(DISCLAIMER - This is not financial advice; this post is for entertainment purposes only.)
In a week that saw the entrance of multiple billionaires, the first Norwegian (Seetee AS) and Chinese (Meitu) publicly-traded companies committing treasury funds into bitcoin, the introduction of a third Canadian BTC ETF (CI Galaxy BTC ETF) and MicroStrategy making their usual Friday purchase, it was a sneakily good week despite roller coaster emotions over mainstream market turbulence.
Regarding my bitcoin stock portfolio, after harvesting my costs out to ride the shares freely, I did an about face and started buying secondary positions in VYGR and BXNA in my other accounts.
Based on the daily fluctuations, I thought I had a bad week but actually at Friday's close, I did okay. In fact, I ended up with higher returns on my bitcoin related stocks than the previous week but it was tempered by big drops in my main stocks. I'm still holding on, anticipating a much higher bitcoin price over the next month and the Coinbase IPO.
Looking at the updated list of publicly-traded stocks with bitcoin treasuries - it now shows 46 treasuries owning 6.50% of total BTC. There were a few new additions -among them the aforementioned Seetee, Meitu and Coinbase. Still waiting for more European and Asian treasuries to be added to the list.
In the meantime, here are my returns for the last seventeen weeks based on the percentage gain/loss on the valuation tab on my discount brokerage summary page.
Enterprise
MicroStrategy (MSTR): +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. Another Friday, another $15M of BTC, inching ever closer to 100,000 total BTC. Their BTC holdings are now worth over $5.5B.
Interesting that MSTR market cap is only $7.5B, way down from their $11B high during the internet era (which was mentioned in this Charlie Rose interview in 2000.)
Tesla (TSLA):-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 two weeks after original purchase despite TSLA making $1B on it so far.
Fintech
Square (SQ): +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 return has been up and down (up 9.9% this week) since I bought SQ.
Mogo (MOGO.wt): +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)
Finally, the Mogo.wt were up again (258%). Mogo is a Canadian fintech company with a crypto division. (My first $100 bitcoin buy on the platform is now worth over $600.)
Banxa (BNXA): +108.9% (Mar 12/21) +3.0% (Mar 5/21) +5.5% (Feb 26/21)
Self-described as the Paypal of crypto and 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. BNXA was up 100% on the week with more to possibly come.
Bitcoin Miners
Bitfarms (BITF): +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):+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):+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): +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):+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):+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): +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): +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):+0.1% (Mar 12/21)
Every miner up - can it get better? I believe so as the tidal wave of institutional money is only just beginning. The valuation gap between the Canadian miners (HIVE, HUT, BITF) and the American miners (RIOT, MARA, MKTY) is widening. The Canadian miners are so undervalued.
My newest purchase was the Good Works SPAC. It will merge with Cipher Mining, a subsidiary in the BitFury Group, which happens to hold a large amount of Hut 8 shares. 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. (To do that, GLXY needs to have a much larger market cap.)
Crypto Trading Platforms
Voyager Digital (VYGR): +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 2571% gain since the November 20, 2020 week. There's still so much good news for the company - valuation comparisons to the imminent Coinbase Direct Listing, a revised loyalty program, a soaring VGX token.
CEO Steve Ehrlich continued to spread the news all over the place (especially their Loyalty Program), appearing before both stocks and crypto crowds. (I noticed a language change in one of his presentations - sounds like the Canadian offering of the Voyager app might now be the first half of the year instead of Q1. Hope it's faster as I want access to the Voyager app and to buy the VGX token and other cryptocurrencies.
Check out latest update - some good nuggets of information.
BIGG Digital Assets (BIGG):+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)
BIGG had a big week. Lots of hoopla from the Youtube channels highlighting their netcoins exchange and other product offerings. It was their time to be in the spotlight this week.
One of BIGG's subsidiaries is netcoins.ca, a Canadian crypto exchange where I might start trading on. I did buy more BIGG shares after watching their presentation with Adelaide Capital.
I like their Qlue product offering - comparable to product at Chainalysis, which has privately raised $100M.
Bitcoin Funds
3iQ The Bitcoin Fund (QBTC): +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)
Galaxy Digital (GLXY): +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)
QBTC returns have been consistent, however, GLXY have had some surprisingly mediocre returns, given their fingers in so many crypto pies.
Both the 3iQ Bitcoin Fund and GLXY went up by the end of week. Galaxy presented at the MicroStrategy event and they should be a major beneficiary of the MSTR event as they presented on the second day, pitching their 'white glove' services to 8000 executives. Only time will tell when all the value in their various divisions begin to unlock.
Exchange traded funds - ETF
Purpose Bitcoin ETF - (BTCC):+20.5% (Mar 12/21) +4.7% (Mar 5/21)+0.6% (Feb 26/21)
Evolve Bitcoin ETF - (EBIT): +18.3% (Mar 12/21) +4.2% (Mar 5/21) -0.1% (Feb 26/21)
Meanwhile, the two Canadian ETFs continued their steady rise. So far, BTCC, the world's first BTC ETF, has 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.
Actual Bitcoin
BTC purchased off Coinbase: +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:
One needs to prepare for both a BTC super cycle and giant crash in the near future.
The goal for next couple weeks - the stimulus bill has passed, should be good for the market.
