Name: Coinbase Missed Again, Strategy Sells Bitcoin, and Is PayPal for Sale?
Uploaded: 2026-08-03T18:00:05+00:00
Duration: 1978 s

Speakers

Brian Dobson — Managing Director, Senior Analyst at Clear Street

Owen Lau — Managing Director and Senior Analyst, Clear Street

Krista Lynch — SVP ETF Capital Markets, Grayscale

Annabelle Huang — co-founder and CEO, Altius

Jennifer Sanasie — Senior Anchor & Executive Producer, CoinDesk

Summary

The episode covers Q2 earnings from Strategy and Coinbase, the potential acquisition of PayPal by Stripe, and the pivot of Bitcoin miners to AI data centers. ETF flow analysis shows sticky institutional holdings, while Morgan Stanley launched the cheapest spot Ethereum and Solana ETFs. Grayscale’s head of trading highlights inflows into its mini trusts and Hyperliquid ETP, and Altius’ CEO warns Bitcoin could dip to the $40K–$50K range before recovering.

Strategy sold Bitcoin for the first time but remains bullish on generating Bitcoin yield.
Coinbase missed earnings for the third straight quarter; management focuses on cost control and new catalysts like prediction markets.
Bitcoin miners CleanSpark, HUT, Core Scientific, and Terawulf are pivoting to AI data centers and signing contracts.
PayPal received a $60.50 per share bid from Stripe and Advent; a higher offer could lead to a deal.
Spot Bitcoin ETF flows flipped slightly negative but cumulative inflows remain massive and sticky.
Grayscale’s low-cost mini trusts attract inflows, and its Hyperliquid ETP gathered over $100M in assets.
Morgan Stanley launched the cheapest spot ETH and SOL ETFs at 14 basis points, including full staking rewards.
Altius CEO Annabelle Huang sees risk of Bitcoin breaking lower to $40K–$50K before a long-term recovery.

Ideas

Brian Dobson Managing Director, Senior Analyst at Clear Street 0:43

Strategy's Bitcoin yield drives earnings power.

Strategy (formerly MicroStrategy) sold Bitcoin for the first time as a capital allocation tactic to keep instruments near par, enabling continued capital raising and Bitcoin purchases. The company remains best-of-breed and can generate incremental satoshis per share, which acts as earnings power and should command a premium to its Bitcoin holdings. A rally in Bitcoin to $100,000 would be a massive driver, and the analyst forecasts 7% Bitcoin yield next year with a price target of $2011.

Owen Lau Managing Director and Senior Analyst, Clear Street 3:59

Coinbase cost control and catalysts ahead.

Coinbase reported a weak quarter with low trading volume and no near-term catalyst from the CLARITY Act. However, management reduced headcount by 14% and can further control expenses to maintain positive adjusted EBITDA. Multiple catalysts exist including prediction markets, tokenized equities, pre-IPO perks, B2B stablecoin payments, and agent convert, which could drive the next wave of blockchain adoption. The analyst has a $24 price target.

Brian Dobson Managing Director, Senior Analyst at Clear Street 6:38

AI data center pivot gaining traction.

Bitcoin miners are pivoting to AI data center infrastructure, signing new contracts and breaking ground. CleanSpark recently signed its first contract, showing the pivot is gaining traction. Companies like HUT, Core Scientific, and Terawulf have the teams and long-lead-time products in place to execute, and the environment for data center demand is rich as hyperscaler capex moves closer. The analyst is bullish on these names for the next 6-12 months.

Owen Lau Managing Director and Senior Analyst, Clear Street 10:42

PayPal could be acquired at higher bid.

Stripe and Advent made a $60.50 per share bid for PayPal, which the board rejected. The CEO indicated the company is open to evaluating opportunities, suggesting the door is not closed. Ongoing negotiations could lead to a higher offer; if the bid price rises closer to $70, a deal could happen, providing upside from current levels.

Krista Lynch SVP ETF Capital Markets, Grayscale 16:48

Grayscale low-cost mini ETFs attracting inflows.

Grayscale's low-cost Bitcoin Mini Trust and Ethereum Mini Trust are among the cheapest in the market and have attracted net inflows of over $700M and $500M respectively this year, even during a prolonged period of outflows elsewhere. These products suit fee-sensitive long-term investors, and the in-kind creation mechanism allows crypto whales to convert native holdings into ETFs for tax advantages, succession planning, and custody diversification, providing an additional inflow channel.

Krista Lynch SVP ETF Capital Markets, Grayscale 21:30

Hyperliquid ETP riding perpetuals growth wave.

Hyperliquid is the largest DeFi platform for perpetual futures, enabling exposure to assets like oil, the S&P 500, and even pre-IPO SpaceX. Grayscale's Hyperliquid ETP (HYPG) has gathered over $100 million in assets quickly, reflecting strong demand. As the crossover between traditional underlying exposures and crypto-native vehicles builds, HYPG offers a way to express conviction in this growth.

Coinbase Missed Again, Strategy Sells Bitcoin, and Is PayPal for Sale?

Summary

Ideas

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