Coinbase (Coin) said that its Bitcoin (BTC) holdings are increasing and that it plans to launch US shares.
In a publication on X on Thursday, the CEO of Coinbase, Brian Armstrong, said: “Coinbase is a long bitcoin. Our possession increased by 2.509 BTC in the second quarter, and we continue to buy more.”
The news about the purchase of Coinbase is not new, but it is definitely in a trend, since many Bitcoin bonds have recently emerged to imitate Michael Saylor’s strategy (Mstr). However, the financial director of the Exchange of Crypto, Alesia Haas, made it clear that Coinbase is not a BTC Treasury company, but a cryptographic operational company that invests in the sector.
Read more: Coinbase is buying Bitcoin, I just don’t call it a treasure strategy.
Separate, Coinbase confirmed to CNBC that he is preparing to offer tokenized versions of US actions: digital representations of actions that can be negotiated with blockchain infrastructure. The products will allow users to buy and sell fractions of shares throughout the day, with a faster settlement and lower costs than traditional capital markets.
The company’s legal director, Paul Grewal, announced in June that the company was looking for the approval of the United States Stock Exchange and Securities Commission (SEC) for the product.
The announcement occurs in the midst of a broader impulse of financial institutions to explore tokenization, the process of putting active world assets in blockchain, as a way to improve efficiency and accessibility in capital markets. Blackrock, Franklin Templeton and JPMorgan have made incursions into space in recent months.
The main competitors of Coinbase, Robinhood and Kraken, have recently launched tokenized actions outside the United States
The exchange also plans to launch prediction markets, which would allow users to bet on the results of future events using cryptographic assets. These characteristics are expected to be implemented in a matter of months, waiting for regulatory clarity, said the Vice President of Coinbase products, Max Branzburg on Thursday.
“We are building an exchange for everything,” he told CNBC. “Everything you want to trade, in a unique window, in the chain … we are bringing all the assets in the chain: actions, prediction markets and more. We are building the foundations for a faster, more accessible and more global economy.”
Coinbase reported profits from the second quarter on Thursday, missing estimates, since the volume of retail negotiation fell during the last quarter. The company’s shares have dropped approximately 6% in trade after the market.
