Key Takeaways
Why are Coinbase and Strategy earnings important to Bitcoin investors?
Both companies are expanding their BTC holdings, indicating that institutional conviction remains strong even as prices fall.
Could this trend influence Bitcoin’s next move?
Continued balance sheet accumulation could anchor BTC’s price in the $105,000 – $110,000 zone and trigger a recovery if demand remains strong.
Coinbase and Strategy Inc. [formerly MicroStrategy] posted strong gains for the third quarter of 2025. The earnings report signals a deepening wave of institutional Bitcoin accumulation, even as the asset trades lower near $107,000.
Coinbase doubles down
Coinbase reported $1.8 billion in revenue and $433 million in net profit, marking its strongest quarter since 2021.
CEO Brian Armstrong confirmed the company’s growing exposure, stating: “Coinbase is long Bitcoin. Our holdings increased by 2,772 BTC in the third quarter – and we continue to buy more.”
Source:
According to data from Bitcoin Treasuries, Coinbase now owns 14,548 BTC, making it the ninth largest holder.
The exchange’s stablecoin revenue rose to $355 million, while derivatives trading volume exceeded $840 billion, giving Coinbase the top spot among US exchanges offering 24/7 perpetual contracts. Assets under custody now amount to $300 billion.
The Bitcoin-led strategy windfall
Strategy Inc. recorded $2.8 billion in quarterly profits and $12.9 billion in unrealized BTC gains. The company now owns 640,808 BTC, worth approximately $70.9 billion at current market prices.
According to BTC data, it remains BTC’s largest corporate holder Bitcoin treasuries.
The company is targeting an annual BTC return of 30% by the end of the year – a sharp contrast to traditional treasury strategies, reflecting its commitment to Bitcoin as a primary reserve asset.
Institutional accumulation deepens
The reports from Coinbase and Strategy show that companies are no longer just supporting ETFs, but are buying Bitcoin directly and expanding crypto-linked revenue streams.
This trend coincides with the growth of the stablecoin market above $160 billion, record volumes in on-chain derivatives, and a rise in corporate government bond exposure.
Together these highlight the growing institutional infrastructure surrounding Bitcoin.
Bitcoin Outlook
Bitcoin is down about 2% over the past 24 hours to $107,585 despite institutional optimism. Data and on-chain exchange flows indicate continued accumulation in the $106,000 – $115,000 range.
Source: TradingView
A move above $110,000 could reignite momentum if these corporate inflows continue into November.