I want to explain this what they could have possibly bought or what they did buy and talk to you about. The market, because there are a couple pieces of news that we should talk about now with that being said, i did make a couple videos already today on cardano and then also just something to be careful of in crypto in general, with the leverage that were seeing In bitcoin, so i would definitely watch those videos after youre done watching this one if you havent already. That being said, if you guys dont mind hitting the like button and subscribe button, i really do appreciate that, while youre down there, you can check out the link to block five. They pay up to nine and a half percent on some of their stable coin and you can check out the link down below to the patreon. We just recently bought phantasma and i did a video on it on saturday, but i posted a lot of information about it on friday, night uh like late at night, because it i just studied it for like three hours on a friday night and since then were Up over forty percent, so if you were in the patreon, if you have put like what thirty dollars in it, you have made up for a whole months worth of patreon, actually more than that so uh. Imagine if you put a thousand or two thousand dollars in it, its a its a good place to be definitely check it out.

If you sign up for a full year, you do get a discount, so the crypto markets. Looking good right. We have bitcoin down a thousand dollars from its highs today, uh, which is fine. It hit all time highs just over the last 24 hours or so and then ethereums looking really good. I did a video yesterday talking about why it would make sense to buy ethereum before today, or you know just just in the next few days, because there could be some big news from coinbase and at that time i think youre, seeing around 4 500 or 4 600 ive been talking about buying ethereum before around this time, like before november, before late october and ive been buying it, since it was like 900. But with that being said, we do have some news from coinbase that we have to cover. But before that apple ceo, tim cook owns crypto, i talked about this a while ago or in my last video, but he said that hes been work. Hes been researching it for a while they dont plan on putting it on their balance sheet. But coinbase did that today, all these guys own bitcoin tim apple, jack, dorsey, elon musk, stan drunken miller, bill miller, paul tudor jones. There are a number of other billionaires we could put on there that we know own bitcoin, but lets get into coinbases quarterly report here, and this is this is something i was very curious about because of the fact that they are supposed to buy crypto.

So you can see that their quarterly report did not go well. They actually had less monthly transacting users and less volume and less revenue than what was expected and what they saw last quarter, so they did fall and ive actually talked about this thats. Why? I didnt want to buy coinbase over the last couple weeks, even though i really think the stock itself is going to do well, especially with the nft platform rolling out. I think thats going to be a huge money maker for them. I didnt want to buy it because i said there might be a dip after this earnings because we already saw voyager digital, take a 40 revenue hit for this quarter and theyre a very similar platform to coinbase. So i guess i was right on that. We fell 14 because the volume went lower, which again thats just something that if you just do your research and you see it, one platform is down. Most platforms are probably going to be down, but what i want to point out is this: so last quarter, brian armstrong or actually just a few months ago, brian armstrong said: hey. We got board approval to purchase 500 million dollars of crypto on our balance sheet and to add to our existing holdings, well be investing 10 percent of all profit going forward in crypto. I expect this percentage to keep growing over time as the as the cryptocurrency or crypto economy matures, so they want to continuously buy with their net income.

Now i love it when things just match up perfectly numbers wise, it just is beautiful. So last quarter you can see at the end of q2 they had approximately 4.4 billion dollars of cash and cash equivalents and thats all they say this quarter at the same point in their presentation here they say we ended q3, with 6.4 billion in cash inclusive of 2 billion in net proceeds associated with the senior notes we issued, so that would be the 4.4 billion back here. Plus 2 billion is 6.4 and then youll see what they say after that. As of september 30 2021, we had 92 million dollars in usdc and we had a fair market value of our crypto investments of 541 million. Now this is perfect because their net income was about 406 million, take 10, that thats about 41 million, and then they also had the 500 million that they said that they would invest in crypto. Now they say that their fair market value was this, so 541 million. So it lines up perfectly right and it looks like they bought the 500 million. They bought 41 million from the proceeds that they had now it could be off a little bit. They might give more information on that when they actually do the call, because they havent done the call first. But i want to bring this to your attention because hey theyre, adding crypto, they say in august 2021, we announce a new crypto investment policy and expect to be growing our crypto investments over time now, its still just a small portion of their overall company right, like When you look at their balance sheet its about what 10 crypto now, which actually is significant, but when you compare to the overall market cap, its still just a small portion, its one percent of their overall market cap is their crypto.

But 10 of their balance sheet is pretty significant when you think about it. That way, so we have other companies like michael saylors microstrategy, that put in a lot more than five or ten percent, but that is essentially half of microstrategys new goal as a company is to one continue to grow their software company and then two have a very Strong balance sheet that they invest almost solely into bitcoin. Now, of course, you need some liquidity for different things, just in usd, but the majority of their money is in bitcoin. Now i dont think were gon na see other companies like apple and i covered this earlier today, but even though tim cook owns crypto, they said that they werent going to invest uh their balance sheet into crypto. They dont feel comfortable on at that, but you can see companies like coinbase as they invest into crypto thats, just going to be a good thing now. What do they invest in overall uh? We dont know exactly, but they did say that they were looking to invest in ethereum proof of stake, assets, d5 tokens and many other crypto support for trading on the platform. So a lot of the cryptos that they probably hold are probably bigger cap cryptos, im just guessing because its less risky, but i think ethereums a good bet to go with, because ethereums got to be on their balance sheet. I think or something they hold after this. After what they said here, this is coming from their finance chief.

So thank you guys so much for watching. I feel like this is just fascinating to watch. I was i was going to be on the lookout for this. I really wanted to know what they were going to do with their cash that they got and whether it actually lined up really well, and it did so. I i hope they give a little bit more information on this in their earnings call. That starts here in like an hour from the time of this recording, i think its 5 30 eastern time, but hopefully they break. They break that down a little bit more im curious if someone will ask them. Thank you guys so much for watching. I really do appreciate. Thank you for the like, subscribe, also checking out the link down below to my patreon and also checking out the link down to blockfy.

https://www.youtube.com/watch?v=mAdt6N-RWLc