The cryptocurrency earnings season is upon us. This article outlines the financial performance and strategic trends of six major institutions in the second quarter, revealing how the industry is gradually shifting from reliance on a single revenue stream to diversified assets and comprehensive financial services. (Background: MicroStrategy is once again embroiled in legal troubles: Why do accounting standards pose significant issues for Michael Saylor?) (Additional Context: MicroStrategy's Q2 earnings report is coming, Michael Saylor: This will be the most important event in Strategy's history.) The earnings season is here, and major institutions have submitted their 'mid-term reports' for 2025. Some have achieved soaring profits driven by skyrocketing asset valuations, while others are struggling to find a transformation path amid a slowdown in core business. The industry is gradually transitioning from reliance on a single revenue stream to diversified assets and comprehensive financial services. This article from PANews will analyze the latest financial performance and strategic trends of representative institutions like Strategy, Tether, Coinbase, Robinhood, Kraken, and Riot Platforms that have publicly released their Q2 financial reports. Overview of the financial situation of six cryptocurrency institutions in Q2 2025: Strategy: Earning billions in net profit through Bitcoin, plans to continue heavy investment. Strategy's Q2 revenue reached $14.03 billion, a staggering year-on-year growth of 7106.4%, with full-year revenue expected to reach $34 billion, and projected diluted earnings per share (EPS) to rise to $80. The significant growth in quarterly revenue was almost entirely due to unrealized fair value gains from Bitcoin assets, which amounted to $14 billion and accounted for the vast majority of quarterly revenue. This is the second quarter since Strategy adopted fair value accounting standards at the beginning of 2025. In contrast, the company's traditional software business generated only $114.5 million this quarter, accounting for about 0.8% of total revenue. At the same time, Strategy's profitability soared in the second quarter, with net profit reaching $10.02 billion, a stark contrast to the net loss of $102.6 million during the same period in 2024, with a projected full-year net profit of $24 billion. As of the end of July 2025, Strategy's Bitcoin holdings had increased to 628,791 coins, with 88,109 coins added in the second quarter. The total cost of holdings reached $46.07 billion, with an average cost per Bitcoin of $73,277. Year-to-date, its Bitcoin yield has reached 25%, having achieved its original full-year target early, and the target has been raised to 30%. To further expand its Bitcoin assets, Strategy announced it would raise $4.2 billion through the issuance of STRC perpetual preferred shares to continue increasing its Bitcoin holdings. Coinbase: Core business weak, investment income supports net profit. In Q2 2025, Coinbase achieved total revenue of $1.497 billion, a decrease of 26% compared to the previous quarter. Of this, trading revenue reached $764 million, a decrease of 39%; subscription and service revenue reached $656 million, a decrease of 6%. Coinbase attributed the decline in revenue to reduced volatility in the cryptocurrency market, adjustments to pricing strategies for stablecoin trading pairs, and decreased trading activity across the platform, with total trading volume at $237 billion, down 40% this quarter. Coinbase's net profit this quarter reached $1.429 billion, far exceeding last year's $36 million. This profit growth was primarily due to $1.5 billion in earnings from Circle investments and $362 million in unrealized appreciation from its crypto investment portfolio. However, a previous user data breach incident resulted in a loss of $308 million for Coinbase, pushing total operating expenses to $1.5 billion (up 15% quarter-on-quarter), placing significant pressure on net profit. After excluding strategic investments and crypto asset investment income, the adjusted net income was only $33 million, indicating that its core trading business has fallen into a growth dilemma. In light of this predicament, Coinbase is actively promoting a strategic transformation. Its product VP Max Branzburg announced the expansion of trading categories, with new products including tokenized real-world assets, stocks, derivatives, prediction markets, and early token sales, which will first be launched in the United States and then gradually expanded to international markets based on regulatory approvals. Coinbase's goal is to create a 'universal exchange' that enables on-chain trading of all assets, forming more direct competition with platforms like Robinhood, Gemini, and Kraken. Tether: Quarterly net profit of $4.9 billion, US debt holdings exceed $127 billion. As of Q2 2025, Tether's total assets reached $162.575 billion, exceeding its liabilities of $157.108 billion, achieving an excess reserve of $5.467 billion (slightly down from $5.6 billion in the previous quarter); the circulation of USDT exceeded $157 billion, increasing by $20 billion year-to-date. In terms of asset composition, US government bonds account for over $127 billion (including $105.5 billion directly held and $21.3 billion indirectly held), an increase of about $8 billion from the first quarter, making it one of the 18 largest holders of US debt globally. Tether also holds Bitcoin valued at $8.9 billion and precious metals (gold) worth $8.7 billion. Tether's net profit in the second quarter was about $4.9 billion, significantly higher than $830 million in the first quarter. Year-to-date, Tether has accumulated a net profit of $5.73 billion, of which $3.1 billion is from regular income and $2.6 billion comes from the market value increases of Bitcoin and gold. Overall, Tether demonstrated strong asset growth capability and profitability this quarter, with its diversified asset allocation (such as gold and Bitcoin) providing flexibility for its profit composition. Robinhood: Revenue nearing $1 billion, crypto business doubles profits. As of the end of Q2 2025, Robinhood's balance sheet held $4.2 billion in cash and cash equivalents, providing ample 'ammunition' for global expansion and new business trials. In this quarter, Robinhood achieved revenue of $989 million, a year-on-year increase of 45%; net profit reached $386 million, doubling from the previous year, setting a new historical high. Adjusted EBITDA reached $549 million, with a profit margin rising to 56%. The core engine driving this growth is the strong rebound in crypto trading and options trading. Among them, options trading revenue reached $265 million, a year-on-year increase of 46%, remaining the most core source of income; crypto trading revenue reached $160 million, a year-on-year increase of 98%, becoming a new growth driver; while stock trading revenue also recorded $66 million, a year-on-year increase of 65%. Robinhood also maintains strength in user scale and asset retention. The platform currently has 26.5 million funded accounts, a year-on-year increase of 10%; total platform assets have surpassed $279 billion, nearly doubling...

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