Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
Recently, the encryption market has ushered in a major correction.
MicroStrategy
Judging from the statistical results: Among the eight companies, Galaxy Digital has the lowest average holding cost of only US$8,163; Nexon, Aker ASA, and Meitu, which entered the market later, all have relatively high costs, reaching US$50,000. The average Bitcoin holding cost of the eight companies is $26,029, which is not far from the recent market low of $29,000, which also seems to indicate that the market has bottomed out in the short term. Especially considering that Tesla, which has a relatively large proportion, will face serious losses when it is sold for less than 35,000 US dollars, so the market outlook is expected to pick up.
The specific details of each are as follows:
secondary title
Microstrategy (NASDAQ: MSTR) is one of the most outstanding listed companies in this round of "institutional cattle".
MicroStrategy is a company that provides business intelligence (BI), mobile software, and cloud-based services. Its main business analytics competitors include SAP AG business Objects, IBM Cognos and Oracle Corporation's BI platform. MicroStrategy's full-year 2020 revenue is $480 million, and its current market cap is $4.6 billion.
On August 12, 2020, MicroStrategy announced that it has officially adopted Bitcoin (BTC) as its main reserve asset.Michael Saylor As of May 18, MicroStrategy held a total of 92,079 bitcoins, ranking first among all listed companies, with a cost of approximately US$2.251 billion, and an average price of each BTC of US$24,450 (a large number of low-priced BTCs were purchased last year, and the cost).
tesla
Previously, CEO of MicroStrategy
It has stated that the entities it controls have acquired a total of 111,000 bitcoins and have not sold one satoshi. This total includes MicroStrategy's 92,079 BTC and may include Saylor's personal bitcoin reserves.
tesla
Tesla CEO Elon Musk, in the encryption market, can be said to turn his hands into clouds and rain. A tweet can make Bitcoin rise or fall by tens of thousands of dollars, and it can double Doge and SHIB several times.
This year, Tesla has done two major events that have had a profound impact on the encryption market.
On February 8, Tesla stated in an announcement submitted to the US Securities and Exchange Commission (SEC) that the company plans to purchase $1.5 billion worth of bitcoin. Affected by this news, Bitcoin once rose from US$38,800 to US$48,200 on the same day, breaking through a record high again.
On March 24, the official website of Tesla in the United States announced that it supports bitcoin payments. On that day, bitcoin rose again by more than 10%. Tesla also became the first car company in history to support bitcoin car purchases.
However, Musk quickly "reneged" on the vow. On May 12, Musk announced on Twitter that Tesla would suspend its plan to accept Bitcoin as payment for its cars, citing "not environmentally friendly" as a reason. “We are concerned about the rapid increase in the use of fossil fuels in Bitcoin mining and transactions, particularly coal, which is responsible for the worst emissions of any fuel.”
The first quarter financial report shows that Tesla holds $1.331 billion in "digital currency". According to the prevailing accounting rules, digital currencies are classified as "indefinitely intangible assets". If at the end of a quarter, the price of Bitcoin is higher than the price at which the company bought it, the holder cannot show this appreciation on the financial report, and the value of the position must still be shown as the amount originally paid by the company, which is the "book value" . In other words, the $1.331 billion is Tesla's remaining BTC holding cost. In other words, Tesla sold a portion of Bitcoin in the first quarter (that part of the holding cost was $169 million).
May 17,MuskMay 17,
Mito
Musk
Tweeted that "Tesla did not sell any bitcoins". But judging from the financial report, such a statement is somewhat untenable.
Mito
As a well-known national technology company such as Meitu, the connection between Meitu and the encryption market can be traced back to the 2018 Meilian (BEC). This year, Meitu is back.
Cai Wensheng, the founder of Meitu, said in a circle of friends, “Meitu continues to lay out the blockchain, this time buying ETH and BTC digital currency as a value reserve for the long-term development of the blockchain strategy.” He said that Meitu is the first It is also the first listed company in the world to use ETH as a currency value reserve.bitcoinOn March 17, Meitu issued another document stating that its wholly-owned subsidiary, Miracle Vision, further purchased 386.08 units of Bitcoin at a total consideration of approximately US$21.6 million; 16,000 units of Ethereum at a total consideration of approximately US$28.4 million.
On the evening of April 8, Meitu announced again that Meitu Hong Kong, a wholly-owned subsidiary of the company, purchased 175.67798279 units of
Galaxy Digital
bitcoin
, with a total consideration of approximately US$10 million.
Based on the above data, Odialy calculated that Meitu invested a total of US$49.5 million and purchased 940.89 BTC, with an average holding cost of US$52,610. Based on the current price of US$35,000, Meitu has a floating loss of 33%.
Galaxy Digital has long earned a reputation as the “Goldman Sachs of the crypto market.” The founder of Galaxy Digital is Michael Novogratz, who worked at Goldman Sachs for 11 years and served as a partner.
Marathon Patent Group
In November 2017, Galaxy Digital was formally established; in May 2018, Galaxy Digital merged with Canadian company First Coin Capital Corp. to form a limited partnership, Galaxy Digital Holdings LP, which was later the main operating entity of Galaxy Digital; In March, Galaxy Digital acquired Bradmer Pharmaceuticals Inc., a pharmaceutical company listed on the Toronto Growth Enterprise Market, and changed its name to the holding company Galaxy Digital Holdings Ltd. to achieve a backdoor listing.
Galaxy Digital has four main businesses: Asset Management, Principal Investment, Trading, and Advisory Service. Its more famous investment cases are that Galaxy Digital invested in Block.one (EOS development team), lending platform BlockFi, etc.
In the June 2020 financial report, Galaxy Digital owned 14,651 BTCs, with a fair value of $1.338 billion and an average unit price of $9,138; and in the latest first-quarter financial report, Galaxy Digital listed on its latest balance sheet With 16402 bitcoins, the number of bitcoins increases. In the financial report, Galaxy Digital explained that the increase in Bitcoin holdings is mainly due to the donation of non-controlling equity to the Bitcoin Fund, which can understand Galaxy Digital’s return on external investment. Therefore, its average cost is further reduced to $8163.
Square
Marathon Patent Group Marathon Patent Group (NASDAQ: MARA) was founded in 2010 and changed to its current name in 2013. The company is a digital asset technology company dedicated to cryptocurrency mining. They bought mining machines and set up a data center in Quebec, Canada to mine.
In 2017, Marathon was listed on NASDAQ in the United States. At the peak of that year, its market value was only 50 million U.S. dollars; in the past year, due to the rise in the value of cryptocurrencies, it has only increased by more than 40 times, and currently reaches 2.177 billion U.S. dollars.
According to the official announcement, as of May 6, 2021, Marathon holds about 5,324 bitcoins, which consist of two parts: mining and secondary market purchases. Among them, Marathon purchased 4,812.66 BTC at an average price of $31,168 in January this year, at a total cost of $150 million. At the current average price of $35,000, that's a 12.3% return.SquareBack in 2018, Square's mobile payment service, Cash App, launched Bitcoin Exchange, allowing users to buy and sell Bitcoin.
Square (NADQ:SQ) is an American mobile payment company whose founder is Jack Dorsey (one of the co-founders of Twitter). Square users can use the mobile card reader provided by Square to use with a smartphone, and can match card consumption through the application under any network status. It allows consumers and merchants to pay and receive money anywhere, and save corresponding consumption information, thereby greatly reducing the technical threshold and hardware requirements for credit card consumption payment. Currently, Square has a market cap of $93.3 billion.
The company said it bought 4,709 bitcoins worth a total of about $50 million. On February 24, 2021, Square bought about 3,318 bitcoins again for $170 million. So far, Square has 8027 BTC, with a total cost of 220 million US dollars, and the average cost of each BTC position is 27407 US dollars.
Nexon
Amrita Ahuja, Square's chief financial officer, said: "Bitcoin has the potential to become a more ubiquitous currency in the future, and as its usage continues to grow, we intend to learn and engage in a more compliant way. For companies working on a more inclusive future of products, this investment is a critical step on that path."
Due to Musk's recent theory that "Bitcoin is not environmentally friendly", it has also hindered Square's plan to further purchase Bitcoin. Amrita Ahuja said Square currently has no plans to buy more bitcoins and that bitcoin's carbon footprint must be addressed, urging wider adoption of green energy.
secondary title
If you have played several games such as Kart Run, Dungeon and Warriors, then you must have heard of the Korean online game giant Nexon.
Aker ASA
Founded in 1994, the company currently has more than 60 games in more than 190 countries. Nexon was first listed on the Tokyo Stock Exchange in December 2011 and was included in the "Nikkei 400" in 2015; in 2020, Nexon was included in the "Nikkei 225". Currently, Nexon has a market capitalization of approximately $71 million.
On April 27, 2021, Nexon announced that it had purchased 1,717 bitcoins for approximately $100 million, with an average price of $58,226.
In March of this year, Aker ASA announced the establishment of Seetee to invest exclusively in Bitcoin projects and companies. "Bitcoin is our treasury asset and our strategy is Hodl," the company's website reads.
epilogue
Aker ASA provided Seetee with an initial capital of NOK 500 million (US$58 million) in the first phase. The new company will hold all its liquid funds to invest in BTC, and purchased a total of 1,170 BTC at an average cost of US$50,085.
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epilogue
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