Coinbase的长期加密战略：首席执行官Brian Armstrong最近确认该公司已经考虑并最终拒绝采用比特币重型投资方法的想法

这使Coinbase成为全球第九大公司持有人，落后于Microstrategy，Tesla和采矿公司Mara Holdings。

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

Coinbase的长期加密策略：一种测量方法

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

Coinbase（NASDAQ：COIN）考虑到长期生存。

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.

至少这就是首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）在最近接受彭博社（Bloomberg）的一次采访中透露的，讨论了该公司不采用像MicroStrategy（Nasdaq：MSTR）创始人Michael Saylor这样的繁重的投资方法。

“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?”

“在过去的12年中，肯定有一些时刻，我们认为，伙计，我们应该将80％的资产负债表放入加密货币中，具体来说是比特币吗？”

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

尽管在比特币迅速上升之后，这种举动可能会大大提高Coinbase的资产负债表，但他们选择了更为保守的道路。

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.

该决定是在该公司第1季度的2025年收入电话会议上讨论的，阿姆斯特朗和交易所CFO Alesia Haas解释了其战略背后的原理。

Financial Risk and Stability

财务风险和稳定

“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.”

“我们对风险做出了有意识的选择，”阿姆斯特朗说。 “如果我们将大部分现金储备捆绑在比特币中，那么如果市场转向，它可能会杀死交易所。”

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

哈斯补充说，他们不想通过在加密货币市场中选择收藏夹来直接与客户竞争。

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

她说：“我们想对用户保持这种信任。”

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

Coinbase在比特币中购买153m，并以29b的价格获取deribit

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

但是，在持有的数字资产方面，加密交易所远非中立。

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

该公司在其第1季度的2025年收益报告中透露，它已经购买了价值1.53亿美元的加密资产，主要是比特币。

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.

根据BitCoinTreasuries.net的数据，这将其总比特币持有量达到9,480 BTC，目前价值约为9.88亿美元。这些持股现在构成了Coinbase 13亿美元的加密资产的大部分。

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

这使Coinbase成为全球第九大公司持有人，仅次于Microstrategy，Tesla和采矿公司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.

由于有100多家公开交易的公司，40个ETF发行人甚至12个民族国家现在都报告了Coinbase的持有比特币，因此Coinbase的衡量但越来越多的加密货币表示战略上的转变，这仍然保持了公司的核心平衡和中立性原则。

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现在，公开交易的实体在其资产负债表上持有BTC+Datethis的200％增长年份只是开始。是。去。更高。 🚀https://t.co/qqvtssmzaj

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

但是，也许最大的标题是Coinbase在现货市场之外的扩展。

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，该公司宣布了一笔29亿美元的大片，以收购世界领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的收购量超过1万亿美元的交易量，当前的开放利息为300亿美元，标志着行业历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.

此举大大扩展了Coinbase在加密衍生物中的占地面积，该领域以前仅通过其基于百慕大的交易所进行了探索。

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

随着deribit的登机，Coinbase现在声称在加密衍生品交易中获得“全球领导者”的标题。

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.

通过拒绝比特币最大主义战略，而是追求计算的投资和战略收购，Coinbase正在划出将增长与纪律融为一体的道路。

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

随着加密货币市场的成熟，这种平衡的方法可能使Coinbase与众不同。

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