Coinbase’s second-quarter earnings report for 2025 revealed a stunning shake-up in buying and selling income distribution.
Bitwise’s head of analysis Ryan Rasmussen identified that XRP contributed extra income to the trade than Ethereum, regardless of its lengthy absence from the platform.
In line with the information, XRP contributed 13% of Coinbase’s Q2 earnings and 16% of its complete income for the primary half of the yr. Ethereum, in contrast, contributed 12% in Q2 and 11% in H1. Bitcoin remained the biggest contributor, with 34% of Q2 income and 29% throughout the six-month interval.
This marks a serious comeback for XRP. The asset had been delisted from Coinbase for over two years as a consequence of Ripple’s authorized battle with the US Securities and Trade Fee (SEC).
Following a good court docket choice, Coinbase reinstated XRP buying and selling in 2024. Since then, curiosity within the token has surged, serving to XRP overtake USDT because the third-largest crypto by market capitalization.
The every thing trade
Coinbase CEO Brian Armstrong used the report to stipulate the agency’s aim of evolving into an “every thing trade,” a one-stop platform for all asset courses.
In line with him, the crypto trade would turn out to be a platform the place customers can entry all tokenized belongings in a single place. Upcoming options will embrace integration with decentralized exchanges (DEXs), new derivatives, tokenized shares, and early-stage crypto tasks.
These choices will reportedly roll out within the US over the subsequent few months. Armstrong tied this growth to the broader shift in US crypto coverage below the Donald Trump administration, which has eased prior restrictions and inspired innovation in on-chain finance.
The transfer might speed up consumer migration to on-chain platforms.
Danny Nelson of Bitwise famous that Coinbase’s integration with protocols like Morpho, already powering over $1 billion in BTC-backed loans on Base, exhibits how shortly customers will embrace frictionless, on-chain companies.
He added:
“Coinbase customers worth ease of entry. They’ll make the leap onchain when you take away the friction of doing so.”
