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HomeNewsCoinbase with Hammer News for Crypto Universe From Investing.com

Coinbase with Hammer News for Crypto Universe From Investing.com





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Investing.com – The Crypto Exchange Coinbase (NASDAQ 🙂 wants to invest more than $ 500 million in cryptocurrencies. Their CEO Brian Armstrong announced this via Twitter. He also announced that the largest crypto exchange in the United States by trading volume will invest 10% of its profits in cyber currencies in the future.

The news was received very benevolently in the cryptocurrency market:, and continued their recent soaring, rising between 6.3 to 20.24 percent. The latter got an additional boost from the hype surrounding the upcoming September 12th, which is all about smart contract integration.

As it was said in a tweet by the Cardano developers.

Coinbase in the future with more cryptos on the balance sheet

Brian Armstrong, Coinbase’s chief operating officer, shared on Twitter that the company has received board approval to buy over $ 500 million worth of cryptocurrencies. The crypto exchange is thus expanding its existing holdings, but it did not reveal which digital assets Coinbase intends to buy.

In addition, the largest US trading platform for cryptocurrency wants to invest 10% of all profits in cryptocurrencies from now on. Armstrong believes that as the crypto economy matures, that percentage “will continue to increase over time.”

Ten percent of future corporate earnings would be a significant amount in US dollars, at least if you look at Coinbase’s latest figures. The company achieved record results in the second quarter of 2021. With a net profit of 1.6 billion US dollars, the numbers from the first quarter were clearly exceeded. Compared to the same period in 2020, this corresponds to an increase of 4,900%.

As a result, a 10 percent investment in crypto would equate to around $ 160 million per quarter, even if Armstrong’s predictions about further growth in the industry do not materialize.

Based on the Bitcoin holdings on the balance sheet, Coinbase is currently the eighth largest publicly traded company according to Crypto Treasuries and by far the largest crypto exchange in terms of value holdings on the balance sheet. According to the website’s numbers, Coinbase currently holds 4,123 bitcoins valued at $ 194.6 million (based on a bitcoin price of $ 47,200).




During the reporting season, numerous large institutions disclosed their holdings in Coinbase shares. The youngest investors in the crypto exchange include banks such as Goldman Sachs (NYSE 🙂 and JPMorgan Chase & Co (NYSE :), both of which gave their customers an opportunity to invest in cryptocurrencies earlier this year. Large asset managers like BlackRock (NYSE 🙂 – who already hold $ 700 million worth of MicroStrategy (NASDAQ 🙂 shares – also bought some Coinbase shares.

Tech giant Intel (NASDAQ 🙂 also announced an investment in COIN, and even the Treasury departments of the states of Wisconsin, Pennsylvania, Utah and Tennessee decided to invest in the crypto exchange.

“These organizations are exposed to Coinbase’s crypto holdings, which will soon be even larger. Much larger,” predicted Lucas Outumuro, CEO of the crypto data platform IntoTheBlock, in an email to Investing.com.

“By expanding its crypto holdings, Coinbase is indirectly increasing the crypto engagement of the large organizations that have just invested in its stocks. This fact is of great importance because it links the financial interests of these institutions with the growing crypto market”, added Outumuro.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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