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Earnings season gathers steam, U.S. jobs: Crypto Week Ahead

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Crypto company earnings season ramps up with reports due from Strategy (MSTR), which holds the largest number of bitcoin among publicly listed companies, and Galaxy Digital (GLXY), a digital assets and infrastructure investor. Bullish (BLSH), which owns Bullish Exchange and CoinDesk, is also due to release figures.

While interest-rates decisions are due in Europe, with both the Bank of England and European Central Bank making announcements on Thursday, the macroeconomic environment will be focused on Friday’s U.S. employment situation summary for January, including the key nonfarm payrolls figure.

What to Watch

(All times ET)

  • Crypto
  • Macro
    • Feb. 2: Canada S&P Global Manufacturing PMI for January (Prev. 48.6)
    • Feb. 2, 10 a.m.: U.S. ISM Manufacturing PMI for January (Prev. 47.9)
    • Feb. 3, 10 a.m.: U.S. JOLTs job openings for December (Prev. 7.146M)
    • Feb. 4, 7 a.m.: U.S. MBA 30-year mortgage rate for week ending Jan. 30 (Prev. 6.24%)
    • Feb. 4, 10 a.m.: U.S. ISM Services PMI for January (Prev. 54.4)
    • Feb. 5, 7 a.m.: Bank of England interest-rate decision. Est. 3.75% (Prev. 3.75%)
    • Feb. 5, 8:15 a.m.: European Central Bank interest-rate decision (Prev. 2.15%)
    • Feb. 5, 2 p.m.: Mexico interest-rate decision (Prev. 7%)
    • Feb, 5, 4:30 p.m.: Fed balance sheet for the period ending Feb. 4
    • Feb. 6, 8:30 a.m.: Canada unemployment rate for January (Prev. 6.8%)
    • Feb. 6, 8:30 a.m.: U.S. nonfarm payrolls for January (Prev. 50K)
    • Feb. 6, 8:30 a.m.: U.S. unemployment rate for January (Prev. 4.4%)
    • Feb. 6, 10 a.m.: Canada Ivey PMI index for January (Prev. 51.9)
    • Feb. 6, 10 a.m.: U.S. Michigan Consumer Sentiment preliminary for February (Prev. 56.4); Michigan inflation expectations (Prev. 4%)
  • Earnings (Estimates based on FactSet data)
    • Feb. 3: Galaxy Digital (GLXY), pre-market, -$0.95
    • Feb. 5: Bullish (BLSH), pre-market, $0.14
    • Feb. 5: Strategy (MSTR), post-market, -$15.04
    • Feb. 5: IREN Limited (IREN), post-market, -$0.18
    • Feb. 6: CleanSpark (CLSK), post-market, $0.09

Token Events

  • Governance votes & calls
    • CoW DAO is voting to renew team grants via a 5% base allocation and up to 10% in performance incentives linked to revenue milestones. Voting ends Feb. 2.
    • BNB Chain is voting on a proposal to adjust five system parameters to align with the forthcoming Fermi hard fork and its faster 0.45-second block interval. Voting ends Feb. 2.
    • ENS DAO is voting to fund a $125k independent retrospective led by Metagov. The project will analyze past spending and governance effectiveness to create an evidence-based roadmap for the DAO’s future. Voting ends Feb. 2.
    • GnosisDAO is voting to enable ranked choice voting for governance proposals. This change allows the community to select from multiple options in an instant-runoff system. Voting ends Feb. 2.
    • Feb. 3: Lido to host a community call on the Lido V3 mainnet launch.
    • Feb. 3: Axie Infinity to host a Lunacian Lounge.
    • Feb. 4: Stacks to host a townhall meeting.
    • Feb. 5: Olympus to host a community call with a live Q&A session.
  • Unlocks
    • Jan. 30: to unlock 3.68% of its circulating supply worth $11.22 million.
    • Feb. 1: to unlock 1.15% of its circulating supply worth $65.29 million.
    • Feb. 1: EigenLayer (EIGEN) to unlock 8.88% of its circulating supply worth $12.53 million.
    • Feb. 5: to unlock 5% of its circulating supply worth $31.52 million.
    • Feb. 5: to unlock 2.31% of its circulating supply worth $26.46 million.
    • Feb. 6: Hyperliquid to unlock 2.79% of its circulating supply worth $287.68 million.
    • Feb. 6: to unlock 41.7% of its circulating supply worth $38.33 million.
  • Token Launches
    • Feb. 3: Conflux (CFX) to be listed on Kraken.
    • Feb. 3: Usualx’s unlock window closes.
    • Feb. 4: THORChain Solana mainnet is expected to launch.

Conferences

BitMine $7B Paper Loss, Crypto Crash Pressures ETH Treasuries

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Corporate Ether treasury companies are facing significant paper losses on their holdings after the latest market correction pulled many underwater.

BitMine Immersion Technologies, the largest corporate Ether (ETH) holder, is sitting on $6.95 billion in unrealized losses. Its Ether holdings were acquired at an average price of $3,883 per token, significantly higher than the current $2,240 ETH price. 

SharpLink Gaming, the second-largest Ether treasury firm, is facing $1.09 billion in paper losses, after Ether’s price fell below its average cost basis of $3,609, according to the company’s dashboard.

The mounting unrealized losses may test the conviction of Ether treasury companies, making it increasingly difficult to raise funds, as Ether’s correction is leading to a decline in Market Net Asset Value (MNAV). BitMine’s mNAV sank to 1, while SharpLink’s mNAV fell to 0.92. 

The mNAV ratio compares a company’s enterprise value to the value of its crypto holdings. An mNAV below 1 makes it more challenging for companies to raise funds by issuing new shares, which may limit their cryptocurrency purchases.

ETH price, BMNR purchases. Source: Bitminetracker.io

The dynamic may lead to a “brutal pruning” among crypto treasury firms in 2026, when only the best-capitalized players will survive, predicted asset manager Pantera Capital.

Related: BitMine to invest $200M in YouTuber MrBeast’s Beast Industries

Despite the concerns, Ether’s current decline remains in line with analysis from Tom Lee, the chairman of BitMine and the co-founder of Fundstrat Global Advisors.

Lee predicted an Ether drawdown to around $1,800 in the first quarter of 2026, before crypto markets would find their footing and rally into year-end, Cointelegraph reported in December.

On Dec. 21, screenshots emerged of an internal research note from Lee predicting future swings. Source: AlejandroBTC

Related: Sharplink pockets $33M from Ether staking, deploys another $170M ETH

Trend Research sells $79 million Ether at a loss

The latest crypto market downturn already pressured some treasury companies to start unwinding their bets.

On Monday, Hong Kong-based investment firm Trend Research closed its leveraged positions by selling 33,589 Ether worth $79 million at a loss.

Trend Research borrowed an additional $77.5 million in USDt (USDT) from Binance to repay its loan. The company lowered its ETH borrowing liquidation level from $1,880 to $1,830, according to blockchain data shared by EmberCN.

Data shows Trend Research borrowing Tether from Binance. Source: EmberCN

Trend Research still holds a long position worth 618,000 Ether (valued at $1.43 billion at time of writing,) but faces an unrealized loss of over $534 million.

Jack Yi, the founder of Trend Research, said the investment firm will await the market recovery while keeping risk under control.

“After selling out at the top, being too early to go bullish on ETH was indeed a mistake. Because when BTC was around 100k, ETH kept staying at 3000, and we thought it was undervalued,” he added in a Monday X post.

ETH/USD, one-day chart, token God mode. Source: Nansen

Meanwhile, the industry’s leading traders by returns, tracked as “smart money,” are accumulating spot Ether tokens during the market downturn.

During the past week, smart money traders acquired $38.3 million worth of spot ETH tokens, while whales acquired $5.47 million and fresh wallets bought $31 million, according to crypto intelligence platform Nansen.

Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling — Joseph Chalom