Recent numbers tell a mixed story. In Q2 2025, net operating EPS was $0.12, missing estimates by nearly 90% and down 88.8% year-over-year (YoY) due to rising costs. Total trading volume reached $237 million, up 4.9% from last year, and revenue rose 3.2% to $1.5 billion, just shy of expectations. Transaction revenue fell 2.1% to $764.3 million as consumer and institutional activity cooled a bit, while subscription and services revenue grew 9.5% to $655.8 million, helped by stronger stablecoin income.Even so, ...