Core Viewpoint - The article discusses the potential future of Bitcoin, highlighting three possible outcomes regarding its role as a store of value and its overall viability in the financial system [1][4][3]. Group 1: Bitcoin's Potential Outcomes - The first outcome suggests that Bitcoin could fade away as a memecoin without any significant utility or value [1]. - The second outcome posits that Bitcoin may eventually establish itself as a store of value, but this process could take longer than one year of institutional access [4]. - The third and least likely scenario is that Bitcoin becomes the primary currency for AI agents conducting numerous microtransactions, necessitating instant and programmable settlement systems [4]. Group 2: Market Behavior and Investor Sentiment - During recent market stress, investors opted for gold over Bitcoin, indicating a lack of confidence in Bitcoin as a digital store of value [2][3]. - The article notes that Bitcoin's failure to act as a safe haven during economic turmoil has led to questioning its long-standing thesis as a store of value for the first time in 12 years [3].

NORMA Group logo NORMA Group (ETR:NOEJ) said its Supervisory Board has decided a change at the top of the company is “sensible and necessary” as the manufacturer moves into the next phase of its strategic transformation, according to remarks made on a conference call held on short notice. The company’s chair of the Supervisory Board, speaking from Maintal alongside CFO Annette Stieve and COO Daniel Heymann, said he will serve as interim CEO for up to 12 months while the board runs a structured search for ...

CFO Mark Johnson said fourth-quarter 2025 revenue was $959 million , up 51% sequentially, driven by $388 million of MRC Global revenue contribution from the close date through year-end (the “stub period”). For the full year, DNOW reported $2.8 billion in revenue, up 19% from 2024.Cherechinsky singled out the “heritage DNOW” business for delivering what he called its best four-year stretch ever (2022–2025). He said legacy DNOW generated a record full-year EBITDA of $199 million in 2025, despite a contracting ...

Management highlighted that Barings-originated positions represented 96% of the portfolio at fair value at quarter-end, up from 76% at the beginning of 2022. The weighted average yield at fair value was 9.6% , which management said was slightly lower than the prior quarter primarily due to lower base rates.Executives said the company continues to rotate out of legacy holdings acquired through the MVC Capital and Sierra transactions. McDonnell said the firm accelerated rotation of the Sierra portfolio during ...

Management said TSS delivered record annual sales in 2025 despite subdued shipped residential stationary HVAC units. Dignam also stated that annual Opteon refrigerant sales grew 56% in 2025 and represented 75% of total refrigerant sales, up from 56% the prior year. Adjusted EBITDA margins in TSS were 32% for the year, up from 31%, even with about $22 million of additional R&D investment in liquid cooling and next-generation refrigerants.Chemours reported a fourth-quarter record for Opteon sales, with Opteon ...

On the timing of rent commencement, CFO Philip Mays said the pipeline should “ramp up about half in 2026” and be fully online in 2027. In the Q&A session, he said modeling the recognition as “ratable” is “pretty close,” with some ramp toward the latter half of 2026, and a similar pattern in 2027 based on current visibility. Management also explained that the year-over-year change in the percentage expected to be recognized in 2026 was influenced by tenants moving into rent-paying status and the sale of Shop ...

Reilly outlined category performance, saying strength came from services, healthcare, building and construction, and financial advertising, while telecom and beer and wine were weaker. He later quantified several category moves, including services up 12% in Q4, healthcare up 13%, financial up 17%, and building and construction up 16%, while telecommunications fell 10% and beer and wine fell 20% in the quarter. He also emphasized that Lamar’s largest verticals—services (about 19% of the book) and healthcare ...

Core Insights - TBC Bank Group reported a record fourth quarter for 2025, with full-year net profit exceeding GEL 1.4 billion, a 9% increase year-over-year, and a return on equity (ROE) of 24.2% [6] - The company experienced a 15% year-over-year increase in top-line revenue for the fourth quarter, primarily driven by a 23% rise in net interest income [3] - The full-year dividend was declared at GEL 8.87 per share, reflecting a 10% increase year-over-year, with a payout ratio of 35% [4] Financial Performance - Operating expenses increased by 10% year-over-year in the fourth quarter and 18% for the full year, resulting in a cost-to-income ratio of 37.5%, down 40 basis points [1] - Net interest margin (NIM) remained stable at 7% in the fourth quarter, with a full-year increase of 30 basis points, attributed to a higher share of TBC Uzbekistan in the portfolio [2] - The group's cost of risk declined by 50 basis points to 1.1%, with expectations for Georgia's cost of risk to be around 80 basis points in 2026 [7] Regional Insights - In Georgia, the economy showed strong performance with a real GDP growth of 7.5% in 2025, and the company expects around 5% growth in 2026 [8] - Uzbekistan's economy also demonstrated dynamism with a real GDP growth of 7.7% in 2025, and significant scale-up progress was noted, including 45% loan growth year-over-year [10][11] - The company aims to pivot its loan mix in Uzbekistan due to regulatory changes, with expectations of around 20% gross loan book growth for the year [12] Operational Developments - TBC Bank's digital engagement improved significantly, with over 250,000 new customers added during the year, representing a 24% growth [9] - The company issued nearly 1 million TBC daily banking cards and doubled its retail brokerage customers to over 100,000 [9] - In Uzbekistan, TBC Bank became a top 10 bank for both retail loans and deposits, with market shares of 4.2% and 3.8%, respectively [14] Management and Strategy - The company will host a Strategy Day in New York on February 21, with a live webcast available for those unable to attend in person [16] - Group CEO Vakhtang Butskhrikidze will focus on overseeing operations in Georgia and Uzbekistan, while Giorgi Tkhelidze is set to become CEO of the Georgian subsidiary [15]

Wanblad reiterated expectations for completion about 12–18 months from the announcement, putting the estimated closing window between September 2026 and March 2027. He also said a $4.5 billion special dividend is expected to be payable to Anglo American shareholders of record around completion. When asked about U.S. approvals, Wanblad said all required approvals applied for have been received, with only South Korea and China outstanding.Anglo American also described progress toward its proposed merger with ...

SEGRO ended 2025 with loan-to-value of 31% and net debt to EBITDA of 8.4x , down from 8.6x . Schröter highlighted an average debt maturity of 6 years and around £1.9 billion of undrawn revolving credit facilities and term loans. A £650 million bond maturing in March is planned to be refinanced through an undrawn term loan signed in the second half of 2025, with any remainder drawn from the RCF.Portfolio valuation grew 1% on a like-for-like basis, which the company said was the first year since the start of ...