CleanSpark (CLSK) stock fell over 9.4% in pre-market trading on Tuesday after the U.S. bitcoin BTC$80,757.43 mining company reported a widening net loss of $378.3 million for its second fiscal quarter, hit by a significant non-cash adjustment to its digital asset holdings.

The company reported a net loss of $378.3 million for the quarter ending on March 31, a steep increase from the $138.8 million loss reported the same period last year. The loss of $1.52 per share was more than triple the analyst estimate on EPS of a 41 cents’ loss.

The firm’s bottom-hit was mainly driven by a $224.1 million non-cash bitcoin fair value loss, reflecting market volatility.

Quarterly revenue reached $136.4 million, down 25% from $181.7 million year-over-year, the report revealed, missing estimates of $154.3 million.

Despite the dip, CleanSpark expanded its infrastructure, doubling its megawatts (MW) under contract. CEO Matt Schutz said the company is pivoting to commercializing “AI/HPC-applicable assets,” joining a sector-wide shift toward leasing their computing power as AI data centers.

CFO Gary Vecchiarelly cited the firm’s balance sheet as a “competitive advantage, reporting a bitcoin holdings increase of 14% to $925.2 million in respects to last year. Total cash is $260.3 million, while total assets now sit at $2.9 billion with a long-term debt of $1.8 billion.

The estimated average cost of mining one bitcoin was $88,000 in mid-March, according to a Checkonchain difficulty regression model report. The current price of bitcoin hovers just over $80,000, meaning bitcoin mining companies across the board are operating at a loss

These economics have forced bitcoin miners to pivot toward artificial intelligence and high-performance computing infrastructure. The bitcoin mining industry had taken on roughly $70 billion in such contracts by late March.

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2196.49, down 1.6% (-36.49) since 4 p.m. ET on Monday.

Three of 20 assets are trading higher.

Leaders: CRO (+1.9%) and BNB (+0.2%).

Laggards: SUI (-4.9%) and TAO (-4.4%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Ronin L2 migration completed May 12, ending four years as a sidechain after a 10-hour network shutdown.

The Ronin L2 hard fork executed at block 55,577,490 on May 12, transitioning the gaming blockchain from an independent EVM sidechain into a full Ethereum Layer 2 built on Optimism’s OP Stack. Sky Mavis co-founder Jihoz announced in the lead-up that the network would enter “hibernation” for approximately 10 hours while the upgrade completed, with no action required from users or players.

Ronin joins Base, Celo, and Fraxtal as purpose-built chains that have chosen to operate under Ethereum’s umbrella through the OP Stack. “Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network,” the team said when first announcing the migration. “The time has come to plug back into the mothership.”

What changed in the hard fork

RON token inflation falls from over 20% annually to below 1% under the new Proof of Distribution model, which redirects 90 million RON tokens previously earmarked for passive staking toward the Ronin treasury. Marketplace fees also rise from 0.5% to 1.25%, with sequencer profits from the Layer 2 flowing into the treasury.

EigenDA handles off-chain data availability for the new chain while Ethereum provides settlement and finality. Partners including Optimism, Conduit, Boundless, and EigenLayer supported the migration, with Ronin now composable with Ethereum’s broader DeFi ecosystem.

Any node running older software was cut off once the new chain activated. Ronin confirmed that all games on the network, including Axie Infinity and Pixels, suspended on-chain activity during the downtime and resumed immediately upon completion.

Why the migration happened now

The move addresses the structural concerns that made Ronin vulnerable to the $625 million Lazarus Group bridge exploit in March 2022, the largest DeFi bridge hack in history. Operating as an independent sidechain with only nine validators created a centralised security model that Ethereum Layer 2 settlement directly resolves by inheriting the base chain’s security.

Governance also shifts to token-weighted voting under the new structure, giving RON holders direct input over treasury decisions, buybacks, and DeFi initiatives. Ronin also plans to deploy Uniswap v3 as its canonical DEX post-migration, backed by a $1.5 million liquidity incentive program to bootstrap DeFi activity on the upgraded network.

Key Highlights

• ETOR shares declined 4.81% following release of quarterly results showing revenue expansion.

• Commodities segment momentum compensated for declining cryptocurrency trading volumes.

• Strategic Zengo acquisition advances platform’s self-custody digital asset capabilities.

• Artificial intelligence features and Agent Portfolios enhance platform’s product suite.

• Platform reached 4.02 million funded accounts while assets under administration expanded.

Shares of eToro (ETOR) experienced downward pressure Tuesday despite the investment platform delivering solid first-quarter financial results and demonstrating product diversification. ETOR closed at $36.88, representing a 4.81% decline, after initially climbing above $41 earlier in the session. Market attention centered on cryptocurrency trading headwinds, artificial intelligence integrations, commodities segment performance, and the strategic Zengo transaction.

eToro Group Ltd., ETOR

Shares Retreat Despite Impressive Quarterly Performance

eToro delivered improved first-quarter profitability as its diversified asset strategy benefited from commodities segment strength. Net contribution expanded 19% on an annual basis to $258 million, versus $217 million in the prior-year period. Management attributed the growth to accelerated commodities trading momentum.

Bottom-line performance strengthened significantly throughout the three-month period, with net income surging 37% year-over-year to $82 million. Adjusted net income posted a 28% increase to $86 million, while adjusted EBITDA jumped 35% to $109 million. Furthermore, adjusted diluted earnings per share came in at $0.91, representing growth from $0.77 in the comparable quarter.

Customer acquisition efforts yielded positive results during the reporting period. Funded accounts grew 12% annually to 4.02 million, driven by increased marketing investments. Assets under administration rose 15% to $17 billion, while the company maintained cash and short-term investments totaling $1.3 billion.

Digital Asset Trading Slows While Commodities Segment Accelerates

Cryptocurrency trading faced headwinds throughout the quarter, notwithstanding eToro’s ongoing digital currency platform development. Management disclosed that April cryptocurrency transactions decreased 32% year-over-year to 2 million. Average invested amounts per cryptocurrency trade fell 22% to $207.

Cryptoasset revenue contracted to $2.15 billion compared with $3.5 billion during the corresponding period last year. However, cryptocurrency-related expenses similarly declined sharply to $2.1 billion. The softer digital asset performance didn’t prevent eToro from delivering enhanced consolidated financial results.

The commodities division emerged as the platform’s primary growth engine. This segment generated approximately 60% of total trading commissions during the three-month period. Additionally, commodities volumes surged nearly fourfold annually following eToro’s introduction of round-the-clock trading for select instruments.

Artificial Intelligence Features, Strategic Acquisition and Platform Development Drive Forward Momentum

eToro maintained its product innovation pace across trading, investment, wealth advisory, and neo-banking services. The platform introduced continuous trading for specific commodities, equities and indices. Management also added Japanese equity access, providing users exposure to securities from 26 global exchanges.

Artificial intelligence capabilities received enhanced focus during the reporting period. eToro unveiled Agent Portfolios and expanded applications within the eToro App Store ecosystem. The platform incorporated xAI’s Grok 4.2 technology into Tori, its artificial intelligence-powered investment advisory tool.

The Zengo transaction continues playing a pivotal role in eToro’s cryptocurrency roadmap. The $70 million acquisition delivered self-custodial wallet capabilities to eToro’s expanding product ecosystem. Management intends to bridge conventional financial services with blockchain infrastructure, prediction markets, and cryptocurrency-native offerings.

The latest draft of the CLARITY Act gained support from major crypto stakeholders before the Senate committee markup this week. Cardano founder Charles Hoskinson praised the revised text after criticizing earlier proposals. Meanwhile, senators continued negotiations over ethics provisions that could influence bipartisan backing for the bill.

Cardano Founder Supports Updated Crypto Bill

The Senate Banking Committee released the updated CLARITY Act draft before the scheduled May 14 markup session. The revised text introduced changes targeting decentralized finance protections and stablecoin regulations. Consequently, several crypto industry participants responded positively to the amendments.

Hoskinson described the latest draft as a major improvement compared to previous versions of the legislation. He had criticized earlier drafts because of concerns surrounding protections for decentralized finance activities. However, the revised proposal addressed several areas that crypto firms had previously challenged.

The updated bill includes provisions supporting decentralized governance structures and non-custodial staking activities. In addition, the draft recognizes distributed validator participation within decentralized blockchain networks. The legislation also preserves stablecoin rewards, although firms cannot distribute rewards on idle balances.

Senate Negotiations Focus on Ethics Provision

Senators continued private discussions to resolve remaining concerns before Thursday’s committee markup session. The ethics provision remained one of the most contested sections within the broader crypto legislation package. Therefore, lawmakers sought compromises that could secure bipartisan committee support.

Crypto journalist Eleanor Terrett reported that Republican and Democratic senators held meetings regarding the unresolved ethics language. The discussions could influence support from Democratic members before the committee vote. Moreover, lawmakers aimed to avoid delays that could threaten the bill’s momentum.

Democratic Senator Kirsten Gillibrand previously stated that stronger ethics rules remained necessary for the legislation’s passage. Senator Ruben Gallego and other committee Democrats could also shape the outcome. Meanwhile, Senate Banking Committee Chair Tim Scott continued efforts to advance the revised legislation.

Coinbase and Banks React to Revised Draft

Coinbase reviewed the latest draft details as negotiations between crypto firms and banking groups continued. The exchange participated in discussions surrounding stablecoin yield provisions within the revised legislation. Consequently, the company welcomed several compromise measures included in the updated text.

Coinbase Chief Policy Officer Faryar Shirzad indicated that the revised proposal reflected extensive negotiations among the parties involved. The company also supported progress toward the committee markup process scheduled this week. Besides, several crypto firms viewed the updated framework as more favorable for decentralized finance operations.

Banking groups maintained objections despite the latest revisions to the stablecoin sections. American Bankers Association CEO Rob Nichols urged bank executives to contact senators regarding remaining concerns. He warned that the draft could still increase the risk of deposit flight for traditional banks.

The CLARITY Act represents one of the most significant federal crypto regulatory proposals currently under Senate review. Lawmakers have worked to balance crypto industry demands with banking sector concerns throughout negotiations. Consequently, Thursday’s markup session could determine the legislation’s next stage within the Senate process.

South Africa’s manufacturing sector is entering a new phase of digital transformation as industrial leaders accelerate investments in smart manufacturing, AI-driven operations, cybersecurity, and supply chain modernization. Against this backdrop, the 33rd Edition of the South Africa Manufacturing Show 2026 will bring together key stakeholders shaping the future of industrial innovation across the African continent.

Organized by Exito Media Concepts, the event will take place on June 11, 2026, at Focus Rooms – Universe, South Africa. The summit forms part of Exito’s international event series focused on technology, digital transformation, cybersecurity, manufacturing, and emerging enterprise sectors.

As manufacturers continue integrating Industry 4.0 technologies into production ecosystems, the event aims to provide a strategic platform for discussions around operational resilience, automation, AI adoption, robotics, IoT, cybersecurity, and sustainable industrial transformation.

The summit is expected to convene more than 150 C-level executives, directors, technology leaders, and policymakers from South Africa’s leading manufacturing organizations and institutions.

According to the organizers, the event agenda will focus on practical strategies and frameworks designed to help businesses improve efficiency, modernize operations, and accelerate digital adoption across the industrial sector.

Key discussion topics will include:

• Smart manufacturing and AI-powered industrial systems
• Connected supply chains and logistics optimization
• Cybersecurity resilience for smart factories
• Robotics and operational automation
• Digital transformation in mining and automotive sectors
• Sustainable manufacturing practices
• Data-driven operational intelligence
• Workforce development for Industry 4.0 environments

The event will also feature several prominent industry leaders and executives, including Joseph Ndaba of Mafikeng Digital Innovation Hub (MDIHub), Irshaad Kathrada of the Localisation Support Fund, Tapiwa Samanga of the Production Technologies Association of South Africa, and executives from companies including Sasol, Mahindra South Africa, Omnia Holdings, Reckitt, and Metair Investments.

A major highlight of the summit will be the “Manufacturing 100” recognition program, which celebrates influential leaders driving innovation, digital transformation, and operational excellence across South Africa’s manufacturing ecosystem.

The South Africa Manufacturing Show 2026 is also CPD Certified, allowing attendees to earn up to eight hours of CPD points while participating in the summit.

For more information about the event, visit South Africa Manufacturing Show 2026