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First of all, congrats. You've been the recipient of incredible luck. The market gods have smiled on COIN and bestowed upon it a share price far outstripping any reasonable valuation.
If it were me, I'd sell the entire lot at market open on Monday. I can't guarantee that today was the top, but the supply of greater fools is limited. Coinbase may not be the stupidest bubble stock (that would be CVNA), but is not far behind. Despite everything, Coinbase still doesn't make money. And the share count only goes up.
In a sense, it's a good thing to sell covered calls because this reduces your overall exposure to COIN.
But overall, the Buy-Write strategy hasn't performed well in recent decades. For a long time it was considered a way to generate great risk-adjusted returns. Things have changed in the post-Bernake era of easy money. For example, QYLD has returned 42% in the last 5 years vs. 159% for QQQ, and with higher taxes too.
Yeah, I have a significantly different thesis for Coinbase. Crypto isn't going anywhere, they are the custodian for Blackrock's ETF, along with all but 2 of the others. Pretty sure they will execute a regulatory monopoly. Also you may have missed their last earnings. Reducing operating cost and making institutional clients 50% of the revenue got them pretty solidly in the black. Plus they are sitting on a mountain of cash. The stock has at least 6 months to stretch it's legs as the bitcoin bull market runs a bit further. I mean, anything can happen, but I'm putting my money where my mouth is for at least that long.
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