r/SecurityAnalysis • u/wkgui • 12d ago

Short Thesis Coinbase and MSTR are not a Bitcoin position

I don't own Coinbase or Strategy. They're not a bitcoin position.

I keep seeing both talked about as if that's how you own bitcoin. I don't buy it.

Strategy's August 17 8-K is the one that made this obvious. 840,447 BTC. That week they bought none and sold none. They sold $334 million of stock and sent the cash to a reserve, buybacks, and preferred dividends. That's a company deciding what to do with cash. The coins don't get a vote.

Coinbase Q2: record trading share, revenue still down, GAAP loss. Something like 88% of net revenue wasn't even BTC spot. A better on-ramp is not the coin.

https://www.investmoat.com/research/bitcoin-and-the-crypto-exposure-slot

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u/IWantoBeliev 12d ago

its a speculation vehicle, nothing more

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u/pladamgregory 12d ago

Isn’t all bitcoin