Coinbase, one of the world\u2019s largest crypto exchanges, reportedly considered adopting a bold Bitcoin accumulation strategy similar to that of Michael Saylor and MicroStrategy\u2014but ultimately decided against it multiple times over the past 12 years.<\/p>\n\n\n\n
In a May 9 video interview with Bloomberg, Coinbase CEO Brian Armstrong revealed that the company had internally debated the idea of allocating a large portion of its balance sheet\u2014up to 80%\u2014to Bitcoin. However, leadership decided the move was too risky and could jeopardize the firm\u2019s core operations.<\/p>\n\n\n\n
\u201cWe made a conscious choice about risk,\u201d Armstrong said, acknowledging the temptation to make a large-scale crypto bet. \u201cThere were definitely moments over the last 12 years where we thought, man, should we put 80% of our balance sheet into crypto \u2014 into Bitcoin specifically.\u201d<\/p>\n\n\n\n
Coinbase CFO Alesia Haas echoed Armstrong\u2019s concerns. She emphasized that Coinbase didn\u2019t want to appear as though it was picking crypto winners, especially since the platform services a broad range of assets and clients.<\/p>\n\n\n\n
\u201cWe didn\u2019t want to be seen as directly competing against our customers,\u201d Haas explained.<\/p>\n\n\n\n
Still, Coinbase isn\u2019t entirely out of the Bitcoin game. According to its Q1 earnings report released May 8, the company added $153 million in crypto to its holdings\u2014primarily in Bitcoin. It now holds 9,480 BTC worth approximately $988 million, representing the bulk of its $1.3 billion in crypto assets.<\/p>\n\n\n\n
This puts Coinbase in ninth place among corporate Bitcoin holders, behind MicroStrategy, MARA Holdings, and Tesla.<\/p>\n\n\n\n
While Coinbase stayed on a more cautious path, several other public companies have followed Saylor\u2019s playbook\u2014raising funds through stock and debt offerings to buy Bitcoin, betting that long-term price appreciation would boost their equity value.<\/p>\n\n\n\n
Today, more than 100 publicly traded companies hold Bitcoin. The list also includes 40 ETF issuers, 26 private firms, and 12 nation-states, according to public data.<\/p>\n\n\n\n
In a significant move to broaden its market presence, Coinbase announced on May 8 that it will acquire crypto derivatives platform Deribit for $2.9 billion. This is the largest corporate acquisition in the crypto industry to date.<\/p>\n\n\n\n
The purchase gives Coinbase a major foothold in the booming crypto derivatives market, previously only accessible through its Bermuda-based platform. Deribit handled over $1 trillion in trading volume in 2024 and has about $30 billion in open interest.<\/p>\n","protected":false},"excerpt":{"rendered":"
Coinbase, one of the world\u2019s largest crypto exchanges, reportedly considered adopting a bold Bitcoin accumulation strategy similar to that of Michael Saylor and MicroStrategy\u2014but ultimately decided against it multiple times over the past 12 years. In a May 9 video interview with Bloomberg, Coinbase CEO Brian Armstrong revealed that the company had internally debated the […]<\/p>\n","protected":false},"author":6,"featured_media":4825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30,2,43],"tags":[],"class_list":{"0":"post-14528","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange","8":"category-featured","9":"category-general-news"},"acf":[],"yoast_head":"\n