The SEC is investigating whether Coinbase inflated its user numbers in its public filings prior to its 2021 IPO. The agency has transitioned from assessing "verified users" to "monthly transacting users" to better represent the exchange's performance. Coinbase remains committed to resolving the investigation while maintaining the accuracy of its user metrics.

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.