Technext· 1h ago· 1 min read
Coinbase, Strategy and Robinhood, three of crypto’s biggest listed names, reported second-quarter earnings within hours of each other between Wednesday and Thursday, and two of them told the same uncomfortable story: when bitcoin drops, so do you, no matter how much strategic progress you claim to have made.
Coinbase missed revenue estimates. Strategy booked a loss north of $8 billion. Both blamed the same thing: a bitcoin price that slid roughly 11% over the quarter, dragging spot trading volumes down with it. Then Robinhood turned up and posted record revenue anyway, crypto weakness and all. That contrast is the actual story of this earnings season, more than any single number.
Coinbase: the diversification story meets a weak quarter
Coinbase reported total revenue of $1.22 billion for the second quarter of 2026, missing Wall Street’s $1.29 billion projection by $70 million and…
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