PayPal’s crypto holdings increased by 56% in Q1 2023 to nearly $1B
The lion’s share of the fintech’s held cryptocurrency assets lie in BTC and ETH with $499 and $362 million respectively — up more than 56% since Q4 2022. Financial technology company PayPal recently disclosed its cryptocurrency holdings in a quarterly report filing to the Securities and Exchange Commision (SEC). Claiming a combined total of $943 million in crypto currency assets as of March 31, 2023, the filing shows a 56% increase over the company’s previous quarter where PayPal disclosed $604 million. PayPal's reported total financial liabilities for this quarter were $1.2 billion, with crypto assets making up 77.9% — up more than 10% from 2022’s reported fourth quarter liabilities. Related: PayPal crypto partner Paxos raises $300M According to the report, PayPal considers its crypto assets a “safeguarding liability” due to the the “unique risks associated with crypto currencies.” The disclosure also indicates that the specific crypto currencies held by the company remain ...