BlockBeats news, on May 10, the largest cryptocurrency exchange in the United States, Coinbase Global Inc., had considered following Michael Saylor's strategy of significantly buying Bitcoin, but ultimately deemed the plan too risky and abandoned it. Company co-founder and CEO Brian Armstrong revealed in a video talk on social platform X on Friday: "Over the past 12 years, we have indeed considered multiple times whether we should allocate 80% of our balance sheet to cryptocurrency—especially Bitcoin."
Brian Armstrong stated that Coinbase ultimately rejected this risky plan because as a startup, it could deplete its cash reserves and even lead to the 'sudden death' of the San Francisco-based company. However, according to the latest shareholder letter released on Thursday, Coinbase still purchased $153 million worth of cryptocurrency (mainly Bitcoin) for its portfolio in the first quarter. As of the reporting period, the company held $1.3 billion worth of cryptocurrency assets (mostly Bitcoin) as investments.
