Coinbase buying crypto for balance sheet

Coinbase (NASDAQ:COIN) CEO Brian Armstrong two hours ago took to Twitter to announce board approval for the company to buy more than $500M in cryptocurrency for the balance sheet. In addition, Armstrong says Coinbase (COIN) will be investing 10% of all future profits in crypto, a percent he expects will grow over time. The company last week announced a $1.6B profit in Q2, and a cash balance of $4.4B. One would expect that most of this money will be going into bitcoin (BTC-USD), but - writing in a blog post this evening - CFO Alesia Haas says Coinbase (COIN) will become the first publicly traded to hold ethereum (ETH-USD), Proof of Stake, and DeFi assets on its balance sheet. Haas notes the majority of Coinbase's (COIN) current financial transactions are done in fiat, possibly at odds with a company trying to lead the way in crypto adoption. Coinbase (COIN) is up 0.7% after