Public keys: mining malaise, Coinbase Miss and Hey, who is the new boy?

Public Keys is a weekly roundup of Decrypt That follows the most important listed crypto companies. This week: Bitcoin Miners wrung with malaise, Coinbase tries a bit of deception prior to the winnings, and sources say that Meta is stabile curious.

Bitcoin Miners’ Malaise

Publicly traded Bitcoin mini workers have had to deal with a few dark days this week.

Saving BTC was not enough to help Mara Holdings, which is traded on the Nasdaq under the Mara Ticker, on Thursday a poor three -month report inflamed.

Remember that at the end of March 31, when Bitcoin traded for around $ 83,000, the company announced a range of $ 2 billion to raise cash for “general business purposes, including the takeover of Bitcoin and for working capital.” And the company has been no stranger to acquire Bitcoin on the open market.

Whatever profit the company realizes on BTC purchases with its latest offer will be a feed for Q2 income. The company placed a loss of $ 533 million Q1 yesterday, largely because of having to adjust the appreciation of Bitcoin that is on its balance.

But here it is really disturbing detail: mining production fell by 19%, although the company in Florida has now doubled its capacity since the halving of the Bitcoin network of 2024.

A quick refresher course: the Bitcoin network has now undergone four stop events that reduce the reward that is paid to Bitcoin my workers by half. Last year’s event, the reward fell to 3,125 BTC.

But that does not mean that investors race for the doors. Mara opened Friday trade for $ 15.16, 6% higher than the end of yesterday. And while Mara Bitcoin bought in Q1, the rival rioter platforms have surpassed all other listed miners by unloading 475 Bitcoin in April, worth $ 38.8 million at that time.

Time to moth the mining installations? No, not all, according to the Benchmark Investment Bank. On Tuesday, the bank analysts set a 5x price target of $ 3 and buy rating for Canaan, which is traded on Nasdaq under the can Ticker.

Equity Research analyst Mark Palmer gambles that the North -American expansion of Canaan will help rise the stock. But a few hours before the last Bell Friday it had fallen by 5.87% for the week and acting for $ 0.75.

Deja vu for meta

There will soon be a new company in the public keys cohort.

Meta, who acts on the Nasdaq under the Meta Ticker, does not want to say anything about it on the album, but told five more detailed sources Fortune That the Facebook -Mother company is investigating the idea to use Stablecoins to reward content makers on its platforms.

One of the crypto -sexecs that spoke with the magazine stated that Meta -Daughter Company could use Instagram Stablecoins to pay lower costs for small payments of $ 100 or less of content makers. Execs that spilled the deets Fortune Were careful to say that the company is very much in the exploratory phase and that the implementation could be a way.

If this sounds familiar, it is because the company tried to roll out its own Stablecoin, Diem in 2019. But it got a blow to the wrist of supervisors and left the project in 2022 by selling the assets to now destroyed crypto-friendly bank Silvergate.

But shareholders may want to see Meta fall one of his lagging experiments before it picks up a new one. Analysts have called on the company to leave its reality Labs project, which is responsible for the Quest VR headset, augmented reality sunglasses and the Horizon Worlds Metaverse Game.

Forrester analyst Mike Proulx has called Reality Labs a “leaking bucket” after the company’s Q1 -Winst report has shown that the division in Q1 had lost $ 4.2 billion, which brought the cumulative losses to $ 60 billion.

Coinbase lacks income – look there!

Perhaps we are alone, but spectacular announcements prior to income usually means that there have been less than great performance for the quarter.

That was at least the case for Coinbase this week.

On Wednesday, the company released the loot of its FOIA request to get public archives of the SEC, FDIC and other agencies about their research into Ethereum and efforts to debit crypto companies.

Then, on Thursday, the company started the day that his almost $ 3 billion take over from Crypto derivatives Exchange Deribit. But the after -market extraction report of the company showed that it saw a major delay in the retail volume.

It is not completely surprising. Global markets have been at the mercy for months to fractious trade negotiations – or the lack thereof -.

CEO Brian Armstrong said that he still wants USDC to become the largest stable dollar-stunned Stablecoin within a few years. It is also not just for bragging. USDC is still a huge money maker for Coinbase.

The deal of the stock market with Circle, which evenly splits the interest on the Cash Backing USDC -Tokens, is “indefinitely renewable,” said CEO Brian Armstrong on Thursday during the company’s profit call.

“Increased USDC-Saldi on our platform result in sustainable income for Coinbase. Basic stablecoin-baldi reached $ 4 billion in Q1, an increase of 12% quarterly over quartaal. This was also largely powered by USDC,” he added.

Other Keys

• Crypto Treasuries, Ahoy: It’s a bit boring now just Have a Bitcoin stock. (And downright “irresponsible” to have no crypto at all, if you ask the billionaire investor Tim Draper.) To do so, Defi Development Corp., formerly Janover, took $ 11.2 million in Solana, and XRP just received a $ 50 million Wall Street cuddly toy from Wellgistics.
• Talkative strategy: During the Strategy World Event this week, executive chairman Michael Sayor revealed that AI -Chatbots helped the company to come up with some of the financial products that help the company gather $ 52 billion Bitcoin -Fortuin. And yes, the company came up with its convertible preferred products with the name “Strife” and “Strike” – they are designed with AI.