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The miner booked a $638.8 million impairment retiring rigs to clear halls for AI tenants. Its $4 billion contracted run rate is still $3 billion above what is actually operating.
Volumes on Kraken's platform dropped 18% to $310 billion in the quarter, and the exchange cut roughly 150 jobs as it prepared for a listing that may still slip into 2027.
A $71 million fair-value writedown on the company's own bitcoin holdings offset the 8 per cent rise in mining revenue. Shares closed down 6.4 per cent on Friday ahead of the release.
The unrealised loss reflects the gap between Strategy's $75,578 average cost and quarter-end bitcoin prices near $58,700. STRC preferred grew to $10.5 billion notional.
Coinbase will lay off roughly 660 employees and rebuild around AI-native pods, two days before reporting a quarter in which revenue fell 26 per cent and trading volume hit an 18-month low.
