Coinbase is actively purchasing Bitcoin, but it's not labeling this as a treasury strategy. This move indicates a shift in how Coinbase views Bitcoin, as it explores new avenues to engage with the cryptocurrency market. By acquiring Bitcoin, Coinbase is positioning itself to leverage potential price appreciation and enhance its balance sheet. However, the company is cautious in not marketing this strategy as traditional treasury management, possibly to avoid scrutiny or comparisons with other firms like MicroStrategy that have clearly defined treasury strategies involving Bitcoin. This distinction underscores Coinbase's desire to chart its own course in the evolving landscape of cryptocurrency finances, focusing on innovation and strategic growth instead of simply following existing models.

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