Coinbase's latest disclosure shows that the company continued to increase its Bitcoin holdings in the first half of 2026, while its Ethereum holdings slightly declined. Due to a decline in digital asset prices, the fair value of its crypto asset portfolio shrank significantly compared to year-end last year, and second-quarter revenue also decreased as trading activity in the industry cooled.
Bitcoin holdings continue to increase
The company disclosed that, as of June 30, Coinbase held 17,311 BTC, an increase of 12.5% from 15,389 BTC at the end of 2025. In terms of quantity, the company net increased its Bitcoin holdings by 1,922 BTC in the first six months of this year.
Ethereum holdings slightly declined. During the same period, ETH holdings decreased from 151,175 to 150,279, a reduction of approximately 0.6%. Looking at changes in treasury allocations, Coinbase's preference for Bitcoin has further increased.
Fair value decreased to $1.47 billion
Despite an increase in Bitcoin holdings, the fair value of Coinbase's cryptocurrency portfolio declined from $1.99 billion to $1.47 billion, reflecting weaker overall prices for digital assets in the first half of 2026.
The company's second-quarter revenue was $1.22 billion, representing a 14% sequential decline and a 19% year-over-year decline. On a GAAP basis, the company reported a net loss of $359 million for the quarter, primarily driven by non-cash impairments of crypto assets, restructuring costs, and stock-based compensation expenses.
- Non-cash impairment of crypto assets: $209.5 million
- Reorganization fee: $52.4 million
- Stock-based compensation expense of $238 million
On an adjusted basis, the company remained profitable, with an Adjusted EBITDA of $208 million in the second quarter.
The proportion of non-spot income is increasing.
Coinbase continues to reduce its reliance on spot trading. Subscription and services revenue in the second quarter reached $555 million, accounting for 48% of net revenue. The company stated that 88% of current net revenue now comes from businesses outside of Bitcoin spot trading.
These services, including staking, stablecoins, subscription offerings, derivatives, and other products, indicate that its revenue structure is further shifting toward a more diversified model.
Additional context: Wall Street remains divided on Coinbase’s outlook. Rosenblatt maintains a “Buy” rating with a $240 price target; JPMorgan has lowered its price target from $283 to $196, citing that its revenue-sharing arrangement with Hyperliquid may compress future income related to USDC reserves.