Gm friends,
Whilst the US government looks set to sell another $600 million in BTC from Silk Road, Wall St has been backing up the truck and buying more.
If you’re selling here, you’re crazy!
Here is your weekend crypto update…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on Wall St. going wild for BTC, Marathon Digital buying $250M in BTC, iPhones allowing crypto payments, MicroStrategy’s leveraged ETF & Ethereum liquid staking expanding to Solana.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on if you can make money minting NFTs.
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Wall St. Went Wild For Bitcoin In Q2
Wall St. has been dropping Bitcoin buying bombs all week in its latest 13F filings with the SEC. Now that Wall St’s Bitcoin buys have been made public for Q2, here is your round-up.
The difference between Wall St. Bitcoin adoption in Q1 compared to Q2 is insane.
- In Q1 of this year, 937 institutions reported holding Bitcoin ETFs.
- In Q2, this increased by 27% to 1,199 institutions that reported holding Bitcoin ETFs.
- During Q2, around 66% of Bitcoin ETF holders on Wall St. either HODLed or bought more BTC.
The key players that have been stacking are:
- Goldman Sachs: Owns $400 million+ in Bitcoin ETFs with $238.6 million just in BlackRock’s IBIT Bitcoin ETF.
- The State of Wisconsin: Bought another 447,651 shares in BlackRock’s Bitcoin ETF, bringing its total holdings to $98.9 million.
- Morgan Stanley: Owns $188 million in BlackRock’s IBIT Bitcoin ETF and has become its fifth largest holder.
So it’s no wonder BlackRock’s IBIT ETF hasn’t had a single day of negative flows in 106 days. The last time IBIT had net outflows was on May 1.
The US Bitcoin ETFs are on track to pass Satoshi’s BTC stack very soon.
But it’s not just the US that’s buying and it’s not only Bitcoin ETFs that institutions around the world are buying.
- The State of Wisconsin: Bought 19,001 shares in Bitcoin miner Terrawulf.
- George Soros’ Soros Capital Management: Bought 2.3 million shares in Bitcoin miner Terrawulf
- The Bank of Montreal: 883,000 shares in Bitcoin miner Iris Energy.
- South Korea’s National Pension Fund: Bought $33.7 million worth of MicroStrategy shares in Q2. It’s the third-largest pension fund in the world, with over $800 billion in assets.
- Norway’s Government Pension Fund: Increased its allocation of Bitcoin stocks by 62% in 2024, through owning companies like MicroStrategy, Marathon and Coinbase.
- Also revealed as MicroStrategy holders include the Public Employees Retirement System of Ohio, Paul Tudor Jones’s Tudor Investment Corp and the Teachers Retirement System of the State of Kentucky.
Wow, watching the institutional adoption of Bitcoin play out in real-time is wild. Yet some people still think Bitcoin is going to $0.
Do you own any Bitcoin stocks? Reply to this email and let us know.
Marathon Digital Buys $250M In BTC
Bitcoin miner Marathon Digital closed its oversubscribed convertible bonds offering earlier this week and didn’t waste any time buying more BTC with the funds.
Marathon raised a total of $300 million and used it to buy $249 million in BTC—that’s 4,144 BTC!
The Bitcoin was bought at an average price of $59,500 which has increased its reserves to over 25,000 BTC.
The rest of the cash will be used to buy more BTC in the future and for “general corporate purposes.”
This Bitcoin buy comes just days after Marathon announced that it’s going to stamp all Bitcoin blocks that it mines in the US with “Made in USA.”
Marathon is the biggest public Bitcoin miner in the US and is making moves to keep it that way. But the competition is following Marathon’s lead…Core Scientific is also raising $350 million in convertible bonds.
Crypto Payments Are Coming To Apple’s iPhone
You could soon be paying with USDC using the Apple iPhone. Apple announced this week that third-party developers can finally use its near-field communication (NFC) payment chips for transactions.
This could become crypto’s next mainstream moment, allowing “tap to pay” crypto payments using Apple Pay. USDC issuer Circle is already working on bringing stablecoin payments to the iPhone using this feature.
Circle’s CEO Jeremy Allaire posted on X: “Tap to pay using USDC on iPhones incoming soon. Wallet devs, start your engines.”
So far, there’s been no mention of EU developers getting access to this new API, but Apple has said it will be available to developers in the US, UK, Canada, Australia, New Zealand, Japan and Brazil.
MicroStrategy Leveraged ETF Launches
Investors already love MicroStrategy’s stock because it’s just like owning a leveraged Bitcoin ETF. But now, the SEC has approved an actual leveraged MicroStrategy ETF and it just launched on the stock market under the ticker MSTX.
What could go wrong?
It’s considered the most volatile ETF in the US, giving investors 175% long exposure to MicroStrategy.
MSTX saw $22 million in trading volume on day one, which according to Bloomberg ETF analyst Eric Balchunas, may be a day one record for a leveraged ETF.
Be careful with this one, it sure will pack a punch. If you ain’t a professional, you don’t need it.
Ethereum Liquid Restaking Is Expanding To Solana
Ethereum Liquid Restaking Is Expanding To Solana
Ethereum’s supply has hit 120 million ETH tokens due to the rise in popularity of staking and restaking. Oh-oh! That’s an increase of 77,091 ETH in the past 30 days.
Now Ethereum liquid restaking protocol Renzo has expanded to the Solana network. Renzo will be launching a Solana liquid staking token (ezSOL) on the Jito restaking platform.
Users will be able to mint the new ezSOL token using Jito’s JitoSOL token as the underlying staked asset. ezSOL should be launching in September to allow users to earn additional rewards by locking up their staked assets again.
Jito’s total value locked (TVL) just hit a new all-time high of 12 million SOL. With these new restaking plans on Solana, the ecosystem is going from strength to strength.
Existing Projects / Tokens
- Arbitrum [ARB] got a boost this week with the launch of the Aleph Zero mainnet via Arbitrum Orbit. Additionally, Arbitrum Orbit chains can now use USDC as their gas token.
- Injective [INJ] has officially integrated with the TON ecosystem. Now, assets on Injective can be bridged and used on the TON network, and vice-versa.
- Kujira [KUJI] has partnered with Thorchain as the platform for Kujira’s suite of DeFi products. KUJI is still at near all-time lows after the Kujira Foundation liquidation debacle.
- Near Protocol [NEAR] recently released Chain Signatures, which allows the “signing of any transaction on any blockchain directly from your NEAR account.” Basically, a NEAR account acts as a single unified interface with crypto’s most important blockchains and tokens.
- Optimism [OP] just introduced its Superchain, which will unify the Optimism L2 chain with the numerous other blockchains built with the OP Stack toolkit. From a user’s perspective, Superchain will create a “unified experience” in terms of UX, transferring assets, and using dApps.
- Renzo [REZ] just released ezSOL, which is a SOL liquid staking token for the JIto network. Renzo is a restaking protocol that works across multiple blockchains.
New Projects / Tokens
- Zero1 Labs [DEAI] is gearing up for the mainnet launch of Cypher. Cypher will be a blockchain that combines fully homomorphic encryption with EVM compatibility. In English, this means that Cypher will provide privacy-based computation for AI and other services, all compatible with Ethereum.
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Avarik Saga Red Covenant Beta Tester
We covered the first part of the Avarik Saga Airdrop Campaign in our Weekly Premium Reports. Now it’s time to bring everyone else into the fold with the brand new playtest phase. Aavarik Saga released its Red Covenant Game last week to a select group of individuals tasked with trying out Red Covenant for the first time. Now it’s your turn to play. For the next two weeks, you can access the Beta, give feedback, and earn AVRK tokens. To get started all you have to do is head over to the website and Download the new AFK battle-brawler. Having worked on the project for over two years, Red Covenant is a well-designed world that brings engaging new characters to life.
The rules of the game are simple. Use your Vigor points to complete levels and upgrade your characters. Pretty simple right? There’s only one catch, you only get 60 Vigir per day and this recharges very slowly. Making it great for those who just want to spend 5 minutes a day progressing through the game. Those who want to level up quickly and maximize their character-building strategy must be patient.
The key strategy for playing Red Covenant is to earn Adventure Logs. This is the only way to level up your characters and get deeper into the Red Covenant story. Once you begin hitting a wall, you’ll need to farm these logs to progress. Collect armor as they drop and equip them to your chosen lineup. Keep in mind that you can only choose two support class and four battle class characters. Meaning 2 characters will be left out. Choose wisely and have fun making your way to greatness in the Red Covenant Beta Test.
Once you’ve played a few games, head back to the Avarik Saga website and enter the 6-digit code found on the intro screen of Red Covenant. This is necessary to get credit for playing during the Avarik Saga Airdrop Event.
*Disclaimer – Wealth Mastery is an early investor in the Avarik Saga project. For full disclosures, check out the current Lark Davis Portfolio.
Can I Make Money Minting NFTs?
Minting new NFTs could be very profitable in the 2021/22 NFT bull run, but this year, while minting NFTs can make money, it requires a much more selective approach.
Data shows that nineteen new projects this year have remained in profit, and among those, the Ordinals ecosystem has a strong presence alongside free mints relating to Web3 gaming projects, while the most profitable new collection is based on Solana, although that is actually the only Solana mint this year that is still in profit since launch.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Can I Make Money Minting NFTs?”
Go Premium To See This Weeks Top 3 NFT Mints
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Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.
If you really want to take advantage of fastest growing asset class EVER, then the Premium subscription is for you.
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See you next time!
Lark and the Wealth Mastery Team
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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
You can find a full disclosure of all my crypto & venture investments here.
