Coinbase boosts Bitcoin holdings while trimming Ethereum in first half of 2026

Coinbase added 1,922 Bitcoin during the first half of 2026, increasing its holdings to 17,311 BTC by June 30—a 12.5% gain from the 15,389 BTC held at year-end 2025. The accumulation signals continued long-term confidence in the largest cryptocurrency despite a weaker operating environment.

Ethereum moved in the opposite direction. Coinbase's Ethereum holdings fell to 150,279 ETH by June 30, down 0.6% from 151,175 ETH at the end of 2025. While modest in percentage terms, the reduction highlights a tactical divergence in the company's positioning between Bitcoin and Ethereum.

Despite adding Bitcoin, the fair value of Coinbase's overall crypto portfolio declined from $1.99 billion to $1.47 billion, reflecting falling digital asset prices during the first half. For the second quarter ending June 30, the exchange reported revenue of $1.22 billion, down 14% quarter-over-quarter and 19% year-over-year as trading activity slowed industry-wide. A GAAP net loss of $359 million was reported, though non-cash items accounted for much of the decline, including a $209.5 million markdown on crypto assets and $238 million in stock-based compensation. On an adjusted basis, Coinbase remained profitable with Adjusted EBITDA of $208 million.

Market share gains offered a bright spot. Coinbase's share of global crypto trading volume rose to 10.3% from 9.1% in the previous quarter, a record for the company. Subscription and services revenue reached $555 million, now representing 48% of total net revenue, with the company noting that 88% of net revenue now flows from non-trading businesses including staking, stablecoins, and derivatives.