Coinbase CEO: Once considered adopting Michael Saylor's Bitcoin investment strategy, but ultimately did not due to high risks
ChainCatcher news, according to Bloomberg, Coinbase had previously considered adopting the Bitcoin purchasing strategy promoted by Michael Saylor, but deemed the plan too risky. Coinbase CEO Brian Armstrong stated in a video speech on the X social network: "Over the past 12 years, we have indeed had moments where we questioned whether we should allocate 80% of our assets into cryptocurrency—specifically, Bitcoin."
Coinbase ultimately decided to abandon this strategy, as it could jeopardize the company's cash position as a startup and could even "stifle" the San Francisco-based company. Nevertheless, according to the company's latest shareholder letter, Coinbase purchased $153 million worth of cryptocurrency (primarily Bitcoin) in the first quarter. According to the letter, the company holds $1.3 billion worth of cryptocurrency (mainly Bitcoin) as investments.