Coinbase’s Cardano Reserves Surge Over 460% as Its XRP Holdings Plummet

While Coinbase’s XRP reserves have been declining at a rapid pace, the exchange’s Cardano (ADA) holdings have surged by over 460% within four months. 

According to data from Coinbase’s Proof-of-Reserves, the exchange currently holds approximately 9.56 million ADA in its reserves.

For context, these tokens are used to back Coinbase Wrapped ADA (cbADA) on the Base network, which presently has a total supply of about 9.53 million cbADA. This marks a 462% increase since Coinbase launched the wrapped token in June with an initial supply of 1.7 million ADA. 

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Coinbase’s XRP Reserve Shrinks

The development comes as the exchange’s XRP reserves have been steadily decreasing. Coinbase, which was initially among the top 10 largest holders of XRP among exchanges, lost the position last month after its holdings dropped to 132.4 million on September 8. 

Two weeks later, the exchange’s XRP holdings had depleted further to roughly 32 million. Currently, Coinbase holds around 16.39 million XRP in its reserves. The Wrapped version of XRP on the Base network also totals roughly 16.38 million cbXRP. 

Cardano DRep Reacts 

In an X post, Cardano DRep Dori drew attention to the sharp contrast between Coinbase’s ADA and XRP reserves. He noted that while Coinbase’s ADA holdings have surged by 462% since June, its XRP reserves have dropped significantly from roughly 970 million tokens. 

With the reserve currently at 16.38 million, this implies that Coinbase’s XRP holdings have dropped by 98% from 970 million. 

The Cardano DRep argued that the sharp increase in Coinbase’s ADA holdings signals two key trends within the exchange. He explained that the surge indicates rising demand for Wrapped ADA on Coinbase and highlights increasing institutional accumulation of the asset. 

Based on his commentary, the sharp decline in Coinbase’s XRP reserves suggests that institutional activity surrounding XRP on the exchange may be slowing, or that there is limited demand for Coinbase Wrapped XRP. 

As reported earlier, several members of the XRP community expressed concerns over the sharp drop in Coinbase’s XRP reserves. Some are accusing the exchange of intentionally cutting its holdings in “an effort to manipulate its price.”

Meanwhile, others are interpreting the drop in XRP on Coinbase as bullish, as lower availability of tokens on exchanges means lower selling pressure.

$XRP Analysis:

Over the last 90 days the supply of $XRP on @coinbase has fallen from 970,000,000 – 99,000,000 $XRP.

No one is ready for what comes next.

— Del Crxpto (@DelCrxpto) September 15, 2025