U.S. and Australia Seal $8.5B Critical Minerals Deal

In a move with broad implications for the future of global supply chains and the defence technology sector, President Donald Trump and Australian Prime Minister Anthony Albanese have signed a new agreement on critical minerals. This collaboration was unveiled at the White House on October 20, 2025, and establishes a formal partnership with a project pipeline that could reach $8.5 billion.

Though the White House described the agreement as a framework, officials in both countries confirmed immediate capital is forthcoming for key initiatives. Over the next six months alone, the agreement will facilitate joint investments of more than $3 billion, with Australia and the U.S. directly contributing at least $1 billion in the near term. Much of this funding will be deployed into advanced processing and mining projects focused on rare earths and other critical minerals essential for high-tech manufacturing and defence, including electric vehicles, robotics, and semiconductors.

The U.S. Export-Import Bank is prepared to offer at least $2.2 billion in letters of interest for project loans, which could unlock up to $5 billion in further investment. Alcoa and other major industrial players are already involved, with a particular emphasis on new rare earths separation facilities and a gallium refinery in Western Australia. The Pentagon is backing the gallium project, targeting a refinery output of 100 metric tons annually, a move that will significantly enhance non-Chinese supply for this vital semiconductor and electronics material.

This agreement comes as the global race to secure critical minerals intensifies. China continues to dominate rare earth processing and recently implemented strict export controls, escalating trade tensions with the U.S. and its allies. The new U.S.–Australia framework marks a decisive shift away from Chinese supply chain dependence and signals a new era of industrial cooperation between Western allies.

The market outlook is robust: rare earths and related minerals are used in everything from precision-guided missile systems to wind turbines and next-generation batteries. With rising geopolitical risk and acute supply chain vulnerabilities exposed, government-backed efforts like this one are set to redefine project financing and resource development models. The pipeline also includes a three-country venture involving the U.S., Australia, and Japan, integrating expertise and industrial capacity across the Pacific.

From the investor’s perspective, the partnership is about more than near-term capital flows. It reflects a “friend-shoring” philosophy, rerouting core inputs for modern industrial economies through trusted democratic partners. This is expected to benefit not only major participants like Alcoa but also small and micro-cap mining companies able to secure public or strategic backing for projects in Australia and allied regions. With the right execution, these upstream investments could set the stage for renewed growth and improved supply security throughout the clean energy and technology sectors

HBT Financial Expands Midwest Footprint with $170 Million CNB Bank Shares Merger

HBT Financial, Inc. (NASDAQ: HBT) announced a definitive agreement to acquire CNB Bank Shares, Inc. (OTC: CNBN) in a cash-and-stock deal valued at roughly $170.2 million, marking a significant strategic expansion in the community banking space. The transaction reflects HBT’s disciplined growth model and highlights continued consolidation among Midwest-based financial institutions.

The merger, expected to close in the first quarter of 2026, will create a combined company with about $6.9 billion in total assets, $4.7 billion in loans, and $5.9 billion in deposits. Post-closing, the new banking entity will operate 84 branches throughout Illinois, eastern Iowa, and Missouri—furthering HBT’s regional diversification across key metropolitan markets, including Chicago and St. Louis.

Transaction Structure and Valuation

Under the terms of the agreement, CNBN shareholders can elect to receive 1.0434 shares of HBT stock, $27.73 in cash per share, or a mix of both, subject to allocation limits. Based on HBT’s 15-day volume weighted average price of $24.44 as of October 17, 2025, the transaction equates to an implied purchase price of $25.92 per CNBN share. Upon completion, former CNBN shareholders will collectively own roughly 15% of HBT’s outstanding common stock.

The deal’s all-in valuation represents a prudent premium relative to CNBN’s recent trading levels while allowing HBT to fund the acquisition through a balanced consideration structure. The merger’s financial terms suggest a price-to-tangible book ratio in the 1.45x–1.55x range, consistent with recent peer transactions in the community banking sector.

Strategic Rationale and Market Outlook

For HBT, the acquisition deepens its deposit base in central Illinois and expands its reach into higher-growth urban corridors. It also enhances scale—both economically and operationally—adding efficiency to product distribution and technology deployment. CNB’s strong commercial loan portfolio and stable funding mix are expected to complement HBT’s disciplined credit culture, supporting accretive earnings growth post-integration.

Management expects the transaction to be additive to HBT’s earnings per share within the first full year after closing, with modest tangible book value dilution that can be earned back within a reasonable timeframe. The company’s strong capital position and consistent profitability metrics provide flexibility to absorb integration costs and offset potential short-term pressures.

On CNBN’s side, the merger offers shareholders liquidity through the NASDAQ-listed HBT stock and participation in a larger, more diversified Midwestern franchise. The combination should also benefit CNB’s customers through expanded product offerings and access to broader operational resources.

Leadership and Governance

To maintain local continuity, HBT has agreed to appoint CNBN directors James T. Ashworth and Nancy Ruyle to the boards of HBT Financial and Heartland Bank and Trust Company. The alignment of leadership under HBT’s community-first philosophy is expected to ease cultural integration—a critical factor in regional bank mergers.

Bottom Line

HBT’s acquisition of CNB Bank Shares continues its steady M&A track record, marking its eleventh transaction since 2007. By combining two relationship-focused institutions with complementary footprints, the deal strengthens HBT’s positioning in an increasingly competitive small and mid-cap financial landscape. For investors, it reinforces HBT’s strategy of measured expansion and capital discipline, positioning the company for sustainable earnings growth across Midwest markets.

Novo Nordisk Acquires Akero Therapeutics in $5.2 Billion Deal to Bolster MASH Treatment Pipeline

Novo Nordisk is making another bold move in the metabolic disease space with its latest agreement to acquire Akero Therapeutics for up to $5.2 billion, marking one of the year’s largest biotech takeovers. The deal strengthens Novo Nordisk’s expanding presence in liver and metabolic disorders, while delivering significant value to Akero’s shareholders.

Under the terms of the agreement announced Thursday, Akero investors will receive $54 per share in cash at closing, plus a contingent value right (CVR) worth up to an additional $6 per share. The CVR payment would be triggered upon full U.S. regulatory approval of Akero’s lead drug candidate, efruxifermin (EFX), for treating compensated cirrhosis due to metabolic dysfunction-associated steatohepatitis (MASH) by June 2031.

The acquisition values Akero at roughly $4.7 billion upfront, representing a 42% premium to its pre-rumor share price earlier this year. If all conditions are met, the total value could reach $5.2 billion — a 57% premium compared to Akero’s May 2025 valuation.

For Novo Nordisk, the deal builds on its leadership in GLP-1–based therapies and signals a deepening commitment to addressing complex metabolic diseases. Akero’s EFX program, designed to treat MASH, a condition historically known as NASH (nonalcoholic steatohepatitis), complements Novo Nordisk’s existing pipeline of cardiometabolic treatments. EFX’s potential to reverse fibrosis and improve liver function positions it as a promising therapy for millions of patients with few available options.

MASH has become a growing global health concern, closely linked to obesity and type 2 diabetes—areas where Novo Nordisk already dominates through blockbuster drugs like Ozempic and Wegovy. Integrating Akero’s research could help the Danish pharmaceutical giant extend its reach beyond diabetes and into liver health, strengthening its competitive advantage as demand for metabolic therapies surges worldwide.

Industry analysts see the deal as part of a broader wave of consolidation among biotechs developing metabolic and inflammatory treatments. Major pharmaceutical companies are increasingly acquiring smaller firms with advanced-stage assets to accelerate innovation and diversify revenue streams.

Akero’s ongoing Phase 3 SYNCHRONY trials have shown encouraging signs that EFX can reduce fibrosis and resolve MASH, potentially transforming the standard of care. The company’s holistic approach — improving both liver health and cardiovascular risk factors — aligns well with Novo Nordisk’s long-term goal of offering comprehensive solutions for metabolic dysfunction.

Following the acquisition, Akero’s operations will be integrated into Novo Nordisk’s global research network, with plans to advance EFX through late-stage trials and prepare for commercial launch. The transaction, unanimously approved by Akero’s board, is expected to close by year-end pending shareholder and regulatory approvals.

Financial advisors for the deal include Morgan Stanley and J.P. Morgan Securities, with Kirkland & Ellis LLP serving as legal counsel to Akero.

The acquisition underscores Novo Nordisk’s strategy to expand beyond diabetes and obesity treatments into adjacent metabolic diseases with large unmet medical needs. If EFX achieves approval and commercial success, the deal could mark a defining moment in the evolution of liver disease therapeutics—and another milestone in Novo Nordisk’s transformation into a powerhouse across metabolic health.

Resources Connection (RGP) – First Look at 1Q26


Thursday, October 09, 2025

Resources Connection, Inc. provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support. It also provides information management services, such as program and project management, business and technology integration, data strategy, and business performance management. In addition, the company offers corporate advisory, strategic communications, and restructuring services; and corporate governance, risk, and compliance management services, such as contract and regulatory compliance, enterprise risk management, internal controls management, and operation and information technology (IT) audits. Further, it provides supply chain management services comprising strategy development, procurement and supplier management, logistics and materials management, supply chain planning and forecasting, and unique device identification compliance; and human capital services, including change management, organization development and effectiveness, compensation and incentive plan strategies, and optimization of human resources technology and operations. Additionally, the company offers legal and regulatory supporting services for commercial transactions, global compliance initiatives, law department operations, and law department business strategies and analytics. It also provides policyIQ, a proprietary cloud-based governance, risk, and compliance software application. The company was formerly known as RC Transaction Corp. and changed its name to Resources Connection, Inc. in August 2000. Resources Connection, Inc. was founded in 1996 and is headquartered in Irvine, California.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Beat. Resources Connection reported first quarter revenue, gross margin, and SG&A expenses better than expected, although the top line continued to decline y-o-y, as expected. RGP is engaging with clients on more consulting opportunities, which have higher bill rates, larger deal size, and often create more extension and cross selling. However, the macro environment remains unpredictable, which makes clients hesitant to begin new projects.

Details. 1Q26 revenue came in at $120.2 million, down from $136.9 million in 1Q25, but above the $120 million high-end of management’s guidance. Gross margin came in at 39.5%, a significant y-o-y improvement from 36.5% in 1Q25 and above the 36-37% guidance range. SG&A expense of $47.9 million improved from $48.9 million in 1Q25. RGP recorded a GAAP net loss of $2.4 million, or $0.07/sh, compared to a $5.7 million, or $0.17/sh, net loss, in 1Q25. Adjusted EPS was $0.03/sh versus breakeven last year. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital (BTBT) – Monthly Ethereum Metrics


Thursday, October 09, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of September 2025. As of September 30, 2025, the Company held approximately 121,187 ETH, versus 121,252 ETH at the end of August. Included in the ETH holdings were approximately 15,075 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,142 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 9/30/25. The Company’s total staked ETH was approximately 99,936 as of September 30th.

Yield and Value. Staking operations generated approximately 291 ETH in rewards during September, representing an annualized yield of approximately 3.37%. Based on a closing ETH price of $4,145.99, as of September 30, 2025, the market value of the Company’s ETH holdings was approximately $506.6 million.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

AZZ (AZZ) – Staying Focused on the Big Picture


Thursday, October 09, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

FY 2026 second-quarter financial results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We had forecast adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Sales and gross margins trailed our expectations for both segments. However, operating income of $68.5 million exceeded our estimate of $66.1 million due to lower selling, general, and administrative expenses. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the second quarter of FY 2025.

Results were mixed. While Metal Coatings sales were up 10.8% compared to the prior year quarter, Precoat Metals sales were down 4.3%. Metal Coatings delivered higher sales due to increased volume driven by infrastructure-related projects in several end markets. Precoat Metals experienced lower sales due to weaker end markets, including building construction, HVAC, and appliance.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Silver Breaks $50: Precious Metal Hits Four-Decade High as Investors Flock to Safe Havens

Silver has shattered a historic milestone, climbing past $50 per ounce for the first time since 1980 — marking one of the most significant rallies in the metals market in over forty years. The surge, up roughly 75% year-to-date, underscores a powerful combination of investor demand, industrial consumption, and persistent supply shortages.

While gold has dominated headlines with its record-breaking ascent above $4,000 per ounce, silver’s breakout is capturing equal attention. Often referred to as “gold’s more affordable cousin,” silver is benefiting from the same wave of safe-haven buying driven by global economic uncertainty, political instability, and weakening confidence in traditional fiat currencies.

This rally isn’t just about market sentiment. Silver’s unique dual identity — as both an investment asset and a critical industrial material — has amplified its momentum. The metal is an essential component in solar panels, electric vehicles, data centers, and smartphone manufacturing, making it a cornerstone of the modern green and tech economies.

“Silver’s industrial demand is skyrocketing, particularly with the ongoing boom in renewable energy and semiconductor expansion,” noted market strategists. “This growing utility, combined with investors seeking protection against inflation and currency risk, is creating a perfect storm for price growth.”

According to analysts, 2025 marks the fifth consecutive year of a structural supply deficit in the silver market. Sluggish mining output and limited new production are struggling to keep pace with global demand, further tightening supply. Many traders believe this imbalance could sustain elevated prices well into 2026.

Silver’s rally closely mirrors gold’s performance, but it’s also outpacing it in percentage terms. While gold has climbed around 51% this year, silver’s 75% surge and platinum’s 80% gain highlight the broad strength of the precious metals sector. The upward trend is being fueled by concerns about inflation, tariffs, central bank policy independence, and rising national debt levels.

At the institutional level, hedge funds and asset managers are rotating capital into tangible assets like precious metals and Bitcoin as a hedge against a weakening U.S. dollar. Exchange-traded funds (ETFs) tied to silver — particularly the iShares Silver Trust (SLV) — have seen record inflows not witnessed since 2020.

With demand surging and inventories thinning, analysts suggest silver may be entering a sustained breakout phase rather than a short-term spike. For retail and small-cap investors alike, the current rally presents both opportunity and volatility — hallmarks of a market on the move.

Gold Keeps Breaking Records as Global Demand Surges

Gold prices have shattered records yet again, surging past $4,000 per ounce for the first time in history as investors continue to flock to the safe-haven asset amid global uncertainty and expectations of deeper Federal Reserve rate cuts. The yellow metal’s meteoric rise marks one of the strongest rallies in decades, gaining more than 50% year-to-date — its best annual performance since 1979.

According to data from the World Gold Council, global gold-backed exchange-traded funds (ETFs) saw their largest quarterly inflows on record, with investors pouring in more than $26 billion during the third quarter of 2025. North American funds led the surge, followed by European and Asian markets, as geopolitical tensions, volatile currencies, and concerns over central bank policy fueled the rush into gold.

Analysts noted that a combination of economic uncertainty, political instability, and weakening confidence in traditional currencies has been fueling record levels of investment in gold. They suggested that even modest shifts of capital away from the bond market toward gold could be enough to push prices significantly higher.

Gold’s recent rally has been closely tied to growing speculation that the Federal Reserve will continue cutting interest rates to support the slowing economy. Lower rates reduce the opportunity cost of holding non-yielding assets like gold, making it more attractive to both institutional and retail investors.

Meanwhile, the US dollar has weakened, further boosting gold’s appeal. As the greenback loses strength, international buyers gain more purchasing power, often resulting in increased gold demand.

The gold market’s explosive momentum has also led to a surge in trading activity. Average daily trading volumes climbed 34% month over month, hitting all-time highs as prices broke new records 13 times in September alone.

Wall Street remains bullish. Goldman Sachs has reaffirmed gold as its “highest-conviction long recommendation,” forecasting that continued monetary easing and persistent global tensions could keep driving the metal upward.

Analysts predicts that gold could reach $4,500 by mid-2026, with a potential breakout toward $5,000 per ounce if capital continues to rotate out of government bonds and into precious metals.

As global markets navigate uncertainty — from geopolitical flashpoints to currency instability — gold’s appeal as a safe, tangible store of value remains as strong as ever. For now, the metal’s relentless climb shows no signs of slowing.

Critical Minerals Take Center Stage as U.S. Accelerates Domestic Mining Investments

Trilogy Metals’ stock has skyrocketed following news that the Trump administration has taken a 10% stake in the company and approved a long-debated access road to Alaska’s Ambler Mining District. The move marks a major step in the administration’s ongoing push to strengthen the U.S. supply chain for critical minerals and metals—resources essential to clean energy, defense, and technology production.

Shares of Trilogy Metals surged more than 200% after reports confirmed that the administration invested roughly $35.6 million for the initial stake, with options to expand its position further. The approval of the Ambler Access Project is equally significant, as it clears the way for road construction to one of Alaska’s most mineral-rich areas, known to contain large deposits of copper, cobalt, silver, and other valuable metals.

The Ambler project, previously blocked due to environmental and tribal concerns, now represents one of the most promising developments in North American mining infrastructure. The administration justified the decision on the basis of national interest, emphasizing the need for reliable access to domestic sources of critical materials. To address environmental worries, the plan reportedly includes measures to protect local wildlife and mitigate ecological disruption.

This latest investment is part of a broader strategy that has seen the administration take direct stakes in several companies tied to the U.S. mineral supply chain. Earlier this year, similar investments were made in Lithium Americas and MP Materials—both key players in lithium and rare earth mining. These moves, combined with support for projects like Arizona’s Resolution copper mine and semiconductor manufacturing expansion, highlight a coordinated effort to reduce U.S. dependence on foreign suppliers, particularly China.

The ripple effects of these initiatives extend beyond the headline companies. Smaller-cap mining and exploration firms, many of which struggle to secure funding or regulatory approval, could see renewed investor interest as confidence builds in the sector. The U.S. government’s involvement signals a stronger commitment to domestic resource development, which could make financing and partnerships easier to obtain for junior mining companies.

Moreover, rising demand for materials like copper, cobalt, and lithium—driven by the energy transition, electric vehicles, and AI data centers—continues to push commodity prices higher. Smaller players positioned near viable deposits may become acquisition targets or strategic partners for larger corporations aiming to secure supply lines. As institutional investors seek exposure to the metals space, many could turn to small- and mid-cap miners as leveraged opportunities for growth.

However, this surge in optimism also brings potential volatility. Commodity-dependent small caps are notoriously cyclical, and their valuations can swing sharply with policy shifts, environmental challenges, or fluctuations in global metal prices. Still, the overarching narrative remains favorable: a renewed national focus on critical mineral independence, supported by both public and private capital, may ignite a renaissance in the U.S. mining and metals sector.

In the wake of Trilogy Metals’ dramatic rally, market watchers are increasingly eyeing other under-the-radar resource companies that could benefit from this wave of strategic investment. If current trends persist, the metals sector—long overshadowed by tech and energy—could become one of the most dynamic areas for small-cap growth over the next several years.

Wall Street Boosts S&P 500 Targets on AI Momentum and Earnings Strength

Wall Street’s bullish sentiment is gaining momentum as the S&P 500 hovers near record highs ahead of earnings season. Despite political uncertainty in Washington and lingering concerns about an “AI bubble,” several top strategists are raising their forecasts, pointing to what they describe as “fundamental strength” across corporate earnings and continued support from Federal Reserve rate cuts.

Ed Yardeni of Yardeni Research lifted his S&P 500 target to 7,000, calling the ongoing rally a “slow-motion melt-up” fueled by resilient profits and Fed easing. Similarly, Evercore ISI’s Julian Emanuel maintained a 7,750 base-case target for 2026, assigning a 30% probability to a “bubble scenario” that could propel the index to 9,000 if AI-driven capital investment accelerates.

Signs of that exuberance are already visible. On Monday, OpenAI revealed a multibillion-dollar deal with AMD, granting the ChatGPT maker rights to acquire up to 10% of the chip giant as part of what executives have dubbed “the world’s most ambitious AI buildout.” The announcement sparked renewed optimism in semiconductor and software names, reinforcing the view that AI investment remains the market’s primary growth engine.

Yet, opinions remain divided. Amazon’s Jeff Bezos recently described the AI boom as a “good kind of bubble” that could fuel long-term innovation and economic expansion. In contrast, Goldman Sachs CEO David Solomon urged caution, suggesting that some capital deployed in the AI race may not yield the expected returns, potentially setting up a correction in the next year or two.

That debate is playing out against elevated valuations. The S&P 500 is trading near 25 times expected 2025 earnings, a level DataTrek Research says “reflects complete confidence” that companies will deliver. Analysts project 13% earnings growth in 2026 and another 10% in 2027, driven primarily by the same mega-cap technology stocks that have led markets higher this year.

Big Tech now represents nearly half of the S&P 500’s market cap, with Alphabet, Amazon, Meta, Tesla, and other AI-focused firms comprising 48% of the index. Analysts note that “multiple expansion” in these names is the foundation of the bull case, with a record number of tech giants issuing positive earnings guidance last quarter — a signal that earnings momentum remains intact heading into Q3 results.

Goldman Sachs strategists led by David Kostin argue that Wall Street’s current earnings forecasts are too conservative, citing strong macro data and robust AI-driven demand. Morgan Stanley’s Mike Wilson echoed that optimism, noting that lower labor costs and pent-up demand could spark a return of “positive operating leverage” — where profits grow faster than revenues — not seen since 2021.

While some investors remain wary of inflation’s potential return, Wilson believes it could be a tailwind rather than a threat, with the Fed likely to tolerate higher prices as long as growth remains solid.

As earnings season begins, the question for investors is not whether the rally can continue — but whether it is still being driven by fundamentals or increasingly by momentum.

Bitcoin’s New Heights: Rally, Risk, and the Shape of 2025’s Crypto Market

Bitcoin continues to dominate headlines with a historic rally that swept its price above $125,000, renewing debate among investors about the line between long-term potential and speculative excess. The world’s largest cryptocurrency has reached new all-time highs amid a turbulent global backdrop, embodying both optimism for the digital asset’s future and sharply increasing risk in the growing crypto derivatives market.

The current rally, widely referred to as the “debasement trade,” finds its roots in persistent economic and political stress—most notably, the sustained U.S. government shutdown and mounting fiscal uncertainty. Investors have flocked to alternative assets, with gold racing past $3,900 per ounce at the same time. However, Bitcoin’s ascent is being fueled by more than just a search for safety: speculative forces, particularly in the options market, are now exerting substantial influence on the price.

U.S. Bitcoin exchange-traded funds (ETFs) have drawn $3.2 billion in inflows over the past week, marking the second-largest week since their inception in 2024. The size of these inflows, and the recent milestone of $49.8 billion in open interest for BlackRock’s iShares Bitcoin Trust (IBIT), highlight a marked shift: traditional finance is now inseparably linked with crypto, and its traders are helping to amplify price moves—both up and down.

The rapidly expanding ecosystem of derivatives is supercharging Bitcoin’s momentum. Combined open interest across IBIT and Deribit, the largest crypto derivatives platform, now approaches $80 billion—a near tenfold increase since the beginning of 2024. Options have become a principal driver of price activity; currently, over 60% of open Bitcoin options positions are call options, reflecting bullish bets on further gains.

Analysts warn, however, that the concentration of leveraged positions adds new complexities. The use of options amplifies both rallies and corrections, raising the possibility that sudden shifts in sentiment could trigger cascading liquidations—heightening volatility past even Bitcoin’s usual standards. This dynamic is not lost on traders who recall similar risk patterns during past bull runs.

From a technical perspective, Bitcoin is now consolidating gains with key support levels at $120,000 and crucial resistance at $135,000. Short-term projections place $150,000 as the next psychological barrier if upward momentum holds. October holds special attention for crypto traders; dubbed “Uptober,” the month has historically returned more than 22% on average for Bitcoin during the last decade. Some technical analysts, however, suggest a period of sideways movement could precede any fresh breakout, and algorithmic models signal breakout odds remain subdued in the immediate term.

Institutional adoption remains a powerful force, with legacy finance giants and individual investors alike piling into exchange-traded funds and options. Yet the rapid growth in derivatives and the surge in leveraged bets have made the market especially sensitive to sentiment reversals. Investors should be mindful: now, more than ever, Bitcoin’s greatest rallies often coincide with its sharpest corrections.

As 2025’s crypto market takes shape, this rally is a clear sign of Bitcoin’s maturity and mainstream adoption—but it also serves as a timely reminder that reward and risk, in the world of digital assets, are never far apart.

Xcel Brands (XELB) – Exiting A Successful Run


Monday, October 06, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Exits its Mizrahi interest. The company transferred its remaining 17.5% interest in Isaac Mizrahi to IM Topco, effectively exiting its interest in the brand. The exit of the Mizrahi relationship with Xcel caps a storied and successful run with the company since 2011. Under Xcel, Mizrahi expanded its categories and collections on QVC and into such retailers as Bloomingdale’s and Nordstrom.  

Financial upside. Xcel has a participation right should IM Topco sell the company above $46.0 million, coincidentally, the price that Xcel sold its 60% interest. Xcel would receive 15% of the net consideration in excess of the $46 million. In addition, we believe that the company will benefit from the absent of costs related to the brand, particularly employee costs. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

SKYX Platforms (SKYX) – Strengthening Position Among Residential Developers


Monday, October 06, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Landmark partnership expands builder channel. SKYX announced it will supply more than 10,000 smart plug-and-play lighting and safety products to a 278-apartment project in Austin, Texas led by Landmark Companies. We believe this marks another important step in the company’s efforts to penetrate the builder channel, signaling traction with traditional residential developers.

Potential for broader builder relationships. By establishing a relationship with a large developer like Landmark, SKYX positions itself for additional project opportunities if early deployments prove successful. This deal highlights the potential for SKYX to extend its platform into the broader residential developer market, with initial supply expected to begin as early as within the next quarter or two.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.