- Coinbase is buying Bitcoin weekly using extra cash, staying cautious unlike MicroStrategy’s aggressive share-funded approach.
- Coinbase holds 9,267 BTC worth $1B, building a crypto reserve without risking its core operations or going full Bitcoin treasury.
- Coinbase is launching U.S. perpetual trading products and debunking ETH short rumors to strengthen trust and expand services.
Even as U.S. banks closed for the day, Coinbase CEO Brian Armstrong reiterated the company’s optimistic outlook on Bitcoin. Armstrong recently said, “We’re buying more Bitcoin every week,” emphasizing the company’s commitment with the bold “Long Bitcoin.” This happened soon after Coinbase’s stock, driven by significant regulatory victories and rising investor interest, reached its highest level since its 2021 IPO.
Coinbase’s Bitcoin strategy, however, remains far more conservative than MicroStrategy’s. While MicroStrategy issues shares to buy Bitcoin, Coinbase only uses excess cash. Despite previous internal debates about going all-in on Bitcoin, the exchange chose a risk-managed path. Armstrong admitted that earlier in its journey, there were moments they considered putting 80% of their balance sheet into Bitcoin.
Coinbase Builds Cautious Crypto Portfolio
Consequently, Coinbase has maintained a steady but cautious accumulation strategy. In Q1 2025, the firm disclosed $150 million in crypto purchases, mostly in Bitcoin. According to CFO Alesia Haas, Coinbase does not view itself as a Bitcoin treasury. Instead, she emphasized, “We’re an operating company.”
Moreover, Coinbase ended Q1 with a $1.3 billion crypto portfolio, which equals about 25% of its net cash position. Current data shows the firm holds 9,267 BTC, now valued at roughly $1 billion. This balanced approach allows Coinbase to support Bitcoin while maintaining financial flexibility.
Additionally, Armstrong’s latest comments came after Bitcoin Magazine’s David Bailey applauded Coinbase’s stock performance. Bailey noted the company’s recent rally and challenged Armstrong to create a proper Bitcoin treasury.
New Products and ETH Short Rumors
Besides its growing Bitcoin stack, Coinbase is preparing to launch U.S.-based perpetual trading products on July 21. These have long been unavailable due to regulatory limits. The new product signals Coinbase’s commitment to offering advanced tools to U.S. traders.
Meanwhile, Coinbase Research Director David Duong addressed rumors of a record-breaking Ethereum short. He said the data used was misleading and did not reflect market reality. Duong stressed the need for reliable research and warned investors to avoid reacting to questionable data.
