Coinbase CEO Brian Armstrong said the company is going long on Bitcoin, revealing that the company’s BTC holdings have increased by 2,772 BTC and will continue to grow.
Summary
- Coinbase increased its Bitcoin holdings by 2,772 BTC in Q3 2025, bringing the total to approximately $1.6 billion. The exchange is now the ninth largest corporate Bitcoin holder in the world.
- The exchange’s third-quarter 2025 revenues rose 25% to $1.9 billion, driven by stronger institutional trading, favorable market conditions and its expansion into derivatives and international products.
In a recent post shared on
“Our holdings increased by 2,772 BTC in the third quarter. And we continue to buy more,” Armstrong said in his latest post.
According to facts of Bitcoin Treasuries, the total amount of Bitcoin (BTC) held by the exchange has surpassed $1 billion after the recent addition in the third quarter. As of October 31, the company has an estimated 14,548 BTC on its balance sheet, which amounts to approximately $1.6 billion based on current market prices.
This increase in BTC holdings puts Coinbase at number 9 among the top 10 corporate Bitcoin holders, beating companies like CleanSpark, Tesla, Hut8, Block, and Galaxy Digital on the board.
On average, each Bitcoin held by the exchange is valued at $71,465. After owning the asset since December 31, 2020, the exchange’s BTC shares have returned 53.47%. Compared to the base market value of $84 billion, the exchange’s Bitcoin holdings represent just a fraction of that number.
At the time of writing, the company’s net asset value is 52,539, based on basic market capitalization. With the stock price at $328.51, down slightly by 5.77% over the past 24 hours, this means the market values the company at around 52.5 times the value of its BTC treasure.
In contrast, Strategy, the largest corporate Bitcoin holder in the world, has an mNAV of 1.04x based on its base market value. This means that a larger portion of its value is represented in Bitcoin holdings than in Coinbase.
Nevertheless, circumstances could change if Coinbase decides to get bolder with their BTC accumulation. Compared to the BTC purchases in the first and second quarters, the third quarter marks the largest number of BTC purchased this year, at 2,772 BTC. Meanwhile, the last time the company sold its assets was in late 2024, when it sold 2,478 BTC.
Coinbase revenues to rise 25% in Q3 2025
Most recently, Coinbase revealed in its third-quarter earnings report that it reached $1.9 billion in total revenue. This number has increased by 25% compared to the previous quarter. The strong profits were attributed to favorable market conditions and the current expansion strategy.
Lately, the exchange has expanded its ‘Everything Exchange’ vision by adding more products to its platform, including derivatives, stablecoins and institutional products. On the other hand, it has cited the rise of Bitcoin and the Trump administration’s regulatory progress as factors that have improved market conditions.
Furthermore, the company has also benefited from the more mainstream adoption of crypto among institutional players. This quarter, institutional trading activity on Coinbase increased 22% from the previous quarter, to $236 billion.
The acquisition of Deribit, which generated $52 million in revenue and strengthened Coinbase’s global options and futures business, subsequently fueled a 122% increase in institutional transaction revenue to $135 million.
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