Crypto-centered public companies record profit beating Q2 estimates
A number of crypto-centred public companies released their quarterly earnings report over the past couple of weeks, sharing increased revenue and a jump in profits across the board. The majority of these crypto firms benefited from the rise in prices of the crypto market and a constant decline in bearish momentum, moving away from the crypto winter.
Microstrategy: Bitcoin-focused institutional giant, MicroStrategy turned profitable again in the second quarter thanks to the surge in the price of Bitcoin (BTC). MicroStrategy is one of the largest corporate holders of Bitcoin in the United States with 152,800 Bitcoin on its balance sheet as of July 31.
According to the earnings report filing on Aug.1, MicroStrategy reported $22.2 million in net income, a massive swing from a net loss of $1.1 billion in Q2 of 2022. The firm’s revenue remained flat at $120.4 million.
Block: Jack Dorsey-led Bitcoin payment company Block also beat early estimates to post a 34% year-on-year increase in its Bitcoin revenue. In an earnings report posted on Aug. 3, Block reported $2.4 billion in Bitcoin sales with a gross profit of $44 million, a 7% increase compared to the same period last year.
Block posted a 25.6% increase in revenue in the past quarter, which rose from $4.4 billion to $5.53 billion year-on-year.
Coinbase: The first American crypto exchange to go public, Coinbase, posted its quarterly earnings report on Aug. 3, beating early estimates to post $663 million in net revenue. The second quarter also saw the exchange’s non-trading revenue surpass its trading revenue for the first time, with $335.4 million of net revenue coming from subscriptions and services.
The crypto exchange reported a 10% decline in revenue compared to Q2 2022, but
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