revenue

Forward Industries, a Solana treasury company, announced its quarterly financial report for the period ending March 31, 2026, showing a year-on-year revenue increase of 319% to $13 million. However, due to the decline in the fair value of crypto assets, net losses widened to $283.1 million.The company stated that the growth this quarter was mainly driven by increased staking rewards from Solana (SOL). However, during the same period, it recorded a digital asset loss of $201.7 million and an asset impairment of $85.1 million, primarily due to the price volatility of SOL leading to a decrease in the valuation of holdings.The financial report indicated that the company held approximately 7.04 million SOL during the quarter and earned about 201,200 SOL in rewards through staking, with nearly all SOL assets being staked. Solana fell approximately 33.7% during the reporting period, closing at $82.44. Price volatility is considered the core factor dragging down financial performance.Additionally, Forward Industries signed a loan agreement with Galaxy Digital in March and drew the first tranche of $40 million in financing, using fwdSOL as collateral, with a comprehensive annual interest rate of about 3.4%. The company stated that this financing is used to optimize its liquidity structure.Company management indicated that they have adjusted the balance sheet through cost reductions, debt instruments, and stock buybacks to cope with market volatility and enhance long-term value. Despite a significant widening of quarterly losses, the company's stock price slightly declined in after-hours trading following the financial report, but it still recorded a monthly increase recently.

Nasdaq-listed company Bit Digital released its Q1 2026 financial report, showing total revenue of $27.9 million, a decrease of 13.6% from the previous quarter, primarily affected by declines in Ethereum staking income, cloud services, and mining business revenue.Among them, ETH staking income fell by 29.4% to $2.3 million, with the company citing reasons including the drop in ETH prices and a reduction in staking scale. Meanwhile, cloud service revenue decreased by 13.1% to $16.8 million, and Bitcoin mining revenue dropped by 32.9% to $3.7 million.During the reporting period, the company's net loss widened to $146.7 million, mainly impacted by non-cash factors such as changes in the fair value of digital assets.As of the end of March, the Ethereum holdings were approximately 154,400 coins, valued at about $327 million. The company stated that it has converted about 70,000 ETH into liquid staking to enhance asset flexibility.In recent years, Bit Digital has continuously shifted from Bitcoin mining to Ethereum staking and digital asset treasury strategies, gradually laying out high-performance computing (HPC) and AI infrastructure business. The company's management indicated that future capital allocation will continue to tilt towards Ethereum and infrastructure.

Cryptocurrency exchange Gemini released its Q1 financial report, with revenue reaching $50.3 million, a 42% increase from $35.3 million in the same period last year, which led to a 30% rise in its stock price during after-hours trading. The company stated that the growth mainly came from service business, OTC trading, and cryptocurrency-related credit card businesses such as the Gemini Credit Card. Among these, the credit card segment's revenue grew by approximately 300% year-over-year, nearing half of the total revenue.Gemini also disclosed data on its prediction market business for the first time. Since its launch in December last year, this business has attracted over 20,000 users trading contracts, with a total of over 100 million contracts traded, contributing approximately $400,000 in revenue. The company noted that trading volume in April further increased by 78% compared to the previous month. Gemini CEO Tyler Winklevoss stated that the company is gradually transforming from a cryptocurrency trading platform into a broader "market company." Previously, Gemini obtained a CFTC derivatives clearing organization license to support its expansion into derivatives and prediction market businesses.

According to CoinDesk, the crypto platform Bullish (BLSH) announced its performance for the first quarter of 2026, with adjusted revenue of $92.8 million, below analysts' expectations of $94.9 million; adjusted EBITDA was $35.1 million, also below the expected $38 million; the net loss reached $604.9 million, equivalent to a loss of $3.85 per share, with the loss widening compared to the same period last year. Due to sluggish digital asset trading activity, BLSH's stock price fell by 7.9% in pre-market trading, reporting at $38.51.

According to The Block, the ranking of fee revenue from major blockchains last week showed a different pattern compared to the original activity metrics. Hyperliquid led all public chains with approximately $11 million in fee revenue, accounting for about 43% of the market share. Its fees primarily come from perpetual contract trading activities, where users pay fees for opening, holding, and closing positions.Over the past year, Hyperliquid's market share has significantly increased as derivatives traders rapidly migrated to its dedicated infrastructure. In contrast, Ethereum's fee revenue was about $3 million, accounting for approximately 13%, with revenue sources covering a broader mix including DeFi interactions, smart contract executions, and token transfers. Solana's fee revenue was about $2 million, accounting for around 10%, showing a significant gap compared to its DEX trading volume share, indicating that high-frequency, low-fee meme coin trading has not effectively converted into fee revenue.

Digital asset infrastructure company BitGo Holdings (NYSE: BTGO) recently released its first quarterly report since going public. In the first quarter of 2026, the company reported total revenue of $3.77 billion, a year-on-year increase of 112.6%, mainly driven by the expansion of its digital asset business and growth in stablecoin-as-a-service revenue.However, GAAP net loss widened from $25.7 million in the same period last year to $60.7 million, due to a non-cash market value adjustment of approximately $53.7 million on Bitcoin holdings and increased equity incentive expenses related to the IPO. Adjusted EBITDA recorded a loss of $1.7 million, compared to a profit of $3.9 million in the same period last year.During the quarter, BitGo launched its derivatives business in January, generating approximately $3 billion in nominal trading volume. Since derivatives revenue is recognized on a net basis while spot trading is recognized on a gross basis, revenue decreased by 38.7% quarter-on-quarter. The number of customers increased by 42% year-on-year to 5,569. As of the end of the quarter, the company held 2,449 Bitcoins and $186.6 million in cash.

Japan's Bitcoin treasury company Metaplanet announced its Q1 performance for the fiscal year 2026: revenue was 30.8 billion yen, a year-on-year increase of 251.1%; operating profit was 22.67 billion yen, a year-on-year increase of 282.5%; recurring loss was 114.928 billion yen, mainly affected by accounting impairments due to the decline in Bitcoin prices. As of March 31, 2026, Metaplanet held 40,177 BTC, with a fully diluted per-share BTC holding increasing by 2.8% compared to the end of 2025.The company stated that as of May 12, 2026, its BTC holdings had a market value of approximately 514 billion yen, accounting for about 87% of the total BTC holdings of listed companies in Japan. In addition, Metaplanet maintained its full-year performance guidance for the fiscal year 2026, expecting total revenue of 16 billion yen, a year-on-year increase of 79.7%; and total operating profit of 11.4 billion yen, a year-on-year increase of 81.3%.

According to The Block, eToro's revenue from its cryptocurrency business in the first quarter of 2026 fell to $2.15 billion, down from $3.5 billion in the same period of 2025; the total number of cryptocurrency transactions decreased by 32% year-on-year.During the same period, the cost of revenue from its cryptocurrency business dropped from $3.5 billion to $2.1 billion, and the cryptocurrency holdings on the balance sheet slightly decreased from $62.6 million at the end of 2025 to $60.5 million. eToro stated that it completed the $70 million acquisition of cryptocurrency wallet company Zengo during the quarter and launched cryptocurrency trading services in New York.

According to Cointelegraph, Bakkt released its financial report for the first quarter of 2026, showing a net loss attributable to the company of $11.7 million, or a loss of $0.41 per share; compared to a net profit of $7.7 million in the same period last year.Due to a decline in cryptocurrency trading volume, Bakkt's cryptocurrency service revenue fell from $1.07 billion in the same period last year to $243.6 million, a year-on-year decrease of 77%, although most of this was offset by cryptocurrency costs and brokerage fees. The company held $82.6 million in cash at the end of the first quarter and has no long-term debt.Bakkt stated that it is transitioning from cryptocurrency trading infrastructure to stablecoin payments and AI financial infrastructure, and completed the acquisition of Distributed Technologies Research on April 30, gaining an AI-native payment engine and a stablecoin compliance technology stack.

According to The Block, the non-custodial crypto wallet Exodus (NYSE: EXOD) announced its Q1 2026 performance, with revenue of $22.7 million, a year-on-year decrease of 37%, primarily due to a 40.8% decline in exchange aggregation revenue; the net loss for the quarter widened to $32.1 million, compared to $12.9 million in the same period last year; the transaction volume was $1.18 billion, a quarter-on-quarter decrease of 26%.In addition, Exodus completed the acquisition of Monavate and Baanx on May 1. In after-hours trading on Monday, Exodus's stock price fell by 4.9%. The stock has risen 20.5% in the past month but is still down 47.9% year-to-date.

According to BBX data, the earnings season for cryptocurrency concept stocks concluded yesterday with two significant announcements. The core data for the stablecoin sector and mining sector has been revealed, with the following key updates:Circle Internet Group, Inc. (NYSE: $CRCL) announced its Q1 2026 earnings report via BusinessWire on May 11: total revenue and reserve income amounted to $694 million (up 20% year-over-year), below the analyst consensus expectation of approximately $715 million, a difference of about $20.75 million; GAAP EPS was $0.21, exceeding expectations by $0.03 (consensus $0.18); adjusted EBITDA was $151 million (up 24% year-over-year), with a profit margin of 53%; net profit (from continuing operations) was $55 million (down 15% year-over-year). The USDC circulation at the end of the quarter was $77 billion (up 28% year-over-year), with on-chain transaction volume reaching $21.5 trillion (up 263% year-over-year); reserve interest income was $653 million (up 17% year-over-year), with a reserve yield of 3.5% (down 66 basis points year-over-year, reflecting a decline in SOFR); the full-year 2026 guidance remains unchanged. Additionally, Circle disclosed that ARC Token completed a $222 million private pre-sale, with a fully diluted network valuation of $3 billion, and investors include institutions such as a16z crypto, Apollo, ARK Invest, BlackRock, General Catalyst, Haun Ventures, Intercontinental Exchange, IDG Capital, Janus Henderson, and Standard Chartered Ventures.MARA Holdings, Inc. (NASDAQ: $MARA) announced its Q1 2026 earnings report via GlobeNewswire on May 11: revenue was $174.6 million (down 18% year-over-year, below the consensus of approximately $182.7 million); net loss was $1.3 billion (per share -$3.31, below the consensus range of -$2.20 to -$2.34), with about $1 billion stemming from non-cash accounting losses due to the decline in fair value of digital assets; during Q1, the company mined 2,247 BTC and sold 20,880 BTC during the same period; as of March 31, BTC holdings decreased to 35,303 BTC (approximately $2.4 billion); hash rate increased by 33% year-over-year to 72.2 EH/s; approximately 30% of the outstanding convertible debt (with a face value of over $1 billion) has been repaid; cash and BTC combined balance is $2.9 billion.

CleanSpark released its Q1 fiscal year 2026 earnings report: the revenue for the quarter was $136.4 million, a year-over-year decrease of 24.9%; the net loss was $378.3 million, compared to a net loss of $138.8 million in the same period last year; adjusted EBITDA was negative $241.2 million.At the same time, the company stated that contracted power capacity doubled year-over-year, including 585 MW of capacity approved by ERCOT; Bitcoin holdings increased by 14% year-over-year, and average monthly hash rate increased by 18% year-over-year. As of March 31, 2026, CleanSpark held $260.3 million in cash, $925.2 million in Bitcoin assets, and total assets of $2.9 billion.

Circle announced its financial report for the first quarter of fiscal year 2026. The data shows that by the end of the first quarter, the circulation of USDC reached $77 billion, a year-on-year increase of 28%; the on-chain transaction volume of USDC in the first quarter reached $21.5 trillion, a year-on-year increase of 263%. The financial report indicates that Circle's total revenue and reserve income for the first quarter were $694 million, a year-on-year increase of 20%; adjusted EBITDA was $151 million, a year-on-year increase of 24%; net profit was $55 million, a year-on-year decrease of 15%.In addition, Circle disclosed that its ARC Token presale financing reached $222 million, with a fully diluted valuation of $3 billion, and participating investors include institutions such as a16z crypto, BlackRock, and ARK Invest. The company also announced the launch of the "Agent Stack" infrastructure aimed at AI agent scenarios, including products like Agent Wallets and Agent Marketplace, to support USDC-based AI agent payments and business activities.

According to BBX data, last week the earnings season for cryptocurrency concept stocks reached its conclusion, while institutional-level derivatives product lines expanded simultaneously. The core dynamics are as follows:CME Group Inc. (NASDAQ: $CME) reported by CoinDesk on May 7 plans to officially launch Bitcoin volatility futures (BVOL) on June 1, 2026, pending regulatory approval; the underlying asset for this product is the Bitcoin implied volatility index, allowing institutional investors to take long or short positions based solely on the magnitude of volatility without needing to predict the direction of BTC price movements, filling the gap for "pure volatility tools" in the existing Bitcoin derivatives market. For corporate treasury managers (such as Strategy-type companies) and cryptocurrency options market makers who need to hedge Bitcoin position volatility exposure, BVOL provides the most direct standardized hedging tool to date.Circle Internet Group, Inc. (NYSE: $CRCL) will release its Q1 2026 earnings report today (May 11) at 8:00 AM (ET) via an official live stream; the current analyst consensus expects revenue of approximately $715 million (Zacks data $717.1 million, S&P Global data $714.9 million, year-on-year approximately +11%, quarter-on-quarter approximately -7%), adjusted EPS of about $0.15---$0.27; last quarter (Q4 2025) reserve interest income was $733 million (year-on-year +69%), with an average market cap of USDC around $76.2 billion; as of May 6, the circulating supply of USDC was approximately $78.1 billion, and the integration of stablecoin infrastructure with Meta and Visa, along with the policy expectations from the CLARITY Act markup in May, are the most closely watched valuation catalysts this season.

Strategy CEO Phong Le posted on platform X that the company's software business achieved its strongest quarterly performance in nearly a decade in Q1 2026, with revenue growth of 12%, including a 59% increase in cloud business revenue and a 27% increase in controllable profits. The company has 1,500 employees, serving over 3,000 clients and more than 500,000 active users, including nearly half of the Fortune 500 companies.Le stated that the combination of the Bitcoin treasury business and the software business has a unique synergy: the world-class engineering, security, enterprise sales, and compliance experience of the software business provides institutional-level expertise for the Bitcoin business; conversely, the Bitcoin mission inspires employees, attracts talent, and accelerates innovation in the software business. The company recently built the AI data platform Mosaic, integrating large language models, massive-scale computing, and data warehousing. Le expects to leverage multiple AI models in the coming year to restructure internal processes and systems, achieving workflow automation and system autonomy.

According to DefiLlama data, three relatively active DeFi applications, Hyperliquid, EdgeX, and Pump.fun, have collectively distributed $96.3 million in revenue to token holders over the past 30 days. Among them, Hyperliquid leads with $50.95 million, with all revenue returned directly to holders and zero incentive spending; Pump.fun returned $22.09 million to holders from a total revenue of $38.81 million; EdgeX allocated $23.26 million from $8.26 million in protocol revenue, indicating it may have tapped into reserves or other income sources.In terms of annualized data, Hyperliquid's revenue over the past year reached $946 million, Pump.fun at $481 million, and EdgeX at $236 million. This trend reflects that the crypto community is shifting from focusing on trading volume to actual revenue. Yearn.Finance founder Andre Cronje pointed out that DeFi in 2026 is no longer just a venue for speculation but is becoming the backend infrastructure of the on-chain economy, with the stablecoin market reaching $320 billion, decentralized exchanges having monthly spot trading volumes exceeding $160 billion, and perpetual contract DEX monthly trading volumes reaching $540 billion.