Strategy reported an $8.2B Q2 loss on unrealized Bitcoin declines while Coinbase saw 19% revenue decline and 24% drop in trading volumes.
Macro & Markets ·
Bitcoin treasury firm Strategy reported a second-quarter loss exceeding $8 billion, driven largely by an unrealized decline in its Bitcoin holdings during a period of subdued price momentum. The firm expanded its BTC position by 846 units in the quarter ending June 30 while simultaneously trimming convertible debt below $7 billion and raising dollar reserves. Strategy's chief executive cited the company's aim to achieve stable share pricing near par value through disciplined capital deployment.
Separately, Coinbase faced revenue headwinds, with annual top-line declining 19% and spot trading volumes dropping 24% to just above $145 billion. Transaction revenue fell 21% year-over-year, though subscription and service fees held relatively steady with only a 5% decline. The exchange reported EBITDA of $208 million but net losses exceeding $300 million after adjustments.
Both companies are pursuing strategic pivots amid market softness. Strategy is developing Digital Credit as a new revenue avenue and reported 6.9% annual revenue growth to over $122 million, while Coinbase's prediction market operations surged more than 100% quarter-over-quarter. The exchange also reached a record $20 billion in average USDC holdings—representing over 30% of total USDC circulation.