What a wild week that was, what with the Reddit GameStop short squeeze and the subsequent Robin Hood stock buy restrictions. That foreboding sense of a party ending badly felt very real to me. But in the end, what felt like a bad week was actually not that bad. Almost half of the Bitcoin stocks that I own on the list of publicly-traded stocks with bitcoin treasuries went up and half went down.
Regarding that list, I noticed that there was a new entry - Marathon Patent Group (MARA) - which I believe is a bitcoin miner, had news detailing they had purchased $150 M worth of bitcoin (4813 BTC). Maybe it's time to buy some MARA and RIOT (the other miner on NASDAQ), so that I'll have the top 10 publicly-traded bitcoin stocks in my portfolio.
Next week we will see MSTR holding an event to reveal their playbook - they are calling it a Bitcoin for Corporation summit
Can we expect more FUD to drive down the BTC price so these corporations can get in? Wonder what's in that playbook? Maybe one should buy more MSTR since they will be a major beneficiary.
In the meantime, here are my returns for the last eleven weeks based on the percentage gain/loss on the valuation tab on my discount brokerage summary page.
Enterprise
MicroStrategy (MSTR): +256.9% (Jan 29/21) +233.7% (Jan 22/21) +234.3% (Jan 15/21) +207.4% (Jan 8/21) +124.7% (Dec 31/20) +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)
MSTR stock price still moving up. their BTC holdings are up 110% vs the stock up 257%. Over the last month, MSTR stock has risen faster than its BTC holdings but one factor is that MSTR is continuing to purchase more bitcoin, having bought the dip at higher prices last week. They will be a major beneficiary of their event. Institutions are using MSTR as a BTC proxy.
Square (SQ): -2.0% (Jan 29/21) +1.2% (Jan 22/21) +3.4% (Jan 15/21) +9.6% (Jan 8/21)-1.2% (Dec 31/20) +3.6% (Dec 24/20) +6.9% (Dec 18/20) -1.7% (Dec 11/20)
Square's BTC stash has more than tripled in value from $50M to $158M but their stock price is now down 2%. I see them making another $50M buy.
Mogo (MOGO.wt): +20.8% (Jan 29/21) +40.4% (Jan 22/21) +66.4% (Jan 15/21) +58.5% (Jan 8/21) -1.5% (Dec 31/20)
I bought these warrants a few weeks ago; it's another warrant play, which I have done well with (see HUT.wt below). Mogo is a Canadian fintech company with a crypto division. I see it eventually getting on the list at bitcointreasuries.org. Yet to show up.
Bitcoin Miners
Bitfarms (BITF): +573.0% (Jan 29/21) +537% (Jan 22/21) +786.0% (Jan 15/21) +717.9% (Jan 8/21) +415.6% (Dec 31/20) +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): +1145.1% (Jan 29/21) +1258% (Jan 22/21) +1660.5% (Jan 15/21) +2243.6% (Jan 8/21) +524.5% (Dec 31/20) +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):+190.7% (Jan 29/21) +208.7% (Jan 22/21) +241.1% (Jan 15/21) +302.4% (Jan 8/21) +187.1% (Dec 31/20) +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)
Fortress Blockchain (FORT): -10.9% (Jan 29/21) -1.9% (Jan 22/21)
The miner group continue to be somewhat lackadaisical - all fell except for BITF -the one miner that is not on the list due to them selling off their mined supply quickly instead of holding on. At some point, I will need to buy some MARA and RIOT.
Crypto Trading Platforms
Voyager Digital (VYGR): +922.1% (Jan 29/21) +766.8% (Jan 22/21) +874.6% (Jan 15/21) +648.6% (Jan 8/21) +534.4% (Dec 31/20) +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)
VYGR continued its torrid pace upwards with a stellar 922% gain since the November 20, 2020 week.
Last week, there was a lot of hype on Voyager, especially their token VGX. I heard some good news as Voyager has applied for a license in Canada so Canadians like myself will be allowed to trade on the Voyager app - likely in the first quarter.
I still maintain that if BTC goes down in price, VYGR should be sheltered somewhat as they make money on the spread.
BIGG Digital Assets (BIGG): +22.8% (Jan 29/21) +17.5% (Jan 22/21) +32.0% (Jan 15/21) +53.1% (Jan 8/21) +32.0% (Dec 31/20) +24.1% (Dec 24/20) +21.4% (Dec 18/20) -12.9% (Dec 11/20)
One of BIGG's subsidiaries is netcoins.ca, a Canadian crypto exchange where I might start trading on. I have yet to buy more.
Bitcoin Funds
3iQ The Bitcoin Fund (QBTC): +59.6% (Jan 29/21) +57.4% (Jan 22/21) +80.2% (Jan 15/21) +109.9% (Jan 8/21) +54.5% (Dec 31/20) +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): +13.8% (Jan 29/21) +18.8% (Jan 22/21) +29.9% (Jan 15/21) +37.6% (Jan 8/21) +34.5% (Dec 31/20) +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)
The 3iQ Bitcoin Fund was up and GLXY fell back a little. Nothing to worry about but I need to explore the reasons why-need to look closer. Galaxy will be presenting at the MicroStrategy event.
Actual Bitcoin
BTC purchased off Coinbase: +119.2% (Jan 29/21) +121.7% (Jan 22/21) +159.1% (Jan 15/21) +177.5% (Jan 8/21) +114.1% (Dec 31/20) +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:
With the GME situation, I'm feeling it's close to a top in the stock market. Even if bitcoin stocks are doing well, the baby could be thrown out with the bath water. when margin calls a coming.
