- Some key crypto stocks will be in focus as they release their earnings.
- MARA Holdings will publish it numbers as it pivots to the AI industry.
- Circle, Figure Technology, and BitGo will also publish their numbers this week.
Crypto stocks have seen mixed performances over the past few weeks, with some, like MSTR and MARA, in a bull market. Others, like Coinbase and Robinhood, have struggled after publishing weak financial results last week. This article looks at some of the top crypto stocks to watch this week, including Circle (CRCL), MARA Holdings (MARA), Figure Technology (FIGR), and BitGo (BTGO).
MARA Stock in Focus as it Publishes its Earnings
The MARA Holdings stock price has soared to $12.95, its highest point since November 13 last year. It has jumped by over 93% after announcing its pivot to the artificial intelligence (AI) industry, a strategy that mirrors that of other Bitcoin mining companies like IREN and CoreWeave.
MARA Holdings recently announced its partnership with Starwood, a leading real estate company. Its partnership will see the duo build large data centers, and possibly bag large contracts from hyperscalers like Microsoft and Amazon.
The most recent results showed that its revenue dropped 6% to $203.3 million in the fourth quarter, while its annual revenue rose 38% to $656 million. Analysts expect its first-quarter revenue to decline slightly due to the recent Bitcoin price retreat.
Technically, MARA stock has just jumped above the 200-day Exponential Moving Average (EMA). That is a sign that the stock may continue rising, potentially to the psychological level of $15.
READ MORE: IREN Stock Price Rare Pattern Points to a Surge to $93 After the NVIDIA Deal
Circle Stock Wavers Ahead of Earnings and CLARITY Act Markup
Circle Internet Financial will also be in the spotlight as it releases its earnings report today. Analysts expect the numbers to show that its business continued to grow in Q1, as the market capitalization of the USDC stablecoin jumped.
The average estimate is that its revenue rose to $714 million in the first quarter, followed by $750 million in the second quarter. Its annual revenue is expected to be $3.13 billion this year.
The stock will also be in focus because of the upcoming CLARITY Act markup. Analysts expect that the bill will be passed and become law this year, simplifying how the industry is regulated.
Figure Technology Stock to Release Earnings
Another top crypto stock to watch this week is Figure Technology, a company at the intersection of finance, real estate, and blockchain. It offers home equity lines of credit (HELOCs) to over 253k households.
The most recent earnings showed that its consumer loan marketplace volume jumped to $2.7 billion, a 131% YoY increase. Its net revenue jumped by 91% YoY, while its adjusted net revenue rose by 106% to $158 million. As a result, net income rose to $15 million, and management authorized a $200 million share buyback.
Analysts predict that Figure Technology’s annual revenue will jump by 44% to $734 million. It will then jump by 23% to over $902 million.
BitGo to Publish Second Results as a Public Company
BitGo, a top player in the crypto custody industry, has seen significant growth in the past few months. It has soared from the record low of $7.3 in March to $12.3 today. This rebound has coincided with the ongoing crypto market rally.
BitGo’s recent report showed that its revenue jumped by 439% to over $6.2 billion in the fourth quarter of last year. This growth was mostly driven by its stablecoin-as-a-service business. It recorded a net loss of $50 million as cryptocurrency prices dropped.
Wall Street pros expect that its revenue will come in at $5.29 billion, while its annual figure will jump to over $22 billion. If this is correct, its annual revenue will increase by 22%.
READ MORE: MSTR Stock Retreats as Bitcoin Price Stalls at $80k: Here’s Why it May Rebound
