Bitcoin Friday — Jun. 14, 2024

Here are my quick, candid thoughts on bitcoin heading into the weekend.

Happy Bitcoin Friday!

ETF Update

On January 11, 2024, a batch of spot bitcoin exchange-traded funds launched in the United States. These ETFs hold bitcoin as their underlying asset.

Well, it’s now been 6 months!

How are they doing?!?

ETF Performance

Bitcoin is up 49% year-to-date.

Pretty good.

The ETFs have been live for just about that same amount of time. The top four ETFs by assets are (excluding Grayscale whose trust existed prior to the ETFs):

• IBIT - BlackRock

• FBTC - Fidelity

• ARKB - Ark & 21Shares

• BITB - Bitwise

They’re all roughly +40%.

They’re tracking close to the price of bitcoin but, as I said in January, it’ll take time for them to more closely mirror BTC price action.

The ETFs are bound by parameters that bitcoin, natively, is not such as trading being limited to US market trading hours.

Overall, they’ve been a success.

Wait right there!

If you’re reading this, you’re either already a Bitcoin Binge free or paid subscriber or maybe you found me on Substack. Moving forward, I’m focusing on one email, to everyone, every Friday. Every gets it. Free subs get a preview of roughly half the email. Paid subs get the whole thing. Plus, paid subscribers have full access to the entire Bitcoin Binge archive (now 3.5 years worth of content) and anything I link off to. Thx for reading this. Thx for the support. Now, back to the email.

I Hold ARKB

Why do I hold ARKB?

It starts with Cathie Wood.

I’m a fan of her investing style. I’ve held ARKK, the Ark Innovation ETF, for some time now and, despite its own volatility, have done well in my position.

Wood has an eye for the future. She’s also a Christian with strong morals which is an aside but is something I personally appreciate. Her firm, Ark Invest, is named after the Ark of the Covenant. Bitcoin has been on Wood’s radar for years. She personally invested in bitcoin before the firm was even allowed to allocate to it.

If there are two firms I look to for bitcoin guidance, it’s Ark and Fidelity. Both have been reporting on or working in the bitcoin space for the last decade.

My ARKB Position