A Strategic Entry Into Crypto

In Q2 2025, the Czech National Bank adjusted its U.S. investment portfolio by making a notable move: it purchased over $18 million worth of Coinbase shares, marking its first direct exposure to the crypto industry.

According to a recent 13F filing submitted to the U.S. Securities and Exchange Commission, the bank acquired 51,732 Coinbase shares. In addition, it expanded its holdings in data analytics firm Palantir by buying 49,135 more shares, bringing its total to 519,950.

This strategic allocation reflects growing interest in both Nasdaq-listed tech firms and the broader potential of blockchain-based platforms.

Coinbase Joins the S&P 500

In May 2025, Coinbase made headlines by becoming the first crypto-native company to join the S&P 500, a landmark moment signaling institutional trust in the digital asset sector.

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The stock soared 41% in the first half of the year, followed by another 10% gain in subsequent weeks. Over the past month, Coinbase shares surged approximately 60%, according to Google Finance data.

Revenue Drop Doesn’t Stop Growth

Despite a 10% quarter-over-quarter revenue drop to $2 billion and a 95% plunge in net income due to a $596 million paper loss, the company still beat analyst expectations with earnings per share of $1.94.

Coinbase continues expanding, recently announcing the $2.9 billion acquisition of crypto options platform Deribit. Earlier this month, it also acquired Liquifi, a token management solution, reinforcing its dominance across both trading and token infrastructure services.

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In a report dated May 16, Benchmark Equity Research raised its price target for Coinbase stock from $252 to $301 — a 19% increase. COIN shares closed at $266.32 on Friday, up 7%. 

Analyst Mark Palmer stated that Coinbase’s inclusion in the S&P 500 was a major catalyst. Being added to the index has attracted passive fund investments, increasing buying pressure on the stock. 

“Passive funds will be required to buy COIN shares for index alignment, which puts upward pressure on the stock,” Palmer said. Coinbase is the first crypto company to enter the S&P 500, enhancing its market credibility. 

Coinbase Stock Remains Strong Despite Setbacks 

Last week, Coinbase faced two major challenges. The company revealed a cyberattack in which hackers stole user data and demanded $20 million in Bitcoin. CEO Brian Armstrong publicly rejected the demand via social media. Additionally, the company confirmed it is under investigation by the U.S. Securities and Exchange Commission (SEC). While these events could have concerned investors, the stock held strong. 

The resilience is driven by Coinbase’s growth initiatives. The company recently acquired crypto derivatives exchange Deribit, expanding its product offerings and global presence. In Q1, revenue increased by 24%. Moreover, its inclusion in the S&P 500 has attracted long-term institutional investors. Giant funds are now adding COIN shares to their portfolios. Its stablecoin partnership with Circle is also positively impacting revenues. 

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“There were definitely moments over the last 12 years where we thought, should we put 80% of our balance sheet into Bitcoin,” said CEO Brian Armstrong during a May 9 video call. However, he added, “We made a conscious choice about risk,” noting that such a move could jeopardize the company’s cash reserves and potentially undermine its core exchange operations.

Avoiding Conflict with Customers

Coinbase CFO Alesia Haas explained the company also wanted to avoid appearing to compete with its customers over which cryptocurrencies would perform best. “We didn’t want to show bias toward any single asset,” she added.

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Despite this cautious stance, Coinbase is still actively buying crypto assets. In its Q1 2025 report, the company confirmed $153 million in new crypto purchases, mostly concentrated in Bitcoin.

According to BitcoinTreasuries.net, Coinbase currently holds 9,480 BTC, worth approximately $988 million, making it the ninth-largest corporate Bitcoin holder globally.

Tapping Derivatives: Deribit Acquisition

On May 8, Coinbase also announced the $2.9 billion acquisition of crypto derivatives exchange Deribit, marking the largest M&A deal in crypto industry history. Deribit saw over $1 trillion in trading volume in 2024 and has around $30 billion in open interest.

With this acquisition, Coinbase declared itself the new global leader in crypto derivatives trading, expanding far beyond its Bermuda-based offerings.

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