Coinbase has purchased $150 million in bitcoin, increasing its long-term investment portfolio to $1.3 billion, but the company is careful to clarify that its strategy is not akin to that of bitcoin maximalists like Michael Saylor. CEO Brian Armstrong emphasizes that Coinbase is focused on being an operating company in the crypto space, investing profits back into various crypto assets rather than solely identifying with bitcoin. This approach reflects a commitment to the crypto sector while avoiding the risks of a treasury strategy heavily tied to bitcoin holdings.

GameStop has announced a $1.75 billion convertible senior note offering to further its bitcoin treasury strategy, following its acquisition of 4,710 bitcoins in May for around $500 million. The company aims to use the proceeds for investments aligned with its investment policy, which includes adding bitcoin as a reserve asset. Following the announcement, GameStop's shares fell by 10% in after-hours trading.