ChainCatcher message: Coinbase CEO Brian Armstrong stated on the X platform that approximately one-quarter of Coinbase's balance sheet is cryptocurrency after deducting liabilities, with half being Bitcoin, which is similar to its percentage in the total market capitalization of cryptocurrencies. Almost all of Coinbase's liabilities are still denominated in USD, so the question is simply how much risk to take on.

Brian Armstrong added that Coinbase is not a hedge fund, and personally believes that the allocation of cryptocurrency in the balance sheet should be higher, just a matter of how much and why.