Analysis: Coinbase Is Buying Bitcoin, Just Don’t Call It a Treasury Strategy.

Coinbase (COIN) has its own strategy for BTC on the corporate balance sheet, but it's not a bitcoin maximalist play like that of Michael Saylor's Strategy (MSTR).On the company's first quarter 2025 earnings call, CFO Alesia Haas revealed that Coinbase purchased $150 million in crypto, “predominantly bitcoin,” bringing its long-term investment portfolio to $1.3 billion, or 25% of net cash.Haas, however, went out of her way to draw a line between Coinbase and firms that explicitly tie their corporate identity to holding bitcoin on the balance sheet source: https://www.coindesk.com/news-analysis/2025/05/09/analysis-coinbase-is-buying-bitcoin-just-don-t-call-it-a-treasury-strategy