The order books are finally active.
On paper, the financials look decent. It’s a pure "picks and shovels" play for the digital asset sector (recurring custody fees > trading volatility). At $2B, it’s not priced for perfection like $COIN.
But the governance risk is real.
I’m worried about the recent restructuring of their joint venture. It feels like they are compromising on compliance to chase growth, and big institutional clients might just stick with Coinbase because of it.
I'm 50/50. Might take a small position for the infrastructure exposure, but I'm keeping it tight.
Two questions**：**
1. Are you guys actually touching this? Or is the "Sun risk" a dealbreaker for you? Trying to gauge if the sentiment here is bearish or if everyone is just quietly buying the dip in trust.
2. For those subscribing, which broker is the move?