Subscribe to Bankless or sign in
Investors don’t seem appear as confident in crypto stocks and token buyers are in Bitcoin. 
Robinhood fell 16% and 
Coinbase dropped around 13% in intraday trading Thursday after poor earnings releases from each.
What's the Scoop?
- Coinbase: Shares dropped around 8% after reporting revenue that missed forecasts by about 4%. However, its L2 network, Base, saw a 55% increase in transactions and a doubling of deployed smart contracts.
- Robinhood: The stock trading app is on an upward tear, but didn't outpace growth from last quarter as analysts had forecasted.
- MicroStrategy: MicroStrategy increased its
Bitcoin holdings by 11%, achieving a 17.8% year-to-date return. However, the company saw a 10.3% drop in software revenue year-over-year.
Bankless Take:
Despite disappointing earnings, remember that the crypto market's boring summer has only recently livened up. Bitcoin's recent surge above $70K and significant net inflows into Bitcoin ETFs may prompt more action for public crypto companies, but these companies will only see the fruits of this action next quarter.
1
0
