Coinbase Global (COIN +1.30%) presents a case worthy of consideration. The company is currently positioned to yield over $2.5 billion in net income annually. This is not a negligible sum, and it is derived from a business that, while speculative in nature, demonstrably functions. Its recently articulated “everything exchange” strategy, though ambitious, aims to broaden its revenue streams beyond the volatile fortunes of cryptocurrency alone.
I’ve made a little list, just to clarify things. Because clarity is vital. Especially when money is involved. And especially when I’m involved. It goes like this:
The upcoming earnings report, scheduled for March 5th, is being treated with a gravity usually reserved for pronouncements of impending doom. But should one, a humble seeker of consistent, reliable yield, rush headlong into this retail frenzy? A most pertinent question, indeed.
The source of this little surge? Yasmeen Rahimi over at Piper Sandler. She’s been a fan for a while, which, in my experience, usually means she’s either genuinely brilliant or has a vested interest. (It’s rarely just altruism, darling.) She reiterated her “overweight” rating, slapped a $51 price target on it, and suddenly, everyone decided Edgewise was the next big thing. I mean, it’s a bit dramatic, isn’t it? Like we’re all waiting for a sign.
By the close of play, Valaris’s stock was up by a margin that could only be described as robust – over 34%, if you please. A tidy sum, indeed, and enough to put a spring in the step of even the most jaded investor.
Last April, when everyone was panicking about tariffs, Bitcoin briefly dipped to around $75,000 before rebounding. My uncle, predictably, missed the rebound. He always misses the rebound. It got me thinking, though. Is that $75,000 mark some sort of psychological barrier? A line in the sand drawn by people who mostly just want to feel clever?
The question, as always, is whether this presents an opportunity or merely foreshadows further unpleasantness. One observes the market with a certain detached amusement, attempting to discern whether the prevailing gloom is justified or simply the usual herd mentality. It’s a tiresome game, really, but someone must play it.
Before the restructuring, two specters haunted Wolfspeed: dwindling margins and a persistent drain on operating cash. These shadows, it seems, have not entirely lifted. The recent quarterly report speaks of a negative gross margin – a disheartening 46% – burdened by the costs of adjusting inventories and the lingering effects of a fresh start. The manufacturing facility, a potential orchard, remains underutilized, a field lying fallow.
Before the market had fully roused itself, the aforementioned Morgan Stanley team, led by the ever-opinionated Stephen Byrd, bestowed its blessings upon three purveyors of digital excavation – Cipher Mining amongst them, along with TeraWulf and Mara. Cipher Mining and TeraWulf received the coveted ‘overweight’ designation – a polite euphemism for ‘buy,’ naturally – while poor Mara was deemed ‘underweight,’ a fate akin to being cast as the villain in a rather dull play.
The reduction in their stake, executed during the fourth quarter of 2025, amounted to approximately $2.91 million. A rather substantial sum, of course, though one suspects it barely makes a dent in their overall holdings. The fund’s position, diminished by a further $2.41 million – a combination of trading and the usual market vagaries – now represents a mere 0.37% of their 13F AUM. One pictures the portfolio managers having a good, brisk clear-out. Perfectly sensible.