Stock price when the opinion was issued
Sometimes they use a lot of leverage. Or write a lot of puts. Or sell a lot of calls. A lot of things have to go right over time. And they benefit from underlying capital appreciation as well.
Philosophically, he disagrees with this type of structure. An options strategy is one you want at your side as you invest in equities.
An ETF with an options wrapper that generates extra yield, granting exposure to Coinbase. But this is highly volatile. How long go you want to hold it?