Bitcoin Treasuries

[fillippone]

A new Bitcoin fund has been just launched.

SkyBridge launches SkyBridge Bitcoin Fund LP

This fund has a strong marketing stance at cannibalizing GBTC clients.
Let's see how it evolves, as I think the ultimate beneficiaries of this battle will be Bitcoin investors.

[1714167151]

1714167151

[fillippone]

Another public company follows Microstrategy example:


Crypto Miner Marathon Patent Group Buys $150M in Bitcoin

Cryptocurrency mining company Marathon Patent Group (MARA) bought $150 million in bitcoin for around $31,100 apiece during the crypto asset’s recent price rout.

The Nasdaq-listed firm said Monday it purchased the cryptocurrency through institutional bitcoin (BTC, -9.45%) shop NYDIG. Marathon is the latest publicly-traded company to swap a cash treasury for bitcoin, and, with 4,812.66 BTC now on the books, one of the largest by sheer investment size.

Marathon CEO Merrick Okamoto said in a statement the bitcoin buy “accelerates” his mining company’s transformation into a “pure-play bitcoin investment option” for crypto-hungry Wall Street traders.

Of course, the reason, because they did something like that, is in the accompanying press release:

“By purchasing $150 million worth of Bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class. We also believe that holding part of our Treasury reserves in Bitcoin will be a better long-term strategy than holding US Dollars, similar to other forward-thinking companies like MicroStrategy,” said Merrick Okamoto, Marathon’s chairman & CEO. “

Op Updated

[Twentyonepaylots]

Some people think that fortune 500 companies investing on your assets give a sense of power and trust over the cryptocurrency you are trying to sell. That is simply not the case, it either falls to this scenario, or to a scenario where the buyer would refuse to purchase because of his fear of the value being manipulated by these big companies for their own benefit, which they can most definitely do. So it's still good that you're doing this and allowing more people to check it, as it allows new investors to decide whether to jump in or not.

[cocoladygaga]

it's really helpful, to be honest, there are still many siginaficiant contents in reddit community, I really love reddit

[lixer]

Some people think that fortune 500 companies investing on your assets give a sense of power and trust over the cryptocurrency you are trying to sell. That is simply not the case, it either falls to this scenario, or to a scenario where the buyer would refuse to purchase because of his fear of the value being manipulated by these big companies for their own benefit, which they can most definitely do. So it's still good that you're doing this and allowing more people to check it, as it allows new investors to decide whether to jump in or not.

Well we can have both of them at the same time and that is what you are seeing right now. We do get some sense of power when big companies go into crypto because I have been here long enough to be labeled "drug money" as well, crypto was seen as something illegal people used and not regular people like me used according to "experts", and even today Janet Yallen type of people say that crypto is something used in illegal stuff. Nowadays those fortune 500 companies who invest into crypto, which gives me comfort about the idea that we are now a mainstream asset and that is a good thing.

Of course I am scared that it could be manipulated like crazy and that could be the reason why I may lose money one day, but that doesn't change the fact that mainstream finance world cares about crypto a lot more now. So I am both relieved about it but also scared about it at the same time.

[fillippone]

A few days ago I read this article and I forgot to add to the thread.

Cathrine Wook, CEO and founder of ARK investment, stated that Microstrategy and Square are only the first, leading the way to many other firms in the future:

Cathie Wood: More Tech Companies Will Adopt Bitcoin Treasury Reserves

“I think we’re going to hear about more companies putting this hedge on their balance sheet,” she said, “particularly tech companies who understand the technology and are comfortable with it.”

This is not something very new in her mind. I recall her in an almost year-old speech, where she already had quite clear in her mind the possibility to have Bitcoin Treasuries:

State of Digital Assets: Keynote by Cathie Wood

[fillippone]

Guggenheim is raising the bar!

Guggenheim CIO Says Bitcoin Could Eventually Climb to $600,000

Of course if you read the article, and not only the headline, what he said is a little bit different:

n an interview with CNN’s Julia Chatterley on Tuesday, Minerd said, based on Guggenheim’s fundamental research, he believes bitcoin (BTC, +1.88%) could eventually climb as high as $600,000 per bitcoin.

Minerd said the firm has been looking at bitcoin for almost 10 years and previously the size of the market “just wasn’t big enough to justify institutional money.”

However, as the total market cap of bitcoin got bigger – around the time bitcoin’s price passed $10,000 – it started to look “very interesting.”

“If you consider the supply of bitcoin relative … to the supply of gold in the world, and what the total value of gold is, if bitcoin were to go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per bitcoin,” he said.

So, it's actually a range rather than a prediction. Nevertheless, a sensible guess based on the physical-gold/digital-gold relationship.

[Lucius]

As I commented in one of your threads, it all comes down to comparing Bitcoin to gold in all possible and impossible ways - so while both assets have something in common, they're mostly very different things. I guess all these comparisons to gold come from the fact that there’s really nothing else they could use for speculation like this, because Bitcoin is something unique in the market.

In fact, I do not see this analysis as something unique, because a similar one could be read from JPM a few days ago - the difference is of course that JPM takes the whole BTC/gold hypothesis with slightly more moderate numbers.

It is also interesting that Guggenheim publicly acknowledges that “the firm has been looking at bitcoin for almost 10 years”, only now publicly commenting on it. Interesting how everyone suddenly becomes interested in something when the opportunity for profit appears on the horizon

[fillippone]

<...>

It is also interesting that Guggenheim publicly acknowledges that “the firm has been looking at bitcoin for almost 10 years”, only now publicly commenting on it. Interesting how everyone suddenly becomes interested in something when the opportunity for profit appears on the horizon

Regarding this, I always wonder which is the logical twist, brain malfunction or maybe weird genetical activation, that make you think something is not worth buying at 3,000 USD, while it is at 30,000 USD .
There must be a special place in hell for this kind of people.
/j

I am glad they are now able to solve all the hurdles a financial institution has putting bitcoins in their wallet: technical/legal/accounting problems that might be trivial for a single individual, might be cumbersome for an institutional investor.

[fillippone]

A small update for a very big news.

Tesla Bought 1.5 B in Bitcoins

Tesla Invested Total of $1.50b in Bitcoin Under New Policy

By Sarah Jacob

(Bloomberg) --

Tesla says it invested an aggregate $1.50 billion in bitcoin, as part of an updated January investment policy, and may acquire and hold digital assets from time to time or long-term, according to a filing.

Expects to begin accepting bitcoin as a form of payment for its products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt
May invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future under updated policy

In the linked thread, all the discussion about this event.

[JayJuanGee]

A small update for a very big news.

Tesla Bought 1.5 B in Bitcoins

Tesla Invested Total of $1.50b in Bitcoin Under New Policy

By Sarah Jacob

(Bloomberg) --

Tesla says it invested an aggregate $1.50 billion in bitcoin, as part of an updated January investment policy, and may acquire and hold digital assets from time to time or long-term, according to a filing.

Expects to begin accepting bitcoin as a form of payment for its products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt
May invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future under updated policy

In the linked thread, all the discussion about this event.

"Small"?

 

[fillippone]

"Small"?

 

Small indeed, at least small compared to the impact this news had on the market.
I am trying to update this thread, but news from treasuries, funds and ETP adopting bitcoin is overwhelming compared to my scarce resources (time, first of all).

[fillippone]

A few days ago Hut8 updated their official figures on their BTC holding:

TORONTO, Feb. 17, 2021 /CNW/ - Hut 8 Mining Corp. (TSX: HUT) announced that its bitcoin balance of 3,012 as of the end of day Tuesday, February 16 is valued at $186M Canadian.

Hut 8, one of North America's oldest and highest installed capacity Canada-based Bitcoin miner is pleased to announce the following results:

• Hut 8 holds 3,012 bitcoin on its current balance sheet as of 5pm ET on Tuesday February 16, 2021, including 1,000 bitcoin in a Genesis savings account generating a 4% yield in fiat.
• Hut 8 holds more self-mined bitcoin that any other publicly traded bitcoin miner in the world
• Hut 8 currently has 1,073 petahash per second (PH/s) & 109 megawatts of power in production, making Hut 8 one of the highest installed capacity miners in the western hemisphere
• Based on current network difficulty and Hut 8's current output, the bitcoin production is calculated at approximately 6.8 bitcoin per day

The spreadsheet has been updated accordingly.

[Wipeout2097]

I think professional bookkeeper can analyse more how bookkeeping works on crypto monetary standards for organizations, but I think it's distinctive to fair buying treasuries. There's more chance included on cryptos, but in this manner you get a parcel of upside potential in bitcoins compared to exceptionally moo returns on treasuries. I think for companies to purchase bitcoins to invest excess cash could be a great thought. But the inverse sounds a bit hazardous in my conclusion. In case a company would issue treasuries as a frame of financing it would cruel they get the bitcoins nowadays and ought to reimburse them at a future date. With bitcoin cost so solid of late there are numerous markers for the cost to go up on the another few a long time.

[fillippone]

Buy the Dip!

Square Buys Another $170M in Bitcoin

Payments giant Square said Tuesday it had purchased an additional $170 million of bitcoin, adding to the stash it purchased in October.

Someone should have looked at the recent price before that went to press.

According to the payment processor’s press release, the company added 3,318 BTC to its treasury for $170 million

The spreadsheet has been updated accordingly.

[JayJuanGee]

Buy the Dip!

Square Buys Another $170M in Bitcoin

Payments giant Square said Tuesday it had purchased an additional $170 million of bitcoin, adding to the stash it purchased in October.

Someone should have looked at the recent price before that went to press.

According to the payment processor’s press release, the company added 3,318 BTC to its treasury for $170 million

The spreadsheet has been updated accordingly.

Still not a bad price, if they just bought recently.. which would be about $51,236 per BTC, yet I see from the average price on your spreadsheet, fillippone, that Square has an overall average price per BTC of $46,719, which is the worst of the group of public companies listed on that spreadsheet.. even though they still might appear to be geniuses (relatively speaking) 5 years from now.. perhaps?

[fillippone]

<...>Square has an overall average price per BTC of $46,719, which is the worst of the group of public companies listed on that spreadsheet.. even though they still might appear to be geniuses (relatively speaking) 5 years from now.. perhaps?

Peanuts.
S2F is still in place. 100k is still possible in six months. Then we will see what happens: stagnation as PlanB models, or hyperbitcpinisation as Micheal Saylor argues?
In any case Square is on the small number of corporates treasuries who already made a step towards bitcoin. This is the huge difference with the rest of the SPX, not the tiny difference in price entry level.

[fillippone]

Game Publisher Nexon Buys $100M Worth of Bitcoin.

South Korean-Japanese game publisher Nexon has become the latest publicly traded company to add Bitcoin to its balance sheet.

As the firm announced on Wednesday, it has bought $100 million worth of bitcoin, which represents less than 2% of its total cash and cash equivalents. This makes Nexon the first Japan-listed company to hold bitcoin.

Original announcement here.

[JayJuanGee]

Game Publisher Nexon Buys $100M Worth of Bitcoin.

South Korean-Japanese game publisher Nexon has become the latest publicly traded company to add Bitcoin to its balance sheet.

As the firm announced on Wednesday, it has bought $100 million worth of bitcoin, which represents less than 2% of its total cash and cash equivalents. This makes Nexon the first Japan-listed company to hold bitcoin.

Original announcement here.

Nice fillippone, including your updating the Google spreadsheet that is linked in OP.

[fillippone]

Game Publisher Nexon Buys $100M Worth of Bitcoin.

South Korean-Japanese game publisher Nexon has become the latest publicly traded company to add Bitcoin to its balance sheet.

As the firm announced on Wednesday, it has bought $100 million worth of bitcoin, which represents less than 2% of its total cash and cash equivalents. This makes Nexon the first Japan-listed company to hold bitcoin.

Original announcement here.

Nice fillippone, including your updating the Google spreadsheet that is linked in OP.

Yes.
Regarding the spreadsheet, I see that it has a few broken links, that I am trying to recover (I am not an expert scraper, so I am waiting for someone to help me..for free).

Also, I am noticing that few amounts are now diverging between my spreadsheet and the https://bitcointreasuries.org, and I am trying to figure out why...