Cryptocurrency exchange Coinbase co-founder and CEO Brian Armstrong said on Thursday that the company's board of directors has approved adding $500 million in cryptocurrencies to its balance sheet.

The company also plans to invest 10 percent of all profits in cryptocurrencies, Armstrong tweeted.

Alesia Haas, Coinbase's chief financial officer, further interpreted Armstrong's tweet. "We believe in the crypto economy and that the future of economic transactions - buying, selling, spending, earning - will be based on crypto assets. This means we will be the first public company to hold Ether, proof-of-equity assets, tokens, and many other crypto assets in addition to Bitcoin, to support trading on our platform and to join our balance sheet.", she said.

Public filings show that Coinbase had $48.9 million worth of stablecoin, $130.1 million of bitcoin, $23.8 million of ethereum, and $34 million of other crypto assets on its balance sheet as of the end of last year.