SpaceX Shares Tumble Despite Earnings Beat | CoinDesk Daily

**Jennifer Sanasie** (0:00)
SpaceX's stock tumbles in its first earnings as the public company and Ethereum developers want to burn new ETH issuance down to zero. This is CoinDesk Daily.
RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co. SpaceX reported its first quarterly results as the public company and shares fell 11% as of market open even after beating Wall Street. The company's revenue jumped 92% to $7.8 billion and adjusted EBITDA nearly tripled, but investors zeroed in on spending. SpaceX burned through $18.4 billion in the quarter, well above expectations. The company held all 18,712 Bitcoin on its balance sheet, now worth about $1.1 billion.
That position lost roughly $195 million in value during the quarter. Ethereum researchers are proposing to gradually burn validator rewards as staking rises, eventually cutting new ETH issuance to zero. Under the plan, the burn would reach 100% once roughly 60.25 million ETH is staked, permanently destroying newly created coins instead of paying them out. The goal is to strengthen ETH's scarcity and stop diluting existing holders. And Samsung could become one of the world's biggest stablecoin distributors. The company is adding stablecoin support to 800 million new smartphones by default, including USDC. Its wallet already has nearly 19 million users in South Korea alone and reaches 61 countries. Get more updates on coindesk.com. RealFi.
A smarter stablecoin backed by real world assets. Join the testnet now at realfi.co.