【帖子标题】：Coinbase and MSTR are not a Bitcoin position 【帖子标题】：Coinbase和MSTR并非比特币持仓
【帖子正文】： I don’t own Coinbase or Strategy. They’re not a bitcoin position. 我不持有Coinbase或MicroStrategy股票。它们并非比特币持仓。
I keep seeing both talked about as if that’s how you own bitcoin. I don’t buy it. 我不断看到人们将这两家公司视为持有比特币的方式。我不认同这种观点。
Strategy’s August 17 8-K is the one that made this obvious. 840,447 BTC. That week they bought none and sold none. They sold $334 million of stock and sent the cash to a reserve, buybacks, and preferred dividends. That’s a company deciding what to do with cash. The coins don’t get a vote. MicroStrategy 8月17日的8-K文件清楚说明了这点。尽管持有840,447枚BTC，但当周既未买入也未卖出。他们出售了3.34亿美元股票，将现金用于储备、股票回购和优先股分红。这只是公司在决定现金用途，比特币根本没有发言权。
Coinbase Q2: record trading share, revenue still down, GAAP loss. Something like 88% of net revenue wasn’t even BTC spot. A better on-ramp is not the coin. Coinbase二季度：创纪录的交易份额，收入却仍在下降，GAAP亏损。约88%的净收入甚至与比特币现货无关。更好的入场渠道并不等于比特币本身。
https://www.investmoat.com/research/bitcoin-and-the-crypto-exposure-slot https://www.investmoat.com/research/bitcoin-and-the-crypto-exposure-slot