The Czech National Bank has made its first investment in a cryptocurrency-related company by acquiring over 51,000 shares of Coinbase.
First Investment in Cryptocurrency
The Czech National Bank purchased 51,732 shares of Coinbase, marking its first foray into cryptocurrency investments. As of July 14, when the acquisition was made, the share value was approximately $18.13 million.
Rise of Coinbase Shares
Currently, these shares are valued at over $20 million due to the rise in cryptocurrency market prices. According to Google Finance, Coinbase shares have increased by 55.88% year-to-date, attributed to the company’s strong performance and its recent acquisition of Deribit.
Bitcoin Plans and Management Opinions
Czech National Bank Governor Aleš Michl previously expressed intentions to invest up to 5% of the bank's reserves in Bitcoin. However, some board members have expressed skepticism about this initiative, citing legal uncertainties and the volatility of digital assets.
The acquisition of Coinbase shares signifies a significant move for the Czech National Bank towards integrating cryptocurrency into its financial strategy, although the decision regarding Bitcoin remains under discussion.
