My Bitcoin Stock portfolio made some good gains over this short week, buoyed by massive gains on Monday and Tuesday only to give back almost half of it by the end of the week. Fortunately, the drop was more than offset by my main portfolio going on a huge run. In fact, it was my best ever week in the market.
There were some changes made to the publicly-traded stocks with bitcoin treasuries list - mainly, MicroStrategy's $650M additional BTC purchase was added. They now have over $1 billion worth of BTC on their balance sheet, having averaged up. With their debt raise, in essence, they borrowed off a debasing currency to buy into something that is appreciating in value-BTC.
Later in the week, after hearing that the Canadian fintech Mogo had added some bitcoin to their treasury, I immediately looked to buy some MOGO as I have bought and sold the stock before and I also hold a small amount of BTC with them. While doing a quick due diligence on them, I noticed they have warrants out so that is what I bought - that much more leverage. I am expecting MOGO to be added to the bitcoin treasury list but their BTC add was miniscule compared to the others so they might not appear. What does $1.7M buy these days? Given that the news headline called them Mojo indicate to me they may not be making an impression. But there's always the hope.
So without further ado, here are my returns for the last six weeks based on the percentage gain/loss on the valuation tab on my discount brokerage summary page.
Enterprise
MicroStrategy (MSTR): +86.5% (Dec 24/20) +74.2% (Dec 18/20) +65.3 (Dec 11/20)+89.7% (Dec 4/20) +56.9% (Nov 27/20) +28.4% (Nov 20/20)
(Note- MSTR's BTC holdings is up 14.7% (101.8% last week) while the stock has been moving up steadily 86.5% (74.2%) - a situation affected by their averaging up of their bitcoin holdings, now over $1B.)
Square (SQ): +3.6% (Dec 24/20) +6.9% (Dec 18/20) -1.7% (Dec 11/20)
Square's BTC stash has now doubled in value from $50M to $110M.
Bitcoin Miners
Bitfarms (BITF): +334.8% (Dec 24/20)+175.4% (Dec 18/20) +32.5% (Dec 11/20) +49.1% (Dec 4/20) +49.1% (Nov 27/20) +42.9% (Nov 20/20)
Hut 8 Mining (HUT.wt): +411.6% (Dec 24/20) +249.8% (Dec 18/20) +39.2% (Dec 11/20) +50.5% (Dec 4/20) -4.1% (Nov 27/20) -6.0% (Nov 20/20)
Hive Blockchain (HIVE): +154.7% (Dec 24/20) +201.5% (Dec 18/20) +55.0% (Dec 11/20) +49.0% (Dec 4/20) +16.0% (Nov 27/20)
Cypherpunk Holdings (HODL): +10.1% (Dec 24/20) +0.4% (Dec 18/20) -2.8% (Dec 11/20)
(Note - Amazing run for the miner group. I sold some more BITF to buy more GLXY. Maybe I should not have as BITF reacts quite aggressively to the BTC price. They are the one miner that does not hold BTC; I gather they have someone to offload their mined bitcoin to as soon as they are mined. The Hut 8 position topped out higher due to the leverage of the warrants. HIVE, which I perceived to be more promotional than their peers, sold off more aggressively than the others during the last two days.)
Crypto Trading Platform
Voyager Digital (VYGR): +441.9% (Dec 24/20) +366.1% (Dec 18/20) +181.2% (Dec 11/20) +129.9% (Dec 4/20) +99.0% (Nov 27/20) +40.0% (Nov 20/20)
Best gains over the last 6 weeks.
BIGG Digital Assets (BIGG): +24.1% (Dec 24/20) +21.4% (Dec 18/20) -12.9% (Dec 11/20)
Might buy more here.
Bitcoin Funds
3iQ The Bitcoin Fund (QBTC): +24.7% (Dec 24/20) +21.7% (Dec 18/20) -16.8% (Dec 11/20) -10.1% (Dec 4/20) -15.0% (Nov 27/20) -5.1% (Nov 20/20)
Galaxy Digital (GLXY): +15.3% (Dec 24/20) +20.0% (Dec 18/20) -10.5% (Dec 11/20) -9.9% (Dec 4/20) -10.8% (Nov 27/20) -6.6% (Nov 20/20)
(Note - Returns now positive. I averaged up to buy more GLXY while ignoring my advice from last week to not fomo in.)
Actual Bitcoin
BTC purchased off Coinbase: +79.7% (Dec 24/20) +76.0% (Dec 18/20) +44.8% (Dec 11/20) +52.7% (Dec 4/20) +49.3% (Nov 27/20)+59.7% (Nov 20/20) (using bitcoindollarcostaverage.com)
Conclusion:
Another amazing week. Every stock in this portfolio is positive.
So far, I've made 441.9% on VYGR, which is making more sense each week since they have an brokerage platform, so whether crypto goes up or down, higher volumes mean more trading dollars made on the platform. Do I sell? Not now. Their market cap is only $480M CAD vs Robinhood ($11B USD) and eTrade ($12.3B USD). Note VYGR CEO Steven Erhlich was a former top executive at eTrade.
I have started to add to positions. therefore, returns in the future will drop somewhat.
Merry Christmas.
