Crypto-linked equities

Claim

The filter that made this sweep short, and it is a portfolio-context filter rather than a company-quality one:

The user already owns BTC directly. A stock whose price is a function of the coin price therefore adds no exposure that isn't already held — it adds leverage to it, plus equity-specific risk (dilution, custody, regulation, management), while charging a premium to NAV for the privilege.

So the screening question isn't "is this a good crypto proxy" — it's "does this have a business that survives a flat coin price?"

Name	Read
HOOD	Conviction 7.0 — the most real business in the group; brokerage revenue is not purely coin-driven. Entry <$75
COIN	Trigger <$150
MSTR	Pure coin-beta with a leveraged balance sheet — the archetype of what this filter excludes

Triggers identified but not entered on the watchlist

HOOD <$75 · COIN <$150 — surfaced in the July synthesis, offered, never added to Watchlist.md.

Generalises beyond crypto

Any position whose risk factor is already held directly is leverage, not diversification. Applies to gold miners against gold, oil E&Ps against oil, and any single-commodity proxy. Check the portfolio before scoring the name.

What would falsify this

The user's direct BTC position changing — the entire filter is conditional on it, and without it these names would screen on their own merits.

History

• 2026-07-29 — swept in round 3.