Coinbase's 150K ETH Treasury Sparks Debate Over Ethereum Commitment
Jesse Pollak, Base creator, has responded to criticism that Coinbase is selling Ethereum (ETH) while benefiting from the network. He points out that Coinbase holds around 150,000 ETH in its corporate position, a significant investment made across multiple market cycles.
Pollak argued that this position makes Coinbase the largest ETH holder outside of dedicated digital asset treasury companies by a wide margin. This is backed up by Coinbase's latest regulatory filing, which shows that they held 150,279 ETH for investment as of June 30, compared to 151,175 ETH at the end of 2025.
Pollak defended Coinbase's Ethereum commitment, pointing out its role as a major customer and developer across the ecosystem. Base settles on Ethereum and uses ETH for gas, while Coinbase has built products spanning USDC, cbBTC, smart wallets, and on-chain payments.