Crypto Currents: Riot Platforms, Strategy report Q1 earnings

As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week’s top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.

CRYPTO FIRMS REPORT Q1 EARNINGS: On Thursday, Riot Platforms (RIOT) reported a first quarter loss per share of (90c) on revenue of $161.4M, which compared to earnings per share of 81c on revenue of $79.3M last year. The company produced 1,530 bitcoin, as compared to 1,364 during the same three-month period in 2024. Riot held 19,223 unencumbered bitcoin, equating to approximately $1.6B based on a market price for one bitcoin on March 31.

“Riot made strong progress on a number of key financial and strategic initiatives during the first quarter of 2025, which I am excited to announce today,” said Jason Les, CEO. “We achieved a new record for quarterly revenue this quarter, at $161.4M, driven by the significant work our teams have put in during the preceding years, including the multi-year development of the first phase of our Corsicana Facility, significantly expanding our hash rate, and further enhancing our operating efficiency. In April 2025, Riot acquired Rhodium’s mining operations and tangible property that were hosted at our Rockdale Facility, as part of a settlement agreement which also included mutual dismissal of all existing litigation. Rhodium’s 125 MW of previously contracted power capacity at our Rockdale Facility has now been repurposed for our self-mining operations, while operating losses associated with this legacy contract, which equated to nearly $15M in 2024 alone, and associated litigation expenses, will now be eliminated going forward.”

Strategy (MSTR) also reported Q1 earnings on Thursday with an adjusted loss per share of ($16.53) on revenue of $111.1M, which compared to an adjusted loss per share of (83c) for the same period last year and an analyst consensus of $116.39M. As of March 31, the company’s digital assets were comprised of approximately 528,185 bitcoins, with an original cost basis and market value of $35.6B and $43.5B, respectively, which reflects an average cost per bitcoin of approximately $67,457 and a market price per bitcoin of $82,445, respectively.

“We are thrilled to report a strong start to the year with a year-to-date ‘BTC Yield’ of 13.7%, achieving over 90% of our 2025 target in just the first four months of the year. Our year-to-date ‘BTC $ Gain’ of $5.8B also meets 58% of our annual target, demonstrating the effectiveness of our Bitcoin strategy. With the strong momentum in the market and our successful execution of our treasury operations thus far this year, we are increasing our 2025 ‘BTC Yield’ target to 25% and our 2025 ‘BTC $ Gain’ target to $15B. Also in Q1, we adopted the long-awaited fair value accounting for our Bitcoin holdings, which resulted in a significant $12.7B uplift in the beginning balance of retained earnings. And despite recognizing an unrealized loss in Q1 due to a quarter-end Bitcoin price of $82,445, the current approximate $97,300 Bitcoin price would imply a fair value gain of roughly $8B thus far in Q2,” said Andrew Kang, CFO. 

Following the report, H.C. Wainwright raised the firm’s price target on Strategy to $521 from $480 and kept a Buy rating on the shares. The company meaningfully raised 2025 guidance for key metrics and doubled its capital raising plan to $84B through 2027, the analyst said. As such, the firm raised its year-end 2025 bitcoin holdings estimate by 15% to 691,249. Strategy provides investors with leveraged upside exposure to the leading digital asset, contended H.C. Wainwright.

Additionally, Keefe Bruyette raised the firm’s price target on Strategy to $630 from $560 and kept an Outperform rating on the shares. The firm said that while Strategy’s total revenue from the legacy software business of $111.1M came in below its $123.1M forecast and resulted in an operating loss, “meaningful progress was made” to grow its bitcoin treasury by 80,715 coins in Q1. As expected, management announced a new $21B common stock offering to efficiently capitalize on its premium valuation, the analyst said.

COINBASE DOWNGRADE: On Monday, Compass Point downgraded Coinbase (COIN) to Sell from Buy with an $180 price target as the firm transferred coverage of the stock. The firm is cautious heading into Q1 results on May 8 and also concerned about second half performance as growth comes from lower margin institutional segments. Shares have reacted negatively to the company’s three most recent earnings results and the firm expects this streak to continue after “disappointing” Q1 results and Q2-to-date commentary, the analyst said.

Additionally on Friday, Citi lowered the firm’s price target on Coinbase to $270 from $350 and kept a Buy rating on the shares. The firm refreshed its model to reflect recent crypto asset prices, volume data, user engagement stats, staking activity, and Base volumes. Citi acknowledges that the total crypto market cap has declined by approximately 18% since its peak in mid-December, with global exchange volumes also decreasing by 18% quarter-over-quarter.

BITDEER PRICE TARGET LOWERED: H.C. Wainwright lowered the firm’s price target on Bitdeer (BTDR) on Wednesday to $17.50 from $21 and kept a Buy rating on the shares as part of a Q1 earnings preview for the bitcoin miners. Macro and geopolitical uncertainty drove significant volatility in bitcoin prices in Q1, but the average price increased 12% quarter-over-quarter, the analyst said. The firm said total public miner market caps fell 41% quarter-over-quarter to $18B in Q1, creating an attractive buying opportunity for mining stocks.

H.C. Wainwright also lowered the firm’s price target on Hut 8 (HUT) to $25 from $30, on CleanSpark (CLSK) to $25 from $27, and on Hive Digital (HIVE) to $9 from $10. The analyst kept a Buy rating on the shares.

TERAWULF PRICE TARGET LOWERED: Roth Capital lowered the firm’s price target on TeraWulf (WULF) on Thursday to $6 from $8 and kept a Buy rating on the shares. The company remains confident in its HPC demand pipeline, though the firm believes that the ongoing infrastructure changes could push ready-for-service dates, leading it to lower near-term revenue and adjusted EBITDA estimates, the analyst said.

VISA, BRIDGE PARTNER FOR STABLECOIN-LINKED CARDS: On Wednesday, Visa (V) and Bridge announced a new card-issuing product. Fintech developers using Bridge can now offer stablecoin-linked Visa cards to their end customers in multiple countries through a single API integration. Cardholders will be able to make everyday purchases from a stablecoin balance at any merchant location that accepts Visa.

“We’re focused on integrating stablecoins into Visa’s existing network and products in a frictionless and secure way,” said Jack Forestell, Chief Product and Strategy Officer, Visa. “Partnering with Bridge represents a significant move in helping to make stablecoins usable in everyday life, giving consumers more choice in how they manage and spend their money.”

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

PRICE ACTION: As of time of writing, bitcoin rose roughly 2% this week to $96,982 in U.S. dollars, according to CoinDesk.