BTC falls below the $97000 mark

According to Decrypt, Keel Infrastructure (formerly Bitfarms) released its first quarter financial report, with a net loss of $145 million, revenue down 23% year-on-year to $37 million, and operating losses expanding to $98 million. The losses were mainly due to a loss of $41 million from changes in fair value of digital assets and a loss of $22 million from repaying Macquarie's credit line. The company has completed its transformation from a Canadian Bitcoin mining company to a US AI/HPC infrastructure developer, and has exited its Latin American business by selling non core assets such as the Paso Pe mine in Paraguay.

Michael Saylor responded to Ray Dalio, stating that transparency is a characteristic of Bitcoin rather than a flaw, making it suitable as a global collateral. （Cointelegraph）

According to Stream Finance's article on the X platform, its operating entity, Stream Trading Protocol, is researching various strategic plans with the goal of quickly and prudently integrating, liquidating, and distributing assets to maximize asset value and benefit customers and creditors. The implementation of the plan requires a certain degree of participation from customers and creditors, and more details will be announced in the coming weeks. Last November, Stream Finance disclosed a loss of $93 million in assets and suspended withdrawals, with analysis suggesting a potential risk exposure of $285 million.

MARA's first quarter revenue was $175 million, a year-on-year decrease of 18%, with a net loss of $1.3 billion due to unrealized losses on 38700 bitcoins in the balance sheet. The company sold approximately $1.1 billion worth of Bitcoin to repay debt and increase liquidity, expanding its computing power to 72.2 EH/s and mining 2247 bitcoins during the quarter. MARA stated that Bitcoin mining remains the cornerstone of operations, but is shifting towards AI and digital infrastructure businesses, and will no longer purchase ASIC mining machines on a large scale in the future.

The Meme coin trading application Zap announced on the X platform that it will be closed on June 1st. Zap suggests that users log in to their account before closing to export their private key and import it into the Phantom wallet to continue accessing assets. After June 1st, users who have not exported their private keys can still securely access their funds through Privy Home.