TenX Protocols Launches on TSX Venture Exchange as "TNX" After Securing $30 Million in Financing as a DeFi Technologies Advisory Client and Venture Investment
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 10 2025
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Should l Buy CBOE?
Source: Yahoo Finance
TenX TSX-V Listing: TenX Protocols Inc. began trading on the TSX Venture Exchange under the ticker "TNX" on December 10, 2025, following a successful go-public transaction that raised over C$33 million in 2025.
Investor Participation: The financing included contributions from notable digital asset investors such as Borderless Capital, HIVE Blockchain Technologies, and Chorus One, enhancing TenX's capital base for growth.
Stillman Digital's Role: Stillman Digital, a subsidiary of DeFi Technologies, will provide institutional trade execution and market intelligence to support TenX's staking and treasury strategies across various high-performance blockchain networks.
Leadership and Strategy: Led by industry veterans, TenX aims to generate recurring revenue through institutional-grade staking and treasury services, positioning itself as a key player in the digital asset treasury sector.
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Analyst Views on CBOE
Wall Street analysts forecast CBOE stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for CBOE is 274.55 USD with a low forecast of 230.00 USD and a high forecast of 310.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
13 Analyst Rating
3 Buy
8 Hold
2 Sell
Hold
Current: 275.280
Low
230.00
Averages
274.55
High
310.00
Current: 275.280
Low
230.00
Averages
274.55
High
310.00
About CBOE
Cboe Global Markets, Inc. is a provider of derivatives and securities exchange networks, and delivers trading, clearing and investment solutions to customers. The Company operates through six segments. The Options segment includes options on market indices (index options), as well as on the stocks of individual corporations (equity options). The North American Equities segment includes United States equities and ETP transaction services. The Europe and Asia Pacific segments include the pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts. The Futures segment includes transaction services provided by Cboe Futures Exchange, LLC (CFE), an electronic futures exchange that offers trading of VIX futures and other futures products. The Global FX segment includes institutional FX trading services. The Digital segment includes a regulated futures exchange (Cboe Digital Exchange) and a regulated clearinghouse.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Record Financial Performance: Cboe achieved a net revenue of $671 million in Q4 2025, marking a 28% year-over-year increase, with adjusted EPS rising 46% to $3.06, reflecting strong performance in derivatives and cash markets, thereby reinforcing the company's leadership in the financial sector.
- Strategic Realignment Focus: CEO Craig Donohue emphasized a shift in focus away from certain areas to concentrate resources on core businesses and emerging opportunities, aiming to enhance overall operational efficiency and market competitiveness through optimized resource allocation.
- Future Outlook and Guidance: Cboe anticipates mid- to high single-digit organic net revenue growth for Data Vantage in 2026, with adjusted operating expense guidance set between $864 million and $879 million, reflecting the company's confidence in future growth and its responsiveness to market changes.
- Leadership Changes: Cboe announced the appointments of new COO Scott Johnston and head of Cash and Spot Markets Heidi Fischer, indicating a continued strengthening of leadership to support future strategic execution and market expansion.
See More
Base Carbon Announces Special Shareholder Meeting Results
- Auditor Appointment: At the Special Shareholder Meeting, shareholders overwhelmingly supported the appointment of BDO Canada LLP as auditors for the 2025 fiscal year with 99.983% of votes in favor, reflecting strong confidence in the company's financial transparency.
- Option Extension Approval: Shareholders approved the extension of certain outstanding stock options' expiry dates from 2025 to 2027 with 97.347% support, aimed at enhancing employee incentives and stabilizing management.
- Voting Exclusion Circumstances: Certain shareholders were excluded from voting on the option extension due to potential benefits, ensuring the fairness and transparency of the voting process, which demonstrates the company's cautious approach to governance.
- Market Positioning: Base Carbon, as a financier in the global voluntary carbon markets, aims to be the preferred partner for carbon projects by providing capital and management resources, thereby solidifying its market position in the evolving environmental industry.
See More
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- Strong Performance: Cboe Global Markets reported Q4 2025 net revenue of $671.1 million, exceeding the market expectation of $662.2 million and reflecting a 28% year-over-year growth, showcasing the robust potential of its derivatives business.
- Earnings Beat: The adjusted EPS of $3.06 surpassed the analyst estimate of $2.95 and significantly increased from $2.10 a year ago, indicating a marked improvement in the company's profitability.
- Cost Management: Adjusted operating expenses rose 8% year-over-year to $220.6 million, yet remained below the Visible Alpha estimate of $221.3 million, demonstrating effective cost control measures by the company.
- Future Outlook: Cboe anticipates mid-single-digit growth in total net revenue for FY26, with capital expenditures projected between $73 million and $83 million, reflecting the company's confidence in future growth and commitment to ongoing investments.
See More
Cboe Global Markets Q4 Earnings Exceed Expectations
- Strong Earnings Report: Cboe Global Markets reported a Q4 non-GAAP EPS of $3.06, beating expectations by $0.11, which underscores the company's robust profitability and reinforces investor confidence in its future performance.
- Significant Revenue Growth: The company achieved Q4 revenue of $671.1 million, reflecting a 28.0% year-over-year increase and surpassing market expectations by $8.87 million, indicating its competitive strength and successful business expansion.
- Future Growth Targets: Cboe has established a 2026 organic total net revenue growth target of 'mid single-digit' and an organic net revenue growth target for Cboe Data Vantage of 'mid to high single-digit', signaling a positive outlook on future market opportunities.
- Expense Guidance Adjustment: The company anticipates adjusted operating expenses for 2026 to be between $864 million and $879 million, which will help investors better understand its cost management strategies and profitability expectations.
See More
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- Market Performance: The S&P 500 index declined for the third consecutive day, dropping by 1.2%.
- Year-to-Date Status: This decline has pushed the index into negative territory for the year.
See More
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- Philip Morris Earnings Outlook: The expected EPS for Q4 2025 is $1.67, representing a 7.74% increase year-over-year, showcasing the company's ability to consistently exceed market expectations and enhancing its competitive edge in the tobacco industry.
- Cboe Global Markets Performance: The forecasted EPS is $2.93, reflecting a significant 39.52% increase from the previous year, indicating a strong recovery and improved profitability that may attract more investor interest.
- Biogen Earnings Warning: The anticipated EPS is $1.60, a substantial 53.49% decrease compared to last year, highlighting significant challenges the company faces, which could impact market confidence and stock performance.
- AerCap's Stability: The expected EPS is $3.31, unchanged from last year, indicating the company's resilience in the transportation sector, maintaining profitability despite industry fluctuations.
See More
