Coinbase generated $1.29 billion in Q2 revenue, down approximately 8.5% from Q1 ($1.41 billion), due to declining trading volumes. Strategy posted $122.9 million in Q2 revenue, in line with market expectations, stabilizing in the low-to-mid $120 million range. Both companies released their results on July 30, meeting analyst estimates. Under Michael Saylor’s leadership, Strategy remains positioned as a Bitcoin investment vehicle, with its stock price highly correlated to BTC movements rather than its software revenue. The fact that both results matched forecasts suggests Wall Street models for crypto-native public companies are becoming more accurate.
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