Key Takeaways
Why do Coinbase and Strategy’s earnings matter to Bitcoin investors?
Both firms are expanding BTC holdings, signaling that institutional conviction remains strong even as prices dip.
Could this trend affect Bitcoin’s next move?
Continued balance sheet accumulation could anchor BTC’s price in the $105K–$110K zone and trigger a recovery if demand stays firm.
Coinbase and Strategy Inc. [formerly MicroStrategy] posted strong Q3 2025 earnings. 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 income, marking its strongest quarter since 2021.
CEO Brian Armstrong confirmed the company’s expanding exposure, stating, “Coinbase is long Bitcoin. Our holdings increased by 2,772 BTC in Q3 — and we keep buying more.”
Source: X
According to data from Bitcoin Treasuries, Coinbase now holds 14,548 BTC, making it the ninth-largest holder.
The exchange’s stablecoin revenue climbed to $355 million, while derivatives trading volume surpassed $840 billion, earning Coinbase the top position among U.S. exchanges offering 24/7 perpetual contracts. Its assets under custody now stand at $300 billion.
Strategy’s Bitcoin-led windfall
Strategy Inc. recorded $2.8 billion in quarterly profit and $12.9 billion in unrealized BTC gains. The firm now holds 640,808 BTC, valued at around $70.9 billion at current market prices.
It remains the largest corporate holder of BTC, according to data from Bitcoin Treasuries.
The company is targeting a 30% annual BTC yield by year-end — 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 corporations are no longer just supporting ETFs, they are buying Bitcoin directly and expanding crypto-linked revenue streams.
This trend coincides with stablecoin market growth past $160 billion, record on-chain derivatives volumes, and a rise in corporate treasury exposure.
Together, these highlight the growing institutional infrastructure surrounding Bitcoin.
Bitcoin outlook
Bitcoin has declined by approximately 2% over the past 24 hours to $107,585, despite institutional optimism. On-chain data and exchange flows suggest continued accumulation in the $106K–$115K range.
Source: TradingView
A move above $110K could reignite momentum if these corporate inflows persist into November.