a lot of people have the warren buffett mindset---they don't necessarily want to touch speculative assets like bitcoin, but they do want to own equity in profitable bitcoin businesses. buffett hates gold as an investment but recently bought into a gold mining company. same idea there.

there is something i wonder about. coinbase collects fees in cryptocurrency on at least one side of every trade, and has been for many years. does anyone know if they've been keeping any of it as reserves, as opposed to liquidating all of it? i reckon coinbase may already have significant bitcoin/crypto treasuries, like microstrategy and other publicly owned companies are just beginning to have.

also, coinbase, as the biggest american exchange, will make good money whether it's a bull market, bear market, whatever. in a crypto bear market, their stock price may dip on expectations of decreased earnings but i reckon it'll hold up much better than cryptocurrencies will.