Thomas Daniels
In the second quarter, the Czech National Bank (ČNB) significantly adjusted its U.S. equity portfolio, amplifying its Palantir stake and initiating a new position in Coinbase, as revealed in its latest SEC Form 13F filing.
Strategic Portfolio Realignment
The Form 13F disclosure shows that the ČNB purchased 51,732 shares of Coinbase Global, investing over $18 million in the cryptocurrency exchange. Concurrently, the central bank acquired an additional 49,135 shares of Palantir Technologies, raising its total holding to 519,950 shares by June’s end.
Palantir’s Performance Ignites Interest
Palantir—an analytics and artificial intelligence specialist—delivered an impressive ~80% surge in H1 2025, comfortably outperforming the S&P 500’s 5.5% return. This rally has been fuelled by robust earnings and escalating investor optimism around AI.
Coinbase Joins the S&P 500
Coinbase achieved a milestone in May by becoming the first cryptocurrency-native company to join the S&P 500 index, which tracks 500 leading U.S. publicly traded firms. Its stock soared nearly 41% in H1 2025 and extended its gains by about 10% in subsequent weeks. Over the past month, shares have climbed approximately 60%, per Google Finance data.
Earnings Snapshot: Mixed Signals
Despite strong stock performance, Coinbase’s Q1 results painted a mixed picture. Revenue fell 10% to $2.0 billion, with net income plunging 95% to $66 million—largely driven by a $596 million paper loss on crypto holdings. Transaction revenues dropped 18.9% to $1.26 billion, while trading volume slid 10.5% to $393 billion. Still, the company beat estimates with earnings per share of $1.94.
Expanding Crypto Infrastructure
Strengthening its market footprint, Coinbase recently announced a $2.9 billion acquisition of derivatives trading platform Deribit. In addition, it acquired Liquifi—specializing in tokenization and vesting—for enhanced cap table capabilities and early-stage support for token creators.
