Coinbase (Coin) has its own BTC’s own strategy on the public budget, but it is not the Maximalist Bitcoin as the Michael Saylor strategy (MSTR).
In the company’s 2025 profit call to the company, CFO ALESIA Haas revealed that Coinbase bought $ 150 million from Crypto, “mostly Bitcoin”, thus the long -term investment portfolio reaches $ 1.3 billion, or 25 % of net cash.
However, Haas came out through her to draw a line between Coinbase and companies that explicitly link their institutional identity to the Bitcoin contract on the public budget.
“To be clear, we are an operating company,” she said. “But we are investing alongside the space.”
In other words, Coinbase is not betting on the company on Bitcoin. On the call of questions and answers With retailers, Armstrong said there was a temptation in his early days to put a lot of BTC on the public budget, but he was risky. Crypto is volatile, and at that time, Coinbase was very small from a company that could not bear these risks.
Now, as the giant things listed have changed, but still need to go to Bitcoin. Coinbase dedicates profits from operations to encryption assets, similar to how the basic commodity company can accumulate raw materials that you understand deeply. This step is less than Michela Silor and the most coincidence capital in the sector.
In fact, Coinbase has not even invented the purchase in the shareholders ’speech. The news only appeared in response to a retail sales shareholder about “the accumulation of solid reserves”.
CEO Brian Armstrong did not speak directly about the purchases, but he presented a philosophical context. Coinbase, and reminded investors, stated that he does not wander in encryption – it is an encryption.
“We focused on encryption from the beginning, 12 years ago, and we are still focusing there,” said Armstrong. “Crypto eats financial services.”
For Armstrong, the BTC purchase is a secondary result of condemnation and operational alignment and not a major address, the cabinet axis, or the activist’s bet.
Do not hold Coinbase BTC by referring to the markets of some broader condemnation, or become an agent like MSTR. Behind the accounting language is a deeper: a long -opinion bet that carried bitcoin, such as building bars under it, is simply part of the Coinbase function.
This is not a strategy for the Treasury – it’s something in the middle.
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