Coinbase has opened up a unique Niche Market in the complex crypto world. "Whether it can dominate the US crypto infrastructure" and "whether the crypto economy will become an important part of the real economy" will determine how far Coinbase can go.
As one of the largest Bitcoin Listed Company holders in the world, MicroStrategy's core SaaS business limits Downside Risk, while using low-cost funds to continuously buy Bitcoin for a long time gives it considerable upside potential.
As a leading Bitcoin mining company, Marathon's business is essentially energy arbitrage. Differentiated operational capabilities, hardware upgrades, and energy utilization strategies will become the core competitiveness for mining companies to surpass Bitcoin returns and successfully cross cycles.