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

Coinbase（Coin）在公司资产负债表上有自己的BTC策略，但这并不是比特币的最大作用，就像迈克尔·塞勒（Michael Saylor）的战略（MSTR）那样。

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）在管理其加密货币持有方面做出了自己的动作，但它并没有像Michael Saylor的战略（MSTR）那样着手进行比特币的最大策略。

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年收益电话会议上，首席财务官Alesia Haas透露，Coinbase购买了1.5亿美元的加密货币，“主要是比特币”，将其长期投资组合带到了13亿美元，占现金净现金的25％。

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

但是，Haas痛苦地将Coinbase与在资产负债表上明确识别比特币明确识别的公司区分开。

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

她说：“很明显，我们是一家运营公司。” “但是我们确实与空间一起投资。”

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.

从本质上讲，Coinbase并没有将其命运与比特币联系在一起。在与散户投资者的问答通话中，阿姆斯特朗（Armstrong）指出，早期的诱惑将许多BTC放在资产负债表上，但当时被认为太冒险了。 Crypto以其波动而闻名，在那个阶段，Coinbase是一家新兴的公司，从新的行业开始。

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.

现在，这是一个列出的巨人，对这种冒险的举动的需求减少了。 Coinbase将其核心业务的利润部署回了加密资产，类似于商品公司如何积累其深厚知识的原材料。这与迈克尔·塞勒（Michael Saylor）有关，而是关于与其领域保持一致的资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.”

实际上，Coinbase甚至没有在其股东信中强调购买。这一消息是为了回应零售股东关于“累积硬加密储备资产”的问题。

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.

首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）没有直接对购买发表评论，但确实提供了哲学背景。他指出，Coinbase并没有涉足加密货币，而是他们的核心领域。

"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."

阿姆斯特朗详细阐述：“自12年前，我们就一直专注于加密货币，我们继续专注于那里。” “加密货币正在饮食金融服务。”

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.

对于阿姆斯特朗来说，购买BTC是他们坚定的信念和运营一致性的自然结果，而不是最后一分钟的财政部枢纽或激进主义者的赌注。

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

Coinbase并没有积累BTC来表明更广泛的市场信念，也不会成为像MSTR这样的投资的工具。

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.

在会计语言之下，更深入的东西：一个长期的赌注是，持有比特币（就像在其下面建立基础设施）一样，只是Coinbase所做的结构的一部分。这不是国库策略；这是介于两者之间的东西。