Shorting Coinbase? Correlation to Bitcoin Analysis

Disclaimer* I never seriously analyse assets (except Bitcoin), securities, or anything like that. Take my analysis with a grain of salt. This isn't a serious post, just something out of interest.

I saw the post by u/Soggy_Eagle_1733 on Coinbase essentially freezing funds and preventing Bitcoin and even fiat withdrawals. Absolutely criminal in my opinion. I had a funny thought about shorting Coinbase but I'm too scared because of the correlation to crypto assets, namely Bitcoin. Bitcoin is probably a better investment anyway.

I used GPT4 to make some graphs for me using Yahoo Finance data so I could look at the correlation alongside the asset prices. I also looked into their quarterly form 10-K filing with the SEC which shows their balance sheet as of 31MAR2023 and summarised some of it below:

Interstingly, their short % of float is 12.73% which is kind of high, right? Maybe the short investors know something we don't about their internals, or none of them think Bitcoin price appreciation is possible/ will even hurt them.

Below is the correlation chart I made. Note* data goes back to when COINBASE made their IPO.

*Normalised Prices are in USD

TL-DR; Coinbase holds ~$515M in "crypto assets" (about 3% of their Mkt Cap). Probably don't short Coinbase if you believe in Bitcoin. Probably buy Bitcoin instead. Non-serious post.