(DISCLAIMER - This is not financial advice; this post is for entertainment purposes only.)
What a wicked scary week for my bitcoin stocks! I watched them drop like a rock but I was both frozen into inaction and wondering about buying the dip. Definitely, May 19, 2021 (Black Wednesday) will be one for the history books. For the week, only one position went up; all 22 other positions in my bitcoin stocks portfolio were losers. The outlier was MOGO.wt as I believe the warrants were too illiquid to do much.
Whether it was a Elon Musk tweet or China crypto ban or a classic Wyckoff Distribution Event, the institutional money certainly took advantage of the fear and doubt in the markets and separated the weak hands of their bitcoin and their derivative stocks.
But what could I do? retrench or abandon ship? The big tank caused some doubts and affected my mindset. I just didn't feel like doing anything - lost my motivation to write this post. That was the main negative that happened to me. But eventually, my rationale for continuing on was that having largely taken out my original cost base in my portfolio, I could ride it out and buy the dip.
Looking at the updated table of publicly-traded stocks with bitcoin treasuries (which formed the genesis of my portfolio), it is still showing 57 treasuries owning 7.87% of total BTC.
That said, here are my returns for the last twenty-seven weeks based on the percentage gain/loss on the valuation tab on my discount brokerage summary page.
Enterprise
MicroStrategy (MSTR):+160.5% (May 21/21) +201.4% (May 14/21) +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 again for the last four weeks.
Tesla (TSLA):-23.9% (May 21/21) -22.4% (May 14/21) -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)
12 losing weeks out of 13 since my Feb 26 purchase.
Fintech
Square (SQ): -9.2% (May 21/21) -5.6% (May 14/21) +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 to their stash, Square's returns have been up and down (down 9.2% overall this week) since I bought SQ.
Mogo (MOGO.wt): +171.7% (May 21/21) +160.4% (May 14/21) +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 the only position up for the week. Possibly due to an illiquid market for the warrants. (Mogo is a Canadian fintech company with a crypto division.)
A couple weeks ago, I received my MOGOcard. Now what can I do with it?
Well, here's my plan - I transferred fiat currency from my bank to the MOGOcard, which is basically a VISA debit card but I have yet to find a way to buy bitcoin with it. I want to earn that 1% cashback in bitcoin by buying bitcoin.
Banxa (BNXA): +67.5% (May 21/21) +77.0% (May 14/21) +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)
Need to re-examine Banxa.
Bitcoin Miners
Bitfarms (BITF):+935.3% (May 21/21) +1227.3% (May 14/21) +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):+1032.2% (May 21/21) +1483.6% (May 4/21) +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):+239.9% (May 21/21) +314.4% (May 14/21) +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):-0.5% (May 21/21) +8.1% (May 14/21) +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):+71.6% (May 21/21) +82.7% (May 14/21) +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):-18.4% (May 21/21) -9.4% (May 14/21) +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):-7.2% (May 21/21) +6.2% (May 14/21) +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):+45.9% (May 21/21) +48.9% (May 14/21) +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):-19.8% (May 21/21) -18.9% (May 14/21) -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):-38.3% (May 21/21) -30.7% (May 14/21) -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)
Absolutely a terrible week as all 10 miners experienced huge price drops.
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):-17.4% (May 21/21) -19.3% (May 14/21) -17.5% (May 7/21) -5.7% (Apr 30/21) -6.2% (Apr 23/21)
Small position so far. I did buy the dip and averaged down.
Voyager Digital (VYGR):+2474.6% (May 21/21) +2762.3% (May 14/21) +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. They've been dropping since April 1. However, it's still up a stellar 2474% since the November 20, 2020 week.
BIGG Digital Assets (BIGG):+170.7% (May 21/21) +199.8% (May 14/21) +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 signed up and hope to start trading on their Netcoins crypto exchange subsidiary but having some problems funding the account.
Diversified Crypto
Galaxy Digital (GLXY):+59.9% (May 21/21) +156.7% (May 14/21) +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 week of dropping prices. GLXY is a keeper with its planned US up-listing in the second half of 2021. It's very obvious they will need to be on a bigger exchange.
Bitcoin Funds (Closed-end)
3iQ The Bitcoin Fund (QBTC): (May 21/21) +115.8% (May 14/21) +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)
Exited position at 54% to preserve some gains in a falling market. Used funds to averaged down on Coinbase.
Exchange traded funds - ETF
Purpose Bitcoin ETF - (BTCC):-23.6% (May 21/21) +6.6% (May 14/21) +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):-27.3% (May 21/21) +1.4% (May 14/21) +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):-31.9% (May 21/21) -11.5% (May 14/21) +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)
Candidates for dollar cost averaging.
Bitcoin
BTC purchased off Coinbase at $50/week: +78.1% (May 21/21) +118.3% (May 14/21) +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:
A rather dismal week for my bitcoin stocks portfolio. Time for some dollar cost averaging into some positions. Time to pare back some miners.
My long term holds - all the ETFs, GLXY, VYGR.
