Bitcoin Up, Ethereum Down: Inside Coinbase’s Shifting Crypto Treasury

Coinbase increased its Bitcoin holdings during the first half of 2026 even as the overall value of its digital asset portfolio declined. The latest figures show the exchange continues to strengthen its Bitcoin treasury while slightly reducing its Ethereum exposure, signaling a cautious shift in its balance sheet strategy as market conditions remain volatile.

Bitcoin Holdings Rise While Ethereum Slips

As of June 30, Coinbase held 17,311 $BTC, up 12.5% from 15,389 $BTC at the end of 2025. The company added 1,922 $BTC during the first six months of the year, reinforcing its long-term confidence in Bitcoin.

Ethereum holdings, however, moved in the opposite direction. Coinbase ended the period with 150,279 $ETH, down 0.6% from 151,175 $ETH at the end of last year. While the reduction is relatively small, it highlights a noticeable divergence in the company’s allocation between the two largest cryptocurrencies.

Despite accumulating more Bitcoin, the fair value of Coinbase’s crypto portfolio dropped from $1.99 billion to $1.47 billion, reflecting the broader decline in digital asset prices during the first half of 2026.

Stronger Treasury, But Business Faces Pressure

Coinbase recently reported its second-quarter financial results, offering more insight into the company’s performance before entering August.

Revenue came in at $1.22 billion for the quarter ended June 30, down 14% quarter-over-quarter and 19% year-over-year as crypto trading activity slowed across the industry.

The company posted a GAAP net loss of $359 million, although much of the loss stemmed from non-operating items, including a $209.5 million non-cash markdown on crypto assets, $52.4 million in restructuring charges, and $238 million in stock-based compensation.

On an adjusted basis, Coinbase remained profitable, reporting Adjusted EBITDA of $208 million.

Market Share Improves Despite Weak Trading

Although overall crypto trading activity weakened, Coinbase continued gaining market share. Its share of global crypto trading volume increased to 10.3%, up from 9.1% in the previous quarter, setting a new company record.

The exchange also continued expanding beyond trading. Subscription and services revenue reached $555 million, accounting for 48% of total net revenue. Coinbase noted that 88% of its net revenue now comes from businesses outside Bitcoin spot trading, including staking, stablecoins, subscriptions, derivatives, and other products.

August Remains a Key Test

On the other hand, Coinbase stock entered August after gaining 6.76% in July, recovering from June’s weakness. However, August has historically been its weakest month since listing on Nasdaq.

The stock fell 19.28% in August 2023, 18.27% in August 2024, and 19.38% in August 2025, making this month another important test for investor sentiment.

Wall Street also remains divided. Rosenblatt maintained an Outperform rating with a $240 price target, expecting growth from derivatives and prediction markets. Meanwhile, JPMorgan lowered its target from $283 to $196, citing concerns that Coinbase’s revenue-sharing agreement with Hyperliquid could reduce future income from USDC reserves.

With Bitcoin holdings increasing and Ethereum exposure remaining largely unchanged, Coinbase’s treasury strategy is showing a stronger preference for Bitcoin. Whether that allocation trend continues through the second half of 2026 could become an important development for the market.