Crypto Exchange Coinbase (Coin) sells 12,652 ETH in fourth quarter, says Standard Chartered (STAN)
Coinbase (coin) sells 12,652 ether ($ 25 million in current price) in the fourth quarter, appreciating it about double the level today, according to Geoffrey Kendrick, the global leader of Digital Assets research at the Standard Chartered Bank.
On a note, Kendrick said he reviewed the quarterly filings of the crypto exchange, showing that it holds the ether (Eth) Under different categories, including investment and operational goals. He estimates that about 80% of the revenue generated by the base, Coinbase’s Ethereum Layer-2 blockchain, is income.
Interestingly, the timing of the company’s trading is aligned with price movements, he said. The Coinbase Net bought the third quarter, when the ETH trade was approximately $ 2,500, and the net was sold in the fourth, when the second largest cryptocurrency reached $ 4,000. It’s about $ 2,000.
“The fact that they bought Q3 (when prices were low on average) and the net sold at Q4 (higher average price) tells me coin work as much as anything to do with the profit profit,” Kendrick wrote.
Coinbase said it sells some ether to fund operations, without saying how much is involved.
“The base earns ETH from the fees in the next -next, and the ETH we earn is primarily held for long -term investment or used for operating costs, including tax responsibilities and reorganization to grow through things like salaries, grants, retrieval, and public goods funding,” said an email.
According to Kendrick’s calculations, over the past three quarters, Net Eth sales have reached 1,558, indicating a pattern of strategic sale rather than accumulation. He reached his conclusion by reducing ETH base revenue from changes to Coinbase’s ETH handling.
The spokesman once again said that the company does not usually participate in trading activities.
“As shared with our 10k: ‘Crypto’s properties held for investment will be mainly held for a long time … We do not participate in the regular trading of these properties but may lend them through a financing tree or stake with them.’ Our ETH held for investment rose 20% over the course of 2024, “the spokesman said.
This is not the first time the Coinbase has to respond to the suggestions that it sells the ether formed by the base. Last month a base member denied the speculation that surrounded the potential sales of eth Saying that the exchange has “accumulated $ 300m+ in ETH, which is more than 2x all ETH revenues of the base over time.”
