Czech central bank buys $18 million in Coinbase stock in Q2, expanding crypto exposure
Quick Take
- The Czech National Bank disclosed in its quarterly report that it added 51,732 Coinbase Global shares in the second quarter of this year.
- These shares were worth about $18.1 million at the end of June but are now valued at around $20 million based on Friday’s closing price.
The central bank of the Czech Republic has increased its exposure to cryptocurrency-related stocks as it bought $18.1 million worth of Coinbase shares in the second quarter of this year.
In a recent form 13F filed with the U.S. Securities and Exchange Commission, the Czech National Bank (CNB) disclosed that it purchased 51,732 shares of Coinbase Global during the second quarter. The shares were worth $18.1 million as of the end of June but are currently valued at roughly $20 million based on Friday's closing price.
This marks the central bank's first-ever acquisition of Coinbase shares, as its previous filing showed no holdings in the first quarter.
The Czech Republic has recently become increasingly open to exploring crypto. In January, the CNB approved a proposal to evaluate investing its reserves in additional asset classes, including bitcoin.
CNB Governor Aleš Michl said at the time that the central bank aims to diversify its reserve holdings. In an interview with the Financial Times, Michl stated the CNB might potentially allocate up to 5% of its €140 billion ($163.5 billion) reserves to bitcoin upon board approval.
Coinbase's stock closed down 0.49% at $387.06 on Friday, according to Yahoo Finance data. The stock has gained 55.88% year-to-date.
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