Custody and staking
Holds $7.5 billion of consumer staked assets and over $15.2 billion of institutional staked assets as of December 31, 2025. Blockchain rewards were $83 million in Q2 2026.
The numbers
What it is
Custody for institutions and ETFs, plus staking for consumers and institutions. Coinbase's 2025 10-K says it serves as a custodian for several bitcoin and ether ETF issuers. Staking rewards are reported as blockchain rewards within subscription and services revenue.
Why it matters to the stock. Custody for spot bitcoin and ether ETFs makes Coinbase a key counterparty for ETF flows. A custody relationship can change with ETF issuers, and staking balances show how much crypto sits in income-earning products.
News
OCC grants Coinbase conditional approval for a national trust company charter
The Office of the Comptroller of the Currency gave Coinbase conditional approval for a national trust company charter on April 2, 2026, after the company applied in October 2025.