In my last end of the week post, I mentioned "that 3iQ is coming out with an Ethereum ETF soon . They have a ticker already - QETH.u on the Toronto Stock Exchange." Well, over the past week I bought that fund - The 3iQ Ether Fund, the first of its kind in Canada - and also 3 more bitcoin-related stocks - Square (SQ), BIGG Digital Assets (BIGG) and Cypherpunk Holdings (HODL). I realize that I am getting closer to creating my own Bitcoin Treasury Index based on the model listing of publicly-traded stocks with bitcoin treasuries. I'm now holding ten bitcoin-related and two ethereum-related stocks in my portfolio.
It was a roller coaster kind of week with bitcoin attempting to breach $20,000 but ultimately being rejected. All kind of news pointing to bitcoin moving up but when the pros come in, they won't be the ones buying high. They'll be shaking the trees to score some cheap BTCs.
I started these posts just to record my personal bitcoin stock holdings and their rate of returns but now I can see I can start my own version of a Bitcoin Treasury stock index and maybe an Ethereum one to boot. I just need to organize it better and put it onto a spreadsheet. That's for next week if I have time.
So without further ado, here are my returns for the last five weeks based on the percentage gain/loss on the valuation tab on my discount brokerage summary page.
Enterprise
MicroStrategy (MSTR): +65.3 (Dec 11/20) +89.7% (Dec 4/20) +56.9% (Nov 27/20) +28.4% (Nov 20/20) +11.2% (Nov 13/20)
(Note- MSTR's BTC holdings is up 57.4% while the stock is up 65.3%. The percentage was affected by MSTR purchasing $50 M more BTC at the end of last week.)
Square (SQ): -1.7% (Dec 11/20) - Initial position
Bitcoin Miners
Bitfarms (BITF): +32.5% (Dec 11/20) +49.1% (Dec 4/20) +49.1% (Nov 27/20) +42.9% (Nov 20/20) +22.12% (Nov 13/20)
Hut 8 Mining (HUT.wt): +39.2% (Dec 11/20)+50.5% (Dec 4/20) -4.1% (Nov 27/20) -6.0% (Nov 20/20) -32.3% (Nov 13/20)
Hive Blockchain (HIVE): +55.0% (Dec 11/20)+49.0% (Dec 4/20) +16.0% (Nov 27/20)
BIGG Digital Assets (BIGG): -12.9% (Dec 11/20)
Cypherpunk Holdings (HODL): -2.8% (Dec 11/20)
(Note - sold some BITF to buy into BIGG and HODL as BITF does not appear on the bitcoin treasury list since they sell off bitcoin as soon as they mine it according to notes in their Management Discussion and Analysis (MD&A) on Sedar. BIGG has 145 BTC, while HODL (a great ticker by the way) has 276.)
Crypto Trading Platform
Voyager Digital (VYGR): +181.2% (Dec 11/20)+129.9% (Dec 4/20) +99.0% (Nov 27/20) +40.0% (Nov 20/20) +45.1% (Nov 13/20)
Best gains over the last 5 weeks.
Bitcoin Funds
3iQ The Bitcoin Fund (QBTC): -16.8% (Dec 11/20) -10.1% (Dec 4/20) -15.0% (Nov 27/20) -5.1% (Nov 20/20) -11.1% (Nov 13/20)
Galaxy Digital (GLXY) -10.5% (Dec 11/20) -9.9% (Dec 4/20) -10.8% (Nov 27/20) -6.6% (Nov 20/20)
(Note - Not sure why the negative returns on this group. probably I'm buying in at a premium and perhaps they have higher cost structures. Negative returns since I bought in. Perhaps candidates for some additional funding.)
Actual Bitcoin
BTC purchased off Coinbase: +44.8% (Dec 11/20)+52.7% (Dec 4/20) +49.3% (Nov 27/20)+59.7% (Nov 20/20) +39% (Nov 13/20) (using bitcoindollarcostaverage.com)
Ethereum Stocks
Ether Capital (ETHC): +38.9% (Dec 11/20) +38.0% (Dec 4/20) -17.0% (Nov 27/20)
3iQ The Ether Fund (QETH): -3.9% (Dec 11/20)
Conclusion:
It was a roller coaster week for BTC and it showed on most of my bitcoin-related stocks. MSTR $50M purchase and then deal for $400M more might have some investors taking some money off the table. Still MSTR stock maintain their lead over their BTC holdings again this week. MSTR latest buy into BTC at higher prices. I've heard Saylor mention $11,111 as the average price when he bought his initial batch. This time buys may be in the $18-19,000 range.
Only HIVE and VYGR made gains this week. all others fell back a little but still mostly positive over the last 5 weeks.
So far, I've made 181.2% on VYGR, which makes sense since they have an exchange platform, so whether crypto goes up or down, higher volumes mean more trading dollars made on the platform.
Other than BITF, all were single smaller purchases, the better to see fluctuations on the original amount. However, I will soon be adding to positions, which will affect the rate of returns.
In theory, if I want to make it an index I would need to buy more of MSTR,SQ, GLXY.
Still it's a work in progress.
