XRP Overtakes Ethereum in Coinbase Revenue

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In Q2 2025, XRP accounted for 13% of Coinbase’s consumer transaction revenue, edging past Ethereum’s 12% share. Bitcoin still dominates with 34%, but XRP’s rapid rise is turning heads. At one point during the quarter, XRP’s revenue share surged as high as 18%, reflecting a massive increase in retail demand.

This marks a major turnaround for XRP, which had been suspended from Coinbase for more than two years due to the SEC lawsuit. Since being relisted in July 2023, XRP’s traction among traders has soared.

Why Is XRP Driving More Revenue Than Ethereum?

Several key factors explain why XRP has now surpassed Ethereum in Coinbase’s revenue:

Retail Trading Spike: XRP’s price rallied over 60% in July, reaching $2.92, sparking heavy retail interest.

ETF Buzz: Speculation about a potential XRP spot ETF by year-end has fueled market optimism.

Whale Accumulation: On-chain data shows significant whale activity supporting XRP’s bullish narrative.

Regulatory Clarity: Evolving U.S. legislation like the GENIUS Act and past legal victories have boosted confidence in XRP’s long-term future.

Despite an overall 30% drop in spot trading volume and a 39% fall in transaction revenue across the platform, XRP’s retail-driven momentum helped cushion Coinbase’s earnings decline in Q2.

XRP’s Momentum Extends Into H1 2025

Coinbase’s data shows that over the first half of 2025, XRP’s share of transaction revenue rose to 16%, while Ethereum declined further to just 11%. This shift is especially notable given XRP’s previous absence from Coinbase due to regulatory issues.

Crypto lawyer Bill Morgan noted, “The irony is hard to ignore: XRP, once delisted, now outpaces Ethereum in driving revenue.”

Also Read :   Full List of XRP ETFs Awaiting SEC Approval: Dates, Filings, and What’s Next   ,

Coinbase Revenue Growth Beyond Trading

Coinbase’s total Q2 revenue tells a mixed story. While trading revenue faced headwinds, the company reported $1.43 billion in net income, up sharply from $66 million in Q1. Here’s how:

BTC Accumulation: Coinbase added 2,509 BTC in Q2, spending $222 million, and now holds $1.3 billion in Bitcoin, making it one of the top public BTC holders globally.

Stablecoin Revenue: Up 44% year-to-date, despite U.S. rate cuts.

Ethereum Layer 2 Growth: Coinbase’s Base network and ETF custody services contributed to income diversification.

Strategic Expansion: Plans are underway to support tokenized stocks, prediction markets, and token launches.

Coinbase CEO says, “Excited about our next goal: becoming the everything exchange”.

XRP Helps Coinbase Stay Resilient

As Ethereum struggles to maintain its revenue share, XRP is emerging as a surprise winner for Coinbase, both in trading activity and in investor attention. The shift highlights the changing dynamics of crypto trading behavior, especially on retail-heavy platforms like Coinbase.

If this trend continues, XRP could play a pivotal role in Coinbase’s revenue strategy moving forward, especially as the company doubles down on its crypto-first future.