Crypto-linked equities suffered a sharp pullback this week amid a deepening cryptocurrency downturn, following disappointing earnings from industry leaders Coinbase and Robinhood. Both companies reported revenues that fell short of expectations, sending their shares lower and underscoring continued caution across the digital asset sector.

With market sentiment subdued and crypto prices under pressure, attention now turns to three crypto-related stocks scheduled to report key updates next week: Strategy (MSTR), Circle Internet Group (CRCL), and MARA Holdings (MARA). Their results and disclosures will offer a fresh read on how companies tied to Bitcoin, stablecoins, and crypto infrastructure are navigating the latest slowdown.

Strategy (MSTR) Faces Scrutiny Over Capital Raises and Q2 Loss

Michael Saylor's Strategy is expected to be a closely watched name when the company discloses its latest capital market activity. In its report for the prior week, the company indicated it had raised more than $400 million through share dilution.

The company has drawn heightened attention after its preferred shares fell sharply below par value. In response, Strategy has sold over $200 million worth of Bitcoin while continuing to raise cash through further dilution. The company stated this week that it intends to keep raising capital to strengthen its balance sheet.

An analysis suggested the company could liquidate assets exceeding $5 billion, an outlook that followed the disclosure of a second-quarter loss surpassing $8 billion. On the technical side, MSTR is trading below its 50-day moving average and is forming what chart analysts describe as a bearish pennant pattern—typically associated with further downward pressure. For investors tracking the stock, next week's update matters because it will show how Strategy is balancing Bitcoin exposure, capital raising, and shareholder dilution while markets remain volatile.

Circle Internet (CRCL) Prepares Earnings Release Amid USDC Contraction

Circle's stock has experienced a prolonged sell-off, falling from a record high of $300 to approximately $62. Over the same period, the market capitalization of USDC declined from roughly $80 billion to about $71 billion, reflecting broader headwinds for the stablecoin issuer.

Circle is set to report its second-quarter financial results. Consensus estimates point to a modest 9% year-over-year revenue increase to $717 million. Analysts also expect a significant improvement in profitability, with earnings per share projected to swing from a $4.48 loss to a $0.16 profit.

Beyond the earnings, the company is expected to share additional details about its Arc layer-1 blockchain network. Arc, which has raised over $200 million from investors, aims to establish a presence in the payments segment. The project enters a competitive landscape that includes Robinhood Chain, which has accumulated more than $400 million in total value locked, as well as Coinbase's Base network and Kraken's Ink. That makes the report important not only for Circle's near-term financial results, but also for gauging how much traction its broader network ambitions may be gaining.

MARA Holdings (MARA) to Report Earnings Amid AI Pivot

MARA Holdings, a leading Bitcoin miner undergoing a strategic shift toward AI data centers, will also report earnings next week. The release comes at a challenging time for the mining sector, with elevated power costs and softer Bitcoin prices weighing on profitability. Bitcoin has declined from a record high of $126,300 to approximately $64,000.

As part of its transition into AI infrastructure, MARA has sold more than $1 billion in Bitcoin assets. The company recently reached an agreement with HIF to acquire hundreds of acres of land in Texas for the development of a large-scale data center.

Analysts expect the upcoming report to show a 12% revenue decline to $209 million, driven by the strategic pivot and falling cryptocurrency prices. Investors will be closely watching the company's capital expenditure guidance for further insight into its transformation plans, particularly because execution on the data-center buildout will help indicate how quickly MARA can advance beyond its core mining exposure.