[BTC-TC and BF] MININGCO.ETF - Closed

[gnomesick]

Does everyone else think creativex's motion text is the way to go?

+1

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[creativex]

I like it. Do I have your permission to copy your motion text nearly verbatim? 

You do indeed.

[Carnth]

Motion to split share 10 for 1 has started on BTCT.co.

Management recommends you vote for the motion to pass.

Please log on to btct.co and vote!

For Bitfunder shares only:
I don't think there is any precedent for this so please bare with me.
Currently there are 87 pass-through shares.
If you have Bitfunder shares, sign your vote (for or against) with your public Bitcoin address. PM your signed vote to me.

Votes must be received by 09-Aug-2013 00:00 UTC.

Default vote:
If I don't get more than a 50% vote "against" of all the Bitfunder shares, then all Bitfunder pass-through shares will vote "for" this motion to pass on btct.co

Summary:
If you want to vote "for," then do nothing.
If you want to vote "against," then I need a PM from you with your signed vote.



I know the Bitfunder part got a little confusing, but I hope the summary helped.
Remember: Vote!

[Carnth]

Motion to split share 10 for 1 has started on BTCT.co.
...
Remember: Vote!

Has everyone remembered to vote? Let's be the first asset to get 100% unanimous on a motion!
Log in and vote.

[Carnth]

Total dividends of 1.09939794 will be paid this week.

This is about 0.004451 per share with an instant annual dividend yield of 15.38%

This week, all of our underlying assets have continued to decrease. This is mainly due to so many IPO's of ASIC manufacturing companies in one week.

This has caused the NAV per share to decrease to BTC1.50


Future Outlook - My guess as to what's to come.

The number of IPOs on BitFunder and btct.co is mind boggling. Many people have sold off their interests in order to "jump into" new assets. This has caused our underlying assets to decrease.
Our underlying assets continue to look to the future and head off increased mining difficulty by looking for new hardware.

Remember to vote: 10 for 1 split


MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.

[Ashitank]

So what is the update with stock split ?

[Carnth]

So what is the update with stock split ?

The motion passed. I have contacted burnside and Ukyo about splitting the asset 10 for 1.

[Carnth]

Total dividends of 1.06029801 will be paid this week.

This is about 0.0042927 per share with an instant annual dividend yield of 17.62%

This week, all of our underlying assets have continued to decrease. This is still due to so many IPO's of every kind.

This has caused the NAV per share to decrease to BTC1.27


Future Outlook - My guess as to what's to come.

The IPO's continue on the exchanges. Although this brings down the NAV, our dividends still continue strong. Both bASIC-MINING and Nasty Fans have added additional mining power this week.

The motion to split the share has passed. I have contacted both Burnside and Ukyo to implement the split.


MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.

[burnside]

So what is the update with stock split ?

The motion passed. I have contacted burnside and Ukyo about splitting the asset 10 for 1.

Split complete on BTCT.CO.

Please be careful when placing new bids and asks.

Cheers.

[Carnth]

So what is the update with stock split ?

The motion passed. I have contacted burnside and Ukyo about splitting the asset 10 for 1.

Split complete on BTCT.CO.

Please be careful when placing new bids and asks.

Cheers.

This is great.  The spreadsheet has been updated to reflect the split shares. I have increased the decimal to 4 places in a number of different cells.


BitFunder shares have still not split.Trading will continue on Bitfunder shares, but I would advise everyone to clear your market orders until after the split completes.
I have sent Ukyo another message to split the shares but have not heard from him.

[Carnth]

MiningCo.ETF has successfully completed the 10 for 1 stock split on btct.co and on BitFunder.

Please make sure to clear any open orders and adjust your price accordingly.

[Carnth]

We had our shares split 10 for 1. All values have been adjusted.

Total dividends of 1.07261277 will be paid this week.

This is about 0.00043426  per share with an instant annual dividend yield of 19.00%

This week, all of our underlying assets have continued to decrease. This is still due to so many IPO's of every kind.

This has caused the NAV per share to decrease to BTC0.1189


Future Outlook - My guess as to what's to come.

This week, bASIC-MINING and Cognitive have increased their power with additional ASIC devices.
Nasty Fans has taken a huge step to up its mining power by placing a large order for BFL's new Monarch 28nm ASIC devices. We can only hope BFL actually behaves like a company that cares about its customers and ships them as promised.
Cognitive has also promised 28nm technology.
With the next generation of ASICs being released, this of course means that we are all playing the waiting game... again.
"28nm .... coming soon.™"


MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.

[Carnth]

Total dividends of 0.90961993 will be paid this week.

This is about 0.00036827  per share with an instant annual dividend yield of 18.23%

This week, all of our underlying assets have continued to decrease despite announcements of additional equipment orders..

This has caused the NAV per share to decrease to BTC0.105


Future Outlook - My guess as to what's to come.

With more and more companies releasing ASIC products, our underlying funds have some extremely tough choices to make, and sometimes only minutes to make them. Its an extremely tough job.
We can only hope that new and existing manufacturers treat their customers with respect and deliver what they promise.


MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.

[Surf Capital Management]

How do you have BTC17.75 in the "Bitcoin Reserve"? I was only able to account for ~BTC15.36 by adding the balance in your BTCT.co account and Blockchain account. Is there another account where you keep additional BTC?

Also, what are you plans with the reserve funds? Any new IPO's or share purchases on the horizon?

PS - your security distribution is out of compliance with the prospectus, bASIC-mining is overweight by greater than the allowed +/- 10%. I motion you add a sixth security to the portfolio....

[iCEBREAKER]

How do you have BTC17.75 in the "Bitcoin Reserve"? I was only able to account for ~BTC15.36 by adding the balance in your BTCT.co account and Blockchain account. Is there another account where you keep additional BTC?

Also, what are you plans with the reserve funds? Any new IPO's or share purchases on the horizon?

PS - your security distribution is out of compliance with the prospectus, bASIC-mining is overweight by greater than the allowed +/- 10%. I motion you add a sixth security to the portfolio....

Back during the bASIC/Cog spike I requested the prospectus be honored and the portfolio rebalanced.   We could have turned the excess overvalued portion into many more undervalued shares, but didn't.   

[Carnth]

How do you have BTC17.75 in the "Bitcoin Reserve"? I was only able to account for ~BTC15.36 by adding the balance in your BTCT.co account and Blockchain account. Is there another account where you keep additional BTC?

Also, what are you plans with the reserve funds? Any new IPO's or share purchases on the horizon?

PS - your security distribution is out of compliance with the prospectus, bASIC-mining is overweight by greater than the allowed +/- 10%. I motion you add a sixth security to the portfolio....

The remaining BTC after adding up the balances of btct.co and the 1Mining6 address is on BitFunder
I moved the funds there to cover dividends payouts so I can avoid individual Bitcoin transaction fees. This allows me to pay the same dividends on both exchanges.

Due to the recent decline in most mining assets, I have been slowly acquiring more shares in our underlying assets.

As far as new IPOs are concerned, this funds takes a more conservative approach when introducing new assets. Only assets with a proven track record of steady dividends and upholding their contracts will be considered. This excludes IPOs as they have no track record.
After these new IPO have been proven as a successful asset, their inclusion will be considered.
My focus has always been on steady dividends with less risk (although mining is still very risky).

[Surf Capital Management]

Carnth,

How many Miningco.ETF shares do you personally own?

Will you ever sell the  remaining 9.9mm shelf shares to increase the float? If so, how will you issue them? At NAV I suppose...

[Carnth]

Carnth,

How many Miningco.ETF shares do you personally own?

Will you ever sell the  remaining 9.9mm shelf shares to increase the float? If so, how will you issue them? At NAV I suppose...

I do own shares of MiningCo.ETF in my personal portfolio. But please understand that I won't disclose the number of shares anyone owns as a matter of privacy.

When needed, additional shares are released to the market at NAV. On occasion, the fund will do very limited share buy-backs at 90% NAV.

[iCEBREAKER]

security distribution is out of compliance with the prospectus, bASIC-mining is overweight by greater than the allowed +/- 10%. I motion you add a sixth security to the portfolio....

QFT, emphasis added:

Balancing
All assets in the fund, except the Bitcoin Reserve, will be weighted equally based on Bitcoin value. Assets in the fund will be kept in equal weight less the Bitcoin Reserve by periodically rebalancing the fund. This occurs through the manager utilizing the Bitcoin Reserve, when necessary, to trade underlying assets. This can not be maintained all the times with 100% accuracy.

Rebalancing will occur not less than once per month,

 and not more than once per week. Acceptable tolerance for balancing is a 10% margin of error of entire fund’s value for each asset. Balancing to a higher degree will incur unnecessary exchange fees and might depress low volume underlying assets. Exchange fees will be kept to a minimum by trying to perform direct transfers between asset issuers and the fund.

Let's not miss the next opportunity to profitably accomplish compliance with this provision.   

[Carnth]

Total dividends of 0.81179940 will be paid this week.

This is about 0.00032866 per share with an instant annual dividend yield of 19.11%

This week, all of our underlying assets have continued to decrease despite announcements of additional equipment orders and other large deals.

This has caused the NAV per share to decrease to BTC0.0895


Future Outlook - My guess as to what's to come.

All of our underlying assets either have orders placed or are negotiating large deals for Gen 2 ASIC devices.
Among all our assets, we have orders/negotiations in KnC Miner, BFL Monarchs, Bitfury, and CoinTerra.
As difficulty continues to skyrocket, our dividends will slowly wane until delivery of equipment is made.


MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.
Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.