Crypto Currents: Bullish, Circle, Gemini report quarterly earnings

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EARNINGS: On Thursday, Bullish (BLSH) reported a first quarter loss per share of ($3.85) on revenue of $92.8M, which compared to loss per share of ($3.04) last year and analyst revenue estimates of $94.03M. The company also reaffirmed FY26 guidance for subscription, services & other revenue of $220M-$250M, adjusted operating expenses of $210M-$230M and finance expense of $52M-$60M. Tom Farley, CEO, said, “We’re pleased with our Q1 results and we’re even more excited about what comes next. With the proposed acquisition of Equiniti, we will have all three elements required to become a powerhouse leading the blockchain era: end-to-end tokenization services, a unified transfer agent ledger, and broad blue-chip issuer relationships.”

Rosenblatt lowered the firm’s price target on Bullish to $42.50 from $45 and kept a Neutral rating on the shares. Q1 results were “relatively impressive” given the intense pressure on both crypto price and activity levels so far in 2026, but with Q2 off to an even weaker start, the firm said its estimates remain “materially below consensus,” especially for 2027. Cantor Fitzgerald analyst raised the firm’s price target on Bullish to $43 from $39 and kept an Overweight rating on the shares. Bullish reported solid Q1 results despite a weaker digital asset backdrop, with sequential growth in transaction and SS&O revenues, while investor attention focused on its proposed acquisition of Equiniti, the analyst said.

On Thursday, Gemini Space Station (GEMI) reported a Q1 loss per share of (93c) on revenue of $50.27M, which compared to analyst estimates of ($1.19) and $49.24M, respectively. The company also announced that Winklevoss Capital Fund made a $100M strategic investment into the company, at a price of $14 per share of the company’s Class A common stock, with consideration paid in bitcoin. “We believe the market has significantly undervalued Gemini, and that this investment will allow us to set up the company for its next phase of growth,” said Tyler Winklevoss, CEO. “Gemini has achieved several major product and regulatory milestones that position us well to evolve from a crypto company into a markets company. This investment will help fuel that ambition and set Gemini up for long-term success.”

Additionally on Thursday, Strive (ASST) reported a Q1 adjusted loss per share of ($5.19) on revenue of $2.76M, which compared to loss per share of ($1.62) last year and analyst revenue estimates of $2.73M. The company reports 15,009 BTC holdings as of May 4. “SATA will be the first listed security in the history of U.S. capital markets to pay cash dividends every single Business Day, beginning June 16, 2026, at a current annualized rate of 13.00%. This is a true zero-to-one innovation,” said Matthew Cole, CEO. “Today, Strive stands debt-free, with zero margin requirements, and zero encumbered Bitcoin; a balance sheet purpose-built to thrive through Bitcoin volatility. We’re thrilled to unveil the next chapter for Strive: The Daily Dividend Company.”

B. Riley raised the firm’s price target on Strive to $20 from $19 and kept a Buy rating on the shares. The print was broadly consistent with the firm’s thesis on capital structure reflexivity and accretive BTC accumulation through the preferred stack, the analyst said.

On Wednesday, BitGo (BTGO) reported a Q1 loss per share of (62c) on revenue of $3.77B, which compared to analyst estimates of (10c) and $5.29B, respectively. The company reported a balance sheet of $186.6M of cash and cash equivalents and a digital assets treasury, inclusive of 2,449 BTC, with a fair value of approximately $167.1M as of March 31. Mike Belshe, CEO said, “BitGo delivered strong underlying business performance in Q1 despite a challenging market environment, driven by our diversified platform and deepening institutional client relationships. We continued to gain market share across the business during the quarter. Clients grew 42.0% year-over-year. Normalized Assets on Platform grew 29.4% year-over-year and 10.1% sequentially. Normalized Staked Balances grew 20.8% year-over-year, and 27.2% sequentially. This underlying momentum is a testament to the strength of our platform and the trust of our institutional clients in BitGo.”

Clear Street raised the firm’s price target on BitGo to $17 from $16 and kept a Buy rating on the shares. The firm remains positive on the shares post the Q1 report. BitGo is growing its “high-quality” recurring revenue and gaining operating leverage, the analyst said. Cantor Fitzgerald lowered the firm’s price target on BitGo to $15 from $17 and kept an Overweight rating on the shares. BitGo reported both revenue and adjusted EBITDA below expectations as weak crypto market conditions drove sequential declines in trading and subscription revenue, partially offset by stronger staking activity, the firm said.  Management emphasized continued product expansion and institutional partnerships positioning the platform for a potential recovery as crypto markets improve, the analyst said.

Deutsche Bank raised the firm’s price target on BitGo to $14 from $13 and kept a Buy rating on the shares. The company business momentum is intact despite the Q1 miss, the analyst said.

BitGo also announced Thursday a strategic partnership with Moon Inc., serving as the foundational infrastructure layer powering Moon’s bitcoin-linked consumer card products through BitGo Singapore.

On Thursday, Bitdeer (BTDR) reported a Q1 loss per share of (68c) on revenue of $188.9M, which compared to analyst estimates of (34c) and $182.69M, respectively. Cash, cash equivalents and restricted cash were $297.7M as of March 31. “The first quarter of 2026 demonstrated the breadth of Bitdeer’s execution capability,” said Matt Kong, CBO. “We launched the SEALMINER A4, our most efficient mining rig to date, advancing our vertically integrated hardware platform and reinforcing the competitive foundation of our mining business. We activated development of our Tydal facility in Norway, which is expected to become Norway’s largest operational AI data center upon completion. And we continue to grow our AI Cloud business, recently exceeding $69 million in annualized run-rate revenue.”

Rosenblatt raised the firm’s price target on Bitdeer to $25 from $18 and kept a Buy rating on the shares post the Q1 report. The company’s revenue beat expectations but its gross margin turned negative on lower bitcoin prices and seasonally higher energy costs, the analyst said. The firm believes investors should look beyond Bitdeer’s near term headwinds and consider its “longer term growth vectors.” It believes a co-location data center deal for the company’s 225MW Tydal, Norway site is near to being closed. Bitdeer also has an expanding AI cloud computing business which grew over 150% year-over-year, added Rosenblatt.

Cantor Fitzgerald raised the firm’s price target on Bitdeer to $15 from $11 and kept a Neutral rating on the shares. Bitdeer continued expanding bitcoin mining capacity to over 80 EH/s and prioritizing self-mining over ASIC sales, while retaining optionality in AI/HPC through its global power assets; however, despite ongoing advanced discussions around monetizing its Norway site for AI use cases, the lack of a signed deal reinforces a “show-me” investment stance until clearer execution on AI monetization emerges, the analyst said.

MORE EARNINGS: On Thursday, Bit Digital (BTBT) reported a Q1 loss per share of (45c) on revenue of $27.9M, which compared to loss per share of (32c) and revenue of $25.1M for the same period last year. As of March 31, the company held approximately 155,444 ETH. “The future financial system will increasingly revolve around automated, on-chain value transfer between AI agents and applications — Ethereum is particularly well-positioned to serve as the settlement layer for that activity. Bit Digital sits at both layers of this thesis: providing the compute infrastructure through WhiteFiber and the settlement rails through our Ethereum treasury and staking platform. Demand for compute and power continues exceeding available supply across AI infrastructure markets, and compute itself is scarce and valuable enough to become a new asset class. Ethereum infrastructure and AI compute infrastructure are not separate strategies — they are components of a single integrated platform aligned with the future of the digital financial system,” said Sam Tabar, CEO.

On Monday, Mara Holdings (MARA) reported Q1 loss per share of ($3.31) on a revenue of $174.6M, which compared to a loss per share of ($1.55) last year and analyst revenue consensus of $184.21M. The company reported 35,303 BTC holdings as of March 31. CEO Fred Thiel said, “The actions we have taken so far this year were purposeful and interconnected. The Starwood joint venture creates a capital-efficient path to convert our power portfolio into AI infrastructure ownership. We expect Long Ridge will add a differentiated land and power platform for an AI and critical IT compute campus that builds around our existing Hannibal operations. Exaion gives us a second AI pathway into sovereign and private cloud enterprise markets. Balance sheet actions reduced potential dilution and increased financial flexibility. And Bitcoin mining continues to be our foundation, providing the operational basis for the broader platform.”

Clear Street raised the firm’s price target on Mara to $12 from $9 and kept a Hold rating on the shares. The company continues to move forward with recent plans to enter high-performance computing through a joint venture, shifting investor focus away from a challenging bitcoin mining environment, Clear Street said. The firm added that its view on Mara remains mixed.

On Monday, SharpLink Gaming (SBET) reported Q1 loss per share of ($3.25) on a revenue of $12.06M, which compared to a loss per share of ($1.84) on a revenue of $742,000 last year. The company’s ETH holdings totaled approximately 870,821 ETH as of March 31, increasing to 872,984 ETH as of May 4. Crypto assets totaled approximately $1.7B as of March 31. “Generating risk-adjusted, ETH-denominated returns through active treasury management is the foundation of everything we do at Sharplink,” said Joseph Chalom, CEO . “During the quarter, we deployed our ETH capital with discipline, internalized the majority of our asset management platform, and have moved beyond foundational staking into a broader set of onchain opportunities. With a growing permanent capital base and a comprehensive risk-management framework, we have built a platform designed to provide shareholder value across market cycles.”

Sharplink also announced it entered into a (GLXY), subjective to definitive agreement, to establish the Galaxy Sharplink Onchain Yield Fund, an approximate $125M initiative designed to deploy capital into selective onchain opportunities capable of generating strong risk-adjusted returns while providing critical liquidity to emerging protocols. Following the report, Alliance Global raised the firm’s price target on SharpLink to $15 from $14 and kept a Buy rating on the shares. The firm believes SharpLink is evaluating opening additional funds with Galaxy as well as performing diligence on other asset managers.

Exodus Movement (EXOD) also reported Q1 results on Monday with loss per share of ($1.08) on a revenue of $22.7M, which compared to loss per share of (45c) on a revenue of $36M last year. Digital assets, cash, and cash equivalents  were $122.6M, including $42.8M of BTC, $3.9M of ETH, and $74.4M in cash and cash equivalents and stablecoins as of March 31. BTIG lowered the firm’s price target on Exodus to $16 from $20 and kept a Buy rating on the shares following the Q1 report. The results were “soft”, with revenue declining 37% year-over-year in a volatile crypto market backdrop, the analyst said. Exodus sees the Monavate acquisition diversifying its revenue to address the volatility witnessed in Q1, added BTIG.

On Monday, Circle Internet (CRCL) reported Q1 earnings per share of 21c on a revenue of $694M, which compared to analyst consensus of 18c and $714.88M, respectively. The company also reported USDC in circulation of $77B at quarter-end and guided to USDC in circulation at 40% CAGR. “Circle’s first quarter reflected strong execution against a much bigger opportunity: the rapid convergence of AI platforms and economic operating systems into a new internet stack,” said Jeremy Allaire, CEO. “With the ARC token presale, momentum behind the Arc network, and the launch of our Agent Stack, we are building trusted infrastructure for AI-native economic activity and a more programmable internet financial system.”

JPMorgan raised the firm’s price target on Circle to $155 from $112 and kept an Overweight rating on the shares. The company’s sales miss in Q1 is overshadowed by its long-term vision, the analyst said. The firm added Circle’s Q1 results show the more resilient nature of stablecoins versus the broader digital asset markets as the use cases continue to develop. It thinks the progress towards Circle’s longer-term vision via the Arc announcement and strong other revenue growth will support the stock.

Deutsche Bank raised the firm’s price target on Circle to $101 from $83 and kept a Hold rating on the shares. The company reported “reasonably good” Q1 results, the analyst said.

Needham raised the firm’s price target on Circle to $150 from $130 and kept a Buy rating on the shares. The company had one of its most impressive quarters yet as it rolled out a robust set of new products and segments, the analyst tsaid. Circle sold $222M in Arc tokens in an institutional investor led pre-sale, which puts the Arc network at a $3B fully diluted valuation, and also released a stack of agentic products which will become one of the largest drivers of stablecoin transactions longer term, the firm added.

SENATE COMMITTEE ADVANCES CRYPTO BILL: The Senate Banking Committee has approved a bill that would establish regulations for various types of cryptocurrencies across the Securities and Exchange Commission and Commodity Futures Trading Commission, the Wall Street Journal’s Gina Heeb, Amrith Ramkumar and Vicky Ge Huang reported Thursday. The committee followed an industry battle over whether crypto exchanges and other firms could offer rewards that pay recurring fees to holder of popular coins. Banks have contended that loopholes would impede deposits that fuel the economy. The bill will need 60 votes to pass the full Senate.

LEDGER PUTS U.S. IPO PLANS ON HOLD: Crypto wallet provider Ledger put its plans to go public in the U.S. on hold due to difficult market conditions, CoinDesk’s Will Canny reported Wednesday, citing two people familiar with the matter. Ledger has not filed any draft S-1 registration statement with the Securities and Exchange Commission, one of the people said. The French cryptocurrency security company has a number of options, and could decide to raise capital privately, said one of the sources.

ELLIPTIC SECURES $120M INVESTMENT: Elliptic, a digital asset decisioning company, announced Tuesday the (NDAQ), Deutsche Bank (DB) and the British Business Bank. The round values Elliptic at $670M. The fundraise will accelerate Elliptic’s mission to deliver the enterprise-grade on-chain analytics for the world’s largest and most demanding banks, fintechs, government agencies and crypto and payments companies in the world.

“As digital assets become more embedded in the global financial system, institutions need trusted infrastructure to manage compliance and risk at scale. Elliptic’s platform plays an important role in providing that infrastructure, helping firms navigate digital asset adoption with confidence and integrity,” said Gary Offner, Senior Vice President, Head of Nasdaq Ventures.

OTHER CRYPTO NEWS:

• Hyperscale Data announces (GPUS) ‘strong interest’ in Michigan data center campus, reports 697 bitcoin holdings
• Jefferies initiates Riot Platforms (RIOT) with a Hold rating, Cipher Mining (CIFR) with a Buy
• Coinbase (COIN) price target lowered to $160 from $200 at Baird, raised to $200 from $170 at Mizuho, to $270 from $260 at Benchmark
• Strategy (MSTR) acquires 535 bitcoin for $43M
• Bitmine Immersion (BMNR) reports ETH holdings 5.2M tokens, total holdings $13.4B
• Eightco Holdings (ORBS) reports total holdings $340M, over 11K ETH
• TeraWulf (WULF) price target raised to $32 from $20 at Clear Street, to $28 from $22 at Needham, to $33 from $25 at Keefe Bruyette, initiated with a Buy at Jefferies
• Jacobs (J) awarded EPCM contract for Hut 8 (HUT) AI data center in Texas, Hut 8 price target raised to $130 from $76 at B. Riley, initiated with a Buy at Jefferies
• Core Scientific (CORZ) price target raised to $33 from $23 at BTIG, to $37 from $24 at Jefferies
• Corpay (CPAY) partners with BVNK to add stablecoin wallets
• Iren (IREN) price target raised to $46 from $39 at JPMorgan
• Hyperliquid Strategies (PURR) price target raised to $8 from $6 at Cantor Fitzgerald
• Coincheck (CNCK) reports Q4 revenue $752M vs. $720M last year, sign $65M share subscription, investor rights agreement with KDDI (KDDIY)
• Figure Technology (FIGR) reports Q1 EPS 18c, consensus 23c, price target raised to $33 from $31 at BofA, to $55 from $45 at Mizuho
• CleanSpark (CLSK) reports Q2 EPS ($1.52) vs. (49c) last year, price target raised to $22 from $18 at Maxim, to $16 from $14 at Keefe Bruyette
• Bakkt (BKKT) reports Q1 EPS (41c) vs. $1.13 last year, price target lowered to $19 from $22 at Benchmark
• Fold Holdings (FLD) reports Q1 adjusted EPS (12c), consensus (15c), price target lowered to $3.50 from $4 at Northland, to $1.70 from $2 at Cantor Fitzgerald
• Bitcoin Depot (BTM) reports preliminary Q3 revenue down 49.2% y/y, downgraded to Market Perform from Outperform at Noble Capital
• CME Group (CME) launching Nasdaq CME Crypto Index futures
• CoinShares (CSHR) initiated with an Outperform at Keefe Bruyette

CRYPTO STOCK PLAYS: Publicly traded companies in the space include Bit Digital (BTBT), Coinbase, Core Scientific, Greenidge Generation (GREE), Mara Holdings, Strategy, Riot Platforms and TeraWulf.

PRICE ACTION: As of time of writing, bitcoin dropped roughly 1% this week to $79,190 in U.S. dollars, according to CoinDesk.