Recently, institutional interest in Bitcoin has been increasing rapidly. At this point, while many companies have increased their BTC purchases, important statements came from Coinbase CEO Brian Armstrong.
Sharing from the X account, Brian Armstrong said that Coinbase is buying more Bitcoin (BTC) every week.
We Get More Bitcoin Every Week!
Coinbase CEO Brian Armstrong responded to BTC Inc. CEO David Bailey’s call for Coinbase to establish a dedicated Bitcoin treasury.
Noting that Coinbase already has a treasury of BTC, Armstrong said the exchange is buying more Bitcoin every week.
The CEO's announcement that he bought Bitcoin last week strengthens Coinbase's position in the institutional BTC stockpiling race.
Armstrong also signaled that he expected Bitcoin to rise by writing “long” at the end of his post.
Bailey's comments came after Coinbase stock hit an all-time high of $368.94.
While Coinbase's weekly purchases of Bitcoin attracted the attention of the cryptocurrency sector, many names came to support it. At this point, MicroStrategy CEO Michael Saylor, the biggest institutional Bitcoin bull, also showed his support for Armstrong's move by praising Coinbase's weekly purchases with a rocket emoji.
Coinabase currently holds $995 million worth of Bitcoin, making it the 10th largest institutional investor.
*This is not investment advice.
