Today, the spotlight in the U.S. cryptocurrency sector centers on Coinbase (COIN), Strategy Incorporated (MSTR), and MARA Holdings (MARA), which responded to significant quarterly earnings reports and notable Bitcoin milestones.

Coinbase delivered its Q1 2025 earnings results yesterday, which fell short of both revenue and earnings per share (EPS) projections. Revenue came in approximately $200 million below expectations, and EPS dropped to $0.24 compared to the forecasted $2.09. The transaction revenue missed estimates by $70 million, while subscription and service revenue underperformed. Despite these figures, there were positive aspects noted in the report. Trading volume exceeded expectations slightly, and USDC balances held within Coinbase products increased by 49% quarter-over-quarter to reach $12.3 billion.

The company emphasized several factors contributing to its optimism regarding long-term prospects, such as the acquisition of Deribit, regulatory successes in India and Argentina, and a recent settlement with the Securities and Exchange Commission (SEC). Although the financial performance showed signs of weakness, COIN's stock closed the day with a gain of 5.06%. This suggests that investors may be prioritizing the broader strategic direction of the company over short-term setbacks.

In pre-market trading, COIN's stock has decreased by 1.46%. However, it successfully surpassed a critical resistance level at $206.9, an area it had previously struggled to overcome. Should the stock maintain its position above this level, the next potential upward target stands around $214.77. Conversely, should the support fail, the stock might retreat back towards $194.

Meanwhile, Strategy Incorporated, previously known as MicroStrategy, has continued its impressive upward trajectory as Bitcoin surged past the $100,000 mark. In the past month alone, MSTR's stock has risen by nearly 75%, fueled by the increase in Bitcoin's value and growing confidence in the company's bold cryptocurrency strategies. Despite reporting a $4.2 billion net loss in Q1 and facing scrutiny over rising debt levels, Strategy has steadfastly continued to accumulate Bitcoin, most recently purchasing 1,895 coins for $180.3 million. As a result, the company's total Bitcoin holdings now amount to $53.9 billion, representing a 50.1% increase from its initial investment cost. This makes Strategy not only the largest corporate holder of Bitcoin but also a pivotal influence on market sentiment.

Momentum carried over into the latest trading session, with MSTR closing yesterday at a gain of 5.58% and further increasing by 1.81% in pre-market trading. The stock breached previous thresholds and is now aiming for $437 as the next potential upside goal. Nevertheless, this upward movement remains closely linked to Bitcoin's price trends; if momentum slows down, MSTR might encounter support at $404. A breakdown below this level could lead to a more substantial pullback towards $383, marking a crucial zone for bullish forces to safeguard in the near term.

MARA Holdings announced Q1 2025 revenue totaling $213.9 million, an improvement from $165.2 million in Q1 2024. This growth was primarily driven by a 77% increase in the average Bitcoin price. The company mined 525 fewer Bitcoin units compared to the previous year, largely due to the halving event. Nonetheless, block rewards increased by 81%, and the total Bitcoin holdings grew to 47,531, currently valued at approximately $3.9 billion.

Despite these developments, MARA reported a net loss of $533.4 million, reflecting a 258% decline in profitability, largely attributed to declining Bitcoin prices at the end of the quarter. MARA is transitioning its focus to becoming a fully integrated digital energy and infrastructure enterprise. Investments include low-cost renewable energy projects, such as a 114 MW wind farm in Texas.

The stock concluded yesterday with a 7.20% increase, indicating robust investor enthusiasm. However, it has seen a 1.68% decline in pre-market trading. MARA is approaching a key resistance point at $14.68. A breakthrough here could propel the stock towards $16.24. On the flip side, if the trend reverses, support exists at $12.06;跌破此位可能使其跌至$9.82。

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