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Coinbase to Increase Cryptocurrency Holdings by Over $500 Million

Coinbase's CEO and co-founder Brian Armstrong tweeted on Thursday that the exchange behemoth would be buying more than $500 million in bitcoin to add to its holdings.

• The company had "got board permission" to add these assets to its balance sheet, according to Armstrong.

• He also said that 10 percent of Coinbase's profits will be invested in cryptocurrency in the future. He went on to say that he expects "this proportion will continue to increase over time as the cryptoeconomy develops" and that he hopes to "run more of our company in crypto."

• The firm went public in April with a direct listing and recorded a net income of $1.6 billion for the second quarter earlier this month.

• Coinbase has built a cash hoard of $4.4 billion, according to a story published Wednesday in The Wall Street Journal, to guarantee that it can continue to expand despite possible business risks such as governmental crackdowns, cyberattacks, and a drop in trading activity.

• In a blog post, Coinbase's CFO Alesia Haas said that most of the firm's "corporate financial transactions" are still highly weighted in fiat, but that the company was "in a great position to lead by example and double down on how we can facilitate crypto adoption and usefulness."

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