Coinbase Reports Sale of 12,652 ETH Worth $25 Million

Coinbase (COIN) sold 12,652 ether, valued at $25 million, in Q4. This occurred when ether's price was around $4,000, down from an average of $2,500 in Q3 when the company had net purchases.

• Geoffrey Kendrick from Standard Chartered Bank analyzed Coinbase's filings, noting it holds ether for investment and operational purposes.
• About 80% of revenue from Base, Coinbase's Ethereum layer-2 blockchain, is profit.
• Kendrick calculated net ETH sales over three quarters totaled 1,558, indicating strategic selling patterns.
• Coinbase stated some ether sales funded operations but did not specify amounts.
• The spokesperson reiterated that Coinbase generally does not engage in trading activities and that its ETH held for investment grew by 20% in 2024.
• Previous speculation about ETH sales was refuted by a Base team member, who cited the exchange's accumulation of over $300 million in ETH.