MicroStrategy Doubles Down on Bitcoin as Coinbase Reports Robust Stablecoin-Fueled Profits
MicroStrategy Doubles Down on Bitcoin as Coinbase Reports Robust Stablecoin-Fueled Profits
MicroStrategy's Chairman Michael Saylor has reiterated the company's long-term strategy of focusing solely on Bitcoin, dismissing acquisitions of rival treasury firms due to complexities and reaffirming continued BTC acquisition. Meanwhile, major crypto exchange Coinbase announced a robust third-quarter net income of $433 million, largely propelled by significant growth in its stablecoin revenue, including record balances for USDC.
MicroStrategy Reaffirms Unwavering Commitment to Bitcoin
MicroStrategy Chairman Michael Saylor has informed investors that the company is not actively pursuing the acquisition of peer Bitcoin treasury firms. Saylor explained that such deals often involve lengthy processes and significant uncertainty, preferring to maintain the company's core strategy. The firm's focus, as highlighted during its third-quarter earnings call, remains firmly on the continued acquisition of Bitcoin.
Coinbase Records Substantial Q3 Profits Driven by Stablecoin Expansion
Coinbase has reported a strong financial performance for its third quarter, achieving a net income of $433 million from $1.8 billion in revenue. A significant contributor to this profit surge was the growth in stablecoin income, which climbed to $355 million. The exchange saw record average USDC balances across its products, reaching an impressive $15 billion. Coinbase's continued growth is also attributed to strategic moves such as its $2.9 billion Deribit acquisition and various new bank partnerships.