Buying COIN put contracts.

Coinbase Global Inc. (COIN) is a speculative crypto brokerage that is burning through cash and still trades with a $12.7 billion valuation.

Shares are down sharply following the cryptocurrency selloff. But could still have farther to fall.

This morning, Goldman Sachs downgraded the stock from hold to sell. This could add additional pressure to the stock as Goldman clients unload their positions.

Our speculative portfolio is currently situated to profit from a bear market rally. Adding a bearish position in COIN will help offset some of our long exposure, bringing more balance and diversification to our overall approach.

• Buy (to open) 7 COIN July 15th $70 Puts
• Limit $15 or less
• The new position will represent roughly 9.2% of our Spec Model capital
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• 11:34 Executed
• Bot 7 COIN July 15th $70 Puts @ $14.50