Market Overview - The crypto market is currently characterized by tight trading ranges, resulting in minimal price movements for traders [1] - Bitcoin has recently struggled to maintain momentum after briefly surpassing $97,000, leading to bearish predictions regarding its potential to reach a new all-time high [2][3] Bitcoin Predictions - As of Thursday afternoon, predictors estimate a 19% chance for Bitcoin to surpass its previous all-time high of $126,080 by July, reflecting a nearly 10% decrease in optimism over the past week [3] - Bitcoin's price has recently fallen below $90,000, trading around $89,312 [3] Market Sentiment - Investor sentiment has been negatively impacted by President Trump's indecisiveness regarding Greenland and tariffs, resulting in a significant outflow from Bitcoin ETFs amounting to $709 million [4] - Despite the bearish sentiment, some industry figures, like Ripple's president, remain optimistic about the crypto market reaching new highs by 2026 [4] Gold vs. Ethereum Predictions - A prediction market on Myriad is focused on whether gold or Ethereum will reach $5,000 first, with gold currently priced at $4,938 after a 7.28% increase this week [6] - The odds have shifted significantly, now favoring gold at 94% likelihood of reaching $5,000 first, while Ethereum would need to increase by 60% from its current price of $2,948 [7]

Core Viewpoint - A viral claim regarding the IRS requiring taxpayers to disclose their cryptocurrency wallets is false, but it has raised concerns about digital-asset privacy and federal oversight [1][6]. Group 1: Misleading Information - A viral post misrepresented an IRS document, suggesting that taxpayers must list their cryptocurrency holdings and public keys, leading to widespread panic [2][4]. - The document in question is actually Form 9297, which is used in specific cases involving delinquent filings or unpaid taxes, not a general requirement for all taxpayers [4][5]. Group 2: IRS Reporting Rules - New cost-basis reporting rules will be introduced by the IRS on January 1, 2026, but these do not require taxpayers to disclose wallet addresses or public keys [5]. - The changes will focus on broker reporting and taxable events rather than wallet inventories, clarifying that Form 9297 is only used in targeted enforcement cases [5]. Group 3: Public Trust and Privacy Concerns - The incident highlights ongoing confusion regarding digital-asset regulations and the impact of misinformation on public trust in financial surveillance [6][7]. - Cryptocurrency advocates emphasize that this situation reflects a growing scrutiny of federal oversight in digital assets, as fears about potential overreach increase with upcoming regulatory changes [7].

Core Insights - The cryptocurrency market experienced significant volatility in 2025, with Bitcoin reaching an all-time high of $126,000 in October before declining to $91,881, marking a year-to-date decrease of 1.7% [1][2] Market Performance - Bitcoin's initial rally in 2025 was driven by supportive regulations, strong Bitcoin ETF inflows, and increased institutional demand, positioning it as a safe asset amid trade tensions [2] - Other cryptocurrencies also faced declines, with Ethereum down 5.3% year-to-date, Solana down 26.9%, and Ripple remaining flat after hitting an all-time high of $3.56 in July [3] Market Sentiment - Recent market sentiment weakened following a warning from the People's Bank of China against illegal digital currency activities, contributing to muted trading volumes across exchanges [4] - A shift in investor focus towards global equities, coupled with risk-off sentiments due to economic conditions, has led to a slump in the crypto market [5] Historical Context - Bitcoin's price swings are typical in the cryptocurrency market, with historical data indicating that significant corrections often follow major rallies [7][8] - Previous cycles have shown similar patterns, with substantial declines occurring before new record highs [9] Future Outlook - Analysts suggest that if macroeconomic stress or institutional exits increase, Bitcoin could potentially drop below $50,000 by 2026, as historical trends indicate significant declines during "crypto winters" [10] - However, potential rate cuts by the Federal Reserve could favor risk-on assets like Bitcoin, as lower rates reduce the opportunity cost of holding non-yielding assets [12] Industry Developments - Bitcoin miners are adapting by leveraging their infrastructure for AI data centers, transitioning from traditional mining to providing compute resources for AI applications [13] - Investment firms like Bank of America and Morgan Stanley recommend a small allocation of 1-4% of portfolios to cryptocurrencies, indicating a growing acceptance of digital assets [14][15] Investment Opportunities - Investors can consider Bitcoin ETFs such as Bitwise Bitcoin ETF, Fidelity's Wise Origin Bitcoin Fund, and Grayscale's Bitcoin Mini Trust, as well as Ethereum ETFs like iShares Ethereum Trust ETF and Grayscale Ethereum Trust ETF [17]

Market Overview - The major indices, including the Dow, NASDAQ, and S&P 500, are experiencing downward momentum at the start of the week, with the NASDAQ down approximately 0.8% and the Dow and S&P 500 both down about 0.6% [3][4]. - AI chip stocks such as Nvidia, Broadcom, and AMD are all down more than 1%, with Broadcom nearing a 2% decline [5]. - The cryptocurrency market is facing a significant downturn, with Bitcoin dropping below the $85,000 threshold for the first time in a while, down about 6% in intraday trading and nearly 22% over the past month [6][7][30]. Retail Sales Performance - Retail sales during the holiday shopping season have shown surprisingly solid results, with Black Friday sales excluding autos rising by 4.1%, surpassing last year's growth of 3.4% [14]. - Consumers spent a record $11.8 billion online on Black Friday, marking a 9.1% year-over-year increase, and Cyber Monday is expected to see spending of $14.2 billion [15][18]. - Despite an affordability crisis, consumers are actively seeking deals, particularly in categories like furniture, electronics, and apparel [18][21]. Consumer Behavior Insights - The current consumer landscape is characterized by a "K-shaped" recovery, where high-end consumers continue to spend while low-end consumers face pressure [21][23]. - Retailers that can offer attractive value propositions are likely to perform better, as consumers are concentrating their spending on these companies [22][23]. - The mixed performance of retail stocks indicates that while some companies are benefiting from consumer spending, others are struggling [9]. Cryptocurrency Market Dynamics - The recent downgrade of USDT's stability by S&P Global has contributed to negative sentiment in the cryptocurrency market, with warnings about potential under-collateralization of Bitcoin [10]. - Companies like Robinhood and Argo Blockchain have also seen significant declines, with Argo down over 40% in the past month [8][30]. - The overall risk-off sentiment among investors is leading to a shift towards traditional safe havens like gold and silver, which are experiencing price increases [30]. AI and Technology Sector Outlook - The AI investment boom is expected to continue, with strong revenue growth anticipated for hyperscalers, although there are concerns about a potential bubble [35][39]. - Companies outside the "MAG 7" (Meta, Apple, Google, Amazon, Microsoft) are also expected to benefit from increased AI-related capital expenditures, with a focus on broader sector exposure [52]. - The outlook for earnings growth remains positive, with expectations of double-digit growth across various sectors, including financials and industrials [40][52].

As filed with the Securities and Exchange Commission on November 28, 2025 Registration No. 333-_______ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FLORA GROWTH CORP. (Exact Name of Registrant as Specified in Its Charter) Ontario, Canada 2833 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 3230 ...

NASDAQ on pace to snap a seven-month winning streak as tech drags. Joining me now, markets and data editor Jared Blickery, as well as Michelle Schneider, market gauge. com chief strategist.Jared, I want to start with you. Give us a look at the month here because we saw a lot of damage within tech and that looks like it's going to drag the NASDAQ lower on the month. >> You bet.And let's start with the uh Wi-Fi Interactive. And I'm going to pull up the month to date and this is going to be as of the close Wed ...

Market Overview - The market is experiencing increased selling pressure, initially starting in the cryptocurrency sector and spreading to major stocks, including the "MAG 7" and gold, with experts warning of a potential correction of around 10% [2][10][11] - Major indices are showing significant declines, with the Dow down approximately 479 points (1%) and the S&P 500 closing below its 50-day moving average for the first time in 139 sessions [3][8] Sector Performance - The consumer discretionary and technology sectors are underperforming, with the tech sector down about 1% [4][6] - Defensive sectors like utilities and consumer staples are showing some resilience, with only a few stocks in the green [5] Cryptocurrency Impact - The cryptocurrency market is acting as a leading indicator for broader market sentiment, with Bitcoin down 2.5% and Ethereum down 2% [6][18] - The sell-off in crypto is attributed to liquidity expectations and is seen as a precursor to potential declines in other risk assets [17][27] Company-Specific Insights - Home Depot reported a weak quarter, leading to a cut in its fiscal year outlook due to ongoing consumer uncertainty and pressure in the housing market [8][55][57] - Target is expected to report disappointing earnings, with analysts cautious about its stock performance due to declining sales and competitive pressures from Walmart [46][47][51] Investment Strategies - Analysts suggest a cautious approach to investing in sectors like AI and tech, emphasizing the need for companies to demonstrate earnings growth to justify high valuations [12][40][67] - There is a focus on identifying value in larger companies with solid growth prospects, as opposed to speculative assets like cryptocurrencies [37][67]

Core Insights - The cryptocurrency market has not responded positively to recent institutional interest and regulatory clarity, leading to a disconnect between potential and actual market performance [3][8] - The market's current valuation of cryptocurrencies, particularly altcoins, appears to be based on speculative trading rather than sustainable economic value [15][23] Market Dynamics - Despite significant developments such as the launch of ETFs and increased institutional participation, the market has not seen corresponding price increases, indicating that positive news may already be priced in [3][6] - The total market capitalization of altcoins is approximately $1.5 trillion, but their underlying narratives are considered weaker compared to Bitcoin, which has a market cap of about $1.9 trillion [4][5] Valuation Concerns - Ethereum's market cap is around $400 billion, with annual revenue from fees and MEV estimated at $1-2 billion, leading to a price-to-sales ratio of 200-400 times, which is deemed unsustainable [13][14] - Solana, with a market cap of approximately $75-80 billion, generates over $1 billion in annual revenue, resulting in a more reasonable price-to-sales ratio of 20-60 times [13][14] Revenue Sustainability - The income generated by major Layer 1 blockchains is characterized as highly cyclical and speculative, akin to casino revenues, rather than stable, predictable cash flows [10][14] - The industry must transition from speculative trading to generating real, recurring economic value to justify current valuations [15][23] Future Outlook - The cryptocurrency sector is still in its early stages, but there is a pressing need to focus on real user adoption and sustainable business models rather than speculative trading [17][21] - The next decade may see significant opportunities in integrating cryptocurrency technology into established businesses, provided it can demonstrate cost efficiency and improved functionality [20][22]

Market Overview - The potential end of the government shutdown is creating optimism in the markets, with the NASDAQ and S&P 500 showing early gains of approximately 1.5% and 1% respectively [1][2] - AI stocks, particularly Nvidia and Palantir, experienced significant losses last week, shedding over $820 billion in market value, but are seeing a rebound with Nvidia up nearly 4% at the open [1][2][12] - Bitcoin is also recovering, up about 2.7% at the open after a month-long pullback of over 6% [1][2] Economic Data and Federal Reserve - A new 31-page bill to end the government shutdown was advanced by the Senate, indicating a possible resolution soon, which could lead to the release of delayed economic data [1][2] - The upcoming economic data, particularly employment reports, is expected to be crucial for the Federal Reserve's decision-making regarding interest rates [2][3] - Analysts anticipate that the unpublished September employment report and October payroll data could be released soon if the shutdown ends, with significant implications for the Fed's rate decisions [2][3] AI Sector Insights - The AI sector is under scrutiny following a major sell-off, with concerns about overvaluation and the impact of automation on job markets [2][4][5] - Nvidia's earnings report on November 19 is viewed as a critical catalyst for the AI sector, with expectations of strong growth despite supply chain constraints [12][13] - CoreWeave, another key player in the AI space, is set to report earnings, and its performance is seen as a litmus test for AI infrastructure demand [22][29] Consumer Behavior and Economic Disparities - The stock market's gains have not translated equally across income levels, with a significant portion of wealth concentrated among higher-income households [34][35] - The K-shaped recovery is evident, with lower-income groups facing higher unemployment rates and economic pressures, while wealthier households benefit from stock market gains [36][37] - Retail strategies are adapting to these disparities, with companies like McDonald's successfully targeting lower-income consumers through value offerings [40][41]

Financial Data and Key Metrics Changes - In Q3 2025, total billings were $89.2 million, representing a 20.3% decrease year-over-year due to content restrictions impacting budget sizes [18] - Revenue decreased by 22.4% to $52.0 million, driven by the decrease in billings [19] - Adjusted contribution was $30.0 million, down 17.5% from the prior year, but the margin as a percentage of revenue increased to 57.7%, up 3.5 percentage points [20] - Adjusted EBITDA was positive at $3.2 million, an increase of $5.0 million year-over-year [20] - Operating cash flow was positive at $1.8 million, while free cash flow was negative at $2.7 million, showing an improvement of $1.2 million from the prior year [21] Business Line Data and Key Metrics Changes - U.S. revenue, excluding Bridge, decreased by 28% due to lower billings stemming from content restrictions [19] - Bridge revenue decreased by 15% due to the loss of a major account in previous quarters [20] - The U.K. business showed strength with a 22% revenue growth year-over-year, driven by higher billings and increased supply [11][19] Market Data and Key Metrics Changes - The company experienced a significant increase in billings from new merchants, including a large athletic apparel brand [20] - The number of MQUs (Monthly Active Users) increased by 21% to 230.3 million, driven by the full ramp of new FI partners [21] - APU (Average Price per User) was $0.11, down 31% year-over-year due to content restrictions [21] Company Strategy and Development Direction - The company plans to solidify its foundation and grow its commerce media platform in 2026, focusing on expanding its CRP partner cohort and strengthening existing FI partnerships [17] - The strategy includes unlocking increased advertiser budgets by delivering differentiated products such as omnichannel performance [17] - The company aims to replace lost supply through new partnerships and increase engagement with existing partners [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds from the largest FI partner blocking advertiser content but noted that they were able to mitigate a significant portion of the drop due to the larger network [4][6] - The outlook for Q4 includes expected billings between $86 million and $96 million, with a negative year-over-year decrease of 26% to 17% [22] - Management expressed confidence in returning to growth and achieving profitability once current headwinds are navigated [27] Other Important Information - The company fully paid off $46 million in convertible notes and reduced its workforce by 30% to ensure long-term financial health, expecting annualized cash savings of $26 million [16][17] - The company is focusing on strategic pricing decisions to drive incremental spend from advertisers while remaining competitive in the market [25] Q&A Session Summary Question: Billing margins commentary - Management explained that the decrease in billing margins in Q3 was primarily due to supply changes from the largest FI partner, but margins improved by the end of the quarter and are expected to continue improving [30][31] Question: Guidance on adjusted EBITDA range - Management clarified that the larger range in adjusted EBITDA compared to adjusted contribution is due to top-line performance and margin fluctuations, with operating expenses expected to be stable [32][33]