Crypto Q2 Earnings: Strategy’s $10B Profit, Coinbase’s Investment Rescue

In Q2 2025, six leading crypto institutions reported divergent earnings amid a broader shift toward diversified digital finance. Strategy posted revenue of $14.03 billion (up 7,106%) and net profit of $10.02 billion, driven almost entirely by $14 billion in unrealized Bitcoin fair-value gains. The firm holds 628,791 BTC at an average cost of $73,277 and plans to raise $4.2 billion via perpetual shares to boost holdings further. Coinbase’s revenue fell 26% to $1.497 billion as trading volumes contracted, but it recorded $1.429 billion net income thanks to a $1.5 billion gain from Circle investment and $362 million in unrealized asset gains. Core trading income shrank to just $33 million, prompting Coinbase to broaden offerings—tokenized real-world assets, stocks, derivatives and early token sales—to become an “all-in-one” on-chain exchange. Tether reported $49 billion net profit on $162.6 billion in assets, backed by $127 billion in U.S. Treasuries, and maintains $1.57 trillion USDT supply. Robinhood delivered $989 million revenue (+45%) and $386 million net profit, fueled by a 98% jump in crypto trading and the Bitstamp acquisition, while its funded accounts rose 10% to 26.5 million. Kraken’s Q2 revenue dipped to $412 million with adjusted EBITDA of $80 million; it serves 15 million clients with $43.2 billion in assets under custody and seeks a $150 billion valuation for a 2026 IPO. Riot Platforms doubled revenue to $153 million, mined 1,426 BTC (+69%), and posted $219.5 million net income, pivoting toward high-performance computing infrastructure alongside Bitcoin operations. These results highlight strong profit growth, expanding Bitcoin holdings and strategic product diversification across the crypto sector.