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Crypto

Crypto, priced as an asset class

Flows, ETFs, regulation and the listed companies with balance-sheet exposure — what moves the price, and what only moves the conversation.

What Big Funds Own22 fundsWhat Berkshire, Bridgewater and other big funds reported holding last quarter.What Analysts Expect16 stocksRatings and price targets from the big institutions, each with its public source.

2026-08-04

A Trump-family miner’s Q2 loss says the post-halving margin floor isn’t “policy-proof” insight cover
Earnings
ABTC · MSTR•8 min read

A Trump-family miner’s Q2 loss says the post-halving margin floor isn’t “policy-proof”

The listed, Trump-family-linked miner American Bitcoin Corp reported a Q2 net loss even while its Bitcoin holdings grew, underscoring that political narrative cannot replace the hard post-halving economics of mining. The result reframes the entire US-listed miner cohort: when hash-revenue and cost/opex structure don’t clear the “all-in” hurdle, Strategy Inc can amplify the upside—while still leaving the downstream balance-sheet reality unchanged.

ABTC net loss (Q2 2026): -$57.15MABTC revenue (Q2 2026): $67.02M
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2026-07-30

Coinbase's Third Straight Loss Confirms the Split: Volume Exchanges Are Toll Booths, Robinhood-Style Brokers Are Not insight cover
Earnings
COIN · HOOD•15 min read

Coinbase's Third Straight Loss Confirms the Split: Volume Exchanges Are Toll Booths, Robinhood-Style Brokers Are Not

Coinbase reported a $359.5M net loss on $1.22B revenue for Q2 2026 — its third consecutive quarterly miss — even as Robinhood printed a record $1.31B (+32% YoY) on the same day. The structural lesson: transaction-revenue exchanges bleed when spot volumes cool, while diversified consumer brokers hedge with event contracts, equities, and Gold subscriptions. The losers include the listed crypto-treasury cohort — Strategy just logged an $8.3B bitcoin write-down — while stablecoin policy (GENIUS Act yield ban) now threatens Coinbase's most defensive line.

Q2'26 Revenue: $1.22BQ2'26 Net Loss: $359.5M
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2026-07-29

Robinhood's profit beat looks like a volume-quality win, but only if net interest stays sticky while crypto swings fade insight cover
Earnings
HOOD•7 min read

Robinhood's profit beat looks like a volume-quality win, but only if net interest stays sticky while crypto swings fade

Robinhood HOOD reported Q1 2026 net income of $346M on $1.07B of total net revenue, with transaction-based revenues up 7% and net interest revenues up 24%. The key durability question is whether higher trading activity is coming from broader, recurring funded engagement (and improving ARPU) versus a temporary volatility tailwind—especially as crypto revenue fell 47% YoY.

Q1 2026 net income: $346MQ1 2026 total net revenue: $1.07B
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2026-07-26

Robinhood’s Crypto.com Prediction-Market Talks Would Turn Kalshi’s “Two-Horse Race” Into a Platform War—and Reprice Liquidity as an Order-Flow Toll insight cover
Industry News
HOOD•8 min read

Robinhood’s Crypto.com Prediction-Market Talks Would Turn Kalshi’s “Two-Horse Race” Into a Platform War—and Reprice Liquidity as an Order-Flow Toll

If Robinhood routes Crypto.com event contracts into its prediction-markets hub, it would shift competition from “which venue lists the best contracts” to “which broker controls distribution and user order flow.” That threatens Kalshi’s advantage as a standalone regulated marketplace while creating a new monetization layer—liquidity tied to brokerage routing—across every macro, sports, and politics print.

Q1 2026 revenue: $1.067BQ1 2026 net income: $350M
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2026-07-15

A graveyard of fallen crypto IPO tombstones next to a verified-facts sign, with the Coinbase and Circle logos waiting in the wings
Crypto / Market Structure
GEMI · COIN•12 min read

Gemini Space Station Is Down ~88% From Its $37 IPO - And the Verified Fundamentals Define What the Crypto-IPO Cohort Actually Is

Gemini Space Station closed at $4.34 on July 14, 2026, down ~88% from its $37 IPO price, on light volume of 808,052 shares. The 52-week range is $3.83 to $45.89. Market cap is $548.01 million. TTM revenue is $194.522 million. Net margin is -278.90%. EPS is -$10.87. EBITDA is -$324.18 million. Debt-to-equity is 102.68%. CEO is Tyler Winklevoss; President is Cameron Winklevoss. The verified fact set says the crypto-IPO cohort is being repriced by fundamentals, not just sentiment. Coinbase, Circle, and the spot Bitcoin ETFs are the cleaner reads on the broader digital-asset complex.

GEMI close: $4.34GEMI 52-week range: $3.83-$45.89
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2026-07-14

A former bitcoin mining campus transforming into a hyperscale data center with power substations and long-term lease cash flows
Crypto / Digital Infrastructure
CLSK•14 min read

CleanSpark's $6.6 Billion Lease Turns a Bitcoin Miner Into a Power-and-Compute Landlord

CleanSpark's July 14 SEC filing disclosed a 20-year data-center lease covering 175 megawatts of critical IT load, approximately $6.6 billion of initial-term rent, and about $330 million of average annual net operating income. The market's 8.7% midday response is not just an AI enthusiasm trade: it is a vote that contracted rent from investment-grade compute demand can deserve a very different multiple from volatile bitcoin-mining cash flow.

Initial rent: $6.6BCritical IT load: 175 MW
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2026-07-11

A regulated crypto bank and USDC reserve structure shown as a financial infrastructure graphic
Crypto / Financials
8 min read

Circle's Bank Charter Makes USDC a Wall Street Infrastructure Story

The OCC approval gives Circle federal oversight and turns a crypto stock into a regulated payments-infrastructure play.

USDC Reserves: $73BStock Move: +7%+
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2026-07-07

Tokenized securities, custody, and crypto regulation graphic
Crypto / Regulation
9 min read

SEC's Crypto Task Force Is Still Building the Rulebook in Public

The SEC is telling crypto markets that tokenized securities, custody, and capital formation are still being written into the rulebook. Its July 7 regulatory agenda says it wants clearer rules for crypto assets and tokenized securities, while the Crypto Task Force meetings log shows a steady cadence of industry and policy meetings in June and July.

Agenda date: July 7Meetings logged: 9
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2026-07-03

Strategy capital structure graphic with Bitcoin reserve, buybacks, and reserve coverage bars
Crypto / Capital Structure
MSTR•10 min read

Strategy's Bitcoin Pivot Turns a Treasury Trade Into a Capital-Structure Trade

Strategy's new digital credit capital framework turns the company from a one-way Bitcoin accumulator into an active capital manager. The market liked it because the framework reduces the risk of forced financing while giving management more levers to defend preferred dividends, buy back stock, and monetize Bitcoin when it is accretive.

USD Reserve: $2.55BAnnual Obligations: $1.76B
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2026-06-18

Stablecoin compliance, identity checks, and banking regulation graphic
Crypto / Regulation
COIN · CRCL•9 min read

Fed Stablecoin KYC Proposal Turns Crypto Into a Compliance Trade

The Federal Reserve asked for comment on a proposal that would require certain payment stablecoin issuers to maintain effective customer identification programs, bringing crypto closer to bank-style compliance. That is a direct read-through for Coinbase, Circle, Robinhood, and any issuer that wants stablecoins to behave like infrastructure rather than a gray-area product.

Regulator: Fed + 4Comment period: 60 days
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What to expect

Evidence-first notes with a visible point of view.

This section collects sharp takes on earnings, shareholder meetings, and market structure. Each new piece should make the thesis, the facts, and the implications obvious within the first few screens.

Expect direct analysis, not generic commentary.

Expect the data to be explicit and the argument to be easy to follow.

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