Coinbase considered Saylor-like Bitcoin strategy before opting out: Bloomberg
Coinbase CEO Brian Armstrong revealed that the company considered adopting a Bitcoin investment strategy similar to Michael Saylor's but ultimately rejected it due to concerns about risking the firm's cash position and potentially harming its crypto exchange. Coinbase holds 9,480 Bitcoin, valued at approximately $988 million, constituting a significant portion of its $1.3 billion in crypto assets. The firm recently purchased an additional $153 million in crypto assets, primarily Bitcoin. Coinbase is the ninth-largest corporate Bitcoin holder. The company announced its acquisition of crypto derivatives platform Deribit for $2.9 billion, enhancing its presence in the derivatives market, which previously had limited offerings. Deribit has facilitated over $1 trillion in trading volume in 2024 and has around $30 billion in open interest, positioning Coinbase as a leader in crypto derivatives trading.
