Patient Capital Management

COIN (holding update): Q2 rebound with Bitcoin, building dominant crypto platform. Growth drivers: wallet updates, Base, USD Coin improvements. Regulatory tailwinds from GENIUS Act & Trump's Strategic Bitcoin Reserve. Early in institutional adoption cycle; continued innovation widens competitive moat.

COST short: Initiated put options (1/16/26 P960) on this 'overpriced compounder' trading at 54x earnings despite mid-single-digit growth. Well-run but hard to justify >2x market multiple for low-growth, low-margin retailer. Expect significant downside when market reassesses premium valuation.

SDRL (holding update): 4th largest deepwater drilling specialist with net cash post-Feb 2022 bankruptcy. 50% industry rig scrapping + consolidation created rational market. Positioned for rebound as onshore production limits hit, offshore demand rises. Specialized fleet + minimal debt = consolidation candidate or acquisition target.