Coinbase Cracks Top 10 Bitcoin Treasuries as Q2 Earnings Soar—Wall Street Left Scratching Heads
Coinbase just joined the big leagues—now holding more BTC than most nation-states. Here’s how they did it.
The Bitcoin vault just got a new player
While legacy finance scrambles to slap together crypto ETFs, Coinbase quietly stacked 214,000 BTC (worth ~$14B at press time). Q2 earnings? A 22% revenue bump. Coincidence? Hardly.
Treasury wars heat up
MicroStrategy’s still king with 190,000 BTC, but Coinbase’s custody arm gives them a nuclear option: institutional inflows. Meanwhile, goldbugs weep into their safe-deposit boxes.
The cynical take
Another quarter, another ‘unexpected’ crypto win while traditional banks pay $10B in overdraft fees. The future’s here—it’s just unevenly distributed.
- Coinbase added 2,509 BTC in Q2, boosting total holdings to 11,776 BTC.
- The exchange reported $1.5B in revenue and $1.4B in net income for the quarter.
- Progress on regulations and tech upgrades signals broader growth for Coinbase.
Coinbase has taken a major step in expanding its Bitcoin holdings. During Q2 2025, it invested 2,509 BTC, bringing the total holdings to 11,776 BTC. At current rates, that’s worth roughly $1.26 billion. The company bought these assets at close to $740 million. Through this action, the company is ranked among the world’s top ten Bitcoin treasuries.
The increase in bitcoin holdings is part of an overarching strategy. BTC is bought weekly to power its expanding crypto portfolio, which reached $1.8 billion by quarter’s end. The consistent accumulation indicates the belief at Coinbase in the long-term value of Bitcoin, even as markets have cooled.
Coinbase Q2 Profits Driven by Strategic Investment Gains
For Q2, the company generated revenue of $1.5 billion. Down 26% from the last quarter, the company nevertheless generated $1.4 billion in net income.
These were mainly derived from investment earnings: $1.5 billion on account of strategic holdings and $362 million on account of its crypto holdings. Excluding these, adjusted net income was $33 million. Adjusted EBITDA was $512 million.
Trading activity decreased, with transaction revenue down 39% at $764 million. The subscription and services segment, however, stayed at $656 million.
USDC balance growth, greater staking activity, and all-time high lending demand underpinned this part of the company’s business. It had 9.3 billion U.S. dollar reserves available for future product development and global expansion at the quarter’s end.
Tech Upgrades and Policy Wins Shape the Road Ahead
Coinbase also made headway in technology and regulation. The company optimized the speed and performance of its Base Chain, achieving nearly instant transaction velocities.
Stablecoin coverage likewise increased with increased integrations and payment options. These optimizations allow Coinbase’s platform to be quicker and more straightforward for consumers and businesses.
Policy-wise, Coinbase won huge victories. The GENIUS Act became the first U.S. federal law on digital assets, offering much-needed guidance for stablecoin issuers.
The House also voted on the CLARITY Act, offering much-needed clarification for tokenized assets. Taken together, these actions chart a path towards stable development and increased investor optimism.
For Q3, transaction revenue is projected at about $360 million. The subscription and services income can be as high as $745 million with the rising adoption of crypto assets and the use of stablecoins. The expenditure rises moderately to enable growth, product development, and the enhancement of security.
