TLDR
Coinbase bought 2,509 BTC in Q2 for $222M, raising total to 11,776 BTC
Tesla now ranks below Coinbase in public BTC holdings
Coinbase plans tokenized stocks and prediction markets in US soon
Despite $307M loss, Coinbase’s net income rose to $1.43B in Q2
Coinbase has rejoined the top 10 public companies holding Bitcoin, surpassing Tesla after acquiring 2,509 BTC in Q2 2025. The cryptocurrency exchange also announced upcoming offerings in tokenized stocks, prediction markets, and early-stage token sales as part of a broader strategy to grow its U.S. platform.
Coinbase Increases BTC Holdings and Surpasses Tesla
Coinbase acquired 2,509 BTC during Q2 2025 at a cost of approximately $222 million. This raised its total Bitcoin holdings to 11,776 BTC, purchased over time for $740 million. CEO Brian Armstrong posted on X, “Coinbase is long Bitcoin… we keep buying more.”
This new addition moved Coinbase ahead of Tesla, which currently holds 11,509 BTC, according to Bitcoin Treasuries data. Coinbase’s Bitcoin position is now valued at around $1.3 billion, representing an estimated $614 million in paper gains.
The company previously held 9,267 BTC as of the end of Q1 and ranked 13th among public firms with Bitcoin holdings. The updated position moves Coinbase into the top 10, joining firms such as MicroStrategy, Galaxy Digital, and Riot Platforms.
Coinbase’s disclosed BTC holdings reflect only what it owns directly and do not include the larger amount held on behalf of customers. According to its Q2 10-Q filing, Coinbase holds 884,388 BTC worth approximately $102 billion for clients via custody and exchange services.
Q2 Financial Report Shows Mixed Results
Coinbase reported $1.5 billion in total revenue in Q2 2025, slightly below analyst expectations of $1.59 billion. The company faced a $307 million loss due to a data breach earlier in the year, which involved offshore employees leaking customer data.
However, Coinbase recorded $1.43 billion in net income for the quarter, a sharp increase from $66 million in Q1. The rise was supported by earnings from its ETF custody services and activity on its Ethereum Layer 2 network, Base.
Spot trading volume dropped 30% quarter-over-quarter to $237 billion. Transaction revenue also declined by 39%, leading to a 26% overall revenue decline.
Coinbase shares closed flat at $377.76 on Thursday but dropped over 11% in after-hours trading, reaching $334.92 by Friday morning.
Coinbase Unveils “Everything Exchange” Plans for US Market
Coinbase announced a strategic move to become an “everything exchange” for its U.S. users. The platform will offer tokenized stocks, onchain prediction markets, and early token sales in the coming months. These services will compete with companies like Robinhood, Polymarket, and Kalshi.
Max Branzburg, Vice President of Product, told CNBC, “We’re bringing all assets onchain — stocks, prediction markets, and more.” He said Coinbase is working on a broader rollout plan based on jurisdictional approvals.
The move follows recent changes in U.S. regulatory policy, including the SEC’s new Project Crypto initiative, which aims to update securities regulations for crypto markets. Coinbase plans to launch its expanded offerings in phases starting with the U.S., followed by an international rollout.
Competitive Landscape and Market Context
Coinbase’s announcement follows a strong quarter from Robinhood, which posted $989 million in Q2 revenue — up 45% year-on-year and above analyst forecasts. Other major exchanges such as Kraken and Gemini have also entered the tokenized equity market.
Coinbase’s strategy reflects growing competition in the crypto and traditional finance overlap. As regulatory clarity improves, more exchanges are integrating digital assets with traditional financial products to attract both retail and institutional users.
Coinbase’s shift to a multi-asset platform comes as it works to recover from falling trading volumes and customer trust issues following its data breach earlier this year.
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