Brian Armstrong, co-founder and chief executive officer of Coinbase Inc.
David Paul Morris | Bloomberg | Getty Images
Coinbase isn’t just enabling the trading of a bunch of bitcoin – it’s holding cryptocurrencies on its books.
In the company’s prospectus for public market investors filed on Thursday, Coinbase disclosed ownership of $316.1 million worth of crypto assets on its balance sheet as of Dec. 31, up ninefold from $33.9 million at the end of 2019.
Bitcoin surged in value by over 300% last year, while the digital currency ethereum jumped close to 500%, and they’ve both extended their rally to start 2021. While Coinbase makes most of its money by allowing investors to trade, store and…