A US federal court has certified the Nvidia crypto revenue lawsuit as a class action, allowing investors to pursue the case together against Nvidia and CEO Jensen Huang. The dispute focuses on allegations that the company concealed the scale of revenue tied to crypto mining between 2017 and 2018.
Plaintiffs argue that Nvidia failed to accurately disclose those earnings and instead placed more than $1.13 billion in sales to crypto miners under its “Gaming” segment. According to the claims, that presentation made the gaming business appear stronger and steadier than it actually was. When the crypto market fell in late 2018, Nvidia shares dropped nearly 29%, leading to investor losses.
Internal email weighed heavily in the ruling
Nvidia tried to stop the case from moving ahead by arguing that its public statements did not affect the stock price. Judge Haywood S. Gilliam Jr rejected that position. A key piece of evidence was an internal email from an Nvidia vice president stating that the company’s public messaging helped keep the stock price elevated. The judge said that showed Nvidia’s statements had an impact on the market.
The ruling was issued on March 25, 2026. It moves the case into a new phase and puts fresh attention on how public companies describe the sources of their revenue, especially where demand can shift sharply over short periods.
Revenue mix in the gaming segment is central to the case
The report says experts found that, at one point, more than 65% of demand for gaming cards came from cryptocurrency miners. Had investors known that, they may have assessed the risk in Nvidia’s business differently. Demand linked to crypto mining can swing sharply, which is not the same as demand driven by video gamers.
This is not Nvidia’s first regulatory hit over the issue. In 2022, the US Securities and Exchange Commission fined the company $5.5 million over the same matter. The article notes that the penalty was relatively small for a company of Nvidia’s size, while the class action could expose it to much larger investor payments if the case advances.
Next hearing is scheduled for April 21
The case has been running for years and at one stage reached the US Supreme Court before returning to a local court in California. The next key hearing is set for April 21, 2026, when the judge is expected to establish the trial schedule. For now, class certification stands as a major procedural win for the investors bringing the case.