Key Takeaways
- Coinbase considered but rejected an 80% Bitcoin balance sheet allocation.
- The firm currently holds 9,480 BTC, valued at $988 million.
- Coinbase acquired Deribit for $2.9 billion to expand in derivatives.
Coinbase CEO Brian Armstrong revealed that the company has repeatedly weighed a strategy similar to Michael Saylor’s—allocating the majority of its corporate balance sheet to Bitcoin—but ultimately decided against it out of concern for the firm’s survival.
Armstrong said during a May 9 Bloomberg video call:
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.
However, he concluded that doing so could have jeopardized Coinbase’s cash reserves and, potentially, its business as a crypto exchange.
Balancing customer interests
Chief Financial Officer Alesia Haas explained that Coinbase also wanted to avoid competing with its own customers over which assets would outperform.
Still, Coinbase remains a significant Bitcoin holder. According to BitcoinTreasuries.net, it currently holds 9,480 BTC—valued at around $988 million—making up the bulk of its $1.3 billion in crypto holdings.
Coinbase’s position in the market
Coinbase ranks as the ninth-largest corporate Bitcoin holder, trailing firms such as MicroStrategy, Tesla, and MARA Holdings.
Continued investment & expansion
Despite its conservative approach, Coinbase continues to invest in Bitcoin, purchasing another $153 million worth in Q1 2025.
Separately, Coinbase also announced a $2.9 billion acquisition of crypto derivatives platform Deribit, expanding its role in the derivatives market.
Deribit facilitated over $1 trillion in trading volume in 2024 and currently holds $30 billion in open interest.
