Track Coinbase Global in your portfolio
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Acquisition History
Treasury Metrics
What is Coinbase Global?
Coinbase Global is the largest listed cryptocurrency exchange in the United States and holds more than 16,000 BTC on its own balance sheet as a long-term investment. Founded in 2012 and public on Nasdaq since 2021 (COIN), it combines its operating exchange and custody business with a proprietary treasury in Bitcoin and other crypto-assets.
History and model
Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam with the mission of making the crypto economy accessible. It went public on Nasdaq in April 2021 through a direct listing, one of the most symbolic events in the sector's history. Its core business is trading fees, institutional custody (Coinbase Prime/Custody), staking and stablecoin services —it is a founding partner of USDC—. It operates as a remote-first company, incorporated in Delaware with no central physical headquarters.
Bitcoin strategy
Unlike pure treasuries such as Strategy, Coinbase does not raise capital to accumulate Bitcoin: it holds a portfolio of crypto-assets for long-term investment within its treasury management and adds to positions occasionally. In the first quarter of 2026 it bought $88 million in Bitcoin, lifting its corporate balance to 16,492 BTC. The company strictly separates its own assets from those of its customers, which it custodies on a segregated basis.
Critical crypto infrastructure
Coinbase's role in the ecosystem goes beyond its treasury: Coinbase Custody is the custodian for most US spot Bitcoin ETFs and holds an overwhelming share of those funds' assets. That makes the company critical infrastructure for institutional Bitcoin, a role SatsIntel analyzes in its [custodians](/en/custodians) comparator. Its strength as a counterparty indirectly affects a large part of the market's listed Bitcoin.
Position on SatsIntel
In the SatsIntel directory, Coinbase is an atypical treasury: a company whose business IS crypto and that also holds BTC on its balance sheet. Its [mNAV](/en/mnav) is not comparable to a leveraged treasury's, because most of its value comes from the operating business —fees, custody, stablecoins— rather than the Bitcoin reserve. It appears in the directory for its BTC balance, but its investment thesis is that of the leader in listed crypto infrastructure.
Frequently asked questions
How much Bitcoin does Coinbase hold?
Coinbase holds more than 16,000 BTC on its corporate balance sheet (16,492 BTC after its Q1 2026 purchases), not counting customer Bitcoin, which it custodies on a segregated basis. The proprietary treasury figure is updated in the live KPIs on its SatsIntel profile.
Does Coinbase custody the Bitcoin ETFs?
Yes. Coinbase Custody is the custodian for most US spot Bitcoin ETFs and holds a very high share of those funds' assets, making it critical infrastructure for institutional Bitcoin. You can compare the main providers in SatsIntel's custodians section.
When did Coinbase go public?
Coinbase went public in April 2021 through a direct listing on Nasdaq, under the ticker COIN. It was one of the legitimizing milestones for the crypto sector in traditional capital markets.
Is Coinbase a Bitcoin treasury like Strategy?
Not exactly. Coinbase holds Bitcoin on its balance sheet, but its core business is crypto trading and custody, not leveraged BTC accumulation. Unlike Strategy, it does not finance itself with debt or preferreds to buy Bitcoin: it holds it as a long-term investment within a diversified treasury.
Where is Coinbase headquartered?
Coinbase is a remote-first company, incorporated in Delaware and with no central physical headquarters since it closed its head office in 2020. It trades on Nasdaq under the ticker COIN.
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Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.