The crypto exchange operator Coinbase has revealed that it holds bitcoin and other crypto assets as an investment on its balance sheet.
“Since our inception in 2012, Coinbase has kept bitcoin and other cryptocurrencies on our balance sheets – and we plan to maintain an investment in cryptocurrencies as we strongly believe in the long-term potential of the crypto-economy,” said Brett Tejpaul , Coinbase’s written. head of institutional sales, trade, conservation and prime services, Wednesday in a blog post.
Tejpaul did not disclose a specific investment figure. The Block has reached out to Coinbase for comment and will update this story should we hear it.
This appears to be the first time that Coinbase has made its investment in bitcoin public as part of its balance sheet, although the revelation is not surprising.
Several crypto companies have invested in bitcoin as part of their treasury. According to data from Bitcoin Treasuries, all companies, including crypto and non-crypto, collectively hold $ 67 billion of bitcoin on their balance sheets. The figure is based on the current price of bitcoin of about $ 50,000.
Coinbase itself has helped several public and private companies get bitcoin on their balance sheets, including Tesla and MicroStrategy.
Tejpaul said Coinbase had carried out “nine- and ten-digit transactions for some of the largest institutions in the world” without disclosing specific names.
“Customers have chosen us for our record in terms of safety, sophisticated execution platform, 24/7/365 white glove service, and focus on complying with regulations,” says Tejpaul.
A source recently told The Block that Coinbase’s major brokerage arm counts more than five Fortune 500 companies as customers.
Specific details of Coinbase’s own bitcoin investment could be announced in Form S1, which is expected to be announced in the coming days or weeks.
Coinbase confidentially submitted Form S1 to the U.S. Securities and Exchange Commission last December as part of its plan for a direct listing on Nasdaq.
The S-1 provides a detailed look at Coinbase’s business. The company’s share recently traded at an implied valuation of $ 100 billion at an average price of $ 373 per share, as The Block reported last week.
Update: The heading of this story has been updated for clarity.
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