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.↗ source
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.