Trump-Linked Miner Reports Results, MARA Surges On AI Partnership

Cryptocurrency stocks are generally surging this week, powered by bitcoin’s ETF-fueled rally to near $70,000 on Wednesday. Stablecoin issuer Circle and bitcoin miner Hut 8 diverged on their Wednesday results, which prompted a 32% spike for CRCL. Trump family-linked miner American Bitcoin rose on its Thursday-morning results.

MARA Holdings surged on its late Thursday report. TeraWulf and blockchain lender Figure Technologies declined after their results.

The price of bitcoin jumped as high as $69,953 late Wednesday, after trading around $63,000 on Tuesday. Bitcoin eased back near $67,400 Thursday afternoon.

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The surge comes as spot bitcoin ETFs registered $506.6 million in inflows Wednesday, which marked their highest single-day of inflows since Feb. 2, according to data from SoSoValue. The group of ETFs recorded $257.7 million in inflows on Tuesday.

The spot bitcoin ETFs are on track for their first week of inflows after five consecutive weeks of capital declines.

Meanwhile, BTC remains down more than 22% over the past month and is trading well below its October record high near $126,200.

American Bitcoin Earnings

American Bitcoin reported fourth-quarter revenue of $78.32 million, short of estimates for $79.6 million. Revenue increased 22% from Q3. American Bitcoin reported a Q4 net loss of $59.5 million, compared to net income of $3.48 million in Q3.

The company for the year generated a loss of $153 million, primarily driven by mark-to-market losses on its bitcoin holdings, on $185 million in revenue.

American Bitcoin held 5,401 bitcoin at year-end and has since increased its holdings to more than 6,000. Of those bitcoin, 2,776 are pledged or otherwise collateralized, according to the release.

CEO Mike Ho noted that the results reflected its expanded mining platform and production, as well as the growth of its bitcoin reserve strategy, which included at-the-market purchases.

“Looking ahead, we will continue optimizing our fleet, deploying incremental capacity when returns justify it, and focus on compounding our bitcoin reserve while preserving balance sheet flexibility,” Ho said.

American Bitcoin formed in March 2025 following a deal and spinoff with Hut 8. Shares launched on the Nasdaq in September following a merger with Gryphon Digital Mining.

ABTC stock climbed 2.9% Thursday, adding to its nearly 3% advance Wednesday.

Still, shares have tumbled more than 36% this year.

Crypto Players Diverge On Late Reports

MARA Holdings (MARA) missed views, reporting a loss of $4.52 per share on a 6% decline in revenue to $202 million. FactSet analysts expected MARA to flip to a loss of $1.18 per share on $252 million in revenue.

Separately, MARA announced a strategic partnership with Starwood Capital Group to convert and scale a select portion of its data center sites into AI- and hyperscale-capable digital infrastructure.

MARA stock jumped nearly 13% late Thursday on the news.

TeraWulf (WULF) reported that its 2025 loss widened to $1.66 per share from a loss of 21 cents per share last year. Total revenue surged more than 20% to $168.46 million.

Analysts polled by FactSet expected a full-year loss of $1.47 per share on $177.7 million in revenue.

WULF dipped late Thursday, set to pare its 55% rally this year.

Figure Technologies (FIGR) reported that earnings improved to 6 cents per share, but fell short of estimates for 15 cents per share.

Revenue soared about 91% to $159.9 million, topping views for $155.2 million.

FIGR stock retreated 6% late Thursday. Figure, which went public in September, has dropped 15% since Dec. 31.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison

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