Coinbase has officially re-entered the top 10 list of public Bitcoin treasury holders, after purchasing 2,509 BTC in Q2 2025 for approximately $222 million, according to its recent earnings report.
Total Bitcoin Holdings Rise to 11,776 BTC
CEO Brian Armstrong confirmed the acquisition on X, stating, “Coinbase is long Bitcoin,” and reaffirmed the company’s continued accumulation strategy. With this latest purchase, Coinbase now holds 11,776 BTC—up from 9,267 BTC at the end of Q1.
At current prices, this brings the firm’s Bitcoin stack to around $1.3 billion, representing a paper gain of $614 million. The total acquisition cost stands at $740 million.
Coinbase has surpassed Tesla, which holds 11,509 BTC, to reclaim its position in the top 10 list of public BTC holders.
Coinbase vs. Other Major Bitcoin Holders
Coinbase now sits alongside other leading companies in BTC holdings, such as:
- MicroStrategy – 628,791 BTC
- Marathon Digital (MARA) – 50,000 BTC
- Tether-backed Twenty One – 43,514 BTC
- Bitcoin Standard Treasury (Backed by Cantor Fitzgerald) – 30,021 BTC
- Riot Platforms – 19,225 BTC
- Trump Media & Technology Group – 18,430 BTC
- Metaplanet – 17,132 BTC
- Galaxy Digital – 12,830 BTC
- CleanSpark – 12,608 BTC
Coinbase’s Custodial Bitcoin Still Tops the Charts
Although Coinbase’s own BTC treasury sits at 11,776 BTC, it holds a far larger amount on behalf of others. As of June 30, Coinbase custodied 884,388 BTC—worth over $102 billion—for its retail, institutional, and custodial clients, according to its SEC 10-Q filing.
“Everything Exchange” Vision Unveiled
In addition to the Bitcoin acquisition, Coinbase announced a major expansion plan to become an “everything exchange.” This strategic shift includes upcoming features such as:
- Tokenized stocks
- Prediction markets
- Early-stage token sales
- Unified onchain trading across asset classes
According to VP of Product Max Branzburg, this move is designed to rival Robinhood, Kalshi, Polymarket, Kraken, and Gemini, with the new services expected to roll out in the coming months.
Coinbase aims to let users trade all asset types within a single, decentralized interface.
Conclusion: With its latest Bitcoin purchase and new onchain expansion strategy, Coinbase is positioning itself as both a major corporate BTC holder and a next-generation financial platform, even as Q2 revenue and trading volume show signs of strain.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.