Crypto
crypto
Yaël Bizouati-Kennedy

MARA misses on earnings, sending stock down

MARA Holdings, the second-largest corporate bitcoin holder after Strategy reported earnings today, missed analyst estimates. The stock dipped 3% in after-hours trading.

The bitcoin mining company reported revenue of $214 million, a 30% year-over-year increase but below the consensus estimate of $216 million.

MARA reported adjusted losses per share of $1.44, which was far worse than the consensus estimate of $0.13.

Bitcoin holdings increased 174% year over year to 47,531 from 17,320 at the end of Q1 2024. In April, MARA increased its bitcoin holdings to 48,237 bitcoin.

“Although we recognized a loss in Q1 based on a quarter end bitcoin price of $82,534, the current bitcoin price of approximately $100,000 would imply a substantial fair value gain in excess of the fair market value loss recognized in Q1 2025,” the company said in its shareholder letter.

MARA Announces First Quarter 2025 Results

The bitcoin mining company reported revenue of $214 million, a 30% year-over-year increase but below the consensus estimate of $216 million.

MARA reported adjusted losses per share of $1.44, which was far worse than the consensus estimate of $0.13.

Bitcoin holdings increased 174% year over year to 47,531 from 17,320 at the end of Q1 2024. In April, MARA increased its bitcoin holdings to 48,237 bitcoin.

“Although we recognized a loss in Q1 based on a quarter end bitcoin price of $82,534, the current bitcoin price of approximately $100,000 would imply a substantial fair value gain in excess of the fair market value loss recognized in Q1 2025,” the company said in its shareholder letter.

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crypto
Sage D. Young

Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

crypto
Sage D. Young

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

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