{"id":129004,"date":"2025-05-11T04:15:42","date_gmt":"2025-05-11T04:15:42","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129004"},"modified":"2025-05-11T04:15:42","modified_gmt":"2025-05-11T04:15:42","slug":"coinbase-considered-saylor-like-bitcoin-strategy-before-opting-out-bloomberg","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129004","title":{"rendered":"Coinbase considered Saylor-like Bitcoin strategy before opting out: Bloomberg"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsCoinbase reportedly considered adopting a Bitcoin investment playbook like Michael Saylor\u2019s Strategy on multiple occasions, but decided against it each time out of fear that it would kill the firm\u2019s crypto exchange, Bloomberg reported.<br \/>\n\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 Coinbase CEO Brian Armstrong told Bloomberg in a May 9 video call.<br \/>\nArmstrong said the Bitcoin (BTC) strategy could have risked the company\u2019s cash position and potentially killed the crypto exchange. \u201cWe made a conscious choice about risk,\u201d he added.<br \/>\nCoinbase Chief Financial Officer Alesia Haas, who also attended the video call, added that the firm didn\u2019t want to be seen as directly competing against its customers over which cryptocurrencies would outperform.\u00a0<br \/>\n\u201cRest assured, we are not stopping there,\u201d Haas said, as Coinbase reported purchasing another $153 million worth of crypto assets in its first quarter results statement on May 8, which was primarily concentrated in Bitcoin.<br \/>\nAccording to BitcoinTreasuries.net, Coinbase holds 9,480 Bitcoin \u2014 worth $988 million at current market prices \u2014 which makes up the majority of its $1.3 billion crypto asset holdings.<br \/>\nArmstrong\u2019s crypto exchange is the ninth-largest corporate Bitcoin holder, trailing the likes of Strategy, Bitcoin miner MARA Holdings and Tesla.<br \/>\nRelated: $45 million stolen from Coinbase users in the last week \u2014 ZachXBT<br \/>\nSeveral companies have begun copying Saylor\u2019s Bitcoin playbook, funding purchases through stock and debt sales on the bet that Bitcoin\u2019s price appreciation will boost their share prices.<br \/>\nOver 100 public companies have now reported holding Bitcoin around the world, while another 40 exchange-traded fund issuers, 26 private firms and 12 nation states have also reported holding the cryptocurrency.<br \/>\nSource: Mitchell AskewCoinbase deepens derivative offerings through Deribit acquisition<br \/>\nOn May 8, Coinbase agreed to acquire crypto derivatives platform Deribit for $2.9 billion, marking the industry\u2019s largest corporate acquisition to date.\u00a0<br \/>\nThe acquisition will expand Coinbase\u2019s footprint in the crypto derivatives market immensely, which previously had been limited to its Bermuda-based platform.<br \/>\nCoinbase noted that Deribit facilitated over $1 trillion in trading volume in 2024 and has around $30 billion of current open interest.<br \/>\nThe deal now makes Coinbase the \u201cglobal leader\u201d in crypto derivatives trading, the firm said.<br \/>\nMagazine: Crypto wanted to overthrow banks, now it\u2019s becoming them in stablecoin fight<a href=\"https:\/\/cointelegraph.com\/news\/coinbase-considered-michael-saylor-like-bitcoin-strategy-but-opted-against-it?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsCoinbase reportedly considered adopting a Bitcoin investment playbook like Michael Saylor\u2019s Strategy on multiple occasions, but decided against it each time out of fear that it would kill&hellip; 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