Coinbase (COIN) sold 12,652 ether ($25 million at the current price) in the fourth quarter, when it was valued about double the level now, according to Geoffrey Kendrick, the global head of digital assets research at Standard Chartered Bank.
In a note, Kendrick said he analyzed the crypto exchange’s quarterly filings, which show it holds ether (ETH) under different categories, including investment and operational purposes. He estimates that about 80% of revenue generated by Base, Coinbase’s Ethereum layer-2 blockchain, is profit.
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