Coinbase has considered several times a strategy of making large-scale investments in Bitcoin (BTC) like MicroStrategy's CEO Michael Saylor, but each time abandoned the idea. According to Bloomberg, Coinbase chose a conservative approach due to concerns that such a strategy could have a fatal impact on its cryptocurrency exchange business.
Brian Armstrong, Coinbase CEO, said in a video call with Bloomberg on May 9th, "Over the past 12 years, I've wondered quite a few times whether we should put 80% of our assets into Bitcoin," but added, "I decided not to take the risk because such a strategy could threaten the company's cash assets and ultimately undermine the exchange operations."
Alesia Haas, Coinbase's CFO who participated in the call, revealed that "We didn't want to appear as a company competing with customers about which crypto assets would yield better returns." She further stated, "We will continue to invest in cryptocurrencies," and disclosed that Coinbase purchased cryptocurrencies worth $153 million (approximately 223.6 billion won) in the first quarter results announced on May 8th. A majority of these were focused on Bitcoin.
According to the Bitcoin treasury information aggregation site BitcoinTreasuries.net, Coinbase currently holds approximately 9,480 BTC, which is worth about $988 million (approximately 1.4417 trillion won) at current market rates. This accounts for the majority of Coinbase's total cryptocurrency holdings of $1.3 billion (approximately 1.896 trillion won).
Currently, Coinbase is the ninth-largest Bitcoin holder among global companies, following leading companies like MicroStrategy, Tesla (TSLA), and Mara Holdings (MARA).
Meanwhile, private and public companies following Saylor's strategy and placing Bitcoin at the center of their asset management strategy are gradually increasing. Currently, over 100 listed companies worldwide hold Bitcoin, with 40 ETF issuers, 26 unlisted companies, and 12 countries adopting cryptocurrencies as part of their financial management. This spread shows that the perspective of Bitcoin as a strategic asset rather than a mere investment asset is gradually taking root.
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