XRP outperformed Ethereum in Coinbase’s cryptocurrency trading revenue during the second quarter of 2025, securing 13% of the platform’s transaction revenue versus Ethereum’s 12%. This positions XRP as the second-highest revenue generator behind Bitcoin, which dominated with a 34% revenue share.
Despite Ethereum posting strong price appreciation during the quarter, XRP’s revenue contribution exceeded the leading smart contract platform amid shifting trader preferences. The resurgence follows Coinbase’s relisting of XRP in 2023 after a trading suspension initiated in 2021, signaling renewed market confidence and regulatory clarity for the asset.
Separately, Coinbase’s corporate treasury disclosures reveal substantial cryptocurrency holdings dominated by Bitcoin, with approximately $1.3 billion allocated to Bitcoin compared to around $300 million in Ethereum reserves. This treasury strategy reinforces Bitcoin’s status as the preferred institutional reserve asset.
The revenue shift marks a notable evolution in exchange trading patterns, highlighting XRP’s increasing influence within Coinbase’s trading ecosystem.