PayPal, the multinational payments company, held a total of $604 million worth of cryptocurrencies, including bitcoin, ether, litecoin, and bitcoin cash, for its customers at the end of 2022, according to its annual report filed with the US Securities and Exchange Commission (SEC). The majority of the holdings, around 90%, were divided between bitcoin and ether, with bitcoin accounting for $291 million and ether for $250 million. The remaining $63 million was made up of litecoin and bitcoin cash, with no specific breakdown provided. This figure represents a decrease from the $690 million held by PayPal at the end of September 2022. The company started offering cryptocurrency services, including buying and selling, to its customers in October 2020 and only recently started disclosing specific holdings in its SEC filings, following the introduction of the SEC’s Staff Accounting Bulletin No. 121 (SAB 121) in March 2022.
PayPal Held $604M of Customers’ Crypto as of Year-End 2022
