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Crypto exchange operator Coinbase has revealed that it holds bitcoin and other crypto-assets as an investment on its balance sheet.
“Since our founding in 2012, Coinbase has held bitcoin and other crypto assets on our balance sheet – and we plan to maintain an investment in crypto assets as we strongly believe in the long-term potential of the cryptoeconomy,” Brett wrote. Tejpaul, Coinbase’s responsible for institutional sales, trading, custody and blue chip services, in a blog post on Wednesday.
Tejpaul did not reveal a specific investment figure. The Block has reached out to Coinbase for comment and will update this story if we have a response.
This appears to be the first time Coinbase has publicly disclosed its investment in Bitcoin as part of its balance sheet, although the revelation is not surprising.
Several crypto companies have invested in bitcoin as part of their treasuries. According to data from Bitcoin Treasuries, all companies, including crypto and non-crypto, collectively hold $ 67 billion worth of bitcoins on their balance sheets. The figure is based on the current bitcoin price of around $ 50,000.
Coinbase itself has helped several publicly traded and private companies acquire bitcoin on their balance sheets, including Tesla and MicroStrategy.
Tejpaul said Coinbase executed “nine- and ten-digit transactions for some of the world’s largest institutions,” without disclosing specific names.
“Customers selected us for our experience in security, sophisticated execution platform, 24/7/365 white glove service and focus on regulatory compliance,” said Tejpaul.
A source recently told The Block that Coinbase’s main brokerage division has more than five Fortune 500 companies as clients.
Specific details of Coinbase’s bitcoin investment could be revealed in its Form S1, which is expected to be released in the coming days or weeks.
Coinbase confidentially filed Form S1 last December with the United States Securities and Exchange Commission as part of its plan to directly list shares on the Nasdaq.
The S-1 would offer a detailed overview of Coinbase’s activities. The company’s shares recently traded at an implied value of $ 100 billion at an average price of $ 373 per share, as The Block reported last week.
Update: The title of this story has been updated for clarity.
© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
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