Earnings season is wrapping up with a mixed bag of results among crypto miners, AI infrastructure plays, and fintech names including MARA Holdings (MARA), TerraWulf (WULF), CoreWeave (CRWV), and Block (XYZ).
bitcoin has remained relatively stable around $67,000 during Asian and European hours, with limited movement extending to other cryptocurrency-related stocks.
MARA Holdings jumped 16% to $9.80 after reaching a deal with Starwood Capital to convert certain bitcoin mining facilities into artificial intelligence-focused data centers. The partners expect to deliver around 1 gigawatt of capacity in the near term, with plans to scale beyond 2.5 gigawatts.
The pivot reflects a broader shift among miners looking to monetize energy access as demand for AI computing increases, following Bitfarms (BITF) and Cipher Digital (CIFR), among others.
TerraWulf is trading 3.5% lower at $17 following its Q4 release, with revenue reduced due to lower bitcoin production and transitional GAAP optics.
However, executives emphasized that the key story is the increase in revenue from high-performance computing contracts. The company has expanded from one site a year ago to five today and expects about 2.9 gigawatts of gross capacity 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 weaker-than-expected first-quarter revenue guidance as well as an increase in capital spending, raising concerns about profitability and cash burn. EPS was -$0.89 versus -$0.68 expected, down 31%.
Block is up 20% after announcing it will cut more than 40% of its workforce, reducing headcount to approximately 6,000. While management pointed to AI-driven efficiencies, investors are also weighing the long-term margin pressure coming from stablecoin-based payment pathways.
The company guided first-quarter operating income to $600 million versus $574 million expected, forecast first-quarter gross profit of $2.8 billion versus $2.72 billion consensus and raised full-year gross profit, according to Sigel.
