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Riot Platforms Shares Climb as Q3 Earnings Beat Estimates on Record Revenue

Riot Platforms (RIOT) experienced a significant rise in shares, jumping 5% in pre-market trading following the company’s report of unexpected profit alongside record revenue for Q3. The firm reported a net income of $104.5 million, or 26 cents per diluted share, reversing last year's loss of $154.4 million. Revenue soared to $180.2 million, double that of the previous year, thanks primarily to a $93 million increase in bitcoin mining revenue. Riot mined 1,406 bitcoins at an average cost of $46,324 per coin amid a 6.4% rise in Bitcoin prices during the quarter. Additionally, the company announced a new development of 112 MW at its Corsicana, Texas data center, groundbreaking progress toward evolving into a major diversified data center and bitcoin mining operator. Riot currently holds 19,287 bitcoins worth approximately $2.2 billion as of September 30.

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Record $1.26B Outflow Hits BlackRock Bitcoin ETF as Bearish Options Cost Soars

BlackRock's Bitcoin ETF, IBIT, has encountered a monumental net outflow of $1.26 billion in November, marking the most significant withdrawal since its inception in January 2024. This outflow comes amidst a price decline of 16%, bringing the share price down to $52, a level not seen since

Mastercard Picks Polygon to Bring Verified Usernames to Self-Custody Wallets

Mastercard has announced its collaboration with Polygon to introduce a system allowing users to send cryptocurrencies using verified usernames instead of lengthy wallet addresses. This new feature, referred to as the Mastercard Crypto Credential, aims to enhance security and user-friendliness in crypto transactions. By utilizing the services of Mercuryo, a

Bitcoin Dominance is Bleeding With Price, But Market Observers Say Altcoin Season is on Hold

Bitcoin's recent decline in price and dominance rate indicates a broader market deleveraging rather than a straightforward rotation into altcoins. While Bitcoin has dropped nearly 16% this month, its dominance has slipped from 61.4% to 58.9%. Despite speculation about an upcoming 'altcoin season', many

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