From Coinbase’s latest financial report filed with the SEC, it is highly likely that Coinbase sold all the E’s from the @base sequencer revenue to buy BTC.
According to data from @growthepie_eth, Base’s sequencer net revenue in the first half of the year reached 13,000 ETH (Q1: 7,500; Q2: 5,500).
Let’s also look at the change over the past half-year in Coinbase’s public financial report’s long-term investment portfolio indicator (Crypto assets held for investment):
$BTC : from 15,389 ETH → 17,311 ETH (net increase of 1,922 ETH)
$ETH : from 151,175 ETH → 150,279 ETH (net decrease of about 896 ETH)
What can be determined for sure is that Base’s sequencer revenue first enters the company’s own assets as CB’s revenue. If these E’s are then continued to be held as a long-term investment, the number of ETH in this metric cannot possibly decrease instead of increase.
So a more plausible explanation is: CB sold all 13,000 E’s that Base contributed, reducing its ETH exposure while increasing its BTC exposure.
#coinbase