- Coinbase will buy $500 million in crypto on its balance sheet.
- Allocate 10% of its quarterly profits into crypto assets portfolio
- Brian Armstrong first revealed the brokerage’s plans in an earlier tweet.
One of the leading crypto exchanges, Coinbase will buy $500 million in crypto on its balance sheet and allocate 10% of its quarterly profits into crypto assets portfolio, company executives announced on Thursday.
Accordingly, Coinbase CEO Brian Armstrong first revealed the brokerage’s plans in an earlier tweet, stating he expects the allocation to grow as the market matures. Brian also emphasized the company aims to diversity its crypto services and operations, which mostly center around trading.
Brian Armstrong stated,
“Hopefully over time we can operate more of our business in crypto”.
Moreover, the finance chief Alesis Haas has said in the blog post, the company was in plan to invest Ethereum, Proof of Stake assets, DeFi tokens, and many other crypto assets supported for trading on our platform, becoming the first public company to do so.
More so, in February, as it planned to go public through a direct listing, Coinbase published an S-1 filing showing it held somewhere in the range of $365 million in crypto. Of note, $230 million was in Bitcoin, $53 million in Ethereum, $46 million in stablecoins, and $34 million in other crypto assets.
Even though it was good enough to rank Coinbase fourth among all companies for Bitcoin holdings, two of the three firms ahead of it, cloud software firm MicroStrategy and electric automaker Tesla bought their first BTC within the last year.
Henceforth, Coinbase hopes to integrate more crypto assets in their corporate financial practices, and plans to keep another step forward for building a more crypto-economy.