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Grayscale Investments is currently facing redemptions from their recently converted #GBTC trust. Many investors, who have held GBTC shares for years at a significant discount to the Net Asset Value (NAV), are now seizing their first opportunity to redeem. This follows the SEC's decision, made after their legal defeat, which mandated that redemptions must be processed in cash. Contrary to some optimistic assumptions that Grayscale would handle these transactions over-the-counter (OTC) at market rates, the high volume of redemptions has led them to transfer 10,000 BTC daily and more to Coinbase Prime.

MicroStrategy: Leading the S&P 500 with Unmatched Returns Thanks Michael Saylor! Over the past few years, few companies have generated as much buzz and investor interest as #MicroStrategy. Since adopting its bold #Bitcoin strategy on August 10, 2020, the company has witnessed an astonishing 1,325% #stock performance, placing it at the top of the S&P 500. Under the leadership of Michael Saylor, MicroStrategy took a pioneering approach, embracing Bitcoin as a key part of its corporate strategy. This decision has not only paid off for the company but has also been a game-changer in the financial landscape. While giants like #NVIDIA (987%) and others in tech, services, and energy sectors are posting impressive numbers, MicroStrategy's approach has set a new bar for corporate innovation and strategic risk-taking. It’s a prime example of how visionary leadership and the courage to embrace disruptive technologies can create unparalleled value for shareholders. #MicroStrategy #MichaelSaylor #Bitcoin #Investing #Finance #Innovation #Leadership #TechStocks

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Grayscale CEO Michael Sonnenshein Steps Down The crypto asset manager is battling an investor exodus from its flagship bitcoin fund Grayscale’s bitcoin fund has experienced a reversal of fortune, with investors pulling more than $17 billion since it converted into an exchange-traded fund in January. In contrast, nine newly launched bitcoin ETFs from Wall Street asset managers such as BlackRock and Fidelity Investments have attracted more than $30 billion in inflows. Despite the outflows, Grayscale continues to generate robust revenue thanks to a sharp rise in crypto prices and the high fees charged by its bitcoin ETF. In the first quarter, Grayscale generated $156 million in revenue, accounting for more than half of DCG’s $229 million tota

Matt Levine had this great piece on the fight between SEC and Coinbase. Highly recommend a read! The analogy between Beanie Babies and crypto tokens is quite entertaining, but as the SEC lawyer pointed out, the interconnected relationship among tokens, networks, and the foundation/company behind them indeed exists. Although DAO is a great effort on promoting decentralized ownership, the reality sometimes could be the founding team controls the a significant amount, if not majority, of voting power. I am not against DAO and I think it makes sense from the perspective of incentives, but I doubt SEC will stop applying its almighty Howey Test to the crypto world. However, I am still very positive on the development of blockchain technology (please don't make it equivalent to crypto) and look forward to where the legal debate will settle on (if they ever do).

Key Information: https://bit.ly/3wPudve   Today, Riot Platforms, Inc. announced it has accumulated a 9.25% stake in Bitfarms and made a proposal to the Bitfarms’ Board of Directors to acquire Bitfarms, which, if successful, would create the world’s largest publicly-traded Bitcoin miner. We deeply respect the Bitfarms management team, but to our surprise, our proposal was rejected by their Board without any serious engagement or dialogue with us.   Combined, our two companies would have 52 EH/s of self-mining capacity by year-end 2024, with up to 2.2 GW of total power capacity when fully developed across 15 sites globally. We think this is a very exciting prospect for both Riot and Bitfarms’ shareholders and have been working for some time to pursue this transaction, culminating in our recent proposal to the Bitfarms Board, in which we offered Bitfarms’ shareholders a significant premium to the market price.   Unfortunately, the Bitfarms Board has not responded in a manner consistent with what would be expected of prudent directors when presented with a potential value-creation opportunity. Our proposal was met with a demand that we sign an unreasonable standstill agreement which, among other provisions, initially had a period of three years and therefore would have given the Bitfarms Board complete control over whether our proposal was properly considered irrespective of the best interests of Bitfarms’ shareholders.   As Bitfarms’ largest single shareholder, we are deeply concerned by the actions of their Board. Their entrenching behavior, the sudden termination of their CEO without a succession plan in-place during a critical period of execution and allegations made by their former CEO in a recent lawsuit, if correct, casts uncertainty on Bitfarms’ future. The path forward is clear – governance changes are needed.   To that end, Riot intends to requisition a Special Meeting of Bitfarms’ shareholders, during which we intend to nominate new well-qualified and independent directors to join the Bitfarms Board. We believe this refresh of the Bitfarms Board will help ensure adherence to proper corporate governance practices and position Bitfarms for long-term success, unlocking the value that shareholders have been awaiting for too long.   Riot is committed to success in this endeavor, and we thank both our shareholders, and our fellow Bitfarms shareholders, for their support as we move forward. 

“The transaction would create a vertically-integrated Bitcoin mining company with approximately 1 GW of current power capacity and 19.6 EH/s of current self-mining capacity, with up to 1.5 GW of power capacity and 52 EH/s of self-mining capacity by year-end.” Insane growth in both power procurement and hashrate deployment if successful.

Well done Dom Bei! Every business will need a #Bitcoin strategy…

What do the world's most respected founders have in common? They know their product and their industry like the back of their hand. If you want to be crypto's next Patrick Collison or Brian Chesky, you need to understand crypto's and your ecosystem's technical foundations.

This is a fascinating story regarding MicroStrategy's pivot towards #bitcoin #treasury strategy. Michael J. Saylor told at Abundance360 that he unsurprisingly faced pushback when he first proposed buying bitcoin for MicroStrategy in 2020. Saylor even offered to buy back the stock to appease hesitant shareholders. "We announced that we would do a Dutch auction and buy back $250 million of the stock at a premium. The stock was about $121-$122. We offered to buy our shareholders out at $140. We gave 20 days to think about it", Saylor explained. Despite market fluctuations, Saylor shows no signs of selling and continues to aggressively acquire bitcoin for the company. Currently, MicroStrategy holds 1,020 % of the 21M supply. MicroStrategy is the third biggest public bitcoin owner after Grayscale Investments's Grayscale Bitcoin Trust (GBTC) and BlackRock iShares iShares Bitcoin Trust (IBIT). https://lnkd.in/dG98E-ky