- Coinbase hits $100B market cap as Bitcoin reaches a record high of above $123,000.
- Bitcoin-backed loans on Coinbase cross $1B, showing growing institutional crypto activity.
- ETF inflows and political support fuel crypto’s rise, pushing Coinbase into the mainstream.
Coinbase has entered a new chapter. On Monday, the U.S. crypto exchange surpassed a $100 billion market cap. This milestone came as Bitcoin hit an all-time high of above $123,000. Together, the events have sparked fresh debate: Is crypto entering its next supercycle?
Coinbase stock closed at $394.22, just below its record high of $398.50. Over the past month, the stock has gained more than 60%. Bitcoin’s climb during the same period has intensified retail and institutional interest.
Crypto infrastructure continues to expand, with Coinbase holding more than $1 billion in collateral tied to Bitcoin-backed loans. These loans allow users to access cash without selling their digital assets.
Institutional Flows, Regulatory Tailwinds
Much of this growth comes from rising ETF inflows and regulatory developments in the United States. Political support for crypto has grown in recent months. Several lawmakers now back new legislation that could reshape the digital asset space.
One such bill is the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act). It seeks to provide a framework for stablecoins while encouraging innovation. The bill has garnered broad bipartisan support and is expected to move forward in the coming weeks.
Coinbase has also benefited from its active role in policy advocacy. CEO Brian Armstrong recently thanked the crypto community for the company’s success. “$100,000,000,000 market cap is a lot of 0’s,” said investor Avichal from Electric Capital, to which Armstrong replied, “Thank you!!”
Institutional use cases are also growing. Coinbase’s Prime and Custody services have attracted asset managers, ETFs, and hedge funds. Over 265 entities now hold Bitcoin, with 3.5 million BTC tied to various treasuries.
Centralized Platforms Gain Ground
Coinbase’s rise highlights the growing strength of centralized players in crypto. While many in the industry continue to champion decentralization, large institutions are steering adoption. The surge in Bitcoin-backed lending, record ETF flows, and strong exchange revenues all point to a maturing market.
Related: Coinbase Acquires Liquifi for Full Token Lifecycle and Compliance
Still, critics warn that excessive dependence on centralized platforms may become potentially dangerous in the future. With an increasing amount of capital being circulated among a small number of key players, questions arise about regulation, access, and user control.
For now, Coinbase’s breakout is a major signal. It reflects more than just investor enthusiasm. It suggests that crypto companies are stepping into the mainstream with scale and stability. It also positions Coinbase as a bellwether for market trends, regulatory alignment, and institutional appetite.
Meanwhile, the crypto market continues to expand. Conditions seem favorable for continued growth, as Bitcoin sets new highs and momentum increases for legislation. However, the way forward may hinge on how governments strike a balance between regulation and innovation.
The GENIUS Act and the Clarity Act, as well as anti-CBDC proposals are just the start. These bills may define the road rules for years to come. For Coinbase and the broader market, the next phase will likely depend on how these legal and financial structures evolve.
