February 24, 2021 | Issue #157

MUST READS

CoinShares to IPO for a Potential Valuation of $3 to $5 Billion

CoinShares, Europe’s largest crypto-focused asset manager, is on track to become the first major digital asset investment firm to list publicly, a move that is expected to bring clarity and mainstream acceptance to the industry.

The London-based firm announced their intention to list shares on the Nasdaq First North Growth Market in Sweden with a target trading date of March 11th under the ticker “COIN” on Monday.

In addition to the IPO announcement, CoinShares also released a DeFi token on the Ethereum blockchain. The CoinShares Gold and Cryptoassets Index Lite (CGI) token is structured to take advantage of the infamous volatility of crypto markets.

It'll use the Shannon’s Demon portfolio methodology which breaks asset holdings into two classes: volatile and non-volatile assets – in this case, crypto and gold.

The next crypto IPO?

eToro, an Isreali fintech company, is reportedly planning on launching an IPO during the second quarter of 2021.
Oh and don't forget about Coinbase. The latest data from secondary markets show an average price of $373 per share, which would value the firm at $100.3 billion. Here's why a $100B valuation isn't actually a stretch.

Square (SQ) Adds More BTC to their Balance Sheet

Square (SQ) announced yesterday that they added $170M worth of BTC to their balance sheet.

The recent purchase adds to the $50M allocation they made last year and brings their total BTC holdings to 5% of their total cash and equivalents.

On top of this, their Bitcoin sales revenue continued its upward trajectory in Q4 2020 totaling $1.76B in 2020 compared to $177.6M in 2019.

Biden’s Impact on Your Money

There’s absolutely no doubt that we’ll see massive disruption to our financial and economic system over the coming years.

It’s why the dollar continues to lose value… It’s why billions of dollars are pouring into Bitcoin… and it’s why millions of investors are stuck, unsure what to do next.

However, you don’t need to risk your money in speculative assets.

That’s because, whether you like them or not, the decisions made by Biden’s administration – along with trillions in stimulus – will send certain sectors soaring, while absolutely crushing others.

To get all the details, just click here now.

DEEP DIVE

How to Value NFTs Plus a Dash of Tax Evasion

Here at CoinSnacks, we like to gauge the market based on texts we get from random friends and family. And trust us, we've gotten it all.

2021 seems different though. Of course, we are getting an influx of questions around Bitcoin's price but for the first time ever we are receiving inquiries about crypto from people that have never shown interest before. Now, what in particular are they interested in?... NFTs!

We've discussed NFTs the last two weeks, but in this issue, we wanted to highlight a (comical) dive into not only the emerging asset class, but also the accusations of money laundering, tax evasion, and terrorist funding.

Still confused on what NFTs are? This essay on cryptopunks, the latest NFT craze, sums it up nicely.

Vitalik on Prediction Markets and Tales From the Election

As the 2020 election brought millions of dollars into the prediction market ecosystem, Vitalik Buterin decided to make an experiment on the blockchain that he helped to create.

He started by buying $2,000 worth of NTRUMP (tokens that pay $1 if Trump loses) on Augur, eventually increasing his bet to $308,249, earning a profit of over $56,803.

Here's what he learned about social psychology, expertise, arbitrage, and the limits of market efficiency.

Multicoin Capital Bets Big on RUNE

Multicoin Capital has accumulated a large position in RUNE, the native token of THORChain, a decentralized cross-chain automated market maker (AMM).

RUNE now represents one of Multicoin's largest public positions. And if you're anything like us, you'd probably want to know WHY.

Read the full report here.

"We believe THORChain’s RUNE token is the best way to invest in the growing diversity of the crypto ecosystem. THORChain has a clear product-market fit, the best AMM design for LPs, and lucrative token mechanics to capture value."

Rare Second Chance to Get In Early On Crypto Tech

A reclusive tech enthusiast has uncovered an opportunity that could be better than buying bitcoin when it traded for just $200.

But make sure you get in today, before the new technology he dubs “ID Coin” becomes a household name across all 50 states.

REGULATORY FRONT

NY Attorney General Ends Bitfinex’s Presence in the State

The New York Attorney General’s (NYAG’s) has finally concluded their 2019 investigation and fined both Bitfinex and Tether (USDT) $18.5 million.

The investigations found that both companies made false statements about the backing of Tether, with Bitfinex using Tether’s funds to clandestinely cover an $850 million financial hole at its bank Crypto Capital in Panama.

Both companies are also officially banned from operating in New York.

However, despite the penalty, Tether maintains that they have not conducted any wrongdoing.

🏛️ Can Governments Stop Bitcoin?

Although this piece is in the "Regulatory News" section of this newsletter, it really should be a "Must Read," as it's one of the best articles on Bitcoin in 2021.

Click here to learn why governments will not – and should not – try to stop Bitcoin.

"The mainstream media typically portrays Bitcoin as a penny stock gone wild or a new kind of digital tulip mania. But the reality is Bitcoin is a political project that threatens to fundamentally disrupt the Davos-led economic system"