Snail reports Q2 EPS (44c) vs 6c last year

Reports Q2 bookings $27.1M vs $22.9M last year. Company co-Chief Executive Officer Hai Shi commented: “The second quarter marked a pivotal and transformative period for Snail (SNAL), highlighted by our official announcement to develop and launch our own proprietary stablecoin. This strategic initiative represents a significant evolution in our business model, aligning with both our long-term vision and broader momentum in digital financial innovation. Our decision to enter the stablecoin space was both timely and intentional, catalyzed by the recent passage of the GENIUS Act. This legislation has begun to establish a formal regulatory foundation for stablecoins, offering a clearer framework that supports innovation while fostering trust and transparency, creating an ideal environment to develop a fully compliant digital asset. Beyond its role in the broader financial ecosystem, we envision our stablecoin unlocking a wide range of external use cases – delivering secure, compliant, and scalable solutions that address key gaps in today’s digital asset payment landscape. Importantly, we see strong potential to integrate stablecoin functionality within our core gaming business, offering long-term opportunities to enhance game economies and facilitate seamless transactions. To that end, we’ve taken deliberate steps to set this initiative up for success, beginning with the retainment of strategic consultant partners and legal advisors. We are actively building the technological infrastructure and compliance architecture required to support a robust, scalable, and secure stablecoin ecosystem. We also recently entered into an at-the-market offering agreement, marking the beginning of our capital formation strategy to build the reserve backing needed for our stablecoin initiative. We remain committed to providing consistent market updates to foster transparent communications with our shareholders as we work toward the successful long-term launch of our stablecoin.”