COIN

COIN

COIN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	ProChain Capital	-	21.7%	BEN, BLK, COIN, PYPL, V	-			View
2025 Q2	Jul 13, 2025	Sigil Core Fund	42.6%	-	COIN, CRCL, HOOD, MSTR	Bitcoin, Circle IPO, Crypto Treasury, ETF Flows, Ethereum	The letter emphasizes the institutionalization and financialization of crypto through IPOs, treasury companies, ETFs, and deeper integration with traditional finance. The successful Circle IPO, the rise of crypto treasury vehicles like Strategy (MSTR), and strong ETF inflows highlight a structural shift from speculative token markets toward equity-linked and balance-sheet-driven crypto exposure. The manager argues that this phase represents a synthesis between traditional finance and crypto, creating powerful feedback loops but also introducing premium-to-NAV and leverage risks that require disciplined positioning.	MSTR COIN HOOD CRCL	View
2024 Q2	Jun 30, 2024	ProChain Capital	-	32.5%	COIN, JPM	-			View
2025 Q1	May 30, 2025	Jackson Peak Capital	33.2%	33.2%	AVGO, COIN, META, PLTR, RHM GR, TSLA	-			View
Q4 2025	Mar 6, 2026	Aristotle Core Equity Fund	3.1%	18.2%	AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V	AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade	Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on their earnings calls during the fall. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive scale of AI-related capital spending, and durability of longer-term returns on investment.		View
2025 Q1	Mar 31, 2025	Hayden Capital	-0.6%	-0.6%	APP, COIN, SE	-			View
2024 Q4	Feb 8, 2024	Jackson Peak Capital	-	20.2%	COIN, NVDA. MU, PDD, TSLA	-			View
2024 Q4	Dec 31, 2024	ProChain Capital	-	63.9%	BLK, COIN, MS	-			View
2023 Q4	Dec 31, 2023	ProChain Capital	-	82.5%	COIN, GRYP, V	-			View
2025 Q3	Oct 20, 2025	Baillie Gifford – International Alpha	6.7%	19.5%	0XXT LN, BHP AU, COIN, EDEN FP, ENSG, ENTG, GMAB DC, MEDP, MSCI, NVO, SHOP, UNH	Artificial Intelligence, Digital Platforms, Global Growth, Healthcare Innovation, semiconductors	The fund highlights AI enthusiasm driving markets to record highs, with holdings like AppLovin, Shopify, and TSMC benefiting from data infrastructure and digital platform growth. Healthcare positions such as Medpace and Novo Nordisk are viewed as cyclical recovery opportunities tied to innovation in clinical trials and obesity drugs. Managers remain focused on global quality growth across sectors despite U.S. market dominance.		View
2025 Q4	Jan 21, 2026	Pantera Capital	0.0%	0.0%	3662.T, COIN, HOOD, JPM	AI, Bitcoin, Blockchain, crypto, ETFs, Institutional, Prediction Markets	2025 was dominated by macro, positioning, and flows rather than fundamentals for crypto markets. Bitcoin finished down 6%, Ethereum down 11%, while broader tokens declined 60%. The non-bitcoin token market has been in a bear market since December 2024, with structural headwinds including value accrual challenges and slowing on-chain activity. AI is revolutionizing on-chain security with real-time fraud detection and smart contract debugging. Consumer AI platforms will surge with hyper-personalized crypto experiences. AI security tools are detecting millions in blockchain vulnerabilities and will transform governance with deterministic, verifiable rules. ETF flows played a significant role in crypto markets, with institutional adoption concentrated in ETF-format assets like bitcoin, ethereum, and Solana. Speculative capital rotated to other sectors including gold, silver, and quantum computing ETFs, while digital asset ETF flows slowed and turned negative.		View
2025 Q4	Jan 21, 2026	Harbor Mid Cap Value Fund	4.1%	16.0%	AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC	Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value	The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock.	AMKR EA ENS GTX	View
2025 Q4	Jan 18, 2026	Titan Wealth	-	-	ADBE, AEM, AMD, AU, BKR, CAT, COIN, DIS, GLEN.L, GOOGL, IBKR, LLY, LMT, MELI, MOS, MU, NFLX, ORCL, PHG, RELX, SE	AI, commodities, defense, emerging markets, Geopolitical, global, infrastructure, technology	AI is described as not just a sector theme but a foundation for broad economic transformation that will reshape how businesses operate, products are developed, and services are delivered. The technological momentum is reflected in market behavior with strong equity gains driven by optimism about ongoing earnings growth and innovation-driven expansion. Semiconductor companies benefited from AI spending throughout 2025, with specific mentions of AMD benefiting from OpenAI's compute and chip commitments, and Micron Technology providing exposure to high-bandwidth memory as a bottleneck in chip development. Defense positioning includes exposure to missiles, air defense and space through companies like Lockheed Martin, supported by large order backlogs providing strong long-term visibility amid heightened geopolitical tensions. Gold exposure through miners like AngloGold Ashanti and Agnico Eagle Mines contributed meaningfully to returns as stronger precious metal prices translated into higher cash generation for miners, with positioning for sustained tensions around currency debasement. Energy transition themes are reflected through infrastructure investments and companies positioned for the global push toward renewable energy, including exposure to energy services and LNG infrastructure where long-term dynamics look positive. Cryptocurrency exposure through Coinbase reflects positioning for financial deregulation and disintermediation, with stablecoins expected to become a preferred transfer mechanism following regulatory developments like the GENIUS Act passage.		View
2025 Q4	Jan 18, 2026	Ninepoint Partners LP	0.0%	0.0%	COIN, FIGR, SHOP.TO	AI, crypto, Electrification, energy, fixed income, gold, infrastructure, Natural Gas	Natural gas has transitioned from a bridge fuel to the fuel to satisfy massive increases in power demand. U.S. export capacity is projected to increase by 2 bcf/d in 2026, while LNG Canada is expected to ramp up to full capacity. The EIA estimates U.S. electricity demand will grow by 2.2% in both 2025 and 2026, with ERCOT demand expected to grow by 20% from 2024 levels. AI remains the strongest tailwind for global equities, driving immense investment in data centers and providing an offset to economic weakness from trade uncertainty. The technology is still in early stages of adoption and should create new investment opportunities across healthcare and consumer applications. AI agents require crypto rails as the only internet-native financial infrastructure through which they can operate autonomously. Gold continued its upward ascent in 2025, starting at approximately $2,640/oz and peaking at $4,356/oz in October before settling into the $4,000/oz range. This momentum was fueled by continuing central bank demand and increased interest from Western investors embracing gold as a strategic asset. Gold equities finally started to work in 2025 and are expected to continue playing catch-up in this commodity-led rally. 2025 was crypto's strongest year yet due to regulatory progress and institutional adoption. The tokenization of real-world assets accelerated, stablecoins gained legal clarity, and prediction markets emerged as powerful pricing engines. Crypto stands on the edge of its most transformative chapter where digital assets, traditional finance, and AI begin to operate as one interconnected system. Global infrastructure is supported by structural tailwinds from electrification and fiscal spending on large-scale construction projects. Electricity demand is expected to accelerate through 2035, led by power-intensive AI-focused data centers. The IEA expects global electricity demand to increase by 3% per year to 2035, equivalent to adding Japan's current total demand annually. The metals and mining sector has become a strategic priority in a complex geopolitical landscape, with governments pivoting policies to ensure access to critical minerals. Technology is driving strong demand from AI-focused data centers, battery chemistry advances, and electrical grid upgrades. Canada is well positioned as a Tier-1 mining jurisdiction and leading metal producer. The electrification of the global economy has been the most important structural tailwind for infrastructure. Rising electricity demand is a global trend, with the IEA expecting growth across all major regions led by emerging economies. Meeting this demand requires ongoing investment across power generation, electricity transmission and distribution.		View
2025 Q4	Jan 15, 2026	Contrarius Global Equity Fund	6.5%	54.4%	000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW	AI, contrarian, disruption, global, Satellites, Space, technology, value	The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries.	SATS	View
2025 Q4	Jan 14, 2026	ARK Investment Management LLC	0.0%	0.0%	ACHR, AMD, AVAV, COIN, CRSP, DE, GH, GOOG, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TWST	AI, crypto, defense, Genomics, innovation, productivity, Robotics, technology	ARK believes convergences among major platforms like AI, robotics, energy storage, public blockchain technology, and multiomics sequencing should accelerate non-farm productivity growth to 4–6% on a year-over-year basis. AI-related spending boom on data centers and power plants began in late 2022. Strong demand for AI-related chip testing and semiconductor testing across compute, networking, and memory. Robotics is identified as one of the major transformative innovation platforms that should converge with AI and other technologies to drive productivity gains. The ARK Autonomous Technology and Robotics ETF focuses on companies developing autonomous mobility, humanoid robots, and intelligent devices. Energy storage is highlighted as one of the key transformative innovation platforms that will converge with AI, robotics, blockchain, and multiomics sequencing to accelerate productivity growth and economic transformation in the coming years. ARK sees favorable policy shifts around crypto as supportive headwinds shifting into structural tailwinds for innovation. Coinbase faced challenges from weakness in crypto market trading activity, with quarterly spot trading volumes declining 9% quarter-over-quarter. The firm maintains exposure through Bitcoin ETFs and crypto-related companies. Multiomics sequencing is identified as one of the major transformative platforms. The genomics space benefited from increasingly positive sentiment following Abbott's acquisition of Exact Sciences. Companies like Guardant Health and Natera showed strong performance with significant revenue growth and clinical trial successes. Defense spending represents a significant opportunity with the U.S. Army announcing plans to purchase at least one million drones in the next 2–3 years. Companies like Kratos Defense, AeroVironment, and Rocket Lab are positioned in this space, though innovation-based defense stocks experienced broad sell-offs during the quarter.		View
2022 Q2	Aug 19, 2022	Hayden Capital	13.9%	37.6%	COIN	-			View
2023 Q4	Jan 15, 2024	Vision Capital	0.0%	0.0%	COIN, CPNG, ILMN, LULU, NVDA, PAGS, PMC CN, S, SE, UPST, ZI	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Joe	Coinbase Global, Inc.	Financials	Financial Exchanges & Data	Bear	NASDAQ	Competition, Correlation, Exchanges, Execution, Revenue, Volatility	View Pitch
Jan 21, 2026	Fund Letters	Kirsty Gibson	Coinbase Global, Inc.	Financials	Capital Markets	Bull	NASDAQ	Crypto, infrastructure, Regulation, stablecoins, Staking	View Pitch
Dec 1, 2025	Seeking Alpha	Seeking Alpha	Coinbase Global, Inc.		Financial Data & Stock Exchanges	Bull		Coinbase, Crypto Adoption, cryptocurrency exchange, Derivatives, regulatory support, stablecoins, subscription services, trading volumes, USDC, Volatility	View Pitch
Sep 16, 2025	Short Thesis	Bear Cave	Coinbase Global Inc	Financials	Financial Exchanges & Data	Bear	NASDAQ	Crypto, Fees, Regulation, Trading, Volatility	View Pitch
Sep 16, 2025	Short Thesis	Dirty Bubble Media	Coinbase Global Inc	Financials	Financial Exchanges & Data (Crypto)	Bear	NASDAQ	Crypto, Exchange, Fees, Regulation, Volumes	View Pitch
Aug 13, 2025	Seeking Alpha	Markit	Coinbase Global Inc.	Financials	Financial Data & Stock Exchanges	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	The EM Investor	Coinbase Global, Inc.	Other	-	Neutral	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Julian Lin	Coinbase Global	Financials	Financial Data & Stock Exchanges	Neutral	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	The Alpha Analyst	Coinbase Global	Financials	Financial Data & Stock Exchanges	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Oriental Trader	Coinbase Global	Financials	Financial Data & Stock Exchanges	Bear	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	VanEck	Coinbase Global Inc	Financials	Financial Data & Stock Exchanges	Bull	NASDAQ	—	View Pitch

BSD Shareholders of COIN

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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