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Banks prepare to liquidate Irish blockchain venture, Independent.ie says

We.trade, a Dublin-based blockchain company established and co-owned by 12 banks, is calling in a liquidator, The Independent.ie reported today. The joint venture of banks including HSBC, Deutsche Bank and KBC, along with IBM, has called for a creditors’ meeting next week, where a liquidator from PwC may be appointed, the report said. We.trade is seeking to be wound up under the Companies Act, according to a meeting notice. We.trade, which was established in 2017 to develop a platform for …

BIT Mining reports 40% dip in revenue during Q1 2022

BIT Mining reported a 40.4% dip in revenue from the previous three months, totaling $296.7 million. The publicly traded Chinese company also saw a net income of $1.2 million, compared to a net loss of $4.1 million for the fourth quarter of 2021, according to an earnings report released on Friday. As pointed out by the company, a majority of that revenue ($272.3 million) came from its mining pool business, which decreased by about 42.7% from the previous quarter. That …

Terra-backer Galaxy Digital gives update on liquidity position

Mike Novogratz’s Galaxy Digital released a company update on Friday that gives visibility into its capital and liquidity position amid a frenzied crypto market tied to the meltdown of cryptocurrency Luna and associated algorithmic stablecoin TerraUSD (UST).  Galaxy Digital — an early backer of Terraform Labs and Luna — said in a release it “believes that the current digital asset and broader market conditions warrant providing shareholders, counterparties, and clients intra-quarter visibility regarding its capital and liquidity position, as well …

Coinbase’s stock craters to new lows after earnings disappointment, banks slash price targets

Crypto exchange Coinbase saw its shares drop by more than 20% Wednesday morning, a day after the company released earnings that revealed a declining user base and hefty expenses for the first quarter of 2022. Shares in Coinbase were trading at $56 per share at the time of writing, representing a drawdown of more than 70% since the beginning of the year. Coinbase — which is among the largest publicly traded companies in the crypto market— went public in April …

Coinbase posts net loss of $430 million for Q1 2022

Quick Take Crypto exchange company Coinbase said it incurred a net loss of $430 million during 2022’s first quarter. The earnings release follows a rocky period for Coinbase’s stock and the US equities market as a whole. Coinbase’s report showed a quarterly trade volume of $309 billion, down from $547 billion in Q4 2021. Assets on platform fell to $256 billion.  Crypto exchange company Coinbase said it incurred a net loss of $430 million during 2022’s first quarter. Coinbase’s shareholder …

Galaxy Digital reports $112 million quarterly loss as crypto prices drop

Galaxy Digital swung to a first-quarter loss as tumbling crypto prices forced the firm to book unrealized trading losses.  The crypto-focused trading and investment firm reported a net loss of $111.7 million in the first quarter of 2022, compared to a profit of $858.2 million in the same period last year, according to a statement on Monday. The crypto market has had a rough ride over the past year, with bitcoin – the largest token – falling from a high …

Block reports $1.73 billion in bitcoin sales via Cash App during Q1 2022

Block, formerly known as Square, said Thursday that it generated $1.73 billion worth of bitcoin sales via Cash App during 2022’s first quarter. During that period, these sales generated $43 million in bitcoin gross profit, per the shareholder letter released after the close of market. “Cash App generated $1.73 billion of bitcoin revenue and $43 million of bitcoin gross profit during the first quarter of 2022, down 51% and 42% year over year, respectively. On a two-year CAGR basis, bitcoin …

MicroStrategy says it may explore more ‘yield generation opportunities’ following bitcoin-backed loan deal

MicroStrategy announced its first-quarter financial results for 2022 on Tuesday, reporting $119.3 million in revenues for the period. The firm, which holds more than 129,000 BTC on its balance sheet, said that non-GAAP expenses came in at $275 million for Q1, compared to $298 million in the first quarter of 2021. In Q1 2022, $170 million worth of those expenses were in the form of bitcoin impairment charges.  “Loss from operations for the first quarter of 2022 was $170.0 million, …

CoinShares reports drop in earnings amid crypto market slump

European digital asset manager CoinShares reported declining first-quarter profit as trading revenue sank. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) fell to £18.7 million ($23 million), down from £34.2 million a year earlier, according to a statement on Tuesday. Income from capital markets tumbled 55% as revenue from so-called delta neutral options trading strategies almost evaporated. The decline was offset by more than £6 million in income from decentralized finance (DeFi).  “While the market conditions of Q1 2021 …

Robinhood’s net revenues are down, but crypto is a bigger piece of the pie

Transaction-based revenues are down, but trading platform Robinhood’s crypto business is still a major driver of its revenue. The company announced in its Q1 2022 earnings today, disclosing total net revenues were down 43% compared to last year, from $522 million to $299 million. Transaction-based revenues were down 48% from $420 million to $218 million. This is in line with the firm’s earlier predictions that total net revenues would be less than $340 million. Within that number, transaction-based revenues for …