The first week of November is shaping up as a critical test for Bitcoin and publicly traded cryptocurrency companies, with earnings reports, US midterm elections, and key labor market data converging. On November 3 and 4, Block, Circle, and Riot Platforms will release third-quarter results, offering a window into how different digital asset business models are performing.
Block reports after the US market close on Tuesday, November 3. Analysts expect revenue around $6.63 billion and earnings per share of $1.02. The company's Bitcoin ecosystem gross profit was $72 million in the second quarter, down 31% year over year. For the third quarter, Bitcoin revenue is projected at roughly $1.73 billion, a 12.2% decline from the prior year. Investors will also watch Block's Bitcoin holdings, which can affect reported earnings through market value changes.
Circle reports before markets open on Wednesday, November 4. The issuer of USDC is expected to post revenue of about $797 million and earnings of $0.40 per share. Circle previously reported reserve income of $668 million, up 5% year over year, but its reserve return rate declined to approximately 3.5%. Lower interest rates could pressure reserve yields even if USDC circulation grows. The earnings webcast is scheduled for 8 a.m. Eastern Time on November 4.
Riot Platforms also reports on November 4, with analysts forecasting quarterly revenue near $161.46 million, including about $112.85 million from Bitcoin mining, and a loss of $0.24 per share. The results will highlight mining margins, electricity costs, and infrastructure spending as the Bitcoin mining sector faces profitability pressures.
Beyond corporate earnings, political and macroeconomic events are also in focus. The US midterm elections on November 3 could shift control of Congress and influence the outlook for cryptocurrency regulation and stablecoin legislation. Meanwhile, the October employment report arrives November 6 at 8:30 a.m. Eastern Time, potentially changing expectations for Federal Reserve interest rates. Bitcoin enters the week under pressure after US spot Bitcoin ETFs recorded approximately $643 million in net outflows on October 30, one of the largest daily withdrawals in recent months. BlackRock's Bitcoin fund still ended October with positive net inflows, suggesting the picture is mixed.
The combination of earnings, election results, and jobs data could determine whether Bitcoin can recover the $80,000 level or extend cautious trading. The key question is whether these developments restore investor confidence or add to selling pressure.
