Coinbase Global Inc COIN said in a shareholder letter on Monday that 10% of the top 100 largest hedge funds by assets under management are among its clients.
What Happened: Coinbase said many clients have selected it as their “exclusive partner.”
The cryptocurrency trading platform said it had formed partnerships with "industry leaders" like Tesla Inc TSLA and its CEO Elon Musk, SpaceX, PNC Bank, Third Point LLC and WisdomTree Investments, in recent months.
See Also: How To Buy Coinbase (COIN) Shares
On Monday, Coinbase reported its record second-quarter earnings per share of $6.42, which surpassed the Street estimates of $2.24.
The platform had over 9,000 institutional customers as of the second quarter.
Coinbase shares closed 3.85% lower at $269.67 in Tuesday’s regular session and rose nearly 0.8% in the after-hours trading.
Why It Matters: In February, it was reported by The Block that Tesla’s $1.5 billion Bitcoin BTC/USD purchase was facilitated by Coinbase.
This is the first time Coinbase has acknowledged its relationship with Tesla.
Meanwhile, PNC Bank — another Coinbase partner— is said to be working on an unknown cryptocurrency service that would give it more seamless access to cryptocurrency investments for its clients, reported CoinDesk.
Photo by Marco Verch on Flickr
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