Crypto Stocks Plunge as Coinbase and Strategy Report Q2 Earnings Losses

Crypto stocks took a hit after two major companies, Coinbase and Strategy, reported losses in their Q2 earnings. The net loss for Strategy was $8.22 billion due to an unrealized loss on its Bitcoin holdings.

Coinbase also reported a net loss of $359.5 million, with transaction revenues dropping 21% compared to the previous quarter.

The stocks took a hit after the earnings release, with Coinbase's stock price dropping 10% and Strategy's dropping 4.56%. The selling pressure may continue in the coming week as Marathon Digital is set to report its Q2 earnings on August 6.