Coinbase（硬幣）有自己的BTC策略，但不是Michael Saylor的

Coinbase（Coin）在公司資產負債表上有自己的BTC策略，但這並不是比特幣的最大作用，就像邁克爾·塞勒（Michael Saylor）的戰略（MSTR）那樣。

Coinbase (COIN) is making its own moves in managing its cryptocurrency holdings, but it's not embarking on a bitcoin maximalist strategy like that of Michael Saylor's Strategy (MSTR).

Coinbase（Coin）在管理其加密貨幣持有方面做出了自己的動作，但它並沒有像Michael Saylor的戰略（MSTR）那樣著手進行比特幣的最大策略。

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

在公司第一季度的2025年收益電話會議上，首席財務官Alesia Haas透露，Coinbase購買了1.5億美元的加密貨幣，“主要是比特幣”，將其長期投資組合帶到了13億美元，佔現金淨現金的25％。

However, Haas took pains to differentiate Coinbase from firms that explicitly identify with holding bitcoin on the balance sheet.

但是，Haas痛苦地將Coinbase與在資產負債表上明確識別比特幣明確識別的公司區分開。

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

她說：“很明顯，我們是一家運營公司。” “但是我們確實與空間一起投資。”

In essence, Coinbase isn't tying its fate to bitcoin. On a Q&A call with retail investors, Armstrong noted a temptation in their early days to place a lot of BTC on the balance sheet, but it was deemed too risky at the time. Crypto is renowned for its volatility, and at that stage, Coinbase was a nascent company starting out in a new industry.

從本質上講，Coinbase並沒有將其命運與比特幣聯繫在一起。在與散戶投資者的問答通話中，阿姆斯特朗（Armstrong）指出，早期的誘惑將許多BTC放在資產負債表上，但當時被認為太冒險了。 Crypto以其波動率而聞名，在那個階段，Coinbase是一家新生的公司。

Now, a listed giant, there's less of a need for such a risky move. Coinbase is deploying profits from its core business back into crypto assets, similar to how a commodity firm might accumulate raw materials it possesses deep knowledge of. It's less about Michael Saylor and more about a capital recycling strategy aligned with their sector.

現在，這是一個列出的巨人，對這種冒險的舉動的需求減少了。 Coinbase將其核心業務的利潤部署回了加密資產，類似於商品公司如何積累其深厚知識的原材料。這與邁克爾·塞勒（Michael Saylor）有關，而是關於與其領域保持一致的資本回收策略的更多信息。

In fact, Coinbase didn't even highlight the purchase in their shareholder letter. The news came to light in response to a retail shareholder's question about “accruing hard crypto reserve assets.”

實際上，Coinbase甚至沒有在其股東信中強調購買。這一消息是為了回應零售股東關於“累積硬加密儲備資產”的問題。

CEO Brian Armstrong didn't comment directly on the purchases but did provide a philosophical context. He pointed out that Coinbase isn't dabbling in crypto—it's their core domain.

首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）沒有直接對購買發表評論，但確實提供了哲學背景。他指出，Coinbase並沒有涉足加密貨幣，而是他們的核心領域。

"We've been focused on crypto since the beginning, 12 years ago, and we continue to be focused there," Armstrong elaborated. "Crypto is eating financial services."

阿姆斯特朗詳細闡述：“自12年前，我們就一直專注於加密貨幣，我們繼續專注於那裡。” “加密貨幣正在飲食金融服務。”

For Armstrong, buying BTC is a natural consequence of their deep conviction and operational alignment, not a last-minute treasury pivot or an activist bet.

對於阿姆斯特朗來說，購買BTC是他們堅定的信念和運營一致性的自然結果，而不是最後一分鐘的財政部樞紐或激進主義者的賭注。

Coinbase isn't accumulating BTC to signal some broader market belief, nor are they becoming a vehicle for such an investment like MSTR.

Coinbase並沒有積累BTC來表明更廣泛的市場信念，也不會成為像MSTR這樣的投資的工具。

Beneath the accounting language lies something deeper: a long-term bet that holding Bitcoin, much like building the infrastructure beneath it, is simply part of the fabric of what Coinbase does. It's not a treasury strategy; it's something in-between.

在會計語言之下，更深入的東西：一個長期的賭注是，持有比特幣（就像在其下面建立基礎設施）一樣，只是Coinbase所做的結構的一部分。這不是國庫策略；這是介於兩者之間的事情。