From Coinbase's latest financial report submitted to the SEC, it seems highly likely that Coinbase sold all the $ETH revenue from @base's sequencer to buy $BTC. According to data from @growthepie_eth, Base's net sequencer revenue for the first half of the year reached 13,000 $ETH (Q1: 7,500, Q2: 5,500). Now let’s take a look at the changes in @coinbase's publicly disclosed long-term investment portfolio (Crypto assets held for investment) over the past six months: $BTC: 15,389 → 17,311 (net increase of 1,922) $ETH: 151,175 → 150,279 (net decrease of about 896) What we can confirm is that Base's sequencer revenue is first recorded as CB's income and added to the company's own assets. If this portion of $ETH were held as a long-term investment, the $ETH count under this metric wouldn’t have decreased. So, the most reasonable explanation is: CB sold all 13,000 $ETH handed over by Base, reducing their $ETH exposure while increasing their $BTC exposure.