Circle's Q1 revenue of $694 million fell short of expectations, but EPS exceeded expectations; MARA's Q1 sale of 20,880 BTC resulted in a net loss of $1.3 billion.

According to ChainCatcher and BBX data, the earnings season for crypto concept stocks concluded yesterday with two major releases, revealing key data from both the stablecoin and mining sectors. Key developments are as follows: Circle Internet Group, Inc. (NYSE: $CRCL) released its Q1 2026 financial report on May 11th via BusinessWire: Total revenue and reserve income totaled $694 million (YoY +20%), lower than the analyst consensus expectation of approximately $715 million, a difference of approximately $20.75 million; GAAP EPS was $0.21, exceeding expectations by $0.03 (consensus $0.18); Adjusted EBITDA was $151 million (YoY +24%), with a profit margin of 53%; Net income (from continuing operations) was $55 million (YoY -15%). USDC's circulating supply at the end of the quarter was $77 billion (up 28% year-over-year), and on-chain transaction volume reached $21.5 trillion (up 263% year-over-year). Reserve interest income was $653 million (up 17% year-over-year), and the reserve yield was 3.5% (down 66 basis points year-over-year, reflecting a lower SOFR). The full-year guidance for 2026 remains unchanged. In addition, Circle simultaneously disclosed that ARC Token completed a $222 million private placement pre-sale, valuing the network at $3 billion with a fully diluted network. Investors included a16z crypto, Apollo, ARK Invest, BlackRock, General Catalyst, Haun Ventures, Intercontinental Exchange, IDG Capital, Janus Henderson, and Standard Chartered Ventures. MARA Holdings, Inc. (NASDAQ: $MARA) released its Q1 2026 financial results via GlobeNewswire on May 11: Revenue was $174.6 million (down 18% year-over-year, below the consensus estimate of approximately $182.7 million); net loss was $1.3 billion (-$3.31 per share, below the consensus range of -$2.20 to -$2.34), of which approximately $1 billion was non-cash book loss due to the decline in the fair value of digital assets; during Q1, the company mined 2,247 BTC and sold 20,880 BTC; as of March 31, BTC holdings decreased to 35,303 BTC (approximately $2.4 billion); hashrate increased by 33% year-over-year to 72.2 EH/s; approximately 30% of outstanding convertible bonds (face value over $1 billion) were repaid; cash and BTC combined balance was $29 billion. 100 million.