Odaily Planet Daily reports that Coinbase's stock price initially fell to a near two-and-a-half-year low in early trading on Friday after its second-quarter results missed market expectations, before recovering to around $150. The stock is still down approximately 57% over the past year. Wall Street generally agrees that Coinbase's performance this quarter was poor, but opinions differ on the reasons: some analysts believe it was mainly due to the weak crypto market environment, while others are beginning to question the company's growth strategy beyond trading. JPMorgan stated that Coinbase's results reflect a "difficult crypto environment," with new products contributing limited to the profit statement. The bank lowered its December 2026 price target for Coinbase from $196 to $148, but maintained an "overweight" rating. JPMorgan believes that multiple business lines are under pressure, with weak trading volumes dragging down trading revenue, and subscription and service revenue also under pressure. Bernstein, however, believes that Coinbase's long-term strategy remains attractive, but investors want to see more convincing execution, especially in new business areas such as prediction markets and tokenized stocks. Mizuho warned that Robinhood is becoming a mainstream alternative for retail crypto trading. Overall, Coinbase is still seen as a key representative of US crypto compliance infrastructure, but its valuation recovery increasingly depends on its ability to prove it's not just a crypto exchange reliant on trading cycles.

Odaily Planet Daily reports that Tether released its financial report on Friday, stating that its excess reserves decreased by $4.1 billion in the second quarter compared to the previous quarter, almost halved. As of the end of the first quarter, Tether, the issuer of USDT, stated that its asset value exceeded its liabilities by $8.2 billion; however, the latest data shows that this figure has dropped to $4.1 billion. The report also shows that Tether's financial results for the first half of this year were negative $3.2 billion. Considering that the company reported a net profit of $1 billion in the first quarter, this means that it may have recorded a loss of more than $4 billion in the second quarter. Year-on-year, Tether's performance has also weakened significantly. The company's net profit for the second quarter of 2025 is $4.9 billion, while its net operating profit for the second quarter of this year was $1.5 billion. Net operating profit typically excludes unrealized gains or losses arising from changes in the prices of assets such as Bitcoin and gold.

Odaily Planet Daily reports that Strategy's Executive Chairman, Michael Saylor, stated during the company's Q2 earnings call that while the company has historically allocated almost 100% of its funds to Bitcoin, it may adopt a combined strategy of cash and BTC in the future. He stated, "Perhaps the best way to buy the most Bitcoin isn't to buy the most Bitcoin right now." TD Cowen and Benchmark both maintained their buy ratings on Strategy's stock following the Q2 earnings call. Both institutions believe that the company's current management's core objective has shifted to bringing its STRC preferred stock price back to near par value, thereby restoring its ability as a financing tool. TD Cowen analyst Lance Vitanza stated that the most important message from the call was management's high regard for STRC. Company executives repeatedly emphasized that bringing STRC back to par value is a core objective, and mentioned that despite recent price deviations, institutional adoption is still increasing. Benchmark analyst Mark Palmer holds a similar view. He pointed out that Saylor and his team spent most of the 90-minute call focusing on the same goal: to restore STRC to the $99-$100 range and make it the main engine for the company to raise funds to buy Bitcoin again.

According to Odaily Planet Daily, HyperliquidNews posted on the X platform that @BackedFi purchased 500 HYPE tokens, worth $26,300, for the SPCXx spot code.

According to an article published on the X platform by BitcoinTreasuries.NET, the New York State Retirement Fund, which manages $295 billion in assets, reported holding 16,377 shares of Strive ASST, a Bitcoin treasury company, worth $182,000. This fund is the third largest pension fund in the United States.