Coinbase’s second-quarter earnings report for 2025 revealed a surprising shake-up in trading revenue distribution.
Bitwise’s head of research Ryan Rasmussen pointed out that XRP contributed more revenue to the exchange than Ethereum, despite its long absence from the platform.
According to the data, XRP contributed 13% of Coinbase’s Q2 earnings and 16% of its total revenue for the first half of the year. Ethereum, by contrast, contributed 12% in Q2 and 11% in H1. Bitcoin remained the largest contributor, with 34% of Q2 revenue and 29% across the six-month period.
This marks a major comeback for XRP. The asset had been delisted from Coinbase for over two years due to Ripple’s legal battle with the US Securities and Exchange Commission (SEC).
Following a favorable court decision, Coinbase reinstated XRP trading in 2024. Since then, interest in the token has surged, helping XRP overtake USDT as the third-largest crypto by market capitalization.
The everything exchange
Coinbase CEO Brian Armstrong used the report to outline the firm’s goal of evolving into an “everything exchange,” a one-stop platform for all asset classes.
According to him, the crypto exchange would become a platform where users can access all tokenized assets in one place. Upcoming features will include integration with decentralized exchanges (DEXs), new derivatives, tokenized stocks, and early-stage crypto projects.
These offerings will reportedly roll out in the US over the next few months. Armstrong tied this expansion to the broader shift in US crypto policy under the Donald Trump administration, which has eased prior restrictions and encouraged innovation in on-chain finance.
The move could accelerate user migration to on-chain platforms.
Danny Nelson of Bitwise noted that Coinbase’s integration with protocols like Morpho, already powering over $1 billion in BTC-backed loans on Base, shows how quickly users will embrace frictionless, on-chain services.
He added:
“Coinbase users value ease of access. They’ll make the jump onchain if you remove the friction of doing so.”
