In Q2 Earnings, MSTR Surges, and Coinbase Stumbles. But What's Next? - Ep. 879

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 2 August 2025

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting. It’s earnings season in crypto—and the stories couldn’t be more different. Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin’s price and new fair value accounting rules. But can the company keep this up? Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks. In this double interview, Unchained’s Steven Ehrlich sits down with: Lance Vitanza from TD Cowen to break down Strategy’s accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks Owen Lau from Oppenheimer to unpack Coinbase’s earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle FalconX Guests: Lance Vitanza, Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen Owen Lau, Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everyone. Today's episode features a special earnings season double header with two in-depth
0:10.3	interviews conducted by Unchained executive editor Stephen Erlich, who also writes our Bits
0:15.5	and Bips newsletter. First, Steve speaks with Lonz Vitanza of TD.D. Cohen about strategy's blockbuster Q2 results.
0:23.6	The company posted a jaw-dropping $10 billion in net income, but the big question is, how much of that is real, repeatable, and sustainable.
0:32.6	Then he sits down with Owen Lau of Oppenheimer to unpack Coinbase's weaker than expected earnings.
0:39.2	The stock dropped big after the report, but Owen argues that the long-term thesis may actually be
0:44.4	strengthening, especially as Coinbase deepens partnerships with major banks and pivots further into
0:49.8	crypto infrastructure. Stick around for both interviews. They're packed with sharp analysis and they go well beyond the headlines.
0:58.0	Hands up, everyone.
0:59.0	We've got exciting news.
1:01.0	Bits and Bips, our Macro Meets Crypto Show, is officially spinning off into its own podcast
1:06.0	feed, YouTube channel, and X account.
1:08.0	If you've been enjoying the deep dives into interest rates, monetary policy,
1:12.6	and how they intersect with the crypto markets, make sure to follow bits and bips wherever you
1:16.9	get your podcasts on YouTube and on X. You'll find the links to YouTube, X, and other podcast platforms
1:23.3	in the show notes. If you're watching this, there's a QR code on screen. We'll be posting here
1:28.9	for a few more weeks, but starting in September, Bits and Bips will launch on its own feed. For now,
1:35.1	we will publish longer clips from the show on those accounts. Remember, go to the show notes now
1:40.0	and subscribe to Bits and Bips. That's Bits, plus sign Bips, spelled BIPS, on YouTube, X, and wherever you get your podcasts.
1:50.1	Mantle is pioneering blockchain for banking, a revolutionary new category at the intersection of Tradfai and Web3.
1:58.0	Follow Mantle underscore official to learn more. Imagine an AI that speaks crypto and does the
2:04.6	work of a team of analysts. Trusted by 80 plus institutions, now open to serious traders like you.
	...

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