$Circle(CRCL.US) Last Tuesday, I sold an 85 put expiring this Friday. I thought I would have to take delivery, but now it seems I probably won't.

$Coinbase(COIN.US) Coin has actually always been on my radar, I just never talked about it because I thought once BTC fell to the 70k+ range, the downside wouldn't be huge. So, COIN at 160 seemed like a decent entry point with good value for a short-term rebound play. But just like when $Robinhood(HOOD.US) HOOD reported earnings, it's highly likely that COIN's earnings will miss (though a beat isn't impossible).

Another point is considering the profit-sharing contract between CRCL and COIN expiring this August. Although it will auto-renew, and COIN has veto power over CRCL's new partnerships, I personally think Circle would likely prefer to make a small economic concession on-platform to get rid of Coinbase's veto power—because the veto is what truly caps USDC's expansion ceiling. Once platforms like Binance and Kraken can deeply integrate USDC without Coinbase being able to block it, Circle's total addressable market would expand much faster. It would be worth it even if they earn a bit less per unit.

So, taking a long-term view, I've sold most of my COIN and am preparing to slowly switch to CRCL.