Blockonomi

Key Highlights
Samsung SDS shares advance following announcement of Dunamu collaboration on stablecoin systems
Cloud segment delivers 17% year-over-year growth driven by external customer expansion
Company pursues blockchain infrastructure development and AI-powered payment technologies
Q2 results show 5.9% revenue increase with steady profitability gains
AI computing capacity expansion roadmap targets over 800 megawatts by decade’s end
Shares of Samsung SDS concluded trading up 0.71% at ₩198,700, though the stock surrendered most of its earlier session gains. The equity finished closer to daily lows despite posting solid quarterly financial performance and demonstrating robust cloud service demand. A collaboration with Dunamu introduced a new digital currency dimension to the firm’s expanding technology portfolio.
Samsung SDS Co., Ltd. (018260.KS)
Strategic Alliance with Dunamu Focuses on Blockchain Systems
Samsung SDS announced intentions to build stablecoin infrastructure alongside Dunamu, the company behind Upbit, South Korea’s dominant digital currency trading platform. The collaboration encompasses exploration of advanced payment solutions and integration frameworks for virtual currency financial systems. The partnership aims to merge blockchain capabilities with Samsung SDS’s existing cloud computing, cybersecurity, data management, and enterprise software offerings.
Samsung SDS characterized its equity position in Dunamu as a strategic foothold in the emerging digital asset infrastructure sector. The technology firm secured a 1% ownership stake following the completion of a broader investment by Samsung group entities in May. Samsung Securities obtained a 2% share, while Samsung Card purchased an additional 1% interest in Dunamu.
The trio of Samsung entities invested 612.8 billion won collectively for their 4% combined ownership. They acquired 1.39 million shares from sellers affiliated with Kakao in the completed deal. Samsung SDS intends to transform this investment into tangible payment platforms, security solutions, and infrastructure offerings.
Cloud Business Momentum Drives Quarterly Performance
Samsung SDS disclosed second-quarter sales of 3.7178 trillion won, marking a 5.9% year-over-year improvement. Operating earnings advanced 0.7% to 231.8 billion won in the comparable timeframe. Simultaneously, net income expanded 4.6% to reach 184.1 billion won.
The IT services division generated 1.7625 trillion won in revenue, reflecting 5% annual expansion. Cloud services revenue jumped 17% to 779.4 billion won, powering the segment’s overall performance. External cloud sales surged 75% as government entities and business clients increased their consumption.
Revenue from cloud service provision grew 24% through elevated Samsung Cloud Platform adoption and wider GPU service distribution. Cloud management offerings also recorded 17% revenue growth throughout the quarter. Digital transformation initiatives in the financial sector and enterprise resource planning contracts in shipbuilding contributed to these results.
Computing Infrastructure Build-Out Advances Digital Roadmap
Samsung SDS maintains an aggressive expansion of computational resources dedicated to artificial intelligence and digital financial applications. The organization presently manages approximately 110 megawatts of relevant infrastructure. Plans call for increasing this capacity to 230 megawatts by 2029.
Samsung SDS projects total infrastructure capacity will surpass 800 megawatts by 2031 when including design and operational initiatives. The company participated in a governmental initiative supporting GPU procurement, facility construction, and operational management. Recently, it introduced an NPU offering utilizing FuriosaAI’s Renegade processing technology.
The firm has won artificial intelligence implementation contracts with Woori Bank and the Export-Import Bank of Korea. It also sustains technical collaborations with OpenAI, Anthropic, and Google Cloud. These competencies will underpin stablecoin architectures, payment networks, and virtual asset infrastructure initiatives.

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Key Highlights
Bank of Korea successfully executes live Project Agora payment trials with international partners.
Testing involved tokenized reserves facilitating settlements in six different global currencies.
Participating financial institutions executed 17 distinct payment scenarios totaling approximately 800,000 Swiss francs.
Central bank successfully transferred 20 million won between domestic banks via tokenized reserve infrastructure.
KB Kookmin Bank achieved milestone yen-denominated deposit token transaction with Japan’s MUFG Bank.
The Bank of Korea has successfully concluded live testing of cross-border payment capabilities through Project Agora, representing a significant milestone in tokenized financial settlement technology. Using tokenized central bank reserves, the institution validated various transaction models while confirming the platform’s operational stability. The comprehensive trials connected domestic banking institutions with global counterparts across six different currencies.
The testing phase brought together twenty-eight central banks and financial organizations, with five major commercial banks from South Korea participating actively. KB Kookmin, NongHyup, Shinhan, Woori, and Hana Bank served as the nation’s representatives throughout the evaluation period. Collectively, these participants executed transactions valued at roughly 800,000 Swiss francs across 17 different operational scenarios.
The comprehensive testing framework encompassed single-currency transactions, multi-currency payments, foreign exchange settlements, and intra-group fund transfers. Participants additionally executed payment-versus-payment settlements, a mechanism that mitigates settlement risk through simultaneous currency exchanges. These outcomes validated Project Agora’s capability to handle sophisticated cross-border banking operations in near-production environments.
Central Bank Money Connects Through Tokenized Infrastructure
The Bank of Korea conducted an interbank transfer trial involving 20 million won with NongHyup Bank and Shinhan Bank as participants. The central bank issued, moved, and redeemed tokenized reserves following payment directives from both financial institutions. This transaction validated the integration pathway between central bank money and tokenized commercial banking infrastructure.
Throughout the trial, authorities established manual connectivity between Project Hangang and the Bank of Korea’s current financial infrastructure. This integration enabled the central bank to evaluate interoperability between domestic payment networks and the broader Agora ecosystem. Moving forward, South Korea intends to develop direct integration channels and implement more streamlined automated settlement mechanisms.
KB Kookmin Bank achieved a significant breakthrough by completing a yen-denominated deposit token transaction with MUFG Bank of Japan. This accomplishment established KB Kookmin as the first South Korean commercial bank to successfully execute such an international payment trial. The institution has committed to participating in subsequent Project Agora development phases and broadening its cross-border token settlement capabilities.
National Digital Payment Framework Builds on Project Hangang
Project Hangang serves as a foundational component of South Korea’s comprehensive digital payment roadmap and wholesale central bank digital currency initiatives. The system enables deposit token integration with established payment infrastructure without requiring merchants to upgrade their existing terminal equipment. Financial institutions can provide digital wallet services while retailers maintain their current point-of-sale systems.
Public sector agencies are preparing to conduct government payment trials before integrating the framework with the national digital finance infrastructure. South Korean regulators maintain clear distinctions between deposit tokens and stablecoins, recognizing their different regulatory and financial frameworks. A wholesale central bank architecture underpins deposit tokens that represent commercial bank deposits.
Stablecoin oversight advances independently through the proposed Digital Asset Basic Act. Financial regulators are working to consolidate multiple legislative proposals addressing issuance standards, trading protocols, disclosure requirements, governance frameworks, and operational safeguards. In parallel, South Korea will advance Project Agora evaluation efforts and introduce additional testing scenarios beyond those covered in the current phase.

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TLDR
Australian eSafety Commissioner initiates legal proceedings against Telegram for content moderation failures.
The messaging platform faces potential fines reaching AU$54.6 million under national safety regulations.
Violent extremist videos, including execution footage and mass shooting content, allegedly remained accessible for weeks.
The lawsuit examines how Australia enforces online safety obligations on encrypted messaging services.
Telegram disputes the allegations, claiming removal of thousands of extremist communities.
Australia‘s eSafety Commissioner has initiated civil penalty proceedings against Telegram in Federal Court following allegations the platform neglected to remove terrorism-related content despite receiving reports from users. The legal action follows a comprehensive investigation spanning twelve months. If the court validates the alleged violations, Telegram could incur financial penalties totaling AU$54.6 million.
Regulator Outlines Alleged Platform Safety Violations
The filing accuses Telegram of allowing reported content depicting executions and other illegal material to persist on its platform for periods extending up to three weeks. According to regulatory authorities, users submitted reports about this content during a period spanning July through October 2025. Despite these notifications, Telegram allegedly neither removed the flagged material expeditiously nor took action against accounts responsible for its distribution.
The legal case extends beyond individual content items to address Telegram’s broader oversight of extremist communications, including channels, groups, and public broadcast features. Authorities contend the platform demonstrated inadequate measures to prevent recurring violations after identifying terrorism-related material. Additionally, associated accounts allegedly remained operational, enabling continued access and distribution of comparable content.
The regulator’s complaint also references footage from the Christchurch mosque massacre and the Buffalo grocery store shooting. Evidence suggests users uploaded these notorious attack videos months before any removal action occurred. Australian authorities maintain that robust content detection mechanisms should have identified or blocked such material significantly earlier.
Legal Proceedings Challenge Digital Safety Framework
Australian legislation mandates that digital platforms actively prevent, detect, disrupt, and discourage serious illegal content. These obligations encompass terrorism-related material, child exploitation content, graphic violence, and major criminal activities. The requirements operate through standards established under the Online Safety Act 2021.
The eSafety Commissioner further alleges that Telegram maintained inadequate terms of service regarding terrorism-related content across its various services. The platform allegedly neglected to provide feedback to complainants regarding the resolution of reports concerning unlawful material. Australian authorities now pursue court declarations, financial penalties, and additional remedies connected to the purported violations.
Telegram has categorically denied these charges and intends to defend itself vigorously in court proceedings. The company asserts it eliminated thousands of extremist communities throughout 2026. Nevertheless, Australia’s legal strategy will concentrate on examining Telegram’s practices, systems, and responses specifically during the investigation timeframe.
International Scrutiny Intensifies for Messaging Platform
This Australian lawsuit represents an additional legal obstacle for Telegram and its founder, Pavel Durov. Russian authorities have independently charged Durov with enabling terrorist activities through channels allegedly utilized by Ukrainian operatives. They have also initiated processes seeking to place him on an international wanted list.
Since its 2013 launch, Telegram has grown to serve over one billion monthly active users globally. The platform’s capacity for large group communications and unlimited broadcast channels enables rapid cross-border information dissemination. Australian authorities argue this massive scale creates unambiguous responsibilities to mitigate serious harm and enforce community standards.
These proceedings will examine how judicial systems apply comprehensive safety obligations to major encrypted messaging platforms. The outcome may shape future enforcement actions against services offering public channels and mass-distribution capabilities. Australian officials have emphasized that no digital service can circumvent national regulations when harmful content remains broadly accessible.

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Key Highlights
ImmunityBio shares rise following UAE’s comprehensive ANKTIVA authorization
Regulatory clearance covers complete spectrum of adult bladder cancer cases
UAE authorization includes metastatic lung cancer following treatment resistance
Clinical data shows 71% complete response rate in bladder cancer patients
ANKTIVA regulatory footprint now extends to 34 nations globally
Shares of ImmunityBio (IBRX) climbed 5.86% during pre-market hours to $7.23 following a 2.01% decline to $6.83 at the previous close. The recovery came after the Emirates health authority granted authorization for ANKTIVA in treating both bladder and lung cancers with restricted therapeutic alternatives. This regulatory milestone represents the company’s most comprehensive approval to date and significantly extends the treatment’s global market presence.
Dual Cancer Indication Approval Granted by UAE Regulators
The Emirates Drug Establishment has authorized ANKTIVA in combination with BCG for adult patients diagnosed with BCG-unresponsive non-muscle invasive bladder cancer. The regulatory clearance encompasses carcinoma in situ cases, mixed tumor presentations, and papillary-only disease presentations lacking carcinoma in situ. This authorization represents the inaugural approval addressing the complete BCG-unresponsive NMIBC disease spectrum within a single regulatory framework.
Additionally, regulators approved ANKTIVA combined with immune checkpoint inhibitors for treating metastatic non-small cell lung cancer. Treatment eligibility requires documented disease advancement following conventional checkpoint therapy or chemotherapy combination regimens. Patients presenting actionable genetic mutations must demonstrate progression after approved targeted therapies before qualifying for the ANKTIVA treatment protocol.
The UAE joins four other regulatory jurisdictions in authorizing ANKTIVA distribution. According to ImmunityBio, the therapy currently maintains regulatory authorization spanning 34 nations through various international approvals. This expanded regulatory decision bolsters the company’s commercial presence in two challenging oncology sectors characterized by substantial unmet medical requirements.
Clinical Evidence Validates Comprehensive Bladder Cancer Application
The bladder cancer authorization stems from findings in the multicenter QUILT-3.032 registrational trial. Within the carcinoma in situ patient cohort, the ANKTIVA plus BCG regimen produced a 71% complete response rate. Responding patients demonstrated a median response duration of 26.6 months throughout extended trial monitoring.
Data showed 66% of responding patients sustained complete response status at the 12-month mark. By 24 months, 42% continued demonstrating complete response following treatment administration. These outcomes validated therapeutic application across patients presenting with carcinoma in situ and associated papillary tumor formations.
The papillary-only patient cohort achieved a 58.2% disease-free survival rate at 12 months. Within this patient subset, median disease-free survival extended to 25.3 months. Notably, 83.1% of participants avoided cystectomy at 36 months, maintaining a critical organ-preservation therapeutic pathway.
Positive Lung Cancer Data Broadens Treatment Portfolio
The lung cancer regulatory clearance derives from Phase 2 QUILT-3.055 trial findings. Researchers enrolled 79 participants experiencing disease progression following prior checkpoint inhibitor therapy. Median overall survival across the complete study cohort reached 14.6 months post-treatment initiation.
Participants presenting elevated lymphocyte levels achieved median overall survival of 16.2 months. This subgroup comprised 77% of trial enrollees. Their survival outcomes surpassed the 11.8-month median observed among participants with reduced lymphocyte counts.
Treatment generated common injection site reactions, chills, fatigue, fever, and nausea. The bladder cancer trial predominantly documented Grade 1 or Grade 2 treatment-associated adverse events. ImmunityBio secures an expanded regulatory foundation while progressing ANKTIVA’s international launch strategy across supplementary territories.
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Working out how to pay for a VPN privately starts with an uncomfortable fact: no VPN payment is truly anonymous VPN payment while you still hand over an email address at signup.
But the payment methods are not equal. Some leave a full paper trail, some break most of it, and one leaves almost nothing.
Think of it as a ladder. A card sits at the bottom, cash by mail sits at the top, and crypto sits in the middle with a meaningful gap between its own levels. Where you need to stand depends on what you are actually trying to hide, and from whom.
Here is each level, what it does and does not conceal, and which providers sit where.
Why Anonymous Is the Wrong Word
Start with the honest baseline, because most VPN marketing overstates it. Paying privately is not the same as being anonymous.
When you sign up for almost any VPN, two things happen regardless of how you pay. You provide an email address, and you connect from your real IP address at least once before the VPN is active. Those two facts exist even if you pay in the most untraceable way possible.
So the realistic goal of private VPN payment methods is not anonymity. It is reducing how many parties can link the payment to your identity: your bank, the VPN, a payment processor, and anyone who later examines their records. The ladder below is about removing links, one at a time.
Level 1: Card and PayPal
The default, and the bottom of the ladder. Fast, familiar, and the least private option there is.
Who sees it: your bank or card issuer records the VPN purchase, and the VPN has your name and billing details
What it links: your legal identity directly to the VPN subscription
Who defaults to it: NordVPN, Surfshark, ExpressVPN and most mainstream VPNs treat card and PayPal as the primary path
There is nothing wrong with a card if privacy is not your concern. But it ties your real name to the service at both ends, which is exactly what the higher levels start to undo.
Level 2: Crypto Through a Payment Processor
The first real step up, and where VPN crypto payment privacy actually begins. Paying in crypto through a third-party processor breaks the direct bank link, which is the single biggest improvement on this ladder.
Who sees it: the processor handles the transaction, and may apply its own identity checks on larger amounts
What it links: your wallet to the processor, and the processor to the VPN, but not your bank to the subscription
Who offers it: most VPNs that accept crypto at all, including NordVPN and Surfshark, route it through a gateway like CoinGate
This is a genuine privacy gain over a card. The limitation is the middleman: the processor sits between you and the VPN, sees the transaction, and can be subject to its own compliance rules.
Level 3: Direct Crypto Payment
A step higher, because it removes the processor from the middle. When a VPN accepts crypto directly and names the coins it takes, there is one fewer party in the chain.
Who sees it: the VPN itself, with no separate processor holding a copy of the transaction
What it links: your wallet to the VPN, and nothing else
Who offers it: a small group, including GnuVPN
GnuVPN crypto payment sits on this level. It takes USDT on TRC20, TRX, Bitcoin and Litecoin as named options, and a GnuVPN TRC20 transfer settles in seconds for under a dollar without passing through a third-party gateway.
That places it above the entire card-defaulting mainstream and above processor-routed crypto, with one fewer record of the payment in existence.
Stablecoin on TRON does carry a traceable on-chain record, so this is not the top of the ladder. It is a clear step above where most of the market sits.
Level 4: Monero
Higher still, because a Monero VPN payment breaks the chain-analysis link that Bitcoin and USDT leave open. Its transactions hide the sender, receiver and amount by design.
Who sees it: the VPN receives payment, but the blockchain does not reveal the sender or amount
What it links: very little, since the coin itself resists tracing
Who offers it: Mullvad and IVPN take Monero directly
If your concern is later analysis of the blockchain, Monero is the meaningful upgrade. GnuVPN does not offer it, and that is a fair mark against it for the privacy maximalist. For that specific requirement, Mullvad or IVPN is the answer.
Level 5: Cash by Mail
The top of the ladder. A VPN cash payment is the only method that leaves no digital trail at all. You put physical cash in an envelope and post it.
Who sees it: no bank, no processor, no blockchain, only the postal system
What it links: nothing digital, provided you did not sign up with identifying details
Who offers it: Mullvad, most famously, which pairs it with a numbered account and no email requirement
Cash by mail is the genuine anonymity option, and it belongs at the top honestly. It is also the least convenient by a wide margin: it is slow, it can get lost, and refunds usually do not apply. Anonymity has a cost, and here the cost is convenience.
Which Level Is Right for You
Most people do not need the top of the ladder, and choosing by threat model beats chasing maximum anonymity you will not use.
If you want to pay for VPN without a card so your bank statement never lists it, Level 2 or 3 solves it, and direct crypto at Level 3 does it with one fewer party in the chain.
To defeat later blockchain analysis, Level 4 and Monero are the real answer. If you need to leave no digital trace whatsoever, only Level 5 and cash will do, and you pay for it in convenience.
For the common case, wanting privacy from your bank and a clean subscription without a processor in the middle, direct crypto is the practical sweet spot. That is the level GnuVPN occupies, above the mainstream and below the maximalists.
FAQ
What is the most private way to pay for a VPN?
Cash sent by mail, offered by Mullvad, leaves no digital trail at all and sits at the top of the privacy ladder. Monero is the most private digital method. Direct crypto payment, such as GnuVPN’s USDT-TRC20, is the practical middle ground that removes both your bank and a payment processor from the chain.
Is paying with crypto anonymous?
No, but it is more private than a card. Crypto removes the direct bank link, and paying a VPN directly instead of through a processor removes another party. But most coins leave a traceable on-chain record, and you still provide an email at signup, so it is private, not anonymous.
Does GnuVPN accept direct crypto payment?
Yes. GnuVPN crypto payment covers USDT on TRC20, TRON, Bitcoin and Litecoin as named options, settled directly without a third-party processor. That places it a step above VPNs that route crypto through a gateway, though below Monero-accepting providers for pure anonymity.
Can I pay for a VPN without a card?
Yes, on several levels. You can pay in crypto through a processor, in crypto directly with a provider like GnuVPN, in Monero with Mullvad or IVPN, or in physical cash by mail with Mullvad. Each removes the card, and the higher options remove more of the trail.
Why does GnuVPN not offer Monero?
GnuVPN accepts four coins: USDT-TRC20, TRX, Bitcoin, and Litecoin, focused on fast, low-fee settlement instead of maximum anonymity. For Monero specifically, Mullvad and IVPN are the providers to look at. GnuVPN’s position is the direct-crypto level, which is more private than the mainstream and short of the anonymity maximalists.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
The post The Privacy Ladder: Card, Crypto and Cash for VPN Payments appeared first on Blockonomi.

TLDR
Researchers at AmericanFortress proposed ZKPoSP, a post-quantum signature system for crypto wallets.
The method replaces elliptic curve signatures with zero-knowledge proofs.
Existing wallet addresses would stay the same, so no fund migration is needed.
Prototype tests showed proof generation took about 12 to 13 seconds.
The proposal follows other post-quantum efforts, including work from Project Eleven and the new Bitcoin Security Consortium.
Researchers at AmericanFortress, a Wyoming-based blockchain security company, have proposed a new way to protect Bitcoin and other crypto wallets from future quantum computer attacks. The system is called ZKPoSP, short for Zero-Knowledge Proof of Seed Provenance.
The goal is to keep wallets secure without forcing users to move their funds to new addresses. This has been a major sticking point in past quantum-safety proposals.
The research is laid out in a paper titled “ZKPoSP: Post-Quantum Zero-Knowledge Proofs for Hierarchical Deterministic Wallets.” It focuses on wallets that use common key derivation standards like BIP32, BIP44, and SLIP-10.
How the New System Works
Instead of using elliptic curve signatures, the current standard for verifying wallet ownership, ZKPoSP uses zero-knowledge proofs. These proofs let a person show they control a wallet’s seed phrase without revealing the seed itself.
Because the seed stays hidden, the authors say a wallet owner could still prove ownership even if a private key gets exposed. The paper also introduces QBIP32, a key derivation method built to work with multiple elliptic curves.
The team built a working version of the system in Rust using the RISC Zero zero-knowledge virtual machine. Early benchmarks showed proof generation took roughly 12 to 13 seconds, while verification took about 9 to 10 milliseconds.
The paper also describes a faster mode meant to run after Q-Day, the point when quantum computers could break current encryption.
Why Quantum Computers Are a Threat
Researchers pointed to recent gains in quantum hardware, including Google’s Willow processor, as a reason the timeline for this risk is shrinking. A powerful enough quantum computer could use Shor’s algorithm to calculate a private key from a public key.
That matters for Bitcoin because spending coins exposes the public key on the blockchain. Once exposed, a quantum computer could theoretically use that key to forge a signature and move the funds.
Glassnode, a blockchain analytics firm, estimated in May that about 6.04 million Bitcoin, close to 30% of the total supply, already have exposed public keys.
This new proposal is not the first attempt to solve the problem. Earlier this month, Project Eleven suggested a similar method that would let people prove wallet ownership through a seed phrase instead of a signature after Q-Day.
In March, BTQ Technologies tested BIP-360 on a Bitcoin quantum testnet built to try out quantum-resistant transaction formats.
The U.S. Department of Commerce also pledged more than $2 billion toward quantum computing companies and manufacturing programs.
Last week, a group of major companies formed the Bitcoin Security Consortium. Members include BlackRock, Coinbase, Strategy, Fidelity Digital Assets, and Galaxy.
The group is putting $15 million toward Bitcoin security research over the next three years, with quantum defense as one of its main focus areas.
For now, ZKPoSP remains a research proposal. It has not been adopted by any blockchain network, and any real-world use would require buy-in from wallet providers, exchanges, developers, and miners.
The post Researchers Propose Quantum-Resistant System for Bitcoin Wallets appeared first on Blockonomi.

TLDR
ARK Invest analyst Lorenzo Valente says crypto is entering its biggest consolidation phase in history
Hyperliquid and Pump.fun together account for about 67% of total crypto application revenue
Adding Ethena brings the top three protocols’ combined share to nearly 80%
BitMEX and BitMart both announced plans to shut down exchange operations
Bybit expanded into Indonesia after acquiring a majority stake in digital asset firm NOBI
An analyst at ARK Invest says the crypto industry is going through its biggest consolidation phase yet. Revenue is becoming concentrated among a small group of protocols, while weaker projects fall behind.
Lorenzo Valente, a research associate at ARK Invest, shared the view in a post on X on Wednesday. He said investors have grown more selective with their money.
I believe Crypto is going through the biggest consolidation phase in its history, far more profound than in previous bear markets.
The market structure has changed. Capital is much more selective, and teams and exchanges without real PMF are shutting down.
Revenue concentration… pic.twitter.com/oY6pGSPV32
— Lorenzo Valente (@LorenzoARK) July 28, 2026
This makes it harder for smaller crypto projects to raise capital. Valente said this is especially true for platforms that lack a strong product that people actually want to use.
As weaker projects shut down or struggle, revenue keeps shifting toward a small number of dominant platforms. Valente pointed to hard numbers to back up his claim.
Revenue Concentration Grows
According to Valente, perpetual futures exchange Hyperliquid and memecoin launchpad Pump.fun together make up roughly 67% of all crypto application revenue. That is more than two thirds of the entire market’s revenue coming from just two platforms.
When synthetic dollar protocol Ethena is added to the mix, the top three platforms’ combined share rises to nearly 80%. Valente called this a record level of revenue concentration for the sector.
He expects this trend to continue over the coming months. Valente said this will likely lead to more mergers, acquisitions, and Chapter 11 bankruptcies.
He also expects more project shutdowns and acqui-hires, where a company is bought mainly to bring its team on board. Despite the shakeout, Valente described the trend as “extremely bullish” for the crypto industry overall.
Exchanges Shut Down and Merge
Valente’s comments come as several crypto exchanges have already announced plans to close. Last week, BitMEX said it will shut down its exchange in September.
The decision followed a strategic review by owner HDR Global Trading. BitMEX had already sped up the delisting of trading pairs and derivative contracts, pointing to weak trading interest.
Days later, BitMart made a similar announcement. The exchange said it will end trading services on August 26 before fully winding down operations by January 2027.
BitMart said the decision came after reviewing its operating conditions, the current market environment, and its future strategy. Both exchanges framed the closures as business decisions rather than emergency measures.
Consolidation has also shown up in the form of acquisitions rather than closures. Earlier this month, Bybit launched a locally run exchange in Indonesia.
This followed Bybit’s acquisition of a majority stake in NOBI, a local digital asset firm. The move expands Bybit’s footprint in one of Asia’s largest crypto markets.
Together, these moves point to a shifting landscape where fewer platforms hold more of the market. Some exchanges are closing their doors, while others are buying their way into new regions.
The post ARK Invest Analyst Details Crypto Revenue Concentration Trend appeared first on Blockonomi.

TLDR
Robinhood’s second quarter revenue rose 32% to a record $1.31 billion, with net income up 48% to $573 million.
Event contract revenue jumped more than tenfold to $156 million, overtaking crypto trading revenue for the first time.
Crypto transaction revenue fell 38% to $100 million, even though total crypto trading volume reached $40 billion.
Robinhood closed its WonderFi acquisition, entering Canada, and launched Robinhood Chain’s public mainnet along with Stock Tokens.
Shares fell about 3.4% ahead of the earnings release, and dropped further after hours despite earnings beating estimates.
Robinhood Markets reported record revenue for the second quarter of 2026. Total net revenue reached $1.31 billion, up 32% from a year earlier.
Net income rose 48% to $573 million. Diluted earnings per share came in at $0.62 for the quarter ended June 30.
Part of that gain came from a one-time item. The company said $129 million of net income was tied mainly to the deconsolidation of Robinhood Ventures Fund I.
Transaction-based revenue climbed 44% to $776 million. This category covers trading in options, equities, event contracts and crypto.
Event Contracts Drive Growth
Event contract revenue reached $156 million for the quarter. That is more than ten times what it was a year ago.
Over 13.6 billion event contracts were traded in the quarter. Rothera, Robinhood’s prediction market exchange built with Susquehanna International Group, has processed more than 3.5 billion contracts since launching in June.
Options revenue rose 29% to $342 million. Equities revenue climbed 95% to $129 million.
Robinhood’s Chief Financial Officer Shiv Verma said the business was performing well across its product lines. The company now counts thirteen business lines that each bring in more than $100 million a year.
Crypto Revenue Keeps Falling
Cryptocurrency transaction revenue dropped 38% to $100 million. This was another quarterly decline for that part of the business.
Robinhood reported $40 billion in total crypto trading volume. Of that, $18 billion came from its own app and $22 billion came through Bitstamp, the exchange it bought last year.
Volume on Robinhood’s app alone fell 35% from a year earlier. Bitstamp supplied more than half of all crypto activity reported this quarter.
Even with lower trading revenue, Robinhood kept expanding its crypto lineup. It launched the public mainnet for Robinhood Chain, an Ethereum layer-2 network, and rolled out Stock Tokens for users in over 120 countries.
The company also debuted Robinhood Earn, its first lending product built on decentralized finance. It completed the purchase of WonderFi, adding platforms Bitbuy and Coinsquare and marking its entry into Canada.
International funded customers passed one million for the first time. Robinhood did not report how much revenue WonderFi added on its own.
Net deposits totaled $21.7 billion for the quarter. Total platform assets grew 32% to $369 billion.
Robinhood Gold subscribers rose 39% to 4.8 million. Average revenue per user increased 24% to $187.
Operating expenses grew 33% to $734 million. Robinhood pointed to marketing costs, restructuring charges and spending on new ventures such as Rothera for the increase.
Robinhood shares closed at $89.84 the day before the report, down about 3.4%. The stock slipped further after hours even though adjusted earnings beat analyst estimates.
Robinhood also lowered its 2026 expense outlook. It now expects adjusted operating expenses and stock-based compensation between $2.675 billion and $2.775 billion, down from its earlier range.
The company flagged regulation as a risk for its fastest growing product. It warned that new laws or enforcement actions could limit which event contracts it can offer going forward.
The post Robinhood Q2 2026 Earnings: Revenue Hits $1.31 Billion as Crypto Falls appeared first on Blockonomi.

TLDR
Binance.US plans to apply for a CFTC Designated Contract Market license in August.
The license would let the exchange offer regulated prediction market and event contracts.
Robinhood reported $156 million in event contract revenue last quarter, more than 10 times higher than a year earlier.
A federal judge in Wisconsin sided with the state over the CFTC in a prediction market dispute this week.
The CFTC is still reviewing new rules for event contracts tied to sports, war, and other sensitive topics.
Binance.US plans to apply for a federal license that would let it offer prediction markets to customers in the United States. The exchange’s CEO, Steve Gregory, shared the plan at the Rare Evo blockchain conference in Las Vegas this week.
Gregory said Binance.US will apply for a Designated Contract Market license from the Commodity Futures Trading Commission in August. The CFTC had no record of a pending application from the company as of Wednesday.
A DCM license would let Binance.US list futures, options, and event contracts under federal oversight. This would add a new business line beyond its current spot crypto trading services.
The plan builds on comments Gregory made earlier this month. He said the company wanted to pursue licenses for derivatives, perpetual futures, and prediction markets as part of a broader expansion.
Growing Competition in Prediction Markets
Binance.US would join a small group of federally licensed prediction market operators if approved. Kalshi and Polymarket US already run in this space, and Gemini received its own CFTC license earlier this year.
Coinbase has entered the market too, through a partnership with Kalshi that offers event contracts to US users. Robinhood has also discussed adding prediction market contracts from Crypto.com to its brokerage app, according to a recent Wall Street Journal report.
For Binance.US, the move is part of a larger recovery plan. Gregory has said he wants to rebuild the roughly 20% share of the US crypto exchange market the company once held before regulatory issues hurt its business.
Robinhood’s Event Contract Growth
Robinhood’s recent earnings show how fast this market is growing. The company reported $156 million in event contract revenue last quarter, more than 10 times what it made a year ago.
Customers traded over 13.6 billion event contracts during the quarter. This made event contracts Robinhood’s fastest growing source of transaction based revenue.
Robinhood’s crypto trading revenue actually fell 38% year over year. Still, event contracts and other products helped push total quarterly revenue to a record $1.31 billion.
Legal questions remain unresolved, though, even for licensed operators. Several states argue that sports related event contracts should fall under state gambling laws, regardless of federal oversight.
That disagreement grew louder this week. A federal judge in Wisconsin ruled against the CFTC’s request to block the state from enforcing its gambling laws on platforms including Kalshi, Polymarket, Crypto.com, Robinhood, and Coinbase.
Judge William Griesbach said the CFTC failed to show that sports contracts count as swaps under federal law. The CFTC plans to appeal the ruling.
Other courts have gone different directions. Minnesota temporarily blocked its own ban, while courts in New York, Michigan, and Washington sided with state enforcement in separate cases.
The CFTC is also reviewing changes to Rule 40.11, which would set a formal review process for event contracts tied to gaming, war, and other sensitive categories. Attorneys general from 44 states have asked the agency to withdraw the proposal.
Sports leagues are split on the topic as well. The NFL wants stronger safeguards and longer review periods, while the NHL and MLB have signed commercial deals with prediction market platforms.
The CFTC’s Division of Market Oversight also reminded exchanges this week that new event contracts need detailed legal analysis and settlement terms, rather than broad template filings.
The post Binance.US Seeks CFTC License to Enter Prediction Markets appeared first on Blockonomi.

TLDR
Visa CEO Ryan McInerney says the company will stay “multi-coin, multi-chain” and won’t back one stablecoin over others.
Open USD plans to launch later in 2026 with support from more than 140 companies, including Mastercard, Stripe, Coinbase, BlackRock and Google.
Visa introduced its own Stablecoin Platform on July 16, giving banks and fintechs access to mint, burn, store and transfer Open USD.
Visa’s stablecoin settlement activity hit an annualized run rate of about $7 billion as of March 2026.
Circle’s stock fell 17.5% on June 30, though index removals also played a role, making the exact cause hard to pin down.
Visa’s top executive said the payments company has no plans to pick a favorite stablecoin as a new competitor prepares to enter the market. Chief Executive Ryan McInerney made the comments during Visa’s fiscal third quarter earnings call on July 28.
McInerney said Visa will remain “multi-coin, multi-chain.” He explained that the company’s job is not to choose winners among stablecoins, but to help clients connect to whichever tokens and networks gain real use.
His remarks came as Open USD prepares for a launch later this year. The token is being built by an independent group called Open Standard, which counts more than 140 companies as backers.
Those backers include Mastercard, Stripe, Coinbase, BlackRock, BNY and Google. Visa is one of the group’s supporters, but McInerney’s comments suggest that support does not mean an exclusive deal.
What Open USD Offers That’s Different
Open Standard says businesses will be able to mint and redeem Open USD without fees or volume limits once it launches. Most of the revenue earned from the reserves backing the token would go back to the companies that adopt and distribute it.
This setup is different from how Tether and Circle run their stablecoins. Those companies control their own reserve management and keep the related profits for themselves.
Open Standard says an independent team and its partners will oversee Open USD’s governance instead. These are still planned features, since the token has not launched yet.
ARK Invest researcher Lorenzo Valente said partner support for Open USD may be “closer to a soft LOI than a strategic bet.” That is his own interpretation, not a term disclosed by Visa or Open Standard.
On @Visa earnings call, the company was asked whether OpenUSD would compete with @circle , @tether, and the established stablecoin players.
Visa’s response:
“Visa, going forward, will remain multi-coin, multi-chain. Our role is not to pick winners. Our role is to help clients…
— Lorenzo Valente (@LorenzoARK) July 28, 2026
Neither company has published details on how much money, distribution or balance sheet backing each partner is required to provide. The launch of Open USD has already raised questions elsewhere in the market.
Circle’s stock dropped 17.5% on June 30. Index removals from Russell also happened that day, so it is hard to say how much of the drop came from Open USD news alone.
Visa’s Own Stablecoin Platform
Visa’s clearest move so far is a product it launched itself. On July 16, the company rolled out the Visa Stablecoin Platform for banks, fintechs and crypto companies.
The platform currently gives users access to Open USD, including tools to mint, burn, store and transfer the token. It runs inside an environment managed by Visa.
Visa said the platform will also link up with its existing settlement, card and money movement services. This means it could support other stablecoins too, not just Open USD.
In June, Visa reported that its stablecoin settlement activity reached an annualized run rate of about $7 billion as of March 2026. That figure shows Visa is already active in this space beyond any single token.
Open Standard has not shared an exact launch date, starting supply or expected transaction volume for Open USD. Since the token is not live, there is no on-chain data yet to compare it with Tether or Circle’s coin.
The real test will come after launch, when it becomes clear whether Visa’s 140-plus partners actually build Open USD into their payment and trading products. Visa has already opened a path for the token through its own platform, but McInerney’s comments make clear the company plans to keep supporting rival tokens at the same time.
The post Visa Just Made a Big Move on Stablecoins, But There’s a Catch appeared first on Blockonomi.

TLDR
A new policy report urges South Korea to issue interim stablecoin licensing guidance before the Digital Asset Basic Act is finished.
Lawmakers are discussing a compromise where banks keep majority ownership of stablecoin issuers while fintech firms handle daily operations.
The Bank of Korea favors a bank-led model for stablecoin issuance, citing monetary and financial stability concerns.
The Financial Services Commission plans to combine ten pending digital asset proposals into one government-backed bill during 2026.
The report also calls for clear rules covering foreign-issued stablecoins offered to Korean users.
South Korea may introduce stablecoin rules before finishing its full digital asset law. This comes from a policy report published July 29 by Hashed Open Research and the Solana Policy Institute.
The report summarizes a June 23 symposium. Lawmakers, lawyers and industry representatives took part in the discussion.
It recommends a phased approach. This means interim guidance on licensing and payments while lawmakers keep working on a full market framework.
The recommendations are advisory only. They do not change any current law in South Korea.
Stablecoin Rules Could Arrive in Stages
Waiting for the complete Digital Asset Basic Act could leave businesses without clear rules. Companies issuing or using won-backed stablecoins need guidance sooner, the report says.
Bae, Kim & Lee partner Kim Hyo-bong pointed to the European Union as an example. The EU’s Markets in Crypto-Assets Regulation applied stablecoin rules starting June 30, 2024, six months before the rest of the framework kicked in.
That timeline supports the idea of rolling out stablecoin rules first. The rest of the crypto framework could follow later.
Bank Ownership Remains a Sticking Point
Democratic Party lawmaker Ahn Do-geol described a possible compromise. Banks would hold majority ownership of stablecoin issuers, while fintech partners would manage daily operations.
One structure under discussion would give banks more than 50% ownership. A fintech company could hold 34% along with management rights.
Supporters say this mixes bank oversight with tech expertise. Critics worry that strict bank control could limit competition in the space.
The Bank of Korea supports the bank-led approach. Officials have said easier conversion between the won and U.S. dollar stablecoins could complicate how they manage capital flows.
The Financial Services Commission told the National Assembly on July 29 that it plans to prepare one consolidated bill with the ruling Democratic Party. Ten separate digital asset and stablecoin proposals are currently pending.
No filing date or final wording has been announced yet. The regulator has not said when the combined bill will be ready.
The planned framework would cover stablecoin issuance, exchange conduct, disclosures, internal controls and system resilience. South Korea’s existing Virtual Asset User Protection Act only covers custody, unfair trading and customer safeguards right now.
That means rules for issuers and market structure are still missing. The report says this is the gap lawmakers need to fill next.
The report also raises questions about foreign stablecoins. It asks whether overseas issuers should need a local branch, meet reserve standards or get domestic approval before offering tokens to Korean users.
These details remain unsettled. The report’s suggestions are not current legal requirements.
South Korea has also outlined a wider roadmap. This includes foreign-exchange reforms, central bank digital currency pilots and tokenized government bonds alongside the stablecoin plan.
No parliamentary vote or implementation deadline has been set. The Financial Services Commission has confirmed only that it aims to combine the ten pending proposals into a government-backed bill sometime in 2026.
The post South Korea Report Urges Interim Stablecoin Rules Before Crypto Law appeared first on Blockonomi.

TLDR:
Atkins says the SEC will act on its own if the Clarity Act flounders in the Senate.
The bill lost momentum after clearing the House and Senate Banking Committee earlier.
Ethics provisions and stablecoin yield rules remain unresolved sticking points for Democrats.
Project Crypto’s rulemaking package offers a fallback bridge until legislation succeeds.
SEC Chair Paul Atkins said the agency will step in with its own crypto market rules if the Clarity Act flounders in Congress. Atkins told CNBC the SEC stands ready to provide that framework should the bill fail to clear the Senate.
He argued legislation remains the better path, since a statute cannot shift with every new administration. The bill has stalled after clearing two major hurdles already.
Bill Stalls Despite Early Momentum
The Clarity Act passed the House by a vote of 294-134 last July. It then cleared the Senate Banking Committee 15-9 in May, with nine Democrats opposed. That momentum has since faded as the bill sits without a floor vote. A full Senate vote requires 60 votes to succeed.
Senate Majority Leader John Thune said last week the bill likely will not clear the chamber before August recess. The Senate has since shelved the measure for the time being.
Some Senate Democrats object to ethics provisions covering officials’ crypto dealings. They argue the current language does not go far enough.
Whether stablecoins can pay yield also remains an open question. The Clarity Act would give the CFTC exclusive jurisdiction over spot digital commodity markets.
This shift would move most tokens outside the SEC’s regulatory reach. Atkins said he still expects Congress to pass the bill eventually.
The SEC continues offering technical assistance as lawmakers work through the text. Atkins repeated his support in a post on X on Tuesday.
I am committed to supporting Congress in advancing the CLARITY Act, including providing technical assistance.
American leadership in the digital finance revolution means matching the energy of American innovators with a regulatory framework worthy of them. pic.twitter.com/7JiHDUbLqS
— Paul Atkins (@SECPaulSAtkins) July 28, 2026
He wrote that he remains committed to helping Congress advance the legislation. His remarks come as the bill’s floundering raises pressure for a fallback plan.
Agency Already Building a Fallback
The SEC has already assembled part of an alternative framework on its own. Atkins’s Project Crypto initiative, announced in November, laid the groundwork for this effort.
It produced a Regulation Crypto rulemaking package now sitting on the agency’s 2026 agenda. Atkins has described this package as a bridge to the Clarity Act.
The package covers token registration exemptions and custody standards for digital assets. It also proposes a safe harbor for projects moving toward decentralization.
Broker-dealer custody rules and trading venue standards round out the plan. Each piece is designed to function even without new legislation.
Agency rulemaking still carries real limits compared to a statute. The SEC and CFTC issued joint guidance in March classifying 16 tokens as digital commodities.
Bitcoin and Ethereum were among the tokens named under that guidance. The classification was widely viewed as a stopgap ahead of formal legislation.
That guidance remains administrative rather than statutory in nature. A future administration could withdraw it without any congressional vote.
This exposure is why Atkins keeps pushing lawmakers toward permanent legislation. As the Clarity Act flounders, that vulnerability becomes harder for the market to ignore.
The post SEC Chair: SEC Will Set Its Own Crypto Rules if Clarity Act Stalls appeared first on Blockonomi.

TLDR:
AI Bubble risk grows as oil prices threaten to raise computation costs.
US restrictions on Anthropic’s models expose foreign users to sudden access loss.
Chinese open-source AI models cost far less than premium US alternatives.
Cheaper alternatives threaten the high-margin pricing US AI firms depend on.
The AI bubble could face a sharp correction, according to Arthur Hayes, co-founder of BitMEX. In an interview with Bonnie Blockchain on June 26, 2026, Hayes outlined three factors that could trigger a downturn in artificial intelligence valuations.
His comments touched on energy costs, government policy, and the growing appeal of open-source alternatives. Hayes framed these issues as interconnected risks facing the sector.
Oil Prices Could Strain AI Computing Costs
Hayes pointed to rising oil prices as one risk to the AI bubble. He noted that geopolitical tensions, including a possible US-Iran conflict, could push oil prices markedly higher within four to six months. Such an increase would raise energy costs across the board.
AI computation relies heavily on energy-intensive data centers. Higher oil prices would translate into higher operating costs for companies running large-scale AI models. This dynamic could test whether current AI investments can withstand a sustained rise in energy expenses.
Hayes suggested that many portfolios built around AI growth assumptions may not have accounted for this variable.
If energy costs climb sharply, the profitability models underlying many AI firms could come under pressure. This remains one of the more immediate risks he described.
Government Policy Adds Uncertainty for Users
The politicization of AI development is another factor Hayes raised. He cited the US government’s restrictions on Anthropic’s Mythos and Fable models as an example, which limited access to American users and, at times, within the company itself. Hayes described this as evidence of how policy decisions can disrupt access without warning.
This kind of restriction creates uncertainty for non-US companies and individuals who depend on these models. A sudden policy shift could cut off service entirely, regardless of a user’s payment status or business needs. Hayes argued that this vulnerability is not fully priced into current AI valuations.
For foreign users, the risk of losing access to premium AI tools introduces an added layer of caution. Businesses built around continuous AI service may need contingency plans. Hayes suggested this uncertainty could shape how companies choose their AI providers going forward.
Open-Source Models Threaten Premium Pricing
Hayes also addressed the shift toward open-source AI models, many of which originate from Chinese developers. He said these models often cost roughly one-tenth of comparable US offerings while delivering similar performance. This price gap could draw users away from proprietary systems.
Open-source models also give users greater control over their own data, according to Hayes. This appeals to companies and individuals wary of relying on closed systems tied to a single government’s regulatory decisions. Cost and control together make these alternatives increasingly attractive.
Hayes concluded that this shift threatens the pricing power of US AI companies. Many of these firms depend on high margins to justify their valuations. A move toward cheaper, self-hosted alternatives could pressure that business model over time.
The post AI Bubble Faces Three Threats, Warns BitMEX Co-Founder Arthur Hayes appeared first on Blockonomi.

TLDR
Fortinet stock jumps 11% after hours as second-quarter growth beats expectations
Product revenue climbs 52% as demand strengthens across security platforms globally
Quarterly revenue rises 26% to $2.05 billion on stronger product sales momentum
Billings increase 33% to $2.37 billion as customer security spending accelerates
Fortinet keeps 2026 guidance firm with annual revenue projected above $8.02 billion
Fortinet (FTNT) stock rose 2.16% to close at $153.22, then surged 11.00% after hours to $170.08. The move followed strong second-quarter growth across revenue, product sales, billings, earnings, and cash generation. Demand for integrated cybersecurity platforms strengthened as enterprises expanded network, cloud, endpoint, and security operations spending.
Fortinet, Inc., FTNT
Fortinet Revenue and Earnings Accelerate
Fortinet reported second-quarter revenue of $2.05 billion, representing 26% growth from the previous year. Product revenue climbed 52% to $773 million, reflecting stronger demand for hardware and integrated security systems. Meanwhile, billings increased 33% to $2.37 billion, showing continued customer spending and contract activity.
The company posted a 34% GAAP operating margin and a 38% non-GAAP operating margin. GAAP earnings per share rose 44% to $0.82, while adjusted earnings increased 41% to $0.90. Therefore, Fortinet converted faster sales growth into stronger profitability during the quarter.
Operating cash flow reached $1.04 billion, while free cash flow totaled $966 million. These results gave Fortinet additional capacity to fund development, partnerships, and product expansion. At the same time, the cash performance supported Fortinet stock’s sharp after-hours rally following the earnings release.
Cybersecurity Products Expand Fortinet’s Market Reach
Fortinet expanded its platform during the quarter through new firewall, endpoint, and security operations products. The FortiGate 1200G series combined local enforcement with cloud-delivered security for hybrid infrastructure and sovereignty requirements. In addition, FortiSOC brought six security operations functions into one cloud-delivered platform.
FortiEndpoint also combined several endpoint security tools into one agent for simpler risk management. The product targets teams managing data protection, device security, and broader technology adoption. Together, these launches strengthened Fortinet’s position across networking, endpoint protection, and security operations.
Fortinet also started a strategic collaboration with Intel to develop its sixth-generation security processor. The agreement combines Fortinet’s processor knowledge with Intel’s design, packaging, development, and manufacturing capabilities. Consequently, Fortinet expects faster processor development and a more resilient global supply chain.
Fortinet Guidance Supports Continued Growth
For the third quarter, Fortinet projected revenue between $2.01 billion and $2.10 billion. The company expects billings between $2.25 billion and $2.35 billion during the same period. It also forecast adjusted earnings between $0.83 and $0.87 per diluted share.
Fortinet expects a third-quarter non-GAAP gross margin between 79% and 81%. It also projected a non-GAAP operating margin between 35% and 37%. These ranges indicate management expects profitability to remain high as revenue and billings continue growing.
For 2026, Fortinet forecast revenue between $8.02 billion and $8.18 billion. The company expects annual billings between $9.35 billion and $9.55 billion. It projected adjusted earnings between $3.41 and $3.47 per share, alongside service revenue above $5.18 billion.

The post Fortinet (FTNT) Stock: Surge as Q2 Product Revenue Jumps 52% and Cybersecurity Demand Accelerates appeared first on Blockonomi.

TLDR
Fortinet stock jumps 11% after hours as second-quarter growth beats expectations
Product revenue climbs 52% as demand strengthens across security platforms globally
Quarterly revenue rises 26% to $2.05 billion on stronger product sales momentum
Billings increase 33% to $2.37 billion as customer security spending accelerates
Fortinet keeps 2026 guidance firm with annual revenue projected above $8.02 billion
Fortinet (FTNT) stock rose 2.16% to close at $153.22, then surged 11.00% after hours to $170.08. The move followed strong second-quarter growth across revenue, product sales, billings, earnings, and cash generation. Demand for integrated cybersecurity platforms strengthened as enterprises expanded network, cloud, endpoint, and security operations spending.
Fortinet, Inc., FTNT
Fortinet Revenue and Earnings Accelerate
Fortinet reported second-quarter revenue of $2.05 billion, representing 26% growth from the previous year. Product revenue climbed 52% to $773 million, reflecting stronger demand for hardware and integrated security systems. Meanwhile, billings increased 33% to $2.37 billion, showing continued customer spending and contract activity.
The company posted a 34% GAAP operating margin and a 38% non-GAAP operating margin. GAAP earnings per share rose 44% to $0.82, while adjusted earnings increased 41% to $0.90. Therefore, Fortinet converted faster sales growth into stronger profitability during the quarter.
Operating cash flow reached $1.04 billion, while free cash flow totaled $966 million. These results gave Fortinet additional capacity to fund development, partnerships, and product expansion. At the same time, the cash performance supported Fortinet stock’s sharp after-hours rally following the earnings release.
Cybersecurity Products Expand Fortinet’s Market Reach
Fortinet expanded its platform during the quarter through new firewall, endpoint, and security operations products. The FortiGate 1200G series combined local enforcement with cloud-delivered security for hybrid infrastructure and sovereignty requirements. In addition, FortiSOC brought six security operations functions into one cloud-delivered platform.
FortiEndpoint also combined several endpoint security tools into one agent for simpler risk management. The product targets teams managing data protection, device security, and broader technology adoption. Together, these launches strengthened Fortinet’s position across networking, endpoint protection, and security operations.
Fortinet also started a strategic collaboration with Intel to develop its sixth-generation security processor. The agreement combines Fortinet’s processor knowledge with Intel’s design, packaging, development, and manufacturing capabilities. Consequently, Fortinet expects faster processor development and a more resilient global supply chain.
Fortinet Guidance Supports Continued Growth
For the third quarter, Fortinet projected revenue between $2.01 billion and $2.10 billion. The company expects billings between $2.25 billion and $2.35 billion during the same period. It also forecast adjusted earnings between $0.83 and $0.87 per diluted share.
Fortinet expects a third-quarter non-GAAP gross margin between 79% and 81%. It also projected a non-GAAP operating margin between 35% and 37%. These ranges indicate management expects profitability to remain high as revenue and billings continue growing.
For 2026, Fortinet forecast revenue between $8.02 billion and $8.18 billion. The company expects annual billings between $9.35 billion and $9.55 billion. It projected adjusted earnings between $3.41 and $3.47 per share, alongside service revenue above $5.18 billion.

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TLDR
Microsoft shares rebound 2.51% after hours to $400.35 following Q4 earnings
Quarterly revenue rises 18% to $90 billion as cloud sales strengthen further
Azure revenue grows 43% and tops $100 billion for the full 2026 fiscal year
GAAP net income climbs 31% to $35.8 billion while diluted EPS reaches $4.81
Windows and Xbox revenue decline while Microsoft cloud demand remains strong
Microsoft Corp. (MSFT) stock fell 0.71% to $390.54, then rose 2.51% after hours to $400.35 following quarterly results. Fourth-quarter revenue reached $90.0 billion, while rapid Azure growth supported the rebound. However, weaker Windows and Xbox revenue showed mixed performance across Microsoft’s wider business.
Microsoft Corporation, MSFT
Microsoft Q4 Revenue and Earnings Rise
Microsoft reported an 18% revenue increase for its fiscal fourth quarter ended June 30, 2026. Operating income rose 18% to $40.6 billion, while GAAP net income increased 31% to $35.8 billion. GAAP diluted earnings per share climbed 32% to $4.81, beating management’s earlier forecast.
Non-GAAP net income advanced 22% to $35.3 billion, while adjusted diluted earnings reached $4.74. Several discrete items added $0.27 to diluted earnings per share versus Microsoft’s April guidance. These included an Anthropic investment gain and lower retirement costs, partly offset by severance expenses.
Microsoft also recorded Xbox impairment charges, which reduced part of the quarterly earnings benefit. After adjustments, revenue, operating income, and diluted earnings per share still exceeded Microsoft’s expectations. Strong cloud sales helped Microsoft expand profit while maintaining substantial investment in data infrastructure.
Azure Growth Drives Microsoft Cloud Results
Azure and other cloud services revenue grew 43%, leading Microsoft’s main business lines. Microsoft Cloud revenue increased 27% to $59.3 billion as demand for infrastructure and software remained strong. Commercial remaining performance obligations jumped 84% to $678 billion, expanding Microsoft’s contracted revenue base.
Azure surpassed $100 billion in annual revenue for the first time during fiscal 2026. Microsoft 365 Copilot also exceeded 30 million paid seats as companies expanded workplace automation use. These gains strengthened Microsoft’s position across cloud infrastructure, productivity software, and artificial intelligence services.
Intelligent Cloud revenue rose 32% to $39.3 billion, making it Microsoft’s fastest-growing operating segment. Productivity and Business Processes revenue increased 14% to $37.8 billion, supported by Microsoft 365 and LinkedIn. Dynamics 365 revenue grew 13%, while Microsoft 365 Consumer cloud revenue advanced 24%.
Full-Year Profit Rises Despite Gaming Weakness
More Personal Computing revenue declined 4% to $12.9 billion as Windows and gaming weakened. Windows OEM and Devices revenue fell 7%, while Xbox content and services revenue dropped 10%. Search advertising revenue excluding traffic acquisition costs increased 10%, partly limiting the segment decline.
For fiscal 2026, Microsoft generated $331.8 billion in revenue, an 18% annual increase. Operating income climbed 21% to $155.2 billion, while GAAP net income rose 31% to $133.7 billion. GAAP diluted earnings per share increased 32% to $17.95, reflecting stronger companywide profitability.
Microsoft produced $55.4 billion in quarterly operating cash flow and $182.9 billion for the full year. Property and equipment additions reached $35.8 billion during the quarter and $115.9 billion during fiscal 2026. The company returned $10.2 billion through dividends and share repurchases while funding continued infrastructure expansion.

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TLDR
Robinhood shares dropped after hours despite strong second-quarter growth in Q2.
Q2 revenue climbed 32% to $1.31 billion as trading activity reached records.
Net income surged 48% to $573 million, while diluted EPS increased to $0.62.
Crypto revenue fell 38% even as options and equities revenue increased sharply.
Platform assets reached $369 billion while Gold subscribers hit 4.8 million.
Robinhood (HOOD) stock fell 3.15% to close at $89.84, then dropped 4.09% after hours to $86.17. The decline followed second-quarter results showing strong revenue, profit, account growth, and trading activity. However, weaker cryptocurrency revenue and higher operating costs weighed on the after-hours response.
Robinhood Markets, Inc., HOOD
Robinhood Stock Falls Despite Revenue Growth
Robinhood reported total net revenue of $1.31 billion, representing a 32% increase from the previous year. Transaction-based revenue climbed 44% to $776 million, supported by options, equities, and event contracts. Meanwhile, cryptocurrency revenue fell 38% to $100 million and partly offset stronger trading results elsewhere.
Net interest revenue rose 9% to $389 million as interest-earning assets expanded across the platform. Other revenue increased 54% to $143 million, supported by subscriptions and Trump Account service fees. These gains helped Robinhood produce broader revenue growth across several business lines during the quarter.
Net income increased 48% to $573 million, while diluted earnings reached $0.62 per share. The results included $129 million in gains linked mainly to Robinhood Ventures Fund I deconsolidation. Adjusted EBITDA rose 35% to $741 million, while total buybacks reached $1.3 billion since Q3 2024.
Customer Assets and Trading Volumes Reach Records
Funded customers increased 7% to 28.4 million, while investment accounts rose 9% to 29.9 million. Total platform assets advanced 32% to $369 billion, supported by deposits and higher equity valuations. Robinhood also recorded $21.7 billion in quarterly net deposits, equal to a 28% annualized growth rate.
Robinhood Gold subscribers increased 39% to 4.8 million, while average revenue per user rose 24% to $187. Retirement assets climbed 82% to $34.5 billion, and the margin book expanded 127% to $21.6 billion. Cash and deposits also reached $18.7 billion after increasing 34% from the previous year.
Equity trading volume jumped 85% to a record $956 billion during the second quarter. Options contracts increased 50% to 774 million, while event contracts exceeded 13.6 billion. Crypto trading volume totaled $40 billion, including $22 billion from Bitstamp and $18 billion through Robinhood.
New Products Expand Robinhood’s Business Mix
Robinhood Legend surpassed $100 million in annualized revenue about 18 months after its customer rollout. The company also said nearly 100,000 customers opened Agentic Trading accounts holding over $100 million. Prediction markets expanded through Rothera, its exchange venture with Susquehanna International Group.
The Robinhood Gold Card passed one million customers and reached $17 billion in annualized purchase volume. Robinhood Banking held more than $3 billion in deposits from over 240,000 funded customers. Robinhood Strategies also reached nearly $2 billion in managed assets across more than 300,000 customers.
International funded customers exceeded one million as Robinhood expanded its global financial services footprint. The company completed its WonderFi acquisition and launched Robinhood Chain’s public mainnet for financial applications. It also added stock tokens, decentralized lending, European perpetual futures, and planned United Kingdom cryptocurrency services.

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TLDR
Starbucks global comparable sales rose 7.9% as customer traffic strengthened.
North America revenue climbed 7% to $7.4 billion on stronger overall store demand.
GAAP earnings per share jumped 86% to $0.91 during the fiscal third quarter.
International margins widened sharply despite lower revenue after the China deal.
SBUX gained 6.83% after hours as stronger sales and margins lifted sentiment.
Starbucks (SBUX) shares reported stronger comparable sales and earnings for its fiscal third quarter ended June 28, 2026. SBUX closed at $104.14, up 1.01%, then surged 6.83% after hours to $111.25. Improved traffic, higher customer spending, and wider margins supported the post-market advance.
Starbucks Corporation, SBUX
Global Comparable Sales Rise 7.9%
Global comparable store sales increased 7.9% during Starbucks’ fiscal third quarter. Comparable transactions rose 4.2%, while average ticket increased 3.5%. Therefore, the company recorded balanced growth from customer visits and spending across major markets.
North America comparable sales increased 8.1% during the quarter. Transactions climbed 4.5%, while average ticket rose 3.5%. United States comparable sales advanced 7.9% on higher traffic and spending.
International comparable sales increased 5.7% from the previous year. Transactions rose 2.6%, while average ticket increased 3.1%. Starbucks also opened 175 net new stores and ended the quarter with 41,304 locations worldwide.
North America Revenue Reaches $7.4 Billion
North America revenue increased 7% to $7.4 billion during the quarter. Higher company-operated store sales supported the increase across delivery, food, and customized beverages. Those gains reflected stronger customer demand and improved store activity throughout the quarter.
North America operating income increased 10% to $1.0 billion. Operating margin expanded 30 basis points to 13.6% from 13.3% one year earlier. Sales leverage and lower inflation helped offset labor spending and restructuring costs.
The company ended the quarter with 18,371 North American stores. That total fell 2% from the previous year after store closures and portfolio adjustments. United States stores represented 41% of Starbucks’ global portfolio, with 16,933 locations.
Earnings and Margins Strengthen
Consolidated net revenue decreased 1% to $9.3 billion, but GAAP operating margin expanded 60 basis points to 10.5%. Meanwhile, non-GAAP operating margin increased 430 basis points to 14.4%. Lower inflation, sales leverage, and tariff refunds supported the stronger profitability.
GAAP earnings per share rose 86% to $0.91, while non-GAAP earnings increased 70% to $0.85. Starbucks also used China sale proceeds to repurchase about $1.3 billion of outstanding notes. The licensed joint venture model reduced international revenue 34% but expanded the segment’s margin by 550 basis points.
Channel Development revenue increased 22% to $587.9 million, while operating income rose 40% to $306.2 million. The segment’s operating margin expanded 700 basis points, supported by alliance growth and tariff refunds. Starbucks continues its Back to Starbucks plan, targeting stronger service, store execution, customer connection, and long-term value.

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TLDR
Meta shares plunged 6.25% after hours despite a strong 28% revenue increase.
Quarterly costs surged 55% as legal and severance charges pressured profit.
Net income fell 14% while diluted earnings declined 13% to $6.18 per share.
Capital spending reached $31.08 billion and reduced free cash flow sharply.
Advertising stayed strong as impressions rose 14% and ad prices gained 12%.
Meta Platforms (META) stock sank after hours as surging costs and weaker profits overshadowed sharp second-quarter revenue growth across its businesses. Shares fell 1.31% to close at $585.61, then plunged another 6.25% after hours to $549.00 following Wednesday’s earnings release. Although advertising strengthened, higher legal charges, severance expenses, and capital spending weighed heavily on the company’s quarterly financial performance.
Meta Platforms, Inc., META
Revenue Growth Fails to Offset Profit Pressure
Meta generated second-quarter revenue of $60.80 billion, marking a 28% increase from $47.52 billion during the comparable previous-year quarter. On a constant-currency basis, revenue rose 27%, confirming broad expansion across the company’s major global markets and advertising operations. Meanwhile, advertising demand remained firm as impressions increased 14% and average prices per advertisement climbed 12% from last year.
Total costs and expenses surged 55% to $42.03 billion, far exceeding the company’s revenue growth rate during the quarter. Meta recorded $2.40 billion in legal charges and $1.18 billion in severance expenses connected with recent workforce restructuring actions. These items followed the May 2026 workforce reduction and placed significant pressure on operating earnings, margins, and quarterly profitability.
Operating income fell 8% to $18.78 billion, while the reported operating margin narrowed sharply to 31% from 43%. Net income declined 14% to $15.85 billion, compared with $18.34 billion reported during the same quarter one year earlier. Diluted earnings also dropped 13% to $6.18 per share, highlighting how accelerating expenses weakened quarterly profitability and earnings quality.
Capital Spending Restrains Free Cash Flow
Meta committed $31.08 billion to capital expenditures, including principal payments connected with finance leases and companywide infrastructure expansion projects. The company continued expanding data centers, computing capacity, and systems supporting advertising, consumer products, and future enterprise opportunities worldwide. As a result, free cash flow reached only $784 million despite operating cash flow totaling $31.86 billion for the quarter.
Meta ended June with $90.26 billion in cash, equivalents, and marketable securities, supporting continued investment and operating flexibility. Long-term debt reached $83.66 billion, while the company returned $1.35 billion through dividends and related dividend-equivalent payments during the quarter. Therefore, Meta retained substantial liquidity, although expanding debt and investment commitments increased demands across its balance sheet.
Family daily active people averaged 3.60 billion in June, representing a 3% increase from the same month last year. Meta reported 75,472 employees, down 1%, while still counting about 8,000 workers affected by the May reduction. The company expects most affected employees to leave during the third quarter as it tightens workforce management and controls costs.

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TLDR
Meta shares plunged 6.25% after hours despite a strong 28% revenue increase.
Quarterly costs surged 55% as legal and severance charges pressured profit.
Net income fell 14% while diluted earnings declined 13% to $6.18 per share.
Capital spending reached $31.08 billion and reduced free cash flow sharply.
Advertising stayed strong as impressions rose 14% and ad prices gained 12%.
Meta Platforms (META) stock sank after hours as surging costs and weaker profits overshadowed sharp second-quarter revenue growth across its businesses. Shares fell 1.31% to close at $585.61, then plunged another 6.25% after hours to $549.00 following Wednesday’s earnings release. Although advertising strengthened, higher legal charges, severance expenses, and capital spending weighed heavily on the company’s quarterly financial performance.
Meta Platforms, Inc., META
Revenue Growth Fails to Offset Profit Pressure
Meta generated second-quarter revenue of $60.80 billion, marking a 28% increase from $47.52 billion during the comparable previous-year quarter. On a constant-currency basis, revenue rose 27%, confirming broad expansion across the company’s major global markets and advertising operations. Meanwhile, advertising demand remained firm as impressions increased 14% and average prices per advertisement climbed 12% from last year.
Total costs and expenses surged 55% to $42.03 billion, far exceeding the company’s revenue growth rate during the quarter. Meta recorded $2.40 billion in legal charges and $1.18 billion in severance expenses connected with recent workforce restructuring actions. These items followed the May 2026 workforce reduction and placed significant pressure on operating earnings, margins, and quarterly profitability.
Operating income fell 8% to $18.78 billion, while the reported operating margin narrowed sharply to 31% from 43%. Net income declined 14% to $15.85 billion, compared with $18.34 billion reported during the same quarter one year earlier. Diluted earnings also dropped 13% to $6.18 per share, highlighting how accelerating expenses weakened quarterly profitability and earnings quality.
Capital Spending Restrains Free Cash Flow
Meta committed $31.08 billion to capital expenditures, including principal payments connected with finance leases and companywide infrastructure expansion projects. The company continued expanding data centers, computing capacity, and systems supporting advertising, consumer products, and future enterprise opportunities worldwide. As a result, free cash flow reached only $784 million despite operating cash flow totaling $31.86 billion for the quarter.
Meta ended June with $90.26 billion in cash, equivalents, and marketable securities, supporting continued investment and operating flexibility. Long-term debt reached $83.66 billion, while the company returned $1.35 billion through dividends and related dividend-equivalent payments during the quarter. Therefore, Meta retained substantial liquidity, although expanding debt and investment commitments increased demands across its balance sheet.
Family daily active people averaged 3.60 billion in June, representing a 3% increase from the same month last year. Meta reported 75,472 employees, down 1%, while still counting about 8,000 workers affected by the May reduction. The company expects most affected employees to leave during the third quarter as it tightens workforce management and controls costs.

The post Meta Platforms, Inc. (META) Stock: Sinks as Costs Surge 55% and Revenue Jumps 28% appeared first on Blockonomi.