Coinbase Defends Ethereum Holdings Amid Criticism of Selling

Coinbase's Ethereum holdings have been under scrutiny, with some accusing the company of selling down its ether. However, Jesse Pollak, Coinbase executive and Base network leader, disputes this claim.

Pollak argues that Coinbase is actually the 'largest non-DAT holder of ETH by an order of magnitude', citing the company's large customer base and significant contributions to Ethereum's development roadmap.

The SEC filing shows that Coinbase's corporate ether treasury fell to 150,279 ETH as of June 30, down from 151,175 ETH at the end of 2025. Meanwhile, its bitcoin treasury grew by 12.5% over the same period.

Critics point out that this decrease in Ethereum holdings may not be a result of selling, but rather a decline in price. Coinbase's bitcoin position also lost value, falling from $1.35 billion to $1.01 billion even as its unit count grew by nearly 2,000 coins.