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Earnings

Bullzilla's $0.00000575 price sparks presale momentum
Crypto Trends

BitGo rockets to $4.2b earnings, eyes NYSE debut for IPO

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Crypto custodian BitGo is making a splash in the digital asset world with a staggering $4.19 billion in earnings for the first half of 2025.

As the company prepares to go public with plans for a New York Stock Exchange listing, it’s boasting record profits and expanding global reach. Plus, BitGo has a dual-share structure that keeps CEO Michael Belshe firmly at the helm, setting the stage for a high-stakes debut in an increasingly bullish crypto IPO market.

Summary

  • BitGo files for U.S. IPO after $4.19 billion revenue surge in first half of 2025
  • CEO Michael Belshe to retain control via dual-class voting share structure
  • IPO momentum grows as crypto firms tap public markets for expansion

As per reports, the company’s earnings nearly quadrupled to $4.19 billion in the first half of 2025. The Palo Alto-based firm reported a net profit of $12.6 million during the six months.

Founded in 2013, BitGo ranks among the most prominent crypto custody institutions in the United States and was valued at $1.75 billion in 2023.

The company plans to list on the New York Stock Exchange under the ticker BTGO, with Goldman Sachs and Citigroup serving as lead underwriters for the offering.

BitGo co-founder retains control

BitGo’s Belshe will retain control through a dual-class share structure. The Class B shares carry 15 votes each compared to one vote for Class A shares offered to public investors.

This arrangement qualifies BitGo as a “controlled company” under NYSE rules and exempts it from certain governance standards.

The company has expanded its global reach by securing an extended license from Germany’s Federal Financial Supervisory Authority. This allows its European arm to offer trading, custody, staking and transfer services under the EU’s Markets-in-Crypto-Assets framework.

BitGo’s client base includes crypto-native firms, financial institutions, governments and high-net-worth individuals. The company has completed Service Organization Control audits.

Strong crypto IPO market momentum continues

The BitGo IPO filing joins a wave of successful crypto public market debuts in recent months. Stablecoin issuer Circle, crypto exchange Bullish, and blockchain-based lending firm Figure have all seen strong reception from public market investors.

IPO research firm IPOX CEO Josef Schuster noted that “investors are increasingly viewing digital assets as an asset class in their own right, rather than purely speculative instruments.”

U.S. IPOs are experiencing one of their busiest periods since 2021. Crypto firms are also anchoring a market revival following earlier regulatory uncertainty.

Washington’s increasingly welcoming stance toward crypto has created favorable conditions for companies like BitGo to access public capital markets and scale their operations.



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Crypto Platform Bullish Wins New York BitLicense, Clearing Path for U.S. Expansion
NFT Gaming

Bullish’s Beats Q2 Earnings, Sees Higher Adjusted Ebitda for Next Quarter

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Bullish (BLSH), the owner of CoinDesk, earnings per share beat average analyst estimates, while expecting higher adjusted Ebitda for the next quarter.

The crypto platform reported earnings per share (EPS) of $0.93 in the second quarter, beating the average analyst estimate of $0.03, according to FactSet data. Bullish also reported adjusted revenue of $57 million for the second quarter, versus estimate of $60.7 million.

Tom Farley, CEO of Bullish, said in a filing that the crypto firm experienced “exciting liquidity services growth, executed on a successful Consensus conference,” and that it is seeing “strong business momentum” in the third quarter.

The firm’s trading volume surged to $179.6 billion, up from $133.0 billion in the same quarter last year. For the next quarter, Bullish sees trading volume of $133.0 billion to $142.0 billion.

Bullish also expects $25 million to $28 million in adjusted Ebitda for the third quarter versus $8.1 million in the second quarter, according to the statement.

The report marks the company’s first quarterly report since going public on the New York Stock Exchange (NYSE) in August. BLSH’s IPO price was set at $37 a share and currently trades at $53.54, up 44% from the IPO price.

The stock was up during normal trading hours on Wednesday after the firm secured a BitLicense from the New York State Department of Financial Services. Analysts called this a crucial regulatory approval that opens the door for the firm to expand in the U.S.

The stock is up about 4.5% in post-market trading.

Crypto prices soared in the months from April to June, with bitcoin gaining 30% that quarter, making it the best-performing major asset globally. The CoinDesk20 Index, which tracks the broader market, rose 23% in the same period.



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Figma’s Shares Slide Following Earnings as Company Says It Isn’t a Bitcoin Treasury

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In brief

  • Figma shares fell nearly 20% Thursday to $54.56, down from a high of $122 in early August.
  • Q2 revenue rose 41% to $249.6 million, slightly beating expectations, with 2025 adjusted operating income forecast at $88–$98 million.
  • The firm disclosed $91 million in Bitcoin holdings but its CEO stressed it is “a design company,” not a Bitcoin holding firm.

Software giant Figma’s shares plunged Thursday after it published its first quarterly report as a publicly traded company, with its CEO claiming he wasn’t trying to be Strategy boss Michael Saylor with regard to its Bitcoin holdings. 

Nasdaq data shows that Figma (FIG) was down nearly 20% Thursday afternoon, one hour ahead of the closing bell, with shares priced at $54.56.

Shares reached a high of $122 at the beginning of August, just days after the company went public on the NYSE. 



The drop came after earnings on Wednesday showed that the software company’s revenue grew 41% year-over-year to $249.6 million, slightly higher than expected. 

Adjusted operating income for 2025 is expected to be $88 million to $98 million, compared with an average projection of $88 million, the firm said. 

The company said in July that it had been holding onto a multi-million-dollar Bitcoin investment for more than a year via a Bitcoin ETF, at the time valued at close to $70 million. 

But in an interview with CNBC, the software firm said that it wasn’t trying to be like Strategy—formerly MicroStrategy—which is now the largest corporate holder of Bitcoin. 

“This is not a Bitcoin holding company,” CEO Dylan Field was quoted as saying. “It’s a design company.”

Figma has bought Bitcoin as a diversification hedge rather than following in the footsteps of Bitcoin treasuries—companies that buy and hold the crypto to pump their stock.

Still, the software giant said it would buy more Bitcoin back in July, and a Wednesday filing with the SEC showed that it had nearly $91 million in the crypto. 

Founded in 2012, Figma began as a browser-based interface design tool and has grown into a widely used platform for cross-functional product teams.

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Bitcoin (BTC) Mining Profitability Rose 2% in July, Jefferies Says
Crypto Trends

BTC Miner IREN Soars 25% After Earnings

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IREN (IREN) reported fourth-quarter results that highlighted rapid progress in both its bitcoin mining and artificial intelligence infrastructure businesses, according to a Friday research report by broker Canaccord Genuity.

The broker reiterated its buy rating on the stock and hiked its price target 60% to $37 from $24, citing stronger visibility in both mining and AI revenue streams.

In early trading, shares are higher by 25% to $28.75.

The company’s mining unit reached an annualized revenue run rate above $1 billion, powered by 50 exahash per second (EH/s) of capacity and one of the industry’s most efficient fleets at 15 J/TH, operating on 3.5 cent/kWh power, analysts led by Joseph Vafi wrote. That translates into a $36,000 cost to mine a bitcoin, well below market levels.

Bitcoin mining revenue came in at $187.3 million for the quarter, up 33% sequentially, while adjusted EBITDA jumped 46% to $121.9 million.

On the AI side, IREN is accelerating expansion, the report noted. The bitcoin miner quadrupled its hashrate and added another megawatt of power capacity, now totaling 3 MW, with further growth expected in fiscal 2025.

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.

Canaccord also noted IREN’s recent designation as an NVIDIA (NVDA) preferred partner, which came almost simultaneously with the announcement of the purchase of an additional 2,400 GPUs.

With 2,910 MW of secured power capacity and some of the lowest all-in cash costs in the industry, Canaccord argues IREN is positioned to become one of the largest and most efficient publicly listed miners, with significant optionality in high-performance computing.

Read more: IREN Posts First Full-Year Profit on AI Cloud Growth, Mining Expansion; Shares Climb



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Bitcoin, Solana Rise as Investors Weigh Nvidia Earnings, Strong GDP Data

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In brief

  • Nvidia disclosed $46 billion in second-quarter profit.
  • The U.S. economy grew at an annual rate of 3.3% in Q2.
  • Solana was up 2.3%, as one analyst pointed to interest from treasury firms.

The price of Bitcoin and other cryptocurrencies rose on Thursday as investors mulled the strength of Nvidia’s earnings and signs of a stronger-than-expected U.S. economy.

Bitcoin changed hands around $113,000, a 0.9% increase over the past day, according to crypto data provider CoinGecko. Solana meanwhile rose 2.3% to $212. SOL was up nearly 5% at one point before retreating. 

Ethereum and XRP dropped dropped 2.7% and 0.8%, respectively. ETH was trading near $4,500, well off its all-time high set over the weekend.

Nvidia disclosed record profits on Wednesday alongside its ninth straight quarter of year-over-year revenue growth of over 50%. The company took in $46 billion during the second quarter, despite not selling any of its advanced AI chips to China over the period.

The chipmaker’s shares fell 1.3% on Thursday to $179, according to Yahoo Finance. They are still up 2.6% on the week and 34% year-to-date, signaling that conviction in artificial intelligence is continuing to drive sky-high valuations on Wall Street.

For Bitcoin, Nvidia’s fortunes are relevant. The chipmaker has an 8.8% weighting in the S&P 500, so any swing in the $4.4 trillion company’s stock price could affect the market’s top cryptocurrency by market value, given the correlation between crypto and equities.

The U.S. Commerce Department said on Thursday that gross domestic product rose at an annualized rate of 3.3% in the second quarter. Economists initially expected the U.S. economy would grow at a 3.0% annualized rate, suggesting that the U.S. economy performed better under the president’s trade zig zags on tariffs and other trade policies.

Solana’s performance was notable on Thursday, considering that the latest rally in crypto prices has been marked by Ethereum’s strength and climb to a new all-time high.

Since Aug. 10, however, Solana has shown “relative strength” against Bitcoin and Ethereum, with price ratios recovering from recent lows, according to Jake Ostrovskis, an OTC transfer at the crypto market maker Wintermute.



The cryptocurrency has returned to focus amid “growing interest in treasuries targeting the asset,” Ostrovskis said. Earlier this week, The Information reported that venture capital firm Pantera Capital is seeking to raise $1.25 billion for a Nasdaq-listed vehicle that would hold Solana.

Solana treasury firms have the potential to absorb defunct crypto exchange FTX’s vesting supply of tokens, which equates to around 609,000 SOL each month. The bankrupt exchange started making repayments to customers in February.

“By converting this ‘overhang’ into staked, treasury-held assets, effective circulating supply shrinks, countering downward pressure and setting the stage for sustained upside,” Ostrovskis said.

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Nvidia (NVDA) Earnings: BTC, ETH, XRP Little-Changed
Crypto Trends

Nvidia (NVDA) Earnings: BTC, ETH, XRP Little-Changed

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Nvidia (NVDA) reported stronger-than-expected earnings for the second quarter on Wednesday, posting revenue of $46.7 billion, a 56% increase from a year earlier.

The results underscore the chipmaker’s role at the center of the AI boom, as demand for its high-powered processors showed little sign of slowing.

Shares of the company fell 1.7% in after-hours trading, with some noting data center revenue as a bit soft at $41.1 billion against estimates of $41.29 billion.

AI-linked tokens such as Internet Computer ICP$5.1085, NEAR Protocol, and Bittensor TAO$337.96 showed little reaction to the news, trading roughly flat from prior to the results.

Bitcoin BTC$112,314.90, ether (ETH) and XRP XRP$3.0197 knee-jerked lower on the news, but quickly retraced those losses, showing roughly no net movement from prior to the earnings.

Wall Street will parse Nvidia’s commentary closely, especially for signs that hyperscalers like Microsoft, Meta, and Amazon are still ramping up chip orders. Analysts are also looking for updates on the company’s work to develop more advanced chips for China, a market where U.S. export restrictions complicate sales.

Nvidia is set to host its earnings call at 5 p.m. E.T., where executives will field questions from analysts.



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Dow retreats 200 points amid Walmart earnings miss
GameFi Guides

Dow retreats 200 points amid Walmart earnings miss

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The Dow Jones Industrial Average wavered on Thursday as investors reacted to retail giant Walmart’s quarterly miss, with stocks opening lower as Wall Street turned its attention to the Federal Reserve’s key symposium at Jackson Hole.

Summary

  • Dow fell 200 points and S&P 500 and Nasdaq shed gains amid stocks retreat.
  • Walmart shares dipped after the company’s earnings report.
  • Investors are eyeing the Federal Reserve’s Jackson Hole symposium.

The Dow Jones Industrial Average fell 200 points at open, leading the pullback after bouncing to a record high on Wednesday. As the blue-chip index flipped lower, the benchmark S&P 500 shed 0.3% and the tech-heavy Nasdaq Composite trimmed 0.3%.

Stocks dip amid Walmart earnings miss

While the bloodbath for mega-cap tech stocks cooled, a dip in Walmart (WMT) shares after the retail giant missed quarterly profit forecasts pulled the Dow lower. Walmart, however, raised its full-year sales and profit outlook.

Meanwhile, shorts have taken a rare edge in the stock market since the rally began in May, with sentiment down after sellers scored big on the sharp sell-off in tech stocks.

Analysts have pointed to Palantir Technologies’ streak of six losing sessions as a slide that has erased tens of billions in market value. Although the company’s stock ticked higher on Aug. 21, it remains more than 17% down from its Aug. 12 peak.

Bearish momentum across risk assets has also weighed on cryptocurrencies, with Bitcoin down over 4% in the past week to hover near $113k. Despite the dip, Coinbase founder and CEO Brian Armstrong has predicted BTC could reach $1 million by 2030.

Jackson Hole in focus 

As stocks struggle and investors retreat from risk-on assets, all eyes are firmly on this week’s key event, the Federal Reserve’s Jackson Hole symposium. The gathering of policymakers and economists has the market focused not only on what Fed Chair Jerome Powell will say on Friday morning, but also on what his remarks signal about the future of interest rates.

That focus has sharpened after the Fed’s July minutes revealed the central bank is more concerned with sticky inflation than with weakness in the labor market.



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