RIP to the digital asset treasury
Of the over 20 digital asset treasury (DAT) firms tracked by Artemis, every single one has an unrealized loss with a cost basis exceeding the spot prices of its holdings. The total unrealized loss of these firms amount to more than $19 billion. See more →
Bhutan is selling bitcoin
Bhutan appears to be back selling. According to Arkham Intelligence, Bhutan moved ~$22 million of BTC out of its wallets over the past week. The country has been mining since 2019 and has produced over $765 million in profits, but more recently, has started selling periodically in increments of $50 million. Read more →
Is this the primary reason BTC is falling today? Highly doubtful, especially with broader markets taking a beating too. But it certainly isn’t helping.
End of an era
Yesterday, Multicoin Capital sent out a letter to investors that the firm’s co-founder, Kyle Samani, will be transitioning to only an advisory role. We normally wouldn’t highlight something like this, but in the very early days of CoinSnacks, when very little research was being written, Multicoin was one of the few putting down clear ideas.
Multicoin is of course famous for being one of the earliest investors in Solana - generating something like 40,000% returns for investors, leading to the company managing something like $6 billion in assets today. More recently, Samani joined up with Galaxy Digital (GLXY) and Jump Crypto to lead a $1.65 billion private investment in Forward Industries (FWDI) to create a SOL treasury vehicle. Samani has had some conflicting messaging with this resignation, somewhat saying he doesn’t find crypto interesting and also saying he wants to focus more on FWDI.
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