Cryptocurrency Exchange giant Coinbase revealed in the second quarter of 2025 that XRP accounted for more trading revenue than Ethereum (ETH).
Coinbase’s Q2 revenue XRP surprise 👀https://t.co/uk6iup5mhk
– Ryan Rasmussen (@RasterLyRock) July 31, 2025
Overall, the exchange recorded revenues worth $764 million related to the transaction. This is slightly below analyst estimates.
XRP’s big revenue share
Ripples Link Token had a 13% share of Coinbase’s trading revenue. This brings you to second place behind only Bitcoin, which has a 34% share. ETH ranks third with a 12% share despite an impressive price increase in the second quarter.
The XRP and ETH gap is even more impressive with regard to Coinbase’s six-month revenue (16% and 11% respectively).
Last year, for comparison, XRP’s share of transaction revenue actually fell below the reported threshold.
It is worth noting that Coinbase moved to relist XRP in July 2023 after initially halting its XRP transaction in early 2021.
Coinbase’s Ministry of Cryptocurrency
Coinbase is known as one of Bitcoin’s biggest corporate holders, ranked alongside the top 10 Metaplanet, Riot Platform and Mala Holdings.
The latest revenue report shows that Coinbase currently holds a total of $1.3 billion worth of BTC.
ETH is a very distant second place, with around $300 million.
Other tokens that are part of Coinbase’s Crypto Treasury are worth $200 million.
Coinbase’s Stablecoin revenue
In particular, Coinbase’s Stablecoin revenues are up 44% per year compared to the same period last year.
Growth occurs despite the fact that the Fed has since implemented 100 basis points of interest rate cuts.