Introduction: PLAYSOLANA vs ARB Investment Comparison

In the cryptocurrency market, comparisons between PLAYSOLANA and ARB have become an important topic for investors. The two assets differ significantly in market capitalization ranking, application scenarios, and price performance, representing distinct positions within the crypto asset landscape. PLAYSOLANA (PLAYSOLANA): Built on the Solana blockchain, it functions as a Web3 gaming platform that merges hardware, games, and branded IP with GameFi and DeFi, enabling players to play, build, live, and earn. ARB (ARB): Since its launch in 2023, Arbitrum has established itself as a technology suite designed to scale Ethereum, offering cheaper and faster transactions while inheriting Ethereum-level security through its Optimistic Rollup protocol. This article will provide a comprehensive analysis of the investment value comparison between PLAYSOLANA and ARB from multiple dimensions including historical price trends, supply mechanics, market positioning, and ecosystem development, addressing the core question investors face:

"Which is the better buy right now?"

Comparative Analysis Report: Play Solana (PLAYSOLANA) vs Arbitrum (ARB)

I. Historical Price Comparison and Current Market Status

Play Solana (PLAYSOLANA) and Arbitrum (ARB) Price Trends

Play Solana (PLAYSOLANA):

• All-time high: $0.01466 (November 14, 2025)
• All-time low: $0.003579 (December 2, 2025)
• Current price: $0.004107 (as of December 23, 2025)
• Performance from ATH to current: Declined approximately 72% from peak

Arbitrum (ARB):

• All-time high: $2.39 (January 12, 2024)
• All-time low: $0.172637 (December 19, 2025)
• Current price: $0.1825 (as of December 23, 2025)
• Performance from ATH to current: Declined approximately 92% from peak

Comparative Analysis: Both assets have experienced significant downtrends over their respective market cycles. PLAYSOLANA shows a steeper recent decline from its November peak, while ARB has endured a prolonged bear market since its January 2024 high. ARB demonstrates a longer establishment period in the market but has faced more severe year-over-year depreciation at approximately 75.58%, compared to PLAYSOLANA's one-year decline of 86.33%.

Current Market Status (December 23, 2025)

Price Snapshot:

• PLAYSOLANA current price: $0.004107
• ARB current price: $0.1825

24-Hour Trading Volume:

• PLAYSOLANA: $24,852.83 USD
• ARB: $2,659,148.66 USD

Market Capitalization:

• PLAYSOLANA: $4,661,445.00 (circulating), $20,535,000.00 (fully diluted)
• ARB: $1,043,769,762.71 (circulating), $1,825,000,000.00 (fully diluted)

Market Dominance:

• PLAYSOLANA: 0.00065% of total cryptocurrency market
• ARB: 0.057% of total cryptocurrency market

Crypto Fear & Greed Index: 24 (Extreme Fear)

View real-time pricing:

• PLAYSOLANA market data: Gate
• Arbitrum market data: Gate

II. Project Overview and Functional Differentiation

Play Solana (PLAYSOLANA): Play Solana is a Web3 gaming platform built on Solana, functioning as a de facto SuperHub that integrates hardware, games, and branded IP with GameFi and DeFi protocols. The platform enables users to play, build, live, and earn rewards within its ecosystem. The project operates on the Solana blockchain, utilizing the SPL (Solana Program Library) token standard.

Arbitrum (ARB): Arbitrum is a Layer-2 scaling solution designed for Ethereum. It employs optimistic rollup technology to reduce transaction costs and improve throughput while maintaining Ethereum-level security. ARB functions as the governance token for the Arbitrum DAO, enabling token holders to vote on protocol upgrades, feature implementations, and fund allocation decisions. The network can process up to 40,000 transactions per second compared to Ethereum's mainnet constraints.

III. Price Performance Metrics

Short-Term Price Movements

PLAYSOLANA (24-Hour Period):

• Change: +2.44%
• 24-hour high: $0.004151
• 24-hour low: $0.004024
• One-hour change: +2.56%

ARB (24-Hour Period):

• Change: -4.44%
• 24-hour high: $0.1923
• 24-hour low: $0.1807
• One-hour change: -0.65%

Medium-Term Price Movements

Seven-Day Performance:

• PLAYSOLANA: -5.94%
• ARB: -7.73%

30-Day Performance:

• PLAYSOLANA: -17.95%
• ARB: -9.030%

One-Year Performance:

• PLAYSOLANA: -86.33%
• ARB: -75.58%

IV. Market Liquidity and Trading Dynamics

PLAYSOLANA:

• Listed on 1 primary exchange
• Circulating supply: 1,135,000,000 tokens
• Total supply: 5,000,000,000 tokens
• Circulating ratio: 22.7%
• Limited liquidity profile

ARB:

• Listed on 60 exchanges
• Circulating supply: 5,719,286,371 tokens
• Total supply: 10,000,000,000 tokens
• Circulating ratio: 57.19%
• Substantially higher liquidity and market depth

V. Key Observations

1. Market Maturity: ARB represents an established Layer-2 infrastructure token with significantly greater market penetration, while PLAYSOLANA is a nascent gaming platform token with emerging market presence.

2. Volatility Profile: Both assets exhibit elevated volatility characteristics typical of the current crypto market environment, though PLAYSOLANA demonstrates more pronounced intraday fluctuations relative to its price magnitude.

3. Liquidity Disparity: ARB commands substantially higher trading volumes and exchange listings, facilitating easier entry and exit compared to PLAYSOLANA's concentrated liquidity structure.

4. Market Sentiment: The Fear & Greed Index at 24 indicates extreme fear conditions across the broader cryptocurrency market, affecting both assets negatively.

5. Utility Differentiation: ARB functions as infrastructure-level governance, while PLAYSOLANA serves application-layer gaming and entertainment use cases within the Solana ecosystem.

Report generated on December 23, 2025. All data represents market conditions as of the report date and is subject to rapid changes inherent to cryptocurrency markets. This analysis is provided for informational purposes only and should not be construed as investment advice.

Investment Value Analysis: PLAYSOLANA vs ARB

I. Executive Summary

Based on available reference materials, this report examines the core investment value factors for PLAYSOLANA and ARB. However, it should be noted that the provided source materials contain limited substantive data on these projects, consisting primarily of community discussions and fragmented commentary rather than comprehensive technical or fundamental analysis.

II. Core Factors Influencing Investment Value of PLAYSOLANA vs ARB

Tokenomics and Supply Mechanism

PLAYSOLANA:

• Operates as a GameFi (Play-to-Earn) project on the Solana blockchain
• Token distribution mechanism involves an "Alpha Points" system with a rolling 15-day mechanism, where day 16 automatically clears day 1 points
• Airdrop mechanism involves point accumulation with specific scoring thresholds (estimated at approximately 230 points based on community reports)
• Average airdrop values reported in the range of $20-40 USD during initial distribution phases

ARB:

• Specific tokenomics details are not adequately covered in the provided reference materials

Note: Comprehensive tokenomics data for both projects could not be fully established from the available sources.

Ecosystem Application and Adoption

PLAYSOLANA:

• Built on the Solana blockchain with focus on GameFi mechanics
• Play-to-Earn model designed to generate utility through gaming activities
• Success depends on community engagement and sustained game ecosystem development

ARB:

• Value proposition hinges on utility within the Arbitrum ecosystem
• Adoption rate within Layer 2 scaling solutions represents a key metric
• Success correlates with network adoption and developer ecosystem growth

Technology Development and Ecosystem

Layer 2 Considerations:

• Source materials reference L2 (Layer 2) solutions, noting that transaction costs (gas fees) remain a significant consideration factor for end users
• Different L2 technologies present varying technical approaches despite serving similar functions

Key Factor: User-facing value propositions for Layer 2 solutions require assessment beyond purely technical specifications, with gas fee efficiency being a critical metric.

Market and Community Factors

PLAYSOLANA Community Dynamics:

• Community sentiment reflects price discovery mechanisms tied to market capitalization at launch
• Airdrop distribution has experienced multiple postponements, indicating project execution challenges
• Community discussions emphasize careful cost-benefit analysis given relatively modest airdrop valuations

III. Assessment Framework

The investment value of both projects ultimately depends on:

1. For PLAYSOLANA: Sustained GameFi model viability, community participation rates, and Solana ecosystem health
2. For ARB: Arbitrum ecosystem expansion, developer adoption, and Layer 2 market penetration

Both projects' long-term success correlates with technological innovation and demonstrated market demand rather than speculative metrics alone.

IV. Limitations

This analysis is constrained by:

• Limited substantive data in available reference materials regarding fundamental metrics
• Absence of detailed tokenomics documentation
• Reliance primarily on community sentiment rather than on-chain analytics or institutional research
• Lack of comprehensive technical upgrade roadmap details

III. 2025-2030 Price Forecast: PLAYSOLANA vs ARB

Short-term Forecast (2025)

• PLAYSOLANA: Conservative $0.0040-$0.0041 | Optimistic $0.0059
• ARB: Conservative $0.1699-$0.1828 | Optimistic $0.2430

Mid-term Forecast (2027-2028)

• PLAYSOLANA may enter growth phase, estimated price range $0.0035-$0.0090 with potential 51% gains by 2028
• ARB may enter expansion phase, estimated price range $0.1881-$0.3137 with potential 51% gains by 2028
• Key drivers: institutional capital inflows, ETF adoption, ecosystem development

Long-term Forecast (2029-2030)

• PLAYSOLANA: Base case $0.0041-$0.0099 | Optimistic case $0.0110 with cumulative gains reaching 113% by 2030
• ARB: Base case $0.1956-$0.3361 | Optimistic case $0.3912 with cumulative gains reaching 70% by 2030

View detailed price predictions for PLAYSOLANA and ARB

Disclaimer

These predictions are based on historical data analysis and market models. Cryptocurrency markets are highly volatile and speculative. Past performance does not guarantee future results. This analysis is for informational purposes only and should not be considered as investment advice. Please conduct independent research and consult with financial professionals before making investment decisions. All projections carry inherent uncertainty and risk.

PLAYSOLANA:

ARB:

Comparative Investment Analysis Report: PLAYSOLANA vs ARB

I. Historical Price Comparison and Current Market Status

PLAYSOLANA and ARB Price Trends

PLAYSOLANA:

• All-time high: $0.01466 (November 14, 2025)
• All-time low: $0.003579 (December 2, 2025)
• Current price: $0.004107 (as of December 23, 2025)
• Performance from ATH to current: Declined approximately 72% from peak

ARB:

• All-time high: $2.39 (January 12, 2024)
• All-time low: $0.172637 (December 19, 2025)
• Current price: $0.1825 (as of December 23, 2025)
• Performance from ATH to current: Declined approximately 92% from peak

Comparative Analysis: Both assets have experienced significant downtrends over their respective market cycles. PLAYSOLANA shows a steeper recent decline from its November peak, while ARB has endured a prolonged bear market since its January 2024 high. ARB demonstrates a longer establishment period in the market but has faced more severe year-over-year depreciation at approximately 75.58%, compared to PLAYSOLANA's one-year decline of 86.33%.

Current Market Status (December 23, 2025)

Price Snapshot:

• PLAYSOLANA current price: $0.004107
• ARB current price: $0.1825

24-Hour Trading Volume:

• PLAYSOLANA: $24,852.83 USD
• ARB: $2,659,148.66 USD

Market Capitalization:

• PLAYSOLANA: $4,661,445.00 (circulating), $20,535,000.00 (fully diluted)
• ARB: $1,043,769,762.71 (circulating), $1,825,000,000.00 (fully diluted)

Market Dominance:

• PLAYSOLANA: 0.00065% of total cryptocurrency market
• ARB: 0.057% of total cryptocurrency market

Crypto Fear & Greed Index: 24 (Extreme Fear)

II. Project Overview and Functional Differentiation

PLAYSOLANA: PLAYSOLANA is a Web3 gaming platform built on the Solana blockchain, functioning as a SuperHub that integrates hardware, games, and branded IP with GameFi and DeFi protocols. The platform enables users to play, build, live, and earn rewards within its ecosystem. The project operates on the Solana blockchain, utilizing the SPL (Solana Program Library) token standard.

ARB: Arbitrum is a Layer-2 scaling solution designed for Ethereum. It employs optimistic rollup technology to reduce transaction costs and improve throughput while maintaining Ethereum-level security. ARB functions as the governance token for the Arbitrum DAO, enabling token holders to vote on protocol upgrades, feature implementations, and fund allocation decisions. The network can process up to 40,000 transactions per second compared to Ethereum's mainnet constraints.

III. Price Performance Metrics and Tokenomics

Short-Term Price Movements

PLAYSOLANA (24-Hour Period):

• Change: +2.44%
• 24-hour high: $0.004151
• 24-hour low: $0.004024
• One-hour change: +2.56%

ARB (24-Hour Period):

• Change: -4.44%
• 24-hour high: $0.1923
• 24-hour low: $0.1807
• One-hour change: -0.65%

Medium and Long-Term Price Movements

Seven-Day Performance:

• PLAYSOLANA: -5.94%
• ARB: -7.73%

30-Day Performance:

• PLAYSOLANA: -17.95%
• ARB: -9.030%

One-Year Performance:

• PLAYSOLANA: -86.33%
• ARB: -75.58%

Supply Mechanics

PLAYSOLANA:

• Circulating supply: 1,135,000,000 tokens
• Total supply: 5,000,000,000 tokens
• Circulating ratio: 22.7%
• Token distribution mechanism involves an "Alpha Points" system with a rolling 15-day mechanism

ARB:

• Circulating supply: 5,719,286,371 tokens
• Total supply: 10,000,000,000 tokens
• Circulating ratio: 57.19%

IV. Market Liquidity and Trading Dynamics

PLAYSOLANA:

• Listed on 1 primary exchange
• Limited liquidity profile
• Concentrated trading volume

ARB:

• Listed on 60 exchanges
• Substantially higher liquidity and market depth
• Significantly greater trading volumes

V. Price Forecast Analysis (2025-2030)

Short-Term Forecast (2025)

Mid-Term Forecast (2027-2028)

PLAYSOLANA:

• Estimated price range: $0.0035-$0.0090
• Potential gains by 2028: 51%

ARB:

• Estimated price range: $0.1881-$0.3137
• Potential gains by 2028: 51%

Long-Term Forecast (2029-2030)

PLAYSOLANA:

• Base case: $0.0041-$0.0099
• Optimistic case: $0.0110
• Cumulative gains by 2030: 113%

ARB:

• Base case: $0.1956-$0.3361
• Optimistic case: $0.3912
• Cumulative gains by 2030: 70%

VI. Investment Strategy Comparison: PLAYSOLANA vs ARB

Long-Term vs Short-Term Investment Strategy

PLAYSOLANA: Suited for investors focused on emerging gaming ecosystem potential and community-driven Play-to-Earn mechanics within the Solana ecosystem. High-risk, speculative positioning appropriate for those with elevated risk tolerance and longer investment horizons.

ARB: Suited for investors seeking exposure to established Layer-2 infrastructure and Ethereum scaling solutions. More stable than PLAYSOLANA with infrastructure-level utility and governance participation. Appropriate for investors balancing growth potential with relative market stability.

Risk Management and Asset Allocation

Conservative Investors:

• PLAYSOLANA: 5-10%
• ARB: 15-25%
• Remaining allocation: Stablecoins and established cryptocurrencies

Aggressive Investors:

• PLAYSOLANA: 20-30%
• ARB: 25-35%
• Remaining allocation: Diversified across multiple Layer-1 and Layer-2 assets

Hedging Instruments:

• Stablecoin reserve allocation (minimum 20-30%)
• Cross-asset diversification across multiple blockchain ecosystems
• Options strategies for downside protection in extreme volatility conditions

VII. Potential Risk Comparison

Market Risk

PLAYSOLANA:

• Nascent project with limited market history and established user base
• Concentrated exchange listings (single primary exchange) create severe liquidity constraints
• High volatility relative to market capitalization
• Dependency on Solana ecosystem health and network stability
• Play-to-Earn model sustainability remains unproven

ARB:

• Prolonged bear market performance (-75.58% one-year decline)
• Dependence on broader Ethereum adoption and Layer-2 market penetration
• Competition from alternative scaling solutions and Layer-2 platforms
• Token distribution concentration effects

Technical Risk

PLAYSOLANA:

• Emerging technology infrastructure with limited track record
• GameFi platform security and smart contract vulnerability exposure
• Solana blockchain dependency creates single points of failure
• Airdrop distribution delays indicate execution challenges

ARB:

• Layer-2 architecture complexity and potential bridge security issues
• Ethereum mainnet dependencies and upgrade compatibility considerations
• Competition from alternative rollup technologies

Regulatory Risk

• Cryptocurrency market regulatory uncertainty affects both assets
• Gaming and DeFi regulation represents particular concern for PLAYSOLANA's Play-to-Earn model
• Layer-2 scaling solutions face evolving regulatory frameworks regarding custody and settlement mechanisms
• Jurisdictional variations in gaming and financial services regulation present differential risks

VIII. Key Observations

1. Market Maturity: ARB represents an established Layer-2 infrastructure token with significantly greater market penetration and institutional recognition, while PLAYSOLANA is a nascent gaming platform token with emerging market presence.

2. Volatility Profile: Both assets exhibit elevated volatility characteristics typical of the current crypto market environment, though PLAYSOLANA demonstrates more pronounced intraday fluctuations relative to its price magnitude.

3. Liquidity Disparity: ARB commands substantially higher trading volumes and exchange listings, facilitating easier entry and exit compared to PLAYSOLANA's concentrated liquidity structure.

4. Market Sentiment: The Fear & Greed Index at 24 indicates extreme fear conditions across the broader cryptocurrency market, affecting both assets negatively.

5. Utility Differentiation: ARB functions as infrastructure-level governance, while PLAYSOLANA serves application-layer gaming and entertainment use cases within the Solana ecosystem.

IX. Conclusion: Which Is the Better Buy?

📌 Investment Value Summary

PLAYSOLANA Advantages:

• Potential upside appreciation (113% cumulative gains by 2030 in optimistic scenarios)
• Emerging GameFi ecosystem participation opportunity
• Lower absolute price facilitates retail accessibility

ARB Advantages:

• Established infrastructure-level utility with demonstrated ecosystem development
• 60 exchange listings provide significantly superior liquidity
• Governance token functionality within mature DAO structure
• $1.043 billion circulating market capitalization indicates greater institutional acceptance
• Layer-2 scaling represents critical Ethereum ecosystem component
• More stable long-term value proposition relative to speculative gaming tokens

✅ Investment Recommendations

Beginner Investors: Allocate primary exposure to ARB due to superior liquidity, broader exchange accessibility, and lower technical barrier to entry. Limit PLAYSOLANA allocation to 5-10% maximum for speculative exposure. Maintain 20-30% stablecoin reserves for opportunistic rebalancing.

Experienced Investors: Consider PLAYSOLANA as a tactical position within a diversified gaming/DeFi portfolio given potential upside appreciation and emerging ecosystem development. Maintain substantial ARB allocation as infrastructure core holding. Implement hedging strategies through options and cross-asset diversification. Actively monitor project execution milestones and community adoption metrics.

Institutional Investors: ARB represents the appropriate institutional allocation vehicle due to established infrastructure utility, governance participation, and institutional-grade liquidity. PLAYSOLANA remains relegated to emerging opportunity allocations pending demonstrated ecosystem traction and project execution consistency.

⚠️ Risk Disclaimer: Cryptocurrency markets demonstrate extreme volatility and speculative characteristics. Historical price performance provides no guarantee of future results. Both PLAYSOLANA and ARB carry substantial risk of capital loss. This analysis is provided for informational purposes only and does not constitute investment advice. Conduct independent research and consult with qualified financial professionals before making investment decisions. All price forecasts carry inherent uncertainty and should not be relied upon for investment decision-making.

Report generated December 23, 2025. All data represents market conditions as of the report date and is subject to rapid changes inherent to cryptocurrency markets. None

PLAYSOLANA vs ARB: Frequently Asked Questions

I. FAQ: Investment Comparison and Market Positioning

Q1: What are the fundamental differences between PLAYSOLANA and ARB in terms of project purpose?

A: PLAYSOLANA is a Web3 gaming platform built on the Solana blockchain that integrates hardware, games, and branded intellectual property with GameFi and DeFi protocols, enabling users to play, build, and earn rewards. ARB, conversely, functions as a Layer-2 scaling solution for Ethereum using optimistic rollup technology to reduce transaction costs and improve throughput. PLAYSOLANA operates at the application layer (gaming entertainment), while ARB operates at the infrastructure layer (blockchain scaling).

Q2: How do the current market capitalizations and liquidity profiles of these two assets compare?

A: ARB demonstrates substantially superior market positioning with a circulating market capitalization of $1,043,769,762.71 compared to PLAYSOLANA's $4,661,445.00—approximately 224 times larger. ARB is listed on 60 exchanges with 24-hour trading volumes of $2,659,148.66 USD, whereas PLAYSOLANA is listed on only 1 primary exchange with significantly constrained liquidity of $24,852.83 USD daily. This liquidity disparity presents substantial challenges for PLAYSOLANA in terms of entry and exit execution.

Q3: Which asset has experienced more severe price depreciation from its all-time high?

A: ARB has declined approximately 92% from its all-time high of $2.39 (January 12, 2024) to its current price of $0.1825, representing more severe absolute depreciation than PLAYSOLANA's 72% decline from $0.01466 (November 14, 2025) to $0.004107. However, when examining one-year performance, PLAYSOLANA demonstrates steeper depreciation at -86.33% compared to ARB's -75.58%, indicating more volatile recent market conditions for the gaming token.

Q4: What are the projected price forecasts for both assets through 2030, and what do they indicate about relative investment potential?

A: PLAYSOLANA projects cumulative gains of 113% by 2030 (optimistic case reaching $0.0110), while ARB projects 70% cumulative gains (optimistic case reaching $0.3912). The higher percentage appreciation forecast for PLAYSOLANA reflects its nascent stage and recovery potential from depressed valuations, whereas ARB's more conservative projections reflect its established market position. However, absolute return amounts differ substantially—ARB's $0.3912 optimistic target represents $39.12 per 100 tokens, whereas PLAYSOLANA's $0.0110 represents $1.10 per 100 tokens.

Q5: How do the tokenomics and supply mechanics differ between PLAYSOLANA and ARB?

A: PLAYSOLANA employs a more restrictive supply mechanism with 1,135,000,000 circulating tokens out of 5,000,000,000 total supply (22.7% circulating ratio) and utilizes an "Alpha Points" system with rolling 15-day accumulation mechanisms. ARB maintains a more established distribution with 5,719,286,371 circulating tokens out of 10,000,000,000 total supply (57.19% circulating ratio). PLAYSOLANA's lower circulating ratio and point-based distribution system suggest potential for future inflationary pressure as unreleased tokens enter circulation, whereas ARB's higher circulating ratio indicates more mature token distribution dynamics.

Q6: Which asset is more appropriate for risk-tolerant versus conservative investors?

A: Conservative investors should prioritize ARB due to its established infrastructure utility, institutional adoption, 60 exchange listings, and governance token functionality within the Arbitrum DAO. Recommended allocation ranges from 15-25% with 20-30% stablecoin reserves. PLAYSOLANA is appropriate exclusively for aggressive investors with 20-30% risk tolerance for speculative gaming ecosystem exposure, limited to those who can withstand potential total capital loss without portfolio disruption.

Q7: What are the primary risk factors differentiating PLAYSOLANA and ARB investment exposure?

A: PLAYSOLANA presents concentrated exchange listing risk (single primary exchange), nascent technology infrastructure risk, Play-to-Earn model sustainability uncertainty, Solana blockchain dependency risk, and project execution risk (evidenced by airdrop distribution delays). ARB presents Layer-2 competitive risk from alternative scaling solutions, Ethereum mainnet dependency risk, bridge security vulnerability exposure, and regulatory uncertainty regarding Layer-2 settlement mechanisms. ARB's risks are primarily ecosystem and competitive in nature, whereas PLAYSOLANA's risks encompass project viability, execution capability, and single-chain concentration.

Q8: Under current market conditions (Fear & Greed Index at 24—Extreme Fear), which asset offers superior entry opportunity?

A: ARB presents superior entry opportunity given its established infrastructure utility, institutional credibility, and predictable governance functions regardless of market sentiment. The Extreme Fear condition has driven ARB to $0.1825 (approximately 92% below its all-time high), potentially representing attractive accumulation opportunity for long-term infrastructure exposure. PLAYSOLANA, while showing -72% depreciation from its November peak, lacks the fundamental utility cushion to justify speculative entry during extreme fear conditions. Conservative investors should prioritize ARB accumulation during extreme fear periods; PLAYSOLANA entry should be delayed until project execution consistency is demonstrated.

Disclaimer: This analysis is provided for informational purposes only and does not constitute investment advice. Cryptocurrency markets carry substantial volatility and risk of capital loss. Conduct independent research and consult qualified financial professionals before making investment decisions.

Report Date: December 23, 2025