Crypto exchange Coinbase continued increasing its Bitcoin investment in Q2, while its Ethereum holdings barely moved.
- The company held 17,311 BTC for investment on June 30, up 819 BTC, or 4.97%, from three months earlier, according to its latest regulatory filing.
- The position's cost basis rose by nearly $57 million, or about 5%, to $1.2 billion.
- Coinbase said the broader change in its crypto portfolio reflected that it had "actively invested in Bitcoin."
Ethereum, however, was effectively unchanged. Coinbase ended the quarter with 150,279 ETH, just 86 ETH, or 0.06%, more than it held in March. Its Ethereum cost basis actually declined by $232,000 to $340.6 million.
The Coinformer's calculation using its six-month and first-quarter cash-flow statements shows Coinbase spent $83.6 million on investment crypto during Q2 while disposing of $14.9 million. Those figures may include Bitcoin, Ethereum and other tokens.
Bitcoin pulls away
Since December 2024, Coinbase's Bitcoin holdings have risen by 10,426 BTC to 17,311 BTC, a 151.4% increase. At the same time, Ethereum holdings have grown just about 30% to 150,279 ETH over the same period, although most of that expansion occurred in early and mid-2025.
Coinbase investment holdings since December 2024
Cumulative change in reported Bitcoin and Ethereum units since Dec. 31, 2024.
Since September 2025, its Ethereum balance has increased just 1.05%, while during the first half of 2026, it even declined 0.59%.
- Coinbase also operates Base, its Ethereum Layer-2 network, and receives sequencer fees, charges for processing transactions, in crypto.
- However, regulatory filings don't really disclose how much arrives in ETH, how much is sold or whether any proceeds finance Bitcoin purchases.