Comment by Havoc
1 day ago
Took a quick look at their financials...
I reckon this move is related to bitcoin doing poorly. A LOT of their revenue is bitcoin related and I reckon they realized they're going to have an absolute stinker of a Q1 '26 result...
The CEO's last visionary move was to go all in on crypto, even renaming the company. Now he's a visionary again, but firing half the company instead of himself.
> I reckon this move is related to bitcoin doing poorly. A LOT of their revenue is bitcoin related and I reckon they realized they're going to have an absolute stinker of a Q1 '26 result...
I had to look this up - in the last 12 months total revenue was ~24 billion of which ~8.5 billion was from the Bitcoin "ecosystem"! Truly bizzare to stake your company on this...
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001512673/55ca61a...
Yes though there is a corresponding cost line as well so that’s not 8.5 in profit. Sounds like they’re buying and selling coins effectively
nothing bizzare to invest into the area if some people pay 8.5b