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Michael Saylor’s MicroStrategy (NASDAQ:MSTR) may not be the only firm on a weekly Bitcoin buying spree.

“We’re buying more Bitcoin every week,” Coinbase (NASDAQ:COIN) CEO Brian Armstrong said last week on X, adding, “Long Bitcoin.”

But buying frequency may be where the similarities in MicroStrategy and Coinbase’s Bitcoin accumulation strategies end. Unlike MicroStrategy, Coinbase has chosen not to issue shares to purchase Bitcoin, opting instead to use excess cash reserves.

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Interestingly, Coinbase had considered taking a more aggressive Bitcoin accumulation route earlier in its history.

“There were definitely moments over the last 12 years where we thought, man, should we put 80% of our balance sheet into crypto — into Bitcoin specifically,” Armstrong said in May. However, the leading cryptocurrency exchange ultimately judged the move too risky for a young company.

While the now S&P 500-listed firm is no longer the fledgling firm it once was, it remains committed to its cautious approach.

Revealing $150 million in cryptocurrency purchases largely comprising Bitcoin in Q1, Coinbase Chief Financial Officer Alesia Haas stressed in May that the firm remained “an operating company,” dispelling any speculation of a Bitcoin treasury pivot.

“To be clear, we’re an operating company,” Haas said. “But we do invest alongside the space.”

Coinbase reported having a $1.3 billion cryptocurrency investment portfolio at the end of Q1, representing 25% of its net cash. At last look, BitcoinTreasuries.net data showed that the firm held 9,267 BTC worth roughly $1 billion.

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Armstrong’s recent remarks on Coinbase’s Bitcoin accumulation came in response to a message from Bitcoin Magazine Chair David Bailey, congratulating the firm as its stock soared to its highest point since its November 2021 initial public offering.

“Kudos to Brian Armstrong who is a total G and rightfully earned the ATH [all-time high],” Bailey said. “Now he just needs to build a proper Bitcoin treasury.”