Coinbase Invests $150M in Bitcoin, Cites Operational Alignment

Despite the size of the purchase, CEO Brian Armstrong clarified that this move doesn’t mark a strategic shift like that of MicroStrategy (NASDAQ: $MSTR), which has famously pivoted to becoming a Bitcoin-heavy firm.

Speaking on the company’s Q1 2025 earnings call, Armstrong said the Bitcoin purchase reflects Coinbase’s belief in the crypto sector, not an attempt to become a Bitcoin proxy. He explained that the exchange is reinvesting profits into crypto assets much like a commodities firm might hold raw materials — a reflection of operational alignment rather than a new business model.

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Currently, Bitcoin accounts for 25% of Coinbase’s net cash. Armstrong emphasized that the investment underscores confidence in the industry, not a decision to stake the company’s future on Bitcoin’s performance. Coinbase shares are down 23% year-to-date, trading at $199.32 U.S. per share.

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