Coinbase considered Saylor-like Bitcoin strategy before opting out: Bloomberg

Coinbase reportedly considered adopting a Bitcoin concern playbook similar Michael Saylor’s Strategy connected aggregate occasions, but decided against it each clip retired of fearfulness that it would termination the firm’s crypto exchange, Bloomberg reported.

“There were decidedly moments implicit the past 12 years wherever we thought, man, should we enactment 80% of our equilibrium expanse into crypto — into Bitcoin specifically,” Coinbase CEO Brian Armstrong told Bloomberg successful a May 9 video call.

Armstrong said the Bitcoin (BTC) strategy could person risked the company’s currency presumption and perchance killed the crypto exchange. “We made a conscious prime astir risk,” helium added.

Coinbase Chief Financial Officer Alesia Haas, who besides attended the video call, added that the steadfast didn’t privation to beryllium seen arsenic straight competing against its customers implicit which cryptocurrencies would outperform. 

“Rest assured, we are not stopping there,” Haas said, arsenic Coinbase reported purchasing different $153 cardinal worth of crypto assets successful its archetypal 4th results connection connected May 8, which was chiefly concentrated successful Bitcoin.

According to BitcoinTreasuries.net, Coinbase holds 9,480 Bitcoin — worthy $988 cardinal astatine existent marketplace prices — which makes up the bulk of its $1.3 cardinal crypto plus holdings.

Armstrong’s crypto speech is the ninth-largest firm Bitcoin holder, trailing the likes of Strategy, Bitcoin miner MARA Holdings and Tesla.

Related: $45 cardinal stolen from Coinbase users successful the past week — ZachXBT

Several companies person begun copying Saylor’s Bitcoin playbook, backing purchases done banal and indebtedness income connected the stake that Bitcoin’s terms appreciation volition boost their stock prices.

Over 100 nationalist companies person present reported holding Bitcoin astir the world, portion different 40 exchange-traded money issuers, 26 backstage firms and 12 federation states person besides reported holding the cryptocurrency.

Source: Mitchell Askew

Coinbase deepens derivative offerings done Deribit acquisition

On May 8, Coinbase agreed to acquire crypto derivatives level Deribit for $2.9 billion, marking the industry’s largest firm acquisition to date. 

The acquisition volition grow Coinbase’s footprint successful the crypto derivatives market immensely, which antecedently had been constricted to its Bermuda-based platform.

Coinbase noted that Deribit facilitated implicit $1 trillion in trading volume successful 2024 and has astir $30 cardinal of existent unfastened interest.

The woody present makes Coinbase the “global leader” successful crypto derivatives trading, the steadfast said.

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