Coinbase elevated its Bitcoin holdings in the course of the first half of 2026 whilst the general worth of its digital asset portfolio declined. The most recent figures present the change continues to strengthen its Bitcoin treasury whereas barely lowering its Ethereum publicity, signaling a cautious shift in its steadiness sheet technique as market situations stay risky.
Bitcoin Holdings Rise Whereas Ethereum Slips
As of June 30, Coinbase held 17,311 $BTC, up 12.5% from 15,389 $BTC on the finish of 2025. The corporate added 1,922 $BTC in the course of the first six months of the 12 months, reinforcing its long-term confidence in Bitcoin.
Ethereum holdings, nevertheless, moved in the wrong way. Coinbase ended the interval with 150,279 $ETH, down 0.6% from 151,175 $ETH on the finish of final 12 months. Whereas the discount is comparatively small, it highlights a noticeable divergence within the firm’s allocation between the 2 largest cryptocurrencies.
Regardless of accumulating extra Bitcoin, the honest worth of Coinbase’s crypto portfolio dropped from $1.99 billion to $1.47 billion, reflecting the broader decline in digital asset costs in the course of the first half of 2026.
Stronger Treasury, However Enterprise Faces Stress
Coinbase not too long ago reported its second-quarter monetary outcomes, providing extra perception into the corporate’s efficiency earlier than getting into August.
Income got here in at $1.22 billion for the quarter ended June 30, down 14% quarter-over-quarter and 19% year-over-year as crypto buying and selling exercise slowed throughout the trade.
The corporate posted a GAAP web lack of $359 million, though a lot of the loss stemmed from non-operating objects, together with a $209.5 million non-cash markdown on crypto belongings, $52.4 million in restructuring costs, and $238 million in stock-based compensation.
On an adjusted foundation, Coinbase remained worthwhile, reporting Adjusted EBITDA of $208 million.
Market Share Improves Regardless of Weak Buying and selling
Though general crypto buying and selling exercise weakened, Coinbase continued gaining market share. Its share of world crypto buying and selling quantity elevated to 10.3%, up from 9.1% within the earlier quarter, setting a brand new firm document.
The change additionally continued increasing past buying and selling. Subscription and companies income reached $555 million, accounting for 48% of whole web income. Coinbase famous that 88% of its web income now comes from companies exterior Bitcoin spot buying and selling, together with staking, stablecoins, subscriptions, derivatives, and different merchandise.
August Stays a Key Check
Alternatively, Coinbase inventory entered August after gaining 6.76% in July, recovering from June’s weak spot. Nevertheless, August has traditionally been its weakest month since itemizing on Nasdaq.
The inventory fell 19.28% in August 2023, 18.27% in August 2024, and 19.38% in August 2025, making this month one other vital take a look at for investor sentiment.
Wall Avenue additionally stays divided. Rosenblatt maintained an Outperform ranking with a $240 worth goal, anticipating progress from derivatives and prediction markets. In the meantime, JPMorgan lowered its goal from $283 to $196, citing issues that Coinbase’s revenue-sharing settlement with Hyperliquid may scale back future earnings from USDC reserves.
With Bitcoin holdings rising and Ethereum publicity remaining largely unchanged, Coinbase’s treasury technique is exhibiting a stronger choice for Bitcoin. Whether or not that allocation pattern continues via the second half of 2026 may change into an vital improvement for the market.
