On August 15, 2025, HAP Trading disclosed a buy of Coinbase(COIN 0.50%) shares, with an estimated transaction value of $25,114,820.

Key points

The firm increased its stake by 107,878 shares for the period ended 2025-06-30; estimated trade value of ~$25.11 million based on the quarterly average price

This buy represented 2.4% of HAP Trading’s 13F reportable assets under management as of Q2 2025.

Post-trade position: 681,886 shares valued at $221.54 million as of August 14, 2025

Coinbase remained HAP Trading’s third-largest disclosed holding after the quarter

What happened

HAP Trading, LLC increased its position in Coinbase(COIN 0.50%), purchasing 107,878 additional shares during Q2 2025. The estimated value of these purchases was ~$25.11 million, based on the average closing price for the quarter. The position was disclosed in a U.S. Securities and Exchange Commission (SEC) filing dated August 13, 2025 (see filing).

What else to know

The buy increased Coinbase to 20.95% of HAP Trading’s 13F assets under management as of August 14, 2025

Top holdings after the filing:

• APP (Call): $192.41 million (18.2% of AUM) as of the end of Q2 2025
• META: $147,048,057 (13.91% of AUM) as of June 30, 2025
• COIN: $74.10 million (7.0% of AUM) as of the end of Q2 2025
• AVGO (Call): $53.97 million (5.1% of AUM) as of the end of Q2 2025
• NVDA: $39,454,215 (3.73% of AUM) as of June 30, 2025

Coinbase shares were priced at $324.89 as of August 14, 2025, up 65.8% over the prior year, outperforming the S&P 500 by 45.1 percentage points for the one-year period ended August 14, 2025

Forward price/earnings ratio (FY1 2026): 44.21; trailing EV/EBITDA (TTM as of August 15, 2025): 21.26; five-year revenue CAGR: 65.2% (based on point-in-time data as of August 15, 2025)

Company Overview

Company Snapshot

Provides a digital asset trading platform, custody solutions, and developer tools for crypto-based applications.

Operates a technology-driven business model that monetizes trading activity, institutional services, and infrastructure solutions for the cryptoeconomy.

Serves retail investors, institutional clients, and developers participating in the cryptocurrency market globally.

Coinbase Global, Inc. is a leading provider of financial infrastructure and technology for the cryptoeconomy, supporting a broad range of digital asset activities.

Foolish take

Coinbase is either leading the way into the future of crypto trading or it’s a meme stock in waiting, depending on who you ask. Its primary function as a digital-asset exchange that provides custody and staking for a huge array of cryptocurrencies has been both its strongest play and its worst move since its IPO.

Due to the volatile nature of cryptocurrencies, prolonged crypto winters (periods in which crypto trading slows to a fraction of normal, causing values to plummet) can cause serious damage to Coinbase’s income streams, since it relies significantly on rapid-fire exchanges of assets to generate lots of small exchange fees.

To its credit, Coinbase has been fairly cautious with taking on debt, with a 54% liability-to-asset ratio, and it holds significant cash and liquid investments ready for cold times in the crypto markets. While its moat isn’t one that can’t be overcome, Coinbase has worked hard to establish itself as the premier cryptocurrency exchange in the United States, including gaining credibility with institutional players. Still, investors who can’t handle some high highs and low lows should probably shy away from anything remotely tied to the cryptocurrency industry.

Coinbase stock is up 30.85% since January 1, but it’s down 14.72% since its IPO in April 2021.

Glossary

13F reportable assets: Investment holdings that institutional managers must disclose quarterly to the SEC if above a certain threshold.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Call: An options contract giving the holder the right to buy an asset at a specified price within a set period.
Trailing EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization, using data from the past 12 months.
Forward price/earnings ratio (FY1): The current share price divided by forecasted earnings for the next fiscal year.
CAGR: Compound annual growth rate; the mean annual growth rate of an investment over a specified period longer than one year.
Digital asset: An asset stored digitally, often referring to cryptocurrencies or tokens traded on blockchain networks.
Custody solutions: Services that securely hold and safeguard digital assets for clients, often institutions.
Cryptoeconomy: The economic system and activities built around cryptocurrencies and blockchain technologies.
Institutional clients: Organizations such as banks, funds, or corporations that invest large sums, as opposed to individual investors.
Developer tools: Software and resources provided to programmers to build applications, often for blockchain or crypto platforms.
TTM: The 12-month period ending with the most recent quarterly report.