Coinbase is emerging as the biggest beneficiary of Ethereum's impressive price surge due to its solid position and diverse ecosystem.
Ethereum is breaking near its all-time high with a boost from strong network activity. Coinbase is leveraging this momentum through ETH staking, trading, and storage products, creating a sustainable profit buffer.
- Bernstein assesses Coinbase as the most benefiting from the Ethereum price wave.
- Base – the Layer 2 chain on Ethereum is helping Coinbase increase revenue and diversify services.
- Large ETH HOLD and related products help Coinbase effectively leverage the ETH surge.
Why does Bernstein assess Coinbase as the biggest winner?
Bernstein notes that Coinbase will be the most obvious beneficiary when Ethereum's price rises, thanks to over 250 listed Tokens and the integration of the new Base chain.
From early June 2025, Ethereum increased by about 80%, even surpassing the $4,000 threshold after 8 months, mainly due to Circle's market launch and increased stablecoin usage on the Ethereum network. These factors simultaneously create momentum for Coinbase to expand trading volume and collected fees.
Base – the key factor driving Coinbase's Ethereum revenue
Base is currently one of the most dynamic Layer 2 chains on Ethereum, processing over 9 million transactions daily, including stablecoins, exchanges, and DeFi applications. Transaction fees paid in ETH bring Coinbase around $75 million in annual revenue.
Base App helps users easily trade and store cryptocurrencies, tightening the connection between Coinbase and the rapidly developing ETH ecosystem. Analysts predict that trading volume and fees from ETH and related Tokens will continue to increase in the third and fourth quarters of this year.
Coinbase maximizes the advantages of Base to expand services and revenue, demonstrating a deep understanding of the Ethereum ecosystem and cryptocurrency market.
Bernstein Research, 2025
Coinbase optimizes profits through large ETH holdings
Bernstein also emphasizes the role of ETH ETFs and the "Ethereum treasury" strategy as many investment companies stake ETH to increase profits. Coinbase owns about $590 million in ETH (136,782 Tokens), making it the sixth-largest ETH holder globally.
The rise in ETH directly improves Coinbase's balance sheet. Bernstein assesses that the cryptocurrency market is in the initial bull market phase, promising many strong growth opportunities for ETH ETFs and investment funds in the near future.
"Investing and staking ETH helps organizations, including Coinbase, effectively leverage the recovery and long-term growth of the cryptocurrency market."
Bernstein, June 2025 analysis
How did Q2/2025 develop and what's special about Q3?
Although Q2 was somewhat mixed, Coinbase saw a transaction fee increase of about 40% in July, mainly due to vibrant ETH trading.
The company expects to reach $360 million in trading revenue in July, along with service and registration revenue from $665 million to $745 million in Q3. This growth is supported by higher-than-medium cryptocurrency prices and the USDC stablecoin market setting a new market capitalization record in July.
Why is Coinbase seen as a star in this price surge?
Coinbase benefits multidimensionally from the Ethereum surge through ETH transaction fees and related Tokens, revenue from Base fees, and the added value of its large ETH holdings.
The platform is well-positioned to become one of the biggest winners if Ethereum continues its growth trajectory, based on its market understanding and diverse ecosystem.
Frequently Asked Questions
What benefits does Coinbase get from Ethereum's price increase?
Coinbase collects transaction fees from ETH, charges fees on Base, and directly benefits from the price increase of the ETH they hold.
What is Base and its importance to Coinbase?
Base is Ethereum's Layer 2 chain that accelerates transactions, generating about $75 million in annual ETH fee revenue for Coinbase.
How much ETH does Coinbase have in its treasury?
Coinbase currently owns approximately 136,782 ETH, valued at $590 million, making it one of the largest holders.
Why is Q3/2025 expected to be good for Coinbase?
The increase in ETH trading, high cryptocurrency prices, and USDC market capitalization record are expected to boost Coinbase's revenue and transaction fees.
What is the "Ethereum treasury" strategy?
It is a strategy where companies buy and stake ETH to increase profits, currently being adopted by many businesses.
