Coinbase is buying ETH
Last quarter Coinbase increased its ETH holdings by $100m.
That's 148k ETH worth $617m.
ETH and BTC are the two assets Coinbase continues to accumulate for its treasury.
This makes sense.
The 1st generation of Coinbase was built on bitcoin. First a bitcoin payments app, then an exchange with bitcoin as liquidity king - btc remains important.
The 2nd generation of Coinbase is built on ethereum. The Base L2 generates $100m / yr and just winding up - Coinbase will move its entire onchain - all secured by Ethereum.
$300m in BTC buys this quarter.
$100m in ETH buys this quarter.
Total portfolio mix:
73% BTC
27% ETH
Both of the store of value assets in crypto.
They're not just buying ETH.
They're scaling Ethereum.
As they scale Base - they're scaling Ethereum.
From a "Scaling Base" post this week they're:
- Accelerating timelines for Fusaka
- Improving execution clients (TrieDB, reth)
- Investing in Zkproofs
- Innovating state expiry solutions
Base is scaling Ethereum tech with the goal of achieving a 10k TPS L2 by early 2026.
There's FUD that Base is parasitic to Ethereum.
But this looks like symbiosis to me.
@brian_armstrong and @jessepollak are doing it right.
Build on Ethereum.
Own ETH.
Ethereum = world ledger
ETH = world reserve asset
Last quarter Coinbase increased its ETH holdings by $100m.
That's 148k ETH worth $617m.
ETH and BTC are the two assets Coinbase continues to accumulate for its treasury.
This makes sense.
The 1st generation of Coinbase was built on bitcoin. First a bitcoin payments app, then an exchange with bitcoin as liquidity king - btc remains important.
The 2nd generation of Coinbase is built on ethereum. The Base L2 generates $100m / yr and just winding up - Coinbase will move its entire onchain - all secured by Ethereum.
$300m in BTC buys this quarter.
$100m in ETH buys this quarter.
Total portfolio mix:
73% BTC
27% ETH
Both of the store of value assets in crypto.
They're not just buying ETH.
They're scaling Ethereum.
As they scale Base - they're scaling Ethereum.
From a "Scaling Base" post this week they're:
- Accelerating timelines for Fusaka
- Improving execution clients (TrieDB, reth)
- Investing in Zkproofs
- Innovating state expiry solutions
Base is scaling Ethereum tech with the goal of achieving a 10k TPS L2 by early 2026.
There's FUD that Base is parasitic to Ethereum.
But this looks like symbiosis to me.
@brian_armstrong and @jessepollak are doing it right.
Build on Ethereum.
Own ETH.
Ethereum = world ledger
ETH = world reserve asset
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