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Brian Armstrong, CEO of Coinbase, announced the company’s commitment to increasing its Bitcoin holdings, revealing a rise of 2,772 BTC which will keep growing.
Summary
- In Q3 2025, Coinbase boosted its Bitcoin holdings by 2,772 BTC, now totaling approximately $1.6 billion, making it the ninth-largest corporate Bitcoin holder worldwide.
- The firm’s revenue for Q3 2025 climbed 25% to $1.9 billion, fueled by increased institutional trading, positive market dynamics, and its venture into derivatives and international offerings.
In a recent update on X, Armstrong stated that the company plans to continue acquiring more Bitcoin following its significant revenue increase in Q3 2025. He affirmed that the company is going “long Bitcoin” and highlighted the recent growth in its holdings this quarter.
“Our holding increased by 2,772 BTC in Q3, and we will keep purchasing more,” Armstrong mentioned in his latest update.
According to Bitcoin Treasuries’ data, the total BTC (BTC) held by the exchange now exceeds $1 billion in value after the recent addition in Q3. By October 31, the company is projected to hold 14,548 BTC on its balance sheet, equating to roughly $1.6 billion at current market prices.
This increase in BTC holdings positions Coinbase at number 9 among the top 10 corporate Bitcoin holders, surpassing companies such as CleanSpark, Tesla, Hut8, Block, and Galaxy Digital.
On average, each Bitcoin held by the exchange is valued at $71,465. Having held the asset since December 31, 2020, Coinbase’s BTC holdings have yielded a profit of 53.47%. When compared to its $84 billion market cap, the exchange’s Bitcoin assets constitute only a small fraction of that value.
At the time of reporting, the company’s market Net Asset Value stood at 52.539 based on its base market cap. With its stock price at $328.51, having slightly decreased by 5.77% over the last 24 hours, this indicates that the market values the company at approximately 52.5 times the worth of its Bitcoin assets.
In contrast, Strategy, the largest corporate Bitcoin holder worldwide, has a mNAV of 1.04x based on basic market value, indicating that a larger portion of its value is attributed to its Bitcoin holdings compared to Coinbase.
However, this situation could shift if Coinbase opts to intensify its BTC accumulation efforts. Compared to its purchases in Q1 and Q2, Q3 saw the highest acquisition of BTC this year at 2,772 BTC. The last recorded sale of its holdings occurred at the end of 2024, when it liquidated 2,478 BTC.
Coinbase’s Earnings Surge by 25% in Q3 2025
Recently, Coinbase disclosed in its Q3 earnings report that it achieved total revenue of $1.9 billion, marking a 25% increase from the preceding quarter. This robust performance was driven by favorable market circumstances and its ongoing expansion strategy.
Recently, the exchange has been bolstering its “Everything Exchange” concept by introducing additional products to its platform, including derivatives, stablecoins, and institutional offerings. Moreover, it noted that the rise of Bitcoin and regulatory progress initiated during the Trump administration have improved market conditions.
Additionally, the company has gained from greater mainstream cryptocurrency adoption among institutional players. This quarter, institutional trading activity on Coinbase rose by 22% from the previous quarter, reaching $236 billion.
The acquisition of Deribit, which generated $52 million in revenue and enhanced Coinbase’s global options and futures capabilities, subsequently resulted in a 122% increase in institutional transaction revenue to $135 million.
