Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting.

It’s earnings season in crypto—and the stories couldn’t be more different.

Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin’s price and new fair value accounting rules. But can the company keep this up?

Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks.

In this double interview, Unchained’s Steven Ehrlich sits down with:

• Lance Vitanza from TD Cowen to break down Strategy’s accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks
  
• Owen Lau from Oppenheimer to unpack Coinbase’s earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story
  

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

• Mantle
• FalconX

Guests:

• Lance Vitanza, Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen
• Owen Lau, Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co

Learn more about your ad choices. Visit megaphone.fm/adchoices