Google crushes Q2, but investors want more than just AI originally appeared on TheStreet.

Alphabet, Google’s parent company, beat expectations in its second-quarter 2025 earnings, showcasing resilience in its core advertising and cloud businesses even as broader tech competitors navigate turbulent markets.

But for all the excitement around generative AI and cloud growth, the company is still staying far away from Bitcoin and crypto holdings.

The tech giant reported revenue of $96.4 billion for the second quarter, a 14% year-over-year increase (13% in constant currency), reflecting broad-based strength across its business segments. Net income rose 19%, and earnings per share climbed 22% to $2.31. Google Cloud remained a standout performer, with revenue surging 32% to $13.6 billion, marking its sixth consecutive profitable quarter.

Sundar Pichai, CEO, said:

\\"We are leading at the frontier of AI and shipping at an incredible pace. AI is positively impacting every part of the business, driving strong momentum. Search delivered double-digit revenue growth, and our new features, like AI Overviews and AI Mode, are performing well. We continue to see strong performance in YouTube as well as subscriptions offerings. And Cloud had strong growth in revenues, backlog and profitability.\\"

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Yet as more institutional players begin dipping their toes into Bitcoin and tokenization, Alphabet is notably absent from the crypto narrative.

Unlike Tesla or MicroStrategy, Alphabet does not list any digital assets like Bitcoin on its balance sheet. There was no mention of crypto during the earnings call or in the 10-Q filing, signaling the company is maintaining its long-standing cautious stance on direct crypto exposure.

That’s despite its growing involvement in blockchain infrastructure and partnerships through Google Cloud. In the last year alone, Google Cloud has expanded support for blockchain analytics, validator services, and even signed deals with projects like Solana, Polygon, and LayerZero to support node infrastructure and development tools. The company has also launched integrations for developers building in Web3 — but it hasn’t taken the next step of holding crypto as an asset.

This crypto-neutral posture is increasingly rare among tech giants. Even Meta, another AI-obsessed titan, has backed NFT initiatives and stablecoin experiments in the past, while Amazon is reportedly exploring crypto payments integration. Still, Alphabet seems content to stay in the “picks and shovels” lane, providing infrastructure without taking on the volatility.

With Bitcoin trading above $118,000 and corporate adoption quietly rising, Alphabet’s stance is being watched closely. Some analysts argue that Google’s conservative approach is what shields it from investor scrutiny during market corrections. Others believe the company risks falling behind as tokenization and decentralized finance continue to grow.

Join the discussion with CryptosRUs on Roundtable here.

Still, Alphabet’s fortress balance sheet and strong earnings give it plenty of room to play it safe. The company ended the quarter with over $133 billion in cash and marketable securities, more than enough to experiment with digital assets — if it ever chooses to.

For now, investors looking for crypto exposure won’t find it in Alphabet’s portfolio. But with Google Cloud increasingly supporting blockchain projects, the foundation is already being laid — even if there’s no Bitcoin wallet on the books just yet.

Google crushes Q2, but investors want more than just AI first appeared on TheStreet on Jul 23, 2025

This story was originally reported by TheStreet on Jul 23, 2025, where it first appeared.