Coppashaft & CK: my understanding is that they do not (and cannot) satisfy the full demand for Direct just through mining, so to bridge the gap between demand and supply through mining for their liquidity desk and Direct operations, they buy additional bitcoins (and supply these at a premium). That is why their leftover balance at the end of the quarter is much lower.
Ps: yes, the MC for this stock is remarkably suppressed, but the larger the jump upwards will be eventually.
8 Banking Giants Embrace Bitcoin, page-5
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