Coinbase’s Bitcoin, Ethereum and stablecoin reserves reach $112B
Coinbase's reserves of Bitcoin, Ethereum, and dollar-pegged tokens climbed to $112 billion, the largest balance on the exchange in four years, according to on-chain data from CryptoQuant.
The reserve increase marks Coinbase's highest holdings since late 2021, with the exchange now holding 1.01 million BTC, 9.2 million ETH, and nearly $34 billion in digital tokens pegged to fiat currencies.
Data shows Coinbase's Bitcoin reserves rose to their highest level since December 2020, surpassing one million coins. Ethereum holdings hit a two-year high at 9.2 million ETH, while balances in USDC and USDT surged to nearly $34 billion combined.
The figures reflect both rising asset inflows and activity from exchange-traded fund operations. Coinbase serves as the primary custodian for several U.S.-listed Bitcoin ETFs and has processed increased institutional trading volumes over the past quarter.
Data shows Coinbase's Bitcoin reserves rose to their highest level since December 2020, surpassing one million coins. Ethereum holdings hit a two-year high at 9.2 million ETH, while balances in USDC and USDT surged to nearly $34 billion combined.
The figures reflect both rising asset inflows and activity from exchange-traded fund operations. Coinbase serves as the primary custodian for several U.S.-listed Bitcoin ETFs and has processed increased institutional trading volumes over the past quarter.
Bitcoin reserves grew from approximately 950,000 coins in early 2024 to over 1.01 million currently (Sept. 19, 2025). Ethereum holdings increased from 8.1 million ETH at the start of the year to 9.2 million. Dollar-pegged token balances more than doubled from $15 billion in January.
The exchange processed record trading volumes during recent market rallies, with daily volumes exceeding $8 billion on multiple occasions. Institutional clients accounted for a significant portion of the increased activity.
Coinbase's custody services hold digital assets for pension funds, endowments, and other institutional investors beyond the ETF products. The platform manages over $180 billion in total assets when including both exchange reserves and separate custody holdings.
Reserve growth coincided with broader cryptocurrency market inflows during the third quarter of 2025. Spot Bitcoin ETFs attracted over $15 billion in new assets during the period, while Ethereum ETFs added approximately $3 billion.
The exchange reported that institutional trading represented 85% of its total volume in the most recent quarter. Retail trading activity also increased compared to previous periods.
CryptoQuant tracks on-chain movements to calculate exchange reserve balances across major trading platforms. Coinbase ranks as the largest U.S. cryptocurrency exchange by trading volume and custody assets.
The exchange processed record trading volumes during recent market rallies, with daily volumes exceeding $8 billion on multiple occasions. Institutional clients accounted for a significant portion of the increased activity.
Coinbase's custody services hold digital assets for pension funds, endowments, and other institutional investors beyond the ETF products. The platform manages over $180 billion in total assets when including both exchange reserves and separate custody holdings.
Reserve growth coincided with broader cryptocurrency market inflows during the third quarter of 2025. Spot Bitcoin ETFs attracted over $15 billion in new assets during the period, while Ethereum ETFs added approximately $3 billion.
The exchange reported that institutional trading represented 85% of its total volume in the most recent quarter. Retail trading activity also increased compared to previous periods.
CryptoQuant tracks on-chain movements to calculate exchange reserve balances across major trading platforms. Coinbase ranks as the largest U.S. cryptocurrency exchange by trading volume and custody assets.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
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