Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$73,420.53, down by 3.9 percent over 24 hours.

Bitcoin price performance, February 4, 2026.

Chart via TradingView.

Expectations of tighter monetary policy and unresolved regulatory tensions are also weighing on investors.

Meanwhile, XS.com’s Samer Hasn is observing positive sentiment marked by long-term investors and new Bitcoin addresses accumulating at current low prices, despite speculative money leaving. He views the downtrend as a buying opportunity while the broader market anticipates crucial economic data and earnings from Alphabet (NASDAQ:GOOGL).

Ether (ETH) was priced at US$2,164.80, down by 5.7 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.54, down by 4.7 over 24 hours.

• Solana (SOL) was trading at US$93.04, down by 7.7 percent over 24 hours.

Today’s crypto news to know

Bitcoin-led selloff wipes nearly US$500 billion from crypto market

A sharp crypto selloff has erased nearly half a trillion dollars in market value in less than a week, with Bitcoin leading the decline, according to a Bloomberg report.

The total market cap for crypto has fallen by about US$467.6 billion since January 29.

Meanwhile, Bitcoin slid to its lowest level since US President Donald Trump’s re-election in early November 2024, briefly touching US$72,877 in US trading before clawing back to around US$75,900.

The pullback comes despite a more crypto-friendly White House and growing institutional adoption, reflecting how fragile sentiment remains after months of heavy leverage.

More than US$700 million in bullish and bearish bets were liquidated in the past 24 hours alone, taking total liquidations since January 29 to over US$6.6 billion, according to CoinGlass data.

Burry warns Bitcoin slide could trigger cascading financial stress

In a Substack post published on Monday (February 2), Michael Burry speculated that Bitcoin’s recent sharp decline could be something beyond a normal bear market, framing it as a uniquely dangerous setup that could trigger cascading financial turmoil across leveraged portfolios, as well as the entire crypto market and metals.

As Bitcoin is deeply embedded into leveraged structures, further price drops could force more selling. He outlined several ‘sickening scenarios,’ including 15 to 20 percent hits for large institutional holders like Strategy (NASDAQ:MSTR), a company he predicts could see major losses if Bitcoin were to fall to US$60,000.

If the cryptocurrency were to dip toward US$50,000, Burry said miners could dump reserves to avoid bankruptcy, dragging minerals and tokenized metal futures into a collapse. Burry sees Bitcoin as a purely speculative asset that has failed to act as a reliable debasement hedge like gold, so its drawdown exposes broader balance sheet fragility driven not just by price moves, but also by over‑levered positions, aggressive artificial intelligence and cloud CAPEX accounting and weak capital discipline that will only become apparent when liquidity tightens.

Strategy’s Bitcoin bet goes underwater

Michael Saylor doubled down on his Bitcoin conviction this week even as Strategy’s vast holdings slipped below their average purchase price. Bitcoin’s drop under roughly US$76,000 has pushed the firm’s estimated cost basis into negative territory, leaving it about US$630 million underwater on paper, according to market estimates cited by critics.

The company has accumulated more than 712,000 BTC since 2020 using a mix of share issuance and convertible debt, a strategy that paid off during the bull market, but now faces renewed scrutiny.

Bitcoin critics, including Peter Schiff, argue that Strategy’s aggressive buying helped fuel the earlier rally and that slowing purchases are now exacerbating the decline. Saylor has rejected that view, posting on X that volatility is “Satoshi’s gift to the faithful” and reiterating his rule to “Buy Bitcoin.”

TRM Labs hits US$1 billion valuation

Blockchain intelligence firm TRM Labs has reached a US$1 billion valuation after closing a US$70 million Series C funding round that was led by Blockchain Capital and included backing from Goldman Sachs (NYSE:GS), Bessemer Venture Partners, Brevan Howard, Thoma Bravo and Citi Ventures.

Co-founder Esteban Castaño said the company was built around the belief that widespread crypto adoption would inevitably require sophisticated risk and compliance tools.

TRM gained traction with law enforcement agencies and financial institutions by tracking activity across multiple blockchains, an early strategic choice that helped it compete with more established rivals.

Bessent reasserts government Bitcoin stance

During testimony before the House Financial Services Committee during a mandatory oversight hearing on the annual report of the Financial Stability Oversight Council, US Secretary of the Treasury Scott Bessent reasserted his stance that Bitcoin is an asset of the US government, not a liability, and that the Strategic Bitcoin Reserve built from forfeited coins is a legitimate balance sheet asset that the treasury is treating as part of the nation’s financial toolkit.

Bessent noted that roughly US$500 million in seized Bitcoin retained by the government has appreciated to over US$15 billion while in custody, underscoring Bitcoin’s role as a high‑growth strategic asset on the federal balance sheet.

He reiterated that the US is not planning to buy more Bitcoin on the open market, but will continue to accumulate it in budget‑neutral ways to build the reserve, such as through forfeitures and seizures.

Valeura Energy (TSX:VLE,OTCQX:VLERF) is an oil and gas company focused on the development and operation of shallow-water offshore assets in the Gulf of Thailand. The company, listed on the Toronto Stock Exchange and headquartered in Singapore, is strategically positioned within the Asia-Pacific region. Valeura operates four producing oil fields—Nong Yao, Jasmine, Wassana, and Manora—and has established itself as a low-cost, dependable operator in a mature basin supported by extensive existing infrastructure.

Valeura focuses on maximizing free cash flow from existing production while extending asset life through ongoing drilling, upgrades, and near-field exploration. This is supported by a disciplined acquisition strategy, positioning the Company as a potential regional consolidator, backed by an experienced management team with a strong track record in operations, transactions, and safety.

Valeura’s primary focus is its operated portfolio of shallow-water offshore oil fields in the Gulf of Thailand, which form the foundation of its cash flow, reserves growth and near-term value creation. The company currently operates four producing fields – Nong Yao, Jasmine, Wassana and Manora – all located in a mature basin with extensive infrastructure and a long history of reserve replacement through continued development.

Company Highlights

• Second-largest oil producer in Thailand, operating four shallow-water offshore fields in the Gulf of Thailand
• Strong financial position, with US$306 million in cash and no debt as of December 31, 2025
• Growing reserves and extended field lives, with 57.6 mmbbl of 2P reserves and a multi-year history of approximately 200 percent reserves replacement per year
• Highly cash-generative business, generating US$158 million in free cash flow over the last twelve months to September 30, 2025
• Growth-oriented strategy, combining disciplined organic investment with accretive M&A opportunities in the Asia-Pacific region

This Valeura Energy profile is part of a paid investor education campaign.*

Click here to connect with Valeura Energy (TSX:VLE) to receive an Investor Presentation

The infrastructure bridge: Legal title and institutional trust

MKS PAMP is a family-owned global powerhouse that operates one of the world’s most renowned refineries.

By launching the DGLD token on the Base network, Coinbase’s Layer 2 blockchain, in mid-December 2025, GTSA effectively bridged the gap between 60 years of Swiss precious metals heritage and US-centric blockchain technology.

Unlike speculative crypto tokens, “DGLD is designed to represent allocated physical gold rather than a claim on an issuer,” prioritizing the institutionalization of real-world assets through transparent governance, Hemecker said.

”That design approach is important in jurisdictions like the US, where regulators are still clarifying the boundaries between securities and other digital assets,” he added. Physical gold’s familiarity reduces ambiguity, giving institutions clear legal title to specific vaulted bars, not issuer promises or derivatives.

According to Hemecker, this structure earns policymaker support as “controlled tokenization, where digital representations of existing assets are well-governed and clearly backed, rather than creating new, untested monetary substitutes.” Investors gain direct property rights over high-security Swiss vaults, outpacing tech-first rivals.

Transparency serves as a competitive advantage in this new era of digital commodities. Gold investors, who are traditionally obsessed with provenance, can utilize GTSA’s Bar Mapper tool. This technology allows a digital holder to trace their token back to specific gold bars certified by the London Bullion Market Association

Users can view non-sensitive metadata, including the refiner, weight, purity and serial number of the bars, providing a level of auditability that was previously impossible in the gold market. This creates a transparent link between digital ownership and physical existence, ensuring that every token is backed by real, verifiable gold.

Overcoming hurdles

The operational hurdles once plaguing tokenization are rapidly fading. “Several early frictions are already easing,” Hemecker said. “Operational and technical uncertainty is declining as standards around custody, issuance and lifecycle management mature. Institutional access is improving, and credibility gaps are narrowing.

This maturity drives a shift from experimental pilots to institutional balance-sheet allocations.

“What we’re seeing from institutions and central banks is not a move away from traditional safe-haven assets, but a desire to modernize the infrastructure around them,” he explained. Blockchain’s 24/7 availability, near-instant settlement and efficient reporting keep gold exposure while accelerating infrastructure.

“Tokenized gold allows institutions to maintain exposure to a familiar reserve asset, while benefiting from faster settlement … This is about putting trusted assets on modern rails.”

Liquidity follows suit. “Liquidity will increasingly be judged by depth and reliability, not headline volumes,” Hemecker noted. “Custody quality will move to the foreground, with institutions favoring allocated, insured gold held with reputable vaulting partners.” DGLD delivers this via Base and Aerodrome DEX’s nonstop trading.

Finally, redemption seals the trust: “Redemption down to 1 gram expands accessibility and utility for collateral, lending, repos and beyond. Redemption builds trust, but tokenization is where the real utility comes from.”

The regulatory landscape

The regulatory landscape continues to play a pivotal role in the adoption of tokenized gold.

While GTSA is a Swiss-regulated entity supervised by FINMA-level standards, its presence on the Base network demonstrates a strategic navigation of global demand.

“Regulatory trends are likely to support tokenized gold adoption by rewarding transparent, well-governed structures that fit within existing financial and commodity frameworks,” Hemecker said. “Products with clear custody, governance and legal ownership are simply easier for institutions to assess and approve.”

The GENIUS Act, passed in the US in 2025, clarifies stablecoin rules, prioritizing 1:1 reserves and audits, which favor insured custody like MKS PAMP’s. The proposed CLARITY Act would split Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) purview, classifying some assets as “digital commodities.”

This past January, the SEC and CFTC held a joint harmonization event to align on digital asset oversight, while the CLARITY Act awaits Senate action after House passage in 2025.

Looking ahead

Looking ahead, Hemecker believes the trend favors “consolidation rather than proliferation.’

Tokenization can improve traceability and data continuity, aiding secondary markets like recycled gold. It connects the value chain from mine to vault to wallet, but needs “standards, audits, operational integration and regulatory alignment” for real transparency, according to Hemecker.

For mining and finance, DGLD modernizes the Swiss gold standard.

“Our focus … is building the foundations … so (it’s) ready to scale responsibly,’ said Hemecker.

1. Black Swan Graphene (TSXV:SWAN)

Market cap: C$64.71 million

Black Swan Graphene describes itself as an emerging powerhouse in the bulk graphene business targeting end uses such as concrete and polymers. Black Swan’s offerings include its GraphCore graphene nanoplatelets products and polymer-ready graphene-enhanced masterbatches (GEM).

UK-based global chemicals manufacturer Thomas Swan & Co. holds a 15 percent interest in Black Swan and brings a portfolio of patents and intellectual property related to graphene production. Through this partnership, which the pair expanded in August 2025, Black Swan is building out a fully integrated supply chain from mine to graphene products.

Black Swan is in the process of more than tripling its production capacity from 40 metric tons of high-quality graphene annually to 140 metric tons per year by installing further capacity at its Thomas Swan facility in the UK.

In 2024, the company formed a commercial partnership with advanced materials engineering company Graphene Composites that will see Black Swan’s graphene used in the fabrication of GC Shield, a patented ballistic protection technology. It also secured a distribution and sales agreement with UK-based manufacturer of plastic materials Broadway Colours to incorporate Black Swan’s graphene nanoplatelets in the manufacture of graphene enhanced masterbatches for plastic manufacturing.

Black Swan made further deals in 2025, including a strategic partnership with thermoplastic compounds and concentrates manufacturer Modern Dispersions (MDI). Under the preferred compounder agreement, Black Swan will provide graphene nanoplatelets to Modern Dispersions, which will manufacture Graphene Enhanced Masterbatch for graphene applications.

In July and August of last year, Black Swan grew its global distribution and sales network through agreements with METCO Resources and Ferro. Then, in September, Black Swan was granted a Canadian patent for its ‘apparatus and method for bulk production of atomically thin 2D materials, including graphene.’

2. CVD Equipment (NASDAQ:CVV)

Market cap: US$28.72 million

CVD Equipment produces chemical vapor deposition, gas control and other types of equipment and process solutions for developing and creating materials and coatings for a range of industrial applications. CVD’s processing can be used to produce graphene and nanomaterials such as carbon nanotubes and silicon nanowires.

The company is targeting demand for silicon carbide wafers used in electric vehicles and semiconductors, as well as high performance battery materials, aerospace engine components and semiconductors.

Its PVT200 system is a key tool designed to grow silicon carbide crystals for the manufacture of 200 millimeter wafers used in semiconductors. Its chemical vapor infiltration system can be used to produce advanced, energy efficient materials for use within gas turbine engines.

CVD Equipment has a range of industrial and academic partnerships. In October 2025, the company received an order from Stony Brook University for two PVT150 systems that will be used in the school’s new semiconductor research center.

The company’s revenue for the first three quarters of 2025 totaled US$20.8 million, up 7.1 percent over the prior-year period. Its best performance came in Q1, with the company reporting its revenues for the quarter were up by 69 percent year-over-year to reach US$8.3 million. As for Q3, its revenue of US$7.4 million was down 9.6 percent from the prior-year quarter, attributed to ‘lower MesoScribe revenues following the cessation of its operations in 2024.’

In the Q3 update, CVD announced a strategic shift as a response to fluctuations in order rates and decreased bookings for its CVD Equipment division. As part of the shift, the company will transition from a vertically integrated fabrication model for its equipment division to outsourcing fabrication of some components.

3. Directa Plus (LSE:DCTA)

Market cap: GBP 13.16 million

Leading graphene nanoplatelet producer Directa Plus makes products designed for commercial applications such as textiles and composites. The Italy-based firm has developed a patented graphene material named G+ Graphene Plus, which is both portable and scalable. Directa Plus casts a wide net, even using its graphene for golf balls with the aim of improving users’ control and swings using elasticity.

Directa Plus inked in December 2023 what it called a ‘landmark agreement’ to acquire a proprietary system for preparing graphene compounds for market-ready battery and polymer applications, opening up two more potential markets for Directa Plus products.

Its graphene products also include its proprietary Grafysorber nanoplatelets-based technology that can absorb 100 times its own weight to recover oil and hydrocarbons through treating water, sludge and emulsions. The company stated it is seeing market traction in environmental contracts through its subsidiary Setcar, which is an environmental services company, and its Grafysorber tech.

Setcar secured a 1.5 million euro contract in February 2025 with Midia International to provide tank cleaning and waste disposal services using Grafysorber for Midia’s offshore drilling campaign in the Black Sea. That same month, Setcar renewed a 1.1 million euro contract with Ford Otosan, a Romanian subsidiary of Ford Motor (NASDAQ:F), to deliver total waste management services. In April, Setcar reported another contract extension, this time with OMV Petrom worth 1.59 million euros for the use of Grafysorber technology to treat oil sludges, emulsions and contaminated water.

For its fiscal year 2025 ended December 31, Directa Plus reported revenues of 7 million euros, up 5.1 percent compared to 6.66 million euros in the year prior.

4. First Graphene (ASX:FGR,OTCQB:FGPHF)

Market cap: AU$66.92 million

First Graphene is an advanced materials company that has developed an environmentally sound method of converting ultra-high-grade graphite into the competitively priced, high-quality graphene in bulk quantities. First Graphene is part of a nine-member consortium working to develop and commercialize lightweight impermeable cryogenic all-composite tanks for the safe storage and transport of liquid hydrogen.

The firm is working with three Australian universities on developing graphene products and associated intellectual properties, including PureGRAPH, its graphene powder. First Graphene is vertically integrated, and applications for its products extend to fire retardancy, energy storage and concrete, among others.

First Graphene has secured funding for a collaborative research project aimed at commercializing its Kainos technology for the production of ‘high-quality, battery-grade synthetic graphite and pristine graphene from petroleum feedstock using a scalable hydrodynamic cavitation manufacturing process.’

First Graphene announced in early 2025 that its Kainos technology secured patents from the Australian and South Korean governments, and the company completed a AU$2.4 million private placement to help fund the acceleration of its global commercial pipeline.

In May 2025, the company secured an exclusive supply agreement with Indonesian industrial safety boots manufacturer Alasmas Berkat Utama. The contract will see First Graphene provide approximately 2.5 metric tons of PureGRAPH 10 masterbatch over the first two years to be used in safety footwear for workers in the Southeast Asia mining industry. The company’s fiscal year 2025 annual income was estimated at AU$1.2 million in its June 2025 quarterly report.

First Graphene initiated a 10 month project in partnership with Imperial College London and University College London in July 2025 aimed at incorporating graphene in the 3D printing of metal components for use in high-end applications in the aerospace and motor sports industries.

In October 2025, sustainable energy company Senergy launched a new solar technology and automotive product range that uses PureGRAPH for the UK market.

In its fiscal Q2 2026 ended December 31, First Graphene reported its best-ever quarter, with operating cash inflows jumping 423 percent quarter-over-quarter to AU$853,000 and customer cash receipts increasing 156 percent.

5. Graphene Manufacturing Group (TSXV:GMG,OTCQX:GMGMF)

Market cap: C$398.39 million

Graphene Manufacturing Group (GMG) is a clean-technology company bringing to market energy saving and energy storage solutions based on its proprietary graphene production process.

Its products include graphene enhanced energy-saving coatings for HVAC, electronic heat sinks, industrial process plants and data center applications, as well as a graphene lubricant additive for diesel and gasoline engines.

In May 2025, GMG’s board of directors approved an AU$900,000 expenditure for the early works of its planned Gen 2.0 Graphene Manufacturing Technology plant will be built at GMG’s existing manufacturing facility in Queensland, Australia. With an estimated total capital cost of AU$2.3 million, the Gen 2.0 plant is expected to be online by end of June 2026. It will initially operate at 1 metric ton per annum, work will commence shortly after to upgrade its capacity to an expected 10 metric tons per annum.

That same month, GMG launched a website for direct sales of its engine performance enhancing graphene liquid concentrate G Lubricant, and in July it commenced direct sales to end customers in Australia, the UK, Europe, China, Canada and the US.

GMG is also working to develop and commercialize graphene aluminum-ion batteries in collaboration with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and the University of Queensland with funding from the Australian government. In a December 2025 update, the company reported that the battery can be charged in under 6 minutes and performs similarly to lithium titanate oxide batteries, which are comparatively high-cost.

‘With the possibility of charging from empty to full in around six minutes, this chemistry fundamentally changes how designers can think about electric vehicles, consumer electronics, and stationary storage,’ GMG Director Bob Galyen stated. The company plans to test sample cells with partners this year.

6. Haydale (LSE:HAYD)

Market cap: GBP 35.76 million

Through its subsidiaries, Haydale designs, develops and commercializes advanced materials. The company is focused on commercializing its proprietary heating ink-based technology and integrating graphene and other nanomaterials into next-generation industrial applications. As of 2026, it has expanded into a vertically integrated decarbonization platform through a newly acquired B2B platform.

Haydale has a partnership with the University of Manchester’s Graphene Engineering Innovation Centre (GEIC), through which it is researching and developing graphene-based innovations such as conductive ink heating applications for the automotive and future homes sectors.

In March 2025, the company announced it had secured new commercial contracts for its new heating systems from Affordable Warmth Solutions to develop a further graphene heater ink product, and with the national gas grid, National Gas Transmission, for the use of its technology in upgrading the gas network. The following month, Haydale shared that its JustHeat graphene-based heating system had achieved CE marking certification, meaning that it meets European safety and environmental standards compliance.

The company’s JustHeat was named National Product of the Year at the 2025 National Energy Efficiency Awards, recognizing the technology as delivering measurable improvements in energy performance.

To start 2026, Haydale completed its acquisition of Intelligent Resource Management, trading as SaveMoneyCutCarbon, a UK consulting company whose sustainability hub helps companies transition to net-zero. SMCC provides a route to market and customer-base for JustHeat and its other technologies. Following the acquisition, the graphene company officially shortened its name from Haydale Graphene Industries to Haydale.

7. HydroGraph Clean Power (CSE:HG,OTCQB:HGRAF)

Market cap: C$1.2 billion

HydroGraph Clean Power produces cost-effective, high-purity graphene, hydrogen and other strategic nanomaterials. The company has an exclusive license from Kansas State University to produce graphene and hydrogen via the organization’s patented detonation process, which results in 99.8 percent pure carbon content graphene.

Last year, results from a research study conducted with Arizona State University demonstrated that HydroGraph’s Fractal Graphene is an ideal material for ultra-high-performance concrete and 3D-printed structures. In addition, the company announced a technical collaboration with an unnamed global leader to use graphene technology in high-performance fiber applications.

HydroGraph launched an advanced graphene dispersions product line which is designed to produce high-performance electrodes for use in energy storage solutions. The line was developed in collaboration with battery materials and testing services company NEI.

In July 2025, Hydrograph kicked off a Compounding Partner Program aimed at reaching commercial-scale production of its high-performance Fractal Graphene in thermoplastics. The first group of certified partners are in the automotive and packaging sectors.

Hydrograph’s graphene products also have applications in the medical sector. The company has a commercialization agreement that will see Ease Healthcare market the LEAP early detection lung cancer test that incorporates HydroGraph’s patented fractal graphene with Hawkeye Bio’s patented biosensor.

Late last year, Hydrograph received its first US patent for an invention developed in its laboratories, covering a novel actuator technology that uses electrically conductive porous carbon materials, including the company’s proprietary Fractal Graphene, to generate controlled mechanical force.

8. NanoXplore (TSXV:GRA,OTCQX:NNXPF)

Market cap: C$444.5 million

Established in 2011, NanoXplore is able to produce high volumes of graphene at affordable prices due to its unique and environmentally friendly production process. The company’s GrapheneBlack graphene powder can be used in plastic products to greatly increase their reusability and recyclability.

NanoXplore is also targeting lithium-ion batteries with its patented SiliconGraphene battery anode material solution, which employs GrapheneBlack as a coating agent around silicon to make a safer, more reliable cell. NanoXplore’s graphene products are also being used in internal combustion engine vehicles.

As part of its five year strategic plan, in 2024 NanoXplore increased the production capacity at its plant in Québec, Canada. The capacity expansion will enable the company to meet increased demand from an existing customer for its graphene-enhanced composite products. The customer assumed a significant portion of the expansion costs.

In September 2025, NanoXplore announced a multi-year agreement to supply Chevron Phillips Chemical with its Tribograf carbon powder, which is produced at its Québec facility. The material is a key ingredient in NanoSlide, a lubricant for oil and gas drilling that the two companies developed together.

In October, NanoXplore received a contribution of up to US$2.75 million from the Government of Canada under the Energy Innovation Program.

In its fiscal 2025 financials for the year ended June 30, 2025, XanoXplore reported total revenues of C$128.91 million for the year, down 1 percent from the previous year, with a slower H2. This continued into its Q1 fiscal 2026 financials, with the company reported revenues of C$23.44 million, down 30 percent from the same period in the previous year.

‘After a strong Q1 last year, the reduction in volume demand from our two largest customers that began this year accelerated during the summer and significantly impacted our Q1 performance,’ NanoXplore chief financial officer Pedo Azevedo said. However, the company expects its new deals, including the one with Chevron Phillips, to help offset this going forward.

9. Talga Group (ASX:TLG,OTCQX:TLGRF)

Market cap: AU$201.97 million

Talga Group is a vertically integrated battery anode and materials company, mining its own graphite and producing anodes. It has operations in Sweden, Japan, Australia, Germany and the UK. The company also produces graphene additives for use by materials manufacturers in applications such as concrete, coatings, plastics and energy storage.

Talga has the Talphite and Talphene lines of graphene products, which include conductive additives for battery cathode and anode products, solid-state anodes and graphite recycling.

In April 2025, the Swedish Agency for Economic and Regional Growth granted Talgas’ Luleå anode refinery in Sweden Net-Zero Strategic Project status under the EU Net-Zero Industry Act. Luleå will be supplied by graphite from its Vittangi graphite project in Sweden. Two months later, the company announced that the Swedish government gave the greenlight to its mining permit for the Nunasvaara South natural graphite mine in Northern Sweden.

As for its end products, in May Talga secured a binding offtake agreement with battery charging technology company Nyobolt for approximately 3,000 metric tons of Talga’s flagship battery anode product, Talnode-C, for an initial term of four years starting May 13, 2025. The anodes will be supplied from the Luleå anode refinery.

In mid-August, Talga launched a new proprietary graphite anode product, Talnode-R, made from recycled lithium-ion battery waste from two recycling streams: gigafactory production scrap and spent anodes from end-of-life batteries.

Talga closed out the year by submitting a detailed mining plan for its Nunasvaara South graphite mine to the Swedish government. It also completed a AU$14.5 million placement, and the proceeds will help fund engineering study for a staged 5,000 metric ton per year ramp up in production.

In late January 2026, the Swedish government adopted Talga’s mining plan for Nunasvaara South, marking a significant milestone for the company.

Private graphene companies

The graphene stocks listed above are by no means the only graphene-focused companies. Investors interested in graphene would also do well to learn more about the private companies focused on graphene technology, including ACS Material, Advanced Graphene Products, Graphene Platform, Graphenea and Universal Matter.

FAQs for graphene

A subtle but powerful market shift

Rule also argued that many investors are still missing the most important development in uranium — a quiet structural shift away from spot pricing toward long-term contracting.

While uranium equities continue to trade off a thinly traded spot market — which accounts for roughly a quarter of annual transaction volume in a good year — utilities are increasingly locking in multi-year supply agreements.

“Unlike almost any other commodity, uranium producers can pre-sell material under contracts that specify price and terms,” Rule said. “That changes everything.” Those contracts, he explained, can serve as collateral, lowering financing risk and enabling projects that would have been unbankable five years ago.

The impact is already visible. Utilities have been steadily re-entering the term market since 2022, with Cameco reporting an expanding contract book and higher realized prices year over year.

Meanwhile, physical uranium investment vehicles, particularly the Sprott Physical Uranium Trust (TSX:U.U,OTCQX:SRUUF), have removed tens of millions of pounds from circulation, tightening availability even further.

That tightening is occurring alongside geopolitical fragmentation.

Sanctions and self-imposed trade barriers have effectively split the uranium market, with Russian and some Central Asian material flowing east, while western utilities scramble to secure non-Russian supply.

As Bey put it, “That uranium isn’t coming back west.”

Supply, risk and the Athabasca advantage

The question, then, is where new uranium supply will come from. Canada’s Athabasca Basin, home to the world’s highest-grade uranium deposits, remains central to that answer.

Several advanced projects, including Denison Mines’ (TSX:DML,NYSEAMERICAN:DNN) Wheeler River operation and NexGen Energy’s (TSX:NXE,NYSE:NXE) Rook I asset, are both approaching key permitting milestones, potentially clearing the way for construction later this decade.

After decades without a new uranium mine approval in Canada, momentum appears to be shifting.

Bey said regulators are becoming more familiar with uranium-specific permitting, while First Nations partners are increasingly vocal in their support for project development.

Exploration also remains critical, though not without challenges. Bey noted a shrinking pipeline of trained uranium geologists, with graduating class sizes sharply lower than a decade ago. “Teams matter more than ever,” he said. “A good discovery today will get bought — and at a multiple that will surprise people.”

Rule was blunter. Of roughly 125 uranium juniors globally, he expects only 10 to 15 to generate meaningful returns.

“The rest go to their intrinsic value, which is zero,” he said.

Success, he added, comes down to people, geology and jurisdiction — in that order.

Jurisdictional risk itself sparked debate. Rule argued that political risk is often misunderstood, noting that supply disruptions in places like Niger tend to reroute material rather than remove it from the global market.

Tiggre, while broadly agreeing, said investors are justified in demanding a discount for higher-risk regions. “If I need a military escort, that’s not a positive check mark,” he said.

Volatility is the price of admission

Despite their bullish long-term outlooks, all three panelists emphasized that volatility is unavoidable.

Narrative-driven selloffs, whether tied to artificial intelligence (AI) hype, data center demand or broader risk-off sentiment, can whipsaw uranium equities even when fundamentals remain intact.

“That’s when opportunity shows up,” Tiggre said, pointing to sharp pullbacks in 2024 that preceded new highs later in the year. “Fundamentals and narratives aren’t the same thing.”

Rule offered a starker reminder. “If you aren’t willing to accept a small probability of catastrophic loss, don’t be here,” he said, referencing the ever-present tail risk of a major nuclear accident.

For investors willing to accept that risk, the panel’s message was clear: uranium’s bull run appears to be maturing, but is far from over. The easy money may be gone — but, as Rule put it, “the sure money may still lie ahead.”

AI, energy security and the case for uranium’s next leg higher

If the first half of the uranium bull market was driven by supply discipline and long-overdue utilities contracting, the next phase may be shaped by something far larger: electricity itself.

That was the gist of comments from Uranium Energy (NYSEAMERICAN:UEC) CEO Amir Adnani at VRIC.

He framed nuclear power, and by extension uranium, as a central pillar of the emerging AI economy, not merely a decarbonization tool. What stands out, Adnani argued, is not just the scale of demand that’s coming into view, but also the political and corporate alignment forming around it.

At this year’s World Economic Forum in Davos, global leaders, including US President Donald Trump, publicly identified grid fragility and electricity shortages as national security risks in the AI era.

For Adnani, the shift in tone was telling. “When leaders stop talking only about inflation and start talking about power and electricity, that’s a sign of the times we’re in,” he said.

Crucially, nuclear energy has become one of the few areas of bipartisan consensus in the US.

While Democrats often emphasize decarbonization, Republicans increasingly frame nuclear as a strategic asset tied to energy independence and security. “This isn’t a four-year story,” Adnani emphasized to the audience. “We’re talking about multi-decade growth underpinned by bipartisan political support.”

The urgency, however, collides with reality.

AI-driven electricity demand is accelerating far faster than new generation can be built. Adnani cited a Morgan Stanley (NYSE:MS) estimate calling for roughly 150 gigawatts of additional power capacity globally over the next three years from data centers alone — equivalent to powering more than 150 cities the size of Philadelphia.

“One gigawatt is a city of 2 million people,” he said. “And we’re talking about adding more than 100 of those.”

That buildout could require as much as US$3 trillion in investment. Governments, Adnani noted, cannot shoulder that burden alone. Instead, balance sheets from tech giants such as Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META) are increasingly being deployed to secure reliable, long-term power — a dynamic that favors baseload generation over intermittent sources.

“This isn’t just political signaling,” he said. “This is the private sector committing real capital, as fast as possible, to infrastructure that works 24/7.”

For uranium, the implications are direct. Global pledges now call for nuclear capacity to triple by 2050, while the US has set its sights on quadrupling domestic capacity. That ambition implies a parallel expansion in uranium supply, something the market is currently ill-equipped to deliver.

At the same time, the supply picture is already strained.

The US consumes roughly 50 million pounds of uranium annually, but produces less than 4 million pounds, leaving it more than 90 percent dependent on imports, much of them from geopolitically sensitive regions.

In Adnani’s view, reshoring critical mineral supply chains — uranium included — has become a strategic imperative.

“This bifurcated world is a total game changer,” he said. “The US wants control over its supply chains, and uranium is now squarely in that category.”

Room for growth intact

Adnani also pushed back against the idea that uranium prices have already peaked.

The spot price spiked above US$100 in late January and has since stabilized near US$96, a level that remains well below the 2007 high of US$140, even as the market is structurally tighter than it was nearly two decades ago.

Adjusted against gold’s performance since that peak, Adnani argued, uranium remains historically cheap.

“On a gold equivalent basis, uranium would be closer to US$1,000,” he said. “That’s the headroom.”

Positioning for that upside, he explained, requires scale, patience and balance sheet strength, qualities Uranium Energy has spent two decades assembling.

The company built its asset base during the downturn, acquiring more than US$1 billion in projects when uranium traded near US$20. Today, it operates as the largest US-focused uranium producer, with ambitions to become vertically integrated from mining through conversion — a capability that does not currently exist domestically.

Uranium Energy’s unhedged strategy underscores its conviction. “We don’t put ceilings on our upside,” Adnani said. “We want maximum exposure to what we believe will be an unprecedented bull market.”

Overall his message echoed that of others at VRIC: commodities — and energy in particular — are entering a new cycle.

“This is another industrial revolution,” he said. “And it’s an energy-hungry one. We’re still in the early innings.”

Gold price

After hitting a record high of close to US$5,600 per ounce, gold closed out January by embarking on one of the biggest price slides it’s seen in decades. By early morning trading on Monday (February 2), the yellow metal had dropped as low as US$4,400 for a significant loss of more than 21 percent.

However, gold regained much of that lost ground by Tuesday’s (February 3) close, trading back above US$4,935. By Wednesday (February 4) morning, gold was once again back above the key psychological US$5,000 mark, although it couldn’t maintain that level for long and slipped back down into the US$4,900 range.

Gold price chart, January 28, 2025, to February 4, 2026.

The primary drivers for gold this past week are:

Silver price

The silver price has tracked gold on these macro trends. The white metal fell from the all-time high of more than US$120 per ounce that it reached on January 29 to a low of about US$71 on Monday.

Silver price chart, January 28, 2025, to February 4, 2026.

Although silver lost 35 percent from its peak in such a short time, the precious metal has rebounded to an intraday high of US$92.32 as its fundamentals remain strong.

Platinum price

Platinum tracked its precious metal sisters down from a January 29 high of US$2,816 per ounce to as low as US$1,882. By Tuesday, the metal was back above US$2,200 and has traded mostly around that price mark for Wednesday.

Platinum price chart, January 28, 2025, to February 4, 2026.

Platinum is one of the top-performing metals over the past year, reaching 12 year highs in recent weeks. Demand is being driven by the metal’s essential role in the emerging hydrogen economy. Its also still seeing robust demand from the auto sector despite the emergence of electric vehicles and uneasy consumer confidence in the economy.

On the supply side, global platinum reserves remain critically low, especially as the world’s biggest producer, South Africa, continues to be plagued by power shortages and operational disruptions.

Palladium price

Palladium has been the black sheep of the precious metals family for the past few years, remaining well below its March 2022 all-time record of US$3,440.76 per ounce.

On January 29, palladium got in on the party and rallied to an intraday high of US$2,172.50.

Then on Monday it came along for the slide, falling as low as US$1,529. After a slight rebound on Tuesday, the precious metal has traded around US$1,700 to US$1,800.

Palladium price chart, January 28, 2025, to February 4, 2026.

The palladium price is being held down by a slump in demand for electric vehicles and a looming oversupply situation. Analysts at Heraeus and Metals Focus predict the palladium market may move into a surplus in 2026 as secondary supply from recycling increases by 10 percent.