BBX: The Profit Explosion of the "Compliance Money Printing Machine" and the Financial Report Magic of the "Computing Power Giant": Circle's EBITDA Surges 85%, Mining Companies Face Difficult Transformation

According to BBX, yesterday's global capital markets witnessed the extremely brutal evolution of the business ecosystem for crypto stocks amidst the flurry of Q3 2026 earnings reports. While the macro-level euphoria saw Bitcoin's price break through $80,000, listed entities across different sectors delivered core results that varied greatly in their fortunes: —Infrastructure boom: Stablecoin giant Circle (NYSE: $CRCL) raked in $226 million in net profit, with adjusted EBITDA surging 85%, fully demonstrating the benefits of fiat currency interest rate spreads. —The Magic of Unrealized Gains: Hut 8 (NASDAQ: $HUT) saw a decline in revenue but managed to boost its net profit to $131 million thanks to a $414 million unrealized gain in Bitcoin. —Industry Transformation: Riot Platforms (NASDAQ: $RIOT) is hedging against the decline in mining revenue by building data centers, and is holding on to its $181 million revenue base. The market is showing a clear dual evolutionary trend: "compliant digital dollar issuers are achieving leapfrog profit growth by relying on huge fiat currency reserves and interest rate spreads" and "established asset-heavy mining companies are forcibly smoothing out the pain of Bitcoin halving through fair value accounting dividends or cross-border physical data center operations". Source: bbx.com