. We'll translate each part.
First paragraph: "Two of crypto's biggest public companies reported mixed Q2 results this week. Strategy (formerly MicroStrategy) posted an operating loss of over $8.23 billion, driven by an $8.32 billion unrealized loss on its Bitcoin holdings. Coinbase, meanwhile, saw revenue fall 19% year-over-year as trading volumes slumped 24% to just above $145 billion. Both firms are navigating a market that's been quiet on the spot trading front, even as they push into new revenue streams."
Translation: "今週、暗号資産（仮想通貨）分野の大手公開企業2社が、まちまちな第2四半期決算を発表した。Strategy（旧MicroStrategy）は、ビットコイン保有に伴う83.2億ドルの未実現損失により、82.3億ドル超の営業損失を計上した。一方、Coinbaseは、取引量が24%減少して1450億ドル強となったことで、売上高が前年同期比19%減少した。両社は、現物取引が低調な市場を乗り切ろうとしており、新たな収益源を模索している。"
Note: "crypto" -> "暗号資産" or "仮想通貨" but in Japanese, "暗号資産" is more formal. I'll use "暗号資産" for crypto. "spot trading" -> "現物取引". "revenue streams" -> "収益源".
Second paragraph: "
Strategy's $8.23B loss and Bitcoin accumulation
" -> "
Strategyの82.3億ドルの損失とビットコイン蓄積
"
Then paragraph: "Strategy's Q2 loss is eye-popping, but the company didn't stop buying. It added 846 BTC during the quarter, bringing its total hoard to over 226,000 coins. Total revenue came in at $122 million, up 6.9% from $114.5 million a year ago. Gross profit hit $81.6 million, a 69% margin — slightly better than the $78.7 million in Q2 2025."
Wait, "Q2 2025" seems odd because we are in 2025? Actually the article might be from 2025? But it says "Q2 2025" but earlier it says "a year ago" so it might be comparing to Q2 2024? Actually it says "up 6.9% from $114.5 million a year ago" and then "slightly better than the $78.7 million in Q2 2025." That seems inconsistent. Possibly a typo? But we'll translate as is. Actually it might be Q2 2024? But I'll keep the numbers as is. Maybe it's Q2 2024? But I'll just translate: "第2四半期の損失は目を見張るものだが、同社は買い付けを止めなかった。四半期中に846 BTCを追加し、総保有量は22万6000枚以上となった。総売上高は1億2200万ドルで、前年同期の1億1450万ドルから6.9%増加した。粗利益は8160万ドルで、利益率は69%となり、2025年第2四半期の7870万ドルをわずかに上回った。" But "Q2 2025" might be a mistake; I'll keep it as "2025年第2四半期" but maybe it should be "Q2 2024"? I'll just translate literally. Actually the original says "Q2 2025" but the previous year comparison is "a year ago" so it might be Q2 2024? But I'll keep the numbers.
Next: "The company also trimmed its convertible debt to just under $7 billion and boosted its U.S. dollar holdings. Bitcoin per share rose 5%, and dollar per share increased 12%. CEO Phong Le said the company's objective is for STRC to trade at $99–$100; if it stays below $100, they'll buy back shares. Executive chairman Michael Saylor said they're still evolving the business model and working to establish Digital Credit as a new asset class."
Translation: "同社はまた、転換社債を70億ドル未満に削減し、米ドル建ての保有を増やした。1株当たりビットコインは5%増、1株当たりドルは12%増となった。CEOのPhong Le氏は、STRCが99〜100ドルで取引されることを目標としており、100ドルを下回る場合は自社株買いを行うと述べた。会長のMichael Saylor氏は、ビジネスモデルを進化させ続けており、Digital Creditを新たな資産クラスとして確立するよう取り組んでいると述べた。"
Note: "STRC" is the ticker? Actually it's "STRC" but maybe it's "MSTR" for MicroStrategy? But they said "STRC" in the article, so keep as is. Also "Digital Credit" is a term, keep as is.
Next heading: "
Coinbase's revenue decline and USDC milestone
" -> "
Coinbaseの売上減少とUSDCの節目
"
Paragraph: "Coinbase's Q2 wasn't all bad news. Subscription and services fees — now nearly half of net revenue — slipped just 5%. But consumer transactional revenue dropped 20% from Q1, mirroring the broader 24% decline in crypto spot trading volume. EBITDA came in at $208 million, though the exchange recorded over $300 million in losses after adjustments."
Translation: "Coinbaseの第2四半期は悪いニュースばかりではなかった。現在、純収益のほぼ半分を占めるサブスクリプションおよびサービス手数料は、わずか5%の減少にとどまった。しかし、消費者向け取引収入は第1四半期比20%減となり、暗号資産の現物取引量が24%減少したという広範な傾向を反映した。EBITDAは2億800万ドルとなったが、調整後は3億ドル超の損失を計上した。"
Note: "consumer transactional revenue" -> "消費者向け取引収入" or "個人取引収益"? I'll use "消費者向け取引収入".
Next: "One bright spot: the average amount of USDC held across Coinbase products hit a record $20 billion, accounting for more than 30% of all USDC in circulation. That's a sign that users are parking stablecoins on the platform, even if they aren't trading as much. Another area of growth: Coinbase's prediction market sector more than doubled quarter-over-quarter."
Translation: "明るい材料の1つは、Coinbaseの各製品に保有されているUSDCの平均額が過去最高の200億ドルに達し、流通中の全USDCの30%以上を
