Coinbase is expanding its direct exposure to digital assets by increasing its Bitcoin (BTC) and Ethereum (ETH) holdings. This move is interpreted as a signal of a shift beyond the exchange business to an asset holding strategy.
“We continue to buy Ethereum,” said Jesse Pollak, lead developer of Coinbase’s Ethereum-centric rollup L2 platform, Base, adding that in Q3 2025 alone, they purchased an additional 11,933 ETH (approximately $119.33 million) and 2,772 BTC (approximately $27.72 million).
Coinbase's performance also improved significantly in the third quarter. Net income jumped from $75.5 million (approximately KRW 75.5 billion) in the same period last year to $433 million (approximately KRW 433 billion), and transaction fee revenue reached $1.05 billion (approximately KRW 1.05 trillion). This increase was driven by increased user trading activity amid heightened market volatility.
Coinbase's Bitcoin holdings grew to 14,548 BTC (approximately $299 million) as of the end of September, supporting a strategic shift from simply intermediating deposits and withdrawals to directly holding and managing assets.
However, immediately after the earnings announcement, Coinbase's stock price ($COIN) fell 5.77%, closing at $328.51 (approximately KRW 328,510). This appears to reflect market concerns about the company's reliance on trading revenue. However, the following day, in over-the-counter trading, the stock price rebounded by approximately 5%, showing signs of recovery.
CEO Brian Armstrong stated, "We are building an integrated financial platform that goes beyond traditional exchanges and offers a variety of blockchain financial products, including prediction markets and tokenized stocks, all from a single interface." This is interpreted as a long-term vision that considers the potential convergence of traditional and decentralized finance.
Coinbase's recent large-scale purchase of Bitcoin and Ethereum appears to be an attempt to go beyond simply generating positive returns and solidify its identity as an "asset holding institution." If this strategy continues, discussions about a paradigm shift in the way exchanges operate are likely to intensify.
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