Corporation, Sky Quarry’s wholly owned subsidiary, operates the facility near Ely. It produces diesel, distillates, vacuum gas oil, naphtha, and liquid paving asphalt. These products serve transport, refining, industrial, and road construction markets across the West.
Sky Quarry secured its Nevada air permit in September before completing refinery repairs and upgrades. The company then restarted the plant and began petroleum production. Management reports that the facility operates as expected following those preparations.
Eagle Springs is Nevada’s only crude oil refinery, with capacity near 5,000 barrels daily. Its location provides access to crude from Nevada, Utah, and nearby producing areas. Onsite storage and handling systems support various feedstocks and refined petroleum products.
Diesel Pricing Improves the Market Backdrop
Regional diesel prices have improved the commercial outlook for Eagle Springs. On October 21, Salt Lake City benchmarks indicated diesel crack spreads of $133 to $136 per barrel. January’s figure stood near $33 per barrel, marking an increase of approximately 300%.
Sky Quarry used wholesale diesel rack prices and December West Texas Intermediate futures for its calculations. The lower wholesale diesel benchmark stood near $231 per barrel in October. However, the rack prices and futures quote came from different observation times.
These benchmark spreads do not reflect Sky Quarry’s actual refining margins. Profitability depends on feedstock costs, transport, operating expenses, product yields, and realized sales prices. The Energy Information Administration expects above-average diesel crack spreads through 2027.
Sky Quarry Targets Higher Throughput and Sales
Sky Quarry intends to gradually increase Eagle Springs throughput as operations progress. It seeks steady equipment performance, additional crude supplies, better yields, and broader sales agreements. These efforts would support wider fuel distribution across the Intermountain West.
Diesel serves transportation, agriculture, mining, and industrial customers, while asphalt supports road construction. Vacuum gas oil provides feedstock for refiners, while naphtha supports blending and industrial uses. These options let the company adjust its product mix to supply conditions and regional prices.
Management continues evaluating additional crude oil sources in neighboring producing regions. The company may eventually connect refinery sourcing with its PR Spring development in Utah. Meanwhile, sales growth depends on higher volumes, reliable operations, and commercial demand for finished products.

The post Sky Quarry Inc. (SKYQ) Stock: Climbs as Nevada Refinery Begins Petroleum Production appeared first on Blockonomi.

TLDR
SMCI slides despite Supermicro unveiling its new NVIDIA Vera CPU rack for AI.
New liquid-cooled rack supports 22,500 agent sandboxes for large AI workloads.
Supermicro packs 256 NVIDIA Vera CPUs into a rack built for agentic AI tasks.
NVIDIA BlueField-4 and OpenShell add stronger security for AI agent operations.
New rack works alone or with Vera Rubin NVL72 as SMCI shares face selling pressure.
Super Micro Computer (SMCI) stock plunged 6.52% to $33.25, losing $2.32 despite announcing a major NVIDIA Vera AI infrastructure expansion. Heavy selling erased earlier gains and pushed shares toward intraday lows. Meanwhile, the company introduced a liquid-cooled CPU rack to support growing demand for advanced artificial intelligence systems.
Super Micro Computer, Inc., SMCI
Supermicro Expands NVIDIA Vera AI Infrastructure Portfolio
Super Micro Computer introduced its NVIDIA Vera CPU rack as part of its Data Center Building Block Solutions portfolio. The new system targets agentic AI, reinforcement learning, and large-scale data processing workloads. Additionally, the launch expands Supermicro’s infrastructure offerings for companies developing high-performance AI data centers.
The rack integrates 256 NVIDIA Vera CPUs and delivers 22,528 processing cores alongside 45,056 threads. Moreover, the system supports up to 22,500 simultaneous agent sandboxes within a single rack. This capacity allows businesses to run multiple AI tasks while managing complex computing operations.
Supermicro also incorporated NVIDIA BlueField-4 processors to strengthen networking performance and hardware security. Furthermore, its DLC-2 cooling technology supports fully liquid-cooled operations across the rack. The design addresses rising power and cooling requirements as companies expand their AI infrastructure.
NVIDIA Partnership Strengthens AI Data Center Capabilities
Supermicro designed the new CPU rack to operate independently or alongside NVIDIA Vera Rubin NVL72 systems. This flexibility allows data center operators to expand computing capacity according to specific workload requirements. Meanwhile, the shared infrastructure supports more consistent deployment across large AI facilities.
The company adopted NVIDIA’s third-generation MGX architecture to simplify system integration and infrastructure management. Additionally, customers can select conventional AC power or an 800-volt DC power configuration. The alternative power design supports battery backup units and can reduce equipment space requirements.
Supermicro also added support for NVIDIA OpenShell to strengthen security across autonomous AI operations. The technology applies access controls and monitors agent activity during execution. Furthermore, NVIDIA Sentry uses BlueField-4 hardware to identify policy violations and isolate unauthorized activity.
SMCI Stock Declines Despite Expanding AI Product Portfolio
SMCI shares declined sharply despite the company’s latest product announcement and continued NVIDIA collaboration. Selling pressure dominated the trading session and reversed gains recorded earlier in the day. Consequently, the decline overshadowed Supermicro’s expansion into high-density CPU infrastructure for AI workloads.
Supermicro continues developing infrastructure for enterprise computing, AI processing, storage, and edge applications. Its latest platform also supports database management, data analytics, software development, and cluster scheduling. Additionally, compatibility with Kubernetes and Slurm broadens its applications beyond dedicated AI factories.
The NVIDIA Vera launch strengthens Supermicro’s product lineup as demand for specialized data center equipment expands. However, the announcement failed to prevent a substantial decline in SMCI shares. The contrasting developments highlight the gap between the company’s infrastructure expansion and its latest stock performance.

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TLDR
Microsoft shares fall 1.66% to $524.10 after reversing an early rally above $532
Microsoft spends $115.95 billion on property and equipment during fiscal 2026
Azure annual revenue tops $100 billion as quarterly cloud services growth hits 43%
Microsoft’s cloud backlog climbs 84% to $678 billion as customer commitments grow
Microsoft raises its quarterly dividend to $0.98, with payment due December 10
Microsoft shares traded at $524.10 on Thursday, down 1.66%, and the company continued its large AI infrastructure expansion. The stock lost $8.85 and reversed an early climb above $532. Meanwhile, Microsoft’s latest results showed rising cloud sales, higher capital spending, and continued shareholder payments.
Microsoft Corporation, MSFT
Microsoft Expands Infrastructure Spending
Microsoft paid $115.95 billion for property and equipment during fiscal 2026, compared with $64.55 billion a year earlier. Those cash payments supported its growing network of facilities and computing equipment. Finance leases added further investment beyond the cash spending reported in that figure.
Total fourth quarter capital expenditures reached $41 billion, including assets acquired through finance leases. About two-thirds covered shorter-lived equipment, mainly central processors and graphics chips. Microsoft directed the remaining spending toward longer-lived assets, including large data center sites.
Management forecast capital spending above $50 billion in the first quarter of fiscal 2027. That projection included lease reclassification following changes to the estimated useful lives of certain assets. The company continues to expand capacity for cloud computing and artificial intelligence services for enterprise customers.
Azure Revenue and Cloud Backlog Grow
Azure generated more than $100 billion in annual revenue for the first time during fiscal 2026. Azure and other cloud services increased fourth-quarter revenue by 43%. Microsoft Cloud recorded quarterly revenue of $59.3 billion, up 27% from the previous year.
Commercial remaining performance obligations climbed 84% to $678 billion at the end of the fiscal year. This measure covers contracted revenue, including amounts Microsoft expects to recognize in later periods. However, the backlog grew 25% after excluding commitments from OpenAI.
Microsoft 365 Copilot also reached more than 30 million paid seats across its customer base. The product brings AI features into Microsoft’s existing business software subscriptions across several workplace applications. Customers outside leading model companies contributed nearly 90% of annual Microsoft Cloud revenue.
Cash Flow Supports Dividends and Expansion
Operating cash flow increased 30% to $55.4 billion during the fourth quarter, supported by cloud billings and collections. However, cash spending on property and equipment left free cash flow at $19.6 billion. Microsoft also returned $10.2 billion through quarterly dividends and share repurchases.
In September, the board increased the quarterly dividend by seven cents to $0.98 per share. Microsoft will distribute that payment on December 10, 2026. The company set November 19 as both the shareholder record date and the ex-dividend date.
Annual revenue increased 18% to $331.8 billion during the fiscal year ending June 30, 2026. Operating income also rose 21% to $155.2 billion during that reporting period. Microsoft plans to release its next quarterly earnings on October 28, 2026.
The post Microsoft (MSFT) Stock: Falls as AI Spending Fuels Long-Term Growth Bets appeared first on Blockonomi.

TLDR
CLIK stock gains 6.41% as annual revenue surges to a record HK$135.2 million.
Click swings to HK$14.59 million in net profit after last year’s steep loss.
Nursing revenue jumps 62.6% to HK$56.8 million and becomes Click’s top segment.
Professional services revenue soars 108.2% as a new acquisition boosts sales.
Click eyes Mainland China expansion after all three segments set sales records.
Click Holdings Limited shares climbed Thursday after the Hong Kong services provider reported record annual revenue. CLIK gained 6.41% to $1.2450, adding $0.0750, despite retreating from an intraday peak near $1.60. The company returned to profitability in fiscal 2026 as all three segments increased sales.
Click Holdings Limited, CLIK
CLIK Stock Advances Following Annual Results
Click announced its results October 22 alongside its annual Form 20-F filing with US regulators. Strong midday buying lifted shares, but later selling erased part of the advance. Nevertheless, the stock held its daily gain despite a sharp retreat from the session’s earlier peak.
Click reported basic and diluted earnings of HK$1.88 per share for fiscal 2026. The company recorded a loss of HK$12.55 per share in fiscal 2025. The reversal accompanied higher revenue and a return to positive operating earnings.
Click supplies nursing, professional, and logistics services across Hong Kong’s staffing market. Its nursing operations serve private clients and the Community Care Service Voucher scheme. Group revenue has more than tripled since the HK$44.1 million reported for calendar 2023.
Nursing, Professional and Logistics Revenue Reach Records
Nursing revenue rose 62.6% to HK$56.8 million, representing 42% of total sales. Nursing service hours climbed to 465,440 from 322,211 in the previous fiscal year. Click also expanded private care offerings, including premium escort and rehabilitation services.
Professional services revenue jumped 108.2% to HK$36.0 million, the largest percentage gain among segments. A recent acquisition contributed substantially to this increase, the company reported. Management continues seeking additional acquisitions that can strengthen its higher-margin professional services business across Hong Kong.
Logistics revenue increased 35.5% to HK$42.4 million following additional business from established Hong Kong clients. Service hours reached 476,644, up from 354,806 in fiscal 2025. The company uses logistics income to support investment in its expanding nursing operations.
Click Holdings Returns to Operating Profit
Total revenue grew 61.9% to HK$135.2 million from HK$83.5 million a year earlier. Gross profit rose 68.9% to HK$21.6 million, while gross margin improved to 16.0%. Operating expenses fell to HK$20.8 million from HK$21.3 million, supporting the earnings recovery.
Click posted HK$0.83 million in operating income against a previous HK$8.5 million operating loss. Net income attributable to equity holders reached HK$14.59 million versus a HK$7.93 million loss. Nursing and logistics delivered approximately 942,000 service hours combined, up from 677,000 previously.
Click plans further private nursing services, rehabilitation facilities, and expansion into mainland China. Management also expects selective acquisitions to support further growth in its professional services operations. The company forecasts continued strong momentum across its businesses during fiscal 2027.

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TLDR
Bybit secured a full Dubai VASP license covering spot cryptocurrency trading services.
The exchange plans to expand into derivatives trading but must first obtain separate VARA approval.
Bybit reported five additional licenses and regulatory approvals across international markets during 2026.
Dubai continues licensing digital asset firms, with Kraken’s parent Payward receiving full regulatory approval.
Bybit announced on October 22 that its Dubai unit, Bybit Fintech FZE, received a Virtual Asset Service Provider (VASP) license for spot trading. Dubai’s Virtual Assets Regulatory Authority (VARA) has not approved the exchange for derivatives.
Bybit Eyes Derivatives After Spot License
The full approval allows the company to operate regulated spot markets under Dubai’s rules. It does not authorize futures or other derivatives, which require separate permission from the regulator.
Chief legal and compliance officer Peter Loo said Bybit wants to expand its permitted services. He described derivatives as a major part of the exchange’s global trading business.
The exchange already handles derivatives for customers outside Dubai. Those existing services do not permit Bybit to offer the same products within the emirate.
Loo said the company would keep working with VARA on wider approval. An October report on Ethereum derivatives trading listed Bybit among platforms with active futures positions. No Dubai derivatives launch date has been announced.
Dubai Approval Adds to Global Licensing Drive
Bybit established its international headquarters in Dubai in 2022. The regulator granted its local entity preliminary approval in August 2024, allowing it to complete its remaining operating requirements before securing a full license.
Chief executive Ben Zhou said the firm plans to develop its Dubai business within VARA’s standards. He cited the company’s work with local partners and the digital asset community.
Meanwhile, Kazakhstan moved to restrict access to six crypto exchange apps, including Coinbase. Its regulator said it planned to send court orders to app store operators.
For Bybit, entry into different markets requires local approval. Zhou cited five licenses and regulatory clearances across Europe, the Cayman Islands, Indonesia, South Africa and El Salvador this year.
Dubai Regulator Maintains Separate Rules
Payward, Kraken’s parent company, recently received full VARA approval. Kraken plans to introduce new trading pairs priced in UAE dirhams, alongside deposits and withdrawals in local currency.
The latest licensing developments come as financial regulators scrutinize how exchanges handle customer assets. Separately, in Ireland, Coinbase received a €3.25 million fine over customer funds and outsourcing controls.
VARA oversees licensed virtual asset businesses across Dubai, except within the Dubai International Financial Centre. Robinhood received separate approval from that district’s financial regulator to offer retail investment services.
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TLDR
Broadcom stock trades near $326 as technical indicators point to continued selling pressure.
MACD signals selling, while the CCI stands at -111.83, indicating oversold conditions.
Broadcom expects quarterly AI semiconductor revenue of $21.7 billion despite recent share weakness.
Analysts’ technical projections place the next trading range between $320.24 and $333.62.
A break below $320.24 could increase downside pressure, while $328.69 remains immediate resistance.
Broadcom (AVGO) stock remained under pressure near $326 this week despite agreements and AI chip sales guidance. Technical indicators point to continued weakness, with traders watching whether shares can hold support near $320 next week.
Broadcom Stock Faces Selling Pressure
The daily moving average convergence divergence indicator, or MACD, shows a sell signal. The Commodity Channel Index, known as CCI, stands at -111.83, placing it in oversold territory. These readings reflect selling, not another decline.
Bull/Bear Power also indicates weak buying demand, while the Relative Strength Index remains neutral. Weekly price volatility reached 3.75%. Together, the readings show mixed conditions, although the short-term technical picture still favors sellers.
NTT DOCOMO Deal Expands Cloud Business
Broadcom announced a 10-year agreement with Japanese telecom operator NTT DOCOMO to upgrade its private cloud systems. The partnership uses VMware Cloud Foundation to support security, reliability and faster service delivery. Financial terms were not disclosed.
The agreement follows a recent report on Broadcom’s cloud partnership. The company has introduced Arcot Scam Defense, a fraud protection product. Neither announcement has yet reversed the weakness described.
AI Chip Outlook Remains Strong
Broadcom expects quarterly AI semiconductor sales of $21.7 billion, supported by long-term customer commitments. The figure represents management guidance, not completed sales. The company’s acquisition-related cash generation and debt reduction remain distinct from its share price.
Earlier reporting examined Broadcom’s AI revenue and valuation concerns. Demand for custom processors continues, but large data center projects require funding and infrastructure. Those costs affect growth forecasts.
Traders Watch $320 Support Next Week
The technical outlook places the projected weekly trading range between $320.24 and $333.62. Immediate resistance sits at $328.69, while the Ichimoku Kijun reference stands higher at $354.74. These levels identify possible price barriers rather than guaranteed outcomes.
The supplied model assigns a 77% probability to a decline and 23% to an increase. Its calculation method was not provided. A close below $320.24 would strengthen the bearish case, while a sustained move above $328.69 could weaken it.
Recent coverage of the wider AI chip market offers context for Broadcom’s growth plans. However, the next confirmed price move will depend on trading activity rather than company forecasts alone.
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TLDR
BMO Capital raised its IBM stock price target to $265 from $230 while maintaining Market Perform.
IBM reported third-quarter revenue of $17.1 billion and adjusted earnings of $2.95 per share, beating estimates.
Software revenue increased 8%, but weaker underlying growth kept BMO cautious about the company’s outlook.
IBM raised its annual free cash flow outlook while maintaining its revenue growth guidance.
Stifel raised its IBM price target to $260 following the company’s third-quarter financial results.
IBM stock drew a higher price target from BMO Capital on Thursday after the company reported better-than-expected quarterly results. The bank raised its target to $265 from $230 but kept its Market Perform rating.
The change followed IBM’s third-quarter earnings release on Wednesday. Shares closed that session at $251.46, before Thursday’s trading brought fresh scrutiny of software sales and the pace of growth. The new target stood roughly 5% above Wednesday’s closing price.
IBM Stock Target Rises Despite Caution
BMO said IBM delivered stronger revenue than analysts expected in the third quarter, helped by transactions that had slipped into the latest quarter. The bank’s assessment followed coverage of IBM’s quarterly earnings. The firm questioned whether that lift would continue without more steady software demand.
IBM reported revenue of $17.1 billion and adjusted earnings of $2.95 per share. Revenue rose 5% from a year earlier, or 6% at constant exchange rates. Both figures exceeded Wall Street estimates of $16.82 billion and $2.86 per share.
Software Growth Remains Under Review
Software revenue rose 8% to $7.8 billion. Transaction Processing increased 9%, while Red Hat gained 11%. Automation revenue fell 3%, giving analysts different signals across the software business.
BMO said organic software growth remained below IBM’s long-term target. It estimated weakness in Data and Automation after excluding acquisitions. Separately, SAP’s latest quarterly results showed 26% cloud revenue growth, reflecting another development in business software this week.
Consulting and Infrastructure Results
IBM’s consulting division generated $5.3 billion, broadly unchanged from last year. Revenue grew 2% after adjusting for currency changes, while strategy and technology consulting posted a modest increase.
Infrastructure revenue reached $3.7 billion, up 4%. Distributed infrastructure sales rose 31%, although IBM Z revenue declined 20%. BMO attributed part of the infrastructure improvement to higher prices and sales volumes. Infrastructure support revenue fell 3% during the period.
Cash Outlook and Analyst Ratings
IBM generated $3 billion in quarterly free cash flow and increased its full-year target. The company expects annual free cash flow to rise by more than $1 billion. In related consulting news, Accenture expanded its services through an acquisition this week.
IBM maintained its forecast for 4% to 5% annual revenue growth in constant currency. Stifel raised its stock target to $260, while BMO said it needs firmer evidence of lasting organic software growth before taking a more positive position.
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TLDR
Spotify stock climbed 8.6% after its fourth-quarter operating income forecast exceeded Wall Street expectations.
Spotify expects €820 million in fourth-quarter operating income, compared with analysts’ €813.4 million estimate.
The company projects 316 million premium subscribers by year-end, above the 314.7 million analyst forecast.
Third-quarter revenue reached €4.97 billion, while earnings per share of €2.48 missed expectations.
Spotify expanded its AI music plans through licensing deals with Believe, Universal Music Group, Merlin and Kobalt.
Spotify (SPOT) stock gained 8.6% on Thursday after the streaming company forecast fourth-quarter operating income above Wall Street estimates. Shares rose despite a wider technology selloff tied to AI spending concerns.
Spotify gained paying subscribers in the third quarter, although revenue and earnings missed forecasts. Management expects stronger operating profit before year-end.
Spotify Stock Climbs on Profit Forecast
Spotify expects fourth-quarter operating income of €820 million, above LSEG’s €813.4 million analyst estimate. The company forecast €5.2 billion in revenue for the final quarter.
Operating income reached €672 million in the September quarter, near Visible Alpha’s €671.8 million estimate. Revenue totaled €4.97 billion versus forecasts of €4.98 billion. Earnings per share reached €2.48, below expectations of €2.80. The company reported a gross margin of 33%.
Spotify cited higher marketing, cloud and AI costs. The spending follows industry investment, including Meta’s recent AI launches. Management described those costs as temporary.
Premium Subscriber Outlook Beats Estimates
Spotify ended September with 306 million premium subscribers after adding six million during the quarter. It now projects 316 million by December, versus analysts’ 314.7 million estimate.
Monthly active users reached 788 million, up 1% from June. Spotify expects 818 million by year-end, slightly below Wall Street’s estimate of 819 million.
Other streaming companies face different pressures. Netflix lowered its advertising revenue forecast Wednesday. Spotify’s latest outlook instead centers on growth in paid music subscriptions.
AI Tools Remain a Spending Priority
Spotify uses AI DJ and prompt-based playlists to help users discover music. It has connected its service with outside AI tools to handle listening requests.
The company faces emerging AI music services, including Suno and Udio. Spotify is developing licensed features for fans to create covers and remixes.
Co-CEO Alex Norström said Spotify invests when it finds growth opportunities. The company expects costs to moderate after higher marketing and cloud expenses.
New Licensing Deals Cover AI Remixes
Spotify signed an agreement with Believe on Tuesday for its planned paid remix tool. The deal also covers TuneCore artists. Participating artists can approve use of their music and earn royalties.
Similar deals cover Universal Music Group, Merlin and Kobalt. Spotify plans to offer the tool as a Premium add-on amid questions about AI revenue and spending.
Spotify has not set a launch date or price. The company continues expanding its audio products while seeking subscriber growth and higher profit.
The post Spotify Stock Jumps 8.6% as Q4 Profit Outlook Beats Estimates appeared first on Blockonomi.

TLDR
Ireland’s central bank imposed a €3.25 million fine on Coinbase Ireland over customer fund protection and outsourcing failures.
The regulator found weak internal controls and excessive reliance on Coinbase’s US operations.
Coinbase said errors left its safeguarding account underfunded by an average of 0.54% during 2023 and early 2024.
Coinbase maintained that no customers lost money or access to their funds.
The penalty follows a separate €21.46 million fine against Coinbase Europe in November 2025.
Coinbase Ireland has agreed to a €3.25 million ($3.6 million) fine over failures to protect customer funds. The central bank cited breaches of safeguarding and outsourcing rules between November 2020 and August 2025.
Irish Regulator Finds Weak Controls
The Central Bank of Ireland said Coinbase relied too heavily on its US-based parent for safeguards. Its Irish operation lacked local expertise to oversee the work and check whether customer balances stayed protected.
The regulator found flaws in account systems, testing and reports about changes to fund protection. These weaknesses left a designated customer account short for extended periods. The case concerns customer cash, not stolen cryptocurrency.
Coinbase Explains How Funds Were Mixed
Coinbase said Silvergate Bank’s troubles in 2023 led it to direct 30 customers to another US bank account. That account held money belonging to clients of a different Coinbase entity, contrary to Irish rules.
Some customers kept using old UK bank details after Brexit. Coinbase said daily transfers moved those deposits into Ireland’s safeguarded account, but did not prevent mixing. Separate reporting on protections when crypto exchanges fail examines how firms hold customer assets.
The company said it also paid certain US and UK customers’ euro withdrawals from its Irish account. Coding mistakes left that account underfunded by an average of 0.54% in 2023 and the first half of 2024.
Company Says Customers Lost No Money
Coinbase said no customer suffered losses or lost access to funds. It reported several problems to regulators in January 2024 and said it has corrected the errors and strengthened its systems.
Kazakhstan’s proposed restrictions on Coinbase apps present another challenge. Authorities there plan to seek app-store restrictions on six platforms. The Irish settlement concerns different rules and does not involve that case.
Earlier Fine and Court Approval
The central bank agreed a settlement on October 21. Coinbase accepted the findings and a reprimand. A 30% settlement discount cut the proposed €4.65 million penalty to €3.25 million.
The company said it added a €25 million guarantee bond and appointed a dedicated safeguarding chief. Recent US rules for stablecoin rewards concern a separate regulatory framework. Ireland’s High Court must confirm this penalty before it takes effect. In November 2025, the central bank fined another Coinbase subsidiary €21.46 million over anti-money laundering monitoring failures.
The post Coinbase Hit With €3.25M Irish Fine Over Customer Funds appeared first on Blockonomi.

Plenty of crypto casinos try to win players over with the size of their game library or the number of promotions on offer. POP.Game set out to compete on something else. The premium, crypto-friendly sports betting and casino platform wants to raise the standard for the whole player experience, and the idea behind that goal is short enough to fit on a single line: “built with players, for players.” It shows how the platform was developed, in the way the brand talks about trust and responsible gaming, and in its plans for the future.
The wider online gambling industry gives some context for why that matters. In some of the biggest gambling markets, online play now makes up close to 40% of total gambling revenue. With that much activity moving online, players have more choice than ever, and the platforms they stick with tend to be the ones that get the full experience right.
Where the Player-First Philosophy Started
POP.Game was built with players at the centre from the very beginning.
When the platform first launched, the team created a community of several hundred members and started talking to them directly about what they wanted from it. They listened to feedback, talked through ideas and used those conversations to get a clearer picture of what mattered most to real players.
Some of those suggestions went straight into the product. Several ideas from the community were taken on board and implemented into the platform and the wider player experience. That early back and forth is where “built with players, for players” comes from. For POP.Game, it is more than a marketing line. It describes how the platform was developed in the first place, by listening, learning and improving based on what players said.
And the conversation is still going. Community feedback continues to help POP.Game refine its platform, services and promotions. The plan is to keep evolving alongside its players and community instead of building in isolation.
What Premium Means at POP.Game Crypto Casino
POP.Game wants to be seen as an elite, premium gaming brand. Its idea of premium, though, starts with the details across the entire player journey and not only with the games.
That includes a smooth and intuitive platform, reliable service and quality sports betting and casino experiences. It also means convenient deposits and withdrawals, customer support that responds when players need it, bonuses and rewards that are relevant to them, and user journeys that stay simple and straightforward.
Each of those points connects back to the things players care about most: quality, reliability, convenience, entertainment, rewards and support. POP.Game has designed the platform around that list.
The brand also wants to strike a particular balance in how it feels. It aims to come across as premium and credible while staying approachable, entertaining and human. For an online crypto casino trying to build something that lasts, getting that balance right is part of the job.
A Unified Entertainment Experience with Sports, Casino and Esports
POP.Game brings sports betting, casino games and esports together in one place, giving players the freedom to explore what they enjoy most. Some may prefer following their favourite sports, while others enjoy playing casino games or the excitement of esports. With different options available on a single platform, POP.Game aims to offer a flexible entertainment experience that suits a variety of interests and preferences.
On the other hand, talking about the payment side, POP.Game supports USDT, USDC and $POPG, which makes it a good fit for crypto-native users. Crypto is treated as a convenient way to pay and one part of the overall experience. It is not meant to define the brand. As an online crypto casino, POP.Game keeps its broader focus on entertainment and the people using the platform.
Peter Schmeichel and a Shared Standard
POP.Game’s Brand Ambassador is Peter Schmeichel, the Manchester United legend and one of the most recognised goalkeepers in football history. Schmeichel brings sporting heritage, credibility and international recognition, along with a strong connection to football fans. His reputation for performing at the highest level sits comfortably alongside POP.Game’s ambition to build a premium brand.
The partnership is rooted in values both sides share. High standards, preparation, confidence, experience, performance and a passion for sport all feature in it. His role goes further than being a promotional face. Schmeichel helps connect POP.Game with the wider world of sport, fans and entertainment.
How POP.Game Puts Trust into Practice
Trust is a big part of what POP.Game stands for. For the brand, providing entertainment is only one part of running a gaming platform. Players also want to feel confident about where they play, how their funds are handled, the support they can turn to and whether they can rely on the overall experience.
POP.Game is licensed by Anjouan Gaming. But the brand recognises that trust takes more than a statement in an advert. It comes from the experience players have over time. Through consistency, transparency, reliable service and ongoing support, POP.Game aims to build lasting relationships with its players. In the crypto casino space, building that kind of reputation takes time, but it reflects the approach POP.Game has chosen to take.
Building a Culture of Responsible Entertainment
POP.Game believes gaming should always stay a form of entertainment. One of its core beliefs puts it plainly: have fun, enjoy the game, know your limits and stay in control.
Responsible gaming at POP.Game is meant to be part of the brand experience rather than a disclaimer tucked away somewhere. Players are encouraged to play within their personal limits and stay in control of their spending. Taking breaks when needed is part of it too, along with keeping gaming balanced with everyday life and avoiding chasing losses. Above all, gaming is seen as entertainment and not as a way to make money.
The brand prefers to say all of this in a positive way instead of making it sound like a warning. The thinking behind it is simple. The best gaming experience is one you remain in control of, and great entertainment should stay enjoyable.
Making Community Part of the POP.Game’s Journey
Community plays a big part in POP.Game’s long-term strategy. The brand wants to create a space where players feel their opinions and feedback count. It listens to its community and uses what it learns to improve the experience over time.
The aim is for players to feel involved in how the brand develops, as participants and not only as customers. That relationship is meant to be open, responsive and two-way.
It also gives the brand philosophy its meaning. “Built with players, for players” began with a community of several hundred people at launch, and it carries feedback every time from that community that helps shape the platform.
Part of the Wider POPG Ecosystem
POP.Game belongs to the wider POPG Web3 entertainment ecosystem. The POPG vision is to create new ways for fans to experience, take part in and be rewarded through entertainment. There are three parts to the ecosystem. POP.GAME is the sports betting, casino and esports platform. POP.VIP serves as the loyalty layer. POP.LIVE, which covers live entertainment and experiences, will be launched at a later stage.
Players can collect VIP Fan Points (VFPs) through eligible activity on POP.Game and use those benefits through other projects within the POPG ecosystem.
This makes POP.Game part of a larger entertainment ecosystem, rather than a platform that operates purely on its own as a betting site.
What Makes POP.Game Different
Plenty of crypto casinos offer games, promotions and crypto payments. What makes POP.Game different is the .mix it brings together.
It was built with players, for players, and it is shaped by community-led development. It puts a premium player experience and a strong focus on reliability and trust at the front. Sports, casino and esports all sit in one place, and payments in USDT, USDC and $POPG keep things crypto-friendly. Add Peter Schmeichel as Brand Ambassador, a responsible gaming philosophy and the link to POP.VIP and the wider POPG ecosystem, and the picture becomes clearer.
Its strongest point of difference comes from combining a premium experience with player-first thinking, trust, community and responsible entertainment.
Final Thoughts
POP.Game is building a premium gaming platform around the people who use it. It brings together quality entertainment, reliability, community and responsible play, and it holds onto one belief throughout: gaming should be fun, enjoyable and always experienced within your limits.
That approach started with a community of several hundred members and a team willing to listen, and it still guides the platform today.
Anyone curious about a crypto casino that grew out of conversations with its own players can learn more at POP.Game.
The post POP.Game: How a Player-First Philosophy Shapes Its Premium Identity appeared first on Blockonomi.

TLDR
Trump hosted a White House cybercrime roundtable on Wednesday and said Americans lost more than $20 billion to cybercrime in 2025.
He said officials froze $1 billion in “cybercurrency tied to foreign scammers” and prevented $1.6 billion in losses.
Trump, Attorney General Todd Blanche and Homeland Security Secretary Markwayne Mullin did not use the words “cryptocurrency” or “digital assets.”
The FBI has reported Americans lost $11 billion to crypto-related scams in 2025.
Italian police arrested 30 people in a crypto money laundering case tied to an alleged mafia-linked bank.
US President Donald Trump hosted a roundtable on cybercrime at the White House on Wednesday. During the event, he did not use the word “crypto” once.
Reports before the meeting said the event would focus on a crackdown on foreign crypto scams. Instead, Trump used the term “cybercurrency,” an older word for what most people now call cryptocurrency.
Trump Details Cybercrime Losses
Trump said “countless” Americans lost more than $20 billion to cybercrime in 2025. He listed impersonation schemes, ransomware attacks and scam centers as some of the methods used.
The president said federal officials froze $1 billion in “cybercurrency tied to foreign scammers.” He added that $1.6 billion in losses were prevented in 2025 after a March executive order.
Attorney General Todd Blanche also did not use the terms “cryptocurrency” or “digital assets” when discussing the scams. Homeland Security Secretary Markwayne Mullin referred only to “digital extortion.”
Secretary of Defense Pete Hegseth also appeared at the event alongside the president.
The Federal Bureau of Investigation has reported that Americans lost $11 billion to scams tied to digital assets in 2025. That figure includes losses through crypto ATMs.
Cointelegraph contacted the White House for comment on the roundtable but did not receive an immediate response.
Scrutiny Over Trump Family Crypto Ventures
The roundtable took place as Trump and members of his administration face questions from lawmakers and voters. Critics accuse them of using their positions to profit from digital assets.
Trump and his family are tied to several crypto ventures. Trump reported that these ventures earned him $1.4 billion in 2025.
A report from the group Public Citizen said his alleged “schemes” cost investors about $4.7 billion.
World Liberty Financial, the Trump family’s crypto company, is also facing scrutiny. Its USD1 stablecoin was used to settle a $2 billion investment in Binance by an entity tied to Sheikh Tahnoon bin Zayed Al Nahyan of the United Arab Emirates.
Trump’s memecoin project, Official Trump, is set to host another dinner for tokenholders on Nov. 22. Past events held by the team behind the memecoin led lawmakers and interest groups to accuse Trump of selling access to the presidency through “pay-to-play” schemes.
The White House roundtable followed news from Italy, where police arrested 30 people over a crypto money laundering scheme. The group allegedly used crypto to launder millions of dollars through a bank tied to the mafia.
According to Bloomberg, Italian police were investigating a criminal network that moved money from corporate fraud, crypto investment scams and drug trafficking into digital wallets.
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TLDR
Tether led a pre-seed funding round in Bolivian fintech Peso but did not disclose the size of the investment.
Peso plans to expand its USDT payment services across Bolivia, Brazil, Colombia and Argentina.
The company has added USDT payments to Yango’s food delivery service in Bolivia.
Lending platform Tala partnered with digital wallet El Dorado to offer USDT loans on the Tempo blockchain.
Bolivia has turned to stablecoins since 2025 because of a long US dollar shortage and high inflation.
Tether has led a pre-seed funding round in Peso, a fintech company based in Bolivia. The startup offers payments in USDT, Tether’s stablecoin, through food delivery apps and local banking networks.
Tether announced the deal on Wednesday, Oct. 21. The company did not say how much money it invested.
The funding will help Peso grow its stablecoin payment services across Latin America. The company plans to operate in Bolivia, Brazil, Colombia and Argentina.
How Peso Uses USDT
Peso connects USDT with local currencies through banking and merchant payment systems. This lets users move between the stablecoin and their national money.
The company has already added USDT payments to Yango’s food delivery service in Bolivia. Customers can now pay for their food orders using the stablecoin.
Peso also offers QR code payments and point-of-sale services for merchants. These tools let shops accept USDT from customers.
The fintech provides virtual accounts as well. These accounts link to Bolivia’s banking system through ACH transfers.
Other Firms Grow USDT Services in Bolivia
Peso is not the only company building USDT services in Bolivia. On Tuesday, lending platform Tala announced a partnership with El Dorado, a digital wallet.
Under the deal, Tala will offer credit directly through the El Dorado wallet. Eligible customers can receive and repay loans in USDT.
These loans run on the Tempo blockchain. Tala said customers can get access to funds in seconds.
Bolivia has relied more on stablecoins since 2025. The country has faced a long shortage of US dollars along with high inflation.
As foreign currency became harder to get, many businesses started accepting USDT for purchases. The stablecoin is designed to hold the same value as the US dollar.
In November 2025, the Bolivian government announced plans to bring cryptocurrencies and stablecoins into its financial system. This included letting banks offer digital asset custody and crypto-linked financial products.
In June 2026, Bolivia dropped its longstanding currency peg. The dollar shortage continued after that, which pushed up demand for dollar-based options like USDT.
In July 2026, the government began considering a new regulatory framework. The rules would recognize USDT for payments, savings and trade alongside the boliviano and the US dollar.
Tether’s investment in Peso, announced this week, is the latest deal tied to USDT payments in Bolivia. Tala’s USDT lending partnership with El Dorado was announced one day earlier.
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