The coinbase (coin) for BTC on the corporate balance sheet has its own strategy, but it is not a bitcoin maximalist play like Michael Sayler’s strategy (MSTR).
On the company’s first quarter 2025 income call, CFO Alesia Haas revealed that the coinbase bought $ 150 million in Crypto, “mainly bitcoin,” brought its long -term investment portfolio to $ 1.3 billion, or 25% in net cash.
Has, however, went out of its way to draw a line between the coinbase and firms, which clearly binds its corporate identity to place bitcoins on the balance sheet.
“To be clear, we are an operating company,” he said. “But we invest with space.”
In other words, Coinbase is not betting on the company on bitcoin. On a question -answer call Along with retail investors, Armstrong stated that there was a temptation in its early days to put a lot of BTC on the balance sheet, but it was very risky. Crypto is unstable and at that time, the coinbase was very small of a company to take that risk.
Now, as a listed huge things have changed, but still there is no need to go all-in on bitcoin. Coinbase Crypto is allocating benefits from back operation in assets, similarly how a commodity firm can deposit raw materials that he understands deeply. This step is a low Michael Surer and more sector-based capital recycling.
In fact, the Coinbase did not even trumpet shopping in its shareholder letter. This news came out in response to a retail shareholder’s question, “Hard Crypto Reserve Assets”.
CEO Brian Armstrong did not talk about direct purchase, but he offered a philosophical reference. The coinbase, he reminded investors, not dubbing in Crypto – this is Crypto.
Armstrong said, “We are focused on Crypto from the beginning 12 years ago, and we have been focusing there.” “Crypto is eating financial services.”
For Armstrong, buying BTC is a by -product of conviction and operational alignment, not headline play, treasury pivot, or activist condition.
The coinbase does not have to indicate BTC to indicate for some broad punishment, or becomes a proxy like MSTR. The accounting is somewhat deep behind the language: a long -looking condition that holds bitcoin, such as the construction of rail below it, is part of the coinbase job.
This is not a treasury strategy – this is something in the middle.
