Coinbase考虑多次采用Michael Saylor风格的比特币投资策略，但决定反对

Coinbase首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）透露，加密交易所考虑多次采用迈克尔·塞勒（Michael Saylor）风格的比特币投资策略，但决定反对

Coinbase CEO Brian Armstrong has revealed that the crypto exchange considered adopting a Michael Saylor-style Bitcoin investment strategy on multiple occasions — but decided against it over fears it could “kill the company.”

Coinbase首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）透露，加密货币交易所（Crypto Exchange）考虑多次采用迈克尔·塞勒（Michael Saylor）风格的比特币投资策略，但决定反对它，而不是担心它会“杀死公司”。

“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 (BTC) specifically,” Armstrong said during a Q&A session with customers when asked whether they missed an opportunity to start accumulating the benchmark crypto BTC sooner, given the company had an eight-year headstart on Saylor’s Bitcoin-stacking firm Strategy.

阿姆斯特朗在与顾客的问答环节中说：“在过去的12年中，肯定有一些我们认为，我们认为，我们应该将资产负债表的80％放入比特币（BTC）中。”

However, BTC’s inherent volatility meant a bold play would have been too risky, especially in Coinbase’s early days, when important milestones had to be reached to unlock more funding rounds.

但是，BTC固有的波动率意味着大胆的表演将太冒险了，尤其是在Coinbase的早期，必须达到重要的里程碑以解锁更多的资金回合。

“If our runway had gone from 18 months—and suddenly it was 12 months, or 10 months — it could have just killed the company entirely,” Armstrong posited.

阿姆斯特朗假设：“如果我们的跑道从18个月开始到18个月，突然间是12个月或10个月，它可能完全杀死了公司。”

He revealed that when Coinbase was still in its infancy, executives made a “conscious choice about risk,” as a massive downturn in BTC’s price would have greatly affected the trading platform’s growth.

他透露，当Coinbase仍处于起步阶段时，高管做出了“有意识的选择”，因为BTC价格的大规模低迷将极大地影响交易平台的增长。

“We decided we didn’t want to do that, we wanted to grow the company and get to the public markets.”

“我们认为我们不想这样做，我们想发展公司并进入公共市场。”

Still, Armstrong emphasized that Coinbase does hold Bitcoin on its balance sheet, and about 25% of its net cash is currently in cryptocurrency.

尽管如此，阿姆斯特朗还是强调，Coinbase确实在其资产负债表上持有比特币，目前约有25％的现金净现金处于加密货币。

“We’re not going to take 80%, that would be too risky, I think,” he added.

他补充说：“我认为我们不会占80％，这太冒险了。”

Coinbase, the US’s largest crypto exchange by trading volume, currently holds 9,480 BTC, valued at around $988 million based on current market prices, according to data from BitcoinTreasuries. BTC makes up the lion’s share of its $1.3 billion crypto asset stockpile.

根据比特币的数据，Coinbase是美国最大的加密货币交易所，目前持有9,480 BTC，根据当前市场价格，价值约为9.88亿美元。 BTC占据了其13亿美元加密资产库存的狮子份额。

Of course, these holdings pale in comparison to the gargantuan 568,840 BTC that Strategy currently owns, which is worth nearly $60 billion.

当然，与Gargantuan 568,840 BTC相比，这些持有的股份目前拥有的，价值近600亿美元。

Several companies, including Metaplanet, MARA Holdings, and Semler Scientific, have since copied Strategy’s Bitcoin playbook, financing BTC purchases through stock and debt sales on the bet that the asset’s price surge will boost their share prices.

此后，包括Metaplanet，Mara Holdings和Semler Scientific在内的几家公司复制了战略的比特币剧本，通过股票和债务销售融资BTC融资，押注资产价格上涨将提高其股价。

Meanwhile, Coinbase is deepening its presence in the derivatives market, after recently agreeing to buy crypto derivatives exchange Deribit in a mega $2.9 billion deal.

同时，Coinbase最近同意以29亿美元的交易购买加密衍生品交易所deribit之后，正在加深其在衍生品市场中的存在。