Crypto exchanges don’t often tip their hand on holdings, but fresh proof-of-reserves data from Coinbase paints a clear picture: the platform’s reserves of Cardano‘s ADA token have ballooned by 462% over the past four months. What started as about 1.7 million wrapped ADA tokens back in June has now climbed to more than 9.5 million, worth roughly $8.2 million at current prices.
This isn’t just a quiet accumulation, it’s tied directly to the rollout of cbADA, Coinbase’s version of wrapped Cardano on its Base layer-2 network. Launched over the summer, cbADA lets ADA holders tap into Ethereum-based DeFi tools like lending on Aave or swapping on Uniswap without leaving the Base ecosystem. Demand picked up fast, with reserves more than doubling in the last month alone, according to on-chain sleuths in the Cardano community.
ETF Buzz & DeFi Momentum Fuel the Fire
Timing matters in crypto, and this surge hits as Cardano eyes bigger spotlights. Grayscale filed for a spot ADA ETF earlier this year, with approval odds hovering around 96% by late October, per some analysts. Coinbase, which custodies assets for Grayscale’s funds, could be padding its books in anticipation of inflows if that greenlights. Add in Cardano’s recent nod to the U.S. strategic crypto reserve alongside Ethereum and Solana, and you’ve got a recipe for institutional FOMO.
On the ground, Cardano’s DeFi scene is heating up too. Total value locked in its protocols sits between $324 million and $400 million, with integrations like Brave browser’s wallet and cross-chain bridges to networks like NEAR pulling in new users. It’s no “ghost chain” anymore as these moves suggest real traction beyond the hype.
Coinbase hasn’t commented publicly on the buildup, leaving room for speculation. But the numbers don’t lie. As Bitcoin and Ethereum ETFs mature, altcoins like ADA are starting to draw the same serious money.
ADA Price Holds Steady
Cardano’s token is trading around $0.85 today, up about 1% in the last 24 hours and 10% over the week. Bulls are eyeing a breakout above $0.96 that could push toward $1.30, while $0.50 acts as a key support level if sentiment sours. With XRP reserves on Coinbase reportedly dipping in parallel, it feels like a broader altcoin rotation is underway.
For now, this is less about moonshots and more about steady bets on Cardano’s infrastructure paying off. If the ETF lands, though, that $8 million reserve might look like pocket change.
