People in replies pointed out this could be due to an impairment loss, which is a paper loss due to Bitcoin price vol.
And although counter intuitive this does show up in “operating expenses”
So maybe they’re cash flow positive w/o paper loss?
On the other hand, Bitcoin was… pic.twitter.com/NBBkNT1AuP
— George Gammon (@GeorgeGammon) January 5, 2025
JUST IN: 370,000,000 USDT transferred to Binance exchange to manipulate the price of Bitcoin. pic.twitter.com/LLtgPXsJiS
— Jacob King (@JacobKinge) January 6, 2025