$Coinbase Global, Inc.(COIN)$ Miners: ONLY players in the Bitcoin ecosystem that can create new Bitcoin + securitize the netowork, therefore serve as the leading indicators of BTC price and the best low-cost operating miners mine BTC cheaper than anyone else

Coinbase: +80% of TradFi custody of Bitcoin is only possible through Coinbase. I do think that it's not prudent risk mgmt that TradFi bears so much CP risk on 1 custodian, but they ARE a publicly regulated entity so they’ve gone through all the regulatory hoops to comply with SEC

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