Ocado shares sink as Kroger reviews automated warehouse plan

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Ocado’s shares tumbled 13% on Friday after U.S. retail giant Kroger signaled a possible pullback from its investment in robotic fulfilment centres, raising doubts over one of Ocado’s most important international partnerships.

Kroger’s interim CEO Ron Sargent, who launched a strategic review of the company’s e-commerce operations in June, told investors the retailer was conducting a “site-by-site” analysis of its automated warehouse network, developed with Ocado since 2018. He said the company was “taking a hard look” at some facilities and stressed that fulfilling online orders from stores would remain a priority.

The remarks fueled investor concerns that Kroger might slow or scale back its rollout of Ocado’s customer fulfilment centres (CFCs). The 2018 deal had earmarked 20 U.S. sites, but only eight are operational, with two more in Charlotte and Phoenix slated to open in early fiscal 2025–26.

Barclays analysts described Kroger’s tone as “cautious,” noting greater emphasis on leveraging existing store footprints.

Ocado, however, sought to downplay fears, pointing to positive e-commerce growth trends flagged in Kroger’s Q2 results and stressing continued collaboration on technology and operations. CEO Tim Steiner has previously insisted that the U.S. remains a “huge opportunity,” though he declined to confirm whether the exclusivity element of the Kroger deal would remain in place after this year.

Ocado shares are now down 18% over the past year, and Kroger is expected to provide a fuller update on its review in the third quarter.

Tether launches USAT stablecoin to expand U.S. footprint

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Tether, the world’s largest stablecoin issuer, announced plans to roll out a new U.S.-based stablecoin called USAT, aimed specifically at American residents. CEO Paolo Ardoino said the project, set to launch by year-end, will strengthen the company’s presence in the U.S. market.

The new venture will be led by Bo Hines, a former White House official and recent advisor to Tether. USAT will be issued by Anchorage Digital Bank, which holds a national trust charter with the U.S. Office of the Comptroller of the Currency. Cantor Fitzgerald will act as custodian and preferred primary dealer. The company will be headquartered in Charlotte, North Carolina.

Tether’s flagship stablecoin, USDT, already dominates globally with a $169 billion market cap, but operates from El Salvador. With the recent passage of the GENIUS Act, which mandates stablecoin reserve disclosures and backing with liquid assets like dollars and Treasuries, Tether said it intends to comply both as a foreign issuer (USDT) and through its U.S.-based USAT.

Ardoino framed the move as necessary to counter competitors “trying to create a monopolistic environment” in the U.S. Hines added that the expansion would be “exorbitant” over the next 12–24 months.

The announcement comes shortly after rival Circle’s blockbuster IPO, which raised over $1 billion. Tether itself has become a significant player in U.S. financial markets, purchasing $33.1 billion of U.S. Treasury bills in 2024, making it the seventh-largest buyer of government debt.

Tether has faced scrutiny in the U.S. before, including a 2021 settlement with the New York Attorney General over reserve transparency and past investigations into compliance practices. Still, with the GENIUS Act providing a clear framework, Tether is positioning itself as a long-term participant in U.S. finance.

Lendbuzz posts 38% revenue surge ahead of U.S. IPO

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Auto-loan fintech Lendbuzz disclosed a sharp 38% jump in revenue in its U.S. IPO filing, underscoring renewed investor interest in fintech listings after years of market slowdown.

The Boston-based company reported $172.9 million in revenue and $11.1 million in net income for the first half of 2025, up from $125.4 million revenue and $5.6 million profit a year earlier. Lendbuzz and some existing shareholders will sell shares in the offering, with the stock set to trade on Nasdaq under the ticker “LBZZ”.

Founded in 2015, Lendbuzz uses artificial intelligence to provide auto loans for borrowers with little or no credit history, positioning itself as an alternative to traditional banks. The company partners with car dealerships and was last valued at $1.1 billion in a 2023 funding round. Its major backers include venture firms 83North and OG Tech Ventures.

The IPO will be led by Goldman Sachs, J.P. Morgan, RBC Capital Markets, and Mizuho.

The listing follows Swedish buy-now-pay-later firm Klarna’s New York debut earlier this week, a long-awaited moment seen as a test case for fintech IPOs. Analysts suggest Klarna’s aftermarket performance will act as a bellwether for firms like Lendbuzz hoping to benefit from the rebound in tech listings.

Edward Best, partner at Willkie Farr & Gallagher, said IPO activity will likely remain strongest in AI and fintech, reflecting where investor excitement is concentrated.