Bitcoin Treasuries

[fillippone]

Another bitcoin treasury added to the list:
US PUBLIC PENSION FUND INVESTS IN BITCOIN FOR THE FIRST TIME

The pension fund for Houston's firefighters, the Houston Firefighters' Relief and Retirement Fund (HFRRF), announced today that it had purchased bitcoin for the defined benefit plan's portfolio, making it the first announced investment in BTC by a public pension fund in the U.S.

Adding even a low percentage of bitcoin in an investment portfolio is a rational move: low correlation assets can  lead to reduction in volatility given the expected return, or raise the returns leaving volatility (i.e. risks) unchanged.

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[JayJuanGee]

Another bitcoin treasury added to the list:
US PUBLIC PENSION FUND INVESTS IN BITCOIN FOR THE FIRST TIME

The pension fund for Houston's firefighters, the Houston Firefighters' Relief and Retirement Fund (HFRRF), announced today that it had purchased bitcoin for the defined benefit plan's portfolio, making it the first announced investment in BTC by a public pension fund in the U.S.

Adding even a low percentage of bitcoin in an investment portfolio is a rational move: low correlation assets can  lead to reduction in volatility given the expected return, or raise the returns leaving volatility (i.e. risks) unchanged.

Your posting in this thread did remind me of the news that I had heard yesterday or so in regards to Chainanalysis adding bitcoin to its balance sheet, so not sure if that would be within the category of information to either add into your spreadsheet or to monitor if there is a need for further confirmations or more specifics.. The updates to this thread/these kinds of spreadsheets might start to become overwhelming in terms of the number of companies and entities likely to be adding bitcoin to their balance sheets...

Chainalysis adds bitcoin to its balance sheet

Do you consider your data to be more up to date than:
 
https://www.buybitcoinworldwide.com/treasuries/

The interface of that website seems to be getting better with the passage of time, but I am not really following any of the specifics.. I was just triggered to come across some of this data (or to remember it) by your posting in this thread from earlier today.

[fillippone]

Do you consider your data to be more up to date than:
 
https://www.buybitcoinworldwide.com/treasuries/

The interface of that website seems to be getting better with the passage of time, but I am not really following any of the specifics.. I was just triggered to come across some of this data (or to remember it) by your posting in this thread from earlier today.

I reckon that website is getting better and better.
I actually started this thread because that website was so awful it put on the same page money vehicle like GBTC ( essentially treasuring clients money, together with Microstrategy, holding their own stash.

I think that website is more closely watched, even if it strangely lacks links to real time stock exchanges (something my spreadsheet does).

[rugrats]

I think it's a good idea for companies to buy bitcoin to invest excess cash. But the opposite sounds a bit risky from my point of view. If a company issues treasury as a form of funding, it means that they will receive bitcoins today and have to repay them at a future date. what will happen at the end of this year No. How much BTC do they hold , I feel curious and wait for this until the end of the year of BTC treasury.

[fillippone]

I think it's a good idea for companies to buy bitcoin to invest excess cash. But the opposite sounds a bit risky from my point of view. If a company issues treasury as a form of funding, it means that they will receive bitcoins today and have to repay them at a future date. what will happen at the end of this year No. How much BTC do they hold , I feel curious and wait for this until the end of the year of BTC treasury.

Taking a loan in bitcoin is a very risky idea. Every treasury issued debt in fiat and bought BTC with the proceeds. They will eventually payoff their FIT debt with bitcoins, securing huge profits.
Or, at least, this is the idea.

[Lucius]

Do you consider your data to be more up to date than:
https://www.buybitcoinworldwide.com/treasuries/

If we look at the part where they list the countries that own BTC, they still claim that Bulgaria owns Bitcoin, and it was officially announced that they sold it in early 2018 - link. Also, in my opinion, it is completely incorrect to list Ukraine and Georgia in that category, because those countries have never officially invested in BTC, it is a personal investment of their politicians. I think the data from @fillippone is much better and more reliable.


I also have one question for @fillippone, and it’s about EM publicly saying that SpaceX also invested in Bitcoin, but I haven’t found data so far on how much that company has invested in Bitcoin?

[fillippone]

I also have one question for @fillippone, and it’s about EM publicly saying that SpaceX also invested in Bitcoin, but I haven’t found data so far on how much that company has invested in Bitcoin?

As SpaceX is not a listed company, they have little transparency obligations.
I remember both Tesla and SpaceX CFO's taking part in Microstrategy's conference that actually led Tesla's CFO to buy bitcoin. So I have little doubt also SpaceX moved on the same direction. But as I couldn't find any official documents about this, I think it's fair not to include that firm in the list.

Of course, I will be ready to take action in case the will disclose something about it.

[fillippone]

Marathon Digital Holding announced their most recent results:

MARATHON DIGITAL HOLDINGS ANNOUNCES BITCOIN PRODUCTION AND MINING OPERATION UPDATES FOR DECEMBER 2021

For the relevant part in this topic:

Corporate Highlights as of January 1, 2022

• Produced approximately 3,197 self-mined bitcoin in fiscal year 2021, an 846% increase year-over-year
• Produced 1,098 self-mined bitcoin during Q4 2021, including a record 484.5 self-mined bitcoin during December 2021
• Increased total bitcoin holdings to approximately 8,133 BTC with a fair market value of approximately $375.8 million

Regarding their holding habits:

The Company last sold bitcoin on October 21, 2020, and since then, has been accumulating or “hodling” all bitcoin generated. As a result, Marathon currently holds approximately 8,133 BTC, including the 4,813 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On January 1, 2022, the fair market value of one bitcoin was approximately $46,208, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $375.8 million.

I don't know it Mara would be a true BTC holder, as roughly of their liquidity pool is only 50% BTC:

Cash on hand was approximately $268.5 million and total liquidity, defined as cash and bitcoin holdings, was approximately $644.3 million

I guess a true Bitcoin Treasury would convert all of his stash to BTC, as MSRT did.

[Blue0x.com]

Riot got its start from buying Bitcoin that was seized from the US Government.  Interesting to say the least.

[fillippone]

Following the seizure of bitcoins coming from the Bitfinex hack, now the DOJ holds a cumulative sum of around 94K bitcoins.

How Much Bitcoin Does the U.S. Government Currently Own?

The heist consisted of 119,754 Bitcoin, which was valued at $5 billion and was reportedly stolen from the Bitfinex platform. According to Forbes, Deputy Attorney General Lisa Monaco said that this seizure was the largest ever. When the investigation started, the Department of Justice combed through the couple’s accounts and gained access to one of their digital wallets. The wallet contained 94,000 Bitcoin, which totaled about $3.6 billion.

This puts the U.S. government right behind Microstrategy.



I bet DOJ conference are less enjoyable than Micheal Saylor’s.

How long those coins will stay in the DOJ wallet before leaving for Bitfinex, a dodgy offshore exchange, has yet to be seen. I guess that, sadly for my “ friend” Ardoino, the issue will take long to be sorted out.

[JayJuanGee]

Following the seizure of bitcoins coming from the Bitfinex hack, now the DOJ holds a cumulative sum of around 94K bitcoins.

.......

How long those coins will stay in the DOJ wallet before leaving for Bitfinex, a dodgy offshore exchange, has yet to be seen. I guess that, sadly for my “ friend” Ardoino, the issue will take long to be sorted out.

You may be correct that the ultimate destination for the 94K BTC would be to be returned to Bitfinex, and surely, I would hardly characterize them as "dodgy" - even if their history is interesting - including various versions of how they lost those coins in the first place - and their various subsequent actions to stay solvent in spite of such a then situation.

Regarding the time to resolve matter.  I would imagine that DOJ/US Treasurer has a process - and surely, it would seem if they have the clear owners of property (even if the property had been involved), then they would be required to return the property to the rightful owners.. so I suppose part of the "time to resolve matter" issues, would be that they may well have a process that allows claims to be made in regard to the coins, and if such claims are clearly resolved regarding the owners (which may well be Bitfinex in this case), then the clear owners should be able to receive their property back in a relatively timely manner.

Maybe another aspect of any accusation of a crime might be that the two defendants might proclaim that they were the rightful owners of the coins, so there may well have to be some due process involved in sorting through those claims, too.

I'm wondering who is Ardoino?  Did Ardoino hold LEO tokens that would have been the Bitfinex way of formulating the claims to the BTC if the BTC were recovered?  In that regard, if the criminal prosecution does not end up with any claims against the coins, and then if the Govt has to allow for civil claims against the coins, then yeah, it could take several months to several years to resolve.. and I would suspect if the claims are fairly clearly able to be resolved in terms of the coins going back to Bitfinex, then those claims should be resolvable within 6 months, no?  I know it is likely not going to resolve that quickly.. so maybe we should have bets and achieving the resolution of the coins to go to Bitfinex within 18 months might be a reasonable wager timeline?

[fillippone]

Regarding Microstrategy and Tesla, I setup a sheets, detailing th e biggest BTC holder, albeit on an indirect manner:





Curiously, there're public hodlers too, some of them we know already: 



I guess the BTC holding is an unconsidered consequence of the equity possession, rather than a deliberate, pondered crypto investment.

[fillippone]

An update from Ecoinometrics about Bitcoin Treasuries:




https://mobile.twitter.com/ecoinometrics/status/1511639229624840199

The only difference between this infographic and my spreadsheet is block.one. I will investigate.

[Xal0lex]

I was pleasantly surprised by the LUNA Foundation's bitcoin purchases . If the hype for bitcoin-backed algorithmic stablecoins starts, Bitcoin Treasuries Holdings could grow in earnest. NEAR is also rumored to want to release something similar. Stablecoin's capitalization has grown to 160 billion in the last 2 years. This is a very progressive market direction.

Also Bitcoin Treasuries Holdings can add to ETF fund stocks if the mass approval of spot ETFs begins.

[fillippone]

Luna Foundation Bough another chunk of Bitcoins:

Terra's Luna Foundation Scoops up 4,130 Bitcoin Worth $176 Million

Of course, everything was noted from the blockchain explorers:

After depositing 4,130 bitcoin, the LFG bitcoin wallet now holds 39,897.98 bitcoin worth $1.7 billion, using today’s BTC exchange rates. The wallet has seen a total of 66 transactions or deposits and the wallet has not sent out any bitcoin since it was created. The first balance change occurred two months ago, according to Blockchair’s blockchain explorer statistics.

In the following image you see the amount of the wallet growing with the time:



You can see the latest purchases, topping the wallet to 39,000 BTC.

[zasad@]

Wallet Michael Sailor
https://www.blockchain.com/btc/address/1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR
MicroStrategy Wallet
https://www.blockchain.com/btc/address/1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ
On 2022-07-21, almost all coins were sent from these wallets. What is it for?

[fillippone]

Wallet Michael Sailor
https://www.blockchain.com/btc/address/1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR
MicroStrategy Wallet
https://www.blockchain.com/btc/address/1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ
On 2022-07-21, almost all coins were sent from these wallets. What is it for?

I am very sceptical about those wallets' origin.
How can you be sure those are the right wallet? Do you have any source for this?

[fillippone]

These are addresses from that FUD news item that twitter started circulating (starting with this tweet).

To me, this smells like bullshit.
Microstrategy is a listed company, and buying or selling bitcoin with their funds is a piece of price-sensitive information that must be made publicly available in a timely manner.
Every time they buy and sell Bitcoins, they must address the SEC and release news.
So I hardly doubt that wallet is really Microstrategy's one.

[stompix]

It has been suggested that the address may belong to Gemini or Bittrex:

Blockchain parsers show that "1FzWLk" interacts quite often with "1P5ZED" transactions. "1FzWLk" is also marked with a note on oxt.me as an address associated with the exchange. “[1FzWLk] is signed by Whale Alerts as Okex.

However, primary and cluster spending suggests closer ties to Coinbase and Gemini

oxt.me is just as bad, one user one opinion, 100 users 200 opinions.

Anyhow
1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR can't be  Saylor's wallet as it was active during the period Saylor still believed BTC was crap, second, there is no way in hell any personal wallet would get in and out 5-25 000 coins from Coinbase like it did these days, it's just one of Coinbase wallets.

1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ started receiving funds in February 2019, against it couldn't be Microstragery who purchased (according to their statements) bitcoins first in August 2020

Second, I would be amazed if both Microstrategy and Saylor would be keeping all their coins in a single address and even if it were a single custodian.

I was pleasantly surprised by the LUNA Foundation's bitcoin purchases . If the hype for bitcoin-backed algorithmic stablecoins starts, Bitcoin Treasuries Holdings could grow in earnest. NEAR is also rumored to want to release something similar. Stablecoin's capitalization has grown to 160 billion in the last 2 years. This is a very progressive market direction.

This didn't age well at all, unfortunately...

[fillippone]

Second, I would be amazed if both Microstrategy and Saylor would be keeping all their coins in a single address and even if it were a single custodian.

I wouldn't be so surprised about this.
Microstrategy is doing self-custody.
Less address means fewer private keys to manage and more simplicity.