Bitcoin News Today: Coinbase Raises $2 Billion Amid 25% Revenue Drop and Strategic Shifts

Coinbase is raising $2 billion in convertible notes, which will be used for general corporate purposes and acquisitions amid concerns over a 25% revenue drop in the second quarter. Analysts at Compass Point downgraded the company’s stock from Neutral to Sell, citing the revenue miss as evidence that Coinbase’s retail trading business is being disrupted by decentralized exchanges and ETFs. In response, Coinbase has introduced decentralized exchange trading for U.S. users. Meanwhile, analysts expected stronger performance from the company’s subscription and services segment, which includes premium memberships, stablecoin revenue, staking, and custody services, but it did not meet expectations [1].

In the Bitcoin mining sector, Core Scientific is facing significant shareholder opposition to its $9 billion all-stock sale to CoreWeave. Two Seas Capital, the company’s largest active shareholder with a 6.3% stake, has announced its intention to vote against the deal, calling it an “inadequate valuation.” The firm argues that the transaction unfairly benefits CoreWeave at the expense of Core Scientific shareholders and has criticized the board for not considering other potential suitors. The shareholder vote is expected to take place before the end of the year. Core Scientific reported its Q2 earnings but canceled the usual conference call due to the pending transaction [1].

Block Inc. continued its aggressive Bitcoin accumulation in Q2 by adding 108 Bitcoin to its corporate treasury, bringing its total holdings to 8,692 BTC, valued at approximately $1 billion. The company’s average cost per Bitcoin is $31,248, resulting in a paper gain of 273.29%. Block’s Cash App generated $2.14 billion in Bitcoin-related revenue during the quarter, down slightly from Q1’s $2.3 billion. This brings the company’s Bitcoin revenue for the first half of 2025 to $4.44 billion, compared to $10.2 billion for the full year of 2024. Block CEO Jack Dorsey indicated that more Bitcoin-related news is coming, including updates on the company’s Proto mining initiative, which has signed one of the largest ASIC agreements ever with Core Scientific [1].

Other developments in the crypto space include Bullish’s formal registration for an initial public offering with the SEC, aiming to raise $629 million at a valuation between $3.8 and $4.2 billion. This marks the company’s second attempt to go public after canceling a SPAC merger in 2022. In addition, DeFi Dev Corp took advantage of a dip in Solana’s price to acquire $18 million worth of the asset, bringing its total holdings to 1.23 million SOL [1].

Source: [1] Public Keys: Coinbase’s Convertible, Core Combo Fight and Block’s Bitcoin Play (https://decrypt.co/334345/public-keys-coinbase-core-block-bitcoin)