Raging Middle
@RagingMiddle
25 year+ credit, equity, hedge fund veteran. Crypto manager
A little more on $BRR - There is some worry about dilution. NOT A FACTOR. They have 12M warrants outstanding that convert at $11 share price. They have $235M in convert debt that convert to stock at $13.5 The convert debt has a coupon of 0% Sitting on $200M cash No brainer
$BRR and $EMPD are the best ways to own Bitcoin. Effectively trading at a mNAV of .68 and .65 respectively. Analysts sis assumes that Bitcoin is sold to buy back debt. The EV mNAV is still great at 0.7 and 0.74 Getting exposure to BTC at a 30% discount
Saw Tom Lee (@fundstrat) on TV talking about how large holders of Bitcoin use MSTR to hedge their holdings since there is no other way. This guy is either totally stupid or lying??? Either way, follow this idiot at your peril.
Today feels like the final capitulation in crypto assets. Don’t think we turn up violently - but the next few days could provide a good entry point for medium/long term holders
Everytime I interact with the government I am furious at how inefficient and non-caring services can be. At a DMV to get my real ID. It’s been 2 hours and I have been through 3 lines. I am not halfway done. Cannot believe I pay for the salaries and pension if these people
Is it me or XRP the most valuable obvious short. It’s the #3 token by market cap. No one I know in the space uses it. It doesn’t figure anywhere in TVL and revenue/fees rank. It’s a meme…… much much much rather own SOL. Lots of developers and network traffic
The vast majority of the DATs are now under 1 mNAV. In mid July most of them were above 2. This includes MSTR and BMNR. This DAT episode is a travesty. Investors got hammered while sponsors made out. I expect all DATs to trade under 1 mNAV in perpetuity. Thanks Saylor and Lee
Bitcoin musing - The most bullish thing that can happen with BTC is a selloff to 90k ish. If that holds - load up the truck for a massive rally. The currently setup seems very unstable. A good flush can be very beneficial
Financial gimmickry by useless companies to own BTC as reserves. SPACs coming back. Grifters like @chamath and @VivekGRamaswamy taking money from fools. This is all late cycle behavior. Matter of time before all this comes crashing down!
Selling out of the money calls to buy put spreads in $BTC here. Selling $115k-120k calls to buy $104k - $94k put spread. Just a view that we may be a tad overstretched. Very short dated - 1 month time frame. Long term $BTC holder and believer
Blockchain ecosystem has seen about $70B in VC fund inflows since early 2021. Is there a single VC fund that has delivered 50% of the performance of BTC ? I feel most of this $70b will vaporize. Hardly any exits and huge fake markups to bring more stupid $$ in
Kenya is spectacular. Spent a few days in Masai Mara - Gods creation at its finest!!
Look at my posts the last month or so. Nailed the crypto move lower then higher!
Keep marveling at the resilience of $BTC. In a world that has a scarcity of safe haven assets, if Bitcoin takes that mantle - then watch out!! Could be setting up for a powerful rally! Bought some COIN stock today.
If there is ever a time when Bitcoin can take the mantle of “store of value” it is now. Gold performing well….. cmon $BTC!! In this uninvestable world- Bitcoin is the safe harbor.
Bitcoin!! First day in a while that I bought some BTC. Long term hold.
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