The information was reported to the U.S. Securities and Exchange Commission (SEC) in the company's annual report.
Breakdown of Crypto Holdings
Almost 90% of the crypto holdings were divided between bitcoin and ether, with $291 million in bitcoin and $250 million in ether. The remaining $63 million was made up of litecoin and bitcoin cash, but PayPal did not provide a breakdown of the two.
Comparison to the Previous Quarter
The $604 million in crypto holdings compares with $690 million held at the end of September, during a period of sharp declines in crypto valuations following the collapse of exchange FTX.
Introduction of SAB 121
PayPal has allowed customers to buy and sell crypto since October 2020 and has recently begun to disclose specific holdings of different coins in its SEC filings. The SEC now requires this level of detail as per Staff Accounting Bulletin No. 121 (SAB 121), which was introduced in March of last year.