Coinbase CEO Brian Armstrong said his company had considered adopting a Bitcoin investment playbook like Michael Saylor’s Strategy on multiple occasions, but decided against it each time out of fear that it would kill the firm’s crypto exchange, Bloomberg reported.“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 revealed to Bloomberg in a May 9 video call.
Coinbase Chief Financial Officer Alesia Haas, who also attended the video call, added that the firm didn’t want to be seen as directly competing against its customers over which cryptocurrencies would outperform. “Rest assured, we are not stopping there,” Haas said, as Coinbase reported purchasing another $153 million worth of crypto assets in its first quarter results statement on May 8, which was primarily concentrated in Bitcoin.
Source: Mitchell AskewCoinbase deepens derivative offerings through Deribit acquisitionOn May 8, Coinbase agreed to acquire crypto derivatives platform Deribit for $2.9 billion, marking the industry’s largest corporate acquisition to date. The acquisition will expand Coinbase’s footprint in the crypto derivatives market immensely, which previously had been limited to its Bermuda-based platform.
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Author / Journalist: Cointelegraph by Brayden Lindrea
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