Research
Long-form research on company structures, filing patterns, accounting treatment, market context, and score methodology.
Spot ETF wrappers, treasury holders, miners, and exchanges each carry different risk structures, and treating them as interchangeable Bitcoin beta obscures the most important information in their filings.
The accounting rule change that took effect for fiscal years beginning after December 15, 2024 forces a hard distinction between treasury holders, miners, exchanges, and ETF wrappers that most investors still treat as interchangeable Bitcoin beta.
The approval of spot Bitcoin ETFs restructured how Bitcoin exposure reaches public-market investors, but the analytical implications differ sharply across the wrapper, miner, treasury, and exchange categories.
Post-halving, Bitcoin miners and Bitcoin treasury holders have diverged sharply in how their economics respond to the same underlying asset price.
COIN's Q1 2026 revenue of $1.41 billion lands against a backdrop where every other Bitcoin-linked equity category is telling a simpler story.