Public Keys: Mining Malaise, Coinbase Miss and Hey, Who’s the New Kid?
Publicly traded Bitcoin miners are struggling, with MARA Holdings reporting a $533 million loss in Q1 due to Bitcoin valuation adjustments and a 19% drop in mining output despite increased capacity. MARA's stock opened at $15.16, up 6% from the previous day. Riot Platforms sold 475 Bitcoin in April, outperforming other miners. Investment bank Benchmark set a buy rating for Canaan, predicting growth from its North American expansion, although its stock fell 5.87% for the week. Meta is reportedly exploring stablecoins to reward content creators, particularly on Instagram, but remains in the exploratory phase after previously abandoning its Diem project. Analysts suggest Meta should focus on profitable ventures instead of its Reality Labs division, which lost $4.2 billion in Q1. Coinbase's earnings report revealed a slowdown in retail trading volume despite announcing a $3 billion acquisition of Deribit. CEO Brian Armstrong emphasized the importance of USDC, which has seen a 12% increase in balances, as a significant revenue source for the company.
