Public tests: Coinbase wins, marathon prints such as Bitcoin turbulent waters enters

Public Keys is a new weekly Roundup from Decrypt That follows the most important listed crypto companies. That term can be quite wide. It includes Crypto Exchange Coinbase, Michael Saylor’s Bitcoin-Appial strategy, Jack Dorsey’s Crypto Payments Processor Block, Inc. and the many listed crypto mining companies.

This week’s edition is set up Bitcoin The big victory of Miner Marathon in Q4 and why it doesn’t seem to be convincing analysts to upgrade their reviews. Also: Crypto Exchange Coinbase has finally rejected his SEC right case, Miner Hut 8 will report his income from the entire year on Monday, and his competitor BitFarms got the nod to complete his merger with Stronghold.

Mara’s record -high income

Bitcoin Miner Marathon Digital, the largest listed Crypto-Mijnbouwbedrijf with a market capitalization of $ 4.7 billion, booked a record-high Q4 quarterly sales of $ 214 million on Wednesday.

It is worth noting that the company recently renamed Mara, but we will keep here at Marathon to prevent the company from being a stock ticker.

The 37% increase compared to the performance of the Q4 2023 helped to beat the estimates of the analysts. It is a remarkable profit, especially in view of the fact that last year’s Bitcoin, literally cut the rewards by miners in two. (That is intended to help Bitcoin’s inflation percentage curb and is baked in his code, but it will nevertheless be a talk point every four years if miners and traders adapt to the new normal.)

So analysts who follow marathon, who acts on the Nasdaq under the Mara Ticker, should the praise of the company sing, right? Well, that’s not exactly the case.

It is becoming increasingly difficult to maintain costs per costs Bitcoin mined. With the current block remuneration now at 3.125 Bitcoin, miners have both tried to perform a lead by using more mining installations and finding ways to lower energy costs.

Marathon has tackled the problem by striving to become a “vertically integrated energy and technology solutions.” It succeeded its energy capacity in triple in 2024 from 0.5 to 1.7 Gigawatt, according to CEO Fred Thiel, by tapping excess natural gas and wind farms.

But as many of his competitors, the Bottom Line of Marathon is also highly dependent on the price of Bitcoin – something that is known to be ‘inherent unpredictable’, writes analyst Stephen Ayers.

Marathon, for example, saw the value of his own BTC Treasury -increase in $ 443 million in Q4. But that goes in both sides. More recently, the market has seen Bitcoin fall under $ 80,000.

Research agency Bernstein has not been shy to sing the praise of Bitcoin my workers in the past. But it has more fun things to say about the smaller rivals of Marathon, such as CleanSpark and Riot platforms, than the company established in Florida.

Coinbase sec -right case was rejected

This time last week the Securities and Exchange Commission had agreed in principle To reject his lawsuit against Crypto exchange Coinbase. As a result, Coinbase, which acts on the Nasdaq under the Coin Ticker, the week above $ 235.

By the time the supervisor made it official this week, there was not much left in the impact that the news had on the company’s share price. Coinbase shares were closed yesterday at around $ 208.37.

Spectators quickly pointed out that the company and his managers have dumped tens of millions in political donations, including $ 70 million that went to Fairshake, the Pro-Crypto Super Pac.

In the meantime, the current Marktroute has done wonders for volumes on the stock exchange. In the past day alone, Coinbase has seen its volume peak by 65%, according to Coingecko data.

Those to look at: Hut 8 income and merger of BitFarms

Hut 8, which acts on the Nasdaq under the Hut Ticker, will report his results for the entire year 2024 on Monday 3 March. Although this will be a presentation about what the company did last year, analysts will probably listen to updates about his Vega project.

In a performance – update in January, Hut 8 CEO Asher enjoyed that the project – which includes a “~ 15 eH/s colocation agreement with Bitmain”, must be ready for “energy” in the second quarter of this year. The company has also invested in the development of AI Datacenter.

Bitmain is a private Chinese manufacturer of crypto-mining hardware, in particular ASICs or application-specific integrated circuits. From 2024, Bitmain will arrange around 80% of the worldwide market for Bitcoin-Mijnbouwhardware, according to Crypto Exchange Bitstamp in Luxembourg.

In the meantime, BitFarms, who acts on Nasdaq under the Bitf Ticker, won just approval of the shareholders for his merger with competitor Stronghold. This is the same Bitcoin mini worker who fought a hostile take -over bid from Oproerplatforms a few months ago.