$Coinbase(COIN.US) If you don't get out now, you'll lose your pants. The White House is drawing K-lines inside. 1. It claims to be transitioning to a subscription service, but at its core, it's still a casino that depends on the market's whims—68% of Q4 revenue came from trading. When retail investors stop gambling, its true colors are immediately exposed. Bitcoin has been halved from its peak, and trading volume has collapsed. This structural ebb tide can't be saved by cost-cutting.

2. BlackRock withdrew billions in Bitcoin and Ethereum from it last month, ostensibly for ETF redemptions, but in reality, it's institutions voting with their feet. Your much-vaunted "institutional gateway" has now become a channel for capital outflow. How can you spin that story anymore?

3. The regulatory sword hasn't moved an inch: Nevada just sued it for operating a sports betting business, and the class-action lawsuit for insider trading by the CEO and directors was allowed to proceed by the judge. You think it's a compliance star student, but it's actually a professional defendant. How can its valuation possibly hold up?