Block (SQ), Circle (private) and Riot Platforms (RIOT) are slated to file their third‑quarter 2026 earnings on November 3‑4, marking the first major set of crypto‑focused corporate results after a week of heightened market stress, including Binance’s recent $6.3 billion hack. The three firms represent distinct business models—consumer payments and Bitcoin holdings, stablecoin issuance, and Bitcoin mining—providing a cross‑section of how the sector is coping with price swings and macro‑economic headwinds.

BTC / USD
Source: CoinGecko. Prices are indicative.

Block’s Bitcoin‑Payment Business Under Scrutiny

Block will report after the market close on Tuesday, November 3. Zacks estimates revenue of $6.63 bn and earnings per share (EPS) of $1.02, matching the company’s own guidance. In Q2, Block disclosed $72 million in Bitcoin ecosystem gross profit, a 31 % decline year‑over‑year, attributing the drop to lower Cash App transaction fees and softer Bitcoin trading activity. For Q3, analysts project Bitcoin‑related revenue of $1.73 bn, down 12.2 % from the prior year, and note that the firm’s quarterly marking‑to‑market of its Bitcoin holdings can swing net income with price movements. The stock closed Friday at $76.22, up 17 % from its year‑end level, but shares fell 6.15 % after the Q2 beat, suggesting that merely meeting guidance may not boost the price further.

Circle’s Stablecoin Growth Tested by Falling Interest Rates

Circle’s earnings call is scheduled for Wednesday, November 4, before the market opens. Zacks forecasts revenue of $796.95 million and EPS of $0.40, a 37.5 % year‑over‑year decline. The company’s core income derives from the interest earned on reserves backing its USDC stablecoin. While Q2 saw reserve income rise 5 % to $668 million and USDC supply expand 25 % year‑over‑year, the reserve return rate slipped 66 basis points to 3.5 %, dampening the benefit of higher circulation. At the end of June, USDC in circulation stood at $73.3 bn; the September‑30 figure will set the base for Q4 reserve earnings. Circle’s shares fell 9.3 % on Friday, the steepest decline among the three firms heading into earnings.

Riot Platforms Faces Mining Profitability Pressure

Riot Platforms will also report on November 4, with analysts expecting $161.46 million in revenue, of which $112.85 million should come from Bitcoin mining. Zacks projects a loss of $0.24 per share, reflecting a 29.8 % year‑over‑year drop in mining revenue. The company’s Q2 revenue of $174.24 million indicates a downward trend, and the firm recently disclosed a data‑center lease letter of intent, hinting at potential expansion despite the current margin squeeze. Riot’s stock closed Friday at $12.81, up 1.10 % from its year‑end close but down sharply from its September peak.