Coinbase has received board approval to purchase more than $500 million in crypto assets for its balance sheet, according to CEO Brian Armstrong. The move signals that the publicly traded exchange is deepening its own treasury exposure to the crypto market rather than only offering access to digital assets for customers.
Armstrong also said the company will invest 10% of all profits going forward into the crypto economy. He added that he expects this percentage to grow over time as the sector matures. The executive further noted that Coinbase hopes to operate more of its business in crypto over the long term, although for now its operations remain a mix of traditional and crypto-based systems.
Continuation of an existing treasury strategy
This is not the first time Coinbase has disclosed crypto holdings on its balance sheet. In February 2021, executive Brett Tejpaul said in a company blog post that Coinbase held bitcoin and other crypto assets. He also emphasized that the firm had maintained investments in digital assets since its founding in 2012, citing a strong belief in the long-term potential of the crypto economy.
That earlier statement closely aligns with Armstrong’s latest remarks, suggesting the new allocation is part of a broader and longer-running corporate treasury approach rather than a sudden policy shift. The latest announcement, however, provides a much clearer figure for the scale of Coinbase’s intended purchases.
No asset breakdown disclosed yet
Armstrong did not specify which cryptocurrencies Coinbase plans to add to its balance sheet. While the company has previously acknowledged holding bitcoin and other digital assets, the latest disclosure stops short of naming the exact tokens involved in the new $500 million allocation.
With other corporations having previously drawn attention for adding bitcoin to treasury reserves, Coinbase’s decision to formalize a large crypto purchase and dedicate 10% of future profits to the sector underscores its long-term conviction in the growth of the crypto economy.