Coinbase Reports Investment Holdings of 17,954 Bitcoin at End of Third Quarter
Key Facts
Coinbase reported holding 17,954 Bitcoin for investment purposes on September 30, 2026, with a fair value of $1.501 billion and a cost basis of $1.259 billion, according to its quarterly filing with the U.S. Securities and Exchange Commission. The filing sets out the quarter-end balance and its carrying value, while an earlier company filing showed holdings of 17,311 Bitcoin on June 30, 2026. Holdings stood at 15,389 Bitcoin on December 31, 2025, according to the year-end filing. These figures put the September balance above both the June and year-end levels, without the latest filing specifying when the holdings changed during the quarter. The report also distinguishes Bitcoin held for investment from digital assets the platform holds for its customers. The filing comes with quarterly results that showed a change in revenue compared with the same period a year earlier.
Coinbase said crypto assets held for investment are managed primarily as long-term holdings, and that some of these assets meet capital requirements imposed by regulators. In its filing, it said it may buy additional assets as part of a buy-and-hold strategy, and may also sell assets to provide liquidity in stressed conditions or intermittently. The value of investment crypto assets subject to time-based sale restrictions was $157.6 million on September 30. Restrictions on those assets are scheduled to begin expiring in 2026, with release dates extending through 2030. This means part of the investment portfolio is not subject to the same freedom to sell during the period, according to the filing. This balance does not represent all digital assets on the Coinbase platform, as the filing describes specifically the category of assets held for investment.
On operating activity, the company reported net revenue of $1.2 billion in the third quarter of 2026, compared with $1.8 billion in the corresponding period of 2025. Quarterly revenue included $590.2 million from transactions and $570.2 million from subscriptions and services. Subscription and services revenue accounted for 49% of total net revenue, according to the results statement. The number of paid subscribers to Coinbase One also rose 24% year over year, reaching a record for the third quarter. In the trading market, Coinbase's share of crypto trading volume was 10.7%, marking a fourth consecutive quarter of market-share gains. The company said gains in spot and derivatives trading were supported by demand for stablecoins and expansion in perpetual contracts, futures and options.
The company said the average balance of USDC held across its products reached a record $22 billion in the third quarter, equivalent to about 30% of the stablecoin's average market capitalization. Net income was $719 million, while adjusted net income was $78 million. Adjusted earnings before interest, taxes, depreciation and amortization were $333 million, up 60% from the previous quarter, marking the metric's fifth consecutive positive quarter. Assets on the platform represented 12.5% of the total crypto market capitalization, returning to a peak level, according to the company statement. Coinbase's prediction-markets revenue also exceeded an annualized rate of $200 million. In trading on October 30, Coinbase shares fell 10.6% despite quarterly results that were stronger than analysts' expectations, as part of a broader selloff in crypto-linked stocks; the shares closed at $143.54, while Bitcoin closed at $77,368.77.