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Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (symbol C), is marketing Dual Directional Barrier Securities linked to the S&P 500庐 Index ("SPX") that mature in July 2026. The notes are zero-coupon, unsecured senior obligations and will not be listed on any exchange.

Pay-off profile: for each $1,000 face value note, investors receive:

• Upside: 1-to-1 participation in SPX gains, capped at a maximum upside return of $100 (10%).
• Moderate downside (SPX decline 鈮� 18.20% barrier): positive return equal to the absolute index decline (e.g., 鈥�5% index 鈫� +5% note return).
• Severe downside (SPX decline > 18.20%): full negative exposure; payment equals $1,000 脳 (1 + index return), down to zero at 鈥�100%.

Key terms: strike date 15-Jul-2025; maturity 31-Jul-2026 (t+3 settlement); barrier 鈮� 81.80% of initial index level; CUSIP 17333LMD4; underwriting fee $10 (1.0%); expected issue price $1,000; estimated value 鈮� $935; secondary market is discretionary and may include a six-month temporary bid premium phased to zero.

Investor considerations: the structure favors range-bound or moderately declining markets but significantly limits upside versus direct SPX exposure and exposes holders to full downside beyond 鈥�18.20%. The note pays no coupons or dividends, and investors forgo SPX dividend yield (~1.4% historically). Credit exposure rests on both Citigroup Global Markets Holdings Inc. and Citigroup Inc.

Risk highlights: potential loss of entire principal; illiquidity; valuation and bid-ask spread headwind; initial value < issue price; exposure to discretionary determinations by the affiliated calculation agent; uncertain U.S. tax treatment (pre-paid forward assumption, Section 871(m) review).

The offer targets investors seeking a short-dated, credit-risk-bearing instrument that can deliver modest positive returns in flat to mildly negative equity scenarios, but who are comfortable sacrificing upside and assuming tail-risk to principal.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., plans to issue $1,000-denominated Autocallable Senior Notes due 19 July 2030 linked to the worst performer of three equity benchmarks: the Nasdaq-100 Index, the Russell 2000 Index and the SPDR S&P Regional Banking ETF ("KRE"). The notes pay no coupons; investor return is driven solely by the indices鈥� levels on scheduled valuation dates.

Automatic early redemption (autocall): on any of 17 quarterly valuation dates starting 17 July 2026, if the worst performer closes 鈮� its initial level, the notes are called at $1,000 plus a fixed premium that steps from 12.10 % of par (first date) up to 60.50 % of par (final date). Once redeemed, no further payments accrue.

Maturity payoff (if not earlier called):

• If the worst performer on 16 July 2030 鈮� its initial level 鈥� return of par plus the final 60.50 % premium.
• If the worst performer is < initial but 鈮� its barrier (60 % of initial) 鈥� par only.
• If the worst performer is < barrier 鈥� investor loses 1 % of principal for every 1 % decline; maximum loss: 100 %.

Key terms: issue price $1,000; estimated value at pricing 鈮� $879 (c.12 % discount to issue); underwriting fee up to $41.25 (4.125 %); CUSIP 17333LMP7; not exchange-listed; secondary liquidity solely via Citigroup Global Markets Inc. The notes carry the senior unsecured credit risk of both the issuer and guarantor.

Risk highlights:

• No interest payments and limited upside (capped at scheduled premiums).
• Full exposure to downside of the worst performing underlying; diversification benefit is absent.
• 60 % barrier provides only partial protection; a 40 % drop in any underlying triggers proportional capital loss.
• Liquidity risk: no exchange listing and CGMI may cease market-making at any time.
• High structural costs: underwriting spread plus model-based estimated value 12 % below issue price.
• Tax treatment uncertain; product expected to be treated as a prepaid forward contract.

These notes are suited only for investors who can accept credit risk, market volatility, barrier downside and early-call reinvestment risk in exchange for predefined premiums.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing 3-Year Autocallable Contingent Coupon Securities linked to Tesla, Inc. (TSLA). The notes pay a quarterly contingent coupon of at least 15.00% per annum (rate set on the pricing date) only when TSLA鈥檚 closing price on a valuation date is at or above the 60% coupon-barrier. Beginning after six months, the securities are subject to quarterly automatic redemption if TSLA closes at or above its initial value; investors then receive the $1,000 principal plus the coupon.

If not autocalled, the notes mature on 2-Aug-2028. At maturity holders receive $1,000 provided TSLA is at or above 60% of its initial level; otherwise payment is reduced one-for-one with TSLA鈥檚 decline, potentially to $0. Investors receive no upside participation beyond coupons. Key risks include full downside to TSLA below the 60% final barrier, loss of coupons when TSLA is below the hurdle, structural leverage to volatility, credit exposure to Citi, lack of listing, an issue-price premium over estimated value, and uncertain U.S. tax treatment.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing 3-Year Autocallable Contingent Coupon Securities linked to Tesla, Inc. (TSLA). The notes pay a quarterly contingent coupon of at least 15.00% per annum (rate set on the pricing date) only when TSLA鈥檚 closing price on a valuation date is at or above the 60% coupon-barrier. Beginning after six months, the securities are subject to quarterly automatic redemption if TSLA closes at or above its initial value; investors then receive the $1,000 principal plus the coupon.

If not autocalled, the notes mature on 2-Aug-2028. At maturity holders receive $1,000 provided TSLA is at or above 60% of its initial level; otherwise payment is reduced one-for-one with TSLA鈥檚 decline, potentially to $0. Investors receive no upside participation beyond coupons. Key risks include full downside to TSLA below the 60% final barrier, loss of coupons when TSLA is below the hurdle, structural leverage to volatility, credit exposure to Citi, lack of listing, an issue-price premium over estimated value, and uncertain U.S. tax treatment.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing 3-Year Autocallable Contingent Coupon Securities linked to Tesla, Inc. (TSLA). The notes pay a quarterly contingent coupon of at least 15.00% per annum (rate set on the pricing date) only when TSLA鈥檚 closing price on a valuation date is at or above the 60% coupon-barrier. Beginning after six months, the securities are subject to quarterly automatic redemption if TSLA closes at or above its initial value; investors then receive the $1,000 principal plus the coupon.

If not autocalled, the notes mature on 2-Aug-2028. At maturity holders receive $1,000 provided TSLA is at or above 60% of its initial level; otherwise payment is reduced one-for-one with TSLA鈥檚 decline, potentially to $0. Investors receive no upside participation beyond coupons. Key risks include full downside to TSLA below the 60% final barrier, loss of coupons when TSLA is below the hurdle, structural leverage to volatility, credit exposure to Citi, lack of listing, an issue-price premium over estimated value, and uncertain U.S. tax treatment.

Schedule 13D/A Amendment No. 5 highlights a fresh ownership update by Saba Capital Management, L.P. and affiliates in Principal AG真人官方 Estate Income Fund (ticker PGZ). As of 7 July 2025, the group 鈥� comprising Saba Capital Management, L.P., its general partner Saba Capital Management GP, LLC, and managing member Boaz R. Weinstein 鈥� reports beneficial ownership of 317,889 common shares. This represents 4.75 % of PGZ鈥檚 6,694,109 outstanding shares (per the fund鈥檚 N-CSRS filed 7/3/25). All voting and dispositive powers are shared among the reporting persons; none hold sole authority.

The filing states that approximately $4.79 million in investor capital and related margin borrowings were used to accumulate the position, with every trade executed in the open market between 7/3/25 and 7/11/25 (full trade list in Exhibit 4, Schedule A). Item 4 (鈥淧urpose of Transaction鈥�) is marked 鈥淣ot Applicable,鈥� indicating no stated strategic plans or proposals at this time. No criminal or civil proceedings involving the reporting persons are disclosed, and there are no contracts, arrangements, or understandings affecting the securities beyond ordinary-course margin pledges.

Because the disclosed stake remains below the 5 % threshold, the amendment mainly refreshes Items 3 (source of funds), 5 (ownership details) and 7 (exhibits) rather than signalling a transformational change. Nonetheless, Saba Capital is known for value-oriented, event-driven investing, so its continued accumulation may draw investor attention even in the absence of an articulated agenda. All signatures are dated 7/14/2025 and executed by General Counsel Michael D鈥橝ngelo on behalf of each entity under existing powers of attorney.

UBS AG is offering $2.001 million of Trigger Autocallable Contingent Yield Notes that mature on 14 July 2027. The notes are linked to the least-performing of two underlying assets: (1) the common stock of NextEra Energy, Inc. (NEE) and (2) the S&P 500庐 Index (SPX).

Key economic terms

• Issue price: $1,000 per note; CUSIP 90309KDF8
• Contingent coupon rate: 8.85 % p.a. (monthly $7.375 if payable)
• Coupon barrier: 55 % of each initial level
    鈥� NEE $40.51
    鈥� SPX 3,444.79
• Automatic call: monthly observations beginning after 14 months; callable when each underlying 鈮� 100 % of its initial level
• Downside threshold (55 % of initial level): identical to coupon barrier
• Initial levels (strike date 9-Jul-2025): NEE $73.65; SPX 6,263.26
• Estimated initial value: $979.70 (reflects underwriting discount $4.00 and internal funding adjustments)

Payment mechanics

• Coupons: Paid only if both underlyings close 鈮� their respective coupon barriers on an observation date. If any underlying is below its barrier, the coupon for that month is forfeited.
• Automatic call: If both underlyings close 鈮� their call thresholds (100 % of initial level) on any observation date after month 14, investors receive principal plus the applicable coupon and the notes terminate early.
• Maturity: 鈥� If no call and both underlyings 鈮� downside thresholds, principal is repaid.
  鈥� If no call and any underlying < downside threshold, redemption amount = principal 脳 (1 + return of worst-performing asset). Investors may lose up to 100 % of principal.

Risk highlights

• Full downside exposure: If either underlying falls > 45 % from its initial level at final valuation, repayment is proportionally reduced.
• Credit risk: All payments depend on the senior unsecured credit of UBS AG; the notes are not FDIC-insured.
• Liquidity: The notes will not be listed; secondary market making is discretionary and may reflect significant bid-ask spreads.
• Valuation gap: Issue price exceeds estimated initial value by $20.30 per note due to fees and hedging costs.

Timeline

• Strike: 9-Jul-2025  |  Trade: 10-Jul-2025  |  Settle: 15-Jul-2025 (T+3)
• Monthly observation dates through 9-Jul-2027
• Maturity / final payment: 14-Jul-2027

Offering details

• Total proceeds to UBS: $1,992,996; underwriting discount: $8,004
• Dealer: UBS Securities LLC, with re-allowance to third-party dealers

Suitability: Product targets investors who (i) can tolerate loss of principal, (ii) seek high conditional income, (iii) are comfortable with performance of both NEE and the S&P 500, and (iv) understand that coupons are not guaranteed and that early redemption may occur.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unlisted Medium-Term Senior Notes, Series N linked to the Russell 2000庐 Index. The securities are zero-coupon, unsecured debt instruments with a 12-month tenor, priced on 10 Jul 2025, issued on 15 Jul 2025 and maturing on 21 Jul 2026.

Key payout mechanics

• Stated principal: $1,000 per security.
• Digital return: If the index closes on the valuation date at or above the initial value of 2,263.410, holders receive $1,150 (principal + fixed $150, equal to 15%).
• Full downside exposure: If the index declines, principal is reduced 1-for-1 with the percentage loss of the index, down to zero; there is no downside buffer.
• No interim interest or coupons and no dividend participation.

Pricing and economics

• Issue price: $1,000; estimated value calculated by CGMI: $971.30 (2.9% below issue price).
• Underwriting fee: up to $20 (2%) per note; net proceeds to issuer: $980 per note.
• Not listed on any exchange; secondary market making is discretionary by CGMI and can be withdrawn at any time.

Risk highlights

• Investors may lose the entire investment if the Russell 2000庐 declines 100%.
• Return is capped at 15%, causing under-performance versus direct index exposure in strong rallies.
• Exposure to credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc.
• Liquidity risk due to absence of listing; any indicative bid will reflect a bid-ask spread and could be materially below issue price, especially because of a temporary post-issuance adjustment that amortizes over three months.
• Estimated value and any secondary price use different funding curves; both are below issue price.
• Complex U.S. tax treatment; characterised as a prepaid forward contract but not IRS-confirmed.

Investor suitability: The notes may appeal to investors seeking short-dated, contingent exposure to small-cap equities with a defined 15% upside and are willing to accept uncapped downside, no yield and limited liquidity. The product is high-risk, high-complexity and should be considered only by investors who fully understand structured products and the associated credit and market risks.

Bit Digital, Inc. (Nasdaq: BTBT) has filed a preliminary prospectus supplement for a registered direct offering of an unspecified number of ordinary shares to certain institutional investors. Pricing, share count and gross proceeds will be finalised at pricing, but the company discloses that all net proceeds are earmarked for the purchase of Ethereum (ETH), further accelerating its strategic transition toward an ETH-centric treasury and staking model.

Current ETH platform: Bit Digital has accumulated roughly 100,603 ETH (as of 7 July 2025) and operates one of the world鈥檚 largest institutional validator infrastructures, supported by Fireblocks and Cactus Custody. Management expects staking rewards and future ETH purchases to become the primary driver of shareholder value and intends to divest or wind down the legacy bitcoin-mining assets.

Recent capital raises: The company closed an underwritten equity offering on 27 June 2025 (including full over-allotment) issuing 86.25 million shares for net proceeds of $162.9 million. Pro-forma cash and cash equivalents were $220.4 million at 31 March 2025 versus $57.6 million historically, while shareholders鈥� equity rose to $580.2 million.

Preliminary Q2-25 top-line: Unaudited revenue is expected between $24.3-26.9 million. These figures are management estimates, have not been reviewed by Audit Alliance LLP and may change upon completion of closing procedures.

WhiteFiber HPC spin-out: Subsidiary WhiteFiber has confidentially submitted a Form S-1 for a potential IPO. Bit Digital will contribute 100 % of its HPC assets and provide transition services for up to two years. Timing and valuation remain subject to SEC review and market conditions.

Capital structure & dilution: Ordinary shares outstanding were 297.6 million on 11 July 2025, with RSUs (3.77 m), private warrants (10.12 m) and options (0.36 m) potentially increasing dilution. The new registered direct offering will add further shares; exact dilution will depend on final terms.

Key risks flagged include extreme ETH price volatility, absence of dividends, PFIC status uncertainty, substantial future share issuances, and execution risks around the WhiteFiber IPO. The prospectus carries standard forward-looking-statement disclaimers and emphasises that Bit Digital is a 鈥渟maller reporting company,鈥� allowing reduced disclosure.