Coinbase (COIN) has its personal technique for BTC on the company steadiness sheet, but it surely’s not a bitcoin maximalist play like that of Michael Saylor’s Technique (MSTR).
On the corporate’s first quarter 2025 earnings name, CFO Alesia Haas revealed that Coinbase bought $150 million in crypto, “predominantly bitcoin,” bringing its long-term funding portfolio to $1.3 billion, or 25% of web money.
Haas, nonetheless, went out of her manner to attract a line between Coinbase and companies that explicitly tie their company identification to holding bitcoin on the steadiness sheet.
“To be clear, we’re an working firm,” she mentioned. “However we do make investments alongside the area.”
In different phrases, Coinbase isn’t betting the corporate on bitcoin. On a Q&A name with retail traders, Armstrong mentioned there was a temptation in its early days to place plenty of BTC on the steadiness sheet, but it surely was too dangerous. Crypto is risky and, on the time, Coinbase was too younger of an organization to take that threat.
Now, as a listed big issues have modified, however there’s nonetheless not a have to go all-in on bitcoin. Coinbase is allocating earnings from operations again into crypto property, equally to how a commodity agency may accumulate uncooked supplies it understands deeply. The transfer is much less Michael Saylor and extra sector-aligned capital recycling.
In truth, Coinbase didn’t even trumpet the acquisition in its shareholder letter. The information solely surfaced in response to a retail shareholder’s query about “accruing arduous crypto reserve property.”
CEO Brian Armstrong didn’t converse immediately concerning the purchases, however he did provide a philosophical context. Coinbase, he reminded traders, isn’t dabbling in crypto – it’s crypto.
“We’ve been targeted on crypto because the starting, 12 years in the past, and we proceed to be targeted there,” Armstrong mentioned. “Crypto is consuming monetary companies.”
For Armstrong, shopping for BTC is a byproduct of conviction and operational alignment and never a headline play, treasury pivot, or activist guess.
Coinbase isn’t holding BTC to sign to markets some broader conviction, or turn out to be a proxy like MSTR. Behind the accounting language is one thing deeper: a long-view guess that holding Bitcoin, like constructing the rails beneath it, is solely a part of Coinbase’s job.
That is not a treasury technique — it is one thing within the center.
