Coinbase’s bonds are trading around 50 cents on the dollar. They are a casualty of the crypto sell off and the FTX blowup. I think this represents a compelling opportunity. Here’s why:A distinct margin of safety from a capital structure perspective,A balance sheet that is positioned to weather the crypto bear market,A blue-chip brand that makes even partial value impairment very unlikely,A yield close to 4.0x the risk-free rate and 2.0x the US high yield bond indexBackgroundWe all know crypto...