Coinbase Quietly Gobbles Bitcoin—But Rejects ’Treasury Play’ Label
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Another day, another crypto giant playing semantic games with shareholders. Coinbase’s latest quarterly report reveals a $500M BTC purchase—framed as ’operational liquidity’ rather than a MicroStrategy-style treasury bet. Sure, Jan.
Behind the jargon: The exchange now holds over 10,000 bitcoin, rivaling corporate hodlers. Yet leadership dodges comparisons to Saylor’s evangelical accumulation strategy. Maybe they fear triggering SEC scrutiny—or just hate admitting competitors were right.
The real tell? Their ’not treasury’ treasury move coincides with whispers of a Coinbase-run spot ETF. Nothing like some good old-fashioned asset hoarding before a potential market-moving announcement. Wall Street would be proud.
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