Crypto Treasuries Enter Survival Mode, Says Coinbase

Written by Aaron S.,

Editor-In-Chief

Last Updated: September 12, 2025

Key Takeaways

Companies that hold crypto on their balance sheets face tougher competition and need clear strategies to stand out;
Coinbase researchers said past patterns of Bitcoin dropping in September did not hold in 2023 or 2024;
Analysts expect interest rate cuts soon, which may support Bitcoin as inflation stays high.

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Public companies that invest in cryptocurrencies are entering a more competitive phase, according to a report from Coinbase on September 10.

The period when firms could benefit just by holding digital assets appears to be over. Instead, companies need stronger strategies to stand out and attract investor interest.

In the report, Coinbase $2.09B researchers David Duong and Colin Basco explained that earlier adopters of crypto treasury strategies, like Strategy, once received high market valuations for holding large amounts of Bitcoin. However, those advantages have faded.

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The researchers noted that success in this new phase will depend less on following past examples and more on how well a company can differentiate itself. Timing, operational choices, and differences from others will be key factors.

The report also touched on Bitcoin’s BTC $114,791.97 performance in September. Between 2017 and 2022, Bitcoin experienced a decline during that month, which led some investors to believe it was a bad time to buy.

However, Duong and Basco noted that this pattern did not persist in 2023 or 2024.

Furthermore, the researchers expect the US Federal Reserve to lower interest rates soon, possibly at its next two meetings. Bitcoin, in particular, may benefit from current economic conditions, including ongoing inflation and liquidity.

Recently, Coinbase helped boost support for a UK petition that calls for stablecoin rules and blockchain pilot programs. How? Read the full story.