BlockBeats News, May 10th, the largest cryptocurrency exchange in the United States, Coinbase Global Inc., once considered emulating Michael Saylor's large-scale Bitcoin purchase strategy but ultimately deemed the plan too risky and abandoned it. Brian Armstrong, co-founder and CEO of the company, revealed in a video conversation on the X social platform on Friday: "Over the past 12 years, we have indeed considered multiple times whether to 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 purchased $153 million worth of cryptocurrency (mostly Bitcoin) for its portfolio in the first quarter. As of the reporting period, the company held $1.3 billion worth of crypto assets (mostly Bitcoin) as investments.
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