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Trump Family-Linked Bitcoin Miner Posts Second Consecutive Quarterly Loss
American Bitcoin Corp., the Trump family-backed miner launched last year just before the largest digital asset plunged from record highs, posted a second consecutive quarterly loss after a drop in the value of its holdings.
The net lost was $82 million in the first quarter, compared with $59 million in the three-months ended Dec. 31, the Miami-based company said in a statement Wednesday. Revenue declined about 20% to $62 million, reflecting lower average revenue per Bitcoin mined.
American Bitcoin has been one of the few public companies that stay sorely focused on minting the token amid an industry-wide pivot to be the infrastructure providers to support artificial intelligence firms. After debuting with much fanfare on the Nasdaq in September, the common shares have tumbled almost 90% from their peak to around $1.25.
Hut 8 Jumps Most Since 2021 on Texas AI Data Center Lease
Hut 8 Corp., a cryptocurrency miner that is shifting to developing artificial intelligence data center capacity, gained the most in five years after the company signed a lease worth at least $9.8 billion to provide computing power to a “high-investment-grade company.”
The data center developer declined to name the tenant for the new AI facility located at a campus called Beacon Point in Nueces County, Texas. The agreement may rise to a value of $25.1 billion over 15 years if the tenant exercises all three five-year extensions, Hut 8 said Wednesday in a statement.
The shares rose 35% to $108.49 at the close in New York, the biggest single-day leap since January 2021. The company’s stock has more than doubled this year.
OKX to Launch Perpetual Futures Contracts Tracking Private Company Valuations
Crypto exchange OKX is preparing to launch perpetual futures contracts that track the valuations of high-profile private companies including OpenAI, SpaceX, and Anthropic, the firm said Wednesday.
The perpetual futures will allow traders to speculate on private company valuations through derivatives that settle without delivering actual shares, according to the announcement.
The contracts track reference prices linked to secondary market activity, but grant no equity ownership or traditional shareholder benefits like voting rights or dividends. No timeline was announced for OKX’s offering.
California Man Gets 78 Months in Prison for Role in $250 Million Crypto Theft Ring
A U.S. federal court has sentenced a California man to 78 months in prison for his role in a nationwide social engineering conspiracy that stole over $250 million in crypto assets across the country.
Marlon Ferro, a 20-year-old man also known as "GothFerrari," received the sentencing on Wednesday, and was ordered to serve three years of supervised release and to pay $2.5 million in restitution, according to a statement from the Department of Justice.
U.S. Attorney Jeanine Ferris Pirro said that Ferro served as the "criminal enterprise’s instrument of last resort."
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Thursday was $46.33 million. The total net asset value of Bitcoin spot ETFs is $108.76 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.67%.
The Bitcoin spot ETF with the highest net inflow on March 26 was iShares Bitcoin Trust (IBIT), with a net inflow of $134.61 million, according to SoSoValue.
Source: SoSoValue
The overall net inflow of the US Ethereum spot ETF on Thursday was $92.54 million. The total net asset value of Ethereum spot ETFs is $11.70 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.70%.
The Ethereum spot ETF with the highest net inflow on March 26 was Grayscale Ethereum Mini Trust (ETH), with a net inflow of $10.03 million, according to SoSoValue.
Source: SoSoValue
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