Coinbase Global, Inc. (Nasdaq: COIN) reported a $1.43 billion net profit for Q2 2025, a dramatic increase from $36 million in the same period last year. The cryptocurrency exchange disclosed holding $1.26 billion worth of bitcoin as part of its investment assets.

The company’s regulatory filing notes that revenue reached $1.5 billion, driven by $764 million in transaction fees and $656 million from subscriptions and services. The firm significantly increased its bitcoin investments during the quarter, with holdings jumping from $643 million at year-end 2024. Ethereum investments totaled $340 million.

Coinbase further told the U.S. Securities and Exchange Commission (SEC) that it obtained Europe’s Markets in Crypto-Assets Regulation (MiCA) license during the quarter, strengthening its international compliance framework. The company explained that a May security incident cost the company $307 million, covering customer reimbursements and legal expenses.

Despite this, Coinbase told the SEC that operating income recovered to a $681 million profit for the first half of 2025. Transaction volume grew 5% year-over-year to $237 billion. Assets under management surged 63% to $425 billion, with bitcoin representing 71% of the total. The company held $7.5 billion in cash and $2.2 billion in USDC stablecoins.

Coinbase further noted that it was acquiring the crypto derivatives exchange Deribit for $700 million cash plus 11 million shares, pending regulatory approval. The deal, Coinbase said, is expected to close by year-end. The filing also detailed that regulatory challenges persist, with ongoing litigation from the SEC and state securities regulators regarding staking services.

The company noted its $1.26 billion bitcoin investment would face $919 million valuation impact from a hypothetical 50% price swing. Executives anticipate higher technology and administrative expenses in Q3 due to planned headcount growth. Marketing spend is expected to remain steady.

Coinbase’s expanding bitcoin exposure, and aggressive M&A strategy suggest the firm is positioning itself as a central pillar of institutional crypto finance. While regulatory turbulence lingers, the company’s expanding footprint and surging assets under management signal a calculated bet on long-term market maturation and global demand for compliant digital asset infrastructure.

With Deribit in its sights and MiCA compliance in hand, Coinbase appears to be building out a vertically integrated empire across spot, custody, and derivatives markets. The company’s playbook includes rolling out prediction markets and bringing tokenized stocks into the mix. The exchange’s swelling cash reserves and stablecoin holdings add further ballast—suggesting it’s preparing not just to weather storms, but to dominate once the regulatory fog clears.

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