Stocks · Theme
Crypto exchange & financial stocks · 15 research notes
15 Crypto exchanges & financials stocks with a dated research note: thesis, kill line and next catalyst.
Earlier themeNot among the research's active themes (last active 2 October 2026). Each stock's note below is dated on its own.
All 15 have a dated research note with a published kill line: the note's own test, stated in advance, of what would prove it wrong: a price level, a business fact, or both.
All stocksCOINCoinbase GlobalLow Coinbase Global shares look more likely to lag the S&P 500 because trading revenue is shrinking faster than new licenses add income. The fourth-quarter report, expected about mid-February 2027, tests the $550–630 million services guide.FIGRFigure Technology SolutionsLow Figure Technology Solutions shares are more likely to lag the S&P 500 because the company guided its fourth-quarter take rate down to 3.1%–3.4% on 12 November 2026 despite beating forecasts; operating data expected around 7 January 2027…HOODRobinhood MarketsLow Robinhood Markets' event contracts are growing while crypto volume fell 21% in October and stock and options trading stalled, so the shares are more likely to lag the S&P 500; November data and the February 2027 fourth-quarter report…MSTRStrategyLow Strategy Inc.'s common shares are more likely to lag the S&P 500: MSCI confirmed on 11 November 2026 that it will delete the stock at the 30 November close, and bitcoin trades below Strategy's $75,456 average cost. Weekly 8-K filings show…BTCSMedium BTCS Inc.'s decentralized-finance unit doubled gross profit to a record $3.5 million in the third quarter of 2026, which keeps the shares modestly more likely to beat the S&P 500 over three months; $27.0 million of new borrowing and…ASSTStriveLow Strive, Inc. funded about 43,000 bitcoin with 13% to 15% preferred stock, but weekly buying fell to 124 and 29 bitcoin after 30 October; the 16 November filing and the SATA December dividend rate show whether funding still works.BLSHBullishLow Bullish's shares are more likely to lag the S&P 500 over the next three months: October trading volume fell to $37.7 billion and no issuer has committed to tokenization. The 18 November 2026 third-quarter report settles whether revenue…BMNRBitMine Immersion TechnologiesLow BitMine Immersion, the largest corporate ether holder, is likely to lag the S&P 500: it held 4.97% of ether supply against a stated 5% cap and booked a $6.3 billion fiscal 2026 loss. The weekly holdings releases through late November show…BTGOBitGo HoldingsLow BitGo Holdings is likely to lag the S&P 500 because its third-quarter report showed core revenue shrinking and a $4.3 million adjusted EBITDA loss, even with NYDIG trading included. The fourth-quarter report shows whether operating…CRCLCircle Internet GroupLow Circle Internet Group's shares look more likely to lag the S&P 500 because USDC circulation and reserve income are shrinking while bank- and Coinbase-backed rivals build; the fourth-quarter report shows whether USDC growth resumes.GLXYGalaxy DigitalLow Galaxy Digital's shares are more likely to lag the S&P 500 over three months: they trade below both moving averages and most Q3 profit came from trading gains, not rent. The fourth-quarter 2026 report, expected in February 2027, shows…PURRHyperliquid StrategiesLow Hyperliquid Strategies, which holds the HYPE token, is more likely to lag the S&P 500 over three months: its shares trade below token value (0.93x on 6 November 2026), pausing share sales; the early-February 2027 report shows if buybacks…SBETSharpLinkLow SharpLink, Inc. avoided MSCI index deletion on 11 November 2026, but its shares are more likely to lag the S&P 500 because they trade at 0.71 times their Ether's value and that discount keeps widening; Ether's direction and the discount…XRPNArmada Acquisition Corp. IILow Evernorth's shares have fallen to $10.41, near the $10.58 price at which Armada's public holders redeemed, yet still trade above the XRP behind them on DailyCoin's share count. The third-quarter report, due about 16 November 2026, settles…XXITwenty One CapitalLow Twenty One Capital, a Tether-controlled bitcoin treasury company, still has no signed cash-generating acquisition, so its shares are more likely to lag the S&P 500. The 13 November 2026 third-quarter earnings call shows whether a deal,…