Coinbase Purchases $500 Million in Crypto

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Crypto exchange Coinbase will acquire digital assets worth over $500 million and will invest 10% of all profits in them in the future, according to the company CEO Brian Armstrong.

He has said that the board of directors has approved the decision. As a result, the share will increase as the economy of cryptos “matures,” Armstrong has promised.

Per the Form 10-Q for the second quarter filed by the company with the SEC, the exchange reported that as of June 30, 2021, it owned $222.7 million in cryptos, not including $145 million in USDC.

Notably, Coinbase has invested $105.4 million in Bitcoin, $29.3 million in Ethereum and $88 million in other assets.

We should remember that Coinbase’s total revenue for the second quarter was $2.2 billion, including proceeds from transaction fees of $1.9 billion.