Value investing firm Patient Capital Management has released its second-quarter 2025 investor letter for the Patient Capital Opportunity Equity Strategy. The strategy achieved a total return of 15.3% net of fees for the quarter, significantly outperforming its benchmark, the S&P 500 Index, which returned 10.9%. The firm attributed the strong performance primarily to successful stock selection, which was partially offset by allocation and interaction effects.
In the letter, the firm highlighted its position in Coinbase Global, Inc. (NASDAQ:COIN), a New York-based platform for crypto assets. Shares of Coinbase saw a one-month return of 33.20% and gained 59.34% over the last 52 weeks. As of July 17, 2025, the stock closed at $410.75 per share, with a market capitalization of $104.62 billion.
Detailing its investment thesis for Coinbase, Patient Capital Management stated:
“Coinbase Global, Inc. (NASDAQ:COIN) rebounded in the second quarter, tracking strength in both Bitcoin and the broader cryptocurrency market. We believe it remains early innings for institutional adoption and exposure to digital assets, and Coinbase is steadily solidifying its position as the platform of choice within the crypto ecosystem. Recent enhancements to its wallet, Base platform, and USD Coin could help trigger broader uptake. Additionally, the Trump administration’s passage of the GENIUS Act in June along with Trump’s April executive order launching a Strategic Bitcoin Reserve, marks a pivotal shift toward a crypto-friendlier regulatory framework. We’re encouraged by Coinbase’s continued investment in innovation, which we believe will further widen its competitive moat over time.”
