The sale of 12,652 Ethereum by Coinbase in the last quarter of 2024 has caught the attention of the crypto community, sparking debates over the company's strategy.
Strategic Selling or Business as Usual?
Standard Chartered’s Geoffrey Kendrick analyzed Coinbase’s quarterly reports and noted that the exchange buys ETH when prices are low and sells when they rise. In Q3, when ETH was around $2,500, Coinbase was a net buyer, but in Q4, with ETH at $4,000, the company sold more than it bought.
Coinbase Responds to Claims
Coinbase acknowledged selling some ETH, stating these funds were used for operational needs such as salaries and taxes. The company highlighted that its investment ETH holdings grew by 20% in 2024.
Previous Accumulation Claims
Coinbase has faced scrutiny for its ETH actions before. Recently, a Base representative dismissed rumors of ETH sales, claiming the company accumulated over $300 million in ETH.
Coinbase’s ETH sales continue to spark discussion within the crypto community. Observing the company's future actions and their market impact is crucial.
