Analysis: Coinbase Is Buying Bitcoin, Just Don’t Call It a Treasury Strategy.

Coinbase (COIN) has its own strategy for BTC on the corporate balance sheet, but it's not a bitcoin maximalist play like that of Michael Saylor's Strategy (MSTR).

On the company's first quarter 2025 earnings call, CFO Alesia Haas revealed that Coinbase purchased $150 million in crypto, “predominantly bitcoin,” bringing its long-term investment portfolio to $1.3 billion, or 25% of net cash.

Haas, however, went out of her way to draw a line between Coinbase and firms that explicitly tie their corporate identity to holding bitcoin on the balance sheet.

“To be clear, we're an operating company,” she said. “But we do invest alongside the space.”

In other words, Coinbase isn’t betting the company on bitcoin. On a Q&A call with retail investors, Armstrong said there was a temptation in its early days to put a lot of BTC on the balance sheet, but it was too risky. Crypto is volatile and, at the time, Coinbase was too young of a company to take that risk.

Now, as a listed giant things have changed, but there's still not a need to go all-in on bitcoin. Coinbase is allocating profits from operations back into crypto assets, similarly to how a commodity firm might accumulate raw materials it understands deeply. The move is less Michael Saylor and more sector-aligned capital recycling.

In fact, Coinbase didn’t even trumpet the purchase in its shareholder letter. The news only surfaced in response to a retail shareholder's question about “accruing hard crypto reserve assets.”

CEO Brian Armstrong didn’t speak directly about the purchases, but he did offer a philosophical context. Coinbase, he reminded investors, isn’t dabbling in crypto – it is crypto.

“We’ve been focused on crypto since the beginning, 12 years ago, and we continue to be focused there,” Armstrong said. “Crypto is eating financial services.”

For Armstrong, buying BTC is a byproduct of conviction and operational alignment and not a headline play, treasury pivot, or activist bet.

Coinbase isn’t holding BTC to signal to markets some broader conviction, or become a proxy like MSTR. Behind the accounting language is something deeper: a long-view bet that holding Bitcoin, like building the rails beneath it, is simply part of Coinbase's job.

That's not a treasury strategy — it's something in the middle.