There’s Big XRP Surprise in Coinbase’s Earnings
Main Idea
XRP accounted for a larger share of Coinbase's trading revenue than Ethereum in Q2 2025, marking a significant shift in its performance on the platform.
Key Points
1. XRP represented 13% of Coinbase's transaction revenue in Q2 2025, surpassing Ethereum's 12% and ranking second only to Bitcoin's 34%.
2. Over a six-month period, XRP's revenue share (16%) further widened the gap with Ethereum (11%).
3. Coinbase relisted XRP in July 2023 after halting trading in 2021 due to the SEC lawsuit, contributing to its resurgence.
4. Coinbase's overall transaction revenue for Q2 2025 was $764 million, slightly below analysts' estimates.
5. The exchange's crypto treasury holdings include $1.3 billion in Bitcoin and $300 million in Ethereum, with stablecoin revenue up 44% year-to-date.
Description
XRP was a non-factor for Coinbase in 2024, but it's a completely different story this year
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