Coinbase CEO reveals weekly Bitcoin buys, considering more aggressive accumulation

MicroStrategy and Coinbase are both buying Bitcoin weekly, but with different strategies. Coinbase uses excess cash reserves, not shares like MicroStrategy. Despite considering more aggressive Bitcoin accumulation in the past, Coinbase remains cautious. They disclosed $150 million in Q1 cryptocurrency purchases, with a $1.3 billion portfolio at the end of Q1, holding 9,267 BTC worth around $1 billion. Coinbase’s stock rally follows its inclusion in the S&P 500, positive regulatory developments, and product launches. Analysts see potential for Coinbase’s stock to soar higher, with Bernstein raising its target to $510, representing a 46% upside potential. 1. The unemployment rate in the United States has dropped to 5.8% in May, with 559,000 jobs added to the economy. This marks a significant improvement from the previous month and indicates a positive trend in the labor market recovery.

2. The S&P 500 and Nasdaq reached record highs this week, buoyed by strong economic data and optimism about the reopening of the economy. Tech stocks led the gains, with Apple, Amazon, and Microsoft all seeing increases in their share prices.

3. In international news, tensions between Israel and Hamas have escalated, leading to airstrikes and rocket attacks in the region. The violence has resulted in numerous casualties and raised concerns about the potential for a wider conflict.

4. The CDC announced that fully vaccinated individuals no longer need to wear masks in most indoor and outdoor settings, citing the effectiveness of the vaccines in preventing the spread of COVID-19. This decision has been met with both praise and criticism from public health experts and policymakers.

Read more at Yahoo Finance: Coinbase CEO Says ‘Long Bitcoin,’ Reveals Weekly Buys