Coinbase
**Coinbase** is a publicly traded American company (NASDAQ: COIN) that operates a centralized cryptocurrency exchange platform, founded in 2012 by Brian Armstrong and Fred Ehrsam. It is the largest U.S.-based cryptocurrency exchange by trading volume and one of the world's leading Bitcoin custodians, with over 100 million users across more than 100 countries. Coinbase provides a range of services, including:
- **Coinbase Exchange**: A platform for buying, selling, and trading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and over 17,000 other assets.
- **Coinbase Advanced**: An advanced trading platform (formerly Coinbase Pro) with lower fees and sophisticated tools for experienced traders.
- **Coinbase Wallet**: A self-custody wallet where users control their private keys, enabling interaction with decentralized finance (DeFi) and NFTs.
- **Coinbase Prime**: A service for institutional investors, offering trading, custody, and analytics.
- **Coinbase Commerce**: A payment processing service for businesses to accept cryptocurrency payments.
- **Coinbase Card**: A debit card for spending cryptocurrencies like traditional currency.
Coinbase operates as a remote-first company with no physical headquarters and is known for its regulatory compliance and user-friendly interface. It holds over $400 billion in assets, including approximately 12% of all Bitcoin in existence as custodial assets for clients.[](https://en.wikipedia.org/wiki/Coinbase)[](https://www.theblock.co/learn/295585/what-is-coinbase)[]
(https://www.investopedia.com/tech/coinbase-what-it-and-how-do-you-use-it/)
### Number of Bitcoins Coinbase Self-Owns
Coinbase, as a company, holds a relatively small amount of Bitcoin on its own balance sheet as an investment, distinct from the Bitcoin it holds in custody for customers. Based on available data:
- **Self-Owned Bitcoin**: Coinbase owns approximately **9,267 BTC** on its balance sheet, as reported by Bitbo.io.[](https://bitbo.io/treasuries/coinbase/)
- **Context**: This figure represents the Bitcoin held as a corporate investment, not the much larger amount held in custody for clients. For comparison, Coinbase custodies around **2.5 million BTC** (valued at ~$235 billion in Q4 2024), which is about 12% of the total Bitcoin supply, but these are customer assets, not company-owned.[](https://x.com/SaniExp/status/1916967855805108350)
- **Historical Notes**: X posts suggest Coinbase’s self-owned Bitcoin holdings have decreased over time. For example, one post claims Coinbase once held over **418,000 BTC** but now holds **9,480 BTC**, though this figure slightly differs from the 9,267 BTC reported elsewhere, possibly due to rounding or updates.[](https://x.com/SimplyBitcoinTV/status/1914472074636353758)
### Coinbase (COIN) vs. MicroStrategy (MSTR) and Metaplanet (MTPLF)
Since you previously asked about the mNAV of **MicroStrategy (MSTR)** and **Metaplanet (MTPLF)**, it’s worth noting that Coinbase’s business model differs significantly, impacting its mNAV relevance:
- **Business Model**:
- **MicroStrategy and Metaplanet**: These companies focus on holding Bitcoin as a primary treasury asset, making mNAV (market cap or enterprise value divided by the value of their Bitcoin holdings) a key metric for valuation. Their mNAV reflects the premium investors pay for Bitcoin exposure through their stock.
- **Coinbase**: As an exchange, Coinbase’s revenue comes primarily from trading fees, custody services, and other crypto-related activities, not from holding Bitcoin as a core asset. Thus, mNAV is less commonly applied to Coinbase, as its valuation is driven by operational metrics (e.g., trading volume, user base) rather than its Bitcoin holdings.
- **mNAV for Coinbase**:
- Calculating mNAV for Coinbase is less straightforward due to its diverse revenue streams and minimal self-owned Bitcoin relative to its market cap (~$55.4 billion in 2024).[](https://www.businessofapps.com/data/coinbase-statistics/)
- If we estimate mNAV using the 9,267 BTC at a Bitcoin price of ~$100,000 (approximate as of June 2025), the NAV from Bitcoin alone is ~$926.7 million. With a market cap of $55.4 billion, this yields an mNAV of ~**59.8x**, but this is misleading since Coinbase’s value isn’t primarily tied to its Bitcoin holdings. Unlike MSTR or MTPLF, Coinbase’s mNAV is not a standard metric for investors, as its Bitcoin holdings are a small fraction of its enterprise value.
- **Bitcoin Holdings Comparison**:
- **MicroStrategy**: Holds **576,230 BTC**, with an mNAV of ~1.70x–2.16x, reflecting a moderate premium for its Bitcoin-focused strategy.
- **Metaplanet**: Holds ~**7,800 BTC**, (2025-06-11 : 8888 BTC) with a higher mNAV of ~4.56x–6.5x, indicating a speculative premium due to its rapid Bitcoin accumulation.
- **Coinbase**: Owns only **9,267 BTC**, a tiny fraction compared to its custodial holdings (~2.5 million BTC). Its business model prioritizes facilitating crypto transactions over holding Bitcoin, making direct mNAV comparisons less relevant.
### Sentiment and Considerations
- **X Sentiment**: Some X users express skepticism about Coinbase’s custodial practices, questioning whether it holds sufficient Bitcoin reserves to cover customer assets and institutional clients like BlackRock’s IBIT ETF or MicroStrategy. For example, one post notes that Coinbase custodies **1,241,708 BTC** for clients like IBIT and MSTR but reports only **645,540 BTC** in reserves, raising concerns about “paper Bitcoin.” However, another post counters that Coinbase’s **2.5 million BTC** in custody is fully accounted for on-chain, dismissing claims of mismanagement.[](https://x.com/HereforBTC/status/1931691633302475137)[](https://x.com/SaniExp/status/1916967855805108350)
- **Risks**: Coinbase’s self-owned Bitcoin (9,267 BTC) is a minor asset compared to its custodial role, but its stock is sensitive to Bitcoin price fluctuations, as seen in its valuation rising from $14.4 billion in 2023 to $55.4 billion in 2024 alongside Bitcoin’s price surge. Regulatory scrutiny (e.g., SEC lawsuits) and customer service complaints also pose risks.[](https://www.businessofapps.com/data/coinbase-statistics/)[](https://www.theblock.co/learn/295585/what-is-coinbase)[]
(https://www.investopedia.com/tech/coinbase-what-it-and-how-do-you-use-it/)
### Conclusion
**Coinbase** is a leading cryptocurrency exchange focused on trading, custody, and related services, not a Bitcoin treasury company like MicroStrategy or Metaplanet. It self-owns approximately **9,267 BTC**, a small amount compared to its custodial holdings of ~2.5 million BTC for clients. While MSTR and MTPLF are valued heavily on their Bitcoin holdings (reflected in their mNAV of 1.70x–2.16x and 4.56x–6.5x, respectively), Coinbase’s valuation is driven by its platform’s operational metrics, making mNAV less relevant. For Coinbase, investors focus on trading volume ($1 trillion in 2024), revenue ($6.2 billion in 2024), and user base (105 million registered users).[](https://www.businessofapps.com/data/coinbase-statistics/)
