Industry

LG Energy Solution posts Q2 operating profit of 113.3 billion won, down 77 percent year on year

LG Energy Solution said on Tuesday it posted second-quarter revenue of 7.56 trillion won and operating profit of 113.3 billion won. Revenue rose 24.8 percent from a year earlier, while operating profit fell 77 percent. The operating profit includes the effect of U.S. Inflation Reduction Act production subsidies. The company received 241.0 billion won in tax credits in the quarter; excluding them, it would have posted an operating loss of 127.7 billion won.

Crypto

Strive buys 17.76 bitcoin in sharp selloff, raising questions over dividend burden

Asset manager Strive bought an additional 17.76 bitcoin last week, lifting its total holdings to 19,882, according to an 8-K filing. The purchase was made from June 29 to July 2 at an average price of about $59,850. Strive said its second-quarter bitcoin yield was 24.0 percent, while noting the metric is not traditional and does not reflect debt or preferred claims. Cash holdings rose, but dividend obligations tied to its SATA preferred shares increased.