EToro reported first-quarter net income of $82 million, up 37% from a year earlier, as a surge in commodities trading offset weaker crypto activity.

Net income rose 37% year-over-year to $82 million, compared to $60 million in Q1 2025, the company announced Tuesday. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) climbed 35% to $109 million, from $80 million a year earlier, while net contribution grew 19% to $258 million.

The upbeat results were driven largely by commodities trading, which accounted for roughly 60% of trading commissions in the quarter, with volumes up nearly fourfold year-over-year. The company also expanded its equities offering, adding Japanese stocks to bring its exchange coverage to 26 and activated its BitLicense to launch crypto trading in New York.

Net revenue and income. Source: EToro

Funded accounts grew 12% to 4.02 million, while assets under administration rose 15% to $17 billion. The company held $1.3 billion in cash, cash equivalents and short-term investments as of March 31.

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Related: Deutsche Börse invests $200 million in Kraken parent Payward

Crypto trading volumes tumble

Despite the surge in commodities trading, crypto volumes took a hit. April data released alongside the earnings showed crypto trade volumes fell 32% year-over-year to two million trades, while the invested amount per trade dropped 22% to $207.

On the product side, eToro launched an AI-powered Agent Portfolios feature and deepened its partnership with xAI, embedding Grok 4.2-powered market sentiment into Tori, its AI investing agent.

EToro shares dip. Source: Yahoo! Finance

The company also closed its acquisition of Zengo, a self-custodial crypto wallet provider, on April 30, a move CEO Yoni Assia said advances eToro’s strategy of bridging traditional finance with on-chain infrastructure.

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Assets under administration climbed further to $18.7 billion in April, up 19% year-over-year, while total money transfers for the month hit $1.4 billion, up 53%.

Related: Block Inc rises 8% as Q1 gives ‘earnings surprise’ despite Bitcoin dip

Crypto exchanges see lower trading volumes

As Cointelegraph reported, Coinbase posted a net loss of $394.1 million in Q1, its second straight quarterly loss, swinging from a $65.6 million profit a year earlier.

Revenue came in at $1.41 billion, missing analyst estimates of $1.5 billion, as transaction revenue slumped 40% and subscription and services revenue fell 13.5% year-over-year. Total crypto market cap and trading volume were both down more than 20% quarter-over-quarter.

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Magazine: Guide to the top and emerging global crypto hubs — Mid-2026

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Bitcoin is holding near $81,200, as traders brace for a Senate Banking Committee markup vote on the Digital Asset Market Clarity Act scheduled for May 14 at 10:30 AM EST, fueling bullish price predictions.

The move reclaims a level that briefly cracked lower on Friday, and the catalyst sitting directly ahead could determine whether this rally has legs.

Seven consecutive weeks of ETF inflows totaling $3.43 billion have supported the recovery from February’s $63,000 low, but the legislative outcome is the swing variable few are pricing with confidence.

H.R. 3633, which passed the House on July 17, 2025, by a 294–134 bipartisan vote, would grant the CFTC exclusive authority over spot markets for decentralized digital commodities while keeping SEC oversight over investment contracts.

A May 11 compromise between Senators Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) resolved key industry concerns, permitting activity-based rewards like staking while banning bank-style yields – earning Coinbase’s public support.

Senate Banking Chairman Tim Scott confirmed the committee is, in his words, “in the red zone.” Prediction markets now put passage odds at 60%.

Institutional positioning reinforces the macro bid. UBS disclosed a holding of 6.31 million MicroStrategy shares worth $1.12 billion, an indirect bet on MSTR’s 818,334 BTC treasury.

Strong U.S. jobs data (115,000 payrolls added) and a single-day ETF inflow of $630 million on May 1 are keeping spot demand elevated heading into the vote.

The legislative backdrop has shifted materially since Q1, the question is whether the Senate delivers before the market moves past it.

Bitcoin Price Prediction: Can Bitcoin Price Hit $85,000 Before the Clarity Act Vote?

Bitcoin’s technical structure is constructive but not clean.

Price is consolidating above $80,000, now acting as immediate support, with resistance sitting at $82,800, a level that rejected price earlier this week.

A clean close above it opens the path toward $85,000, the next meaningful ceiling flagged by on-chain analysts.

Momentum leans bullish. Miners offloaded roughly 3,400 BTC, and the sell pressure failed to dent the uptrend. Demand absorption is healthy. 7 straight weeks of ETF inflows are providing a structural floor that did not exist during the Q1 drawdown.

The CLARITY Act committee vote is the catalyst heading into May 14.

Bipartisan support advances the vote and price gaps above $82,800, targeting $85,000 to $87,000 within days. If the vote proceeds but faces amendments or delay, price chops between $79,500 and $82,800 with ETF inflows holding the floor.

Democrats’ blocking of ethics provisions stalls the vote entirely, $80,000 gets tested, and a daily close below $79,200 invalidates the near-term bullish structure.

Inflation data and Fed commentary are secondary risks sitting behind the legislative outcome. The current consolidation pattern resembles pre-breakout coiling. Whether that comparison holds depends entirely on what comes out of Thursday’s vote. the usual caveats. Watch the May 14 close, not just the vote headline.

Smart Money Prefers New Layer 2 Called Bitcoin Hyper And Here is Why

Bitcoin at $80,000-plus validates the macro thesis, but at this market cap, the asymmetric return window for BTC itself is structurally narrower than it was at $30,000.

Traders seeking leverage on the Bitcoin ecosystem without the reduced upside of large-cap exposure are increasingly looking at infrastructure plays built directly on the network. (That’s not a contrarian take, it’s just math.)

Bitcoin Hyper (HYPER) is one project attracting early attention in this context. It positions itself as the first Bitcoin Layer 2 integrating the Solana Virtual Machine – delivering sub-second finality and low-cost smart contract execution while remaining anchored to Bitcoin’s security layer via a Decentralized Canonical Bridge. The pitch is programmability without abandoning Bitcoin’s trust model.

The presale has raised $32,676,096.88 at a current price of $0.01368, with staking rewards available at launch.

Key features include extremely low-latency Layer 2 processing, SVM integration for DeFi-grade smart contracts, and native BTC transfer infrastructure.

VISIT BITCOIN HYPER HERE

The post Bitcoin Price Prediction: Coiling at $81,000 as the CLARITY Act Vote Approaches: Will Tomorrow’s Senate Decision Trigger a Rally to $90,000? appeared first on Cryptonews.

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The US dollar strengthened following the release of stronger-than-expected inflation data, which reinforced expectations that the Federal Reserve will maintain a restrictive monetary policy stance. US consumer prices rose to their highest levels since May 2023, renewing concerns over persistent inflationary pressure. This pushed Treasury yields higher and supported demand for the dollar. Additional support came from renewed speculation among some market participants that the Fed could still consider further tightening.

Despite the stronger dollar, the continuation of the upward move remains uncertain. Following the sharp rally, both USD/JPY and USD/CAD tested important resistance levels, but the market has so far failed to secure a sustained break above them. This suggests that investors remain cautious and that the latest bullish impulse has yet to be fully confirmed.

USD/JPY

USD/JPY advanced on the back of accelerating inflation and rising US bond yields, but the pair failed to hold above the key resistance area between 158.00 and 158.20. Technical analysis points to a possible retest of recent support levels around 157.20–156.70. If the pair manages to break above 158.20 during the coming sessions, a move towards 159.00 may follow.

Key Events For USD/JPY:

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• today at 13:00 (GMT+3): OPEC monthly report
• today at 15:30 (GMT+3): US Producer Price Index (PPI)
• today at 18:00 (GMT+3): Cleveland Fed CPI index (US)

USD/CAD

USD/CAD continues to reflect the bullish hammer pattern formed on the daily timeframe on 1 May. However, yesterday’s upward move lost momentum near the important resistance area between 1.3700 and 1.3730. If buyers manage to establish the price above these levels in the coming sessions, the pair could advance towards 1.3750. Otherwise, a decline towards 1.3600–1.3650 remains possible.

Key Events For USD/CAD:

• today at 17:30 (GMT+3): US crude oil inventories
• today at 18:00 (GMT+3): Thomson Reuters/Ipsos Primary Consumer Sentiment Index (PCSI) in Canada
• today at 18:30 (GMT+3): speech by Boston Fed President Susan M. Collins

Overall, stronger inflation data has supported the dollar and strengthened expectations of tighter Fed policy. However, the inability of USD/JPY and USD/CAD to break decisively above resistance levels points to ongoing market uncertainty. If inflationary pressure remains elevated, the dollar’s advance could continue, while a weaker market reaction to upcoming data may result in both pairs returning to previous ranges and entering a corrective phase. Market response to further inflation and production data will be crucial in confirming the current trend.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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The first US spot ETF tracking Hyperliquid’s HYPE token started trading on Nasdaq on May 12, 2026.

The fund, ticker $THYP, comes from 21Shares and pulled in $1.8 million in trading volume and about $1.2 million in net inflows by the end of the first day.

21Shares Launches First Spot Hyperliquid ETF

21Shares announced the launch of THYP in posts published yesterday, describing the fund as physically backed by HYPE tokens and capable of staking a portion of its holdings. According to the issuer, the ETF carries a 0.30% management fee, which it calls the lowest fee for a Hyperliquid ETF as of May 12.

Bloomberg analyst James Seyffart tracked the launch throughout the trading session. About two and a half hours after markets opened, he said that THYP had already reached roughly $750,000 in trading volume. NovaDius Wealth president Nate Geraci also noted that there was a leveraged 2x version of it.

Later in the day, Seyffart described the final $1.8 million figure as “a very solid day” for a new ETF launch, while adding that it was “nothing too crazy.” For comparison, when Bitwise’s Solana staking ETF (BSOL) launched in October 2025, it recorded $56 million in first-day volume, the best ETF debut of that year.

More recently, Morgan Stanley’s Bitcoin ETF (MSBT) pulled in $34 million on its first day back in April 2026, putting THYP’s $1.8 million in a different territory entirely, although the fund is tracking a significantly smaller and less widely held asset.

Risk Warning

The ETF gives traditional investors exposure to Hyperliquid’s HYPE token through brokerage accounts without directly holding the asset. Still, 21Shares included repeated warnings in its prospectus and promotional material that THYP is not a direct investment in HYPE and carries heightened volatility risks.

The firm also noted that staking introduces risks tied to validator performance, including potential slashing penalties and lock-up periods.

The wave of altcoin ETF activity that THYP is part of follows a notably warmer period for crypto fund flows, which saw Bitcoin ETFs attracting close to $2 billion in April 2026, snapping a multi-month run of net outflows and turning the year-to-date flow picture positive.

HYPE was trading near $40 at the time of writing, down about 2% in the last 24 hours and roughly 9% over the past week. It’s currently about 32% below its all-time high of $59.30, which it reached in September 2025.

The post 21Shares Hyperliquid ETF Debuts With $1.8M in Trading Volume appeared first on CryptoPotato.

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[PRESS RELEASE – Singapore, Singapore, May 13th, 2026]

LBank, a leading global cryptocurrency exchange, has officially announced explosive growth in its TradFi business. LBank TradFi’s average daily trading volume has surpassed $2.5 billion, representing a 25% increase compared to March this year. This strong growth not only reflects the continued release of global demand for multi-asset trading but also further highlights LBank’s leading expansion pace and structural advantages in the convergence of crypto assets and traditional finance.

LBank TradFi now provides comprehensive coverage across core asset classes in global traditional financial markets, including stocks, 24H stocks, metals, commodities, and indices, with a total of 117 trading pairs forming a well-structured multi-asset trading matrix. The platform spans a wide range of underlying assets such as gold, silver, crude oil, agricultural products, major global indices, and leading US equities, offering users diversified cross-market trading opportunities and further strengthening its one-stop TradFi trading experience.

Precious metals continue to play a dominant role within LBank TradFi, serving as the primary driver of trading activity across the platform. According to the latest data, the top five traded assets are GOLD, XAUT, SILVER, XTI, and PAXG, with gold-related instruments maintaining a leading position in overall market activity and liquidity flow.

Notably, LBank TradFi has demonstrated significant structural liquidity depth across multiple asset classes. According to CoinGlass data, XBR, US2000, VIXINDEX, and SOYBEAN all rank No.1 in open interest across centralized exchanges, further validating LBank’s deep liquidity advantage and strong market capacity in TradFi assets.

“LBank TradFi’s rapid growth validates that our long-term investment in the convergence of traditional finance and digital assets is gradually delivering structural results,” said Eric He, LBank Community Angel Officer & Risk Control Advisor. “What we are building is not merely a trading product, but a global multi-asset trading infrastructure with deep liquidity, extensive asset coverage, and a highly efficient execution system.”

As global demand for diversified asset allocation continues to accelerate, LBank TradFi is progressively building a comprehensive trading infrastructure system. Through efficient liquidity aggregation and asset connectivity capabilities, it further bridges the trading boundaries between digital assets and traditional financial markets, driving the evolution of multi-asset trading from a fragmented structure toward an integrated framework, while enhancing unified global price discovery and capital allocation efficiency.

Moving forward, LBank will continue to expand the breadth of its TradFi asset coverage and deepen its cross-market connectivity capabilities, further strengthening liquidity aggregation and execution efficiency across global markets. This ongoing development will reinforce LBank’s role as a key multi-asset trading infrastructure and liquidity hub in the global financial ecosystem.

About LBank

Founded in 2015, LBank is a leading global cryptocurrency exchange serving over 20 million registered users in 160 countries and regions. With a daily trading volume exceeding $10.5 billion and 10 years of safety with zero security incidents, LBank is dedicated to providing a comprehensive and user-friendly trading experience. Through innovative trading solutions, the platform has enabled users to achieve average returns of over 130% on newly listed assets.

LBank has listed over 300 mainstream coins and more than 50 high-potential gems. Ranked No. 1 in 100x Gems, Highest Gains, and Meme Share, LBank leads the market with the fastest altcoin listings, unmatched liquidity, and industry-first trading guarantees, making it the go-to platform for crypto investors worldwide.

Users Can Follow LBank for Updates:

Website: https://www.lbank.com/

Twitter: https://twitter.com/LBank_Exchange

Telegram: https://t.me/LBank_en

Instagram: https://www.instagram.com/lbank_exchange

LinkedIn: https://www.linkedin.com/company/lbank

The post LBank Reports $2.5 Billion Daily TradFi Trading Volume, Up 25% Since March appeared first on CryptoPotato.

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Pi Network’s April 2026 progress update revealed that the network has now surpassed 18.1 million fully verified users and completed over 16.72 million mainnet migrations.

According to the update, April alone saw more than 100,000 KYC approvals and 30,000 mainnet migrations. 

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Pi Network’s KYC Update Triggers Pioneer Backlash

The latest figures come after the Pi Core Team explained that its in-app Know Your Customer (KYC) system combines human reviewers with AI-powered fraud detection. 

The network stated that over 1 million individuals have collectively processed around 526 million verification tasks, helping confirm nearly 18 million unique identities. 

Each application reportedly undergoes roughly 30 separate verification checks before approval, in an effort to reduce the number of duplicate or fraudulent accounts.

Nonetheless, Pioneers flooded the announcement with complaints. Commenters said tentative approvals had remained pending for extended periods.

“The @PiCoreTeam  promised a decentralized revolution, but for millions of Pioneers, the only thing ‘decentralized’ is the hope of passing KYC. It’s been 7 years down the line with no hope in sight,” one user wrote.

Pi Core Team Responds to Pioneer Concerns on KYC

Nonetheless, the Pi Core Team told BeInCrypto that Pi’s KYC review process is intentionally conservative. The team said effective KYC should not allow every account to pass easily, which is exactly the intent of running a strong KYC process in the first place.

They added that if applications were approved without sufficient verification, it would:

• Duplicate accounts could migrate to Mainnet, harming the ecosystem
• Rewards and participation would become distorted, creating unfairness
• Applications and services would not be able to rely on user authenticity, diluting this Pi resource.

“Maintaining a verified, one-person-per-account structure ensures that Pi Network remains fair, secure, and usable. Since Pi rolled out a system process upgrade in October 2025, more than 3.36 million Pioneers have moved from Tentative to fully approved KYC,” the team said.

The team mentioned that resolving user concerns remains “a priority.” The outlined three steps that Pioneers who remain in Tentative status can take:

• Complete any available liveness checks in the Pi app
• Ensure all submitted information is accurate and clear
• Continue actively mining, which may trigger the system process checks

Pi explained that stuck Pioneers fall into different corner cases, each requiring a custom technical fix before that group can be unblocked.

“Overall, having a ‘Tentative KYC’ status does not mean rejection. It means additional verification is required before final approval. The Tentative KYC status helps ensure the integrity of the network by cautiously allowing as many real human Pioneers as possible to pass KYC, while catching and preventing as many fake and bot accounts as possible,” PCT told BeInCrypto.

Pi Coin (PI) Faces Headwinds in May

Meanwhile, amid growing user complaints, Pi Network is also facing pressure on the price front. While many altcoins have rallied with double digits in May, Pi Coin has lagged.

Its price has declined 2.6% so far this month. PI traded at $0.17 at press time, up 1.3% over the past day.

Still, a potential catalyst sits days away. Pi Network has set May 15 as the deadline for mainnet nodes to complete the Protocol 23 upgrade. Previously, Protocol 22 lifted PI nearly 9% before the rally faded.

Whether Protocol 23 produces durable price action remains to be seen. About 174.2 million PI tokens will enter circulation over the next 30 days, which could weigh on any rally.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights 

The post Pi Network Shares KYC Update But Community Backlash Floods In appeared first on BeInCrypto.

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Bitcoin price climbed to a 24-hour high of $81,000 as Trump-China trade news pushed BTC toward its most structurally significant resistance in months.

The question now is whether the geopolitical narrative has enough legs to carry BTC through $90,000, or whether the move is front-running an outcome that hasn’t materialized yet.

Bitcoin (BTC)

24h7d30d1yAll time

What Is the Trump-China Trade Driving Bitcoin Toward $90k?

President Donald Trump’s state visit to China, the first U.S. presidential trip to the country in nearly a decade, landed with immediate market impact.

Trump boarded Air Force One with a delegation of over a dozen U.S. executives, including Tesla’s Elon Musk, Apple’s Tim Cook, BlackRock’s Larry Fink, and, confirmed as a last-minute addition on May 13, Nvidia CEO Jensen Huang.

Markets are pricing in a specific scenario: a framework agreement between Trump and Xi Jinping that eases tariffs on semiconductors and electronics, tariffs that peaked at 60% on Chinese goods in late 2025, alongside potential deals on rare earths and aviation.

US Treasury Secretary Scott Bessent began preparatory talks with Chinese officials in South Korea ahead of the summit, with meetings scheduled with Chinese Vice Premier He Lifeng on Wednesday. Successful outcomes could stabilize global supply chains and directly reduce one of the key macro headwinds suppressing risk appetite.

Bitwise strategist Juan Leon framed the stakes precisely, stating that “reduced tariff risks could unlock $1 trillion in sidelined capital for crypto.”

Near-term, if the Trump-Xi summit produces even a preliminary trade framework by May 15, Bitcoin’s path to $88,000–$90,000 opens quickly.

If talks stall, the unwinding of the Trump trade could be sharp. BTC already dipped to $79,832 when US CPI came in hot at 3.8%, demonstrating how quickly macro data can cut through geopolitical optimism

Can Bitcoin (BTC) Break $90,000 Upon the News?

Bitcoin price is trading above $81,000 after printing a session high of $81,248, recovering from a $79,832 low set earlier when CPI data disappointed.

The first meaningful resistance cluster sits at $82,500 to $83,500, a zone that has capped multiple recovery attempts over the past 2 weeks.

Above that, $88,000 to $90,000 is the decisive range. The 200-day SMA sits in that vicinity, and $90,000 has become a magnet for stop orders and institutional limit sells.

Clearing $90,000 on above-average volume opens the door to $93,000 to $95,000, the range where BTC traded post-election in November 2024. The SMA-50 at $84,500 needs to flip to support before a clean $90,000 test becomes structurally sound rather than just a spike.

On the downside, $79,500 to $80,000 is the line that must hold. A daily close below $79,500 breaks the current higher-low structure and reopens the $75,000 to $76,000 support band.

The bull structure is intact above $80,000, but not yet confirmed as a trend resumption. That confirmation requires a clean close above $84,500.

2 external variables are in play this week. Kevin Warsh’s expected confirmation as Fed Chair and the CLARITY Act markup are scheduled for Thursday. Both are net positive for BTC if they land clean. Both could introduce volatility that resets the setup if they do not.

The chart needs a daily close above $84,500. Everything else is noise until that print.

The post Trump Just Flew to China With Elon Musk, Larry Fink, and Jensen Huang: Is a Trade Deal News About to Send Bitcoin to $90,000? appeared first on Cryptonews.

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The Ethereum Foundation unveiled Clear Signing, an open standard that makes transaction approvals human-readable. The release targets blind signing, a flaw the foundation said has fueled billions in user losses.

Built around ERC-7730, the framework lets wallets display plain-language descriptions of each transaction before users approve it. The Ethereum Foundation’s One Trillion Dollar Security Initiative will steward the underlying infrastructure as a credibly neutral host.

Why Blind Signing Has Become a Costly Default

In many crypto exploits, the final step is not a software bug but a user approving a transaction. The Foundation’s announcement framed that approval gap as the core problem. Even after phishing or infrastructure compromise begins a breach, the last action typically falls to the wallet holder. Clear Signing aims to make that defense hold.

Approvals today often appear in low-level machine code that requires technical expertise to interpret. Some users rely on a separate device to double-check transaction details when the application could be compromised. The foundation cited the Bybit incident among recent cases where signed transactions drained user wallets.

How Clear Signing Works

ERC-7730 introduces a shared format that turns transaction data into clear, human-readable descriptions. Instead of being stored on-chain, these descriptions are kept in a decentralized off-chain registry and distributed to wallets.

Another standard, ERC-8176, allows independent auditors to verify and cryptographically confirm that these descriptions are accurate. Based on these verifications, wallets can decide which sources they trust.

Because the system works off-chain, existing apps don’t need to change their smart contracts to support Clear Signing. The Ethereum Foundation says this approach fits into its broader plan to improve privacy and security across the network.

Wallet providers will ultimately choose which descriptor sources to display, relying on reputation and audit attestations.

Multi-Party Push as Institutions Expand Ethereum Exposure

Ledger originated ERC-7730. The working group now spans MetaMask, Trezor, Fireblocks, WalletConnect, Cyfrin, Sourcify, and Zama, alongside independent contributors. Rust and TypeScript libraries funded by the 1TS program are hosted on clearsigning.org.

The release lands as institutions expand their Ethereum footprint, including JPMorgan’s recent launch of JLTXX, a tokenized treasury product. Vitalik Buterin has previously flagged transaction transparency as a critical blind spot for the network’s next phase of adoption.

Developers said the project remains active. Contributors are expanding wallet compatibility, audit tooling, and adoption across decentralized applications. Whether issuers, custodians, and wallet vendors converge on shared descriptors will determine how quickly Clear Signing becomes the default across DeFi and institutional flows.

The post Ethereum Foundation Launches Clear Signing Standard to End Blind Wallet Approvals appeared first on BeInCrypto.

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Senate Banking Committee members have reportedly filed more than 100 amendments to the CLARITY Act, with Senator Elizabeth Warren alone submitting over 40 proposals ahead of Thursday’s markup vote.

The flood of filings follows the committee’s release of a 309-page draft on Tuesday, expanded from January’s 278-page version.

Warren Files 40+ Amendments as Senate Preps Crypto Bill Markup 

According to POLITICO, the list features dozens of amendments put forward by Democrats on the Banking Committee, along with a handful of revisions from the bill’s Republican sponsors.

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Crypto In America host Eleanor Terrett reported that one of Senator Warren’s amendments would block the Federal Reserve from granting master accounts to crypto companies.

Senator Jack Reed’s amendment “prohibits crypto from being used as legal tender, for example, to pay taxes.” 

Committee members filed 137 amendments before the planned markup in January. The current tally signals continued resistance as the bill nears a committee vote.

Meanwhile, the American Bankers Association has sent more than 8,000 letters to Senate offices since last Friday, according to a source cited by Terrett. The campaign focuses on the stablecoin yield compromise brokered by Senators Thom Tillis and Angela Alsobrooks.

The Banking Committee will meet on Thursday morning in Washington to vote on the bill.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights 

The post CLARITY Act Hit With 100+ Amendments Ahead of Senate Banking Markup appeared first on BeInCrypto.

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Key Takeaways

• SoftBank’s fourth-quarter net income reached $11.6 billion, representing a three-fold increase year-over-year
• A $45 billion valuation increase in its OpenAI holdings fueled the profit surge
• The company’s OpenAI stake was valued at $79.6 billion at the end of March
• Total OpenAI investment stands at $34.6 billion, with commitments exceeding $60 billion
• S&P Global Ratings downgraded SoftBank’s outlook to “negative” citing debt levels and portfolio concentration risks

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SoftBank Group announced net income of 1.83 trillion yen (approximately $11.6 billion) for the quarter that concluded on March 31, 2026. This figure represents a substantial increase compared to the 517 billion yen profit recorded during the corresponding quarter of the previous year.

SOFTBANK IS MARKING UP OPENAI WHILE BORROWING MORE TO BUY OPENAI

SoftBank reported ¥1.83T, or about $11.6B, in fiscal Q4 net income. Analysts expected just ¥295.2B.

Bloomberg Intelligence said the quarter’s profit was entirely attributable to $25B in valuation gains on OpenAI.… pic.twitter.com/AoaiZuZgps

— Wall St Engine (@wallstengine) May 13, 2026

The performance significantly exceeded Wall Street expectations, with analysts having projected earnings of 295.2 billion yen, based on Bloomberg’s consensus estimates.

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The dramatic earnings increase was primarily attributed to a 3.043 trillion yen investment gain recorded during the quarter. The majority of these gains originated from the Vision Fund, SoftBank’s primary investment arm.

The standout performer in the portfolio was OpenAI, the artificial intelligence company responsible for developing ChatGPT. As of March 31, SoftBank’s ownership position in OpenAI reached a valuation of $79.6 billion, marking a cumulative gain of $45 billion on the investment.

To date, SoftBank has deployed $34.6 billion into OpenAI. The Japanese conglomerate has pledged to invest over $60 billion in aggregate, which would secure approximately 13% equity ownership in the AI pioneer.

During February, OpenAI completed a funding round that assigned the company an $890 billion valuation. A subsequent financing round in March, which SoftBank co-led, valued the startup at $852 billion.

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The Vision Fund alone recorded gains of approximately $20 billion during the three-month period from January through March, with OpenAI accounting for nearly the entire amount.

Significant Losses Beyond OpenAI Holdings

However, SoftBank’s investment portfolio showed mixed results elsewhere. The company experienced losses across multiple other holdings, including positions in Coupang, DiDi Global, and Klarna.

When excluding Vision Fund performance and accounting for currency fluctuations and operational expenses, SoftBank recorded an investment income deficit of 472.1 billion yen for the complete fiscal year.

Financing expenses during the fourth quarter climbed to 229.4 billion yen, compared with 148.9 billion yen in the prior-year period, demonstrating the increased borrowing costs associated with financing its artificial intelligence investments.

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The company maintains $17.5 billion in outstanding obligations from a $40 billion bridge financing facility utilized to fund its OpenAI investment.

Credit Rating Concerns Intensify

To finance its aggressive OpenAI investment strategy, SoftBank has been divesting stakes in portfolio companies. The firm liquidated positions in Nvidia and T-Mobile, generating proceeds of 218.1 billion yen from these asset sales throughout the fiscal year.

S&P Global Ratings adjusted its outlook on SoftBank from “stable” to “negative” in March. The ratings agency expressed concerns that SoftBank’s asset quality and financial flexibility would likely decline due to its substantial OpenAI capital commitment.

According to S&P, SoftBank could mitigate these risks through additional asset monetization.

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For the complete fiscal year, SoftBank reported net income of 5 trillion yen. Both the Vision Fund and its telecommunications business segment served as primary profit contributors.

Chief Executive Officer Masayoshi Son has positioned artificial intelligence as the central pillar of SoftBank’s long-term strategic vision. OpenAI continues to face intensifying competition from technology giants including Google and emerging players like Anthropic.

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