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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.
Crypto-equity briefing: COIN slides while MSTR holds the 90-day recovery
Four categories, four tapes. The treasury holder is flat on the month, the exchange is down sharply, the miner leads the 90-day, and the ETF wrapper tracks Bitcoin tight.
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.
Coinbase Posted $1.41 Billion In Q1. The Tape It Lands Into Looks Worse.
COIN's Q1 revenue was earned in a different crypto market than the one it now operates in. The Q2 print is where the exchange model gets tested.