Coinbase’s chief financial officer says that the cryptocurrency exchange is pushing ahead with its plans to invest heavily in digital assets.
In a recent conference call discussing third-quarter earnings, CFO Alesia Haas says Coinbase has invested over $180 million into crypto this year as part of a profit-reinvestment strategy.
“In the big picture, our goal is to become vast majority, if not 100%, crypto over time. We’ve made two commitments. The first was to invest $500 million of our cash and cash equivalents into crypto.
And second, we’re allocating 10% of quarterly net income into crypto investments. We’ve invested upwards of $180 million year-to-date as measured at cost.”
The CFO’s remarks follow on the heels of Coinbase head Brian Armstrong saying back in August that the company planned to build a “diverse portfolio” of digital assets as part of a long-term strategy.
“We will become the first publicly-traded company to hold Ethereum, Proof-of-Stake assets, DeFi (decentralized finance) tokens and many other crypto assets supported for trading on our platform, in addition to Bitcoin, on our balance sheet.
We are long-term investors and will only divest under select circumstances, such as an asset delisting from our platform.”
You can read the entire Coinbase 3Q financial summary here.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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