PayPal saw its Bitcoin holdings more than double between 2022 and 2023, while its own stablecoin did not grow as much. This is according to PayPal itself, after filing its crypto asset holdings following SAB 121 in February 2022. Staff Accounting Bulletin No. 121 from the U.S. Securities and Exchange Commission, or SAB 121, stated that a company that kept a client's crypto asset should report this is on the firm's balance sheet, among the company's liabilities. The SEC believed this was necessary as crypto assets and their volatility could be a business risk. SAB 121 was therefore meant as a safeguarding measure for business finances. The move was greeted by distrust from the digital assets sector, however, as they felt the move might restrict companies in dealing with crypto. PayPal does not provide additional information on why its crypto holdings increased. It states it has two custodians that hold cryptocurrency in PayPal's name. PayPal's own crypto asset - PayPal USD - only received three mentions in the report.
Total number of cryptocurrency holdings held by custodians for PayPal in 2022 and 2023
(in millions)
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2022
2023
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The figures display the number of crypto held by third-party custodians in PayPal's name, and do not refer to payment transactions made via PayPal
Supplementary notes
No other historical numbers exist, as it was not mandatory in the United States to report crypto assets up to March 2022. SAB 121 applies to financial statements prepared under either U.S. GAAP or IFRS accounting standards.
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US Securities and Exchange Commission. (February 8, 2024). Total number of cryptocurrency holdings held by custodians for PayPal in 2022 and 2023 (in millions) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1450191/paypal-cryptocurrency-holdings/
US Securities and Exchange Commission. "Total number of cryptocurrency holdings held by custodians for PayPal in 2022 and 2023 (in millions)." Chart. February 8, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1450191/paypal-cryptocurrency-holdings/
US Securities and Exchange Commission. (2024). Total number of cryptocurrency holdings held by custodians for PayPal in 2022 and 2023 (in millions). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1450191/paypal-cryptocurrency-holdings/
US Securities and Exchange Commission. "Total Number of Cryptocurrency Holdings Held by Custodians for Paypal in 2022 and 2023 (in Millions)." Statista, Statista Inc., 8 Feb 2024, https://www.statista.com/statistics/1450191/paypal-cryptocurrency-holdings/
US Securities and Exchange Commission, Total number of cryptocurrency holdings held by custodians for PayPal in 2022 and 2023 (in millions) Statista, https://www.statista.com/statistics/1450191/paypal-cryptocurrency-holdings/ (last visited July 22, 2024)
Total number of cryptocurrency holdings held by custodians for PayPal in 2022 and 2023 (in millions) [Graph], US Securities and Exchange Commission, February 8, 2024. [Online]. Available: https://www.statista.com/statistics/1450191/paypal-cryptocurrency-holdings/
