Earnings season ends with a mixed set of results among crypto miners, AI infrastructure plays and fintech names including MARA Holdings (MARA), TerraWulf (WULF), CoreWeave (CRWV) and Block (XYZ).
Bitcoin remained relatively stable around $67,000 during opening hours in Asia and Europe, with limited movements spilling over into other crypto-related stocks.
MARA Holdings jumped 16% to $9.80 after striking a deal with Starwood Capital to convert some Bitcoin mining facilities into AI-driven data centers. The partners expect to provide around 1 gigawatt of capacity in the near term, with plans to go beyond 2.5 gigawatts.
This pivot reflects a broader shift among miners seeking to monetize energy access as demand for AI computing increases, following Bitfarms (BITF) and Cipher Digital (CIFR), among others.
TerraWulf is trading down 3.5% at $17 after its fourth-quarter print, with revenue down due to lower bitcoin production and the transitional GAAP outlook.
However, executives stressed that the key element was increasing contracted revenue in the high-performance computing area. The company has grown from one location a year ago to five today and projects gross capacity of about 2.9 gigawatts by the end of the year, according to VanEck’s head of digital assets, Matthew Sigel.
CoreWeave shares are down 12% despite revenue of $1.57 billion, beating expectations of $1.53 billion. The company reported lower-than-expected revenue guidance for the first quarter, in addition to an increase in capital spending, which raised concerns about profitability and cash burn. EPS came in at -$0.89 versus -$0.68 expected, representing a shortfall of 31%.
Block is up 20% after announcing it would cut more than 40% of its workforce, reducing its workforce to about 6,000 people. While management has highlighted the effectiveness of AI, investors are also weighing pressure on the long-term margins of stablecoin-based payment rails.
The company guided its first-quarter operating profit to $600 million versus an expected $574 million, forecast first-quarter gross profit of $2.8 billion versus a consensus of $2.72 billion, and increased its full-year gross profit, according to Sigel.
