Coinbase’s second-quarter earnings report for 2025 revealed a surprising shake-up in trading revenue distribution.
Bitwise’s head of research Ryan Rasmussen pointed out that XRP contributed more revenue to the exchange than Ethereum, despite its long absence from the platform.
According to the data, XRP contributed 13% of Coinbase’s Q2 earnings and 16% of its total revenue for the first half of the year. Ethereum, by contrast, contributed 12% in Q2 and 11% in H1. Bitcoin remained the largest contributor, with 34% of Q2 revenue and 29% across the six-month period.
This marks a major comeback for XRP. The asset had been delisted from Coinbase for over two years due to Ripple’s legal battle with the US Securities and Exchange Commission (SEC).
Following a favorable court decision, Coinbase reinstated XRP trading in 2024. Since then, interest in the token has surged, helping XRP overtake USDT as the third-largest crypto by market…
