Monthly Outlook: ZIP, Robots, Treasure

Markets gained ground in August, with the S&P 500 rising 1.9% and the ASX 200 advancing 2.6%. The momentum was fuelled by a 25 basis point rate cut from the Reserve Bank of Australia, which lowered the cash rate to 3.6%, the lowest level since May 2023. Attention now shifts to the US Federal Reserve, with traders currently assigning an 87% probability of a 25 basis point cut at its September 16-17 policy meeting, which would take the target range to 4.00 to 4.25%.

Closer to home, several stocks popular among the CMC Invest community delivered standout performances in August. Life360 [360] and Lynas Rare Earths [LYC] posted strong gains for the month, lifting their year-to-date performance to 109% and 115% respectively. Gold also rallied in the final week of August, climbing to around US$3,450 and approaching its all-time high near US$3,500. That momentum supported gold miners, including Vault Minerals [VAU], Westgold Resources [WGX], and West African Resources [WAF].

Against this backdrop, three stories stood out for September: a BNPL name staging a comeback, robots moving from hype into the real economy, and a bold new way to gain Ethereum exposure.

ZIP’s second act

Buy now, pay later provider Zip Co [ZIP] has surged 32% over the past month after posting its strongest full-year result on record. The stock jumped as much as 25% on the day of the announcement, following news of a $79.9 million net profit after tax for FY25. That marked a staggering 1,110% increase from the prior year. Turns out some BNPLs can be profitable after all, although it certainly hasn’t been smooth sailing for investors along the way.

In its FY25 results, the company reported Total Transaction Volumes (TTV) rising 30.3% to $13.0 billion. Revenue also grew by 23.5% to reach $1.08 billion. The standout performer was the United States, where revenue climbed 46%. The US business now accounts for more than 80% of ZIP’s divisional cash earnings and remains the primary driver of future growth.

ZIP has issued guidance for FY26, targeting US TTV growth above 35% in USD terms. Management sees the American market as an early-stage BNPL environment with significant room to scale, especially when compared to more mature markets like Australia or the UK.

To unlock further value and tap into growing US investor interest, ZIP is now considering a potential Nasdaq listing alongside its existing ASX presence. A dual listing is being explored as a way to broaden the company’s investor base and better reflect the increasing weight of its US operations.

On the CMC Invest platform, TipRanks is currently displaying a 12-month price target range of $3.40 to $5 for the stock. These forecasts are based on research from a range of major institutional analysts, including Citi, Jefferies, Ord Minnett, RBC Capital, UBS, and Goldman Sachs.

Teradyne powers up

Amid the ongoing wave of AI innovation, robotics stands out as one of the few areas where real-world applications are already taking hold. From humanoid robot competitions to factory and home automation, this is no longer just a future promise. It is happening now.

Teradyne [TER:US] is a stock deeply embedded in this shift. Best known for its semiconductor testing equipment, the company is also a key enabler of industrial automation through its collaborative robotics division. It has largely flown under the radar during the past two years of AI-driven market hype. That may be starting to change. Shares jumped 13% in August, building on a 35% gain in July. The rally was fuelled by strong AI-related demand, a solid earnings beat, and upbeat forward guidance signalling renewed momentum in its core semiconductor testing business.

Teradyne operates across several business units. Its industrial automation division builds collaborative robots, also known as cobots, which are designed to work safely alongside humans on factory floors. These robots automate repetitive or precision tasks across sectors such as automotive, manufacturing, and logistics.

Another key division focuses on automated test equipment, which allows technology companies to test semiconductors and electronic systems before they are shipped. This function is especially critical in computing, communications, and consumer electronics, where chip reliability is non-negotiable.

Recent results have put Teradyne back on investors’ radars. In the second quarter of 2025, the company delivered revenue of $652 million and non-GAAP earnings per share of $0.57, both above analyst expectations. Its Semiconductor Test segment alone generated $492 million, reflecting the surge in demand for AI chips and high-performance processors.

Management has forecast third-quarter revenue between $710 million and $770 million, representing a 13.5% sequential increase. Profitability is also expected to rise, which points to strong momentum in the second half of the year.

With AI demand accelerating, Teradyne has an opportunity to cement itself as a central player in both the semiconductor and automation landscape. Some institutions already see it that way. In fact, Teradyne is the third-largest holding in both Global X’s Robotics and Automation ETF [ROBO] and Cathie Wood’s ARK Autonomous Technology and Robotics ETF (ARKQ:US).

Crypto treasure hunters

BitMine Immersion Technologies [BMNR:US] surged 26% in August, continuing a volatile run since relaunching as an Ethereum [ETH/USD] treasury company. BitMine climbed to become the 20th most traded stock in the US in August, with total dollar volume traded hitting $57 billion. That was more than Berkshire Hathaway at $52 billion, JPMorgan Chase at $45 billion, and Visa at $44 billion. It also entered CMC Invest’s top 10 most traded US stocks by retail investors for August, ranking ahead of Apple by trade count.

So, what exactly is a crypto treasury company? It is a business that buys and holds cryptocurrency such as Bitcoin [BTC/USD] or Ethereum, typically as part of its core business model. Instead of selling products or services, its goal is simple: buy crypto, hold it long term, and ideally grow the amount it owns over time. This approach was pioneered by Michael Saylor’s Strategy [MSTR:US] with Bitcoin. Around 200 public companies have since followed his lead with Bitcoin alone, and more are now emerging across other assets such as Solana [SOL/USD] and Ethereum treasuries.

Unlike a crypto ETF such as the iShares Bitcoin Trust [IBIT:US], which holds crypto one-to-one and tracks its price almost exactly, a treasury company’s share price can behave very differently. This is because it is still a business. It can raise capital through equity, debt, or other financial tools, which can introduce leverage, dilution for shareholders, and greater volatility.

Investors may assign a premium or discount to a treasury company’s crypto holdings depending on confidence in its strategy. As a result, the share price can deliver amplified upside or downside relative to the underlying crypto it holds. Cash reserves, other crypto positions, and even legacy business units can also affect valuation. Ultimately, if the company keeps adding to its crypto stash, then on a per share basis each share could be linked to a larger amount of crypto than before.

Under Chairman Tom Lee, BitMine now holds 1.71 million ETH, worth around $8.8 billion. That makes it the largest corporate holder of Ethereum globally, and the second-largest crypto treasury overall, behind only Strategy’s Bitcoin reserve. BitMine now owns close to 1.5% of all Ethereum in circulation. Some high-profile investors are getting in on the action. Peter Thiel’s Founders Fund holds a 9.1% stake in BitMine, signalling growing institutional interest in Ethereum treasury strategies.

BitMine wants to accumulate up to 5% of all Ethereum, positioning itself as a public market proxy for long-term ETH exposure. If Ethereum’s value continues to rise and institutional demand grows, BMNR could serve as a liquid, regulated gateway for investors who want crypto exposure without holding the asset directly. Assuming the company executes its strategy effectively, it could see amplified gains if Ethereum’s price rises.

That said, BitMine’s success depends heavily on the ETH price, and it is using dilution and debt to scale rapidly, strategies that can backfire if the market turns. Strategy’s historical chart illustrates how volatile this model can be, with its stock falling roughly 85% from peak to trough during the last Bitcoin cycle. Likewise, treasury mismanagement or a sudden crypto downturn could punish BitMine’s stock far more than Ethereum itself.

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