Metaplanet posted higher operating profit for the first quarter, supported by income from bitcoin holdings. The company nevertheless recorded a $728 million loss from valuation markdowns after bitcoin prices fell sharply.
Metaplanet achieved stronger operating profit in the first quarter compared with prior periods. Income linked to bitcoin investments helped drive the improvement in results.
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Exodus Movement sold more than 1,000 bitcoin in the first quarter to raise cash for its payments acquisitions. The company reported a wider net loss as revenue declined sharply.
Strategy, the largest corporate holder of bitcoin, reported a $12.77 billion net loss for the first quarter while its bitcoin holdings grew. Chief executive Michael Saylor signaled the company may sell some of its bitcoin to stabilize the market.
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CleanSpark posted a net loss of $378.3 million for the quarter ending March 31, more than double the prior year's figure, as a non-cash bitcoin adjustment weighed on results.
Bitcoin held around $68,000 on Tuesday, March 3, showing resilience after Monday's rally, as global stocks tumbled on renewed Middle East tensions. The Nasdaq and S&P 500 fell over 2%, gold dropped sharply, and the U.S. dollar strengthened amid risk-off moves.
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Analysts at CryptoQuant report that the total cryptocurrency market capitalization has declined by more than $730 billion over the past 90 days. Bitcoin experienced the largest drop, with its market value falling by about $348 billion. This downturn reflects a significant capital outflow amid heightened market volatility.
Leading online lender KakaoBank reported record first-quarter earnings on Wednesday due to one-off income. Net profit for January-March rose 36.3 percent year-on-year to 187.3 billion won ($128.4 million). The company attributed the gain to its investment in Indonesian digital bank Superbank's recent listing.