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BTC Bitcoin holding company Strategy lost more than US$8 billion in the second quarter, and Coinbase's revenue fell 14% month-on-month.
Bitcoin holding giant Strategy and cryptocurrency exchange Coinbase successively released financial reports. Strategy reported a book loss of $8.32 billion in the second quarter of 2026, resulting in its operating loss of more than $8.23 billion. At the same time, annual revenue of Coinbase, the largest cryptocurrency exchange in the United States by trading volume, fell 19%, and trading volume fell 24% to just over $145 billion.
Bitcoin prices cooled in Q2 2026, and Strategy suffered losses
In the three months ended June 30, Strategy increased its holdings of 846 bitcoins. The company's CEO pointed out in its earnings report that the company has reduced convertible debt to less than $7 billion, while its dollar holdings and bitcoin positions per share have increased by 12% and 5%, respectively. In the second quarter of 2025, Bitcoin positions brought in gains of US$10 billion, but Bitcoin prices have been weak this year, resulting in a net loss of US$8.22 billion.
CEO explained: "Our goal is to have the STRC (company ticker symbol) trade in the US$99 to US$100 range for a long time. If the stock price falls below US$100, we will repurchase shares regularly in a disciplined manner and adjust the repurchase scale based on market prices and liquidity. These buybacks are both an effective use of capital, a discount to reduce future demand for preferred stock dividends, and allow independent market forces to establish a healthy and sustainable market."
In terms of total quarterly revenue, Strategy has grown 6.9% over the past 12 months, from US$114.5 million in Q2 in 2025 to more than US$122 million in Q2 in 2026. Gross profit from the company's operations reached US$81.6 million, with a gross profit margin of 69%, compared with US$78.7 million in the same period last year.
Executive Chairman and founder ofsaid: "In the current period of depressed Bitcoin sentiment and constant market doubts, we continue to evolve our business model and establish digital credit as a new asset class. Our plan is to restore STRC to health, achieve stable demand, high liquidity, and trade with low volatility in price areas close to face value. We believe this is the best way to create shareholder value in the long term."
The decline in trading volume caused Coinbase's revenue to decline, but the market business was forecast to grow against the trend.
At the same time, Coinbase continued to lose money in the first half of the year for two quarters, and its performance was lower than expected, but it predicted that the market sector would grow more than 100% month-on-month. In the 12 months ended June 30, the company's revenue fell 19%, and trading revenue fell 21%. Judging from the net loss report, its earnings before interest, taxes, depreciation and amortization were US$208 million, while an adjusted loss exceeded US$300 million.
Coinbase's subscription and service fee revenue fell 5% during the quarter, but accounted for nearly half of net income for the period. Consumer transaction revenue fell 20% from 2026 Q1, which the company attributed to a 24% decline in crypto spot trading volume. At the end of the quarter, the average amount of USDC held in Coinbase products reached a record $20 billion, accounting for more than 30% of all USDC in circulation.
