- Coinbase considered, but ultimately rejected, the idea of heavily investing in Bitcoin to protect its crypto exchange business.
- The company recently purchased $153 million in crypto assets, bringing its total Bitcoin holdings to about $988 million.
- Coinbase acquired Deribit for $2.9 billion, making it a top player in global crypto derivatives trading.
Coinbase has weighed whether to follow a strategy similar to Michael Saylor’s high-profile Bitcoin investments but decided not to move forward due to concerns it would damage its core cryptocurrency exchange, Bloomberg reported. The company’s leadership, including CEO Brian Armstrong, discussed the possibility several times in the past 12 years but opted for a more cautious approach.
In a video call with Bloomberg on May 9, Armstrong stated, “There were definitely moments over the last 12 years where we thought, man, should we put 80% of our balance sheet into crypto — into Bitcoin specifically.” Armstrong explained that such a move would have posed too much risk to the company’s financial position. Chief Financial Officer Alesia Haas added that the company did not want to compete with its own customers over which cryptocurrencies would bring the best returns.
Recent financial statements show Coinbase bought another $153 million in crypto assets during the first quarter of 2025, primarily in Bitcoin. According to BitcoinTreasuries.net, Coinbase owns about 9,480 Bitcoin, which equals roughly $988 million. This represents the majority of its $1.3 billion total crypto asset holdings. The company is now the ninth-largest corporate Bitcoin holder, according to the same source.
Other firms have taken a more aggressive approach, using stock and debt sales to finance large Bitcoin purchases in the hope that rising prices will benefit their share value. More than 100 public companies worldwide now report holding Bitcoin. Additionally, 40 exchange-traded fund providers, 26 private companies, and 12 countries have disclosed Bitcoin ownership.
In another major development, Coinbase announced on May 8 that it will acquire derivatives exchange Deribit for $2.9 billion. This acquisition, the largest of its kind in the sector, will give Coinbase a significantly larger role in the crypto derivatives market, which involves trading contracts based on the future price of cryptocurrencies rather than the currencies themselves. Deribit has facilitated over $1 trillion in trading volume this year and currently holds approximately $30 billion in open contracts. Coinbase believes this move will make it the leading global platform for trading crypto derivatives.
Further details on recent security incidents or industry analysis were not provided in the company’s statements.
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