Unchained In Q2 Earnings, MSTR Surges, and Coinbase Stumbles. But What's Next? - Ep. 879
30 snips
Aug 2, 2025 
Lance Vitanza, Managing Director at TD Cowen, joins Owen Lau, Executive Director at Oppenheimer & Co., to delve into the earnings season of crypto companies. They discuss Strategy's impressive $10 billion net income driven by Bitcoin and new accounting rules, while Coinbase's disappointing results spark debates on its future after missed estimates. Vitanza highlights systemic risks tied to Bitcoin holdings, while Lau presents a bullish outlook on Coinbase, emphasizing the potential of new banking partnerships and upcoming market shifts.
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Strategy's Blockbuster Bitcoin Gains
- Strategy significantly increased its full year Bitcoin yield guidance from 25% to 30%, showing strong performance so far in 2025.
- Favorable regulatory changes and creative capital market strategies have been key drivers of this success.
Accounting Rules Boost Earnings
- New accounting rules allowing mark-to-market valuation of Bitcoin holdings boosted reported net income.
- Despite the boost, even restated historical numbers show Strategy's Bitcoin gains are growing robustly.
Capital Markets Strategy Shift
- Strategy is shifting away from convertible debt to preferred stock, which offers better terms and efficiency.
- This evolution demonstrates maturity in Strategy's capital markets access and may serve as a path for new Bitcoin treasury companies.