Centralized crypto exchange Coinbase has sparked significant backlash after sponsoring the 250th anniversary celebration of the US Army parade held in Washington, D.C., on June 14, 2025. Crypto users, including prominent influencers and investors, publicly criticized the move for contradicting the libertarian and anti-establishment values historically associated with cryptocurrencies, especially Bitcoin.
The parade, a $45 million event endorsed by former President Donald Trump coinciding with his 79th birthday, featured military displays that divided public opinion amid national political tensions. Critics argue that sponsoring a military event conflicts with the core principles many in the crypto community attribute to Bitcoin and cryptocurrencies—such as decentralization, individual sovereignty, and a rejection of state violence and war financing.
Adam Cochran, partner at venture capital firm Cinneamhain Ventures, announced he would exit all his Coinbase positions, citing the sponsorship as a political statement violating Coinbase's prior pledge for neutrality. Early Bitcoin adopter Peter Saddington called the sponsorship "tone-deaf" and accused Coinbase of prioritizing shareholder interests over Bitcoin's founding ethos of human flourishing.
Coinbase representatives described the donation as a one-time contribution to America250, a non-partisan initiative commemorating the US's 250th anniversary. Other sponsors included major brands like Coca-Cola and Goldman Sachs. Coinbase emphasizes that the event does not contravene its apolitical mission. However, the public reaction reveals a rift on how crypto companies' closer ties with government entities are perceived by the broader community.
The controversy highlights the evolving role of crypto—from a fringe anti-government movement to an industry seeking mainstream acceptance and regulatory integration. Some see the sponsorship as emblematic of crypto's transition from rebellion to relevance, while others view it as diluting the sector's original values.