Metaplanet posts $725.6M Q1 net loss on BTC impairment; eToro crypto contribution drops 38%; JPMorgan debuts JLTXX tokenized money market fund

Metaplanet (TSE: 3350) reported first-quarter revenue of $19.5 million, up 251%, with an operating margin of 73.6%. Results swung to a net loss of $725.6 million after recording a $737.6 million non-cash impairment on its Bitcoin holdings. The company ended the quarter with 40,177 BTC, an increase of 5,075 BTC, and reported a BTC yield of 2.8%, ranking third-largest globally. Metaplanet has drawn $302 million in credit, kept full-year guidance unchanged, and its shares fell 3.82%. eToro (NASDAQ: ETOR) posted Q1 crypto gross revenue of $2.15 billion, down 38%, while crypto net contribution totaled $13 million. Overall net contribution rose 19% to $258 million, beating expectations, and EPS came in at $0.91 versus a $0.75 consensus. The company said trading volume quadrupled, about 60% of trading commissions came from commodities, it completed the acquisition of Zengo, and it launched crypto trading in New York. JPMorgan (NYSE: JPM) officially launched JLTXX on May 13, a tokenized money market fund built on the Ethereum mainnet and its Kinexys platform. Seeded with $100 million, the fund invests solely in U.S. Treasuries and overnight repos. JPMorgan said the structure is designed specifically to support GENIUS Act stablecoin reserve compliance. JLTXX carries a 0.16% annual fee, requires a $1 million minimum investment, and its SEC registration became effective May 13. Source: bbx.com