Coinbase has made one of its biggest crypto moves of the year by purchasing an additional 2,509 bitcoins in the second quarter of 2025, amounting to approximately $222 million. As a result, the American platform now holds 11,776 BTC in reserve, valued at around $1.3 billion at the current rate.
This strategic move propels Coinbase into the top 10 globally listed companies holding the most bitcoins, just ahead of Tesla (11,509 BTC). A significant symbol: Elon Musk overshadowed by the leading exchange in the U.S.
The comeback of Coinbase disrupts Tesla
Coinbase has reaffirmed its commitment to Bitcoin, with CEO Brian Armstrong tweeting, “Coinbase is long Bitcoin.” And their recent actions reflect just that.
$614 million in unrealized gains
Through their historic purchases totaling $740 million, Coinbase now boasts $614 million in unrealized gains. Despite a challenging financial landscape, marked by declining trading volumes and revenues alongside losses due to a major security flaw, Coinbase remains resolute in its long-term vision.
Further differentiating themselves, the company holds these bitcoins for its own account, separate from the BTC deposited by individual or institutional users. For comparison, Coinbase safeguards 884,388 BTC for its clients, amounting to over $100 billion under custody.
Goal: become the ‘everything exchange’
Beyond their BTC acquisitions, Coinbase clearly lays out its aspirations: to become an ‘everything exchange.’ This entails offering all types of assets in a unified, on-chain manner.
On the agenda:
- Tokenized stocks (such as Tesla, Apple, etc.),
- Prediction markets (akin to Polymarket or Kalshi),
- Early access token launches directly via the platform.
The strategy is evident: seizing market share from Robinhood, Kraken, Gemini or exchanges specializing in predictive finance. The launch is scheduled in the coming months for U.S. users.
A contrasting quarter but strong fundamentals
This announcement comes amidst a challenging Q2:
- Spot volume down by 30%,
- Revenues declining by 26%,
- Transaction revenue plummeting by 39%.
Despite these setbacks, net profit soars to $1.43 billion, fueled by custodial services for Bitcoin ETFs and the development of Base, their Ethereum Layer 2 solution.
