Coinbase Global is reportedly buying more than $ 500 million worth of cryptocurrency. It is said to have received permission from the board of directors, according to a tweet posted by CEO Brian Armstrong on Thursday. Accordingly, its stocks rose 1.72% in the pre-market.
"We recently received board approval to purchase over $500M of crypto on our balance sheet to add to our existing holdings. And we'll be investing 10% of all profit going forward in crypto. I expect this percentage to keep growing over time as the cryptoeconomy matures," Armstrong said.
Several public companies now hold digital assets on their balance sheets, including Tesla. Last February, its CEO, Elon Musk, announced that they invested $ 1.5 billion in Bitcoin.
But at the same time, regulators have begun closely monitoring the cryptocurrency sector, as it has been subject to a high level of fraud. In fact, the $ 1 trillion infrastructure package that was passed by the US Senate last week and is currently being actively discussed includes a clause regulating digital assets.
Nevertheless, as of December 30, Coinbase has $ 48.9 million in stablecoin and $ 130.1 million in Bitcoin.
