Coinbase considered adopting a Bitcoin-heavy treasury strategy similar to that of MicroStrategy, which involved allocating up to 80% of its balance sheet to Bitcoin. According to CEO Brian Armstrong, the company discussed this approach multiple times since 2012 but ultimately decided against it due to concerns about financial risk and potential threats to its operational stability.

Armstrong explained that such a strategy could have reduced the company's financial runway and jeopardized key milestones, especially during its early growth phase. He noted that excessive exposure to Bitcoin's volatility could have 'killed the company.' CFO Alesia Haas stated that Coinbase's main focus has been on developing new products and services rather than growing its investment portfolio.

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