The latest earnings report from Coinbase in Q2 of 2025 has unveiled a surprising shift in trading revenue distribution.
Ryan Rasmussen, Bitwise’s head of research, highlighted that XRP has contributed more revenue to the exchange than Ethereum, despite being absent from the platform for a long period. You can find his observation here.
Based on the data, XRP contributed 13% of Coinbase’s Q2 earnings and 16% of its total revenue for the first half of the year. On the other hand, Ethereum contributed 12% in Q2 and 11% in H1. Bitcoin remained the top contributor with 34% of Q2 revenue and 29% for the six-month period.
This resurgence of XRP is significant as the asset was removed from Coinbase for over two years due to Ripple’s legal battle with the SEC.
After a favorable court ruling, XRP trading was reinstated in 2024 by Coinbase. The token has since gained traction, surpassing USDT to become the third-largest cryptocurrency by market capitalization.
The everything exchange
In the report, Coinbase CEO Brian Armstrong outlined the company’s ambition to transform into an “everything exchange,” offering a comprehensive platform for all asset classes. You can read his statement here.
The vision is to create a platform where users can access all tokenized assets in one place. Future features will include integration with decentralized exchanges (DEXs), new derivatives, tokenized stocks, and early-stage crypto projects.
These enhancements are expected to roll out in the US in the coming months. Armstrong linked this expansion to the evolving US crypto policy under the Trump administration, which has relaxed previous regulations and fostered innovation in on-chain finance.
This move could expedite user transition to on-chain platforms.
Danny Nelson from Bitwise pointed out that Coinbase’s collaboration with protocols like Morpho, facilitating over $1 billion in BTC-backed loans on Base, demonstrates how users readily embrace seamless, on-chain services.
He emphasized:
“Coinbase users prioritize accessibility. They will readily adopt on-chain services if the process is frictionless.”
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