Coinbase discloses 2,509 BTC acquisition in Q2, re-enters top 10 public bitcoin treasury companies ahead of Tesla

“Coinbase is long bitcoin,” CEO Brian Armstrong declared on X following the crypto exchange’s Q2 earnings report late Thursday, disclosing it had bought an additional 2,509 BTC during the quarter at a cost of approximately $222 million.

That takes the firm’s total bitcoin holdings to 11,776 BTC as of June 30, bought for a total cost of $740 million. “Our holding increased by 2,509 BTC in Q2, and we keep buying more,” Armstrong said. Coinbase’s stack is currently valued at around $1.3 billion, implying around $614 million of paper gains.

Coinbase’s latest declared addition takes it back into the top 10 public bitcoin treasury companies, leapfrogging Elon Musk’s Tesla, whose holdings remain at 11,509 BTC, according to Bitcoin Treasuries data.

Strategy, MARA, Tether-backed Twenty One, Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Riot Platforms, Trump Media & Technology Group, Metaplanet, Galaxy Digital, and CleanSpark make up the remainder of the top 10, with 628,791 BTC, 50,000 BTC, 43,514 BTC, 30,021 BTC, 19,225 BTC, 18,430 BTC, 17,132 BTC, 12,830 BTC, and 12,608 BTC, respectively.

Coinbase previously sat on 9,267 BTC as of the end of Q1, ranking it in 13th place before Thursday’s disclosure. It’s important to note that this total is what Coinbase holds on its balance sheet for itself, separate from the much larger quantity of bitcoin it holds for its exchange users or institutional custody clients. Coinbase held a combined 884,388 BTC ($102 billion) on behalf of its customers as of June 30, according to its 10-Q filing with the Securities and Exchange Commission.

Coinbase announces ‘everything exchange plans’ amid Q2 slump

Coinbase also unveiled plans on Thursday to become an “everything exchange” for U.S. users, aiming to offer tokenized stocks, prediction markets, and early-stage token sales onchain. The move would bring Coinbase into competition with platforms like Kalshi and Polymarket in the prediction market space, as well as challenge Robinhood, Kraken, and Gemini on tokenized equities. According to VP of Product Max Branzburg, the goal is to let users trade all asset types in a unified, onchain experience, with the expanded offerings expected to launch in the coming months.

That announcement came alongside Coinbase’s Q2 earnings report, which confirmed a $307 million loss linked to its major data breach earlier this year, where offshore customer service representatives were reportedly bribed to leak sensitive user data.

Meanwhile, spot trading volumes and revenue dropped significantly from Q1 as expected, with crypto spot volumes down 30% quarter-over-quarter to $237 billion, total revenue declining 26%, and transaction revenue dropping 39%. Still, net income surged to $1.43 billion — up sharply from $66 million in the previous quarter — thanks to the strength of Coinbase’s broader business lines, including its role in exchange-traded fund custody and its Ethereum Layer 2 network, Base.

Coinbase shares closed flat on Thursday at $377.76, according to The Block’s COIN price page. However, it subsequently slumped 11.5% after hours and is currently changing hands for $334.92 in pre-market trading on Friday, per TradingView.