By the end of 2022, the world’s largest payment company PayPal owned $604 million worth of cryptocurrencies for its users, with Bitcoin and Ethereum making up about 90% of that total.
According to its annual filing to the U.S. Securities and Exchange Commission, PayPal possessed $291 million in Bitcoin, $250 million in Ethereum, and an additional $63 million in Litecoin and Bitcoin Cash as of December 31. (SEC).
By the end of 2022, the corporation will have $604 million less in cryptocurrency than it did in September, when it had $690 million.
As of December 31, PayPal’s crypto assets were $902 million, or 67% of the company’s entire financial liabilities. The company’s overall financial assets, as of the filing, were valued at more than $25 billion.
Notably, this is the first annual financial report from the payments industry behemoth to offer a breakdown of its cryptocurrency holdings, which were previously not disclosed. According to the filing, PayPal decided it was necessary to disclose the split of its cryptocurrency assets in light of recent industry events.
Since PayPal’s separation from eBay in 2015, Schulman has been serving as its CEO. He will continue to serve on PayPal’s board of directors.