40.2 F
New York
Thursday, January 20, 2022

Coinbase Intends to Add Billion Dollars’ Worth of Crypto to its Balance Sheet

Must read

Leading U.S. exchange by trade volume, Coinbase, has disclosed that it has intended to add half a billion dollars worth of crypto to its balance sheet. Coinbase CEO Brian Armstrong revealed that the U.S.’s largest digital-asset exchange got board permission to add $500 million in crypto to its balance sheet.

Brian Armstrong stated: “We’ll be investing 10% of all profit going forward in crypto. I expect this percentage to keep growing over time as the crypto economy matures.”  Furthermore, it has been disclosed that the decision will create the exchange as the first publicly traded firm to own Ether, DeFi tokens, and Proof-of-Stake assets on its balance sheet.

Furthermore, Coinbase as of Dec. 30, owned on its balance sheet $48.9 million in a stablecoin. Presently, some of the largest publicly traded firms now include digital assets on their balance sheet. This trend is increasing day by day in 2021. If we look at MicroStrategy, its own bitcoin is priced at nearly $5 billion.

On the other hand, Tesla Inc owned about $2 billion in bitcoin. Galaxy Digital Holdings own nearly $800 million in bitcoin. Not long ago, Coinbase declared that it had established a $4 billion cash stockpile. Moreover, it is ready for closer examination from the likes of the SEC’s Gary Gensler and others. The platform could also confront new tax-reporting obligations under the nearly $1 trillion infrastructure bill in Congress.

More articles

Latest article