Encryption assets are reshaping corporate financial statements

The recent earnings season has revealed an emerging trend: encryption assets are gradually becoming a key variable in corporate financial statements. Several listed companies have included Bitcoin and Ethereum in their balance sheets, which not only affects valuation models but also becomes a sensitive factor for market capitalization elasticity.

The second quarter financial reports of six typical companies demonstrate this trend:

DJT achieved a geometric increase in net profit by holding Bitcoin spot and options. Its EPS soared from -0.86 USD in the same period last year to 5.72 USD, with net profit exceeding 800 million USD, mainly from unrealized valuation gains of Bitcoin.

Strategy( continues to play the role of a pioneer in the financial reporting of Bitcoin. As of the second quarter, it holds 628,791 Bitcoins with a total investment of $46.07 billion. Of the quarterly revenue of $14.03 billion, $14 billion comes from unrealized gains in Bitcoin. The company announced a refinancing of $4.2 billion to continue increasing its Bitcoin holdings.

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As one of the largest mining companies in North America, Marathon achieved a Bitcoin output of 2,121 coins in the second quarter, a year-on-year increase of 69%, contributing to revenue of $153 million. Its Bitcoin inventory reached 17,200 coins, valued at over $2 billion. The net profit was $219 million, and EBITDA reached $495 million, reflecting high operational leverage in a bull market.

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Coinbase demonstrated the financial value of Ethereum staking. In the second quarter, staking service revenue was $191 million, with 65% coming from ETH staking. The company holds approximately 137,300 ETH in its own account, and the total amount of ETH held in custody and for proxy staking is about 2.6 million. Staking revenue has been included in the recurring revenue ) recurring revenue ( section for the first time.

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BitMine Immersion has reportedly become the publicly listed company with the largest ETH reserves, having completed the accumulation of 625,000 ETH in the second quarter, with over 90% entering a staking status. Its unrealized staking earnings for ETH in the second quarter are expected to be between 32 million and 41 million dollars.

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SharpLink Gaming holds approximately 480,031 ETH, with over 95% invested in staking pools. In the first quarter, ETH staking earnings covered core business costs for the first time, recording a positive operating profit for the quarter.

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These cases show that encryption assets are evolving from speculative tools into enterprises’ “financial engines” and “reporting structure variables.” Bitcoin brings nonlinear valuation amplification to reports, while Ethereum constructs stable cash flows through staking. Although still facing compliance and volatility challenges, this trend suggests that Web3 assets are becoming a new grammar for traditional corporate financial statements.