ChainCatcher report, according to BBX data, the earnings season for crypto-related stocks concluded with dual announcements, revealing key metrics for both the stablecoin and mining sectors: Circle Internet Group, Inc. (NYSE: $CRCL) officially released its Q1 2026 financial results on May 11 via BusinessWire: Total revenue and reserve income combined reached $694 million (up 20% year-over-year), falling short of analyst consensus expectations of approximately $715 million by about $20.75 million; GAAP EPS was $0.21, exceeding consensus of $0.18 by $0.03; adjusted EBITDA was $151 million (up 24% year-over-year), with a margin of 53%; net income (from continuing operations) was $55 million (down 15% year-over-year). USDC’s outstanding supply at quarter-end stood at $77 billion (up 28% year-over-year), with on-chain transaction volume reaching $21.5 trillion (up 263% year-over-year); reserve interest income totaled $653 million (up 17% year-over-year), with a reserve yield of 3.5% (down 66 basis points year-over-year, reflecting lower SOFR rates); full-year 2026 guidance remained unchanged. Additionally, Circle disclosed that the ARC Token completed a $222 million private pre-sale, resulting in a fully diluted network valuation of $3 billion, with institutional investors including 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) officially released its Q1 2026 financial results on May 11 via GlobeNewswire: Revenue was $174.6 million (down 18% year-over-year, below consensus of approximately $182.7 million); net loss was $1.3 billion ($-3.31 per share), significantly below the consensus estimate range of $-2.20 to $-2.34 per share, with approximately $1 billion attributable to non-cash impairment losses from declines in digital asset fair value; 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); hash rate increased 33% year-over-year to 72.2 EH/s; approximately 30% of outstanding convertible debt (face value exceeding $1 billion) has been repaid; combined cash and BTC balance stood at $2.9 billion.
Circle Q1 revenue of $694M misses estimates; MARA's Q1 BTC sale results in $1.3B loss
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Summary
Circle Internet Group (CRCL) reported Q1 2026 revenue of $694 million, below the $715 million analyst estimate, though GAAP EPS of $0.21 exceeded forecasts by $0.03. The company also secured a $222 million private placement for its ARC Token. MARA Holdings (MARA) recorded a $1.3 billion net loss in Q1 2026, driven by a BTC sale that resulted in non-cash losses from fair value declines. BTC price movements and BTC dominance remain key metrics for market participants.
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