Crypto-centered public companies record profit beating Q2 estimates
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Several crypto-centered public companies released quarterly earnings reports recently, revealing increased revenue and a jump in profits. Most of these crypto firms benefited from a rise in prices in the crypto market and a steady decline in bearish momentum, moving away from the crypto winter.
MicroStrategy: Bitcoin-focused institutional giant MicroStrategy turned profitable again in the second quarter thanks to the surge in the price of Bitcoin (
Robinhood: According to its quarterly earning report, fintech trading platform Robinhood became profitable for the first time since going public. The firm reported a net income of $25 million, or earnings per share of $0.03, compared with a net loss of $511 million, or earnings per share of -$0.57, in the first quarter of 2023.
Despite a reported net income of $25 million, the firm recorded a decline in revenue across crypto, equities and transaction-based revenue.
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