Publicly traded Bitcoin miners are struggling, as highlighted by MARA Holdings, which reported a staggering $533 million net loss in Q1 despite increased Bitcoin holdings. This poor performance follows their announcement of a $2 billion stock offering aimed at acquiring more Bitcoin. Future earnings may improve, but the company faced challenges, including a 19% drop in mining output. Meanwhile, Coinbase announced a $2.9 billion acquisition deal for digital asset options exchange Deribit but also missed revenue expectations, reporting a 10% drop in quarterly revenues and a severe reduction in net income. Amid these struggles, reports suggest that Meta is exploring the use of stablecoins to reward content creators, reminiscent of its previous unsuccessful attempts with the Diem stablecoin. Despite mixed news for these companies, they continue to strive for growth in a tumultuous market, focusing on innovative financial solutions and exploring new revenue streams.

Source 🔗