Week #60

USD/BTC = $80,198
Block 973,146

Here are the stocks I plan on buying this week:

🐂 = Bull Case
🐻 = Bear Case

Latest Updates:

DarkHorse Technologies (DRK)

Q3 earnings expected Thu Nov 6, after close (not yet confirmed by the company). Consensus: EPS -$0.68, revenue ~$3.30M.

Fold (FLD)

Q3 earnings expected Mon Nov 9, after close (not confirmed). Consensus: EPS -$0.10, revenue ~$7.81M.

LQWD Technologies (LQWD)

Next report expected Tue Nov 4, after close (not confirmed). Note: fiscal Q2 2027, period ended Aug 31, 2026 — LQWD's fiscal year ends Feb 28.

Nakamoto (NAKA)

Q3 earnings expected Tue Nov 18, after close (not confirmed). Consensus: EPS -$0.48, revenue ~$14.93M.

Strive (ASST)

No Q3 date announced yet. Estimates range Nov 9–13.

BTC Development Corp. (BDCI)

SPAC shell, no operating revenue and no earnings cycle. No Q3 date.

Securitize (SECZ)

No Q3 date announced yet. Estimates range Nov 13–20.

Fractyl Health (GUTS) (No Longer Buying)

No Q3 date confirmed yet. Estimates Nov 10–11. REMAIN-1 top-line readout Oct 16 was positive on the endpoint, but the stock fell on thin margins; 1-year endpoint expected Q1 2027.

Fractyl Health Sharpens Focus on Revita Following Positive Pivotal Results, Advancing Toward Planned FDA De Novo Submission in Post-GLP-1 Weight Maintenance

Oct 22, 2026

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Following positive topline six-month REMAIN-1 pivotal results, Revita advancing toward planned FDA De Novo submission in late Q4 2026 and anticipated 12-month pivotal data readout in Q1 2027

Workforce reduction aligns organization behind Revita's near-term clinical and commercial opportunity

Company discontinuing development of Rejuva candidates and seeking strategic alternatives to maximize the value of its Rejuva gene therapy program

Cash runway extended into Q2 2027; quarterly operating cash burn expected to be reduced by ~50% to approximately $8 million by end of Q2 2027

BURLINGTON, Mass., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Fractyl Health, Inc. (Nasdaq: GUTS) (the Company or Fractyl), a clinical-stage metabolic therapeutics company focused on pioneering novel approaches to treat obesity and type 2 diabetes (T2D), today announced that it is sharpening its focus and concentrating its financial and operational resources on advancing Revita®, its lead product candidate, toward potential U.S. Food and Drug Administration (FDA) marketing authorization and commercialization in post-GLP-1 weight maintenance.

The decision follows the Company's recent announcement of positive topline six-month results from the REMAIN-1 Pivotal Cohort, which met its prespecified six-month co-primary endpoint with high statistical significance in weight regain compared to sham (p=0.0023). The Company believes these results reinforce Revita's potential to become the first durable procedural therapy for post-GLP-1 weight maintenance, addressing what the Company believes is one of the largest unmet needs in obesity care as millions of patients seek sustainable solutions to maintain weight loss following GLP-1 discontinuation.

To support this sharpened focus, Fractyl will implement a reduction in force affecting approximately 45% of its workforce. These actions are intended to create a streamlined, Revita-focused organization, reduce quarterly cash burn by approximately 50% by the end of Q2 2027 and concentrate resources on realizing Revita's clinical and commercial potential.

Fractyl will also discontinue internal development of its Rejuva gene therapy program and is seeking strategic alternatives to maximize the value of the program.

In conjunction with these organizational changes, Jay Caplan, Co-Founder, President and Chief Product Officer of Fractyl, will retire from his executive roles with the Company, effective October 30, 2026. Mr. Caplan is expected to continue to support the Company as a senior advisor to the leadership team.

"We believe the positive pivotal results from REMAIN-1 represent a defining moment for Fractyl and represent an enormous opportunity for Revita potential to fundamentally change how obesity is treated and offer a durable approach to weight maintenance," said Harith Rajagopalan, M.D., Ph.D., Co-Founder and Chief Executive Officer of Fractyl. "A million patients per month in the United States face the challenge of weight regain after discontinuing GLP-1 therapies. Our goal is for Revita to establish an entirely new therapeutic category by aiming to reverse years of diet-induced damage to the gut. We expect the capital we have today to be sufficient to fund our planned De Novo submission and upcoming 12-month pivotal data, and we are excited to focus our attention and align our resources behind our near-term opportunity.

"While these decisions are difficult, particularly those impacting our colleagues, we believe this focused strategy will position Fractyl to operate more efficiently and advance Revita toward its clinical and commercial potential. I also want to personally thank my fellow co-founder, Jay Caplan, for his leadership, partnership and invaluable contributions to Fractyl over the years. Jay has been instrumental in building the Company. We are deeply grateful for his dedication and lasting contributions, as well as those of all our colleagues affected by this transition."

Strategic Actions to Advance Revita, Reduce Cash Burn and Extend Runway

The Company is implementing the following measures to support execution through upcoming potential clinical and regulatory milestones.

• Workforce Reduction: The Company will reduce its workforce by approximately 45%, with the reduction expected to be substantially completed by November 2026.
• Extended Cash Runway: Based on its current operating plan and anticipated expense reductions, including the expected cash costs associated with the reprioritization, the Company expects its existing cash and cash equivalents to fund operations into Q2 2027.
• Reduced Quarterly Cash Burn: As cost reductions take effect and REMAIN-1 Pivotal Cohort expenditures decline, the Company expects operating quarterly cash burn to be reduced by approximately 50%, to approximately $8 million, by end of Q2 2027.
• Rejuva Strategic Alternatives: The Company will discontinue internal development of its Rejuva gene therapy program and seek strategic alternatives to maximize the value of the program. There can be no assurance that the Company's review of strategic alternatives for Rejuva will result in any transaction, and the Company does not intend to disclose further developments unless and until it determines that disclosure is appropriate or required.

Fractyl Forward: Advancing Revita Toward a New Therapeutic Category in Obesity Care

The Company continues to anticipate the following anticipated milestones:

• Late Q4 2026: Planned FDA De Novo marketing application submission for Revita in post-GLP-1 weight maintenance.
• Q1 2027: Anticipated topline 12-month data from the REMAIN-1 Pivotal Cohort, including the second co-primary endpoint.
• Late 2027: Potential FDA marketing authorization.
• Early 2028: Potential U.S. commercial launch.

Not a fan of this pivot. It looks like the company is dying and need FDA for a bailout to approve one of their drugs. The stock will now become a lotto ticket hold.

Bitcoin Infrastructure Acquisition Corp. Ltd. Class A (BIXI)

SPAC / blank-check company, no operations and no earnings cycle. No Q3 date.

BitGo (BTGO)

No Q3 date announced yet. Aggregators conflict (Nov 10–26), so no date listed.

Kalshi and BitGo Allow Customers to Unlock Crypto Liquidity for Margin

October 22, 2026

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Eligible customers can obtain U.S. dollar loans from Kalshi Prime affiliate Kalshi Katalyst against digital assets held in qualified custody at BitGo Bank & Trust, the first custodian in the Kalshi Prime network

NEW YORK--(BUSINESS WIRE)-- BitGo Holdings, Inc. (NYSE: BTGO) (“BitGo”), the digital asset infrastructure company, and Kalshi Prime, today announced the launch of HODL Margining, a Kalshi Prime network that enables eligible customers to fund fiat margin obligations with crypto holdings, without first selling any crypto assets. BitGo Bank & Trust, National Association (“BitGo Bank & Trust”), an OCC-regulated digital asset trust bank and subsidiary of BitGo, is the first custodian to join the new network.

The HODL Margining network enables eligible customers of Kalshi Prime, the CFTC-registered futures commission merchant (“FCM”), to borrow against digital assets held in qualified custody at BitGo Bank & Trust, or any other custodian participating in the network, to fund margin for perpetual futures and other eligible margin products traded on KalshiEX.

Kalshi Katalyst, a lending affiliate of Kalshi Prime, provides U.S. dollar loans to eligible customers secured by BTC, ETH or eligible stablecoins held at BitGo Bank & Trust or other custodians. Katalyst deposits the proceeds directly into the borrower’s Kalshi Prime account, where Kalshi Prime’s margin, segregation, and risk controls apply.

Under the legal structure, pledged assets remain in qualified custody at BitGo Bank & Trust, rather than being transferred to a third-party venue or converted to cash. Digital assets are held in segregated client accounts, separate from BitGo’s own corporate assets, and are safeguarded using BitGo’s cold-storage infrastructure. BitGo maintains insurance of up to $250 million on assets held in custody. By keeping collateral at a regulated custodian, customers can fund margin while retaining legal ownership of their pledged assets, subject to Kalshi Katalyst’s security interest.

Kalshi’s HODL Margining gives eligible customers greater flexibility in how they fund their trading activity. By enabling customers to fund margin without first selling their digital asset holdings, Kalshi Prime is making it easier to access regulated perpetual futures, including 24/7 trading, no contract rolls, capital efficiency and the ability to take short positions. This expands customer choice beyond some existing industry practices where customers must convert their digital assets into U.S. dollars, thus no longer holding the crypto.

“We’re building a next generation FCM at Kalshi Prime. That means listening to our customers and providing what they need, adapting our model to how they actually hold and manage assets,” said Jeff Bandman, CEO of Kalshi Prime. “We’ve always been crypto friendly, and HODL Margining is a great example of being customer focused: digitally native customers can fund their margin without having to sell their existing holdings. We see this as an exciting practical step in marrying the regulated CFTC framework with on-chain innovation.”

“We believe our clients want to put their digital assets to work, and they expect security to carry through everything they do,” said Mike Belshe, CEO and Co-founder of BitGo. “That’s how we build our infrastructure. With Kalshi Prime, eligible clients can borrow against their holdings to fund margin while keeping the pledge assets at BitGo Bank & Trust.”

KalshiEX launched perpetual futures trading on May 29, 2026, initially offering crypto contracts. Since then, Kalshi has introduced a broad range of perpetual futures never offered before as regulated products in the US, including 19 crypto pairs, and real world assets including Gold and the Kalshi 500 perpetual index. Kalshi Klear, its clearinghouse, applied to the CFTC in September 2026 to permit margin on select event contracts.

The launch extends BitGo’s infrastructure into an institutional margin workflow, connecting regulated custody and collateral management with the financing and trading services clients use.

Angel Studios (ANGX)

Q3 earnings Tue Nov 10, after close (confirmed). Earnings webinar Wed Nov 11, 8:00 AM ET. Consensus: EPS -$0.07, revenue ~$138–140M.

Cipher Mining (CIFR)

Q3 earnings Mon Nov 2, before open (confirmed). Call 8:00 AM ET. Consensus: EPS ~-$0.24, revenue ~$38.44M.

Space X (SPCX)

REPORTED Tue Oct 20, after close. Revenue $14.58B (+161% YoY) vs ~$12.7B expected. Net income $4.4B — first profitable quarter as a listed company. Adjusted EPS $0.45 vs $0.13 expected. AI is now the biggest segment at $7.56B. Capex $19.6B.

IREN Limited (IREN)

Q3 earnings Thu Nov 5 (confirmed). Call 5:00 PM ET. Fiscal Q1 FY2027, quarter ended Sep 30, 2026.

Commentary:

Bye-Bye GUTS its been fun. I loved moonshot idea but chasing GLP-1 patients was not on my bingo card. Will hold from here on out! I expect them to go bankrupt by 2028.

Only one of the fourteen has reported so far, and it was the big one. SpaceX put up $14.58B in revenue, up 161%, and its first profitable quarter as a listed company. The rest of the list reports over the next three weeks — CIFR kicks it off Nov 2, IREN Nov 5, Angel Nov 10.

Rough week for the rest of the board: GUTS -30% after the REMAIN-1 readout, SECZ -21%, CIFR -12%, IREN -8%. The one bright spot was Strive, +20% to $28.97, and the treasury kept growing — 36,818 BTC now.

One housekeeping note: CIFR's treasury is 646 BTC, not the 1,500 I had last week — that was a stale tracker. And DRK's trackers disagree (bitcointreasuries.net says 23 BTC, Bitbo says 20.5), going with bitcointreasuries. Also CIFR Mining is now CIFR Digital

BTC chopped around $80k all weekend. Earnings season decides the next move.

Until next week.