Sirwin
Sirwin

My Crypto Stock Portfolio (at Feb 12/21)

By Raymo | Raymo Investment Blog | 16 Feb 2021


(DISCLAIMER - This is not financial advice - only for entertainment purposes only.)

Another inflection point for bitcoin and bitcoin stocks as Tesla enters into the bitcoin treasury stocks arena. I thought the future for bitcoin couldn't look more bright than last week when MicroStrategy held their  Bitcoin for Corporation summit,  an event viewed online by 8197 attendees who were given the bitcoin playbook as laid out by MSTR and Michael Saylor. Well, this week that event was topped by news that the world's richest man - Elon Musk - through his company Tesla was purchasing $1.5 billion of bitcoin for its treasury. Next week, who's next?

Bitcoin maximalist Max Keiser leaked in a tweet that next will be Oracle Corporation and with CEO Larry Ellison already a director on the board at Tesla, it seems like a no-brainer. It was also at Ellison's Hawaiian island of Lanai that Musk went to seek advice probably about bitcoin late last month. Check out this video for all the connections between the two.

Other candidates for putting bitcoin on their balance sheet include Apple, per a RBC article and since Dell is a neighbour of Oracle, Keiser mentions them as a possibility.

Consequently, most of the Bitcoin stocks that I own on the list of publicly-traded stocks with bitcoin treasuries started going into overdrive. Two companies that I had already included as bitcoin treasury stocks - Bitfarms and Mogo - have just made their initial appearance on that list.

In the meantime, here are my returns for the last fourteen weeks based on the percentage gain/loss on the valuation tab on my discount brokerage summary page.

Name   Ticker BV Price Mkt Price Return

MicroStrategy MSTR $172.94 $1,034.31 498%

Square   SQ $220.28 $272.75 24%

Mogo MOGO.wt $2.60 $9.60 269%

Galaxy GLXY $8.03 $18.98 136%

Bigg   BIGG $0.38 $0.94 148%

Voyager VYGR $0.78 $17.59 2158%

Hut 8 HUT.WT $0.27 $7.05 2550%

Hive HIVE $0.83 $3.97 377%

Bitfarms BITF $0.48 $4.37 805%

Riot   RIOT $29.25 $61.75 111%

Marathon MARA $30.44 $48.19 58%

Fortress    FORT $0.22 $0.29 27%

Cypherpunk HODL $0.18 $0.34 90%

3iQ Bitcoin Fund QBTC $30.64 $67.44 120%            

Ether Capital ETHC $1.11 $3.68 232%

3iQ Ether Fund QETH $11.00 $36.35 230%

Defi Holdings DEFI $1.09 $1.62 49%

 

Ethereum Stocks

Ether Capital (ETHC): +231.9% (Feb 12/21) +249.0% (Feb 5/21) +170.6% (Jan 29/21) +233.7% (Jan 22/21) +238.2% (Jan 15/21) +277.0% (Jan 8/21) +197.6% (Dec 31/20) +57.8% (Dec 24/20) +68.7% (Dec 18/20) +38.9% (Dec 11/20) +38.0% (Dec 4/20) -17.0% (Nov 27/20)

3iQ The Ether Fund (QETH): +230.0% (Feb 12/21) +234.9% (Feb 5/21) +139.2% (Jan 29/21) +119.5% (Jan 22/21) +94.2% (Jan 15/21) +117.7% (Jan 8/21) +39.0% (Dec 31/20) +11.6% (Dec 24/20) +10.4% (Dec 18/20) -3.9% (Dec 11/20)

Defi Holdings (DEFI.neo): +49.0% (Feb 12/21) -9.9% (Feb 5/21)

The Ethereum stocks have been rocking. I bought a relatively unknown company that has been renamed Defi Holdings.  It's like 2017 when every company had 'blockchain' in their name.  At least, I'm early, so there's that.

Enterprise

MicroStrategy (MSTR):  +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)  +11.2% (Nov 13/20)

MSTR stock price continues to rise. Their BTC holdings are up 197% vs the stock up 498% . Over the last few months, MSTR stock has risen faster than its BTC holdings but one factor is that MSTR has continued to purchase more bitcoin, buying the dip at ever increasing prices. They were a major beneficiary of their own event with higher amounts of BTC holdings ($3.4B) and surging stock prices (now over $1000). Institutions are also using MSTR as a BTC proxy. 

Square (SQ): +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)

Square's BTC stash has more than quadrupled in value from $50M to $225M but their stock price is now up 24%. I'm still waiting for them to make their next buy.

Mogo (MOGO.wt): +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, Mogo showed up on the bitcoin treasury list as I predicted they would. I bought these warrants a few weeks ago and this week the MOGO warrants really delivered, rocketing up 262%. Mogo is a Canadian fintech company with a crypto division.

One question now is - should I include Tesla in my results here? I had purchased some Tesla shares over a year ago, so the 1000%+ gain since then was not bitcoin generated.

Bitcoin Miners

Bitfarms (BITF): +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) +22.12% (Nov 13/20)  

Hut 8 Mining (HUT.wt): +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) -32.3% (Nov 13/20)

Hive Blockchain (HIVE): +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):  +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): +27.0% (Feb 12/21) -4.2% (Feb 5/21) -10.9% (Jan 29/21) -1.9% (Jan 22/21)

Marathon (MARA): +58.3% (Feb 12/21) -6.8% (Feb 5/21)

Riot Blockchain (RIOT): +111.1% (Feb 12/21) +0.6% (Feb 5/21)

The miner group is still showing stellar results. Adding both RIOT and MARA at the same time last week allowed me to compare both easily on my Yahoo Finance app. I'm not used to the constant updating on the tickers. There's movements in price every second. (Maybe the easy money has been made but the two can signal if there is a slowing trend and therefore, can guide me when to sell my earlier positions.)

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 Galaxy (which has started a mining operation) takes them out. To do that, GLXY needs to have a much larger market cap.

Crypto Trading Platform

Voyager Digital (VYGR):  +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) +45.1% (Nov 13/20)

VYGR continued its torrid pace upwards with a stellar 2159% gain since the November 20, 2020 week. Price movement were affected by the latest $100M financing, which closed on Friday. The stock price will be unshackled next week to ride the valuation comparisons to the imminent Coinbase Direct Listing. CEO Steve Ehrlich has been spreading the news all over the place, 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.

Now that the financing is done, what can we expect? Well, one thing is that they are expecting 100 M users on the platform - from Canada, New York in the first half of the year and Europe in the second half. Also expect more acquisitions as CEO Ehrlich was involved in 8 acquisitions in 7 years, while at ETrade and Lightspeed. The future is looking good.

BIGG Digital Assets (BIGG):  +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)

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.

Bitcoin Funds

3iQ The Bitcoin Fund (QBTC): +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) -11.1% (Nov 13/20)

Galaxy Digital (GLXY): +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) 

Both 3iQ Bitcoin Fund and GLXY were up. Galaxy presented at the MicroStrategy event and the stock price is finally moving up faster. They were a major beneficiary of the MSTR event as they presented on the second day, pitching their 'white glove' services to 8000 executives.

Actual Bitcoin

BTC purchased off Coinbase: +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) +39% (Nov 13/20)  (using https://dcabtc.com/)

Conclusion:

Is this the start of the tidal wave of corporations FOMOing into bitcoin?

I believe so, expecting fireworks next week.

 

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Raymo
Raymo

Crypto/microcap/domain investor.


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