Coinbase Is Embarrassing Itself By Not Buying Bitcoin

by Lester White

Actually, at this point, Coinbase is faithful embarrassing itself by no longer procuring for Bitcoin and doing silly buybacks.

Coinbase faithful had a gruesome quarter. After reporting disappointing Q3 earnings, its stock plunged over 10%. To instill confidence, Coinbase announced a $1 billion portion buyback. But that flopped, too, with shares barely budging.

This entire debacle faithful exhibits that Coinbase is foolishly ignoring the glaring intention right here — procuring for bitcoin.

As a replacement of portion buybacks, imagine if Coinbase keep apart $1 billion into bitcoin for its corporate reserves. That can hold sent a accurate message. It could point out they’ve skin in the sport and truly judge in Bitcoin and crypto’s future.

Let’s be obvious – Coinbase need to be all-in on Bitcoin’s upside. Right here is the enterprise they pioneered! Yet right here we are in 2024, and Coinbase could furthermore simply no longer apply the confirmed Bitcoin reserve model that’s literally being flaunted in their face by MicroStrategy.

Scrutinize, I am no longer any monetary engineering expert to impart public companies what to make, alternatively or no longer it’s faithful too evident for crypto companies at this point.

MicroStrategy started procuring for Bitcoin in 2020. And scrutinize what’s came about — their market cap now exceeds Coinbase’s! This software company, with 1/Tenth the revenue of Coinbase, has surged past the OG Bitcoin and crypto substitute. All ensuing from stacking sats.

How embarrassing for Coinbase! They’ve been around since 2012, when Bitcoin turned into as soon as $5. Appropriate imagine in the event that they went all-in on BTC abet then. But or no longer it’s peaceful no longer too unhurried.

No more losing money on portion buybacks or lame initiatives. The answer is staring Coinbase staunch in the face — faithful preserve stacking sats!

It is painfully glaring at this point. Any self-respecting Bitcoin and crypto company need to preserve Bitcoin on its steadiness sheet. It aligns pursuits with shareholders and strengthens credibility.

So wake up, Brian! No more excuses. Coinbase literally owes its existence to Bitcoin. It is time to head all in at last.

This article is a Steal. Opinions expressed are entirely the author’s and make no longer basically think these of BTC Inc or Bitcoin Magazine.

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