Coinbase Investing 10% of Profits in Crypto Is Bigger Than You Think
We've seen a couple of CEOs make headlines after making big bets on Bitcoin (CRYPTO: BTC) this year. It isn't always pretty. Michael Saylor at MicroStrategy (NASDAQ: MSTR) has been vocal about parking his company's cash in crypto, but he's an acquired taste with his evangelical Bitcoin tweets. Tesla's (NASDAQ: TSLA) Elon Musk was a more prolific Bitcoin backer, but the tide turned when he grew critical of the most valuable crypto's energy efficiency and turned his attention to a meme coin.
It's against this backdrop that Coinbase Global (NASDAQ: COIN) founder and CEO Brian Armstrong is putting his company's money where the leading cryptocurrency trading exchange's mouth is. Armstrong announced on Thursday that Coinbase has board approval to purchase $500 million in cryptocurrency, earmarking 10% of future profits for adding to its digital assets. Armstrong isn't as flashy as Musk. He's not as obsessed as Saylor. However, he's the CEO that crypto needs right now.
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Source Fool.com
