Golden Finance reported that Standard Chartered Bank analyst Geoffrey Kendrick previously disclosed that cryptocurrency exchange Coinbase "actively sold" 12,652 ETH (valued at approximately $37 million) in the fourth quarter of 2024, and estimated that about 80% of the revenue generated by Coinbase's Ethereum layer 2 network Base is profit. Coinbase responded that it would sell a portion of ETH to fund operations, but did not disclose the amount involved. A spokesperson for the company said that Coinbase generally does not participate in trading activities. Base earns ETH through serializer fees, which are mainly used for long-term investments or for operating expenses, including tax liability and reinvestment in growth through wages, subsidies, acquisitions and public product funds.