Q2決算まとめ – Coinbase、Block、MicroStrategy、Robinhoodの混合結果

今週、Block、MicroStrategy、Robinhood、Coinbase を含む暗号通貨企業は、6月30日で終了する3か月間の四半期財務結果を共有しました。以下はそれぞれの Q2 成績表の要約です:

Coinbase、低調な Q2 結果を発表、取引収益と取引量が打撃を受ける

Leading crypto exchange Coinbase on Thursday released its much-anticipated financial and operation update for the second quarter.

取引所の総収益は 3か月間で 7億0800万ドルで、Q1 の 8億0800万ドルから 8％減少しました。純収益も同様に 10％減少し、6億6300万ドルとなりました。第2四半期の取引収益は前四半期比で 13％減少し、3億2700万ドルでした – これは、消費者取引量 140億ドルからの 3億1000万ドルと、機関取引量 780億ドルからの 1700万ドルで構成されています。期待外れの第2四半期結果は、取引所が 9700万ドルの純損失を被ったことを示しています。

「第2四半期は Coinbase にとって実行力のある強い四半期であり、ますます効率的かつ財務的に規律ある企業を構築する旅路において継続的な進展を示しました」 Coinbase said in its shareholders’ letter.

The company attributed the shrink in revenue to lower trading volumes and noted it had buffed up its balance sheet having surpassed $5.5 billion in USD resources entailing cash, cash equivalents and USD Coin. For context, the exchange platform logged a trading volume of $217 billion in last year’s corresponding quarter. Meanwhile, the total interest income dropped from $241 million to $201 million. USDC stablecoin interest income contracted to $151 million from $199 million in the first quarter partially due to the deteriorating stablecoin’s market cap.

継続する法的問題

Coinbase has been involved in a dispute with the US Securities and Exchange Commission which filed a lawsuit against the exchange in June. Last month, Coinbase CEO Brian Armstrong had a private meeting with a group of Democrats in Washington to discuss among others crypto legislation.

「今四半期は米国および世界全体での暗号規制の進展も示しました[…] 米国では、消費者保護と公平な市場構造の枠組みを法制化し、かつ暗号イノベーションの重要性を認識する超党派法案への道筋が見え始めています」 the exchange wrote.

Coinbase reported roughly $110 million in transaction revenue in the just concluded month and expects the subscription and services revenue in the current quarter to remain around the same range as $335 million in Q2. The exchange expects to post better figures having cut costs and positioned itself well to advance crypto economy.

COIN 株式 年初来パフォーマンス

Coinbase (COIN) share price is up about 170% since the start of the year despite a largely disappointing first-quarter. Investors have in recent months taken a liking to the stock, with the price peaking last month (year-to-date) amid its legal battle with the US SEC.

規制上の課題

In a recent case concerning Terraform Labs, Judge Jed Rakoff of the US District Court for the Southern District of New York dismissed the application of the ruling issued by Judge Analisa Torres. Previously, Judge Torres had determined that the XRP issuer Ripple Labs did not breach securities regulations by offering XRP on exchanges.

The implications of Judge Rakoff’s declaration could be problematic for Coinbase, as it has a case to answer regarding accusations of operating an unregistered national securities exchange. On its end, the exchange plans to seek dismissal of SEC’s case “in its entirety” later today. Coinbase chief legal officer Paul Grewal assured investors during a Thursday earnings call that the exchange is confident in its arguments filed with the court on Jul 20.

「SEC との訴訟に関しては、非常に明確に言いたい――我々は勝てると考えており、勝利を期待しています」 he said.

Base の今後のローンチ

Coinbase provided more details on its layer 2 network Base on Thursday communicating that it will be available to the public next week. The exchange also unveiled Ethereum bridging functionality on the network built on the OP software stack. Base previously went live in July with access only granted to developers.

MicroStrategy、スポットETFが登場する中でもビットコイン戦略で依然として堅調

Earlier this week, enterprise analytics firm MicroStrategy released its financial results on Tuesday, disclosing that it purchased 12,333 Bitcoin over the course of Q2. As of June 30, its total holdings reached 152,333 Bitcoin, with a carrying value of $2.3 billion and a market value of $4.6 billion.

MSTR 株式 年初来パフォーマンス

The earnings report also noted that the company recorded an impairment charge of $24.1 million for its Bitcoin holdings during that quarter, a significant decline from a charge of $917.8 million reported over the same period last year. Last month, MicroStrategy accumulated another 467 Bitcoin for $14.4 million.

スポットETFの開始にも関わらず、ビットコイン戦略に揺るぎなし

In an earnings call on the same day, MicroStrategy exec chairman Michael Saylor said that the company would remain an attractive option for investors looking to enter the Bitcoin market, reaffirming its commitment to continually stacking more Bitcoin, including the potential proceeds from a planned $750 million share sale. He added that MicroStrategy will maintain its position as a particular Bitcoin operating strategy, even with the potential for incoming ETFs to pull significant capital from prominent hedge funds and sovereign entities.

Block の第2四半期財務結果がアナリスト予想を上回る

Financial services and payments company Block separately posted its Q2 earnings on Thursday, topping earnings expectations from analyst. The Dorsey-led tech conglomerate reported an increase in revenue across the quarter against a challenging economic environment. Block’s net revenue of $5.53 billion in Q2 was markedly higher the $4.4 billion figure from the same period in 2022.

ビットコイン販売が大きく貢献

A significant chunk of its Q2 net revenue (~$2.4 billion) came from Bitcoin – its second-quarter Bitcoin revenue grew by 34% compared to the same period last year.

「ビットコイン収益と粗利益の前年比増加は、顧客に販売されたビットコイン数量の増加によるもので、前年同期と比較したビットコインの平均市場価格の下落が一部相殺しました」 the company said in a letter to shareholders.

Cash App, the company’s payments app service launched in Oct. 2013, logged a 37% increase in gross profit to $968 million on the year – $44 million generated from Bitcoin sales on the platform.

SQ 株式 年初来パフォーマンス

Meanwhile its Square business reported an $888 million gross profit. Block also took no impairment losses on its Bitcoin (BTC) holdings in the quarter and first half of the year – the company made BTC purchases of $50 million and $170 million in Q4 2020 and Q1 2021 respectively.

「2023年6月30日現在、ビットコインへの投資の公正価値は市場価格に基づき2億4500万ドルで、累積減損費用後の帳簿価額より1億4200万ドル上回っていました」 the earnings report read.

The digital payment and related services firm also tracked a 27% year-over-year swell in gross profit which totaled $1.87 billion.

Robinhood、暗号収益が18％減少しても Q1 の赤字を覆す

California-based online brokerage company Robinhood shared financial results for the last quarter on Wednesday, revealing that it achieved profitability for the first time since going public. It reported a Generally Accepted Accounting Principles (GAAP) net income of $25 million, a noteworthy shift from the substantial $511 million loss incurred in Q1. Jason Warnick, the CFO, attributed this milestone to the team’s dedicated work in transforming the business and improving Robinhood’s position to create value for shareholders.

取引ベースの収益は減少したが、総純収益は増加

Robinhood revealed that for the quarter ending Jun 30, its transaction-based revenue amounted to $31 million, an 18% decrease from the previous quarter. This is equivalent to 16% of the overall trading revenue, which includes options and equities, and witnessed a sequential 7% drop. Still, the company beat Q2 analyst estimates to hit GAAP earnings per share of $0.03 on a total net revenue of $486 million.

HOOD 株式 年初来パフォーマンス

The brokerage and investment firm saw a spike in its crypto assets under custody, growing from $8.4 billion in 2022年12月 to $11.5 billion. Overall, the total assets under custody rose by 13% in the last quarter, reaching an impressive $89 billion, catapulted by a surge in equity valuations and consistent net deposits. Net deposits for the quarter cumulated to $4.1 billion, translating to an impressive annualized growth rate of 21%. Also, the firm’s net deposits over the past 12 months surged by 25% to $16.1 billion.