November's First Week Brings Three Crypto Earnings Reports

This week brings third-quarter results from Block, Circle and Riot Platforms, a period spanning July through September in which digital assets gained ground.

The earnings statements arrive days after Binance reported a $6.3 billion hack, and each of the three stocks finished Friday lower.

Block Kicks Off the Week After a Beat That Didn't Help Its Stock

Block reports first, with its crypto footprint tied to Cash App and the Bitcoin (BTC) held on its books.

• Its results are due Tuesday, November 3, after market close, followed by a 5 p.m. ET call.
• Per Zacks, analysts are looking for EPS of $1.02 and revenue of $6.63 billion.
• Block ended Friday at $76.22, a 17.10% gain from its December 31 close.

Bitcoin accounts for roughly 2% of Block's profit. The firm's Q2 letter put Bitcoin Ecosystem gross profit at $72 million, 31% below the prior year; total gross profit came in at $3.17 billion.

Block attributed the fall to reduced fees on selected Cash App Bitcoin transactions and to Bitcoin trading dynamics.

Bitcoin revenue is expected to keep declining, with Zacks consensus at $1.73 billion for Q3, 12.2% below the year-ago figure.

Each quarter, Block also revalues the BTC on its books, which means price swings feed straight into net income. If the BTC price on September 30 was higher than on June 30, the difference would appear as a gain.

On August 6, the day after Block topped Q2 expectations and raised guidance, the stock declined 6.15%. Since the $1.02 EPS consensus equals Block's own Q3 guidance, simply hitting that figure may not be enough to push shares higher.

Circle Must Offset Lower Rates With USDC Expansion

Circle follows the next morning, with outcomes tied more to USDC supply and interest rates than to digital-asset prices.

• The stablecoin firm publishes results Wednesday, November 4, ahead of the open, followed by an 8 a.m. ET webcast.
• Zacks data show analysts projecting EPS of $0.40, off 37.5% from a year earlier, and revenue of $796.95 million.
• Friday's close was $72.54, down 8.52% from the stock's December 31 level.

Circle generates the bulk of its revenue from the reserves behind USDC (USDC). Reserve income rose 5% to $668 million, according to its Q2 release.

Average supply of USDC climbed 25% versus a year ago. The reserve return rate, though, dropped 66 basis points to 3.5%, offsetting much of that expansion.

Zacks sees third-quarter revenue up 7.7% year over year despite the EPS decline. At the end of June, USDC in circulation totaled $73.3 billion.

What matters is the September 30 figure, because it determines the starting base for fourth-quarter reserve income. Circle fell 9.3% on Friday, the biggest decline among the three as earnings approached.

Riot's Numbers Show If Rally Lifted Mining Revenue

Riot posts numbers that same morning; analysts see mining contributing $112.85 million of the $161.46 million in revenue.

• Third-quarter results come out Wednesday, November 4, before the opening bell, with a call set for 8 a.m. ET.
• The consensus, via Zacks, is a per-share loss of $0.24.
• Riot finished Friday at $12.81, 1.10% above its December 31 close.

The revenue projection is shy of the $174.24 million Riot recorded in Q2, and the mining estimate is 29.8% lower than a year earlier.

From its September 30 close of $20.15, Riot shares fell 36.43% to Friday. The stock nevertheless remains a bit above where it ended 2025.

According to TIKR, this is Riot's first earnings call after it made public a letter of intent for a data center lease.

Coinbase reported a $718.7 million third-quarter profit last week, supported by gains on its crypto assets. The coming reports will reveal whether the Q3 uptrend extended to payments, stablecoin reserves and mining.