MARA News & Events

Three crypto-infrastructure companies report after today's close in what amounts to the sector's most concentrated single-day earnings test of 2026: Coinbase on whether its services business can hold as trading volumes crater, IREN on whether its AI cloud pivot is generating real revenue, and CleanSpark on whether hyperscale colocation is becoming a material income line. Alongside the prints, MARA Holdings is racing a May 15 deadline to clear a structural hurdle on its $1.52B Long Ridge gas plant acquisition, and legislation that would formally classify bitcoin and ether as CFTC commodities is headed for a Senate markup next week. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.COINBASE FACES THE VOLUME CLIFF:Coinbase(COIN)reports Q1 results after today's close with the earnings call at 5:30 PM ET. Wall Street consensus heading into the print is roughly 36c EPS vs. $1.94 last year, and revenue of approximately $1.5B, down roughly 26% vs. last year.. Coinbase guided Q1 subscription and services revenue to $550M–$630M, a 27% shortfall vs. prior Street consensus of $747.5M, and announced a roughly 14% workforce reduction of approximately 700 jobs on May 5, attributed to market cyclicality and AI efficiency initiatives. Today's number is a direct read on whether Coinbase's subscription and services moat can absorb a sharper-than-expected trading volume decline. Forward commentary on the "Everything Exchange" buildout, stablecoin market share, and any CLARITY Act custody pipeline will set the tape for every crypto-exposed equity heading into the back half of the week.IREN AND CLEANSPARK ALSO PRINT TODAY:IREN(IREN)reports Q3 results at 5:00 PM ET tonight. IRENannounced the acquisition of Mirantis days before the printand expanded AI cloud capacity to 150,000 GPUs targeting $3.7B+ in AI Cloud ARR by end of 2026. The key watch is whether the AI cloud revenue run-rate is tracking toward that $3.7B ARR target and whether bitcoin mining margin compression is accelerating the pivot timeline.CleanSpark(CLSK)completes the trifecta, reporting Q2 after the close today with a management webcast set for May 11 at 4:30 PM ET.Q1 showed $181.2M in revenue, up 11.6% quarter-over-quarter, with cash of $458.1M. Watch whether CLSK's AI/hyperscale colocation revenue line makes a material debut in the Q2 print and how much of the 1.8 GW contracted power capacity is being monetized beyond pure-play bitcoin mining.MARA LONG RIDGE CONSENT PUSH:MARA Holdings(MARA)launched a consent solicitation targeting holders of the 8.750% Senior Secured Notes due 2032 issued by Long Ridge Energy,seeking noteholder approval to amend the indentureso that MARA's pending $1.52B acquisition of Long Ridge does not constitute a "Change of Control" event under the notes. MARA announced the definitive agreement to acquire Long Ridge, a 505 MW combined-cycle gas plant in Hannibal, Ohio, plus 1,600+ acres, on April 30 for roughly $1.52B in total transaction value, including at least $785M of assumed debt backstopped by a Barclays bridge loan. The solicitation expires at 5:00 PM New York time on May 15, subject to extension. Failure to obtain consent could trigger a mandatory buy-in of the 8.75% notes at par, adding material cost to the transaction.MINERS PIVOT TO AI INFRASTRUCTURE:Core Scientific(CORZ)posted Q1 total revenue of $115.2M, up 44.9% vs. last year,driven by colocation revenue of $77.5M vs. $8.6M in Q1 FY25, an increase of more than 800%. Self-mining revenue fell to $30.1M from $67.2M, down 55% vs. last year, as the AI/HPC pivot deliberately displaces bitcoin production. Core Scientific closed $3.3B in 7.75% Senior Secured Notes due 2031 on May 6, funding Muskogee, Oklahoma, and Pecos, Texas campus expansions, bringing total power pipeline to 4.5 GW. CORZ shares fell roughly 9% on the session following the print as no new AI/HPC colocation contracts were announced.LEGISLATION AND THE FED:Senate Banking Committee chairman Tim Scott and Senator Cynthia Lummis have both confirmed a markup of the CLARITY Act is expected during the week of May 11, after missing an April target. The bill passed the House 294-134 in July 2025; Senators Tillis and Alsobrooks unveiled a bipartisan stablecoin yield compromise on May 2. Passage would formally designate bitcoin, ether(ETH-USD), solana(SOL-USD), XRP(XRP-USD), cardano(ADA-USD), and 13 other tokens as CFTC-regulated commodities.STABLECOINS AND PARTNERSHIPS:Mastercard(MA)and Yellow Cardannounced a strategic partnership to accelerate stablecoin-enabled payments across Eastern Europe, the Middle East, and Africa, using Mastercard's Multi-Token Network settlement infrastructure alongside Yellow Card's regulated stablecoin rails and local licensing. The initial focus spans the UAE, South Africa, Nigeria, Kenya, and Ghana, targeting cross-border remittances, B2B settlement, treasury management, and digital loyalty networks.PRICE ACTION:As of time of writing, bitcoin was trading at $79,959.88, while ether was trading at$2,296.69,according to price data from TipRanks.

Crypto exchange Bullish agreed to acquire the U.K.-based transfer agent Equiniti for $4.2B in the day's most consequential deal, while Coinbase announced the elimination of roughly 700 positions citing AI productivity gains and bitcoin squeezed through $81,000 for the first time since January on $532M of spot ETF inflows. Strategy holds center stage after the close, reporting Q1 FY26 results with its bitcoin purchase program on pause. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BULLISH BUYS EQUINITI:reported that Bullish(BLSH)agreed to acquire U.K.-based issuer-services firm Equiniti in a $4.2B transaction composed of approximately $2.35B in Bullish stock priced at a 30-day VWAP of $38.48 per share and $1.85B of assumed debt, with a targeted close in January 2027.Bloomberg Lawnoted the combined entity is targeting approximately $1.3B in pro-forma adjusted revenue for FY26, and management is billing the result as the first fully integrated blockchain-enabled issuer-services platform.Equiniti operates in the shareholder record-keeping, proxy administration, and dividend disbursement space, providing infrastructure that underpins the equity operations of hundreds of listed companies globally. The acquisition pivots Bullish from pure-play exchange into traditional capital markets plumbing, handing Bullish shareholders direct exposure to a recurring-revenue financial infrastructure business while putting the firm on a collision course with entrenched transfer-agent incumbents.COINBASE WORKFORCE CUTS:reported that Coinbase(COIN)will eliminate approximately 700 positions, roughly 14% of its global workforce, with restructuring charges of $50M-$60M concentrated in Q2 FY26, per anSEC filing. CEO Brian Armstrong announced the reductions via X, attributing the decision to crypto market volatility and AI-driven productivity gains that allow smaller, flatter teams to operate at greater scale. Coinbase shares rose approximately 4% in pre-market trading following the disclosure.The restructuring charge is a near-term earnings headwind ahead of Coinbase's Q1 FY26 report, due May 7 after the close, but the margin trajectory of a leaner, AI-augmented cost structure is the more durable signal for consensus models. The May 7 release will be the first opportunity to test whether Armstrong's productivity thesis maps to measurable operating leverage.STRATEGY EARNINGS TONIGHT:Strategy(MSTR)is due to report Q1 FY26 financial results after market close today, followed by a 5:00 PM ET conference call. The company confirmed that it paused bitcoin purchases this week ahead of the release, temporarily removing the market's most consistent institutional buyer from the spot tape. Strategy holds 818,334 bitcoin at an average acquisition cost of $75,537 per coin, and its STRC preferred shares are currently trading below the $100 par value, a condition that constrains fresh at-the-market capital raises under the existing structure.BITCOIN ETF FLOWS:U.S. spot bitcoin ETFs absorbed net inflows of $532M, led by BlackRock's(BLK)iShares Bitcoin Trust at $335M and Fidelity's FBTC at $184M. Bitcoin simultaneously broke above $81,000 for the first time since January, driven by a short squeeze that forced liquidation of an estimated $180M in bearish perpetual futures positions stacked above $78,785. On-chain analyst 'Murphy', viaLookonchain, noted that approximately 423,000 bitcoin traded in the $78,000 cluster with an unfilled on-chain gap remaining at $81,000 to $82,000 and and institutional wallet activity near $83,000-$84,000 that the analyst characterizes as non-resistant consolidation, with the next meaningful supply cluster above $87,000, a constructive backdrop for miner margins at, a framework with direct margin implications for miners MARA Holdings(MARA), Riot Platforms(RIOT), CleanSpark(CLSK), and Iren(IREN).TOKENIZATION AND STABLECOINS:Figure Technology(FIGR)willwork with OpenWorld to tokenize OpenWorld's equity securities on Figure Technology Solutions' Onchain Public Equity Network ahead of OpenWorld's proposed Nasdaq listing, a real-world asset transaction that places on-chain equity issuance on a direct path to a major U.S. exchange. Global market maker Virtu Financial(VIRT)joined the zerohash liquidity network as a market-making partner,expanding institutional access to crypto, stablecoin, and tokenization services for zerohash's financial institution clients. PayPal(PYPL)alsofiled Q1 FY26 earnings this morning, covering financial performance across consumer and merchant platforms including its PYUSD stablecoin and integrated crypto trading services.MINING AND HARDWARE:Cipher Digital(CIFR)reported Q1 FY26 results before market open today,submitting two filings with the SECcovering bitcoin mining operational and financial results for the period ended March 31, 2026. At the Bitcoin 2026 conference in Las Vegas, ASIC manufacturer BGIN Blockchain(BGIN)unveileda commemorative prototype miner "PortableBTC"alongside its institutional 4nm BT1 chip program.PRICE ACTION:As of time of writing, bitcoin(BTC-USD)was trading at$81,270.04, while etherwas trading at$2,377.33,according to price data from TipRanks.

Bitcoin touched $80,000 for the first time since January on a confluence of $630M in spot ETF inflows, Iran-related geopolitical de-escalation, and a bipartisan CLARITY Act stablecoin compromise, while corporate treasury activity dominated the SEC filing calendar: Strategy posted its second zero-buy week since late March, Strive crossed the 15,000 BTC milestone, and BitMine disclosed it now holds 4.29% of all circulating ether with 84% of that stake actively generating validator yield. Western Union launched its first stablecoin on Solana, Hut 8 refinanced its bitcoin-backed credit facility at a 200 basis-point improvement, and on-chain signals offered a mixed read — strong ETF momentum offset by a leveraged short squeeze on Hyperliquid and a dormant whale moving bitcoin to Kraken. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BITCOIN TESTS $80,000:Bitcoin(BTC-USD)briefly touched $80,393 early Monday, its highest print since January 31st, before pulling back. The move catalyzed by a Truth Social post by the U.S. President Donald Trump suggested geopolitical de-escalation, approximately $630M in Friday spot ETF inflows, and anticipation of Strategy's(MSTR)Q1 2026 earnings report due Tuesday.also cited a banking-and-crypto industry compromise on stablecoin yield provisions in the CLARITY Act as a legislative tailwind, a development with direct implications for Coinbase(COIN)and stablecoin-linked public issuers. Bitcoin futures open interest entered Monday near $57.6B,per CoinGlass data cited by MEXC, an elevated positioning level at a key resistance band that raises liquidation-cascade risk for high-beta names including MARA Holdings(MARA)and Riot Platforms(RIOT).STRATEGY ZERO-BUY WEEK:Strategyconfirmed in its weekly 8-Kzero bitcoin acquired in the April 27-May 3 window, the second zero-purchase week since late March. The company holds 818,334 bitcoin at an aggregate cost basis of $61.81B and an average purchase price of $75,537, while simultaneously raising $82M during the same period by selling 492,210 MSTR shares through its at-the-market equity program.Strive(ASST)crossed 15,000 bitcoin in its corporate treasury as of May 1,per a regulatory filing, up from 14,557 on April 24, with $97.9M cash and $50.4M in Strategy STRC preferred stock also on the balance sheet. The preferred stock position makes Strive a layered proxy on both bitcoin spot price and the Strategy preferred-equity ecosystem, adding structural correlation between the two names.BITMINE'S ETH CONCENTRATION:BitMine Immersion Technologies(BMNR)reported its ether(ETH-USD)treasury reached 5,180,131 ether as of May 3 at $2,336 per coin, representing 4.29% of total circulating ether supply, with 200 bitcoin, $700M cash, and other positions bringing the combined portfolio to $13.1B,per a company press release. A 4.29% concentration of total supply at a single publicly traded entity carries meaningful price-impact and validator-influence implications for the Ethereum network.Cash on the BitMine balance sheet fell to $700M, down from $940M week-over-week, consistent with continued ether accumulation funded from treasury,per the concurrent filing. The filing discloses that approximately 84% of ether holdings, or 4,362,757 ether, have been moved into staking through MAVAN, adding validator yield to the treasury's return profile and deepening the company's operational exposure to the Ethereum staking ecosystem.WESTERN UNION STABLECOIN LAUNCH:Western Union(WU)officially launched USDPT, a U.S. dollar-backed payment stablecoin issued by Anchorage Digital Bank and built on Solana(SOL-USD), initially targeting the Philippines and Bolivia before expanding to 40-plus countries through 2026,per a company press release. In a concurrent release, Western Unionnamed Fireblocks as its infrastructure partnerfor wallet, settlement, and financial operations underpinning USDPT, illustrating how incumbent remittance operators are opting for third-party institutional custody infrastructure rather than building in-house blockchain capability.MINING AND BLOCKCHAIN INFRA:Hut 8(HUT)replaced its prior bitcoin-backed credit facility with Coinbase Credit with a new $200M, 364-day line from FalconX at a fixed 7.0% rate, a 200 basis-point improvement that simultaneously frees approximately 3,300 bitcoin worth roughly $260M from collateral,as stated by the company.Broadridge Financial Solutions(BR)reported its Distributed Ledger Repo platform processed $368B in average daily volume in April, a 268% year-over-year increase and nearly 4% sequential gain from March,totaling nearly $8T for the month. Separately, BitGo Holdings(BTGO)wasappointed as an additional custodian for the Virtune Stablecoin Index ETPin the EU and EEA under its MiCA license, adding regulated European institutional custody mandates to its footprint.CURRENC FY25 RESULTS:Currenc Group(CURR)reported$37.8M in FY25 revenuewith a net loss narrowed to ($18.5M), as the entity executes a strategic pivot toward Web3 and AI that includes a previously announced reverse merger with Animoca Brands. If the transaction closes, Animoca's blockchain asset portfolio would arrive on the books of a publicly traded U.S.-exchange issuer alongside the newly reported financial profile.WHALE FLOWS AND ON-CHAIN SIGNALS:U.S spot bitcoin ETFs logged $630M in net inflows on May 1,per Ambcrypto, tracking toward the roughly $1.9B to $2.4B monthly pace seen in April, supporting BlackRock's(BLK)bitcoin ETF AUM and custody revenue at Coinbase. On Hyperliquid, a tracked wallet known as 'pension-usdt.eth' held a 1,000 bitcoin short entered near $67,992 at 3x leverage,with unrealized losses expanding past $10M as bitcoin approached $80,000.PRICEE ACTION:As of time of writing, bitcoin was trading at$80,224.61, while ether was trading at$2,369.71,according to price data from TipRanks.

Bullish flow in Mara Holdings (MARA), with shares up 22c, or 1.88%, near $11.68. Options volume relatively light with 78k contracts traded and calls leading puts for a put/call ratio of 0.35, compared to a typical level near 0.42. Implied volatility (IV30) is higher by 4.4 points near 88.71,and above the 52wk median, suggesting an expected daily move of $0.65. Put-call skew flattened, suggesting a modestly bullish tone.Looking ahead: Mara Holdings (MARA) will report earnings after the close on 2026-05-07.Option markets are pricing in a 50% probability of a move greater than -5.03% or $-0.59.