Quick Read – Coinbase crashed 15% after posting a $359M Q2 loss, which was far wider than the expected $0.44/share, dragging Strategy down 8%. – Bitcoin dropped 3% to $62,478 and now sits 28% below its year-start price, pulling IBIT down 4% in direct lockstep. – Strategy’s…
22B Q2 loss is largely an accounting artifact from unrealized mark-to-market losses on its 846,000 Bitcoin holdings. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coinbase didn’t make the cut. Grab the names FREE today
Crypto-linked equities are selling off hard Friday morning as Bitcoin (CRYPTO:BTC) slips below $64,000 and a bruising Q2 report from Coinbase (NASDAQ:COIN) drags the group lower. Coinbase stock is down 15% to $139.55, the biggest decliner and the catalyst for today’s move. Strategy (NASDAQ:MSTR), formerly MicroStrategy, is down 8% to $89.84.
Bitmine Immersion Technologies (NYSEAMERICAN:BMNR) shares are off 8% to $16.62, and the iShares Bitcoin Trust (NASDAQ:IBIT) is down 4% to $35.37 as Bitcoin trades down 3% over the past 24 hours to $62,478.40. Coinbase Q2 Miss Leads the Group Lower Coinbase posted a Q2 net loss of $359 million, or $1.36 per share, its third straight quarter in the red. The loss was far wider than the roughly $0.23 to $0.44 per-share loss analysts expected, with net revenue falling 17% to $1.15 billion.