Jarra

Bitcoin-Exposed Stocks: A Strategic Comparison $SMLR | $MSTR | $MTPLF | $MARA | $RIOT | $COIN Which offers the best long-term position? Let’s evaluate each by fundamentals and exposure 👇 $SMLR – Semler Scientific Sector: Healthcare BTC Holdings: ~581 BTC (May 2025) Shifted treasury into BTC, no operational link to crypto. ✅ Novel diversification ❌ No synergy with core business Verdict: Opportunistic play, not structurally aligned $MSTR – MicroStrategy Sector: Software (nominal) BTC Holdings: 580,250 BTC (~$64B) Business is now almost entirely Bitcoin-focused ✅ Strong BTC proxy, conviction play ❌ No meaningful revenue outside BTC volatility Verdict: High-leverage BTC bet, low diversification $MTPLF – Metaplanet (Japan) Sector: Diversified Holdings BTC Holdings: 7,800 BTC ($860M) Similar strategy to MSTR, but in a smaller Asian market ✅ Fastest-growing Bitcoin-holding firm ❌ Thin liquidity, geopolitical risk Verdict: High beta with international risk layer $MARA – Marathon Digital Sector: Bitcoin Mining BTC Holdings: 48,237 BTC (~$5.3B) Owns mining infrastructure, strong public miner ✅ Leverages BTC price upside ❌ Exposed to energy costs, halving cycles Verdict: Operational exposure, cyclical margins $RIOT – Riot Platforms Sector: Bitcoin Mining BTC Holdings: 19,211 BTC (~$2.1B) Similar play to $MARA with smaller capacity ✅ Pure BTC miner ❌ Operational volatility, limited upside if BTC stagnates Verdict: Tactical BTC price tracker with mining risk $COIN – Coinbase Global my pick. And here’s why: Sector: Crypto Infrastructure BTC Holdings: 9,267 BTC (~$1.02B) Business: Exchange, custody, staking, cloud, L2 (Base) ✅ Revenue from services, not just BTC ✅ Gateway for institutions ✅ Institutional growth, compliance lead ✅ Expanding ecosystem (Base, USDC, Wallet) ✅ Scales with the entire crypto industry, not just BTC Verdict: Most diversified, scalable, and durable exposure to digital assets. Bottom line, this is how I would rate the companies above: $COIN > $MSTR > $MARA = $RIOT > $SMLR > $MTPLF What do you think...? 🤔