Encryption Financial Report Season: Analysis of Six Institutions' Performance in Q2 2025

The encryption industry is迎来 the mid-2025 financial report season, with several well-known institutions announcing their second-quarter financial performance. Overall, the industry is transitioning from a single revenue model to diversified asset management and comprehensive financial services. This article will summarize the latest financial performance and strategic trends of several representative institutions.

A Well-known Technology Company: The Surge in Bitcoin Asset Value Drives Significant Profit Growth

The company's revenue for the second quarter reached $14.03 billion, a year-on-year increase of 7106.4%. It is expected that the total revenue for the year will reach $34 billion, with annual earnings per share expected to rise to $80.

The significant increase in revenue mainly comes from the unrealized fair value gains of Bitcoin assets, reaching as high as $14 billion. In contrast, revenue from traditional software business is only $11.45 million, accounting for approximately 0.8% of total revenue.

Net profit in the second quarter was $10.02 billion, a significant improvement compared to a net loss of $102.6 million in the same period last year. It is expected that the net profit for the entire year of 2025 could reach $24 billion.

As of the end of July, the company holds 628,791 bitcoins, with an additional 88,109 bitcoins added in the second quarter. The total holding cost is $46.07 billion, with an average cost of $73,277 per bitcoin. The year-to-date return on bitcoin has reached 25%, exceeding the original target. The company plans to raise $4.2 billion by issuing perpetual preferred shares to further increase its bitcoin holdings.

A Certain Encryption Trading Platform: Core Business Under Pressure, Investment Income Becomes Main Source of Profit

The platform's total revenue in Q2 was $1.497 billion, a decrease of 26% quarter-on-quarter. Among them, trading revenue was $764 million, a decrease of 39% quarter-on-quarter; subscription and service revenue was $656 million, a decrease of 6% quarter-on-quarter. The decline in revenue was mainly due to reduced market volatility, adjustments in stablecoin trading pricing, and a decrease in overall trading activity. The total trading volume in Q2 was $237 billion, a decrease of 40% quarter-on-quarter.

Net profit reached $1.429 billion, far exceeding $36 million in the same period last year. The growth in earnings is mainly attributed to a $1.5 billion gain from certain investments and $362 million in unrealized appreciation from the encryption investment portfolio. However, a user data breach resulted in a loss of $308 million, driving total operating expenses up to $1.5 billion. Excluding investment gains, the adjusted net income is only $33 million, reflecting sluggish growth in core trading operations.

In the face of challenges, the platform is actively transforming, planning to expand its trading categories, including tokenized real assets, stocks, derivatives, etc., with the goal of creating a "universal exchange."

A stablecoin issuer: Quarterly net profit of $4.9 billion, significant increase in U.S. Treasury holdings

As of the end of Q2, the institution's total assets are $162.575 billion, liabilities are $157.108 billion, and excess reserves are $5.467 billion. The circulation of the stablecoin issued exceeds $157 billion, with an increase of $20 billion since the beginning of the year.

In terms of asset composition, the holding of U.S. Treasury bonds exceeds 127 billion USD, an increase of about 8 billion USD compared to Q1. Additionally, it holds 8.9 billion USD in Bitcoin and 8.7 billion USD in precious metals.

The net profit for Q2 is approximately $4.9 billion, significantly higher than Q1's $830 million. The cumulative net profit for the year so far is $5.73 billion, of which $3.1 billion comes from recurring income and $2.6 billion comes from the appreciation of Bitcoin and gold.

Overall, the institution has demonstrated strong asset growth capability and profitability this season, and the diversification of asset allocation has provided flexibility in profit composition.

A comprehensive financial services platform: Revenue nearing $1 billion, encryption business drives profits to double

As of the end of Q2, the platform holds $4.2 billion in cash and cash equivalents, providing ample funding support for global expansion and new business.

In Q2, revenue reached $989 million, a year-on-year increase of 45%; net profit was $386 million, doubling year-on-year, setting a new historical high. Adjusted EBITDA reached $549 million, with a profit margin rising to 56%. Growth was primarily driven by encryption trading and options trading: options trading revenue was $265 million, a year-on-year increase of 46%; encryption trading revenue was $160 million, a year-on-year increase of 98%; stock trading revenue was $66 million, a year-on-year increase of 65%.

In terms of user scale, the number of platform capital accounts has reached 26.5 million, an increase of 10% year-on-year; total platform assets are $279 billion, doubling year-on-year; active investment accounts are 27.4 million, an increase of 10% year-on-year; high-value users increased by 76% to 3.5 million. The average revenue per user is $151, an increase of 34% year-on-year, reflecting an enhanced user monetization capability.

The platform is actively laying out its encryption business, including completing the acquisition of a certain European exchange, obtaining multiple compliance licenses, and launching stock token products. At the same time, it is also creating a financial supermarket, venturing into areas such as digital investment advisory, retirement accounts, and credit cards.

A certain encryption exchange: Profit decline, accelerating diversification layout

The exchange achieved a revenue of $412 million in Q2, an 18% year-on-year increase but a quarter-on-quarter decline. The adjusted EBITDA was $80 million, a significant drop from $187 million in Q1.

In terms of operational data, the platform has approximately 15 million global customers, with a total trading volume of 186.8 billion dollars in Q2, a quarter-on-quarter decrease of 10.5% but a year-on-year increase of 19%; the number of funding accounts increased to 4.4 million, a year-on-year increase of 37%; and the custodial assets amount to 43.2 billion dollars, a year-on-year increase of 47%.

In the future, the exchange will continue to promote its global business, including obtaining new licenses, expanding local funding channels, upgrading multi-asset experiences, and launching innovative products. It is also seeking to raise $500 million at a valuation of $15 billion and plans for an IPO in 2026.

Analysis suggests that the exchange is gradually reducing its reliance on spot trading fees and enhancing its risk resistance capacity, thanks to its high-quality user base and diversified business layout. In the context of tightening regulation, its compliance advantages are significant. If the encryption market continues to recover in the future, it is expected to become another publicly listed cryptocurrency exchange.

A Bitcoin mining company: Revenue doubled year-on-year, production significantly increased

The company's total revenue in Q2 was $153 million, more than double year-on-year, primarily driven by Bitcoin mining operations. Mining revenue was approximately $141 million, a year-on-year increase of over 150%. During the quarter, 1,426 BTC were produced, a year-on-year increase of 69%.

Affected by the halving and the global increase in computing power, the average mining cost of a single Bitcoin, excluding depreciation, rose to $48,992, a year-on-year increase of 93%, but still lower than the average price of about $98,800 during the same period. In the future, if the Bitcoin price falls or mining difficulty continues to rise, gross profit may be under pressure, and cost control and computing power efficiency will become key.

The company is advancing the diversification of electricity resource applications, gradually transitioning to a "future computing power infrastructure platform centered around Bitcoin."

Q2 net profit was $219.5 million, with adjusted EBITDA reaching $495.3 million, reflecting strong cash generation capability. On the balance sheet, holding 19,273 BTC( valued at approximately $2.1 billion) and $255.4 million in cash provides ample funding support for future development.