The exchange now controls 11,776 BTC worth about $1.36 billion, overtaking Elon Musk’s EV company on the leaderboard of public Bitcoin treasuries.
CEO Brian Armstrong confirmed in an X post that Coinbase added more than 2,500 BTC in the second quarter of 2025 and plans to keep accumulating. The company’s average purchase cost stands at $740 million, giving it a paper gain of over half a billion dollars at current prices.
Tesla, meanwhile, has held its position without selling in the previous quarter. With Musk known for his pro-crypto stance, analysts suggest Tesla could make fresh purchases and reclaim its place in the rankings.
The reshuffle highlights how corporate treasuries are increasingly becoming a competitive space for Bitcoin exposure, with both exchanges and industrial giants vying for spots among the largest holders.
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