Coinbase Just Overtook Tesla as a Top 10 Bitcoin Whale – Here’s How They Did It
Coinbase just pulled a power move—snagging 2,509 BTC in one swoop and leapfrogging Tesla in the Bitcoin big leagues. The exchange now sits among crypto’s elite holders, proving even traditional players are doubling down on digital gold.
Why this matters: When a publicly traded giant like Coinbase stacks this much BTC, it’s not just an investment—it’s a statement. Meanwhile, Wall Street still can’t decide if Bitcoin is a ‘risk asset’ or the future of money. Spoiler: It’s both.
The kicker? This isn’t some hedge fund gambling with OPM (other people’s money). Coinbase is putting its balance sheet where its beliefs are—while Tesla’s BTC stash gathers dust in Elon’s meme vault.
Bitcoin Treasuries Data
Coinbase previously held 9,267 BTC as of the end of Q1, and it was ranked in 13th place. It’s important to note that this Bitcoin is held by Coinbase for its use, not for its customers. In total, Coinbase holds around 884,388 BTC (worth $102 billion) on behalf of customers through trading and custody services.
Coinbase’s “Everything Exchange” Vision
Coinbase has recently set ambitious plans to become an “everything exchange” for U.S users to expand beyond just cryptocurrency trading. It aims to offer everything from tokenized stocks and prediction markets to early-stage token sales.
This puts Coinbase directly against trading platforms such as Robinhood, Kraken, and Gemini as well as prediction market startup platforms such as Kalshi and Polymarket. As said by VP of Product Max Branzburg, the target is to consolidate all asset types under one on-chain platform, with rollout due to take place sometime in the next few months.
Coinbase Q2 Result
Despite its bold expansion plans, Coinbase had a tough quarter financially in some areas. The company reported a $307 million loss due to a security breach, where offshore support agents were allegedly bribed to leak sensitive user data.
In terms of performance:
- Spot trading volume fell 30% from Q1, down to $237 billion.
- Total revenue dropped 26%.
- Transaction revenue fell 39%.
However, Coinbase still posted a huge net income of $1.43 billion, much higher than the $66 million in the previous quarter. Much of this increase came from resilient performance in exchange-traded fund (ETF) custody and expansion of its ethereum Layer 2 network, Base, which is still drawing in developers and users.
Coinbase Global Inc (NASDAQ: COIN) experienced its stock fall by 15.21% today, closing at $320.30, a steep fall of $57.46. The fall was even despite robust net income, possibly on account of worries over declining revenues as well as the recent data breach.
Also Read: Coinbase Targets UK Financial Woes in Satirical Video
