Crypto shares were mixed in overnight trading. Hut 8 up 7%; Canaan, Riot Platforms up 2%; Strategy up 1%; Iren fell 4%; MARA, Coinbase, CleanSpark fell 3%.

Bitcoin has crossed the $102,000 benchmark and is now trading at $102,670, with a narrowed 4.76% increase in 24 hours.

Crypto exchange Coinbase Global, Inc. reported a drop in first-quarter profit on Thursday as a steep rise in costs more than offset revenue growth in its transaction and subscription units.

Total operating expenses soared 51% to $1.3 billion in the quarter, driven by increased marketing expenses as well as losses on crypto assets held for operations, the company said.

Coinbase also said on Thursday it will buy derivatives exchange Deribit in a $2.9 billion deal to expand into the crypto options markets.

The move underscores a push by crypto firms to widen their institutional investor base, while also catering to retail traders who are becoming more sophisticated.

MARA Holdings stock slipped on Thursday after posting a net loss for Q1 2025 on lower bitcoin prices and mining output.

Q1 GAAP EPS of -$1.55, well below the $0.72 average analyst estimate, dropped from $1.24 in the prior quarter.

AI shares were mixed in overnight trading. Trade Desk Inc. up 12%; Cloudflare, Inc. up 8%; SoundHound AI Inc fell 5%.

SoundHound AI Inc, a provider of conversational voice AI technology, late Thursday delivered mixed results for the first quarter. SoundHound stock fell in overnight trading.

The Santa Clara, Calif.-based company lost an adjusted 6 cents a share on sales of $29.1 million in the March quarter. Analysts polled by FactSet had expected SoundHound to lose 9 cents a share on sales of $30.4 million. In the year-earlier period, SoundHound lost an adjusted 7 cents a share on revenue of $11.6 million.

Advertising software maker Trade Desk Inc. announced better-than-expected revenue in Q1 CY2025, with sales up 25.4% year on year to $616 million. Guidance for next quarter’s revenue was better than expected at $682 million at the midpoint, 0.8% above analysts’ estimates. Its non-GAAP profit of $0.33 per share was 33.2% above analysts’ consensus estimates.

Cloudflare, Inc. shares jump after the connectivity cloud company reported first-quarter revenue that exceeded analyst expectations, despite earnings meeting estimates.

The company posted revenue of $479.1 million for the quarter ended March 31, 2025, a 27% increase YoY and surpassing the consensus estimate of $469.65 million. Adjusted earnings per share came in at $0.16, in line with analyst projections.