Ethereum
Coinbase cuts Ethereum stake while expanding Bitcoin holdings mid-2026
The exchange accumulated Bitcoin throughout the first half of 2026 while reducing its Ethereum position, even as the total value of its crypto portfolio contracted.
Coinbase expanded its Bitcoin holdings to 17,311 BTC by June 30, up 12.5% from 15,389 BTC at the close of 2025, with the company adding 1,922 BTC during the six-month period. Ethereum holdings declined to 150,279 ETH from 151,175 ETH, a 0.6% reduction that underscores a tactical rebalancing toward Bitcoin despite challenging market conditions.
The total fair value of Coinbase's crypto portfolio fell from $1.99 billion to $1.47 billion, reflecting depressed asset prices in the first half of 2026. Quarterly revenue for the period ending June 30 totalled $1.22 billion, declining 14% from the prior quarter and 19% year-over-year as industry-wide trading activity contracted. The company reported a GAAP net loss of $359 million, driven largely by non-operating items including a $209.5 million non-cash markdown on digital assets, $52.4 million in restructuring costs, and $238 million in stock-based compensation. Adjusted EBITDA remained positive at $208 million.
Coinbase did gain ground on market share, capturing 10.3% of global crypto trading volume in the quarter, up from 9.1% and marking a company record. Subscription and services revenue reached $555 million, accounting for 48% of total net revenue. The company highlighted that 88% of net revenue now derives from businesses outside spot Bitcoin trading, including staking, stablecoins, subscriptions, and derivatives.
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