Weekly Rehash

This is a weekly digest of Bitcoin news and insights. Click here to subscribe.

Recap of the week:

Microstrategy Is Up Big

After making a bold decision to convert the company’s treasury into a bitcoin standard, Microstrategy must be smiling ear to ear.

Microstrategy is up ~ $3,084,080,104. NOT A BIG DEALLLLLL!

Coinbase Puts On A Suit

Next week, April 14, Coinbase plans to go public. This week they announced an impressive quarter with $1.8 billion in revenue with ~$800 million in profit. In just one quarter they netted $800 million. WOW, impressive.

What isn’t impressive to me is how much bitcoin they are holding on their balance sheet.

While I understand companies like Microstrategy wouldn’t be able to buy bitcoin if it wasn’t for exchanges like Coinbase, the lack of BTC they hodl is quite embarrassing.

NYDIG Is A Leader

NYDIG continues to push the space forward in a big way. From a recent report by Cision:

“NYDIG, a leading provider of technology and investment solutions for Bitcoin, today announced it had raised $100 million of additional growth capital from strategic partners including property and casualty (P&C)-focused insurers Starr Insurance, Liberty Mutual Insurance, and other P&C insurers, joining NYDIG's existing life insurance and annuity-focused strategic partners New York Life and MassMutual.

Robert Gutmann, co-founder and CEO of NYDIG, said, "The global property & casualty (P&C) industry is huge, paying out over $1 trillion in claims annually. I am excited to welcome Starr and Liberty Mutual to NYDIG, as part of our expansion of bitcoin into new areas of insurance."

If bitcoin is on the balance sheets of the extremely, conservative insurance companies, it should be on yours too.

$3.1 Trillion

State Street, the second oldest bank in the US with $3.1 trillion AUM, will begin trading crypto on its platform.

“State Street, the second-oldest bank in the U.S. with $3.1 trillion in assets under management, is providing the infrastructure for a new bank-grade trading platform for digital assets set to go live mid-year — and could eventually use the system for trading itself.

Announced Thursday, State Street’s Currenex trading technology arm is working with London-based Pure Digital, infrastructure provider to the foreign exchange trading world, to create an institution-focused digital currency trading platform.” 

All Models Are Destroyed

There is so much bullish news it’s hard to keep track of it all. I will end with this one, however.

From The Report:

“Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain” or the “Company") announced today that it has signed a definitive agreement pursuant to which Riot will acquire Whinstone US, Inc. (“Whinstone”), including all of its assets and operations, for consideration of $80 million cash plus a fixed 11.8 million shares of Riot common stock, equal to an implied total transaction value of approximately $651 million based on Riot’s last closing price of $48.37.

Whinstone is the owner and operator of North America’s largest Bitcoin hosting facility, with 300 MW in developed capacity and an attractive long-term power purchase agreement

Diversifies Riot’s revenues and catapults Riot into a market-leading position in the Bitcoin mining and hosting business

Creates significant financial and operational synergies for Riot

Provides a clear, and significantly de-risked, path to growth for Riot, as Whinstone’s facility can be rapidly expanded by an additional 450 MW

Transaction valued at $651 million, $80 million payable in cash and remainder in shares of Riot common stock

Miners do not need to sell anymore.

I hope you enjoyed this weekly rehash of all things bitcoin. Have a great weekend ya beauties.

Cheers,

- Molesy

As a reminder, this is not financial advice. Do your own research. 

Nothing in this newsletter constitutes investment, accounting, tax, or legal advice or is a recommendation that you purchase, sell or hold any security or other investment or that you pursue any investment style or strategy.

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