The Frontier

Nathaniel Whittemore argues media outlets uncritically accepted Coinbase's claim that AI drove its 14% layoffs, ignoring the struggling crypto market as a primary factor, citing Robinhood's 47% year-over-year dip in crypto trading revenue as context.

Jack Mallers contrasts 'crypto exchanges' like Coinbase and Robinhood, which monetize speculation, with 'treasury companies' like MicroStrategy that hold Bitcoin conviction but lack operating cash flow. He cites Coinbase’s balance sheet (over $10B fiat, $1B Bitcoin) as an example of neutrality.