Nasdaq-listed cryptocurrency exchange Coinbase reported better-than-expected quarterly results, posting revenue of $1.4 billion and net income of $36 million in the second quarter of the year, exceeding Wall Street forecasts.

The largest corporate holder of Bitcoin, MicroStrategy, has announced it acquired 12,222 bitcoins for $805.2 million during the second quarter, bringing its total bitcoin holdings to 226,500 BTC.

Payments giant Ripple announced it will allocate $10 million into a tokenized version U.S. Treasury bills (T-bills) that will be issued on the XRP Ledger. The tokens will be issued as TBILL tokens by tokenization platform OpenEden.

Top stories in the Crypto Roundup today:

• Coinbase Beats Q2 Forecasts with $1.4 Billion Revenue
• MicroStrategy Buys 12,222 for $805 Million, Introduces ‘BTC Yield’ KPI
• Ripple to Invest $10 Million in Tokenized U.S. Treasury Bills on XRP Ledger
• Tether Reaches New All-Time High Market Capitalization 

Coinbase Beats Q2 Forecasts with $1.4 Billion Revenue

Nasdaq-listed cryptocurrency exchange Coinbase reported better-than-expected quarterly results, posting revenue of $1.4 billion and net income of $36 million in the second quarter of the year, exceeding Wall Street forecasts.

While overall revenue dipped 11% from the previous quarter, reflecting a decline in cryptocurrency prices, Coinbase’s burgeoning stablecoin business, which allows customers to earn interest on USDC, helped bolster its bottom line. The company’s balance sheet swelled to $7.8 billion, a $733 million increase quarter-over-quarter.

Coinbase’s optimism was tempered by ongoing legal battles with the U.S. Securities and Exchange Commission (SEC) over its crypto asset policies. Yet, the company expressed confidence in the broader regulatory landscape, noting “extraordinary strides in achieving regulatory clarity.”

The exchange has spearheaded a grassroots campaign, Stand With Crypto, which boasts over 1.3 million supporters and has garnered bipartisan attention in Washington.

Despite a 27% decline in transaction revenue to $781 million, Coinbase highlighted the rapid growth of its Ethereum layer-2 scaling network, Base, which saw a 300% increase in transaction volume.

MicroStrategy Buys 12,222 for $805 Million, Introduces ‘BTC Yield’ KPI

The largest corporate holder of Bitcoin, MicroStrategy, has announced it acquired 12,222 bitcoins for $805.2 million during the second quarter, bringing its total bitcoin holdings to 226,500 BTC.

The company’s bitcoin investment now stands at $8.3 billion, with an average cost of $36,821 per coin. To better communicate its Bitcoin strategy, the company also introduced a new key performance indicator, the “BTC yield,” which currently stands at 12.2% year-to-date and will target 4% to 8% annually over the next three years.

The BTC yield reflects the percentage change over time in the ratio of MicroStrategy’s BTC holdings and its diluted shares outstanding and shows how the company’s Bitcoin holdings compare to its total potential shares. The firm noted:

"The Company believes this KPI can be used to supplement an investor’s understanding of its decision to fund the purchase of bitcoin by issuing additional shares of its common stock or instruments convertible to common stock." 

MicroStrategy clarified that BTC yield isn’t equivalent to “yield” in the traditional financial context, nor is it an operating performance, financial, or liquidity measure.

The Nasdaq-listed business intelligence firm reported quarterly losses of $5.74 per share and $111.4 million in sales, reflecting a 7% decrease year-over-year. Operating expenses surged 134, primarily due to impairment losses on digital assets.

Ripple to Invest $10 Million in Tokenized U.S. Treasury Bills on XRP Ledger

Payments giant Ripple announced it will allocate $10 million into a tokenized version U.S. Treasury bills (T-bills) that will be issued on the XRP Ledger. The tokens will be issued as TBILL tokens by tokenization platform OpenEden.

These tokens will be backed by short-term U.S. government Treasuries and reverse repurchase agreements collateralized by U.S. Treasuries. Tokenization brings tangible real-world assets onto a blockchain in the form of tokens backed by those assets.

The tokenization of assets has attracted major players in the financial world. BlackRock, the world’s largest asset manager, recently launched a similar product on the Ethereum blockchain.

Tether Reaches New All-Time High Market Capitalization

The total market capitalization of the leading stablecoin USDT rose 1.61% over the past month to reach a new $114 billion all-time high. This was the stablecoin’s eleventh consecutive increase in market capitalization.

USDT’s market dominance is currently at 69.6% while it continues to dominate trading volume, with a 73.5% market share among the top 10 stablecoins.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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