Revenue was $18.3 million, down about 18% year over year, yet net profit came in at $22.3 million. The money didn’t come from the core business, but from trading gains and investment revaluations.

Cash on hand plus $USDT and $USDC totaled $53.4 million, while digital asset holdings stood at $48.2 million, bringing the total to about $159 million. The balance sheet is solid, but the quality of earnings is questionable.

A Nasdaq-listed company sporting a DeFi label is making money through investment revaluations rather than its core business. The key question: if trading gains shrink next quarter, how much profit will remain?

#DeFi #Stablecoins