Coinbase’s Cardano Reserves Surge Over 460% as Its XRP Holdings Plummet

While Coinbase’s $XRP reserves have been declining at a rapid pace, the exchange’s Cardano ($ADA) holdings have surged by over 460% within four months.

According to data from Coinbase’s Proof-of-Reserves, the exchange currently holds approximately 9.56 million $ADA in its reserves.

For context, these tokens are used to back Coinbase Wrapped $ADA (cbADA) on the Base network, which presently has a total supply of about 9.53 million cbADA. This marks a 462% increase since Coinbase launched the wrapped token in June with an initial supply of 1.7 million $ADA.

Coinbase $XRP Reserve

Cardano DRep Reacts

In an X post, Cardano DRep Dori drew attention to the sharp contrast between Coinbase’s $ADA and $XRP reserves. He noted that while Coinbase’s $ADA holdings have surged by 462% since June, its $XRP reserves have dropped significantly from roughly 970 million tokens.

With the reserve currently at 16.38 million, this implies that Coinbase’s $XRP holdings have dropped by 98% from 970 million.

The Cardano DRep argued that the sharp increase in Coinbase’s $ADA holdings signals two key trends within the exchange. He explained that the surge indicates rising demand for Wrapped $ADA on Coinbase and highlights increasing institutional accumulation of the asset.

Based on his commentary, the sharp decline in Coinbase’s $XRP reserves suggests that institutional activity surrounding $XRP on the exchange may be slowing, or that there is limited demand for Coinbase Wrapped $XRP.

As reported earlier, several members of the $XRP community expressed concerns over the sharp drop in Coinbase’s $XRP reserves. Some are accusing the exchange of intentionally cutting its holdings in “an effort to manipulate its price.”

Meanwhile, others are interpreting the drop in $XRP on Coinbase as bullish, as lower availability of tokens on exchanges means lower selling pressure.

$XRP Analysis:

Over the last 90 days the supply of $XRP on @coinbase has fallen from 970,000,000 – 99,000,000 $XRP.

No one is ready for what comes next.

— Del Crxpto (@DelCrxpto) September 15, 2025