Coinbase reportedly considered adopting a Bitcoin investment playbook like Michael Saylor’s Strategy on multiple occasions, but decided against it each time out of fear that it would kill the firm’s crypto exchange, Bloomberg reported.
“There were definitely moments over the last 12 years where we thought, man, should we put 80% of our balance sheet into crypto — into Bitcoin specifically,” Coinbase CEO Brian Armstrong told Bloomberg in a May 9 video call.
Armstrong said the Bitcoin (BTC) strategy could have risked the company’s cash position and potentially killed the crypto exchange. “We made a conscious choice about risk,” he added.
Coinbase Chief Financial Officer Alesia Haas, who also attended the video call, added that the firm didn’t want to be seen as directly competing against its customers over which cryptocurrencies would outperform.
“Rest assured, we are not stopping there,” Haas said, as Coinbase