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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.”
Haas says that the fair value of Coinbase’s total crypto investments is $540 million, and holdings include Bitcoin (BTC), Ethereum (ETH) and other digital assets.
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.”