Wu said that Coinbase CEO Brian Armstrong disclosed on Twitter that after deducting liabilities, about a quarter of Coinbase's balance sheet consists of cryptocurrencies, half of which is Bitcoin, similar to its percentage of the total market value of cryptocurrencies. Unfortunately, almost all of Coinbase's liabilities are still denominated in dollars, so the question is simply how much risk to take on. Brian Armstrong added that Coinbase is not a hedge fund and expressed his personal belief that the allocation of cryptocurrencies on the balance sheet should be higher, just a matter of how much and why.