Coinbase said on its Q1 2026 earnings call that it bought $88 million worth of Bitcoin during the quarter, lifting its corporate treasury to 16,492 BTC. The figure was up by 1,103 BTC from the company’s previous disclosure. At current prices, Coinbase valued the Bitcoin position at about $1.3 billion.
The purchase was made during the first quarter of 2026, a period in which more public companies continued adding Bitcoin to treasury reserves. Coinbase paired that update with a broader set of operating metrics covering spot trading, stablecoins, derivatives, and onchain products.
Trading share hits a record as derivatives expand
Coinbase reported that its crypto trading market share climbed to 8.6%, the highest level it has recorded. The company also posted 169% year-over-year growth in trailing twelve-month derivatives trading volume. Retail derivatives revenue ran at more than $200 million on an annualized basis during the quarter.
Prediction markets added another line of growth. After the U.S. launch earlier this year, Coinbase said the business reached $100 million in annualized revenue. The mix shows a company leaning on more than spot activity alone.
USDC agreement renews automatically every three years
Chief Financial Officer Alesia Haas said Coinbase’s revenue-sharing agreement tied to Circle’s USDC stablecoin renews automatically every three years. She added that the agreement cannot be terminated. Coinbase also said products on its platform held roughly $19 billion in average USDC balances during the quarter.
That gives stablecoins a central place in the company’s revenue base and balance-sheet activity. In the earnings discussion, USDC sat alongside trading and onchain infrastructure as a major operating segment.
Base handles 62% of global onchain stablecoin volume
Coinbase highlighted sharp activity growth on Base, its layer-2 network. According to the company, Base processed 62% of global onchain stablecoin transaction volume. It also said more than 90% of onchain agentic stablecoin transaction volume took place on Base.
Decentralized exchange volume on the network was up twofold from the previous quarter. Chief Executive Officer Brian Armstrong added that Coinbase saw growth in onchain payments, borrowing, and lending during the same period. Together, those figures show Coinbase presenting itself not only as an exchange, but also as a custodian, stablecoin partner, and onchain infrastructure provider.
Outside its own treasury holdings, Coinbase currently serves as custodian for several U.S. spot Bitcoin ETFs approved since January 2024. The company also said it securely stores 12% of global crypto assets on its platform.