Strategy Posts $8.2B Q2 Loss as Coinbase Revenue Falls 19%

Leading Bitcoin treasury firm Strategy’s outcomes for the second quarter present a lack of over $8 billion, whereas crypto alternate Coinbase reported a 14% quarterly income loss.

According to the 2 firms’ newest earnings experiences launched on Thursday, Strategy misplaced over $8.23 billion in its operations after recording an unrealized lack of $8.32 billion within the second quarter of 2026. The largest crypto alternate by quantity within the U.S., Coinbase, additionally suffered a 19% annual income decline, whereas its buying and selling volumes went down 24% to barely above $145 billion.

Q2 2026 Bitcoin Price Cooldown Sees Strategy Draw Losses

Strategy grew its BTC holdings by 846 items throughout the three-month interval ending June 30. In its report, the corporate’s chief government, Phong Le, stated it diminished its convertible debt to only underneath $7 billion and elevated its U.S. greenback holdings and Bitcoin per share by 12% and 5%, respectively. The Bitcoin treasury had seen a $10 billion revenue within the second quarter of 2025, however Bitcoin’s boring worth efficiency this 12 months has supposedly brought on a web lack of $8.22 billion.

“Our goal is for STRC to commerce over time at $99 to $100. If STRC trades beneath $100, we intend to repurchase STRC shares in a daily and disciplined method, scaling our repurchases in response to market worth and liquidity. These repurchases are a beautiful use of capital that reduces our future most well-liked dividend necessities at a reduction whereas permitting unbiased market demand to determine a wholesome and sustainable market,” the CEO defined.

In the entire income column for the quarter, Strategy announced it had a 6.9% improve within the final 12 months, leaping from $114.5 million in Q2 2025 to over $122 million in Q2 2026. The gross earnings made by the corporate’s enterprise reached $81.6 million, which it counted as a 69% gross margin in comparison with the earlier 12 months’s second quarter’s $78.7 million.

“In the midst of this part of muted bitcoin sentiment and market skepticism, we proceed to evolve our enterprise mannequin and set up Digital Credit as a brand new asset class. Our plan is to return STRC to well being with secure demand, high liquidity, and low volatility buying and selling close to par. We imagine that is one of the simplest ways to create shareholder worth over the long run,” government chairman and founder Michael Saylor instructed reporters.

Coinbase Revenue Drops after Trading Slump, Prediction Market Thrives

Meanwhile, Coinbase’s first half of the 12 months continues to yield lower-than-expected earnings following a continued loss pattern in each quarters, however its prediction market sector has risen by greater than $100% quarter-over-quarter. The alternate revealed its income had taken a 19% hit within the 12 months ending June 30, and its transaction income dropped 21%. As seen within the report on web losses, the buying and selling firm’s earnings earlier than curiosity, taxes, depreciation, and amortization reached $208 million, whereas it recorded over $300 million in losses after changes.

Coinbase’s payment assortment from subscriptions and providers slumped by 5% within the quarter however accounted for nearly half of its web income in that interval. Consumer transactional income additionally fell by 20% in comparison with Q1 2026, which the corporate attributed to a 24% decline in crypto spot buying and selling quantity. At the tip of the quarter, the common quantity of USDC held throughout Coinbase merchandise hit a document high of $20 billion, accounting for greater than 30% of all USDC in circulation.

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