Three separate clocks are running out this week. Senate Majority Leader John Thune now says the Clarity Act won’t make it through the Senate before the August 7 recess. Strategy tore up the formula it has used for years to explain its bitcoin holdings to shareholders. Coinbase confirmed it will report earnings the same day Strategy does, both companies walking into July 30 from a stock price well off their highs.
Thune Says Clarity Act Will Miss Its Pre-Recess Deadline
Senate Majority Leader John Thune told reporters Thursday, July 23, that the Digital Asset Market Clarity Act will not find runway to pass before the Senate’s August recess, missing the August 7 deadline industry negotiators had targeted as the last realistic window for 2026 passage. Thune said he still wants to “at least get Clarity started” on the floor before senators leave town, which would preserve a narrow path through a September floor session. White House crypto adviser Patrick Witt told CoinDesk he still believes the first week of August has potential, putting him at odds with the chamber’s own leadership on timing.
The delay traces back to the ethics provision restricting senior officials, including Trump, from issuing or promoting crypto. A working draft circulated the week of July 20 makes that provision sunset in 2029, a compromise that has not satisfied the Democrats whose votes the bill needs. The Senate needs roughly 10 Democratic votes to clear the 60-vote threshold, and senators aligned with Elizabeth Warren have held firm in opposition through months of negotiation while others continue negotiating directly with Republicans. The bill cleared the Senate Banking Committee 15-9 back on May 14 and has sat on the Legislative Calendar since June 1, neither of which guarantees floor support. Reporting via CoinDesk.
Strategy Replaces mNAV With ‘Net BTC Per Share’ Days Before Earnings
Strategy Inc. (Nasdaq: MSTR) rolled out a new set of bitcoin-native metrics on July 24, retiring the gross-holdings version of mNAV it has used for years. The new framework starts from a Net Reserve figure of $36.6 billion, built by taking the company’s $55.6 billion bitcoin reserve plus $3.2 billion in USD reserves, then subtracting roughly $22.3 billion in convertible debt and preferred stock obligations that rank ahead of common shareholders. Dividing what’s left by shares outstanding produces Net BTC Per Share, and the new mNAV compares MSTR’s stock price against that net figure rather than the old gross one.
The company’s holdings themselves did not change: 843,775 BTC, acquired at an aggregate cost of $63.69 billion, an average of $75,476 per coin. What changed is which number investors are supposed to look at. Head of investor relations Chaitanya Jain said in a company-produced video that the metrics needed to “evolve” as Strategy shifts “from an era of convertible debt to now a focus on digital credit.” Under the new formula mNAV reads at 1.02x. Under the old formula, gross bitcoin per share made the stock look discounted; net of the $22.3 billion in senior claims, it does not. MSTR shares fell 6.4 percent to $93 the day the change was announced. STRC, the preferred stock CEO Phong Le has tied future bitcoin purchases to, remains near $85, still short of its $100 par value. Strategy reports second-quarter earnings July 30. Filings on SEC EDGAR.
Coinbase Confirms July 30 Earnings Date as Stock Sits Near Its 52-Week Low
Coinbase Global Inc. (Nasdaq: COIN) confirmed it will report second-quarter results on Thursday, July 30, after market close, with a live question and answer session on X the same afternoon. The stock closed at $158.29 on July 24, down roughly 36 percent year to date and sitting closer to its 52-week low of $139.18 than to any current analyst price target. Consensus estimates call for earnings of about $0.31 per share, up from $0.12 in the year-ago quarter, against a backdrop where bitcoin fell roughly 14 percent and ether roughly 25 percent between April and June.
One number moving in Coinbase’s favor: its global spot market share climbed to approximately 8 percent in the second quarter, up from 6 percent in the first, according to a Benchmark note reiterating a Buy rating ahead of the print. That is Benchmark’s data point, not an independently verified figure. Coinbase’s non-trading revenue, subscription services and its share of USDC-linked income, is the line analysts say will matter more than the headline print, since spot trading volume has now declined for three consecutive quarters industry-wide. Earnings date via StockTitan.
July 30 Brings Strategy Earnings, Coinbase Earnings, and a Possible Clarity Act Floor Start
Strategy’s Q2 call, July 30: the first chance to hear management address the new Net BTC Per Share framework directly, and whether CEO Phong Le’s STRC-par condition for resuming bitcoin purchases still holds.
Coinbase’s Q2 call, also July 30: watch non-trading and USDC-linked revenue against a backdrop of declining industry-wide spot volume, and any management commentary on the Clarity Act’s stalled timeline.
Clarity Act floor action: whether Thune actually brings the bill to the floor before recess as a symbolic first step, and whether Patrick Witt’s more optimistic August timeline holds up against the Majority Leader’s own public expectations.
Sources
- CoinDesk: Clarity Act Expected to Miss Its Window Before Congress’ Summer Break, Leadership Says, July 23, 2026
- CoinDesk: New Clarity Act Emerges That’s a Start on the Final Draft, Makes Ethics Rule Temporary, July 22, 2026
- CoinDesk: Saylor and Team Overhaul Strategy’s Bitcoin Metrics as Bear Market Persists, July 24, 2026
- SEC EDGAR: Strategy Inc. Form 8-K, filed July 13, 2026
- StockTitan: Coinbase Announces Date of Second Quarter 2026 Financial Results, July 2026
- FinanceFeeds: Coinbase (COIN) Stock: The Bull and Bear Case Into Q2 Earnings, July 26, 2026
Editorial Disclosure
This roundup is based entirely on publicly available information including SEC filings, named wire and policy-tracking sources, company-published investor materials, and financial news reporting. Securities and entities discussed include Strategy Inc. (Nasdaq: MSTR) and Coinbase Global Inc. (Nasdaq: COIN). aktiego.com has not received any compensation from any company, IR firm, or third party mentioned. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication. The Digital Asset Market Clarity Act has not passed the Senate, has not been reconciled with the House-passed version, and has not been signed into law; Senate Majority Leader Thune’s July 23, 2026 comments represent his stated expectation, not a confirmed legislative outcome, and White House adviser Patrick Witt’s more optimistic timeline is his own stated view. Strategy’s bitcoin holdings and the mechanics of its new Net BTC Per Share and mNAV framework are sourced to the company’s own July 24, 2026 investor materials and explanatory video; the $63.69 billion aggregate cost figure is sourced to Strategy’s Form 8-K filed with the SEC on July 13, 2026. Coinbase’s July 30, 2026 earnings date and Q&A format are drawn from the company’s own confirmed announcement. Benchmark’s spot-market-share figure and rating are that firm’s analysis, not independently verified by aktiego.com or confirmed by Coinbase. Digital assets and crypto-linked equities carry significant investment risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.
