Many crypto-based public corporations have unveiled their quarterly earnings reports. The reports stated that the companies gained from increasing crypto values and falling bearish sentiments, as stated by Cointelegraph.
According to Cointelegraph, MicroStrategy, a Bitcoin-based company, clocked profits over rise in Bitcoin’s price in the second quarter. Reportedly, MicroStrategy is one of the biggest Bitcoin corporate holders in United States, and had 152,800 BTC as of July 31, 2023. As per an August 1, 2023, earnings report filing, MicroStrategy clocked $22.2 million worth net income, while the firm’s revenue stayed at $120.4 million.
Based on Cointelegraph’s data, Block, a Bitcoin payment company, recorded a 34% year-on-year rise in terms of Bitcoin revenue. Data from August 3, 2023, earnings report mentioned that Block had $2.4 billion worth Bitcoin sales having a $44 million worth gross profit. It’s believed that Block secured a 25.6% rise in Q2 revenue.
Moreover, Cointelegraph noted that Coinbase, a crypto exchange, secured $663 million in net revenue, with insights from its August 3, 2023, quarterly earnings report. Sources suggest that for Q2, Coinbase clocked $335.4 million worth net revenue with regard to subscriptions and services, which resulted in its non-trading revenue exceeding its trading revenue.
(With insights from Cointelegraph)