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 change than Ethereum, regardless of its lengthy absence from the platform.
In accordance with the information, XRP contributed 13% of Coinbase’s Q2 earnings and 16% of its complete income for the primary half of the 12 months. Ethereum, in contrast, contributed 12% in Q2 and 11% in H1. Bitcoin remained the most important contributor, with 34% of Q2 income and 29% throughout the six-month interval.
This marks a significant comeback for XRP. The asset had been delisted from Coinbase for over two years as a result of Ripple’s authorized battle with the US Securities and Trade Fee (SEC).
Following a positive courtroom 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 change
Coinbase CEO Brian Armstrong used the report back to define the agency’s aim of evolving into an “every thing change,” a one-stop platform for all asset lessons.
In accordance with him, the crypto change would turn into a platform the place customers can entry all tokenized property 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 may speed up person 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 soar onchain when you take away the friction of doing so.”
