Coinbase Posts $359M Q2 Loss, Drags Down Crypto-Linked Stocks as Bitcoin Falls Below $63K
Cryptocurrency-linked stocks are under pressure following disappointing second-quarter results from Coinbase and a drop in the price of Bitcoin. Coinbase reported a net loss of $359 million for Q2, significantly wider than expected, with revenue falling to $1.15 billion as spot trading volumes declined sharply. The stock dropped 15% after the report, dragging down other crypto-related equities like Strategy and Bitmine by around 8%. Bitcoin fell below $64,000, now sitting at $62,478—down nearly 3% in a day—and is currently trading 28% lower than its year-start level. The iShares Bitcoin Trust (IBIT) also dropped 4%, mirroring the coin's performance. Strategy reported an even more severe net loss of $8.22 billion, largely due to unrealized mark-to-market losses on its large Bitcoin holdings under fair-value accounting rules. Despite this, Strategy’s Bitcoin treasury grew by 11% during the quarter and now stands at 846,000 coins with a cost basis around $75,578 per coin. The company also built up a reserve of $3.75 billion in U.S. dollars to cover future obligations. Bitmine shares fell alongside broader sector weakness as Bitcoin and Ethereum prices declined. Meanwhile, prediction markets are already pricing in continued bearish sentiment for Coinbase stock.
Tickers: $BMNR $COIN $IBIT $MSTR