Four tickers, four different questions
MSTR, COIN, MARA, and IBIT all carry Bitcoin exposure, but the filings, economics, and analytical frameworks that matter for each have almost nothing in common.
Explainers
Longer reads that explain company structures, filing patterns, accounting treatment, market context, and why the details matter.
Latest Research
Four tickers, four different research questions
MSTR, COIN, MARA, and IBIT all carry Bitcoin exposure, but the exposure works differently in each case and demands a different analytical lens.
Four tickers, four different research questions
MSTR, COIN, MARA, and IBIT all carry Bitcoin exposure, but the filings, economics, and risk profiles that matter for each are almost entirely different.
Five categories, one investor inbox: the Bitcoin equity universe has fractured
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.
Fair-value accounting broke the Bitcoin equity wedge into four separate research problems
The accounting rule change effective 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.
Spot Bitcoin ETFs changed the plumbing, not just the access
IBIT, FBTC, and ARKB created a clean Bitcoin benchmark. That benchmark forces every miner, treasury holder, and exchange to justify what they add on top.
Miners and Bitcoin treasuries are not the same trade anymore
Post-halving filings show MARA, RIOT, and CLSK answer different questions than MSTR or IBIT, even when Bitcoin moves the same direction for all of them.
Coinbase's revenue mix is the hardest question in crypto-equity right now
COIN's $1.41 billion Q1 2026 revenue lands in a landscape where every other Bitcoin-linked equity category is telling a simpler story.