Oooft
Coinbase now hold 151,175 ETH which means they sold half of their sequencer fees
Meanwhile they have accumulated 841 BTC
The only positive for ETH is that they haven’t yeeted everything, but this is barely a positive as it shows a clear strategy of not valuing ETH as a SoV to the same extent as BTC
The bare minimum should really be holding on to sequencer fees, but they are actively selling ETH and buying BTC instead
It’s probably even worse than this because additions include staking rewards as well
Portfolio allocation is broadly similar to Q3 in terms of valuation, but not cost which has dropped
Coinbase have had the opportunity to get ahead in the ETH accumulation race, and yet they consistently favour BTC
You could have surmised this from everything that is said by Brian, but it’s pretty damning to see it in action
All this talk of updating the system, and yet they refuse to hold the one asset that will be central to this 😬
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