There’s Big XRP Surprise in Coinbase’s Earnings

Cryptocurrency exchange giant Coinbase has revealed that XRP accounted for more of its trading revenue than Ethereum (ETH) in the second quarter of 2025.

Overall, the exchange recorded $764 million worth of revenue tied to transactions, which is slightly below analysts’ estimates.

XRP’s big revenue share

The Ripple-linked token had a 13% share of Coinbase’s transaction revenue. This places it in second place behind only Bitcoin, which had a 34% share. ETH, despite logging impressive price gains in the second quarter, comes in third place with a 12% share.

The gap between XRP and ETH is even more impressive when it comes to Coinbase’s six-month revenue (16% and 11%, respectively).

Last year, for comparison, XRP’s share of transaction revenue was actually below the reporting threshold.

It is worth noting that Coinbase moved to relist XRP in July 2023 after initially halting XRP trading in early 2021 due to the SEC’s lawsuit against Ripple.

Coinbase’s crypto treasury

Coinbase is known as one of the largest corporate holders of Bitcoin, ranking alongside Metaplanet, Riot Platforms, and MARA Holdings in the top 10.

The latest earnings report shows that Coinbase now holds a total of $1.3 billion worth of BTC.

ETH comes in a very distant second place with roughly $300 million.

Other tokens that are part of Coinbase’s crypto treasury are worth $200 million.

Coinbase’s stablecoin revenue

Notably, Coinbase’s stablecoin revenue is up 44% year-to-date compared to the same period last year.

The growth comes despite the fact that the Fed has implemented 100 basis points of rate cuts since then.