Who is running wildly in a bull market? Who is looking for an exit? Six top encryption institutions hand over their 2025 'midfield answer sheet' PANews takes stock of the financial reports of six representative cryptocurrency companies, revealing how they have broken through in the market recovery: some have made billions through Bitcoin, some have relied on investments to support their positions, and some are seeking transformation to hedge against sluggish trading. The most eye-catching one is Strategy, with Q2 revenue reaching $14 billion, of which $14 billion comes from the soaring valuation of Bitcoin, net profit exceeding $10 billion, and holding nearly 630000 BTC. The company announced that it will continue to issue bonds to increase its holdings, striving to raise the BTC annual yield from 25% to 30%. Tether also experienced explosive profits, with a net profit of 4.9 billion US dollars in Q2, holding 127 billion US Treasury bonds, and flexible returns from BTC and gold allocation; The total assets have exceeded 162.5 billion, far exceeding the debt level, and the profit model is stable and clear. Coinbase's trading revenue fell by 39%, but its net profit reached $1.429 billion - supported by $1.5 billion in Circle investment returns. But if investment returns are excluded, the core business only has a net profit of $33 million. To break the deadlock, the company announced the expansion of "new assets" such as tokenized assets and predictive markets, striving to become an "all-round exchange". Robinhood, driven by both its cryptocurrency business and options trading, achieved a net profit of $386 million, a historic high; Bitstamp acquisition, expansion of European crypto licenses, launch of stock token products, aggressive strategic offensive. Kraken's trading volume decreased by 10% month on month, with profits halved to $80 million. It plans to raise $500 million at a valuation of $15 billion and seek an IPO in 2026 to strengthen its positioning as a "second tier" exchange in terms of compliance and product diversity. Riot benefited from the double increase in BTC prices and production, doubling its revenue year-on-year and producing 1426 BTC with a net profit of $220 million. We are transitioning from a single mining business to an AI computing infrastructure platform, betting that computing power is the future. At the transition point between bull and bear markets, these leading institutions are evolving towards asset diversification, platformization of trading services, or upgrading of infrastructure, sending a signal that cryptocurrency companies are moving from "betting on the market" to "building an ecosystem".