Nvidia posted $46.7B in revenue and $1.05 EPS in Q2 FY26, up 56% year-over-year, led by $41.1B in data center sales.
Shares fell 3% after hours, while Bitcoin traded flat near $112K despite a history of positive correlation with Nvidia earnings.
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Nvidia reported fiscal second-quarter earnings on Wednesday after the bell, delivering revenue of $46.7 billion and adjusted earnings of $1.05 per share. The results, which matched expectations, marked a 56% increase from the same quarter last year.
Despite the strong headline numbers, Nvidia shares fell about 3% after hours, according to Yahoo Finance data. The company guided fiscal third-quarter revenue to $54 billion, plus or minus 2 percent, which represents 51% growth compared to last year.
Nvidia’s data center division continued to drive results, generating $41.1 billion in revenue, up 56% year-over-year. The Blackwell architecture ramped across major customers, with networking revenue nearly doubling from last year. The company also disclosed no H20 chip sales to China in the quarter, underscoring the impact of US export restrictions.
Nvidia also ramped up shareholder returns, repurchasing $9.7 billion of stock in the quarter and distributing $244 million in cash dividends. On August 26, the board authorized an additional $60 billion in share buybacks with no expiration.
Bitcoin held flat near $112,000 after the results, recovering from a brief pre-earnings dip. A CoinDesk report earlier in the day noted BTC has risen in seven of the last ten Nvidia earnings since early 2023. Traders will be watching in the coming days to see if it reacts to Nvidia’s positive call.
Cronos (CRO) token surged nearly 50% after Trump Media & Technology Group and Crypto.com announced a digital asset treasury firm focused on CRO.
Cronos announced a roadmap aiming for $20 billion in CRO public markets, major infrastructure upgrades, and expanded user growth by 2026.
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Cronos (CRO), the native asset of the Cronos blockchain, rallied close to 50% in 24 hours after Crypto.com and Trump Media & Technology Group revealed plans for a joint digital asset treasury company dedicated to acquiring the token.
The new entity, the Trump Media Group CRO Strategy, will be capitalized with $1 billion in CRO tokens, $200 million in cash, $220 million in warrants, and a $5 billion equity line of credit provided by Yorkville affiliate YA II PN.
Cronos also revealed on Tuesday its 2025-2026 roadmap, outlining three growth engines: infrastructure, distribution, and demand. The infrastructure initiative includes launching a tokenization platform for various assets, while the distribution strategy leverages Crypto.com’s network of over 150 million retail users.
The team highlighted that recent upgrades cut block times to 0.5 seconds and slashed gas fees tenfold, driving a 400% jump in daily transactions. By 2026, Cronos targets $20 billion in CRO via public markets, $10 billion in tokenized assets, and 20 million users.
“Blockchain must evolve from niche trading rails into a true financial infrastructure,” said Mirko Zhao, Head of Cronos Labs. “This roadmap is about tying tokenization, AI, and DeFi into one interoperable system that institutions and retail users alike can rely on.”
According to CoinGecko data, CRO advanced from around $0.16 to approximately $0.24 following the latest developments, with 24-hour trading volume surpassing $900 million.
The digital asset is still trading 74% below its record high of $0.96 set in November 2021, however.
Despite its high-profile partnership with Trump Media, Crypto.com has faced mounting scrutiny. On-chain investigator ZachXBT alleged the exchange concealed a major past incident shortly after it unveiled plans to deepen ties with Trump Media.
Critics have also faulted Crypto.com for reissuing 70 billion CRO tokens that were previously burned, a move seen as undermining community expectations of decentralization and transparency.
Bitcoin surged above $116,000 following Federal Reserve Chair Powell’s signal of possible rate cuts.
Powell emphasized a data-driven approach to monetary policy, citing resilience in the economy and ongoing inflation concerns.
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Bitcoin climbed over 3% on Friday to trade above $116,000 as optimism in crypto markets picked up after Federal Reserve Chair Jerome Powell gave a cautious signal that the central bank could move toward lowering interest rates.
Speaking at the Fed’s Jackson Hole event, Powell noted that inflation is still “somewhat elevated” but has eased substantially from post-pandemic highs.
The Fed is facing a delicate balance, he said, with upside pressures on inflation and downside pressures on employment. He added that the current policy rate is closer to neutral and the labor market is stable, giving the Fed room to proceed cautiously.
“The baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Powell said.
“Monetary policy is not on a preset course. FOMC members will make these decisions based solely on their assessment of the data and its implications for the economic outlook and the balance of risks,” Powell stressed.
According to the central bank leader, tariffs could push inflation higher, but the base case is that price increases will be short-lived. The Fed remains vigilant against stagflation and is committed to its 2% inflation target.
Powell’s remarks quickly lifted crypto and stock markets as investors read the speech as more dovish than expected.
Bitcoin hit $116,000 after retreating below $112,000 earlier this week in anticipation of Powell’s hawkish stance, while other major crypto assets also moved higher following the speech.
Ethereum jumped 7% to $4,600. XRP, Solana, and Chainlink each gained over 6%, while Dogecoin and Cardano rose around 8% on the speech.
The total crypto market capitalization surpassed $4 trillion, rising by 2% in a day.
Traders are now overwhelmingly betting the Fed will deliver a quarter-point rate cut in September, with odds lifting to nearly 90% from just 75% in the previous session, according to FedWatch Tool data.
Bitcoin is cooling off after hitting an all-time high of $124,000 last week. Ethereum has also retraced, consolidating near its previous cycle peak of $4,800 — a level not seen since the historic bull run of 2021.
With Q4 just two weeks away, investors are beginning to ask the perennial question: is an altcoin season (or “altseason”) around the corner? Traditionally, this is the time when capital rotates from Bitcoin and Ethereum into smaller-cap tokens, sparking euphoric rallies across the market. But this cycle feels different, and the question dominating crypto circles is: will there even be an altseason?
Historically, altseasons have been fueled by excess liquidity, retail speculation, and the search for “the next big thing” once BTC and ETH have already established strong uptrends. In 2017, it was ICO mania that propelled obscure projects into the stratosphere. In 2021, it was the explosion of DeFi and NFTs that drove the rally.
This time, however, the dynamics have shifted. Institutional inflows into Bitcoin ETFs have anchored BTC as the primary liquidity sink, while memecoins have absorbed much of the speculative excess that might otherwise have flowed into mid-cap altcoins. In fact, Ethereum’s performance relative to Bitcoin (ETH/BTC) has been on a steady decline since December 2021, only recently showing signs of stabilization.
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If not for MicroStrategy (Nasdaq: MSTR) sparking the trend of digital asset treasury companies (DATs), this cycle might already feel like a bear market. These DATs have not only been accumulating Bitcoin but have also turned their focus to Ethereum, with buying patterns reminiscent of the ICO craze in 2017.
BitMine (NYSE: BMNR) launched its ETH treasury strategy just two months ago and has since acquired roughly 1.5 million ETH — valued at around $6.5 billion. SharpLink Gaming (Nasdaq: SBET), which entered the market around the same time, has accumulated approximately 1.1 million ETH (~$5 billion). But the phenomenon extends well beyond BTC and ETH.
New DATs are springing up across global equity markets, each designed to acquire specific cryptocurrencies. CEA Industries (Nasdaq: BNC) is accumulating Binance’s BNB, Verb Technology (Nasdaq: VERB) has launched a strategy focused on TON, and Mill City Ventures (Nasdaq: MCVT) has positioned itself around SUI.
These publicly traded DATs act as liquidity sinks for their chosen tokens, with capital inflows often driving up the underlying assets. But their investor base is largely composed of hedge funds and institutions seeking exposure where ETFs are unavailable, or looking for leveraged plays. As such, most flows are likely to remain concentrated in large-cap tokens with strong fundamentals, broad distribution, and deep market history.
Crucially, the sustainability of these inflows depends on whether DATs can maintain a meaningful mNAV premium — a metric comparing the value of the company’s stock to the value of its underlying digital assets. Should that premium shrink, their ability to raise additional capital through equity or debt issuance will diminish, limiting future buying power.
For now, gains from DAT-driven flows are unlikely to recycle back into the broader crypto market before this cycle resets. This leaves tens of thousands of smaller and mid-cap projects competing for a far more limited pool of retail capital — much of which has already been drained by memecoins and leveraged trading. Only the strongest will survive.
Still, the biggest forces shaping this cycle are not internal to crypto at all, but macroeconomic. Geopolitical stability, inflationary pressures from tariffs, and the Federal Reserve’s policy stance will ultimately determine whether capital continues flowing into risk assets like crypto. If conditions align, select cryptocurrencies may once again deliver life-changing wealth to early backers. But the era of “a rising tide lifting all tokens” is behind us. This cycle demands discernment, caution, and a sharp eye for fundamentals.
Disclosure: The author holds positions in BTC, ETH, Nasdaq: BNC, Nasdaq: VERB, Nasdaq: MCVT, as well as various memecoins and other cryptocurrencies not mentioned in this article.
Bitcoin and altcoins fell in a broad crypto market decline ahead of the Fed Chair’s Jackson Hole speech.
Market volatility increased as investors anticipated possible Fed rate changes and reacted to ongoing inflation concerns.
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Bitcoin slipped under $113,000 on Tuesday, triggering a market-wide downturn that sent Ethereum, XRP, and Solana lower. The total crypto sector fell to $3.8 trillion, down 3.5% on the day.
The price of Bitcoin dropped nearly 3% in the last day to $112,696, marking a return to levels not seen since the beginning of the month, CoinGecko data shows.
Ether dropped more than 4% to $4,100 after flirting with record highs in the past few days. Losses are spread across major altcoins, with XRP down nearly 6%, Dogecoin and Chainlink off over 5%, and Sei and Cardano plunging 8%.
The pullback comes ahead of the Fed’s Jackson Hole symposium on Friday, where Chair Jerome Powell is scheduled to deliver his keynote address. Markets are bracing for whether he signals a September rate cut or doubles down on inflation concerns, especially after US inflation data offered mixed signals in July.
The headline CPI slowed to 2.7% but core inflation edged up to 3.1% and PPI climbed 3.3%. The combination of weakening job growth and persistent price pressures has raised stagflation fears, which could complicate the Fed’s decision-making.
“Higher‑than‑expected PPI numbers (producer prices jumped 0.9% month‑on‑month against a 0.2% forecast) have complicated the Fed’s policy framework, so the market will be looking for hints on the Fed’s thinking ahead of its September policy meeting,” said QCP Capital analysts in a statement. “Last year, Powell used Jackson Hole to telegraph an easing bias; this year, Trump’s tariffs and political pressure create a much more contentious backdrop.”
Traders are still pricing in a 25-basis-point cut at the September 17 FOMC meeting, though odds have eased following hotter-than-expected inflation readings.
Analysts predict Powell will be cautious during his final Jackson Hole speech. The Fed Chair may acknowledge that risks to employment and inflation are balancing, suggesting a cut could be appropriate if trends continue, but he is unlikely to commit to a specific policy action.
Since expectations for a September cut are already priced in, any hint that action might be delayed could feel like a tightening of policy for investors.
However, signals that quantitative tightening may end or that regulatory shifts are coming could boost liquidity and potentially reignite Bitcoin’s rally toward year-end, analysts suggest.
Elsewhere, US stocks also reflected uncertainty at Tuesday’s market close.
The S&P 500 fell nearly 0.6% and the Nasdaq Composite dropped around 1.5%, while the Dow Jones Industrial Average edged up.
Tech and chipmakers led losses, with Nvidia down 3.5%, AMD off 5.4%, and Broadcom lower by 3.6%. Palantir sank 9%, the worst S&P 500 performer, while Tesla, Meta, and Netflix also slipped.
BitMine now holds over $6.6 billion in crypto, including 1.52 million ETH and 192 BTC, making it the second-largest crypto treasury.
Thomas “Tom” Lee said BitMine continues to lead peers in crypto NAV growth and liquidity.
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BitMine Immersion Technologies, which ranks as the biggest Ethereum treasury under Thomas “Tom” Lee, disclosed Monday that its crypto holdings have surpassed $6.6 billion, including more than 1.5 million ETH and 192 Bitcoin.
Within a week, BitMine increased its Ethereum trove by 373,110 units, rising from over 1 million, while its Bitcoin holdings showed no change. The NYSE-listed firm aims to own 5% of the total Ether supply.
BitMine now ranks as the second-largest global crypto treasury, behind Strategy, which holds 629,376 BTC valued at $72 billion following the latest acquisition.
Commenting on the firm’s rapid accumulation, Lee said institutional investors are backing BitMine’s pursuit of 5% of Ethereum supply. He added that the firm continues to outpace peers in growing crypto NAV per share and stock liquidity.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” Lee added. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”
The company’s stock has reached significant trading volumes, with a 5-day average daily dollar volume of $6.4 billion as of August 8, 2025, ranking 10th among US-listed stocks, ahead of JPMorgan and Alphabet.
BitMine’s institutional investors include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
Wells Fargo increased its stake in BlackRock’s iShares Bitcoin Trust from $26 million to over $160 million in Q2 2025.
The bank also expanded its investments in other Bitcoin ETFs, including Invesco Galaxy Bitcoin ETF (BTCO) and Grayscale’s funds.
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Wells Fargo increased its holdings in BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), during the second quarter of 2025, according to a new SEC filing.
The fourth-largest bank in the US by asset size disclosed that it held over $160 million worth of IBIT shares as of June 30, up from over $26 million at the end of the first quarter, the filings shows.
Bloomberg reported last February that Bank of America’s Merrill and Wells Fargo started providing spot Bitcoin ETFs to brokerage clients in their wealth management units upon request.
In addition to IBIT, Wells Fargo boosted its stake in the Invesco Galaxy Bitcoin ETF (BTCO) from $2.5 million to around $26 million in Q2.
Between March and June, Wells Fargo’s stake in the Grayscale Bitcoin Mini Trust also grew from about $23,000 to $31,500, and its GBTC holdings climbed from $146,000 to over $192,000.
The firm also reported smaller positions in Bitcoin funds managed by ARK Invest/21Shares, Bitwise, CoinShares/Valkyrie, Fidelity, and VanEck, as well as spot Ethereum ETFs.
In related developments, Abu Dhabi’s sovereign wealth fund Mubadala maintained its position of 8,7 million IBIT shares valued at $534 million as of June 30, according to an SEC filing.
Al Warda Investments, managed by the Abu Dhabi Investment Council, reported holding 2,4 million IBIT shares worth $147 million at the end of June.
