Bloomberg reported that the coinbase allegedly considering adopting Michael Sareer’s strategy such as a bitcoin investment playbook on several occasions, but each time he decided against it for fear that he would kill the firm’s crypto exchange, Bloomberg said.
The CEO of the Coinbase Brian Armstrong certainly had a few moments in the last 12 years, where we thought, man, we should be put into the bitcoin – 80% of our balance sheet – in bitcoin. , told Bloomberg in May 9 video call.
Armstrong stated that the strategy of bitcoin (BTC) may risk the company’s cash position and potentially kill the Crypto Exchange. “We made a conscious option about the risk,” he said.
Coinbase Chief Financial Officer Alesia Has, who also participated in the video call, said the firm should not be seen as direct competition against its customers, on which the cryptocurrency would perform better.
“The rest assured, we are not staying there,” said Has, as the Coinbase reported to buy a crypto property worth another $ 153 million in the statement of its first quarter result on 8 May, which was mainly concentrated in bitcoin.
As Bitcointreasuries.netThe coinbase has 9,480 bitcoins at current market prices – priced at $ 988 million – which makes a majority of its $ 1.3 billion crypto asset holdings.
Armstrong’s Crypto Exchange is the ninth largest corporate bitcoin holder, the choice of strategy, Bitcoin Minor Mara Holdings and Tesla’s choice.
Connected: $ 45 million theft from coinbase users in last week – zachxbt
Many companies have started copying Saylor’s bitcoin playbook, shopping through stock and purchasing through loans at stake will promote their share prices to praise the price of bitcoins.
More than 100 public companies have now reported bitcoins worldwide, while another 40 exchange-traded fund issuer, 26 private firms and 12 states have also reported to conduct cryptocurrency.
Coinbase deepens derivative offerings through deribit acquisition
On 8 May, the Coinbase agreed to receive the Crypto derivative platform Derbit for $ 2.9 billion, marking the industry’s largest corporate acquisition to date.
The acquisition would expand the footprint of the coinbase in the Crypto derivatives market, which was earlier limited to the Bermuda-based platform.
The Coinbase mentions that Deribit featured more than $ 1 trillion in the trading volume in 2024 and the current is about 30 billion dollars of open interest.
The firm said that the deal now makes the coinbase a “global leader” in Crypto derivative trading.
magazine: Crypto wanted to overthrow banks, now it is making them in Stabecoin fight
