Coinbase Missed Again, Strategy Sells Bitcoin, and Is PayPal for Sale?

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, Jennifer Sanasie is joined by Clear Street Managing Directors and Senior Analysts Owen Lau and Brian Dobson to break down a heavy week of earnings: Strategy's first quarter selling Bitcoin, Coinbase's third straight quarterly miss and Stripe and Advent's bid for PayPal. Then, after a look at ETF flows and Morgan Stanley's launch of the market's cheapest spot Ethereum and Solana ETFs at 14 basis points. Plus, Grayscale Head of Trading and Capital Markets Krista Lynch unpacks the state of crypto ETF flows and Altius co-founder and CEO Annabelle Huang makes sense of the macro backdrop along with her bear case for Bitcoin to dip to the $40K range. - Learn more at https://www.bullish.com/. - Register now for CoinDesk's Policy and Regulation event on September 24, 2026: https://policy-regulation.coindesk.com/. - To get market moving news delivered daily, download CoinDesk’s mobile app: https://linktr.ee/coindeskapp. - Chapters/Timecodes: 00:00 Welcome to Public Keys 00:19 Clear Street's Owen Lau and Brian Dobson Join 00:40 Strategy's First Bitcoin Sale and $8.2B Loss 03:44 Coinbase Misses for the Third Straight Quarter 04:45 Prediction Markets Emerge as a Bright Spot 06:20 Bitcoin Miners Pivot to AI Data Centers 08:04 Does the CLARITY Act Matter for Coinbase? 10:42 Stripe and Advent's Bid for PayPal 13:02 Spot BTC ETFs Flip Negative, ETH ETFs Stay Green 14:17 Morgan Stanley Launches Cheapest ETH and SOL ETFs 14:52 Ally Wallace on Morgan Stanley's ETF Edge 15:42 Grayscale's Krista Lynch on Competing on Fees 16:54 Reading BTC and ETH ETF Flows 17:47 Crypto Whales Embrace In-Kind ETFs 21:29 Grayscale's Hyperliquid ETP and Perpetual Futures 23:31 Altius co-founder and CEO Annabelle Huang on the Macro Picture 24:41 The Coldcard Exploit and AI-Driven Hacks 26:18 Bitcoin Range-Bound Since October 28:35 DeFi Security in the Age of AI 32:11 Crypto Fear and Greed Index at 28 - #digitalfinance #finance #bitcoin Subscribe to CoinDesk on YouTube: https://www.youtube.com/user/CoinDesk?sub_confirmation=1 CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Twitter: https://www.twitter.com/coindesk LinkedIn: https://www.linkedin.com/company/coindesk Instagram: https://www.instagram.com/coindesk Facebook: https://www.facebook.com/CoinDesk Newsletters: https://www.coindesk.com/newsletters CoinDesk Podcast Network: https://open.spotify.com/show/2jyIhkvAQhed8AWDZiPpSP Public Keys: https://open.spotify.com/show/1rqYzRV10nfKfoTpFXZhTE Markets Daily Crypto Roundup: https://open.spotify.com/show/7sDXM8BlxsUqzL2IqmLqwE The Policy Protocol: https://open.spotify.com/show/3Fh8ffulAWcCqMu0uVuwoj