COINBASE (COIN) has its own strategy for BTC on the company’s balance, but it’s not a Bitcoin -maximalist game like Michael Saylor’s Strategy (MSTR).

In the company’s first quarter of 2025 earnings call, CFO Alesia Haas revealed that Coinbase bought $ 150 million in crypto, “predominantly Bitcoin”, which brought its long -term investment portfolio to $ 1.3 billion or 25% of Netto in cash.

However, Haas went out of his way of pulling a line between coin base and companies explicitly tying their business identity to keep Bitcoin on the balance.

“To be ready, we are an operative company,” she said. “But we invest with the room.”

In other words, Coinbase does not bet the company on Bitcoin. On a question and a call with retail investors, Armstrong said there was a temptation in his early days to put a lot of BTC on the balance, but it was too risky. Crypto is fleeting and at that time Coinbase was too young of a company to take this risk.

As a listed giant, things have changed, but there is still no need to go all on Bitcoin. Coinbase assigns profits from operations back to crypto assets, in a similar way that a raw material can accumulate raw materials, it understands deeply. The move is less Michael Saylor and more sector -adjusted capital gesture.

In fact, not even trumpet the purchase in his shareholder letter. The news only appeared in response to a retail shareholder’s question about “to accrue hard crypto reserve assets.”

CEO Brian Armstrong did not talk directly about the purchases, but he offered a philosophical context. Coinbase, he reminded the investors that he is not diminishing in crypto – it’s crypto.

“We have been focused on crypto since the beginning 12 years ago, and we remain focused there,” Armstrong said. “Crypto eats financial services.”

For Armstrong, buying BTC is a by -product of conviction and operational adaptation and not a headline game, Treasury Pivot or Activist bet.

Coinbase does not hold BTC to signal for the marketing of a wider conviction or become a proxy as mstr. Behind that accounting language is somewhat deeper: a long -lasting venture that keeping Bitcoin, such as building the rails under it, is simply part of Coinbas’s job.

It’s not a Treasury strategy – it’s something in the middle.