Key Highlights

• Porsche SE’s adjusted after-tax earnings totaled €2.9 billion in 2025, representing a ~9% decline versus the previous year
• Performance suffered due to operational challenges and elevated expenses at both Volkswagen and Porsche AG
• Net debt decreased modestly to €5.1 billion compared to €5.2 billion previously
• Portfolio investments delivered €193 million in earnings, with significant contributions from Quantum Systems and Celestial AI
• Management committed €100 million to a newly established European defence technology investment vehicle

Shares of Porsche SE declined 2.7% during morning trading Thursday, trailing behind broader equity benchmarks.

Porsche Automobil Holding SE, PAH3.DE

The Stuttgart-based holding company posted adjusted after-tax profit of €2.9 billion for the full 2025 fiscal year, marking approximately a 9% contraction compared to the year-ago period. The disappointing performance stems primarily from operational difficulties throughout the Volkswagen Group, where Porsche SE maintains a 31.9% equity stake along with 53.3% of voting control.

Volkswagen continues to navigate significant headwinds including tariff pressures, intensifying competitive threats from Chinese automotive manufacturers, and substantial capital requirements associated with its electric vehicle transformation strategy. Making matters worse, Porsche AG—the premium sports car manufacturer in which Porsche SE holds a 12.5% interest—paused its electric vehicle expansion program in September, triggering additional financial burdens.

The holding company’s net debt position improved marginally, declining to €5.1 billion from €5.2 billion year-over-year—representing only incremental progress against a substantial debt burden.

Venture Portfolio Delivers Positive Contribution

Amid the challenges in core automotive holdings, Porsche SE found some relief from its venture investment portfolio. These smaller strategic investments generated €193 million in profit contributions, led by a €114 million gain from drone manufacturer Quantum Systems and a €47 million contribution from AI chip developer Celestial AI.

The aggregate carrying value of the portfolio investments has roughly doubled to approximately €535 million since the close of fiscal 2024—a metric management emphasized in its results presentation.

Chairman Hans Dieter Poetsch characterized the investment portfolio as “a key strategic asset” for the organization.

Strategic Pivot Toward Defence Technology

Reflecting broader shifts in German industrial strategy, Porsche SE disclosed a €100 million capital commitment to a new defence-focused investment fund managed by DTCP.

The vehicle will deploy capital into European technology companies developing solutions across cybersecurity, artificial intelligence, and related defence applications. Institutional interest in defence and security sectors has accelerated substantially as geopolitical tensions stemming from conflicts in Ukraine and the Middle East have elevated the strategic importance of these industries.

Poetsch reaffirmed the company’s long-term commitment to Volkswagen, highlighting €1 billion in cost reductions executed across the group during the past year.

“We expect the management of both Volkswagen AG and Porsche AG to view the challenging situation as an opportunity to implement the strategic adjustments,” Poetsch stated.

Looking to fiscal 2026, Porsche SE provided guidance calling for adjusted group profit after tax in the range of €1.5 billion to €3.5 billion—an unusually broad forecast range that underscores the considerable uncertainty surrounding its primary automotive investments. Net debt is anticipated to finish between €4.7 billion and €5.2 billion.

The substantial variance in forward guidance clearly illustrates management’s limited visibility into near-term operating conditions.

Porsche SE stock traded down 2.99% at publication time.

TLDR:

• The Solana Foundation reports 15 million on-chain agent payments already processed on its network
  
• Stablecoins are emerging as the default payment rail for AI agents buying computational resources.
  
• Vibhu Norby says 95 to 99% of future crypto transactions will originate directly from AI agents.
  
• Solana developers are building machine-readable skill files and AI-first platforms for agents. 

Solana is positioning itself as core infrastructure for an emerging “agentic” internet. The Solana Foundation reports the network has already processed 15 million on-chain agent payments.

Stablecoins are emerging as the default payment rail for AI-driven compute and services. Vibhu Norby, the foundation’s chief product officer, shared these updates at the Digital Asset Summit in New York on March 25, 2026. This shift, he said, could change how the internet is monetized at its core.

Solana Emerges as the Default Payment Layer for AI Agents

The Solana Foundation is making a strong case for the network’s role in machine-to-machine commerce. Norby confirmed the network has already “processed 15 million payments onchain from agents,” pointing to real and measurable activity.

He added that “the programmatic aspect of crypto payments is what is making it interesting for agents.” Stablecoins, he noted, are “going to be the default thing that agents use to pay for any computational resource.”

Traditional payment systems are not built to handle sub-cent, pay-per-use transactions at scale. Norby pointed to this gap directly, stating that agentic payments support low-cost, high-frequency activity that “traditional rails cannot handle.”

Solana’s performance-focused design addresses this need efficiently. This gives the network a clear edge as AI-driven commerce continues to grow across industries.

Norby described AI agents as logical and performance-driven systems that prioritize results over loyalty. “Agents are cold, calculated machines… they don’t subscribe to crypto religiosity,” he told panelists at the summit.

He went further, noting that “if you ask an agent what’s the best way to pay for something with crypto, most of the time, Solana is showing up at the top.” This positions Solana not by preference, but by performance.

The 15 million on-chain agent payments already processed reflect steady, measurable real-world activity on the network. This figure confirms that machine-to-machine commerce is gaining ground on Solana.

As AI systems scale globally, transaction volumes from agents are expected to increase substantially over time.

Agentic Payments Signal a Broader Shift in Internet Monetization

Beyond payments, the Solana Foundation is watching a wider platform transformation take shape across the tech sector.

Norby stated that “AI is not really a vertical. It’s a platform shift… affecting everything across every industry, including crypto.”

He argued that “agentic payments are probably going to change the entire way that the internet is monetized.” This framing sets the stage for entirely new internet business models built around autonomous agents.

Developers on Solana are already building tools designed directly for AI systems to use. Norby noted that “what agents like is APIs and documentation and skills,” pointing to machine-readable skill files and AI-first developer platforms.

The aim is to make Solana more accessible for agents through clean, structured tooling. This active development effort reflects a deliberate shift in how the ecosystem is being built.

Advances in AI are also removing long-standing technical barriers for developers working across ecosystems. Machines and developers can now build cross-platform tools more easily than before.

This opens room for more AI-native applications and cross-chain solutions to take hold on Solana. The result is a more open and developer-friendly network overall.

Looking ahead, Norby expects AI agents to become the standard interface through which people interact with crypto.

He projected that “the default way people will interact with crypto is going to be through their agent… 95 to 99% of all transactions… will be coming from LLMs.” Agentic payments, in his assessment, are set to transform the entire way the internet operates financially.

• Ondo price hovered around $0.26 on Thursday.
• A partnership with Franklin Templeton brings $1.7 trillion AUM ETFs on-chain.
• The real-world assets market continues to attract institutional adoption.

The Ondo token traded higher after Ondo Finance announced a key partnership with Franklin Templeton, the global asset manager overseeing $1.7 trillion in assets under management (AUM).

According to the Ondo Finance team, this collaboration is about tokenizing Franklin Templeton’s ETFs to bolster adoption via on-chain access.

The move comes as traditional investment products get increased attention through real-world assets (RWA).

Franklin Templeton’s tokenized ETFs now live on Ondo Global Markets, including the Growth ETF, Income Equity focus ETF and High Yield Corporate ETF.

This launch sees Ondo, a leading RWA protocol, continue to expand its ecosystem. It’s attracting institutional interest amid rising demand for tokenized securities.

“Franklin is partnering with Ondo to have all their ETFs be tokenized so people on-chain can enjoy the awesomeness of cheap beta,” Bloomberg senior ETF analyst Eric Balchunas noted via X.

“Like I’ve been saying, tokenization isn’t a threat to ETFs, on the contrary, it’s a distribution mechanism.”

Ondo, Chainlink and Avalanche are some of the coins riding high on the tokenized assets narrative.

Adoption trends across the globe, with major banks and other top financial institutions keen on a piece of the cake, mean notable long-term gains for ONDO among others.

“Financial assets are becoming software. And as more assets move into the digital wallet-based ecosystem, there’s endless potential for their on-chain utility,” Franklin Templeton’s Robert Crossley said at a tokenization summit in London.

Ondo price analysis

Ondo (ONDO) price reacted bullishly to the announcement, climbing to highs of $0.273.

Despite the optimism around tokenization and real-world assets, RWA ecosystem tokens mirror the broader market in terms of recent performance.

Ondo has traded lower since hitting resistance around $2.00 in late 2024.

The downtrend accelerated below $1.00 in September 2025, with Ondo hitting multi-year lows as cryptocurrencies fell in February this year.

From a technical perspective, key support holds at $0.24 (recent swing low) and $0.21. The latter provides a solid reload zone amid broader market volatility.

Meanwhile, resistance looms at $0.28, with a breakout potentially targeting $0.50.

If Bitcoin maintains stability above $70,000, the next leg up could see ONDO test the $1 mark. Hurdles above this psychological level would be around $1.20 and $1.50.

However, macroeconomic risks like US Federal Reserve rate decisions could combine with geopolitical shocks to cap gains.

BTC is eyeing the $75,000 mark, but an escalation in the Iran war could plunge prices to lows of $50,000.

Key Takeaways

• Reflection AI is pursuing funding that would value the Nvidia-backed company at $25 billion
• The AI startup aims to secure $2.5 billion, representing over three times its prior $8 billion assessment
• JPMorgan Chase may participate via its security-oriented investment division
• Founded by former Google DeepMind team members, Reflection AI develops open-source AI systems and developer tools
• The company focuses on sovereign AI collaborations with U.S. partner nations to challenge China’s AI advancement

Reflection AI, an artificial intelligence startup with Nvidia backing, is pursuing $2.5 billion in fresh capital at a $25 billion valuation, the Wall Street Journal reports. This represents more than a threefold increase from its approximately $8 billion valuation in its previous funding round.

Launched in 2024 by alumni of Google DeepMind, the venture specializes in creating AI solutions for software developers, such as coding assistance platforms. In collaboration with Nvidia, the company produces open-source artificial intelligence frameworks accessible to enterprises, governmental bodies, and academic institutions at no cost.

Nvidia has committed approximately $800 million to Reflection AI thus far. Beyond capital, the semiconductor giant actively facilitates customer introductions, including foreign governments seeking to establish independent AI infrastructure.

Reports indicate JPMorgan Chase is evaluating participation in this funding initiative through its security-centered investment arm. Disruptive, an existing backer, is anticipated to contribute additional capital as well.

Reflection AI has accumulated over $2 billion in total funding to date. However, the organization remains in early revenue generation stages.

National AI Infrastructure Strategy

Among Reflection AI’s most significant recent achievements is a partnership with South Korea’s Shinsegae Group to develop Korean-language artificial intelligence frameworks. This initiative will operate on thousands of Nvidia processors.

The startup intends to replicate this model across global markets. Its objective centers on becoming a leading provider of “sovereign AI” — artificial intelligence infrastructure developed and governed by individual nations or American allies.

This approach directly addresses competition with China’s accelerating AI development. U.S. policymakers have prioritized establishing a domestic AI infrastructure, with Reflection AI positioned as a central component of this initiative.

Open-Source Models and Nvidia’s Ecosystem Play

Reflection AI represents one of multiple startups working intimately with Nvidia to develop sophisticated AI frameworks optimized for its hardware architecture. These open frameworks offer flexibility for deployment across diverse sectors.

Nvidia’s engagement extends well beyond financial investment. The chipmaker proactively connects Reflection AI with prospective clients and assists in expanding its partnership ecosystem.

Financial analysts maintain optimistic projections for Nvidia. TipRanks shows the stock carries a Strong Buy consensus rating, supported by 41 buy recommendations and a single hold rating across the last three months. Analysts’ average price target of $273.34 suggests approximately 53% potential upside from present trading levels.

JPMorgan Chase’s prospective involvement creates an intriguing dynamic, connecting two influential financial sector participants — a banking institution and a chip manufacturer — to a single AI company’s expansion trajectory.

Despite being established less than two years ago, Reflection AI has secured billions in investment commitments and forged partnerships spanning multiple nations.

• Ethereum (ETH) price shows early signs of a potential bullish trend reversal.
• On-chain data suggests accumulation and weakening selling pressure.
• A break above $2,300 could trigger further upside momentum.

Ethereum has slipped below the $2,200 mark, but the broader picture suggests something more interesting is unfolding beneath the surface.

The recent dip reflects short-term weakness, although it does not fully capture the growing signals pointing toward a potential shift in trend.

While the price action over the past week shows mild selling pressure, zooming out reveals that Ethereum is still holding onto gains built over the last month.

This creates a mixed environment where caution and optimism exist side by side.

On-chain signals a possible rebound

One of the most notable indicators is the MVRV ratio, which recently dipped into a zone that has historically marked undervaluation.

This level often appears when investors are sitting on losses, a condition that tends to precede accumulation.

In simple terms, weaker hands exit while stronger hands quietly step in.

Momentum indicators are also starting to shift in favour of buyers.

A key trend-following signal has flipped bullish for the first time in months, suggesting that selling pressure may be losing strength.

This does not guarantee an immediate rally, but it does indicate that the balance between buyers and sellers is beginning to change.

At the same time, Ethereum has been trading within an ascending triangle on the weekly chart, a structure that often leads to a breakout.

As Ethereum $ETH recovers, these are the MVRV Pricing Bands that could act as resistance:

• $2,356
• $2,647
• $3,639
• $4,632
• $5,624https://t.co/DSj59wXjWE

— Ali Charts (@alicharts) March 25, 2026

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Such patterns do not always resolve upward, but when combined with improving on-chain data, the probability of a bullish outcome increases.

Bitcoin’s quantum-resistance lag supports a rebound

Beyond technicals, a longer-term narrative is quietly gaining traction in the background.

Concerns around quantum computing and its potential impact on blockchain security are starting to enter the conversation.

In a recent post on X, Nic Carter, the founding partner at Castle Island Ventures, stated, “The only thing that matters is how quickly blockchain developers recognise that they need to bake in cryptographic mutability into their networks.”

While this threat remains distant, it is serious enough to influence how investors think about the future.

The key difference lies in how networks are preparing for it.

Ethereum appears to be moving toward adapting its cryptographic systems over time, with plans that acknowledge the need for future upgrades.

Bitcoin, on the other hand, faces a more complex path due to its conservative approach to change.

This contrast could eventually shape investor perception.

If Ethereum is seen as more adaptable, it may gain an edge in long-term positioning.

Narratives like this do not move markets overnight, but they often build slowly before having a powerful impact.

In this case, the idea of being “future-ready” could become a meaningful driver of demand.

The targets in case of a bullish reversal

For now, price levels remain the clearest guide for what happens next.

Ethereum is currently trading below a key resistance zone that sits just above $2,355.

A clean break above this level would be the first strong sign that buyers are regaining control.

If that happens, analysts note that the next target to watch lies around $$2,525.

These levels have previously acted as barriers and are likely to attract attention again.

Beyond that, the path opens toward the higher ranges last seen during previous rallies.

However, none of this unfolds unless the market confirms the shift.

On the downside, support around $1,939 remains critical.

A drop below that level would weaken the bullish case and suggest that more time is needed before any sustained recovery.

Bitcoin Depot has named former MoneyGram chief executive Alex Holmes as its new chief executive as the crypto ATM operator faces growing pressure from US regulators. 

The leadership change comes as several states step up action against crypto kiosk companies over scam losses, fees, and compliance controls.

Bitcoin Depot said on Tuesday that Scott Buchanan stepped down as chief executive effective immediately after less than three months in the role. In a regulatory filing, the company said his resignation ”was not due [to] a disagreement.”

The company appointed Alex Holmes, who already served on the board, as chief executive and chair. Holmes spent 16 years at MoneyGram in senior roles, including chief financial officer and chief executive, where compliance and regulated payments were central parts of the business. He said,

”As I step into the role, my priorities are operational stability, regulatory progress, and accelerating the Company’s evolution into a more diversified fintech platform.”

The management change arrived as Bitcoin Depot faces action in several states. In Connecticut, the state banking regulator suspended the company’s money transmission license and issued a temporary cease-and-desist order on March 9, citing alleged violations that included excessive fees, weak compliance, and incomplete refunds to scam victims.

Massachusetts also sued Bitcoin Depot in February. State officials alleged the company overcharged consumers, failed to take proper steps against scam activity, and refused some refunds. Maine and Missouri also took action earlier this year, while Iowa sued Bitcoin Depot and CoinFlip in 2025 over claims that scammers moved millions of dollars through their kiosks.

Bitcoin Depot also said founder Brandon Mintz moved from executive chair to a non-executive board role and will serve as an adviser to Holmes. The company is now trying to steady operations while its compliance position remains under review in several markets.

Earlier this month, Bitcoin Depot cut its 2026 outlook and said revenue could fall 30% to 40% because of what it called a ”dynamic regulatory environment.” Shares closed Wednesday at $2.62, down 6.6% for the day, though the stock rose after hours. The company’s shares are down sharply from their June 2024 peak.

Crypto ATM scrutiny keeps rising

Regulators across the US have increased attention on crypto ATMs as fraud cases grow. Industry reports and state enforcement actions have tied the machines to scam complaints, especially cases involving older consumers and high fees.

That backdrop makes Holmes’ compliance record a central part of Bitcoin Depot’s next phase. The company now faces pressure to improve controls while protecting its position in the crypto ATM market.

Corporate bitcoin BTC$69,935.75 buying has narrowed to a single company, and the trade that was supposed to broaden the asset’s institutional base is now a concentration risk.

Strategy, the largest corporate bitcoin holder in the world, purchased roughly 45,000 BTC over the past 30 days, its fastest accumulation pace since April 2025, according to a CryptoQuant report published this week.

Every other treasury company combined bought approximately 1,000 BTC in the same period, a 99% decline from a peak of 69,000 BTC in August last year. Their share of total purchases has collapsed to 2%, from 95% at the height of the trade.

Michael Saylor’s Strategy now holds roughly 76% of all bitcoin held by treasury companies, according to CryptoQuant data.

The numbers confirm what Galaxy Digital warned about last summer. In a July report, Galaxy argued that the digital asset treasury company model was fundamentally a liquidity derivative that worked only as long as equities traded at a premium to their underlying bitcoin holdings.

Once those premiums compressed, the flywheel would reverse: lower prices would shrink net asset values, squeeze out the equity premium, and make share issuance dilutive rather than accretive.

That scenario has played out almost exactly as described.

In July and August of 2025, the DATCO summer when these companies were accumulating, BTC was trading north of $110,000. Now, it’s trading under $70,000, according to CoinDesk market data, as it slowly recovers from the crash of October 10.

Companies that bought aggressively near the cycle top, including Metaplanet and Nakamoto Holdings, carried average costs above $107,000 as of December, according to Galaxy’s analysis, putting them deep underwater at current prices.

Strategy has moved to insulate itself, disclosing in December a $1.44 Billion cash reserve with the goal to eventually build this up to a point to cover 24 months of dividend and interest obligations.

That defensive posture has not slowed its buying. But the CryptoQuant data makes clear that no other firm is keeping pace, and most have stopped trying.

The result is a far more concentrated demand profile than the market was promised.

At Bitcoin Asia in Hong Kong last summer, treasury firms pitched themselves as a scalable new class of corporate buyers that could absorb bitcoin supply and outperform passive exposure.

For now, that vision has narrowed to a single balance sheet.