Why Coinbase Chose Caution Over a Bitcoin-Maximalist Strategy

While a growing number of public companies have taken bold steps to load their balance sheets with Bitcoin, Coinbase — one of the industry’s most prominent names — has deliberately avoided following that path, citing long-term risk management and customer alignment as key reasons.

According to CEO Brian Armstrong, the company has debated adopting an aggressive Bitcoin accumulation strategy multiple times over the past decade, similar to what Strategy founder Michael Saylor famously did. But each time, the leadership held back. “We considered putting a massive portion of our treasury into Bitcoin,” Armstrong admitted during a recent video call, “but the risk to our operating capital and perception with customers outweighed the upside.”

Chief Financial Officer Alesia Haas added that becoming a heavy crypto holder could make the exchange appear biased, especially in a market where it supports a wide array of digital assets. “We didn’t want to be in a position where we were competing with the same tokens our customers trade,” she explained.

Despite its measured approach, Coinbase has still made significant crypto investments. Its latest financial report revealed the purchase of $153 million in digital assets — with Bitcoin being the largest component. The firm now holds 9,480 BTC, placing it among the top 10 corporate holders globally.

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While avoiding a maximalist Bitcoin strategy, Coinbase is betting big on market infrastructure. The company just announced the $2.9 billion acquisition of crypto derivatives giant Deribit, a move that dramatically expands its reach in one of the most lucrative corners of the crypto market.

Deribit processed over $1 trillion in derivatives volume last year and maintains around $30 billion in open interest. With this acquisition, Coinbase now claims the title of the world’s largest crypto derivatives platform — a space where it had previously only a limited offshore presence.

As competitors continue to chase Bitcoin-led balance sheet strategies, Coinbase is charting its own course — less about speculation, and more about scale.

Alexander Stefanov