It’s earnings season in crypto—and the stories couldn’t be more different.

Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin’s price and new fair value accounting rules. But can the company keep this up?

Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks.

In this double interview, Unchained’s Steven Ehrlich sits down with:

Lance Vitanza from TD Cowen to break down Strategy’s accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks
Owen Lau from Oppenheimer to unpack Coinbase’s earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story