With Stone Ridge, another billion-dollar company is adding Bitcoin to its balance sheet. These are the reaction of the scene to the corporate Bitcoin standard.
MicroStrategy, Square and now Stone Ridge. The U.S. asset manager is the third company to report a multi-million-dollar investment in Bitcoin within a very short time. The New York-based company purchased over 10,000 BTCs with a total value of approximately $115 million. Although the position is still comparatively small, at 0.1 percent of the company’s $10 billion balance sheet total, the company’s investment in Bitcoin is still relatively small. It has nevertheless caused a stir in the Bitcoin Supreme community, underscoring the trust that corporate leaders now have in BTC.
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Bitcoin analyst PlanB sees the next adaptation phase already underway. On Twitter he comments on the corresponding article with „#Phase5 confirmed“.
This refers to the five phases of Bitcoin growth, explained in this Tweet from May this year.
In each phase the exchange rate of the crypto currency No. 1 has increased tenfold – and needs a corresponding inflow of capital. In order for BTC PlanB’s price target of USD 288,000 to be reached, it needs an inflow of institutional money, such as that of Stone Ridge.
More specifically, PlanB calculates that $7.8 billion in value would need to be injected into the network each month for the share price to rise towards its target. That sounds like a lot of money at first. But already today, an inflow of about 10.3 million USD per day is necessary just to keep the share price at the current level of 11,500 USD. After all, Miner 900 BTCs are issued within 24 hours, multiplied by the current price, this is 10.35 million USD and value per day.
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What really makes Stone Ridge’s move remarkable, however, is not the amount of capital invested, but rather the company’s approach. Because as different media report unanimously, the drivers of the Assets Manager believe already for quite some time in the value of the crypto currency – and want to make available to their customers ebendie institutional security, which they wish themselves for own investments. So it happened that Stone Ridge founded its subsidiary NYDIG as early as 2017, specializing in „custody, execution, asset management, financing and research“ for digital assets such as Bitcoin.
Just this week NYDIG announced a successful financing round of 50 million US dollars. Apparently a favorite of the Bitcoin community, Mr. Bitcoin Standard himself, was also involved.
I am proud to be a consultant to Ross & NYDIG and congratulate them on this great success! NYDIG’s corporate treasury solutions will be invaluable to other companies if they follow suit and adopt the Bitcoin Standard for part of their treasury strategy.