Really, at this point, Coinbase is just embarrassing itself by not buying Bitcoin and doing silly buybacks.

Coinbase just had a bad quarter. After reporting disappointing Q3 earnings, its stock plunged over 10%. To instill confidence, Coinbase announced a $1 billion share buyback. But that flopped, too, with shares barely budging.

This whole debacle just shows that Coinbase is foolishly ignoring the obvious strategy here — buying bitcoin.

Instead of share…

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