Overview
- Management attributed the quarter’s deficit to a roughly 22% decline in the investment portfolio (about $449 million) plus approximately $160 million in one-time charges tied to mining infrastructure, reorganization and exchangeable-notes accounting.
- For 2025, the company reported a $241 million net loss alongside $426 million in adjusted gross profit and $34 million in adjusted EBITDA.
- Liquidity improved after raising $325 million in equity and $1.3 billion in senior notes, bringing cash and stablecoins to $2.6 billion, a 36% increase from the prior quarter.
- Core activity softened as digital asset trading volumes fell about 40% quarter over quarter, assets under management ended Q4 at $6.4 billion with $5.0 billion staked, and the loan book held near $1.8 billion.
- Shares fell roughly 15%–20% on Tuesday to their lowest levels in months, while several analysts maintained buy ratings and Vanguard increased its stake during the fourth quarter.