Bitcoin has been trading around $107,000, yet Q3 2025 earnings from Coinbase and Strategy Inc. (formerly MicroStrategy) show something important, Large companies are not stepping back they are buying more Bitcoin and expanding products linked to it. Their results reflect a growing belief that Bitcoin is becoming more than a speculative asset. For many corporations, it is evolving into a long-term treasury tool that can protect value and strengthen balance sheets.
These earnings matter because they come at a time when Bitcoin’s price is not soaring. Even as the market dips, more companies are quietly increasing their holdings. This shift hints at a stronger institutional foundation that may influence Bitcoin’s next major move.
Coinbase Posts Its Strongest Quarter Since 2021
Coinbase reported $1.8 billion in revenue for Q3 2025, marking one of the company’s best quarters in years. Net income reached $433 million, supported by greater trading activity and rising stablecoin usage. The company also increased its Bitcoin reserves. Coinbase now holds 14,548 BTC after adding 2,772 BTC during the quarter, placing it among the ten largest corporate holders. Its assets under custody have climbed to $300 billion, signaling continued trust from institutional clients.
Stablecoins and derivatives played a major role in this performance. Stablecoin revenue grew to $355 million, showing the rising use of digital dollars for payments and trading. Derivatives volume surged past $840 billion, giving Coinbase the leading position among U.S. exchanges offering 24/7 perpetual futures. Together, these results suggest that Coinbase is strengthening both its business and its long-term commitment to Bitcoin.
Strategy Inc. Gains More Than $2.8 Billion on Its Bitcoin Strategy
Strategy Inc., widely known for its aggressive Bitcoin accumulation, again showed the financial impact of this approach. The company reported $2.8 billion in quarterly profit, supported by $12.9 billion in unrealized gains from Bitcoin. Today, it holds 640,808 BTC worth more than $70 billion at current prices making it the largest corporate holder globally. The firm is targeting a 30% annual Bitcoin yield by the end of the year, reflecting a strong focus on treating Bitcoin as its primary treasury reserve.
This strategy stands in contrast to traditional corporate treasury models that rely on cash, bonds, and short-term investments. By centering operations around Bitcoin, Strategy Inc. continues to position itself as a leader in corporate crypto adoption.
Institutional Bitcoin Holdings Rise Across the Board
Numbers don’t lie—Bitcoin as a corporate treasury asset is an undeniable advantage.
With a Sharpe ratio of 5.38, @Strategy is lapping competitors like Tesla (1.74), Meta (1.73), and Nvidia (1.41) on risk-adjusted returns.
This is the power of the #Bitcoin Standard👇 pic.twitter.com/NGwiXkouxY
— Bitcoin For Corporations (@BitcoinForCorps) February 7, 2025
The earnings from Coinbase and Strategy reflect a broader trend. More companies are buying and holding Bitcoin directly rather than relying only on ETFs. Stablecoin supply has also grown above $160 billion, and on-chain derivatives trading is hitting new highs. Corporate Bitcoin holdings are expanding quarter by quarter. This continued buying, even during price dips, suggests that companies view the current range between $105,000 and $110,000 as an attractive long-term entry zone.
Below is a simplified snapshot of key companies and their latest holdings.
| Company | BTC Added in Q3 2025 | Total BTC Held | Q3 2025 Net Income | Notes |
|---|---|---|---|---|
| Strategy Inc. (formerly MicroStrategy) | ~28,483 | 640,808 | $2.8B | Largest corporate holder; adopted fair-value accounting for Q3. |
| Marathon Digital | ~13,403 (self-mined YTD Q3) | 52,850 | N/A | Leading US-based Bitcoin miner, focused on expansion and self-mining. |
| Coinbase | N/A (ongoing customer custody) | ~14,548 | N/A | Largest public crypto exchange; holds vast amounts of BTC in custody for clients (~1M BTC total). |
| Tesla | No significant change since Q2 2022 | 11,509 | N/A | Maintains position after selling 75% of initial purchase in 2022. |
| Block (Square) | N/A | 8,584 | N/A | CEO Jack Dorsey is a vocal BTC advocate, growing a BTC payments ecosystem. |
What This Means for Bitcoin Moving Forward
The strong earnings and increasing balances held by Coinbase and Strategy Inc. send a clear message, Institutional conviction remains firm, even while Bitcoin trades lower. Larger companies continue accumulating, and this steady demand may help stabilize Bitcoin within the $105,000 to $110,000 range. On-chain data also shows that many investors are buying during dips rather than selling, creating a supportive environment for future recovery.
Overall, the trend toward corporate adoption is deepening. Bitcoin is no longer seen only as a trading asset it is becoming part of long-term financial planning for some of the world’s most influential companies.
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About the Author: John Brok
