Bitcoin Marketcap

$774B

Gold Marketcap

$11.03T

BTC Settlement Volume (24hr)

$10.38B

BTC Inflation Rate (next 1yr)

1.79%

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KEY MARKETS

24hr change

Bitcoin

$41,203  📈

+$2,178

+5.58%


S&P 500

4,396  📉

-2.8

-0.06%


Gold

$1,814  📈

+$0.49

+0.03%


Silver

$25.48  📈

+$0.03

+0.10%


Euro

$1.1867  📈

+$0.00

+0.07%


Yen

¥109.69  📉

-¥0.05

-0.05%


Renminbi (CNY)

¥6.4615   

+¥0.00

0.00%


Oil (WTI)

$73.65  📉

-$0.35

-0.47%


BITCOIN STATS

Bitcoin Marketcap

$774B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.38%


BTC Settlement Volume (24hr)

$10.38B


Real Exchange Volume (24hr)

$6.76B


Active Addresses

841,162


Mining Reward Value (24hr)

$37.7M


GBTC Premium

-6.72%


MSTR Premium

39.08%


BTC Down From ATH

36.20%


BTC Up From Cycle Low

41.23%


RATES & YIELDS

24hr change

UST 3mo

0.06%  📈

+0.01

+20.00%


UST 2yr

0.20%  📈

+0

0%


UST 10yr

1.26%  📈

+0.01

+0.80%


UST 30yr

1.90%  📈

+0.01

+0.53%


Fed Funds (EFFR)

0.10%  📈

+0

0%


US 10yr Breakeven Inflation

2.40%  📉

-0.03

-1.23%


Real Rate (10yr)

-1.17%  📈

-0.01

-0.86%


RATIOS

24hr change

Gold:BTC (marketcap)

14.26x   

-0.8

-5.3%


M2:BTC (marketcap)

26.36x   

-1.47

-5.29%


BTC:Oil (price)

559.72x   

+32.36

+6.14%


Gold:Oil (price)

24.63x   

+0.12

+0.50%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.22T  📈

+$143B

+1.77%


M1 Money Supply

$19.27T  📈

+$46.40B

+0.24%


M2 Money Supply

$20.39T  📈

+$18.80B

+0.09%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+267%

-8%

+34%

2 year:

+293%

+24%

+48%

3 year:

+438%

+48%

+56%

4 year:

+1,417%

+42%

+77%

5 year:

+6,608%

+33%

+102%

6 year:

+14,559%

+66%

+109%

7 year:

+6,916%

+41%

+127%

8 year:

+42,961%

+39%

+157%

9 year:

+381,385%

+14%

+219%

10 year:

+411,488%

+9%

+250%

Data Source: Messari.io, bitcoincharts.com

What is it: This shows bitcoin's ROI vs other potential inflation hedge assets.

Why it matters: As with the historical bitcoin price table, we see bitcoin's extreme outperformance vs other assets here as well. Bitcoin's relatively small size, plus fundamental properties, yield extreme outperformance when even relatively small funds-flows find their way to BTC.

BTC DAYS ABOVE PRICE

Bitcoin Price Closing History by Level

Days Bitcoin Closed Above:

Price

Days Above

% of Bitcoin's Life

$50,000

73

1.59%

$41,216

101

2.20%

$40,000

108

2.35%

$30,000

209

4.55%

$20,000

227

4.94%

$10,000

532

11.59%

Data Sources: Messari.io, bitcoincharts.com

What is it: This the number of days in which bitcoin "closed" (trading level at midnight UTC) above various price levels.

Why it matters: This can give a sense of where bitcoin is currently trading relative to past cycles.

SHARPE 5yr

DOUBLING TIME

MicroStrategy Proposes New $600mm Offering to Buy More BTC


 

UPDATE 2: MicroStrategy has completed this purchase. Final tally: An additional 19,452 BTC was purchased for a total of $1.026 billion. Average purchase price was $52,765 per BTC.
MicroStrategy now holds 90,531 BTC, worth ~$4.43 billion as of this writing.


UPDATE: MicroStrategy has upsized this offering to $900mm, with a $150mm potential add-on, and announced that the notes will bear 0% interest. MicroStrategy expects the offering to close by Friday (Feb 19th)


Original Story:

MicroStrategy announced a proposed new debt offering of $600mm, with possible $90mm add-on. The announcement states: "MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins." The notes are convertible to cash or $MSTR stock on or after February 20, 2024 and mature on February 15, 2027.


This is the second debt offering MicroStrategy has issued, with the first occurring in December 2020, with an initial size of $400mm before being upsized to $650mm at final tally.


These debt offerings are in addition to MicroStrategy's conversion of their corporate treasury to mostly BTC, and ongoing smaller conversion of operating cash flow to BTC as part of their treasury reserve policy.

tldr

  • MicroStrategy converted ~$425mm of their treasury to BTC in 2020
  • Plus $20mm in ongoing cash flow conversion last month
  • If this debt offering is fully subscribed including the add-on, MicroStrategy's total debt issuance to purchase BTC will tally ~$1.7B [updated from $1.34B]
  • $MSTR stock is up from $145 last August when they converted the first portion of their treasury to BTC, to over $1065 pre-market today.

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THE INVESTMENT CASE FOR BITCOIN

All you need to read to understand the investment case for bitcoin.

Bitcoin reminds me of gold when I first got into the business in 1976

- Paul Tudor Jones, Hedge Fund Manager

Frankly, if the gold bet works, the bitcoin bet will probably work better

- Stanley Druckenmiller - hedge fund manager

Bitcoin is a technological tour de force

- Bill Gates, Founder - Microsoft

[people] use [bitcoin] more as an alternative to gold. It’s a speculative store of value.

- Jerome Powell, Federal Reserve Chairman

There are 3 eras of currency: commodity based, politically based, and now, math based.

- Chris Dixon - Tech Investor, A16Z

Bitcoin may be the TCP/IP of money.

- Paul Buchheit - Gmail Creator

If they become widely accepted, virtual currencies could have a substitution effect on central bank money.

- European Central Bank - 2012

Bitcoin is Gold 2.0, a huge, huge deal.

- Chamath Palihapitiya - Founder & CEO Social Capital

I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it

- Bill Miller - Former Chainman & CIO, Legg Mason Capital

Bitcoin is money, everything else is credit.

- JP Morgan - 1912

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