(DISCLAIMER - This is not financial advice; this post is for entertainment purposes only.)
It was a relatively good week for my Bitcoin stocks portfolio, not a moonshot week but there's a feeling it is imminent. Along the way, we are waiting for the Coinbase April 14 Direct Listing. So one week before their direct listing, Coinbase teased us with a massive blowout Q1 financial - a reported $1.8 B in revenue, up from $1.3 B in 2020.
And this happened on a week, when the cryptocurrency market cap hit $2 T.
Looking at the updated table of publicly-traded stocks with bitcoin treasuries - it now shows 53 treasuries owning 6.76% of total BTC. New additions this week were members of the Ukrainian governments with a massive 46,351 BTC. I expected more European and Asian treasuries to be added to the table and even sovereign funds but government officials?
In the meantime, here are my returns for the last twenty-one weeks based on the percentage gain/loss on the valuation tab on my discount brokerage summary page.
Enterprise
MicroStrategy (MSTR):+311.1% (Apr 9/21) +306.8% (Apr 1/21) +260.8% (Mar 26/21) +349.2% (Mar 19/21) +353.3% (Mar 12/21) +258.6% (Mar 5/21) +333.9% (Feb 26/21) +457.3% (Feb 19/21) +498.1% (Feb 12/21) +366.1% (Feb 5/21) +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 was up from last week. Back to buying again, MSTR bought another $15m BTC on Monday, their stockpile increasing to 91,579 BTC (worth over $5.5B). Note that MSTR is apparently 20% of JP Morgan's crypto exposure basket.
Interesting that MSTR market cap is only $6.8B, way down from their $11B high during the internet era (which was mentioned in this Charlie Rose interview in 2000.)
Here's a nice summation video of Michael Saylor and his effect on the bitcoin scene since August 2020.
Tesla (TSLA):-7.8% (Apr 9/21) -9.8% (Apr 1/21) -15.4% (Mar 26/21) -11.0% (Mar 19/21) -12.9% (Mar 12/21) -23.8% (Mar 5/21) -13.5% (Feb 26/21)
Still negative returns since my Feb 26 purchase. The market does not seem to like the bitcoin purchase weeks after original purchase despite TSLA making $1B on it so far. Even the news of consumers being able to purchase a Tesla with bitcoin (which Tesla will not convert to fiat) led only to a short term spike in price.
I may have to dollar cost average my position.
Fintech
Square (SQ):+18.8% (Apr 9/21) +4.2% (Apr 1/21) -3.0% (Mar 26/21) +2.1% (Mar 19/21) +9.9% (Mar 12/21) -1.7% (Mar 5/21) +4.4% (Feb 26/21) +25.6% (Feb 19/21) +23.8% (Feb 12/21) +9.1% (Feb 5/21) -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)
After adding more bitcoin ($170M) to their stash, Square's returns have been up and down (up 18.8% this week) since I bought SQ.
Mogo (MOGO.wt):+326.1% (Apr 9/21) +284.9% (Apr 1/21) +224.5% (Mar 26/21) +357.7% (Mar 19/21) +258.5% (Mar 12/21) +149.2% (Mar 5/21) +200.0% (Feb 26/21) +329.4% (Feb 19/21) +262.3% (Feb 12/21) +92.5% (Feb 5/21) +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)
MOGO.wts were up with the news that they have extended their mortgage cashback rewards to include bitcoin. Mogo is a Canadian fintech company with a crypto division. (My first $100 bitcoin purchase on the platform is now worth over $600.) Nice move on the week.
Banxa (BNXA):+197.0% (Apr 9/21)+170.9% (Apr 1/21) +148.6% (Mar 26/21) +207.8% (Mar 19/21) +108.9% (Mar 12/21) +3.0% (Mar 5/21) +5.5% (Feb 26/21)
Self-described as the Paypal of crypto, I have encountered this name before. While trying to make a deposit on Binance, I remember Banxa was one of 2 names involved in their payment processing, the other being Simplex.
BNXA shares were up a bit. The good news is that they showed up on bitcointreasuries.org with 136 BTC. Any time I hear about M&A in crypto, this is one name I often think of.
Another nice move. I should check out the GCFF conference this week.
Bitcoin Miners
Bitfarms (BITF):+1227.3% (Apr 9/21) +1194.2% (Apr 1/21) +1204.5% (Mar 26/21) +1281.1% (Mar 19/21) +1212.8% (Mar 12/21) +1055.4% (Mar 5/21) +1121.7% (Feb 26/21) +1542% (Feb 19/21) +804.9% (Feb 12/21) +676.5% (Feb 5/21) +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):+2427.8% (Apr 9/21) +2875.4% (Apr 1/21) +2578.3%% (Mar 26/21) +3172.6% (Mar 19/21) +3037.2% (Mar 12/21) +2570.7% (Mar 5/21) +2980.8% (Feb 26/21) +3240.4% (Feb 19/21) +2552% (Feb 12/21) +1352% (Feb 5/21) +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): +501.8% (Apr 9/21) +494.6% (Apr 1/21) +397.3% (Mar 26/21) +462.2% (Mar 19/21) +482.6% (Mar 12/21) +432.1% (Mar 5/21) +476.6% (Feb 26/21) +710.8% (Feb 19/21) +376.9% (Feb 12/21) +233.9% (Feb 5/21) +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)
Cypherpunk Holdings (HODL):+39.3% (Apr 9/21) +56.4% (Apr 1/21) +64.9% (Mar 26/21) +121.8% (Mar 19/21) +84.8% (Mar 12/21) +79.2% (Mar 5/21) +93.4% (Feb 26/21) +93.4% (Feb 19/21) +90.5% (Feb 12/21) +62.1% (Feb 5/21) +19.4% (Jan 29/21) +22.3% (Jan 22/21) +45.0% (Jan 15/21) +76.3% (Jan 8/21) +19.8 %(Dec 31/20) +10.1% (Dec 24/20) +0.4% (Dec 18/20) -2.8% (Dec 11/20)
Fortress Blockchain (FORT):+189.7% (Apr 9/21) +194.1% (Apr 1/21) +189.7% (Mar 26/21) +229.8% (Mar 19/21) +203.1% (Mar 12/21) +176.3% (Mar 5/21) +171.9% (Feb 26/21) +136.2% (Feb 19/21) +27.0% (Feb 12/21) -4.2% (Feb 5/21) -10.9% (Jan 29/21) -1.9% (Jan 22/21)
Marathon (MARA):+98.9% (Apr 9/21) +98.5% (Apr 1/21) +47.0% (Mar 26/21) +74.4% (Mar 19/21) +64.4% (Mar 12/21) +23.2% (Mar 5/21) +24.3% (Feb 26/21) +77.0% (Feb 19/21) +58.3% (Feb 12/21) -6.8% (Feb 5/21)
Riot Blockchain (RIOT):+109.6% (Apr 9/21) +120.1% (Apr 1/21) +104.4% (Mar 26/21) +155.7% (Mar 19/21) +104.1% (Mar 12/21) +72.0% (Mar 5/21) +87.7% (Feb 26/21) +203.6% (Feb 19/21) +111.1% (Feb 12/21) +0.6% (Feb 5/21)
Mechanical Technology (MKTY): +70.4% (Apr 9/21) +124.4% (Apr 1/21) +150.1% (Mar 26/21) +102.5% (Mar 19/21) +52.9% (Mar 12/21) +25.9% (Mar 5/21) +37.6% (Feb 26/21) +122.7% (Feb 19/21) +69.9% (Feb 12/21)
Good Works Acquisition Corp (GWAC):-12.9% (Apr 9/21) -10.7% (Apr 1/21) -10.0% (Mar 26/21) -6.9% (Mar 19/21) +0.1% (Mar 12/21)
DMG Blockchain (DMGI):-14.7% (Apr 9/21) +0.3% (Apr 1/21)
Another roller coaster week for the miners - 3 up, 7 down. Following some good news on bitcoin mining revenue, follow up news had miners hodling more than usual.
RIOT was involved in a $651 M merger deal, something for the market to look at this coming week.
My purchase of the Good Works SPAC still has not worked out but three facts remain - 1) It will merge with Cipher Mining, a subsidiary in the BitFury Group; 2) BitFury holds around 8 million shares of Hut 8; 3) Chairman of Hut 8 Bill Tai was an early investor in BitFury. Could this be the one that starts a M&A spree?
At some point there has to be some M&A action in the miner space. You can build an arms race for only so long. Either miners merge with each other or a larger entity like a Galaxy (which has started a mining operation) or a SPAC takes them out.
Crypto Trading Platforms
Voyager Digital (VYGR):+4178.6% (Apr 9/21) +4289.1% (Apr 1/21) +3609.8% (Mar 26/21) +3805% (Mar 19/21) +2570.9% (Mar 12/21) +2092% (Mar 5/21) +2348.8% (Feb 26/21) +2327.0% (Feb 9/21) +2158.8% (Feb 12/21) +2018.8% (Feb 5/21) +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 4178% gain since the November 20, 2020 week. There's still so much good news for the company - valuation comparisons to the very imminent Coinbase Direct Listing (April 14), a revised loyalty program, network effects. (VYGR's market cap is $4.34B CAD vs pre-IPO USD valuations of Coinbase ($100B), Robin Hood ($40B), eToro ($10B).)
Check out a previous update - Analyst Pat Ackerman on the Alex Mascioli show on Youtube. They talk among other things, the idea of a takeout in the far future - not from a Robin Hood but a traditional finance type like a JP Morgan, Morgan Stanley. Also noted mention of an eToro $10B valuation upon IPO.
The only thing I did not like was the delaying of the Voyager app offering to Canadians. What was impending in Q1 is now Q2. Hope it's faster as I want access to the Voyager app as soon as possible so I can buy the VGX token and get interest on other cryptocurrencies.
I should ask him at the GCFF conference this week.
BIGG Digital Assets (BIGG): +497.9% (Apr 9/21) +292.3% (Apr 1/21) +235.8% (Mar 26/21) +263.2% (Mar 19/21) +179.2% (Mar 12/21) +165.5% (Mar 5/21) +100.4% (Feb 26/21) +109.0% (Feb 19/21) +61.0% (Feb 12/21) +69.0% (Feb 5/21) +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)
What a great week for BIGG.
One of BIGG's subsidiaries is netcoins.ca, a Canadian crypto exchange where I might start trading on if the Voyager app doesn't come through sooner. Previously I did buy more BIGG shares after watching their presentation with Adelaide Capital.
I also like their Qlue product offering - comparable to product at Chainalysis, which has now privately raised another $100M and has a $2B valuation.
Diversified Crypto
Galaxy Digital (GLXY): +185.3% (Apr 9/21) +118.2% (Apr 1/21) +77.0% (Mar 26/21) +142.7% (Mar 19/21) +54.3% (Mar 12/21) +49.9% (Mar 5/21) +44.7% (Feb 26/21) +99.3% (Feb 19/21) +136.3% (Feb 12/21) +67.1% (Feb 5/21) +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)
What a great week and with the planned US up-listing in the second half of 2021, things should be looking up. Their market cap is still only $3.04 B CAD. It's very obvious they will need to be on a bigger exchange.
I'm of the opinion that GLXY should have a market cap above VYGR ($4.34 B) although they are are serving different areas within the crypto ecosystem.
I re-watched the MicroStrategy summit video, where Galaxy's presentation revealed that they should be a major beneficiary of the MSTR event as they pitched their 'white glove' services to 8000 executives. They are involved in direct investments in 90 start-up ventures, a trading desk, derivatives, investment banking, asset management and a $300M fund investing in the virtual space (ie. NFTs, virtual worlds). The value of these various divisions are slowly beginning to unlock.
Bitcoin Funds (Closed-end)
3iQ The Bitcoin Fund (QBTC): +158.3% (Apr 9/21) +159.3% (Apr 1/21) +134.4% (Mar 26/21) +154.3% (Mar 19/21) +145.2% (Mar 12/21)+111.4% (Mar 5/21) +100.1% (Feb 26/21) +124.2% (Feb 19/21) +120.1% (Feb 12/21) +78.0% (Feb 5/21) +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)
Exchange traded funds - ETF
Purpose Bitcoin ETF - (BTCC): +24.1% (Apr 9/21) +25.0% (Apr 1/21) +14.4% (Mar 26/21) +25.3% (Mar 19/21) +20.5% (Mar 12/21) +4.7% (Mar 5/21)+0.6% (Feb 26/21)
Evolve Bitcoin ETF - (EBIT): +21.6% (Apr 9/21) +23.4% (Apr 1/21) +13.1% (Mar 26/21) +23.1% (Mar 19/21) +18.3% (Mar 12/21) +4.2% (Mar 5/21) -0.1% (Feb 26/21)
CI Galaxy Bitcoin ETF - (BTCX): -2.6% (Apr 9/21) -1.3% (Apr 1/21) -9.4% (Mar 26/21) -1.5% (Mar 19/21)
Meanwhile, the two Canadian ETFs continued their steady rise. So far, BTCC, the world's first BTC ETF, has consistently eked out a small lead despite their rival EBIT initiating a price war by reducing their management fee. Already a battle is brewing.
However, a third ETF has entered the fray - CI Galaxy Bitcoin ETF - whose major selling point - a tiny 0.4% management fee, is further exacerbating the price war.
Market Cap comparison -
BTCC $100.12 M $92.87 M
EBIT $75.01 M $71.10 M
BTCX $46.38 M $42.51 M
Still looks like first mover advantage despite fee differences.
Actual Bitcoin
BTC purchased off Coinbase:+215.1% (Apr 9/21) +216.4% (Apr 1/21) +202.2% (Mar 26/21) +220.7% (Mar 19/21) +248.7% (Mar 12/21) +196.7% (Mar 5/21) +165.8% (Feb 26/21) +241.5% (Feb 19/21) +183.7% (Feb 12/21) +146.1% (Feb 5/21) +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 https://www.bitcoindollarcostaverage.com/)
Conclusion:
An exciting week to look forward to the Coinbase direct listing and more massive gains for my bitcoin stock portfolio but one needs to keep an eye at two directions - the possibilities of a BTC super cycle and a giant crash in the near future.
My long term holds - all the ETFs, GLXY, VYGR, BNXA.
