The financial markets experienced a significant lift following Nvidia's outstanding third-quarter earnings report, which surpassed Wall Street expectations with strong revenue and earnings per share. The positive sentiment spilled over into the cryptocurrency sector, driving up Bitcoin and crypto mining stocks. Separately, the institutional crypto exchange Bullish reported its strongest quarter since going public, achieving profitability despite a continuous slide in its stock price.
Nvidia's AI Dominance
- Financial Results: Nvidia reported $57.01 billion in revenue (beating the $55.2 billion consensus) and an earnings per share of $1.30.
- AI Backbone: The strength was concentrated in its Data Center division, which generated $51.2 billion in revenue, driven by unprecedented demand for its AI computing platforms. CEO Jensen Huang stated that Blackwell chip sales are "off the chart" and cloud GPUs are effectively sold out.
- Market Impact: Nvidia’s stock jumped over 5% and lifted related AI tech stocks (AMD, Google, Microsoft). Despite the positive print, some major investors, like SoftBank and Peter Thiel's hedge fund, have sold significant stakes.
Crypto Miners Pivot to AI
The strong Nvidia results helped Bitcoin rebound to around $92,000 after dipping earlier. Crypto mining stocks, which are increasingly diversifying into AI hosting, saw sharper gains:
- Mining Stock Surges: Cipher Mining surged nearly 13% and IREN jumped 10% in after-hours trading, with other major miners like CleanSpark and Marathon also moving higher.
- AI Deals: This momentum is linked to major AI contracts secured by miners, such as IREN's $9.7 billion cloud deal with Microsoft and Cipher Mining's $5.5 billion deal with Amazon Web Services.
- Financial Warning: Analysts, however, warn of growing financial strain on miners due to heavy, debt-financed investment in AI infrastructure, noting that falling Bitcoin prices and rising borrowing costs could pressure margins.
Bullish Exchange Turns Profitable
Bullish, the institutionally focused crypto exchange and parent company of CoinDesk, recorded its best quarter since its public debut:
- Financial Turnaround: The company reported $18.5 million in net income, a sharp swing from a $67.3 million loss a year prior. Adjusted revenue rose 72% year-over-year to $76.5 million.
- Institutional Strength: The performance was driven by accelerating institutional demand in its US spot market and an options desk that surpassed $1 billion in trading volume.
- Stock Performance: Despite the strong financials, Bullish's stock continues to struggle, falling more than 6% on Wednesday and down nearly 40% over the past month, retracing most of the gains from its initial explosive debut.
The volatile performance of Bullish mirrors that of other publicly listed crypto firms this year, such as Circle and Gemini, where initial explosive debuts were followed by significant price retracements despite a more supportive regulatory environment.
November 2025, Cryptoniteuae