` section — need to add it between "price" and "next" - Some opinion-leaning language: "dominant position", "the company deliberately shifting toward", the MSTR dilution characterization - Some dead-weight sentences that restate what was already said - Several unverified figures missing est. tags (market valuations, some industry stats) - The "Now I have comprehensive data. Let me write the fact sheet." line at the top is builder's note, not content

Snapshot

Crypto / Bitcoin Infrastructure companies operate the exchanges, custody vaults, and balance-sheet vehicles through which institutions and retail investors buy, sell, store, and gain exposure to Bitcoin and other digital assets. The product is access to crypto markets — measured in trading volume flowing through exchanges and assets sitting in custody. Bitcoin itself has a fixed supply (21 million coins, ~19.93 million mined), but the infrastructure layer that handles transactions around it is elastic and competitive. As of June 2, 2026, Bitcoin trades near $64,100, down roughly 47% from its December 2024 highs above $120,000. US spot Bitcoin ETFs hold 1,276,275 BTC (~$81.9 billion) across 13 funds, with BlackRock's IBIT holding 61.5% of ETF assets. Strategy Inc (MSTR) holds 597,325 BTC (~$38.3 billion at current prices), the largest corporate treasury position.

The four companies here span three different business models around the same underlying asset. Coinbase runs the largest US-regulated exchange and custodian. Strategy (MSTR) is a leveraged Bitcoin treasury vehicle — it buys BTC with debt and equity, owns no exchange or custody business. Robinhood offers crypto trading as one product inside a broader retail brokerage. Galaxy Digital is a crypto merchant bank / infrastructure conglomerate building a 1.6 GW data center for AI/HPC alongside trading and asset management. They are linked by Bitcoin price exposure but earn money in fundamentally different ways.

BTC price and market cap: yfinance live, Jun 2 2026. ETF AUM: bitbo.io/treasuries, Jun 2 2026. MSTR holdings: Strategy 8-K, Jun 30 2025. Coinbase custody: CoinLaw, referencing Coinbase disclosures. Trading volume: SQ Magazine / CoinLaw, referencing Q1 2025 data.

The product & how money is made

Coinbase (COIN)

Coinbase operates the largest US-regulated cryptocurrency exchange and custodian. Revenue comes through four channels: transaction fees charged on each trade ($756M in Q1 2026 — $567M consumer, $136M institutional), subscription & services revenue including stablecoin income from USDC ($305M), blockchain staking rewards ($101M), and interest/lending ($68M) — totaling $584M in Q1 2026 — plus smaller amounts from Coinbase One subscriptions (1M+ paid members) and its Base blockchain. Coinbase custodies 12% of global crypto assets and earns custody fees on institutional holdings including most US Bitcoin ETFs. Total Q1 2026 revenue was $1.41 billion, down 21% quarter-over-quarter and 30.5% year-over-year as crypto prices and volumes declined.

Strategy Inc (MSTR)

Strategy (formerly MicroStrategy) runs a legacy enterprise analytics software business generating roughly $490M in annual revenue. The primary economic exposure is its Bitcoin treasury: 597,325 BTC acquired at an average cost of $70,982 per coin (~$42.4B total cost). The company issues shares (MSTR), preferred stock (STRK, STRF), and convertible debt, then uses proceeds to buy Bitcoin. It does not earn transaction fees, custody fees, or exchange revenue. On June 2, 2026, Strategy disclosed its first publicized Bitcoin sale in five years — 32 BTC for $2.5M to fund preferred stock distributions.

Robinhood (HOOD)

Robinhood is a retail brokerage where crypto is one of several product lines. Q1 2026 crypto revenue was $134M, down 47% year-over-year, on notional crypto volume of $24B (down 48% YoY). Crypto represented roughly 12.5% of total Q1 revenue ($1.07B). The company earns on crypto primarily through payment for order flow and spread markup. Prediction markets ($147M, up 320% YoY) exceeded crypto revenue for the first time in Q1 2026. Robinhood has 27 million funded accounts and 4.3 million Gold subscribers.

Galaxy Digital (GLXY)

Galaxy Digital is a crypto-native financial services and infrastructure conglomerate. Its "Digital Assets" segment reported $10.04B in Q1 2026 revenue — but this is largely gross trading turnover, not net revenue (Galaxy acts as principal, buying and selling crypto for its own book, so gross volume flows through the income statement). Actual fees were $23.3M, blockchain rewards $29.4M, and interest income $21.1M. Its "Data Centers" segment generated $3.1M from the Helios campus in Texas, where Galaxy is building a 1.6 GW ERCOT-approved facility and has leased 800 MW to CoreWeave under a 15-year triple-net lease targeting $1B+ average annual revenue est.. Galaxy holds $3.67B in digital assets on its balance sheet as principal investments. The company listed on Nasdaq in May 2025 after migrating from the Toronto Stock Exchange.

COIN: Coinbase Q1 2026 press release (May 7, 2026) and MarketBeat. MSTR: Strategy 8-K filings and bitcoinmagazine.com. HOOD: Robinhood Q1 2026 earnings (Apr 28, 2026), finsee.ai, MarketBeat. GLXY: Galaxy Digital 10-Q Q1 2026, StockTitan.

Demand

Contracted / observable demand

• US spot Bitcoin ETFs hold 1,276,275 BTC ($81.9B AUM) as of June 2, 2026. Cumulative net inflows exceeded $14.8B in 2025. Institutional investors held 22.9% of US ETF AUM in Q1 2025. BlackRock's IBIT alone holds 784,911 BTC ($50.4B). contracted
• Coinbase institutional custody was approximately $245B as of late 2025 est.. Coinbase is the custodian for most US Bitcoin ETFs (IBIT, GBTC, and others), generating recurring custody fee revenue. contracted
• Strategy Inc has purchased 597,325 BTC through June 29, 2025, at a total cost of ~$42.4B. The company targets 25% annual "BTC Yield" and reported 19.7% YTD BTC Yield for 2025. contracted
• Galaxy Helios data center has an 800 MW, 15-year lease with CoreWeave, with Phase I (133 MW) targeting delivery in H1 2026 and the remainder through 2027. This is data-center demand, not crypto demand, but it is contracted revenue for GLXY. contracted
• Stablecoin demand on Coinbase: average USDC on platform reached $19B in Q1 2026, representing over 25% of total USDC in circulation. Stablecoin revenue ($305M in Q1 2026) scales with USDC market cap and interest rates, not trading volume. contracted

Forecast / directional demand

• Global crypto exchange trading volume was $4.27 trillion in September 2025, up 36% year-over-year est.. Q1 2025 average daily BTC trading volume was ~$96 billion est.. The crypto exchange platform market was valued at $43.8B (2024) and projected at $54.8B (2025) est..
• Bitcoin daily active addresses: ~224,400 (2025), up 5-8% versus 2024 est.. Addresses with nonzero balances exceed 49 million est.. Among current crypto owners, 83% expect continued market growth est..
• Government sovereign reserves: the US established a Strategic Bitcoin Reserve holding ~198,000 BTC est.. China holds ~190,000 BTC via confiscations est.. El Salvador maintains ~6,000 BTC est.. These holdings do not flow through exchanges.
• Coinbase product diversification: 12 products now generate over $100M in annualized revenue — derivatives ($200M+ annualized), prediction markets ($100M annualized within 2 months of US launch), lending ($1B balances), DEX volumes doubling quarter-over-quarter. Q2 2026 subscription & services revenue guidance: $565M-$645M.
• Robinhood crypto: crypto was ~18% of revenue in 2025 and fell further in Q1 2026 as prediction markets and equities grew faster. Crypto take rates were ~7 bps lower in April 2026 versus Q1 est..

ETF data: bitbo.io, Jun 2 2026. Coinbase custody/products: Coinbase Q1 2026 press release. MSTR holdings: Strategy 8-K. Galaxy Helios: Introl Blog / Galaxy filings. Market size: CoinLaw, SQ Magazine. Sovereign BTC: SQ Magazine, citing government disclosures.

Supply

Bitcoin supply (the underlying asset)

• Circulating supply: ~19.93 million BTC (September 2025), growing at 0.85% per year. Fewer than 1.1 million BTC remain to be mined before hitting the 21 million hard cap.
• Post-halving issuance: since April 2024, block rewards are 3.125 BTC (~450 BTC/day, ~$28.8M/day at current prices). The next halving (~2028) will cut this to ~225 BTC/day.
• Lost coins: an estimated 4-6% of all BTC are permanently inaccessible (lost keys), reducing effective circulating supply to ~18.7-19.1 million est..
• Illiquid supply: ETFs (1.28M BTC), Strategy (597K BTC), governments (~394K BTC), and long-term holders collectively control roughly 2.3 million BTC (~11.5% of supply) est..

Infrastructure supply (exchange & custody capacity)

• Exchange capacity is elastic — unlike Bitcoin itself, the ability to process transactions on exchanges is not hard-capped. The constraint is regulatory licensing, not technology.
• Regulated US exchanges are scarce: Coinbase is the primary US-regulated crypto exchange. Binance was effectively expelled from the US market after its 2023 DOJ settlement. Robinhood and Kraken have US licenses but smaller crypto-native footprints. Regulatory barriers (BitLicense in New York, state-by-state money transmitter licensing, SEC/CFTC oversight) make entry difficult.
• Coinbase's share: 8.6% global crypto trading market share (Q1 2026), 41% of North American crypto activity, 12% of all global crypto assets in custody.
• Custody concentration: institutional-grade crypto custody (cold storage, insurance, SOC compliance, regulatory approval) is concentrated among Coinbase Prime, Fidelity Digital Assets, and BitGo for US ETFs and institutions.
• Galaxy's data center supply: the 1.6 GW Helios campus has ERCOT approval but Phase I (133 MW) is still under construction for H1 2026 delivery. Galaxy spent $337.9M in capex on AI/HPC data centers in Q1 2026. The 3.5 GW expansion potential is not current supply.

BTC supply: Bitcoin protocol, SQ Magazine. Exchange capacity: CoinLaw, Coinbase Q1 2026. Galaxy Helios: Galaxy 10-Q Q1 2026, Introl Blog.

The gap

Crypto exchange take rates have been declining as competition from DEXs (21.7% of global volume est.), zero-fee promotions, and institutional negotiation compress margins. Coinbase consumer take rates are materially higher than institutional rates ($567M consumer vs $136M institutional transaction revenue on a smaller share of volume). Stablecoin and subscription revenue are growing as a share of Coinbase's total. Bitcoin's fixed supply schedule means the underlying asset becomes scarcer every four years regardless of demand.

Volume decline: Coinbase Q1 2026, Robinhood Q1 2026. DEX share: CoinLaw. Fee compression: Robinhood Q1 2026 transcript (7 bps lower take rate in April). BTC issuance: Bitcoin protocol.

The players

Market data: yfinance, Jun 2 2026. COIN: Coinbase Q1 2026 press release. MSTR: Strategy 8-K filings. HOOD: Robinhood Q1 2026 10-Q. GLXY: Galaxy Digital 10-Q Q1 2026, StockAnalysis.

The price of exposure

What each price implicitly buys

• COIN at $163.22: $43.0B market cap for a business that generated $6.3B in TTM revenue, holds $10.4B cash, carries $8.0B debt, custodies 12% of global crypto, and has 12 products each at $100M+ annualized revenue. Annualizing Q1 2026 adjusted EBITDA ($303M x 4 = $1.2B) puts EV/EBITDA at ~34x est.. The stock is 63% below its 52-week high of $445.
• MSTR at $126.55: $44.5B market cap; enterprise value $59.4B ($8.3B debt, $2.2B cash). The 597,325 BTC on the balance sheet are worth ~$38.3B at $64,100/BTC. The market prices the BTC plus the software business ($490M revenue) and the BTC accumulation apparatus at $59.4B EV versus $38.3B spot BTC value. Every $10,000 move in BTC price changes NAV by ~$6.0B. 332M shares outstanding. The stock is 72% below its 52-week high.
• HOOD at $82.85: $74.6B market cap for a brokerage generating $4.6B TTM revenue and $1.9B net income. Crypto is ~12-18% of revenue and declining as a share. The 40.2x trailing P/E covers the whole business. The stock is 46% below its 52-week high.
• GLXY at $28.49: $11.1B market cap (EV $14.2B) for $3.67B of digital assets on the balance sheet, a 1.6 GW data center campus (800 MW leased to CoreWeave at ~$1B/year target est.), a trading/market-making operation, and $4.7B of debt. Phase I (133 MW) is still under construction. Book value is $2.78B ($9.44/share); the stock trades at 3.0x book. If fully built and leased, 1.6 GW at data-center market rates of $10-15M per MW implies asset value of $16-24B est..

BTC sensitivity: MSTR is nearly pure leverage on BTC. COIN's transaction revenue moves with volume (which correlates with price). HOOD's crypto exposure is a minority of total revenue. GLXY has direct balance-sheet BTC exposure plus a BTC-independent data center business.

All prices and multiples: yfinance, Jun 2 2026. Revenue/income: most recent quarterly filings. $/MW valuation range for GLXY data center: industry estimates.

Risks & open questions

• Bitcoin price correlation: all four stocks have significant correlation to BTC price. A prolonged decline from the current $64,100 level compresses exchange volumes (COIN, HOOD), reduces MSTR's NAV and ability to raise capital, and marks down GLXY's digital asset portfolio. BTC is already 47% below its December 2024 highs.
• Coinbase revenue cyclicality: Q1 2026 revenue fell 21% QoQ and 30.5% YoY, producing a $394M net loss. Transaction revenue ($756M) is directly volume-dependent. The shift toward subscription & services ($584M) partially offsets this, but USDC stablecoin income ($305M) depends on both USDC market cap and interest rates.
• MSTR dilution and debt structure: Strategy has 332M shares outstanding and $8.3B in debt (including convertible notes). Continuous equity and debt issuance to fund BTC purchases dilutes existing shareholders unless BTC price rises fast enough to offset it. At what BTC price level the debt structure becomes untenable is not publicly modeled.
• MSTR's "never sell" narrative: the June 2, 2026 sale of 32 BTC — though tiny — broke the company's long-standing position. Whether this signals a policy change or a one-time funding mechanism for preferred distributions is unresolved.
• DEX competition: decentralized exchanges handle 21.7% of global crypto volume est. and growing. Uniswap processes $22B+/month est.. This directly competes with Coinbase's exchange fee revenue, though Coinbase's Base L2 captures 62% of onchain stablecoin volume.
• Regulatory uncertainty: SEC/CFTC jurisdiction over crypto is unresolved. New legislation (e.g., stablecoin bills) could restructure Coinbase's USDC revenue sharing. State-level licensing requirements remain fragmented.
• Galaxy Helios execution: the 1.6 GW campus is among the largest single-site data centers under development. Phase I (133 MW) has not yet delivered. Q1 capex run rate of $337.9M implies ~$1.35B/year est. — funding the remaining ~1.5 GW buildout with $1.5B cash and $4.7B debt is an open question. CoreWeave lease termination risk if delivery slips is undisclosed.
• ETF custody concentration: Coinbase custodies most US Bitcoin ETF assets. If a second custodian gains share (Fidelity self-custodies FBTC), the revenue impact is unknown since custody fees are not publicly disclosed.

What to deep-dive next

• Coinbase's revenue durability: how much of subscription & services revenue ($584M) is truly recurring versus BTC-price-sensitive? USDC stablecoin revenue ($305M) depends on both USDC market cap and interest rates — what happens if rates fall?
• MSTR's dilution math: is the BTC-per-share metric ("BTC Yield") accretive or dilutive at various BTC price levels? At what BTC price does the debt structure become untenable?
• Robinhood's crypto optionality: crypto revenue fell 47% YoY while the company expands into prediction markets, banking, and credit cards. Is the remaining crypto revenue worth analyzing separately, or is HOOD a fintech platform bet with incidental crypto exposure?
• Galaxy Helios funding gap: can Galaxy fund the remaining ~1.5 GW buildout given $1.5B cash and $4.7B debt? What are the CoreWeave lease termination provisions if delivery slips?
• DEX share trajectory: decentralized exchanges at 21.7% and rising est.. Is Coinbase migrating from exchange fees to blockchain infrastructure fees via Base L2 (62% of onchain stablecoin volume)?
• Bitcoin ETF custody fee economics: Coinbase custodies most US Bitcoin ETF assets but custody fees are undisclosed. What is the revenue at risk if a second custodian gains share?

Sources & confidence