Coinbase的長期加密戰略：首席執行官Brian Armstrong最近確認該公司已經考慮並最終拒絕採用比特幣重型投資方法的想法

這使Coinbase成為全球第九大公司持有人，落後於Microstrategy，Tesla和採礦公司Mara Holdings。

Coinbase's Long-Term Crypto Strategy: A Measured Approach

Coinbase的長期加密策略：一種測量方法

Coinbase (NASDAQ:COIN) has long-term survival in mind.

Coinbase（NASDAQ：COIN）考慮到長期生存。

At least that's what CEO Brian Armstrong revealed in a recent interview with Bloomberg, discussing the company's decision not to adopt a Bitcoin-heavy investment approach like MicroStrategy (NASDAQ:MSTR) founder Michael Saylor.

至少這就是首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）在最近接受彭博社（Bloomberg）的一次採訪中透露的，討論了該公司不採用像MicroStrategy（Nasdaq：MSTR）創始人Michael Saylor這樣的繁重的投資方法。

“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?”

“在過去的12年中，肯定有一些時刻，我們認為，伙計，我們應該將80％的資產負債表放入加密貨幣中，具體來說是比特幣嗎？”

While such a move might have massively boosted Coinbase's balance sheet following Bitcoin's meteoric rise, they opted for a more conservative path.

儘管在比特幣迅速上升之後，這種舉動可能會大大提高Coinbase的資產負債表，但他們選擇了更為保守的道路。

The decision was discussed in the company's Q1 2025 earnings call, where Armstrong and Exchange CFO Alesia Haas explained the rationale behind their strategy.

該決定是在該公司第1季度的2025年收入電話會議上討論的，阿姆斯特朗和交易所CFO Alesia Haas解釋了其戰略背後的原理。

Financial Risk and Stability

財務風險和穩定

“We made a conscious choice about risk,” Armstrong said. “If we had tied up the majority of our cash reserves in Bitcoin, it could have killed the exchange if the market turned.”

“我們對風險做出了有意識的選擇，”阿姆斯特朗說。 “如果我們將大部分現金儲備捆綁在比特幣中，那麼如果市場轉向，它可能會殺死交易所。”

Haas added that they didn't want to be seen as directly competing with their customers by picking favorites in the crypto market.

哈斯補充說，他們不想通過在加密貨幣市場中選擇收藏夾來直接與客戶競爭。

“We want to maintain that trust with our users,” she said.

她說：“我們想對用戶保持這種信任。”

Coinbase Buys 153M in Bitcoin and Acquires Deribit for 29B

Coinbase在比特幣中購買153m，並以29b的價格獲取deribit

However, the crypto Exchange is far from neutral when it comes to the digital assets it holds.

但是，在持有的數字資產方面，加密交易所遠非中立。

In its Q1 2025 earnings report, the company disclosed that it had purchased $153 million worth of crypto assets, primarily Bitcoin.

該公司在其第1季度的2025年收益報告中透露，它已經購買了價值1.53億美元的加密資產，主要是比特幣。

That brings its total Bitcoin holdings to 9,480 BTC, which are currently valued at approximately $988 million, according to BitcoinTreasuries.net. These holdings now make up the bulk of Coinbase's $1.3 billion in crypto assets.

根據BitCointReasuries.net，這將其總比特幣持有量達到9,480 BTC，目前價值約為9.88億美元。這些持股現在構成了Coinbase 13億美元的加密資產的大部分。

This places Coinbase as the ninth-largest corporate holder of Bitcoin globally, ranking behind MicroStrategy, Tesla, and mining firm MARA Holdings.

這使Coinbase成為全球第九大公司持有人，僅次於Microstrategy，Tesla和採礦公司Mara Holdings。

As more than 100 publicly traded companies, 40 ETF issuers, and even 12 nation-states now report holding Bitcoin, Coinbase's measured but growing crypto treasury signals a strategic shift, one that still maintains the firm's core principle of balance and neutrality.

由於有100多家公開交易的公司，40個ETF發行人甚至12個民族國家現在都報告了Coinbase的持有比特幣，因此Coinbase的衡量但越來越多的加密貨幣表示戰略上的轉變，這仍然保持了公司的核心平衡和中立性原則。

193 publicly traded entities now hold BTC on their balance sheet+200% increase Year to DateThis is just the beginning.We. Are. Going. Higher. 🚀 https://t.co/QqvTssMzaj

193現在，公開交易的實體在其資產負債表上持有BTC+Datethis的200％增長年份只是開始。是。去。更高。 🚀https://t.co/qqvtssmzaj

But perhaps the biggest headline is Coinbase's expansion beyond spot markets.

但是，也許最大的標題是Coinbase在現貨市場之外的擴展。

On May 8, the company announced a blockbuster $2.9 billion deal to acquire Deribit, the world's leading crypto derivatives platform.

5月8日，該公司宣布了一筆29億美元的大片，以收購世界領先的加密衍生品平台Deribit。

With over $1 trillion in trading volume in 2024 and $30 billion in current open interest, Deribit's acquisition marks the largest corporate crypto deal in industry history.

Deribit的收購量超過1萬億美元的交易量，當前的開放利息為300億美元，標誌著行業歷史上最大的公司加密交易。

The move significantly expands Coinbase's footprint in crypto derivatives, an area it previously only explored through its Bermuda-based exchange.

此舉大大擴展了Coinbase在加密衍生物中的佔地面積，該領域以前僅通過其基於百慕大的交易所進行了探索。

With Deribit onboard, Coinbase now claims the title of “global leader” in crypto derivatives trading.

隨著deribit的登機，Coinbase現在聲稱在加密衍生品交易中獲得“全球領導者”的標題。

By rejecting a Bitcoin maximalist strategy and instead pursuing calculated investments and strategic acquisitions, Coinbase is carving out its path that blends growth with discipline.

通過拒絕比特幣最大主義戰略，而是追求計算的投資和戰略收購，Coinbase正在劃出將增長與紀律融為一體的道路。

As the crypto market matures, that balanced approach may be what sets Coinbase apart from the rest.

隨著加密貨幣市場的成熟，這種平衡的方法可能使Coinbase與眾不同。

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