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Coinbase Considered Saylor-Style Bitcoin Strategy, Opted for Caution
According to a Bloomberg report cited by TradingView, Coinbase considered adopting a Bitcoin investment strategy similar to that of Michael Saylor’s company, which is known for allocating a significant portion of its balance sheet to Bitcoin. Coinbase CEO Brian Armstrong revealed in a May 9 video call that there were moments over the past 12 years when the company contemplated putting 80% of its balance sheet into Bitcoin. However, Armstrong stated that such a move could have jeopardized the company’s cash position and potentially threatened the existence of the crypto exchange. He emphasized, “We made a conscious choice about risk.”
Coinbase Chief Financial Officer Alesia Haas added that the company did not want to be seen as directly competing with its customers over which cryptocurrencies would outperform. Despite not following Saylor’s aggressive approach, Coinbase reported purchasing another $153 million worth of crypto assets in Q1 2025, primarily concentrated in Bitcoin. As of the latest data, Coinbase holds 9,480 Bitcoin, valued at $988 million, which constitutes the majority of its $1.3 billion in crypto asset holdings. This makes Coinbase the ninth-largest corporate Bitcoin holder, behind companies like Strategy, MARA Holdings, and Tesla. Over 100 public companies, 40 ETF issuers, 26 private firms, and 12 nation states have reported holding Bitcoin globally.
“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,” — Brian Armstrong, Coinbase CEO
Key Takeaways:
- Coinbase considered but ultimately rejected a Saylor-like Bitcoin strategy due to risk concerns.
- The company holds 9,480 BTC, worth $988 million, making it the ninth-largest corporate Bitcoin holder.
- Coinbase purchased $153 million in crypto assets in Q1 2025, mostly Bitcoin.
Source: TradingView (Bloomberg report)
Coinbase Acquires Deribit for $2.9 Billion, Becomes Global Leader in Crypto Derivatives
On May 8, Coinbase agreed to acquire the crypto derivatives platform Deribit for $2.9 billion, marking the largest corporate acquisition in the crypto industry to date, as reported by TradingView. This acquisition significantly expands Coinbase’s presence in the crypto derivatives market, which was previously limited to its Bermuda-based platform. Deribit facilitated over $1 trillion in trading volume in 2024 and currently has around $30 billion in open interest. With this deal, Coinbase claims the title of “global leader” in crypto derivatives trading.
The acquisition is part of a broader trend of major crypto exchanges seeking to dominate the global derivatives market. On the day of the announcement, Coinbase’s international derivatives exchange saw $10 billion in trading volume. The move positions Coinbase at the forefront of the rapidly growing derivatives sector, competing with other major players like Kraken and Robinhood.
Key Takeaways:
- Coinbase acquired Deribit for $2.9 billion, the largest deal in the industry.
- Deribit processed over $1 trillion in trading volume in 2024 and has $30 billion in open interest.
- Coinbase’s international derivatives exchange recorded $10 billion in trading on the day of the announcement.
Source: TradingView
Bitcoin Exchange Balances Shrink, Setting Stage for Potential Supply Shock
Bitcoinist.com reports that Bitcoin is trading around the $104,000 mark after a sharp rally, with bullish momentum building since BTC reclaimed the $90,000 level in late April. On-chain data from CryptoQuant shows that over 110,000 BTC have been withdrawn from exchanges in the past month. Historically, such large outflows from centralized platforms indicate growing investor confidence and reduced sell-side liquidity, both of which are key components of strong upward trends. This behavior often precedes major rallies, as long-term holders tighten supply and remove coins from near-term trading.
Currently, Bitcoin is consolidating just below its all-time highs, with resistance around the $105,000 level. Analysts suggest that if exchange withdrawals continue and sentiment remains bullish, a break toward the $109,000 all-time high could occur sooner than expected. The key technical levels to watch are $103,600 (short-term support) and $104,900–$105,500 (resistance zone). A clean break above this range could open the path to new all-time highs, while failure to break higher may lead to a retest of the $100,000 breakout zone.
| BTC Price | Recent Outflows | Key Resistance | Key Support |
|---|---|---|---|
| $104,000 | 110,000 BTC (last month) | $104,900–$105,500 | $103,600 |
Key Takeaways:
- Bitcoin is consolidating near $104,000 after a strong rally.
- Over 110,000 BTC have been withdrawn from exchanges in the past month, signaling reduced sell-side liquidity.
- Key resistance is at $104,900–$105,500; support at $103,600.
Source: Bitcoinist.com
Eight Major Crypto Firms Announce US Expansion in 2025
According to TradingView, eight major crypto firms have announced plans to expand or reenter the US market in 2025, driven by expectations of favorable regulatory clarity under President Trump’s administration. Notable companies include Circle, Binance, OKX, Nexo, eToro, Crypto.com, Andreessen Horowitz (a16z), and Coinbase. The STABLE Act and the GENIUS Act are advancing in Congress, which could provide a regulatory framework for swift success.
Binance.US resumed USD deposit and withdrawal services less than a month into Trump’s presidency, after previously halting them due to regulatory actions. Binance settled with US authorities for $2.7 billion, and former CEO Changpeng Zhao paid $150 million. In November 2023, Binance and Zhao agreed to a $4.3-billion fine, Zhao’s dismissal as CEO, and a prison sentence. OKX reentered the US market in April 2025 after paying a $500-million fine and ramping up compliance measures. Nexo returned to the US after leaving in 2022 due to regulatory deadlock, and Circle relocated its headquarters to New York City ahead of its IPO, seeking a $5-billion valuation.
eToro filed for a US IPO, aiming for a $4-billion valuation and planning to raise $500 million by offering 10 million Class A shares. Crypto.com is expanding its US services to include stock and ETF trading, while a16z is closing its UK branch to focus on the US market. Coinbase’s acquisition of Deribit for $2.9 billion further cements its position in the US derivatives market.
| Company | Key US Expansion Details | Financial Figures |
|---|---|---|
| Binance.US | Resumed USD services, settled with US authorities | $2.7B settlement, $150M paid by CZ, $4.3B DOJ fine |
| OKX | Relaunched in US, new HQ in San Jose | $500M DOJ fine |
| Nexo | Returned to US after regulatory deadlock | — |
| Circle | Moved HQ to NYC, IPO planned | Seeking $5B valuation |
| eToro | Filed for US IPO | Seeking $4B valuation, $500M raise |
| Crypto.com | Expanding to stock and ETF trading | — |
| a16z | Closing UK branch, focusing on US | — |
| Coinbase | Acquired Deribit | $2.9B acquisition |
Key Takeaways:
- Eight major crypto firms are expanding or reentering the US market in 2025.
- Regulatory clarity and new legislation are driving renewed confidence.
- Significant financial settlements and IPO plans highlight the scale of these moves.
Source: TradingView
Sources:
- "Whale Scoops 70M Pi Coins on OKX: Binance Listing Speculation Heats Up Amid Price Rally"
- Coinbase considered Saylor-like Bitcoin strategy before opting out: Bloomberg
- Binance Under Fire as US Senators Probe Trump Crypto Ties
- Coinbase aims to become the No. 1 financial service app in the world in 10 years, CEO says
- Bitcoin Balance On Exchanges Shrinks – Supply Shock Ahead? | Bitcoinist.com
- 8 major crypto firms announce US expansion this year
