Encryption assets are reshaping corporate financial reports

Earnings season has always been the most honest moment in the capital markets. As Bitcoin and Ethereum gradually enter corporate balance sheets, they are no longer just investment targets, but have become one of the most sensitive variables in valuation models.

In the second quarter of 2025, several publicly listed companies closely related to encryption assets submitted their distinct "mid-term report cards": some achieved significant profit growth by leveraging the increase in BTC, some reversed core business losses through ETH staking rewards, and others indirectly held encryption assets through ETFs.

This article analyzes six companies from different industries and stages of development in depth, and they collectively reflect a trend: BTC is becoming a valuation amplifier, while ETH is becoming a cash flow engine, and the balance sheets of companies are undergoing fundamental changes.

Bitcoin in Reports: Faith Remains the Main Theme, but Variables are Increasing

A certain technology group: Telling stories with BTC, amplifying valuation with options

No company understands how to incorporate Bitcoin into financial reports and amplify it as a valuation engine better than this tech group.

In the second quarter of 2025, the company disclosed holdings of approximately $2 billion in Bitcoin assets, including about $1.2 billion in spot and approximately $800 million in BTC call options. This structure is essentially a "leveraged digital asset bet," which not only allows for upside gains but also amplifies the non-linear elasticity of market cap growth.

Its earnings per share soared from -0.86 USD in the same period last year to 5.72 USD, with net profit exceeding 800 million USD, almost entirely from unrealized valuation gains of BTC and changes in the market value of options exposure.

Unlike the long-term configuration of a certain software company, this tech group's BTC strategy resembles a radical financial experiment: leveraging the market's expectations for a rise in BTC to construct a narratable valuation model, hedging the risks of a business that has yet to take shape, and creating "narrative spillover" on the financial side.

At the same time, the company reported that it will continue to develop reward mechanisms and embedded tokens for encryption wallets, and apply for multiple brand ETF registrations, attempting to lock in broader liquidity through a "content platform + financial products" composite approach.

A software company: The pioneer holding BTC

Unlike the high volatility and high elasticity strategies of the aforementioned technology groups, this software company remains a paradigm builder for BTC financial reporting.

As of Q2 2025, the company holds 628,791 Bitcoins, with a total investment cost of approximately $46.07 billion, an average purchase cost of $73,277, and a quarterly addition of 88,109 coins. Due to the use of fair value measurement, the revenue in the second quarter reached $14.03 billion, of which $14 billion came from unrealized gains on BTC, accounting for over 99%.

The traditional software business contributed only $114.5 million, accounting for less than 1%, and has almost become marginalized.

The net profit for Q2 reached 10.02 billion USD, turning losses into profits year-on-year, with earnings per share of 32.6 USD, and it is expected to exceed 80 USD for the full year. The company also announced a refinancing of 4.2 billion USD through the issuance of perpetual preferred shares to continue increasing its holdings in Bitcoin, demonstrating an expansion path of "capital increase and faith progression."

The company's model is to write Bitcoin into the reporting axis, transforming into a "digital asset reserve platform," and closely binding BTC with the valuation system of US stocks.

A mining company: The financial report boundaries of BTC miners

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

Unlike the previous two companies, this mining company’s BTC is more of an "operational output", reflected as operating income rather than asset allocation. It belongs to the typical "outputist" logic, which cannot actively influence the balance sheet but can only passively record the revenues and costs brought by BTC.

Net profit for Q2 was $219 million, with EBITDA reaching $495 million, reflecting its high operational leverage in the BTC bull market. However, in the face of a surge in global computing power, fluctuations in electricity prices, and a decrease in block rewards after the halving, its financial flexibility may face compression in the future.

The company is a typical "hash power premium" business - it generates high profits when BTC rises but faces breakeven challenges when it falls.

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

Unlike BTC, which mainly reflects "valuation expansion", Ethereum is becoming a tool for some enterprises to explore "cash flow construction on financial statements" due to its native staking yield capability. This structure has become feasible, especially in the context of U.S. accounting standards allowing staking income to be classified as recurring income.

Although there are still not many publicly traded companies that directly hold ETH, some "pioneers" have already demonstrated the new role that ETH may play on corporate balance sheets.

A trading platform: revenue first exceeds transaction fees, ETH staking generates measurable returns.

As one of the largest encryption exchanges in the world, the platform's balance sheet includes holdings of both BTC and ETH. As of June 30, 2025:

• The self-operated address holds approximately 137,300 ETH;
• The total amount of ETH staked through cloud services and hosting services is approximately 2.6 million, accounting for about 14% of the total staking share in the network.
• The staking service revenue in the second quarter was approximately $191 million, of which over 65% came from ETH staking, amounting to about $124 million.

This part constitutes the core source of its subscription and service revenue, which is classified as recurring revenue. In the Q2 report, the company officially included ETH staking in the recurring revenue section for the first time.

In Q2 2025, the company's total revenue was $1.497 billion, of which staking service revenue was $191 million (accounting for 12.8%), with ETH staking contributing approximately $124 million, an annual growth of over 70%.

In stark contrast to the 40% decline in trading volume and a 39% quarter-on-quarter decrease in trading fee revenue, Staking income has become the core of the platform's counter-cyclical hedging structure. The financial report reveals details of staking income for the first time, including user return on earnings, platform operational sharing, and self-operated node income.

It is worth noting that the company is currently the only publicly listed company that systematically discloses ETH staking income, and its model possesses industry paradigm guiding value.

A certain technology company: ETH reserves ranked first, unofficial financial report model is aggressive.

As of August 2025, the company has not disclosed its Q2 report to the SEC, and its ETH reserves and earnings data mainly come from media reports and on-chain address analysis, which do not constitute a basis for financial analysis and only have value for trend observation.

According to reports from multiple media outlets at the end of July, the company has become the publicly listed company with the largest ETH reserves, claiming to have completed the accumulation of 625,000 ETH in Q2, with a market value exceeding $2 billion and over 90% in staking status, with an annualized yield of 3.5%-4.2%.

Media speculates that its Q2 unrealized earnings from ETH staking reached between $32 million and $41 million. However, due to the lack of a complete financial report, it is impossible to confirm whether these earnings are included in the statements and the accounting method used.

Nonetheless, the company's stock price rose over 700% in Q2, with a market value surpassing $6.5 billion, being regarded as a pioneer in the direction of ETH financial reporting, similar to the positioning of a certain software company in BTC financial reporting.

A certain gaming company: the second largest ETH reserve enterprise, Q2 financial report not disclosed.

According to publicly available ETH reserve tracking data, the company holds approximately 480,031 ETH, ranking second. More than 95% of the ETH has been invested in staking pools (including Rocket Pool, Lido, and self-built nodes), creating a structure similar to an "on-chain yield trust."

According to the Q1 financial report, ETH staking revenue has for the first time covered the core advertising platform business costs and recorded a positive operating profit for the quarter. If the ETH price and yield remain stable in Q2, the total revenue from ETH staking is estimated to be in the range of 20 to 30 million USD.

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

However, the company has not yet released its Q2 2025 financial report, and its ETH reserves and revenue structure are derived from the Q1 2025 report and media tracking data. Therefore, it is only a reference for the financial report structure and does not constitute an investment basis.

Conclusion

From technology groups to gaming companies, these enterprises are showing a trend: encryption assets are no longer just speculative tools or hedging configurations, but are gradually internalizing into the company's "financial engine" and "report structure variable". Bitcoin brings non-linear valuation amplification to reports, while Ethereum builds stable cash flow through staking.

Although we are still in the early stages of financialization, compliance challenges and valuation fluctuations persist. However, the Q2 performance of these six companies suggests a possible direction — Web3 assets are becoming the "new grammar" of Web2 financial reports.