Coinbase has officially re-entered the ranks of the world’s top 10 public companies holding bitcoin, after disclosing a major purchase of 2,509 BTC in the second quarter of 2025. The buy, valued at approximately $222 million, brings the crypto exchange’s total bitcoin holdings to 11,776 BTC as of June 30 — leapfrogging Tesla’s 11,509 BTC to reclaim its spot among the leading corporate holders.
“We’re long bitcoin,” Coinbase CEO Brian Armstrong said on X following the company’s Q2 earnings release. “Our holding increased by 2,509 BTC in Q2, and we keep buying more.”
Coinbase is long bitcoin.
— Brian Armstrong (@brian_armstrong) July 31, 2025
Our holding increased by 2,509 BTC in Q2, and we keep buying more. pic.twitter.com/ztx10X2YXV
At current prices, Coinbase’s bitcoin stash is valued at roughly $1.3 billion, translating to over $600 million in unrealized gains on its total $740 million investment. The purchase marks a strategic step for Coinbase, reflecting continued conviction in bitcoin despite market headwinds.
It’s worth noting this BTC count is exclusive to Coinbase’s corporate treasury and does not include the far larger pool of bitcoin held in custody for customers. According to its Q2 filing with the SEC, Coinbase held 884,388 BTC — worth over $100 billion — on behalf of retail and institutional clients.
A Shifting Bitcoin Leaderboard
The updated rankings, based on data from Bitcoin Treasuries, now place Coinbase ahead of Tesla, which has not added to its bitcoin holdings in several quarters. Other names in the top 10 include MicroStrategy (628,791 BTC), Marathon Digital (50,000 BTC), Tether-backed Twenty One (43,514 BTC), Riot Platforms (19,225 BTC), and Galaxy Digital (12,830 BTC), among others.
Coinbase had previously ranked 13th with 9,267 BTC at the end of Q1 2025. The recent buy not only boosts its standing but also sends a broader signal about the company’s outlook on crypto’s long-term value.
Coinbase Unveils Ambitious Expansion Plans
Alongside the treasury announcement, Coinbase revealed a bold strategic shift aimed at transforming into what it calls an “everything exchange.” The platform plans to introduce onchain access to tokenized stocks, prediction markets, and early-stage token launches — aiming to consolidate a wide array of asset classes into one seamless trading experience.
Max Branzburg, Coinbase’s VP of Product, said the expansion will offer U.S. users the ability to trade traditional and digital assets side-by-side, onchain. The move positions Coinbase in direct competition with platforms like Robinhood, Kalshi, Polymarket, Kraken, and Gemini, with new features expected to roll out in the coming months.
Earnings: Losses, Growth, and Mixed Signals
Financially, Coinbase reported a $307 million net loss for Q2 — a hit tied largely to a major data breach earlier this year, in which offshore customer service reps were reportedly bribed to leak sensitive user data.
Still, the quarter wasn’t without its bright spots. Despite a 30% drop in crypto spot trading volumes and a 39% decline in transaction revenue, the company reported a net income of $1.43 billion, fueled by gains in other segments — particularly ETF custody services and activity on its Ethereum Layer 2 network, Base.
Coinbase shares held steady at $377.76 on Thursday’s close but fell sharply after hours, dropping 11.5% to $334.92 in pre-market trading Friday.
With a growing bitcoin war chest and plans to reshape its platform into a comprehensive, onchain trading hub, Coinbase is doubling down on its role as a long-term player in crypto. Despite a turbulent quarter, the company’s moves signal ambition and confidence in the evolving digital asset ecosystem.
