Coinbase CEO says ‘no’ to Saylor strategy: Why Brian Armstrong passed on the Bitcoin balance sheet bet

Coinbase CEO Brian Armstrong revealed that the company once debated copying Michael Saylor’s aggressive Bitcoin-buying strategy.

The 42-year-old billionaire, during a live Q&A session via X on May 9, discussed details regarding Coinbase’s balance sheet. While Armstrong considered putting most of the balance sheet into crypto, he ultimately chose a more cautious path.

“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,” Armstrong said.

Such a move could’ve jeopardized Coinbase’s early financial stability, he explained. While the exchange still holds $1.3 billion in crypto, mainly Bitcoin (BTC), CFO Alesia Haas — who also participated in the Q&A — emphasized they aim to support customers, not compete with them.

Meanwhile, Saylor continues to scoop up Bitcoin and fill MicroStrategy’s coffers.

Recently, the company spent over $1.42 billion on 15,355 BTC, with an average price of $92,737 per Bitcoin. MicroStrategy, now going as “Strategy,” boasts total Bitcoin holdings of 553,555 BTC. That’s about 2.5% of the total supply.

It’s expected to end 2025 with 691,249 BTC, up from a prior estimate of 601,029.

In an earnings call on May 1, Saylor addressed Bitcoin’s volatility concerns directly and claimed that over 70 publicly traded companies are participating in the so-called “digital gold rush.”

For example, logistics firm Freight Technologies recently struck a $20 million deal with an institutional investor to purchase cryptocurrency — but opted for Official Trump (TRUMP) memecoins over Bitcoin.

Various analysts also remain bullish, as the Bitcoin-reserve model continues to gain traction. Firms like Twenty One Capital and Strive Enterprises are emulating the “Strategy” strategy. Some see huge stock surges, like Next Technology Holding, which jumped 700% after boosting its Bitcoin stash.