Original | Odaily Planet Daily

Author | Ethan

Earnings season is the most honest moment in the capital market.

When Bitcoin and Ethereum are no longer just "considered investment targets," but instead enter corporate financial statements as assets, they become more than just code and consensus; they also become part of valuation models—indeed, one of the most sensitive variables in market capitalization elasticity.

In the second quarter of 2025, a group of publicly listed companies closely tied to crypto assets delivered a diverse "mid-term report card": some achieved geometric expansions in net profit through BTC gains, some reversed core business losses using ETH staking income, and others embedded crypto assets' "indirect exposure" in the form of ETFs.

Odaily selected six companies for in-depth analysis—DJT, Strategy, Marathon, Coinbase, BitMine Immersion, SharpLink Gaming—spanning different industries, markets, and strategic stages, yet collectively showcasing a trend: when BTC acts as a valuation amplifier and ETH serves as a cash flow engine, corporate balance sheets are undergoing a paradigm shift.

Bitcoin in Financial Statements: Faith Remains the Main Theme, but Variables Are Increasing

DJT: Writing Stories with BTC, Amplifying Valuation with Options

No one understands how to incorporate Bitcoin into financial reports and amplify it as a valuation engine better than DJT (Trump Media & Technology Group).

In the second quarter of 2025, DJT disclosed that it holds approximately $2 billion in Bitcoin assets, structurally comprising about $1.2 billion in spot holdings and about $800 million in BTC call options. This structural combination is essentially a "leveraged digital asset bet"—not only benefiting from price increases but also embedding non-linear elasticity in market capitalization growth.

Its EPS surged from -$0.86 in the same period last year to $5.72, with net profit exceeding $800 million, almost entirely driven by unrealized valuation gains from BTC and changes in the market value of options exposure.

Unlike Strategy's "long-term allocation," DJT's BTC strategy resembles a radical financial script experiment: leveraging market expectations of BTC price increases to write a narratable valuation model, hedging risks from an unformed business, and creating financial "narrative spillover."

At the same time, DJT's report also mentioned plans to continue developing the Truth+ reward mechanism and embedded tokens in crypto wallets, while simultaneously submitting registration applications for multiple Truth Social brand ETFs, attempting to lock in broader liquidity through a "content platform + financial products" composite path.

Strategy (MSTR): The First Defender of BTC

In contrast to DJT's high volatility and high elasticity path, Strategy (formerly MicroStrategy) remains a paradigm builder for BTC financialization.

As of Q2 2025, Strategy's Bitcoin holdings reached 628,791 coins, with a total investment cost of approximately $46.07 billion and an average purchase cost of $73,277, adding 88,109 coins in the quarter. Due to the company's use of fair value measurement, Q2 revenue soared to $14.03 billion, with $14 billion coming from unrealized gains on BTC, accounting for over 99%.

Traditional software business contributed only $114.5 million, making up less than 1%, and has almost become marginalized.

Its Q2 net profit reached $10.02 billion, turning a profit from a loss year-on-year, with EPS reaching $32.6, and the company expects full-year EPS to exceed $80. Meanwhile, the company announced it would raise another $4.2 billion through the issuance of STRC perpetual preferred shares to continue increasing its Bitcoin holdings, showcasing a typical expansion path of "capital reinforcement, faith progression."

Strategy's model is to write Bitcoin into the main axis of financial statements during the financialization process, transforming into a "digital asset reserve platform," and tightly binding BTC with the U.S. stock valuation system.

Marathon: The Financial Report Boundaries of BTC Miners

As one of North America's largest mining companies, Marathon produced 2,121 BTC in Q2 2025, a 69% year-on-year increase, contributing $153 million in revenue. Its Bitcoin inventory reached 17,200 coins, valued at over $2 billion.

Unlike DJT and Strategy, Marathon's BTC is more about "operational output," reflected as operating income rather than asset allocation, fitting into a typical "output faction" logic in financial reports. It cannot actively influence the balance sheet but can only passively record the income and costs brought by BTC.

Q2 net profit reached $219 million, with EBITDA soaring to $495 million, reflecting its high operational leverage in the BTC bull market. However, facing structural factors such as a surge in global computing power, fluctuations in electricity prices, and halved block rewards post-halving, its report elasticity may face some compression in the future.

Marathon is a typical "computing power premium" company—when BTC rises, it generates high profits; when BTC corrects, it faces challenges at the breakeven point.

Staking Enterprises: Is ETH the "Cash Flow Engine" in Financial Reports?

Unlike the financial logic of "valuation amplification" primarily associated with BTC, Ethereum, due to its native staking income capability, is becoming a tool for some companies to explore "cash flow construction in reports." Especially under the context of U.S. financial accounting standards allowing staking income to be classified as recurring revenue, this structure is beginning to become feasible.

Although there are currently few publicly listed companies directly holding ETH, a few "pioneers" have already demonstrated the new role ETH may play in corporate balance sheets.

Coinbase: Revenue Surpassing Trading Fees for the First Time, ETH Staking Generating Measurable Income

As one of the largest crypto exchanges globally, Coinbase's balance sheet includes both BTC and ETH holdings. As of June 30, 2025:

• Coinbase holds approximately 137,300 ETH in its proprietary addresses;
• Through Coinbase Cloud and Custody services, the total amount of ETH hosted and staked is approximately 2.6 million coins, accounting for about 14% of the total network staking share;
• Q2 staking service revenue was approximately $191 million, with over 65% coming from ETH staking, about $124 million.

This portion constitutes the core source of its Subscription & Services Revenue, classified as recurring revenue, and Coinbase officially included ETH staking in the recurring revenue section of its Q2 report.

In Q2 2025, Coinbase achieved total revenue of $1.497 billion, with staking service revenue reaching $191 million (12.8% of total revenue), of which ETH staking contributed approximately $124 million, with an annualized growth rate exceeding 70%.

This stands in stark contrast to a 40% decline in trading volume and a 39% quarter-on-quarter decrease in trading fee revenue, making staking income the core of Coinbase's counter-cyclical hedging structure. The official financial report disclosed the breakdown of staking income for the first time, including user yield returns, platform operation shares, and self-operated node income.

Notably, Coinbase is currently the only publicly listed company systematically disclosing ETH staking income, and its model holds industry paradigm guiding value.

BitMine Immersion Technologies: ETH Reserves First, Aggressive Unofficial Financial Model

As of now (August 2025), BitMine Immersion has not disclosed its Q2 quarterly report with the SEC, and its ETH reserves and income data mainly come from media reports and on-chain address analysis, lacking the basis for inclusion in financial analysis models, currently only possessing trend observation value.

According to multiple cross-reports from Business Insider, AInvest, and Cointelegraph at the end of July, BitMine has become the publicly listed company with the largest ETH reserves, claiming to have accumulated 625,000 ETH in Q2, valued at over $2 billion, with over 90% staked, yielding an annualized return between 3.5% and 4.2%.

Media speculates that its unrealized income from ETH staking in Q2 reached between $32 million and $41 million. However, since it has not disclosed a complete financial report, we cannot confirm whether this income is included in the statements or how it is accounted for (e.g., recorded as "other income" or as asset appreciation).

Nevertheless, BitMine's stock price surged over 700% in Q2, with a market capitalization exceeding $6.5 billion, and it is widely regarded as a pioneer in the direction of ETH financialization, similar to MicroStrategy's positioning in BTC financialization.

SharpLink Gaming: The Second Largest ETH Reserve Company, but Q2 Financial Report Not Disclosed

Based on publicly available ETH reserve tracking data, SharpLink holds approximately 480,031 ETH, ranking second only to BitMine. The company has staked over 95% of its ETH into staking pools (including Rocket Pool, Lido, and self-operated nodes), constructing a structure similar to a "on-chain yield trust."

According to its Q1 financial report, ETH staking income has first covered the costs of its core advertising platform business, and it recorded positive operating profit for the first time in a quarter. If ETH prices and yields remain stable in Q2, it is estimated that its total income from ETH staking will fall within the range of $20 million to $30 million.

It is worth noting that SharpLink conducted two strategic equity financings in the first half of 2025, introducing an on-chain fund structure as collateral, and its ETH reserves were also used as "on-chain proof" for these financings, indicating that the company is actively exploring the use of ETH staking as a "financial credit tool."

However, SharpLink Gaming (NASDAQ:SBET) has not yet released its Q2 2025 financial report, and its ETH reserve and income structure are derived from the Q1 2025 report and media tracking data, thus serving only as a reference for financial report structure samples and not constituting an investment data basis.

Conclusion

From DJT to SharpLink, these companies collectively showcase a trend shift: crypto assets are no longer merely speculative tools or hedging configurations, but are gradually internalizing as the "financial engine" and "reporting structure variable" of enterprises. Bitcoin brings non-linear valuation amplification to financial reports, while Ethereum builds stable cash flow through staking.

Although it is still in the early stages of financialization, compliance challenges and valuation volatility remain, the Q2 performance of these six companies suggests a possible direction—Web 3 assets are becoming the "next syntax" for Web 2 financial reports.

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