(DISCLAIMER - This is not financial advice; this post is for entertainment purposes only.)
Over the last month, my bitcoin stocks portfolio has been on a roller coaster ride - one week it's up, next week it's down kind of deal. I made no recent additions or subtractions to it but the portfolio had a relatively bad week with only two winning positions and 20 losing ones with one unchanged. Only 2 winners were Bitfarms (BITF) and the Purpose BTC ETF (BTCC). However, BITF should perform well next week as they have been approved for a Nasdaq Global Markets listing.
Looking at the updated table of publicly-traded stocks with bitcoin treasuries - it is still showing 56 treasuries owning 6.77% of total BTC. No new addition this week.
I guess this is as good a time to review how I got here. Last fall, I found out about bitcointreasuries.org via some crypto videos on Youtube and thought it would be cool if I added some of these publicly traded companies to my stock portfolio and this would be a niche I could blog about. One thing led to another until I now own over 20 such stocks, virtually all performing better than expected, leading me to branch out also to altcoin stocks.
What have I learnt so far? It starts with finding your narrative (ie. typical 4 year bitcoin cycle with blow-off top possibly tempered by institutional growth) and how these stocks fit in, doing your due diligence, having conviction with your chosen narrative and sticking to it. No paper hands, hold very tight. keep learning along the way. Watch out for bitcoin option expiry dates.
That said, here are my returns for the last twenty-five weeks based on the percentage gain/loss on the valuation tab on my discount brokerage summary page.
Enterprise
MicroStrategy (MSTR):+258.8% (May 7/21) +280.0% (Apr 30/21) +254.5% (Apr 23/21) +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 down marginally last week. No new BTC purchased - their stockpile still at 91,579 BTC (worth over $5.4B). My bet is they'll buy more this week.
Interesting that MSTR market cap is only $6.0B, way down from their $11B high during the internet era (which was mentioned in this Charlie Rose interview in 2000.)
Last week, MSTR CEO Michael Saylor debated gold promoter Frank Giustra. Most gave Saylor the win.
Tesla (TSLA):-11.3% (May 7/21) -5.3% (Apr 30/21) -1.1% (Apr 23/21) +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)
Ten losing weeks out of eleven since my Feb 26 purchase. I really should top up next week.
Fintech
Square (SQ):+5.9% (May 7/21) +11.1% (Apr 30/21) +11.9% (Apr 23/21) +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 5.9% overall this week) since I bought SQ.
Mogo (MOGO.wt):+200.4% (May 7/21) +248.3% (Apr 30/21) +180.0% (Apr 23/21) +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 down for the week. 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 $500.)
Last week I received my MOGOcard. Now what can I do with it?
Well, here's my plan - I have just transferred fiat currency from my bank to the MOGOcard, which I will then use to buy some BTC at Netcoins (just verified), and also earn a 1% cashback in bitcoin. but I wonder what happens if I use it to buy at Coinbase in USD? 2% cashback?
I just found out that rival Canadian fintech WealthSimple has a $5B valuation. I need to check this out.
Banxa (BNXA):+125.8% (May 7/21) +144.9% (Apr 30/21) +160.6% (Apr 23/21) +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.
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):+1471.6% (May 7/21) +1274.9% (Apr 30/21) +825.6% (Apr 23/21) +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):+1532.5% (May 7/21) +1893.7% (Apr 30/21) +1679.2% (Apr 23/21) +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):+372.1% (May 7/21) +459.8% (Apr 30/21) +326.4% (Apr 23/21) +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):+33.6% (May 7/21) +45.0% (Apr 30/21) +19.4% (Apr 23/21) +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):+118.4% (May 7/21) +140.7% (Apr 30/21) +113.9% (Apr 23/21) +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):+23.1% (May 7/21) +46.4% (Apr 30/21) +30.5% (Apr 23/21) +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):+36.6% (May 7/21) +73.3% (Apr 30/21) +61.8% (Apr 23/21)+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):+47.4% (May 7/21) +64.2% (Apr 30/21) +58.8% (Apr 23/21) +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):-18.8% (May 7/21) -16.5% (Apr 30/21) -15.9% (Apr 23/21) -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):-47.9% (May 7/21) -41.2% (Apr 30/21) -28.0% (Apr 23/21) -30.5% (Apr 16/21) -14.7% (Apr 9/21) +0.3% (Apr 1/21)
A great week for BITF on its way to the Nasdaq. Other nine miners experienced price drops.
Will the undervalued Canadian miners (BITF, HUT, HIVE) finally stage a comeback this week? Can BITF, whose market cap is barely $1B CAD, begin to nibble away and close the gap to the American miners (MARA and RIOT) on Nasdaq and their $3B USD valuation?
My purchase of the Good Works SPAC still has not worked out. Time to take it into the woodshed. Might add first, then dump.
Crypto Trading Platforms
Coinbase (COIN):-17.5% (May 7/21) -5.7% (Apr 30/21) -6.2% (Apr 23/21)
Small position so far. Will buy when it dips far enough.
Voyager Digital (VYGR):+3174.4% (May 7/21) +3441.6% (Apr 30/21) +2858.6% (Apr 23/21) +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 again after one up week. They've been dropping since April 1. However, it's still up a stellar 3174% gain since the November 20, 2020 week.
Less good news out but there's still many positives for the company - a revised loyalty program, network effects, one week closer to the Canadian and NY introduction of the app. VYGR's deal with Market Rebellion indicates that stock trading is not too far behind. (VYGR's market cap is $3.31B CAD vs pre-IPO USD valuations of Robin Hood ($40B ), eToro ($10B) and Coinbase's $49.04B.)
BIGG Digital Assets (BIGG):+201.5% (May 7/21) +350.5% (Apr 30/21) +347.1% (Apr 23/21) +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)
Price has dropped a fair bit since a month ago. I like BIGG more as a consumer than as an investor. As a consumer, I am eagerly waiting to start trading on their Netcoins crypto exchange subsidiary, having signed up and hoping to trade very soon. (I cannot wait for the Voyager app anymore.)
I also like their Qlue product offering - comparable to product at Chainalysis, which has now privately raised another $100M and has a $2B valuation.
As an investor, I can see that BIGG's valuation may have been too high but last week's drop may have rectified that.
An aside - Finally got verified on Netcoins (a bit of a painful process, KYC took longer than expected and I gave away a bit of privacy, thus, the ever increasing need to be wary of everything) and started to fund the account. I see there are lots of options to do so. For example, I can add Netcoins Inc as a bill payment option on my bank account, do the MOGOcard thing mentioned earlier or use credit cards. I have to see which one is faster in the on-ramping of fiat to the exchange.
Diversified Crypto
Galaxy Digital (GLXY):+184.0% (May 7/21) +204.6% (Apr 30/21) +183.2% (Apr 23/21) +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 with only a couple hiccups. GLXY is a keeper with its planned US up-listing in the second half of 2021. Now with the acquisition of Bitgo, things are looking even more upbeat. Their market cap is still only $3.03 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 ($3.31B), which is slowly happening.
Bitcoin Funds (Closed-end)
3iQ The Bitcoin Fund (QBTC):+145.1% (May 7/21) +146.7% (Apr 30/21) +122.8% (Apr 23/21) +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)
3iQ introduced the fourth Canadian BTC ETF to a great reception. My question would be - do I get out of the closed-end fund at 145% gain or leave it alone and wait for a possible conversion to an ETF? For now, I will leave it and let things fall into place naturally.
Exchange traded funds - ETF
Purpose Bitcoin ETF - (BTCC):+22.0% (May 7/21) +21.3% (Apr 30/21) +8.1% (Apr 23/21) +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):+16.6% (May 7/21) +16.9% (Apr 30/21) +5.6% (Apr 23/21) +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):+1.5% (May 7/21) +1.5% (Apr 30/21) -7.6% (Apr 23/21) +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 prices of all three Canadian ETFs increased while awaiting their fourth rival. 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.
I can dollar cost average into BTCX all I want but its performance likely won't overtake the others any time soon.
Actual Bitcoin
BTC purchased off Coinbase at $50/week: +186.6% (May 7/21) +190.0% (Apr 30/21) +166.7% (Apr 23/21) +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:
Roller coaster ride or not, it has been an exciting six months nurturing this portfolio.
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.
