Public keys are weekly summary Decryption This tracks major crypto companies that are publicly traded.
Coinbase Convertible Rays
Crypto Exchange Coinbase is spending just $2 billion in its convertible notes.
Certainly, when we are the Treasury of Bitcoin and Ethereum, we hear a lot of this kind. However, the San Francisco-based company said the pay raise would be used for “general corporate purposes” and “acquiring other companies, products or technologies.”
The announcement landed shortly after some analysts (but not all) and decided they didn’t like the 25% decline in revenues look in the second quarter.
Compass Point said it moved out of the coin to sell its neutral and the revenue mistake confirmed that its retail trading business was “disrupted” by decentralized exchanges and ETFs.
This helps explain why Coinbase deployed decentralized exchange transactions for its apps for US users.
But even more worrying was the fact that there was no further contribution to the subscription and services, analysts said. This is the line item that covers Premium Coinbase 1 membership, Stablecoin Revenue, stake and Custody Services.
With the president’s ink drying out in the Stablecoin-Reculating Genius Act, USDC issuers were hoping that the surge in the Digital Assets Treasury – analysis would have been hoping that segment would perform excessively in a few months as a public company (don’t forget there is a revenue sharing agreement).
Core Combo Battle
One of the top investors at Bitcoin Miner Core Scientific wants to cut the music from Core Fusion Dance.
Two Seas Capital, the largest active shareholder of Core Scientific, with a 6.3% stake, is about to vote against a $9 billion all-selling shares to CoreWeave.
The company said it has established such a large-scale stake in Core Scientific because it considers a strong competitor to build “large-scale, critical, high-performance computing infrastructure.”
Two Seas, who is also an investor at CoreWeave, said Corz investors are a shortchange structure and leave it to absorb volatility from CRWV.
“In our view, the deal clearly and unfairly favors CoreWeave at the expense of scientific shareholders, primarily scientific shareholders,” the company adds, chasing the board to not enjoy offers from other suitors.
Voting is not scheduled yet, but is expected to take place by the end of the year.
Meanwhile, Core Scientific reported second quarter revenue after Friday’s bell. However, there were too many potential merger FRACAs in actual revenue calls.
“Due to a pending transaction with CoreWeave, Inc. announced earlier on July 7, 2025, the company will not hold conference calls or webcasts to discuss the results of the second quarter of 2025,” the company said.
Block Heart Bitcoin
Block Inc. added 108 Bitcoin to its second quarter corporate holdings, bringing its current price of approximately $1 billion to 8,692 BTC.
Block CEO Jack Dorsey has been a Bitcoin fan since the earliest times. It’s no surprise that the company is reinforcing its own BTC Treasury Ministry.
The average cost per BTC is $31,248, and the company sits on a 273.29% paper. But the more interesting data points come from the bitcoin sold by the company, but not in itself.
With Block Inc., people can purchase Bitcoin via the extremely popular cash app. Of the $6 billion revenue the company saw in the second quarter, $2.14 billion was generated from Bitcoin sales on the app.
That Bitcoin revenue only shows a small slowdown from the first quarter, when the company reported $2.3 billion in revenue from Bitcoin. If Block Inc. wants to see the top Bitcoin revenues last year in 2025, you’ll need to see things picked up hard later this year.
In 2024, Block reported Bitcoin revenue worth $10.2 billion over a year.
But Dorsey had other Bitcoin news promises in yesterday’s revenue call: “We’ll have some news soon,” he said of the company’s Bitcoin mining initiative, Proto.
And you don’t guess that, Proto is locked up to sell its Bitcoin mining chips to any part of the largest ASIC contract ever signed.
Other keys
Bullish makes it official: Crypto Exchange Bullish officially registers its first public offer with the SEC, aiming to raise $629 million at a valuation of between $3.8 billion and $4.2 billion. This is the second attempt to be released after ceased the SPAC merger in 2022.
Buy Solana Dip: When Alt takes a break, the finance company lines up the funds. Defi Dev Corp purchased $18 million worth of Solana on Monday, bringing its total holding to 1.23 million SOL.