Coinbase exec: Institutional investors are comfortable buying Bitcoin at a discount

Coinbase told CNBC that institutional investors are largely unfazed by Bitcoin’s recent dips and may even welcome the chance to buy at lower prices. John D’Agostino, head of institutional strategy at Coinbase Global Inc. (NASDAQ: COIN), made the comments during an interview, arguing that many large investors have already done extensive research on Bitcoin and view the current price weakness as part of a longer-term assessment rather than a deal-breaker.

D’Agostino pointed to sovereign wealth funds and newer investor groups gaining exposure through targeted purchases, saying he has seen “family office” activity in the United Arab Emirates and that government sovereign funds approaching Bitcoin were not unhappy about being able to buy “at a discount.” His remarks suggest that, for some institutions, timing is secondary to valuation and conviction in the underlying asset.

In the interview, D’Agostino described how institutional buyers compare relative prices over multiple cycles. He said he is seeing institutions think about the “cheapest way” to acquire an asset they have liked at different price levels, including price points such as $125,000, $100,000, and later $65,000. The implication is that when demand is driven by long-horizon mandates, investors may treat downturns as an opportunity to accumulate rather than a reason to pause altogether.

Alongside price, D’Agostino said infrastructure supporting Bitcoin and other cryptocurrencies is stronger than it was during earlier bullish periods. He characterized the market’s plumbing, including the systems institutions rely on to enter and manage crypto exposure, as “shockingly stronger,” pointing to this as a key factor in how institutions weigh timing and execution risk.

Coinbase’s perspective matters because the company sits at the center of U.S. crypto market access, providing trading services, custody, and related offerings for both retail and institutional clients. While Coinbase does not necessarily control broader institutional behavior, it can provide the execution channel that sophisticated investors use to translate conviction into actual positions.

Bitcoin is a highly volatile asset, and institutional participation has often been tied to a mix of macro conditions, regulatory clarity, and market structure. In that context, D’Agostino’s comments frame institutional “discount buying” as a function of both research depth and improved operational readiness, rather than a sudden change in risk appetite.

Still, important details were not disclosed in the reporting. The interview comments did not specify which countries, investor types, or counterparties were behind the purchases, and Coinbase did not provide figures on how much institutional demand is translating into higher volumes on its platform. The statements also did not indicate whether the “discount” effect is concentrated in spot buying, custody accumulation, or other structured approaches to exposure.