Coinbase (Coin) has its own strategy for BTC in the general balance, but it is not a maximalist game of Bitcoin as that of Michael Saylor’s strategy (Mstr).
In the first call of the company’s quarter, CFO Alesia Haas revealed that Coinbase bought $ 150 million in crypto, “predominantly Bitcoin”, carrying its long -term investment portfolio to $ 1.3 billion, or 25% net cash.
Haas, however, did everything possible to make a line between Coinbase and companies that explicitly link their corporate identity to maintain Bitcoin in the balance.
“To be clear, we are an operational company,” he said. “But we invent along with space.”
In other words, Coinbase is not betting on the company in Bitcoin. In a call for questions and answers with retail investors, Armstrong said there was a temptation in his first days to put a lot of BTC on the balance sheet, but it was too risky. Crypto is volatile and, at that time, Coinbase was too young from a company to run that risk.
Now, as giant things have changed on the list, but there is still no need to go to Bitcoin. Coinbase is assigning profits from operations to cryptographic assets, similar to how a basic product company could accumulate raw materials that it deeply understands. The measure is less Michael Saylor and more capital recycling aligned in the sector.
In fact, Coinbase did not even announce the purchase in his shareholders letter. The news only arose in response to the question of an retail shareholder about “accumulate hard encryption reserve assets.”
CEO Brian Armstrong did not talk directly about purchases, but offered a philosophical context. Coinbase, reminded investors, is not entering cryptography, is cryptography.
“We have focused on cryptography from the beginning, 12 years ago, and we continue to focus there,” said Armstrong. “Crypto is eating financial services.”
For Armstrong, Buy BTC is a condemnation and operational alignment byproduct and not a main game, a treasure pivot or an activist bet.
Coinbase is not retaining BTC to point to markets a broader conviction, or become a proxy as Mstr. Behind the accounting language there is something deeper: a long -sight bet that Hold Bitcoin, such as building the rails under it, is simply part of Coinbase’s work.
That is not a treasure strategy, it is something in the middle.
