| gm Bankless Nation,
Today, the crypto industry is feeling painfully at odds with the "Crypto President" appointee leading Roman Storm's prosecution. Today's Issue ⬇️ - ☀️ Need to Know: Storm Convicted
Roman Storm convicted on single count. - 🗣️ Analysis: Crypto's Wall Street Q2
How crypto's publicly listed entities are doing. - 🎧 Latest Pod: Tom Lee on ETH Dominance
BitMine is betting on the future.
Sponsor: Mantle — Mantle is pioneering "Blockchain for Banking,” a revolutionary new category at the intersection of TradFi and Web3. . . . NEED TO KNOW Roman Storm Convicted - 👨⚖️ Tornado Cash's Roman Storm Found Guilty on One Charge in Partial Verdict. Storm's partial conviction will almost certainly be appealed by the defense.
- ⚠️ Trump Prosecutors Declare War on Crypto Privacy Software. Trump appointee Jay Clayton hails Roman Storm conviction as win over 'criminals.'
- 🏦 Trump Set to Sign Executive Order Protecting Crypto From Debanking. The order aims to stop banks from cutting off crypto companies over politics or industry bias.
📸 Daily Market Snapshot: Markets calmed and crypto inched higher Wednesday following yesterday's market-wide slump. Crypto's memecoin sphere continued to embrace volatility with top gainers and losers in the sector diverging wildly today. | Prices as of 7pm ET | 24hr | 7d |  | Crypto $3.71T | ↘ 1.9% | ↘ 4.6% |  | BTC $115,046 | ↗ 0.9% | ↘ 2.1% |  | ETH $3,677 | ↗ 1.8% | ↘ 2.9% | . . . ANALYSIS How Crypto's Wall Street Heavyweights Performed in Q2 Earnings season on Wall Street is yet again in full swing, and some of the crypto industry’s most prominent public companies put their cards on the table last week, unveiling financial reports for the second quarter of 2025. While some firms basked in post-earnings glow with surprise beats and analyst upgrades, others have found themselves punished. For a sector long characterized by volatility and speculation, this earnings cycle painted the picture of a maturing industry that continues to battle for stability, clarity, and market trust. Today, we’re diving into the Q2 highlights from some of the most closely watched players in crypto’s public markets and pulling out some salient takeaways. Let's dig in!👇 🔵 CoinbaseEarnings Filing
Revenue: $1.5B
EPS: $5.14
Ticker: COIN Coinbase tumbled nearly 20% off last week’s earnings results, the stock’s first major sell-off since its May inclusion in the S&P 500 index. Although Wall Street analysts had already anticipated weaker performance compared to the prior two quarters, when exuberance for the Trump administration’s crypto plans was running hottest, the firm still seems to have disappointed stockholders with weaker-than-expected growth. Even while handily beating earnings per share (EPS) estimates of $1.25 by 311% and continuing to grow core business centers, Coinbase fell short of analyst revenue expectations for $1.6B, with misses in both its retail trading and subscription revenue segments. Digging into the release, Coinbase incurred a $307M loss in costs stemming from a highly publicized May 2025 data breach. Shockingly, XRP trading revenues surpassed ETH’s for the first time during Q2, causing Coinbase to detail the segment in earnings for the first time ever. In Q2, Coinbase acquired an additional 2,509 BTC, yet reduced ETH holdings by 552 tokens. Rising crypto prices boosted the value of Coinbase’s crypto investment portfolio to $1.84B and contributed $362M of net income during the second quarter. Coinbase continues to pursue new business streams. VP of Product Max Branzburg told CNBC on Thursday that users of the newly imagined “everything exchange” can expect tokenized stocks, advanced derivatives, prediction markets, and early-stage token sales in the coming months. Coinbase is still trading 28% above its 2025 open, and Cathie Wood’s ARK Invest purchased an additional 95k COIN for $30M last Friday amid the worst of the carnage. 🏹 RobinhoodEarnings Filing
Revenue: $989M
EPS: $0.42
Ticker: HOOD One of the few crypto companies to enjoy post-earnings pop this quarter, Robinhood jumped nearly 8% on its July 30 financials release. HOOD surpassed analyst expectations with a top-line revenue beat of 8.1% and exceeded earnings forecasts, posting $0.42 in EPS against the expected $0.31. Total customer assets have nearly doubled from one year ago, reaching $279B spread across 26.5M funded accounts, and platform margin lending utilization has reached nearly $11B. Robinhood’s strong performance elicited a string of price target upgrades from analysts at major ratings groups – including Citi Bank, JPMorgan, and Cantor Fitzgerald – who cited a conducive operating environment and plenty of room for growth, particularly in retail-favorite options and crypto trading segments. Although Robinhood’s crypto trading revenues of $160M came in light of analyst expectations for $168M, the firm is pushing headlong into the crypto industry. In a Forbes feature one day post-earnings, CEO Vlad Tenev highlighted his ambitions to capture the impending $127T generational wealth transfer with tokenized stocks and AI-powered investing. Robinhood has electrified holders throughout 2025; HOOD shares are up 20% since the brokerage announced a slew of crypto-enabled features at EthCC in Cannes on June 30 and 160% year-to-date. 🟠 StrategyEarnings Filing
Revenue: $114.5M
EPS: $32.60
Ticker: MSTR Strategy beat earnings expectations for the first time since Q4 2023, but that notable accomplishment didn’t stop the stock from sliding over 10% in subsequent days. While analysts anticipated a one-cent loss per share, Strategy blew past their expectations with $32.60 of earnings per share; revenue results were more closely aligned with Wall Street’s $113.5M expectations. Concerning some shareholders who appreciate MSTR primarily for its BTC accumulation capabilities rather than its fiat-denominated price, Strategy published share dilution guidelines that prohibit sales when the stock trades below a 2.5x multiple to its net asset value. With MSTR trading at an mNAV of 1.49x at the time of writing, this development effectively caps share sales for the foreseeable future. The firm remains able to raise capital through its exotic fixed income and equity offerings: STRK, STRF, STRD, and STRC. In good news, founder Michael Saylor described the recently STRC perpetual preferred stock offering as Strategy’s “iPhone moment,” comparing it to a high-yield savings account collateralized by BTC that could redefine how companies raise capital in a bitcoin-native way. Despite starting Q2 in the red, MSTR performed strong when BTC surged to all-time highs for the first time in 2025 during April; the stock is touting 25% gains on the year. ⛏️ MARA HoldingsEarnings Filing
Revenue: $238.5M
EPS: $1.84
Ticker: MARA MARA Holdings posted $1.84 in EPS against one-cent loss expectations and enjoyed a marginal beat on revenues, yet shares are trading down 10% since the results. Currently the largest known BTC miner in existence, MARA operates over 300k digital asset mining rigs across 15 globally distributed data centers. In addition to BTC retained from mining operations, MARA Holdings began conducting outright BTC purchases in mid-2024, making its treasury accumulation strategy a two-pronged operation. With 50k BTC on its balance sheet, MARA Holdings ranks as the second-largest crypto treasury company behind Strategy. As highlighted in MARA’s Q2 shareholder letter, the company is more than a passive bitcoin treasury company; it actively manages BTC holdings to grow the balance sheet through lending operations, with 31% of its stack loaned, actively managed, or pledged as collateral as part of its treasury management. MARA ranks as one of the weakest-performing direct crypto plays in 2025, and although the stock has experienced temporary pops, its shares are down approximately 10% on the year. Earnings Filing
Revenue: $883k
EPS: -$0.083
Ticker: DJT Following market close last Friday, Trump Media & Technology Group disclosed its earnings report for the second quarter of 2025. The financials indicated a nearly one-cent per share loss in the second quarter of 2025, an unsurprising result considering DJT has posted consecutive earnings losses since going public in November 2023, and displayed a meager $883k in total revenues. In its quarterly earnings filing with the SEC, Trump Media reaffirmed its plans to offer “Patriot Package” subscribers digital utility tokens that can be used to purchase products and services within the “Truth ecosphere,” and that it was moving forward with crypto asset ETFs. DJT holds 18.4k BTC worth just over $2B and now allocates $300M to options overwriting strategies for bitcoin and bitcoin-related assets; shares are down over 50% in 2025. UR, the world's first money app built fully onchain, transforms Mantle Network into a purpose-built vertical platform — The Blockchain for Banking — that enables financial services onchain. Mantle leads the establishment of Blockchain for Banking as the next frontier. . . . LATEST POD The World’s Largest ETH Holder In this episode, we talk with Tom Lee, chairman of BitMine, about the rapid growth of his ETH treasury company and its goal to secure 5% of the total ETH supply.
Tom believes Ethereum could surpass Bitcoin in value, forecasting potential prices between $4,000 and $15,000. We discuss market dynamics, risks of excessive leverage, and his insights on valuing Ethereum and NFTs like Pudgy Penguins.
Tune in for key insights into Ethereum’s future and Wall Street’s role in crypto!
Listen to the full episode👇 | 
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