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

Coinbase contemplated a Bitcoin-heavy investment strategy similar to Michael Saylor's. However, the firm ultimately rejected this approach due to concerns it could jeopardize the company's exchange business. CEO Brian Armstrong cited the risk of depleting their cash reserves as a major deterrent. CFO Alesia Haas added that they wanted to avoid competing with their customers on crypto performance. Coinbase has still invested in Bitcoin, holding nearly $1 billion worth. Despite not fully embracing Saylor's playbook, Coinbase remains among the top corporate Bitcoin holders. The firm recently acquired the crypto derivatives platform Deribit for $2.9 billion. This strategic acquisition positions Coinbase as a leader in the crypto derivatives market. Deribit's substantial trading volume and open interest will significantly boost Coinbase's presence. The deal marks the industry's largest corporate acquisition so far. This expansion reflects the evolving landscape of the crypto market.