The CEO of the popular crypto trading platform Coinbase, Brian Armstrong informed about the board decision to add $500 M in crypto to the company's balance sheet. Also, the firm plans to invest 10% of the entire profit in crypto with the possibility to expand the amount.
We recently received board approval to purchase over $500M of crypto on our balance sheet to add to our existing holdings. And we'll be investing 10% of all profit going forward in crypto. I expect this percentage to keep growing over time as the cryptoeconomy matures.— Brian Armstrong (@brian_armstrong) August 19, 2021
In the blog post released today, the Coinbase team stated updating its investment strategy to expand investments in crypto.Although at the moment rthe firm's main finance transactions are carried out in fiat, the company finds that in the future economic activities will be based on crypto.
Coinbase mentioned that with the move, it will be the first publicly-traded firm to add Eth, DeFi tokens, and various other cryptocurrencies along with BTC to its assets and liabilities. Earlier this month, the company published Q2, 2021 results which show that the company's revenue in the second quarter of the year was over $2 billion.
In April this year Coinbase was listed on Nasdaq trading under the symbol COIN. At the moment, the stock trades at around $248. The company’s market cap surpassed $52 billion.