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.

Image source: Getty Images.

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Source Fool.com