Coinbase, the largest U.S. exchange by market cap, has announced intentions to buy more than $500 million in cryptocurrency to add to its holdings, according to Coinbase CEO and co-founder Brian Armstrong.

Coinbase’s board of directors had authorized the crypto spending spree, according to Armstrong, who also stated that the business aims to invest 10% of all revenues earned in digital assets in the future. The firm went public in April with a direct listing and declared a net income of $1.6 billion for the second quarter earlier this month.

Coinbase announced the move in a blog post the same day, claiming that it will make it the first publicly listed business to hold Ether, DeFi tokens, and Proof-of-Stake assets on its balance sheet. The statement goes on to say that the company’s future investments may be influenced by its customers’ holdings, implying that if users make substantial custodial deposits of a crypto coin, Coinbase may add an asset to its balance sheet.

To avoid generating conflicts of interest with its customers, Coinbase will trade on third-party platforms or through its over-the-counter trading desk. Coinbase is the eighth-biggest public business in terms of Bitcoin holdings on its balance sheet, as well as the largest cryptocurrency exchange in terms of BTC held in its treasury.

The announcement of fresh bitcoin spending comes just one day after Coinbase announced its collaboration with Mitsubishi UFJ Financial Group to start in Japan. According to the statement, Coinbase would receive access to Mitsubishi’s 40 million-strong customer base as part of the partnership. Coinbase, which went public in April, has aided firms such as MicroStrategy and Tesla in making significant crypto acquisitions.

You Must Read: U.S. Federal Reserve Chairman met Coinbase CEO to talk about CBDC

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