Coinbase increased its crypto holdings while reporting solid revenue growth in the third quarter of 2025. CEO Brian Armstrong confirmed that the company purchased 2,772 Bitcoin during the period. Base leader Jesse Pollack said major US exchanges also added 11,933 Ethereum. “And we keep buying more,” Pollack wrote.
For the quarter, Coinbase reported net income of $433 million, up from $75.5 million in the year-ago period. Trading revenue increased from $573 million to $1.05 billion. This increase occurred as market volatility led to increased trading activity.
As of the end of September, Coinbase’s Bitcoin holdings reached 14,548 BTC, worth approximately $299 million.
Coinbase is Long Ethereum.
Our holdings increased by 11,933 ETH in the third quarter. And we keep buying more. https://t.co/T6gDfwDuqY
— jesse.base.eth (@jessepollak) October 31, 2025
Armstrong said the company is expanding beyond exchange operations. The company develops prediction markets, tokenized stocks, and other financial products that can be operated through a single user interface. The goal is to create an integrated financial platform that connects traditional and blockchain assets.
Stock COIN in pre-market
Despite the increase in profits, Coinbase stock fell 5.77% after the earnings report, closing at $328.51. The decline reflects investors’ wariness about the company’s reliance on trading volumes. A day later today, COIN stock rose about 5% in pre-market trading as analysts appeared to scrutinize the detailed financial statements.
Coinbase is still primarily perceived as a platform whose performance depends on the state of the cryptocurrency market.
However, the company’s increasing holdings of Bitcoin and Ethereum signal a shift towards maintaining direct exposure to digital assets in addition to servicing customers. In this light, Pollack’s statement confirmed that Coinbase continues to add to its reserves.
