CEO Brian Armstrong says said Coinbase would also be investing 10% of all profits in crypto.
Coinbase CEO Brian Armstrong on Thursday said that the U.S.’s largest digital-asset exchange received board authorization to add $500 million in crypto to its balance sheet.
“We believe in the cryptoeconomy, a future where economic transactions—buying, selling, spending, earning—will be based on crypto assets,” she wrote. Some of the largest publicly traded companies now include digital assets on their balance sheet, a growing trend in 2021, include MicroStrategy MSTR, +3.24%, which holds bitcoin valued at nearly $5 billion, as well as Tesla Inc. TSLA, -2.25%, which owns some $2 billion in bitcoin. Galaxy Digital Holdings GLXY, +2.08% BRPHF, +0.65% holds nearly $800 million in bitcoin.
Coinbase held a direct listing instead of a standard initial public offering, meaning that the company didn’t raise money through the process of going public and doesn’t have a traditional IPO price against which to measure the stock’s first-day rally.
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