Hello Friends,
Right now, we’re all feeling the strain from the stock and crypto markets. It seems the big players in stocks are only getting bigger, and small-cap stocks are being ignored like the plague. In the crypto world, despite the constant HODL chants on X (formerly Twitter), warning us not to sell our Bitcoin to Larry Fink, reality checks in as whispers suggest the next bull cycle might not kick off until 2025, extending into 2026.
This period might be ideal for positioning within the crypto sector. Bitcoin dipped below $64,000 briefly, but the feared plunge to $50,000 has not (yet) materialized. Ethereum is finally decoupling a bit from Bitcoin and showing strength.
Currently, we’re in the dreaded “Summer Lull.” Most people are on vacation and exited the markets in May. August might slowly bring some movement back, but for now… not really.
More crypto firms are capitalizing on the demand for USD-denominated digital assets. Tether recently announced its synthetic dollar, backed by gold and pegged to the U.S. dollar.
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) amassed over $462.7 million in assets by June 19, while Franklin Templeton’s OnChain U.S. Government Money Fund (FOBXX) held $357.6 million. Overall, $1.5 billion in U.S. Treasuries have been tokenized, most of it in recent months.
Hashdex has filed with the SEC to launch a combined spot Bitcoin and Ether ETF on the Nasdaq exchange. This ETF aims to track daily market movements according to the Nasdaq Crypto US Settlement Price Index, maintaining a composition of approximately 70.54% Bitcoin and 29.46% Ether. Both Coinbase and BitGo will act as custodians for the BTC and ETH assets.
Coinbase International has announced support for a pre-launch market, enabling users to trade futures of tokens and coins yet to be listed on the exchange. It’s a good idea for Coinbase shareholders to hold onto their stock for the long term as the company is evolving into a top-tier entity in the crypto space.
Another stock to hold long-term is MicroStrategy. Under Executive Chairman Michael Saylor, MicroStrategy has acquired an additional 11,931 bitcoins for $786 million, bringing its total holdings to 226,331 BTC, valued at nearly $15 billion.
The acquisition followed a successful $800 million convertible note offering, initially intended for $500 million but increased due to high demand. This is part of MicroStrategy’s strategy of leveraging debt to boost its bitcoin reserves.
Since 2020, MicroStrategy has been a pioneer in adopting bitcoin as a reserve asset. Their actions have inspired other companies, such as U.S.-listed Semler Scientific, to add bitcoin to their balance sheets and tap capital markets for additional purchases.
MicroStrategy’s aggressive bitcoin strategy has resulted in a ten-fold increase in its share price over the past four years. Semler Scientific has also seen a 60% rise in its shares since adopting bitcoin.
The German Federal Criminal Police Office (BKA) moved $425 million in Bitcoin, sending $32 million to Kraken and Bitstamp, likely indicating an upcoming sale. The BKA had previously seized almost 50,000 BTC from the piracy site Movie2k.to.
Donald Trump is courting crypto-friendly voters. He urges the USA to lead in Bitcoin, warning that failing to do so will let other countries surpass America. He promises to end regulatory pressure on Bitcoin if re-elected, emphasizing the need to keep the industry in the U.S. and countering Joe Biden’s current policies.
If anyone tells you to HODL instead of taking profits, consider this: Bitcoin whales sold over $1.2 billion in BTC in the past two weeks, with significant net outflows from US-listed bitcoin ETFs. Miners and long-term holders are selling due to diminishing mining rewards post-halving and a shift towards the AI sector.
Enjoy your Sunday!
Hugs,
Steph
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Steph: The Bitcoin Lady of Costa Rica
Nestled in the heart of Costa Rica, amidst its lush rainforests and pristine beaches, emerges a voice that resonates with passion, conviction, and unwavering belief – meet Steph, fondly known as the ‘Bitcoin Lady.’
A fervent advocate for decentralized finance, Steph’s faith in Bitcoin isn’t just about its monetary potential; it’s a reflection of her broader vision for a world where power isn’t concentrated in the hands of a few. Her skepticism towards institutions like the World Economic Forum stems from this core belief, as she champions a future that’s equitable, decentralized, and truly democratic.
But Steph’s passions aren’t limited to the crypto realm. An avid animal lover, her heart beats for the countless dogs she calls family. Her activism in animal welfare showcases her commitment to giving voice to the voiceless, ensuring that every creature, big or small, is treated with love and respect.
When she’s not diving deep into the world of crypto art or advocating for animal rights, you’ll find Steph immersed in the rejuvenating embrace of sports. Whether it’s the rhythmic dance of swimming or the adrenaline rush of a workout, physical activity is her sanctuary, a space where she reconnects with herself.
Family, for Steph, is the anchor that grounds her. Amidst the whirlwind of her many pursuits, it’s the laughter, love, and warmth of her loved ones that fuel her spirit.
In Steph, we find a harmonious blend of passion and purpose, a woman who stands tall, not just as the ‘Bitcoin Lady of Costa Rica,’ but as a beacon of hope, change, and relentless determination. Join her as she navigates the intricate tapestry of life, always with a dog by her side and a dream in her heart.
