365int
Coinbase executives repeatedly considered going all-in on Bitcoin like Michael Saylor’s MicroStrategy but ultimately backed out, fearing it could jeopardize their exchange business. CEO Brian Armstrong revealed the internal debates during a Bloomberg interview, admitting there were moments when allocating 80% of their balance sheet to Bitcoin seemed tempting.
The crypto giant worried such a bold move might drain cash reserves and create conflicts with customers. CFO Alesia Haas emphasized Coinbase didn’t want to appear as a competitor betting on specific cryptocurrencies. Despite hesitation, the firm still holds 9,480 BTC ($988 million) — making it the ninth-largest corporate Bitcoin holder.
