Public Crypto Firms See Profits Leap Despite Dismal Expectations

A number of crypto-focused public companies’ quarterly earnings reports revealed a jump in profit and increased revenue, according to a roundup by Cointelegraph. Many of them benefited from increasing crypto prices and a decline in the bearish trend, giving hope that we’ve seen the worst of the prolonged crypto winter.

Block’s BTC revenue rose 34%

Block, the Bitcoin payment firm led by ex-Twitter CEO Jack Dorsey, beat early estimates and recorded a 34% increase in its Bitcoin revenue from 2022. The firm reported Bitcoin sales of $2.4 billion in an earnings report from August 3, as well as a gross profit of $44 million, up 7% year on year.

Block also recorded an increase of 25.6% in revenue in Q2 to $5.53 billion, up from $4.4 billion in the second quarter of 2022.

MicroStrategy’s net income is $22M

Thanks to Bitcoin’s rising price, Bitcoin-focused company MicroStrategy turned a profit in Q2. With almost 153,000 BTC on its balance sheet according to the latest data, it is one of the biggest corporate holders of Bitcoin in the US.

MicroStrategy listed $22.2 million in net income in its earnings report filed on August 1, up from a net loss of $1.1 billion year on year.

Coinbase recorded $663M net revenue

The biggest crypto exchange in the US thwarted early estimates with net revenue of $663 million. $335.4 million of this came from services and subscriptions. Still, Coinbase reported a 10% drop in revenue from Q2 2022. It brought its losses down to less than $100 million in Q2 2023.

Robinhood’s first profit since going public

The fintech trading platform reported a net income of $25 million in the second quarter of this year, compared with a net loss of $511 million in the first one. Its crypto trading revenue is down by around 18% from the first quarter, though, probably because the platform delisted Polygon (MATIC), Solana (SOL), and Cardano (ADA) after the SEC classified them as unregistered securities.