q2

Tencent Holdings released its Q2 2026 financial report, with revenue of 204.79 billion yuan, a year-on-year increase of 11%, slightly exceeding market expectations; Non-IFRS net profit was 68.4 billion yuan, a year-on-year increase of 9%; profit attributable to equity holders of the company was 56.022 billion yuan, a year-on-year increase of 0.7%. Capital expenditure was 52.78 billion yuan, a year-on-year increase of 176%, far exceeding the market expectation of 32.14 billion yuan, mainly used for AI infrastructure investment. The free cash flow for the quarter was negative 13.8 billion yuan; excluding prepayments for AI computing power purchases, free cash flow was 37.6 billion yuan.In terms of business, value-added services revenue was 98.4 billion yuan, a year-on-year increase of 8%, with domestic game revenue at 47.3 billion yuan, a year-on-year increase of 17%, significantly contributed by "Delta Action," "Valorant," and "Lock Kingdom: World"; international market game revenue was 18.6 billion yuan, down 0.8% year-on-year due to exchange rate effects, but up 4% year-on-year when calculated at constant exchange rates. Marketing services revenue was 43.6 billion yuan, a year-on-year increase of 22%, making it the fastest-growing segment; financial technology and enterprise services revenue was 60.3 billion yuan, a year-on-year increase of 9%.Regarding AI products, the report specifically mentioned that WorkBuddy achieved rapid user growth and a healthy user retention rate, with strong user willingness to pay. Its market-leading position is attributed to its strong harness engineering capabilities, a rich selection of models, and an industry-leading skill library. The official version of Hy3 saw a more than 68-fold increase in usage in the week following its launch compared to the previous generation, consistently ranking among the top three globally in terms of OpenRouter token consumption, with plans for a larger parameter scale Hy4 to be released soon. The AI agent Xiaowei within WeChat has initiated a small-scale gray testing. Excluding the contribution from new AI products, Non-IFRS operating profit increased by 19% year-on-year to 86.1 billion yuan. By the end of the quarter, the company's net cash decreased from 146.9 billion yuan at the end of March to 58.2 billion yuan.

According to BBX data, yesterday global listed companies disclosed the latest developments in their cryptocurrency asset management and future buying plans, with the core information as follows:Strategy plans to resume buying Bitcoin within the year: Phong Le, CEO of Nasdaq-listed company Strategy, recently stated in an interview with Fox News that as the strategic plan progresses, Strategy will resume buying more Bitcoin in the secondary market for the remainder of this year, sending a clear signal of increased holdings.Trump Media holds 9,477 BTC in Q2, with a loss of $360 million in the first half of the year: The latest financial data disclosed by Trump Media shows that as of the end of the second quarter of 2026, the company held a total of 9,477.16 Bitcoins, a decrease of 65 from the end of the first quarter, with a current fair value of approximately $557.1 million. Due to the decline in cryptocurrency prices, the company's related financial losses in the first half of the year reached $360.6 million. Additionally, during the same period, the amount of approximately 756.1 million CRO held remained unchanged, but its fair value shrank from $6.8 million at the end of 2025 to $4.06 million.OranjeBTC steadily increases holdings, total holdings approach 4,000: Brazilian listed Bitcoin treasury company OranjeBTC announced an additional purchase of 2 Bitcoins. After this adjustment, the company's total Bitcoin holdings have risen to 3,950.

According to The Block, Tether-backed Bitcoin treasury company Twenty One Capital (NYSE: XXI) announced its financial performance for the second quarter of 2026, reporting a net loss of $413.5 million, primarily due to the decline in the value of its Bitcoin holdings. The financial report shows that approximately $401.5 million of Twenty One Capital's second-quarter losses came from the decline in the book value of its Bitcoin assets.As the company uses Bitcoin as its core asset allocation, BTC price fluctuations directly impact its financial performance. New CEO Raphael Zagury stated that Twenty One Capital cannot exist solely as a "Bitcoin treasury company" in the future but needs to transform into a broader financial services platform.Zagury proposed that the company's next phase will focus on three main directions, including: expanding its business landscape through mergers and acquisitions; enhancing financing capabilities using capital market tools; and exploring Bitcoin-collateralized loan services.

According to Cointelegraph, the second-largest Ethereum treasury company SharpLink disclosed a net loss of $394 million in the second quarter of 2026, compared to a loss of $103 million in the same period last year. The losses include $321 million in unrealized cryptocurrency losses and a $76 million impairment on staked ETH.SharpLink's revenue in the second quarter was $11.5 million, with $11.1 million coming from ETH staking income; cash and cash equivalents were $56 million, up from $28 million in December 2025. SharpLink currently holds approximately 863,000 ETH, with a total value of $1.46 billion, ranking second. The company also holds 632,784 ETH and an additional 181,321 ETH through various liquid staking ETH tokens, valued at $1.2 billion and $343 million, respectively.After pausing purchases for 8 months, SharpLink resumed buying ETH in late June, initially purchasing $7.8 million worth, followed by another purchase of 10,000 ETH for approximately $16 million a few days later. The company's stock price fell 3.9% on Monday, with a cumulative decline of 30% for the year.

According to Globenewswire, the NASDAQ-listed TON ecosystem digital asset reserve company TON Strategy announced its financial report for the second quarter of 2026, holding approximately 230.5 million Grams as of June 30, of which about 229.9 million are staked, accounting for approximately 4.4% of the total supply of Grams, with the staked share accounting for about 35% of the total staked Grams in the network.In addition, the fair value of digital assets held by TON Strategy in the second quarter was approximately $36.95 million, up from $27.2 million at the end of March, earning approximately 9.4 million Grams in rewards through Gram staking, and confirming staking revenue of about $15 million, a significant increase from the 2.2 million Grams in the first quarter.In terms of finances, TON Strategy's revenue for the second quarter was $15 million, a substantial increase from $3 million in the first quarter; gross profit was $14.3 million, with a gross margin of 95%. The company's ongoing operations achieved an operating profit of approximately $500,000, while the first quarter previously recorded an operating loss of $3.7 million.

According to GlobeNewswire, eToro released its Q2 2026 financial report, showing a significant cooling in its digital asset business at the trading level, but the company continues to advance the infrastructure construction of on-chain finance.In terms of trading data, eToro's cryptocurrency trading volume in July was 1.4 million transactions, a year-on-year decrease of 73%; the average investment amount per cryptocurrency transaction was $182, a year-on-year decline of 50%. The revenue related to cryptocurrency assets in Q2 was $1.346 billion, down from $1.915 billion in the same period of 2025. Despite the decline in cryptocurrency business revenue, the company's overall net profit still grew by 77% year-on-year to $53.48 million.In terms of cryptocurrency strategic layout, eToro completed the acquisition of the digital asset self-custody platform Zengo and the Israeli cryptocurrency trading platform Bit2C in Q2 to strengthen its self-custody service capabilities and promote the integration of traditional finance with the on-chain economy. At the same time, the company also made a strategic investment in the on-chain perpetual contract platform Extended and became a founding partner of the Open USD stablecoin ecosystem alliance, further increasing its investment in on-chain trading and stablecoin infrastructure.As of the end of Q2, eToro's held cryptocurrency assets amounted to $49.95 million, down from $62.61 million at the end of 2025.

According to CoinDesk, Trump Media Group saw a significant decrease in the value of its digital assets in the second quarter due to the drop in cryptocurrency prices, recording a loss of $360.6 million in the first half of the year. According to the quarterly filing submitted on Monday, as of June 30, the company held 9,477.16 bitcoins, with a fair value of $557.1 million, down from 9,542.16 bitcoins at the end of March, resulting in a net decrease of 65 bitcoins in the second quarter.The number of Cronos tokens held by the company remained unchanged at approximately 756.1 million, but the fair value dropped from $68 million at the end of 2025 to $40.6 million. Most of the company's bitcoins have been staked as collateral. As of June 30, 4,260.73 BTC were staked in convertible notes, and another 2,077.34 BTC were staked for bitcoin options strategies. Just a few days before the earnings report was released, Trump Media announced the termination of the proposed business merger with Crypto.com and Yorkville Acquisition on Friday.

Nasdaq-listed company Sharplink (stock code: SBET) announced its financial and operational results for the second quarter of 2026. Q2 revenue was $11.5 million, a significant year-on-year increase; net loss was $394.3 million, primarily due to an unrealized loss of $321 million in the ETH market and a write-down of $76.1 million for LsETH and weETH.As of June 30, Sharplink held approximately 886,881 ETH, with crypto assets valued at approximately $1.4 billion under U.S. GAAP. The company completed a $75 million registered direct offering on June 23, part of which was used to purchase approximately 10,000 ETH at an average price of about $1,611, and continues to repurchase shares.

Berkshire Hathaway today released its Q2 2026 financial report, with the most market attention focused on the cash reserves dropping to $36.551 billion in the second quarter, down from about $39.74 billion in the first quarter. This marks the end of Berkshire's 14 consecutive quarters of net selling, turning into a significant net buying for the first time since the fourth quarter of 2022.In the financial report, Berkshire's net stock purchases in the second quarter were nearly $20 billion, including about $10 billion in a private placement from Google's parent company Alphabet to support investments such as its AI data centers. Approximately $6.8 billion was spent to acquire homebuilder Taylor Morrison, which was a complete acquisition and not entirely a public market stock transaction. About $4.5 billion was used to repurchase its own shares. After deducting the above major items, there remains about $3 billion of "unexplained" net purchases of public market equities, with specific stocks to be disclosed in the 13F filing around August 14. Currently, Alphabet officially enters Berkshire's top five holdings, alongside American Express, Apple, Bank of America, and Coca-Cola, with the top five holdings accounting for about 66% of the stock portfolio.Buffett previously stated that the long net selling period was mainly due to high market valuations, making it difficult to find sufficiently attractive opportunities. This shift is seen as a clear signal of more aggressive capital allocation under Abel's leadership as CEO, with Berkshire moving from "patient waiting" to "starting to act."

MARA Holdings, a Bitcoin mining company, announced its Q2 2026 financial report, with revenue of $175 million, a decrease of 27% year-on-year; a net loss of $611 million, equating to a loss of $1.60 per share, compared to a net profit of $808 million in the same period last year; adjusted EBITDA loss of $361 million, compared to a profit of $1.245 billion in the same period last year. As of the end of the quarter, the company held 35,577 Bitcoins (including those lent and pledged), a decrease of 29% from 49,951 Bitcoins in the same period last year; energized hash rate reached 70.3 EH/s, an increase of 22% year-on-year.In this quarter, the company produced 2,422 Bitcoins, a year-on-year increase of 3%, with a total of 700 block rewards. At the end of the quarter, the company held unrestricted cash and Bitcoin with a total value of approximately $2.5 billion. During the period, the company reached a strategic joint venture with Starwood to acquire Long Ridge energy assets (with a potential capacity of over 1 GW) and signed a site purchase agreement for 2 GW in Matagorda County, Texas, raising the total potential capacity portfolio to approximately 4.8 GW. The company also announced the establishment of a new credit line of $100 million, using 18,750 Bitcoins as initial collateral. MARA is accelerating its transition from a pure Bitcoin mining company to an operator of AI and high-performance computing digital infrastructure.

DraftKings announced its Q2 2026 financial report, with revenue of $1.443 billion, a year-on-year decrease of 5%, mainly affected by customer-friendly sports outcomes and increased customer acquisition promotional spending; net loss of $67.61 million, compared to a net profit of $158 million in the same period last year; adjusted EBITDA was $115 million, down from $301 million in the same period last year. The sports consumer transaction volume reached $13.1 billion, a year-on-year increase of 15%, with monthly active paying users (MUP) of approximately 3.6 million, a year-on-year increase of 9%, and average revenue per monthly active paying user (ARPMUP) decreased by 13% to $132.CEO Jason Robins stated that the market business has exceeded expectations since its launch in December last year, with relevant customer metrics performing similarly to sports betting, showing strong user acquisition and retention, and the super app has been launched nationwide. The company maintains its guidance for full-year revenue of $6.5 to $6.9 billion and adjusted EBITDA of $700 to $900 million. DraftKings currently offers mobile sports betting services in 27 states and Washington D.C., and Puerto Rico, covering approximately 53% of the U.S. population, with iGaming available in 5 states. The Canadian market has covered Alberta and Ontario, accounting for about 51% of the Canadian population.

Cloudflare announced its Q2 2026 financial report, with revenue of $696.1 million, a year-on-year increase of 36%; GAAP operating loss of $205.7 million, non-GAAP operating profit of $96.1 million (profit margin of 13.8%); GAAP net loss of $170 million, non-GAAP net profit of $107.8 million (diluted earnings per share of $0.29). Operating cash flow was $117.6 million, free cash flow was $56.4 million (profit margin of 8%), and cash and cash equivalents totaled $4.163 billion at the end of the period.CEO Matthew Prince stated that as the internet transitions to AI question-and-answer engines and agent-driven businesses, it is undergoing a fundamental restructuring towards machine-to-machine traffic. Cloudflare positions itself as a core service provider for "agent internet" infrastructure, development tools, and payment tracks. The company expects Q3 revenue to be between $736 million and $737 million, with non-GAAP operating profit between $129 million and $130 million, and has raised its full-year revenue guidance to between $2.864 billion and $2.870 billion. The current cRPO has increased by 35% year-on-year.

According to The Block, research firm Bernstein reaffirmed its "Outperform" rating and maintained a target price of $140 after Circle announced its Q2 2026 financial results, believing that the company's latest performance constitutes a "reverse validation" of the market's bearish views. Bernstein analysts stated that the market currently underestimates USDC's long-term growth potential and Circle's advantages in distribution channels, liquidity, and regulatory compliance, due to two major core concerns regarding Circle—intensifying competition in stablecoins and changes in the interest rate environment that may affect reserve income.Investors may not have fully accounted for the future revenue opportunities from transaction fees, partner ecosystems, and the Arc blockchain that Circle could generate. The firm specifically pointed out that several infrastructure initiatives recently advanced by Circle, including obtaining a national trust bank license in the U.S., expanding the Circle Payments Network, and the planned launch of the Arc public chain mainnet on September 16, could all become future growth drivers. Additionally, Bernstein noted that Circle has raised its guidance for other revenues and profit margins after deducting distribution costs for 2026, expecting to confirm approximately $180 million in Arc token presale revenue.Analysts believe that future staking yields, gas fees, and ecosystem partnership revenues from Arc have not been fully reflected in current valuation expectations. As of the end of Q2, the circulating supply of USDC was $73.3 billion, a decrease of 5% from the previous quarter but an increase of 19% year-over-year. Bernstein believes that Circle is shifting from a purely crypto trading infrastructure to payments, real-world asset (RWA) tokenization, and broader financial infrastructure, which will drive USDC into the next phase of growth. Circle's stock closed at $63.28 on Wednesday, and Bernstein's target price of $140 implies a potential upside of about 121%.

According to the official report from Spark, Spark Protocol released its Q2 2026 financial report. The total protocol return for the quarter reached $40.6 million (quarter-on-quarter +29%), with a net protocol return of $4.31 million (quarter-on-quarter -38%) and a net protocol surplus of $710,000 (quarter-on-quarter -79%). Distribution rewards amounted to $4.53 million, becoming the largest source of net income for the quarter, with sUSDS contributing $2.63 million, leading the way.The average deployment scale of the Spark Liquidity Layer (SLL) increased to $2.56 billion, but due to the narrowing of DeFi lending spreads and the cost of capital for the expansion of the Spark Savings USDT market, SLL recorded a net income of -$810,000, with the captured spread dropping from 0.64% in Q1 to -0.13%.The SparkLend USDT balance reached $528 million at the end of the quarter, making it one of the largest USDT lending platforms on Ethereum. The protocol treasury balance at the end of the quarter was $48.5 million, with $1.31 million in SPK token buybacks completed during the quarter. Despite facing pressure from spread compression, the protocol maintained profitability every month during this quarter.

The Hyperliquid Research Collective (HRC) released its Q2 2026 report stating that trading of real-world asset (RWA) perpetual contracts on the Hyperliquid platform continues to grow, with HIP-3 related trading volume increasing from 1.8% in previous quarters to 20.7%, and further reaching 32.2% in Q2, with quarterly trading volume reaching $213 billion, accounting for nearly one-third of the platform's total trading volume.The report indicates that during Q2, the Hyperliquid ecosystem gained more attention from traditional finance, with 3 HYPE ETFs beginning to trade, providing investment channels for institutional investors who cannot directly hold tokens. Meanwhile, fund management companies like Hyperliquid Strategies continue to build HYPE reserves, with current funds and related treasury holding approximately 7.7% of the HYPE supply. In terms of data, HYPE rose 79% in Q2, reaching a historic high of $76.9, while Bitcoin fell 14% during the same period. Hyperliquid protocol revenue recovered after hitting a low in April, with monthly revenue at the end of the quarter reaching $169 million, and cumulative protocol revenue surpassing $1 billion, of which $141 million was returned to holders through buybacks.

According to Globenewswire, Grayscale announced that it has completed the regular rebalancing of its multi-asset digital asset fund for the second quarter of 2026, adjusting the asset weights for the DeFi fund, smart contract fund, and decentralized AI fund.The DeFi fund DEFG Fund sold Uniswap (UNI) and reallocated the proceeds according to the existing fund component weights. As of August 3, the DEFG Fund's holdings include: UNI 34.16%, Ondo (ONDO) 25.44%, Aave (AAVE) 19.97%, Ethena (ENA) 12.19%, Curve DAO Token (CRV) 4.42%, Lido DAO (LDO) 3.82%.The smart contract fund GSC Fund sold some existing assets according to index rules and used the funds to buy BNB, making BNB the largest asset allocation in the fund at 30.6%. Other major holdings include Ethereum (ETH) 29.47%, Solana (SOL) 29.15%, Cardano (ADA) 4.88%, Hedera (HBAR) 2.08%, Avalanche (AVAX) 1.92%, and Sui (SUI) 1.9%.The decentralized AI fund sold NEAR Protocol (NEAR) and reallocated funds according to the existing asset proportions. As of August 3, the fund's holdings include NEAR 31.35%, Bittensor (TAO) 29.15%, Render Token (RENDER) 21.59%, and Filecoin (FIL) 17.91%.

Coinbase released its Solana validator node operation report for the second quarter of 2026, stating that its operated Solana validator nodes outperform the network average in terms of yield, stability, and infrastructure distribution.Data shows that Coinbase currently stakes approximately 41.63 million SOL through 23 validator nodes, accounting for 9.72% of the total staked amount on Solana, with nodes distributed across 7 countries, including the United States, the United Kingdom, Germany, Japan, Singapore, and others.Key operational data is as follows: Staking scale: 41.63 million SOL, accounting for 9.72% of the total staked amount; staking yield: Q2 2026 APY is 6.52%, higher than the network average of 6.38%, leading by 14 basis points; block skip rate: 0.035%, lower than the network average of 0.136%, about one-fourth of the network average.Coinbase stated that its validator nodes adopt a multi-client architecture, currently running 4 clients including Harmonic, Jito, JitoBAM, and Firedancer. All solutions have been reviewed by the Solana Foundation, and aggressive MEV time strategies that may affect user experience are not used.In terms of infrastructure, Coinbase has deployed its validator nodes on two independent bare-metal service providers and configured off-site backups for each node to reduce single points of failure risk. At the same time, the company stated that it has migrated the entire validator node cluster to the DoubleZero network, achieving approximately 99.9% session availability.Coinbase also revealed that it is preparing for the Alpenglow consensus upgrade expected to be advanced by Solana later in 2026, including running community test nodes, developing new consensus health monitoring tools, and completing related voting account upgrade verification.

According to the disclosure documents from the U.S. Securities and Exchange Commission, TeraWulf released its operating performance for the second quarter of 2026, achieving revenue of $44.767 million, of which revenue from HPC leasing business was $31.932 million, accounting for approximately 71% of total revenue.The company's Lake Mariner project in New York has completed the launch of 102 megawatts of revenue-generating IT capacity, with an additional 336 megawatts under construction. The cost of IT capacity per megawatt remains between $8 million and $10 million. TeraWulf has completed the acquisition of the Muskie Data Campus in Kentucky, which can provide up to 1 gigawatt of power supply; its Justified campus has signed a lease agreement with Anthropic, with a scale of approximately 401 megawatts, a lease term of 20 years, and an initial contract amount of approximately $19 billion.In addition, the company will transfer its 50.1% stake in the Abernathy joint venture for $530 million in cash, while reaffirming its business goal of adding 250-500 megawatts of IT capacity annually.

Galaxy Digital (Nasdaq: GLXY) released its Q2 2026 financial report, reporting a net loss of $85.31 million, significantly narrowing from a loss of $216.3 million in Q1, mainly affected by the decline in digital asset prices; adjusted EBITDA was a loss of $77.26 million; as of June 30, total equity was $2.72 billion, with cash and stablecoin holdings of $2.459 billion.In terms of business segments, the digital asset department reported an adjusted gross profit of $65.71 million, a quarter-on-quarter increase of 34%, with the number of trading counterparties reaching 1,741, a quarter-on-quarter increase of 3%, and an average loan balance of $1.438 billion, remaining basically flat quarter-on-quarter, with new loan issuance increasing quarter-on-quarter; the company also launched an OTC prediction market product this quarter, supporting institutional clients in executing multi-asset hedging strategies around event-driven markets. In asset management, the total managed and pledged assets at the end of Q2 were $7.1 billion, a quarter-on-quarter decrease of 12%; this quarter, the Galaxy Fintech Fund long-short hedge fund was newly launched, and a joint venture with State Street was established to launch the tokenized private equity liquidity fund SWEEP.The data center department achieved profitability for the first time this quarter, with an adjusted gross profit of $20.14 million and adjusted EBITDA of $11.49 million. The first phase of the Helios data center park, with a critical IT load of 133 MW, has been fully delivered to CoreWeave, and it is expected to contribute approximately $8 million in rental income each quarter starting from Q3, with project-level adjusted EBITDA profit margins expected to exceed 90%.In terms of corporate progress, on July 28, Galaxy issued $3.5 billion in senior secured notes through its subsidiary to fund the second phase of Helios construction; subsequently, it acquired three new sites in Texas (Merlin, Caspian, Selene), with a total potential installed capacity of approximately 2.1 GW, bringing the company's overall power pipeline scale to over 5.7 GW. Additionally, Galaxy signed a multi-year cooperation agreement with BNY to support the staking services of BNY's digital asset custody platform.