Coinbase Brokered MicroStrategy’s $425M Bitcoin Purchase, Exchange Says
The revelation is a notable public relations win for Coinbase CEO Brian Armstrong.
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U.S. crypto exchange Coinbase said Tuesday that it brokered Microstrategy’s $425 million bitcoin purchase earlier this year. Until now, it has not been clear who facilitated the deal. Microstrategy’s first bitcoin (BTC) haul of $250 million bought in August was executed over five days, Coinbase revealed in a case study of the transactions. The deals – done via the exchange’s brokerage unit called Coinbase Prime – leveraged human effort and trading algorithms that sliced Microstrategy’s order into 200,000 fills. Each fill averaged under 0.3 BTC in size,....
One of the largest Bitcoin purchases in 2020 took more than five days to complete. Coinbase, the United States’ largest cryptocurrency exchange, announced that it facilitated one of the largest institutional Bitcoin (BTC) purchases in 2020.According to an official announcement, Coinbase was selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin in September 2020.Brett Tejpaul, head of institutional sales at Coinbase, provided more details about the purchase as well as the company’s aim to facilitate institutional purchases in a Dec. 1 blog....
Bitcoin is boosting MicroStrategy's market visibility, say executives. Revenues rose 6.4% year-over-year and the company notched a net loss of $14.2 million for the quarter.
An analyst has pointed out how the latest Bitcoin purchase by Microstrategy could explain a pattern observed in this metric recently. Microstrategy’s Purchase Behind Recent Positive Coinbase Premium? Yesterday, Michael Saylor’s Microstrategy announced that it has acquired an additional 5,445 BTC at a cost of $147.3 million. In a post on X, Maartunn, the CryptoQuant […]
Earlier on Thursday, cryptocurrency exchange Coinbase announced that it would purchase more than $500 million in various cryptocurrencies to add to its balance sheet. Coinbase CEO Brian Armstrong first broke the news via Twitter, stating that the exchange had received approval to purchase upwards of half a billion dollars in digital assets. On Wednesday, the […]