Czech Central Bank Takes Crypto Leap With $18M Stake in Coinbase

Prague’s Big Crypto Bet

In a bold and unprecedented move, the Czech National Bank (CNB) has made its first public foray into crypto-linked equities by acquiring 51,732 shares of Coinbase Global, according to a recent Form 13F filing with the U.S. Securities and Exchange Commission. The value of the stake, purchased during Q2 2025, was approximately $18.1 million at the time of acquisition and has since climbed close to $20 million following recent market gains.

The central bank's investment in Coinbase, one of the world's most prominent crypto exchanges, marks a significant milestone in the CNB’s evolving strategy to diversify its massive foreign reserves — currently totaling around €140 billion (approximately $163.5 billion).

Signals of Broader Crypto Adoption

This move doesn’t come out of nowhere. Earlier this year, CNB Governor Aleš Michl told the Financial Times that the bank was considering allocating up to 5% of its reserves into Bitcoin and other crypto-related assets, pending internal approvals. The Coinbase share acquisition appears to be an early step in that direction.

The CNB's decision to purchase Coinbase shares instead of directly holding crypto aligns with a more cautious approach, giving the bank indirect exposure to the digital asset sector without diving headfirst into on-chain holdings. Coinbase’s inclusion in the S&P 500 index in May 2025 further legitimized the stock as an institutional-grade asset.

Coinbase’s Comeback and Global Expansion

Despite a challenging Q1 marked by a 10% revenue drop and a 95% fall in net income—primarily due to a $596 million paper loss on its crypto holdings—Coinbase has staged a strong comeback. Year-to-date, the stock is up nearly 56%, with prices rising from $303 to near $382.

That surge has been fueled by a resurgent crypto market, Coinbase’s strategic acquisitions, and its regulatory progress both in the U.S. and abroad. In May, the exchange completed a $2.9 billion acquisition of Deribit, a major crypto derivatives platform. It also picked up Liquifi, a token management platform, expanding its infrastructure for compliance, vesting, and token cap tables.

Coinbase has additionally secured regulatory clearance under the EU’s MiCA framework via Luxembourg and plans to establish its European HQ there, reinforcing its global ambitions.

Recognition and Regulatory Momentum

In June, TIME Magazine named Coinbase one of 2025’s 100 Most Influential Companies, calling it a “disruptor”. The feature credited Coinbase for shaping U.S. crypto policy, especially after the passage of the GENIUS stablecoin bill, and predicted it would become the “central hub for crypto trading” in the United States.

Coinbase is also actively pursuing SEC approval to offer tokenized equities, aiming to take on Robinhood and Webull by integrating traditional finance with digital asset innovation.

A Central Bank Signal the World Is Watching

The Czech National Bank's move may be small in dollar terms compared to its total reserves, but it sends a powerful message. It underscores the growing acceptance of digital asset infrastructure as part of modern sovereign reserve strategy. As more governments and central banks look for diversification amid inflation, debt, and currency volatility, CNB’s Coinbase investment could be the opening salvo in a new central banking era.