Key Highlights
- Coinbase now accumulates Bitcoin weekly, amassing 9,270 BTC (~$995M), ranking as the 10th-largest corporate BTC holder.
- CEO Brian Armstrong advocates a "go long" BTC strategy, reinforcing Bitcoin’s role as a store of value amid near-record prices.
- Industry leaders like Michael Saylor and David Bailey applaud the move, highlighting institutional confidence in Bitcoin’s long-term potential.
Coinbase’s Strategic Shift to Weekly Bitcoin Acquisitions
Coinbase has intensified its Bitcoin commitment by initiating weekly BTC purchases, aligning with institutional trends. CEO Brian Armstrong confirmed this strategy, emphasizing Bitcoin’s foundational value. The exchange currently holds 9,270 BTC (worth ~$995M), positioning it among top corporate holders like MicroStrategy and Tesla.
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Institutional Endorsement and Market Impact
- Michael Saylor (MicroStrategy) praised the move, signaling institutional solidarity.
- Bitcoin Magazine CEO David Bailey hailed Armstrong’s "G.O.A.T." status for prioritizing BTC.
- Market Context: BTC trades at **$107,059** (24h volume: $45.68B), slightly below its all-time high.
Why Bitcoin Remains Coinbase’s Cornerstone
Founded in 2012 as a Bitcoin-first platform, Coinbase initially resisted altcoins. Armstrong once criticized XRP and XLM as "distractions" but later diversified to include Ethereum and ERC-20 tokens. This weekly BTC buyback marks a return to its roots, balancing diversification with core Bitcoin advocacy.
FAQs
1. How much Bitcoin does Coinbase own?
Coinbase holds 9,270 BTC (~$995M), ranking 10th globally among corporate holders.
2. Why is Coinbase buying Bitcoin weekly?
To reinforce BTC’s long-term value and align with institutional strategies like MicroStrategy’s.
3. How does this impact Bitcoin’s market price?
Increased institutional demand could further stabilize BTC’s price and reduce volatility.
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Conclusion: Bitcoin as the Institutional Standard
Coinbase’s weekly purchases underscore Bitcoin’s dominance in institutional portfolios. While altcoins thrive, BTC’s role as digital gold remains unchallenged. For investors, Armstrong’s "go long" mantra reaffirms Bitcoin’s unmatched position in the crypto ecosystem.