Coinbase Boosts Bitcoin Holdings Amid Market Volatility

Coinbase's crypto treasury is showing signs of strengthening its preference for Bitcoin. According to recent figures, the exchange increased its BTC holdings by 12.5% in the first half of 2026, adding 1,922 units to its portfolio.

This marks a cautious shift in Coinbase's balance sheet strategy as market conditions remain volatile. Despite accumulating more Bitcoin, the fair value of its crypto portfolio dropped from $1.99 billion to $1.47 billion, reflecting the broader decline in digital asset prices during the first half of 2026.

Ethereum holdings, on the other hand, moved in the opposite direction. Coinbase ended the period with 150,279 ETH, down 0.6% from 151,175 ETH at the end of last year.

Coinbase's revenue came in at $1.22 billion for the quarter ended June 30, down 14% quarter-over-quarter and 19% year-over-year as crypto trading activity slowed across the industry. The company posted a GAAP net loss of $359 million, although much of the loss stemmed from non-operating items.

Despite this, Coinbase continued to gain market share, with its share of global crypto trading volume increasing to 10.3%, up from 9.1% in the previous quarter. The exchange also expanded beyond trading, with subscription and services revenue reaching $555 million, accounting for 48% of total net revenue.