The fintech company PayPal recently disclosed its cryptocurrency holdings in a quarterly report sent to the United States Securities and Exchange Commission.

It revealed a combined total of $943 million in crypto assets as of March 31, 2023, representing a 56% increase from the previous quarter when investments totaled $604 million.

In the current quarter, PayPal reported total financial liabilities of $1.2 billion, with investments in crypto assets accounting for 77.9% of the total.

This represents a rise of more than 10% from the figures reported to the SEC in Q4 2022.

According to the report, PayPal considers its cryptocurrency assets a "necessary protection" due to the "unique risks associated with cryptocurrencies" offered for investment on its platform.

The disclosure also indicates that the specific types of cryptocurrencies held by the company remain unchanged since last quarter.