In updating my stock portfolio, I now have 3 crypto-related stocks - one is MicroStrategy (MSTR), trading on the NASDAQ, the second is BitFarms (BITF), which trades on the Canadian TSX venture exchange. I have now added a third crypto stock, which is Voyager Digital (VYGR) currently trading on the Canadian Stock Exchange (CSE).
As I'm in Canada, my portfolio consists of mainly Canadian microcap stocks. My U.S. exposure is fairly small at the moment and is in a more embryonic stage compared to my Canadian stock portfolio. I only trade when I have US dollars on hand. I have no intention of converting CAD to USD in order to trade U.S. stocks as I'm doing okay with my Canadian stocks.
For the last two months, I've been following MicroStrategy CEO Michael Saylor across the internet, mainly via his interviews on various video podcasts on Youtube. I feel a certain kinship with Saylor. as he's also a domain name investor, although I play in a much lower league than him. (He sold voice.com in 2019 for $30 million. I just sold a domain name for a grand, so maybe there's my USD for a possible future trade.)
After hearing about MicroStrategy's purchase of $425M worth of BTC, I decided to invest in MSTR but I only bought one share at around $170. Upon purchase, the price gained around 9%, but now it's down about 3%. I will add only if I somehow receive more USD. I bought it mainly so I have something to compare to the actual bitcoin price.
As for Bitfarms, it just popped up this last week, I've gained 6% so far. My average cost is about 48 cents, now it's 51 cents. It's volatile - the way I like it. What they do is fascinating to me. They mine bitcoin, ethereum and litecoin utilizing thousands of mining machines but they also have access to cheap hydro in Quebec. Per a recent news release, they bought another 1000 miners. I want to see how high it could shoot up if BTC moons. I admit I haven't done as much due diligence on this stock as I should have. I have a feeling it won't 5X if BTC does 5X.
In the last week, I managed to pick up some shares of Voyager Digital (Canada). Their operating company is actually the American crypto exchange Voyager, similar to Robinhood but for crypto. The price had dropped down to 77 cents when I bought in and previously while I was watching it, VYGR had hit a high of $1.52, so a double is possible, especially when there's so much hype on bitcoin mooning soon. I'm up 20% since I bought it.
In addition, I purchased a small amount of Bitcoin on Coinbase. I'm up about 7-8%. Doesn't matter as I plan to hodl and buy a little each month via dollar cost averaging.
Ultimately, I want to compare the performance of MSTR, BITF and VYGR against my BTC and to see if which asset type will offer the bigger payoff in a year's time.
