According to BTC data from Bitcointreasuries.net, Coinbase has overtaken Elon Musk’s Tesla as the 10th largest Bitcoin holder in the list of top public BTC treasury companies. The popular cryptocurrency exchange platform holds 11,776 BTC, valued at around $1.36 billion.
Coinbase Long On Bitcoin, Will Elon Musk’s Tesla Follow?
According to an X post by Coinbase CEO Brian Armstrong, the company is long on BTC. Armstrong stated that Coinbase’s BTC holdings increased by 2509 BTC in Q2 of 2025. The CEP added that the company will keep buying more BTC in the future. The company seems to be making quite a profit with its BTC holdings. The total cost basis for the total BTC held is $740 million, while the fair value is $1.26 billion.
Also Read: Coinbase to Launch Tokenized Stocks, Prediction Markets in US
Tesla has also displayed quite a bullish outlook for BTC. The firm has never sold its holdings and may buy more in the future. The electric vehicle manufacturer accepts BTC as a form of payment for its merchandise, cementing its love for the asset. We could see Tesla reclaim the 10th spot in the near future.
Market Dips Despite SEC’s “Project Crypto”
While Coinbase has overtaken Tesla as the 10th biggest Bitcoin holder, the general market has faced quite a correction since yesterday. BTC has fallen to the $115,000 level. According to CoinGlass liquidation data, $645.02 million worth of assets were liquidated in the last 24 hours.
The correction comes despite the US SEC announcing its “Project Crypto” to make the US the global crypto capital. The dip could be due to the Federal Reserve’s decision to keep interest rates unchanged. The Fed also warned about slow economic growth. The Fed’s announcement may have spooked investors away from risky assets, such as Bitcoin (BTC) and other cryptocurrencies. The market could recover over the coming weeks if retail interest surges and ETF inflows continue.