Coinbase Shifts Treasury Strategy, Favors Bitcoin Over Ethereum

Coinbase increased its Bitcoin holdings by 12.5% during the first half of 2026, adding 1,922 BTC to reach a total of 17,311 BTC as of June 30.

This marks a strengthening of Coinbase's Bitcoin treasury even as the overall value of its digital asset portfolio declined by 26% from $1.99 billion to $1.47 billion over the same period.

The company reduced its Ethereum holdings slightly, down 0.6% from 151,175 ETH at the end of last year to 150,279 ETH as of June 30.

Coinbase reported a GAAP net loss of $359 million in the second quarter, largely due to non-operating items such as a $209.5 million markdown on crypto assets and $238 million in stock-based compensation.