On its balance sheet, Coinbase is prepared to buy $500 million in cryptocurrency.

According to a tweet from Coinbase's chief executive officer Brian Armstrong, the company's board of directors has approved the acquisition of more than $500 million in cryptocurrency on its balance sheet.


The company, which is known for assisting publicly traded corporations with significant bitcoin acquisitions, will also put 10% of all future proceeds into cryptocurrency.

"As the crypto economy grows, I expect this number to continue to rise," Armstrong added.

According to a blog post by Coinbase's chief financial officer Alesia Haas, the purchase will encompass Ethereum as well as other decentralized financial assets.

Haas added, "We have pledged to invest $500 million of our cash and financial equivalents."

"In addition to Bitcoin, we will be the first publicly traded business to hold Ethereum, Proof of Stake assets, DeFi tokens, and many more crypto assets supported for trading on our platform on our balance sheet," she continued.

Coinbase, which went public in April, has aided corporations such as MicroStrategy and Tesla in making huge crypto purchases. MicroStrategy, for example, sees the move as a method to preserve money against inflation.

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