Coinbase reportedly thought-about adopting a Bitcoin-heavy treasury technique just like that of Technique’s Michael Saylor however in the end determined towards it, fearing it might undermine its core change enterprise.
In accordance with a Could 9 Bloomberg interview, CEO Brian Armstrong stated the thought of changing a big portion of Coinbase’s steadiness sheet into Bitcoin had been floated a number of instances over the previous 12 years.
“There have been positively moments the place we thought, ought to we put 80% of our steadiness sheet into Bitcoin?” Armstrong stated.
Nonetheless, he defined that the corporate made a acutely aware determination to handle threat, suggesting that such a transfer might have jeopardized Coinbase’s liquidity and future operations.
Coinbase Prevented Crypto Bets to Keep Impartial with Prospects
Chief Monetary Officer Alesia Haas echoed Armstrong’s warning, stating that Coinbase intentionally prevented getting into into competitors with its personal clients by betting on particular cryptocurrencies.
Regardless of that, Coinbase stays considerably uncovered to Bitcoin. In its newest earnings report on Could 8, the agency revealed a $153 million crypto buy in Q1, primarily in BTC.
In accordance with BitcoinTreasuries.web, Coinbase now holds 9,480 BTC, value almost $1 billion at present costs.
This makes it the ninth-largest company Bitcoin holder globally, behind companies akin to MicroStrategy, Tesla, and Marathon Digital Holdings.
Whereas Coinbase held again from a full-scale Bitcoin pivot, different corporations have embraced Saylor’s technique, utilizing fairness and debt to fund massive Bitcoin acquisitions.
Globally, over 100 public corporations, 40 ETF issuers, and even 12 nation-states now report holding Bitcoin.
193 publicly traded entities now maintain BTC on their steadiness sheet
+200% improve Yr to Date
That is just the start.
We. Are. Going. Increased.https://t.co/QqvTssMzaj
— Mitchell
(@MitchellHODL) Could 10, 2025
Coinbase additionally made headlines this week by buying crypto derivatives platform Deribit for $2.9 billion, marking the trade’s largest merger to this point.
The acquisition considerably boosts Coinbase’s presence within the crypto derivatives market, an space it beforehand accessed solely by way of its Bermuda-based operations.
Deribit processed over $1 trillion in buying and selling quantity in 2024 and holds $30 billion in open curiosity.
Coinbase stated the acquisition positions it as the brand new “international chief” in crypto derivatives.
Coinbase Q1 Income Climbs, However Revenue Falls 94%
Coinbase reported combined first-quarter outcomes, with income rising 24% year-over-year to $2 billion, however falling wanting analyst expectations and down 10% from the earlier quarter.
Whereas transaction income grew to $1.26 billion, its subscription and providers division—overlaying staking and custodial choices—rose 37% to almost $700 million, reflecting rising diversification past buying and selling.
Regardless of the income uptick, web earnings plunged 94% to $66 million as the corporate marked down its crypto holdings amid market volatility.
Adjusted earnings stood at $526.6 million, or $1.94 per share—nonetheless beneath final yr’s determine of $2.53. Working bills surged 51% to $1.3 billion as a result of aggressive advertising and asset write-downs.
Coinbase’s earnings had been weighed down by unpredictable macroeconomic circumstances and fluctuations in digital asset costs.
Nonetheless, the corporate famous its second-highest ever month-to-month consumer depend, with CFO Alesia Haas highlighting elevated engagement throughout non-trading providers.
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