Strategy: A $10-Billion Bitcoin Windfall and an Appetite for More

Strategy posted second-quarter revenue of $14.03 billion, up an eye-watering 7,106 % year-over-year, and guided to full-year revenue of $34 billion. Nearly the entire top line—$14 billion—came from unrealized fair-value gains on the company’s bitcoin stack. Traditional software sales contributed only $114.5 million, or 0.8 % of the total. Net profit vaulted to $10.02 billion versus a $102.6 million loss a year earlier; management now expects $24 billion in net income for 2025.

As of 31 July, Strategy held 628,791 BTC, having added 88,109 coins in the quarter at an average cost of $73,277 per coin. Its BTC Yield—an internal metric—has already hit 25 % YTD, prompting management to raise the year-end target to 30 %. To keep buying, the firm will issue $4.2 billion of perpetual preferred stock under the ticker STRC.

Coinbase: Trading Slows, Investments Save the Day

Coinbase generated $1.497 billion in Q2 revenue, down 26 % quarter-over-quarter. Trading revenue fell 39 % to $764 million, and subscription & services slipped 6 % to $656 million. Total trading volume dropped 40 % to $237 billion amid lower volatility and pricing tweaks. Still, net profit soared to $1.429 billion—thanks to a $1.5 billion gain on its Circle stake and $362 million in unrealized portfolio appreciation. After stripping out one-offs, adjusted net income was just $33 million, underscoring the core business headwinds.

To reignite growth, the exchange will roll out tokenized real-world assets, equities, derivatives, prediction markets and early-token sales—first in the U.S., then abroad—aiming to become the “everything exchange” on-chain.

Tether: $4.9-Billion Profit and a Treasury Trove

Tether closed Q2 with $162.58 billion in assets against $157.11 billion in liabilities, leaving a $5.47 billion surplus cushion. USDT in circulation topped $157 billion, up $20 billion YTD. The portfolio now includes more than $127 billion in U.S. Treasuries (the 18th largest holder worldwide), $8.9 billion in bitcoin and $8.7 billion in gold. Quarterly profit totaled $4.9 billion, lifting first-half earnings to $5.73 billion—$3.1 billion from recurring income and $2.6 billion from asset appreciation.

Robinhood: Crypto Boom Powers Near-$1-Billion Quarter

Robinhood ended the period with $4.2 billion in cash and equivalents. Revenue jumped 45 % to $989 million, while net income doubled to a record $386 million; adjusted EBITDA margin hit 56 %. Crypto trading revenue surged 98 % to $160 million, option revenue rose 46 % to $265 million, and equity trading revenue gained 65 % to $66 million.

The platform now hosts 26.5 million funded accounts (+10 %), $279 billion in total assets under custody (~2× YoY), and 3.5 million Robinhood Gold subscribers (+76 %). Average revenue per user climbed 34 % to $151. During the quarter Robinhood closed the Bitstamp acquisition, secured 50+ crypto licenses across 30 European countries, launched stock tokens, opened U.S. staking and expects to close the WonderFi deal later this year.

Kraken: Profit Halved, Diversification Accelerated

Kraken’s Q2 revenue came in at $412 million, up 18 % YoY but down from last quarter’s $472 million. Adjusted EBITDA fell sharply to $80 million from $187 million in Q1. Trading volume slipped 10.5 % sequentially to $186.8 billion, though it rose 19 % YoY, while funded accounts grew 37 % to 4.4 million and assets under custody jumped 47 % to $43.2 billion.

Management is seeking a $5 billion raise at a $15 billion valuation ahead of a planned 2026 IPO. New initiatives include international equities, tokenized stocks, a Kraken debit card and deeper integration with NinjaTrader.

Riot Platforms: Revenue Doubles, BTC Output Up 69 %

Riot booked $153 million in Q2 revenue, more than double the prior year, driven by $141 million in mining revenue. The firm mined 1,426 BTC versus 844 BTC last year, while the average cost per coin (excluding depreciation) rose 93 % to $48,992—still well below the quarter’s average BTC price of ~$98,800. Net profit reached $219.5 million, swinging from a loss last year, and adjusted EBITDA hit $495.3 million.

Riot holds 19,273 BTC (~$2.1 billion) and $255 million in unrestricted cash. The company is pivoting from “bitcoin-only” to a broader high-performance-compute and AI-infrastructure platform to diversify revenue and better monetize its energy assets.