Coinbase is said to have planned to adopt a Bitcoin investment gaming book like Michael Saylor’s strategy on several occasions, but decided not to do so for fear of killing the company’s crypto exchange, Bloomberg reported.
“There have certainly been times in the past 12 years we thought, guy, if we put 80% of our assessment in the crypto – in Bitcoin specifically,” said CEO of Coinbase Brian Armstrong said Bloomberg in a video call on May 9.
Armstrong said that Bitcoin’s (BTC) strategy could have risked the company’s cash position and potentially killed the crypto exchange. “We made a choice aware of the risk,” he added.
Coinbase financial director Alesia Haas, who also attended the video call, added that the company did not want to be considered directly in competition with its customers on which cryptocurrencies would surpass.
“Rest assured, we do not stop there,” said Haas, because Coinbase said he bought another $ 153 million value in cryptographic assets in his declaration of results in the first quarter on May 8, which was mainly concentrated in Bitcoin.
According to Bitcointheries.netCoinbase holds 9,480 Bitcoins – worth $ 988 million at current market prices – which represents the majority of its $ 1.3 billion in Crypto Asset Holdings.
Armstrong crypto exchange is the ninth business bitcoin holder, dragging the strategy, Bitcoin Miner Mara Holdings and Tesla.
In relation: $ 45 million stolen from Coinbase users last week – Zachxbt
Several companies have started to copy the Bitcoin gaming book of Saylor, the financing of purchases through sales and debts on the bet that the appreciation of Bitcoin prices will increase their share of shares.
More than 100 public companies have now said that they have detained Bitcoin worldwide, while 40 other stock market issuers, 26 private companies and 12 nation states have also said that they have detained cryptocurrency.
Coinbase deepens derivative offers through the acquisition of drinking
On May 8, Coinbase agreed to acquire a platform of crypto derivatives for $ 2.9 billion, marking the largest business acquisition in industry to date.
The acquisition will expand the hosebase footprint on the enormously cryptographic derivative market, which had previously limited to its Bermuda-based platform.
Coinbase noted that the drunkenness had facilitated more than $ 1 billion in negotiation volume in 2024 and has approximately $ 30 billion in current open interest.
The agreement now makes Coinbase the “world leader” of the trade in cryptographic derivatives, said the firm.
Review: The crypto wanted to reverse the banks, now it becomes in the fight of Stablecoin
