Coinbase (Coin) sold 12,652 Ether ($ 25 million at the current price) in the fourth quarter, when approximately twice the level was valued now, according to Geoffrey Kendrick, the Global Digital Assets Research Chief at Standard Chartered Bank.
In a note, Kendrick said he analyzed the quarterly presentations of Exchange Crypto, which shows that it has Ether (ETH) in different categories, including investments and the end of operation. He estimates that about 80% of the income generated by the base, the Ethereum Coinbase block chain, is a gain.
In particular, the time of the company’s operations is aligned with price movements, he said. Coinbase Net bought in the third quarter, when ETH was quoted at around $ 2,500, and Net was sold in the room, when the second largest cryptocurrency reached $ 4,000. It is now $ 2,000.
“The fact that they were bought in the third quarter (when prices were low on average) and net sold in the fourth quarter (higher average prices) tells me to coinbase acts like any benefit adjusted by the risk would make the maximiser,” Kendrick wrote.
Coinbase said he sold some ether to finance operations, without saying how much it was involved.
“Base Win ETH of sequencer rates, and Eth We Ganing remains mainly for long -term investment or is used for operational expenses, including tax obligations and growth reinvestment through things such as wages, subsidies, acquisitions and public goods funds,” said a spokesman in an email.
According to Kendrick’s calculations, in the last three quarters, Net Sales of ETH totaled 1,558, which implies a strategic sales pattern instead of accumulation. He came to his conclusion by subtracting the ETH base profits from the changes in ETH holdings in Coinbase.
The spokesman reiterated that the company generally does not participate in commercial activities.
“As shared in our 10K: ‘encryption assets maintained for investment are mainly maintained in the long term … we do not participate in the regular trade of these assets, but we can lend them through the main financing or the bet.’ Our ETH for investment grew 20% in the course of 2024,” said the spokesman.
This is not the first time that Coinbase has to respond to the suggestions that the base generated by the base is selling. Last month, a base member rejected speculation around the possible Sales of ETH that says that the exchange had “accumulated $ 300 million+ in ETH, which is more than 2 times all ETH profits from the base over time.”
