Coinbase (COIN) vs Strategy (MSTR): Which is a Better Stock to Buy?
Source: Insider Monkey ·
Coinbase Global, Inc. (NASDAQ:COIN) and Strategy Inc (NASDAQ:MSTR) are the two ways most investors own crypto without owning any. Both have been punished. Coinbase is down well over a third over twelve months, and Strategy is close to half. One fact frames everything. Strategy’s market value is a claim on a pile of bitcoin. Coinbase’s […]
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Coinbase Global, Inc. (NASDAQ: COIN ) and Strategy Inc (NASDAQ: MSTR ) are the two ways most investors own crypto without owning any. Both have been punished. Coinbase is down well over a third over twelve months, and Strategy is close to half. One fact frames everything. Strategy's market value is a claim on a pile of bitcoin. Coinbase's is a claim on a fee stream. READ ALSO: Coinbase (COIN) Q2 Revenue Fell, but Its Diversification Story Got Stronger One Runs a Business, and the Other Holds an Asset: Coinbase is an exchange. It takes a fee whenever somebody buys, sells, or holds crypto through it, and it has been adding custody, staking, and subscription revenue on top of pure trading. That produced about $6.0 billion of revenue over the past year. Strategy produced under $500 million, because Strategy is not really an operating company anymore. It is a software business wrapped around an enormous pile of bitcoin, funded with borrowed money. Yet the market values Strategy at roughly…