My Bitcoin Stocks Portfolio (at 21/04/16)

(DISCLAIMER - This is not financial advice; this post is for entertainment purposes only.)

Man, what a week it could have been but wasn't. I'm happy that I did not FOMO into buying Coinbase on its Nasdaq debut as I had assume that the direct listing was the tide that would raise all crypto boats. Even though Coinbase listing appeared muted, to me almost underwhelming, it did suck out all the cash from the miners. During the week, I had more losing positions than winning in my bitcoin stocks portfolio.

If I was a baseball pitcher, my win-loss record would be 9W 13L - the wins from the BTC ETFs and a couple outliers (Galaxy, BIGG) and the losses from virtually all the miners, of which I hold too many (10).

Looking at the updated table of publicly-traded stocks with bitcoin treasuries - it still shows 53 treasuries owning 6.77% of total BTC. No new additions this week. My mind is still agog from the news that members of the Ukrainian governments have 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 take the cake.

In the meantime, here are my returns for the last twenty-two weeks based on the percentage gain/loss on the valuation tab on my discount brokerage summary page.

Enterprise

MicroStrategy (MSTR):+301.1% (Apr 16/21) +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 down from last week. No new BTC purchased - their stockpile still at 91,579 BTC (worth over $5.1B). Note that MSTR is apparently 20% of Morgan Stanley's crypto exposure basket.

Interesting that MSTR market cap is only $6.6B, 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): +0.6% (Apr 16/21) -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)

Finally positive returns since my Feb 26 purchase. The market slowly taking a liking to the bitcoin purchase weeks after original purchase despite TSLA up $1B in BTC value 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.

Fintech

Square (SQ): +16.3% (Apr 16/21) +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 16.3% overall this week) since I bought SQ.

Mogo (MOGO.wt): +195.5% (Apr 16/21) +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. (The good thing is that my first $100 bitcoin purchase on the platform is now worth over $600.) Next item on the checklist is the MOGOcard.

Banxa (BNXA): +154.4% (Apr 16/21) +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, Banxa is a name I have encountered 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 down a bit. The good news is that they have the free publicity of being on bitcointreasuries.org with 136 BTC.

Any time I hear about M&A in crypto, this is one name I often think of. They can be bought out by either the newer crypto exchanges or the traditional finance entities looking for a crypto foothold.

Bitcoin Miners

Bitfarms (BITF): +960.2% (Apr 16/21) +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): +2100.5% (Apr 16/21) +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):  +426.1% (Apr 16/21) +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): +50.7% (Apr 16/21) +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): +171.9% (Apr 16/21) +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): +57.7% (Apr 16/21) +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): +88.2% (Apr 16/21) +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): +88.9% (Apr 16/21) +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):-14.8% (Apr 16/21) -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):-30.5% (Apr 16/21) -14.7% (Apr 9/21) +0.3% (Apr 1/21)

Another roller coaster week for the miners - 2 up, 8 down. Following some good news on bitcoin mining revenue, follow up news had miners hodling more than usual but it did them no good this past week.

My purchase of the Good Works SPAC still has not worked out but three facts remain - 1) GWAC 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.

Having said that, I need to tighten up on my miners. as I have way too many, especially the latterly ones, which I have been buying at higher prices. The space is very competitive.

Crypto Trading Platforms

Voyager Digital (VYGR): +3282.3% (Apr 16/21) +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 dropped a lot this week when one would have thought it would go much higher but it's still up a stellar 3282% gain since the November 20, 2020 week. I did take out my original cost and now riding on free shares. There's still so much good news for the company - valuation comparisons to Coinbase, a revised loyalty program, network effects. (VYGR's market cap is $3.79B 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 or a 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.

BIGG Digital Assets (BIGG): +583.5% (Apr 16/21) +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)

It's been four solid weeks for BIGG as investors have been unlocking the value from BIGG's subsidiaries - one being Netcoins.ca, a Canadian crypto exchange where I have signed up and hope to trade with. I cannot wait for the Voyager app. 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): +194.4% (Apr 16/21) +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) 

Another solid month of increasing prices, this one is a keeper what with the planned US up-listing in the second half of 2021. Things are looking up. Their market cap is still only $3.13 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 ($3.79 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):+169.7% (Apr 16/21) +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): +30.9% (Apr 16/21) +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): +28.8% (Apr 16/21) +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): +3.1% (Apr 16/21) -2.6% (Apr 9/21) -1.3% (Apr 1/21) -9.4% (Mar 26/21) -1.5% (Mar 19/21)

Meanwhile, the three Canadian ETFs continued their steady rise. So far, BTCC, the world's first BTC ETF, has consistently eked out a small lead despite their rivals EBIT and BTCX having lower management fees.  

Market Cap comparisons over the last 3 weeks -

BTCC $129.12 M $100.12 M $92.87 M

EBIT $83.87 M $75.01 M $71.10 M

BTCX $59.19 M $46.38 M $42.51 M

Still looks like first mover advantage despite fee differences.

All three companies are coming out with ETH ETFs next week.

Actual Bitcoin

BTC purchased off Coinbase at $50/week: +187.5% (Apr 16/21) +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:

In my mind, an anti-climatic week as the Coinbase direct listing effect was not as pronounced as I thought. My BTC stocks portfolio record for the week was 9W 13L.

One always needs to keep an eye on 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.