Investment bank Berenberg has suggested that investors looking for exposure to cryptocurrencies may be better off buying shares in MicroStrategy rather than Coinbase. The bank's report highlighted the correlation between the two companies, with MicroStrategy's direct acquisition of bitcoins offering a more favourable business model than Coinbase.

Berenberg also recommended shorting Coinbase while being long on MicroStrategy to create a better-balanced portfolio. Despite this, Coinbase may face enforcement action from regulators, with SEC Commissioner Gary Gensler suggesting the company does not comply with US securities law.