Crypto Research
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Ahead of the direct listing Coinbase provided an update regarding the total number of shares to be listed (130.7 million) and that the 68.5 million shares of Class B common stock would be “convertible, at any time, at the option of the holder, into one share of Class A common stock.” Nasdaq released notice that the reference price for Coinbase’s direct listing (COIN) is $250. As the notice states “the reference price is NOT...
Crypto Quarterly Portfolio Strategy Q1 2021: Bull market intact as stocks, high yield and capital flows signal further risk-on ahead of landmark Coinbase IPO
In this crypto weekly note, we’re giving a more comprehensive Q1 end update covering prior recommendations and current market views.Bitcoin and crypto had a strong March quarterStocks and high yield are signaling risk-on for cryptoLong GBTC NAV discount is the new BTC premium arb tradeBitcoin dominance falling as crypto capital flows push altcoins higherSmaller to mid-cap cyclicals offering high-risk high-reward crypto market betaCoinbase IPO is landmark moment for the crypto...
GBTC announces plans to convert to an ETF which should help close the -9% NAV premium gap
The largest U.S. exchange traded products, GBTC and ETHE, for the largest two crypto assets, Bitcoin and Ethereum, have been trading at a persistent discount to their NAV for a little over a month, with GBTC sitting around -9% and ETHE sitting around -5%. Source: Bloomberg (Date: 4/5/2021) Much of the discount has been the result of investors expecting a U.S. listed Bitcoin ETF in the near future after the...
CRYPTO SPECIAL REPORT: Avalanche: Building a Novel dApp Protocol for the Internet of Finance
Ava Labs is building the Avalanche protocol which expects to deliver the highest performance, most secure, and most energy efficient general-purpose cryptonetwork for highly decentralized applications, novel financial primitives, and new interoperable blockchains. Using its innovative Avalanche consensus mechanism, the protocol hopes to create a new digital crypto-native economy for frictionless real-world and digital asset exchange, composable financial application primitives and derivatives, Web 3.0 privacy-focused data and social applications, and...