Coinbase's
Bitcoin
holdings saw significant growth in the third quarter of 2025, as the platform acquired 2,772 BTC—its largest quarterly purchase since the start of the year,
according to Crypto.News
. The company’s revenue climbed to $1.9 billion, marking a 25% rise from the previous quarter, fueled by increased institutional trading and favorable regulatory conditions during the Trump administration,
as reported by Analytics Insight
. Despite these advances, experts highlight a general decline in large-scale Bitcoin acquisitions by institutions, casting doubt on the durability of the recent bullish trend.
This development comes amid a turbulent global economic environment. While
Coinbase
CEO Brian Armstrong has indicated ongoing BTC accumulation, analysts cite ETF withdrawals and geopolitical instability—including tariff threats from the Trump era—as factors slowing down purchases. Last week, Bitcoin spot ETFs, previously a major source of demand, saw $799 million in net withdrawals, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the outflows, per
a Markets.com update
.
K33 Research
's Vetle Lunde cautioned that without BlackRock’s involvement, alternative coin ETFs may find it difficult to match Bitcoin’s level of institutional adoption.
At the same time, MicroStrategy’s Michael Saylor remains optimistic, forecasting that Bitcoin could reach $150,000 by the end of the year,
according to Michael Saylor
. His company acquired an additional 397 BTC valued at $45.6 million in November, raising its total holdings to 641,205 coins, as noted by
Coinpedia
. Saylor pointed to regulatory advancements, such as the SEC’s approval of tokenized securities, as vital for the asset’s long-term stability. However, some critics argue that MicroStrategy’s shares—which fell nearly 13% in October—reflect Bitcoin’s recent drop from its $126,000 peak, according to
TradingView
.
The decrease in accumulation also signals a shift in strategy among mining companies.
Bernstein analysts
have raised their valuations for Bitcoin miners, highlighting their expanding involvement in AI infrastructure. Companies such as Core Scientific and Riot Platforms are converting energy resources for use in data centers, diversifying their income as crypto prices fluctuate. This evolution points to a broader trend: institutions are increasingly prioritizing AI operations over Bitcoin’s volatility.
Regulatory changes in Hong Kong and Singapore are adding further complexity. The Hong Kong Monetary Authority’s Ensemble initiative is working to tokenize government bonds, while Singapore recently froze $150 million in assets tied to a Bitcoin scam,
as reported by CryptoNews
. These actions illustrate a worldwide effort to blend blockchain with traditional finance, but also indicate increased regulatory scrutiny for crypto-focused firms.
Looking forward, opinions among market analysts are divided. Standard Chartered projects that tokenized real-world assets (RWAs) could reach $2 trillion by 2028, while DeFi platforms such as
dYdX
are grappling with governance issues after an eight-hour outage, as described in
a Cointelegraph report
. For Bitcoin to achieve Saylor’s $150,000 forecast, the market will need to address ETF outflows, stabilize macroeconomic uncertainties, and maintain institutional trust. As one analyst remarked, “The next stage of expansion will demand more than just accumulation—it will require deep integration into the financial system.”