Coinbase: Optimistic about the performance of the cryptocurrency market in the second half of the year, wary of listed companies' high leverage purchases of BTC, which may pose systemic risks

Odaily Planet Daily News: Coinbase stated in its latest report that it is optimistic about the trend of the cryptocurrency market in the second half of 2025, but at the same time warns that some listed companies may bring systemic risks by purchasing Bitcoin through convertible debt and leverage. The report points out that there are currently 228 listed companies holding approximately 820000 BTC, of which about 20 are using financing models similar to MicroStrategy. If there is significant market volatility in the future or if the related debt matures in 2029-2030, it may trigger passive selling pressure. Coinbase stated that short-term risks are controllable, and the key lies in the future refinancing ability of these companies. （TheBlock）